GLBS vs TOPS: Correlation
Measured on weekly returns over the past three years, Globus Maritime Limited (GLBS) and TOP Ships, Inc. (TOPS) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLBS and TOPS?
On 3 years of weekly data the GLBS/TOPS correlation comes out at 0.32, moderate. Recent behaviour matches the longer record: 0.23 over 1 year against 0.32 over 3. The 5-year figure is 0.28, and annualized covariance runs at 1807.2 %².
Among the 10 assets we track against GLBS, TOPS ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GLBS outperformed by 333.0 percentage points (+247.1% for GLBS against -85.9% for TOPS).
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.
GLBS vs TOPS: side by side
| GLBS (Globus Maritime Limited) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | +247.1% | -85.9% |
| 5-year return | +17.2% | -99.7% |
| Volatility (ann.) | 71.4% | 78.4% |
| Beta vs S&P 500 | 0.24 | 1.09 |
| Max drawdown (3Y) | -66.3% | -96.5% |
| Market cap | $0.1B | – |
| P/E (trailing) | 11.6 | 1.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLBS | TOPS |
|---|---|---|
| 2022 | -50.0% | -92.4% |
| 2023 | +152.4% | +2.5% |
| 2024 | -55.8% | -61.4% |
| 2025 | +49.6% | -25.2% |
| 2026 | +106.3% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLBS and TOPS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GLBS and TOPS?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.23 over the last year and 0.28 over 5 years.
Is TOPS a good diversifier for GLBS?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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/glbs-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/glbs-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GLBS correlations · TOPS correlations
