GBTG vs NTWK: Correlation
Measured on weekly returns over the past three years, Global Business Travel Group, Inc. (GBTG) and NETSOL Technologies Inc. (NTWK) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBTG and NTWK?
Across a 3-year window, the weekly returns of GBTG and NTWK correlate at 0.36, moderate. The link has tightened recently: the 1-year correlation (0.55) runs above the 3-year figure (0.36). Stretching to 5 years gives 0.28, with an annualized covariance of 867.7 %².
Within GBTG's tracked universe of 27 assets, NTWK comes in at #20 by 3-year correlation. The trailing year gives GBTG the advantage: +14.8% versus +0.5%, a 14.3-point spread.
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 NTWK: side by side
| GBTG (Global Business Travel Group, Inc.) | NTWK (NETSOL Technologies Inc.) | |
|---|---|---|
| 1-year return | +14.8% | +0.5% |
| 5-year return | n/a | -4.3% |
| Volatility (ann.) | 50.5% | 47.2% |
| Beta vs S&P 500 | 1.39 | 0.85 |
| Max drawdown (3Y) | -48.0% | -46.4% |
| Market cap | $4.9B | – |
| P/E (trailing) | 59.1 | 26.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBTG | NTWK |
|---|---|---|
| 2022 | – | -27.0% |
| 2023 | -4.4% | -23.9% |
| 2024 | +43.9% | +19.1% |
| 2025 | -17.6% | +15.6% |
| 2026 | +23.7% | +32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBTG and NTWK good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GBTG and NTWK?
As of 2026-08-27, the correlation of weekly returns between GBTG and NTWK is 0.36 over 3 years, 0.55 over 1 year and 0.28 over 5 years.
Is NTWK a good diversifier for GBTG?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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-ntwk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gbtg-vs-ntwk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GBTG correlations · NTWK correlations
