GBTG vs MLSS: Correlation
How closely do Global Business Travel Group, Inc. (GBTG) and Milestone Scientific, Inc. (MLSS) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBTG and MLSS?
On 3 years of weekly data the GBTG/MLSS correlation comes out at 0.35, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is 0.27, and annualized covariance runs at 1501.0 %².
Within GBTG's tracked universe of 27 assets, MLSS comes in at #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GBTG outperformed by 30.6 percentage points (+14.8% for GBTG against -15.8% for MLSS). One caveat on sizing: MLSS is 1.7 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.
GBTG vs MLSS: side by side
| GBTG (Global Business Travel Group, Inc.) | MLSS (Milestone Scientific, Inc.) | |
|---|---|---|
| 1-year return | +14.8% | -15.8% |
| 5-year return | n/a | -72.6% |
| Volatility (ann.) | 50.5% | 84.1% |
| Beta vs S&P 500 | 1.39 | 0.81 |
| Max drawdown (3Y) | -48.0% | -81.2% |
| Market cap | $4.9B | – |
| P/E (trailing) | 59.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBTG | MLSS |
|---|---|---|
| 2022 | – | -76.7% |
| 2023 | -4.4% | +43.8% |
| 2024 | +43.9% | +39.1% |
| 2025 | -17.6% | -71.9% |
| 2026 | +23.7% | +87.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBTG and MLSS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GBTG and MLSS?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.42 over the last year and 0.27 over 5 years.
Is MLSS a good diversifier for GBTG?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gbtg-vs-mlss.json
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[](https://www.pairbook.io/pair/gbtg-vs-mlss/)
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Related comparisons
Hubs: GBTG correlations · MLSS correlations
