APT vs GBTG: Correlation
How closely do Alpha Pro Tech, Ltd. (APT) and Global Business Travel Group, Inc. (GBTG) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APT and GBTG?
On 3 years of weekly data the APT/GBTG correlation comes out at 0.45, moderate. The link has tightened recently: the 1-year correlation (0.69) runs above the 3-year figure (0.45). The 5-year figure is 0.40, and annualized covariance runs at 956.1 %².
By 3-year correlation, GBTG places #4 of the 12 assets tracked against APT. Neither side won the trailing year by much: +12.8% against +14.8%.
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.
APT vs GBTG: side by side
| APT (Alpha Pro Tech, Ltd.) | GBTG (Global Business Travel Group, Inc.) | |
|---|---|---|
| 1-year return | +12.8% | +14.8% |
| 5-year return | -33.5% | n/a |
| Volatility (ann.) | 42.0% | 50.5% |
| Beta vs S&P 500 | 0.65 | 1.39 |
| Max drawdown (3Y) | -39.0% | -48.0% |
| Market cap | $0.1B | $4.9B |
| P/E (trailing) | 14.0 | 59.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APT | GBTG |
|---|---|---|
| 2022 | -32.7% | – |
| 2023 | +31.6% | -4.4% |
| 2024 | +0.0% | +43.9% |
| 2025 | -16.1% | -17.6% |
| 2026 | +23.2% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APT and GBTG good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between APT and GBTG?
The APT/GBTG correlation stands at 0.45 on a 3-year window (1 year: 0.69, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is GBTG a good diversifier for APT?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apt-vs-gbtg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apt-vs-gbtg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APT correlations · GBTG correlations
