GSL vs SPY: Correlation
Global Ship Lease Inc New Class A (GSL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSL and SPY?
On 3 years of weekly data the GSL/SPY correlation comes out at 0.35, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.35). The 5-year figure is 0.35, and annualized covariance runs at 150.2 %².
Out of 14 assets tracked against GSL, SPY lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with GSL ahead by 39.5 points (+60.1% versus +20.6%). Note the risk asymmetry: GSL runs 2.1 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 SPY: side by side
| GSL (Global Ship Lease Inc New Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +60.1% | +20.6% |
| 5-year return | +211.3% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 0.72 | 1.00 |
| Max drawdown (3Y) | -35.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 4.3 | – |
| Dividend yield | 5.66% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | GSL | SPY |
|---|---|---|
| 2022 | -22.2% | -18.2% |
| 2023 | +29.0% | +26.2% |
| 2024 | +18.1% | +24.9% |
| 2025 | +73.5% | +17.7% |
| 2026 | +34.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSL and SPY good diversifiers for each other?
Reasonably. At 0.35, GSL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GSL and SPY?
The GSL/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.19, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GSL?
Reasonably. At 0.35, GSL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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.
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Related comparisons
Hubs: GSL correlations · SPY correlations
