IBIO vs RAY: Correlation
How closely do iBio, Inc. (IBIO) and Raytech Holding Limited (RAY) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBIO and RAY?
Across a 3-year window, the weekly returns of IBIO and RAY correlate at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.15) runs above the 3-year figure (-0.26). Stretching to 5 years gives n/a, with an annualized covariance of -4351.2 %².
Out of 13 assets tracked against IBIO, RAY lands near the bottom at #12. The last year tells two different stories: IBIO led by 156.8 percentage points, +72.8% for IBIO against -84.0% for RAY.
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.
IBIO vs RAY: side by side
| IBIO (iBio, Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +72.8% | -84.0% |
| 5-year return | -99.8% | n/a |
| Volatility (ann.) | 196.4% | 146.1% |
| Beta vs S&P 500 | 1.36 | 0.37 |
| Max drawdown (3Y) | -92.9% | -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 | IBIO | RAY |
|---|---|---|
| 2022 | -96.8% | – |
| 2023 | -84.4% | – |
| 2024 | +78.8% | – |
| 2025 | -21.2% | -90.5% |
| 2026 | -27.5% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBIO and RAY good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between IBIO and RAY?
As of 2026-08-27, the correlation of weekly returns between IBIO and RAY is -0.26 over 3 years, -0.15 over 1 year and n/a over 5 years.
Is RAY a good diversifier for IBIO?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ibio-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ibio-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IBIO correlations · RAY correlations
