GNL vs PDM: Correlation
How closely do Global Net Lease, Inc. (GNL) and Piedmont Realty Trust, Inc. (PDM) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNL and PDM?
Across a 3-year window, the weekly returns of GNL and PDM correlate at 0.61, strong. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.61 over 3 years. Stretching to 5 years gives 0.65, with an annualized covariance of 624.6 %².
By 3-year correlation, PDM places #5 of the 11 assets tracked against GNL. Over the last 12 months GNL came out ahead by 12.2 percentage points (+28.2% against +16.0%).
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 PDM: side by side
| GNL (Global Net Lease, Inc.) | PDM (Piedmont Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | +28.2% | +16.0% |
| 5-year return | -2.7% | -29.9% |
| Volatility (ann.) | 29.0% | 35.3% |
| Beta vs S&P 500 | 0.50 | 0.95 |
| Max drawdown (3Y) | -35.6% | -46.4% |
| Market cap | $2.1B | $1.2B |
| P/E (trailing) | – | – |
| Dividend yield | 8.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GNL | PDM |
|---|---|---|
| 2022 | -7.5% | -46.8% |
| 2023 | -9.0% | -14.8% |
| 2024 | -15.3% | +37.2% |
| 2025 | +32.4% | -7.3% |
| 2026 | +13.0% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNL and PDM good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GNL and PDM?
The GNL/PDM correlation stands at 0.61 on a 3-year window (1 year: 0.31, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is PDM a good diversifier for GNL?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
A reading of 0.61 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
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: GNL correlations · PDM correlations
