HFEQ vs. GAM

Last updated Jun 4, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) is Long-Short fund actively managed by Unlimited, while GAM (General American Investors Company, Inc.) is a stock. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

HFEQ vs. GAM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and General American Investors Company, Inc. (GAM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFEQ achieves a 14.04% return, which is significantly higher than GAM's 8.22% return.

HFEQ

• 1D: -0.34%
• 1M: 5.50%
• YTD: 14.04%
• 6M: 13.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GAM

• 1D: -0.84%
• 1M: 0.09%
• YTD: 8.22%
• 6M: 7.93%
• 1Y: 29.55%
• 3Y*: 27.21%
• 5Y*: 14.95%
• 10Y*: 15.46%

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

HFEQ vs. GAM - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.04%	14.92%
GAM General American Investors Company, Inc.	8.22%	15.19%

Correlation

The correlation between HFEQ and GAM is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.64

Return for Risk

HFEQ vs. GAM — Risk / Return Rank

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

GAM

GAM Risk / Return Rank: 91
GAM Sharpe Ratio Rank: 93
GAM Sortino Ratio Rank: 93
GAM Omega Ratio Rank: 93
GAM Calmar Ratio Rank: 84
GAM Martin Ratio Rank: 94

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.

HFEQ vs. GAM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) and General American Investors Company, Inc. (GAM). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HFEQ	GAM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.72	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.94	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	0.45	+1.20

Drawdowns

HFEQ vs. GAM - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, smaller than the maximum GAM drawdown of -66.63%. Use the drawdown chart below to compare losses from any high point for HFEQ and GAM.

Drawdown Indicators

	HFEQ	GAM	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-66.63%	+54.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.67%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.90%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-41.78%	—
Current Drawdown Current decline from peak	-0.34%	-2.55%	+2.21%
Average Drawdown Average peak-to-trough decline	-2.45%	-11.57%	+9.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.72%	—

Volatility

Volatility by Period

	HFEQ	GAM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.99%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	10.90%	+10.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	15.97%	+5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	17.63%	+3.97%

Dividends

HFEQ vs. GAM - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 9.25%, less than GAM's 10.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAM General American Investors Company, Inc.	10.07%	11.32%	8.82%	6.17%	4.15%	1.38%	6.72%	6.49%	9.67%	9.56%	10.20%	3.60%
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.25%	10.55%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HFEQ and GAM in my portfolio?

HFEQ and GAM have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.