GSL vs ZIM: Correlation
How closely do Global Ship Lease Inc New Class A (GSL) and ZIM Integrated Shipping Services Ltd. (ZIM) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSL and ZIM?
Across a 3-year window, the weekly returns of GSL and ZIM correlate at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 1284.9 %².
Within GSL's tracked universe of 14 assets, ZIM comes in at #7 by 3-year correlation. The last year tells two different stories: ZIM led by 43.0 percentage points, +60.1% for GSL against +103.1% for ZIM. One caveat on sizing: ZIM is 2.5 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 ZIM: side by side
| GSL (Global Ship Lease Inc New Class A) | ZIM (ZIM Integrated Shipping Services Ltd.) | |
|---|---|---|
| 1-year return | +60.1% | +103.1% |
| 5-year return | +211.3% | +125.1% |
| Volatility (ann.) | 29.8% | 73.9% |
| Beta vs S&P 500 | 0.72 | 1.32 |
| Max drawdown (3Y) | -35.8% | -46.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | 4.3 | 24.1 |
| Dividend yield | 5.66% | 4.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSL | ZIM |
|---|---|---|
| 2022 | -22.2% | -52.7% |
| 2023 | +29.0% | -21.1% |
| 2024 | +18.1% | +176.9% |
| 2025 | +73.5% | +25.6% |
| 2026 | +34.4% | +35.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSL and ZIM good diversifiers for each other?
To a limited degree. At 0.58 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 ZIM?
The GSL/ZIM correlation stands at 0.58 on a 3-year window (1 year: 0.53, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is ZIM a good diversifier for GSL?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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-zim.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gsl-vs-zim/)
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Related comparisons
Hubs: GSL correlations · ZIM correlations
