Relative Intelligence · Travel Services
How Booking (BKNG) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BKNG alone. It places BKNG (Booking Holdings Inc.) against 17 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 BKNG stands in the market, and of the alternatives worth a closer look.
Period covered: BKNG's full trading record, from March 1999 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 BKNG
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowBKNG is 30.0% below its high, bear-market territory, while the S&P 500 sits 1.9% below a record. BKNG has gone against the market, falling 9.8% over the past 6 months while the S&P 500 rose 8.0%. At a glance ↓
- Stock or market?The weakness is BKNG's own: it fell 9.2% over the past 3 months while the consumer discretionary sector ETF XLY (State Street Consumer Discretionary Select Sector SPDR ETF) rose 1.1%. The S&P 500 rose 2.5%. Its travel services peers did not move as one over the past 3 months: ABNB (Airbnb) rose 25.5%, while HGV (Hilton Grand Vacations) fell 24.8%.
- Past 1 to 3 yearsOver the past year, BKNG fell 22.3% while the S&P 500 rose 15.6%. The same gap shows up over 3 years (46.2% against 88.4%). By year ↓
- Long termBKNG turned $10,000 into $28,000 over the past decade, against $41,600 in the S&P 500. That said, it finished ahead of the S&P 500 in 17 of its 26 calendar years. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, BKNG has typically fallen 1.5 times as far as the S&P 500. Crash tests ↓
- DiversificationAgainst the S&P 500, BKNG has a correlation of 0.58 over 5 years, more closely than 88% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years, BKNG's beta versus the S&P 500 was 1.17: in the S&P 500's rising months it gained 1.0 times as much as the index, and in falling months it lost 1.2 times as much. Market capture ↓
- Better options
- Popular alternatives
- V (Visa), MAR (Marriott International) and HLT (Hilton Worldwide) earned more than BKNG with less volatility over the past 5 years. V returned 13.2% a year at 22.9% volatility, against 11.5% a year at 33.3%.
- Nearby categories and themes
- IHG (InterContinental Hotels Group, hotels & resorts) earned more than BKNG with less volatility over the past 5 years: 21.7% a year at 26.6% volatility, against 11.5% a year at 33.3%.
- Whole market
- 411 of the 3,641 stocks and funds worth at least $500 million earned more than BKNG with less volatility over the past 5 years, among them AAPL (Apple), VOO (Vanguard S&P 500 ETF) and BRK-A (Berkshire Hathaway).
How much would $10,000 in BKNG have grown?
This chart tracks a hypothetical $10,000 investment in BKNG over the past 27 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BKNG over the same span and BKNG'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 BKNG at the end of September 1999 would have grown to $107,744 by September 2026, more than the $95,018 it would have become in SPY, an S&P 500 fund.
- Five of the seven other investments on the chart ended ahead of BKNG, and RY finished highest, at $500,230.
Choose a period
From the end of September 1999 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. 562 of the 1,166 stocks and funds worth at least $500 million that traded the whole period ended ahead of BKNG; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.
- RY$500,230+4,902% total · +15.6% a year
- MAR$299,361+2,894% total · +13.4% a year
- CHH$218,640+2,086% total · +12.1% a year
- BRK-A$135,827+1,258% total · +10.1% a year
- JNJ$115,704+1,057% total · +9.5% a year
- BKNG$107,744+977% total · +9.2% a year
- SPY (S&P 500)$95,018+850% total · +8.7% a year
- RCL$85,956+760% total · +8.3% a year
- CCL$9,360−6.4% total · −0.2% 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. 1,123 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of BKNG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- RCL$30,918+209% total · +25.3% a year
- GOOG$25,811+158% total · +20.9% a year
- MAR$25,049+150% total · +20.2% a year
- HLT$24,416+144% total · +19.5% a year
- DAL$20,290+103% total · +15.2% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- BKNG$17,565+75.6% total · +11.9% a year
- V$16,755+67.5% total · +10.9% a year
- EXPE$16,292+62.9% total · +10.3% a year
- TNL$13,847+38.5% total · +6.7% a year
BKNG 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.
- BKNG is still 30.0% below its all-time high.
- BKNG's deepest decline since it began trading in 1999 was 99.3%, from April 1999 to October 2002. It took about 11 years from the low to climb back to its old high.
- Over 26 full calendar years, BKNG's best was 2001, when it returned 345%, and its worst was 2000, when it lost 97.2%. It lost money in seven of those years.
The company
- Market value
- $121B
- Industry
- Travel Services
- Price history from
- March 1999
Returns
- Past 1 year
- −22.3%total return
- Past 3 years
- +46.2%+13.5% a year
- Past 5 years
- +72.2%+11.5% a year
- Past 10 years
- +180%+10.8% a year
- Best calendar year
- +345%2001
- Worst calendar year
- −97.2%2000
- Losing years
- 7 of 26full calendar years
Risk
- Volatility
- 33.3%typical yearly swing, 5 years
- Sharpe ratio
- 0.49return per unit of risk, 5 years
- Worst decline ever
- −99.3%Apr 1999 to Oct 2002
- From its all-time high
- −30.0%below the peak
BKNG against the whole market
Where BKNG ranks among every stock and fund, and what across the market has done better.
How does BKNG rank among all stocks?
This section ranks BKNG 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 BKNG stacks up against its peers, these rankings show where it stands in the market as a whole.
- BKNG's worst decline of the past 10 years ranks in the top 17% of the 2,184 stocks worth at least $300 million, where the top fell the least.
- BKNG's 1-year return ranks in the bottom 17% of the 3,282 stocks worth at least $300 million with 1 year of history.
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 | BKNG | Rank | Standing |
|---|---|---|---|
| 1-year return | −22.3% | 2,727 of 3,282 | bottom 18% |
| 3-year return | +46.2% | 1,635 of 3,016 | bottom 47% |
| 5-year return | +72.2% | 891 of 2,897 | top 31% |
| 10-year return | +180% | 943 of 2,201 | top 43% |
| Volatility, 5 years | 33.3% | 1,014 of 2,897 | top 35% |
| Sharpe ratio, 5 years | 0.49 | 958 of 2,897 | top 33% |
| Worst decline, past 10 years | −47.8% | 370 of 2,184 | top 17% |
What has beaten BKNG 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). BKNG sits where the dashed lines cross. Anything in the green box above and to the left earned more than BKNG 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.
- 244 stocks and 167 ETFs worth at least $500 million sit in the green region: each earned more than BKNG over the past 5 years with smaller price swings. That is 11% of the 3,641 screened.
- Among those with at least half BKNG's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 26% less than BKNG's 33.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.49 for BKNG.
- Among BKNG's popular alternatives, HLT, MAR and V are in the region. HLT earned 20.7% a year against 11.5% a year for BKNG, at 26.8% volatility, 19% less than BKNG's 33.3%.
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 BKNG; faint dots are 92 more of the 411 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 BKNG?
Investments that beat BKNG over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among BKNG's popular alternatives, V, MAR and HLT earned more than BKNG with less volatility over the past 5 years. V returned 13.2% a year at 22.9% volatility, against 11.5% a year at 33.3%.
- Looking beyond its popular alternatives, IHG (hotels & resorts) earned more than BKNG with less volatility over the past 5 years: 21.7% a year at 26.6% volatility, against 11.5% a year at 33.3%.
- Across the whole market, 411 of the 3,641 stocks and funds worth at least $500 million earned more than BKNG with less volatility over the past 5 years, among them AAPL, VOO and BRK-A.
How this works
The table below lists investments that beat BKNG 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 BKNG'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 BKNG 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 BKNG'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× BKNG's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than BKNG'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 BKNG?lower diversifies more | Expenseper year | |||
| BKNGBooking Holdings Inc. · this page | +11.5% | 33.3% | 0.49 | −47.8% | +180% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.58 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against BKNG. 8 of 17 passed at least one test. | |||||||||
 VVisa Inc. · Payment Processing | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.2% | 22.9% | 0.66 | −36.4% | +435% | 0.68 | — | |
 MARMarriott International, Inc. · Hotels & Resorts | Higher return, lower volatilityHigher return in most periods | +21.7% | 28.6% | 0.83 | −61.3% | +544% | 0.56 | — | |
 HLTHilton Worldwide Holdings Inc. · Hotels & Resorts | Higher return, lower volatilityHigher return in most periods | +20.7% | 26.8% | 0.84 | −50.8% | +693% | 0.59 | — | |
 GOOGAlphabet Inc. · Internet Services | Higher return, similar volatilityHigher return in most periods | +18.5% | 32.0% | 0.69 | −44.6% | +696% | 0.19 | — | |
 RCLRoyal Caribbean Cruises Ltd. · Cruise Lines | Higher return in most periods | +28.5% | 48.4% | 0.76 | −83.3% | +357% | 0.61 | — | |
 DALDelta Air Lines, Inc. · Airlines | Higher return in most periods | +15.7% | 40.8% | 0.56 | −69.2% | +116% | 0.48 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Travel Services and the categories next to it (Hotels & Resorts, Cruise Lines, Internet Services, Airlines), plus BKNG's specific themes. 9 of 49 passed at least one test. | |||||||||
IHGInterContinental Hotels Group PLC · Hotels & Resorts | Higher return, lower volatilityHigher return in most periods | +21.7% | 26.6% | 0.88 | −59.3% | +387% | 0.62 | — | |
HHyatt Hotels Corporation · Hotels & Resorts | Higher return, similar volatilityHigher return in most periods | +16.8% | 34.3% | 0.63 | −60.5% | +264% | 0.47 | — | |
VRSNVeriSign, Inc. · Internet Services | Higher return in most periodsSmaller losses in recent crashes | +7.2% | 25.9% | 0.40 | −38.9% | +281% | 0.27 | — | |
CPACopa Holdings, S.A. · Airlines | Higher return, similar volatilityHigher return in most periods | +15.8% | 36.1% | 0.59 | −78.9% | +93.9% | 0.35 | — | |
 METAMeta Platforms, Inc. · Social Media | Higher return in most periods | +15.1% | 45.4% | 0.54 | −76.7% | +391% | 0.28 | — | |
UALUnited Airlines Holdings, Inc. · Airlines | Higher return in most periods | +16.9% | 49.0% | 0.56 | −79.4% | +85.3% | 0.47 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,145 of 3,581 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% | 0.59 | — | |
 BRK-ABerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.45 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.06 | — | |
 KOThe Coca-Cola Company · Nonalcoholic Beverages | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +15.2% | 16.8% | 0.93 | −37.0% | +205% | 0.18 | — | |
 CSCOCisco Systems, Inc. · Communications Equipment | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +16.9% | 26.1% | 0.73 | −42.0% | +361% | 0.31 | — | |
 GLDSPDR Gold Shares · Gold | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +17.1% | 19.0% | 0.93 | −26.4% | +206% | 0.00 | 0.40% | |
 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% | 0.05 | — | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +12.2% | 13.7% | 0.91 | −36.8% | +237% | 0.57 | 0.03% | |
What these numbers mean for BKNG
- Annual return
- BKNG returned 11.5% 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 $17,200. 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
- BKNG's volatility over the past 5 years was 33.3%, 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, BKNG's return lands within 33.3% 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
- BKNG's Sharpe ratio over the past 5 years was 0.49, against 0.78 for the S&P 500, so BKNG 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
- BKNG's worst fall from a peak to a low over the past 10 years was 47.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 47.8% fall takes a 91.5% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, BKNG's monthly returns had a correlation of 0.58 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 BKNG instead: the lower it is, the more that option would diversify a BKNG holding. Guide: Correlation and diversification →
Show all 411 stocks and funds worth at least $500 million that earned more than BKNG 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 BKNG | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | RYRoyal Bank of Canada · Banks | Whole market | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.59 | — |
| 2 | BRK-ABerkshire Hathaway Inc. · Insurance | Whole market | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.45 | — |
| 3 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.06 | — |
| 4 | KOThe Coca-Cola Company · Nonalcoholic Beverages | Whole market | +15.2% | 16.8% | 0.93 | −37.0% | +205% | 0.18 | — |
| 5 | CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +16.9% | 26.1% | 0.73 | −42.0% | +361% | 0.31 | — |
| 6 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.28 | — |
| 7 |  AMGNAmgen Inc. · Biotechnology | Whole market | +20.1% | 24.9% | 0.86 | −24.9% | +280% | 0.20 | — |
| 8 | GLDSPDR Gold Shares · Gold | Whole market | +17.1% | 19.0% | 0.93 | −26.4% | +206% | 0.00 | 0.40% |
| 9 |  DEDeere & Company · Industrial Machinery | Whole market | +15.1% | 29.9% | 0.62 | −37.9% | +764% | 0.33 | — |
| 10 |  TTTrane Technologies plc · Building Products | Whole market | +21.4% | 27.7% | 0.84 | −40.5% | +927% | 0.41 | — |
| 11 |  RSGRepublic Services, Inc. · Waste Management | Whole market | +14.1% | 18.6% | 0.80 | −34.0% | +461% | 0.28 | — |
| 12 |  ORLYO'Reilly Automotive, Inc. · Specialty Retail | Whole market | +15.8% | 23.4% | 0.75 | −42.0% | +394% | 0.17 | — |
| 13 |  AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +12.8% | 20.2% | 0.70 | −32.9% | +192% | 0.15 | — |
| 14 |  FASTFastenal Company · Industrial Distribution | Whole market | +16.2% | 24.6% | 0.74 | −30.7% | +582% | 0.36 | — |
| 15 | CASYCasey's General Stores, Inc. · Convenience Stores | Whole market | +30.8% | 29.4% | 1.06 | −36.1% | +560% | 0.28 | — |
| 16 | IRMIron Mountain Incorporated · Specialty REITs | Whole market | +23.8% | 30.3% | 0.86 | −39.0% | +456% | 0.32 | — |
| 17 |  AAPLApple Inc. · Computer Hardware | Whole market | +19.1% | 28.0% | 0.77 | −38.5% | +1,194% | 0.33 | — |
| 18 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +15.9% | 18.5% | 0.90 | −32.9% | +207% | 0.37 | — |
| 19 | FNDFSchwab Fundamental International Large Company Index ETF · International Large-Cap Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +193% | 0.52 | 0.25% |
| 20 | HDViShares Core High Dividend ETF · High Dividend Yield | Whole market | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.48 | 0.08% |
| 21 | MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Whole market | +12.8% | 13.4% | 0.96 | −35.4% | +247% | 0.55 | 0.05% |
| 22 | RNRRenaissanceRe Holdings Ltd. · Insurance | Whole market | +20.6% | 27.9% | 0.81 | −40.7% | +222% | 0.14 | — |
| 23 | EWTiShares MSCI Taiwan ETF · International Equity | Whole market | +19.8% | 24.3% | 0.87 | −38.9% | +448% | 0.28 | 0.59% |
| 24 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.6% | 16.9% | 0.79 | −34.0% | +319% | 0.58 | 0.03% |
| 25 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +12.9% | 13.8% | 0.95 | −32.5% | +204% | 0.54 | 0.35% |
| 26 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.6% | 17.2% | 0.94 | −31.4% | +357% | 0.54 | 0.40% |
| 27 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield | Whole market | +14.6% | 14.5% | 1.02 | −41.4% | +207% | 0.54 | 0.43% |
| 28 |  WMTWalmart Inc. · Discount Retail | Whole market | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.33 | — |
| 29 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +15.2% | 22.9% | 0.73 | −40.1% | +309% | 0.24 | — |
| 30 | NHCNational HealthCare Corporation · Health Care Facilities | Whole market | +31.2% | 28.6% | 1.10 | −35.3% | +385% | 0.14 | — |
| 31 | IWXiShares Russell Top 200 Value ETF · US Large-Cap Value | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +223% | 0.58 | 0.20% |
| 32 | DXJWisdomTree Japan Hedged Equity Fund · Japan Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.23 | 0.48% |
| 33 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Whole market | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.46 | 0.40% |
| 34 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +692% | 0.37 | — |
| 35 |  MAMastercard Incorporated · Payment Processing | Whole market | +12.7% | 23.8% | 0.62 | −41.0% | +551% | 0.72 | — |
| 36 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.2% | 23.0% | 0.69 | −35.1% | +531% | 0.45 | 0.18% |
| 37 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +37.8% | 25.1% | 1.41 | −38.1% | +582% | 0.08 | — |
| 38 | GLTRabrdn Physical Precious Metals Basket Shares ETF · Precious Metals | Whole market | +14.1% | 24.7% | 0.66 | −38.5% | +181% | 0.02 | 0.60% |
| 39 | CHCOCity Holding Company · Regional Banks | Whole market | +15.1% | 22.8% | 0.73 | −32.3% | +272% | 0.40 | — |
| 40 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +202% | 0.16 | — |
| 41 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +16.5% | 20.0% | 0.87 | −42.0% | +319% | 0.38 | — |
| 42 |  IBMInternational Business Machines Corporation · IT Services | Whole market | +20.1% | 30.2% | 0.76 | −41.1% | +163% | 0.22 | — |
| 43 | BFCBank First Corporation · Regional Banks | Whole market | +18.7% | 27.4% | 0.76 | −39.8% | +485% | 0.15 | — |
| 44 |  TJXThe TJX Companies, Inc. · Apparel Retail | Whole market | +19.8% | 22.3% | 0.93 | −42.5% | +357% | 0.38 | — |
| 45 |  VGTVanguard Information Technology ETF · Technology Equity | Whole market | +18.1% | 26.1% | 0.77 | −35.1% | +753% | 0.44 | 0.09% |
| 46 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.8% | 25.7% | 0.90 | −30.3% | +849% | 0.30 | — |
| 47 |  ABBVAbbVie Inc. · Specialty Pharmaceuticals | Whole market | +25.5% | 23.4% | 1.09 | −45.1% | +600% | 0.13 | — |
| 48 |  VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics | Whole market | +23.9% | 29.1% | 0.89 | −41.6% | +580% | 0.21 | — |
| 49 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.8% | 20.4% | 0.82 | −42.6% | +256% | 0.30 | — |
| 50 | EQLALPS Equal Sector Weight ETF · US Large-Cap Equity | Whole market | +13.4% | 14.5% | 0.94 | −34.2% | +385% | 0.62 | 0.19% |
| 51 |  HSBCHSBC Holdings plc · Banks | Whole market | +32.8% | 25.9% | 1.23 | −62.3% | +314% | 0.39 | — |
| 52 | DGTState Street SPDR Global Dow ETF · Global Equity | Whole market | +13.9% | 15.1% | 0.95 | −34.4% | +260% | 0.62 | 0.50% |
| 53 | FSBCFive Star Bancorp · Regional Banks | Whole market | +15.0% | 31.3% | 0.60 | −40.8% | +306% | 0.13 | — |
| 54 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +26.7% | 24.9% | 1.08 | −41.6% | +670% | 0.44 | — |
| 55 | IDOGALPS International Sector Dividend Dogs ETF · International Dividend Equity | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.55 | 0.50% |
| 56 |  CORCencora, Inc. · Health Care Distribution | Whole market | +23.6% | 22.8% | 1.05 | −32.4% | +403% | 0.28 | — |
| 57 | QDEFNorthern Trust Quality Dividend Defensive ETF · US Dividend Equity | Whole market | +12.6% | 13.7% | 0.94 | −35.7% | +228% | 0.59 | 0.40% |
| 58 |  MNSTMonster Beverage Corporation · Nonalcoholic Beverages | Whole market | +17.4% | 24.9% | 0.77 | −30.4% | +278% | 0.25 | — |
| 59 | NXTGFirst Trust Indxx NextG ETF · Technology Equity | Whole market | +16.1% | 19.1% | 0.88 | −33.6% | +323% | 0.35 | 0.70% |
| 60 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +15.2% | 23.6% | 0.72 | −32.8% | +639% | 0.35 | — |
| 61 |  ETREntergy Corporation · Electric Utilities | Whole market | +19.8% | 22.4% | 0.92 | −42.0% | +326% | 0.29 | — |
| 62 |  MRKMerck & Co., Inc. · Pharmaceuticals | Whole market | +16.1% | 24.8% | 0.73 | −43.4% | +245% | 0.07 | — |
| 63 |  ALLThe Allstate Corporation · Property & Casualty Insurance | Whole market | +17.9% | 26.2% | 0.76 | −41.4% | +377% | 0.21 | — |
| 64 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +12.8% | 22.5% | 0.65 | −34.5% | +438% | 0.51 | 0.04% |
| 65 | CTVACorteva, Inc. · Chemicals | Whole market | +16.2% | 28.4% | 0.67 | −34.7% | — | 0.31 | — |
| 66 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.4% | 17.5% | 0.86 | −34.7% | — | 0.59 | 0.26% |
| 67 |  AMEAMETEK, Inc. · Electronic Instruments | Whole market | +13.5% | 22.2% | 0.68 | −42.7% | +466% | 0.38 | — |
| 68 |  IXORIX Corporation · Diversified Financials | Whole market | +18.3% | 25.4% | 0.79 | −42.5% | +286% | 0.26 | — |
| 69 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.7% | 18.9% | 0.73 | −30.9% | +123% | 0.19 | — |
| 70 | DFIVDimensional - International Value ETF · International Large-Cap Value | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.58 | 0.27% |
| 71 | VYMIVanguard International High Dividend Yield ETF · International Dividend Equity | Whole market | +13.2% | 14.8% | 0.92 | −40.0% | +174% | 0.56 | 0.07% |
| 72 | RSReliance Steel & Aluminum Co. · Metals & Mining | Whole market | +24.8% | 28.1% | 0.94 | −40.8% | +639% | 0.34 | — |
| 73 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.1% | 20.9% | 0.91 | −30.9% | +485% | 0.42 | 0.13% |
| 74 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +13.9% | 16.9% | 0.86 | −19.5% | — | 0.59 | 0.15% |
| 75 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +360% | 0.36 | — |
| 76 | HUBBHubbell Incorporated · Electrical Equipment | Whole market | +20.2% | 30.0% | 0.77 | −41.6% | +420% | 0.28 | — |
| 77 | NINiSource Inc · Gas Utilities | Whole market | +15.5% | 20.3% | 0.81 | −30.9% | +166% | 0.36 | — |
| 78 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +13.0% | 22.5% | 0.66 | −36.6% | +256% | 0.20 | — |
| 79 | PKGPackaging Corporation of America · Packaging | Whole market | +16.6% | 25.9% | 0.72 | −38.2% | +302% | 0.53 | — |
| 80 | DTMDT Midstream, Inc. · Oil & Gas Midstream | Whole market | +25.0% | 25.2% | 1.02 | −23.6% | — | 0.41 | — |
| 81 | CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity | Whole market | +14.5% | 26.2% | 0.65 | −33.9% | +461% | 0.33 | 0.58% |
| 82 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.61 | 0.39% |
| 83 | FDVVFidelity High Dividend ETF · High Dividend Yield | Whole market | +13.4% | 14.6% | 0.94 | −40.2% | +255% | 0.64 | 0.15% |
| 84 | PNWPinnacle West Capital Corporation · Electric Utilities | Whole market | +14.6% | 19.9% | 0.79 | −39.3% | +110% | 0.25 | — |
| 85 | EHCEncompass Health Corporation · Health Care Facilities | Whole market | +18.7% | 26.9% | 0.77 | −39.5% | +354% | 0.39 | — |
| 86 | MUSAMurphy USA Inc. · Convenience Stores | Whole market | +25.3% | 31.2% | 0.88 | −35.5% | +688% | 0.20 | — |
| 87 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +27.0% | 23.8% | 1.13 | −63.3% | +378% | 0.36 | — |
| 88 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.5% | 15.7% | 0.89 | −32.9% | — | 0.60 | 0.12% |
| 89 | LECOLincoln Electric Holdings, Inc. · Industrial Machinery | Whole market | +13.8% | 27.5% | 0.61 | −38.9% | +368% | 0.38 | — |
| 90 | MSGSMadison Square Garden Sports Corp. · Entertainment | Whole market | +17.5% | 25.7% | 0.76 | −41.6% | +395% | 0.23 | — |
| 91 | NEUNewMarket Corporation · Specialty Chemicals | Whole market | +20.9% | 26.8% | 0.85 | −40.7% | +162% | 0.36 | — |
| 92 | VVisa Inc. · Payment Processing | Popular alternative | +13.2% | 22.9% | 0.66 | −36.4% | +435% | 0.68 | — |
| 93 | ACTEnact Holdings Inc. · Insurance | Whole market | +20.7% | 24.4% | 0.90 | −20.2% | — | 0.46 | — |
| 94 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +41.7% | 24.7% | 1.54 | −46.1% | +345% | 0.21 | — |
| 95 | QTUMDefiance Quantum ETF · Quantum Computing | Whole market | +22.1% | 28.2% | 0.85 | −38.5% | — | 0.33 | 0.40% |
| 96 | RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity | Whole market | +16.6% | 25.1% | 0.74 | −33.7% | +559% | 0.44 | 0.40% |
| 97 | GCOWPacer Global Cash Cows Dividend ETF · Global Equity | Whole market | +14.4% | 13.6% | 1.06 | −37.6% | +170% | 0.51 | 0.60% |
| 98 | WTMWhite Mountains Insurance Group, Ltd. · Insurance | Whole market | +15.4% | 23.6% | 0.73 | −40.2% | +174% | 0.20 | — |
| 99 | GATXGATX Corporation · Equipment Rental | Whole market | +14.3% | 25.1% | 0.66 | −38.3% | +345% | 0.48 | — |
| 100 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +24.0% | 18.8% | 1.25 | −75.2% | +337% | 0.41 | — |
BKNG against its popular alternatives
The investments people most often weigh against BKNG, compared period by period and year by year.
How do BKNG'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 BKNG, which divides the map into what did better or worse on each measure.
- Four of the 17 popular alternatives, led by MAR, HLT and GOOG, were both more rewarding and calmer than BKNG over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BKNG returned 11.5% a year, less than the S&P 500's 12.5%, with higher volatility (33.3% against 17.2%).
Green points earned more than BKNG 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 |
|---|---|---|
| RCL Royal Caribbean Cruises Ltd. | +28.5% | 48.4% |
| MAR Marriott International, Inc. | +21.7% | 28.6% |
| HLT Hilton Worldwide Holdings Inc. | +20.7% | 26.8% |
| GOOG Alphabet Inc. | +18.5% | 32.0% |
| DAL Delta Air Lines, Inc. | +15.7% | 40.8% |
| EXPE Expedia Group, Inc. | +13.4% | 46.6% |
| V Visa Inc. | +13.2% | 22.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| BKNG This pageBooking Holdings Inc. | +11.5% | 33.3% |
| MMYT MakeMyTrip Limited | +11.1% | 49.9% |
| TNL Travel + Leisure Co. | +9.3% | 36.6% |
| TCOM Trip.com Group Limited | +5.5% | 48.7% |
| CCL Carnival Corporation & plc | +4.3% | 55.2% |
| ABNB Airbnb, Inc. | +1.1% | 44.3% |
| WH Wyndham Hotels & Resorts, Inc. | +0.2% | 30.0% |
| CHH Choice Hotels International, Inc. | −2.7% | 30.1% |
| VAC Marriott Vacations Worldwide Corporation | −3.1% | 44.9% |
| HGV Hilton Grand Vacations Inc. | −5.6% | 39.0% |
| TRIP Tripadvisor, Inc. | −22.3% | 52.8% |
Has BKNG consistently beaten its popular alternatives?
This section compares BKNG 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 BKNG helps separate lasting outperformance from a single strong stretch.
- Eight of the 17 popular alternatives, led by HLT, MAR and V, outperformed BKNG in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- HLT, MAR and V outperformed BKNG in every long-term period and in all but one short-term period, the most consistent record in the group.
- GOOG and V earned more for the risk they took than BKNG (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 BKNG 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 | ||
| BKNG Booking Holdings Inc. (this page) | — | −1.9% | −9.2% | −9.8% | −23.8% | −22.3% | +46.2% | +72.2% | +180% | 33.3% | 0.49 | −47.8% | — | $121B | — |
| HLT QualifiedHilton Worldwide Holdings Inc. | 5/5 short3/3 longAll-weather | +16.1% | +10.5% | +7.4% | +22.4% | +30.4% | +144% | +156% | +693% | 26.8% | 0.84 | −50.8% | — | $81B | — |
| MAR QualifiedMarriott International, Inc. | 5/5 short3/3 longAll-weather | +14.0% | +7.5% | +8.5% | +27.4% | +47.1% | +116% | +167% | +544% | 28.6% | 0.83 | −61.3% | — | $103B | — |
| V QualifiedVisa Inc. | 5/5 short3/3 longAll-weather | +14.4% | +17.5% | +33.6% | +20.3% | +20.9% | +83.1% | +86.1% | +435% | 22.9% | 0.66 | −36.4% | — | $774B | — |
| RCL QualifiedRoyal Caribbean Cruises Ltd. | 5/5 short3/3 longAll-weather | +21.9% | +0.8% | +9.0% | +2.7% | −8.2% | +264% | +250% | +357% | 48.4% | 0.76 | −83.3% | — | $77B | — |
| GOOG QualifiedAlphabet Inc. | 4/5 short3/3 longAll-weather | −7.7% | −6.1% | −4.9% | +1.9% | +27.4% | +135% | +134% | +696% | 32.0% | 0.69 | −44.6% | — | $3.9T | — |
| EXPE QualifiedExpedia Group, Inc. | 5/5 short2/3 long | +6.3% | +14.5% | +13.2% | +6.1% | +32.8% | +218% | +87.2% | +146% | 46.6% | 0.50 | −70.5% | — | $34B | — |
| TNL QualifiedTravel + Leisure Co. | 4/5 short2/3 long | +7.1% | −10.1% | +4.1% | −4.1% | −0.4% | +129% | +56.3% | +218% | 36.6% | 0.43 | −67.9% | — | $4.1B | — |
| DAL QualifiedDelta Air Lines, Inc. | 4/5 short2/3 long | −5.3% | −4.8% | +16.8% | +16.0% | +33.5% | +156% | +107% | +116% | 40.8% | 0.56 | −69.2% | — | $52B | — |
| CCL Travel ServicesCarnival Corporation & plc | 5/5 short1/3 long | +21.5% | +4.3% | +1.7% | −11.0% | −8.3% | +142% | +23.5% | −34.3% | 55.2% | 0.35 | −90.4% | — | $36B | — |
| CHH Travel LodgingChoice Hotels International, Inc. | 5/5 short0/3 long | +11.9% | +4.0% | −4.1% | +17.5% | +10.2% | +1.6% | −12.8% | +172% | 30.1% | 0.06 | −50.5% | — | $5.1B | — |
| VAC Gambling, Resorts & CasinosMarriott Vacations Worldwide Corporation | 5/5 short0/3 long | +13.9% | +17.4% | +60.6% | +97.7% | +64.1% | +40.5% | −14.8% | +115% | 44.9% | 0.15 | −74.9% | — | $3.9B | — |
| ABNB Travel ServicesAirbnb, Inc. | 5/5 short0/3 long | +8.6% | +25.5% | +21.9% | +32.1% | +37.9% | +46.0% | +5.5% | — | 44.3% | 0.24 | −62.0% | — | $105B | — |
| WH Travel LodgingWyndham Hotels & Resorts, Inc. | 4/5 short0/3 long | +10.6% | −0.2% | −10.9% | +1.5% | −4.5% | +9.1% | +0.8% | — | 30.0% | 0.15 | −66.1% | — | $5.6B | — |
| HGV Travel LodgingHilton Grand Vacations Inc. | 3/5 short0/3 long | +4.2% | −24.8% | −20.3% | −18.5% | −19.5% | +1.8% | −24.9% | — | 39.0% | 0.05 | −77.7% | — | $2.9B | — |
| MMYT Travel ServicesMakeMyTrip Limited | 1/5 short0/3 long | −6.2% | −12.2% | −1.2% | −44.6% | −49.2% | +19.1% | +69.2% | +58.8% | 49.9% | 0.46 | −73.5% | — | $4.3B | — |
| TCOM Travel ServicesTrip.com Group Limited | 1/5 short0/3 long | −3.1% | −7.1% | −26.7% | −46.9% | −44.1% | +17.6% | +30.6% | −17.5% | 48.7% | 0.35 | −72.0% | — | $26B | — |
| TRIP Travel ServicesTripadvisor, Inc. | 1/5 short0/3 long | +13.1% | −30.1% | −12.6% | −33.9% | −41.1% | −35.0% | −71.6% | −83.0% | 52.8% | -0.21 | −86.8% | — | $1.1B | — |
How did BKNG do year by year?
This table shows each investment's total return in every full calendar year since 2000, along with where BKNG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BKNG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- Ranked against its popular alternatives each year, BKNG finished in the top quarter in 11 of 26 years and in the bottom quarter in three. In 2025, it ranked 11 of 18.
- BKNG finished ahead of the S&P 500 in 16 of its 26 full calendar years.
- Among its popular alternatives, V came out ahead of BKNG most often, in ten of the 17 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of BKNG; gray means the two finished within a fraction of a point. The rank row places BKNG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of BKNG | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BKNG This pageBooking Holdings Inc. | — | +8.6% | +41.3% | +76.0% | −16.0% | +7.7% | +8.5% | +19.2% | −0.9% | +18.5% | +15.0% | +11.8% | −1.9% | +87.3% | +32.7% | +17.1% | +82.8% | +197% | −35.7% | +164% | +94.9% | −5.4% | +31.8% | +86.5% | −72.6% | +345% | −97.2% |
| Rank among alternatives | Top quarter in 11 of 26 | 11 of 18 | 5 of 18 | 3 of 18 | 6 of 18 | 11 of 18 | 5 of 17 | 13 of 17 | 3 of 16 | 11 of 15 | 5 of 15 | 8 of 15 | 12 of 15 | 4 of 14 | 8 of 14 | 4 of 12 | 2 of 11 | 4 of 11 | 3 of 10 | 1 of 9 | 2 of 8 | 5 of 7 | 6 of 6 | 2 of 5 | 5 of 5 | 1 of 5 | 5 of 5 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 9 of 26 | +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% |
| HLT Hilton Worldwide Holdings Inc. | 6 of 12 | +16.5% | +36.1% | +44.7% | −18.7% | +40.2% | +0.5% | +55.5% | −9.4% | +44.5% | +28.7% | −17.5% | +17.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| MAR Marriott International, Inc. | 11 of 26 | +12.3% | +24.9% | +53.0% | −9.3% | +25.3% | −12.5% | +41.5% | −19.0% | +66.2% | +25.4% | −13.0% | +60.0% | +34.4% | +29.5% | −24.6% | +53.4% | +42.4% | −42.3% | −27.9% | +43.5% | +6.9% | +37.2% | +41.7% | −18.5% | −3.2% | +34.9% |
| 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% | — | — | — | — | — | — | — | — | — |
| RCL Royal Caribbean Cruises Ltd. | 13 of 26 | +22.5% | +79.0% | +162% | −35.7% | +3.0% | −43.5% | +39.9% | −16.1% | +48.2% | −17.1% | +24.7% | +76.9% | +42.1% | +39.3% | −46.9% | +85.9% | +83.8% | −67.1% | +4.0% | −6.8% | −16.2% | +58.4% | +113% | +6.0% | −37.2% | −45.3% |
| GOOG Alphabet Inc. | 7 of 21 | +65.4% | +35.6% | +58.8% | −38.7% | +65.2% | +31.0% | +29.1% | −1.0% | +35.6% | +1.7% | +44.5% | −6.0% | +58.5% | +9.5% | +8.8% | −4.2% | +101% | −55.5% | +50.2% | +11.1% | +115% | — | — | — | — | — |
| EXPE Expedia Group, Inc. | 8 of 20 | +53.3% | +22.8% | +73.3% | −51.5% | +36.5% | +22.9% | −2.9% | −5.0% | +6.7% | −8.1% | +46.8% | +23.5% | +14.5% | +116% | +151% | −0.3% | +212% | −73.9% | +50.6% | −12.4% | — | — | — | — | — | — |
| TNL Travel + Leisure Co. | 8 of 19 | +45.5% | +34.7% | +12.5% | −31.7% | +26.0% | −8.6% | +50.1% | −29.0% | +55.4% | +8.1% | −13.5% | +18.5% | +41.1% | +43.2% | +28.7% | +51.5% | +213% | −71.5% | −26.4% | — | — | — | — | — | — | — |
| DAL Delta Air Lines, Inc. | 7 of 18 | +16.1% | +52.0% | +23.0% | −15.9% | −2.8% | −30.8% | +20.4% | −8.7% | +16.2% | −1.4% | +4.1% | +80.5% | +133% | +46.7% | −35.8% | +10.7% | −0.7% | −23.0% | — | — | — | — | — | — | — | — |
| CCL Carnival Corporation & plc | 8 of 26 | +22.6% | +34.4% | +130% | −60.0% | −7.1% | −56.9% | +7.4% | −23.4% | +30.8% | −1.7% | +22.9% | +15.7% | +12.4% | +17.6% | −27.2% | +47.1% | +30.3% | −42.4% | −6.6% | −6.1% | −5.8% | +46.8% | +61.6% | −9.9% | −7.5% | −34.4% |
| CHH Choice Hotels International, Inc. | 9 of 26 | −32.3% | +26.2% | +1.6% | −27.1% | +46.7% | +3.6% | +45.9% | −6.7% | +40.2% | +13.1% | −8.7% | +16.3% | +48.6% | +18.9% | +1.6% | +23.5% | +8.1% | −6.7% | −19.9% | +2.0% | +46.2% | +66.5% | +55.3% | +2.5% | +61.8% | −19.9% |
| VAC Marriott Vacations Worldwide Corporation | 6 of 14 | −32.7% | +9.6% | −35.3% | −18.9% | +24.0% | +7.1% | +85.9% | −47.0% | +61.5% | +51.8% | −22.5% | +41.8% | +26.6% | +143% | — | — | — | — | — | — | — | — | — | — | — | — |
| ABNB Airbnb, Inc. | 1 of 5 | +3.3% | −3.5% | +59.2% | −48.6% | +13.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| WH Wyndham Hotels & Resorts, Inc. | 2 of 7 | −23.5% | +27.7% | +14.9% | −19.0% | +52.6% | −4.1% | +41.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| HGV Hilton Grand Vacations Inc. | 3 of 8 | +14.9% | −3.1% | +4.3% | −26.0% | +66.2% | −8.8% | +30.3% | −37.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| MMYT MakeMyTrip Limited | 6 of 15 | −26.9% | +139% | +70.4% | −0.5% | −6.2% | +28.9% | −5.9% | −18.5% | +34.5% | +29.4% | −34.0% | +34.9% | +54.8% | −48.3% | −11.1% | — | — | — | — | — | — | — | — | — | — | — |
| TCOM Trip.com Group Limited | 8 of 22 | +5.2% | +90.6% | +4.7% | +39.7% | −27.0% | +0.6% | +23.9% | −38.6% | +10.2% | −13.7% | +104% | −8.3% | +119% | −3.2% | −42.1% | +12.6% | +202% | −58.4% | +84.9% | +117% | +26.3% | +35.1% | — | — | — | — |
| TRIP Tripadvisor, Inc. | 4 of 14 | −1.4% | −31.4% | +19.7% | −34.0% | −5.3% | −5.3% | −36.7% | +56.6% | −25.7% | −45.6% | +14.2% | −9.9% | +97.6% | +66.3% | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How BKNG 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 BKNG's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents BKNG's five deepest drawdowns since it began trading in 1999, 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 five of BKNG's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BKNG fell 34.5% in April 1999, while the S&P 500 slipped only 2.8%.
- The slowest recovery came after BKNG fell 99.3% from April 1999 to October 2002; it did not regain that peak until September 2013, 11 years later.
Green means BKNG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | BKNG fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −99.3% | −38.9% | Apr 1999 | Oct 2002 | 3.5 years | Sep 2013 | 10.9 years |
| Late-2018 sell-off | −47.8% | −16.4% | Mar 2018 | Mar 2020 | 2 years | Dec 2020 | 9 months |
| 2022 bear market | −39.5% | −19.0% | Feb 2022 | Oct 2022 | 8 months | May 2023 | 7 months |
| No named crash | −34.5% | −2.8% | Apr 1999 | Apr 1999 | Under a month | Apr 1999 | Under a month |
| 2015 China and oil sell-off | −33.7% | −11.3% | Nov 2015 | Feb 2016 | 3 months | Sep 2016 | 7 months |
How did BKNG do in stock market crashes?
This section measures how far BKNG, 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.
- BKNG fell further than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the dot-com bust, when BKNG fell 98.9% and the S&P 500 fell 47.5%.
- Among its popular alternatives, V held up best, falling less than BKNG in six of the eight 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 BKNG.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BKNG This pageBooking Holdings Inc. | — | −5.6% | −39.5% | −41.5% | −19.1% | −6.3% | −33.7% | −17.8% | −3.2% | −66.3% | −98.9% |
| 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% |
| HLT Hilton Worldwide Holdings Inc. | 2 of 6 | −6.7% | −32.6% | −49.6% | −22.2% | −4.8% | −34.1% | — | — | — | — |
| MAR Marriott International, Inc. | 4 of 10 | −7.4% | −29.9% | −56.6% | −24.0% | −5.2% | −24.9% | −25.6% | −2.8% | −70.1% | −46.2% |
| V Visa Inc. | 6 of 8 | −3.5% | −24.1% | −36.4% | −19.1% | −5.8% | −15.8% | −11.5% | −0.8% | — | — |
| RCL Royal Caribbean Cruises Ltd. | 2 of 10 | −11.1% | −64.5% | −79.7% | −31.5% | −5.6% | −35.5% | −45.1% | −4.3% | −87.2% | −72.3% |
| GOOG Alphabet Inc. | 6 of 9 | −3.9% | −35.0% | −30.8% | −18.9% | −9.9% | −12.7% | −21.1% | −1.1% | −65.3% | — |
| EXPE Expedia Group, Inc. | 2 of 9 | −11.4% | −58.2% | −62.4% | −18.2% | −19.6% | −33.2% | −22.9% | −4.7% | −82.5% | — |
| TNL Travel + Leisure Co. | 1 of 9 | −12.8% | −43.6% | −65.5% | −23.5% | −6.6% | −25.0% | −27.3% | −5.8% | −91.1% | — |
| DAL Delta Air Lines, Inc. | 3 of 9 | −10.2% | −37.4% | −63.5% | −21.0% | −7.6% | −22.0% | −21.3% | −0.2% | −81.1% | — |
| CCL Carnival Corporation & plc | 3 of 10 | −12.3% | −72.6% | −78.3% | −30.6% | −4.5% | −24.0% | −19.5% | −3.5% | −68.9% | −46.3% |
| CHH Choice Hotels International, Inc. | 6 of 10 | −6.0% | −32.3% | −50.5% | −20.5% | −4.0% | −22.9% | −18.1% | −2.6% | −49.2% | −53.5% |
| VAC Marriott Vacations Worldwide Corporation | 1 of 6 | −11.5% | −33.8% | −71.1% | −47.7% | −6.6% | −41.8% | — | — | — | — |
| ABNB Airbnb, Inc. | 0 of 2 | −7.2% | −52.3% | — | — | — | — | — | — | — | — |
| WH Wyndham Hotels & Resorts, Inc. | 1 of 4 | −10.4% | −34.1% | −63.7% | −22.2% | — | — | — | — | — | — |
| HGV Hilton Grand Vacations Inc. | 1 of 5 | −10.5% | −39.5% | −67.1% | −26.2% | −3.0% | — | — | — | — | — |
| MMYT MakeMyTrip Limited | 3 of 7 | −1.2% | −28.0% | −61.8% | −28.3% | −10.8% | −32.2% | −25.9% | — | — | — |
| TCOM Trip.com Group Limited | 1 of 9 | −5.2% | −45.0% | −37.8% | −35.9% | −8.3% | −34.9% | −34.3% | −3.1% | −76.3% | — |
| TRIP Tripadvisor, Inc. | 0 of 6 | −9.8% | −42.8% | −50.1% | −22.9% | −6.7% | −37.7% | — | — | — | — |
How closely does BKNG 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 BKNG with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- V took just 79% of the S&P 500's losses, against 123% for BKNG, while still keeping 93% of its gains.
- Over the past 10 years, BKNG captured 99% of the S&P 500's gains in rising months and 123% of its losses in falling months, with a beta of 1.17. Its share of the market's losses was larger than its share of the gains.
- Four of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BKNG's 0.81, led by GOOG, V and HLT.
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 BKNG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| BKNG This pageBooking Holdings Inc. | 99% | 123% | 0.81 | 1.17 |
| GOOG Alphabet Inc. | 132% | 110% | 1.20 | 1.12 |
| V Visa Inc. | 93% | 79% | 1.18 | 0.87 |
| HLT Hilton Worldwide Holdings Inc. | 121% | 105% | 1.16 | 1.18 |
| MAR Marriott International, Inc. | 132% | 137% | 0.96 | 1.46 |
| CHH Choice Hotels International, Inc. | 85% | 105% | 0.81 | 1.06 |
| MMYT MakeMyTrip Limited | 74% | 100% | 0.75 | 1.12 |
| RCL Royal Caribbean Cruises Ltd. | 171% | 231% | 0.74 | 2.24 |
| TNL Travel + Leisure Co. | 124% | 167% | 0.74 | 1.54 |
| EXPE Expedia Group, Inc. | 104% | 144% | 0.72 | 1.48 |
| DAL Delta Air Lines, Inc. | 107% | 149% | 0.72 | 1.34 |
| VAC Marriott Vacations Worldwide Corporation | 121% | 195% | 0.62 | 1.88 |
| CCL Carnival Corporation & plc | 135% | 289% | 0.47 | 2.30 |
| TCOM Trip.com Group Limited | 42% | 96% | 0.44 | 0.58 |
| TRIP Tripadvisor, Inc. | 19% | 165% | 0.12 | 1.10 |
What diversifies BKNG?
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 BKNG's. Because such investments tend not to fall at the same time, pairing BKNG with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in BKNG into GLD would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+11.9% for BKNG alone, +14.3% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of BKNG over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- MCK made money in four of the seven calendar years in which BKNG 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 BKNG lost money. The last two columns show a portfolio that is 80% BKNG and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2014 | 2008 | 2005 | 2002 | 2000 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BKNG Booking Holdings Inc. (this page) | 1.00 | +72.2% | 0.49 | −16.0% | −0.9% | −1.9% | −35.7% | −5.4% | −72.6% | −97.2% | 30.2% | +11.9% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.46 | +119% | 1.48 | +3.8% | −5.2% | — | — | — | — | — | 25.1% | +13.6% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.23 | +225% | 1.34 | +6.0% | −19.8% | +8.1% | −20.8% | — | — | — | 24.9% | +15.6% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.47 | +103% | 1.06 | +10.4% | −8.7% | +23.8% | — | — | — | — | 25.7% | +13.3% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.48 | +86.8% | 1.03 | +7.0% | −3.0% | +12.6% | — | — | — | — | 25.7% | +12.6% |
| SMH TechnologyVanEck Semiconductor ETF | 0.29 | +304% | 0.94 | −33.5% | −9.1% | +30.2% | −44.7% | +10.8% | −47.0% | — | 27.1% | +18.0% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.31 | +178% | 0.94 | +64.4% | −18.2% | −8.7% | −39.0% | +40.1% | −14.8% | +24.4% | 26.3% | +15.0% |
| GLD CommoditiesSPDR Gold Shares | 0.00 | +120% | 0.93 | −0.8% | −1.9% | −2.2% | +4.9% | +17.8% | — | — | 24.4% | +14.3% |
| VLUE Broad MarketiShares MSCI USA Value Factor ETF | 0.45 | +112% | 0.91 | −14.2% | −11.1% | +12.8% | — | — | — | — | 26.3% | +13.7% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2014 | 2008 | 2005 | 2002 | 2000 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BKNG Booking Holdings Inc. (this page) | 1.00 | +72.2% | 0.49 | −16.0% | −0.9% | −1.9% | −35.7% | −5.4% | −72.6% | −97.2% | 30.2% | +11.9% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.21 | +471% | 1.54 | +54.1% | −24.5% | +23.0% | −39.6% | +18.7% | −8.3% | +108% | 25.8% | +17.9% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.26 | +2,780% | 1.43 | +1.3% | −16.3% | +12.9% | −20.5% | −25.2% | −65.1% | −2.3% | 29.5% | +30.3% |
| MCK Medical - DistributionMcKesson Corporation | 0.08 | +397% | 1.41 | +51.8% | −28.4% | +29.3% | −40.4% | +64.9% | −27.2% | +61.2% | 25.1% | +17.5% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.13 | +1,452% | 1.41 | +17.0% | +0.8% | −10.4% | −15.2% | +20.1% | −9.4% | −71.1% | 26.9% | +26.8% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.24 | +660% | 1.39 | +86.6% | −8.2% | +0.4% | — | — | — | — | 26.5% | +19.8% |
Common questions
What was BKNG's worst drawdown?
BKNG's deepest decline since it began trading in 1999 was 99.3%, from April 1999 to October 2002. It took about 11 years from the low to climb back to its old high.
What were BKNG's best and worst years?
Over 26 full calendar years, BKNG's best year was 2001, when it returned 345%. Its worst was 2000, with a return of -97.2%.
Is there a better investment than BKNG?
Among BKNG's popular alternatives, V, MAR and HLT earned more than BKNG with less volatility over the past 5 years. V returned 13.2% a year at 22.9% volatility, against 11.5% a year at 33.3%. Looking beyond its popular alternatives, IHG (hotels & resorts) earned more than BKNG with less volatility over the past 5 years: 21.7% a year at 26.6% volatility, against 11.5% a year at 33.3%.
Is BKNG more volatile than the S&P 500?
Yes. BKNG's volatility over the past 5 years was 33.3%, 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, BKNG's return lands within 33.3% 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 BKNG's Sharpe ratio?
BKNG's Sharpe ratio over the past 5 years was 0.49, against 0.78 for the S&P 500, so BKNG 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 BKNG with the S&P 500?
Over the past 5 years, BKNG's monthly returns had a correlation of 0.58 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 BKNG instead: the lower it is, the more that option would diversify a BKNG holding.
What are the best alternatives to BKNG?
Of the 17 popular alternatives we compared, eight outperformed BKNG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: HLT, MAR and V.
Did BKNG outperform the S&P 500?
BKNG finished ahead of the S&P 500 (SPY) in 16 of 26 full calendar years. In 2025, it returned +8.6%, against +17.7% for the index.
How did BKNG do in stock market crashes?
BKNG fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in seven. The clearest case was the dot-com bust, when BKNG fell 98.9% and the S&P 500 fell 47.5%.
What diversifies BKNG?
These had a low correlation with BKNG over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.46), DXJ (correlation 0.23) and EMLP (correlation 0.47); among large stocks, CAH (correlation 0.21), CLS (correlation 0.26) and MCK (correlation 0.08). 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 BKNG's. Returns within 0.5 points or 3% of BKNG'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.
More research
Popular alternatives to BKNG
- HLTHilton Worldwide
- MARMarriott International
- VVisa
- RCLRoyal Caribbean Cruises
- GOOGAlphabet
- DALDelta Air Lines
ABNBAirbnb
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