This code below is used to call the template from /app/code/ module.
$gridHtml = $block->getLayout()->createBlock(
'\Magento\Framework\View\Element\Template',
'custom_grid_new'
)->setTemplate('Magento_CustomGrid::product/view/templates/grid.phtml')
->toHtml();
How to set the template from following path
/app/design/frontend/Magento/luma/Custom_Grid/templates/grid1.phtml
tried this above in above code, but is not working.
Reference: https://community.magento.com/t5/Magento-2-x-Programming/Magento-2-Call-phtml-path-from-frontend-folder/m-p/463320/thread-id/12091#M12094