CAAS vs NOV: Correlation
China Automotive Systems, Inc. (CAAS) and NOV Inc. (NOV) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAS and NOV?
Over the past 3 years, CAAS and NOV moved with a correlation of 0.38, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.38 over 3 years. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 471.3 %².
Within CAAS's tracked universe of 12 assets, NOV comes in at #5 by 3-year correlation. The last year tells two different stories: NOV led by 37.4 percentage points, +24.8% for CAAS against +62.2% for NOV.
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 NOV: side by side
| CAAS (China Automotive Systems, Inc.) | NOV (NOV Inc.) | |
|---|---|---|
| 1-year return | +24.8% | +62.2% |
| 5-year return | +72.1% | +71.8% |
| Volatility (ann.) | 34.5% | 35.6% |
| Beta vs S&P 500 | 0.49 | 0.61 |
| Max drawdown (3Y) | -32.9% | -47.2% |
| Market cap | $0.2B | $7.4B |
| P/E (trailing) | 2.8 | 74.1 |
| Dividend yield | 0.00% | 1.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAAS | NOV |
|---|---|---|
| 2022 | +116.4% | +55.7% |
| 2023 | -44.3% | -1.8% |
| 2024 | +52.0% | -26.8% |
| 2025 | +3.9% | +11.3% |
| 2026 | +18.1% | +34.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAS and NOV 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 NOV?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.27 over the last year and 0.17 over 5 years.
Is NOV 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-nov.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/caas-vs-nov/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CAAS correlations · NOV correlations
