CAAS vs FUND: Correlation
Measured on weekly returns over the past three years, China Automotive Systems, Inc. (CAAS) and Sprott Focus Trust, Inc. - Closed End Fund (FUND) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAS and FUND?
Across a 3-year window, the weekly returns of CAAS and FUND correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. Stretching to 5 years gives 0.31, with an annualized covariance of 233.7 %².
FUND is one of the assets that tracks CAAS most closely: it ranks #3 out of the 12 assets we track against CAAS. The trailing year gives FUND the advantage: +24.8% versus +39.1%, a 14.3-point spread. One caveat on sizing: CAAS is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 FUND: side by side
| CAAS (China Automotive Systems, Inc.) | FUND (Sprott Focus Trust, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | +24.8% | +39.1% |
| 5-year return | +72.1% | +83.0% |
| Volatility (ann.) | 34.5% | 17.9% |
| Beta vs S&P 500 | 0.49 | 0.77 |
| Max drawdown (3Y) | -32.9% | -18.2% |
| Market cap | $0.2B | $0.3B |
| P/E (trailing) | 2.8 | 5.8 |
| Dividend yield | 0.00% | 5.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAS | FUND |
|---|---|---|
| 2022 | +116.4% | -1.2% |
| 2023 | -44.3% | +6.9% |
| 2024 | +52.0% | -1.0% |
| 2025 | +3.9% | +27.5% |
| 2026 | +18.1% | +26.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAS and FUND good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CAAS and FUND?
The CAAS/FUND correlation stands at 0.38 on a 3-year window (1 year: 0.30, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is FUND a good diversifier for CAAS?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/caas-vs-fund.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caas-vs-fund/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAAS correlations · FUND correlations
