RAYA vs TBN: Correlation
Measured on weekly returns over the past three years, Erayak Power Solution Group Inc. - Class A (RAYA) and Tamboran Resources Corporation (TBN) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RAYA and TBN?
Over the past 3 years, RAYA and TBN moved with a correlation of -0.30, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.45) runs below the 3-year figure (-0.30). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -2652.4 %².
Among the 20 assets we track against RAYA, TBN sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months TBN outperformed by 184.5 percentage points (-97.8% for RAYA against +86.7% for TBN). Note the risk asymmetry: RAYA runs 3.1 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.
RAYA vs TBN: side by side
| RAYA (Erayak Power Solution Group Inc. - Class A) | TBN (Tamboran Resources Corporation) | |
|---|---|---|
| 1-year return | -97.8% | +86.7% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 162.4% | 52.6% |
| Beta vs S&P 500 | 0.17 | -0.08 |
| Max drawdown (3Y) | -100.0% | -38.6% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RAYA | TBN |
|---|---|---|
| 2023 | -44.7% | – |
| 2024 | +23.6% | – |
| 2025 | -98.7% | +29.7% |
| 2026 | -94.0% | +38.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RAYA and TBN good diversifiers for each other?
Yes. With a correlation of -0.30, RAYA and TBN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RAYA and TBN?
The RAYA/TBN correlation stands at -0.30 on a 3-year window (1 year: -0.45, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is TBN a good diversifier for RAYA?
Yes. With a correlation of -0.30, RAYA and TBN have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 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.
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Related comparisons
Hubs: RAYA correlations · TBN correlations
