PFG vs RAY: Correlation
Measured on weekly returns over the past three years, Principal Financial Group (PFG) and Raytech Holding Limited (RAY) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PFG and RAY?
Over the past 3 years, PFG and RAY moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.27) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -608.8 %².
RAY is close to the least connected end of PFG's tracked universe, ranking #28 of 32. Their recent paths diverged sharply: over the last 12 months PFG outperformed by 127.9 percentage points (+43.9% for PFG against -84.0% for RAY). One caveat on sizing: RAY is 6.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PFG vs RAY: side by side
| PFG (Principal Financial Group) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +43.9% | -84.0% |
| 5-year return | +99.7% | n/a |
| Volatility (ann.) | 22.9% | 146.1% |
| Beta vs S&P 500 | 0.88 | 0.37 |
| Max drawdown (3Y) | -22.4% | -97.7% |
| Market cap | $24.0B | – |
| P/E (trailing) | 16.0 | 3.0 |
| Dividend yield | 2.84% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | PFG | RAY |
|---|---|---|
| 2022 | +20.1% | – |
| 2023 | -2.8% | – |
| 2024 | +1.9% | – |
| 2025 | +18.4% | -90.5% |
| 2026 | +29.3% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PFG and RAY good diversifiers for each other?
Yes. With a correlation of -0.17, PFG and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PFG and RAY?
The PFG/RAY correlation stands at -0.17 on a 3-year window (1 year: -0.27, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RAY a good diversifier for PFG?
Yes. With a correlation of -0.17, PFG and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 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/pfg-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pfg-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PFG correlations · RAY correlations
