ECHO vs RAY: Correlation
EchoStar (ECHO) and Raytech Holding Limited (RAY) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECHO and RAY?
Across a 3-year window, the weekly returns of ECHO and RAY correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.05) than the 3-year average (-0.27). Stretching to 5 years gives n/a, with an annualized covariance of -3727.3 %².
Out of 35 assets tracked against ECHO, RAY lands near the bottom at #35. The last year tells two different stories: ECHO led by 131.2 percentage points, +47.2% for ECHO against -84.0% for RAY. Note the risk asymmetry: RAY runs 1.6 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.
ECHO vs RAY: side by side
| ECHO (EchoStar) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +47.2% | -84.0% |
| 5-year return | +227.3% | n/a |
| Volatility (ann.) | 91.1% | 146.1% |
| Beta vs S&P 500 | 1.17 | 0.37 |
| Max drawdown (3Y) | -50.1% | -97.7% |
| Market cap | $25.1B | – |
| P/E (trailing) | – | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | ECHO | RAY |
|---|---|---|
| 2022 | -36.7% | – |
| 2023 | -0.7% | – |
| 2024 | +38.2% | – |
| 2025 | +374.7% | -90.5% |
| 2026 | -20.5% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECHO and RAY good diversifiers for each other?
Yes. With a correlation of -0.27, ECHO and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ECHO and RAY?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with 0.05 over the last year and n/a over 5 years.
Is RAY a good diversifier for ECHO?
Yes. With a correlation of -0.27, ECHO and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/echo-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/echo-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ECHO correlations · RAY correlations
