CHEF vs GGZ: Correlation
Measured on weekly returns over the past three years, The Chefs' Warehouse, Inc. (CHEF) and Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHEF and GGZ?
On 3 years of weekly data the CHEF/GGZ correlation comes out at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.52). The 5-year figure is 0.48, and annualized covariance runs at 405.9 %².
Few assets follow CHEF as closely as GGZ, which ranks #1 of 12 tracked partners. The last year tells two different stories: CHEF led by 56.5 percentage points, +77.7% for CHEF against +21.2% for GGZ. Note the risk asymmetry: CHEF runs 2.5 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.
CHEF vs GGZ: side by side
| CHEF (The Chefs' Warehouse, Inc.) | GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | |
|---|---|---|
| 1-year return | +77.7% | +21.2% |
| 5-year return | +273.0% | +37.8% |
| Volatility (ann.) | 44.0% | 17.8% |
| Beta vs S&P 500 | 1.23 | 0.90 |
| Max drawdown (3Y) | -37.8% | -17.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 53.2 | 5.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHEF | GGZ |
|---|---|---|
| 2022 | -0.1% | -25.5% |
| 2023 | -11.6% | +10.7% |
| 2024 | +67.6% | +5.2% |
| 2025 | +26.4% | +34.9% |
| 2026 | +78.5% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHEF and GGZ good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CHEF and GGZ?
The CHEF/GGZ correlation stands at 0.52 on a 3-year window (1 year: 0.39, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is GGZ a good diversifier for CHEF?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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.
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Related comparisons
Hubs: CHEF correlations · GGZ correlations
