CAAS vs CPBI: Correlation
How closely do China Automotive Systems, Inc. (CAAS) and Central Plains Bancshares, Inc. (CPBI) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAS and CPBI?
Over the past 3 years, CAAS and CPBI moved with a correlation of 0.37, which is moderate. The past 12 months show a weaker link (0.08) than the 3-year average (0.37). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 190.4 %².
Within CAAS's tracked universe of 12 assets, CPBI comes in at #6 by 3-year correlation. The trailing year gives CPBI the advantage: +24.8% versus +35.0%, a 10.2-point spread. Note the risk asymmetry: CAAS runs 2.2 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.
CAAS vs CPBI: side by side
| CAAS (China Automotive Systems, Inc.) | CPBI (Central Plains Bancshares, Inc.) | |
|---|---|---|
| 1-year return | +24.8% | +35.0% |
| 5-year return | +72.1% | n/a |
| Volatility (ann.) | 34.5% | 15.5% |
| Beta vs S&P 500 | 0.49 | 0.16 |
| Max drawdown (3Y) | -32.9% | -8.4% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 2.8 | 17.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAS | CPBI |
|---|---|---|
| 2022 | +116.4% | – |
| 2023 | -44.3% | – |
| 2024 | +52.0% | +46.7% |
| 2025 | +3.9% | +13.1% |
| 2026 | +18.1% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAS and CPBI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CAAS and CPBI?
As of 2026-08-27, the correlation of weekly returns between CAAS and CPBI is 0.37 over 3 years, 0.08 over 1 year and n/a over 5 years.
Is CPBI a good diversifier for CAAS?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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.
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Related comparisons
Hubs: CAAS correlations · CPBI correlations
