AIRT vs GBLI: Correlation
Air T, Inc. (AIRT) and Global Indemnity Group, LLC - Class A (GBLI) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIRT and GBLI?
Over the past 3 years, AIRT and GBLI moved with a correlation of 0.29, which is weak. Recent behaviour matches the longer record: 0.38 over 1 year against 0.29 over 3. Over 5 years the correlation is 0.09, and the annualized covariance of weekly returns is 333.6 %².
GBLI is one of the assets that tracks AIRT most closely: it ranks #1 out of the 12 assets we track against AIRT. Their recent paths diverged sharply: over the last 12 months AIRT outperformed by 37.4 percentage points (+41.2% for AIRT against +3.8% for GBLI). Note the risk asymmetry: AIRT runs 2.3 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.
AIRT vs GBLI: side by side
| AIRT (Air T, Inc.) | GBLI (Global Indemnity Group, LLC - Class A) | |
|---|---|---|
| 1-year return | +41.2% | +3.8% |
| 5-year return | -4.1% | +37.0% |
| Volatility (ann.) | 51.1% | 22.2% |
| Beta vs S&P 500 | 0.05 | 0.09 |
| Max drawdown (3Y) | -49.3% | -28.4% |
| Market cap | $0.1B | $0.4B |
| P/E (trailing) | 1.3 | 12.1 |
| Dividend yield | 0.00% | 4.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIRT | GBLI |
|---|---|---|
| 2022 | -1.7% | -3.4% |
| 2023 | -31.6% | +42.8% |
| 2024 | +18.0% | +16.6% |
| 2025 | -4.3% | -17.6% |
| 2026 | +70.8% | +4.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIRT and GBLI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AIRT and GBLI?
The AIRT/GBLI correlation stands at 0.29 on a 3-year window (1 year: 0.38, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is GBLI a good diversifier for AIRT?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 mean?
A reading of 0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/airt-vs-gbli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/airt-vs-gbli/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AIRT correlations · GBLI correlations
