CAAS vs MVST: Correlation
China Automotive Systems, Inc. (CAAS) and Microvast Holdings, Inc. (MVST) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAS and MVST?
Across a 3-year window, the weekly returns of CAAS and MVST correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.19 over 3 years. Stretching to 5 years gives -0.04, with an annualized covariance of -1391.0 %².
MVST is close to the least connected end of CAAS's tracked universe, ranking #10 of 12. Correlation aside, the last 12 months split them widely, with CAAS ahead by 96.0 points (+24.8% versus -71.2%). Note the risk asymmetry: MVST runs 6.1 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 MVST: side by side
| CAAS (China Automotive Systems, Inc.) | MVST (Microvast Holdings, Inc.) | |
|---|---|---|
| 1-year return | +24.8% | -71.2% |
| 5-year return | +72.1% | -91.6% |
| Volatility (ann.) | 34.5% | 209.2% |
| Beta vs S&P 500 | 0.49 | 0.26 |
| Max drawdown (3Y) | -32.9% | -92.8% |
| Market cap | $0.2B | $0.3B |
| P/E (trailing) | 2.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAS | MVST |
|---|---|---|
| 2022 | +116.4% | -73.0% |
| 2023 | -44.3% | -8.5% |
| 2024 | +52.0% | +47.9% |
| 2025 | +3.9% | +35.3% |
| 2026 | +18.1% | -72.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAS and MVST good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CAAS and MVST?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.06 over the last year and -0.04 over 5 years.
Is MVST a good diversifier for CAAS?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 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/caas-vs-mvst.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/caas-vs-mvst/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAAS correlations · MVST correlations
