DLTH vs RAY: Correlation
How closely do Duluth Holdings Inc. (DLTH) and Raytech Holding Limited (RAY) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DLTH and RAY?
Over the past 3 years, DLTH and RAY moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.18) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -2008.2 %².
RAY is close to the least connected end of DLTH's tracked universe, ranking #10 of 11. Correlation aside, the last 12 months split them widely, with DLTH ahead by 146.3 points (+62.3% versus -84.0%). Risk is not evenly split, since RAY carries 2.1 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.
DLTH vs RAY: side by side
| DLTH (Duluth Holdings Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +62.3% | -84.0% |
| 5-year return | -76.9% | n/a |
| Volatility (ann.) | 69.4% | 146.1% |
| Beta vs S&P 500 | 0.64 | 0.37 |
| Max drawdown (3Y) | -77.4% | -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 | DLTH | RAY |
|---|---|---|
| 2022 | -59.3% | – |
| 2023 | -12.9% | – |
| 2024 | -42.6% | – |
| 2025 | -32.7% | -90.5% |
| 2026 | +77.9% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DLTH and RAY good diversifiers for each other?
Yes. With a correlation of -0.18, DLTH and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DLTH and RAY?
The DLTH/RAY correlation stands at -0.18 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 DLTH?
Yes. With a correlation of -0.18, DLTH 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/dlth-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dlth-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DLTH correlations · RAY correlations
