GAM vs. USA
GAM (General American Investors Company, Inc.) and USA (Liberty All-Star Equity Fund) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, GAM returned 15.71%/yr vs 12.16%/yr for USA. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
GAM vs. USA - Performance Comparison
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Returns By Period
In the year-to-date period, GAM achieves a 6.50% return, which is significantly higher than USA's -4.98% return. Over the past 10 years, GAM has outperformed USA with an annualized return of 15.71%, while USA has yielded a comparatively lower 12.16% annualized return.
GAM
- 1D
- -1.39%
- 1M
- -2.72%
- YTD
- 6.50%
- 6M
- 6.41%
- 1Y
- 27.66%
- 3Y*
- 26.17%
- 5Y*
- 14.44%
- 10Y*
- 15.71%
USA
- 1D
- -1.22%
- 1M
- -2.75%
- YTD
- -4.98%
- 6M
- -4.67%
- 1Y
- -4.39%
- 3Y*
- 7.02%
- 5Y*
- 0.89%
- 10Y*
- 12.16%
GAM vs. USA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GAM General American Investors Company, Inc. | 6.50% | 28.63% | 29.55% | 26.84% | -14.84% | 20.56% | 5.85% | 41.76% | -10.25% | 21.32% |
USA Liberty All-Star Equity Fund | -4.98% | 0.09% | 20.81% | 23.17% | -25.20% | 33.76% | 12.89% | 39.70% | -5.06% | 34.66% |
Correlation
The correlation between GAM and USA is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 1987 | 0.53 |
The correlation between GAM and USA shifts across timeframes, from 0.53 (all time) to 0.73 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
GAM:
$8.67
USA:
$1.42
GAM:
7.22
USA:
3.98
GAM:
52.67
USA:
4.74
GAM:
$27.65M
USA:
$355.74M
GAM:
$27.65M
USA:
$329.90M
GAM:
$7.71M
USA:
$305.11M
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Return for Risk
GAM vs. USA — Risk / Return Rank
GAM
USA
GAM vs. USA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for General American Investors Company, Inc. (GAM) and Liberty All-Star Equity Fund (USA). 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 | USA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.78 | ||
| Sortino ratioReturn per unit of downside risk | +3.77 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 0.96 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 3.20 | -0.29 | +3.49 |
| Martin ratioReturn relative to average drawdown | 14.95 | -0.67 | +15.63 |
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Drawdowns
GAM vs. USA - Drawdown Comparison
The maximum GAM drawdown since its inception was -66.63%, roughly equal to the maximum USA drawdown of -69.15%. Use the drawdown chart below to compare losses from any high point for GAM and USA.
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Drawdown Indicators
| GAM | USA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.63% | -69.15% | +2.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -15.28% | +6.61% |
Max Drawdown (3Y)Largest decline over 3 years | -14.90% | -17.69% | +2.79% |
Max Drawdown (5Y)Largest decline over 5 years | -26.09% | -34.05% | +7.96% |
Max Drawdown (10Y)Largest decline over 10 years | -41.78% | -47.07% | +5.29% |
Current DrawdownCurrent decline from peak | -4.09% | -10.08% | +5.99% |
Average DrawdownAverage peak-to-trough decline | -11.56% | -11.51% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 6.52% | -4.67% |
Volatility
GAM vs. USA - Volatility Comparison
The current volatility for General American Investors Company, Inc. (GAM) is 3.78%, while Liberty All-Star Equity Fund (USA) has a volatility of 4.56%. This indicates that GAM experiences smaller price fluctuations and is considered to be less risky than USA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GAM | USA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.78% | 4.56% | -0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 9.35% | 10.82% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.30% | 13.94% | -2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 20.31% | -4.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.61% | 22.58% | -4.97% |
Dividends
GAM vs. USA - Dividend Comparison
GAM's dividend yield for the trailing twelve months is around 10.23%, less than USA's 12.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAM General American Investors Company, Inc. | 10.23% | 11.32% | 8.82% | 6.17% | 4.15% | 1.38% | 6.72% | 6.49% | 9.67% | 9.56% | 10.20% | 3.60% |
USA Liberty All-Star Equity Fund | 12.04% | 10.67% | 10.22% | 9.56% | 12.11% | 9.67% | 9.13% | 9.75% | 12.64% | 8.89% | 9.30% | 9.53% |
Financials
GAM vs. USA - Financials Comparison
This section allows you to compare key financial metrics between General American Investors Company, Inc. and Liberty All-Star Equity Fund. 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 USA have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USA has higher volatility (4.56%) compared to GAM (3.78%). In terms of maximum drawdown, GAM dropped -66.63% vs USA's -69.15%.
GAM currently has the higher Sharpe Ratio (2.47 vs -0.32), 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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