GBLI vs KWEB: Correlation
Global Indemnity Group, LLC - Class A (GBLI) and KraneShares CSI China Internet ETF (KWEB) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBLI and KWEB?
Over the past 3 years, GBLI and KWEB moved with a correlation of 0.27, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.41 versus 0.27 over 3 years. Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 200.1 %².
Few assets follow GBLI as closely as KWEB, which ranks #3 of 20 tracked partners. The last year tells two different stories: GBLI led by 29.9 percentage points, +3.8% for GBLI against -26.1% for KWEB. Note the risk asymmetry: KWEB runs 1.5 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.
GBLI vs KWEB: side by side
| GBLI (Global Indemnity Group, LLC - Class A) | KWEB (KraneShares CSI China Internet ETF) | |
|---|---|---|
| 1-year return | +3.8% | -26.1% |
| 5-year return | +37.0% | -36.2% |
| Volatility (ann.) | 22.2% | 33.9% |
| Beta vs S&P 500 | 0.09 | 0.90 |
| Max drawdown (3Y) | -28.4% | -41.6% |
| Market cap | $0.4B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 4.89% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | GBLI | KWEB |
|---|---|---|
| 2022 | -3.4% | -17.2% |
| 2023 | +42.8% | -9.1% |
| 2024 | +16.6% | +12.0% |
| 2025 | -17.6% | +23.5% |
| 2026 | +4.9% | -23.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBLI and KWEB good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GBLI and KWEB?
As of 2026-08-27, the correlation of weekly returns between GBLI and KWEB is 0.27 over 3 years, 0.41 over 1 year and 0.13 over 5 years.
Is KWEB a good diversifier for GBLI?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
A reading of 0.27 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/gbli-vs-kweb.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbli-vs-kweb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GBLI correlations · KWEB correlations
