CARE vs RDGT: Correlation
Measured on weekly returns over the past three years, Carter Bankshares, Inc. (CARE) and Ridgetech, Inc. (RDGT) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARE and RDGT?
On 3 years of weekly data the CARE/RDGT correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.17). The 5-year figure is -0.10, and annualized covariance runs at -619.2 %².
RDGT is close to the least connected end of CARE's tracked universe, ranking #12 of 14. Their recent paths diverged sharply: over the last 12 months CARE outperformed by 165.2 percentage points (+65.7% for CARE against -99.5% for RDGT). Risk is not evenly split, since RDGT carries 3.9 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.
CARE vs RDGT: side by side
| CARE (Carter Bankshares, Inc.) | RDGT (Ridgetech, Inc.) | |
|---|---|---|
| 1-year return | +65.7% | -99.5% |
| 5-year return | +167.6% | -100.0% |
| Volatility (ann.) | 30.7% | 120.7% |
| Beta vs S&P 500 | 0.64 | 0.28 |
| Max drawdown (3Y) | -31.7% | -99.9% |
| Market cap | $0.7B | – |
| P/E (trailing) | 5.5 | – |
| Dividend yield | 0.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CARE | RDGT |
|---|---|---|
| 2022 | +7.8% | -21.5% |
| 2023 | -9.8% | -93.9% |
| 2024 | +17.5% | -59.8% |
| 2025 | +11.8% | +61.0% |
| 2026 | +64.1% | -99.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARE and RDGT good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CARE and RDGT?
Using weekly returns as of 2026-08-27: -0.17 over 3 years, with -0.42 over the last year and -0.10 over 5 years.
Is RDGT a good diversifier for CARE?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
A reading of -0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CARE correlations · RDGT correlations
