API vs CAF: Correlation
How closely do Agora, Inc. (API) and Morgan Stanley China A Share Fund Inc. (CAF) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are API and CAF?
Across a 3-year window, the weekly returns of API and CAF correlate at 0.43, moderate. The past 12 months show a weaker link (0.28) than the 3-year average (0.43). Stretching to 5 years gives 0.43, with an annualized covariance of 846.7 %².
By 3-year correlation, CAF places #4 of the 14 assets tracked against API. Over the last 12 months CAF came out ahead by 14.0 percentage points (+15.7% against +29.7%). Note the risk asymmetry: API runs 4.7 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.
API vs CAF: side by side
| API (Agora, Inc.) | CAF (Morgan Stanley China A Share Fund Inc.) | |
|---|---|---|
| 1-year return | +15.7% | +29.7% |
| 5-year return | -86.7% | +4.1% |
| Volatility (ann.) | 96.1% | 20.4% |
| Beta vs S&P 500 | 1.90 | 0.48 |
| Max drawdown (3Y) | -60.8% | -26.3% |
| Market cap | $0.3B | $0.3B |
| P/E (trailing) | 45.1 | 4.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | API | CAF |
|---|---|---|
| 2022 | -75.9% | -30.4% |
| 2023 | -32.7% | -9.4% |
| 2024 | +58.2% | +0.3% |
| 2025 | -2.2% | +41.5% |
| 2026 | -0.2% | +9.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are API and CAF good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between API and CAF?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.28 over the last year and 0.43 over 5 years.
Is CAF a good diversifier for API?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/api-vs-caf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/api-vs-caf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: API correlations · CAF correlations
