Background: I'd like to find the fraction between two positive numbers $x,y$. By definition the fraction must be lower than or equal to one. So if $x>y$, I find $R(x,y)=\frac{y}{x}$, ad if $y>x$, $R(x,y)=\frac{x}{y}$.
Motivation: It can be seen as the absolute value for ratios (in contrast to the absolute value for addition). It can also be seen as a metric or a distance defined by ratio.
Question: What operation is this $R$? Does it covered in any literature?
Guess: It is topologically equivalent to logarithm difference: $|\ln(x)-\ln(y)|$. This is a metric while $R$ is only a semimetric.
Does it have a name in literature so I can look it up?
You have indeed defined the equivalent for multiplication of absolute value for addition.
I know of no particular name for this function.
It defines the same topology as the absolute value of the difference of the logarithms. That might be a sensible way to measure "distance defined by ratio". Whether it's useful for you depends on the application.