HTCO vs RAY: Correlation
How closely do High-Trend International Group - Class A (HTCO) and Raytech Holding Limited (RAY) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTCO and RAY?
On 3 years of weekly data the HTCO/RAY correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.28 over 3 years. The 5-year figure is n/a, and annualized covariance runs at -6294.3 %².
Among the 15 assets we track against HTCO, RAY sits near the bottom by co-movement, at rank #15. Over the last 12 months HTCO came out ahead by 6.2 percentage points (-77.8% against -84.0%).
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.
HTCO vs RAY: side by side
| HTCO (High-Trend International Group - Class A) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | -77.8% | -84.0% |
| 5-year return | -98.9% | n/a |
| Volatility (ann.) | 143.5% | 146.1% |
| Beta vs S&P 500 | -0.60 | 0.37 |
| Max drawdown (3Y) | -97.5% | -97.7% |
| Market cap | – | – |
| P/E (trailing) | – | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTCO | RAY |
|---|---|---|
| 2022 | -87.1% | – |
| 2023 | -63.0% | – |
| 2024 | +608.5% | – |
| 2025 | -89.9% | -90.5% |
| 2026 | -69.1% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTCO and RAY good diversifiers for each other?
Yes. With a correlation of -0.28, HTCO and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HTCO and RAY?
As of 2026-08-27, the correlation of weekly returns between HTCO and RAY is -0.28 over 3 years, -0.11 over 1 year and n/a over 5 years.
Is RAY a good diversifier for HTCO?
Yes. With a correlation of -0.28, HTCO and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/htco-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/htco-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HTCO correlations · RAY correlations
