RAY vs TNDM: Correlation
Raytech Holding Limited (RAY) and Tandem Diabetes Care, Inc. (TNDM) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RAY and TNDM?
On 3 years of weekly data the RAY/TNDM correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.31) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -2501.6 %².
Within RAY's tracked universe of 32 assets, TNDM comes in at #27 by 3-year correlation. The last year tells two different stories: TNDM led by 158.7 percentage points, -84.0% for RAY against +74.7% for TNDM. Note the risk asymmetry: RAY runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
RAY vs TNDM: side by side
| RAY (Raytech Holding Limited) | TNDM (Tandem Diabetes Care, Inc.) | |
|---|---|---|
| 1-year return | -84.0% | +74.7% |
| 5-year return | n/a | -80.9% |
| Volatility (ann.) | 146.1% | 71.1% |
| Beta vs S&P 500 | 0.37 | 0.84 |
| Max drawdown (3Y) | -97.7% | -81.1% |
| Market cap | – | $1.5B |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RAY | TNDM |
|---|---|---|
| 2022 | – | -70.1% |
| 2023 | – | -34.2% |
| 2024 | – | +21.8% |
| 2025 | -90.5% | -39.0% |
| 2026 | +36.0% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RAY and TNDM good diversifiers for each other?
Yes. With a correlation of -0.25, RAY and TNDM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RAY and TNDM?
As of 2026-08-27, the correlation of weekly returns between RAY and TNDM is -0.25 over 3 years, -0.31 over 1 year and n/a over 5 years.
Is TNDM a good diversifier for RAY?
Yes. With a correlation of -0.25, RAY and TNDM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 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
$ curl https://www.pairbook.io/api/v1/pairs/ray-vs-tndm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ray-vs-tndm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RAY correlations · TNDM correlations
