GGZ vs IWM: Correlation
Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and iShares Russell 2000 ETF (IWM) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and IWM?
Across a 3-year window, the weekly returns of GGZ and IWM correlate at 0.83, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.72) runs below the 3-year figure (0.83). Stretching to 5 years gives 0.85, with an annualized covariance of 293.5 %².
Among the 44 assets we track against GGZ, IWM ranks #5 by 3-year correlation. Over the last 12 months IWM came out ahead by 7.2 percentage points (+21.2% against +28.4%).
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 IWM: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +21.2% | +28.4% |
| 5-year return | +37.8% | +41.5% |
| Volatility (ann.) | 17.8% | 19.8% |
| Beta vs S&P 500 | 0.90 | 1.06 |
| Max drawdown (3Y) | -17.8% | -27.5% |
| Market cap | – | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | GGZ | IWM |
|---|---|---|
| 2022 | -25.5% | -20.5% |
| 2023 | +10.7% | +16.8% |
| 2024 | +5.2% | +11.4% |
| 2025 | +34.9% | +12.7% |
| 2026 | +13.5% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and IWM good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between GGZ and IWM?
As of 2026-08-27, the correlation of weekly returns between GGZ and IWM is 0.83 over 3 years, 0.72 over 1 year and 0.85 over 5 years.
Is IWM a good diversifier for GGZ?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
A reading of 0.83 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ggz-vs-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ggz-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GGZ correlations · IWM correlations
