CPNG vs GRAB: Correlation
Coupang, Inc. (CPNG) and Grab Holdings Limited - Class A (GRAB) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPNG and GRAB?
On 3 years of weekly data the CPNG/GRAB correlation comes out at 0.51, moderate. The past 12 months show a tighter link (0.63) than the 3-year average (0.51). The 5-year figure is 0.37, and annualized covariance runs at 716.3 %².
In CPNG's tracked universe of 11 assets, GRAB sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months GRAB outperformed by 15.0 percentage points (-42.5% for CPNG against -27.5% for GRAB).
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.
CPNG vs GRAB: side by side
| CPNG (Coupang, Inc.) | GRAB (Grab Holdings Limited - Class A) | |
|---|---|---|
| 1-year return | -42.5% | -27.5% |
| 5-year return | -46.1% | -65.8% |
| Volatility (ann.) | 37.4% | 37.6% |
| Beta vs S&P 500 | 0.95 | 1.41 |
| Max drawdown (3Y) | -54.9% | -49.3% |
| Market cap | $29.2B | $14.7B |
| P/E (trailing) | – | 32.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPNG | GRAB |
|---|---|---|
| 2022 | -49.9% | -54.8% |
| 2023 | +10.1% | +4.7% |
| 2024 | +35.8% | +40.1% |
| 2025 | +7.3% | +5.7% |
| 2026 | -31.2% | -28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPNG and GRAB good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CPNG and GRAB?
As of 2026-08-27, the correlation of weekly returns between CPNG and GRAB is 0.51 over 3 years, 0.63 over 1 year and 0.37 over 5 years.
Is GRAB a good diversifier for CPNG?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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.
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Related comparisons
Hubs: CPNG correlations · GRAB correlations
