AS vs GGZ: Correlation
How closely do Amer Sports, Inc. (AS) and Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AS and GGZ?
Over the past 3 years, AS and GGZ moved with a correlation of 0.43, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.56 versus 0.43 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 349.1 %².
By 3-year correlation, GGZ places #4 of the 10 assets tracked against AS. Correlation aside, the last 12 months split them widely, with GGZ ahead by 46.9 points (-25.7% versus +21.2%). Note the risk asymmetry: AS runs 2.7 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.
AS vs GGZ: side by side
| AS (Amer Sports, Inc.) | GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | |
|---|---|---|
| 1-year return | -25.7% | +21.2% |
| 5-year return | n/a | +37.8% |
| Volatility (ann.) | 48.0% | 17.8% |
| Beta vs S&P 500 | 1.18 | 0.90 |
| Max drawdown (3Y) | -40.7% | -17.8% |
| Market cap | – | – |
| P/E (trailing) | 31.8 | 5.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AS | GGZ |
|---|---|---|
| 2022 | – | -25.5% |
| 2023 | – | +10.7% |
| 2024 | – | +5.2% |
| 2025 | +33.6% | +34.9% |
| 2026 | -18.3% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AS and GGZ good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between AS and GGZ?
The AS/GGZ correlation stands at 0.43 on a 3-year window (1 year: 0.56, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is GGZ a good diversifier for AS?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 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/as-vs-ggz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/as-vs-ggz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AS correlations · GGZ correlations
