GSL vs VELO: Correlation
How closely do Global Ship Lease Inc New Class A (GSL) and Velo3D, Inc. (VELO) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSL and VELO?
Across a 3-year window, the weekly returns of GSL and VELO correlate at -0.32, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.32 over 3. Stretching to 5 years gives -0.13, with an annualized covariance of -2361.4 %².
Among the 14 assets we track against GSL, VELO sits near the bottom by co-movement, at rank #12. The last year tells two different stories: VELO led by 121.8 percentage points, +60.1% for GSL against +181.9% for VELO. One caveat on sizing: VELO is 8.4 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 VELO: side by side
| GSL (Global Ship Lease Inc New Class A) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | +60.1% | +181.9% |
| 5-year return | +211.3% | -99.8% |
| Volatility (ann.) | 29.8% | 249.0% |
| Beta vs S&P 500 | 0.72 | -2.66 |
| Max drawdown (3Y) | -35.8% | -99.8% |
| Market cap | – | $0.4B |
| P/E (trailing) | 4.3 | – |
| Dividend yield | 5.66% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSL | VELO |
|---|---|---|
| 2022 | -22.2% | -77.1% |
| 2023 | +29.0% | -77.8% |
| 2024 | +18.1% | -95.2% |
| 2025 | +73.5% | +35.7% |
| 2026 | +34.4% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSL and VELO good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between GSL and VELO?
As of 2026-08-27, the correlation of weekly returns between GSL and VELO is -0.32 over 3 years, -0.39 over 1 year and -0.13 over 5 years.
Is VELO a good diversifier for GSL?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gsl-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GSL correlations · VELO correlations
