GGZ vs GVA: Correlation
Measured on weekly returns over the past three years, Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and Granite Construction Incorporated (GVA) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and GVA?
On 3 years of weekly data the GGZ/GVA correlation comes out at 0.60, strong. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.60 over 3 years. The 5-year figure is 0.58, and annualized covariance runs at 378.9 %².
Within GGZ's tracked universe of 44 assets, GVA comes in at #17 by 3-year correlation. Over the last 12 months GGZ came out ahead by 7.3 percentage points (+21.2% against +13.9%). One caveat on sizing: GVA is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GGZ vs GVA: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | GVA (Granite Construction Incorporated) | |
|---|---|---|
| 1-year return | +21.2% | +13.9% |
| 5-year return | +37.8% | +219.9% |
| Volatility (ann.) | 17.8% | 35.5% |
| Beta vs S&P 500 | 0.90 | 1.13 |
| Max drawdown (3Y) | -17.8% | -29.1% |
| Market cap | – | $5.5B |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | 0.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGZ | GVA |
|---|---|---|
| 2022 | -25.5% | -7.8% |
| 2023 | +10.7% | +46.8% |
| 2024 | +5.2% | +73.8% |
| 2025 | +34.9% | +32.2% |
| 2026 | +13.5% | +8.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and GVA good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GGZ and GVA?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.46 over the last year and 0.58 over 5 years.
Is GVA a good diversifier for GGZ?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GGZ correlations · GVA correlations
