FSP vs GGZ: Correlation
Measured on weekly returns over the past three years, Franklin Street Properties Corp. (FSP) and Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSP and GGZ?
On 3 years of weekly data the FSP/GGZ correlation comes out at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. The 5-year figure is 0.39, and annualized covariance runs at 417.9 %².
In FSP's tracked universe of 10 assets, GGZ sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months GGZ outperformed by 95.8 percentage points (-74.6% for FSP against +21.2% for GGZ). Note the risk asymmetry: FSP runs 2.6 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.
FSP vs GGZ: side by side
| FSP (Franklin Street Properties Corp.) | GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | |
|---|---|---|
| 1-year return | -74.6% | +21.2% |
| 5-year return | -89.6% | +37.8% |
| Volatility (ann.) | 47.1% | 17.8% |
| Beta vs S&P 500 | 1.01 | 0.90 |
| Max drawdown (3Y) | -83.8% | -17.8% |
| Market cap | – | – |
| P/E (trailing) | – | 5.6 |
| Dividend yield | 4.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSP | GGZ |
|---|---|---|
| 2022 | -52.3% | -25.5% |
| 2023 | -4.1% | +10.7% |
| 2024 | -27.0% | +5.2% |
| 2025 | -46.8% | +34.9% |
| 2026 | -56.2% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSP 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 FSP and GGZ?
The FSP/GGZ correlation stands at 0.50 on a 3-year window (1 year: 0.42, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is GGZ a good diversifier for FSP?
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?
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/fsp-vs-ggz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fsp-vs-ggz/)
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Related comparisons
Hubs: FSP correlations · GGZ correlations
