FRHC vs GRAB: Correlation
Measured on weekly returns over the past three years, Freedom Holding Corp. (FRHC) and Grab Holdings Limited - Class A (GRAB) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRHC and GRAB?
On 3 years of weekly data the FRHC/GRAB correlation comes out at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. The 5-year figure is 0.27, and annualized covariance runs at 567.1 %².
Few assets follow FRHC as closely as GRAB, which ranks #1 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months FRHC outperformed by 25.6 percentage points (-1.9% for FRHC 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.
FRHC vs GRAB: side by side
| FRHC (Freedom Holding Corp.) | GRAB (Grab Holdings Limited - Class A) | |
|---|---|---|
| 1-year return | -1.9% | -27.5% |
| 5-year return | +163.7% | -65.8% |
| Volatility (ann.) | 39.9% | 37.6% |
| Beta vs S&P 500 | 0.87 | 1.41 |
| Max drawdown (3Y) | -41.1% | -49.3% |
| Market cap | $10.9B | $14.7B |
| P/E (trailing) | 71.1 | 32.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRHC | GRAB |
|---|---|---|
| 2022 | -16.0% | -54.8% |
| 2023 | +38.4% | +4.7% |
| 2024 | +62.1% | +40.1% |
| 2025 | -6.9% | +5.7% |
| 2026 | +40.3% | -28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRHC and GRAB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FRHC and GRAB?
As of 2026-08-27, the correlation of weekly returns between FRHC and GRAB is 0.38 over 3 years, 0.30 over 1 year and 0.27 over 5 years.
Is GRAB a good diversifier for FRHC?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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: FRHC correlations · GRAB correlations
