USA vs. CET

Last updated Jun 3, 2026

USA (Liberty All-Star Equity Fund) 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, USA returned 12.17%/yr vs 16.39%/yr for CET. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

USA vs. CET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Liberty All-Star Equity Fund (USA) and Central Securities Corp. (CET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USA achieves a -1.61% return, which is significantly lower than CET's 4.96% return. Over the past 10 years, USA has underperformed CET with an annualized return of 12.17%, while CET has yielded a comparatively higher 16.39% annualized return.

USA

• 1D: 0.17%
• 1M: 0.34%
• YTD: -1.61%
• 6M: 1.29%
• 1Y: -2.20%
• 3Y*: 9.21%
• 5Y*: 1.92%
• 10Y*: 12.17%

CET

• 1D: -0.14%
• 1M: -0.48%
• YTD: 4.96%
• 6M: 6.22%
• 1Y: 20.35%
• 3Y*: 20.40%
• 5Y*: 11.55%
• 10Y*: 16.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USA vs. CET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USA Liberty All-Star Equity Fund	-1.61%	0.09%	20.81%	23.17%	-25.20%	33.76%	12.89%	39.70%	-5.06%	34.66%
CET Central Securities Corp.	4.96%	17.20%	26.82%	19.17%	-19.68%	49.00%	4.99%	38.61%	-4.49%	30.61%

Correlation

The correlation between USA and CET is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 18, 1992	0.51

The correlation between USA and CET shifts across timeframes, from 0.51 (all time) to 0.67 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap USA : $1.76B CET : $1.55B
EPS USA : $1.42 CET : $19.09
PE Ratio USA : 4.12 CET : 2.79
PS Ratio USA : 4.90 CET : 9.60
PB Ratio USA : 0.86 CET : 0.86
Total Revenue (TTM) USA : $355.74M CET : $160.68M
Gross Profit (TTM) USA : $329.90M CET : $103.20M
EBITDA (TTM) USA : $305.11M CET : $553.54M

Return for Risk

USA vs. CET — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USA

USA Risk / Return Rank: 32
USA Sharpe Ratio Rank: 33
USA Sortino Ratio Rank: 26
USA Omega Ratio Rank: 26
USA Calmar Ratio Rank: 37
USA Martin Ratio Rank: 36

CET

CET Risk / Return Rank: 83
CET Sharpe Ratio Rank: 85
CET Sortino Ratio Rank: 83
CET Omega Ratio Rank: 82
CET Calmar Ratio Rank: 79
CET Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USA vs. CET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Liberty All-Star Equity Fund (USA) 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.

	USA	CET	Difference
Sharpe ratio Return per unit of total volatility	-0.16	1.82	-1.98
Sortino ratio Return per unit of downside risk	-0.14	2.58	-2.72
Omega ratio Gain probability vs. loss probability	0.98	1.33	-0.34
Calmar ratio Return relative to maximum drawdown	-0.10	2.59	-2.69
Martin ratio Return relative to average drawdown	-0.23	10.79	-11.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USA vs. CET - Sharpe Ratio Comparison

The current USA Sharpe Ratio is -0.16, which is lower than the CET Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of USA and CET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USA	CET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.16	1.82	-1.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.80	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.99	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.60	-0.27

Drawdowns

USA vs. CET - Drawdown Comparison

The maximum USA drawdown since its inception was -69.15%, which is greater than CET's maximum drawdown of -56.69%. Use the drawdown chart below to compare losses from any high point for USA and CET.

Drawdown Indicators

	USA	CET	Difference
Max Drawdown Largest peak-to-trough decline	-69.15%	-56.69%	-12.46%
Max Drawdown (1Y) Largest decline over 1 year	-15.28%	-8.08%	-7.20%
Max Drawdown (3Y) Largest decline over 3 years	-17.69%	-15.42%	-2.27%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	-24.89%	-9.16%
Max Drawdown (10Y) Largest decline over 10 years	-47.07%	-39.91%	-7.16%
Current Drawdown Current decline from peak	-6.90%	-1.56%	-5.34%
Average Drawdown Average peak-to-trough decline	-11.52%	-10.17%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.30%	1.94%	+4.36%

Volatility

USA vs. CET - Volatility Comparison

Liberty All-Star Equity Fund (USA) and Central Securities Corp. (CET) have volatilities of 2.83% and 2.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USA	CET	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.88%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	8.56%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	13.46%	11.27%	+2.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.24%	14.50%	+5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.56%	16.63%	+5.93%

Dividends

USA vs. CET - Dividend Comparison

USA's dividend yield for the trailing twelve months is around 11.62%, more than CET's 5.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CET Central Securities Corp.	5.07%	5.32%	4.92%	4.90%	7.34%	8.41%	5.68%	3.78%	5.84%	3.65%	4.50%	10.41%
USA Liberty All-Star Equity Fund	11.62%	10.67%	10.22%	9.56%	12.11%	9.67%	9.13%	9.75%	12.64%	8.89%	9.30%	9.53%

Financials

Frequently Asked Questions

Can I hold both USA and CET in my portfolio?

USA and CET have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USA or CET?

CET has higher volatility (2.88%) compared to USA (2.83%). In terms of maximum drawdown, USA dropped -69.15% vs CET's -56.69%.

Which has better risk-adjusted returns?

CET currently has the higher Sharpe Ratio (1.82 vs -0.16), 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.