CAAS vs FRA: Correlation
How closely do China Automotive Systems, Inc. (CAAS) and Blackrock Floating Rate Income Strategies Fund Inc (FRA) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAS and FRA?
Across a 3-year window, the weekly returns of CAAS and FRA correlate at 0.40, moderate. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. Stretching to 5 years gives 0.23, with an annualized covariance of 160.7 %².
In CAAS's tracked universe of 12 assets, FRA sits right near the top at #1. The last year tells two different stories: CAAS led by 31.3 percentage points, +24.8% for CAAS against -6.5% for FRA. Risk is not evenly split, since CAAS carries 3.0 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.
CAAS vs FRA: side by side
| CAAS (China Automotive Systems, Inc.) | FRA (Blackrock Floating Rate Income Strategies Fund Inc) | |
|---|---|---|
| 1-year return | +24.8% | -6.5% |
| 5-year return | +72.1% | +37.4% |
| Volatility (ann.) | 34.5% | 11.6% |
| Beta vs S&P 500 | 0.49 | 0.44 |
| Max drawdown (3Y) | -32.9% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 2.8 | 15.6 |
| Dividend yield | 0.00% | 13.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAS | FRA |
|---|---|---|
| 2022 | +116.4% | -10.6% |
| 2023 | -44.3% | +25.5% |
| 2024 | +52.0% | +21.6% |
| 2025 | +3.9% | -3.7% |
| 2026 | +18.1% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAS and FRA good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CAAS and FRA?
The CAAS/FRA correlation stands at 0.40 on a 3-year window (1 year: 0.32, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is FRA a good diversifier for CAAS?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 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/caas-vs-fra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caas-vs-fra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAAS correlations · FRA correlations
