CAF vs KXIN: Correlation
Morgan Stanley China A Share Fund Inc. (CAF) and Kaixin Holdings (KXIN) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAF and KXIN?
Over the past 3 years, CAF and KXIN moved with a correlation of 0.40, which is moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.40). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 2200.2 %².
Within CAF's tracked universe of 14 assets, KXIN comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CAF outperformed by 129.2 percentage points (+29.7% for CAF against -99.5% for KXIN). One caveat on sizing: KXIN is 13.4 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.
CAF vs KXIN: side by side
| CAF (Morgan Stanley China A Share Fund Inc.) | KXIN (Kaixin Holdings) | |
|---|---|---|
| 1-year return | +29.7% | -99.5% |
| 5-year return | +4.1% | -100.0% |
| Volatility (ann.) | 20.4% | 272.9% |
| Beta vs S&P 500 | 0.48 | 2.71 |
| Max drawdown (3Y) | -26.3% | -100.0% |
| Market cap | $0.3B | – |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CAF | KXIN |
|---|---|---|
| 2022 | -30.4% | -74.3% |
| 2023 | -9.4% | -80.0% |
| 2024 | +0.3% | -97.1% |
| 2025 | +41.5% | -88.6% |
| 2026 | +9.7% | -98.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAF and KXIN 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 CAF and KXIN?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.20 over the last year and 0.32 over 5 years.
Is KXIN a good diversifier for CAF?
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/caf-vs-kxin.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/caf-vs-kxin/)
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Related comparisons
Hubs: CAF correlations · KXIN correlations
