GCL vs MI: Correlation
Measured on weekly returns over the past three years, GCL Global Holdings Ltd (GCL) and NFT Limited Class A (MI) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GCL and MI?
On 3 years of weekly data the GCL/MI correlation comes out at 0.36, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.52 versus 0.36 over 3 years. The 5-year figure is 0.36, and annualized covariance runs at 137109.6 %².
In GCL's tracked universe of 10 assets, MI sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months MI outperformed by 70.7 percentage points (-81.0% for GCL against -10.3% for MI). Risk is not evenly split, since MI carries 51.7 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.
GCL vs MI: side by side
| GCL (GCL Global Holdings Ltd) | MI (NFT Limited Class A) | |
|---|---|---|
| 1-year return | -81.0% | -10.3% |
| 5-year return | -93.2% | -99.5% |
| Volatility (ann.) | 85.9% | 4443.9% |
| Beta vs S&P 500 | 0.21 | 8.21 |
| Max drawdown (3Y) | -96.7% | -98.5% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GCL | MI |
|---|---|---|
| 2022 | – | -86.4% |
| 2023 | +6.1% | -66.2% |
| 2024 | +6.9% | -61.9% |
| 2025 | -90.7% | +13.3% |
| 2026 | -36.9% | -28.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GCL and MI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GCL and MI?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.52 over the last year and 0.36 over 5 years.
Is MI a good diversifier for GCL?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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/gcl-vs-mi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gcl-vs-mi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GCL correlations · MI correlations
