GNT vs TOPS: Correlation
Measured on weekly returns over the past three years, GAMCO Natural Resources, Gold & Income Trust (GNT) and TOP Ships, Inc. (TOPS) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNT and TOPS?
Over the past 3 years, GNT and TOPS moved with a correlation of 0.39, which is moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 642.5 %².
Within GNT's tracked universe of 11 assets, TOPS comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GNT outperformed by 137.0 percentage points (+51.1% for GNT against -85.9% for TOPS). Risk is not evenly split, since TOPS carries 3.7 times the volatility of the other side.
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.
GNT vs TOPS: side by side
| GNT (GAMCO Natural Resources, Gold & Income Trust) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | +51.1% | -85.9% |
| 5-year return | +152.2% | -99.7% |
| Volatility (ann.) | 21.0% | 78.4% |
| Beta vs S&P 500 | 0.40 | 1.09 |
| Max drawdown (3Y) | -15.7% | -96.5% |
| Market cap | $0.2B | – |
| P/E (trailing) | 3.2 | 1.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GNT | TOPS |
|---|---|---|
| 2022 | +2.8% | -92.4% |
| 2023 | +7.8% | +2.5% |
| 2024 | +10.5% | -61.4% |
| 2025 | +52.4% | -25.2% |
| 2026 | +32.1% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNT and TOPS good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GNT and TOPS?
The GNT/TOPS correlation stands at 0.39 on a 3-year window (1 year: 0.46, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is TOPS a good diversifier for GNT?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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/gnt-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gnt-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GNT correlations · TOPS correlations
