China Automotive Correlations

CAAS Stock

USD 4.73 0.01 0.21%

The current 90-days correlation between China Automotive Systems and Monro Muffler Brake is 0.05 (i.e., Significant 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

Modest diversification

The correlation between China Automotive Systems and DJI is 0.21 (i.e., Modest 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.

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

0.77	LI	Li Auto	Pair Corr
0.64	XOSWW	Xos Equity Warrants	Pair Corr
0.7	APTV	Aptiv PLC	Pair Corr
0.69	IH	Ihuman Inc	Pair Corr
0.74	JD	JD Inc Adr	Pair Corr
0.76	VIPS	Vipshop Holdings	Pair Corr
0.77	VSTA	Vasta Platform	Pair Corr

Moving against China Stock

0.85	UA	Under Armour C	Pair Corr
0.8	GNTX	Gentex	Pair Corr
0.79	MOD	Modine Manufacturing	Pair Corr
0.79	INVZ	Innoviz Technologies	Pair Corr
0.78	TSLA	Tesla Inc Trending	Pair Corr
0.72	BWA	BorgWarner	Pair Corr
0.72	RH	RH Earnings Call Today	Pair Corr
0.7	MGA	Magna International	Pair Corr
0.69	VFSWW	VinFast Auto	Pair Corr
0.69	BC	Brunswick	Pair Corr
0.65	NWTN	NWTN Class B	Pair Corr
0.58	RIVN	Rivian Automotive Aggressive Push	Pair Corr
0.58	ADNT	Adient PLC Buyout Trend	Pair Corr
0.58	W	Wayfair Trending	Pair Corr
0.53	HD	Home Depot	Pair Corr
0.49	M	Macys Inc	Pair Corr
0.47	LCID	Lucid Group Aggressive Push	Pair Corr
0.84	DOOO	BRP Inc Earnings Call Today	Pair Corr
0.82	WOOF	Pet Acquisition LLC	Pair Corr
0.8	BKE	Buckle Inc	Pair Corr
0.79	AEO	American Eagle Outfitters	Pair Corr
0.78	ANF	Abercrombie Fitch	Pair Corr
0.76	VSCO	Victorias Secret	Pair Corr
0.74	EEIQ	Elite Education Group	Pair Corr
0.7	WING	Wingstop	Pair Corr
0.7	FIVE	Five Below	Pair Corr
0.66	ASO	Academy Sports Outdoors	Pair Corr
0.64	VNCE	Vince Holding Corp	Pair Corr
0.6	ETSY	Etsy Inc Buyout Trend	Pair Corr

Related Correlations Analysis

	DORM	MNRO	SMP	SRI	CPS	ECXWW	FOXF	MPAA	DAN	GNTX
DORM		0.4	0.34	0.54	0.14	-0.39	0.55	-0.35	-0.08	0.52	DORM
MNRO	0.4		0.69	0.63	-0.24	-0.86	0.91	-0.59	-0.66	0.91	MNRO
SMP	0.34	0.69		0.07	0.01	-0.81	0.64	-0.64	-0.03	0.59	SMP
SRI	0.54	0.63	0.07		-0.18	-0.35	0.75	-0.21	-0.8	0.72	SRI
CPS	0.14	-0.24	0.01	-0.18		0.25	-0.12	0.04	0.49	-0.17	CPS
ECXWW	-0.39	-0.86	-0.81	-0.35	0.25		-0.74	0.72	0.37	-0.79	ECXWW
FOXF	0.55	0.91	0.64	0.75	-0.12	-0.74		-0.54	-0.63	0.9	FOXF
MPAA	-0.35	-0.59	-0.64	-0.21	0.04	0.72	-0.54		0.19	-0.63	MPAA
DAN	-0.08	-0.66	-0.03	-0.8	0.49	0.37	-0.63	0.19		-0.63	DAN
GNTX	0.52	0.91	0.59	0.72	-0.17	-0.79	0.9	-0.63	-0.63		GNTX
	DORM	MNRO	SMP	SRI	CPS	ECXWW	FOXF	MPAA	DAN	GNTX

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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

FOXF	+ 0.91	MNRO
GNTX	+ 0.91	MNRO
GNTX	+ 0.9	FOXF
FOXF	+ 0.75	SRI
GNTX	+ 0.72	SRI
MPAA	+ 0.72	ECXWW

High negative correlations

ECXWW	- 0.86	MNRO
ECXWW	- 0.81	SMP
DAN	- 0.8	SRI
GNTX	- 0.79	ECXWW
FOXF	- 0.74	ECXWW
DAN	- 0.66	MNRO

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
DORM	1.20	(0.10)	0.00	(0.11)	0.00	0.00	2.60	(3.19)	7.99
MNRO	1.75	(0.68)	0.00	(1.01)	0.00	0.00	2.69	(4.22)	9.63
SMP	1.22	(0.35)	0.00	(0.52)	0.00	0.00	1.78	(2.79)	7.53
SRI	3.66	(0.21)	0.00	(0.08)	0.00	0.00	6.68	(8.80)	31.78
CPS	2.87	0.34	0.10	0.18	3.13	(3.40)	5.09	(5.36)	24.09
ECXWW	12.61	4.01	0.32	3.67	10.15	(18.11)	38.00	(18.42)	101.08
FOXF	1.92	(0.25)	0.00	(0.17)	0.00	0.00	3.00	(4.07)	15.53
MPAA	3.77	0.45	0.13	0.47	3.38	(4.90)	11.22	(5.33)	22.07
DAN	2.17	0.32	0.13	0.22	2.33	(2.32)	5.46	(3.75)	19.62
GNTX	1.22	(0.32)	0.00	2.07	0.00	0.00	2.19	(2.29)	10.85

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