It is okay to say
A and B correspond to C and D, respectively.
But, is it okay to say
They correspond to C and D, respectively?
Here implicitly it is assumed that 'they' represents 'A and B'. The concern is that, it could also be 'B and A'.
To use
respectively
there needs to be a 1-to-1 correspondence between the two lists so the match in the proper ordering. Your sentence as it stands
They correspond to C and D, respectively.
is ambiguous, however with additional context
A and B are managers at the company.
They correspond to C and D, respectively.
A would be paired with C and B would be paired with D.
and
or could I use or
. For example: A or B correspond to C and D, respectively.
?