ASG vs USA: Correlation
How closely do Liberty All-Star Growth Fund, Inc. (ASG) and Liberty All-Star Equity Fund (USA) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASG and USA?
On 3 years of weekly data the ASG/USA correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.85 lands near the 3-year figure. The 5-year figure is 0.83, and annualized covariance runs at 239.4 %².
Among the 52 assets we track against ASG, USA ranks #6 by 3-year correlation. Their 12-month results are close: +3.3% for ASG against +1.6% for USA.
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.
ASG vs USA: side by side
| ASG (Liberty All-Star Growth Fund, Inc.) | USA (Liberty All-Star Equity Fund) | |
|---|---|---|
| 1-year return | +3.3% | +1.6% |
| 5-year return | -5.6% | +18.1% |
| Volatility (ann.) | 18.3% | 15.2% |
| Beta vs S&P 500 | 1.12 | 0.89 |
| Max drawdown (3Y) | -25.3% | -17.7% |
| Market cap | $0.3B | – |
| P/E (trailing) | 23.9 | 10.7 |
| Dividend yield | 8.76% | 11.19% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASG | USA |
|---|---|---|
| 2022 | -40.9% | -25.2% |
| 2023 | +16.2% | +23.2% |
| 2024 | +16.8% | +20.8% |
| 2025 | +2.2% | +0.1% |
| 2026 | +6.0% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASG and USA good diversifiers for each other?
No. With a correlation of 0.86, ASG and USA move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ASG and USA?
As of 2026-08-27, the correlation of weekly returns between ASG and USA is 0.86 over 3 years, 0.85 over 1 year and 0.83 over 5 years.
Is USA a good diversifier for ASG?
No. With a correlation of 0.86, ASG and USA move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
A reading of 0.86 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: ASG correlations · USA correlations
