CBAT vs JOF: Correlation
Measured on weekly returns over the past three years, CBAK Energy Technology Limited (CBAT) and Japan Smaller Capitalization Fund Inc (JOF) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBAT and JOF?
On 3 years of weekly data the CBAT/JOF correlation comes out at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. The 5-year figure is 0.37, and annualized covariance runs at 440.8 %².
Few assets follow CBAT as closely as JOF, which ranks #3 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months JOF outperformed by 39.1 percentage points (-6.1% for CBAT against +33.0% for JOF). One caveat on sizing: CBAT is 3.2 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.
CBAT vs JOF: side by side
| CBAT (CBAK Energy Technology Limited) | JOF (Japan Smaller Capitalization Fund Inc) | |
|---|---|---|
| 1-year return | -6.1% | +33.0% |
| 5-year return | -73.0% | +81.0% |
| Volatility (ann.) | 60.3% | 18.6% |
| Beta vs S&P 500 | 0.75 | 0.74 |
| Max drawdown (3Y) | -74.1% | -17.2% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | 2.5 |
| Dividend yield | 0.00% | 5.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CBAT | JOF |
|---|---|---|
| 2022 | -36.5% | -17.1% |
| 2023 | +6.1% | +21.4% |
| 2024 | -10.5% | +5.3% |
| 2025 | -10.6% | +52.1% |
| 2026 | +2.8% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBAT and JOF good diversifiers for each other?
Reasonably. At 0.39, CBAT and JOF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CBAT and JOF?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.49 over the last year and 0.37 over 5 years.
Is JOF a good diversifier for CBAT?
Reasonably. At 0.39, CBAT and JOF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: CBAT correlations · JOF correlations
