GSL vs QQQ: Correlation
How closely do Global Ship Lease Inc New Class A (GSL) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSL and QQQ?
Across a 3-year window, the weekly returns of GSL and QQQ correlate at 0.32, moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.32). Stretching to 5 years gives 0.31, with an annualized covariance of 187.7 %².
Among the 14 assets we track against GSL, QQQ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with GSL ahead by 33.8 points (+60.1% versus +26.3%). Note the risk asymmetry: GSL runs 1.5 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.
GSL vs QQQ: side by side
| GSL (Global Ship Lease Inc New Class A) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +60.1% | +26.3% |
| 5-year return | +211.3% | +95.4% |
| Volatility (ann.) | 29.8% | 19.6% |
| Beta vs S&P 500 | 0.72 | 1.28 |
| Max drawdown (3Y) | -35.8% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 4.3 | – |
| Dividend yield | 5.66% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | GSL | QQQ |
|---|---|---|
| 2022 | -22.2% | -32.6% |
| 2023 | +29.0% | +54.9% |
| 2024 | +18.1% | +25.6% |
| 2025 | +73.5% | +20.8% |
| 2026 | +34.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSL and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GSL and QQQ?
As of 2026-08-27, the correlation of weekly returns between GSL and QQQ is 0.32 over 3 years, 0.14 over 1 year and 0.31 over 5 years.
Is QQQ a good diversifier for GSL?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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/gsl-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gsl-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GSL correlations · QQQ correlations
