CAAS vs QQQ: Correlation
How closely do China Automotive Systems, Inc. (CAAS) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAAS and QQQ?
Over the past 3 years, CAAS and QQQ moved with a correlation of 0.15, which is weak. Recent behaviour matches the longer record: 0.18 over 1 year against 0.15 over 3. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 101.5 %².
Among the 12 assets we track against CAAS, QQQ sits near the bottom by co-movement, at rank #9. Twelve-month performance is nearly a tie, at +24.8% for CAAS and +26.3% for QQQ. Note the risk asymmetry: CAAS runs 1.8 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 QQQ: side by side
| CAAS (China Automotive Systems, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +24.8% | +26.3% |
| 5-year return | +72.1% | +95.4% |
| Volatility (ann.) | 34.5% | 19.6% |
| Beta vs S&P 500 | 0.49 | 1.28 |
| Max drawdown (3Y) | -32.9% | -22.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 2.8 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | CAAS | QQQ |
|---|---|---|
| 2022 | +116.4% | -32.6% |
| 2023 | -44.3% | +54.9% |
| 2024 | +52.0% | +25.6% |
| 2025 | +3.9% | +20.8% |
| 2026 | +18.1% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAAS and QQQ good diversifiers for each other?
Yes. With a correlation of 0.15, CAAS and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAAS and QQQ?
Using weekly returns as of 2026-08-27: 0.15 over 3 years, with 0.18 over the last year and 0.24 over 5 years.
Is QQQ a good diversifier for CAAS?
Yes. With a correlation of 0.15, CAAS and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 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-qqq.json
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[](https://www.pairbook.io/pair/caas-vs-qqq/)
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Related comparisons
Hubs: CAAS correlations · QQQ correlations
