GAM vs. USA
GAM (General American Investors Company, Inc.) and USA (Liberty All-Star Equity Fund) are both stocks. Both are in the Financial Services sector — GAM in Asset Management, USA in Collective Investments. Over the past 10 years, GAM returned 15.38%/yr vs 12.22%/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 9.38% return, which is significantly higher than USA's 0.24% return. Over the past 10 years, GAM has outperformed USA with an annualized return of 15.38%, while USA has yielded a comparatively lower 12.22% annualized return.
GAM
- 1D
- -0.45%
- 1M
- 1.34%
- 6M
- 5.74%
- YTD
- 9.38%
- 1Y
- 25.86%
- 3Y*
- 25.76%
- 5Y*
- 15.24%
- 10Y*
- 15.38%
USA
- 1D
- 0.34%
- 1M
- 3.83%
- 6M
- -1.64%
- YTD
- 0.24%
- 1Y
- -3.40%
- 3Y*
- 6.94%
- 5Y*
- 1.37%
- 10Y*
- 12.22%
GAM vs. USA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GAM General American Investors Company, Inc. | 9.38% | 28.63% | 29.55% | 26.84% | -14.84% | 20.56% | 5.85% | 41.76% | -10.25% | 21.32% |
USA Liberty All-Star Equity Fund | 0.24% | 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 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
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:
$1.54B
USA:
$1.84B
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 | +2.52 | ||
| Sortino ratioReturn per unit of downside risk | +3.46 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 0.97 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | -0.24 | +3.23 |
| Martin ratioReturn relative to average drawdown | 13.31 | -0.59 | +13.91 |
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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% | -14.30% | +5.63% |
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 | -1.50% | -5.15% | +3.65% |
Average DrawdownAverage peak-to-trough decline | -11.55% | -11.51% | -0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 5.97% | -4.02% |
Volatility
GAM vs. USA - Volatility Comparison
The current volatility for General American Investors Company, Inc. (GAM) is 3.70%, while Liberty All-Star Equity Fund (USA) has a volatility of 4.78%. 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 | 3.70% | 4.78% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 9.48% | 10.84% | -1.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.42% | 13.97% | -2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.02% | 20.19% | -4.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.59% | 22.56% | -4.97% |
Dividends
GAM vs. USA - Dividend Comparison
GAM's dividend yield for the trailing twelve months is around 9.96%, less than USA's 11.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAM General American Investors Company, Inc. | 9.96% | 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 | 11.41% | 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 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USA has higher volatility (4.78%) compared to GAM (3.70%). In terms of maximum drawdown, GAM dropped -66.63% vs USA's -69.15%.
GAM currently has the higher Sharpe Ratio (2.28 vs -0.24), 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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