GLRE vs HG: Correlation
Measured on weekly returns over the past three years, Greenlight Reinsurance, Ltd. - Class A (GLRE) and Hamilton Insurance Group, Ltd. Class B (HG) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLRE and HG?
On 3 years of weekly data the GLRE/HG correlation comes out at 0.51, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 359.5 %².
Within GLRE's tracked universe of 11 assets, HG comes in at #4 by 3-year correlation. The last year tells two different stories: HG led by 37.0 percentage points, +18.6% for GLRE against +55.6% for HG.
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.
GLRE vs HG: side by side
| GLRE (Greenlight Reinsurance, Ltd. - Class A) | HG (Hamilton Insurance Group, Ltd. Class B) | |
|---|---|---|
| 1-year return | +18.6% | +55.6% |
| 5-year return | +84.1% | n/a |
| Volatility (ann.) | 24.0% | 30.1% |
| Beta vs S&P 500 | 0.33 | 0.12 |
| Max drawdown (3Y) | -22.8% | -21.1% |
| Market cap | $0.5B | $3.5B |
| P/E (trailing) | 10.4 | 6.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLRE | HG |
|---|---|---|
| 2022 | +4.0% | – |
| 2023 | +40.1% | – |
| 2024 | +22.6% | +27.3% |
| 2025 | +4.1% | +46.6% |
| 2026 | +5.7% | +35.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLRE and HG good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GLRE and HG?
As of 2026-08-27, the correlation of weekly returns between GLRE and HG is 0.51 over 3 years, 0.49 over 1 year and n/a over 5 years.
Is HG a good diversifier for GLRE?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GLRE correlations · HG correlations
