GAM vs VOO: Correlation
Measured on weekly returns over the past three years, General American Investors, Inc. (GAM) and Vanguard S&P 500 ETF (VOO) 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 VOO?
Across a 3-year window, the weekly returns of GAM and VOO correlate 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. Stretching to 5 years gives 0.92, with an annualized covariance of 169.3 %².
Among the 14 assets we track against GAM, VOO ranks #4 by 3-year correlation. Over the last 12 months GAM came out ahead by 5.5 percentage points (+26.1% against +20.6%).
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 VOO: side by side
| GAM (General American Investors, Inc.) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +26.1% | +20.6% |
| 5-year return | +118.0% | +83.0% |
| Volatility (ann.) | 13.6% | 14.4% |
| Beta vs S&P 500 | 0.81 | 0.99 |
| Max drawdown (3Y) | -14.9% | -18.7% |
| Market cap | $1.6B | – |
| P/E (trailing) | 4.2 | – |
| Dividend yield | 9.47% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | GAM | VOO |
|---|---|---|
| 2022 | -14.8% | -18.2% |
| 2023 | +26.8% | +26.3% |
| 2024 | +29.5% | +25.0% |
| 2025 | +28.6% | +17.8% |
| 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 VOO good diversifiers for each other?
No. With a correlation of 0.87, GAM and VOO move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between GAM and VOO?
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 VOO a good diversifier for GAM?
No. With a correlation of 0.87, GAM and VOO move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 mean?
A reading of 0.87 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: GAM correlations · VOO correlations
