Global Navigation Satellite System Interferometric Reflectometry (GNSS-IR) sea level retrievals and tide gauges at 40 globally distributed stations spanning from about 4.5 to 18 years are compared on a site-by-site basis, in terms of noise background, rate and seasonal variations by using the weighted least squares estimation (LSE) along with the Maximum likelihood estimation (MLE). The result shows that monthly GNSS-IR data agree well with tide gauges for most stations except the site Tuktoyaktuk, Canada. The mean correlation is 0.95 and the mean root mean square difference is 2.9 cm, respectively. The discrepancies of rate and seasonal amplitude estimates are within ± 1 cm for most stations. We confirm both the two sea level data exhibit temporal correlation, which has a great effect on the rate uncertainty estimates. Akaike Information Criteria (AIC) and Bayesian Information Criteria (BIC) favor Matérn and first-order autoregressive (AR1) the preferred stochastic model for the daily and monthly mean sea level time series, respectively. Owing to the data span dependence for the rate uncertainty estimates, to get an accuracy of sub-mm/yr in linear rate using the weighted LSE, at least 30 years of data (depends on data quality) is required. We recommend using long time series and a proper stochastic model for the rate estimation of sea level.