MAX vs RAY: Correlation
Measured on weekly returns over the past three years, MediaAlpha, Inc. (MAX) and Raytech Holding Limited (RAY) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MAX and RAY?
Over the past 3 years, MAX and RAY moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.24 over 1 year against -0.19 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -1640.0 %².
Among the 11 assets we track against MAX, RAY sits near the bottom by co-movement, at rank #9. The last year tells two different stories: MAX led by 105.2 percentage points, +21.2% for MAX against -84.0% for RAY. Risk is not evenly split, since RAY carries 2.5 times the volatility of the other side.
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.
MAX vs RAY: side by side
| MAX (MediaAlpha, Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +21.2% | -84.0% |
| 5-year return | -44.3% | n/a |
| Volatility (ann.) | 58.2% | 146.1% |
| Beta vs S&P 500 | 0.96 | 0.37 |
| Max drawdown (3Y) | -67.7% | -97.7% |
| Market cap | $0.7B | – |
| P/E (trailing) | 7.8 | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MAX | RAY |
|---|---|---|
| 2022 | -35.6% | – |
| 2023 | +12.1% | – |
| 2024 | +1.3% | – |
| 2025 | +14.7% | -90.5% |
| 2026 | -2.9% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MAX and RAY good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between MAX and RAY?
The MAX/RAY correlation stands at -0.19 on a 3-year window (1 year: -0.24, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RAY a good diversifier for MAX?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
A reading of -0.19 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/max-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/max-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MAX correlations · RAY correlations
