GSIW vs KG: Correlation
Measured on weekly returns over the past three years, Garden Stage Limited - Class A (GSIW) and Kestrel Group, Ltd. (KG) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSIW and KG?
On 3 years of weekly data the GSIW/KG correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -2667.7 %².
Among the 22 assets we track against GSIW, KG ranks #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GSIW outperformed by 48.3 percentage points (-24.5% for GSIW against -72.8% for KG). Note the risk asymmetry: GSIW runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GSIW vs KG: side by side
| GSIW (Garden Stage Limited - Class A) | KG (Kestrel Group, Ltd.) | |
|---|---|---|
| 1-year return | -24.5% | -72.8% |
| 5-year return | n/a | -87.8% |
| Volatility (ann.) | 159.9% | 75.1% |
| Beta vs S&P 500 | 1.06 | 1.49 |
| Max drawdown (3Y) | -99.7% | -85.0% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSIW | KG |
|---|---|---|
| 2022 | – | -31.0% |
| 2023 | – | +8.5% |
| 2024 | -91.5% | -26.2% |
| 2025 | -80.6% | -69.7% |
| 2026 | -41.5% | -26.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSIW and KG good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between GSIW and KG?
As of 2026-08-27, the correlation of weekly returns between GSIW and KG is -0.22 over 3 years, -0.23 over 1 year and n/a over 5 years.
Is KG a good diversifier for GSIW?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 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/gsiw-vs-kg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gsiw-vs-kg/)
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Related comparisons
Hubs: GSIW correlations · KG correlations
