CX vs GGZ: Correlation
How closely do Cemex, S.A.B. de C.V. Sponsored ADR (CX) and Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CX and GGZ?
Over the past 3 years, CX and GGZ moved with a correlation of 0.50, which is moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 331.2 %².
Within CX's tracked universe of 10 assets, GGZ comes in at #4 by 3-year correlation. Neither side won the trailing year by much: +23.0% against +21.2%. Note the risk asymmetry: CX 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.
CX vs GGZ: side by side
| CX (Cemex, S.A.B. de C.V. Sponsored ADR) | GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | |
|---|---|---|
| 1-year return | +23.0% | +21.2% |
| 5-year return | +37.2% | +37.8% |
| Volatility (ann.) | 37.4% | 17.8% |
| Beta vs S&P 500 | 1.14 | 0.90 |
| Max drawdown (3Y) | -44.4% | -17.8% |
| Market cap | – | – |
| P/E (trailing) | 31.2 | 5.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CX | GGZ |
|---|---|---|
| 2022 | -40.3% | -25.5% |
| 2023 | +91.4% | +10.7% |
| 2024 | -26.5% | +5.2% |
| 2025 | +105.1% | +34.9% |
| 2026 | -4.4% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CX and GGZ good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CX and GGZ?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.41 over the last year and 0.58 over 5 years.
Is GGZ a good diversifier for CX?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cx-vs-ggz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cx-vs-ggz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CX correlations · GGZ correlations
