LH vs RAYA: Correlation
How closely do Labcorp (LH) and Erayak Power Solution Group Inc. - Class A (RAYA) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LH and RAYA?
Across a 3-year window, the weekly returns of LH and RAYA correlate at -0.21, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.21 over 3. Stretching to 5 years gives -0.16, with an annualized covariance of -732.9 %².
Out of 34 assets tracked against LH, RAYA lands near the bottom at #33. The last year tells two different stories: LH led by 119.6 percentage points, +21.8% for LH against -97.8% for RAYA. Note the risk asymmetry: RAYA runs 7.6 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.
LH vs RAYA: side by side
| LH (Labcorp) | RAYA (Erayak Power Solution Group Inc. - Class A) | |
|---|---|---|
| 1-year return | +21.8% | -97.8% |
| 5-year return | +36.0% | n/a |
| Volatility (ann.) | 21.4% | 162.4% |
| Beta vs S&P 500 | 0.33 | 0.17 |
| Max drawdown (3Y) | -17.4% | -100.0% |
| Market cap | $27.3B | – |
| P/E (trailing) | 27.8 | – |
| Dividend yield | 0.86% | 0.00% |
| Sector / category | Health Care | US Listed |
Year-by-year returns
| Year | LH | RAYA |
|---|---|---|
| 2022 | -24.4% | – |
| 2023 | +13.8% | -44.7% |
| 2024 | +2.2% | +23.6% |
| 2025 | +10.6% | -98.7% |
| 2026 | +34.8% | -94.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LH and RAYA good diversifiers for each other?
Yes. With a correlation of -0.21, LH and RAYA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LH and RAYA?
As of 2026-08-27, the correlation of weekly returns between LH and RAYA is -0.21 over 3 years, -0.18 over 1 year and -0.16 over 5 years.
Is RAYA a good diversifier for LH?
Yes. With a correlation of -0.21, LH and RAYA have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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/lh-vs-raya.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lh-vs-raya/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LH correlations · RAYA correlations
