GBTG vs WMG: Correlation
How closely do Global Business Travel Group, Inc. (GBTG) and Warner Music Group Corp. (WMG) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBTG and WMG?
Over the past 3 years, GBTG and WMG moved with a correlation of 0.52, which is moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 805.9 %².
By 3-year correlation, WMG places #6 of the 27 assets tracked against GBTG. The last year tells two different stories: GBTG led by 29.5 percentage points, +14.8% for GBTG against -14.7% for WMG. Note the risk asymmetry: GBTG runs 1.6 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 WMG: side by side
| GBTG (Global Business Travel Group, Inc.) | WMG (Warner Music Group Corp.) | |
|---|---|---|
| 1-year return | +14.8% | -14.7% |
| 5-year return | n/a | -16.9% |
| Volatility (ann.) | 50.5% | 30.7% |
| Beta vs S&P 500 | 1.39 | 0.91 |
| Max drawdown (3Y) | -48.0% | -33.1% |
| Market cap | $4.9B | $14.7B |
| P/E (trailing) | 59.1 | 22.4 |
| Dividend yield | 0.00% | 2.72% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBTG | WMG |
|---|---|---|
| 2022 | – | -17.2% |
| 2023 | -4.4% | +4.4% |
| 2024 | +43.9% | -11.5% |
| 2025 | -17.6% | +1.4% |
| 2026 | +23.7% | -6.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBTG and WMG good diversifiers for each other?
Only partially. A correlation of 0.52 means GBTG and WMG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GBTG and WMG?
Using weekly returns as of 2026-08-27: 0.52 over 3 years, with 0.53 over the last year and 0.40 over 5 years.
Is WMG a good diversifier for GBTG?
Only partially. A correlation of 0.52 means GBTG and WMG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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.
Use this data
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Related comparisons
Hubs: GBTG correlations · WMG correlations
