ECL vs GGZ: Correlation
How closely do Ecolab (ECL) and Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECL and GGZ?
On 3 years of weekly data the ECL/GGZ correlation comes out at 0.66, strong. Recent behaviour matches the longer record: 0.56 over 1 year against 0.66 over 3. The 5-year figure is 0.68, and annualized covariance runs at 229.2 %².
GGZ is one of the assets that tracks ECL most closely: it ranks #3 out of the 53 assets we track against ECL. The last year tells two different stories: GGZ led by 18.1 percentage points, +3.1% for ECL 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.
ECL vs GGZ: side by side
| ECL (Ecolab) | GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | |
|---|---|---|
| 1-year return | +3.1% | +21.2% |
| 5-year return | +34.0% | +37.8% |
| Volatility (ann.) | 19.5% | 17.8% |
| Beta vs S&P 500 | 0.64 | 0.90 |
| Max drawdown (3Y) | -20.1% | -17.8% |
| Market cap | $80.1B | – |
| P/E (trailing) | 39.1 | 5.6 |
| Dividend yield | 0.98% | 0.00% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | ECL | GGZ |
|---|---|---|
| 2022 | -37.1% | -25.5% |
| 2023 | +37.9% | +10.7% |
| 2024 | +19.3% | +5.2% |
| 2025 | +13.2% | +34.9% |
| 2026 | +9.5% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECL and GGZ good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ECL and GGZ?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.56 over the last year and 0.68 over 5 years.
Is GGZ a good diversifier for ECL?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 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/ecl-vs-ggz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ecl-vs-ggz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ECL correlations · GGZ correlations
