GAP vs SBET: Correlation
Measured on weekly returns over the past three years, Gap, Inc. (The) (GAP) and Sharplink, Inc. (SBET) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAP and SBET?
Across a 3-year window, the weekly returns of GAP and SBET correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.23). Stretching to 5 years gives -0.14, with an annualized covariance of -7594.0 %².
SBET is close to the least connected end of GAP's tracked universe, ranking #9 of 11. Correlation aside, the last 12 months split them widely, with GAP ahead by 50.0 points (-3.9% versus -53.9%). Risk is not evenly split, since SBET carries 11.4 times the volatility of the other side.
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.
GAP vs SBET: side by side
| GAP (Gap, Inc. (The)) | SBET (Sharplink, Inc.) | |
|---|---|---|
| 1-year return | -3.9% | -53.9% |
| 5-year return | -5.3% | -98.8% |
| Volatility (ann.) | 54.0% | 616.8% |
| Beta vs S&P 500 | 1.17 | 3.10 |
| Max drawdown (3Y) | -38.0% | -94.2% |
| Market cap | – | $1.9B |
| P/E (trailing) | 8.4 | – |
| Dividend yield | 3.17% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAP | SBET |
|---|---|---|
| 2022 | -32.6% | -88.3% |
| 2023 | +96.7% | -51.6% |
| 2024 | +16.1% | -57.3% |
| 2025 | +11.7% | +16.4% |
| 2026 | -16.9% | -0.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAP and SBET good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GAP and SBET?
As of 2026-08-27, the correlation of weekly returns between GAP and SBET is -0.23 over 3 years, -0.12 over 1 year and -0.14 over 5 years.
Is SBET a good diversifier for GAP?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GAP correlations · SBET correlations
