GSL vs PANL: Correlation
How closely do Global Ship Lease Inc New Class A (GSL) and Pangaea Logistics Solutions Ltd. (PANL) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSL and PANL?
Over the past 3 years, GSL and PANL moved with a correlation of 0.53, which is moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 660.6 %².
Within GSL's tracked universe of 14 assets, PANL comes in at #9 by 3-year correlation. The trailing year gives GSL the advantage: +60.1% versus +49.7%, a 10.4-point spread.
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.
GSL vs PANL: side by side
| GSL (Global Ship Lease Inc New Class A) | PANL (Pangaea Logistics Solutions Ltd.) | |
|---|---|---|
| 1-year return | +60.1% | +49.7% |
| 5-year return | +211.3% | +109.8% |
| Volatility (ann.) | 29.8% | 42.2% |
| Beta vs S&P 500 | 0.72 | 0.96 |
| Max drawdown (3Y) | -35.8% | -54.8% |
| Market cap | – | $0.5B |
| P/E (trailing) | 4.3 | 10.8 |
| Dividend yield | 5.66% | 2.53% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSL | PANL |
|---|---|---|
| 2022 | -22.2% | +44.2% |
| 2023 | +29.0% | +70.6% |
| 2024 | +18.1% | -31.1% |
| 2025 | +73.5% | +34.6% |
| 2026 | +34.4% | +16.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSL and PANL good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GSL and PANL?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.57 over the last year and 0.51 over 5 years.
Is PANL a good diversifier for GSL?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gsl-vs-panl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gsl-vs-panl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GSL correlations · PANL correlations
