CPZ vs GGZ: Correlation
Calamos Long/Short Equity & Dynamic Income Trust - Closed (CPZ) and Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) 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 CPZ and GGZ?
Across a 3-year window, the weekly returns of CPZ and GGZ correlate at 0.54, moderate. The link has tightened recently: the 1-year correlation (0.67) runs above the 3-year figure (0.54). Stretching to 5 years gives 0.65, with an annualized covariance of 110.1 %².
By 3-year correlation, GGZ places #5 of the 10 assets tracked against CPZ. The last year tells two different stories: GGZ led by 30.4 percentage points, -9.2% for CPZ against +21.2% for GGZ. Note the risk asymmetry: GGZ runs 1.6 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.
CPZ vs GGZ: side by side
| CPZ (Calamos Long/Short Equity & Dynamic Income Trust - Closed) | GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | |
|---|---|---|
| 1-year return | -9.2% | +21.2% |
| 5-year return | +14.8% | +37.8% |
| Volatility (ann.) | 11.3% | 17.8% |
| Beta vs S&P 500 | 0.30 | 0.90 |
| Max drawdown (3Y) | -17.9% | -17.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 63.7 | 5.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPZ | GGZ |
|---|---|---|
| 2022 | -14.0% | -25.5% |
| 2023 | +6.3% | +10.7% |
| 2024 | +16.0% | +5.2% |
| 2025 | +9.8% | +34.9% |
| 2026 | -1.8% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPZ and GGZ good diversifiers for each other?
To a limited degree. At 0.54 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 CPZ and GGZ?
The CPZ/GGZ correlation stands at 0.54 on a 3-year window (1 year: 0.67, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is GGZ a good diversifier for CPZ?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 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/cpz-vs-ggz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cpz-vs-ggz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPZ correlations · GGZ correlations
