LUMN vs RAY: Correlation
Measured on weekly returns over the past three years, Lumen Technologies, Inc. (LUMN) and Raytech Holding Limited (RAY) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LUMN and RAY?
On 3 years of weekly data the LUMN/RAY correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -3712.3 %².
Out of 11 assets tracked against LUMN, RAY lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months LUMN outperformed by 100.5 percentage points (+16.5% for LUMN against -84.0% for RAY). Note the risk asymmetry: RAY runs 1.5 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.
LUMN vs RAY: side by side
| LUMN (Lumen Technologies, Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +16.5% | -84.0% |
| 5-year return | -44.0% | n/a |
| Volatility (ann.) | 95.4% | 146.1% |
| Beta vs S&P 500 | 0.90 | 0.37 |
| Max drawdown (3Y) | -69.7% | -97.7% |
| Market cap | $6.3B | – |
| P/E (trailing) | – | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | LUMN | RAY |
|---|---|---|
| 2022 | -55.5% | – |
| 2023 | -64.9% | – |
| 2024 | +190.2% | – |
| 2025 | +46.3% | -90.5% |
| 2026 | -21.0% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LUMN and RAY good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between LUMN and RAY?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.23 over the last year and n/a over 5 years.
Is RAY a good diversifier for LUMN?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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/lumn-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/lumn-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LUMN correlations · RAY correlations
