GRN vs TPCS: Correlation
Measured on weekly returns over the past three years, iPath Series B Carbon Exchange-Traded Notes (GRN) and TechPrecision Corporation (TPCS) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRN and TPCS?
On 3 years of weekly data the GRN/TPCS correlation comes out at 0.35, moderate. The past 12 months show a weaker link (-0.04) than the 3-year average (0.35). The 5-year figure is 0.21, and annualized covariance runs at 744.1 %².
Few assets follow GRN as closely as TPCS, which ranks #3 of 10 tracked partners. The trailing year gives GRN the advantage: +14.7% versus +3.5%, a 11.2-point spread. Note the risk asymmetry: TPCS runs 2.4 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.
GRN vs TPCS: side by side
| GRN (iPath Series B Carbon Exchange-Traded Notes) | TPCS (TechPrecision Corporation) | |
|---|---|---|
| 1-year return | +14.7% | +3.5% |
| 5-year return | +36.8% | -11.6% |
| Volatility (ann.) | 29.5% | 71.2% |
| Beta vs S&P 500 | 0.40 | 0.74 |
| Max drawdown (3Y) | -40.7% | -71.6% |
| Market cap | – | $0.1B |
| P/E (trailing) | 3.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GRN | TPCS |
|---|---|---|
| 2022 | -0.1% | +2.0% |
| 2023 | -3.0% | -37.4% |
| 2024 | -7.3% | -29.5% |
| 2025 | +20.3% | +32.3% |
| 2026 | -3.8% | +14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRN and TPCS good diversifiers for each other?
Reasonably. At 0.35, GRN and TPCS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GRN and TPCS?
The GRN/TPCS correlation stands at 0.35 on a 3-year window (1 year: -0.04, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is TPCS a good diversifier for GRN?
Reasonably. At 0.35, GRN and TPCS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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
$ curl https://www.pairbook.io/api/v1/pairs/grn-vs-tpcs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/grn-vs-tpcs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GRN correlations · TPCS correlations
