CG vs TPG: Correlation
The Carlyle Group Inc. (CG) and TPG Inc. (TPG) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CG and TPG?
On 3 years of weekly data the CG/TPG correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. The 5-year figure is 0.71, and annualized covariance runs at 1054.7 %².
TPG is one of the assets that tracks CG most closely: it ranks #1 out of the 21 assets we track against CG. On 12-month performance TPG holds a 13.7-point edge, -21.8% against -8.1%.
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.
CG vs TPG: side by side
| CG (The Carlyle Group Inc.) | TPG (TPG Inc.) | |
|---|---|---|
| 1-year return | -21.8% | -8.1% |
| 5-year return | +18.0% | +91.2% |
| Volatility (ann.) | 36.8% | 37.6% |
| Beta vs S&P 500 | 1.68 | 1.62 |
| Max drawdown (3Y) | -40.4% | -44.8% |
| Market cap | $17.5B | $21.1B |
| P/E (trailing) | 50.8 | 78.2 |
| Dividend yield | 2.86% | 4.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CG | TPG |
|---|---|---|
| 2022 | -43.8% | – |
| 2023 | +42.6% | +62.4% |
| 2024 | +28.1% | +50.6% |
| 2025 | +20.2% | +5.1% |
| 2026 | -14.9% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CG and TPG good diversifiers for each other?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CG and TPG?
The CG/TPG correlation stands at 0.76 on a 3-year window (1 year: 0.77, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is TPG a good diversifier for CG?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.76 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/cg-vs-tpg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cg-vs-tpg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CG correlations · TPG correlations
