RFL vs ZCMD: Correlation
Measured on weekly returns over the past three years, Rafael Holdings, Inc. (RFL) and Zhongchao Inc. - Class A (ZCMD) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFL and ZCMD?
Across a 3-year window, the weekly returns of RFL and ZCMD correlate at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.33 versus -0.20 over 3 years. Stretching to 5 years gives -0.14, with an annualized covariance of -1731.5 %².
Out of 10 assets tracked against RFL, ZCMD lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with RFL ahead by 157.9 points (+58.0% versus -99.9%). Risk is not evenly split, since ZCMD carries 2.3 times the volatility of the other side.
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 ZCMD: side by side
| RFL (Rafael Holdings, Inc.) | ZCMD (Zhongchao Inc. - Class A) | |
|---|---|---|
| 1-year return | +58.0% | -99.9% |
| 5-year return | -94.5% | -100.0% |
| Volatility (ann.) | 61.2% | 141.8% |
| Beta vs S&P 500 | 0.61 | 0.59 |
| Max drawdown (3Y) | -59.3% | -100.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RFL | ZCMD |
|---|---|---|
| 2022 | -63.3% | -35.4% |
| 2023 | -2.1% | -69.5% |
| 2024 | -9.8% | -53.8% |
| 2025 | -27.5% | -72.2% |
| 2026 | +100.8% | -99.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFL and ZCMD good diversifiers for each other?
Yes. With a correlation of -0.20, RFL and ZCMD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RFL and ZCMD?
The RFL/ZCMD correlation stands at -0.20 on a 3-year window (1 year: -0.33, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is ZCMD a good diversifier for RFL?
Yes. With a correlation of -0.20, RFL and ZCMD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rfl-vs-zcmd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rfl-vs-zcmd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RFL correlations · ZCMD correlations
