GSIW vs ULBI: Correlation
Garden Stage Limited - Class A (GSIW) and Ultralife Corporation (ULBI) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSIW and ULBI?
On 3 years of weekly data the GSIW/ULBI correlation comes out at 0.27, weak. The link has tightened recently: the 1-year correlation (0.44) runs above the 3-year figure (0.27). The 5-year figure is n/a, and annualized covariance runs at 2473.4 %².
Within GSIW's tracked universe of 22 assets, ULBI comes in at #6 by 3-year correlation. The last year tells two different stories: ULBI led by 18.8 percentage points, -24.5% for GSIW against -5.7% for ULBI. One caveat on sizing: GSIW is 2.7 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 ULBI: side by side
| GSIW (Garden Stage Limited - Class A) | ULBI (Ultralife Corporation) | |
|---|---|---|
| 1-year return | -24.5% | -5.7% |
| 5-year return | n/a | -19.1% |
| Volatility (ann.) | 159.9% | 59.1% |
| Beta vs S&P 500 | 1.06 | 1.74 |
| Max drawdown (3Y) | -99.7% | -68.8% |
| 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 | ULBI |
|---|---|---|
| 2022 | – | -36.1% |
| 2023 | – | +76.7% |
| 2024 | -91.5% | +9.2% |
| 2025 | -80.6% | -23.2% |
| 2026 | -41.5% | +13.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSIW and ULBI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GSIW and ULBI?
The GSIW/ULBI correlation stands at 0.27 on a 3-year window (1 year: 0.44, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is ULBI a good diversifier for GSIW?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
A reading of 0.27 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-ulbi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gsiw-vs-ulbi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GSIW correlations · ULBI correlations
