BetterThanSPY

Relative Intelligence · Semiconductors

How ARM compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ARM alone. It places ARM (Arm Holdings plc American Depositary Shares) 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 and diversification. The result is a clearer view of where ARM stands in the market, and of the alternatives worth a closer look.

Period covered: ARM's full trading record, from September 2023 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 ARM →Chart ARM vs. 20 alternatives →

This page answers the following questions about ARM

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 ARM have grown?

This chart tracks a hypothetical $10,000 investment in ARM over the past 3 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ARM over the same span and ARM's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: ARM began trading on September 15, 2023, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or eight other sell-offs. It covers the most recent 3 years of ARM's record, starting at the end of September 2023.

From the end of September 2023 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. 123 of the 3,924 stocks and funds worth at least $500 million that traded the whole period ended ahead of ARM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,0002023202420252026$10,000$20,000$50,000$100,0002023202420252026
  • MU$158,310+1,483% total · +151% a year
  • STX$148,451+1,385% total · +146% a year
  • WDC$132,454+1,225% total · +137% a year
  • AMD$59,498+495% total · +81.2% a year
  • SITM$57,070+471% total · +78.7% a year
  • TSM$54,321+443% total · +75.8% a year
  • ARM$54,121+441% total · +75.6% a year
  • NVDA$52,646+426% total · +74.0% a year
  • MRVL$49,264+393% total · +70.2% a year
  • SPY (S&P 500)$18,498+85.0% total · +22.8% a year
Change the dates or add tickers to this chart in EasyCompare

ARM 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.

Note: ARM began trading on September 15, 2023, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or eight other sell-offs.

The company

Market value
$224B
Industry
Semiconductors
Price history from
September 2023

Returns

Past 1 year
+26.8%total return
Past 3 years
+318%+61.1% a year
Best calendar year
+64.2%2024
Worst calendar year
−11.4%2025
Losing years
1 of 2full calendar years

Risk

Volatility
77.8%typical yearly swing, 3 years
Sharpe ratio
0.99return per unit of risk, 3 years
Worst decline ever
−54.0%Jul 2024 to Apr 2025
From its all-time high
−52.2%below the peak

ARM against the whole market

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

How does ARM rank among all stocks?

This section ranks ARM 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 ARM 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.

MeasureARMRankStanding
1-year return+26.8%1,082 of 3,282top 33%
3-year return+318%200 of 3,016top 7%
Volatility, 3 years77.8%2,722 of 3,016bottom 11%
Sharpe ratio, 3 years0.99650 of 3,016top 22%

What has beaten ARM on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 3 years (higher is better) and how much its price swung, its volatility (further left is calmer). ARM sits where the dashed lines cross. Anything in the green box above and to the left earned more than ARM 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 3 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to ARM; faint dots are 86 more of the 106 in the green region (the strongest, one per fund family). 3,931 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%0.0%20.0%40.0%60.0%80.0%100%120%140%160%180%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than ARMCIB: +71.6% a year, volatility 29.9%TIGO: +86.1% a year, volatility 34.4%PLTR: +130% a year, volatility 65.1%CRWD: +74.5% a year, volatility 49.8%HWM: +64.8% a year, volatility 34.4%HOOD: +119% a year, volatility 69.1%NET: +72.9% a year, volatility 55.7%FIX: +104% a year, volatility 53.7%CVNA: +110% a year, volatility 73.5%ETON: +135% a year, volatility 64.0%TEVA: +70.0% a year, volatility 40.9%VRT: +74.0% a year, volatility 63.3%CLS: +119% a year, volatility 69.6%AU: +70.4% a year, volatility 52.3%VST: +65.5% a year, volatility 57.3%ROIV: +63.3% a year, volatility 38.2%TWLO: +69.1% a year, volatility 54.0%THC: +70.4% a year, volatility 41.0%TPR: +63.4% a year, volatility 39.4%KGC: +63.4% a year, volatility 46.2%ATI: +64.8% a year, volatility 43.0%GH: +84.4% a year, volatility 62.2%EMBJ: +70.4% a year, volatility 42.1%PTGX: +115% a year, volatility 55.0%CRS: +69.7% a year, volatility 47.4%YPF: +62.4% a year, volatility 53.6%AMRX: +82.7% a year, volatility 39.2%FTAI: +70.8% a year, volatility 64.5%ENLT: +78.2% a year, volatility 47.7%LGND: +81.6% a year, volatility 39.3%IDCC: +64.4% a year, volatility 38.9%CDE: +75.0% a year, volatility 70.7%EAT: +80.1% a year, volatility 46.8%GLW: +69.9% a year, volatility 49.4%KYMR: +110% a year, volatility 69.5%IAG: +90.4% a year, volatility 59.6%TGTX: +99.6% a year, volatility 61.0%HBM: +72.6% a year, volatility 54.4%IESC: +92.9% a year, volatility 66.7%CHEF: +78.0% a year, volatility 37.3%CIEN: +98.8% a year, volatility 59.6%STRL: +73.8% a year, volatility 69.7%PRM: +106% a year, volatility 50.8%SYRE: +95.2% a year, volatility 73.1%AAMI: +78.8% a year, volatility 35.3%OSCR: +88.4% a year, volatility 73.4%KNSA: +74.3% a year, volatility 47.0%GSAT: +62.9% a year, volatility 66.8%DOCN: +62.4% a year, volatility 70.2%TPC: +121% a year, volatility 60.1%VEON: +67.1% a year, volatility 45.0%UI: +74.2% a year, volatility 53.8%COHR: +88.6% a year, volatility 72.6%ZETA: +62.5% a year, volatility 69.5%COMP: +68.3% a year, volatility 67.2%KEN: +68.0% a year, volatility 37.5%TSEM: +94.9% a year, volatility 59.4%OGC: +66.8% a year, volatility 51.0%TVTX: +95.4% a year, volatility 66.8%AGX: +97.9% a year, volatility 65.7%VSXY: +67.3% a year, volatility 69.9%POWL: +84.6% a year, volatility 72.4%RSI: +65.0% a year, volatility 54.4%CGAU: +62.7% a year, volatility 47.1%SKE: +87.4% a year, volatility 61.5%EFXT: +76.5% a year, volatility 45.6%ARIS: +84.1% a year, volatility 55.1%TARS: +76.8% a year, volatility 52.4%PBI: +80.4% a year, volatility 46.9%ZIM: +83.3% a year, volatility 66.7%AXGN: +111% a year, volatility 63.9%TGB: +89.7% a year, volatility 64.3%CENX: +77.0% a year, volatility 65.7%TTMI: +84.2% a year, volatility 63.4%DXPE: +69.7% a year, volatility 49.1%LIND: +78.8% a year, volatility 57.3%NRIX: +75.9% a year, volatility 68.8%XERS: +85.9% a year, volatility 59.6%ATRO: +68.7% a year, volatility 52.3%CLOV: +72.4% a year, volatility 72.3%DAO: +69.1% a year, volatility 66.7%TRVI: +94.1% a year, volatility 73.8%DHC: +68.0% a year, volatility 55.9%BELFB: +70.2% a year, volatility 52.3%APEI: +121% a year, volatility 61.9%HRTG: +92.1% a year, volatility 64.9%ARM: +61.1% a year, volatility 77.8%SPY (S&P 500): +23.5% a year, volatility 15.3%NVDA: +70.4% a year, volatility 46.7%TSM: +67.3% a year, volatility 40.2%AMD: +71.9% a year, volatility 59.0%MRVL: +66.3% a year, volatility 68.5%MU: +135% a year, volatility 64.8%STX: +119% a year, volatility 54.0%WDC: +124% a year, volatility 59.2%DELL: +93.3% a year, volatility 62.8%ASX: +74.7% a year, volatility 45.9%LITE: +171% a year, volatility 75.9%SN: +70.2% a year, volatility 44.8%TLN: +85.0% a year, volatility 53.7%NTRA: +116% a year, volatility 45.9%RVMD: +117% a year, volatility 53.8%IBKR: +61.0% a year, volatility 37.4%APP: +91.5% a year, volatility 76.6%ARQT: +137% a year, volatility 71.8%ARMSPY (S&P 500)NVDATSMAMDMRVLMUSTXWDCDELLASXLITETLNNTRAIBKRAPPARQT0.0%20.0%40.0%60.0%80.0%100%0.0%50.0%100%150%200%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than ARMCIB: +71.6% a year, volatility 29.9%TIGO: +86.1% a year, volatility 34.4%PLTR: +130% a year, volatility 65.1%CRWD: +74.5% a year, volatility 49.8%HWM: +64.8% a year, volatility 34.4%HOOD: +119% a year, volatility 69.1%NET: +72.9% a year, volatility 55.7%FIX: +104% a year, volatility 53.7%CVNA: +110% a year, volatility 73.5%ETON: +135% a year, volatility 64.0%TEVA: +70.0% a year, volatility 40.9%VRT: +74.0% a year, volatility 63.3%CLS: +119% a year, volatility 69.6%AU: +70.4% a year, volatility 52.3%VST: +65.5% a year, volatility 57.3%ROIV: +63.3% a year, volatility 38.2%TWLO: +69.1% a year, volatility 54.0%THC: +70.4% a year, volatility 41.0%TPR: +63.4% a year, volatility 39.4%KGC: +63.4% a year, volatility 46.2%ATI: +64.8% a year, volatility 43.0%GH: +84.4% a year, volatility 62.2%EMBJ: +70.4% a year, volatility 42.1%PTGX: +115% a year, volatility 55.0%CRS: +69.7% a year, volatility 47.4%YPF: +62.4% a year, volatility 53.6%AMRX: +82.7% a year, volatility 39.2%FTAI: +70.8% a year, volatility 64.5%ENLT: +78.2% a year, volatility 47.7%LGND: +81.6% a year, volatility 39.3%IDCC: +64.4% a year, volatility 38.9%CDE: +75.0% a year, volatility 70.7%EAT: +80.1% a year, volatility 46.8%GLW: +69.9% a year, volatility 49.4%KYMR: +110% a year, volatility 69.5%IAG: +90.4% a year, volatility 59.6%TGTX: +99.6% a year, volatility 61.0%HBM: +72.6% a year, volatility 54.4%IESC: +92.9% a year, volatility 66.7%CHEF: +78.0% a year, volatility 37.3%CIEN: +98.8% a year, volatility 59.6%STRL: +73.8% a year, volatility 69.7%PRM: +106% a year, volatility 50.8%SYRE: +95.2% a year, volatility 73.1%AAMI: +78.8% a year, volatility 35.3%OSCR: +88.4% a year, volatility 73.4%KNSA: +74.3% a year, volatility 47.0%GSAT: +62.9% a year, volatility 66.8%DOCN: +62.4% a year, volatility 70.2%TPC: +121% a year, volatility 60.1%VEON: +67.1% a year, volatility 45.0%UI: +74.2% a year, volatility 53.8%COHR: +88.6% a year, volatility 72.6%ZETA: +62.5% a year, volatility 69.5%COMP: +68.3% a year, volatility 67.2%KEN: +68.0% a year, volatility 37.5%TSEM: +94.9% a year, volatility 59.4%OGC: +66.8% a year, volatility 51.0%TVTX: +95.4% a year, volatility 66.8%AGX: +97.9% a year, volatility 65.7%VSXY: +67.3% a year, volatility 69.9%POWL: +84.6% a year, volatility 72.4%RSI: +65.0% a year, volatility 54.4%CGAU: +62.7% a year, volatility 47.1%SKE: +87.4% a year, volatility 61.5%EFXT: +76.5% a year, volatility 45.6%ARIS: +84.1% a year, volatility 55.1%TARS: +76.8% a year, volatility 52.4%PBI: +80.4% a year, volatility 46.9%ZIM: +83.3% a year, volatility 66.7%AXGN: +111% a year, volatility 63.9%TGB: +89.7% a year, volatility 64.3%CENX: +77.0% a year, volatility 65.7%TTMI: +84.2% a year, volatility 63.4%DXPE: +69.7% a year, volatility 49.1%LIND: +78.8% a year, volatility 57.3%NRIX: +75.9% a year, volatility 68.8%XERS: +85.9% a year, volatility 59.6%ATRO: +68.7% a year, volatility 52.3%CLOV: +72.4% a year, volatility 72.3%DAO: +69.1% a year, volatility 66.7%TRVI: +94.1% a year, volatility 73.8%DHC: +68.0% a year, volatility 55.9%BELFB: +70.2% a year, volatility 52.3%APEI: +121% a year, volatility 61.9%HRTG: +92.1% a year, volatility 64.9%ARM: +61.1% a year, volatility 77.8%SPY (S&P 500): +23.5% a year, volatility 15.3%NVDA: +70.4% a year, volatility 46.7%TSM: +67.3% a year, volatility 40.2%AMD: +71.9% a year, volatility 59.0%MRVL: +66.3% a year, volatility 68.5%MU: +135% a year, volatility 64.8%STX: +119% a year, volatility 54.0%WDC: +124% a year, volatility 59.2%DELL: +93.3% a year, volatility 62.8%ASX: +74.7% a year, volatility 45.9%LITE: +171% a year, volatility 75.9%SN: +70.2% a year, volatility 44.8%TLN: +85.0% a year, volatility 53.7%NTRA: +116% a year, volatility 45.9%RVMD: +117% a year, volatility 53.8%IBKR: +61.0% a year, volatility 37.4%APP: +91.5% a year, volatility 76.6%ARQT: +137% a year, volatility 71.8%ARMSPY (S&P 500)NVDATSMAMDMRVLMUSTXDELLLITETLNNTRAIBKRAPPARQT
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than ARM?

Investments that beat ARM over the past 3 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 ARM over the past 3 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 ARM'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 ARM follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 3 years; the worst decline covers the past 10 years. Green marks a better figure than ARM'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× ARM's volatility counts as better.

These figures cover the past 3 years. Green marks a better figure than ARM's.

Screen the whole market against ARM for any period in BetterThanSPYOpen these 17 in EasyCompare
InvestmentWhy it is betterPast 3 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years3Y returntotalCorr. with ARM?lower diversifies moreExpenseper year
ARMArm Holdings plc American Depositary Shares · this page
+61.1%77.8%0.99−54.0%+318%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+23.5%15.3%1.47−33.7%+88.4%0.510.09%
Popular alternativesbest 4 shownThe investments people most often weigh against ARM. 4 of 20 passed at least one test.
NVDANVIDIA Corporation · Semiconductors
Higher return, lower volatility+70.4%46.7%1.38−66.3%+395%0.45—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatility+67.3%40.2%1.49−56.6%+368%0.52—
AMDAdvanced Micro Devices, Inc. · Semiconductors
Higher return, lower volatility+71.9%59.0%1.21−65.5%+408%0.54—
MRVLMarvell Technology, Inc. · Semiconductors
Higher return, lower volatility+66.3%68.5%1.09−61.9%+360%0.45—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Semiconductors and the categories next to it (Semiconductor Equipment, Communications Equipment, Computer Hardware, Electronic Components), plus ARM's specific themes. 16 of 130 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
On the frontierHigher return, lower volatility+135%64.8%1.65−57.6%+1,193%0.46—
STXSeagate Technology Holdings plc · Computer Hardware
On the frontierHigher return, lower volatility+119%54.0%1.73−57.0%+945%0.42—
WDCWestern Digital Corporation · Computer Hardware
On the frontierHigher return, lower volatility+124%59.2%1.67−70.5%+1,027%0.30—
DELLDell Technologies Inc. · Computer Hardware
Higher return, lower volatility+93.3%62.8%1.36−59.6%+622%0.56—
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return, lower volatility+74.7%45.9%1.45−52.5%+433%0.48—
LITELumentum Holdings Inc. · Communications Equipment
On the frontierHigher return, similar volatility+171%75.9%1.71−66.9%+1,900%0.05—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 118 of 3,801 passed at least one test.
SNSharkNinja, Inc. · Home Appliances
Higher return, lower volatilityHigher Sharpe, smaller worst decline+70.2%44.8%1.42−42.6%+393%0.12—
TLNTalen Energy Corporation · Independent Power Producers
Higher return, lower volatilityHigher Sharpe, smaller worst decline+85.0%53.7%1.42−36.7%+533%0.19—
NTRANatera, Inc. · Molecular Diagnostics
On the frontierHigher return, lower volatility+116%45.9%1.91−77.7%+901%0.37—
RVMDRevolution Medicines, Inc. · Precision Oncology
On the frontierHigher return, lower volatility+117%53.8%1.70−73.3%+922%0.16—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Similar return, lower volatility+61.0%37.4%1.47−55.1%+317%0.36—
APPAppLovin Corporation · Software
Higher return, similar volatility+91.5%76.6%1.23−91.9%+602%0.27—
What these numbers mean for ARM
Annual return
ARM returned 61.1% a year over the past 3 years with dividends reinvested, against 23.5% a year for the S&P 500. At that pace, $10,000 became about $41,800. 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
ARM's volatility over the past 3 years was 77.8%, 5.1 times the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ARM's return lands within 77.8% 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
ARM's Sharpe ratio over the past 3 years was 0.99, against 1.47 for the S&P 500, so ARM 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
ARM's worst fall from a peak to a low over the past 10 years was 54.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 54.0% fall takes a 117% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 3 years, ARM's monthly returns had a correlation of 0.51 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 ARM instead: the lower it is, the more that option would diversify a ARM holding. Guide: Correlation and diversification →
Show all 106 stocks and funds worth at least $500 million that earned more than ARM with less volatility

Out of 3,931 tested over 3 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline3Y returnCorr. with ARMExpense
1
SNSharkNinja, Inc. · Home Appliances
Whole market+70.2%44.8%1.42−42.6%+393%0.12—
2
TLNTalen Energy Corporation · Independent Power Producers
Whole market+85.0%53.7%1.42−36.7%+533%0.19—
3
NTRANatera, Inc. · Molecular Diagnostics
Whole market+116%45.9%1.91−77.7%+901%0.37—
4
RVMDRevolution Medicines, Inc. · Precision Oncology
Whole market+117%53.8%1.70−73.3%+922%0.16—
5
CIBGrupo Cibest S.A. · Banks
Whole market+71.6%29.9%1.97−70.4%+405%-0.06—
6
MUMicron Technology, Inc. · Semiconductors
Same or nearby category+135%64.8%1.65−57.6%+1,193%0.46—
7
TIGOMillicom International Cellular S.A. · Integrated Telecommunications
Whole market+86.1%34.4%1.99−84.5%+545%0.08—
8
PLTRPalantir Technologies Inc. · Enterprise Software
Whole market+130%65.1%1.60−84.6%+1,111%0.31—
9
STXSeagate Technology Holdings plc · Computer Hardware
Same or nearby category+119%54.0%1.73−57.0%+945%0.42—
10
WDCWestern Digital Corporation · Computer Hardware
Same or nearby category+124%59.2%1.67−70.5%+1,027%0.30—
11
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Whole market+74.5%49.8%1.37−67.7%+431%0.55—
12
ARQTArcutis Biotherapeutics, Inc. · Biotechnology
Whole market+137%71.8%1.56−95.0%+1,231%0.24—
13
HWMHowmet Aerospace Inc. · Aerospace Components
Whole market+64.8%34.4%1.63−68.9%+348%0.28—
14
HOODRobinhood Markets, Inc. · Investment Banking & Brokerage
Whole market+119%69.1%1.49−90.2%+953%0.52—
15
NETCloudflare, Inc. · Cloud Computing
Whole market+72.9%55.7%1.27−82.6%+417%0.50—
16
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+104%53.7%1.60−49.7%+744%0.44—
17
CVNACarvana Co. · Auto Dealerships
Whole market+110%73.5%1.37−99.0%+824%0.43—
18
ETONEton Pharmaceuticals, Inc. · Specialty Pharmaceuticals
Whole market+135%64.0%1.65−79.9%+1,193%-0.03—
19
TEVATeva Pharmaceutical Industries Limited · Specialty Pharmaceuticals
Whole market+70.0%40.9%1.50−85.3%+392%-0.06—
20
VRTVertiv Holdings Co · Electrical Equipment
Whole market+74.0%63.3%1.20−71.3%+427%0.35—
21
CLSCelestica Inc. · Electronics Manufacturing
Whole market+119%69.6%1.48−80.6%+946%0.42—
22
AUAngloGold Ashanti Plc · Gold Mining
Whole market+70.4%52.3%1.29−66.3%+395%-0.07—
23
VSTVistra Corp. · Independent Power Producers
Whole market+65.5%57.3%1.18−53.3%+353%0.36—
24
ROIVRoivant Sciences Ltd. · Immunology Therapeutics
Whole market+63.3%38.2%1.48−79.2%+335%0.29—
25
TWLOTwilio Inc. · Software
Whole market+69.1%54.0%1.24−90.4%+383%0.27—
26
THCTenet Healthcare Corporation · Health Care Facilities
Whole market+70.4%41.0%1.51−71.7%+395%0.05—
27
TPRTapestry, Inc. · Luxury Goods
Whole market+63.4%39.4%1.45−78.9%+336%0.23—
28
KGCKinross Gold Corporation · Gold Mining
Whole market+63.4%46.2%1.30−67.9%+336%-0.19—
29
ATIATI Inc. · Metals & Mining
Whole market+64.8%43.0%1.38−82.4%+347%0.27—
30
NVDANVIDIA Corporation · Semiconductors
Popular alternative+70.4%46.7%1.38−66.3%+395%0.45—
31
GHGuardant Health, Inc. · Medical Diagnostics
Whole market+84.4%62.2%1.29−91.0%+527%0.18—
32
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Popular alternative+67.3%40.2%1.49−56.6%+368%0.52—
33
DELLDell Technologies Inc. · Computer Hardware
Same or nearby category+93.3%62.8%1.36−59.6%+622%0.56—
34
EMBJEmbraer S.A. · Aerospace & Defense
Whole market+70.4%42.1%1.48−85.2%+395%-0.08—
35
PTGXProtagonist Therapeutics, Inc. · Biotechnology
Whole market+115%55.0%1.65−85.8%+893%0.27—
36
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+69.7%47.4%1.36−74.7%+389%0.20—
37
YPFYPF Sociedad Anónima · Integrated Oil & Gas
Whole market+62.4%53.6%1.17−90.1%+328%0.03—
38
AMRXAmneal Pharmaceuticals, Inc. · Pharmaceuticals
Whole market+82.7%39.2%1.74−94.8%+510%0.03—
39
FTAIFTAI Aviation Ltd. · Aerospace & Defense
Whole market+70.8%64.5%1.16−72.8%+398%-0.07—
40
ENLTEnlight Renewable Energy Ltd · Renewable Energy
Whole market+78.2%47.7%1.46−54.3%+466%0.19—
41
LGNDLigand Pharmaceuticals Incorporated · Biotechnology
Whole market+81.6%39.3%1.72−76.9%+499%0.22—
42
ASXASE Technology Holding Co., Ltd. · Semiconductors
Same or nearby category+74.7%45.9%1.45−52.5%+433%0.48—
43
IDCCInterDigital, Inc. · Intellectual Property Licensing
Whole market+64.4%38.9%1.48−64.9%+344%-0.12—
44
CDECoeur Mining, Inc. · Precious Metals
Whole market+75.0%70.7%1.15−83.3%+436%-0.04—
45
EATBrinker International, Inc. · Casual Dining
Whole market+80.1%46.8%1.50−84.9%+484%-0.04—
46
GLWCorning Inc · Electronic Components
Same or nearby category+69.9%49.4%1.33−51.5%+390%0.27—
47
KYMRKymera Therapeutics, Inc. · Biotechnology
Whole market+110%69.5%1.40−87.5%+830%0.24—
48
IAGIamgold Corporation · Gold Mining
Whole market+90.4%59.6%1.38−86.4%+590%-0.09—
49
TGTXTG Therapeutics, Inc. · Biotechnology
Whole market+99.6%61.0%1.44−93.2%+695%0.19—
50
AMDAdvanced Micro Devices, Inc. · Semiconductors
Popular alternative+71.9%59.0%1.21−65.5%+408%0.54—
51
HBMHudbay Minerals Inc. · Copper Mining
Whole market+72.6%54.4%1.28−86.3%+414%0.17—
52
IESCIES Holdings, Inc. · Engineering & Construction
Whole market+92.9%66.7%1.32−54.3%+618%0.35—
53
CHEFThe Chefs' Warehouse, Inc. · Food Distribution
Whole market+78.0%37.3%1.74−91.3%+464%0.23—
54
CIENCiena Corporation · Communications Equipment
Same or nearby category+98.8%59.6%1.46−49.5%+686%0.25—
55
STRLSterling Infrastructure, Inc. · Engineering & Construction
Whole market+73.8%69.7%1.13−62.5%+425%0.63—
56
PRMPerimeter Solutions, Inc. · Specialty Chemicals
Whole market+106%50.8%1.69−79.5%+779%0.30—
57
SYRESpyre Therapeutics, Inc. · Immunology Therapeutics
Whole market+95.2%73.1%1.28−99.0%+644%0.12—
58
AAMIAcadian Asset Management · Asset Management
Whole market+78.8%35.3%1.83−78.1%+471%0.02—
59
OSCROscar Health, Inc. · Managed Health Care
Whole market+88.4%73.4%1.23−94.2%+569%0.42—
60
KNSAKiniksa Pharmaceuticals International, plc · Immunology Therapeutics
Whole market+74.3%47.0%1.42−83.1%+430%-0.03—
61
GSATGlobalstar, Inc. · Telecommunications
Whole market+62.9%66.8%1.06−89.5%+332%0.04—
62
DOCNDigitalOcean Holdings, Inc. · Cloud Computing
Whole market+62.4%70.2%1.03−84.8%+328%0.55—
63
TPCTutor Perini Corporation · Engineering & Construction
Whole market+121%60.1%1.62−91.0%+984%0.10—
64
VEONVEON Ltd. · Telecommunications
Whole market+67.1%45.0%1.37−92.8%+367%0.36—
65
UIUbiquiti Inc. · Communications Equipment
Same or nearby category+74.2%53.8%1.30−72.2%+428%0.01—
66
COHRCoherent, Inc. · Electronic Components
Same or nearby category+88.6%72.6%1.24−72.2%+571%0.52—
67
ZETAZeta Global Holdings Corp. · Software
Whole market+62.5%69.5%1.06−70.0%+329%0.20—
68
COMPCompass, Inc. · Real Estate Services
Whole market+68.3%67.2%1.11−90.8%+377%0.07—
69
KENKenon Holdings Ltd. · Independent Power Producers
Whole market+68.0%37.5%1.58−66.1%+374%0.08—
70
TSEMTower Semiconductor Ltd. · Semiconductors
Same or nearby category+94.9%59.4%1.43−62.3%+640%0.35—
71
OGCOceanaGold Corporation · Gold Mining
Whole market+66.8%51.0%1.26−77.0%+364%-0.21—
72
TVTXTravere Therapeutics, Inc. · Biotechnology
Whole market+95.4%66.8%1.33−83.6%+646%0.16—
73
AGXArgan, Inc. · Engineering & Construction
Whole market+97.9%65.7%1.36−58.5%+675%0.13—
74
VSXYVictoria's Secret & Company · Apparel Retail
Whole market+67.3%69.9%1.08−80.9%+368%0.05—
75
MRVLMarvell Technology, Inc. · Semiconductors
Popular alternative+66.3%68.5%1.09−61.9%+360%0.45—
76
POWLPowell Industries, Inc. · Electrical Equipment
Whole market+84.6%72.4%1.20−68.3%+530%0.50—
77
RSIRush Street Interactive, Inc. · Gambling
Whole market+65.0%54.4%1.20−88.9%+349%0.17—
78
CGAUCenterra Gold Inc. · Gold Mining
Whole market+62.7%47.1%1.28−72.2%+331%-0.11—
79
SKESkeena Resources Limited · Gold Mining
Whole market+87.4%61.5%1.33−80.2%+558%-0.15—
80
EFXTEnerflex Ltd. · Oilfield Services
Whole market+76.5%45.6%1.48−79.1%+450%0.15—
81
ARISAris Mining Corporation · Gold Mining
Whole market+84.1%55.1%1.39−68.0%+524%-0.25—
82
TARSTarsus Pharmaceuticals, Inc. · Biotechnology
Whole market+76.8%52.4%1.35−77.7%+452%0.15—
83
PBIPitney Bowes Inc. · Business Services
Whole market+80.4%46.9%1.49−87.5%+487%0.13—
84
ZIMZIM Integrated Shipping Services Ltd. · Marine Shipping
Whole market+83.3%66.7%1.24−84.7%+516%-0.14—
85
AXGNAxoGen, Inc. · Medical Devices
Whole market+111%63.9%1.48−93.5%+843%0.03—
86
TGBTrekor Metals Limited · Copper Mining
Whole market+89.7%64.3%1.32−90.8%+582%-0.02—
87
CENXCentury Aluminum Company · Metals & Mining
Whole market+77.0%65.7%1.20−87.5%+454%-0.04—
88
TTMITTM Technologies, Inc. · Electronic Components
Same or nearby category+84.2%63.4%1.29−66.6%+525%0.36—
89
DXPEDXP Enterprises, Inc. · Industrial Distribution
Whole market+69.7%49.1%1.33−77.3%+389%-0.04—
90
LINDLindblad Expeditions Holdings, Inc. · Cruise Lines
Whole market+78.8%57.3%1.30−83.2%+471%0.29—
91
NRIXNurix Therapeutics, Inc. · Biotechnology
Whole market+75.9%68.8%1.16−91.5%+444%0.47—
92
XERSXeris Biopharma Holdings, Inc. · Biotechnology
Whole market+85.9%59.6%1.34−96.2%+543%0.13—
93
ATROAstronics Corporation · Aerospace & Defense
Whole market+68.7%52.3%1.26−85.5%+380%0.19—
94
CLOVClover Health Investments, Corp. · Managed Health Care
Whole market+72.4%72.3%1.11−97.2%+412%0.28—
95
DAOYoudao, Inc. · Education Services
Whole market+69.1%66.7%1.11−93.5%+384%0.18—
96
TRVITrevi Therapeutics, Inc. · Biotechnology
Whole market+94.1%73.8%1.25−95.5%+631%0.33—
97
DHCDiversified Healthcare Trust · Healthcare REITs
Whole market+68.0%55.9%1.21−96.3%+374%0.36—
98
BELFBBel Fuse Inc. · Electronic Components
Same or nearby category+70.2%52.3%1.29−79.8%+393%-0.05—
99
APEIAmerican Public Education, Inc. · Education Services
Whole market+121%61.9%1.59−91.4%+986%0.01—
100
HRTGHeritage Insurance Holdings, Inc. · Property & Casualty Insurance
Whole market+92.1%64.9%1.33−92.2%+609%-0.20—

ARM against its popular alternatives

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

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

This map plots each investment's annual return over the past 3 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 ARM, which divides the map into what did better or worse on each measure.

Green points earned more than ARM 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%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityARM: 61.1% a year, volatility 77.8%SPY (S&P 500): 23.5% a year, volatility 15.3%AMD: 71.9% a year, volatility 59.0%MRVL: 66.3% a year, volatility 68.5%TSM: 67.3% a year, volatility 40.2%NVDA: 70.4% a year, volatility 46.7%SITM: 64.0% a year, volatility 78.2%INTC: 36.9% a year, volatility 64.9%AAPL: 26.8% a year, volatility 26.8%SLAB: 30.3% a year, volatility 49.9%QCOM: 19.2% a year, volatility 43.6%MSFT: 17.4% a year, volatility 26.3%AVGO: 57.0% a year, volatility 50.2%GOOG: 32.9% a year, volatility 30.3%AMZN: 25.5% a year, volatility 32.3%CEVA: 17.1% a year, volatility 64.2%RMBS: 16.0% a year, volatility 66.8%NXPI: 11.2% a year, volatility 43.8%CDNS: 8.9% a year, volatility 38.0%STM: 4.6% a year, volatility 51.5%MCHP: 2.6% a year, volatility 49.2%SNPS: −3.3% a year, volatility 46.1%ARMSPY (S&P 500)AMDMRVLTSMNVDAINTCAAPLSLABQCOMMSFTAVGOGOOGAMZNCEVANXPICDNSSTMMCHPSNPS0.0%20.0%40.0%60.0%80.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityARM: 61.1% a year, volatility 77.8%SPY (S&P 500): 23.5% a year, volatility 15.3%AMD: 71.9% a year, volatility 59.0%MRVL: 66.3% a year, volatility 68.5%TSM: 67.3% a year, volatility 40.2%NVDA: 70.4% a year, volatility 46.7%SITM: 64.0% a year, volatility 78.2%INTC: 36.9% a year, volatility 64.9%AAPL: 26.8% a year, volatility 26.8%SLAB: 30.3% a year, volatility 49.9%QCOM: 19.2% a year, volatility 43.6%MSFT: 17.4% a year, volatility 26.3%AVGO: 57.0% a year, volatility 50.2%GOOG: 32.9% a year, volatility 30.3%AMZN: 25.5% a year, volatility 32.3%CEVA: 17.1% a year, volatility 64.2%RMBS: 16.0% a year, volatility 66.8%NXPI: 11.2% a year, volatility 43.8%CDNS: 8.9% a year, volatility 38.0%STM: 4.6% a year, volatility 51.5%MCHP: 2.6% a year, volatility 49.2%SNPS: −3.3% a year, volatility 46.1%ARMSPY (S&P 500)AMDMRVLTSMNVDAINTCSLABQCOMMSFTAVGOGOOGCEVARMBSNXPICDNSSTMMCHPSNPS
All figures
InvestmentAnnual returnVolatility
AMD Advanced Micro Devices, Inc.+71.9%59.0%
NVDA NVIDIA Corporation+70.4%46.7%
TSM Taiwan Semiconductor Manufacturing Company Limited+67.3%40.2%
MRVL Marvell Technology, Inc.+66.3%68.5%
SITM SiTime Corporation+64.0%78.2%
ARM This pageArm Holdings plc American Depositary Shares+61.1%77.8%
AVGO Broadcom Inc.+57.0%50.2%
INTC Intel Corp.+36.9%64.9%
GOOG Alphabet Inc.+32.9%30.3%
SLAB Silicon Laboratories Inc.+30.3%49.9%
AAPL Apple Inc.+26.8%26.8%
AMZN Amazon.com, Inc.+25.5%32.3%
SPY S&P 500State Street SPDR S&P 500 ETF+23.5%15.3%
QCOM QUALCOMM Incorporated+19.2%43.6%
MSFT Microsoft Corporation+17.4%26.3%
CEVA CEVA, Inc.+17.1%64.2%
RMBS Rambus Inc.+16.0%66.8%
NXPI NXP Semiconductors N.V.+11.2%43.8%
CDNS Cadence Design Systems, Inc.+8.9%38.0%
STM STMicroelectronics N.V.+4.6%51.5%
MCHP Microchip Technology Incorporated+2.6%49.2%
SNPS Synopsys, Inc.−3.3%46.1%
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Has ARM consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than ARM over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 1 of 1 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 3 yearsFund
1M3M6MYTD1Y3YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
ARM Arm Holdings plc American Depositary Shares (this page)—−36.9%−25.9%+6.9%+83.1%+26.8%+318%77.8%0.99−54.0%—$224B—
AMD QualifiedAdvanced Micro Devices, Inc.5/5 short1/1 longAll-weather−18.6%−8.0%+67.4%+127%+121%+408%59.0%1.21−65.5%—$829B—
MRVL QualifiedMarvell Technology, Inc.5/5 short1/1 longAll-weather−14.8%+5.9%+42.1%+150%+176%+360%68.5%1.09−61.9%—$196B—
TSM QualifiedTaiwan Semiconductor Manufacturing Company Limited3/5 short1/1 long−8.8%−1.8%+7.0%+30.0%+44.2%+368%40.2%1.49−56.6%—$2.1T—
SITM QualifiedSiTime Corporation3/5 short1/1 long−27.0%−21.7%−11.8%+25.1%+74.3%+341%78.2%1.02−78.1%—$14B—
NVDA SemiconductorsNVIDIA Corporation2/5 short1/1 long−7.3%+0.2%+5.0%+12.6%+18.0%+395%46.7%1.38−66.3%—$5.1T—
INTC SemiconductorsIntel Corp.5/5 short0/1 long−31.0%−16.7%+31.0%+117%+132%+157%64.9%0.81−70.8%—$452B—
AAPL Consumer ElectronicsApple Inc.4/5 short0/1 long+2.5%+6.9%+27.7%+28.8%+35.2%+104%26.8%1.02−38.5%—$5.1T—
SLAB SemiconductorsSilicon Laboratories Inc.3/5 short0/1 long−0.4%+1.8%+3.2%+67.6%+67.7%+121%49.9%0.76−59.0%—$7.4B—
QCOM SemiconductorsQUALCOMM Incorporated3/5 short0/1 long−12.8%−1.1%+28.2%+1.5%+4.2%+69.5%43.6%0.62−44.3%—$185B—
MSFT Software - InfrastructureMicrosoft Corporation3/5 short0/1 long+4.6%+33.7%+20.9%+10.9%+0.9%+61.9%26.3%0.74−37.1%—$3.9T—
AVGO SemiconductorsBroadcom Inc.2/5 short0/1 long−11.3%−18.4%−23.3%−6.5%−4.3%+287%50.2%1.15−48.3%—$1.5T—
GOOG Internet Content & InformationAlphabet Inc.2/5 short0/1 long−7.7%−6.1%−4.9%+1.9%+27.4%+135%30.3%1.09−44.6%—$3.9T—
AMZN Specialty RetailAmazon.com, Inc.2/5 short0/1 long−1.8%+2.3%−1.9%+10.5%+14.9%+97.8%32.3%0.87−56.1%—$2.7T—
CEVA SemiconductorsCEVA, Inc.2/5 short0/1 long−15.5%−29.6%+14.1%+25.8%+7.9%+60.6%64.2%0.56−78.2%—$794M—
RMBS SemiconductorsRambus Inc.2/5 short0/1 long−18.5%−17.4%−34.8%−13.6%−9.2%+56.2%66.8%0.56−52.9%—$9.3B—
NXPI SemiconductorsNXP Semiconductors N.V.2/5 short0/1 long+0.1%−14.3%+6.2%+8.9%+11.4%+37.5%43.8%0.46−53.3%—$60B—
CDNS Software - ApplicationCadence Design Systems, Inc.2/5 short0/1 long+2.2%−8.1%−6.6%−0.2%−6.3%+29.1%38.0%0.41−34.2%—$85B—
STM SemiconductorsSTMicroelectronics N.V.2/5 short0/1 long−17.4%−32.9%−1.4%+62.0%+52.8%+14.3%51.5%0.35−66.6%—$39B—
MCHP SemiconductorsMicrochip Technology Incorporated2/5 short0/1 long−1.7%−11.8%−8.7%+16.5%+18.5%+8.0%49.2%0.29−63.8%—$40B—
SNPS Software - InfrastructureSynopsys, Inc.2/5 short0/1 long+3.2%+11.9%−11.5%−12.1%−7.0%−9.7%46.1%0.17−43.0%—$81B—
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How did ARM do year by year?

This table shows each investment's total return in every full calendar year since 2024, along with where ARM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ARM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: ARM began trading on September 15, 2023, so the table starts with 2024, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or eight other sell-offs.

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

InvestmentYears ahead of ARM20252024
ARM This pageArm Holdings plc American Depositary Shares—−11.4%+64.1%
Rank among alternativesTop quarter in 1 of 219 of 216 of 21
SPY S&P 500State Street SPDR S&P 500 ETF1 of 2+17.7%+24.9%
AMD Advanced Micro Devices, Inc.1 of 2+77.3%−18.1%
MRVL Marvell Technology, Inc.1 of 2−22.8%+83.8%
TSM Taiwan Semiconductor Manufacturing Company Limited2 of 2+55.7%+92.0%
SITM SiTime Corporation2 of 2+64.6%+75.7%
NVDA NVIDIA Corporation2 of 2+38.9%+171%
INTC Intel Corp.1 of 2+84.0%−59.6%
AAPL Apple Inc.1 of 2+9.0%+30.7%
SLAB Silicon Laboratories Inc.1 of 2+5.2%−6.1%
QCOM QUALCOMM Incorporated1 of 2+13.8%+8.3%
MSFT Microsoft Corporation1 of 2+15.6%+12.9%
AVGO Broadcom Inc.2 of 2+50.6%+110%
GOOG Alphabet Inc.1 of 2+65.4%+35.6%
AMZN Amazon.com, Inc.1 of 2+5.2%+44.4%
CEVA CEVA, Inc.0 of 2−31.8%+38.9%
RMBS Rambus Inc.1 of 2+73.8%−22.6%
NXPI NXP Semiconductors N.V.1 of 2+6.4%−8.0%
CDNS Cadence Design Systems, Inc.1 of 2+4.0%+10.3%
STM STMicroelectronics N.V.1 of 2+5.3%−49.6%
MCHP Microchip Technology Incorporated1 of 2+14.6%−34.9%
SNPS Synopsys, Inc.1 of 2−3.2%−5.7%
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Risk and diversification

How ARM 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 ARM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ARM's five deepest drawdowns since it began trading in 2023, 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.

Note: ARM began trading on September 15, 2023, so this list cannot include the dot-com bust, the 2008 financial crisis or eight other sell-offs.

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

DuringARM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−54.0%−10.7%Jul 2024Apr 20259 monthsApr 202612 months
No named crash−52.2%+2.6%Jun 2026Oct 20264 monthsNot yet—
No named crash−41.5%−0.9%Feb 2024Apr 20242 monthsJun 20242 months
No named crash−25.4%−3.8%Jun 2026Jun 2026Under a monthJun 2026Under a month
No named crash−21.2%−5.0%Sep 2023Oct 20231 monthNov 20231 month

How closely does ARM 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 ARM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 3 years.

Monthly total returns over the past 3 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 ARM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ARM This pageArm Holdings plc American Depositary Shares221%73%3.033.74
AVGO Broadcom Inc.183%33%5.531.63
INTC Intel Corp.161%56%2.863.66
NVDA NVIDIA Corporation227%103%2.201.94
CEVA CEVA, Inc.81%43%1.902.87
AMD Advanced Micro Devices, Inc.257%151%1.703.25
AAPL Apple Inc.94%56%1.700.77
SITM SiTime Corporation251%150%1.683.02
GOOG Alphabet Inc.145%114%1.271.23
SLAB Silicon Laboratories Inc.108%113%0.961.35
CDNS Cadence Design Systems, Inc.61%76%0.801.25
AMZN Amazon.com, Inc.136%196%0.691.51
RMBS Rambus Inc.135%202%0.672.59
MSFT Microsoft Corporation110%177%0.621.23
QCOM QUALCOMM Incorporated140%251%0.562.41
NXPI NXP Semiconductors N.V.90%220%0.412.33
MCHP Microchip Technology Incorporated80%246%0.332.31
SNPS Synopsys, Inc.57%218%0.261.44
MRVL Marvell Technology, Inc.159%-98%—2.57
TSM Taiwan Semiconductor Manufacturing Company Limited176%-81%—1.33
STM STMicroelectronics N.V.22%-20%—2.21
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What diversifies ARM?

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 ARM's. Because such investments tend not to fall at the same time, pairing ARM 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 3 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 ARM lost money. The last two columns show a portfolio that is 80% ARM and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation3Y returnSharpe202580/20 mix volatility80/20 mix annual return
ARM Arm Holdings plc American Depositary Shares (this page)1.00+318%0.99−11.4%90.5%+75.6%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF-0.08+92.8%2.12+27.1%72.3%+71.0%
SEIV Broad MarketSEI QiM U.S. Large Cap Value Active ETF0.39+117%1.83+27.4%73.4%+71.3%
INCM Multi-AssetFranklin Income Focus ETF0.10+45.2%1.77+13.1%72.5%+67.5%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.47+139%1.73+32.7%74.3%+72.3%
FMAR Multi-AssetFT Vest U.S. Equity Buffer ETF - March0.39+53.9%1.70+9.7%72.9%+68.2%
VTV Broad MarketVanguard Morningstar Value ETF0.24+80.9%1.69+15.3%73.0%+69.5%
AVDV InternationalAvantis International Small Cap Value ETF0.08+115%1.67+49.4%72.7%+72.5%
FDVV Dividend & IncomeFidelity High Dividend ETF0.22+81.6%1.66+17.1%72.9%+69.9%

Stocks

InvestmentCorrelation3Y returnSharpe202580/20 mix volatility80/20 mix annual return
ARM Arm Holdings plc American Depositary Shares (this page)1.00+318%0.99−11.4%90.5%+75.6%
CM Banks - DiversifiedCanadian Imperial Bank of Commerce0.18+265%2.29+49.0%73.4%+77.0%
BNY Investment - Banking & Investment ServicesBank of New York Mellon Corp0.02+277%2.21+54.4%72.5%+79.2%
RY Banks - DiversifiedRoyal Bank of Canada0.13+176%2.09+46.3%73.0%+74.2%
TIGO Telecommunications ServicesMillicom International Cellular S.A.0.08+545%1.99+152%73.0%+86.8%
CIB Banks - RegionalGrupo Cibest S.A.-0.06+405%1.97+122%72.3%+83.2%
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Common questions

What was ARM's worst drawdown?

ARM's deepest decline since it began trading in 2023 was 54.0%, from July 2024 to April 2025. It took 12 months from the low to climb back to its old high. Because ARM launched in September 2023, that record does not include the dot-com bust, the 2008 financial crisis or eight other sell-offs.

What were ARM's best and worst years?

Over two full calendar years, ARM's best year was 2024, when it returned 64.2%. Its worst was 2025, with a return of -11.4%.

Is there a better investment than ARM?

Among ARM's popular alternatives, NVDA, TSM and AMD earned more than ARM with less volatility over the past 3 years. NVDA returned 70.4% a year at 46.7% volatility, against 61.1% a year at 77.8%. Looking beyond its popular alternatives, MU (semiconductors) and STX (computer hardware) earned more than ARM with less volatility over the past 3 years. MU returned 135% a year at 64.8% volatility, against 61.1% a year at 77.8%.

Is ARM more volatile than the S&P 500?

Yes. ARM's volatility over the past 3 years was 77.8%, 5.1 times the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ARM's return lands within 77.8% 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 ARM's Sharpe ratio?

ARM's Sharpe ratio over the past 3 years was 0.99, against 1.47 for the S&P 500, so ARM 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 ARM with the S&P 500?

Over the past 3 years, ARM's monthly returns had a correlation of 0.51 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 ARM instead: the lower it is, the more that option would diversify a ARM holding.

What are the best alternatives to ARM?

Of the 20 popular alternatives we compared, four outperformed ARM in at least 3 of 5 short-term and 1 of 1 long-term timeframes, with dividends reinvested: AMD, MRVL and TSM.

What diversifies ARM?

These had a low correlation with ARM over the past 3 years and still earned a positive 3-year return: among large ETFs, LVHI (correlation -0.08), SEIV (correlation 0.39) and INCM (correlation 0.10); among large stocks, CM (correlation 0.18), BNY (correlation 0.02) and RY (correlation 0.13). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to ARM