BTMD vs RAY: Correlation
Measured on weekly returns over the past three years, Biote Corp. (BTMD) and Raytech Holding Limited (RAY) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTMD and RAY?
Over the past 3 years, BTMD and RAY moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.22 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -2177.8 %².
Among the 11 assets we track against BTMD, RAY sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with BTMD ahead by 32.5 points (-51.5% versus -84.0%). Note the risk asymmetry: RAY runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BTMD vs RAY: side by side
| BTMD (Biote Corp.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | -51.5% | -84.0% |
| 5-year return | -83.1% | n/a |
| Volatility (ann.) | 67.5% | 146.1% |
| Beta vs S&P 500 | 1.16 | 0.37 |
| Max drawdown (3Y) | -84.4% | -97.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | 10.9 | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTMD | RAY |
|---|---|---|
| 2022 | -61.9% | – |
| 2023 | +32.4% | – |
| 2024 | +25.1% | – |
| 2025 | -57.9% | -90.5% |
| 2026 | -37.3% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTMD and RAY good diversifiers for each other?
Yes. With a correlation of -0.22, BTMD and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BTMD and RAY?
The BTMD/RAY correlation stands at -0.22 on a 3-year window (1 year: -0.18, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RAY a good diversifier for BTMD?
Yes. With a correlation of -0.22, BTMD and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 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: BTMD correlations · RAY correlations
