BetterThanSPY

Relative Intelligence · Integrated Telecommunications

Updated · refreshed every trading day

How Chunghwa Telecom (CHT) compares with the whole market and its popular alternatives

The short answer

Returns
+8.4% a year over the past 5 years, against +11.7% for the S&P 500. $10,000 grew to $21,400 over 10 years, against $42,000 in SPY. Details ↓
Risk
Calmer than the S&P 500: volatility 13.3% against 17.2%; worst decline in 10 years −23.8% against −33.7%. Details ↓
Better options
None of its 20 popular alternatives earned more with less volatility over the past 5 years. Details ↓
Track record
CHT beat the S&P 500 in 9 of 22 full calendar years, and fell less than it in 9 of 9 major crashes. Details ↓

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

Period covered: CHT's full trading record, from July 2003 through October 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of November 2, 2026.

Data as of November 2, 2026. Full tables and charts read best on a larger screen.

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

This page answers the following questions about CHT

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 CHT have grown?

This chart tracks a hypothetical $10,000 investment in CHT over the past 23 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CHT over the same span and CHT'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.

Note: CHT began trading on July 17, 2003, so the chart cannot reach back to the dot-com bust. It covers the most recent 23 years of CHT's record, starting at the end of October 2003.

Choose a period

From the end of October 2003 to the end of October 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. 797 of the 1,410 stocks and funds worth at least $500 million that traded the whole period ended ahead of CHT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M200320072011201520192023$10,000$100,000$1M2003200920152021
  • TSM$873,441+8,634% total · +21.5% a year
  • AMT$228,157+2,182% total · +14.6% a year
  • SPY (S&P 500)$109,191+992% total · +11.0% a year
  • EWT$99,330+893% total · +10.5% a year
  • AMX$98,698+887% total · +10.5% a year
  • RCI$84,269+743% total · +9.7% a year
  • CHT$64,969+550% total · +8.5% a year
  • SKM$39,326+293% total · +6.1% a year
  • ERIC$24,574+146% total · +4.0% a year
  • NOK$10,095+1.0% total · 0.0% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of October 2021 to the end of October 2026. Hover over a fund in the key to pick out its line. 1,498 of the 3,626 stocks and funds worth at least $500 million that traded the whole period ended ahead of CHT; 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$50,000202120222023202420252026$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026
  • TSM$38,135+281% total · +30.7% a year
  • EWT$23,619+136% total · +18.8% a year
  • JNJ$19,286+92.9% total · +14.0% a year
  • SPY (S&P 500)$17,593+75.9% total · +12.0% a year
  • SIXH$16,734+67.3% total · +10.8% a year
  • FJAN$16,712+67.1% total · +10.8% a year
  • PJUL$16,250+62.5% total · +10.2% a year
  • AMX$15,999+60.0% total · +9.9% a year
  • POCT$15,870+58.7% total · +9.7% a year
  • CHT$14,963+49.6% total · +8.4% a year
Change the dates or add tickers to this chart in EasyCompare

CHT at a glance

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

Note: CHT began trading on July 17, 2003, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$38B
Industry
Telecommunications Services
Price history from
July 2003

Returns

Past 1 year
+19.4%total return
Past 3 years
+51.0%+14.7% a year
Past 5 years
+49.4%+8.4% a year
Past 10 years
+114%+7.9% a year
Best calendar year
+45.2%2004
Worst calendar year
−12.8%2005
Losing years
4 of 22full calendar years

Risk

Volatility
13.3%typical yearly swing, 5 years
Sharpe ratio
0.67return per unit of risk, 5 years
Worst decline ever
−37.4%Mar 2008 to Oct 2008
From its all-time high
At its highwithin 1%

CHT against the whole market

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

How does CHT rank among all stocks?

This section ranks CHT 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 CHT 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.

MeasureCHTRankStanding
1-year return+19.4%1,355 of 3,272top 41%
3-year return+51.0%1,513 of 2,999top 50%
5-year return+49.4%1,111 of 2,886top 38%
10-year return+114%1,312 of 2,186bottom 41%
Volatility, 5 years13.3%16 of 2,886top 1%
Sharpe ratio, 5 years0.67514 of 2,886top 18%
Worst decline, past 10 years−23.8%4 of 2,183top 1%

What has beaten CHT 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). CHT sits where the dashed lines cross. Anything in the green box above and to the left earned more than CHT 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 CHT; faint dots are 4 more of the 14 in the green region (the strongest, one per fund family). 3,627 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

6.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CHTBUFR: +9.5% a year, volatility 10.5%FJUN: +10.1% a year, volatility 10.6%DIVO: +10.5% a year, volatility 11.9%FTLS: +9.7% a year, volatility 10.5%CHT: +8.4% a year, volatility 13.3%SPY (S&P 500): +11.7% a year, volatility 17.2%PJUL: +10.1% a year, volatility 8.6%FJAN: +10.8% a year, volatility 10.6%POCT: +9.6% a year, volatility 8.0%SIXH: +10.8% a year, volatility 10.3%BUFD: +7.4% a year, volatility 7.8%JNJ: +13.4% a year, volatility 18.0%KO: +14.6% a year, volatility 16.9%JAVA: +11.5% a year, volatility 14.5%LVHI: +17.0% a year, volatility 11.1%CHTSPY (S&P 500)PJULFJANPOCTSIXHBUFDJNJKOJAVALVHI5.0%7.5%10.0%12.5%15.0%17.5%20.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CHTBUFR: +9.5% a year, volatility 10.5%FJUN: +10.1% a year, volatility 10.6%DIVO: +10.5% a year, volatility 11.9%FTLS: +9.7% a year, volatility 10.5%CHT: +8.4% a year, volatility 13.3%SPY (S&P 500): +11.7% a year, volatility 17.2%PJUL: +10.1% a year, volatility 8.6%FJAN: +10.8% a year, volatility 10.6%POCT: +9.6% a year, volatility 8.0%SIXH: +10.8% a year, volatility 10.3%BUFD: +7.4% a year, volatility 7.8%JNJ: +13.4% a year, volatility 18.0%KO: +14.6% a year, volatility 16.9%JAVA: +11.5% a year, volatility 14.5%LVHI: +17.0% a year, volatility 11.1%CHTSPY (S&P 500)PJULFJANPOCTSIXHBUFDJNJKOLVHI
  • The whole market
  • Others in the green region

Is there a better investment than CHT?

Investments that beat CHT 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 CHT 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 CHT'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 CHT 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 CHT'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× CHT's volatility counts as better.

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

Screen the whole market against CHT for any period in BetterThanSPYOpen these 9 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 CHT?lower diversifies moreExpenseper year
CHTChunghwa Telecom Co., Ltd. · this page
+8.4%13.3%0.67−23.8%+114%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+11.7%17.2%0.73−33.7%+320%0.340.09%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 76 of 3,424 passed at least one test.
PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+10.1%8.6%1.16−18.2%—0.360.79%
FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+10.8%10.6%1.02−13.6%—0.340.85%
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+9.6%8.0%1.18−18.8%—0.290.79%
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+10.8%10.3%1.05−11.7%—0.210.31%
BUFDFT Vest Laddered Deep Buffer ETF · Buffered Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+7.4%7.8%0.97−10.8%—0.380.10%
JNJJohnson & Johnson · Pharmaceuticals
Higher return in most periods+13.4%18.0%0.80−27.4%+209%0.09—
KOThe Coca-Cola Company · Nonalcoholic Beverages
Higher return in most periods+14.6%16.9%0.90−37.0%+211%0.40—
JAVAJPMorgan Active Value ETF · US Large-Cap Value
Higher return, similar volatilityHigher Sharpe, smaller worst decline+11.5%14.5%0.83−16.5%—0.340.44%
What these numbers mean for CHT
Annual return
CHT returned 8.4% a year over the past 5 years with dividends reinvested, against 11.7% a year for the S&P 500. At that pace, $10,000 became about $14,900. 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
CHT's volatility over the past 5 years was 13.3%, 78% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CHT's return lands within 13.3% 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
CHT's Sharpe ratio over the past 5 years was 0.67, against 0.73 for the S&P 500, so CHT 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
CHT's worst fall from a peak to a low over the past 10 years was 23.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 23.8% fall takes a 31.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CHT's monthly returns had a correlation of 0.34 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against CHT instead: the lower it is, the more that option would diversify a CHT holding. Guide: Correlation and diversification →
Show all 14 stocks and funds worth at least $500 million that earned more than CHT with less volatility

Out of 3,627 tested over 5 years. The strongest 9 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CHTExpense
1
PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer
Whole market+10.1%8.6%1.16−18.2%—0.360.79%
2
FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer
Whole market+10.8%10.6%1.02−13.6%—0.340.85%
3
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
Whole market+9.6%8.0%1.18−18.8%—0.290.79%
4
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity
Whole market+10.8%10.3%1.05−11.7%—0.210.31%
5
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.5%10.5%0.92−13.7%—0.340.10%
6
FJUNFT Vest U.S. Equity Buffer ETF - June · S&P 500 Buffer
Whole market+10.1%10.6%0.96−13.3%—0.350.85%
7
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+17.0%11.1%1.48−32.4%+204%0.350.40%
8
DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income
Whole market+10.5%11.9%0.91−30.0%—0.300.56%
9
FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity
Whole market+9.7%10.5%0.94−20.6%+157%0.300.95%

CHT against its popular alternatives

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

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

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

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%−20.0%−10.0%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 volatilityCHT: 8.4% a year, volatility 13.3%SPY (S&P 500): 11.7% a year, volatility 17.2%SKM: 6.3% a year, volatility 30.0%ERIC: 4.6% a year, volatility 35.6%VZ: 3.4% a year, volatility 23.1%VOD: 8.3% a year, volatility 28.2%TMUS: 7.8% a year, volatility 26.5%AMT: −4.8% a year, volatility 27.4%RCI: −3.1% a year, volatility 23.5%TU: −11.4% a year, volatility 20.5%PHI: −5.5% a year, volatility 28.6%TKC: 4.7% a year, volatility 38.5%BCE: −10.9% a year, volatility 20.1%TLK: −10.5% a year, volatility 28.3%TSM: 30.1% a year, volatility 38.7%EWT: 18.6% a year, volatility 24.4%AMX: 10.4% a year, volatility 25.9%NOK: 11.2% a year, volatility 41.0%KT: 12.1% a year, volatility 22.7%TIMB: 19.3% a year, volatility 32.0%T: 8.5% a year, volatility 25.7%VIV: 12.9% a year, volatility 29.3%CHTSPY (S&P 500)SKMERICVZVODTMUSAMTRCITUTKCBCETLKTSMEWTAMXNOKKTTIMBTVIV10.0%20.0%30.0%40.0%50.0%−20.0%−10.0%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 volatilityCHT: 8.4% a year, volatility 13.3%SPY (S&P 500): 11.7% a year, volatility 17.2%SKM: 6.3% a year, volatility 30.0%ERIC: 4.6% a year, volatility 35.6%VZ: 3.4% a year, volatility 23.1%VOD: 8.3% a year, volatility 28.2%TMUS: 7.8% a year, volatility 26.5%AMT: −4.8% a year, volatility 27.4%RCI: −3.1% a year, volatility 23.5%TU: −11.4% a year, volatility 20.5%PHI: −5.5% a year, volatility 28.6%TKC: 4.7% a year, volatility 38.5%BCE: −10.9% a year, volatility 20.1%TLK: −10.5% a year, volatility 28.3%TSM: 30.1% a year, volatility 38.7%EWT: 18.6% a year, volatility 24.4%AMX: 10.4% a year, volatility 25.9%NOK: 11.2% a year, volatility 41.0%KT: 12.1% a year, volatility 22.7%TIMB: 19.3% a year, volatility 32.0%T: 8.5% a year, volatility 25.7%VIV: 12.9% a year, volatility 29.3%CHTSPY (S&P 500)SKMERICVZVODAMTRCITUBCETLKTSMEWTNOKTIMBVIV
All figures
InvestmentAnnual returnVolatility
TSM Taiwan Semiconductor Manufacturing Company Limited+30.1%38.7%
TIMB TIM S.A.+19.3%32.0%
EWT iShares MSCI Taiwan ETF+18.6%24.4%
VIV Telefônica Brasil S.A.+12.9%29.3%
KT KT Corporation+12.1%22.7%
SPY S&P 500State Street SPDR S&P 500 ETF+11.7%17.2%
NOK Nokia Oyj+11.2%41.0%
AMX América Móvil, S.A.B. de C.V.+10.4%25.9%
T AT&T Inc.+8.5%25.7%
CHT This pageChunghwa Telecom Co., Ltd.+8.4%13.3%
VOD Vodafone Group Public Limited Company+8.3%28.2%
TMUS T-Mobile US, Inc.+7.8%26.5%
SKM SK Telecom Co.,Ltd+6.3%30.0%
TKC Turkcell Iletisim Hizmetleri A.S.+4.7%38.5%
ERIC Telefonaktiebolaget LM Ericsson (publ)+4.6%35.6%
VZ Verizon Communications Inc.+3.4%23.1%
RCI Rogers Communications Inc.−3.1%23.5%
AMT American Tower Corporation−4.8%27.4%
PHI PLDT Inc.−5.5%28.6%
TLK Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk−10.5%28.3%
BCE BCE Inc.−10.9%20.1%
TU TELUS Corporation−11.4%20.5%
Open these 22 in EasyCompare

Has CHT consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CHT 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
CHT Chunghwa Telecom Co., Ltd. (this page)—+6.0%+15.3%+18.7%+21.8%+19.4%+51.0%+49.4%+114%13.3%0.67−23.8%—$38B—
TSM SemiconductorsTaiwan Semiconductor Manufacturing Company Limited2/5 short3/3 long−15.7%−1.6%−0.2%+25.7%+32.1%+356%+273%+1,439%38.7%0.88−56.6%—$2.1T—
EWT TechnologyiShares MSCI Taiwan ETF2/5 short3/3 long−13.5%+2.7%+11.3%+55.4%+57.4%+172%+134%+445%24.4%0.82−38.9%0.59%$11B—
AMX Telecommunications ServicesAmérica Móvil, S.A.B. de C.V.1/5 short3/3 long+16.2%−0.9%−5.5%+21.2%+12.1%+57.9%+63.9%+149%25.9%0.51−44.4%—$74B—
NOK Communication EquipmentNokia Oyj1/5 short3/3 long−21.4%−11.1%−36.4%+29.7%+18.1%+169%+69.7%+132%41.0%0.46−62.5%—$45B—
SKM Telecommunications ServicesSK Telecom Co.,Ltd2/5 short2/3 long−18.0%−5.6%−15.9%+49.4%+52.7%+66.2%+35.6%+138%30.0%0.35−46.0%—$12B—
ERIC Communication EquipmentTelefonaktiebolaget LM Ericsson (publ)1/5 short2/3 long+19.3%+11.8%−3.1%+20.3%+11.2%+172%+25.5%+195%35.6%0.31−66.6%—$37B—
KT Telecommunications ServicesKT Corporation0/5 short2/3 long−7.1%−4.2%−15.1%−4.7%−1.9%+65.6%+77.1%+81.4%22.7%0.62−58.9%—$8.3B—
VZ Telecommunications ServicesVerizon Communications Inc.1/5 short1/3 long−0.4%−3.4%−2.2%+18.6%+21.7%+52.6%+18.0%+65.0%23.1%0.26−41.2%—$187B—
VOD Telecommunications ServicesVodafone Group Public Limited Company1/5 short1/3 long−7.0%+0.3%−0.6%+19.6%+43.3%+100%+48.9%+9.9%28.2%0.42−62.2%—$36B—
TMUS Telecommunications ServicesT-Mobile US, Inc.0/5 short1/3 long−2.1%−9.0%−16.7%−18.5%−19.6%+15.0%+45.5%+243%26.5%0.42−44.8%—$170B—
TIMB Telecommunications ServicesTIM S.A.0/5 short1/3 long−0.6%−5.2%−30.2%−8.6%−16.0%+31.4%+142%+102%32.0%0.71−52.6%—$8.5B—
T Telecommunications ServicesAT&T Inc.0/5 short1/3 long−10.8%−8.1%−15.8%−8.5%−8.4%+58.3%+50.0%+56.2%25.7%0.45−39.4%—$144B—
VIV Telecommunications ServicesTelefônica Brasil S.A.0/5 short1/3 long−2.2%−10.5%−24.9%−1.3%−0.2%+39.0%+83.2%+18.6%29.3%0.56−56.7%—$18B—
AMT REIT - SpecialtyAmerican Tower Corporation1/5 short0/3 long+16.1%+10.0%+6.2%+11.0%+10.9%+13.7%−21.6%+116%27.4%-0.04−45.4%—$87B—
RCI Telecommunications ServicesRogers Communications Inc.1/5 short0/3 long+8.8%−0.6%−4.8%−9.1%−9.5%−5.4%−14.5%+19.3%23.5%-0.02−56.9%—$18B—
TU Telecommunications ServicesTELUS Corporation1/5 short0/3 long+12.6%−4.2%−25.2%−26.5%−32.4%−34.3%−45.4%−1.1%20.5%-0.49−61.9%—$14B—
PHI Telecommunications ServicesPLDT Inc.0/5 short0/3 long+1.3%−7.4%−6.3%−15.3%−3.7%−4.5%−24.5%+6.3%28.6%-0.05−50.2%—$3.8B—
TKC Telecommunications ServicesTurkcell Iletisim Hizmetleri A.S.0/5 short0/3 long−8.3%−16.3%−25.5%−17.4%−19.4%+18.2%+25.9%−5.5%38.5%0.31−73.4%—$4.0B—
BCE Telecommunications ServicesBCE Inc.0/5 short0/3 long+4.8%−3.8%−11.3%−9.1%−3.9%−34.2%−43.8%−15.7%20.1%-0.48−56.6%—$19B—
TLK Telecommunications ServicesPerusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk0/5 short0/3 long−13.5%−28.5%−30.1%−44.2%−41.8%−42.3%−42.7%−44.8%28.3%-0.25−57.6%—$11B—
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How did CHT do year by year?

This table shows each investment's total return in every full calendar year since 2004, along with where CHT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CHT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: CHT began trading on July 17, 2003, so the table starts with 2004, its first full calendar year, and cannot show how it fared during the dot-com bust.

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

InvestmentYears ahead of CHT2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004
CHT This pageChunghwa Telecom Co., Ltd.—+14.9%+0.2%+10.9%−10.2%+13.5%+8.6%+7.3%+5.5%+17.6%+10.0%+7.0%−0.3%+1.0%+3.2%+11.0%+29.7%+29.0%−10.7%+7.0%+9.6%−12.8%+45.2%
Rank among alternativesTop quarter in 4 of 2212 of 2113 of 2110 of 217 of 2111 of 217 of 2113 of 215 of 2112 of 2114 of 213 of 2113 of 2117 of 2117 of 2110 of 215 of 219 of 211 of 2113 of 2018 of 2018 of 207 of 20
SPY S&P 500State Street SPDR S&P 500 ETF13 of 22+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%
TSM Taiwan Semiconductor Manufacturing Company Limited13 of 22+55.7%+92.0%+41.8%−37.0%+11.7%+91.6%+63.3%−4.3%+37.9%+31.2%+4.9%+31.1%+4.5%+37.7%+7.3%+14.9%+52.9%−16.1%−4.3%+18.9%+27.1%−4.2%
EWT iShares MSCI Taiwan ETF14 of 22+28.4%+16.1%+29.0%−28.9%+28.9%+31.5%+33.4%−9.9%+26.9%+17.7%−12.9%+7.0%+7.8%+18.6%−21.8%+22.8%+73.7%−45.3%+6.4%+18.8%+4.7%+8.0%
AMX América Móvil, S.A.B. de C.V.10 of 22+48.6%−20.3%+4.6%−10.2%+48.8%−6.7%+15.0%−15.2%+39.1%−8.5%−31.6%−3.6%+2.7%+3.7%−20.3%+23.3%+55.6%−49.0%+35.8%+55.6%+68.4%+92.3%
NOK Nokia Oyj9 of 22+50.7%+34.4%−24.0%−24.5%+59.0%+5.5%−34.9%+29.8%−0.3%−27.8%−8.4%+3.2%+105%−11.8%−50.2%−16.1%−14.4%−58.2%+93.2%+13.5%+20.1%−6.1%
SKM SK Telecom Co.,Ltd11 of 22+2.5%+2.9%+11.5%−17.8%+15.2%+10.4%−10.4%−0.4%+43.7%+8.8%−21.8%+13.3%+62.3%+17.3%−21.8%+20.9%−5.0%−36.6%+13.2%+30.5%−8.4%+19.9%
ERIC Telefonaktiebolaget LM Ericsson (publ)10 of 22+24.0%+33.5%+13.2%−44.4%−7.2%+38.3%+0.1%+35.2%+16.7%−36.4%−18.1%+2.3%+25.5%+3.4%−9.5%+28.7%+20.9%−30.3%−40.7%+18.8%+10.6%+77.8%
KT KT Corporation8 of 22+27.7%+19.9%+5.1%+13.3%+21.0%+0.3%−15.2%−5.7%+17.8%+21.3%−14.1%−5.0%−8.9%+13.1%−20.2%+30.6%+21.1%−41.5%+5.4%+22.6%+8.6%+17.1%
VZ Verizon Communications Inc.9 of 22+8.9%+13.1%+2.7%−20.0%−7.5%−0.1%+13.8%+11.3%+4.0%+20.7%+3.6%−0.5%+18.6%+13.2%+18.2%+23.0%+3.8%−20.1%+22.1%+34.0%−22.2%+20.1%
VOD Vodafone Group Public Limited Company7 of 22+63.6%+5.6%−4.6%−27.2%−3.5%−9.5%+5.6%−34.8%+38.1%−20.0%−0.9%−8.8%+64.3%−4.7%+14.3%+21.5%+20.0%−42.3%+39.9%+18.4%−19.0%+11.7%
TMUS T-Mobile US, Inc.10 of 18−6.6%+39.7%+15.0%+20.7%−14.0%+72.0%+23.3%+0.1%+10.4%+47.0%+45.2%−19.9%+69.2%+14.5%−31.3%+65.5%−48.6%−23.7%————
TIMB TIM S.A.11 of 22+79.3%−32.1%+68.3%+4.9%−13.5%−24.3%+29.5%−19.1%+66.0%+42.8%−61.3%−12.9%+37.4%−21.6%+30.6%+18.3%+147%−63.3%+3.5%+38.3%+71.4%+9.9%
T AT&T Inc.11 of 22+14.0%+44.0%−2.8%+6.5%−5.9%−19.6%+48.5%−20.8%−2.4%+32.0%+10.3%+2.4%+11.6%+19.4%+11.1%+14.0%+6.9%−26.9%+22.1%+55.6%+1.9%+5.5%
VIV Telefônica Brasil S.A.7 of 22+65.9%−27.7%+65.0%−15.8%+5.2%−35.0%+19.9%−19.5%+10.8%+48.1%−48.9%−8.0%−20.1%−12.0%+11.7%−2.0%+28.6%−23.7%−0.7%+25.3%+5.3%+23.5%
AMT American Tower Corporation14 of 22−0.9%−12.2%+5.4%−25.7%+32.9%−0.5%+47.9%+13.3%+37.7%+11.2%0.0%+25.8%+4.8%+30.4%+16.9%+19.5%+47.3%−31.2%+14.3%+37.5%+47.2%+70.0%
RCI Rogers Communications Inc.11 of 22+28.6%−31.9%+3.4%+1.6%+5.6%−3.0%−0.2%+3.7%+36.4%+16.1%−7.1%−10.1%+3.3%+23.0%+15.7%+15.8%+7.5%−31.7%+53.3%+41.4%+62.0%+58.8%
TU TELUS Corporation13 of 22+5.0%−18.4%−2.3%−14.4%+24.4%+7.3%+22.8%−8.5%+24.2%+20.4%−20.1%+8.7%+9.9%+26.7%+28.4%+46.8%+16.2%−38.4%+11.1%+14.2%+42.5%+61.1%
PHI PLDT Inc.11 of 22+5.5%+0.8%+11.8%−31.8%+36.6%+49.4%−0.3%−25.8%+14.4%−31.7%−28.7%+12.2%+4.2%+13.4%+9.1%+12.0%+31.9%−33.5%+51.4%+54.9%+36.5%+43.1%
TKC Turkcell Iletisim Hizmetleri A.S.8 of 22−12.6%+39.4%+2.3%+37.6%−28.0%−4.9%+6.9%−40.7%+64.1%−18.7%−35.4%+13.3%−17.3%+37.3%−31.4%+2.1%+28.2%−45.5%+113%+6.4%+8.9%+110%
BCE BCE Inc.11 of 22+10.2%−35.5%−4.2%−10.7%+28.6%−2.0%+23.9%−12.6%+15.0%+17.3%−11.6%+11.3%+6.1%+8.6%+23.8%+35.5%+43.3%−47.1%+53.1%+7.8%+3.5%+13.5%
TLK Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk10 of 22+37.8%−32.3%+12.6%−14.6%+29.1%−13.4%+12.5%−15.6%+12.9%+35.7%+1.3%+32.0%+0.7%+26.4%−10.1%−7.5%+66.1%−37.1%−5.3%+97.9%+20.0%+31.1%
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Risk and diversification

How CHT 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 CHT's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CHT's five deepest drawdowns since it began trading in 2003, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: CHT began trading on July 17, 2003, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringCHT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−37.4%−34.7%Mar 2008Oct 20087 monthsSep 201023 months
No named crash−24.7%−3.6%May 2006Aug 20063 monthsFeb 200818 months
No named crash−23.9%−5.3%Aug 2005Oct 20052 monthsMay 20067 months
2022 bear market−23.8%−9.2%Feb 2022Oct 20228 monthsSep 202423 months
2011 euro debt crisis−18.4%+5.7%Jul 2011Apr 20129 monthsJul 201315 months

How did CHT do in stock market crashes?

This section measures how far CHT, 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.

Note: CHT began trading on July 17, 2003, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

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

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
CHT This pageChunghwa Telecom Co., Ltd.—−0.8%−22.0%−5.5%−5.8%−2.4%−7.4%−10.1%0.0%−37.4%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
TSM Taiwan Semiconductor Manufacturing Company Limited0 of 9−3.9%−54.3%−23.3%−21.4%−9.3%−13.2%−15.7%0.0%−48.0%−82.4%
EWT iShares MSCI Taiwan ETF0 of 9−3.0%−37.9%−26.8%−15.9%−6.8%−19.7%−24.5%0.0%−62.9%—
AMX América Móvil, S.A.B. de C.V.0 of 9−2.8%−24.8%−36.3%−24.9%−6.3%−33.5%−18.8%0.0%−65.4%—
NOK Nokia Oyj0 of 9−2.1%−31.9%−42.3%−9.7%−2.8%−23.2%−21.1%0.0%−78.1%−82.1%
SKM SK Telecom Co.,Ltd0 of 9−0.9%−30.1%−31.3%−8.2%−8.9%−26.7%−16.5%−2.0%−60.4%−70.0%
ERIC Telefonaktiebolaget LM Ericsson (publ)0 of 9−2.3%−53.5%−31.3%−13.3%−7.5%−19.2%−31.9%−0.8%−71.4%−98.6%
KT KT Corporation0 of 9−2.1%−22.9%−36.1%−7.9%−11.6%−20.0%−27.1%−1.8%−64.2%−68.0%
VZ Verizon Communications Inc.0 of 9−2.6%−33.2%−13.6%−12.5%−7.4%−10.5%−9.9%0.0%−43.9%−55.2%
VOD Vodafone Group Public Limited Company0 of 9−1.7%−39.7%−42.2%−18.5%−8.5%−21.9%−12.9%−2.8%−59.0%−79.1%
TMUS T-Mobile US, Inc.1 of 9−2.6%−12.1%−26.0%−13.7%−7.4%−21.2%−52.5%−11.3%−57.5%—
TIMB TIM S.A.0 of 9−3.3%−27.7%−39.3%−12.8%−4.1%−46.8%−26.2%−0.6%−74.7%−91.1%
T AT&T Inc.1 of 9−1.6%−29.2%−30.6%−18.3%−6.5%−8.6%−9.1%−0.3%−44.4%−63.5%
VIV Telefônica Brasil S.A.0 of 9−3.2%−34.9%−29.5%−7.1%−6.6%−37.8%−18.9%0.0%−51.3%−77.4%
AMT American Tower Corporation0 of 9−2.3%−34.2%−28.8%−8.4%−8.0%−19.2%−13.6%−2.9%−56.5%−98.7%
RCI Rogers Communications Inc.0 of 9−2.8%−38.1%−35.1%−6.5%−5.5%−17.7%−14.5%0.0%−61.2%−82.8%
TU TELUS Corporation0 of 9−2.2%−28.1%−31.7%−10.3%−2.8%−25.4%−14.9%0.0%−58.5%−88.5%
PHI PLDT Inc.0 of 9−5.8%−35.0%−19.1%−21.9%−4.2%−32.1%−16.1%−1.8%−46.5%−78.5%
TKC Turkcell Iletisim Hizmetleri A.S.0 of 9−3.5%−39.1%−23.8%−11.0%−3.9%−27.9%−19.6%−3.1%−66.3%—
BCE BCE Inc.0 of 9−1.7%−28.9%−33.9%−7.3%−2.1%−17.0%−9.8%0.0%−60.7%−50.7%
TLK Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk2 of 9−0.1%−16.5%−38.9%−10.8%−3.2%−20.5%−16.4%0.0%−67.5%−61.6%
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How closely does CHT 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 CHT 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 CHT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CHT This pageChunghwa Telecom Co., Ltd.26%1%41.110.17
TSM Taiwan Semiconductor Manufacturing Company Limited138%84%1.641.17
TMUS T-Mobile US, Inc.63%44%1.430.47
EWT iShares MSCI Taiwan ETF97%76%1.260.96
ERIC Telefonaktiebolaget LM Ericsson (publ)73%69%1.050.64
AMX América Móvil, S.A.B. de C.V.58%56%1.040.69
NOK Nokia Oyj64%67%0.941.00
TIMB TIM S.A.53%60%0.880.61
AMT American Tower Corporation61%72%0.850.59
VZ Verizon Communications Inc.44%56%0.780.36
SKM SK Telecom Co.,Ltd90%119%0.760.87
T AT&T Inc.47%64%0.730.50
KT KT Corporation66%91%0.720.70
VIV Telefônica Brasil S.A.37%66%0.570.54
RCI Rogers Communications Inc.53%97%0.550.58
VOD Vodafone Group Public Limited Company52%98%0.530.69
PHI PLDT Inc.27%51%0.520.41
TU TELUS Corporation42%88%0.480.66
TKC Turkcell Iletisim Hizmetleri A.S.45%99%0.460.79
BCE BCE Inc.43%100%0.430.50
TLK Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk33%105%0.310.58
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What diversifies CHT?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220142008200580/20 mix volatility80/20 mix annual return
CHT Chunghwa Telecom Co., Ltd. (this page)1.00+49.4%0.67−10.2%−0.3%−10.7%−12.8%12.0%+8.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.35+119%1.48+3.8%———10.4%+10.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.02+220%1.32+6.0%+8.1%−20.8%—10.0%+12.0%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.30+108%1.09+10.4%+23.8%——10.9%+10.1%
HDV Dividend & IncomeiShares Core High Dividend ETF0.30+87.1%1.03+7.0%+12.6%——10.9%+9.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.32+82.4%0.94−5.1%+3.4%——10.5%+9.4%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.30+58.7%0.94−5.6%———10.3%+8.8%
AMLP EnergyAlerian MLP ETF0.02+120%0.93+25.5%+4.8%——10.3%+10.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.04+177%0.93+64.4%−8.7%−39.0%+40.1%11.2%+12.0%

Stocks

InvestmentCorrelation5Y returnSharpe202220142008200580/20 mix volatility80/20 mix annual return
CHT Chunghwa Telecom Co., Ltd. (this page)1.00+49.4%0.67−10.2%−0.3%−10.7%−12.8%12.0%+8.4%
CAH Medical - DistributionCardinal Health, Inc.0.19+476%1.54+54.1%+23.0%−39.6%+18.7%11.8%+15.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.08+644%1.37+86.6%+0.4%——12.0%+16.7%
MCK Medical - DistributionMcKesson Corporation0.07+368%1.37+51.8%+29.3%−40.4%+64.9%11.3%+14.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.04+2,294%1.36+1.3%+12.9%−20.5%−25.2%15.8%+25.2%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.29+604%1.35+24.2%+50.9%−67.4%−1.8%13.4%+16.2%
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Common questions

What was CHT's worst drawdown?

CHT's deepest decline since it began trading in 2003 was 37.4%, from March to October 2008. It took 23 months from the low to climb back to its old high. Because CHT launched in July 2003, that record does not include the dot-com bust.

What were CHT's best and worst years?

Over 22 full calendar years, CHT's best year was 2004, when it returned 45.2%. Its worst was 2005, with a return of -12.8%.

Is there a better investment than CHT?

Few investments have done better on both counts: only 14 of the 3,627 stocks and funds worth at least $500 million earned more than CHT with less volatility over the past 5 years, among them BUFR, DIVO and LVHI.

Is CHT more volatile than the S&P 500?

No. CHT's volatility over the past 5 years was 13.3%, 78% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CHT's return lands within 13.3% 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 CHT's Sharpe ratio?

CHT's Sharpe ratio over the past 5 years was 0.67, against 0.73 for the S&P 500, so CHT 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 CHT with the S&P 500?

Over the past 5 years, CHT's monthly returns had a correlation of 0.34 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against CHT instead: the lower it is, the more that option would diversify a CHT holding.

What are the best alternatives to CHT?

None of the 20 popular alternatives we compared outperformed CHT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about CHT's strength than about its alternatives.

Did CHT outperform the S&P 500?

CHT finished ahead of the S&P 500 (SPY) in nine of 22 full calendar years. In 2025, it returned +14.9%, against +17.7% for the index.

How did CHT do in stock market crashes?

CHT fell less than the S&P 500 (SPY) in nine of the nine major crashes it has traded through, and further in no. The clearest case was the Covid crash, when CHT fell 5.5% and the S&P 500 fell 33.7%.

What diversifies CHT?

These had a low correlation with CHT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.35), DXJ (correlation 0.02) and EMLP (correlation 0.30); among large stocks, CAH (correlation 0.19), MPC (correlation 0.08) and MCK (correlation 0.07). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CHT

Other stocks and ETFs