ASH vs GDV: Correlation
Ashland Inc. (ASH) and Gabelli Dividend & Income Trust (GDV) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASH and GDV?
Across a 3-year window, the weekly returns of ASH and GDV correlate at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 255.2 %².
In ASH's tracked universe of 12 assets, GDV sits right near the top at #2. The trailing year gives ASH the advantage: +34.7% versus +20.3%, a 14.4-point spread. Note the risk asymmetry: ASH runs 2.1 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.
ASH vs GDV: side by side
| ASH (Ashland Inc.) | GDV (Gabelli Dividend & Income Trust) | |
|---|---|---|
| 1-year return | +34.7% | +20.3% |
| 5-year return | -6.5% | +53.8% |
| Volatility (ann.) | 31.6% | 15.0% |
| Beta vs S&P 500 | 0.98 | 0.90 |
| Max drawdown (3Y) | -53.3% | -16.1% |
| Market cap | $3.4B | $2.7B |
| P/E (trailing) | 47.7 | 6.3 |
| Dividend yield | 2.24% | 5.51% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASH | GDV |
|---|---|---|
| 2022 | +1.1% | -18.6% |
| 2023 | -20.2% | +11.9% |
| 2024 | -13.7% | +18.1% |
| 2025 | -15.4% | +22.8% |
| 2026 | +27.8% | +13.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASH and GDV good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASH and GDV?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.45 over the last year and 0.58 over 5 years.
Is GDV a good diversifier for ASH?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 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/ash-vs-gdv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ash-vs-gdv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASH correlations · GDV correlations
