GGZ vs PAC: Correlation
How closely do Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and Grupo Aeroportuario Del Pacifico, S.A. B. de C.V. Grupo (PAC) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and PAC?
Over the past 3 years, GGZ and PAC moved with a correlation of 0.51, which is moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.51). Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 358.0 %².
By 3-year correlation, PAC places #28 of the 44 assets tracked against GGZ. Their recent paths diverged sharply: over the last 12 months GGZ outperformed by 32.8 percentage points (+21.2% for GGZ against -11.6% for PAC). One caveat on sizing: PAC is 2.2 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 PAC: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | PAC (Grupo Aeroportuario Del Pacifico, S.A. B. de C.V. Grupo) | |
|---|---|---|
| 1-year return | +21.2% | -11.6% |
| 5-year return | +37.8% | +135.8% |
| Volatility (ann.) | 17.8% | 39.2% |
| Beta vs S&P 500 | 0.90 | 1.01 |
| Max drawdown (3Y) | -17.8% | -42.8% |
| Market cap | – | $12.8B |
| P/E (trailing) | 5.6 | 19.7 |
| Dividend yield | 0.00% | 9.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGZ | PAC |
|---|---|---|
| 2022 | -25.5% | +9.8% |
| 2023 | +10.7% | +28.6% |
| 2024 | +5.2% | +4.2% |
| 2025 | +34.9% | +56.3% |
| 2026 | +13.5% | -18.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and PAC good diversifiers for each other?
Only partially. A correlation of 0.51 means GGZ and PAC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GGZ and PAC?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.31 over the last year and 0.50 over 5 years.
Is PAC a good diversifier for GGZ?
Only partially. A correlation of 0.51 means GGZ and PAC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 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.
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Related comparisons
Hubs: GGZ correlations · PAC correlations
