GLRE vs IBOC: Correlation
Greenlight Reinsurance, Ltd. - Class A (GLRE) and International Bancshares Corporation (IBOC) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLRE and IBOC?
On 3 years of weekly data the GLRE/IBOC correlation comes out at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.36) runs below the 3-year figure (0.51). The 5-year figure is 0.37, and annualized covariance runs at 328.7 %².
Within GLRE's tracked universe of 11 assets, IBOC comes in at #5 by 3-year correlation. The last year tells two different stories: GLRE led by 19.5 percentage points, +18.6% for GLRE against -0.9% for IBOC.
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 IBOC: side by side
| GLRE (Greenlight Reinsurance, Ltd. - Class A) | IBOC (International Bancshares Corporation) | |
|---|---|---|
| 1-year return | +18.6% | -0.9% |
| 5-year return | +84.1% | +91.3% |
| Volatility (ann.) | 24.0% | 26.9% |
| Beta vs S&P 500 | 0.33 | 0.77 |
| Max drawdown (3Y) | -22.8% | -24.1% |
| Market cap | $0.5B | $4.4B |
| P/E (trailing) | 10.4 | 10.7 |
| Dividend yield | 0.00% | 2.02% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLRE | IBOC |
|---|---|---|
| 2022 | +4.0% | +10.9% |
| 2023 | +40.1% | +22.0% |
| 2024 | +22.6% | +19.1% |
| 2025 | +4.1% | +7.4% |
| 2026 | +5.7% | +8.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLRE and IBOC good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GLRE and IBOC?
As of 2026-08-27, the correlation of weekly returns between GLRE and IBOC is 0.51 over 3 years, 0.36 over 1 year and 0.37 over 5 years.
Is IBOC a good diversifier for GLRE?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/glre-vs-iboc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/glre-vs-iboc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLRE correlations · IBOC correlations
