GGZ vs SPY: Correlation
Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and SPY?
Over the past 3 years, GGZ and SPY moved with a correlation of 0.73, which is strong. The link has loosened recently: the 1-year correlation (0.57) runs below the 3-year figure (0.73). Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 187.6 %².
Among the 44 assets we track against GGZ, SPY ranks #9 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.2% for GGZ and +20.6% for SPY.
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 SPY: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.2% | +20.6% |
| 5-year return | +37.8% | +82.4% |
| Volatility (ann.) | 17.8% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -17.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | GGZ | SPY |
|---|---|---|
| 2022 | -25.5% | -18.2% |
| 2023 | +10.7% | +26.2% |
| 2024 | +5.2% | +24.9% |
| 2025 | +34.9% | +17.7% |
| 2026 | +13.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and SPY good diversifiers for each other?
To a limited degree. At 0.73 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 SPY?
As of 2026-08-27, the correlation of weekly returns between GGZ and SPY is 0.73 over 3 years, 0.57 over 1 year and 0.77 over 5 years.
Is SPY a good diversifier for GGZ?
To a limited degree. At 0.73 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 0.73 mean?
On the −1 to +1 scale, 0.73 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: GGZ correlations · SPY correlations
