GGZ vs XLB: Correlation
How closely do Gabelli Global Small and Mid Cap Value Trust (The) (GGZ) and Materials Select Sector SPDR Fund (XLB) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGZ and XLB?
On 3 years of weekly data the GGZ/XLB correlation comes out at 0.78, strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. The 5-year figure is 0.82, and annualized covariance runs at 234.0 %².
Among the 44 assets we track against GGZ, XLB ranks #6 by 3-year correlation. Their 12-month results are close: +21.2% for GGZ against +17.6% for XLB.
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 XLB: side by side
| GGZ (Gabelli Global Small and Mid Cap Value Trust (The)) | XLB (Materials Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +21.2% | +17.6% |
| 5-year return | +37.8% | +36.9% |
| Volatility (ann.) | 17.8% | 16.7% |
| Beta vs S&P 500 | 0.90 | 0.72 |
| Max drawdown (3Y) | -17.8% | -23.2% |
| Market cap | – | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 0.00% | 1.68% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $8.3B |
| Sector / category | US Listed | Sector ETF |
XLB is a Natural Resources fund from State Street Investment Management: $8.3B under management, 26 holdings, a 0.08% expense ratio, a 1.68% trailing dividend yield.
Year-by-year returns
| Year | GGZ | XLB |
|---|---|---|
| 2022 | -25.5% | -12.3% |
| 2023 | +10.7% | +12.5% |
| 2024 | +5.2% | +0.1% |
| 2025 | +34.9% | +9.9% |
| 2026 | +13.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGZ and XLB good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GGZ and XLB?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.75 over the last year and 0.82 over 5 years.
Is XLB a good diversifier for GGZ?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
A reading of 0.78 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GGZ correlations · XLB correlations
