GGZ vs. SPY

Last updated Jun 23, 2026

GGZ (The Gabelli Global Small and Mid Cap Value Trust) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, GGZ returned 9.15%/yr vs 15.70%/yr for SPY. A 0.68 correlation means they provide meaningful diversification when combined.

Performance

GGZ vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Gabelli Global Small and Mid Cap Value Trust (GGZ) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GGZ having a 9.81% return and SPY slightly lower at 9.74%. Over the past 10 years, GGZ has underperformed SPY with an annualized return of 9.15%, while SPY has yielded a comparatively higher 15.70% annualized return.

GGZ

• 1D: 0.75%
• 1M: 5.09%
• YTD: 9.81%
• 6M: 11.29%
• 1Y: 33.47%
• 3Y*: 17.54%
• 5Y*: 6.29%
• 10Y*: 9.15%

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GGZ vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GGZ The Gabelli Global Small and Mid Cap Value Trust	9.81%	34.91%	5.20%	10.66%	-25.50%	30.16%	17.90%	27.08%	-23.24%	20.19%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between GGZ and SPY is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 3, 2014	0.68

The correlation between GGZ and SPY shifts across timeframes, from 0.58 (1 year) to 0.71 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

GGZ vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GGZ

GGZ Risk / Return Rank: 87
GGZ Sharpe Ratio Rank: 90
GGZ Sortino Ratio Rank: 88
GGZ Omega Ratio Rank: 88
GGZ Calmar Ratio Rank: 85
GGZ Martin Ratio Rank: 87

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GGZ vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Gabelli Global Small and Mid Cap Value Trust (GGZ) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GGZ	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.16	-0.03
Sortino ratio: Return per unit of downside risk	2.89	2.91	-0.03
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	3.25	3.01	+0.23
Martin ratio: Return relative to average drawdown	9.25	13.54	-4.29

GGZ vs. SPY - Sharpe Ratio Comparison

The current GGZ Sharpe Ratio is 2.12, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GGZ and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GGZ vs. SPY - Drawdown Comparison

The maximum GGZ drawdown since its inception was -56.11%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GGZ and SPY.

Drawdown Indicators

	GGZ	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-56.11%	-55.19%	-0.92%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-8.88%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-22.31%	-18.76%	-3.55%
Max Drawdown (5Y) Largest decline over 5 years	-39.39%	-24.50%	-14.89%
Max Drawdown (10Y) Largest decline over 10 years	-56.11%	-33.72%	-22.39%
Current Drawdown Current decline from peak	-0.78%	-1.75%	+0.97%
Average Drawdown Average peak-to-trough decline	-11.19%	-9.04%	-2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.63%	1.97%	+1.66%

Volatility

GGZ vs. SPY - Volatility Comparison

The current volatility for The Gabelli Global Small and Mid Cap Value Trust (GGZ) is 3.75%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that GGZ experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGZ	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	4.64%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	11.90%	9.75%	+2.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	12.43%	+3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.53%	17.14%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.86%	17.99%	+2.87%

Dividends

GGZ vs. SPY - Dividend Comparison

GGZ's dividend yield for the trailing twelve months is around 4.93%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GGZ The Gabelli Global Small and Mid Cap Value Trust	4.93%	4.60%	5.47%	5.46%	5.70%	6.54%	4.90%	4.73%	0.00%	0.00%	1.13%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GGZ and SPY in my portfolio?

GGZ and SPY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGZ or SPY?

SPY has higher volatility (4.64%) compared to GGZ (3.75%). In terms of maximum drawdown, GGZ dropped -56.11% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 2.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.