Ralox as stated is a serm meaning it lowers estrogen in certain areas of the body like lowering estrogen in breast tissue.
I can tell you if I used usually more than 280 mgs test my sex drive is lower than 140 mgs test. I can also report on 150 test and a dht derivative, whether it's oral, var, madol or inject primo, mast, sex drive is always higher with dht derivative and try dose test.
I've never seen any lab results that show ralox raises estrogen. I can't say after many years of using raloxifen, in bouts, even a 30 mgs dose with 250 mgs test only bc nipples got a bit puffy that it caused sex drive to decline. I'm thinking the opposite.
As I said I've used raloxifen on trt and cycle since at least 2017, and well my cholesterol ldl has increased , creatinine, bun gone up from more mass, that I don't use it as much bc of blood clots. I don't know if it causes blood clots 0.01 percent or 22 percent so I leave it out a quite more and even a lot more.