Relative Intelligence · Banks
How Bank of America (BAC) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BAC alone. It places BAC (Bank of America Corporation) 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 BAC stands in the market, and of the alternatives worth a closer look.
Period covered: BAC'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.
This page answers the following questions about BAC
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowBAC has gone against the market, falling 16.7% over the past 3 months while the S&P 500 rose 2.5%. The slide is BAC's own: it is 20.8% below its high, against 1.9% for the S&P 500. At a glance ↓
- Stock or market?The weakness is BAC's own: it fell 16.7% over the past 3 months while the banks ETF KBE (State Street SPDR S&P Bank ETF) fell 4.5%. The S&P 500 rose 2.5%. Its bank peers did not move as one over the past 3 months: JPM (JPMorgan Chase & Co.) fell 2.9%, while BCS (Barclays) fell 20.9%.
- Past 1 to 3 yearsOver the past year, BAC rose 2.1% against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. On the flip side, BAC finished ahead of the S&P 500 in both 2024 and 2025. By year ↓
- Long termBAC turned $10,000 into $38,100 over the past decade, against $41,600 in the S&P 500. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, BAC has typically fallen 1.8 times as far as the S&P 500. Crash tests ↓
- DiversificationBAC is more of the same, not a cushion: a correlation of 0.69 with the S&P 500 over 5 years and 0.71 with the total US market, more closely than 98% of stocks worth at least $300 million. Over 10 years, BAC's beta versus the S&P 500 was 1.36: in the S&P 500's rising months it gained 1.3 times as much as the index, and in falling months it lost 1.5 times as much. Market capture ↓
- Better options
- Popular alternatives
- RY (Royal Bank of Canada), V (Visa) and TD (Toronto-Dominion Bank) earned more than BAC with less volatility over the past 5 years. RY returned 17.5% a year at 18.2% volatility, against 4.0% a year at 26.6%.
- Nearby categories and themes
- OPPJ (WisdomTree Japan Opportunities Fund, japan equity) and MA (Mastercard, payment processing) earned more than BAC with less volatility over the past 5 years. OPPJ returned 24.1% a year at 18.4% volatility, against 4.0% a year at 26.6%.
- Versus the S&P 500
- Simply owning the S&P 500 would have done better over the past 5 years: 12.5% a year at 17.2% volatility, against 4.0% at 26.6% for BAC.
How much would $10,000 in BAC have grown?
This chart tracks a hypothetical $10,000 investment in BAC over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BAC over the same span and BAC'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.
- $10,000 invested in BAC at the end of September 1997 would have grown to $36,875 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of BAC, and RY finished highest, at $442,765.
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. 814 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of BAC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- RY$442,765+4,328% total · +14.0% a year
- TD$422,896+4,129% total · +13.8% a year
- BMO$282,977+2,730% total · +12.2% a year
- JPM$189,407+1,794% total · +10.7% a year
- MS$148,562+1,386% total · +9.8% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- SAN$81,349+713% total · +7.5% a year
- FITB$38,728+287% total · +4.8% a year
- BAC$36,875+269% total · +4.6% a year
- RF$33,351+234% total · +4.2% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,641 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of BAC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- HSBC$51,297+413% total · +38.7% a year
- SAN$45,493+355% total · +35.4% a year
- RY$23,646+136% total · +18.8% a year
- JPM$22,905+129% total · +18.0% a year
- MS$22,663+127% total · +17.8% a year
- TD$21,998+120% total · +17.1% a year
- BMO$20,733+107% total · +15.7% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- V$16,755+67.5% total · +10.9% a year
- BAC$14,495+45.0% total · +7.7% a year
BAC 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.
- BAC's deepest decline since it began trading in 1986 was 93.4%, from October 2007 to March 2009. It took about 12 years from the low to climb back to its old high.
- BAC is still 20.8% below its all-time high.
- Over 29 full calendar years, BAC's best was 2012, when it returned 109%, and its worst was 2008, when it lost 63.1%. It lost money in ten of those years.
The company
- Market value
- $357B
- Industry
- Banks - Diversified
- Price history from
- October 1986
Returns
- Past 1 year
- +2.1%total return
- Past 3 years
- +115%+29.0% a year
- Past 5 years
- +21.4%+4.0% a year
- Past 10 years
- +281%+14.3% a year
- Best calendar year
- +109%2012
- Worst calendar year
- −63.1%2008
- Losing years
- 10 of 29full calendar years
Risk
- Volatility
- 26.6%typical yearly swing, 5 years
- Sharpe ratio
- 0.28return per unit of risk, 5 years
- Worst decline ever
- −93.4%Oct 2007 to Mar 2009
- From its all-time high
- −20.8%below the peak
BAC against the whole market
Where BAC ranks among every stock and fund, and what across the market has done better.
How does BAC rank among all stocks?
This section ranks BAC 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 BAC stacks up against its peers, these rankings show where it stands in the market as a whole.
- BAC is among the steadier stocks: its price swings rank in the top 16% of the 2,897 stocks worth at least $300 million, where the top is the calmest.
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.
| Measure | BAC | Rank | Standing |
|---|---|---|---|
| 1-year return | +2.1% | 1,937 of 3,282 | bottom 42% |
| 3-year return | +115% | 825 of 3,016 | top 27% |
| 5-year return | +21.4% | 1,456 of 2,897 | top 50% |
| 10-year return | +281% | 630 of 2,201 | top 29% |
| Volatility, 5 years | 26.6% | 450 of 2,897 | top 16% |
| Sharpe ratio, 5 years | 0.28 | 1,633 of 2,897 | bottom 45% |
| Worst decline, past 10 years | −49.0% | 424 of 2,184 | top 19% |
What has beaten BAC 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). BAC sits where the dashed lines cross. Anything in the green box above and to the left earned more than BAC 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.
- 182 stocks and 603 ETFs worth at least $500 million sit in the green region: each earned more than BAC over the past 5 years with smaller price swings. That is 22% of the 3,641 screened.
- Among those with at least half BAC's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 7% less than BAC's 26.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.28 for BAC.
- Among BAC's popular alternatives, RY, TD and JPM are in the region. RY earned 17.5% a year against 4.0% a year for BAC, at 18.2% volatility, 31% less than BAC's 26.6%.
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 BAC; faint dots are 86 more of the 785 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than BAC?
Investments that beat BAC over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among BAC's popular alternatives, RY, V and TD earned more than BAC with less volatility over the past 5 years. RY returned 17.5% a year at 18.2% volatility, against 4.0% a year at 26.6%.
- Looking beyond its popular alternatives, OPPJ (japan equity) and MA (payment processing) earned more than BAC with less volatility over the past 5 years. OPPJ returned 24.1% a year at 18.4% volatility, against 4.0% a year at 26.6%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.5% a year at 17.2% volatility, against 4.0% at 26.6% for BAC.
How this works
The table below lists investments that beat BAC 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 BAC'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 BAC 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 BAC'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× BAC's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than BAC's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with BAC?lower diversifies more | Expenseper year | |||
| BACBank of America Corporation · this page | +4.0% | 26.6% | 0.28 | −49.0% | +281% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.69 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against BAC. 18 of 25 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.72 | — | |
 VVisa Inc. · Payment Processing | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.2% | 22.9% | 0.66 | −36.4% | +435% | 0.60 | — | |
 TDThe Toronto-Dominion Bank · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +16.5% | 20.0% | 0.87 | −42.0% | +319% | 0.62 | — | |
 JPMJPMorgan Chase & Co. · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.3% | 24.3% | 0.78 | −43.6% | +534% | 0.89 | — | |
 HSBCHSBC Holdings plc · Banks | Higher return, similar volatilityHigher return in most periodsSmaller losses in recent crashes | +32.8% | 25.9% | 1.23 | −62.3% | +314% | 0.49 | — | |
 BMOBank of Montreal · Banks | Higher return, lower volatilityHigher return in most periods | +14.0% | 21.4% | 0.72 | −51.0% | +304% | 0.69 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Banks and the categories next to it (Regional Banks, Payment Processing, International Equity, Capital Markets), plus BAC's specific themes. 366 of 555 passed at least one test. | |||||||||
OPPJWisdomTree Japan Opportunities Fund · Japan Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +24.1% | 18.4% | 1.27 | −39.3% | +352% | 0.14 | 0.58% | |
 MAMastercard Incorporated · Payment Processing | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.7% | 23.8% | 0.62 | −41.0% | +551% | 0.58 | — | |
 CMECME Group Inc. · Capital Markets | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.6% | 20.8% | 0.63 | −37.4% | +334% | 0.07 | — | |
CBOECboe Global Markets, Inc. · Capital Markets | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +22.0% | 25.1% | 0.92 | −43.2% | +481% | 0.08 | — | |
BFCBank First Corporation · Regional Banks | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +18.7% | 27.4% | 0.76 | −39.8% | +485% | 0.43 | — | |
VSSVanguard FTSE All-World ex-US Small-Cap ETF · International Small-Cap Equity | Similar return, lower volatility | +4.7% | 16.7% | 0.36 | −43.5% | +103% | 0.56 | 0.06% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,103 of 3,193 passed at least one test. | |||||||||
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.4% | 17.5% | 0.71 | −35.0% | +298% | 0.71 | 0.03% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.6% | 16.9% | 0.79 | −34.0% | +319% | 0.69 | 0.03% | |
 WMTWalmart Inc. · Discount Retail | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.27 | — | |
 COSTCostco Wholesale Corporation · Discount Retail | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +17.4% | 22.9% | 0.82 | −31.4% | +692% | 0.38 | — | |
 QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +14.2% | 23.0% | 0.69 | −35.1% | +531% | 0.49 | 0.18% | |
 MCKMcKesson Corporation · Health Care Distribution | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +37.8% | 25.1% | 1.41 | −38.1% | +582% | 0.21 | — | |
 MSFTMicrosoft Corporation · Software | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.9% | 28.2% | 0.54 | −37.1% | +862% | 0.30 | — | |
 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% | — | 0.17 | 0.09% | |
What these numbers mean for BAC
- Annual return
- BAC returned 4.0% 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 $12,100. 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
- BAC's volatility over the past 5 years was 26.6%, 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, BAC's return lands within 26.6% 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
- BAC's Sharpe ratio over the past 5 years was 0.28, against 0.78 for the S&P 500, so BAC 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
- BAC's worst fall from a peak to a low over the past 10 years was 49.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 49.0% fall takes a 95.9% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, BAC's monthly returns had a correlation of 0.69 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 BAC instead: the lower it is, the more that option would diversify a BAC holding. Guide: Correlation and diversification →
Show all 785 stocks and funds worth at least $500 million that earned more than BAC 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.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with BAC | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.4% | 17.5% | 0.71 | −35.0% | +298% | 0.71 | 0.03% |
| 2 | VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.6% | 16.9% | 0.79 | −34.0% | +319% | 0.69 | 0.03% |
| 3 | WMTWalmart Inc. · Discount Retail | Whole market | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.27 | — |
| 4 | COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +692% | 0.38 | — |
| 5 | QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.2% | 23.0% | 0.69 | −35.1% | +531% | 0.49 | 0.18% |
| 6 | MCKMcKesson Corporation · Health Care Distribution | Whole market | +37.8% | 25.1% | 1.41 | −38.1% | +582% | 0.21 | — |
| 7 | RYRoyal Bank of Canada · Banks | Popular alternative | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.72 | — |
| 8 |  LINLinde plc · Chemicals | Whole market | +11.7% | 20.9% | 0.64 | −32.6% | +404% | 0.36 | — |
| 9 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +26.7% | 24.9% | 1.08 | −41.6% | +670% | 0.48 | — |
| 10 |  CORCencora, Inc. · Health Care Distribution | Whole market | +23.6% | 22.8% | 1.05 | −32.4% | +403% | 0.40 | — |
| 11 |  UNPUnion Pacific Corporation · Railroads | Whole market | +7.0% | 22.9% | 0.41 | −38.7% | +313% | 0.53 | — |
| 12 |  ADPAutomatic Data Processing, Inc. · Business Services | Whole market | +9.6% | 23.0% | 0.52 | −40.8% | +337% | 0.47 | — |
| 13 |  RSGRepublic Services, Inc. · Waste Management | Whole market | +14.1% | 18.6% | 0.80 | −34.0% | +461% | 0.23 | — |
| 14 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +15.2% | 23.6% | 0.72 | −32.8% | +639% | 0.36 | — |
| 15 |  ORLYO'Reilly Automotive, Inc. · Specialty Retail | Whole market | +15.8% | 23.4% | 0.75 | −42.0% | +394% | 0.29 | — |
| 16 |  WMWaste Management, Inc. · Waste Management | Whole market | +9.5% | 19.3% | 0.57 | −30.1% | +357% | 0.21 | — |
| 17 |  ETREntergy Corporation · Electric Utilities | Whole market | +19.8% | 22.4% | 0.92 | −42.0% | +326% | 0.33 | — |
| 18 |  CSXCSX Corporation · Railroads | Whole market | +9.3% | 23.5% | 0.50 | −40.5% | +485% | 0.56 | — |
| 19 |  FASTFastenal Company · Industrial Distribution | Whole market | +16.2% | 24.6% | 0.74 | −30.7% | +582% | 0.30 | — |
| 20 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +12.8% | 22.5% | 0.65 | −34.5% | +438% | 0.55 | 0.04% |
| 21 |  AMEAMETEK, Inc. · Electronic Instruments | Whole market | +13.5% | 22.2% | 0.68 | −42.7% | +466% | 0.50 | — |
| 22 | FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value | Whole market | +13.6% | 14.9% | 0.93 | −37.7% | +292% | 0.78 | 0.25% |
| 23 |  WCNWaste Connections, Inc. · Waste Management | Whole market | +7.4% | 20.4% | 0.45 | −31.6% | +299% | 0.34 | — |
| 24 | RDVYFirst Trust Rising Dividend Achievers ETF · Dividend Growth | Whole market | +11.3% | 18.8% | 0.67 | −40.6% | +321% | 0.84 | 0.47% |
| 25 | MAMastercard Incorporated · Payment Processing | Same or nearby category | +12.7% | 23.8% | 0.62 | −41.0% | +551% | 0.58 | — |
| 26 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +11.7% | 16.7% | 0.75 | −31.6% | +295% | 0.64 | 0.20% |
| 27 | MTUMiShares MSCI USA Momentum Factor ETF · US Momentum Equity | Whole market | +10.3% | 22.2% | 0.56 | −34.1% | +322% | 0.55 | 0.15% |
| 28 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.6% | 17.2% | 0.94 | −31.4% | +357% | 0.62 | 0.40% |
| 29 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +16.2% | 18.4% | 0.91 | −39.5% | +286% | 0.62 | 0.15% |
| 30 | GRIDFirst Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund · Infrastructure Equity | Whole market | +12.0% | 22.1% | 0.62 | −40.6% | +367% | 0.56 | 0.56% |
| 31 | VVisa Inc. · Payment Processing | Popular alternative | +13.2% | 22.9% | 0.66 | −36.4% | +435% | 0.60 | — |
| 32 | CMECME Group Inc. · Capital Markets | Same or nearby category | +11.6% | 20.8% | 0.63 | −37.4% | +334% | 0.07 | — |
| 33 | TDThe Toronto-Dominion Bank · Banks | Popular alternative | +16.5% | 20.0% | 0.87 | −42.0% | +319% | 0.62 | — |
| 34 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +15.2% | 22.9% | 0.73 | −40.1% | +309% | 0.43 | — |
| 35 | CBOECboe Global Markets, Inc. · Capital Markets | Same or nearby category | +22.0% | 25.1% | 0.92 | −43.2% | +481% | 0.08 | — |
| 36 | DXJWisdomTree Japan Hedged Equity Fund · Japan Equity | Same or nearby category | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.28 | 0.48% |
| 37 | RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity | Whole market | +16.6% | 25.1% | 0.74 | −33.7% | +559% | 0.52 | 0.40% |
| 38 |  NDAQNasdaq, Inc. · Capital Markets | Same or nearby category | +10.5% | 24.9% | 0.53 | −38.3% | +447% | 0.52 | — |
| 39 | GATXGATX Corporation · Equipment Rental | Whole market | +14.3% | 25.1% | 0.66 | −38.3% | +345% | 0.64 | — |
| 40 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.5% | 21.3% | 0.83 | −32.0% | +384% | 0.50 | 0.50% |
| 41 | WTVWisdomTree U.S. Value Fund · US Value Equity | Whole market | +13.6% | 17.0% | 0.84 | −42.2% | +306% | 0.79 | 0.12% |
| 42 | SUSAiShares ESG Optimized MSCI USA ETF · Large-Cap ESG | Whole market | +10.3% | 17.4% | 0.65 | −32.9% | +300% | 0.70 | 0.25% |
| 43 | EQWLInvesco S&P 100 Equal Weight ETF · US Large-Cap Equity | Whole market | +11.7% | 15.0% | 0.82 | −34.3% | +294% | 0.77 | 0.30% |
| 44 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +21.3% | 23.4% | 0.94 | −42.9% | +240% | 0.29 | — |
| 45 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +202% | 0.15 | — |
| 46 |  TJXThe TJX Companies, Inc. · Apparel Retail | Whole market | +19.8% | 22.3% | 0.93 | −42.5% | +357% | 0.37 | — |
| 47 | DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity | Same or nearby category | +20.9% | 19.3% | 1.09 | −31.3% | +339% | 0.35 | 0.45% |
| 48 | SPGPInvesco S&P 500 GARP ETF · US GARP Equity | Whole market | +7.4% | 18.6% | 0.48 | −42.1% | +310% | 0.78 | 0.34% |
| 49 |  ABBVAbbVie Inc. · Specialty Pharmaceuticals | Whole market | +25.5% | 23.4% | 1.09 | −45.1% | +600% | 0.17 | — |
| 50 | PTNQPacer Trendpilot 100 ETF · Tactical Asset Allocation | Whole market | +9.4% | 14.2% | 0.70 | −28.1% | +292% | 0.31 | 0.65% |
| 51 | IAIiShares U.S. Broker-Dealers & Securities Exchanges ETF · Capital Markets | Same or nearby category | +11.2% | 21.6% | 0.60 | −40.4% | +404% | 0.87 | 0.37% |
| 52 |  BRK-ABerkshire Hathaway Inc. · Insurance | Whole market | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.44 | — |
| 53 |  TRPTC Energy Corporation · Oil & Gas Midstream | Whole market | +10.9% | 21.9% | 0.58 | −41.6% | +165% | 0.45 | — |
| 54 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +360% | 0.59 | — |
| 55 | DTMDT Midstream, Inc. · Oil & Gas Midstream | Whole market | +25.0% | 25.2% | 1.02 | −23.6% | — | 0.59 | — |
| 56 | JPMJPMorgan Chase & Co. · Banks | Popular alternative | +17.3% | 24.3% | 0.78 | −43.6% | +534% | 0.89 | — |
| 57 |  AMGNAmgen Inc. · Biotechnology | Whole market | +20.1% | 24.9% | 0.86 | −24.9% | +280% | 0.26 | — |
| 58 |  AJGArthur J. Gallagher & Co. · Insurance Brokers | Whole market | +11.6% | 24.3% | 0.57 | −44.4% | +552% | 0.38 | — |
| 59 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +41.7% | 24.7% | 1.54 | −46.1% | +345% | 0.32 | — |
| 60 |  NSCNorfolk Southern Corporation · Railroads | Whole market | +5.6% | 24.9% | 0.34 | −44.4% | +345% | 0.62 | — |
| 61 | WRBW. R. Berkley Corporation · Property & Casualty Insurance | Whole market | +18.6% | 22.9% | 0.86 | −45.3% | +466% | 0.35 | — |
| 62 | EWTiShares MSCI Taiwan ETF · International Equity | Same or nearby category | +19.8% | 24.3% | 0.87 | −38.9% | +448% | 0.37 | 0.59% |
| 63 |  MNSTMonster Beverage Corporation · Nonalcoholic Beverages | Whole market | +17.4% | 24.9% | 0.77 | −30.4% | +278% | 0.15 | — |
| 64 | JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.34 | 0.20% |
| 65 |  CMCanadian Imperial Bank of Commerce · Banks | Same or nearby category | +19.5% | 21.6% | 0.94 | −47.3% | +409% | 0.69 | — |
| 66 | ORIOld Republic International Corporation · Property & Casualty Insurance | Whole market | +17.3% | 22.2% | 0.83 | −47.8% | +353% | 0.64 | — |
| 67 | FRDMFreedom 100 Emerging Markets ETF · Emerging Markets Equity | Same or nearby category | +16.8% | 22.9% | 0.80 | −40.5% | — | 0.42 | 0.49% |
| 68 | FVALFidelity Value Factor ETF · US Large-Cap Value | Whole market | +12.6% | 16.4% | 0.81 | −37.3% | +290% | 0.76 | 0.15% |
| 69 | FDDFirst Trust STOXX European Select Dividend Index Fund · International Equity | Same or nearby category | +12.5% | 18.5% | 0.73 | −41.4% | +174% | 0.62 | 0.56% |
| 70 | FDMOFidelity Momentum Factor ETF · US Momentum Equity | Whole market | +12.9% | 19.6% | 0.72 | −33.9% | +297% | 0.64 | 0.15% |
| 71 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +27.0% | 23.8% | 1.13 | −63.3% | +378% | 0.35 | — |
| 72 |  RTXRTX Corporation · Aerospace & Defense | Whole market | +18.7% | 24.4% | 0.83 | −52.0% | +319% | 0.34 | — |
| 73 | PPAInvesco Aerospace & Defense ETF · Aerospace & Defense | Whole market | +16.2% | 18.9% | 0.89 | −43.9% | +341% | 0.53 | 0.58% |
| 74 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.5% | 18.4% | 0.59 | −33.3% | +278% | 0.67 | 0.46% |
| 75 | SCIService Corporation International · Death Care | Whole market | +7.4% | 25.2% | 0.41 | −34.0% | +276% | 0.47 | — |
| 76 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +19.4% | 22.0% | 0.92 | −56.1% | +110% | 0.32 | — |
| 77 |  MOAltria Group, Inc. · Tobacco | Whole market | +18.3% | 21.4% | 0.90 | −53.7% | +133% | 0.35 | — |
| 78 |  WMBThe Williams Companies, Inc. · Oil & Gas Midstream | Whole market | +25.2% | 24.1% | 1.06 | −68.1% | +291% | 0.50 | — |
| 79 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.18 | — |
| 80 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +24.0% | 18.8% | 1.25 | −75.2% | +337% | 0.59 | — |
| 81 | XMMOInvesco S&P MidCap Momentum ETF · US Mid-Cap Equity | Whole market | +9.3% | 22.1% | 0.51 | −36.7% | +368% | 0.65 | 0.34% |
| 82 |  MFCManulife Financial Corporation · Life Insurance | Whole market | +23.3% | 24.0% | 1.00 | −57.5% | +386% | 0.69 | — |
| 83 |  KOThe Coca-Cola Company · Nonalcoholic Beverages | Whole market | +15.2% | 16.8% | 0.93 | −37.0% | +205% | 0.23 | — |
| 84 |  KMIKinder Morgan, Inc. · Oil & Gas Midstream | Whole market | +20.1% | 22.3% | 0.94 | −55.1% | +159% | 0.54 | — |
| 85 | BALTInnovator Defined Wealth Shield ETF · US Equity Buffer | Whole market | +6.2% | 3.3% | 1.84 | −4.9% | — | 0.55 | 0.69% |
| 86 |  CTASCintas Corporation · Business Services | Whole market | +17.1% | 23.1% | 0.80 | −48.4% | +834% | 0.44 | — |
| 87 |  AFLAflac Incorporated · Life Insurance | Whole market | +19.5% | 20.8% | 0.97 | −54.9% | +344% | 0.55 | — |
| 88 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.22 | — |
| 89 |  MRKMerck & Co., Inc. · Pharmaceuticals | Whole market | +16.1% | 24.8% | 0.73 | −43.4% | +245% | 0.13 | — |
| 90 |  CCEPCoca-Cola Europacific Partners PLC · Food & Beverages | Whole market | +20.4% | 23.3% | 0.92 | −48.8% | +294% | 0.26 | — |
| 91 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans | Whole market | +6.0% | 2.3% | 2.55 | −20.9% | +58.7% | 0.47 | 0.60% |
| 92 | XTiShares Future Exponential Technologies ETF · Disruptive Technology Equity | Whole market | +7.1% | 21.2% | 0.43 | −34.4% | +278% | 0.57 | 0.46% |
| 93 | IMCGiShares Morningstar Mid-Cap Growth ETF · Mid-Cap Growth | Whole market | +5.8% | 20.4% | 0.38 | −35.1% | +277% | 0.68 | 0.06% |
| 94 | QUSState Street SPDR MSCI USA StrategicFactors ETF · US Multifactor Equity | Whole market | +11.1% | 14.2% | 0.81 | −33.8% | +276% | 0.70 | 0.15% |
| 95 | ACGLArch Capital Group Ltd. · Property & Casualty Insurance | Whole market | +20.1% | 24.5% | 0.87 | −53.8% | +316% | 0.34 | — |
| 96 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Same or nearby category | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.56 | 0.40% |
| 97 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.8% | 18.4% | 0.40 | −23.8% | +156% | 0.16 | — |
| 98 | HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +15.8% | 22.0% | 0.78 | −57.6% | +302% | 0.61 | — |
| 99 |  GLDSPDR Gold Shares · Gold | Whole market | +17.1% | 19.0% | 0.93 | −26.4% | +206% | -0.04 | 0.40% |
| 100 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.8% | 20.4% | 0.82 | −42.6% | +256% | 0.52 | — |
BAC against its popular alternatives
The investments people most often weigh against BAC, compared period by period and year by year.
How do BAC'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 BAC, which divides the map into what did better or worse on each measure.
- Six of the 25 popular alternatives, led by HSBC, RY and JPM, were both more rewarding and calmer than BAC over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BAC returned 4.0% a year, less than the S&P 500's 12.5%, with higher volatility (26.6% against 17.2%).
Green points earned more than BAC with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| HSBC HSBC Holdings plc | +32.8% | 25.9% |
| SAN Banco Santander, S.A. | +31.8% | 33.9% |
| DB Deutsche Bank AG | +21.7% | 37.4% |
| GS The Goldman Sachs Group, Inc. | +19.4% | 28.6% |
| BCS Barclays PLC | +18.3% | 34.1% |
| RY Royal Bank of Canada | +17.5% | 18.2% |
| JPM JPMorgan Chase & Co. | +17.3% | 24.3% |
| TD The Toronto-Dominion Bank | +16.5% | 20.0% |
| MS Morgan Stanley | +16.2% | 28.9% |
| C Citigroup Inc. | +15.3% | 29.4% |
| BMO Bank of Montreal | +14.0% | 21.4% |
| V Visa Inc. | +13.2% | 22.9% |
| WFC Wells Fargo & Company | +13.1% | 29.5% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| MTB M&T Bank Corporation | +10.3% | 29.7% |
| CFG Citizens Financial Group, Inc. | +9.8% | 33.6% |
| RF Regions Financial Corporation | +7.7% | 30.9% |
| FITB Fifth Third Bancorp | +7.2% | 31.4% |
| COF Capital One Financial Corporation | +5.8% | 35.1% |
| PNC The PNC Financial Services Group, Inc. | +4.7% | 26.8% |
| BAC This pageBank of America Corporation | +4.0% | 26.6% |
| USB U.S. Bancorp | +3.6% | 29.6% |
| HBAN Huntington Bancshares Incorporated | +3.2% | 31.2% |
| SCHW The Charles Schwab Corporation | +3.2% | 31.9% |
| KRE State Street SPDR S&P Regional Banking ETF | +2.7% | 29.4% |
| KEY KeyCorp | +2.4% | 37.6% |
| TFC Truist Financial Corporation | −0.9% | 31.6% |
Has BAC consistently beaten its popular alternatives?
This section compares BAC 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 BAC helps separate lasting outperformance from a single strong stretch.
- 17 of the 25 popular alternatives, led by JPM, RY and TD, outperformed BAC in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- JPM, RY and TD outperformed BAC in every long-term period and in all but one short-term period, the most consistent record in the group.
- RY, TD and JPM earned more for the risk they took than BAC (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than BAC 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| BAC Bank of America Corporation (this page) | — | −9.1% | −16.7% | −2.9% | −7.2% | +2.1% | +115% | +21.4% | +281% | 26.6% | 0.28 | −49.0% | — | $357B | — |
| JPM QualifiedJPMorgan Chase & Co. | 5/5 short3/3 longAll-weather | −0.5% | −2.9% | +8.5% | +5.4% | +16.6% | +154% | +122% | +534% | 24.3% | 0.78 | −43.6% | — | $895B | — |
| RY QualifiedRoyal Bank of Canada | 5/5 short3/3 longAll-weather | −0.9% | −3.9% | +16.0% | +20.7% | +41.5% | +176% | +124% | +361% | 18.2% | 0.98 | −40.0% | — | $280B | — |
| TD QualifiedThe Toronto-Dominion Bank | 5/5 short3/3 longAll-weather | +2.7% | +3.9% | +21.3% | +36.3% | +59.4% | +147% | +114% | +319% | 20.0% | 0.87 | −42.0% | — | $211B | — |
| BMO QualifiedBank of Montreal | 5/5 short3/3 longAll-weather | −2.2% | −4.2% | +14.7% | +32.0% | +40.2% | +150% | +92.4% | +304% | 21.4% | 0.72 | −51.0% | — | $118B | — |
| MS QualifiedMorgan Stanley | 4/5 short3/3 longAll-weather | −8.1% | −15.3% | −2.7% | +2.8% | +19.0% | +181% | +112% | +630% | 28.9% | 0.67 | −51.3% | — | $290B | — |
| HSBC QualifiedHSBC Holdings plc | 4/5 short3/3 longAll-weather | −9.5% | −10.5% | +2.6% | +18.7% | +44.7% | +199% | +313% | +314% | 25.9% | 1.23 | −62.3% | — | $315B | — |
| SAN QualifiedBanco Santander, S.A. | 4/5 short3/3 longAll-weather | −11.0% | −6.1% | +6.2% | +7.9% | +34.9% | +301% | +297% | +307% | 33.9% | 0.99 | −73.8% | — | $189B | — |
| GS QualifiedThe Goldman Sachs Group, Inc. | 3/5 short3/3 long | −6.1% | −18.4% | −3.8% | −1.1% | +22.1% | +218% | +143% | +524% | 28.6% | 0.77 | −48.8% | — | $260B | — |
| V QualifiedVisa Inc. | 5/5 short2/3 long | +14.4% | +17.5% | +33.6% | +20.3% | +20.9% | +83.1% | +86.1% | +435% | 22.9% | 0.66 | −36.4% | — | $774B | — |
| RF QualifiedRegions Financial Corporation | 5/5 short2/3 long | +1.8% | −7.0% | +2.6% | +6.1% | +22.6% | +128% | +45.0% | +285% | 30.9% | 0.40 | −60.8% | — | $24B | — |
| CFG QualifiedCitizens Financial Group, Inc. | 5/5 short2/3 long | −0.4% | −9.4% | +1.5% | +12.2% | +32.8% | +212% | +59.4% | +261% | 33.6% | 0.45 | −65.6% | — | $27B | — |
| FITB QualifiedFifth Third Bancorp | 5/5 short2/3 long | +1.7% | −6.9% | +6.9% | +14.3% | +31.9% | +157% | +41.4% | +255% | 31.4% | 0.38 | −64.0% | — | $48B | — |
| PNC QualifiedThe PNC Financial Services Group, Inc. | 5/5 short2/3 long | −0.2% | −9.9% | +1.9% | +10.2% | +28.6% | +129% | +25.8% | +237% | 26.8% | 0.31 | −49.6% | — | $90B | — |
| MTB QualifiedM&T Bank Corporation | 5/5 short2/3 long | −0.3% | −10.6% | +3.8% | +11.5% | +25.9% | +119% | +63.1% | +148% | 29.7% | 0.48 | −53.0% | — | $32B | — |
| C QualifiedCitigroup Inc. | 4/5 short2/3 long | −7.5% | −6.9% | −4.6% | +4.8% | +29.9% | +245% | +104% | +234% | 29.4% | 0.63 | −56.5% | — | $206B | — |
| COF QualifiedCapital One Financial Corporation | 3/5 short2/3 long | +1.4% | +1.4% | +2.8% | −17.0% | −6.3% | +136% | +32.3% | +221% | 35.1% | 0.34 | −60.3% | — | $125B | — |
| WFC QualifiedWells Fargo & Company | 3/5 short2/3 long | −0.2% | −3.4% | +4.2% | −11.4% | +1.1% | +126% | +85.1% | +140% | 29.5% | 0.57 | −64.5% | — | $249B | — |
| DB Banks - RegionalDeutsche Bank AG | 2/5 short2/3 long | −16.2% | −11.5% | +0.6% | −17.6% | −1.7% | +240% | +167% | +161% | 37.4% | 0.71 | −72.7% | — | $59B | — |
| BCS Banks - DiversifiedBarclays PLC | 1/5 short2/3 long | −11.9% | −20.9% | −4.6% | −14.6% | +9.3% | +240% | +132% | +232% | 34.1% | 0.67 | −66.0% | — | $75B | — |
| KEY Banks - RegionalKeyCorp | 5/5 short1/3 long | +3.6% | −7.4% | −1.9% | +4.1% | +26.3% | +147% | +12.5% | +146% | 37.6% | 0.26 | −65.2% | — | $23B | — |
| KRE FinancialsState Street SPDR S&P Regional Banking ETF | 5/5 short0/3 long | +1.7% | −3.7% | +5.8% | +12.9% | +22.6% | +102% | +14.1% | +114% | 29.4% | 0.24 | −55.0% | 0.35% | $3.4B | — |
| USB Banks - RegionalU.S. Bancorp | 5/5 short0/3 long | +1.9% | −6.0% | +8.0% | +14.5% | +31.7% | +118% | +19.1% | +97.4% | 29.6% | 0.27 | −52.1% | — | $94B | — |
| TFC Banks - RegionalTruist Financial Corporation | 4/5 short0/3 long | +0.7% | −5.5% | −3.0% | +0.4% | +15.8% | +108% | −4.4% | +87.1% | 31.6% | 0.13 | −59.1% | — | $59B | — |
| SCHW Financial - Capital MarketsThe Charles Schwab Corporation | 2/5 short0/3 long | −8.9% | −9.0% | +0.4% | −9.1% | −1.8% | +93.2% | +17.0% | +223% | 31.9% | 0.26 | −51.1% | — | $158B | — |
| HBAN Banks - RegionalHuntington Bancshares Incorporated | 2/5 short0/3 long | −0.2% | −13.5% | −5.1% | −7.8% | +2.5% | +85.1% | +17.1% | +135% | 31.2% | 0.26 | −55.0% | — | $32B | — |
How did BAC do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where BAC ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BAC and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- BAC finished ahead of the S&P 500 in 14 of its 29 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, JPM came out ahead of BAC most often, in 19 of the 29 years both traded.
- Ranked against its popular alternatives each year, BAC finished in the top quarter in eight of 29 years and in the bottom quarter in six. In 2025, it ranked 16 of 26.
Newest year first. Green marks a year in which the fund came out ahead of BAC; gray means the two finished within a fraction of a point. The rank row places BAC among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of BAC | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BAC This pageBank of America Corporation | — | +28.0% | +33.9% | +4.9% | −23.8% | +49.6% | −11.6% | +46.1% | −15.0% | +35.7% | +33.4% | −4.8% | +15.7% | +34.5% | +109% | −58.1% | −11.2% | +7.6% | −63.1% | −18.9% | +20.8% | +2.4% | +21.5% | +20.1% | +14.6% | +42.7% | −4.5% | −14.0% | +1.2% | +27.3% |
| Rank among alternatives | Top quarter in 8 of 29 | 16 of 26 | 11 of 26 | 15 of 26 | 25 of 26 | 4 of 26 | 18 of 26 | 3 of 26 | 9 of 26 | 3 of 26 | 9 of 26 | 15 of 26 | 6 of 25 | 13 of 25 | 1 of 25 | 25 of 25 | 22 of 25 | 17 of 25 | 18 of 24 | 13 of 24 | 11 of 23 | 16 of 23 | 5 of 23 | 20 of 23 | 4 of 23 | 1 of 23 | 20 of 23 | 15 of 21 | 12 of 21 | 20 of 22 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 15 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% |
| JPM JPMorgan Chase & Co. | 19 of 29 | +37.3% | +44.3% | +30.6% | −12.6% | +27.8% | −5.5% | +47.3% | −6.6% | +26.8% | +34.5% | +8.4% | +9.9% | +36.7% | +36.2% | −19.9% | +2.3% | +34.4% | −25.1% | −6.9% | +25.7% | +5.7% | +10.0% | +60.5% | −30.7% | −17.4% | −10.1% | +11.7% | +32.9% | +25.5% |
| RY Royal Bank of Canada | 17 of 29 | +46.3% | +23.8% | +12.2% | −8.0% | +34.1% | +8.4% | +20.2% | −12.9% | +23.9% | +31.8% | −19.3% | +6.7% | +16.0% | +23.3% | +1.2% | +1.4% | +89.3% | −39.4% | +10.7% | +26.0% | +50.7% | +15.9% | +33.6% | +15.8% | −0.9% | +58.5% | −9.5% | −3.5% | +54.8% |
| TD The Toronto-Dominion Bank | 15 of 29 | +85.3% | −13.4% | +4.5% | −12.2% | +41.3% | +5.6% | +17.5% | −12.1% | +22.9% | +30.9% | −14.9% | +5.0% | +16.1% | +16.8% | +4.1% | +22.7% | +85.4% | −46.8% | +20.4% | +16.1% | +30.7% | +29.7% | +61.4% | −11.7% | −7.2% | +11.2% | +58.4% | −2.9% | +52.7% |
| BMO Bank of Montreal | 15 of 29 | +39.6% | +3.0% | +14.6% | −12.4% | +46.9% | +3.3% | +23.9% | −14.9% | +15.4% | +32.9% | −16.8% | +10.4% | +13.7% | +17.3% | −0.3% | +13.7% | +121% | −51.9% | −0.4% | +9.4% | +20.4% | +21.0% | +62.9% | +23.0% | −9.6% | +62.5% | −10.8% | −6.1% | +44.8% |
| MS Morgan Stanley | 18 of 29 | +45.2% | +39.7% | +13.9% | −10.3% | +46.6% | +38.1% | +32.7% | −22.8% | +26.6% | +36.1% | −16.7% | +25.0% | +65.4% | +27.6% | −43.9% | −7.5% | +88.3% | −68.8% | −22.1% | +46.3% | +4.6% | −2.0% | +48.4% | −27.0% | −28.1% | +12.3% | +103% | +21.9% | +80.3% |
| HSBC HSBC Holdings plc | 10 of 27 | +67.9% | +34.5% | +39.3% | +7.8% | +20.8% | −31.7% | +1.5% | −16.1% | +35.9% | +9.9% | −11.5% | −10.2% | +8.5% | +45.9% | −22.2% | −7.5% | +22.2% | −38.0% | −4.0% | +18.9% | −1.5% | +12.6% | +52.3% | −5.2% | −15.3% | +6.5% | — | — | +15.8% |
| SAN Banco Santander, S.A. | 13 of 29 | +165% | +14.9% | +46.4% | −6.8% | +10.2% | −19.6% | −2.2% | −28.5% | +33.3% | +12.3% | −37.9% | −0.4% | +27.4% | +22.8% | −20.2% | −30.2% | +91.8% | −52.3% | +20.2% | +47.1% | +10.5% | +6.8% | +77.6% | −11.3% | −19.8% | −7.6% | +20.1% | +23.7% | +53.6% |
| GS The Goldman Sachs Group, Inc. | 16 of 26 | +56.6% | +52.0% | +15.9% | −7.9% | +47.6% | +17.4% | +40.5% | −33.5% | +7.4% | +34.9% | −5.8% | +10.8% | +40.8% | +43.4% | −45.6% | +0.5% | +103% | −60.4% | +8.6% | +57.4% | +23.9% | +6.5% | +46.3% | −26.0% | −12.8% | +14.1% | — | — | — |
| V Visa Inc. | 10 of 17 | +11.8% | +22.3% | +26.3% | −3.4% | −0.3% | +17.1% | +43.3% | +16.5% | +47.2% | +1.4% | +19.1% | +18.7% | +48.0% | +50.5% | +45.4% | −18.9% | +68.0% | — | — | — | — | — | — | — | — | — | — | — | — |
| RF Regions Financial Corporation | 12 of 29 | +20.2% | +27.0% | −5.7% | +2.4% | +39.4% | −1.6% | +33.3% | −20.6% | +22.9% | +53.7% | −7.0% | +8.7% | +40.2% | +66.7% | −38.1% | +32.7% | −31.6% | −64.0% | −33.7% | +15.0% | 0.0% | +26.8% | +21.3% | +21.3% | +20.5% | +23.2% | −32.4% | +2.0% | +71.9% |
| CFG Citizens Financial Group, Inc. | 6 of 11 | +38.6% | +38.0% | −11.0% | −13.4% | +37.1% | −6.7% | +41.9% | −27.5% | +19.9% | +38.7% | +7.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| FITB Fifth Third Bancorp | 14 of 29 | +14.8% | +27.2% | +10.4% | −21.9% | +62.4% | −5.4% | +35.2% | −20.3% | +15.1% | +37.9% | +1.3% | −0.8% | +41.9% | +22.5% | −11.3% | +51.2% | +18.9% | −65.6% | −35.5% | +13.0% | −17.3% | −17.9% | +3.0% | −3.0% | +4.1% | +23.8% | +4.3% | +32.4% | +97.8% |
| PNC The PNC Financial Services Group, Inc. | 15 of 29 | +12.2% | +29.4% | +2.7% | −18.6% | +38.2% | −2.8% | +40.9% | −17.0% | +26.0% | +25.8% | +6.8% | +20.3% | +36.4% | +3.6% | −3.1% | +15.8% | +10.2% | −22.2% | −8.3% | +23.6% | +11.7% | +8.9% | +36.2% | −22.5% | −20.7% | +70.4% | −15.0% | −2.2% | +56.7% |
| MTB M&T Bank Corporation | 11 of 29 | +10.4% | +41.7% | −1.7% | −2.9% | +24.3% | −22.2% | +21.6% | −14.6% | +10.8% | +32.2% | −1.3% | +10.4% | +21.3% | +33.2% | −9.1% | +34.8% | +23.1% | −27.0% | −31.5% | +14.2% | +2.8% | +11.6% | +25.6% | +10.4% | +8.6% | +66.3% | −19.4% | +12.5% | +62.8% |
| C Citigroup Inc. | 13 of 29 | +70.4% | +41.9% | +19.0% | −22.1% | +0.9% | −19.7% | +57.9% | −28.5% | +27.0% | +15.9% | −4.1% | +3.9% | +31.8% | +50.5% | −44.3% | +42.9% | −50.6% | −75.9% | −44.8% | +19.6% | +4.6% | +2.8% | +41.6% | −20.4% | +0.1% | +23.6% | +70.2% | −6.8% | +79.9% |
| COF Capital One Financial Corporation | 14 of 29 | +37.6% | +38.3% | +44.3% | −34.6% | +49.3% | −2.7% | +38.6% | −22.8% | +16.3% | +23.8% | −10.9% | +9.4% | +34.2% | +37.5% | −0.1% | +11.6% | +24.1% | −30.3% | −38.4% | −11.0% | +2.7% | +37.6% | +107% | −44.8% | −17.8% | +36.9% | +26.0% | +113% | +51.5% |
| WFC Wells Fargo & Company | 18 of 29 | +35.6% | +46.5% | +22.9% | −11.9% | +61.1% | −41.6% | +21.4% | −21.8% | +13.2% | +4.7% | +1.8% | +24.1% | +36.7% | +27.3% | −9.6% | +15.7% | −6.3% | +1.7% | −12.1% | +16.9% | +4.5% | +9.0% | +29.5% | +10.3% | −20.2% | +40.5% | +3.3% | +5.1% | +81.9% |
| DB Deutsche Bank AG | 13 of 29 | +133% | +29.4% | +21.4% | −5.9% | +14.7% | +40.1% | −2.9% | −56.7% | +6.4% | −25.0% | −17.7% | −36.4% | +10.9% | +19.7% | −26.1% | −20.1% | +75.4% | −65.5% | −0.6% | +42.0% | +12.3% | +9.8% | +83.6% | −34.3% | −22.1% | 0.0% | +58.2% | −16.7% | +54.6% |
| BCS Barclays PLC | 13 of 29 | +96.5% | +76.2% | +6.0% | −21.9% | +31.6% | −12.8% | +31.9% | −29.3% | +0.5% | −12.8% | −11.4% | −14.9% | +16.1% | +61.7% | −31.9% | −4.7% | +80.0% | −73.6% | −27.2% | +44.2% | −4.0% | +31.1% | +55.0% | −23.6% | +7.7% | +16.0% | +30.3% | −16.6% | +62.3% |
| KEY KeyCorp | 9 of 29 | +26.2% | +25.4% | −11.6% | −21.6% | +45.9% | −14.5% | +42.7% | −24.6% | +12.7% | +42.1% | −3.2% | +5.5% | +62.4% | +12.0% | −11.6% | +60.4% | −34.0% | −61.6% | −35.5% | +19.9% | +0.9% | +20.1% | +22.1% | +8.1% | −8.8% | +33.9% | −28.4% | −7.1% | +44.5% |
| KRE State Street SPDR S&P Regional Banking ETF | 8 of 19 | +10.2% | +18.6% | −7.6% | −15.1% | +39.3% | −7.4% | +27.4% | −19.0% | +7.5% | +35.0% | +4.9% | +1.8% | +47.5% | +16.9% | −5.9% | +20.7% | −22.0% | −18.6% | −22.0% | — | — | — | — | — | — | — | — | — | — |
| USB U.S. Bancorp | 12 of 29 | +16.4% | +15.6% | +4.8% | −19.1% | +24.3% | −17.9% | +33.6% | −12.4% | +6.6% | +23.4% | −2.8% | +13.8% | +29.6% | +20.9% | +2.3% | +20.7% | −9.0% | −16.6% | −8.0% | +26.3% | −0.5% | +10.6% | +45.3% | +5.3% | −6.8% | +13.2% | −30.5% | +64.5% | +90.1% |
| TFC Truist Financial Corporation | 10 of 29 | +19.1% | +23.7% | −8.6% | −23.5% | +26.1% | −11.1% | +34.6% | −10.2% | +8.7% | +28.4% | −0.1% | +6.9% | +32.7% | +18.6% | −1.9% | +5.9% | −2.0% | −4.5% | −27.2% | +8.9% | +3.4% | +12.8% | +8.1% | +5.6% | −0.4% | +40.6% | −30.6% | +28.5% | +81.3% |
| SCHW The Charles Schwab Corporation | 18 of 29 | +36.6% | +9.2% | −16.0% | +0.1% | +60.2% | +13.6% | +16.4% | −18.4% | +31.1% | +21.0% | +9.9% | +17.2% | +83.3% | +29.8% | −33.1% | −7.8% | +18.1% | −36.1% | +40.0% | +32.8% | +23.5% | +1.7% | +9.5% | −29.5% | −45.4% | +11.4% | +36.3% | +102% | +97.6% |
| HBAN Huntington Bancshares Incorporated | 9 of 29 | +10.8% | +33.7% | −4.6% | −4.5% | +27.1% | −11.2% | +31.8% | −15.2% | +12.9% | +23.0% | +7.5% | +11.6% | +54.1% | +19.5% | −18.4% | +89.5% | −51.5% | −44.2% | −34.3% | +4.3% | −0.4% | +13.4% | +24.3% | +12.5% | +11.0% | −22.1% | −10.1% | −5.8% | +54.1% |
Risk and diversification
How BAC 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 BAC's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents BAC'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.
- In all three of BAC's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BAC fell 52.9% from July 1998 to December 2000, while the S&P 500 rose 17.9%.
- The slowest recovery came after BAC fell 93.4% from October 2007 to March 2009; it did not regain that peak until May 2021, 12 years later.
Green means BAC fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | BAC fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −93.4% | −54.5% | Oct 2007 | Mar 2009 | 17 months | May 2021 | 12.2 years |
| No named crash | −67.9% | — | Aug 1989 | Oct 1990 | 14 months | May 1992 | 19 months |
| Dot-com bust | −52.9% | +17.9% | Jul 1998 | Dec 2000 | 2.4 years | May 2002 | 17 months |
| 2022 bear market | −46.6% | −6.4% | Feb 2022 | Oct 2023 | 20 months | Nov 2024 | 13 months |
| No named crash | −41.4% | — | Aug 1987 | Dec 1987 | 4 months | Aug 1988 | 8 months |
How did BAC do in stock market crashes?
This section measures how far BAC, 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.
- BAC fell further than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when BAC fell 93.4% and the S&P 500 fell 55.2%.
- Among its popular alternatives, RY held up best, falling less than BAC in all ten crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BAC.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BAC This pageBank of America Corporation | — | −12.4% | −38.7% | −47.8% | −26.4% | −6.9% | −37.8% | −45.2% | −0.6% | −93.4% | −36.3% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 7 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| JPM JPMorgan Chase & Co. | 8 of 10 | −5.4% | −37.9% | −42.5% | −21.3% | −5.6% | −22.0% | −32.1% | −0.1% | −67.7% | −74.0% |
| RY Royal Bank of Canada | 10 of 10 | −3.8% | −26.0% | −40.0% | −17.1% | −5.7% | −23.1% | −21.8% | 0.0% | −63.1% | −21.6% |
| TD The Toronto-Dominion Bank | 9 of 10 | −6.7% | −29.0% | −41.0% | −20.9% | −5.5% | −18.1% | −19.6% | 0.0% | −63.4% | −44.1% |
| BMO Bank of Montreal | 9 of 10 | −5.5% | −30.5% | −49.4% | −23.5% | −6.2% | −18.9% | −16.4% | 0.0% | −68.5% | −26.5% |
| MS Morgan Stanley | 5 of 10 | −8.2% | −32.4% | −50.6% | −24.6% | −6.7% | −43.9% | −47.7% | 0.0% | −86.2% | −72.0% |
| HSBC HSBC Holdings plc | 9 of 10 | −7.3% | −31.8% | −20.5% | −13.1% | −4.6% | −30.8% | −25.1% | 0.0% | −73.8% | −41.4% |
| SAN Banco Santander, S.A. | 5 of 10 | −11.4% | −41.0% | −48.1% | −19.0% | −6.0% | −44.7% | −33.2% | −0.9% | −76.1% | −58.4% |
| GS The Goldman Sachs Group, Inc. | 8 of 10 | −9.7% | −30.5% | −42.8% | −33.3% | −5.3% | −31.2% | −34.3% | 0.0% | −78.8% | −54.7% |
| V Visa Inc. | 7 of 8 | −3.5% | −24.1% | −36.4% | −19.1% | −5.8% | −15.8% | −11.5% | −0.8% | — | — |
| RF Regions Financial Corporation | 4 of 10 | −12.6% | −27.1% | −55.1% | −34.8% | −7.0% | −33.7% | −52.9% | −2.7% | −91.3% | −24.4% |
| CFG Citizens Financial Group, Inc. | 1 of 6 | −19.5% | −39.7% | −60.5% | −31.3% | −8.3% | −32.8% | — | — | — | — |
| FITB Fifth Third Bancorp | 6 of 10 | −22.1% | −36.5% | −60.9% | −23.8% | −6.1% | −34.9% | −28.9% | −2.3% | −96.9% | −22.0% |
| PNC The PNC Financial Services Group, Inc. | 7 of 10 | −10.4% | −34.0% | −47.8% | −23.2% | −5.4% | −20.8% | −24.1% | −0.4% | −76.7% | −49.6% |
| MTB M&T Bank Corporation | 8 of 10 | −9.4% | −18.0% | −47.6% | −21.1% | −5.7% | −23.2% | −23.1% | −0.2% | −69.6% | −23.9% |
| C Citigroup Inc. | 2 of 10 | −11.7% | −39.2% | −54.8% | −33.1% | −6.7% | −40.3% | −42.6% | −1.0% | −97.7% | −52.7% |
| COF Capital One Financial Corporation | 4 of 10 | −11.1% | −42.6% | −58.8% | −28.2% | −9.6% | −28.5% | −24.2% | −2.1% | −87.7% | −65.6% |
| WFC Wells Fargo & Company | 7 of 10 | −12.4% | −36.3% | −47.1% | −20.1% | −13.5% | −20.9% | −21.1% | −1.2% | −79.0% | −29.2% |
| DB Deutsche Bank AG | 3 of 10 | −11.6% | −54.2% | −48.6% | −36.3% | −9.3% | −54.8% | −46.8% | 0.0% | −82.7% | −64.9% |
| BCS Barclays PLC | 3 of 10 | −10.2% | −48.1% | −57.1% | −22.9% | −4.1% | −50.6% | −44.9% | −4.8% | −93.9% | −38.4% |
| KEY KeyCorp | 4 of 10 | −34.2% | −40.6% | −58.8% | −32.9% | −7.7% | −32.5% | −31.7% | −1.1% | −82.9% | −25.5% |
| KRE State Street SPDR S&P Regional Banking ETF | 5 of 9 | −23.0% | −27.5% | −49.6% | −28.5% | −5.9% | −28.0% | −27.2% | −1.9% | −66.0% | — |
| USB U.S. Bancorp | 6 of 10 | −19.7% | −36.8% | −47.2% | −20.4% | −7.5% | −17.7% | −24.7% | −1.2% | −76.1% | −42.8% |
| TFC Truist Financial Corporation | 7 of 10 | −26.3% | −35.8% | −53.5% | −20.1% | −6.8% | −24.4% | −27.2% | 0.0% | −66.6% | −24.8% |
| SCHW The Charles Schwab Corporation | 5 of 10 | −31.9% | −36.9% | −41.5% | −26.5% | −8.2% | −37.0% | −28.9% | −5.5% | −56.0% | −83.1% |
| HBAN Huntington Bancshares Incorporated | 4 of 10 | −23.0% | −31.3% | −49.6% | −28.3% | −6.1% | −31.7% | −26.2% | −3.6% | −93.9% | −37.2% |
How closely does BAC 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 BAC with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- JPM took just 103% of the S&P 500's losses, against 146% for BAC, while still keeping 117% of its gains.
- Over the past 10 years, BAC captured 127% of the S&P 500's gains in rising months and 146% of its losses in falling months, with a beta of 1.36. It amplified the market's moves in both directions.
- 12 of the 25 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BAC's 0.87, led by HSBC, V and JPM.
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 BAC's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| BAC This pageBank of America Corporation | 127% | 146% | 0.87 | 1.36 |
| HSBC HSBC Holdings plc | 79% | 53% | 1.49 | 0.58 |
| V Visa Inc. | 93% | 79% | 1.18 | 0.87 |
| JPM JPMorgan Chase & Co. | 117% | 103% | 1.14 | 1.09 |
| RY Royal Bank of Canada | 97% | 88% | 1.11 | 0.88 |
| TD The Toronto-Dominion Bank | 89% | 80% | 1.10 | 0.88 |
| SAN Banco Santander, S.A. | 101% | 92% | 1.10 | 1.02 |
| MS Morgan Stanley | 142% | 137% | 1.04 | 1.39 |
| GS The Goldman Sachs Group, Inc. | 136% | 133% | 1.02 | 1.39 |
| SCHW The Charles Schwab Corporation | 89% | 90% | 0.99 | 0.91 |
| BMO Bank of Montreal | 104% | 112% | 0.93 | 1.12 |
| RF Regions Financial Corporation | 113% | 127% | 0.89 | 1.26 |
| FITB Fifth Third Bancorp | 102% | 114% | 0.89 | 1.22 |
| MTB M&T Bank Corporation | 75% | 86% | 0.87 | 0.86 |
| DB Deutsche Bank AG | 102% | 118% | 0.86 | 1.21 |
| BCS Barclays PLC | 113% | 131% | 0.86 | 1.26 |
| PNC The PNC Financial Services Group, Inc. | 108% | 127% | 0.85 | 1.15 |
| CFG Citizens Financial Group, Inc. | 118% | 140% | 0.84 | 1.37 |
| C Citigroup Inc. | 131% | 165% | 0.80 | 1.49 |
| COF Capital One Financial Corporation | 115% | 146% | 0.79 | 1.39 |
| HBAN Huntington Bancshares Incorporated | 89% | 116% | 0.76 | 1.13 |
| WFC Wells Fargo & Company | 96% | 129% | 0.75 | 1.13 |
| KEY KeyCorp | 100% | 132% | 0.75 | 1.28 |
| KRE State Street SPDR S&P Regional Banking ETF | 86% | 117% | 0.73 | 1.12 |
| USB U.S. Bancorp | 89% | 130% | 0.69 | 1.05 |
| TFC Truist Financial Corporation | 86% | 126% | 0.68 | 1.11 |
What diversifies BAC?
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 BAC's. Because such investments tend not to fall at the same time, pairing BAC with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in BAC into GLD would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+7.7% for BAC alone, +10.7% for the mix).
- Among large ETFs, DXJ, GCOW and SMH have moved largely independently of BAC over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- MCK made money in six of the ten calendar years in which BAC lost money.
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 BAC lost money. The last two columns show a portfolio that is 80% BAC and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2020 | 2018 | 2015 | 2011 | 2010 | 2008 | 2007 | 2000 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BAC Bank of America Corporation (this page) | 1.00 | +21.4% | 0.28 | −23.8% | −11.6% | −15.0% | −4.8% | −58.1% | −11.2% | −63.1% | −18.9% | −4.5% | −14.0% | 27.5% | +7.7% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.28 | +225% | 1.34 | +6.0% | +3.9% | −19.8% | +7.7% | −16.1% | −1.8% | −20.8% | −7.4% | — | — | 22.9% | +12.0% |
| GCOW InternationalPacer Global Cash Cows Dividend ETF | 0.49 | +95.7% | 1.06 | +5.5% | −4.3% | −8.0% | — | — | — | — | — | — | — | 23.6% | +9.3% |
| SMH TechnologyVanEck Semiconductor ETF | 0.40 | +304% | 0.94 | −33.5% | +55.5% | −9.1% | −0.3% | +6.8% | +19.0% | −44.7% | +6.0% | — | — | 25.6% | +14.2% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.47 | +178% | 0.94 | +64.4% | −32.7% | −18.2% | −21.5% | +2.8% | +21.9% | −39.0% | +36.8% | +24.4% | +18.1% | 24.9% | +11.3% |
| GLD CommoditiesSPDR Gold Shares | -0.04 | +120% | 0.93 | −0.8% | +24.8% | −1.9% | −10.7% | +9.6% | +29.3% | +4.9% | +30.4% | — | — | 22.1% | +10.7% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.37 | +147% | 0.87 | −28.9% | +31.5% | −9.9% | −12.9% | −21.8% | +22.8% | −45.3% | +6.4% | — | — | 24.4% | +11.1% |
| EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF | 0.38 | +69.0% | 0.83 | −15.3% | −10.0% | −6.2% | −27.4% | — | — | — | — | — | — | 23.1% | +8.9% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.23 | +66.7% | 0.81 | +2.5% | −2.5% | −8.7% | −17.2% | −10.7% | +22.4% | −19.1% | — | — | — | 22.6% | +8.9% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2020 | 2018 | 2015 | 2011 | 2010 | 2008 | 2007 | 2000 | 1999 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BAC Bank of America Corporation (this page) | 1.00 | +21.4% | 0.28 | −23.8% | −11.6% | −15.0% | −4.8% | −58.1% | −11.2% | −63.1% | −18.9% | −4.5% | −14.0% | 27.5% | +7.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.32 | +471% | 1.54 | +54.1% | +10.1% | −24.5% | +12.6% | +8.1% | +21.4% | −39.6% | −9.8% | +108% | −36.8% | 24.2% | +14.1% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.49 | +2,780% | 1.43 | +1.3% | −2.4% | −16.3% | −6.0% | −24.4% | +2.8% | −20.5% | −25.7% | −2.3% | +350% | 29.5% | +25.7% |
| MCK Medical - DistributionMcKesson Corporation | 0.21 | +397% | 1.41 | +51.8% | +27.1% | −28.4% | −4.5% | +11.8% | +13.8% | −40.4% | +29.7% | +61.2% | −71.3% | 23.6% | +13.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.39 | +1,452% | 1.41 | +17.0% | +6.7% | +0.8% | +67.7% | −17.0% | +8.7% | −15.2% | +2.1% | −71.1% | −58.7% | 26.8% | +22.3% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.33 | +660% | 1.39 | +86.6% | −27.4% | −8.2% | +17.4% | — | — | — | — | — | — | 24.9% | +16.0% |
Common questions
What was BAC's worst drawdown?
BAC's deepest decline since it began trading in 1986 was 93.4%, from October 2007 to March 2009. It took about 12 years from the low to climb back to its old high.
What were BAC's best and worst years?
Over 29 full calendar years, BAC's best year was 2012, when it returned 109%. Its worst was 2008, with a return of -63.1%.
Is there a better investment than BAC?
Among BAC's popular alternatives, RY, V and TD earned more than BAC with less volatility over the past 5 years. RY returned 17.5% a year at 18.2% volatility, against 4.0% a year at 26.6%. Looking beyond its popular alternatives, OPPJ (japan equity) and MA (payment processing) earned more than BAC with less volatility over the past 5 years. OPPJ returned 24.1% a year at 18.4% volatility, against 4.0% a year at 26.6%.
Is BAC more volatile than the S&P 500?
Yes. BAC's volatility over the past 5 years was 26.6%, 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, BAC's return lands within 26.6% 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 BAC's Sharpe ratio?
BAC's Sharpe ratio over the past 5 years was 0.28, against 0.78 for the S&P 500, so BAC 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 BAC with the S&P 500?
Over the past 5 years, BAC's monthly returns had a correlation of 0.69 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 BAC instead: the lower it is, the more that option would diversify a BAC holding.
What are the best alternatives to BAC?
Of the 25 popular alternatives we compared, 17 outperformed BAC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: JPM, RY and TD.
Did BAC outperform the S&P 500?
BAC finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +28.0%, against +17.7% for the index.
How did BAC do in stock market crashes?
BAC fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in seven. The clearest case was the 2008 financial crisis, when BAC fell 93.4% and the S&P 500 fell 55.2%.
What diversifies BAC?
These had a low correlation with BAC over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.28), GCOW (correlation 0.49) and SMH (correlation 0.40); among large stocks, CAH (correlation 0.32), CLS (correlation 0.49) and MCK (correlation 0.21). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than BAC's. Returns within 0.5 points or 3% of BAC's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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