GBLI vs KG: Correlation
Global Indemnity Group, LLC - Class A (GBLI) and Kestrel Group, Ltd. (KG) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBLI and KG?
Over the past 3 years, GBLI and KG moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.08 versus -0.24 over 3 years. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -392.9 %².
KG is close to the least connected end of GBLI's tracked universe, ranking #17 of 20. Correlation aside, the last 12 months split them widely, with GBLI ahead by 76.6 points (+3.8% versus -72.8%). Risk is not evenly split, since KG carries 3.4 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.
GBLI vs KG: side by side
| GBLI (Global Indemnity Group, LLC - Class A) | KG (Kestrel Group, Ltd.) | |
|---|---|---|
| 1-year return | +3.8% | -72.8% |
| 5-year return | +37.0% | -87.8% |
| Volatility (ann.) | 22.2% | 75.1% |
| Beta vs S&P 500 | 0.09 | 1.49 |
| Max drawdown (3Y) | -28.4% | -85.0% |
| Market cap | $0.4B | $0.1B |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 4.89% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBLI | KG |
|---|---|---|
| 2022 | -3.4% | -31.0% |
| 2023 | +42.8% | +8.5% |
| 2024 | +16.6% | -26.2% |
| 2025 | -17.6% | -69.7% |
| 2026 | +4.9% | -26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBLI and KG good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between GBLI and KG?
The GBLI/KG correlation stands at -0.24 on a 3-year window (1 year: -0.08, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is KG a good diversifier for GBLI?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gbli-vs-kg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gbli-vs-kg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GBLI correlations · KG correlations
