If you die and then quit to title screen, instead of immediately respawning, the next time you re-enter the world, your grave compass appears in your corpse's inventory before a respawn. When you respawn, the compass then is lost to the ether.

This was tested on 1.20.1, Quilt 0.26.4, Quilted Fabric API 7.6.0+0.92.2-1.20.1, with no other mods installed.