PYPD vs RAY: Correlation
PolyPid Ltd. (PYPD) 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 PYPD and RAY?
Across a 3-year window, the weekly returns of PYPD and RAY correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.25 over 1 year against -0.22 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -1561.2 %².
Among the 14 assets we track against PYPD, RAY sits near the bottom by co-movement, at rank #12. The last year tells two different stories: PYPD led by 133.7 percentage points, +49.7% for PYPD against -84.0% for RAY. One caveat on sizing: RAY is 1.8 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.
PYPD vs RAY: side by side
| PYPD (PolyPid Ltd.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | +49.7% | -84.0% |
| 5-year return | -98.1% | n/a |
| Volatility (ann.) | 81.4% | 146.1% |
| Beta vs S&P 500 | 0.49 | 0.37 |
| Max drawdown (3Y) | -74.1% | -97.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 3.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PYPD | RAY |
|---|---|---|
| 2022 | -87.8% | – |
| 2023 | -81.9% | – |
| 2024 | -20.0% | – |
| 2025 | +42.8% | -90.5% |
| 2026 | +18.0% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PYPD and RAY good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PYPD and RAY?
As of 2026-08-27, the correlation of weekly returns between PYPD and RAY is -0.22 over 3 years, -0.25 over 1 year and n/a over 5 years.
Is RAY a good diversifier for PYPD?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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
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Related comparisons
Hubs: PYPD correlations · RAY correlations
