CMCL vs PAVS: Correlation
How closely do Caledonia Mining Corporation Plc (CMCL) and Paranovus Entertainment Technology Ltd. - Class A (PAVS) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCL and PAVS?
Across a 3-year window, the weekly returns of CMCL and PAVS correlate at 0.28, weak. The past 12 months show a tighter link (0.48) than the 3-year average (0.28). Stretching to 5 years gives 0.21, with an annualized covariance of 1994.3 %².
PAVS is close to the least connected end of CMCL's tracked universe, ranking #9 of 13. Their recent paths diverged sharply: over the last 12 months CMCL outperformed by 105.4 percentage points (+5.4% for CMCL against -100.0% for PAVS). One caveat on sizing: PAVS is 2.5 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.
CMCL vs PAVS: side by side
| CMCL (Caledonia Mining Corporation Plc) | PAVS (Paranovus Entertainment Technology Ltd. - Class A) | |
|---|---|---|
| 1-year return | +5.4% | -100.0% |
| 5-year return | +156.5% | -100.0% |
| Volatility (ann.) | 52.7% | 133.6% |
| Beta vs S&P 500 | 1.10 | 1.06 |
| Max drawdown (3Y) | -55.2% | -100.0% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 2.25% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMCL | PAVS |
|---|---|---|
| 2022 | +11.4% | -61.1% |
| 2023 | +2.6% | -44.6% |
| 2024 | -18.9% | -44.4% |
| 2025 | +183.7% | -98.7% |
| 2026 | -1.4% | -99.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and PAVS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CMCL and PAVS?
As of 2026-08-27, the correlation of weekly returns between CMCL and PAVS is 0.28 over 3 years, 0.48 over 1 year and 0.21 over 5 years.
Is PAVS a good diversifier for CMCL?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
A reading of 0.28 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
$ curl https://www.pairbook.io/api/v1/pairs/cmcl-vs-pavs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cmcl-vs-pavs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMCL correlations · PAVS correlations
