GAM vs. CET
GAM (General American Investors Company, Inc.) and CET (Central Securities Corp.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, GAM returned 15.87%/yr vs 16.70%/yr for CET. A 0.55 correlation means they provide meaningful diversification when combined.
Performance
GAM vs. CET - Performance Comparison
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Returns By Period
In the year-to-date period, GAM achieves a 8.00% return, which is significantly higher than CET's 3.83% return. Over the past 10 years, GAM has underperformed CET with an annualized return of 15.87%, while CET has yielded a comparatively higher 16.70% annualized return.
GAM
- 1D
- -0.83%
- 1M
- -1.35%
- YTD
- 8.00%
- 6M
- 8.32%
- 1Y
- 30.60%
- 3Y*
- 26.76%
- 5Y*
- 14.89%
- 10Y*
- 15.87%
CET
- 1D
- -0.57%
- 1M
- -0.94%
- YTD
- 3.83%
- 6M
- 3.52%
- 1Y
- 17.67%
- 3Y*
- 19.88%
- 5Y*
- 11.28%
- 10Y*
- 16.70%
GAM vs. CET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GAM General American Investors Company, Inc. | 8.00% | 28.63% | 29.55% | 26.84% | -14.84% | 20.56% | 5.85% | 41.76% | -10.25% | 21.32% |
CET Central Securities Corp. | 3.83% | 17.20% | 26.82% | 19.17% | -19.68% | 49.00% | 4.99% | 38.61% | -4.49% | 30.61% |
Correlation
The correlation between GAM and CET 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 | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Mar 17, 1992 | 0.55 |
The correlation between GAM and CET shifts across timeframes, from 0.55 (all time) to 0.71 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
GAM:
$8.67
CET:
$19.09
GAM:
7.32
CET:
2.74
GAM:
0.07
CET:
0.03
GAM:
53.41
CET:
9.44
GAM:
$27.65M
CET:
$160.68M
GAM:
$27.65M
CET:
$103.20M
GAM:
$7.71M
CET:
$553.54M
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Return for Risk
GAM vs. CET — Risk / Return Rank
GAM
CET
GAM vs. CET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for General American Investors Company, Inc. (GAM) and Central Securities Corp. (CET). 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.
| GAM | CET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.27 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.54 | 2.20 | +1.35 |
| Martin ratioReturn relative to average drawdown | 16.71 | 8.78 | +7.92 |
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Drawdowns
GAM vs. CET - Drawdown Comparison
The maximum GAM drawdown since its inception was -66.63%, which is greater than CET's maximum drawdown of -56.69%. Use the drawdown chart below to compare losses from any high point for GAM and CET.
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Drawdown Indicators
| GAM | CET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.63% | -56.69% | -9.94% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -8.08% | -0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -14.90% | -15.42% | +0.52% |
Max Drawdown (5Y)Largest decline over 5 years | -26.09% | -24.89% | -1.20% |
Max Drawdown (10Y)Largest decline over 10 years | -41.78% | -39.91% | -1.87% |
Current DrawdownCurrent decline from peak | -2.74% | -2.62% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -11.56% | -10.15% | -1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 2.02% | -0.18% |
Volatility
GAM vs. CET - Volatility Comparison
The current volatility for General American Investors Company, Inc. (GAM) is 3.56%, while Central Securities Corp. (CET) has a volatility of 4.11%. This indicates that GAM experiences smaller price fluctuations and is considered to be less risky than CET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GAM | CET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.56% | 4.11% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 9.25% | 9.23% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.22% | 11.66% | -0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.00% | 14.58% | +1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.64% | 16.66% | +0.98% |
Dividends
GAM vs. CET - Dividend Comparison
GAM's dividend yield for the trailing twelve months is around 10.09%, more than CET's 5.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CET Central Securities Corp. | 5.27% | 5.32% | 4.92% | 4.90% | 7.34% | 8.41% | 5.68% | 3.78% | 5.84% | 3.65% | 4.50% | 10.41% |
GAM General American Investors Company, Inc. | 10.09% | 11.32% | 8.82% | 6.17% | 4.15% | 1.38% | 6.72% | 6.49% | 9.67% | 9.56% | 10.20% | 3.60% |
Financials
GAM vs. CET - Financials Comparison
This section allows you to compare key financial metrics between General American Investors Company, Inc. and Central Securities Corp.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
Frequently Asked Questions
GAM and CET 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.
CET has higher volatility (4.11%) compared to GAM (3.56%). In terms of maximum drawdown, GAM dropped -66.63% vs CET's -56.69%.
GAM currently has the higher Sharpe Ratio (2.75 vs 1.53), 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.
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