GGZ vs PPG: Correlation
Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and PPG Industries (PPG) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and PPG?
On 3 years of weekly data the GGZ/PPG correlation comes out at 0.67, strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.67 over 3. The 5-year figure is 0.67, and annualized covariance runs at 306.7 %².
Among the 44 assets we track against GGZ, PPG ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GGZ ahead by 17.4 points (+21.2% versus +3.8%).
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 PPG: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +21.2% | +3.8% |
| 5-year return | +37.8% | -22.0% |
| Volatility (ann.) | 17.8% | 25.5% |
| Beta vs S&P 500 | 0.90 | 0.90 |
| Max drawdown (3Y) | -17.8% | -37.4% |
| Market cap | – | $25.2B |
| P/E (trailing) | 5.6 | 16.4 |
| Dividend yield | 0.00% | 2.48% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | GGZ | PPG |
|---|---|---|
| 2022 | -25.5% | -25.7% |
| 2023 | +10.7% | +21.2% |
| 2024 | +5.2% | -18.5% |
| 2025 | +34.9% | -12.0% |
| 2026 | +13.5% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and PPG good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GGZ and PPG?
As of 2026-08-27, the correlation of weekly returns between GGZ and PPG is 0.67 over 3 years, 0.67 over 1 year and 0.67 over 5 years.
Is PPG a good diversifier for GGZ?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
A reading of 0.67 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GGZ correlations · PPG correlations
