GGZ vs PAX: Correlation
How closely do Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and Patria Investments Limited - Class A (PAX) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and PAX?
Over the past 3 years, GGZ and PAX moved with a correlation of 0.57, which is moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 294.8 %².
By 3-year correlation, PAX places #19 of the 44 assets tracked against GGZ. Their recent paths diverged sharply: over the last 12 months GGZ outperformed by 30.0 percentage points (+21.2% for GGZ against -8.8% for PAX). Note the risk asymmetry: PAX runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 PAX: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | PAX (Patria Investments Limited - Class A) | |
|---|---|---|
| 1-year return | +21.2% | -8.8% |
| 5-year return | +37.8% | -3.0% |
| Volatility (ann.) | 17.8% | 28.8% |
| Beta vs S&P 500 | 0.90 | 0.98 |
| Max drawdown (3Y) | -17.8% | -37.7% |
| Market cap | – | $1.9B |
| P/E (trailing) | 5.6 | 25.9 |
| Dividend yield | 0.00% | 5.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGZ | PAX |
|---|---|---|
| 2022 | -25.5% | -9.9% |
| 2023 | +10.7% | +18.9% |
| 2024 | +5.2% | -20.0% |
| 2025 | +34.9% | +43.1% |
| 2026 | +13.5% | -23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and PAX good diversifiers for each other?
To a limited degree. At 0.57 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 PAX?
The GGZ/PAX correlation stands at 0.57 on a 3-year window (1 year: 0.53, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is PAX a good diversifier for GGZ?
To a limited degree. At 0.57 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 0.57 mean?
A reading of 0.57 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-pax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ggz-vs-pax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GGZ correlations · PAX correlations
