FLNG vs INSW: Correlation
How closely do FLEX LNG Ltd. (FLNG) and International Seaways, Inc. (INSW) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLNG and INSW?
On 3 years of weekly data the FLNG/INSW correlation comes out at 0.59, moderate. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.59). The 5-year figure is 0.45, and annualized covariance runs at 579.7 %².
In FLNG's tracked universe of 11 assets, INSW sits right near the top at #3. The last year tells two different stories: INSW led by 121.7 percentage points, +28.6% for FLNG against +150.3% for INSW.
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.
FLNG vs INSW: side by side
| FLNG (FLEX LNG Ltd.) | INSW (International Seaways, Inc.) | |
|---|---|---|
| 1-year return | +28.6% | +150.3% |
| 5-year return | +261.5% | +861.9% |
| Volatility (ann.) | 26.8% | 36.8% |
| Beta vs S&P 500 | 0.26 | 0.50 |
| Max drawdown (3Y) | -25.4% | -50.4% |
| Market cap | $1.7B | $4.9B |
| P/E (trailing) | 16.0 | 6.0 |
| Dividend yield | 9.86% | 0.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLNG | INSW |
|---|---|---|
| 2022 | +56.3% | +162.5% |
| 2023 | -1.2% | +42.9% |
| 2024 | -11.7% | -10.9% |
| 2025 | +26.4% | +45.0% |
| 2026 | +32.3% | +123.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLNG and INSW good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FLNG and INSW?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.47 over the last year and 0.45 over 5 years.
Is INSW a good diversifier for FLNG?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 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/flng-vs-insw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/flng-vs-insw/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLNG correlations · INSW correlations
