Relative Intelligence · Railroads
How Canadian Pacific Kansas City (CP) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CP alone. It places CP (Canadian Pacific Kansas City Ltd.) against 9 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 CP stands in the market, and of the alternatives worth a closer look.
Period covered: CP's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.
Data as of October 22, 2026. Full tables and charts read best on a larger screen.
This page answers the following questions about CP
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowOver the past 3 months, CP fell 0.5% while the S&P 500 rose 2.5%. At a glance ↓
- Stock or market?CP held up far better than its industry: it fell 0.5% over the past 3 months while the railroads ETF IYT (iShares U.S. Transportation ETF) fell 6.6%. The S&P 500 rose 2.5%. Last month cut against the tape: CP rose 3.2% while the S&P 500 fell 1.2%.
- Past 1 to 3 yearsCP has outpaced the market, rising 19.5% over the past year against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. On the flip side, the last two calendar years both went the same way: CP rose 2.6% in 2025, against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. By year ↓
- Long termCP turned $10,000 into $34,000 over the past decade, against $41,600 in the S&P 500. That said, year by year, CP has outpaced the S&P 500 69% of the time since 1997. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, CP has typically fallen 1.3 times as far as the S&P 500. That said, in the 2022 bear market, CP held up better than its railroad peers, including UNP (Union Pacific), CSX and NSC. Crash tests ↓
- DiversificationAgainst the S&P 500, CP has a correlation of 0.69 over 5 years, more closely than 98% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. When the S&P 500 had a down month, CP usually fell with it (20 of 22 months). By year ↓
- Better options
- Nearby categories and themes
- BRK-A (Berkshire Hathaway, insurance) and TRV (Travelers Companies, property & casualty insurance) earned more than CP with less volatility over the past 5 years. BRK-A returned 13.5% a year at 17.2% volatility, against 4.4% a year at 24.1%.
- Versus the S&P 500
- Simply owning the S&P 500 would have done better over the past 5 years: 12.5% a year at 17.2% volatility, against 4.4% at 24.1% for CP.
- Whole market
- 670 of the 3,641 stocks and funds worth at least $500 million earned more than CP with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-A (Berkshire Hathaway).
How much would $10,000 in CP have grown?
This chart tracks a hypothetical $10,000 investment in CP over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CP over the same span and CP's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
- $10,000 invested in CP at the end of September 1997 would have grown to $436,454 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CP, and JBHT finished highest, at $749,311.
Choose a period
From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 130 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- JBHT$749,311+7,393% total · +16.0% a year
- AMGN$526,909+5,169% total · +14.6% a year
- CNI$468,127+4,581% total · +14.2% a year
- PGR$454,424+4,444% total · +14.1% a year
- RY$442,765+4,328% total · +14.0% a year
- CP$436,454+4,265% total · +13.9% a year
- UNP$306,095+2,961% total · +12.5% a year
- CSX$247,386+2,374% total · +11.7% a year
- NSC$171,092+1,611% total · +10.3% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,845 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of CP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- WAB$34,242+242% total · +27.9% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- BRK-A$18,159+81.6% total · +12.7% a year
- CSX$16,737+67.4% total · +10.8% a year
- UNP$15,540+55.4% total · +9.2% a year
- NSC$14,343+43.4% total · +7.5% a year
- JBHT$14,029+40.3% total · +7.0% a year
- CP$13,597+36.0% total · +6.3% a year
- CNI$11,429+14.3% total · +2.7% a year
- TRN$11,411+14.1% total · +2.7% a year
CP 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.
- CP's deepest decline since it began trading in 1986 was 69.1%, from July 2007 to March 2009. It took about three years from the low to climb back to its old high.
- Over 29 full calendar years, CP's best was 2009, when it returned 64.1%, and its worst was 2008, when it lost 47.1%. It lost money in five of those years.
- CP is 6.1% below its all-time high.
The company
- Market value
- $80B
- Industry
- Railroads
- Price history from
- October 1986
Returns
- Past 1 year
- +19.5%total return
- Past 3 years
- +31.5%+9.6% a year
- Past 5 years
- +23.7%+4.4% a year
- Past 10 years
- +240%+13.0% a year
- Best calendar year
- +64.1%2009
- Worst calendar year
- −47.1%2008
- Losing years
- 5 of 29full calendar years
Risk
- Volatility
- 24.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.30return per unit of risk, 5 years
- Worst decline ever
- −69.1%Jul 2007 to Mar 2009
- From its all-time high
- −6.1%below the peak
CP against the whole market
Where CP ranks among every stock and fund, and what across the market has done better.
How does CP rank among all stocks?
This section ranks CP 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 CP stacks up against its peers, these rankings show where it stands in the market as a whole.
- CP's worst decline of the past 10 years ranks in the top 2% of the 2,184 stocks worth at least $300 million, where the top fell the least.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | CP | Rank | Standing |
|---|---|---|---|
| 1-year return | +19.5% | 1,288 of 3,282 | top 39% |
| 3-year return | +31.5% | 1,861 of 3,016 | bottom 39% |
| 5-year return | +23.7% | 1,425 of 2,897 | top 49% |
| 10-year return | +240% | 733 of 2,201 | top 33% |
| Volatility, 5 years | 24.1% | 271 of 2,897 | top 9% |
| Sharpe ratio, 5 years | 0.30 | 1,579 of 2,897 | bottom 46% |
| Worst decline, past 10 years | −33.7% | 53 of 2,184 | top 2% |
What has beaten CP 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). CP sits where the dashed lines cross. Anything in the green box above and to the left earned more than CP 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.
- 104 stocks and 566 ETFs worth at least $500 million sit in the green region: each earned more than CP over the past 5 years with smaller price swings. That is 18% of the 3,641 screened.
- Among those with at least half CP's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 21% less than CP's 24.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.30 for CP.
- Among CP's popular alternatives, UNP is in the region. UNP earned 7.0% a year against 4.4% a year for CP, at 22.9% volatility, 5% less than CP's 24.1%.
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 CP; faint dots are 91 more of the 670 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than CP?
Investments that beat CP over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among CP's popular alternatives, UNP earned more than CP with less volatility over the past 5 years: 7.0% a year at 22.9% volatility, against 4.4% a year at 24.1%.
- Looking beyond its popular alternatives, BRK-A (insurance) and TRV (property & casualty insurance) earned more than CP with less volatility over the past 5 years. BRK-A returned 13.5% a year at 17.2% volatility, against 4.4% a year at 24.1%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.5% a year at 17.2% volatility, against 4.4% at 24.1% for CP.
How this works
The table below lists investments that beat CP 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 CP'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 CP 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 CP'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× CP's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than CP's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with CP?lower diversifies more | Expenseper year | |||
| CPCanadian Pacific Kansas City Ltd. · this page | +4.4% | 24.1% | 0.30 | −33.7% | +240% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.69 | 0.09% | ||
| Popular alternativesbest 4 shownThe investments people most often weigh against CP. 4 of 9 passed at least one test. | |||||||||
 UNPUnion Pacific Corporation · Railroads | Higher return, lower volatilityHigher return in most periods | +7.0% | 22.9% | 0.41 | −38.7% | +313% | 0.75 | — | |
 CSXCSX Corporation · Railroads | Higher return, similar volatilityHigher return in most periods | +9.3% | 23.5% | 0.50 | −40.5% | +485% | 0.74 | — | |
 NSCNorfolk Southern Corporation · Railroads | Higher return in most periods | +5.6% | 24.9% | 0.34 | −44.4% | +345% | 0.73 | — | |
 WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery | Higher return, similar volatility | +25.2% | 26.3% | 0.99 | −64.1% | +258% | 0.60 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Railroads and the categories next to it (Industrial Machinery, Freight & Logistics, Trucking, Insurance), plus CP's specific themes. 65 of 210 passed at least one test. | |||||||||
 BRK-ABerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher return in most periods | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.53 | — | |
ACTEnact Holdings Inc. · Insurance | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +20.7% | 24.4% | 0.90 | −20.2% | — | 0.50 | — | |
 PGRThe Progressive Corporation · Property & Casualty Insurance | Higher return, similar volatilityHigher return in most periodsSmaller losses in recent crashes | +21.8% | 25.7% | 0.90 | −30.3% | +849% | 0.27 | — | |
 TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Higher return, lower volatilityHigher return in most periods | +22.4% | 22.3% | 1.02 | −46.3% | +360% | 0.46 | — | |
 CBChubb Limited · Property & Casualty Insurance | Higher return, lower volatilityHigher return in most periods | +15.8% | 20.4% | 0.82 | −42.6% | +256% | 0.47 | — | |
RLIRLI Corp. · Property & Casualty Insurance | Higher return, similar volatilitySmaller losses in recent crashes | +9.2% | 24.0% | 0.49 | −43.5% | +238% | 0.33 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,107 of 3,448 passed at least one test. | |||||||||
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.31 | — | |
 NVSNovartis AG · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.46 | — | |
 AMGNAmgen Inc. · Biotechnology | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +20.1% | 24.9% | 0.86 | −24.9% | +280% | 0.36 | — | |
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity | On the frontierHigher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.45 | 0.48% | |
 XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +8.4% | 15.3% | 0.60 | −28.4% | +208% | 0.57 | 0.08% | |
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +8.2% | 13.3% | 0.66 | −23.8% | +104% | 0.30 | — | |
 MRKMerck & Co., Inc. · Pharmaceuticals | Higher return, similar volatilityHigher return in most periodsSmaller losses in recent crashes | +16.1% | 24.8% | 0.73 | −43.4% | +245% | 0.35 | — | |
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +3.8% | 0.3% | 13.25 | −0.3% | — | -0.07 | 0.09% | |
What these numbers mean for CP
- Annual return
- CP returned 4.4% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $12,400. 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
- CP's volatility over the past 5 years was 24.1%, 1.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CP's return lands within 24.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- CP's Sharpe ratio over the past 5 years was 0.30, against 0.78 for the S&P 500, so CP 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
- CP's worst fall from a peak to a low over the past 10 years was 33.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 33.7% fall takes a 50.9% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, CP's monthly returns had a correlation of 0.69 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 CP instead: the lower it is, the more that option would diversify a CP holding. Guide: Correlation and diversification →
Show all 670 stocks and funds worth at least $500 million that earned more than CP with less volatility
Out of 3,641 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with CP | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.31 | — |
| 2 | NVSNovartis AG · Pharmaceuticals | Whole market | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.46 | — |
| 3 | DXJWisdomTree Japan Hedged Equity Fund · Japan Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.45 | 0.48% |
| 4 | XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +208% | 0.57 | 0.08% |
| 5 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +8.2% | 13.3% | 0.66 | −23.8% | +104% | 0.30 | — |
| 6 | DFIVDimensional - International Value ETF · International Large-Cap Value | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.65 | 0.27% |
| 7 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +13.9% | 16.9% | 0.86 | −19.5% | — | 0.71 | 0.15% |
| 8 |  RYRoyal Bank of Canada · Banks | Whole market | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.51 | — |
| 9 | JAVAJPMorgan Active Value ETF · US Large-Cap Value | Whole market | +11.4% | 14.5% | 0.82 | −16.5% | — | — | 0.44% |
| 10 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +24.0% | 18.8% | 1.25 | −75.2% | +337% | 0.41 | — |
| 11 | SCHYSchwab International Dividend Equity ETF · International Dividend Equity | Whole market | +9.5% | 13.3% | 0.76 | −24.0% | — | 0.63 | 0.08% |
| 12 |  VVisa Inc. · Payment Processing | Whole market | +13.2% | 22.9% | 0.66 | −36.4% | +435% | 0.50 | — |
| 13 | SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity | Whole market | +12.9% | 12.7% | 1.02 | −18.4% | — | 0.69 | 0.31% |
| 14 |  KOThe Coca-Cola Company · Nonalcoholic Beverages | Whole market | +15.2% | 16.8% | 0.93 | −37.0% | +205% | 0.48 | — |
| 15 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity | Whole market | +16.9% | 11.1% | 1.48 | −32.4% | +194% | 0.59 | 0.40% |
| 16 | CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · US Dividend Equity | Whole market | +6.5% | 12.6% | 0.56 | −21.4% | +174% | 0.59 | 0.38% |
| 17 | CHCOCity Holding Company · Regional Banks | Whole market | +15.1% | 22.8% | 0.73 | −32.3% | +272% | 0.35 | — |
| 18 |  WMTWalmart Inc. · Discount Retail | Whole market | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.50 | — |
| 19 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +16.5% | 20.0% | 0.87 | −42.0% | +319% | 0.52 | — |
| 20 |  MOAltria Group, Inc. · Tobacco | Whole market | +18.3% | 21.4% | 0.90 | −53.7% | +133% | 0.25 | — |
| 21 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +10.2% | 14.4% | 0.75 | −33.4% | +256% | 0.66 | 0.06% |
| 22 |  BMOBank of Montreal · Banks | Whole market | +14.0% | 21.4% | 0.72 | −51.0% | +304% | 0.63 | — |
| 23 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +13.2% | 20.0% | 0.73 | −46.9% | +191% | 0.58 | — |
| 24 |  KMIKinder Morgan, Inc. · Oil & Gas Midstream | Whole market | +20.1% | 22.3% | 0.94 | −55.1% | +159% | 0.39 | — |
| 25 | BALTInnovator Defined Wealth Shield ETF · US Equity Buffer | Whole market | +6.2% | 3.3% | 1.84 | −4.9% | — | 0.51 | 0.69% |
| 26 |  RSGRepublic Services, Inc. · Waste Management | Whole market | +14.1% | 18.6% | 0.80 | −34.0% | +461% | 0.47 | — |
| 27 |  ULUnilever PLC · Household & Personal Products | Whole market | +5.7% | 21.6% | 0.37 | −30.1% | +96.5% | 0.40 | — |
| 28 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans | Whole market | +6.0% | 2.3% | 2.55 | −20.9% | +58.7% | 0.28 | 0.60% |
| 29 |  TAKTakeda Pharmaceutical Company Limited · Specialty Pharmaceuticals | Whole market | +12.3% | 19.4% | 0.70 | −54.4% | +33.3% | 0.09 | — |
| 30 |  CLColgate-Palmolive Company · Household & Personal Products | Whole market | +7.8% | 19.3% | 0.48 | −29.0% | +73.7% | 0.34 | — |
| 31 |  AMEAMETEK, Inc. · Electronic Instruments | Whole market | +13.5% | 22.2% | 0.68 | −42.7% | +466% | 0.54 | — |
| 32 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Broad Commodities | Whole market | +21.1% | 18.4% | 1.14 | −45.7% | — | 0.20 | 0.80% |
| 33 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.8% | 18.4% | 0.40 | −23.8% | +156% | 0.36 | — |
| 34 | BRK-ABerkshire Hathaway Inc. · Insurance | Same or nearby category | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.53 | — |
| 35 |  GLDSPDR Gold Shares · Gold | Whole market | +17.1% | 19.0% | 0.93 | −26.4% | +206% | 0.25 | 0.40% |
| 36 | VOEVanguard Morningstar Mid-Cap Value ETF · Mid-Cap Value | Whole market | +9.7% | 15.8% | 0.67 | −43.2% | +185% | 0.70 | 0.05% |
| 37 | FNDFSchwab Fundamental International Large Company Index ETF · International Large-Cap Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +193% | 0.68 | 0.25% |
| 38 | PTNQPacer Trendpilot 100 ETF · Tactical Asset Allocation | Whole market | +9.4% | 14.2% | 0.70 | −28.1% | +292% | 0.28 | 0.65% |
| 39 | VYMIVanguard International High Dividend Yield ETF · International Dividend Equity | Whole market | +13.2% | 14.8% | 0.92 | −40.0% | +174% | 0.66 | 0.07% |
| 40 |  WCNWaste Connections, Inc. · Waste Management | Whole market | +7.4% | 20.4% | 0.45 | −31.6% | +299% | 0.52 | — |
| 41 | PBAPembina Pipeline Corporation · Oil & Gas Midstream | Whole market | +13.8% | 21.6% | 0.71 | −70.9% | +173% | 0.50 | — |
| 42 | HDViShares Core High Dividend ETF · High Dividend Yield | Whole market | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.61 | 0.08% |
| 43 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +13.0% | 22.5% | 0.66 | −36.6% | +256% | 0.35 | — |
| 44 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.6% | 17.4% | 0.82 | −43.0% | — | 0.67 | 0.36% |
| 45 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.6% | 17.7% | 0.71 | −38.7% | — | 0.64 | 0.49% |
| 46 |  DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +11.3% | 17.0% | 0.72 | −23.1% | — | 0.70 | 0.21% |
| 47 | SCHVSchwab U.S. Large-Cap Value ETF · US Large-Cap Value | Whole market | +10.3% | 14.4% | 0.75 | −37.1% | +196% | 0.71 | 0.04% |
| 48 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.75 | 0.39% |
| 49 | TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Same or nearby category | +22.4% | 22.3% | 1.02 | −46.3% | +360% | 0.46 | — |
| 50 | CBChubb Limited · Property & Casualty Insurance | Same or nearby category | +15.8% | 20.4% | 0.82 | −42.6% | +256% | 0.47 | — |
| 51 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield | Whole market | +14.6% | 14.5% | 1.02 | −41.4% | +207% | 0.58 | 0.43% |
| 52 | FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer | Whole market | +11.0% | 10.5% | 1.04 | −13.6% | — | 0.63 | 0.85% |
| 53 | POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer | Whole market | +9.9% | 8.0% | 1.22 | −18.8% | — | 0.64 | 0.79% |
| 54 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +16.2% | 18.4% | 0.91 | −39.5% | +286% | 0.58 | 0.15% |
| 55 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.5% | 15.7% | 0.89 | −32.9% | — | 0.73 | 0.12% |
| 56 | BBCAJPMorgan BetaBuilders Canada ETF · International Equity | Whole market | +11.5% | 16.7% | 0.74 | −42.8% | — | 0.77 | 0.19% |
| 57 | SEICSEI Investments Company · Asset Management | Whole market | +11.7% | 22.4% | 0.61 | −51.8% | +156% | 0.55 | — |
| 58 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.5% | 18.4% | 0.59 | −33.3% | +278% | 0.70 | 0.46% |
| 59 |  JEPIJPMorgan Equity Premium Income ETF · Covered Call Income | Whole market | +7.3% | 11.0% | 0.70 | −13.7% | — | 0.73 | 0.35% |
| 60 | PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities | Whole market | +12.0% | 19.3% | 0.69 | −40.7% | +152% | 0.15 | 0.74% |
| 61 | DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer | Whole market | +8.2% | 7.4% | 1.10 | −9.9% | — | 0.58 | 0.85% |
| 62 | WRBW. R. Berkley Corporation · Property & Casualty Insurance | Same or nearby category | +18.6% | 22.9% | 0.86 | −45.3% | +466% | 0.27 | — |
| 63 | GCOWPacer Global Cash Cows Dividend ETF · Global Equity | Whole market | +14.4% | 13.6% | 1.06 | −37.6% | +170% | 0.56 | 0.60% |
| 64 |  SLFSun Life Financial Inc. · Life Insurance | Same or nearby category | +11.9% | 19.4% | 0.68 | −50.8% | +260% | 0.62 | — |
| 65 | IBBiShares Biotechnology ETF · Biotechnology | Whole market | +6.0% | 22.4% | 0.37 | −39.8% | +142% | 0.45 | 0.44% |
| 66 | GUNRNorthern Trust Morningstar Global Upstream Natural Resources ETF · Natural Resources Equity | Whole market | +10.0% | 18.8% | 0.60 | −43.0% | +170% | 0.58 | 0.47% |
| 67 | HYGHiShares Interest Rate Hedged High Yield Bond ETF · High Yield Bonds | Whole market | +6.6% | 7.1% | 0.95 | −23.9% | +73.7% | 0.50 | 1.12% |
| 68 | DFATDimensional - US Targeted Value ETF · US Small-Cap Value | Whole market | +9.7% | 21.0% | 0.55 | −26.1% | — | 0.63 | 0.33% |
| 69 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Broad Commodities | Whole market | +13.1% | 15.6% | 0.87 | −35.9% | +135% | 0.19 | 0.98% |
| 70 | DFASDimensional - US Small Cap ETF · Systematic Core Equity | Whole market | +7.2% | 20.5% | 0.44 | −26.1% | — | 0.65 | 0.31% |
| 71 | BKHBlack Hills Corporation · Diversified Utilities | Whole market | +8.0% | 22.6% | 0.45 | −40.5% | +89.0% | 0.46 | — |
| 72 | NWENorthwestern Energy Group Inc · Electric Utilities | Whole market | +11.2% | 21.6% | 0.60 | −39.3% | +107% | 0.27 | — |
| 73 | WTVWisdomTree U.S. Value Fund · US Value Equity | Whole market | +13.6% | 17.0% | 0.84 | −42.2% | +306% | 0.67 | 0.12% |
| 74 | DEMWisdomTree Emerging Markets High Dividend Fund · International Equity | Whole market | +9.6% | 15.5% | 0.67 | −37.8% | +128% | 0.47 | 0.63% |
| 75 | UNPUnion Pacific Corporation · Railroads | Popular alternative | +7.0% | 22.9% | 0.41 | −38.7% | +313% | 0.75 | — |
| 76 | DFAIDimensional - International Core Equity Market ETF · Developed International Equity | Whole market | +9.6% | 16.0% | 0.66 | −27.4% | — | 0.72 | 0.18% |
| 77 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.8% | 10.5% | 0.95 | −13.7% | — | 0.68 | 0.10% |
| 78 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Same or nearby category | +15.2% | 22.9% | 0.73 | −40.1% | +309% | 0.24 | — |
| 79 | PWVInvesco Large Cap Value ETF · US Large-Cap Value | Whole market | +13.7% | 14.2% | 0.98 | −37.6% | +226% | 0.68 | 0.55% |
| 80 | FVFirst Trust Dorsey Wright Focus 5 ETF · US Momentum Equity | Whole market | +9.4% | 21.1% | 0.54 | −34.0% | +243% | 0.58 | 0.30% |
| 81 |  WMWaste Management, Inc. · Waste Management | Whole market | +9.5% | 19.3% | 0.57 | −30.1% | +357% | 0.46 | — |
| 82 | AFGAmerican Financial Group, Inc. · Property & Casualty Insurance | Same or nearby category | +9.9% | 22.7% | 0.53 | −59.0% | +332% | 0.45 | — |
| 83 | NULVNuveen ESG Large-Cap Value · US Large-Cap Value | Whole market | +9.4% | 14.2% | 0.70 | −37.0% | — | 0.73 | 0.26% |
| 84 | XTiShares Future Exponential Technologies ETF · Disruptive Technology Equity | Whole market | +7.1% | 21.2% | 0.43 | −34.4% | +278% | 0.60 | 0.46% |
| 85 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.6% | 13.8% | 0.60 | −24.5% | +124% | 0.61 | 0.08% |
| 86 | FBTFirst Trust NYSE Arca Biotechnology Index Fund · Biotechnology | Whole market | +10.8% | 22.2% | 0.58 | −33.3% | +205% | 0.44 | 0.55% |
| 87 | DSTLDistillate U.S. Fundamental Stability & Value ETF · US Large-Cap Value | Whole market | +11.7% | 16.2% | 0.77 | −33.1% | — | 0.71 | 0.39% |
| 88 | DHSWisdomTree U.S. High Dividend Fund · High Dividend Yield | Whole market | +12.4% | 13.9% | 0.91 | −37.4% | +159% | 0.58 | 0.38% |
| 89 | DFAXDimensional World ex U.S. Core Equity 2 ETF · International Equity | Whole market | +9.6% | 16.1% | 0.65 | −28.1% | — | 0.66 | 0.28% |
| 90 | LTCLTC Properties, Inc. · Healthcare REITs | Whole market | +12.1% | 21.2% | 0.65 | −51.4% | +52.9% | 0.44 | — |
| 91 | RODMHartford Multifactor Developed Markets (ex-US) ETF · Developed International Equity | Whole market | +10.6% | 13.5% | 0.82 | −36.0% | +142% | 0.68 | 0.29% |
| 92 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · Global Equity | Whole market | +11.7% | 14.8% | 0.82 | −44.8% | +155% | 0.60 | 0.55% |
| 93 | PSCPrincipal U.S. Small-Cap Multi-Factor ETF · US Small-Cap Equity | Whole market | +8.6% | 20.7% | 0.51 | −46.8% | +206% | 0.63 | 0.38% |
| 94 | IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals | Whole market | +12.9% | 16.8% | 0.81 | −29.6% | +157% | 0.48 | 0.37% |
| 95 | RLYState Street Multi-Asset Real Return ETF · Inflation Protection | Whole market | +10.0% | 13.3% | 0.79 | −34.2% | +128% | 0.62 | 0.50% |
| 96 | BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity | Whole market | +13.6% | 17.3% | 0.83 | −26.2% | — | 0.68 | 0.00% |
| 97 | FVALFidelity Value Factor ETF · US Large-Cap Value | Whole market | +12.6% | 16.4% | 0.81 | −37.3% | +290% | 0.68 | 0.15% |
| 98 | SDOGALPS Sector Dividend Dogs ETF · US Dividend Equity | Whole market | +10.9% | 15.3% | 0.76 | −43.6% | +164% | 0.63 | 0.36% |
| 99 | FTAFirst Trust Large Cap Value AlphaDEX Fund · US Large-Cap Value | Whole market | +10.8% | 16.2% | 0.72 | −45.0% | +195% | 0.65 | 0.58% |
| 100 | VFMFVanguard U.S. Multifactor ETF · US Multifactor Equity | Whole market | +14.5% | 17.6% | 0.86 | −41.3% | — | 0.70 | 0.18% |
CP against its popular alternatives
The investments people most often weigh against CP, compared period by period and year by year.
How do CP'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 CP, which divides the map into what did better or worse on each measure.
- Only CSX and UNP were both more rewarding and calmer than CP over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, CP returned 4.3% a year, less than the S&P 500's 12.5%, with higher volatility (24.1% against 17.2%).
Green points earned more than CP with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| WAB Westinghouse Air Brake Technologies Corporation | +25.2% | 26.3% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| CSX CSX Corporation | +9.3% | 23.5% |
| UNP Union Pacific Corporation | +7.0% | 22.9% |
| NSC Norfolk Southern Corporation | +5.6% | 24.9% |
| CP This pageCanadian Pacific Kansas City Ltd. | +4.3% | 24.1% |
| JBHT J.B. Hunt Transport Services, Inc. | +4.3% | 32.8% |
| TRN Trinity Industries, Inc. | +1.2% | 35.7% |
| CNI Canadian National Railway Company | +0.5% | 21.9% |
| GBX The Greenbrier Companies, Inc. | −0.5% | 42.2% |
| HUBG Hub Group, Inc. | −6.8% | 35.9% |
Has CP consistently beaten its popular alternatives?
This section compares CP 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 CP helps separate lasting outperformance from a single strong stretch.
- Three of the nine popular alternatives, CSX, UNP and NSC, outperformed CP in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- CSX and UNP outperformed CP in every long-term period and in all but one short-term period, the most consistent record in the group.
A green cell means the alternative earned more than CP over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| CP Canadian Pacific Kansas City Ltd. (this page) | — | +3.2% | −0.5% | +10.6% | +22.5% | +19.5% | +31.5% | +23.7% | +240% | 24.1% | 0.30 | −33.7% | — | $80B | — |
| CSX QualifiedCSX Corporation | 5/5 short3/3 longAll-weather | +10.9% | +3.8% | +20.4% | +43.7% | +45.7% | +78.7% | +56.1% | +485% | 23.5% | 0.50 | −40.5% | — | $96B | — |
| UNP QualifiedUnion Pacific Corporation | 5/5 short3/3 longAll-weather | +8.6% | +2.4% | +20.7% | +30.5% | +35.1% | +53.3% | +40.4% | +313% | 22.9% | 0.41 | −38.7% | — | $177B | — |
| NSC QualifiedNorfolk Southern Corporation | 3/5 short3/3 long | +7.7% | +2.6% | +14.3% | +19.0% | +19.2% | +83.0% | +31.1% | +345% | 24.9% | 0.34 | −44.4% | — | $76B | — |
| WAB RailroadsWestinghouse Air Brake Technologies Corporation | 2/5 short3/3 long | −4.6% | −4.5% | +6.0% | +28.3% | +43.6% | +184% | +208% | +258% | 26.3% | 0.99 | −64.1% | — | $47B | — |
| JBHT Integrated Freight & LogisticsJ.B. Hunt Transport Services, Inc. | 1/5 short1/3 long | −2.9% | −21.0% | −6.3% | +17.8% | +38.0% | +37.5% | +23.4% | +221% | 32.8% | 0.29 | −42.4% | — | $22B | — |
| TRN RailroadsTrinity Industries, Inc. | 0/5 short1/3 long | −6.1% | −27.5% | −15.6% | −0.2% | −3.7% | +36.8% | +6.1% | +114% | 35.7% | 0.21 | −45.2% | — | $2.1B | — |
| CNI RailroadsCanadian National Railway Company | 4/5 short0/3 long | +4.5% | −1.8% | +15.4% | +26.7% | +33.1% | +26.6% | +2.5% | +131% | 21.9% | 0.13 | −29.1% | — | $76B | — |
| GBX RailroadsThe Greenbrier Companies, Inc. | 0/5 short0/3 long | −9.9% | −24.2% | −18.7% | −16.3% | −12.5% | +2.2% | −2.3% | +42.7% | 42.2% | 0.20 | −78.7% | — | $1.2B | — |
| HUBG Integrated Freight & LogisticsHub Group, Inc. | 0/5 short0/3 long | −17.4% | −47.7% | −39.3% | −37.5% | −25.5% | −27.9% | −29.5% | +36.0% | 35.9% | -0.01 | −50.6% | — | $1.6B | — |
How did CP do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where CP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CP and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- CP finished ahead of the S&P 500 in 20 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, WAB came out ahead of CP most often, in 16 of the 29 years both traded.
- Ranked against its popular alternatives each year, CP finished in the top quarter in nine of 29 years and in the bottom quarter in seven. In 2025, it ranked 6 of 10.
Newest year first. Green marks a year in which the fund came out ahead of CP; gray means the two finished within a fraction of a point. The rank row places CP among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of CP | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CP This pageCanadian Pacific Kansas City Ltd. | — | +2.6% | −7.8% | +6.8% | +4.5% | +4.7% | +37.4% | +45.1% | −1.8% | +29.4% | +13.0% | −33.3% | +28.3% | +50.5% | +52.7% | +6.5% | +22.2% | +64.1% | −47.1% | +24.2% | +27.5% | +23.9% | +24.6% | +45.2% | +3.5% | +40.6% | +35.6% | +17.3% | −29.0% | +4.1% |
| Rank among alternatives | Top quarter in 9 of 29 | 6 of 10 | 8 of 10 | 8 of 10 | 2 of 10 | 10 of 10 | 1 of 10 | 1 of 10 | 4 of 10 | 6 of 10 | 10 of 10 | 9 of 10 | 4 of 10 | 5 of 10 | 1 of 10 | 8 of 10 | 10 of 10 | 1 of 10 | 9 of 10 | 4 of 10 | 3 of 10 | 7 of 10 | 7 of 10 | 6 of 10 | 5 of 10 | 2 of 10 | 1 of 10 | 1 of 10 | 9 of 10 | 10 of 10 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 9 of 29 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| CSX CSX Corporation | 15 of 29 | +14.2% | −5.6% | +13.5% | −16.6% | +25.7% | +27.1% | +18.0% | +14.5% | +55.5% | +42.1% | −26.7% | +28.4% | +49.3% | −3.9% | −0.2% | +35.7% | +53.2% | −24.9% | +29.6% | +37.0% | +27.9% | +12.4% | +30.5% | −18.6% | +38.2% | −12.8% | −22.5% | −21.1% | +30.6% |
| UNP Union Pacific Corporation | 15 of 29 | +3.9% | −5.1% | +21.6% | −15.9% | +23.3% | +17.6% | +33.7% | +5.3% | +32.3% | +36.0% | −32.9% | +44.5% | +36.3% | +21.2% | +16.7% | +47.6% | +36.6% | −22.7% | +38.3% | +15.8% | +21.8% | −1.3% | +17.9% | +6.5% | +14.0% | +18.7% | −1.5% | −26.8% | +7.0% |
| NSC Norfolk Southern Corporation | 15 of 29 | +25.7% | +1.6% | −1.6% | −15.6% | +27.3% | +24.8% | +32.4% | +5.2% | +36.8% | +31.5% | −20.3% | +20.8% | +54.2% | −12.7% | +18.8% | +22.8% | +15.2% | −4.8% | +2.2% | +13.8% | +25.6% | +55.3% | +20.2% | +10.4% | +39.5% | −31.8% | −33.5% | +6.6% | +6.6% |
| WAB Westinghouse Air Brake Technologies Corporation | 16 of 29 | +13.2% | +50.1% | +28.0% | +9.1% | +26.5% | −5.2% | +11.5% | −13.3% | −1.4% | +17.3% | −17.9% | +17.3% | +70.1% | +25.4% | +32.4% | +29.7% | +2.8% | +15.6% | +13.5% | +13.1% | +26.5% | +25.4% | +21.8% | +14.6% | +4.9% | −33.5% | −27.2% | −4.5% | +104% |
| JBHT J.B. Hunt Transport Services, Inc. | 14 of 29 | +15.2% | −13.8% | +15.6% | −13.9% | +50.6% | +18.1% | +26.8% | −18.4% | +19.6% | +33.8% | −12.0% | +10.1% | +30.2% | +34.2% | +11.8% | +28.2% | +24.8% | −3.4% | +34.4% | −6.9% | +2.1% | +66.5% | +84.3% | +26.4% | +38.0% | +21.6% | −38.9% | +23.8% | +35.7% |
| TRN Trinity Industries, Inc. | 13 of 29 | −21.5% | +37.2% | −6.2% | +1.5% | +17.9% | +23.8% | +11.1% | −22.4% | +37.1% | +18.0% | −12.9% | +3.7% | +54.1% | +20.9% | +14.2% | +55.1% | +13.3% | −42.6% | −20.6% | +20.6% | +30.2% | +11.5% | +64.6% | −29.0% | +12.2% | −9.0% | −24.7% | −12.2% | +21.4% |
| CNI Canadian National Railway Company | 13 of 29 | −0.1% | −17.5% | +7.8% | −1.4% | +13.7% | +23.6% | +24.3% | −8.6% | +24.4% | +22.8% | −17.6% | +22.6% | +27.3% | +17.9% | +20.3% | +24.4% | +51.4% | −20.1% | +10.9% | +9.2% | +32.6% | +47.4% | +55.3% | −12.3% | +65.5% | +14.8% | +4.3% | +11.6% | +26.8% |
| GBX The Greenbrier Companies, Inc. | 13 of 29 | −21.3% | +41.3% | +36.3% | −24.8% | +29.4% | +17.7% | −15.5% | −24.3% | +30.8% | +31.9% | −38.4% | +64.4% | +103% | −33.4% | +15.6% | +102% | +51.8% | −68.3% | −24.9% | +6.7% | −15.3% | +103% | +135% | −1.6% | −8.8% | −0.2% | −36.6% | −17.1% | +69.8% |
| HUBG Hub Group, Inc. | 12 of 29 | −3.1% | −2.0% | +15.7% | −5.7% | +47.8% | +11.1% | +38.4% | −22.6% | +9.5% | +32.7% | −13.4% | −4.5% | +18.7% | +3.6% | −7.8% | +31.2% | +0.9% | −0.1% | −3.6% | +55.9% | +35.3% | +143% | +349% | −54.4% | +16.5% | −54.8% | +3.0% | −34.8% | +11.2% |
Risk and diversification
How CP 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 CP's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents CP's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all three of CP's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CP fell 51.1% from October 2014 to January 2016, while the S&P 500 slipped only 2.9%.
- The slowest recovery came after CP fell 48.7% from August 1989 to November 1992; it did not regain that peak until February 1996, three years later.
Green means CP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | CP fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −69.1% | −54.4% | Jul 2007 | Mar 2009 | 20 months | Mar 2012 | 3 years |
| 2015 China and oil sell-off | −51.1% | −2.9% | Oct 2014 | Jan 2016 | 15 months | Aug 2018 | 2.6 years |
| No named crash | −48.7% | — | Aug 1989 | Nov 1992 | 3.3 years | Feb 1996 | 3.3 years |
| No named crash | −45.2% | +11.7% | May 1998 | Mar 1999 | 10 months | Jan 2001 | 22 months |
| No named crash | −37.4% | — | Jul 1987 | Dec 1987 | 5 months | Jul 1989 | 19 months |
How did CP do in stock market crashes?
This section measures how far CP, 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.
- Among its popular alternatives, CNI held up best, falling less than CP in seven of the ten crashes they both traded through.
- CP fell less than the S&P 500 in five of the ten crashes it has traded through. The clearest case was the dot-com bust, when CP fell 35.7% and the S&P 500 fell 47.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than CP.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CP This pageCanadian Pacific Kansas City Ltd. | — | −3.0% | −19.9% | −32.9% | −24.4% | −4.3% | −35.1% | −29.8% | −0.4% | −65.4% | −35.7% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 4 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| CSX CSX Corporation | 3 of 10 | −4.0% | −29.4% | −40.5% | −21.4% | −8.7% | −26.5% | −27.4% | −0.9% | −69.2% | −37.5% |
| UNP Union Pacific Corporation | 5 of 10 | −4.2% | −29.8% | −37.5% | −21.9% | −4.8% | −28.7% | −23.4% | −1.5% | −59.5% | −25.6% |
| NSC Norfolk Southern Corporation | 4 of 10 | −4.0% | −28.4% | −43.6% | −23.8% | −5.6% | −31.7% | −21.1% | −2.1% | −62.9% | −39.9% |
| WAB Westinghouse Air Brake Technologies Corporation | 5 of 10 | −6.4% | −18.9% | −48.3% | −37.9% | −2.9% | −40.5% | −26.1% | −2.4% | −60.8% | −33.7% |
| JBHT J.B. Hunt Transport Services, Inc. | 5 of 10 | −5.5% | −28.8% | −31.5% | −26.6% | −3.0% | −18.8% | −24.8% | −2.4% | −53.1% | −50.9% |
| TRN Trinity Industries, Inc. | 1 of 10 | −11.7% | −38.5% | −34.4% | −30.8% | −5.4% | −32.8% | −43.3% | −4.6% | −83.9% | −45.9% |
| CNI Canadian National Railway Company | 7 of 10 | −1.3% | −21.0% | −27.3% | −22.1% | −5.1% | −23.9% | −19.3% | −0.5% | −46.7% | −30.6% |
| GBX The Greenbrier Companies, Inc. | 0 of 10 | −12.0% | −53.9% | −50.1% | −41.2% | −5.9% | −53.6% | −51.5% | −8.0% | −93.5% | −56.9% |
| HUBG Hub Group, Inc. | 2 of 10 | −6.3% | −28.8% | −33.1% | −28.9% | −8.6% | −32.1% | −31.1% | −4.8% | −62.1% | −74.9% |
How closely does CP 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 CP with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Only CSX, UNP and WAB had a higher capture ratio (upside capture divided by downside capture) than CP's 0.85, out of nine popular alternatives with the same record.
- CNI took just 105% of the S&P 500's losses, against 113% for CP, while still keeping 80% of its gains.
- Over the past 10 years, CP captured 96% of the S&P 500's gains in rising months and 113% of its losses in falling months, with a beta of 1.00. Its share of the market's losses was larger than its share of the gains.
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 CP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| CP This pageCanadian Pacific Kansas City Ltd. | 96% | 113% | 0.85 | 1.00 |
| CSX CSX Corporation | 118% | 117% | 1.00 | 1.19 |
| UNP Union Pacific Corporation | 104% | 119% | 0.87 | 1.05 |
| WAB Westinghouse Air Brake Technologies Corporation | 111% | 127% | 0.87 | 1.28 |
| NSC Norfolk Southern Corporation | 123% | 147% | 0.84 | 1.30 |
| JBHT J.B. Hunt Transport Services, Inc. | 109% | 137% | 0.79 | 1.18 |
| CNI Canadian National Railway Company | 80% | 105% | 0.77 | 0.89 |
| TRN Trinity Industries, Inc. | 110% | 165% | 0.67 | 1.38 |
| HUBG Hub Group, Inc. | 100% | 167% | 0.60 | 1.13 |
| GBX The Greenbrier Companies, Inc. | 124% | 211% | 0.59 | 1.50 |
What diversifies CP?
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 CP's. Because such investments tend not to fall at the same time, pairing CP with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in CP into GLD would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+6.3% for CP alone, +9.2% for the mix).
- Among large ETFs, DXJ, EWP and SMH have moved largely independently of CP over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- CAH made money in three of the five calendar years in which CP lost money.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which CP lost money. The last two columns show a portfolio that is 80% CP and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2018 | 2015 | 2008 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| CP Canadian Pacific Kansas City Ltd. (this page) | 1.00 | +23.7% | 0.30 | −7.8% | −1.8% | −33.3% | −47.1% | −29.0% | 25.6% | +6.3% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.45 | +225% | 1.34 | +29.8% | −19.8% | +7.7% | −20.8% | — | 21.8% | +10.6% |
| EWP Broad MarketiShares MSCI Spain ETF | 0.49 | +141% | 0.97 | +5.7% | −15.3% | −15.6% | −36.8% | +50.5% | 22.6% | +9.5% |
| SMH TechnologyVanEck Semiconductor ETF | 0.39 | +304% | 0.94 | +39.1% | −9.1% | −0.3% | −44.7% | — | 24.1% | +13.0% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.37 | +178% | 0.94 | +5.6% | −18.2% | −21.5% | −39.0% | — | 22.9% | +10.2% |
| GLD CommoditiesSPDR Gold Shares | 0.25 | +120% | 0.93 | +26.7% | −1.9% | −10.7% | +4.9% | — | 21.6% | +9.2% |
| AMLP EnergyAlerian MLP ETF | 0.41 | +114% | 0.90 | +22.8% | −12.6% | −25.7% | — | — | 22.3% | +9.2% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.42 | +147% | 0.87 | +16.1% | −9.9% | −12.9% | −45.3% | — | 23.1% | +9.9% |
| EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF | 0.46 | +69.0% | 0.83 | +12.8% | −6.2% | −27.4% | — | — | 21.8% | +7.7% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2018 | 2015 | 2008 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| CP Canadian Pacific Kansas City Ltd. (this page) | 1.00 | +23.7% | 0.30 | −7.8% | −1.8% | −33.3% | −47.1% | −29.0% | 25.6% | +6.3% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.21 | +471% | 1.54 | +19.0% | −24.5% | +12.6% | −39.6% | +51.7% | 22.2% | +12.9% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.20 | +2,780% | 1.43 | +215% | −16.3% | −6.0% | −20.5% | — | 25.6% | +25.1% |
| MCK Medical - DistributionMcKesson Corporation | 0.28 | +397% | 1.41 | +23.7% | −28.4% | −4.5% | −40.4% | +46.9% | 22.4% | +12.3% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.46 | +1,452% | 1.41 | +107% | +0.8% | +67.7% | −15.2% | −9.5% | 25.9% | +20.8% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.34 | +660% | 1.39 | −4.0% | −8.2% | +17.4% | — | — | 23.5% | +14.7% |
Common questions
What was CP's worst drawdown?
CP's deepest decline since it began trading in 1986 was 69.1%, from July 2007 to March 2009. It took about three years from the low to climb back to its old high.
What were CP's best and worst years?
Over 29 full calendar years, CP's best year was 2009, when it returned 64.1%. Its worst was 2008, with a return of -47.1%.
Is there a better investment than CP?
Among CP's popular alternatives, UNP earned more than CP with less volatility over the past 5 years: 7.0% a year at 22.9% volatility, against 4.4% a year at 24.1%. Looking beyond its popular alternatives, BRK-A (insurance) and TRV (property & casualty insurance) earned more than CP with less volatility over the past 5 years. BRK-A returned 13.5% a year at 17.2% volatility, against 4.4% a year at 24.1%.
Is CP more volatile than the S&P 500?
Yes. CP's volatility over the past 5 years was 24.1%, 1.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CP's return lands within 24.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is CP's Sharpe ratio?
CP's Sharpe ratio over the past 5 years was 0.30, against 0.78 for the S&P 500, so CP 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 CP with the S&P 500?
Over the past 5 years, CP's monthly returns had a correlation of 0.69 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 CP instead: the lower it is, the more that option would diversify a CP holding.
What are the best alternatives to CP?
Of the nine popular alternatives we compared, three outperformed CP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CSX, UNP and NSC.
Did CP outperform the S&P 500?
CP finished ahead of the S&P 500 (SPY) in 20 of 29 full calendar years. In 2025, it returned +2.6%, against +17.7% for the index.
How did CP do in stock market crashes?
CP fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in four. The clearest case was the dot-com bust, when CP fell 35.7% and the S&P 500 fell 47.5%.
What diversifies CP?
These had a low correlation with CP over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.45), EWP (correlation 0.49) and SMH (correlation 0.39); among large stocks, CAH (correlation 0.21), CLS (correlation 0.20) and MCK (correlation 0.28). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than CP's. Returns within 0.5 points or 3% of CP's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to CP
- CSXCSX
- UNPUnion Pacific
- NSCNorfolk Southern
- WABWestinghouse Air Brake Technologies
CNICanadian National Railway
NVDA
AAPL
GOOG
MSFT
AMZN