GGZ vs RSP: Correlation
Measured on weekly returns over the past three years, Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and RSP?
Across a 3-year window, the weekly returns of GGZ and RSP correlate at 0.85, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.74) than the 3-year average (0.85). Stretching to 5 years gives 0.87, with an annualized covariance of 199.6 %².
In GGZ's tracked universe of 44 assets, RSP sits right near the top at #2. Their 12-month results are close: +21.2% for GGZ against +19.2% for RSP.
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 RSP: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +21.2% | +19.2% |
| 5-year return | +37.8% | +53.9% |
| Volatility (ann.) | 17.8% | 13.2% |
| Beta vs S&P 500 | 0.90 | 0.77 |
| Max drawdown (3Y) | -17.8% | -17.8% |
| Market cap | – | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | US Listed | ETF · US Large Cap |
On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Year-by-year returns
| Year | GGZ | RSP |
|---|---|---|
| 2022 | -25.5% | -11.6% |
| 2023 | +10.7% | +13.7% |
| 2024 | +5.2% | +12.8% |
| 2025 | +34.9% | +11.2% |
| 2026 | +13.5% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and RSP good diversifiers for each other?
No: a correlation of 0.85 means GGZ and RSP tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GGZ and RSP?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.74 over the last year and 0.87 over 5 years.
Is RSP a good diversifier for GGZ?
No: a correlation of 0.85 means GGZ and RSP tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
A reading of 0.85 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-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ggz-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GGZ correlations · RSP correlations
