# How Citigroup (C) compares with the whole market and its popular alternatives

> Source: BetterThanSPY research, https://betterthanspy.com/research/c
> Data as of October 22, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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

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

## Key findings

- **Right now:** C is 67.2% below its high, bear-market territory, while the S&P 500 sits 1.9% below a record. C has gone against the market, falling 4.6% over the past 6 months while the S&P 500 rose 8.0%.
- **Stock or market?:** C's 6.9% fall over the past 3 months is part of a broader banks sell-off: the banks ETF KBE (State Street SPDR S&P Bank ETF) fell 4.5%, with BAC (Bank of America, down 16.7%) and HSBC (down 10.5%).
- **Past 1 to 3 years:** Over the past year, C rose 29.9% against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. The same gap shows up over 3 years (245% against 88.4%). C finished ahead of the S&P 500 in both 2024 and 2025.
- **Long term:** C turned $10,000 into $33,400 over the past decade, against $41,600 in the S&P 500. Even so, the past 5 years have been the better stretch: C rose 104% against 80.3% for the S&P 500, after trailing over the decade.
- **In a crash:** Across seven sell-offs, C has typically fallen about twice as far as the S&P 500.
- **Diversification:** Against the S&P 500, C has a correlation of 0.62 over 5 years, more closely than 94% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. Over 10 years, C's beta versus the S&P 500 was 1.49: in the S&P 500's rising months it gained 1.3 times as much as the index, and in falling months it lost 1.7 times as much.
- **Better options**
  - **Popular alternatives:** RY (Royal Bank of Canada), JPM (JPMorgan Chase & Co.) and TD (Toronto-Dominion Bank) earned more than C with less volatility over the past 5 years. RY returned 17.5% a year at 18.2% volatility, against 15.3% a year at 29.4%.
  - **Nearby categories and themes:** OPPJ (WisdomTree Japan Opportunities Fund, japan equity) and CBOE (Cboe Global Markets, capital markets) earned more than C with less volatility over the past 5 years. OPPJ returned 24.1% a year at 18.4% volatility, against 15.3% a year at 29.4%.
  - **Whole market:** 122 of the 3,641 stocks and funds worth at least $500 million earned more than C with less volatility over the past 5 years, among them WMT (Walmart), JPM (JPMorgan Chase & Co.) and XOM (Exxonmobil).

## How much would $10,000 in C have grown?

This chart tracks a hypothetical $10,000 investment in C over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of C over the same span and C's popular alternatives, among those that traded for the entire period.

- $10,000 invested in C at the end of September 1997 would have grown to $11,853 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- All eight other investments on the chart ended ahead of C, and RY finished highest, at $442,765.

## C 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.

- C is still 67.2% below its all-time high.
- C's deepest decline since it began trading in 1986 was 98.0%, from December 2006 to March 2009. It has not yet climbed back to that peak.
- Over 29 full calendar years, C's best was 1997, when it returned 79.9%, and its worst was 2008, when it lost 75.9%. It lost money in ten of those years.

- Type: Stock, Financials (Banks - Diversified)
- Trading since: October 22, 1986
- Market value: $206B
- Volatility (5 years): 29.4%; Sharpe ratio: 0.63
- Worst decline ever: −98.0%, from December 27, 2006 to March 5, 2009; not yet back at its high

| Period | C total return |
| --- | --- |
| 1 month | −7.5% |
| 3 months | −6.9% |
| 6 months | −4.6% |
| year to date | +4.8% |
| 1 year | +29.9% |
| 3 years | +245% |
| 5 years | +104% |
| 10 years | +234% |

## C against the whole market

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

### How does C rank among all stocks?

This section ranks C on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- C's 3-year return ranks in the top 10% of the 3,016 stocks worth at least $300 million with 3 years of history.

| Measure | C | Rank |
| --- | --- | --- |
| 1-year return | +29.9% | 995 of 3,282 (top 31%) |
| 3-year return | +245% | 295 of 3,016 (top 10%) |
| 5-year return | +104% | 661 of 2,897 (top 23%) |
| 10-year return | +234% | 762 of 2,201 (top 35%) |
| Volatility, 5 years | 29.4% | 666 of 2,897 (top 23%) |
| Sharpe ratio, 5 years | 0.63 | 596 of 2,897 (top 21%) |
| Worst decline, past 10 years | −56.5% | 741 of 2,184 (top 34%) |

### What has beaten C 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).

- 75 stocks and 47 ETFs worth at least $500 million sit in the green region: each earned more than C over the past 5 years with smaller price swings. That is 3% of the 3,641 screened.
- Among those with at least half C's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 16% less than C's 29.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.63 for C.
- Among C's popular alternatives, HSBC, RY and BNY are in the region. HSBC earned 32.8% a year against 15.3% a year for C, at 25.9% volatility, 12% less than C's 29.4%.

### Is there a better investment than C?

The table below lists investments that beat C 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.

- Among C's popular alternatives, RY, JPM and TD earned more than C with less volatility over the past 5 years. RY returned 17.5% a year at 18.2% volatility, against 15.3% a year at 29.4%.
- Looking beyond its popular alternatives, OPPJ (japan equity) and CBOE (capital markets) earned more than C with less volatility over the past 5 years. OPPJ returned 24.1% a year at 18.4% volatility, against 15.3% a year at 29.4%.
- Across the whole market, 122 of the 3,641 stocks and funds worth at least $500 million earned more than C with less volatility over the past 5 years, among them WMT, JPM and XOM.

The 15 strongest of 122 investments that beat C over the past 5 years, out of 3,641 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with C | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| C: Citigroup Inc. (this page) |  | +15.3% | 29.4% | 0.63 | −56.5% | +234% |  |  |
| [CAH](https://betterthanspy.com/research/cah): Cardinal Health, Inc. | Health Care Distribution | +41.7% | 24.7% | 1.54 | −46.1% | +345% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ABBV](https://betterthanspy.com/research/abbv): AbbVie Inc. | Specialty Pharmaceuticals | +25.5% | 23.4% | 1.09 | −45.1% | +600% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [COST](https://betterthanspy.com/research/cost): Costco Wholesale Corporation | Discount Retail | +17.4% | 22.9% | 0.82 | −31.4% | +692% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MCK](https://betterthanspy.com/research/mck): McKesson Corporation | Health Care Distribution | +37.8% | 25.1% | 1.41 | −38.1% | +582% | 0.00 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RY](https://betterthanspy.com/research/ry): Royal Bank of Canada | Banks | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.64 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AMGN](https://betterthanspy.com/research/amgn): Amgen Inc. | Biotechnology | +20.1% | 24.9% | 0.86 | −24.9% | +280% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VGT](https://betterthanspy.com/research/vgt): Vanguard Information Technology ETF | Technology Equity | +18.1% | 26.1% | 0.77 | −35.1% | +753% | 0.51 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [PGR](https://betterthanspy.com/research/pgr): The Progressive Corporation | Property & Casualty Insurance | +21.8% | 25.7% | 0.90 | −30.3% | +849% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [TRV](https://betterthanspy.com/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +360% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [GWW](https://betterthanspy.com/research/gww): W.W. Grainger, Inc. | Industrial Distribution | +26.7% | 24.9% | 1.08 | −41.6% | +670% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [COR](https://betterthanspy.com/research/cor): Cencora, Inc. | Health Care Distribution | +23.6% | 22.8% | 1.05 | −32.4% | +403% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CTAS](https://betterthanspy.com/research/ctas): Cintas Corporation | Business Services | +17.1% | 23.1% | 0.80 | −48.4% | +834% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MNST](https://betterthanspy.com/research/mnst): Monster Beverage Corporation | Nonalcoholic Beverages | +17.4% | 24.9% | 0.77 | −30.4% | +278% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [HLT](https://betterthanspy.com/research/hlt): Hilton Worldwide Holdings Inc. | Hotels & Resorts | +20.7% | 26.8% | 0.84 | −50.8% | +693% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ETR](https://betterthanspy.com/research/etr): Entergy Corporation | Electric Utilities | +19.8% | 22.4% | 0.92 | −42.0% | +326% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## C against its popular alternatives

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

### How do C'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.

- Eight of the 25 popular alternatives, led by HSBC, BNY and CM, were both more rewarding and calmer than C over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, C returned 15.3% a year, more than the S&P 500's 12.5%, with higher volatility (29.4% against 17.2%).

### Has C consistently beaten its popular alternatives?

This section compares C with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- 11 of the 25 popular alternatives, led by CM, BBVA and BNY, outperformed C in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- CM, BBVA and BNY outperformed C in every long-term period and in all but one short-term period, the most consistent record in the group.
- SMFG, MUFG and RY earned more for the risk they took than C (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of C | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| C: Citigroup Inc. (this page) | +29.9% | +245% | +104% | +234% |  |  | 0.63 |
| [CM](https://betterthanspy.com/research/cm): Canadian Imperial Bank of Commerce | +46.1% | +265% | +144% | +409% | 5/5 short-term, 3/3 long-term | all-weather | 0.94 |
| [BBVA](https://betterthanspy.com/research/bbva): Banco Bilbao Vizcaya Argentaria, S.A. | +35.8% | +275% | +418% | +515% | 4/5 short-term, 3/3 long-term | all-weather | 1.16 |
| [BNY](https://betterthanspy.com/research/bny): Bank of New York Mellon Corp | +38.1% | +277% | +179% | +332% | 4/5 short-term, 3/3 long-term | all-weather | 0.97 |
| [SAN](https://betterthanspy.com/research/san): Banco Santander, S.A. | +34.9% | +301% | +297% | +307% | 4/5 short-term, 3/3 long-term | all-weather | 0.99 |
| [MUFG](https://betterthanspy.com/research/mufg): Mitsubishi UFJ Financial Group, Inc. | +44.6% | +185% | +325% | +485% | 5/5 short-term, 2/3 long-term | consistent | 1.14 |
| [SMFG](https://betterthanspy.com/research/smfg): Sumitomo Mitsui Financial Group, Inc. | +54.8% | +181% | +332% | +470% | 5/5 short-term, 2/3 long-term | consistent | 1.15 |
| [RY](https://betterthanspy.com/research/ry): Royal Bank of Canada | +41.5% | +176% | +124% | +361% | 5/5 short-term, 2/3 long-term | consistent | 0.98 |
| [TD](https://betterthanspy.com/research/td): The Toronto-Dominion Bank | +59.4% | +147% | +114% | +319% | 5/5 short-term, 2/3 long-term | consistent | 0.87 |
| [JPM](https://betterthanspy.com/research/jpm): JPMorgan Chase & Co. | +16.6% | +154% | +122% | +534% | 4/5 short-term, 2/3 long-term | consistent | 0.78 |
| [ING](https://betterthanspy.com/research/ing): ING Groep N.V. | +41.5% | +203% | +196% | +330% | 4/5 short-term, 2/3 long-term | consistent | 0.86 |
| [HSBC](https://betterthanspy.com/research/hsbc): HSBC Holdings plc | +44.7% | +199% | +313% | +314% | 3/5 short-term, 2/3 long-term | consistent | 1.23 |
| [GS](https://betterthanspy.com/research/gs): The Goldman Sachs Group, Inc. | +22.1% | +218% | +143% | +524% | 2/5 short-term, 2/3 long-term |  | 0.77 |
| [UBS](https://betterthanspy.com/research/ubs): UBS Group AG | +26.3% | +115% | +204% | +363% | 2/5 short-term, 2/3 long-term |  | 0.89 |
| [MS](https://betterthanspy.com/research/ms): Morgan Stanley | +19.0% | +181% | +112% | +630% | 1/5 short-term, 2/3 long-term |  | 0.67 |
| [BMO](https://betterthanspy.com/research/bmo): Bank of Montreal | +40.2% | +150% | +92.4% | +304% | 5/5 short-term, 1/3 long-term |  | 0.72 |
| [AXP](https://betterthanspy.com/research/axp): American Express Company | −6.6% | +133% | +84.7% | +455% | 2/5 short-term, 1/3 long-term |  | 0.57 |
| [BAC](https://betterthanspy.com/research/bac): Bank of America Corporation | +2.1% | +115% | +21.4% | +281% | 1/5 short-term, 1/3 long-term |  | 0.28 |
| [DB](https://betterthanspy.com/research/db): Deutsche Bank AG | −1.7% | +240% | +167% | +161% | 1/5 short-term, 1/3 long-term |  | 0.71 |
| [BCS](https://betterthanspy.com/research/bcs): Barclays PLC | +9.3% | +240% | +132% | +232% | 0/5 short-term, 1/3 long-term |  | 0.67 |
| [BNS](https://betterthanspy.com/research/bns): The Bank of Nova Scotia | +51.5% | +165% | +86.2% | +191% | 5/5 short-term, 0/3 long-term |  | 0.73 |
| [USB](https://betterthanspy.com/research/usb): U.S. Bancorp | +31.7% | +118% | +19.1% | +97.4% | 5/5 short-term, 0/3 long-term |  | 0.27 |
| [STT](https://betterthanspy.com/research/stt): State Street Corporation | +51.8% | +186% | +97.6% | +213% | 4/5 short-term, 0/3 long-term |  | 0.61 |
| [PNC](https://betterthanspy.com/research/pnc): The PNC Financial Services Group, Inc. | +28.6% | +129% | +25.8% | +237% | 3/5 short-term, 0/3 long-term |  | 0.31 |
| [WFC](https://betterthanspy.com/research/wfc): Wells Fargo & Company | +1.1% | +126% | +85.1% | +140% | 3/5 short-term, 0/3 long-term |  | 0.57 |
| [BN](https://betterthanspy.com/research/bn): Brookfield Corporation | −14.6% | +90.5% | +21.2% | +235% | 1/5 short-term, 0/3 long-term |  | 0.28 |

### How did C do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where C ranked among its popular alternatives each year.

- C finished ahead of the S&P 500 in 14 of its 29 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, JPM came out ahead of C most often, in 19 of the 29 years both traded.
- Ranked against its popular alternatives each year, C finished in the top quarter in seven of 29 years and in the bottom quarter in eight. In 2025, it ranked 7 of 26.

| Year | C | SPY |
| --- | --- | --- |
| 2025 | +70.4% | +17.7% |
| 2024 | +41.9% | +24.9% |
| 2023 | +19.0% | +26.2% |
| 2022 | −22.1% | −18.2% |
| 2021 | +0.9% | +28.7% |
| 2020 | −19.7% | +18.3% |
| 2019 | +57.9% | +31.2% |
| 2018 | −28.5% | −4.6% |
| 2017 | +27.0% | +21.7% |
| 2016 | +15.9% | +12.0% |

## Risk and diversification

How C 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 C's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all three of C's worst declines, the S&P 500 held up better over the same dates.
- The slowest recovery came after C fell 41.6% from September to December 1987; it did not regain that peak until April 1990, two years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −98.0% | December 27, 2006 | March 5, 2009 | not yet | −49.7% | 2008 financial crisis |
| −56.3% | April 6, 1998 | October 7, 1998 | April 8, 1999 | −12.4% |  |
| −52.7% | August 31, 2000 | July 23, 2002 | January 5, 2004 | −46.2% | dot-com bust |
| −51.6% | July 16, 1990 | October 9, 1990 | November 7, 1991 | — |  |
| −41.6% | September 23, 1987 | December 4, 1987 | April 17, 1990 | — |  |

### How did C do in stock market crashes?

This section measures how far C, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- C fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when C fell 97.7% and the S&P 500 fell 55.2%.
- Among its popular alternatives, CM held up best, falling less than C in all ten crashes they both traded through.

| Crash | Dates | C fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −52.7% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −97.7% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −42.6% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −40.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.7% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −33.1% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −54.8% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −39.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −11.7% | −3.4% |

### How closely does C 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.

- 21 of the 25 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than C's 0.80, led by MUFG, SMFG and HSBC.
- BBVA took just 97% of the S&P 500's losses, against 165% for C, while still keeping 121% of its gains.
- Over the past 10 years, C captured 131% of the S&P 500's gains in rising months and 165% of its losses in falling months, with a beta of 1.49. It amplified the market's moves in both directions.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| C: Citigroup Inc. (this page) | 131% | 165% | 1.49 |
| [CM](https://betterthanspy.com/research/cm): Canadian Imperial Bank of Commerce | 108% | 106% | 1.07 |
| [BBVA](https://betterthanspy.com/research/bbva): Banco Bilbao Vizcaya Argentaria, S.A. | 121% | 97.0% | 1.11 |
| [BNY](https://betterthanspy.com/research/bny): Bank of New York Mellon Corp | 115% | 120% | 1.08 |
| [SAN](https://betterthanspy.com/research/san): Banco Santander, S.A. | 101% | 92.0% | 1.02 |
| [MUFG](https://betterthanspy.com/research/mufg): Mitsubishi UFJ Financial Group, Inc. | 84.0% | 42.0% | 0.66 |
| [SMFG](https://betterthanspy.com/research/smfg): Sumitomo Mitsui Financial Group, Inc. | 84.0% | 43.0% | 0.65 |
| [RY](https://betterthanspy.com/research/ry): Royal Bank of Canada | 97.0% | 88.0% | 0.88 |
| [TD](https://betterthanspy.com/research/td): The Toronto-Dominion Bank | 89.0% | 80.0% | 0.88 |
| [JPM](https://betterthanspy.com/research/jpm): JPMorgan Chase & Co. | 117% | 103% | 1.09 |
| [ING](https://betterthanspy.com/research/ing): ING Groep N.V. | 136% | 155% | 1.36 |
| [HSBC](https://betterthanspy.com/research/hsbc): HSBC Holdings plc | 79.0% | 53.0% | 0.58 |
| [GS](https://betterthanspy.com/research/gs): The Goldman Sachs Group, Inc. | 136% | 133% | 1.39 |
| [UBS](https://betterthanspy.com/research/ubs): UBS Group AG | 116% | 120% | 1.18 |
| [MS](https://betterthanspy.com/research/ms): Morgan Stanley | 142% | 137% | 1.39 |
| [BMO](https://betterthanspy.com/research/bmo): Bank of Montreal | 104% | 112% | 1.12 |
| [AXP](https://betterthanspy.com/research/axp): American Express Company | 117% | 113% | 1.16 |
| [BAC](https://betterthanspy.com/research/bac): Bank of America Corporation | 127% | 146% | 1.36 |
| [DB](https://betterthanspy.com/research/db): Deutsche Bank AG | 102% | 118% | 1.21 |
| [BCS](https://betterthanspy.com/research/bcs): Barclays PLC | 113% | 131% | 1.26 |
| [BNS](https://betterthanspy.com/research/bns): The Bank of Nova Scotia | 97.0% | 120% | 1.05 |
| [USB](https://betterthanspy.com/research/usb): U.S. Bancorp | 89.0% | 130% | 1.05 |
| [STT](https://betterthanspy.com/research/stt): State Street Corporation | 128% | 166% | 1.48 |
| [PNC](https://betterthanspy.com/research/pnc): The PNC Financial Services Group, Inc. | 108% | 127% | 1.15 |
| [WFC](https://betterthanspy.com/research/wfc): Wells Fargo & Company | 96.0% | 129% | 1.13 |
| [BN](https://betterthanspy.com/research/bn): Brookfield Corporation | 125% | 162% | 1.42 |

### What diversifies C?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in C into GLD would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+17.0% for C alone, +18.3% for the mix).
- Among large ETFs, LVHI, DXJ and GCOW have moved largely independently of C over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- MCK made money in six of the ten calendar years in which C lost money.

| Investment | Correlation with C | 5Y return | Volatility | Sharpe | Rose in C's 10 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.49 | +119% | 11.1% | 1.48 | 1 of 10 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.33 | +225% | 19.1% | 1.34 | 4 of 10 |
| GCOW: Pacer Global Cash Cows Dividend ETF | 0.40 | +95.7% | 13.6% | 1.06 | 1 of 10 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.48 | +103% | 14.5% | 1.06 | 1 of 10 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.33 | +178% | 25.5% | 0.94 | 4 of 10 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | -0.06 | +120% | 19.0% | 0.93 | 5 of 10 |
| FLTW: Franklin FTSE Taiwan ETF | 0.49 | +162% | 24.4% | 0.92 | 1 of 10 |
| EDIV: State Street SPDR S&P Emerging Markets Dividend ETF | 0.41 | +69.0% | 13.8% | 0.83 | 0 of 10 |

## Common questions

### What was C's worst drawdown?

C's deepest decline since it began trading in 1986 was 98.0%, from December 2006 to March 2009. It has not yet climbed back to that peak.

### What were C's best and worst years?

Over 29 full calendar years, C's best year was 1997, when it returned 79.9%. Its worst was 2008, with a return of -75.9%.

### Is there a better investment than C?

Among C's popular alternatives, RY, JPM and TD earned more than C with less volatility over the past 5 years. RY returned 17.5% a year at 18.2% volatility, against 15.3% a year at 29.4%. Looking beyond its popular alternatives, OPPJ (japan equity) and CBOE (capital markets) earned more than C with less volatility over the past 5 years. OPPJ returned 24.1% a year at 18.4% volatility, against 15.3% a year at 29.4%.

### Is C more volatile than the S&P 500?

Yes. C's volatility over the past 5 years was 29.4%, 1.7 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, C's return lands within 29.4% 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 C's Sharpe ratio?

C's Sharpe ratio over the past 5 years was 0.63, against 0.78 for the S&P 500, so C 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 C with the S&P 500?

Over the past 5 years, C's monthly returns had a correlation of 0.62 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 C instead: the lower it is, the more that option would diversify a C holding.

### What are the best alternatives to C?

Of the 25 popular alternatives we compared, 11 outperformed C in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CM, BBVA and BNY.

### Did C outperform the S&P 500?

C finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +70.4%, against +17.7% for the index.

### How did C do in stock market crashes?

C fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when C fell 97.7% and the S&P 500 fell 55.2%.

### What diversifies C?

These had a low correlation with C over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.49), DXJ (correlation 0.33) and GCOW (correlation 0.40); among large stocks, CAH (correlation 0.21), CLS (correlation 0.49) and MCK (correlation -0.00). A correlation near zero means the two have moved largely independently.

## More research

- [Canadian Imperial Bank of Commerce (CM) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/cm)
- [Banco Bilbao Vizcaya Argentaria (BBVA) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/bbva)
- [Bank of New York Mellon (BNY) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/bny)
- [Banco Santander (SAN) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/san)
- [Mitsubishi UFJ Financial Group (MUFG) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/mufg)
- [Sumitomo Mitsui Financial Group (SMFG) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/smfg)
- [Royal Bank of Canada (RY) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/ry)
- [Toronto-Dominion Bank (TD) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/td)
- [JPMorgan Chase & Co. (JPM) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/jpm)
- [ING Groep (ING) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/ing)
- [HSBC Performance, Alternatives and Market Rank](https://betterthanspy.com/research/hsbc)
- [Goldman Sachs Group (GS) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/gs)

## Explore further

- Full page with charts: https://betterthanspy.com/research/c
- All research pages: https://betterthanspy.com/llms.txt
- Compare the entire market against C live: https://betterthanspy.com/?b=C