GAM vs SPY: Correlation
Measured on weekly returns over the past three years, General American Investors, Inc. (GAM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAM and SPY?
On 3 years of weekly data the GAM/SPY correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.80 over 1 year against 0.87 over 3. The 5-year figure is 0.92, and annualized covariance runs at 170.1 %².
SPY is one of the assets that tracks GAM most closely: it ranks #3 out of the 14 assets we track against GAM. The trailing year gives GAM the advantage: +26.1% versus +20.6%, a 5.5-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.
GAM vs SPY: side by side
| GAM (General American Investors, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.1% | +20.6% |
| 5-year return | +118.0% | +82.4% |
| Volatility (ann.) | 13.6% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -14.9% | -18.8% |
| Market cap | $1.6B | – |
| P/E (trailing) | 4.2 | – |
| Dividend yield | 9.47% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | GAM | SPY |
|---|---|---|
| 2022 | -14.8% | -18.2% |
| 2023 | +26.8% | +26.2% |
| 2024 | +29.5% | +24.9% |
| 2025 | +28.6% | +17.7% |
| 2026 | +15.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAM and SPY good diversifiers for each other?
No. With a correlation of 0.87, GAM and SPY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between GAM and SPY?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.80 over the last year and 0.92 over 5 years.
Is SPY a good diversifier for GAM?
No. With a correlation of 0.87, GAM and SPY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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: GAM correlations · SPY correlations
