GAM vs. JAAA
GAM (General American Investors Company, Inc.) is a stock, while JAAA (Janus Henderson AAA CLO ETF) is CLO fund actively managed by Janus Henderson. Over the past 5 years, GAM returned 14.89%/yr vs 4.82%/yr for JAAA. At a 0.11 correlation, their price movements are largely independent.
Performance
GAM vs. JAAA - 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 JAAA's 2.09% 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%
JAAA
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 2.09%
- 6M
- 2.37%
- 1Y
- 5.12%
- 3Y*
- 6.59%
- 5Y*
- 4.82%
- 10Y*
- —
GAM vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GAM General American Investors Company, Inc. | 8.00% | 28.63% | 29.55% | 26.84% | -14.84% | 20.56% | 14.07% |
JAAA Janus Henderson AAA CLO ETF | 2.09% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.76% |
Correlation
The correlation between GAM and JAAA is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2020 | 0.11 |
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Return for Risk
GAM vs. JAAA — Risk / Return Rank
GAM
JAAA
GAM vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for General American Investors Company, Inc. (GAM) and Janus Henderson AAA CLO ETF (JAAA). 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 | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.44 | ||
| Sortino ratioReturn per unit of downside risk | -6.56 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 2.79 | -1.29 |
| Calmar ratioReturn relative to maximum drawdown | 3.54 | 13.24 | -9.69 |
| Martin ratioReturn relative to average drawdown | 16.71 | 71.33 | -54.62 |
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Drawdowns
GAM vs. JAAA - Drawdown Comparison
The maximum GAM drawdown since its inception was -66.63%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for GAM and JAAA.
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Drawdown Indicators
| GAM | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.63% | -2.64% | -63.99% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -0.39% | -8.28% |
Max Drawdown (3Y)Largest decline over 3 years | -14.90% | -1.46% | -13.44% |
Max Drawdown (5Y)Largest decline over 5 years | -26.09% | -2.64% | -23.45% |
Max Drawdown (10Y)Largest decline over 10 years | -41.78% | — | — |
Current DrawdownCurrent decline from peak | -2.74% | 0.00% | -2.74% |
Average DrawdownAverage peak-to-trough decline | -11.56% | -0.25% | -11.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.84% | 0.07% | +1.77% |
Volatility
GAM vs. JAAA - Volatility Comparison
General American Investors Company, Inc. (GAM) has a higher volatility of 3.56% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.12%. This indicates that GAM's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GAM | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.56% | 0.12% | +3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 9.25% | 0.64% | +8.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.22% | 0.83% | +10.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.00% | 1.67% | +14.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.64% | 1.64% | +16.00% |
Dividends
GAM vs. JAAA - Dividend Comparison
GAM's dividend yield for the trailing twelve months is around 10.09%, more than JAAA's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
JAAA Janus Henderson AAA CLO ETF | 4.99% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GAM and JAAA have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GAM has higher volatility (3.56%) compared to JAAA (0.12%). In terms of maximum drawdown, GAM dropped -66.63% vs JAAA's -2.64%.
JAAA currently has the higher Sharpe Ratio (6.19 vs 2.75), 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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