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

> Source: BetterThanSPY research, https://betterthanspy.com/research/cht
> Data as of November 2, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

## 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.
- **Risk:** Calmer than the S&P 500: volatility 13.3% against 17.2%; worst decline in 10 years −23.8% against −33.7%.
- **Better options:** None of its 20 popular alternatives earned more with less volatility over the past 5 years.
- **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.

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.

## Key findings

- **Right now:** Over the past 3 months, CHT rose 15.3% while the S&P 500 fell 0.5%. Both CHT and the S&P 500 are within a few percent of a record high.
- **Stock or market?:** CHT held up far better than its industry: it rose 15.3% over the past 3 months while the integrated telecommunications ETF IXP (iShares Global Comm Services ETF) fell 9.9%. The S&P 500 fell 0.5%. CHT rose 6.0% last month as the S&P 500 fell 2.3% and the Nasdaq 100 fell 9.1%.
- **Past 1 to 3 years:** CHT has outpaced the market, rising 19.4% over the past year against 11.3% for the S&P 500 and 8.3% for the Nasdaq 100. That said, it finished behind the S&P 500 in both 2024 and 2025.
- **Long term:** CHT turned $10,000 into $21,400 over the past decade, against $42,000 in the S&P 500.
- **In a crash:** Across six sell-offs, CHT has typically lost about 53% as much as the S&P 500. In the 2022 bear market, CHT held up better than VZ (Verizon Communications), T and AMX; only TMUS (T-Mobile US) and TLK fell less.
- **Diversification:** CHT is some diversification, but not a hedge: a correlation of 0.34 with the S&P 500 over 5 years and 0.33 with the total US market, less closely than 63% of stocks worth at least $300 million. Over 10 years CHT kept more of the market's gains than of its losses: 26% of the S&P 500's gains in rising months and 1% of its losses in falling ones, with a beta of 0.17.
- **Better options:** 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 (FT Vest Laddered Buffer ETF), DIVO (Amplify CWP Enhanced Dividend Income ETF) and LVHI (Franklin International Low Volatility High Dividend Index ETF).

## 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.

- $10,000 invested in CHT at the end of October 2003 would have grown to $64,969 by October 2026, less than the $109,191 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CHT, and TSM finished highest, at $873,441.

## 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.

- CHT is trading within 1% of its all-time high.
- 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.
- Over 22 full calendar years, CHT's best was 2004, when it returned 45.2%, and its worst was 2005, when it lost 12.8%. It lost money in four of those years.

- Type: Stock, Communication (Telecommunications Services)
- Trading since: July 17, 2003
- Market value: $38B
- Volatility (5 years): 13.3%; Sharpe ratio: 0.67
- Worst decline ever: −37.4%, from March 24, 2008 to October 24, 2008; back at its high by September 10, 2010

| Period | CHT total return |
| --- | --- |
| 1 month | +6.0% |
| 3 months | +15.3% |
| 6 months | +18.7% |
| year to date | +21.8% |
| 1 year | +19.4% |
| 3 years | +51.0% |
| 5 years | +49.4% |
| 10 years | +114% |

## 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.

- CHT's worst decline of the past 10 years ranks in the top 1% of the 2,183 stocks worth at least $300 million, where the top fell the least.

| Measure | CHT | Rank |
| --- | --- | --- |
| 1-year return | +19.4% | 1,355 of 3,272 (top 42%) |
| 3-year return | +51.0% | 1,513 of 2,999 (top 51%) |
| 5-year return | +49.4% | 1,111 of 2,886 (top 39%) |
| 10-year return | +114% | 1,312 of 2,186 (top 61%) |
| Volatility, 5 years | 13.3% | 16 of 2,886 (top 1%) |
| Sharpe ratio, 5 years | 0.67 | 514 of 2,886 (top 18%) |
| Worst decline, past 10 years | −23.8% | 4 of 2,183 (top 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).

- 14 ETFs worth at least $500 million sit in the green region: each earned more than CHT over the past 5 years with smaller price swings. That is fewer than 1% of the 3,627 screened. Few investments beat it on both counts.
- Among those with at least half CHT's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 17% less than CHT's 13.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.67 for CHT.

### Is there a better investment than CHT?

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.

- 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.

The 9 strongest of 14 investments that beat CHT over the past 5 years, out of 3,627 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with CHT | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CHT: Chunghwa Telecom Co., Ltd. (this page) |  | +8.4% | 13.3% | 0.67 | −23.8% | +114% |  |  |
| PJUL: Innovator U.S. Equity Power Buffer ETF | US Equity Buffer | +10.1% | 8.6% | 1.16 | −18.2% | — | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| FJAN: FT Vest U.S. Equity Buffer ETF - January | US Equity Buffer | +10.8% | 10.6% | 1.02 | −13.6% | — | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| POCT: Innovator U.S. Equity Power Buffer ETF | Moderate Buffer | +9.6% | 8.0% | 1.18 | −18.8% | — | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| SIXH: ETC 6 Meridian Hedged Equity Index Option ETF | Hedged Equity | +10.8% | 10.3% | 1.05 | −11.7% | — | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| BUFR: FT Vest Laddered Buffer ETF | Buffered Equity | +9.5% | 10.5% | 0.92 | −13.7% | — | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| FJUN: FT Vest U.S. Equity Buffer ETF - June | S&P 500 Buffer | +10.1% | 10.6% | 0.96 | −13.3% | — | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Dividend Equity | +17.0% | 11.1% | 1.48 | −32.4% | +204% | 0.35 | Higher return, lower volatility |
| DIVO: Amplify CWP Enhanced Dividend Income ETF | Covered Call Income | +10.5% | 11.9% | 0.91 | −30.0% | — | 0.30 | Higher return, lower volatility |
| FTLS: First Trust Long/Short Equity ETF | Long-Short Equity | +9.7% | 10.5% | 0.94 | −20.6% | +157% | 0.30 | Higher return, lower volatility |

## 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.

- None of the 20 popular alternatives earned more than CHT over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- 12 of the 20 popular alternatives earned less than CHT over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, CHT returned 8.4% a year, less than the S&P 500's 11.7%, with lower volatility (13.3% against 17.2%).

### 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.

- None of the 20 popular alternatives outperformed CHT in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was TSM.
- AMX outperformed CHT over all three long-term periods but in only one of the five short-term ones, so CHT has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of CHT | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CHT: Chunghwa Telecom Co., Ltd. (this page) | +19.4% | +51.0% | +49.4% | +114% |  |  | 0.67 |
| [TSM](https://betterthanspy.com/research/tsm): Taiwan Semiconductor Manufacturing Company Limited | +32.1% | +356% | +273% | +1,439% | 2/5 short-term, 3/3 long-term |  | 0.88 |
| EWT: iShares MSCI Taiwan ETF | +57.4% | +172% | +134% | +445% | 2/5 short-term, 3/3 long-term |  | 0.82 |
| [AMX](https://betterthanspy.com/research/amx): América Móvil, S.A.B. de C.V. | +12.1% | +57.9% | +63.9% | +149% | 1/5 short-term, 3/3 long-term |  | 0.51 |
| [NOK](https://betterthanspy.com/research/nok): Nokia Oyj | +18.1% | +169% | +69.7% | +132% | 1/5 short-term, 3/3 long-term |  | 0.46 |
| SKM: SK Telecom Co.,Ltd | +52.7% | +66.2% | +35.6% | +138% | 2/5 short-term, 2/3 long-term |  | 0.35 |
| ERIC: Telefonaktiebolaget LM Ericsson (publ) | +11.2% | +172% | +25.5% | +195% | 1/5 short-term, 2/3 long-term |  | 0.31 |
| KT: KT Corporation | −1.9% | +65.6% | +77.1% | +81.4% | 0/5 short-term, 2/3 long-term |  | 0.62 |
| [VZ](https://betterthanspy.com/research/vz): Verizon Communications Inc. | +21.7% | +52.6% | +18.0% | +65.0% | 1/5 short-term, 1/3 long-term |  | 0.26 |
| VOD: Vodafone Group Public Limited Company | +43.3% | +100% | +48.9% | +9.9% | 1/5 short-term, 1/3 long-term |  | 0.42 |
| [TMUS](https://betterthanspy.com/research/tmus): T-Mobile US, Inc. | −19.6% | +15.0% | +45.5% | +243% | 0/5 short-term, 1/3 long-term |  | 0.42 |
| TIMB: TIM S.A. | −16.0% | +31.4% | +142% | +102% | 0/5 short-term, 1/3 long-term |  | 0.71 |
| [T](https://betterthanspy.com/research/t): AT&T Inc. | −8.4% | +58.3% | +50.0% | +56.2% | 0/5 short-term, 1/3 long-term |  | 0.45 |
| VIV: Telefônica Brasil S.A. | −0.2% | +39.0% | +83.2% | +18.6% | 0/5 short-term, 1/3 long-term |  | 0.56 |
| [AMT](https://betterthanspy.com/research/amt): American Tower Corporation | +10.9% | +13.7% | −21.6% | +116% | 1/5 short-term, 0/3 long-term |  | -0.04 |
| RCI: Rogers Communications Inc. | −9.5% | −5.4% | −14.5% | +19.3% | 1/5 short-term, 0/3 long-term |  | -0.02 |
| TU: TELUS Corporation | −32.4% | −34.3% | −45.4% | −1.1% | 1/5 short-term, 0/3 long-term |  | -0.49 |
| PHI: PLDT Inc. | −3.7% | −4.5% | −24.5% | +6.3% | 0/5 short-term, 0/3 long-term |  | -0.05 |
| TKC: Turkcell Iletisim Hizmetleri A.S. | −19.4% | +18.2% | +25.9% | −5.5% | 0/5 short-term, 0/3 long-term |  | 0.31 |
| BCE: BCE Inc. | −3.9% | −34.2% | −43.8% | −15.7% | 0/5 short-term, 0/3 long-term |  | -0.48 |
| TLK: Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk | −41.8% | −42.3% | −42.7% | −44.8% | 0/5 short-term, 0/3 long-term |  | -0.25 |

### 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.

- CHT finished ahead of the S&P 500 in nine of its 22 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, EWT came out ahead of CHT most often, in 14 of the 22 years both traded.
- Ranked against its popular alternatives each year, CHT finished in the top quarter in four of 22 years and in the bottom quarter in four. In 2025, it ranked 12 of 21.

| Year | CHT | SPY |
| --- | --- | --- |
| 2025 | +14.9% | +17.7% |
| 2024 | +0.2% | +24.9% |
| 2023 | +10.9% | +26.2% |
| 2022 | −10.2% | −18.2% |
| 2021 | +13.5% | +28.7% |
| 2020 | +8.6% | +18.3% |
| 2019 | +7.3% | +31.2% |
| 2018 | +5.5% | −4.6% |
| 2017 | +17.6% | +21.7% |
| 2016 | +10.0% | +12.0% |

## 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.

- In all five of CHT's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CHT fell 24.7% from May to August 2006, while the S&P 500 slipped only 3.6%.
- The longest climb back to a previous high took 23 months, after CHT fell 37.4% from March to October 2008.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −37.4% | March 24, 2008 | October 24, 2008 | September 10, 2010 | −34.7% | 2008 financial crisis |
| −24.7% | May 8, 2006 | August 9, 2006 | February 21, 2008 | −3.6% |  |
| −23.9% | August 3, 2005 | October 20, 2005 | May 8, 2006 | −5.3% |  |
| −23.8% | February 23, 2022 | October 24, 2022 | September 26, 2024 | −9.2% | 2022 bear market |
| −18.4% | July 20, 2011 | April 20, 2012 | July 17, 2013 | +5.7% | 2011 euro debt crisis |

### 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.

- CHT fell less than the S&P 500 in all nine crashes it has traded through. The clearest case was the Covid crash, when CHT fell 5.5% and the S&P 500 fell 33.7%.
- None of its popular alternatives fell less than CHT in most of the crashes they both traded through.
- CHT began trading after the dot-com bust, but 16 of its popular alternatives lived through it. The mildest fall among them was BCE's 50.7%, against 47.5% for the S&P 500.

| Crash | Dates | CHT fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −37.4% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −10.1% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −7.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −2.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −5.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −5.5% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −22.0% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −0.8% | −3.4% |

### 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.

- None of the 20 popular alternatives with the same record had a higher capture ratio (upside capture divided by downside capture) than CHT's 41.11.
- Over the past 10 years, CHT captured 26% of the S&P 500's gains in rising months and 1% of its losses in falling months, with a beta of 0.17. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| CHT: Chunghwa Telecom Co., Ltd. (this page) | 26.0% | 1.0% | 0.17 |
| [TSM](https://betterthanspy.com/research/tsm): Taiwan Semiconductor Manufacturing Company Limited | 138% | 84.0% | 1.17 |
| EWT: iShares MSCI Taiwan ETF | 97.0% | 76.0% | 0.96 |
| [AMX](https://betterthanspy.com/research/amx): América Móvil, S.A.B. de C.V. | 58.0% | 56.0% | 0.69 |
| [NOK](https://betterthanspy.com/research/nok): Nokia Oyj | 64.0% | 67.0% | 1.00 |
| SKM: SK Telecom Co.,Ltd | 90.0% | 119% | 0.87 |
| ERIC: Telefonaktiebolaget LM Ericsson (publ) | 73.0% | 69.0% | 0.64 |
| KT: KT Corporation | 66.0% | 91.0% | 0.70 |
| [VZ](https://betterthanspy.com/research/vz): Verizon Communications Inc. | 44.0% | 56.0% | 0.36 |
| VOD: Vodafone Group Public Limited Company | 52.0% | 98.0% | 0.69 |
| [TMUS](https://betterthanspy.com/research/tmus): T-Mobile US, Inc. | 63.0% | 44.0% | 0.47 |
| TIMB: TIM S.A. | 53.0% | 60.0% | 0.61 |
| [T](https://betterthanspy.com/research/t): AT&T Inc. | 47.0% | 64.0% | 0.50 |
| VIV: Telefônica Brasil S.A. | 37.0% | 66.0% | 0.54 |
| [AMT](https://betterthanspy.com/research/amt): American Tower Corporation | 61.0% | 72.0% | 0.59 |
| RCI: Rogers Communications Inc. | 53.0% | 97.0% | 0.58 |
| TU: TELUS Corporation | 42.0% | 88.0% | 0.66 |
| PHI: PLDT Inc. | 27.0% | 51.0% | 0.41 |
| TKC: Turkcell Iletisim Hizmetleri A.S. | 45.0% | 99.0% | 0.79 |
| BCE: BCE Inc. | 43.0% | 100% | 0.50 |
| TLK: Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk | 33.0% | 105% | 0.58 |

### 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).

- Moving a fifth of the money in CHT into DXJ would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (+8.4% for CHT alone, +12.0% for the mix).
- MCK made money in three of the four calendar years in which CHT lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of CHT over the past 5 years, with correlations of 0.35 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with CHT | 5Y return | Volatility | Sharpe | Rose in CHT's 4 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.35 | +119% | 11.1% | 1.48 | 1 of 4 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.02 | +220% | 19.1% | 1.32 | 2 of 4 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.30 | +108% | 14.4% | 1.09 | 2 of 4 |
| HDV: iShares Core High Dividend ETF | 0.30 | +87.1% | 13.0% | 1.03 | 2 of 4 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.32 | +82.4% | 13.8% | 0.94 | 1 of 4 |
| FTLS: First Trust Long/Short Equity ETF | 0.30 | +58.7% | 10.5% | 0.94 | 0 of 4 |
| AMLP: Alerian MLP ETF | 0.02 | +120% | 18.9% | 0.93 | 2 of 4 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.04 | +177% | 25.6% | 0.93 | 2 of 4 |

## 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.

## More research

- [Is TSM Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/tsm)
- [Is AMX Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/amx)
- [Is NOK Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/nok)
- [Is VZ Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/vz)
- [Is TMUS Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/tmus)
- [Is T Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/t)
- [Is AMT Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/amt)
- [Is SCHD Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/schd)
- [Is AAPL Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/aapl)
- [Is NVDA Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/nvda)
- [Is MSFT Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/msft)
- [Is GOOG Better Than the S&P 500 and the Rest of the Market?](https://betterthanspy.com/research/goog)

## Explore further

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