CANG vs GBTG: Correlation
How closely do Cango Inc. Class A (CANG) and Global Business Travel Group, Inc. (GBTG) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CANG and GBTG?
On 3 years of weekly data the CANG/GBTG correlation comes out at 0.35, moderate. The link has tightened recently: the 1-year correlation (0.48) runs above the 3-year figure (0.35). The 5-year figure is 0.31, and annualized covariance runs at 1510.4 %².
In CANG's tracked universe of 11 assets, GBTG sits right near the top at #2. The last year tells two different stories: GBTG led by 104.2 percentage points, -89.4% for CANG against +14.8% for GBTG. One caveat on sizing: CANG is 1.7 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.
CANG vs GBTG: side by side
| CANG (Cango Inc. Class A) | GBTG (Global Business Travel Group, Inc.) | |
|---|---|---|
| 1-year return | -89.4% | +14.8% |
| 5-year return | -60.9% | n/a |
| Volatility (ann.) | 84.7% | 50.5% |
| Beta vs S&P 500 | 1.14 | 1.39 |
| Max drawdown (3Y) | -96.5% | -48.0% |
| Market cap | $0.1B | $4.9B |
| P/E (trailing) | – | 59.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CANG | GBTG |
|---|---|---|
| 2022 | +36.2% | – |
| 2023 | -22.1% | -4.4% |
| 2024 | +331.4% | +43.9% |
| 2025 | -31.8% | -17.6% |
| 2026 | -82.7% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CANG and GBTG good diversifiers for each other?
Reasonably. At 0.35, CANG and GBTG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CANG and GBTG?
As of 2026-08-27, the correlation of weekly returns between CANG and GBTG is 0.35 over 3 years, 0.48 over 1 year and 0.31 over 5 years.
Is GBTG a good diversifier for CANG?
Reasonably. At 0.35, CANG and GBTG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cang-vs-gbtg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cang-vs-gbtg/)
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Related comparisons
Hubs: CANG correlations · GBTG correlations
