CANG vs PAVS: Correlation
Measured on weekly returns over the past three years, Cango Inc. Class A (CANG) and Paranovus Entertainment Technology Ltd. - Class A (PAVS) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CANG and PAVS?
Across a 3-year window, the weekly returns of CANG and PAVS correlate at 0.28, weak. Recent behaviour matches the longer record: 0.35 over 1 year against 0.28 over 3. Stretching to 5 years gives 0.16, with an annualized covariance of 3142.3 %².
Among the 11 assets we track against CANG, PAVS ranks #6 by 3-year correlation. On 12-month performance CANG holds a 10.6-point edge, -89.4% against -100.0%. One caveat on sizing: PAVS is 1.6 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.
CANG vs PAVS: side by side
| CANG (Cango Inc. Class A) | PAVS (Paranovus Entertainment Technology Ltd. - Class A) | |
|---|---|---|
| 1-year return | -89.4% | -100.0% |
| 5-year return | -60.9% | -100.0% |
| Volatility (ann.) | 84.7% | 133.6% |
| Beta vs S&P 500 | 1.14 | 1.06 |
| Max drawdown (3Y) | -96.5% | -100.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CANG | PAVS |
|---|---|---|
| 2022 | +36.2% | -61.1% |
| 2023 | -22.1% | -44.6% |
| 2024 | +331.4% | -44.4% |
| 2025 | -31.8% | -98.7% |
| 2026 | -82.7% | -99.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CANG and PAVS good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CANG and PAVS?
As of 2026-08-27, the correlation of weekly returns between CANG and PAVS is 0.28 over 3 years, 0.35 over 1 year and 0.16 over 5 years.
Is PAVS a good diversifier for CANG?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 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/cang-vs-pavs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cang-vs-pavs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CANG correlations · PAVS correlations
