GBTG vs MCK: Correlation
Measured on weekly returns over the past three years, Global Business Travel Group, Inc. (GBTG) and McKesson Corporation (MCK) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBTG and MCK?
On 3 years of weekly data the GBTG/MCK correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.25). The 5-year figure is -0.12, and annualized covariance runs at -317.3 %².
MCK is close to the least connected end of GBTG's tracked universe, ranking #24 of 27. Correlation aside, the last 12 months split them widely, with MCK ahead by 16.0 points (+14.8% versus +30.8%). Note the risk asymmetry: GBTG runs 2.0 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 MCK: side by side
| GBTG (Global Business Travel Group, Inc.) | MCK (McKesson Corporation) | |
|---|---|---|
| 1-year return | +14.8% | +30.8% |
| 5-year return | n/a | +354.8% |
| Volatility (ann.) | 50.5% | 25.1% |
| Beta vs S&P 500 | 1.39 | 0.16 |
| Max drawdown (3Y) | -48.0% | -27.2% |
| Market cap | $4.9B | $103.8B |
| P/E (trailing) | 59.1 | 24.0 |
| Dividend yield | 0.00% | 0.37% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | GBTG | MCK |
|---|---|---|
| 2022 | – | +51.8% |
| 2023 | -4.4% | +24.1% |
| 2024 | +43.9% | +23.7% |
| 2025 | -17.6% | +44.5% |
| 2026 | +23.7% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBTG and MCK good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between GBTG and MCK?
As of 2026-08-27, the correlation of weekly returns between GBTG and MCK is -0.25 over 3 years, -0.42 over 1 year and -0.12 over 5 years.
Is MCK a good diversifier for GBTG?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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/gbtg-vs-mck.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gbtg-vs-mck/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GBTG correlations · MCK correlations
