CAF vs ZCMD: Correlation
Morgan Stanley China A Share Fund Inc. (CAF) and Zhongchao Inc. - Class A (ZCMD) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAF and ZCMD?
Across a 3-year window, the weekly returns of CAF and ZCMD correlate at 0.33, moderate. Little has changed lately, as the 1-year reading of 0.30 lands near the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 952.9 %².
Out of 14 assets tracked against CAF, ZCMD lands near the bottom at #10. The last year tells two different stories: CAF led by 129.6 percentage points, +29.7% for CAF against -99.9% for ZCMD. One caveat on sizing: ZCMD is 7.0 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 ZCMD: side by side
| CAF (Morgan Stanley China A Share Fund Inc.) | ZCMD (Zhongchao Inc. - Class A) | |
|---|---|---|
| 1-year return | +29.7% | -99.9% |
| 5-year return | +4.1% | -100.0% |
| Volatility (ann.) | 20.4% | 141.8% |
| Beta vs S&P 500 | 0.48 | 0.59 |
| 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 | ZCMD |
|---|---|---|
| 2022 | -30.4% | -35.4% |
| 2023 | -9.4% | -69.5% |
| 2024 | +0.3% | -53.8% |
| 2025 | +41.5% | -72.2% |
| 2026 | +9.7% | -99.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAF and ZCMD good diversifiers for each other?
Reasonably. At 0.33, CAF and ZCMD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CAF and ZCMD?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.30 over the last year and 0.28 over 5 years.
Is ZCMD a good diversifier for CAF?
Reasonably. At 0.33, CAF and ZCMD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 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-zcmd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/caf-vs-zcmd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CAF correlations · ZCMD correlations
