GGZ vs MDY: Correlation
Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and SPDR S&P MidCap 400 ETF (MDY) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and MDY?
On 3 years of weekly data the GGZ/MDY correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. The 5-year figure is 0.87, and annualized covariance runs at 248.2 %².
Among the 44 assets we track against GGZ, MDY ranks #4 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.2% for GGZ and +18.3% for MDY.
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 MDY: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | MDY (SPDR S&P MidCap 400 ETF) | |
|---|---|---|
| 1-year return | +21.2% | +18.3% |
| 5-year return | +37.8% | +47.5% |
| Volatility (ann.) | 17.8% | 16.5% |
| Beta vs S&P 500 | 0.90 | 0.91 |
| Max drawdown (3Y) | -17.8% | -24.0% |
| Market cap | – | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | 1.02% |
| Expense ratio | – | 0.23% |
| Assets under management | – | $26.5B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | GGZ | MDY |
|---|---|---|
| 2022 | -25.5% | -13.3% |
| 2023 | +10.7% | +16.1% |
| 2024 | +5.2% | +13.6% |
| 2025 | +34.9% | +7.2% |
| 2026 | +13.5% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and MDY good diversifiers for each other?
No: a correlation of 0.84 means GGZ and MDY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GGZ and MDY?
The GGZ/MDY correlation stands at 0.84 on a 3-year window (1 year: 0.74, 5 years: 0.87), computed from weekly returns as of 2026-08-27.
Is MDY a good diversifier for GGZ?
No: a correlation of 0.84 means GGZ and MDY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ggz-vs-mdy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ggz-vs-mdy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GGZ correlations · MDY correlations
