China Automotive Correlations

CAAS Stock

USD 4.15 0.07 1.66%

The current 90-days correlation between China Automotive Systems and Commercial Vehicle Group is 0.18 (i.e., Average diversification). The correlation of China Automotive is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

China Automotive Correlation With Market

Average diversification

The correlation between China Automotive Systems and DJI is 0.17 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding China Automotive Systems and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with China Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in China Automotive Systems. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with China Stock

0.65	GM	General Motors	Pair Corr
0.77	LI	Li Auto	Pair Corr
0.66	VC	Visteon Corp Earnings Call Today	Pair Corr
0.75	ZK	ZEEKR Intelligent	Pair Corr
0.7	DORM	Dorman Products Earnings Call This Week	Pair Corr
0.79	ALV	Autoliv	Pair Corr
0.78	AXL	American Axle Manufa Potential Growth	Pair Corr
0.83	BWA	BorgWarner Earnings Call This Week	Pair Corr
0.8	FOXF	Fox Factory Holding	Pair Corr
0.74	CPS	Cooper Stnd Earnings Call This Week	Pair Corr
0.87	DAN	Dana Inc Earnings Call This Week	Pair Corr
0.71	ECX	ECARX Holdings Class	Pair Corr
0.63	MBLY	Mobileye Global Class Earnings Call This Week	Pair Corr
0.63	MPAA	Motorcar Parts	Pair Corr
0.75	NWTN	NWTN Class B	Pair Corr
0.77	H	Hyatt Hotels Earnings Call Tomorrow	Pair Corr
0.75	W	Wayfair	Pair Corr
0.69	DIBS	1StdibsCom	Pair Corr
0.7	AN	AutoNation Earnings Call This Week	Pair Corr
0.81	AS	Amer Sports,	Pair Corr
0.79	BC	Brunswick Earnings Call Tomorrow	Pair Corr
0.68	BH	Biglari Holdings	Pair Corr
0.74	FL	Foot Locker Sell-off Trend	Pair Corr

Moving against China Stock

0.87	MULN	Mullen Automotive	Pair Corr
0.66	EVTV	Envirotech Vehicles	Pair Corr
0.56	ECDA	ECD Automotive Design	Pair Corr
0.81	SG	Sweetgreen	Pair Corr
0.78	DNUT	Krispy Kreme Trending	Pair Corr
0.43	JD	JD Inc Adr Aggressive Push	Pair Corr

Related Correlations Analysis

	CHNR	CVGI	CYD	DORM	ECX	FOXF	MPAA	NCTY	NINE	SEED
CHNR		-0.47	-0.6	0.05	-0.41	-0.25	-0.28	0.47	-0.56	0.46	CHNR
CVGI	-0.47		0.87	0.55	0.81	0.86	0.83	-0.47	0.12	-0.83	CVGI
CYD	-0.6	0.87		0.36	0.8	0.75	0.62	-0.69	0.39	-0.83	CYD
DORM	0.05	0.55	0.36		0.6	0.77	0.68	-0.26	-0.45	-0.46	DORM
ECX	-0.41	0.81	0.8	0.6		0.8	0.7	-0.55	0.19	-0.79	ECX
FOXF	-0.25	0.86	0.75	0.77	0.8		0.85	-0.51	-0.08	-0.74	FOXF
MPAA	-0.28	0.83	0.62	0.68	0.7	0.85		-0.37	-0.22	-0.71	MPAA
NCTY	0.47	-0.47	-0.69	-0.26	-0.55	-0.51	-0.37		-0.24	0.51	NCTY
NINE	-0.56	0.12	0.39	-0.45	0.19	-0.08	-0.22	-0.24		-0.18	NINE
SEED	0.46	-0.83	-0.83	-0.46	-0.79	-0.74	-0.71	0.51	-0.18		SEED
	CHNR	CVGI	CYD	DORM	ECX	FOXF	MPAA	NCTY	NINE	SEED

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CYD	+ 0.87	CVGI
FOXF	+ 0.86	CVGI
MPAA	+ 0.85	FOXF
MPAA	+ 0.83	CVGI
ECX	+ 0.81	CVGI
ECX	+ 0.8	CYD

High negative correlations

SEED	- 0.83	CYD
SEED	- 0.83	CVGI
SEED	- 0.79	ECX
SEED	- 0.74	FOXF
SEED	- 0.71	MPAA
NCTY	- 0.69	CYD

Risk-Adjusted Indicators

There is a big difference between China Stock performing well and China Automotive Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze China Automotive's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CHNR	4.07	(0.01)	0.01	0.16	4.96	(5.03)	7.55	(7.71)	43.62
CVGI	5.06	0.72	0.23	0.36	4.39	(6.08)	12.61	(7.78)	23.87
CYD	2.55	0.64	0.22	0.75	2.18	(2.80)	7.61	(4.95)	15.92
DORM	1.22	0.15	(0.02)	(1.46)	1.61	(1.17)	2.14	(2.78)	10.18
ECX	5.44	0.66	0.08	1.12	6.86	(6.57)	11.39	(8.02)	56.96
FOXF	2.13	0.44	0.13	1.61	2.06	(2.42)	5.07	(4.23)	16.27
MPAA	2.58	0.44	0.06	(1.89)	3.67	(2.82)	6.83	(4.15)	26.04
NCTY	3.76	(0.25)	0.00	(0.02)	0.00	0.00	6.61	(8.15)	17.71
NINE	6.77	0.77	0.04	(0.57)	8.50	(8.05)	14.75	(11.24)	83.33
SEED	3.58	(0.27)	0.00	(0.27)	0.00	0.00	8.53	(5.84)	33.76

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