GGZ vs TG: Correlation
Measured on weekly returns over the past three years, Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and Tredegar Corporation (TG) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and TG?
Across a 3-year window, the weekly returns of GGZ and TG correlate at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Stretching to 5 years gives 0.47, with an annualized covariance of 417.3 %².
Within GGZ's tracked universe of 44 assets, TG comes in at #34 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GGZ ahead by 21.7 points (+21.2% versus -0.5%). Risk is not evenly split, since TG carries 2.7 times the volatility of the other side.
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 TG: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | TG (Tredegar Corporation) | |
|---|---|---|
| 1-year return | +21.2% | -0.5% |
| 5-year return | +37.8% | -35.5% |
| Volatility (ann.) | 17.8% | 47.3% |
| Beta vs S&P 500 | 0.90 | 1.03 |
| Max drawdown (3Y) | -17.8% | -33.4% |
| Market cap | – | $0.3B |
| P/E (trailing) | 5.6 | 8.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGZ | TG |
|---|---|---|
| 2022 | -25.5% | -9.6% |
| 2023 | +10.7% | -45.2% |
| 2024 | +5.2% | +42.0% |
| 2025 | +34.9% | -6.5% |
| 2026 | +13.5% | +6.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and TG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GGZ and TG?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.49 over the last year and 0.47 over 5 years.
Is TG a good diversifier for GGZ?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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 · TG correlations
