GBTG vs HRB: Correlation
Measured on weekly returns over the past three years, Global Business Travel Group, Inc. (GBTG) and H&R Block, Inc. (HRB) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBTG and HRB?
Over the past 3 years, GBTG and HRB moved with a correlation of 0.47, which is moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.47). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 774.0 %².
By 3-year correlation, HRB places #13 of the 27 assets tracked against GBTG. The trailing year gives GBTG the advantage: +14.8% versus +7.6%, a 7.2-point spread. Note the risk asymmetry: GBTG runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GBTG vs HRB: side by side
| GBTG (Global Business Travel Group, Inc.) | HRB (H&R Block, Inc.) | |
|---|---|---|
| 1-year return | +14.8% | +7.6% |
| 5-year return | n/a | +141.8% |
| Volatility (ann.) | 50.5% | 32.8% |
| Beta vs S&P 500 | 1.39 | 0.31 |
| Max drawdown (3Y) | -48.0% | -55.5% |
| Market cap | $4.9B | $6.5B |
| P/E (trailing) | 59.1 | 9.3 |
| Dividend yield | 0.00% | 3.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBTG | HRB |
|---|---|---|
| 2022 | – | +59.9% |
| 2023 | -4.4% | +36.9% |
| 2024 | +43.9% | +12.0% |
| 2025 | -17.6% | -14.9% |
| 2026 | +23.7% | +23.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBTG and HRB good diversifiers for each other?
Reasonably. At 0.47, GBTG and HRB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GBTG and HRB?
As of 2026-08-27, the correlation of weekly returns between GBTG and HRB is 0.47 over 3 years, 0.63 over 1 year and 0.34 over 5 years.
Is HRB a good diversifier for GBTG?
Reasonably. At 0.47, GBTG and HRB keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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.
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Related comparisons
Hubs: GBTG correlations · HRB correlations
