GSL vs SHIP: Correlation
Measured on weekly returns over the past three years, Global Ship Lease Inc New Class A (GSL) and Seanergy Maritime Holdings Corp. (SHIP) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSL and SHIP?
Over the past 3 years, GSL and SHIP moved with a correlation of 0.67, which is strong. The relationship has been stable: the 1-year correlation (0.75) sits close to the 3-year figure. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 933.3 %².
By 3-year correlation, SHIP places #5 of the 14 assets tracked against GSL. The last year tells two different stories: SHIP led by 72.3 percentage points, +60.1% for GSL against +132.4% for SHIP. One caveat on sizing: SHIP is 1.6 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.
GSL vs SHIP: side by side
| GSL (Global Ship Lease Inc New Class A) | SHIP (Seanergy Maritime Holdings Corp.) | |
|---|---|---|
| 1-year return | +60.1% | +132.4% |
| 5-year return | +211.3% | +91.7% |
| Volatility (ann.) | 29.8% | 46.6% |
| Beta vs S&P 500 | 0.72 | 1.11 |
| Max drawdown (3Y) | -35.8% | -57.5% |
| Market cap | – | $0.4B |
| P/E (trailing) | 4.3 | 6.1 |
| Dividend yield | 5.66% | 5.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSL | SHIP |
|---|---|---|
| 2022 | -22.2% | -36.1% |
| 2023 | +29.0% | +59.6% |
| 2024 | +18.1% | -3.6% |
| 2025 | +73.5% | +38.5% |
| 2026 | +34.4% | +97.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSL and SHIP good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GSL and SHIP?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.75 over the last year and 0.54 over 5 years.
Is SHIP a good diversifier for GSL?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 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-ship.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gsl-vs-ship/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GSL correlations · SHIP correlations
