CRMD vs RAY: Correlation
Measured on weekly returns over the past three years, CorMedix Inc. (CRMD) and Raytech Holding Limited (RAY) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRMD and RAY?
On 3 years of weekly data the CRMD/RAY correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.25). The 5-year figure is n/a, and annualized covariance runs at -2874.0 %².
Out of 11 assets tracked against CRMD, RAY lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with CRMD ahead by 42.8 points (-41.2% versus -84.0%). One caveat on sizing: RAY is 2.0 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.
CRMD vs RAY: side by side
| CRMD (CorMedix Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | -41.2% | -84.0% |
| 5-year return | +33.4% | n/a |
| Volatility (ann.) | 74.6% | 146.1% |
| Beta vs S&P 500 | 1.50 | 0.37 |
| Max drawdown (3Y) | -62.3% | -97.7% |
| Market cap | $0.6B | – |
| P/E (trailing) | 3.8 | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRMD | RAY |
|---|---|---|
| 2022 | -7.3% | – |
| 2023 | -10.9% | – |
| 2024 | +115.4% | – |
| 2025 | +43.6% | -90.5% |
| 2026 | -28.5% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRMD and RAY good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CRMD and RAY?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.10 over the last year and n/a over 5 years.
Is RAY a good diversifier for CRMD?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/crmd-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/crmd-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CRMD correlations · RAY correlations
