# How EIDP (CTA-PA) compares with the whole market and its popular alternatives

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CTA-PA alone. It places CTA-PA (EIDP, Inc.) against 18 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 CTA-PA stands in the market, and of the alternatives worth a closer look.

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

## Key findings

- **Right now:** The slide is CTA-PA's own: it is 34.1% below its high, against 1.9% for the S&P 500. CTA-PA has gone against the market, falling 10.2% over the past 6 months while the S&P 500 rose 8.0%.
- **Stock or market?:** The weakness is CTA-PA's own: it fell 8.7% over the past 3 months while the materials sector ETF XLB (State Street Materials Select Sector SPDR ETF) rose 2.2%. The S&P 500 rose 2.5%. Its chemical peers did not move as one over the past 3 months: NTR (Nutrien) rose 1.6%, while BG (Bunge Global) fell 16.2%.
- **Past 1 to 3 years:** Over the past year, CTA-PA fell 7.2% while the S&P 500 rose 15.6%. The same gap shows up over 3 years (3.6% against 88.4%). CTA-PA led its chemical peers in 2023, then fell behind CTVA (Corteva) and ADM (Archer-Daniels-Midland) in 2025.
- **Long term:** CTA-PA turned $10,000 into $8,280 over the past decade, against $41,600 in the S&P 500. CTA-PA's 10-year loss of 17.2% puts it behind 86% of the stocks worth at least $300 million with that much history. The S&P 500 returned 316%.
- **In a crash:** CTA-PA fell less than the S&P 500 in six of seven sell-offs, but the 2022 bear market broke the pattern: it fell 27.4%, more than the S&P 500's 24.5%.
- **Diversification:** Against the S&P 500, CTA-PA has a correlation of 0.15 over 5 years, less closely than 91% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. CTA-PA's link to the S&P 500 has loosened: a correlation of 0.15 over the past 5 years, down from 0.49 in the 5 years before.
- **Better options**
  - **Popular alternatives:** PFF (iShares Preferred and Income Securities ETF) and MOO (VanEck Agribusiness ETF) earned more than CTA-PA with less volatility over the past 5 years. PFF returned a loss of 0.2% a year at 10.5% volatility, against a loss of 7.5% a year at 20.4%.
  - **Nearby categories and themes:** CHSCL (CHS, agricultural products) earned more than CTA-PA with less volatility over the past 5 years: 4.2% a year at 9.6% volatility, against a loss of 7.5% a year at 20.4%.
  - **Whole market:** 790 of the 3,641 stocks and funds worth at least $500 million earned more than CTA-PA 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 CTA-PA have grown?

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

- $10,000 invested in CTA-PA at the end of September 1997 would have grown to $33,749 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of CTA-PA, and DE finished highest, at $436,954.

## CTA-PA 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.

- CTA-PA is still 34.1% below its all-time high.
- CTA-PA's deepest decline since it began trading in 1986 was 40.3%, from July 2021 to October 2023. It has not yet climbed back to that peak.
- Over 29 full calendar years, CTA-PA's best was 1997, when it returned 22.8%, and its worst was 2022, when it lost 30.9%. It lost money in eight of those years.

- Type: Stock, Materials (Agricultural Inputs)
- Trading since: October 17, 1986
- Market value: $46B
- Volatility (5 years): 20.4%; Sharpe ratio: -0.28
- Worst decline ever: −40.3%, from July 27, 2021 to October 31, 2023; not yet back at its high

| Period | CTA-PA total return |
| --- | --- |
| 1 month | −7.1% |
| 3 months | −8.7% |
| 6 months | −10.2% |
| year to date | −6.3% |
| 1 year | −7.2% |
| 3 years | +3.6% |
| 5 years | −32.3% |
| 10 years | −17.2% |

## CTA-PA against the whole market

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

### How does CTA-PA rank among all stocks?

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

- CTA-PA is among the steadier stocks: its price swings rank in the top 4% of the 2,897 stocks worth at least $300 million, where the top is the calmest.
- On return for the risk taken (the Sharpe ratio), CTA-PA ranks in the bottom 4% of the 2,897 stocks worth at least $300 million.

| Measure | CTA-PA | Rank |
| --- | --- | --- |
| 1-year return | −7.2% | 2,299 of 3,282 (top 71%) |
| 3-year return | +3.6% | 2,305 of 3,016 (top 77%) |
| 5-year return | −32.3% | 2,202 of 2,897 (top 77%) |
| 10-year return | −17.2% | 1,899 of 2,201 (top 87%) |
| Volatility, 5 years | 20.4% | 102 of 2,897 (top 4%) |
| Sharpe ratio, 5 years | -0.28 | 2,781 of 2,897 (top 96%) |
| Worst decline, past 10 years | −40.3% | 158 of 2,184 (top 8%) |

### What has beaten CTA-PA 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).

- 74 stocks and 716 ETFs worth at least $500 million sit in the green region: each earned more than CTA-PA over the past 5 years with smaller price swings. That is 22% of the 3,641 screened.
- Among those with at least half CTA-PA's swings, LVHI has the best return for its risk: 16.9% a year at 11.1% volatility, 46% less than CTA-PA's 20.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against -0.28 for CTA-PA. DXJ earned the most, 26.6% a year, while still swinging less than CTA-PA (19.1% against 20.4%).
- Among CTA-PA's popular alternatives, MOO, PFF and PFFD are in the region. MOO earned a loss of 0.7% a year against a loss of 7.5% a year for CTA-PA, at 17.2% volatility, 16% less than CTA-PA's 20.4%.

### Is there a better investment than CTA-PA?

The table below lists investments that beat CTA-PA over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among CTA-PA's popular alternatives, PFF and MOO earned more than CTA-PA with less volatility over the past 5 years. PFF returned a loss of 0.2% a year at 10.5% volatility, against a loss of 7.5% a year at 20.4%.
- Looking beyond its popular alternatives, CHSCL (agricultural products) earned more than CTA-PA with less volatility over the past 5 years: 4.2% a year at 9.6% volatility, against a loss of 7.5% a year at 20.4%.
- Across the whole market, 790 of the 3,641 stocks and funds worth at least $500 million earned more than CTA-PA with less volatility over the past 5 years, among them VTI, VOO and BRK-A.

The 15 strongest of 790 investments that beat CTA-PA over the past 5 years, out of 3,641 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with CTA-PA | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CTA-PA: EIDP, Inc. (this page) |  | −7.5% | 20.4% | -0.28 | −40.3% | −17.2% |  |  |
| [BIL](https://betterthanspy.com/research/bil): State Street SPDR Bloomberg 1-3 Month T-Bill ETF | Treasury Bills | +3.7% | 0.3% | 14.07 | −0.2% | +25.8% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BND](https://betterthanspy.com/research/bnd): Vanguard Total Bond Market ETF | US Aggregate Bonds | −0.2% | 6.1% | 0.00 | −18.6% | +14.3% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTIP](https://betterthanspy.com/research/vtip): Vanguard Short-Term Inflation-Protected Securities ETF | Inflation-Protected Bonds | +2.7% | 2.9% | 0.95 | −6.3% | +33.2% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BSV](https://betterthanspy.com/research/bsv): Vanguard Short-Term Bond ETF | Short-Term Bonds | +1.8% | 2.8% | 0.67 | −8.5% | +21.0% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VCSH](https://betterthanspy.com/research/vcsh): Vanguard Short-Term Corporate Bond ETF | Short-Term Corporate Bonds | +2.4% | 2.9% | 0.84 | −12.9% | +29.1% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| FLOT: iShares Floating Rate Bond ETF | Floating Rate Bonds | +4.5% | 1.8% | 2.49 | −13.5% | +35.9% | -0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BNDX](https://betterthanspy.com/research/bndx): Vanguard Total International Bond ETF | International Bonds | +0.2% | 4.9% | 0.06 | −16.2% | +15.4% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| SHY: iShares 1-3 Year Treasury Bond ETF | Short-Term Treasuries | +1.9% | 2.0% | 0.93 | −5.7% | +18.0% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| CHT: Chunghwa Telecom Co., Ltd. | Integrated Telecommunications | +8.2% | 13.3% | 0.66 | −23.8% | +104% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| JAAA: Janus Henderson AAA CLO ETF | AAA CLO Debt | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.00 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| STIP: iShares 0-5 Year TIPS Bond ETF | Inflation-Protected Bonds | +2.7% | 2.8% | 0.95 | −6.5% | +33.0% | 0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MUB](https://betterthanspy.com/research/mub): iShares National Muni Bond ETF | National Investment Grade | +0.5% | 4.2% | 0.14 | −13.7% | +19.1% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| SUB: iShares Short-Term National Muni Bond ETF | Short-Term Municipal Bonds | +1.5% | 1.7% | 0.91 | −9.4% | +16.2% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTI](https://betterthanspy.com/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.4% | 17.5% | 0.71 | −35.0% | +298% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://betterthanspy.com/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.6% | 16.9% | 0.79 | −34.0% | +319% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## CTA-PA against its popular alternatives

The investments people most often weigh against CTA-PA, compared period by period and year by year.

### How do CTA-PA'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.

- PFF, MOO and PFFD were both more rewarding and calmer than CTA-PA over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, CTA-PA returned -7.5% a year, less than the S&P 500's 12.5%, with higher volatility (20.4% against 17.2%).

### Has CTA-PA consistently beaten its popular alternatives?

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

- 13 of the 18 popular alternatives, led by UAN, CF and ADM, outperformed CTA-PA in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- UAN, CF and ADM outperformed CTA-PA in every long-term period and in all but one short-term period, the most consistent record in the group.
- CTVA, DE and MOO earned more for the risk they took than CTA-PA (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of CTA-PA | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CTA-PA: EIDP, Inc. (this page) | −7.2% | +3.6% | −32.3% | −17.2% |  |  | -0.28 |
| UAN: CVR Partners, LP | +53.0% | +116% | +240% | +527% | 5/5 short-term, 3/3 long-term | all-weather | 0.81 |
| CF: CF Industries Holdings, Inc. | +40.8% | +58.2% | +121% | +510% | 5/5 short-term, 3/3 long-term | all-weather | 0.61 |
| [ADM](https://betterthanspy.com/research/adm): Archer-Daniels-Midland Company | +32.8% | +21.9% | +38.9% | +152% | 5/5 short-term, 3/3 long-term | all-weather | 0.38 |
| MOO: VanEck Agribusiness ETF | +13.8% | +21.6% | −3.7% | +99.2% | 5/5 short-term, 3/3 long-term | all-weather | 0.04 |
| DD: DuPont de Nemours, Inc. | +37.4% | +57.8% | +64.4% | +67.2% | 5/5 short-term, 3/3 long-term | all-weather | 0.48 |
| PFF: iShares Preferred and Income Securities ETF | −3.4% | +21.1% | −0.8% | +28.9% | 5/5 short-term, 3/3 long-term | all-weather | 0.04 |
| [DE](https://betterthanspy.com/research/de): Deere & Company | +40.8% | +79.5% | +102% | +764% | 4/5 short-term, 3/3 long-term | all-weather | 0.62 |
| BG: Bunge Global S.A. | +10.8% | +10.9% | +33.5% | +125% | 3/5 short-term, 3/3 long-term | consistent | 0.34 |
| ANDE: The Andersons, Inc. | +43.6% | +39.7% | +118% | +109% | 3/5 short-term, 3/3 long-term | consistent | 0.60 |
| CTVA: Corteva, Inc. | +37.1% | +81.4% | +112% | — | 5/5 short-term, 2/3 long-term | consistent | 0.67 |
| PFFD: Global X - U.S. Preferred ETF | −5.5% | +17.7% | −9.1% | — | 5/5 short-term, 2/3 long-term | consistent | -0.12 |
| SMG: The Scotts Miracle-Gro Company | +12.7% | +53.6% | −51.2% | −7.2% | 4/5 short-term, 2/3 long-term | consistent | -0.07 |
| NTR: Nutrien Ltd. | +25.6% | +36.5% | +16.8% | — | 4/5 short-term, 2/3 long-term | consistent | 0.26 |
| ICL: ICL Group Ltd | −22.4% | +7.0% | −26.6% | +96.3% | 1/5 short-term, 3/3 long-term |  | 0.02 |
| [CTA-PB](https://betterthanspy.com/research/cta-pb): EIDP, Inc. USD 4.50 Cum Pfd Registered Shs | −10.2% | +8.0% | −31.2% | −12.4% | 0/5 short-term, 3/3 long-term |  | -0.16 |
| IPI: Intrepid Potash, Inc. | +10.9% | +52.9% | −36.8% | +175% | 2/5 short-term, 2/3 long-term |  | 0.14 |
| MOS: The Mosaic Company | −39.6% | −43.7% | −53.4% | −14.8% | 0/5 short-term, 1/3 long-term |  | -0.15 |
| FMC: FMC Corporation | −82.6% | −90.3% | −93.6% | −84.7% | 0/5 short-term, 0/3 long-term |  | -0.78 |

### How did CTA-PA do year by year?

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

- CTA-PA finished ahead of the S&P 500 in eight of its 29 full calendar years, and behind it in each of the last nine.
- Among its popular alternatives, CTVA came out ahead of CTA-PA most often, in five of the six years both traded.
- Ranked against its popular alternatives each year, CTA-PA finished in the top quarter in six of 29 years and in the bottom quarter in five. In 2025, it ranked 13 of 19.

| Year | CTA-PA | SPY |
| --- | --- | --- |
| 2025 | +4.0% | +17.7% |
| 2024 | +5.2% | +24.9% |
| 2023 | −4.9% | +26.2% |
| 2022 | −30.9% | −18.2% |
| 2021 | +10.8% | +28.7% |
| 2020 | +5.5% | +18.3% |
| 2019 | +18.4% | +31.2% |
| 2018 | −14.9% | −4.6% |
| 2017 | +8.8% | +21.7% |
| 2016 | +15.7% | +12.0% |

## Risk and diversification

How CTA-PA 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 CTA-PA's worst declines?

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

- In all four of CTA-PA's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CTA-PA fell 40.3% from July 2021 to October 2023, while the S&P 500 slipped only 1.5%.
- The slowest recovery came after CTA-PA fell 30.1% from August 1998 to January 2000; it did not regain that peak until July 2002, two years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −40.3% | July 27, 2021 | October 31, 2023 | not yet | −1.5% | 2022 bear market |
| −30.1% | August 31, 1998 | January 20, 2000 | July 8, 2002 | +53.4% |  |
| −27.3% | March 27, 1987 | April 20, 1989 | July 3, 1991 | — |  |
| −22.8% | November 17, 1993 | January 11, 1995 | October 4, 1995 | +2.6% |  |
| −22.3% | June 5, 2013 | November 18, 2013 | March 31, 2015 | +12.4% |  |

### How did CTA-PA do in stock market crashes?

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

- CTA-PA fell less than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the dot-com bust, when CTA-PA fell 6.2% and the S&P 500 fell 47.5%.
- None of its popular alternatives fell less than CTA-PA in most of the crashes they both traded through.

| Crash | Dates | CTA-PA fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −6.2% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −16.3% | −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 | −2.7% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −9.6% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −3.5% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −6.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −14.8% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −27.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −1.5% | −3.4% |

### How closely does CTA-PA 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.

- Over the past 10 years, CTA-PA captured 19% of the S&P 500's gains in rising months and 51% of its losses in falling months, with a beta of 0.23. Its share of the market's losses was larger than its share of the gains.
- 14 of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CTA-PA's 0.38, led by DE, CF and UAN.
- CTA-PB took just 42% of the S&P 500's losses, against 51% for CTA-PA, while still keeping 19% of its gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| CTA-PA: EIDP, Inc. (this page) | 19.0% | 51.0% | 0.23 |
| UAN: CVR Partners, LP | 114% | 103% | 1.03 |
| CF: CF Industries Holdings, Inc. | 102% | 78.0% | 0.82 |
| [ADM](https://betterthanspy.com/research/adm): Archer-Daniels-Midland Company | 72.0% | 79.0% | 0.75 |
| MOO: VanEck Agribusiness ETF | 73.0% | 98.0% | 0.81 |
| DD: DuPont de Nemours, Inc. | 96.0% | 151% | 1.28 |
| PFF: iShares Preferred and Income Securities ETF | 39.0% | 59.0% | 0.50 |
| [DE](https://betterthanspy.com/research/de): Deere & Company | 110% | 66.0% | 0.98 |
| BG: Bunge Global S.A. | 67.0% | 72.0% | 0.66 |
| ANDE: The Andersons, Inc. | 54.0% | 54.0% | 0.65 |
| SMG: The Scotts Miracle-Gro Company | 90.0% | 185% | 1.52 |
| ICL: ICL Group Ltd | 88.0% | 126% | 1.10 |
| [CTA-PB](https://betterthanspy.com/research/cta-pb): EIDP, Inc. USD 4.50 Cum Pfd Registered Shs | 19.0% | 42.0% | 0.26 |
| IPI: Intrepid Potash, Inc. | 142% | 202% | 1.71 |
| MOS: The Mosaic Company | 82.0% | 154% | 1.32 |
| FMC: FMC Corporation | 35.0% | 157% | 0.71 |

### What diversifies CTA-PA?

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 CTA-PA into DXJ would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (-7.1% for CTA-PA alone, -0.7% for the mix).
- FIX made money in seven of the eight calendar years in which CTA-PA lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of CTA-PA over the past 5 years, with correlations of 0.09 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with CTA-PA | 5Y return | Volatility | Sharpe | Rose in CTA-PA's 8 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.09 | +119% | 11.1% | 1.48 | 2 of 8 |
| DXJ: WisdomTree Japan Hedged Equity Fund | -0.07 | +225% | 19.1% | 1.34 | 4 of 8 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.04 | +103% | 14.5% | 1.06 | 3 of 8 |
| HDV: iShares Core High Dividend ETF | 0.16 | +86.8% | 13.0% | 1.03 | 3 of 8 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.12 | +83.6% | 13.8% | 0.95 | 3 of 8 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.05 | +304% | 37.0% | 0.94 | 4 of 8 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | -0.10 | +178% | 25.5% | 0.94 | 5 of 8 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | 0.09 | +120% | 19.0% | 0.93 | 3 of 8 |

## Common questions

### What was CTA-PA's worst drawdown?

CTA-PA's deepest decline since it began trading in 1986 was 40.3%, from July 2021 to October 2023. It has not yet climbed back to that peak.

### What were CTA-PA's best and worst years?

Over 29 full calendar years, CTA-PA's best year was 1997, when it returned 22.8%. Its worst was 2022, with a return of -30.9%.

### Is there a better investment than CTA-PA?

Among CTA-PA's popular alternatives, PFF and MOO earned more than CTA-PA with less volatility over the past 5 years. PFF returned a loss of 0.2% a year at 10.5% volatility, against a loss of 7.5% a year at 20.4%. Looking beyond its popular alternatives, CHSCL (agricultural products) earned more than CTA-PA with less volatility over the past 5 years: 4.2% a year at 9.6% volatility, against a loss of 7.5% a year at 20.4%.

### Is CTA-PA more volatile than the S&P 500?

Yes. CTA-PA's volatility over the past 5 years was 20.4%, 1.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CTA-PA's return lands within 20.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is CTA-PA's Sharpe ratio?

CTA-PA's Sharpe ratio over the past 5 years was -0.28, against 0.78 for the S&P 500, so CTA-PA 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 CTA-PA with the S&P 500?

Over the past 5 years, CTA-PA's monthly returns had a correlation of 0.15 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 CTA-PA instead: the lower it is, the more that option would diversify a CTA-PA holding.

### What are the best alternatives to CTA-PA?

Of the 18 popular alternatives we compared, 13 outperformed CTA-PA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: UAN, CF and ADM.

### Did CTA-PA outperform the S&P 500?

CTA-PA finished ahead of the S&P 500 (SPY) in eight of 29 full calendar years. In 2025, it returned +4.1%, against +17.7% for the index.

### How did CTA-PA do in stock market crashes?

CTA-PA fell less than the S&P 500 (SPY) in nine of the ten major crashes it has traded through, and further in one. The clearest case was the dot-com bust, when CTA-PA fell 6.2% and the S&P 500 fell 47.5%.

### What diversifies CTA-PA?

These had a low correlation with CTA-PA over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.09), DXJ (correlation -0.07) and EMLP (correlation 0.04); among large stocks, CAH (correlation -0.06), CLS (correlation -0.00) and MCK (correlation -0.14). A correlation near zero means the two have moved largely independently.

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## Explore further

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