BNS vs GGZ: Correlation
How closely do Bank Nova Scotia Halifax Pfd 3 (BNS) and Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNS and GGZ?
Over the past 3 years, BNS and GGZ moved with a correlation of 0.61, which is strong. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.61). Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 190.2 %².
Among the 11 assets we track against BNS, GGZ ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BNS outperformed by 30.7 percentage points (+51.9% for BNS against +21.2% for GGZ).
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.
BNS vs GGZ: side by side
| BNS (Bank Nova Scotia Halifax Pfd 3) | GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | |
|---|---|---|
| 1-year return | +51.9% | +21.2% |
| 5-year return | +90.5% | +37.8% |
| Volatility (ann.) | 17.4% | 17.8% |
| Beta vs S&P 500 | 0.58 | 0.90 |
| Max drawdown (3Y) | -19.5% | -17.8% |
| Market cap | $113.3B | – |
| P/E (trailing) | 16.9 | 5.6 |
| Dividend yield | 4.74% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BNS | GGZ |
|---|---|---|
| 2022 | -28.8% | -25.5% |
| 2023 | +6.0% | +10.7% |
| 2024 | +17.6% | +5.2% |
| 2025 | +43.4% | +34.9% |
| 2026 | +27.3% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNS and GGZ good diversifiers for each other?
To a limited degree. At 0.61 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 BNS and GGZ?
The BNS/GGZ correlation stands at 0.61 on a 3-year window (1 year: 0.48, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is GGZ a good diversifier for BNS?
To a limited degree. At 0.61 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 0.61 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/bns-vs-ggz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bns-vs-ggz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BNS correlations · GGZ correlations
