GAM vs. FNDX

Last updated Jun 23, 2026

GAM (General American Investors Company, Inc.) is a stock, while FNDX (Schwab Fundamental U.S. Large Company Index ETF) is Large Cap Value Equities fund tracking the RAFI Fundamental High Liquidity US Large Index. Over the past 10 years, GAM returned 15.87%/yr vs 14.53%/yr for FNDX. Their correlation of 0.81 suggests significant overlap in exposure.

Performance

GAM vs. FNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in General American Investors Company, Inc. (GAM) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAM achieves a 8.00% return, which is significantly lower than FNDX's 14.79% return. Over the past 10 years, GAM has outperformed FNDX with an annualized return of 15.87%, while FNDX has yielded a comparatively lower 14.53% 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%

FNDX

• 1D: 0.19%
• 1M: 0.94%
• YTD: 14.79%
• 6M: 14.33%
• 1Y: 31.80%
• 3Y*: 20.50%
• 5Y*: 13.48%
• 10Y*: 14.53%

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

GAM vs. FNDX - 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%
FNDX Schwab Fundamental U.S. Large Company Index ETF	14.79%	16.94%	16.77%	18.23%	-6.92%	31.73%	9.12%	28.65%	-7.30%	17.12%

Correlation

The correlation between GAM and FNDX 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	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Aug 15, 2013	0.81

The correlation between GAM and FNDX shifts across timeframes, from 0.62 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GAM vs. FNDX — Risk / Return Rank

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

GAM

GAM Risk / Return Rank: 93
GAM Sharpe Ratio Rank: 94
GAM Sortino Ratio Rank: 94
GAM Omega Ratio Rank: 94
GAM Calmar Ratio Rank: 87
GAM Martin Ratio Rank: 94

FNDX

FNDX Risk / Return Rank: 91
FNDX Sharpe Ratio Rank: 92
FNDX Sortino Ratio Rank: 92
FNDX Omega Ratio Rank: 90
FNDX Calmar Ratio Rank: 90
FNDX Martin Ratio Rank: 91

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.

GAM vs. FNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for General American Investors Company, Inc. (GAM) and Schwab Fundamental U.S. Large Company Index ETF (FNDX). 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	FNDX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	3.06	-0.31
Sortino ratio: Return per unit of downside risk	3.78	4.22	-0.44
Omega ratio: Gain probability vs. loss probability	1.50	1.56	-0.06
Calmar ratio: Return relative to maximum drawdown	3.54	5.27	-1.72
Martin ratio: Return relative to average drawdown	16.71	20.40	-3.69

GAM vs. FNDX - Sharpe Ratio Comparison

The current GAM Sharpe Ratio is 2.75, which is comparable to the FNDX Sharpe Ratio of 3.06. The chart below compares the historical Sharpe Ratios of GAM and FNDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GAM vs. FNDX - Drawdown Comparison

The maximum GAM drawdown since its inception was -66.63%, which is greater than FNDX's maximum drawdown of -37.72%. Use the drawdown chart below to compare losses from any high point for GAM and FNDX.

Drawdown Indicators

	GAM	FNDX	Difference
Max Drawdown Largest peak-to-trough decline	-66.63%	-37.72%	-28.91%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-6.06%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-14.90%	-16.30%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-26.09%	-19.06%	-7.03%
Max Drawdown (10Y) Largest decline over 10 years	-41.78%	-37.72%	-4.06%
Current Drawdown Current decline from peak	-2.74%	-1.02%	-1.72%
Average Drawdown Average peak-to-trough decline	-11.56%	-3.55%	-8.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	1.56%	+0.28%

Volatility

GAM vs. FNDX - Volatility Comparison

General American Investors Company, Inc. (GAM) has a higher volatility of 3.56% compared to Schwab Fundamental U.S. Large Company Index ETF (FNDX) at 3.29%. This indicates that GAM's price experiences larger fluctuations and is considered to be riskier than FNDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAM	FNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.56%	3.29%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	7.61%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	11.22%	10.47%	+0.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	15.18%	+0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	17.52%	+0.12%

Dividends

GAM vs. FNDX - Dividend Comparison

GAM's dividend yield for the trailing twelve months is around 10.09%, more than FNDX's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.45%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%
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%

Frequently Asked Questions

Can I hold both GAM and FNDX in my portfolio?

GAM and FNDX 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, GAM or FNDX?

GAM has higher volatility (3.56%) compared to FNDX (3.29%). In terms of maximum drawdown, GAM dropped -66.63% vs FNDX's -37.72%.

Which has better risk-adjusted returns?

FNDX currently has the higher Sharpe Ratio (3.06 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.