GSM vs TOPS: Correlation
Ferroglobe PLC (GSM) and TOP Ships, Inc. (TOPS) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSM and TOPS?
On 3 years of weekly data the GSM/TOPS correlation comes out at 0.36, moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 1485.9 %².
By 3-year correlation, TOPS places #7 of the 13 assets tracked against GSM. Correlation aside, the last 12 months split them widely, with GSM ahead by 82.6 points (-3.3% versus -85.9%).
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.
GSM vs TOPS: side by side
| GSM (Ferroglobe PLC) | TOPS (TOP Ships, Inc.) | |
|---|---|---|
| 1-year return | -3.3% | -85.9% |
| 5-year return | -45.4% | -99.7% |
| Volatility (ann.) | 52.6% | 78.4% |
| Beta vs S&P 500 | 1.11 | 1.09 |
| Max drawdown (3Y) | -53.7% | -96.5% |
| Market cap | – | – |
| P/E (trailing) | – | 1.2 |
| Dividend yield | 1.43% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSM | TOPS |
|---|---|---|
| 2022 | -38.0% | -92.4% |
| 2023 | +69.1% | +2.5% |
| 2024 | -40.9% | -61.4% |
| 2025 | +23.7% | -25.2% |
| 2026 | -12.0% | -82.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSM and TOPS good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GSM and TOPS?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.33 over the last year and 0.33 over 5 years.
Is TOPS a good diversifier for GSM?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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/gsm-vs-tops.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gsm-vs-tops/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GSM correlations · TOPS correlations
