PZZA vs RAY: Correlation
Papa John's International, Inc. (PZZA) 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 PZZA and RAY?
Across a 3-year window, the weekly returns of PZZA and RAY correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.18 over 1 year against -0.22 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -1681.2 %².
Out of 12 assets tracked against PZZA, RAY lands near the bottom at #10. The last year tells two different stories: PZZA led by 33.7 percentage points, -50.3% for PZZA against -84.0% for RAY. Risk is not evenly split, since RAY carries 3.0 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.
PZZA vs RAY: side by side
| PZZA (Papa John's International, Inc.) | RAY (Raytech Holding Limited) | |
|---|---|---|
| 1-year return | -50.3% | -84.0% |
| 5-year return | -78.5% | n/a |
| Volatility (ann.) | 48.3% | 146.1% |
| Beta vs S&P 500 | 0.83 | 0.37 |
| Max drawdown (3Y) | -66.8% | -97.7% |
| Market cap | $0.8B | – |
| P/E (trailing) | 29.0 | 3.0 |
| Dividend yield | 7.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PZZA | RAY |
|---|---|---|
| 2022 | -37.3% | – |
| 2023 | -5.3% | – |
| 2024 | -44.2% | – |
| 2025 | -2.0% | -90.5% |
| 2026 | -38.0% | +36.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PZZA and RAY good diversifiers for each other?
Yes. With a correlation of -0.22, PZZA and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PZZA and RAY?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.18 over the last year and n/a over 5 years.
Is RAY a good diversifier for PZZA?
Yes. With a correlation of -0.22, PZZA and RAY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
A reading of -0.22 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/pzza-vs-ray.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pzza-vs-ray/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PZZA correlations · RAY correlations
