GSIW vs NSLR: Correlation
How closely do Garden Stage Limited - Class A (GSIW) and Neostellar Capital Corp. - Closed End Fund (NSLR) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSIW and NSLR?
On 3 years of weekly data the GSIW/NSLR correlation comes out at 0.30, moderate. The past 12 months show a tighter link (0.49) than the 3-year average (0.30). The 5-year figure is n/a, and annualized covariance runs at 2189.0 %².
Within GSIW's tracked universe of 22 assets, NSLR comes in at #4 by 3-year correlation. The last year tells two different stories: NSLR led by 45.8 percentage points, -24.5% for GSIW against +21.3% for NSLR. One caveat on sizing: GSIW is 3.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NSLR: side by side
| GSIW (Garden Stage Limited - Class A) | NSLR (Neostellar Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -24.5% | +21.3% |
| 5-year return | n/a | +4.6% |
| Volatility (ann.) | 159.9% | 45.0% |
| Beta vs S&P 500 | 1.06 | 0.97 |
| Max drawdown (3Y) | -99.7% | -35.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 2.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSIW | NSLR |
|---|---|---|
| 2022 | – | -70.3% |
| 2023 | – | +3.7% |
| 2024 | -91.5% | +49.2% |
| 2025 | -80.6% | +69.9% |
| 2026 | -41.5% | +9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSIW and NSLR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GSIW and NSLR?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.49 over the last year and n/a over 5 years.
Is NSLR a good diversifier for GSIW?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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/gsiw-vs-nslr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gsiw-vs-nslr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GSIW correlations · NSLR correlations
