BetterThanSPY

Relative Intelligence · Banks

How Barclays (BCS) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BCS alone. It places BCS (Barclays PLC) 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 BCS stands in the market, and of the alternatives worth a closer look.

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

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

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

This page answers the following questions about BCS

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 BCS have grown?

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

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 898 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of BCS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000199720022007201220172022$10,000$100,00019972004201120182025
  • 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
  • BBVA$107,161+972% total · +8.5% a year
  • SAN$81,349+713% total · +7.5% a year
  • ING$45,632+356% total · +5.4% a year
  • BCS$24,345+143% total · +3.1% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 402 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of BCS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • BBVA$57,750+478% total · +42.0% a year
  • HSBC$51,297+413% total · +38.7% a year
  • MFG$46,041+360% total · +35.7% a year
  • SAN$45,493+355% total · +35.4% a year
  • UBS$34,575+246% total · +28.2% a year
  • BNY$31,954+220% total · +26.2% a year
  • BCS$27,706+177% total · +22.6% a year
  • GS$26,885+169% total · +21.9% a year
  • CM$25,433+154% total · +20.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

BCS at a glance

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

The company

Market value
$75B
Industry
Banks - Diversified
Price history from
October 1986

Returns

Past 1 year
+9.3%total return
Past 3 years
+240%+50.4% a year
Past 5 years
+132%+18.3% a year
Past 10 years
+232%+12.8% a year
Best calendar year
+96.5%2025
Worst calendar year
−73.6%2008
Losing years
13 of 29full calendar years

Risk

Volatility
34.1%typical yearly swing, 5 years
Sharpe ratio
0.67return per unit of risk, 5 years
Worst decline ever
−94.4%Feb 2007 to Jan 2009
From its all-time high
−30.3%below the peak

BCS against the whole market

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

How does BCS rank among all stocks?

This section ranks BCS 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 BCS 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.

MeasureBCSRankStanding
1-year return+9.3%1,650 of 3,282top 50%
3-year return+240%305 of 3,016top 10%
5-year return+132%524 of 2,897top 18%
10-year return+232%765 of 2,201top 35%
Volatility, 5 years34.1%1,082 of 2,897top 37%
Sharpe ratio, 5 years0.67530 of 2,897top 18%
Worst decline, past 10 years−66.0%1,142 of 2,184bottom 49%

What has beaten BCS 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). BCS sits where the dashed lines cross. Anything in the green box above and to the left earned more than BCS with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to BCS; faint dots are 86 more of the 122 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.

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%37.5%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BCSAMGN: +20.1% a year, volatility 24.9%APH: +31.3% a year, volatility 32.4%VRTX: +23.9% a year, volatility 29.1%TRV: +22.4% a year, volatility 22.3%TT: +21.4% a year, volatility 27.7%AFL: +19.5% a year, volatility 20.8%ETR: +19.8% a year, volatility 22.4%CCEP: +20.4% a year, volatility 23.3%CASY: +30.8% a year, volatility 29.4%ACGL: +20.1% a year, volatility 24.5%IRM: +23.8% a year, volatility 30.3%RS: +24.8% a year, volatility 28.1%MUSA: +25.3% a year, volatility 31.2%CBOE: +22.0% a year, volatility 25.1%NHC: +31.2% a year, volatility 28.6%EWT: +19.8% a year, volatility 24.3%PM: +21.3% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.3%PGR: +21.8% a year, volatility 25.7%PH: +26.0% a year, volatility 28.9%FBIZ: +23.2% a year, volatility 29.4%MFC: +23.3% a year, volatility 24.0%GWW: +26.7% a year, volatility 24.9%COR: +23.6% a year, volatility 22.8%HLT: +20.7% a year, volatility 26.8%LNG: +23.4% a year, volatility 30.2%IHG: +21.7% a year, volatility 26.6%MUFG: +33.5% a year, volatility 29.4%SMFG: +34.0% a year, volatility 29.4%AIT: +27.2% a year, volatility 30.4%ALSN: +27.8% a year, volatility 29.9%FSS: +23.2% a year, volatility 31.7%DXJ: +26.6% a year, volatility 19.1%SNX: +20.2% a year, volatility 30.4%DMLP: +21.2% a year, volatility 29.1%SBR: +21.8% a year, volatility 31.5%WF: +25.4% a year, volatility 31.6%GE: +36.0% a year, volatility 31.0%WELL: +27.0% a year, volatility 23.8%NIC: +19.7% a year, volatility 30.2%XOM: +27.5% a year, volatility 26.5%ESE: +22.8% a year, volatility 31.2%WMB: +25.2% a year, volatility 24.1%MPLX: +24.0% a year, volatility 18.8%ARGT: +22.4% a year, volatility 32.1%E: +23.7% a year, volatility 25.6%MAR: +21.7% a year, volatility 28.6%BWFG: +20.3% a year, volatility 28.5%IMO: +33.7% a year, volatility 32.0%CAT: +30.7% a year, volatility 32.0%WAB: +25.2% a year, volatility 26.3%GILD: +22.8% a year, volatility 24.9%TJX: +19.8% a year, volatility 22.3%BTI: +19.4% a year, volatility 22.0%USFD: +23.3% a year, volatility 29.8%UNM: +31.4% a year, volatility 29.3%CLH: +22.8% a year, volatility 28.6%KMI: +20.1% a year, volatility 22.3%RGLD: +20.2% a year, volatility 32.4%MOG-A: +35.1% a year, volatility 32.1%SDCI: +21.1% a year, volatility 18.4%KOF: +22.4% a year, volatility 24.7%ING: +24.3% a year, volatility 31.2%CW: +29.5% a year, volatility 28.8%DTM: +25.0% a year, volatility 25.2%APG: +21.9% a year, volatility 32.0%RNR: +20.6% a year, volatility 27.9%DAC: +22.0% a year, volatility 31.9%CMI: +19.3% a year, volatility 29.0%BLX: +31.0% a year, volatility 25.9%ENSG: +20.1% a year, volatility 26.9%NEU: +20.9% a year, volatility 26.8%ACT: +20.7% a year, volatility 24.4%AVT: +21.5% a year, volatility 30.8%QTUM: +22.1% a year, volatility 28.2%BCH: +24.2% a year, volatility 28.2%PSMT: +19.7% a year, volatility 28.1%ESQ: +32.1% a year, volatility 31.8%IGIC: +30.6% a year, volatility 30.9%VLGEA: +19.4% a year, volatility 28.4%SHEL: +21.4% a year, volatility 24.8%IBM: +20.1% a year, volatility 30.2%ETN: +19.7% a year, volatility 32.2%XLE: +22.7% a year, volatility 25.5%PAA: +28.4% a year, volatility 25.6%WES: +24.4% a year, volatility 27.6%BCS: +18.3% a year, volatility 34.1%SPY (S&P 500): +12.5% a year, volatility 17.2%UBS: +24.9% a year, volatility 30.4%CM: +19.5% a year, volatility 21.6%HSBC: +32.8% a year, volatility 25.9%RY: +17.5% a year, volatility 18.2%SAN: +31.7% a year, volatility 33.9%GS: +19.4% a year, volatility 28.6%PBAM: +27.5% a year, volatility 18.9%MFG: +33.9% a year, volatility 30.6%BNY: +22.8% a year, volatility 24.4%BAP: +29.7% a year, volatility 30.3%IBKR: +35.3% a year, volatility 35.5%FRAF: +18.2% a year, volatility 24.0%WMT: +21.1% a year, volatility 22.6%ABBV: +25.5% a year, volatility 23.4%CVX: +19.7% a year, volatility 25.2%MCK: +37.8% a year, volatility 25.1%LLY: +41.2% a year, volatility 32.8%RTX: +18.7% a year, volatility 24.4%CRAK: +19.5% a year, volatility 20.9%XLK: +19.0% a year, volatility 26.1%CAH: +41.7% a year, volatility 24.7%TRGP: +41.8% a year, volatility 31.7%BCSSPY (S&P 500)UBSCMHSBCRYSANGSPBAMMFGBNYBAPIBKRFRAFWMTABBVCVXMCKLLYRTXCRAKXLKCAHTRGP15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BCSAMGN: +20.1% a year, volatility 24.9%APH: +31.3% a year, volatility 32.4%VRTX: +23.9% a year, volatility 29.1%TRV: +22.4% a year, volatility 22.3%TT: +21.4% a year, volatility 27.7%AFL: +19.5% a year, volatility 20.8%ETR: +19.8% a year, volatility 22.4%CCEP: +20.4% a year, volatility 23.3%CASY: +30.8% a year, volatility 29.4%ACGL: +20.1% a year, volatility 24.5%IRM: +23.8% a year, volatility 30.3%RS: +24.8% a year, volatility 28.1%MUSA: +25.3% a year, volatility 31.2%CBOE: +22.0% a year, volatility 25.1%NHC: +31.2% a year, volatility 28.6%EWT: +19.8% a year, volatility 24.3%PM: +21.3% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.3%PGR: +21.8% a year, volatility 25.7%PH: +26.0% a year, volatility 28.9%FBIZ: +23.2% a year, volatility 29.4%MFC: +23.3% a year, volatility 24.0%GWW: +26.7% a year, volatility 24.9%COR: +23.6% a year, volatility 22.8%HLT: +20.7% a year, volatility 26.8%LNG: +23.4% a year, volatility 30.2%IHG: +21.7% a year, volatility 26.6%MUFG: +33.5% a year, volatility 29.4%SMFG: +34.0% a year, volatility 29.4%AIT: +27.2% a year, volatility 30.4%ALSN: +27.8% a year, volatility 29.9%FSS: +23.2% a year, volatility 31.7%DXJ: +26.6% a year, volatility 19.1%SNX: +20.2% a year, volatility 30.4%DMLP: +21.2% a year, volatility 29.1%SBR: +21.8% a year, volatility 31.5%WF: +25.4% a year, volatility 31.6%GE: +36.0% a year, volatility 31.0%WELL: +27.0% a year, volatility 23.8%NIC: +19.7% a year, volatility 30.2%XOM: +27.5% a year, volatility 26.5%ESE: +22.8% a year, volatility 31.2%WMB: +25.2% a year, volatility 24.1%MPLX: +24.0% a year, volatility 18.8%ARGT: +22.4% a year, volatility 32.1%E: +23.7% a year, volatility 25.6%MAR: +21.7% a year, volatility 28.6%BWFG: +20.3% a year, volatility 28.5%IMO: +33.7% a year, volatility 32.0%CAT: +30.7% a year, volatility 32.0%WAB: +25.2% a year, volatility 26.3%GILD: +22.8% a year, volatility 24.9%TJX: +19.8% a year, volatility 22.3%BTI: +19.4% a year, volatility 22.0%USFD: +23.3% a year, volatility 29.8%UNM: +31.4% a year, volatility 29.3%CLH: +22.8% a year, volatility 28.6%KMI: +20.1% a year, volatility 22.3%RGLD: +20.2% a year, volatility 32.4%MOG-A: +35.1% a year, volatility 32.1%SDCI: +21.1% a year, volatility 18.4%KOF: +22.4% a year, volatility 24.7%ING: +24.3% a year, volatility 31.2%CW: +29.5% a year, volatility 28.8%DTM: +25.0% a year, volatility 25.2%APG: +21.9% a year, volatility 32.0%RNR: +20.6% a year, volatility 27.9%DAC: +22.0% a year, volatility 31.9%CMI: +19.3% a year, volatility 29.0%BLX: +31.0% a year, volatility 25.9%ENSG: +20.1% a year, volatility 26.9%NEU: +20.9% a year, volatility 26.8%ACT: +20.7% a year, volatility 24.4%AVT: +21.5% a year, volatility 30.8%QTUM: +22.1% a year, volatility 28.2%BCH: +24.2% a year, volatility 28.2%PSMT: +19.7% a year, volatility 28.1%ESQ: +32.1% a year, volatility 31.8%IGIC: +30.6% a year, volatility 30.9%VLGEA: +19.4% a year, volatility 28.4%SHEL: +21.4% a year, volatility 24.8%IBM: +20.1% a year, volatility 30.2%ETN: +19.7% a year, volatility 32.2%XLE: +22.7% a year, volatility 25.5%PAA: +28.4% a year, volatility 25.6%WES: +24.4% a year, volatility 27.6%BCS: +18.3% a year, volatility 34.1%SPY (S&P 500): +12.5% a year, volatility 17.2%UBS: +24.9% a year, volatility 30.4%CM: +19.5% a year, volatility 21.6%HSBC: +32.8% a year, volatility 25.9%RY: +17.5% a year, volatility 18.2%SAN: +31.7% a year, volatility 33.9%GS: +19.4% a year, volatility 28.6%PBAM: +27.5% a year, volatility 18.9%MFG: +33.9% a year, volatility 30.6%BNY: +22.8% a year, volatility 24.4%BAP: +29.7% a year, volatility 30.3%IBKR: +35.3% a year, volatility 35.5%FRAF: +18.2% a year, volatility 24.0%WMT: +21.1% a year, volatility 22.6%ABBV: +25.5% a year, volatility 23.4%CVX: +19.7% a year, volatility 25.2%MCK: +37.8% a year, volatility 25.1%LLY: +41.2% a year, volatility 32.8%RTX: +18.7% a year, volatility 24.4%CRAK: +19.5% a year, volatility 20.9%XLK: +19.0% a year, volatility 26.1%CAH: +41.7% a year, volatility 24.7%TRGP: +41.8% a year, volatility 31.7%BCSSPY (S&P 500)UBSCMHSBCRYSANGSPBAMMFGBNYBAPIBKRFRAFWMTABBVMCKLLYCAHTRGP
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than BCS?

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

How this works

The table below lists investments that beat BCS 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 BCS'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 BCS 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 BCS'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× BCS's volatility counts as better.

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

Screen the whole market against BCS for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with BCS?lower diversifies moreExpenseper year
BCSBarclays PLC · this page
+18.3%34.1%0.67−66.0%+232%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.510.09%
Popular alternativesbest 6 shownThe investments people most often weigh against BCS. 13 of 20 passed at least one test.
UBSUBS Group AG · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+24.9%30.4%0.89−59.8%+363%0.56—
CMCanadian Imperial Bank of Commerce · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.5%21.6%0.94−47.3%+409%0.60—
HSBCHSBC Holdings plc · Banks
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+32.8%25.9%1.23−62.3%+314%0.69—
RYRoyal Bank of Canada · Banks
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+17.5%18.2%0.98−40.0%+361%0.66—
SANBanco Santander, S.A. · Banks
Higher return, similar volatilityHigher return in most periodsSmaller losses in recent crashes+31.7%33.9%0.99−73.8%+307%0.64—
GSThe Goldman Sachs Group, Inc. · Capital Markets
Higher return, lower volatilityHigher return in most periods+19.4%28.6%0.77−48.8%+524%0.70—
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 BCS's specific themes. 71 of 561 passed at least one test.
PBAMPrivate Bancorp of America, Inc. · Regional Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+27.5%18.9%1.40−55.1%+415%0.07—
MFGMizuho Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.9%30.6%1.11−45.7%+343%0.41—
BNYBank of New York Mellon Corp · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.8%24.4%0.97−50.5%+332%0.68—
BAPCredicorp Ltd. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+29.7%30.3%1.01−59.2%+281%0.37—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+35.3%35.5%1.03−55.1%+929%0.42—
FRAFFranklin Financial Services Corporation · Regional Banks
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+18.2%24.0%0.82−44.3%+266%0.02—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 464 of 3,192 passed at least one test.
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%0.13—
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+25.5%23.4%1.09−45.1%+600%0.06—
CVXChevron Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.7%25.2%0.84−55.8%+243%0.21—
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%0.08—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+41.2%32.8%1.22−34.5%+1,870%0.02—
RTXRTX Corporation · Aerospace & Defense
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.7%24.4%0.83−52.0%+319%0.30—
CRAKVanEck Oil Refiners ETF · Oil Refining
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.5%20.9%0.96−58.8%+325%0.280.61%
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.0%26.1%0.80−33.6%+741%0.280.08%
What these numbers mean for BCS
Annual return
BCS returned 18.3% 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 $23,200. 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
BCS's volatility over the past 5 years was 34.1%, about twice the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BCS's return lands within 34.1% 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
BCS's Sharpe ratio over the past 5 years was 0.67, against 0.78 for the S&P 500, so BCS 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
BCS's worst fall from a peak to a low over the past 10 years was 66.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 66.0% fall takes a 194% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BCS'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 BCS instead: the lower it is, the more that option would diversify a BCS holding. Guide: Correlation and diversification →
Show all 122 stocks and funds worth at least $500 million that earned more than BCS with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BCSExpense
1
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%0.13—
2
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+600%0.06—
3
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.7%25.2%0.84−55.8%+243%0.21—
4
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+582%0.08—
5
AMGNAmgen Inc. · Biotechnology
Whole market+20.1%24.9%0.86−24.9%+280%0.18—
6
APHAmphenol Corporation · Electronic Components
Whole market+31.3%32.4%1.01−37.5%+887%0.40—
7
VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics
Whole market+23.9%29.1%0.89−41.6%+580%0.11—
8
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%0.39—
9
TTTrane Technologies plc · Building Products
Whole market+21.4%27.7%0.84−40.5%+927%0.43—
10
AFLAflac Incorporated · Life Insurance
Whole market+19.5%20.8%0.97−54.9%+344%0.41—
11
ETREntergy Corporation · Electric Utilities
Whole market+19.8%22.4%0.92−42.0%+326%0.25—
12
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+20.4%23.3%0.92−48.8%+294%0.46—
13
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+30.8%29.4%1.06−36.1%+560%0.26—
14
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+316%0.20—
15
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+345%0.20—
16
IRMIron Mountain Incorporated · Specialty REITs
Whole market+23.8%30.3%0.86−39.0%+456%0.27—
17
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.94−40.8%+639%0.30—
18
MFGMizuho Financial Group, Inc. · Banks
Same or nearby category+33.9%30.6%1.11−45.7%+343%0.41—
19
BNYBank of New York Mellon Corp · Banks
Same or nearby category+22.8%24.4%0.97−50.5%+332%0.68—
20
MUSAMurphy USA Inc. · Convenience Stores
Whole market+25.3%31.2%0.88−35.5%+688%0.05—
21
BAPCredicorp Ltd. · Banks
Same or nearby category+29.7%30.3%1.01−59.2%+281%0.37—
22
CBOECboe Global Markets, Inc. · Capital Markets
Same or nearby category+22.0%25.1%0.92−43.2%+481%0.05—
23
NHCNational HealthCare Corporation · Health Care Facilities
Whole market+31.2%28.6%1.10−35.3%+385%0.18—
24
EWTiShares MSCI Taiwan ETF · International Equity
Same or nearby category+19.8%24.3%0.87−38.9%+448%0.420.59%
25
PMPhilip Morris International Inc. · Tobacco
Whole market+21.3%23.4%0.94−42.9%+240%0.54—
26
DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity
Same or nearby category+20.9%19.3%1.09−31.3%+339%0.320.45%
27
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.8%25.7%0.90−30.3%+849%0.22—
28
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+26.0%28.9%0.95−54.7%+755%0.52—
29
FBIZFirst Business Financial Services, Inc. · Regional Banks
Same or nearby category+23.2%29.4%0.86−50.2%+315%0.37—
30
MFCManulife Financial Corporation · Life Insurance
Whole market+23.3%24.0%1.00−57.5%+386%0.60—
31
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.7%24.9%1.08−41.6%+670%0.27—
32
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.28—
33
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+20.7%26.8%0.84−50.8%+693%0.39—
34
LNGCheniere Energy, Inc. · Oil & Gas
Whole market+23.4%30.2%0.85−57.5%+635%-0.11—
35
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.7%26.6%0.88−59.3%+387%0.54—
36
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Same or nearby category+33.5%29.4%1.14−54.9%+485%0.38—
37
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Same or nearby category+34.0%29.4%1.15−47.6%+470%0.50—
38
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+27.2%30.4%0.95−59.3%+717%0.37—
39
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Whole market+27.8%29.9%0.98−48.7%+363%0.43—
40
FSSFederal Signal Corporation · Industrial Machinery
Whole market+23.2%31.7%0.82−33.0%+899%0.41—
41
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Same or nearby category+26.6%19.1%1.34−39.1%+415%0.320.48%
42
UBSUBS Group AG · Banks
Popular alternative+24.9%30.4%0.89−59.8%+363%0.56—
43
CMCanadian Imperial Bank of Commerce · Banks
Popular alternative+19.5%21.6%0.94−47.3%+409%0.60—
44
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.28—
45
SNXTD Synnex Corp · Technology Distribution
Whole market+20.2%30.4%0.76−55.8%+427%0.49—
46
HSBCHSBC Holdings plc · Banks
Popular alternative+32.8%25.9%1.23−62.3%+314%0.69—
47
DMLPDorchester Minerals, L.P. · Mineral Royalties
Whole market+21.2%29.1%0.81−56.8%+459%0.27—
48
CRAKVanEck Oil Refiners ETF · Oil Refining
Whole market+19.5%20.9%0.96−58.8%+325%0.280.61%
49
SBRSabine Royalty Trust · Mineral Royalties
Whole market+21.8%31.5%0.79−50.7%+339%0.32—
50
WFWoori Financial Group Inc. · Banks
Same or nearby category+25.4%31.6%0.88−67.2%+268%0.49—
51
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+135%0.59—
52
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+378%0.41—
53
NICNicolet Bankshares, Inc. · Regional Banks
Same or nearby category+19.7%30.2%0.75−44.3%+354%0.29—
54
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.5%26.5%1.05−61.0%+216%0.26—
55
ESEESCO Technologies Inc. · Electronic Instruments
Whole market+22.8%31.2%0.81−46.0%+441%0.41—
56
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+25.2%24.1%1.06−68.1%+291%0.34—
57
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.39—
58
ARGTGlobal X - MSCI Argentina ETF · International Equity
Same or nearby category+22.4%32.1%0.79−61.7%+292%0.330.59%
59
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.7%25.6%0.96−61.4%+283%0.31—
60
MARMarriott International, Inc. · Hotels & Resorts
Whole market+21.7%28.6%0.83−61.3%+544%0.37—
61
BWFGBankwell Financial Group, Inc. · Regional Banks
Same or nearby category+20.3%28.5%0.79−64.7%+241%0.36—
62
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+33.7%32.0%1.07−77.1%+411%0.27—
63
CATCaterpillar Inc. · Industrial Machinery
Whole market+30.7%32.0%1.00−43.4%+913%0.40—
64
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.2%26.3%0.99−64.1%+258%0.40—
65
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+202%0.13—
66
TJXThe TJX Companies, Inc. · Apparel Retail
Whole market+19.8%22.3%0.93−42.5%+357%0.31—
67
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+19.4%22.0%0.92−56.1%+110%0.44—
68
USFDUS Foods Holding Corp. · Food Distribution
Whole market+23.3%29.8%0.85−77.3%+353%0.44—
69
UNMUnum Group · Life Insurance
Whole market+31.4%29.3%1.08−81.0%+263%0.26—
70
CLHClean Harbors, Inc. · Waste Management
Whole market+22.8%28.6%0.87−64.5%+603%0.23—
71
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+20.1%22.3%0.94−55.1%+159%0.38—
72
RGLDRoyal Gold, Inc. · Gold Mining
Whole market+20.2%32.4%0.73−49.5%+291%0.06—
73
MOG-AMoog Inc. · Aerospace Components
Whole market+35.1%32.1%1.10−63.7%+540%0.28—
74
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Broad Commodities
Whole market+21.1%18.4%1.14−45.7%—0.000.80%
75
GSThe Goldman Sachs Group, Inc. · Capital Markets
Popular alternative+19.4%28.6%0.77−48.8%+524%0.70—
76
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.4%24.7%0.95−55.1%+119%0.39—
77
INGING Groep N.V. · Banks
Popular alternative+24.3%31.2%0.86−74.4%+330%0.71—
78
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+29.5%28.8%1.05−48.7%+486%0.29—
79
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+25.0%25.2%1.02−23.6%—0.39—
80
APGAPi Group Corporation · Engineering & Construction
Whole market+21.9%32.0%0.78−49.6%—0.47—
81
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.6%27.9%0.81−40.7%+222%0.12—
82
DACDanaos Corporation · Marine Shipping
Whole market+22.0%31.9%0.79−94.6%+474%0.31—
83
CMICummins Inc. · Industrial Machinery
Whole market+19.3%29.0%0.76−44.0%+429%0.58—
84
BLXBladex, Inc. · Banks
Same or nearby category+31.0%25.9%1.18−68.5%+278%0.45—
85
ENSGThe Ensign Group, Inc. · Health Care Facilities
Whole market+20.1%26.9%0.82−55.5%+919%0.08—
86
NEUNewMarket Corporation · Specialty Chemicals
Whole market+20.9%26.8%0.85−40.7%+162%0.18—
87
ACTEnact Holdings Inc. · Insurance
Whole market+20.7%24.4%0.90−20.2%—0.41—
88
AVTAvnet, Inc. · Technology Distribution
Whole market+21.5%30.8%0.79−58.4%+161%0.39—
89
QTUMDefiance Quantum ETF · Quantum Computing
Whole market+22.1%28.2%0.85−38.5%—0.400.40%
90
BCHBanco de Chile · Banks
Same or nearby category+24.2%28.2%0.91−58.4%+168%0.28—
91
PSMTPriceSmart, Inc. · Discount Retail
Whole market+19.7%28.1%0.78−53.2%+121%0.45—
92
ESQEsquire Financial Holdings, Inc. · Regional Banks
Same or nearby category+32.1%31.8%1.04−56.5%—0.31—
93
IGICInternational General Insurance Holdings Ltd. · Insurance
Whole market+30.6%30.9%1.02−50.6%—0.16—
94
VLGEAVillage Super Market, Inc. · Grocery Stores
Whole market+19.4%28.4%0.77−46.8%+111%0.16—
95
SHELShell plc · Integrated Oil & Gas
Whole market+21.4%24.8%0.91−67.2%+236%0.24—
96
IBMInternational Business Machines Corporation · IT Services
Whole market+20.1%30.2%0.76−41.1%+163%0.17—
97
ETNEaton Corporation plc · Electrical Equipment
Whole market+19.7%32.2%0.72−44.5%+636%0.29—
98
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.7%25.5%0.94−66.8%+190%0.280.08%
99
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+28.4%25.6%1.11−87.9%+66.5%0.38—
100
WESWestern Midstream Partners, LP · Oil & Gas Midstream
Whole market+24.4%27.6%0.93−91.9%+122%0.51—

BCS against its popular alternatives

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

How do BCS'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 BCS, which divides the map into what did better or worse on each measure.

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

15.0%20.0%25.0%30.0%35.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBCS: 18.3% a year, volatility 34.1%SPY (S&P 500): 12.5% a year, volatility 17.2%BBVA: 39.0% a year, volatility 33.3%CM: 19.5% a year, volatility 21.6%SAN: 31.8% a year, volatility 33.9%GS: 19.4% a year, volatility 28.6%UBS: 24.9% a year, volatility 30.4%ING: 24.3% a year, volatility 31.2%HSBC: 32.8% a year, volatility 25.9%LYG: 19.8% a year, volatility 32.1%MS: 16.2% a year, volatility 28.9%JPM: 17.3% a year, volatility 24.3%RY: 17.5% a year, volatility 18.2%TD: 16.5% a year, volatility 20.0%BMO: 14.0% a year, volatility 21.4%AXP: 13.1% a year, volatility 29.2%BLK: 7.0% a year, volatility 27.1%BAC: 4.0% a year, volatility 26.6%DB: 21.7% a year, volatility 37.4%BNS: 13.2% a year, volatility 20.0%C: 15.3% a year, volatility 29.4%WFC: 13.1% a year, volatility 29.5%BCSSPY (S&P 500)BBVACMSANGSUBSHSBCLYGMSJPMRYTDBMOAXPBLKBACDBCWFC15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBCS: 18.3% a year, volatility 34.1%SPY (S&P 500): 12.5% a year, volatility 17.2%BBVA: 39.0% a year, volatility 33.3%CM: 19.5% a year, volatility 21.6%SAN: 31.8% a year, volatility 33.9%GS: 19.4% a year, volatility 28.6%UBS: 24.9% a year, volatility 30.4%ING: 24.3% a year, volatility 31.2%HSBC: 32.8% a year, volatility 25.9%LYG: 19.8% a year, volatility 32.1%MS: 16.2% a year, volatility 28.9%JPM: 17.3% a year, volatility 24.3%RY: 17.5% a year, volatility 18.2%TD: 16.5% a year, volatility 20.0%BMO: 14.0% a year, volatility 21.4%AXP: 13.1% a year, volatility 29.2%BLK: 7.0% a year, volatility 27.1%BAC: 4.0% a year, volatility 26.6%DB: 21.7% a year, volatility 37.4%BNS: 13.2% a year, volatility 20.0%C: 15.3% a year, volatility 29.4%WFC: 13.1% a year, volatility 29.5%BCSSPY (S&P 500)BBVACMSANGSUBSINGHSBCLYGMSJPMRYTDAXPBLKBACDBCWFC
All figures
InvestmentAnnual returnVolatility
BBVA Banco Bilbao Vizcaya Argentaria, S.A.+39.0%33.3%
HSBC HSBC Holdings plc+32.8%25.9%
SAN Banco Santander, S.A.+31.8%33.9%
UBS UBS Group AG+24.9%30.4%
ING ING Groep N.V.+24.3%31.2%
DB Deutsche Bank AG+21.7%37.4%
LYG Lloyds Banking Group plc+19.8%32.1%
CM Canadian Imperial Bank of Commerce+19.5%21.6%
GS The Goldman Sachs Group, Inc.+19.4%28.6%
BCS This pageBarclays 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%
BNS The Bank of Nova Scotia+13.2%20.0%
WFC Wells Fargo & Company+13.1%29.5%
AXP American Express Company+13.1%29.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
BLK BlackRock, Inc.+7.0%27.1%
BAC Bank of America Corporation+4.0%26.6%
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Has BCS consistently beaten its popular alternatives?

This section compares BCS 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 BCS helps separate lasting outperformance from a single strong stretch.

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

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
BCS Barclays PLC (this page)—−11.9%−20.9%−4.6%−14.6%+9.3%+240%+132%+232%34.1%0.67−66.0%—$75B—
BBVA QualifiedBanco Bilbao Vizcaya Argentaria, S.A.5/5 short3/3 longAll-weather−11.3%−3.1%+14.1%+9.3%+35.8%+275%+418%+515%33.3%1.16−69.6%—$138B—
CM QualifiedCanadian Imperial Bank of Commerce5/5 short3/3 longAll-weather+0.9%−1.6%+7.3%+27.9%+46.1%+265%+144%+409%21.6%0.94−47.3%—$104B—
SAN QualifiedBanco Santander, S.A.5/5 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.5/5 short2/3 long−6.1%−18.4%−3.8%−1.1%+22.1%+218%+143%+524%28.6%0.77−48.8%—$260B—
UBS QualifiedUBS Group AG5/5 short2/3 long−4.7%−11.0%+10.5%+2.1%+26.3%+115%+204%+363%30.4%0.89−59.8%—$144B—
ING QualifiedING Groep N.V.5/5 short2/3 long−10.9%−2.7%+15.5%+17.1%+41.5%+203%+196%+330%31.2%0.86−74.4%—$92B—
HSBC QualifiedHSBC Holdings plc5/5 short2/3 long−9.5%−10.5%+2.6%+18.7%+44.7%+199%+313%+314%25.9%1.23−62.3%—$315B—
MS Financial - Capital MarketsMorgan Stanley5/5 short1/3 long−8.1%−15.3%−2.7%+2.8%+19.0%+181%+112%+630%28.9%0.67−51.3%—$290B—
JPM Banks - DiversifiedJPMorgan Chase & Co.5/5 short1/3 long−0.5%−2.9%+8.5%+5.4%+16.6%+154%+122%+534%24.3%0.78−43.6%—$895B—
RY Banks - DiversifiedRoyal Bank of Canada5/5 short1/3 long−0.9%−3.9%+16.0%+20.7%+41.5%+176%+124%+361%18.2%0.98−40.0%—$280B—
TD Banks - DiversifiedThe Toronto-Dominion Bank5/5 short1/3 long+2.7%+3.9%+21.3%+36.3%+59.4%+147%+114%+319%20.0%0.87−42.0%—$211B—
BMO Banks - DiversifiedBank of Montreal5/5 short1/3 long−2.2%−4.2%+14.7%+32.0%+40.2%+150%+92.4%+304%21.4%0.72−51.0%—$118B—
LYG Banks - RegionalLloyds Banking Group plc5/5 short1/3 long−6.9%−11.1%+0.6%+1.1%+20.6%+207%+147%+215%32.1%0.73−66.5%—$77B—
AXP Financial - Credit ServicesAmerican Express Company4/5 short1/3 long+6.9%−6.5%−1.8%−12.0%−6.6%+133%+84.7%+455%29.2%0.57−49.6%—$219B—
BLK Asset ManagementBlackRock, Inc.4/5 short1/3 long+6.6%+8.2%+8.2%+6.5%+2.8%+97.8%+40.3%+324%27.1%0.39−43.9%—$176B—
BAC Banks - DiversifiedBank of America Corporation4/5 short1/3 long−9.1%−16.7%−2.9%−7.2%+2.1%+115%+21.4%+281%26.6%0.28−49.0%—$357B—
DB Banks - RegionalDeutsche Bank AG2/5 short1/3 long−16.2%−11.5%+0.6%−17.6%−1.7%+240%+167%+161%37.4%0.71−72.7%—$59B—
BNS Banks - DiversifiedThe Bank of Nova Scotia5/5 short0/3 long+0.2%+7.6%+26.6%+30.5%+51.5%+165%+86.2%+191%20.0%0.73−46.9%—$114B—
C Banks - DiversifiedCitigroup Inc.4/5 short0/3 long−7.5%−6.9%−4.6%+4.8%+29.9%+245%+104%+234%29.4%0.63−56.5%—$206B—
WFC Banks - DiversifiedWells Fargo & Company4/5 short0/3 long−0.2%−3.4%+4.2%−11.4%+1.1%+126%+85.1%+140%29.5%0.57−64.5%—$249B—
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How did BCS do year by year?

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

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

InvestmentYears ahead of BCS20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
BCS This pageBarclays PLC—+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%
Rank among alternativesTop quarter in 6 of 295 of 211 of 2119 of 2117 of 2113 of 2115 of 218 of 2116 of 2121 of 2118 of 2110 of 2119 of 2114 of 213 of 2116 of 2114 of 219 of 2119 of 2120 of 214 of 2121 of 215 of 218 of 2115 of 214 of 209 of 196 of 1513 of 155 of 15
SPY S&P 500State Street SPDR S&P 500 ETF16 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%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.15 of 29+154%+14.2%+62.5%+10.0%+22.2%−6.4%+10.9%−35.0%+31.3%−1.5%−19.3%−20.6%+39.6%+18.2%−10.8%−39.7%+53.1%−45.6%+4.6%+39.4%+4.1%+32.9%+47.9%−19.3%−13.1%+8.9%−9.5%+51.7%+85.6%
CM Canadian Imperial Bank of Commerce16 of 28+49.0%+37.9%+26.5%−26.8%+44.7%+9.3%+20.3%−19.8%+23.5%+29.8%−19.6%+4.8%+11.0%+16.8%−3.3%+27.1%+64.3%−37.9%−12.0%+32.5%+13.7%+26.0%+87.9%−14.9%+14.2%+38.0%+1.2%−17.2%—
SAN Banco Santander, S.A.16 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%———
UBS UBS Group AG13 of 25+57.6%+0.7%+69.8%+7.4%+29.4%+19.5%+7.1%−29.9%+17.4%−14.4%+18.1%−10.2%+23.3%+34.3%−28.2%+6.2%+8.5%−68.9%−21.5%+32.5%+18.2%+27.9%+50.4%+1.7%−8.0%————
ING ING Groep N.V.16 of 29+91.3%+12.2%+32.0%−4.4%+55.4%−21.6%+20.6%−39.4%+36.7%+11.1%+6.4%−7.4%+47.6%+32.5%−26.8%−0.2%−11.7%−69.6%−8.2%+31.9%+20.8%+36.1%+48.7%−31.3%−34.4%+35.1%+0.4%+49.9%+25.1%
HSBC HSBC Holdings plc11 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%
MS Morgan Stanley17 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%
JPM JPMorgan Chase & Co.17 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 Canada17 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 Bank17 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 Montreal18 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%
LYG Lloyds Banking Group plc13 of 24+104%+20.2%+14.5%−9.7%+34.6%−36.5%+36.9%−28.4%+26.8%−25.9%−4.4%−12.7%+66.1%+104%−61.7%+25.4%−27.5%−77.5%−11.6%+42.9%−1.5%+22.5%+25.3%−33.0%—————
AXP American Express Company18 of 29+26.0%+60.3%+28.7%−8.5%+36.9%−1.1%+32.5%−2.6%+36.2%+8.6%−24.2%+3.7%+59.8%+23.6%+11.6%+7.8%+126%−63.7%−13.4%+19.1%+4.3%+17.6%+37.7%+0.2%−34.5%−0.3%+63.3%+15.7%+59.9%
BLK BlackRock, Inc.16 of 26+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%+45.1%+41.8%+42.4%+47.6%+35.9%−5.5%−0.7%+144%———
BAC Bank of America Corporation16 of 29+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%
DB Deutsche Bank AG11 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%
BNS The Bank of Nova Scotia17 of 26+45.1%+17.5%+6.0%−28.8%+40.6%+1.7%+17.5%−19.2%+20.5%+43.7%−25.1%−4.2%+11.5%+21.0%−9.6%+27.1%+82.6%−44.4%+16.6%+16.8%+21.4%+40.4%+59.9%+232%+17.5%+25.4%———
C Citigroup Inc.14 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%
WFC Wells Fargo & Company18 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%
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Risk and diversification

How BCS 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 BCS's worst declines?

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

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

DuringBCS fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−94.4%−40.4%Feb 2007Jan 200923 monthsNot yet—
No named crash−53.0%−0.9%Feb 1998Oct 19988 monthsApr 19996 months
Dot-com bust−40.9%−26.0%May 2002Mar 200310 monthsOct 20037 months
No named crash−38.1%—Mar 1991Apr 199213 monthsAug 199316 months
Dot-com bust−34.1%−20.5%Apr 2001Sep 20015 monthsJan 20024 months

How did BCS do in stock market crashes?

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

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

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
BCS This pageBarclays PLC—−10.2%−48.1%−57.1%−22.9%−4.1%−50.6%−44.9%−4.8%−93.9%−38.4%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.6 of 10−10.9%−39.6%−47.9%−22.7%−5.4%−41.0%−32.7%0.0%−75.7%−55.9%
CM Canadian Imperial Bank of Commerce8 of 10−7.0%−36.2%−43.6%−22.2%−5.9%−25.3%−12.9%0.0%−71.8%−39.8%
SAN Banco Santander, S.A.7 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.6 of 10−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
UBS UBS Group AG7 of 9−9.5%−32.5%−42.3%−28.5%−8.2%−36.7%−39.7%−0.9%−87.5%—
ING ING Groep N.V.4 of 10−10.7%−43.4%−56.9%−24.1%−5.8%−35.4%−47.4%−3.6%−93.0%−66.4%
HSBC HSBC Holdings plc8 of 10−7.3%−31.8%−20.5%−13.1%−4.6%−30.8%−25.1%0.0%−73.8%−41.4%
MS Morgan Stanley6 of 10−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
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 Canada9 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 Bank8 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 Montreal8 of 10−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
LYG Lloyds Banking Group plc5 of 9−7.8%−40.5%−53.4%−23.3%−4.3%−34.6%−41.6%−4.5%−94.8%—
AXP American Express Company6 of 10−9.8%−31.6%−49.6%−20.7%−8.6%−36.6%−18.1%−4.5%−83.4%−59.1%
BLK BlackRock, Inc.8 of 10−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
BAC Bank of America Corporation5 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
DB Deutsche Bank AG3 of 10−11.6%−54.2%−48.6%−36.3%−9.3%−54.8%−46.8%0.0%−82.7%−64.9%
BNS The Bank of Nova Scotia9 of 10−4.6%−35.4%−43.0%−17.7%−6.1%−24.3%−19.8%0.0%−63.8%−23.6%
C Citigroup Inc.5 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
WFC Wells Fargo & Company8 of 10−12.4%−36.3%−47.1%−20.1%−13.5%−20.9%−21.1%−1.2%−79.0%−29.2%
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How closely does BCS 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 BCS with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

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

InvestmentUpside captureDownside captureCapture ratioBeta
BCS This pageBarclays PLC113%131%0.861.26
HSBC HSBC Holdings plc79%53%1.490.58
BBVA Banco Bilbao Vizcaya Argentaria, S.A.121%97%1.251.11
JPM JPMorgan Chase & Co.117%103%1.141.09
RY Royal Bank of Canada97%88%1.110.88
SAN Banco Santander, S.A.101%92%1.101.02
TD The Toronto-Dominion Bank89%80%1.100.88
MS Morgan Stanley142%137%1.041.39
AXP American Express Company117%113%1.031.16
CM Canadian Imperial Bank of Commerce108%106%1.021.07
GS The Goldman Sachs Group, Inc.136%133%1.021.39
UBS UBS Group AG116%120%0.971.18
BMO Bank of Montreal104%112%0.931.12
ING ING Groep N.V.136%155%0.881.36
BAC Bank of America Corporation127%146%0.871.36
DB Deutsche Bank AG102%118%0.861.21
LYG Lloyds Banking Group plc106%130%0.821.20
BLK BlackRock, Inc.127%157%0.811.30
BNS The Bank of Nova Scotia97%120%0.811.05
C Citigroup Inc.131%165%0.801.49
WFC Wells Fargo & Company96%129%0.751.13
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What diversifies BCS?

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 BCS's. Because such investments tend not to fall at the same time, pairing BCS with them can reduce a portfolio's overall swings.

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

ETFs

InvestmentCorrelation5Y returnSharpe202220202018201620152014201120102008200720052002199880/20 mix volatility80/20 mix annual return
BCS Barclays PLC (this page)1.00+132%0.67−21.9%−12.8%−29.3%−12.8%−11.4%−14.9%−31.9%−4.7%−73.6%−27.2%−4.0%−23.6%−16.6%31.7%+22.6%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.32+225%1.34+6.0%+3.9%−19.8%+1.1%+7.7%+8.1%−16.1%−1.8%−20.8%−7.4%———26.3%+24.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.44+103%1.06+10.4%−13.4%−8.7%+29.8%−25.3%+23.8%———————26.8%+21.9%
SMH TechnologyVanEck Semiconductor ETF0.36+304%0.94−33.5%+55.5%−9.1%+35.6%−0.3%+30.2%+6.8%+19.0%−44.7%+6.0%+10.8%−47.0%—28.6%+26.9%
XLE EnergyState Street Energy Select Sector SPDR ETF0.28+178%0.94+64.4%−32.7%−18.2%+28.0%−21.5%−8.7%+2.8%+21.9%−39.0%+36.8%+40.1%−14.8%—27.3%+23.9%
GLD CommoditiesSPDR Gold Shares0.10+120%0.93−0.8%+24.8%−1.9%+8.0%−10.7%−2.2%+9.6%+29.3%+4.9%+30.4%+17.8%——26.0%+22.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.45+130%0.91−10.4%+28.2%−0.9%+7.4%—————————27.5%+23.2%
AMLP EnergyAlerian MLP ETF0.38+114%0.90+25.5%−32.3%−12.6%+14.9%−25.7%+4.8%+10.2%——————27.0%+22.6%
EWT TechnologyiShares MSCI Taiwan ETF0.42+147%0.87−28.9%+31.5%−9.9%+17.7%−12.9%+7.0%−21.8%+22.8%−45.3%+6.4%+4.7%−24.4%—27.9%+23.4%

Stocks

InvestmentCorrelation5Y returnSharpe202220202018201620152014201120102008200720052002199880/20 mix volatility80/20 mix annual return
BCS Barclays PLC (this page)1.00+132%0.67−21.9%−12.8%−29.3%−12.8%−11.4%−14.9%−31.9%−4.7%−73.6%−27.2%−4.0%−23.6%−16.6%31.7%+22.6%
CAH Medical - DistributionCardinal Health, Inc.0.20+471%1.54+54.1%+10.1%−24.5%−17.5%+12.6%+23.0%+8.1%+21.4%−39.6%−9.8%+18.7%−8.3%+51.7%26.9%+26.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.29+2,780%1.43+1.3%−2.4%−16.3%+7.4%−6.0%+12.9%−24.4%+2.8%−20.5%−25.7%−25.2%−65.1%—30.9%+39.9%
MCK Medical - DistributionMcKesson Corporation0.08+397%1.41+51.8%+27.1%−28.4%−28.3%−4.5%+29.3%+11.8%+13.8%−40.4%+29.7%+64.9%−27.2%+46.9%26.3%+26.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.28+1,452%1.41+17.0%+6.7%+0.8%+18.3%+67.7%−10.4%−17.0%+8.7%−15.2%+2.1%+20.1%−9.4%−9.5%29.2%+35.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.08+660%1.39+86.6%−27.4%−8.2%+0.7%+17.4%+0.4%———————26.7%+29.3%
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Common questions

What was BCS's worst drawdown?

BCS's deepest decline since it began trading in 1986 was 94.4%, from February 2007 to January 2009. It has not yet climbed back to that peak.

What were BCS's best and worst years?

Over 29 full calendar years, BCS's best year was 2025, when it returned 96.5%. Its worst was 2008, with a return of -73.6%.

Is there a better investment than BCS?

Among BCS's popular alternatives, UBS, CM and HSBC earned more than BCS with less volatility over the past 5 years. UBS returned 24.9% a year at 30.4% volatility, against 18.3% a year at 34.1%. Looking beyond its popular alternatives, PBAM (regional banks) and MFG (banks) earned more than BCS with less volatility over the past 5 years. PBAM returned 27.5% a year at 18.9% volatility, against 18.3% a year at 34.1%.

Is BCS more volatile than the S&P 500?

Yes. BCS's volatility over the past 5 years was 34.1%, about twice the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BCS's return lands within 34.1% 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 BCS's Sharpe ratio?

BCS's Sharpe ratio over the past 5 years was 0.67, against 0.78 for the S&P 500, so BCS 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 BCS with the S&P 500?

Over the past 5 years, BCS'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 BCS instead: the lower it is, the more that option would diversify a BCS holding.

What are the best alternatives to BCS?

Of the 20 popular alternatives we compared, seven outperformed BCS in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: BBVA, CM and SAN.

Did BCS outperform the S&P 500?

BCS finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +96.5%, against +17.7% for the index.

How did BCS do in stock market crashes?

BCS fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when BCS fell 93.9% and the S&P 500 fell 55.2%.

What diversifies BCS?

These had a low correlation with BCS over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.32), EMLP (correlation 0.44) and SMH (correlation 0.36); among large stocks, CAH (correlation 0.20), CLS (correlation 0.29) and MCK (correlation 0.08). A correlation near zero means the two have moved largely independently.

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