GGZ vs HYG: Correlation
How closely do Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and iShares iBoxx High Yield Corporate Bond ETF (HYG) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and HYG?
Over the past 3 years, GGZ and HYG moved with a correlation of 0.75, which is strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.75 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 62.9 %².
By 3-year correlation, HYG places #8 of the 44 assets tracked against GGZ. Correlation aside, the last 12 months split them widely, with GGZ ahead by 16.6 points (+21.2% versus +4.6%). One caveat on sizing: GGZ is 3.8 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 HYG: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | HYG (iShares iBoxx High Yield Corporate Bond ETF) | |
|---|---|---|
| 1-year return | +21.2% | +4.6% |
| 5-year return | +37.8% | +19.9% |
| Volatility (ann.) | 17.8% | 4.7% |
| Beta vs S&P 500 | 0.90 | 0.22 |
| Max drawdown (3Y) | -17.8% | -4.6% |
| Market cap | – | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | 5.94% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $17.1B |
| Sector / category | US Listed | ETF · Bonds |
HYG is a High Yield Bond fund from iShares: $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | GGZ | HYG |
|---|---|---|
| 2022 | -25.5% | -11.0% |
| 2023 | +10.7% | +11.5% |
| 2024 | +5.2% | +8.0% |
| 2025 | +34.9% | +8.6% |
| 2026 | +13.5% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and HYG good diversifiers for each other?
To a limited degree. At 0.75 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 GGZ and HYG?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.67 over the last year and 0.71 over 5 years.
Is HYG a good diversifier for GGZ?
To a limited degree. At 0.75 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 0.75 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/ggz-vs-hyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ggz-vs-hyg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GGZ correlations · HYG correlations
