FLNC vs GBTG: Correlation
Measured on weekly returns over the past three years, Fluence Energy, Inc. (FLNC) and Global Business Travel Group, Inc. (GBTG) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLNC and GBTG?
Over the past 3 years, FLNC and GBTG moved with a correlation of 0.53, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.71 versus 0.53 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 2917.8 %².
In FLNC's tracked universe of 19 assets, GBTG sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months FLNC outperformed by 42.2 percentage points (+57.0% for FLNC against +14.8% for GBTG). One caveat on sizing: FLNC is 2.2 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.
FLNC vs GBTG: side by side
| FLNC (Fluence Energy, Inc.) | GBTG (Global Business Travel Group, Inc.) | |
|---|---|---|
| 1-year return | +57.0% | +14.8% |
| 5-year return | -67.3% | n/a |
| Volatility (ann.) | 109.2% | 50.5% |
| Beta vs S&P 500 | 2.11 | 1.39 |
| Max drawdown (3Y) | -86.9% | -48.0% |
| Market cap | $2.1B | $4.9B |
| P/E (trailing) | – | 59.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLNC | GBTG |
|---|---|---|
| 2022 | -51.8% | – |
| 2023 | +39.1% | -4.4% |
| 2024 | -33.4% | +43.9% |
| 2025 | +24.6% | -17.6% |
| 2026 | -42.2% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLNC and GBTG good diversifiers for each other?
To a limited degree. At 0.53 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 FLNC and GBTG?
The FLNC/GBTG correlation stands at 0.53 on a 3-year window (1 year: 0.71, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is GBTG a good diversifier for FLNC?
To a limited degree. At 0.53 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 0.53 mean?
On the −1 to +1 scale, 0.53 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/flnc-vs-gbtg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flnc-vs-gbtg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FLNC correlations · GBTG correlations
