GNL vs WPC: Correlation
Measured on weekly returns over the past three years, Global Net Lease, Inc. (GNL) and W. P. Carey Inc. REIT (WPC) 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 WPC?
Across a 3-year window, the weekly returns of GNL and WPC correlate at 0.62, strong. The link has loosened recently: the 1-year correlation (0.42) runs below the 3-year figure (0.62). Stretching to 5 years gives 0.66, with an annualized covariance of 377.8 %².
Within GNL's tracked universe of 11 assets, WPC comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GNL ahead by 17.0 points (+28.2% versus +11.2%).
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 WPC: side by side
| GNL (Global Net Lease, Inc.) | WPC (W. P. Carey Inc. REIT) | |
|---|---|---|
| 1-year return | +28.2% | +11.2% |
| 5-year return | -2.7% | +23.0% |
| Volatility (ann.) | 29.0% | 20.9% |
| Beta vs S&P 500 | 0.50 | 0.30 |
| Max drawdown (3Y) | -35.6% | -19.6% |
| Market cap | $2.1B | $16.0B |
| P/E (trailing) | – | 24.4 |
| Dividend yield | 8.32% | 5.20% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GNL | WPC |
|---|---|---|
| 2022 | -7.5% | +0.5% |
| 2023 | -9.0% | -9.9% |
| 2024 | -15.3% | -10.6% |
| 2025 | +32.4% | +25.0% |
| 2026 | +13.0% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNL and WPC good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GNL and WPC?
The GNL/WPC correlation stands at 0.62 on a 3-year window (1 year: 0.42, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is WPC a good diversifier for GNL?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gnl-vs-wpc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gnl-vs-wpc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GNL correlations · WPC correlations
