ASG vs CAVA: Correlation
Measured on weekly returns over the past three years, Liberty All-Star Growth Fund, Inc. (ASG) and CAVA Group, Inc. (CAVA) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASG and CAVA?
Across a 3-year window, the weekly returns of ASG and CAVA correlate at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.33) runs below the 3-year figure (0.51). Stretching to 5 years gives n/a, with an annualized covariance of 561.6 %².
By 3-year correlation, CAVA places #37 of the 52 assets tracked against ASG. Twelve-month performance is nearly a tie, at +3.3% for ASG and -1.2% for CAVA. Risk is not evenly split, since CAVA carries 3.3 times the volatility of the other side.
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.
ASG vs CAVA: side by side
| ASG (Liberty All-Star Growth Fund, Inc.) | CAVA (CAVA Group, Inc.) | |
|---|---|---|
| 1-year return | +3.3% | -1.2% |
| 5-year return | -5.6% | n/a |
| Volatility (ann.) | 18.3% | 59.9% |
| Beta vs S&P 500 | 1.12 | 1.78 |
| Max drawdown (3Y) | -25.3% | -71.1% |
| Market cap | $0.3B | $7.8B |
| P/E (trailing) | 23.9 | 119.6 |
| Dividend yield | 8.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASG | CAVA |
|---|---|---|
| 2022 | -40.9% | – |
| 2023 | +16.2% | – |
| 2024 | +16.8% | +162.4% |
| 2025 | +2.2% | -48.0% |
| 2026 | +6.0% | +14.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASG and CAVA good diversifiers for each other?
Only partially. A correlation of 0.51 means ASG and CAVA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ASG and CAVA?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.33 over the last year and n/a over 5 years.
Is CAVA a good diversifier for ASG?
Only partially. A correlation of 0.51 means ASG and CAVA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asg-vs-cava.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asg-vs-cava/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASG correlations · CAVA correlations
