PYPL vs RAY: Correlation
Measured on weekly returns over the past three years, PayPal (PYPL) and Raytech Holding Limited (RAY) carry a correlation of -0.14, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PYPL and RAY?
On 3 years of weekly data the PYPL/RAY correlation comes out at -0.14, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.18 lands near the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -807.0 %².
Within PYPL's tracked universe of 28 assets, RAY comes in at #20 by 3-year correlation. The last year tells two different stories: PYPL led by 73.0 percentage points, -11.0% for PYPL against -84.0% for RAY. Risk is not evenly split, since RAY carries 3.9 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.
PYPL vs RAY: side by side
| PYPL (PayPal) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | -11.0% | -84.0% |
| 5-year return | -78.5% | n/a |
| Volatility (ann.) | 37.1% | 146.1% |
| Beta vs S&P 500 | 1.15 | 0.37 |
| Max drawdown (3Y) | -57.3% | -97.7% |
| Market cap | $52.6B | – |
| P/E (trailing) | 11.7 | 3.0 |
| Dividend yield | 0.91% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | PYPL | RAY |
|---|---|---|
| 2022 | -62.2% | – |
| 2023 | -13.8% | – |
| 2024 | +39.0% | – |
| 2025 | -31.4% | -90.5% |
| 2026 | +6.0% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PYPL and RAY good diversifiers for each other?
Yes. With a correlation of -0.14, PYPL and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PYPL and RAY?
The PYPL/RAY correlation stands at -0.14 on a 3-year window (1 year: -0.18, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is RAY a good diversifier for PYPL?
Yes. With a correlation of -0.14, PYPL and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.14 mean?
On the −1 to +1 scale, -0.14 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/pypl-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pypl-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PYPL correlations · RAY correlations
