GNL vs IGR: Correlation
Measured on weekly returns over the past three years, Global Net Lease, Inc. (GNL) and CBRE Global Real Estate Income Fund (IGR) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNL and IGR?
On 3 years of weekly data the GNL/IGR correlation comes out at 0.62, strong. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.62 over 3 years. The 5-year figure is 0.66, and annualized covariance runs at 474.6 %².
In GNL's tracked universe of 11 assets, IGR sits right near the top at #3. Correlation aside, the last 12 months split them widely, with GNL ahead by 20.4 points (+28.2% versus +7.8%).
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.
GNL vs IGR: side by side
| GNL (Global Net Lease, Inc.) | IGR (CBRE Global Real Estate Income Fund) | |
|---|---|---|
| 1-year return | +28.2% | +7.8% |
| 5-year return | -2.7% | -4.7% |
| Volatility (ann.) | 29.0% | 26.5% |
| Beta vs S&P 500 | 0.50 | 0.81 |
| Max drawdown (3Y) | -35.6% | -29.5% |
| Market cap | $2.1B | $0.7B |
| P/E (trailing) | – | 15.4 |
| Dividend yield | 8.32% | 7.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GNL | IGR |
|---|---|---|
| 2022 | -7.5% | -35.5% |
| 2023 | -9.0% | +8.6% |
| 2024 | -15.3% | +1.2% |
| 2025 | +32.4% | +5.2% |
| 2026 | +13.0% | +16.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNL and IGR good diversifiers for each other?
Only partially. A correlation of 0.62 means GNL and IGR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GNL and IGR?
As of 2026-08-27, the correlation of weekly returns between GNL and IGR is 0.62 over 3 years, 0.39 over 1 year and 0.66 over 5 years.
Is IGR a good diversifier for GNL?
Only partially. A correlation of 0.62 means GNL and IGR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 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/gnl-vs-igr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gnl-vs-igr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GNL correlations · IGR correlations
