GGZ vs WTS: Correlation
How closely do Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and Watts Water Technologies, Inc. (WTS) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and WTS?
Over the past 3 years, GGZ and WTS moved with a correlation of 0.68, which is strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 297.6 %².
Among the 44 assets we track against GGZ, WTS ranks #10 by 3-year correlation. The trailing year gives WTS the advantage: +21.2% versus +31.9%, a 10.7-point spread.
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 WTS: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | WTS (Watts Water Technologies, Inc.) | |
|---|---|---|
| 1-year return | +21.2% | +31.9% |
| 5-year return | +37.8% | +125.4% |
| Volatility (ann.) | 17.8% | 24.6% |
| Beta vs S&P 500 | 0.90 | 0.89 |
| Max drawdown (3Y) | -17.8% | -19.5% |
| Market cap | – | $12.4B |
| P/E (trailing) | 5.6 | 32.5 |
| Dividend yield | 0.00% | 0.58% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGZ | WTS |
|---|---|---|
| 2022 | -25.5% | -24.1% |
| 2023 | +10.7% | +43.6% |
| 2024 | +5.2% | -1.6% |
| 2025 | +34.9% | +36.8% |
| 2026 | +13.5% | +35.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and WTS good diversifiers for each other?
Only partially. A correlation of 0.68 means GGZ and WTS 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 WTS?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.63 over the last year and 0.68 over 5 years.
Is WTS a good diversifier for GGZ?
Only partially. A correlation of 0.68 means GGZ and WTS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: GGZ correlations · WTS correlations
