CAAS vs NBR: Correlation
How closely do China Automotive Systems, Inc. (CAAS) and Nabors Industries Ltd. (NBR) 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 NBR?
On 3 years of weekly data the CAAS/NBR correlation comes out at 0.40, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.40 over 3 years. The 5-year figure is 0.21, and annualized covariance runs at 903.2 %².
Few assets follow CAAS as closely as NBR, which ranks #2 of 12 tracked partners. The last year tells two different stories: NBR led by 128.5 percentage points, +24.8% for CAAS against +153.3% for NBR. Note the risk asymmetry: NBR runs 1.9 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 NBR: side by side
| CAAS (China Automotive Systems, Inc.) | NBR (Nabors Industries Ltd.) | |
|---|---|---|
| 1-year return | +24.8% | +153.3% |
| 5-year return | +72.1% | +10.3% |
| Volatility (ann.) | 34.5% | 65.2% |
| Beta vs S&P 500 | 0.49 | 0.88 |
| Max drawdown (3Y) | -32.9% | -82.2% |
| Market cap | $0.2B | $1.4B |
| P/E (trailing) | 2.8 | 5.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAS | NBR |
|---|---|---|
| 2022 | +116.4% | +91.0% |
| 2023 | -44.3% | -47.3% |
| 2024 | +52.0% | -30.0% |
| 2025 | +3.9% | -5.0% |
| 2026 | +18.1% | +68.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAS and NBR 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 NBR?
The CAAS/NBR correlation stands at 0.40 on a 3-year window (1 year: 0.13, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is NBR 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?
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-nbr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caas-vs-nbr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAAS correlations · NBR correlations
