MD vs RAY: Correlation
Pediatrix Medical Group, Inc. (MD) and Raytech Holding Limited (RAY) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MD and RAY?
On 3 years of weekly data the MD/RAY correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.22). The 5-year figure is n/a, and annualized covariance runs at -1563.1 %².
RAY is close to the least connected end of MD's tracked universe, ranking #11 of 11. The last year tells two different stories: MD led by 140.0 percentage points, +56.0% for MD against -84.0% for RAY. Risk is not evenly split, since RAY carries 3.2 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.
MD vs RAY: side by side
| MD (Pediatrix Medical Group, Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +56.0% | -84.0% |
| 5-year return | -23.8% | n/a |
| Volatility (ann.) | 46.2% | 146.1% |
| Beta vs S&P 500 | 0.33 | 0.37 |
| Max drawdown (3Y) | -52.8% | -97.7% |
| Market cap | $2.2B | – |
| P/E (trailing) | 12.9 | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MD | RAY |
|---|---|---|
| 2022 | -45.4% | – |
| 2023 | -37.4% | – |
| 2024 | +41.1% | – |
| 2025 | +63.0% | -90.5% |
| 2026 | +25.3% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MD and RAY good diversifiers for each other?
Yes. With a correlation of -0.22, MD and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between MD and RAY?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.09 over the last year and n/a over 5 years.
Is RAY a good diversifier for MD?
Yes. With a correlation of -0.22, MD and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/md-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/md-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MD correlations · RAY correlations
