GGZ vs QQQ: Correlation
How closely do Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and QQQ?
Over the past 3 years, GGZ and QQQ moved with a correlation of 0.61, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.46 versus 0.61 over 3 years. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 212.2 %².
Within GGZ's tracked universe of 44 assets, QQQ comes in at #16 by 3-year correlation. On 12-month performance QQQ holds a 5.1-point edge, +21.2% against +26.3%.
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 QQQ: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +21.2% | +26.3% |
| 5-year return | +37.8% | +95.4% |
| Volatility (ann.) | 17.8% | 19.6% |
| Beta vs S&P 500 | 0.90 | 1.28 |
| Max drawdown (3Y) | -17.8% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | GGZ | QQQ |
|---|---|---|
| 2022 | -25.5% | -32.6% |
| 2023 | +10.7% | +54.9% |
| 2024 | +5.2% | +25.6% |
| 2025 | +34.9% | +20.8% |
| 2026 | +13.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and QQQ good diversifiers for each other?
Only partially. A correlation of 0.61 means GGZ and QQQ 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 QQQ?
As of 2026-08-27, the correlation of weekly returns between GGZ and QQQ is 0.61 over 3 years, 0.46 over 1 year and 0.65 over 5 years.
Is QQQ a good diversifier for GGZ?
Only partially. A correlation of 0.61 means GGZ and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
A reading of 0.61 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ggz-vs-qqq/)
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Related comparisons
Hubs: GGZ correlations · QQQ correlations
