GBLI vs RJET: Correlation
Global Indemnity Group, LLC - Class A (GBLI) and Republic Airways Holdings Inc. (RJET) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBLI and RJET?
Across a 3-year window, the weekly returns of GBLI and RJET correlate at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.12 lands near the 3-year figure. Stretching to 5 years gives 0.00, with an annualized covariance of -420.0 %².
By 3-year correlation, RJET places #13 of the 20 assets tracked against GBLI. Neither side won the trailing year by much: +3.8% against +0.5%. Risk is not evenly split, since RJET carries 4.0 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 RJET: side by side
| GBLI (Global Indemnity Group, LLC - Class A) | RJET (Republic Airways Holdings Inc.) | |
|---|---|---|
| 1-year return | +3.8% | +0.5% |
| 5-year return | +37.0% | -84.5% |
| Volatility (ann.) | 22.2% | 89.1% |
| Beta vs S&P 500 | 0.09 | 1.76 |
| Max drawdown (3Y) | -28.4% | -70.7% |
| Market cap | $0.4B | $0.9B |
| P/E (trailing) | 12.1 | 12.2 |
| Dividend yield | 4.89% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBLI | RJET |
|---|---|---|
| 2022 | -3.4% | -72.7% |
| 2023 | +42.8% | -34.0% |
| 2024 | +16.6% | +14.9% |
| 2025 | -17.6% | +5.6% |
| 2026 | +4.9% | +0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBLI and RJET good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between GBLI and RJET?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.12 over the last year and 0.00 over 5 years.
Is RJET a good diversifier for GBLI?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gbli-vs-rjet.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbli-vs-rjet/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GBLI correlations · RJET correlations
