GIBO vs TAN: Correlation
How closely do GIBO Holdings Limited - Class A (GIBO) and Invesco Solar ETF (TAN) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GIBO and TAN?
On 3 years of weekly data the GIBO/TAN correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.15) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -785.1 %².
By 3-year correlation, TAN places #12 of the 33 assets tracked against GIBO. Their recent paths diverged sharply: over the last 12 months TAN outperformed by 83.8 percentage points (-62.4% for GIBO against +21.4% for TAN). Risk is not evenly split, since GIBO carries 3.1 times the volatility of the other side.
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.
GIBO vs TAN: side by side
| GIBO (GIBO Holdings Limited - Class A) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | -62.4% | +21.4% |
| 5-year return | n/a | -41.9% |
| Volatility (ann.) | 116.5% | 37.4% |
| Beta vs S&P 500 | -0.40 | 1.04 |
| Max drawdown (3Y) | -100.0% | -55.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | GIBO | TAN |
|---|---|---|
| 2022 | – | -5.2% |
| 2023 | – | -26.8% |
| 2024 | +7.8% | -37.6% |
| 2025 | -99.9% | +48.3% |
| 2026 | -38.3% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GIBO and TAN good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between GIBO and TAN?
The GIBO/TAN correlation stands at -0.18 on a 3-year window (1 year: -0.15, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is TAN a good diversifier for GIBO?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 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/gibo-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gibo-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GIBO correlations · TAN correlations
