RFL vs SPKL: Correlation
How closely do Rafael Holdings, Inc. (RFL) and Spark I Acquisition Corp. - Class A (SPKL) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFL and SPKL?
On 3 years of weekly data the RFL/SPKL correlation comes out at 0.38, moderate. The past 12 months show a tighter link (0.56) than the 3-year average (0.38). The 5-year figure is n/a, and annualized covariance runs at 283.7 %².
Few assets follow RFL as closely as SPKL, which ranks #2 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months RFL outperformed by 52.5 percentage points (+58.0% for RFL against +5.5% for SPKL). One caveat on sizing: RFL is 5.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
RFL vs SPKL: side by side
| RFL (Rafael Holdings, Inc.) | SPKL (Spark I Acquisition Corp. - Class A) | |
|---|---|---|
| 1-year return | +58.0% | +5.5% |
| 5-year return | -94.5% | n/a |
| Volatility (ann.) | 61.2% | 11.9% |
| Beta vs S&P 500 | 0.61 | 0.07 |
| Max drawdown (3Y) | -59.3% | -15.7% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFL | SPKL |
|---|---|---|
| 2022 | -63.3% | – |
| 2023 | -2.1% | – |
| 2024 | -9.8% | +4.9% |
| 2025 | -27.5% | +7.4% |
| 2026 | +100.8% | +1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFL and SPKL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RFL and SPKL?
The RFL/SPKL correlation stands at 0.38 on a 3-year window (1 year: 0.56, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPKL a good diversifier for RFL?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: RFL correlations · SPKL correlations
