BMEA vs RAY: Correlation
Measured on weekly returns over the past three years, Biomea Fusion, Inc. (BMEA) and Raytech Holding Limited (RAY) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMEA and RAY?
Across a 3-year window, the weekly returns of BMEA and RAY correlate at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.15) than the 3-year average (-0.19). Stretching to 5 years gives n/a, with an annualized covariance of -3047.9 %².
Among the 12 assets we track against BMEA, RAY sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with BMEA ahead by 74.3 points (-9.7% versus -84.0%).
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.
BMEA vs RAY: side by side
| BMEA (Biomea Fusion, Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | -9.7% | -84.0% |
| 5-year return | -87.8% | n/a |
| Volatility (ann.) | 106.6% | 146.1% |
| Beta vs S&P 500 | 1.56 | 0.37 |
| Max drawdown (3Y) | -95.2% | -97.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMEA | RAY |
|---|---|---|
| 2022 | +13.2% | – |
| 2023 | +72.2% | – |
| 2024 | -73.3% | – |
| 2025 | -68.0% | -90.5% |
| 2026 | +35.5% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMEA and RAY good diversifiers for each other?
Yes. With a correlation of -0.19, BMEA and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BMEA and RAY?
As of 2026-08-27, the correlation of weekly returns between BMEA and RAY is -0.19 over 3 years, 0.15 over 1 year and n/a over 5 years.
Is RAY a good diversifier for BMEA?
Yes. With a correlation of -0.19, BMEA and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.19 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: BMEA correlations · RAY correlations
