BetterThanSPY

Relative Intelligence · Chemicals

How Air Products and Chemicals (APD) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on APD alone. It places APD (Air Products and Chemicals, Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where APD stands in the market, and of the alternatives worth a closer look.

Period covered: APD's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against APD →Chart APD vs. 20 alternatives →

This page answers the following questions about APD

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in APD have grown?

This chart tracks a hypothetical $10,000 investment in APD over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of APD over the same span and APD's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 411 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of APD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • VLO$1M+10,099% total · +17.3% a year
  • SHW$512,273+5,023% total · +14.5% a year
  • ECL$316,339+3,063% total · +12.6% a year
  • LIN$307,585+2,976% total · +12.5% a year
  • RPM$145,544+1,355% total · +9.7% a year
  • APD$141,485+1,315% total · +9.6% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • ASH$81,831+718% total · +7.5% a year
  • PPG$67,316+573% total · +6.8% a year
  • DD$46,604+366% total · +5.5% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 2,085 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of APD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • BE$147,957+1,380% total · +71.4% a year
  • VLO$64,131+541% total · +45.0% a year
  • TSM$43,622+336% total · +34.3% a year
  • WAB$34,242+242% total · +27.9% a year
  • CF$22,921+129% total · +18.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • LIN$17,312+73.1% total · +11.6% a year
  • ECL$13,921+39.2% total · +6.8% a year
  • APD$12,250+22.5% total · +4.1% a year
  • SHW$12,093+20.9% total · +3.9% a year
Change the dates or add tickers to this chart in EasyCompare

APD at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$69B
Industry
Chemicals - Specialty
Price history from
October 1986

Returns

Past 1 year
+25.0%total return
Past 3 years
+21.3%+6.7% a year
Past 5 years
+20.1%+3.7% a year
Past 10 years
+192%+11.3% a year
Best calendar year
+65.5%2009
Worst calendar year
−47.8%2008
Losing years
8 of 29full calendar years

Risk

Volatility
26.5%typical yearly swing, 5 years
Sharpe ratio
0.27return per unit of risk, 5 years
Worst decline ever
−60.3%Jun 2008 to Nov 2008
From its all-time high
−4.6%below the peak

APD against the whole market

Where APD ranks among every stock and fund, and what across the market has done better.

How does APD rank among all stocks?

This section ranks APD on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how APD stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureAPDRankStanding
1-year return+25.0%1,140 of 3,282top 35%
3-year return+21.3%2,015 of 3,016bottom 34%
5-year return+20.1%1,472 of 2,897bottom 50%
10-year return+192%892 of 2,201top 41%
Volatility, 5 years26.5%440 of 2,897top 15%
Sharpe ratio, 5 years0.271,656 of 2,897bottom 44%
Worst decline, past 10 years−31.8%33 of 2,184top 2%

What has beaten APD on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). APD sits where the dashed lines cross. Anything in the green box above and to the left earned more than APD with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to APD; faint dots are 93 more of the 784 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−10.0%0.0%10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than APDWELL: +27.0% a year, volatility 23.8%XLP: +7.6% a year, volatility 13.8%ACT: +20.7% a year, volatility 24.4%JAAA: +5.1% a year, volatility 1.7%BRK-A: +13.5% a year, volatility 17.2%ABBV: +25.5% a year, volatility 23.4%FLSP: +8.6% a year, volatility 13.4%JNJ: +13.5% a year, volatility 18.0%V: +13.2% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%VSLU: +13.7% a year, volatility 16.2%MA: +12.7% a year, volatility 23.8%PM: +21.3% a year, volatility 23.4%SHEL: +21.4% a year, volatility 24.8%MCK: +37.8% a year, volatility 25.1%GILD: +22.8% a year, volatility 24.9%WMT: +21.1% a year, volatility 22.6%TD: +16.5% a year, volatility 20.0%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%CM: +19.5% a year, volatility 21.6%BNY: +22.8% a year, volatility 24.4%TRV: +22.4% a year, volatility 22.3%BUD: +10.3% a year, volatility 25.0%SCHD: +10.2% a year, volatility 14.4%MFC: +23.3% a year, volatility 24.0%BMO: +14.0% a year, volatility 21.4%GWW: +26.7% a year, volatility 24.9%BNS: +13.2% a year, volatility 20.0%LMT: +12.5% a year, volatility 24.4%COR: +23.6% a year, volatility 22.8%KMI: +20.1% a year, volatility 22.3%UNP: +7.0% a year, volatility 22.9%BALT: +6.2% a year, volatility 3.3%CTAS: +17.1% a year, volatility 23.1%MNST: +17.4% a year, volatility 24.9%IWD: +11.5% a year, volatility 14.7%CME: +11.6% a year, volatility 20.8%ADP: +9.6% a year, volatility 23.0%RSG: +14.1% a year, volatility 18.6%UL: +5.7% a year, volatility 21.6%MSI: +15.2% a year, volatility 23.6%BMY: +6.1% a year, volatility 25.0%CCEP: +20.4% a year, volatility 23.3%FLRT: +6.0% a year, volatility 2.3%CSX: +9.3% a year, volatility 23.5%FAST: +16.2% a year, volatility 24.6%TAK: +12.3% a year, volatility 19.4%AJG: +11.6% a year, volatility 24.3%CL: +7.8% a year, volatility 19.3%MRSH: +4.8% a year, volatility 21.0%CBOE: +22.0% a year, volatility 25.1%SDCI: +21.1% a year, volatility 18.4%PG: +5.8% a year, volatility 18.4%NDAQ: +10.5% a year, volatility 24.9%SLF: +11.9% a year, volatility 19.4%XLV: +8.4% a year, volatility 15.3%KOF: +22.4% a year, volatility 24.7%WCN: +7.4% a year, volatility 20.4%PBA: +13.8% a year, volatility 21.6%HDV: +13.3% a year, volatility 13.0%RPRX: +13.8% a year, volatility 23.8%DGX: +13.0% a year, volatility 22.5%USMV: +7.7% a year, volatility 12.3%COWZ: +11.6% a year, volatility 17.7%WTW: +7.5% a year, volatility 24.0%EP-PC: +5.2% a year, volatility 8.9%DFAC: +11.3% a year, volatility 17.0%LH: +7.5% a year, volatility 23.9%CHD: +6.4% a year, volatility 21.1%EWT: +19.8% a year, volatility 24.3%FDL: +14.6% a year, volatility 14.5%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%JQUA: +13.5% a year, volatility 15.7%SEIC: +11.7% a year, volatility 22.4%AFG: +9.9% a year, volatility 22.7%MOAT: +9.5% a year, volatility 18.4%NOBL: +7.0% a year, volatility 14.5%THG: +15.2% a year, volatility 22.9%JEPI: +7.3% a year, volatility 11.0%FLTR: +4.8% a year, volatility 2.1%PDBC: +12.0% a year, volatility 19.3%DOCT: +8.2% a year, volatility 7.4%RSPT: +16.6% a year, volatility 25.1%GCOW: +14.4% a year, volatility 13.6%DFIV: +14.8% a year, volatility 16.4%IBB: +6.0% a year, volatility 22.4%FTCS: +6.5% a year, volatility 13.3%HYGH: +6.6% a year, volatility 7.1%IXC: +20.9% a year, volatility 23.2%APD: +3.7% a year, volatility 26.5%SPY (S&P 500): +12.5% a year, volatility 17.2%ECL: +6.9% a year, volatility 24.1%LIN: +11.7% a year, volatility 20.9%TSM: +31.0% a year, volatility 38.6%VLO: +43.8% a year, volatility 36.9%WAB: +25.2% a year, volatility 26.3%EMR: +12.9% a year, volatility 27.7%CTVA: +16.2% a year, volatility 28.4%NEU: +20.9% a year, volatility 26.8%ITW: +7.0% a year, volatility 21.4%WLKP: +4.2% a year, volatility 20.1%AMGN: +20.1% a year, volatility 24.9%MRK: +16.1% a year, volatility 24.8%CHT: +8.2% a year, volatility 13.3%AVLV: +13.9% a year, volatility 16.9%RY: +17.5% a year, volatility 18.2%GLD: +17.1% a year, volatility 19.0%SGOV: +3.8% a year, volatility 0.3%AAPL: +19.1% a year, volatility 28.0%CAH: +41.7% a year, volatility 24.7%APDSPY (S&P 500)ECLTSMVLOWABEMRCTVANEUITWWLKPAMGNMRKCHTAVLVRYGLDSGOVAAPLCAH−10.0%0.0%10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than APDWELL: +27.0% a year, volatility 23.8%XLP: +7.6% a year, volatility 13.8%ACT: +20.7% a year, volatility 24.4%JAAA: +5.1% a year, volatility 1.7%BRK-A: +13.5% a year, volatility 17.2%ABBV: +25.5% a year, volatility 23.4%FLSP: +8.6% a year, volatility 13.4%JNJ: +13.5% a year, volatility 18.0%V: +13.2% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%VSLU: +13.7% a year, volatility 16.2%MA: +12.7% a year, volatility 23.8%PM: +21.3% a year, volatility 23.4%SHEL: +21.4% a year, volatility 24.8%MCK: +37.8% a year, volatility 25.1%GILD: +22.8% a year, volatility 24.9%WMT: +21.1% a year, volatility 22.6%TD: +16.5% a year, volatility 20.0%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%CM: +19.5% a year, volatility 21.6%BNY: +22.8% a year, volatility 24.4%TRV: +22.4% a year, volatility 22.3%BUD: +10.3% a year, volatility 25.0%SCHD: +10.2% a year, volatility 14.4%MFC: +23.3% a year, volatility 24.0%BMO: +14.0% a year, volatility 21.4%GWW: +26.7% a year, volatility 24.9%BNS: +13.2% a year, volatility 20.0%LMT: +12.5% a year, volatility 24.4%COR: +23.6% a year, volatility 22.8%KMI: +20.1% a year, volatility 22.3%UNP: +7.0% a year, volatility 22.9%BALT: +6.2% a year, volatility 3.3%CTAS: +17.1% a year, volatility 23.1%MNST: +17.4% a year, volatility 24.9%IWD: +11.5% a year, volatility 14.7%CME: +11.6% a year, volatility 20.8%ADP: +9.6% a year, volatility 23.0%RSG: +14.1% a year, volatility 18.6%UL: +5.7% a year, volatility 21.6%MSI: +15.2% a year, volatility 23.6%BMY: +6.1% a year, volatility 25.0%CCEP: +20.4% a year, volatility 23.3%FLRT: +6.0% a year, volatility 2.3%CSX: +9.3% a year, volatility 23.5%FAST: +16.2% a year, volatility 24.6%TAK: +12.3% a year, volatility 19.4%AJG: +11.6% a year, volatility 24.3%CL: +7.8% a year, volatility 19.3%MRSH: +4.8% a year, volatility 21.0%CBOE: +22.0% a year, volatility 25.1%SDCI: +21.1% a year, volatility 18.4%PG: +5.8% a year, volatility 18.4%NDAQ: +10.5% a year, volatility 24.9%SLF: +11.9% a year, volatility 19.4%XLV: +8.4% a year, volatility 15.3%KOF: +22.4% a year, volatility 24.7%WCN: +7.4% a year, volatility 20.4%PBA: +13.8% a year, volatility 21.6%HDV: +13.3% a year, volatility 13.0%RPRX: +13.8% a year, volatility 23.8%DGX: +13.0% a year, volatility 22.5%USMV: +7.7% a year, volatility 12.3%COWZ: +11.6% a year, volatility 17.7%WTW: +7.5% a year, volatility 24.0%EP-PC: +5.2% a year, volatility 8.9%DFAC: +11.3% a year, volatility 17.0%LH: +7.5% a year, volatility 23.9%CHD: +6.4% a year, volatility 21.1%EWT: +19.8% a year, volatility 24.3%FDL: +14.6% a year, volatility 14.5%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%JQUA: +13.5% a year, volatility 15.7%SEIC: +11.7% a year, volatility 22.4%AFG: +9.9% a year, volatility 22.7%MOAT: +9.5% a year, volatility 18.4%NOBL: +7.0% a year, volatility 14.5%THG: +15.2% a year, volatility 22.9%JEPI: +7.3% a year, volatility 11.0%FLTR: +4.8% a year, volatility 2.1%PDBC: +12.0% a year, volatility 19.3%DOCT: +8.2% a year, volatility 7.4%RSPT: +16.6% a year, volatility 25.1%GCOW: +14.4% a year, volatility 13.6%DFIV: +14.8% a year, volatility 16.4%IBB: +6.0% a year, volatility 22.4%FTCS: +6.5% a year, volatility 13.3%HYGH: +6.6% a year, volatility 7.1%IXC: +20.9% a year, volatility 23.2%APD: +3.7% a year, volatility 26.5%SPY (S&P 500): +12.5% a year, volatility 17.2%ECL: +6.9% a year, volatility 24.1%LIN: +11.7% a year, volatility 20.9%TSM: +31.0% a year, volatility 38.6%VLO: +43.8% a year, volatility 36.9%WAB: +25.2% a year, volatility 26.3%EMR: +12.9% a year, volatility 27.7%CTVA: +16.2% a year, volatility 28.4%NEU: +20.9% a year, volatility 26.8%ITW: +7.0% a year, volatility 21.4%WLKP: +4.2% a year, volatility 20.1%AMGN: +20.1% a year, volatility 24.9%MRK: +16.1% a year, volatility 24.8%CHT: +8.2% a year, volatility 13.3%AVLV: +13.9% a year, volatility 16.9%RY: +17.5% a year, volatility 18.2%GLD: +17.1% a year, volatility 19.0%SGOV: +3.8% a year, volatility 0.3%AAPL: +19.1% a year, volatility 28.0%CAH: +41.7% a year, volatility 24.7%APDSPY (S&P 500)ECLTSMVLOWABCTVANEUITWWLKPAMGNMRKCHTAVLVRYSGOVCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than APD?

Investments that beat APD over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat APD over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks APD's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than APD follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than APD's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× APD's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than APD's.

Screen the whole market against APD for any period in BetterThanSPYOpen these 19 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with APD?lower diversifies moreExpenseper year
APDAir Products and Chemicals, Inc. · this page
+3.7%26.5%0.27−31.8%+192%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.440.09%
Popular alternativesbest 4 shownThe investments people most often weigh against APD. 4 of 20 passed at least one test.
ECLEcolab Inc. · Specialty Chemicals
Higher return, lower volatilityHigher return in most periods+6.9%24.1%0.40−43.7%+179%0.36—
LINLinde plc · Chemicals
Higher return, lower volatility+11.7%20.9%0.64−32.6%+404%0.54—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return in most periods+31.0%38.6%0.90−56.6%+1,440%0.22—
VLOValero Energy Corporation · Oil Refining
Higher return in most periods+43.8%36.9%1.18−71.9%+1,014%0.37—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Chemicals and the categories next to it (Specialty Chemicals, Agricultural Products, Industrial Machinery), plus APD's specific themes. 21 of 129 passed at least one test.
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Higher return, similar volatilityHigher return in most periods+25.2%26.3%0.99−64.1%+258%0.44—
EMREmerson Electric Co. · Industrial Machinery
Higher return, similar volatilityHigher return in most periods+12.9%27.7%0.58−50.8%+307%0.39—
CTVACorteva, Inc. · Chemicals
Higher return, similar volatilityHigher return in most periods+16.2%28.4%0.67−34.7%—0.47—
NEUNewMarket Corporation · Specialty Chemicals
Higher return, similar volatilityHigher return in most periods+20.9%26.8%0.85−40.7%+162%0.04—
ITWIllinois Tool Works Inc. · Industrial Machinery
Higher return, lower volatility+7.0%21.4%0.42−37.9%+213%0.57—
WLKPWestlake Chemical Partners LP · Chemicals
Similar return, lower volatility+4.2%20.1%0.30−60.2%+105%0.50—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,330 of 3,514 passed at least one test.
AMGNAmgen Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.1%24.9%0.86−24.9%+280%0.37—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+16.1%24.8%0.73−43.4%+245%0.28—
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+8.2%13.3%0.66−23.8%+104%0.17—
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.9%16.9%0.86−19.5%—0.570.15%
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.5%18.2%0.98−40.0%+361%0.40—
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+17.1%19.0%0.93−26.4%+206%0.170.40%
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—0.040.09%
AAPLApple Inc. · Computer Hardware
Higher return, similar volatilityHigher return in most periods+19.1%28.0%0.77−38.5%+1,194%0.10—
What these numbers mean for APD
Annual return
APD returned 3.7% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $12,000. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
APD's volatility over the past 5 years was 26.5%, 1.5 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APD's return lands within 26.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
APD's Sharpe ratio over the past 5 years was 0.27, against 0.78 for the S&P 500, so APD earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
APD's worst fall from a peak to a low over the past 10 years was 31.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 31.8% fall takes a 46.5% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, APD's monthly returns had a correlation of 0.44 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against APD instead: the lower it is, the more that option would diversify a APD holding. Guide: Correlation and diversification →
Show all 784 stocks and funds worth at least $500 million that earned more than APD with less volatility

Out of 3,641 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with APDExpense
1
AMGNAmgen Inc. · Biotechnology
Whole market+20.1%24.9%0.86−24.9%+280%0.37—
2
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.1%24.8%0.73−43.4%+245%0.28—
3
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+8.2%13.3%0.66−23.8%+104%0.17—
4
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+13.9%16.9%0.86−19.5%—0.570.15%
5
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.40—
6
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+378%0.48—
7
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.6%13.8%0.60−24.5%+124%0.490.08%
8
ACTEnact Holdings Inc. · Insurance
Whole market+20.7%24.4%0.90−20.2%—0.43—
9
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+345%0.12—
10
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+206%0.170.40%
11
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%—0.210.20%
12
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.34—
13
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+600%0.15—
14
FLSPFranklin Systematic Style Premia ETF · Liquid Alternatives
Whole market+8.6%13.4%0.69−22.9%—0.030.65%
15
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+209%0.37—
16
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+435%0.33—
17
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.140.48%
18
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.32—
19
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.470.40%
20
VSLUApplied Finance Valuation Large Cap ETF · US Large-Cap Value
Whole market+13.7%16.2%0.88−23.8%—0.450.49%
21
MAMastercard Incorporated · Payment Processing
Whole market+12.7%23.8%0.62−41.0%+551%0.35—
22
PMPhilip Morris International Inc. · Tobacco
Whole market+21.3%23.4%0.94−42.9%+240%0.37—
23
SHELShell plc · Integrated Oil & Gas
Whole market+21.4%24.8%0.91−67.2%+236%0.22—
24
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+582%0.12—
25
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+202%0.35—
26
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%0.45—
27
TDThe Toronto-Dominion Bank · Banks
Whole market+16.5%20.0%0.87−42.0%+319%0.27—
28
MOAltria Group, Inc. · Tobacco
Whole market+18.3%21.4%0.90−53.7%+133%0.29—
29
CBChubb Limited · Property & Casualty Insurance
Whole market+15.8%20.4%0.82−42.6%+256%0.34—
30
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.5%21.6%0.94−47.3%+409%0.27—
31
BNYBank of New York Mellon Corp · Banks
Whole market+22.8%24.4%0.97−50.5%+332%0.58—
32
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%0.34—
33
BUDAnheuser-Busch InBev SA/NV · Alcoholic Beverages
Whole market+10.3%25.0%0.52−69.8%−16.3%0.29—
34
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+10.2%14.4%0.75−33.4%+256%0.610.06%
35
MFCManulife Financial Corporation · Life Insurance
Whole market+23.3%24.0%1.00−57.5%+386%0.33—
36
BMOBank of Montreal · Banks
Whole market+14.0%21.4%0.72−51.0%+304%0.38—
37
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.7%24.9%1.08−41.6%+670%0.39—
38
BNSThe Bank of Nova Scotia · Banks
Whole market+13.2%20.0%0.73−46.9%+191%0.39—
39
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+12.5%24.4%0.61−36.7%+226%0.07—
40
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.33—
41
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+20.1%22.3%0.94−55.1%+159%0.48—
42
UNPUnion Pacific Corporation · Railroads
Whole market+7.0%22.9%0.41−38.7%+313%0.50—
43
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.3%1.84−4.9%—0.360.69%
44
CTASCintas Corporation · Business Services
Whole market+17.1%23.1%0.80−48.4%+834%0.49—
45
MNSTMonster Beverage Corporation · Nonalcoholic Beverages
Whole market+17.4%24.9%0.77−30.4%+278%0.08—
46
IWDiShares Russell 1000 Value ETF · US Large-Cap Value
Whole market+11.5%14.7%0.82−38.5%+207%0.590.18%
47
CMECME Group Inc. · Capital Markets
Whole market+11.6%20.8%0.63−37.4%+334%0.16—
48
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.6%23.0%0.52−40.8%+337%0.44—
49
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+461%0.42—
50
ULUnilever PLC · Household & Personal Products
Whole market+5.7%21.6%0.37−30.1%+96.5%0.32—
51
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+15.2%23.6%0.72−32.8%+639%0.48—
52
BMYBristol-Myers Squibb Company · Pharmaceuticals
Whole market+6.1%25.0%0.36−47.7%+82.7%0.24—
53
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+20.4%23.3%0.92−48.8%+294%0.31—
54
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+58.7%0.280.60%
55
CSXCSX Corporation · Railroads
Whole market+9.3%23.5%0.50−40.5%+485%0.50—
56
FASTFastenal Company · Industrial Distribution
Whole market+16.2%24.6%0.74−30.7%+582%0.50—
57
TAKTakeda Pharmaceutical Company Limited · Specialty Pharmaceuticals
Whole market+12.3%19.4%0.70−54.4%+33.3%0.07—
58
AJGArthur J. Gallagher & Co. · Insurance Brokers
Whole market+11.6%24.3%0.57−44.4%+552%0.45—
59
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.8%19.3%0.48−29.0%+73.7%0.29—
60
MRSHMarsh & McLennan Companies, Inc. · Insurance Brokers
Whole market+4.8%21.0%0.33−35.8%+261%0.52—
61
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+22.0%25.1%0.92−43.2%+481%0.11—
62
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Broad Commodities
Whole market+21.1%18.4%1.14−45.7%—0.330.80%
63
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.8%18.4%0.40−23.8%+156%0.36—
64
NDAQNasdaq, Inc. · Capital Markets
Whole market+10.5%24.9%0.53−38.3%+447%0.41—
65
SLFSun Life Financial Inc. · Life Insurance
Whole market+11.9%19.4%0.68−50.8%+260%0.41—
66
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+208%0.450.08%
67
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.4%24.7%0.95−55.1%+119%0.09—
68
WCNWaste Connections, Inc. · Waste Management
Whole market+7.4%20.4%0.45−31.6%+299%0.44—
69
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.6%0.71−70.9%+173%0.44—
70
HDViShares Core High Dividend ETF · High Dividend Yield
Whole market+13.3%13.0%1.03−37.0%+177%0.580.08%
71
RPRXRoyalty Pharma plc · Pharmaceuticals
Whole market+13.8%23.8%0.67−49.7%—0.32—
72
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+13.0%22.5%0.66−36.6%+256%0.48—
73
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.7%12.3%0.66−33.1%+179%0.600.15%
74
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.6%17.7%0.71−38.7%—0.500.49%
75
WTWWillis Towers Watson Public Limited Company · Insurance Brokers
Whole market+7.5%24.0%0.42−32.9%+200%0.41—
76
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.62−25.4%+38.1%0.36—
77
DFACDimensional - US Core Equity 2 ETF · US Total Market
Whole market+11.3%17.0%0.72−23.1%—0.500.21%
78
LHLabcorp Holdings Inc. · Medical Diagnostics
Whole market+7.5%23.9%0.42−46.6%+190%0.53—
79
CHDChurch & Dwight Co., Inc. · Household & Personal Products
Whole market+6.4%21.1%0.40−31.7%+162%0.41—
80
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+19.8%24.3%0.87−38.9%+448%0.240.59%
81
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield
Whole market+14.6%14.5%1.02−41.4%+207%0.570.43%
82
FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer
Whole market+11.0%10.5%1.04−13.6%—0.350.85%
83
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
Whole market+9.9%8.0%1.22−18.8%—0.410.79%
84
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.5%15.7%0.89−32.9%—0.500.12%
85
SEICSEI Investments Company · Asset Management
Whole market+11.7%22.4%0.61−51.8%+156%0.54—
86
AFGAmerican Financial Group, Inc. · Property & Casualty Insurance
Whole market+9.9%22.7%0.53−59.0%+332%0.37—
87
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.5%18.4%0.59−33.3%+278%0.460.46%
88
NOBLProShares - S&P 500 Dividend Aristocrats ETF · US Dividend Equity
Whole market+7.0%14.5%0.54−35.4%+178%0.640.35%
89
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.2%22.9%0.73−40.1%+309%0.17—
90
JEPIJPMorgan Equity Premium Income ETF · Covered Call Income
Whole market+7.3%11.0%0.70−13.7%—0.610.35%
91
FLTRVanEck IG Floating Rate ETF · Floating Rate Bonds
Whole market+4.8%2.1%2.21−17.8%+42.1%-0.010.14%
92
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities
Whole market+12.0%19.3%0.69−40.7%+152%0.250.74%
93
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer
Whole market+8.2%7.4%1.10−9.9%—0.360.85%
94
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.6%25.1%0.74−33.7%+559%0.260.40%
95
GCOWPacer Global Cash Cows Dividend ETF · Global Equity
Whole market+14.4%13.6%1.06−37.6%+170%0.520.60%
96
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%—0.500.27%
97
IBBiShares Biotechnology ETF · Biotechnology
Whole market+6.0%22.4%0.37−39.8%+142%0.400.44%
98
FTCSFirst Trust Capital Strength ETF · US Quality Equity
Whole market+6.5%13.3%0.54−31.9%+191%0.620.53%
99
HYGHiShares Interest Rate Hedged High Yield Bond ETF · High Yield Bonds
Whole market+6.6%7.1%0.95−23.9%+73.7%0.371.12%
100
IXCiShares Global Energy ETF · Energy Equity
Whole market+20.9%23.2%0.94−64.2%+183%0.400.37%

APD against its popular alternatives

The investments people most often weigh against APD, compared period by period and year by year.

How do APD's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at APD, which divides the map into what did better or worse on each measure.

Green points earned more than APD with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%−60.0%−40.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAPD: 3.7% a year, volatility 26.5%SPY (S&P 500): 12.5% a year, volatility 17.2%LIN: 11.7% a year, volatility 20.9%ECL: 6.9% a year, volatility 24.1%SHW: 3.4% a year, volatility 27.1%LYB: −1.1% a year, volatility 33.1%ASH: −3.6% a year, volatility 31.8%DOW: −6.5% a year, volatility 34.1%PPG: −4.9% a year, volatility 28.1%WLK: −7.1% a year, volatility 37.4%EMN: −5.9% a year, volatility 32.2%OLN: −21.0% a year, volatility 45.1%APTV: −23.6% a year, volatility 41.4%PLUG: −46.9% a year, volatility 94.2%CE: −21.3% a year, volatility 45.9%HUN: −19.9% a year, volatility 41.9%VLO: 43.8% a year, volatility 36.9%TSM: 31.0% a year, volatility 38.6%CF: 17.2% a year, volatility 38.1%BE: 60.9% a year, volatility 89.7%DD: 10.4% a year, volatility 30.0%RPM: 4.8% a year, volatility 27.1%APDSPY (S&P 500)ECLLYBASHDOWPPGWLKOLNAPTVPLUGCEVLOTSMCFBEDD0.0%20.0%40.0%60.0%80.0%100%−60.0%−40.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAPD: 3.7% a year, volatility 26.5%SPY (S&P 500): 12.5% a year, volatility 17.2%LIN: 11.7% a year, volatility 20.9%ECL: 6.9% a year, volatility 24.1%SHW: 3.4% a year, volatility 27.1%LYB: −1.1% a year, volatility 33.1%ASH: −3.6% a year, volatility 31.8%DOW: −6.5% a year, volatility 34.1%PPG: −4.9% a year, volatility 28.1%WLK: −7.1% a year, volatility 37.4%EMN: −5.9% a year, volatility 32.2%OLN: −21.0% a year, volatility 45.1%APTV: −23.6% a year, volatility 41.4%PLUG: −46.9% a year, volatility 94.2%CE: −21.3% a year, volatility 45.9%HUN: −19.9% a year, volatility 41.9%VLO: 43.8% a year, volatility 36.9%TSM: 31.0% a year, volatility 38.6%CF: 17.2% a year, volatility 38.1%BE: 60.9% a year, volatility 89.7%DD: 10.4% a year, volatility 30.0%RPM: 4.8% a year, volatility 27.1%APDSPY (S&P 500)LINSHWASHDOWOLNAPTVPLUGVLOTSMBE
All figures
InvestmentAnnual returnVolatility
BE Bloom Energy Corporation+60.9%89.7%
VLO Valero Energy Corporation+43.8%36.9%
TSM Taiwan Semiconductor Manufacturing Company Limited+31.0%38.6%
CF CF Industries Holdings, Inc.+17.2%38.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
LIN Linde plc+11.7%20.9%
DD DuPont de Nemours, Inc.+10.4%30.0%
ECL Ecolab Inc.+6.9%24.1%
RPM RPM International Inc.+4.8%27.1%
APD This pageAir Products and Chemicals, Inc.+3.7%26.5%
SHW The Sherwin-Williams Company+3.4%27.1%
LYB LyondellBasell Industries N.V.−1.1%33.1%
ASH Ashland Inc.−3.6%31.8%
PPG PPG Industries, Inc.−4.9%28.1%
EMN Eastman Chemical Company−5.9%32.2%
DOW Dow Inc.−6.5%34.1%
WLK Westlake Corporation−7.1%37.4%
HUN Huntsman Corporation−19.9%41.9%
OLN Olin Corporation−21.0%45.1%
CE Celanese Corporation−21.3%45.9%
APTV Aptiv PLC−23.6%41.4%
PLUG Plug Power Inc.−46.9%94.2%
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Has APD consistently beaten its popular alternatives?

This section compares APD with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than APD helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than APD over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
APD Air Products and Chemicals, Inc. (this page)—+7.8%+4.5%+5.2%+25.4%+25.0%+21.3%+20.1%+192%26.5%0.27−31.8%—$69B—
VLO QualifiedValero Energy Corporation5/5 short3/3 longAll-weather+13.0%+37.6%+83.5%+162%+169%+254%+515%+1,014%36.9%1.18−71.9%—$123B—
TSM QualifiedTaiwan Semiconductor Manufacturing Company Limited3/5 short3/3 long−8.8%−1.8%+7.0%+30.0%+44.2%+368%+285%+1,440%38.6%0.90−56.6%—$2.1T—
CF Agricultural InputsCF Industries Holdings, Inc.2/5 short3/3 long−1.7%−6.4%−2.3%+50.1%+40.8%+58.2%+121%+510%38.1%0.61−60.7%—$18B—
LIN Chemicals - SpecialtyLinde plc1/5 short3/3 long+9.8%+0.7%+3.9%+20.1%+15.0%+45.1%+73.8%+404%20.9%0.64−32.6%—$235B—
ECL Chemicals - SpecialtyEcolab Inc.2/5 short2/3 long+5.8%+9.8%+9.3%+12.2%+7.1%+89.4%+39.6%+179%24.1%0.40−43.7%—$82B—
BE Electrical Equipment & PartsBloom Energy Corporation2/5 short2/3 long−21.2%−0.2%−5.2%+121%+131%+1,836%+979%—89.7%0.96−92.5%—$64B—
SHW Chemicals - SpecialtyThe Sherwin-Williams Company1/5 short2/3 long+5.3%+8.3%+3.6%+6.2%+4.5%+48.7%+18.0%+309%27.1%0.26−42.5%—$84B—
DD ChemicalsDuPont de Nemours, Inc.1/5 short2/3 long+2.5%−2.8%−1.2%+11.6%+37.4%+57.8%+64.4%+67.2%30.0%0.48−73.0%—$18B—
RPM Chemicals - SpecialtyRPM International Inc.0/5 short1/3 long+1.3%−4.8%−3.4%+0.1%−7.1%+15.9%+26.2%+155%27.1%0.31−38.7%—$13B—
LYB Chemicals - SpecialtyLyondellBasell Industries N.V.4/5 short0/3 long+10.3%+6.0%−7.3%+52.2%+53.7%−11.8%−5.4%+41.2%33.1%0.13−68.2%—$21B—
ASH Chemicals - SpecialtyAshland Inc.3/5 short0/3 long+5.6%+8.2%+31.3%+25.4%+52.6%+4.6%−16.9%+56.4%31.8%0.04−57.3%—$3.4B—
DOW ChemicalsDow Inc.3/5 short0/3 long+12.8%+3.0%−16.2%+35.5%+53.8%−21.7%−28.4%—34.1%-0.03−64.4%—$23B—
PPG Chemicals - SpecialtyPPG Industries, Inc.0/5 short0/3 long+4.9%−3.1%+2.6%+10.4%+13.6%−1.9%−22.2%+46.6%28.1%-0.04−46.0%—$25B—
WLK Chemicals - SpecialtyWestlake Corporation0/5 short0/3 long−6.8%−16.2%−43.2%−12.0%−12.6%−40.2%−30.7%+42.8%37.4%-0.01−75.2%—$8.2B—
EMN Chemicals - SpecialtyEastman Chemical Company0/5 short0/3 long−2.6%−4.7%−7.8%+5.2%+12.0%+6.0%−26.3%+37.1%32.2%-0.03−62.7%—$7.5B—
OLN ChemicalsOlin Corporation0/5 short0/3 long−7.6%−35.1%−41.2%−26.0%−28.9%−63.0%−69.2%−4.7%45.1%-0.30−75.7%—$1.8B—
APTV Auto - PartsAptiv PLC0/5 short0/3 long−1.8%−24.8%−28.0%−44.1%−48.1%−51.1%−74.0%−12.8%41.4%-0.44−75.8%—$9.1B—
PLUG Electrical Equipment & PartsPlug Power Inc.0/5 short0/3 long−34.6%−38.1%−56.7%−38.1%−52.7%−76.5%−95.8%−14.8%94.2%-0.21−99.0%—$1.9B—
CE ChemicalsCelanese Corporation0/5 short0/3 long−0.5%−2.3%−27.8%+12.2%+17.1%−57.0%−69.8%−21.2%45.9%-0.29−79.0%—$5.2B—
HUN ChemicalsHuntsman Corporation0/5 short0/3 long−3.6%−33.4%−36.1%−12.5%+10.2%−55.7%−67.1%−26.0%41.9%-0.32−78.7%—$1.5B—
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How did APD do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where APD ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with APD and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of APD; gray means the two finished within a fraction of a point. The rank row places APD among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of APD20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
APD This pageAir Products and Chemicals, Inc.—−12.7%+8.1%−8.9%+3.9%+13.8%+18.8%+50.0%+0.3%+17.1%+22.5%−7.6%+32.1%+36.9%+1.7%−3.8%+15.0%+65.5%−47.8%+42.8%+21.1%+4.3%+12.0%+26.1%−7.2%+16.7%+24.9%−14.3%−1.0%+20.8%
Rank among alternativesTop quarter in 6 of 2912 of 217 of 2118 of 214 of 2114 of 2110 of 214 of 206 of 1917 of 195 of 199 of 193 of 1912 of 1917 of 1912 of 1813 of 177 of 1710 of 174 of 177 of 176 of 1410 of 139 of 139 of 135 of 133 of 139 of 126 of 126 of 11
SPY S&P 500State Street SPDR S&P 500 ETF13 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
VLO Valero Energy Corporation15 of 29+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%+66.3%−7.8%+39.6%−20.3%−68.5%+37.9%−0.4%+128%+97.9%+26.6%−2.1%+3.6%+88.6%−4.8%−31.5%+209%
TSM Taiwan Semiconductor Manufacturing Company Limited16 of 28+55.7%+92.0%+41.8%−37.0%+11.7%+91.6%+63.3%−4.3%+37.9%+31.2%+4.9%+31.1%+4.5%+37.7%+7.3%+14.9%+52.9%−16.1%−4.3%+18.9%+27.1%−4.2%+56.7%−54.8%+39.5%−51.0%+290%+13.4%—
CF CF Industries Holdings, Inc.13 of 20−7.2%+10.1%−4.7%+22.3%+87.2%−15.7%+12.7%+5.1%+40.3%−19.3%−23.5%+19.4%+15.9%+41.3%+8.0%+49.6%+85.8%−55.2%+330%+69.1%—————————
LIN Linde plc17 of 29+3.2%+3.2%+27.7%−4.4%+33.4%+25.9%+39.1%+3.0%+35.1%+17.5%−19.0%+1.6%+21.3%+4.5%+14.2%+21.5%+38.4%−31.8%+52.0%+14.0%+21.8%+17.3%+34.4%+5.9%+26.3%−10.3%+44.4%−20.7%−1.6%
ECL Ecolab Inc.15 of 29+13.2%+19.3%+37.9%−37.1%+9.4%+13.2%+32.3%+11.1%+15.8%+3.7%+10.7%+1.3%+46.6%+25.9%+16.3%+14.6%+28.7%−30.5%+14.5%+25.9%+4.4%+29.7%+11.9%+24.4%−5.5%+11.9%+9.3%+32.3%+49.7%
BE Bloom Energy Corporation3 of 7+291%+50.1%−22.6%−12.8%−23.5%+284%−25.1%——————————————————————
SHW The Sherwin-Williams Company17 of 29−3.8%+9.9%+32.7%−32.0%+44.9%+27.1%+49.7%−3.2%+54.1%+4.8%−0.4%+44.9%+20.7%+74.5%+8.5%+38.7%+5.9%+5.6%−6.9%+42.7%+3.8%+30.7%+25.7%+5.0%+7.3%+28.5%−27.0%+7.2%+0.3%
DD DuPont de Nemours, Inc.13 of 29+28.7%+1.0%+14.3%−13.3%+15.4%+13.3%−14.3%−23.7%+26.2%+13.9%+15.8%+4.9%+40.7%+15.4%−14.0%+25.4%+88.0%−60.2%+1.4%−6.5%−9.6%+21.8%+44.0%−9.4%−5.2%−15.6%+50.2%−8.0%+33.0%
RPM RPM International Inc.14 of 29−13.9%+12.1%+16.8%−1.7%+13.2%+20.6%+33.7%+14.8%−0.3%+25.1%−11.1%+25.0%+44.4%+24.7%+15.3%+13.1%+61.6%−31.8%+0.3%+24.7%−8.6%+23.7%+12.1%+9.4%+78.0%−11.8%−34.1%+7.9%+15.6%
LYB LyondellBasell Industries N.V.6 of 15−36.0%−17.4%+20.7%−1.0%+5.1%+2.6%+19.4%−21.7%+33.8%+2.9%+13.2%+1.8%+44.7%+92.5%+10.5%——————————————
ASH Ashland Inc.13 of 29−15.4%−13.7%−20.2%+1.2%+37.7%+5.1%+9.4%+0.9%+34.1%+8.0%−13.2%+25.0%+22.4%+42.4%+13.8%+29.7%+284%−77.3%−30.1%+74.8%+22.9%+35.5%+59.7%−36.0%+31.7%+18.9%−29.9%−7.9%+25.4%
DOW Dow Inc.1 of 6−37.4%−22.8%+14.7%−6.6%+6.8%+7.9%———————————————————————
PPG PPG Industries, Inc.13 of 29−11.9%−18.5%+21.2%−25.7%+21.3%+10.1%+32.8%−11.0%+25.2%−2.6%−13.4%+23.5%+42.3%+65.7%+2.0%+48.2%+44.5%−37.4%+12.4%+14.3%−12.6%+9.6%+32.2%+0.1%+15.2%−23.5%+10.3%+4.2%+4.2%
WLK Westlake Corporation8 of 21−33.8%−16.9%+38.4%+6.8%+20.5%+18.5%+7.7%−37.3%+92.4%+4.7%−10.1%+0.9%+55.2%+121%−6.8%+76.1%+54.9%−13.1%−39.0%+9.4%−13.5%————————
EMN Eastman Chemical Company11 of 29−26.9%+5.1%+14.7%−30.4%+23.5%+31.8%+12.0%−19.1%+26.3%+14.4%−8.9%−4.3%+20.6%+77.8%−4.8%+43.3%+99.1%−46.2%+5.9%+18.8%−7.6%+51.7%+13.2%−1.7%−17.6%+6.6%+10.6%−22.6%+11.1%
OLN Olin Corporation15 of 29−36.2%−36.3%+3.5%−6.7%+139%+50.7%−10.7%−41.9%+42.5%+54.9%−21.6%−18.7%+38.3%+14.1%−0.4%+22.3%+2.4%−2.7%+22.0%−12.3%−7.0%+14.7%+35.1%+1.1%−23.5%+17.1%+15.5%−37.6%+28.3%
APTV Aptiv PLC9 of 14+25.8%−32.6%−3.7%−43.5%+26.6%+37.5%+55.9%−27.1%+57.6%−20.1%+19.3%+22.7%+59.4%+77.6%———————————————
PLUG Plug Power Inc.7 of 26−7.5%−52.7%−63.6%−56.2%−16.8%+973%+155%−47.5%+96.7%−43.1%−29.7%+93.5%+210%−75.5%−44.9%−47.9%−30.4%−74.2%+1.5%−24.2%−16.0%−15.7%+61.5%−48.6%−40.5%−48.0%———
CE Celanese Corporation9 of 20−38.7%−54.6%+55.7%−37.8%+31.7%+8.3%+39.9%−14.3%+38.5%+19.4%+14.3%+10.1%+25.5%+1.2%+8.1%+29.0%+160%−70.5%+64.3%+36.5%—————————
HUN Huntsman Corporation8 of 20−40.7%−25.0%−5.1%−19.0%+42.2%+7.5%+28.9%−40.6%+77.9%+73.4%−48.5%−5.6%+58.7%+63.4%−34.1%+43.2%+251%−86.1%+37.8%+10.2%—————————
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Risk and diversification

How APD has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were APD's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents APD's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means APD fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringAPD fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−60.3%−45.8%Jun 2008Nov 20085 monthsJul 20112.7 years
No named crash−50.0%+1.8%May 1999Mar 200010 monthsMay 200114 months
No named crash−41.5%—Aug 1987Dec 19874 monthsJan 19902.1 years
No named crash−33.4%−8.7%May 1998Sep 19984 monthsApr 19997 months
2023 regional bank crisis−31.8%+26.4%Dec 2022Feb 202414 monthsOct 20248 months

How did APD do in stock market crashes?

This section measures how far APD, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than APD.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
APD This pageAir Products and Chemicals, Inc.—−3.1%−28.3%−30.9%−12.5%−6.2%−20.6%−19.0%−1.8%−60.3%−30.0%
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VLO Valero Energy Corporation0 of 10−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
TSM Taiwan Semiconductor Manufacturing Company Limited5 of 10−3.9%−54.3%−23.3%−21.4%−9.3%−13.2%−15.7%0.0%−48.0%−82.4%
CF CF Industries Holdings, Inc.2 of 9−10.7%−26.4%−46.4%−28.0%−6.1%−56.0%−36.3%−1.2%−76.8%—
LIN Linde plc6 of 10−5.3%−22.8%−32.3%−11.9%−7.2%−16.6%−15.4%−0.6%−51.8%−33.5%
ECL Ecolab Inc.5 of 10−1.3%−39.2%−40.3%−13.8%−6.8%−16.3%−16.1%0.0%−41.9%−30.0%
BE Bloom Energy Corporation0 of 4−10.7%−53.7%−78.2%−72.4%——————
SHW The Sherwin-Williams Company4 of 10−2.9%−39.7%−32.5%−22.1%−4.3%−23.2%−12.4%−0.5%−33.3%−32.4%
DD DuPont de Nemours, Inc.1 of 10−4.0%−40.2%−46.4%−29.2%−5.1%−27.0%−39.8%−4.5%−85.7%−40.6%
RPM RPM International Inc.1 of 10−4.5%−22.1%−37.0%−17.1%−5.9%−20.6%−23.8%−2.4%−61.7%−31.3%
LYB LyondellBasell Industries N.V.0 of 8−7.5%−34.8%−57.5%−24.9%−7.0%−25.5%−39.9%−4.3%——
ASH Ashland Inc.2 of 10−5.5%−19.8%−50.9%−23.8%−5.5%−22.7%−34.2%−2.6%−91.4%−48.1%
DOW Dow Inc.0 of 3−6.9%−37.1%−54.1%———————
PPG PPG Industries, Inc.1 of 10−5.0%−36.8%−39.3%−18.0%−4.6%−20.7%−22.2%−1.5%−61.8%−35.8%
WLK Westlake Corporation3 of 9−8.4%−41.4%−52.7%−29.4%−5.7%−34.1%−39.4%−1.0%−58.5%—
EMN Eastman Chemical Company0 of 10−5.7%−43.2%−47.4%−31.6%−5.8%−25.9%−35.8%−1.8%−76.1%−44.8%
OLN Olin Corporation0 of 10−10.0%−36.7%−51.0%−33.9%−14.8%−40.9%−22.6%−2.5%−69.0%−45.2%
APTV Aptiv PLC0 of 6−5.7%−55.1%−63.2%−33.4%−6.0%−35.7%————
PLUG Plug Power Inc.1 of 10−10.4%−57.6%−51.7%−48.7%−14.1%−47.6%−40.9%0.0%−84.5%−97.7%
CE Celanese Corporation0 of 9−10.8%−48.7%−45.7%−27.2%−7.0%−22.2%−45.1%−2.6%−84.9%—
HUN Huntsman Corporation0 of 9−5.7%−40.7%−39.4%−37.1%−6.1%−55.4%−55.7%−1.3%−91.9%—
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How closely does APD move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares APD with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than APD's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
APD This pageAir Products and Chemicals, Inc.81%95%0.850.76
TSM Taiwan Semiconductor Manufacturing Company Limited138%75%1.841.15
CF CF Industries Holdings, Inc.102%78%1.320.82
VLO Valero Energy Corporation142%114%1.241.31
LIN Linde plc90%73%1.230.76
ECL Ecolab Inc.75%86%0.870.94
SHW The Sherwin-Williams Company114%132%0.871.09
RPM RPM International Inc.90%122%0.741.01
DD DuPont de Nemours, Inc.96%151%0.631.28
ASH Ashland Inc.70%114%0.610.82
WLK Westlake Corporation84%142%0.591.05
EMN Eastman Chemical Company94%162%0.581.29
LYB LyondellBasell Industries N.V.80%141%0.570.91
PPG PPG Industries, Inc.80%143%0.561.11
PLUG Plug Power Inc.114%210%0.541.86
OLN Olin Corporation92%177%0.521.31
APTV Aptiv PLC106%219%0.481.80
CE Celanese Corporation71%154%0.461.01
HUN Huntsman Corporation68%155%0.441.03
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What diversifies APD?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with APD's. Because such investments tend not to fall at the same time, pairing APD with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which APD lost money. The last two columns show a portfolio that is 80% APD and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2025202320152011200820021999199880/20 mix volatility80/20 mix annual return
APD Air Products and Chemicals, Inc. (this page)1.00+20.1%0.27−12.7%−8.9%−7.6%−3.8%−47.8%−7.2%−14.3%−1.0%26.9%+4.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.47+119%1.48+27.1%+17.4%——————22.4%+7.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.14+225%1.34+32.8%+42.0%+7.7%−16.1%−20.8%———22.0%+9.0%
EWP Broad MarketiShares MSCI Spain ETF0.43+141%0.97+78.0%+30.3%−15.6%−9.8%−36.8%−13.6%−1.5%+50.5%23.4%+7.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.46+83.6%0.95+23.1%+20.1%+4.1%—————22.6%+6.5%
SMH TechnologyVanEck Semiconductor ETF0.17+304%0.94+49.2%+73.4%−0.3%+6.8%−44.7%−47.0%——23.7%+11.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.38+178%0.94+7.9%−0.6%−21.5%+2.8%−39.0%−14.8%+18.1%—24.0%+8.4%
GLD CommoditiesSPDR Gold Shares0.17+120%0.93+63.7%+12.7%−10.7%+9.6%+4.9%———22.4%+7.6%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.38+112%0.91+32.7%+14.2%−4.1%—————23.4%+7.3%

Stocks

InvestmentCorrelation5Y returnSharpe2025202320152011200820021999199880/20 mix volatility80/20 mix annual return
APD Air Products and Chemicals, Inc. (this page)1.00+20.1%0.27−12.7%−8.9%−7.6%−3.8%−47.8%−7.2%−14.3%−1.0%26.9%+4.1%
CAH Medical - DistributionCardinal Health, Inc.0.12+471%1.54+76.3%+34.1%+12.6%+8.1%−39.6%−8.3%−36.8%+51.7%22.8%+11.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.14+2,780%1.43+220%+160%−6.0%−24.4%−20.5%−65.1%+350%—25.9%+23.3%
MCK Medical - DistributionMcKesson Corporation0.12+397%1.41+44.5%+24.1%−4.5%+11.8%−40.4%−27.2%−71.3%+46.9%22.7%+10.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.22+1,452%1.41+121%+79.6%+67.7%−17.0%−15.2%−9.4%−58.7%−9.5%25.1%+19.4%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.29+660%1.39+19.2%+30.4%+17.4%—————24.2%+13.0%
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Common questions

What was APD's worst drawdown?

APD's deepest decline since it began trading in 1986 was 60.3%, from June to November 2008. It took about three years from the low to climb back to its old high.

What were APD's best and worst years?

Over 29 full calendar years, APD's best year was 2009, when it returned 65.5%. Its worst was 2008, with a return of -47.8%.

Is there a better investment than APD?

Among APD's popular alternatives, ECL and LIN earned more than APD with less volatility over the past 5 years. ECL returned 6.9% a year at 24.1% volatility, against 3.7% a year at 26.5%. Looking beyond its popular alternatives, ITW (industrial machinery) earned more than APD with less volatility over the past 5 years: 7.0% a year at 21.4% volatility, against 3.7% a year at 26.5%.

Is APD more volatile than the S&P 500?

Yes. APD's volatility over the past 5 years was 26.5%, 1.5 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APD's return lands within 26.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is APD's Sharpe ratio?

APD's Sharpe ratio over the past 5 years was 0.27, against 0.78 for the S&P 500, so APD earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is APD with the S&P 500?

Over the past 5 years, APD's monthly returns had a correlation of 0.44 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against APD instead: the lower it is, the more that option would diversify a APD holding.

What are the best alternatives to APD?

Of the 20 popular alternatives we compared, two outperformed APD in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VLO and TSM.

Did APD outperform the S&P 500?

APD finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned -12.7%, against +17.7% for the index.

How did APD do in stock market crashes?

APD fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in four. The clearest case was the 2015 China and oil sell-off, when APD fell 20.6% and the S&P 500 fell 12.8%.

What diversifies APD?

These had a low correlation with APD over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.47), DXJ (correlation 0.14) and EWP (correlation 0.43); among large stocks, CAH (correlation 0.12), CLS (correlation 0.14) and MCK (correlation 0.12). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to APD

Other stocks and ETFs