CVGI vs GSIW: Correlation
Measured on weekly returns over the past three years, Commercial Vehicle Group, Inc. (CVGI) and Garden Stage Limited - Class A (GSIW) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVGI and GSIW?
Across a 3-year window, the weekly returns of CVGI and GSIW correlate at 0.31, moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.31). Stretching to 5 years gives n/a, with an annualized covariance of 4229.6 %².
Among the 16 assets we track against CVGI, GSIW ranks #8 by 3-year correlation. The last year tells two different stories: CVGI led by 103.2 percentage points, +78.7% for CVGI against -24.5% for GSIW. Note the risk asymmetry: GSIW runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CVGI vs GSIW: side by side
| CVGI (Commercial Vehicle Group, Inc.) | GSIW (Garden Stage Limited - Class A) | |
|---|---|---|
| 1-year return | +78.7% | -24.5% |
| 5-year return | -70.3% | n/a |
| Volatility (ann.) | 81.5% | 159.9% |
| Beta vs S&P 500 | 0.77 | 1.06 |
| Max drawdown (3Y) | -91.0% | -99.7% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVGI | GSIW |
|---|---|---|
| 2022 | -15.5% | – |
| 2023 | +2.9% | – |
| 2024 | -64.6% | -91.5% |
| 2025 | -41.9% | -80.6% |
| 2026 | +120.8% | -41.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVGI and GSIW good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CVGI and GSIW?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.64 over the last year and n/a over 5 years.
Is GSIW a good diversifier for CVGI?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CVGI correlations · GSIW correlations
