CMRE vs GSL: Correlation
How closely do Costamare Inc. (CMRE) and Global Ship Lease Inc New Class A (GSL) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMRE and GSL?
Over the past 3 years, CMRE and GSL moved with a correlation of 0.74, which is strong. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 781.6 %².
Few assets follow CMRE as closely as GSL, which ranks #1 of 16 tracked partners. Correlation aside, the last 12 months split them widely, with GSL ahead by 27.3 points (+32.8% versus +60.1%).
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.
CMRE vs GSL: side by side
| CMRE (Costamare Inc.) | GSL (Global Ship Lease Inc New Class A) | |
|---|---|---|
| 1-year return | +32.8% | +60.1% |
| 5-year return | +30.5% | +211.3% |
| Volatility (ann.) | 35.3% | 29.8% |
| Beta vs S&P 500 | 0.73 | 0.72 |
| Max drawdown (3Y) | -57.8% | -35.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | 5.6 | 4.3 |
| Dividend yield | 3.17% | 5.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMRE | GSL |
|---|---|---|
| 2022 | -22.8% | -22.2% |
| 2023 | +16.2% | +29.0% |
| 2024 | +26.9% | +18.1% |
| 2025 | +26.5% | +73.5% |
| 2026 | -1.3% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMRE and GSL good diversifiers for each other?
Only partially. A correlation of 0.74 means CMRE and GSL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CMRE and GSL?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.84 over the last year and 0.69 over 5 years.
Is GSL a good diversifier for CMRE?
Only partially. A correlation of 0.74 means CMRE and GSL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 mean?
A reading of 0.74 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/cmre-vs-gsl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cmre-vs-gsl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMRE correlations · GSL correlations
