GAM vs SPY

Comparison between General American Investors Co. Inc (GAM, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceGAM has outperformed SPY, delivering a return of +15.5% compared to +13.3%

GAM vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GAM(ETF)	SPY(ETF)
Net Assets	$1.60B	$652B
Expense Ratio	N/A	0.09%
Max Drawdown	72.30%	56.47%
Sharpe Ratio	2.76	2.07
5Y Beta	0.70	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	34.85%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

GAM

$1.60B

Winner

SPY

$652B

Expense Ratio

GAM

N/A

SPY

0.09%

Max Drawdown

GAM

72.30%

Winner

SPY

56.47%

Sharpe Ratio

Winner

GAM

2.76

SPY

2.07

5Y Beta

Winner

GAM

0.70

SPY

1.00

P/E Ratio

GAM

N/A

SPY

28.24

Forward P/E

GAM

N/A

SPY

21.85

5Y Dividends CAGR

Winner

GAM

34.85%

SPY

5.43%

5Y EPS CAGR

GAM

N/A

SPY

25.79%

Debt to Equity

GAM

N/A

SPY

22.35%

P/S Ratio

GAM

N/A

SPY

3.55

P/B Ratio

GAM

N/A

SPY

5.29

GAM vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	GAM	SPY
1 month	+5.79%	+9.11%
3 months	+4.68%	+6.59%
6 months	+14.24%	+10.56%
1 year	+38.75%	+32.04%
5 years(CAGR)	+15.46%	+13.35%
10 years(CAGR)	+15.87%	+15.49%
Max(CAGR)	+9.49%	+8.50%

GAM

+5.79%

Winner

SPY

+9.11%

GAM

+4.68%

Winner

SPY

+6.59%

Winner

GAM

+14.24%

SPY

+10.56%

Winner

GAM

+38.75%

SPY

+32.04%

5Y(CAGR)

Winner

GAM

+15.46%

SPY

+13.35%

10Y(CAGR)

Winner

GAM

+15.87%

SPY

+15.49%

Max(CAGR)

Winner

GAM

+9.49%

SPY

+8.50%

GAM vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	GAM	SPY
2026	+9.62%	+8.27%
2025	+29.65%	+18.00%
2024	+30.52%	+25.59%
2023	+27.38%	+26.72%
2022	-15.26%	-18.64%
2021	+21.86%	+30.52%
2020	+5.56%	+17.28%
2019	+39.98%	+31.09%
2018	-10.01%	-5.24%
2017	+21.62%	+20.78%
2016	+11.46%	+13.59%
2015	-4.24%	+1.31%
2014	+10.87%	+14.56%
2013	+30.81%	+29.00%
2012	+18.00%	+14.17%
2011	-6.07%	+0.85%
2010	+14.92%	+13.14%
2009	+27.34%	+22.67%
2008	-47.19%	-36.25%
2007	+9.03%	+5.32%
2006	+15.90%	+13.85%
2005	+18.07%	+5.32%
2004	+8.59%	+10.75%
2003	+23.21%	+24.18%
2002	-27.67%	-22.42%
2001	+9.57%	-10.13%
2000	+11.23%	-8.84%
1999	+7.80%	+8.61%

GAM vs SPY Drawdown Comparison

The maximum drawdown for GAM was -66.58%, occurring on Mar 9, 2009. Recovery took 1398 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current GAM drawdown is -1.13%.

Rank	GAM	SPY
#1	-66.58% Oct 16, 2007 - May 7, 2013	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-41.78% Feb 12, 2020 - Dec 1, 2020	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-35.04% Jan 15, 2002 - Jun 17, 2005	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-26.99% May 29, 2001 - Jan 4, 2002	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-26.06% Nov 8, 2021 - Nov 20, 2023	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-22.29% May 19, 2015 - Dec 8, 2016	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-22.16% Sep 21, 2018 - Apr 23, 2019	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-14.90% Jan 22, 2025 - May 16, 2025	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-14.62% Feb 6, 2001 - May 22, 2001	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-14.56% Jul 13, 2007 - Oct 9, 2007	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-10.02% Mar 23, 2000 - Aug 31, 2000	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-9.52% Jan 19, 2000 - Mar 21, 2000	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-9.22% May 5, 2006 - Oct 25, 2006	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-9.20% Sep 3, 2014 - Nov 13, 2014	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-8.67% Feb 25, 2026 - Apr 14, 2026	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between GAM and SPY is 0.99 which considered as a very strong positive correlation - the stocks move almost identically together.

0.99

-101

Dividend Comparison (1999 - 2026)

GAM vs SPY dividend yield comparison.

Year	GAM	SPY
2026	0.00%	0.24%
2025	11.32%	1.07%
2024	8.82%	1.21%
2023	6.17%	1.40%
2022	4.15%	1.65%
2021	1.38%	1.20%
2020	6.72%	1.52%
2019	6.49%	1.75%
2018	9.67%	2.04%
2017	9.56%	1.80%
2016	10.20%	2.03%
2015	3.60%	2.06%
2014	10.00%	1.87%
2013	5.97%	1.81%
2012	7.19%	2.18%
2011	2.01%	2.05%
2010	1.60%	1.80%
2009	1.49%	1.95%
2008	3.77%	3.02%
2007	16.57%	1.85%
2006	8.45%	1.73%
2005	6.14%	1.73%
2004	3.22%	1.82%
2003	1.82%	1.47%
2002	2.60%	1.70%
2001	18.64%	1.25%
2000	16.97%	1.15%
1999	0.00%	0.24%