METC vs RAY: Correlation
How closely do Ramaco Resources, Inc. (METC) and Raytech Holding Limited (RAY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are METC and RAY?
Over the past 3 years, METC and RAY moved with a correlation of 0.28, which is weak. Recent behaviour matches the longer record: 0.34 over 1 year against 0.28 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 3501.9 %².
By 3-year correlation, RAY places #7 of the 13 assets tracked against METC. Correlation aside, the last 12 months split them widely, with METC ahead by 38.9 points (-45.1% versus -84.0%). Risk is not evenly split, since RAY carries 1.7 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.
METC vs RAY: side by side
| METC (Ramaco Resources, Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | -45.1% | -84.0% |
| 5-year return | +83.2% | n/a |
| Volatility (ann.) | 86.1% | 146.1% |
| Beta vs S&P 500 | 1.13 | 0.37 |
| Max drawdown (3Y) | -83.7% | -97.7% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | METC | RAY |
|---|---|---|
| 2022 | -33.0% | – |
| 2023 | +105.9% | – |
| 2024 | -37.9% | – |
| 2025 | +77.9% | -90.5% |
| 2026 | -22.7% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are METC and RAY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between METC and RAY?
As of 2026-08-27, the correlation of weekly returns between METC and RAY is 0.28 over 3 years, 0.34 over 1 year and n/a over 5 years.
Is RAY a good diversifier for METC?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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/metc-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/metc-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: METC correlations · RAY correlations
