GSL vs SB: Correlation
Measured on weekly returns over the past three years, Global Ship Lease Inc New Class A (GSL) and Safe Bulkers, Inc (SB) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSL and SB?
On 3 years of weekly data the GSL/SB correlation comes out at 0.69, strong. Lately the two have moved closer together, with the 1-year correlation at 0.82 versus 0.69 over 3 years. The 5-year figure is 0.64, and annualized covariance runs at 682.9 %².
In GSL's tracked universe of 14 assets, SB sits right near the top at #3. The last year tells two different stories: SB led by 40.7 percentage points, +60.1% for GSL against +100.8% for SB.
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 SB: side by side
| GSL (Global Ship Lease Inc New Class A) | SB (Safe Bulkers, Inc) | |
|---|---|---|
| 1-year return | +60.1% | +100.8% |
| 5-year return | +211.3% | +151.1% |
| Volatility (ann.) | 29.8% | 33.0% |
| Beta vs S&P 500 | 0.72 | 0.88 |
| Max drawdown (3Y) | -35.8% | -49.7% |
| Market cap | – | $0.9B |
| P/E (trailing) | 4.3 | 10.9 |
| Dividend yield | 5.66% | 1.21% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSL | SB |
|---|---|---|
| 2022 | -22.2% | -18.7% |
| 2023 | +29.0% | +42.9% |
| 2024 | +18.1% | -5.1% |
| 2025 | +73.5% | +40.3% |
| 2026 | +34.4% | +79.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSL and SB good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GSL and SB?
As of 2026-08-27, the correlation of weekly returns between GSL and SB is 0.69 over 3 years, 0.82 over 1 year and 0.64 over 5 years.
Is SB a good diversifier for GSL?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 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/gsl-vs-sb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gsl-vs-sb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GSL correlations · SB correlations
