CDW vs GBTG: Correlation
Measured on weekly returns over the past three years, CDW Corporation (CDW) and Global Business Travel Group, Inc. (GBTG) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDW and GBTG?
On 3 years of weekly data the CDW/GBTG correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.20 over 3 years. The 5-year figure is -0.15, and annualized covariance runs at -343.8 %².
Within CDW's tracked universe of 40 assets, GBTG comes in at #31 by 3-year correlation. The last year tells two different stories: GBTG led by 22.8 percentage points, -8.0% for CDW against +14.8% for GBTG.
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.
CDW vs GBTG: side by side
| CDW (CDW Corporation) | GBTG (Global Business Travel Group, Inc.) | |
|---|---|---|
| 1-year return | -8.0% | +14.8% |
| 5-year return | -20.5% | n/a |
| Volatility (ann.) | 34.2% | 50.5% |
| Beta vs S&P 500 | 1.01 | 1.39 |
| Max drawdown (3Y) | -60.4% | -48.0% |
| Market cap | $18.6B | $4.9B |
| P/E (trailing) | 17.0 | 59.1 |
| Dividend yield | 1.78% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | CDW | GBTG |
|---|---|---|
| 2022 | -11.7% | – |
| 2023 | +28.8% | -4.4% |
| 2024 | -22.6% | +43.9% |
| 2025 | -20.6% | -17.6% |
| 2026 | +11.1% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDW and GBTG good diversifiers for each other?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
FAQ
What is the correlation between CDW and GBTG?
As of 2026-08-27, the correlation of weekly returns between CDW and GBTG is -0.20 over 3 years, -0.42 over 1 year and -0.15 over 5 years.
Is GBTG a good diversifier for CDW?
By historical standards, yes. A correlation of -0.20 means the two rarely move for the same reasons.
What does a correlation of -0.20 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/cdw-vs-gbtg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdw-vs-gbtg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CDW correlations · GBTG correlations
