GBLI vs SAM: Correlation
How closely do Global Indemnity Group, LLC - Class A (GBLI) and Boston Beer Company, Inc. (The) (SAM) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBLI and SAM?
On 3 years of weekly data the GBLI/SAM correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.13 over 1 year against -0.23 over 3. The 5-year figure is -0.16, and annualized covariance runs at -183.1 %².
Among the 20 assets we track against GBLI, SAM ranks #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GBLI ahead by 21.4 points (+3.8% versus -17.6%). Note the risk asymmetry: SAM runs 1.6 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 SAM: side by side
| GBLI (Global Indemnity Group, LLC - Class A) | SAM (Boston Beer Company, Inc. (The)) | |
|---|---|---|
| 1-year return | +3.8% | -17.6% |
| 5-year return | +37.0% | -68.3% |
| Volatility (ann.) | 22.2% | 35.3% |
| Beta vs S&P 500 | 0.09 | 0.21 |
| Max drawdown (3Y) | -28.4% | -59.1% |
| Market cap | $0.4B | $1.9B |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 4.89% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBLI | SAM |
|---|---|---|
| 2022 | -3.4% | -34.8% |
| 2023 | +42.8% | +4.9% |
| 2024 | +16.6% | -13.2% |
| 2025 | -17.6% | -35.0% |
| 2026 | +4.9% | -6.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBLI and SAM good diversifiers for each other?
Yes. With a correlation of -0.23, GBLI and SAM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GBLI and SAM?
As of 2026-08-27, the correlation of weekly returns between GBLI and SAM is -0.23 over 3 years, -0.13 over 1 year and -0.16 over 5 years.
Is SAM a good diversifier for GBLI?
Yes. With a correlation of -0.23, GBLI and SAM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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.
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Related comparisons
Hubs: GBLI correlations · SAM correlations
