BXP vs RAY: Correlation
Measured on weekly returns over the past three years, BXP, Inc. (BXP) and Raytech Holding Limited (RAY) carry a correlation of -0.18, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXP and RAY?
Across a 3-year window, the weekly returns of BXP and RAY correlate at -0.18, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.20 over 1 year against -0.18 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -781.5 %².
Among the 45 assets we track against BXP, RAY sits near the bottom by co-movement, at rank #43. Their recent paths diverged sharply: over the last 12 months BXP outperformed by 86.9 percentage points (+2.9% for BXP against -84.0% for RAY). One caveat on sizing: RAY is 4.4 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.
BXP vs RAY: side by side
| BXP (BXP, Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +2.9% | -84.0% |
| 5-year return | -18.9% | n/a |
| Volatility (ann.) | 33.1% | 146.1% |
| Beta vs S&P 500 | 1.02 | 0.37 |
| Max drawdown (3Y) | -39.0% | -97.7% |
| Market cap | $12.7B | – |
| P/E (trailing) | 37.8 | 3.0 |
| Dividend yield | 3.98% | 0.00% |
| Sector / category | Real Estate | US Listed |
Year-by-year returns
| Year | BXP | RAY |
|---|---|---|
| 2022 | -38.6% | – |
| 2023 | +11.0% | – |
| 2024 | +12.3% | – |
| 2025 | -4.7% | -90.5% |
| 2026 | +6.2% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXP and RAY good diversifiers for each other?
Yes. With a correlation of -0.18, BXP and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BXP and RAY?
As of 2026-08-27, the correlation of weekly returns between BXP and RAY is -0.18 over 3 years, -0.20 over 1 year and n/a over 5 years.
Is RAY a good diversifier for BXP?
Yes. With a correlation of -0.18, BXP and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bxp-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bxp-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BXP correlations · RAY correlations
