BetterThanSPY

Relative Intelligence · Banks

How Deutsche Bank (DB) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on DB alone. It places DB (Deutsche Bank AG) 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 DB stands in the market, and of the alternatives worth a closer look.

Period covered: DB's full trading record, from November 1996 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.

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

This page answers the following questions about DB

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in DB have grown?

This chart tracks a hypothetical $10,000 investment in DB over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DB over the same span and DB'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.

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. 989 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of DB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000$100,000$200,000199720022007201220172022$10,000$100,00019972004201120182025
  • RY$442,765+4,328% total · +14.0% a year
  • TD$422,896+4,129% total · +13.8% a year
  • JPM$189,407+1,794% total · +10.7% a year
  • MS$148,562+1,386% total · +9.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • BBVA$107,161+972% total · +8.5% a year
  • SAN$81,349+713% total · +7.5% a year
  • ING$45,632+356% total · +5.4% a year
  • C$11,853+18.5% total · +0.6% a year
  • DB$9,567−4.3% total · −0.2% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 292 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of DB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • BBVA$57,750+478% total · +42.0% a year
  • IBKR$56,308+463% total · +41.3% a year
  • HSBC$51,297+413% total · +38.7% a year
  • SAN$45,493+355% total · +35.4% a year
  • NWG$38,050+281% total · +30.6% a year
  • ING$35,607+256% total · +28.9% a year
  • UBS$34,575+246% total · +28.2% a year
  • DB$32,657+227% total · +26.7% a year
  • JPM$22,905+129% total · +18.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

DB 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.

The company

Market value
$59B
Industry
Banks - Regional
Price history from
November 1996

Returns

Past 1 year
−1.7%total return
Past 3 years
+240%+50.4% a year
Past 5 years
+167%+21.7% a year
Past 10 years
+161%+10.1% a year
Best calendar year
+132%2025
Worst calendar year
−65.5%2008
Losing years
13 of 29full calendar years

Risk

Volatility
37.4%typical yearly swing, 5 years
Sharpe ratio
0.71return per unit of risk, 5 years
Worst decline ever
−95.1%May 2007 to Mar 2020
From its all-time high
−67.7%below the peak

DB against the whole market

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

How does DB rank among all stocks?

This section ranks DB 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 DB stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureDBRankStanding
1-year return−1.7%2,104 of 3,282bottom 37%
3-year return+240%306 of 3,016top 10%
5-year return+167%389 of 2,897top 13%
10-year return+161%1,030 of 2,201top 47%
Volatility, 5 years37.4%1,306 of 2,897top 45%
Sharpe ratio, 5 years0.71428 of 2,897top 15%
Worst decline, past 10 years−72.7%1,379 of 2,184bottom 38%

What has beaten DB 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). DB sits where the dashed lines cross. Anything in the green box above and to the left earned more than DB with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to DB; faint dots are 76 more of the 88 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.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DBAPH: +31.3% a year, volatility 32.4%GILD: +22.8% a year, volatility 24.9%VRTX: +23.9% a year, volatility 29.1%GWW: +26.7% a year, volatility 24.9%COR: +23.6% a year, volatility 22.8%ESLT: +39.7% a year, volatility 34.6%IRM: +23.8% a year, volatility 30.3%RS: +24.8% a year, volatility 28.1%SMFG: +34.0% a year, volatility 29.4%BNY: +22.8% a year, volatility 24.4%ALSN: +27.8% a year, volatility 29.9%ITUB: +27.7% a year, volatility 33.7%MUSA: +25.3% a year, volatility 31.2%XOM: +27.5% a year, volatility 26.5%BAP: +29.7% a year, volatility 30.3%FSS: +23.2% a year, volatility 31.7%DXJ: +26.6% a year, volatility 19.1%NHC: +31.2% a year, volatility 28.6%BCH: +24.2% a year, volatility 28.2%WF: +25.4% a year, volatility 31.6%WELL: +27.0% a year, volatility 23.8%EPU: +28.1% a year, volatility 24.9%PSX: +32.7% a year, volatility 32.9%PH: +26.0% a year, volatility 28.9%E: +23.7% a year, volatility 25.6%MFC: +23.3% a year, volatility 24.0%LNG: +23.4% a year, volatility 30.2%WAB: +25.2% a year, volatility 26.3%CLH: +22.8% a year, volatility 28.6%MOG-A: +35.1% a year, volatility 32.1%CAT: +30.7% a year, volatility 32.0%AIT: +27.2% a year, volatility 30.4%VCTR: +27.7% a year, volatility 35.0%TRGP: +41.8% a year, volatility 31.7%UTHR: +25.1% a year, volatility 35.2%EME: +40.8% a year, volatility 35.4%CASY: +30.8% a year, volatility 29.4%KB: +24.2% a year, volatility 34.4%FBIZ: +23.2% a year, volatility 29.4%GE: +36.0% a year, volatility 31.0%MLI: +36.5% a year, volatility 33.4%ESE: +22.8% a year, volatility 31.2%SU: +33.1% a year, volatility 32.5%WMB: +25.2% a year, volatility 24.1%CNQ: +26.4% a year, volatility 32.5%MPLX: +24.0% a year, volatility 18.8%ACNB: +23.0% a year, volatility 34.4%IMO: +33.7% a year, volatility 32.0%TS: +24.0% a year, volatility 33.4%USFD: +23.3% a year, volatility 29.8%UNM: +31.4% a year, volatility 29.3%R: +27.5% a year, volatility 32.9%SAN: +31.7% a year, volatility 33.9%CIB: +33.5% a year, volatility 32.9%ING: +24.3% a year, volatility 31.2%CW: +29.5% a year, volatility 28.8%ARLP: +30.0% a year, volatility 31.5%DTM: +25.0% a year, volatility 25.2%DCO: +27.2% a year, volatility 34.6%NRP: +35.8% a year, volatility 33.7%BLX: +31.0% a year, volatility 25.9%LAUR: +36.9% a year, volatility 32.8%GLP: +24.9% a year, volatility 35.5%NBN: +29.7% a year, volatility 33.3%HWM: +45.1% a year, volatility 32.7%ESQ: +32.1% a year, volatility 31.8%IGIC: +30.6% a year, volatility 30.9%AMAL: +25.4% a year, volatility 33.4%PAA: +28.4% a year, volatility 25.6%WES: +24.4% a year, volatility 27.6%TKO: +26.1% a year, volatility 32.7%PAGP: +27.8% a year, volatility 26.0%ACA: +23.4% a year, volatility 34.0%GVA: +23.3% a year, volatility 30.6%WT: +30.8% a year, volatility 32.9%BSVN: +22.9% a year, volatility 33.5%DB: +21.7% a year, volatility 37.4%SPY (S&P 500): +12.5% a year, volatility 17.2%HSBC: +32.8% a year, volatility 25.9%IBKR: +35.3% a year, volatility 35.5%UBS: +24.9% a year, volatility 30.4%NWG: +27.6% a year, volatility 34.1%BBVA: +39.0% a year, volatility 33.3%RY: +17.5% a year, volatility 18.2%PBAM: +27.5% a year, volatility 18.9%OPPJ: +24.1% a year, volatility 18.4%MUFG: +33.5% a year, volatility 29.4%MFG: +33.9% a year, volatility 30.6%CBOE: +22.0% a year, volatility 25.1%SNEX: +32.5% a year, volatility 37.3%CAH: +41.7% a year, volatility 24.7%LLY: +41.2% a year, volatility 32.8%ABBV: +25.5% a year, volatility 23.4%MCK: +37.8% a year, volatility 25.1%SCCO: +30.1% a year, volatility 40.8%TRV: +22.4% a year, volatility 22.3%SMH: +32.2% a year, volatility 37.0%XLE: +22.7% a year, volatility 25.5%MPC: +50.0% a year, volatility 33.4%DBSPY (S&P 500)HSBCIBKRUBSNWGBBVARYPBAMOPPJMUFGCBOESNEXCAHLLYABBVMCKSCCOTRVSMHXLEMPC10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DBAPH: +31.3% a year, volatility 32.4%GILD: +22.8% a year, volatility 24.9%VRTX: +23.9% a year, volatility 29.1%GWW: +26.7% a year, volatility 24.9%COR: +23.6% a year, volatility 22.8%ESLT: +39.7% a year, volatility 34.6%IRM: +23.8% a year, volatility 30.3%RS: +24.8% a year, volatility 28.1%SMFG: +34.0% a year, volatility 29.4%BNY: +22.8% a year, volatility 24.4%ALSN: +27.8% a year, volatility 29.9%ITUB: +27.7% a year, volatility 33.7%MUSA: +25.3% a year, volatility 31.2%XOM: +27.5% a year, volatility 26.5%BAP: +29.7% a year, volatility 30.3%FSS: +23.2% a year, volatility 31.7%DXJ: +26.6% a year, volatility 19.1%NHC: +31.2% a year, volatility 28.6%BCH: +24.2% a year, volatility 28.2%WF: +25.4% a year, volatility 31.6%WELL: +27.0% a year, volatility 23.8%EPU: +28.1% a year, volatility 24.9%PSX: +32.7% a year, volatility 32.9%PH: +26.0% a year, volatility 28.9%E: +23.7% a year, volatility 25.6%MFC: +23.3% a year, volatility 24.0%LNG: +23.4% a year, volatility 30.2%WAB: +25.2% a year, volatility 26.3%CLH: +22.8% a year, volatility 28.6%MOG-A: +35.1% a year, volatility 32.1%CAT: +30.7% a year, volatility 32.0%AIT: +27.2% a year, volatility 30.4%VCTR: +27.7% a year, volatility 35.0%TRGP: +41.8% a year, volatility 31.7%UTHR: +25.1% a year, volatility 35.2%EME: +40.8% a year, volatility 35.4%CASY: +30.8% a year, volatility 29.4%KB: +24.2% a year, volatility 34.4%FBIZ: +23.2% a year, volatility 29.4%GE: +36.0% a year, volatility 31.0%MLI: +36.5% a year, volatility 33.4%ESE: +22.8% a year, volatility 31.2%SU: +33.1% a year, volatility 32.5%WMB: +25.2% a year, volatility 24.1%CNQ: +26.4% a year, volatility 32.5%MPLX: +24.0% a year, volatility 18.8%ACNB: +23.0% a year, volatility 34.4%IMO: +33.7% a year, volatility 32.0%TS: +24.0% a year, volatility 33.4%USFD: +23.3% a year, volatility 29.8%UNM: +31.4% a year, volatility 29.3%R: +27.5% a year, volatility 32.9%SAN: +31.7% a year, volatility 33.9%CIB: +33.5% a year, volatility 32.9%ING: +24.3% a year, volatility 31.2%CW: +29.5% a year, volatility 28.8%ARLP: +30.0% a year, volatility 31.5%DTM: +25.0% a year, volatility 25.2%DCO: +27.2% a year, volatility 34.6%NRP: +35.8% a year, volatility 33.7%BLX: +31.0% a year, volatility 25.9%LAUR: +36.9% a year, volatility 32.8%GLP: +24.9% a year, volatility 35.5%NBN: +29.7% a year, volatility 33.3%HWM: +45.1% a year, volatility 32.7%ESQ: +32.1% a year, volatility 31.8%IGIC: +30.6% a year, volatility 30.9%AMAL: +25.4% a year, volatility 33.4%PAA: +28.4% a year, volatility 25.6%WES: +24.4% a year, volatility 27.6%TKO: +26.1% a year, volatility 32.7%PAGP: +27.8% a year, volatility 26.0%ACA: +23.4% a year, volatility 34.0%GVA: +23.3% a year, volatility 30.6%WT: +30.8% a year, volatility 32.9%BSVN: +22.9% a year, volatility 33.5%DB: +21.7% a year, volatility 37.4%SPY (S&P 500): +12.5% a year, volatility 17.2%HSBC: +32.8% a year, volatility 25.9%IBKR: +35.3% a year, volatility 35.5%UBS: +24.9% a year, volatility 30.4%NWG: +27.6% a year, volatility 34.1%BBVA: +39.0% a year, volatility 33.3%RY: +17.5% a year, volatility 18.2%PBAM: +27.5% a year, volatility 18.9%OPPJ: +24.1% a year, volatility 18.4%MUFG: +33.5% a year, volatility 29.4%MFG: +33.9% a year, volatility 30.6%CBOE: +22.0% a year, volatility 25.1%SNEX: +32.5% a year, volatility 37.3%CAH: +41.7% a year, volatility 24.7%LLY: +41.2% a year, volatility 32.8%ABBV: +25.5% a year, volatility 23.4%MCK: +37.8% a year, volatility 25.1%SCCO: +30.1% a year, volatility 40.8%TRV: +22.4% a year, volatility 22.3%SMH: +32.2% a year, volatility 37.0%XLE: +22.7% a year, volatility 25.5%MPC: +50.0% a year, volatility 33.4%DBSPY (S&P 500)HSBCIBKRUBSNWGBBVARYPBAMOPPJMFGCBOESNEXCAHLLYABBVMCKSCCOMPC
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than DB?

Investments that beat DB over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat DB 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 DB'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 DB 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 DB'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× DB's volatility counts as better.

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

Screen the whole market against DB for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with DB?lower diversifies moreExpenseper year
DBDeutsche Bank AG · this page
+21.7%37.4%0.71−72.7%+161%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.480.09%
Popular alternativesbest 6 shownThe investments people most often weigh against DB. 15 of 20 passed at least one test.
HSBCHSBC Holdings plc · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.8%25.9%1.23−62.3%+314%0.53—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+35.3%35.5%1.03−55.1%+929%0.37—
UBSUBS Group AG · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+24.9%30.4%0.89−59.8%+363%0.62—
NWGNatWest Group plc · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+27.6%34.1%0.89−67.4%+488%0.57—
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Higher return, lower volatilityHigher return in most periods+39.0%33.3%1.16−69.6%+515%0.73—
RYRoyal Bank of Canada · Banks
On the frontierSmaller losses in recent crashes+17.5%18.2%0.98−40.0%+361%0.56—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Banks and the categories next to it (Regional Banks, Payment Processing, International Equity, Capital Markets), plus DB's specific themes. 138 of 562 passed at least one test.
PBAMPrivate Bancorp of America, Inc. · Regional Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+27.5%18.9%1.40−55.1%+415%0.10—
OPPJWisdomTree Japan Opportunities Fund · Japan Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+24.1%18.4%1.27−39.3%+352%0.090.58%
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.5%29.4%1.14−54.9%+485%0.42—
MFGMizuho Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.9%30.6%1.11−45.7%+343%0.37—
CBOECboe Global Markets, Inc. · Capital Markets
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+22.0%25.1%0.92−43.2%+481%0.09—
SNEXStoneX Group Inc. · Capital Markets
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+32.5%37.3%0.95−48.7%+669%0.20—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 807 of 3,191 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+41.7%24.7%1.54−46.1%+345%0.18—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+41.2%32.8%1.22−34.5%+1,870%0.04—
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+25.5%23.4%1.09−45.1%+600%0.16—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+37.8%25.1%1.41−38.1%+582%0.10—
SCCOSouthern Copper Corporation · Copper Mining
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+30.1%40.8%0.85−55.3%+915%0.45—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.4%22.3%1.02−46.3%+360%0.48—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.2%37.0%0.94−45.3%+1,570%0.250.35%
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.7%25.5%0.94−66.8%+190%0.410.08%
What these numbers mean for DB
Annual return
DB returned 21.7% 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 $26,700. 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
DB's volatility over the past 5 years was 37.4%, 2.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DB's return lands within 37.4% 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
DB's Sharpe ratio over the past 5 years was 0.71, against 0.78 for the S&P 500, so DB 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
DB's worst fall from a peak to a low over the past 10 years was 72.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 72.7% fall takes a 266% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, DB's monthly returns had a correlation of 0.48 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 DB instead: the lower it is, the more that option would diversify a DB holding. Guide: Correlation and diversification →
Show all 88 stocks and funds worth at least $500 million that earned more than DB with less volatility

Out of 3,641 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with DBExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+345%0.18—
2
LLYEli Lilly and Company · Pharmaceuticals
Whole market+41.2%32.8%1.22−34.5%+1,870%0.04—
3
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+600%0.16—
4
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+582%0.10—
5
APHAmphenol Corporation · Electronic Components
Whole market+31.3%32.4%1.01−37.5%+887%0.33—
6
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+202%0.32—
7
VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics
Whole market+23.9%29.1%0.89−41.6%+580%0.16—
8
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.7%24.9%1.08−41.6%+670%0.23—
9
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.37—
10
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.7%34.6%1.14−35.4%+763%0.02—
11
IRMIron Mountain Incorporated · Specialty REITs
Whole market+23.8%30.3%0.86−39.0%+456%0.17—
12
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Same or nearby category+33.5%29.4%1.14−54.9%+485%0.42—
13
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.94−40.8%+639%0.17—
14
MFGMizuho Financial Group, Inc. · Banks
Same or nearby category+33.9%30.6%1.11−45.7%+343%0.37—
15
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Same or nearby category+34.0%29.4%1.15−47.6%+470%0.35—
16
HSBCHSBC Holdings plc · Banks
Popular alternative+32.8%25.9%1.23−62.3%+314%0.53—
17
BNYBank of New York Mellon Corp · Banks
Same or nearby category+22.8%24.4%0.97−50.5%+332%0.65—
18
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Whole market+27.8%29.9%0.98−48.7%+363%0.31—
19
ITUBItaú Unibanco Holding S.A. · Banks
Same or nearby category+27.7%33.7%0.90−62.1%+187%0.39—
20
MUSAMurphy USA Inc. · Convenience Stores
Whole market+25.3%31.2%0.88−35.5%+688%-0.08—
21
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Popular alternative+35.3%35.5%1.03−55.1%+929%0.37—
22
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.5%26.5%1.05−61.0%+216%0.35—
23
BAPCredicorp Ltd. · Banks
Same or nearby category+29.7%30.3%1.01−59.2%+281%0.45—
24
FSSFederal Signal Corporation · Industrial Machinery
Whole market+23.2%31.7%0.82−33.0%+899%0.27—
25
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Same or nearby category+26.6%19.1%1.34−39.1%+415%0.280.48%
26
UBSUBS Group AG · Banks
Popular alternative+24.9%30.4%0.89−59.8%+363%0.62—
27
NHCNational HealthCare Corporation · Health Care Facilities
Whole market+31.2%28.6%1.10−35.3%+385%0.01—
28
BCHBanco de Chile · Banks
Same or nearby category+24.2%28.2%0.91−58.4%+168%0.40—
29
WFWoori Financial Group Inc. · Banks
Same or nearby category+25.4%31.6%0.88−67.2%+268%0.52—
30
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+378%0.34—
31
EPUiShares MSCI Peru and Global Exposure ETF · International Equity
Same or nearby category+28.1%24.9%1.12−51.0%+258%0.540.59%
32
PSXPhillips 66 · Oil Refining
Whole market+32.7%32.9%1.03−64.2%+413%0.37—
33
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+26.0%28.9%0.95−54.7%+755%0.41—
34
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.7%25.6%0.96−61.4%+283%0.42—
35
MFCManulife Financial Corporation · Life Insurance
Whole market+23.3%24.0%1.00−57.5%+386%0.52—
36
LNGCheniere Energy, Inc. · Oil & Gas
Whole market+23.4%30.2%0.85−57.5%+635%-0.09—
37
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.2%26.3%0.99−64.1%+258%0.39—
38
CLHClean Harbors, Inc. · Waste Management
Whole market+22.8%28.6%0.87−64.5%+603%0.15—
39
MOG-AMoog Inc. · Aerospace Components
Whole market+35.1%32.1%1.10−63.7%+540%0.26—
40
CATCaterpillar Inc. · Industrial Machinery
Whole market+30.7%32.0%1.00−43.4%+913%0.40—
41
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+27.2%30.4%0.95−59.3%+717%0.27—
42
MPCMarathon Petroleum Corporation · Oil Refining
Whole market+50.0%33.4%1.39−79.7%+1,314%0.19—
43
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+27.7%35.0%0.88−45.2%—0.48—
44
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.25—
45
UTHRUnited Therapeutics Corporation · Rare Disease Therapeutics
Whole market+25.1%35.2%0.81−55.6%+423%0.14—
46
NWGNatWest Group plc · Banks
Popular alternative+27.6%34.1%0.89−67.4%+488%0.57—
47
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+40.8%35.4%1.15−48.0%+1,116%0.25—
48
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+30.8%29.4%1.06−36.1%+560%0.19—
49
KBKB Financial Group Inc. · Banks
Same or nearby category+24.2%34.4%0.80−64.1%+364%0.52—
50
FBIZFirst Business Financial Services, Inc. · Regional Banks
Same or nearby category+23.2%29.4%0.86−50.2%+315%0.37—
51
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+135%0.58—
52
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+36.5%33.4%1.10−53.0%+760%0.10—
53
ESEESCO Technologies Inc. · Electronic Instruments
Whole market+22.8%31.2%0.81−46.0%+441%0.22—
54
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+289%0.25—
55
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+25.2%24.1%1.06−68.1%+291%0.35—
56
CNQCanadian Natural Resources Limited · Oil & Gas
Whole market+26.4%32.5%0.89−77.5%+431%0.39—
57
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.43—
58
ACNBACNB Corporation · Regional Banks
Same or nearby category+23.0%34.4%0.77−49.7%+247%0.46—
59
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+33.7%32.0%1.07−77.1%+411%0.31—
60
TSTenaris S.A. · Oilfield Services
Whole market+24.0%33.4%0.81−75.1%+173%0.36—
61
USFDUS Foods Holding Corp. · Food Distribution
Whole market+23.3%29.8%0.85−77.3%+353%0.29—
62
UNMUnum Group · Life Insurance
Whole market+31.4%29.3%1.08−81.0%+263%0.25—
63
RRyder System, Inc. · Freight & Logistics
Whole market+27.5%32.9%0.90−72.3%+447%0.32—
64
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Popular alternative+39.0%33.3%1.16−69.6%+515%0.73—
65
SANBanco Santander, S.A. · Banks
Popular alternative+31.7%33.9%0.99−73.8%+307%0.72—
66
CIBGrupo Cibest S.A. · Banks
Same or nearby category+33.5%32.9%1.04−70.4%+351%0.51—
67
INGING Groep N.V. · Banks
Popular alternative+24.3%31.2%0.86−74.4%+330%0.76—
68
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+29.5%28.8%1.05−48.7%+486%0.22—
69
ARLPAlliance Resource Partners, L.P. · Coal
Whole market+30.0%31.5%1.00−85.3%+179%0.12—
70
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+25.0%25.2%1.02−23.6%—0.29—
71
DCODucommun Incorporated · Aerospace Components
Whole market+27.2%34.6%0.87−70.8%+688%0.29—
72
NRPNatural Resource Partners L.P. · Coal
Whole market+35.8%33.7%1.08−78.8%+665%0.13—
73
BLXBladex, Inc. · Banks
Same or nearby category+31.0%25.9%1.18−68.5%+278%0.43—
74
LAURLaureate Education, Inc. · Education Services
Whole market+36.9%32.8%1.13−64.5%—0.37—
75
GLPGlobal Partners LP · Oil & Gas Midstream
Whole market+24.9%35.5%0.81−62.5%+645%0.56—
76
NBNNortheast Bank · Regional Banks
Same or nearby category+29.7%33.3%0.95−70.2%+1,084%0.33—
77
HWMHowmet Aerospace Inc. · Aerospace Components
Whole market+45.1%32.7%1.31−68.9%+928%0.31—
78
ESQEsquire Financial Holdings, Inc. · Regional Banks
Same or nearby category+32.1%31.8%1.04−56.5%—0.22—
79
IGICInternational General Insurance Holdings Ltd. · Insurance
Whole market+30.6%30.9%1.02−50.6%—0.04—
80
AMALAmalgamated Financial Corp. · Regional Banks
Same or nearby category+25.4%33.4%0.85−62.9%—0.27—
81
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+28.4%25.6%1.11−87.9%+66.5%0.41—
82
WESWestern Midstream Partners, LP · Oil & Gas Midstream
Whole market+24.4%27.6%0.93−91.9%+122%0.46—
83
TKOTKO Group Holdings, Inc. · Entertainment
Whole market+26.1%32.7%0.88−69.1%+917%0.26—
84
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+27.8%26.0%1.08−88.0%+60.3%0.40—
85
ACAArcosa, Inc. · Construction Materials
Whole market+23.4%34.0%0.79−36.8%—0.18—
86
GVAGranite Construction Incorporated · Engineering & Construction
Whole market+23.3%30.6%0.84−84.7%+174%0.50—
87
WTWisdomTree, Inc. · Asset Management
Whole market+30.8%32.9%0.98−84.0%+156%0.32—
88
BSVNBank7 Corp. · Regional Banks
Same or nearby category+22.9%33.5%0.79−69.6%—0.26—

DB against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDB: 21.7% a year, volatility 37.4%SPY (S&P 500): 12.5% a year, volatility 17.2%BBVA: 39.0% a year, volatility 33.3%NWG: 27.6% a year, volatility 34.1%SAN: 31.8% a year, volatility 33.9%IBKR: 35.3% a year, volatility 35.5%UBS: 24.9% a year, volatility 30.4%ING: 24.3% a year, volatility 31.2%HSBC: 32.8% a year, volatility 25.9%KKR: 5.7% a year, volatility 39.8%BX: 0.5% a year, volatility 39.9%JPM: 17.3% a year, volatility 24.3%RY: 17.5% a year, volatility 18.2%BLK: 7.0% a year, volatility 27.1%TD: 16.5% a year, volatility 20.0%C: 15.3% a year, volatility 29.4%MS: 16.2% a year, volatility 28.9%GS: 19.4% a year, volatility 28.6%BAC: 4.0% a year, volatility 26.6%BCS: 18.3% a year, volatility 34.1%SCHW: 3.2% a year, volatility 31.9%LYG: 19.8% a year, volatility 32.1%DBSPY (S&P 500)BBVANWGSANIBKRUBSHSBCKKRBXJPMRYBLKTDCMSGSBACBCSSCHWLYG15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDB: 21.7% a year, volatility 37.4%SPY (S&P 500): 12.5% a year, volatility 17.2%BBVA: 39.0% a year, volatility 33.3%NWG: 27.6% a year, volatility 34.1%SAN: 31.8% a year, volatility 33.9%IBKR: 35.3% a year, volatility 35.5%UBS: 24.9% a year, volatility 30.4%ING: 24.3% a year, volatility 31.2%HSBC: 32.8% a year, volatility 25.9%KKR: 5.7% a year, volatility 39.8%BX: 0.5% a year, volatility 39.9%JPM: 17.3% a year, volatility 24.3%RY: 17.5% a year, volatility 18.2%BLK: 7.0% a year, volatility 27.1%TD: 16.5% a year, volatility 20.0%C: 15.3% a year, volatility 29.4%MS: 16.2% a year, volatility 28.9%GS: 19.4% a year, volatility 28.6%BAC: 4.0% a year, volatility 26.6%BCS: 18.3% a year, volatility 34.1%SCHW: 3.2% a year, volatility 31.9%LYG: 19.8% a year, volatility 32.1%DBSPY (S&P 500)BBVANWGSANIBKRUBSINGHSBCKKRBXJPMRYBLKTDCMSGSBACBCSSCHWLYG
All figures
InvestmentAnnual returnVolatility
BBVA Banco Bilbao Vizcaya Argentaria, S.A.+39.0%33.3%
IBKR Interactive Brokers Group, Inc.+35.3%35.5%
HSBC HSBC Holdings plc+32.8%25.9%
SAN Banco Santander, S.A.+31.8%33.9%
NWG NatWest Group plc+27.6%34.1%
UBS UBS Group AG+24.9%30.4%
ING ING Groep N.V.+24.3%31.2%
DB This pageDeutsche Bank AG+21.7%37.4%
LYG Lloyds Banking Group plc+19.8%32.1%
GS The Goldman Sachs Group, Inc.+19.4%28.6%
BCS Barclays PLC+18.3%34.1%
RY Royal Bank of Canada+17.5%18.2%
JPM JPMorgan Chase & Co.+17.3%24.3%
TD The Toronto-Dominion Bank+16.5%20.0%
MS Morgan Stanley+16.2%28.9%
C Citigroup Inc.+15.3%29.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
BLK BlackRock, Inc.+7.0%27.1%
KKR KKR & Co. Inc.+5.7%39.8%
BAC Bank of America Corporation+4.0%26.6%
SCHW The Charles Schwab Corporation+3.2%31.9%
BX Blackstone Inc.+0.5%39.9%
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Has DB consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than DB over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
DB Deutsche Bank AG (this page)—−16.2%−11.5%+0.6%−17.6%−1.7%+240%+167%+161%37.4%0.71−72.7%—$59B—
BBVA QualifiedBanco Bilbao Vizcaya Argentaria, S.A.5/5 short3/3 longAll-weather−11.3%−3.1%+14.1%+9.3%+35.8%+275%+418%+515%33.3%1.16−69.6%—$138B—
NWG QualifiedNatWest Group plc5/5 short3/3 longAll-weather−8.5%−5.6%+8.1%−3.0%+18.2%+273%+238%+488%34.1%0.89−67.4%—$34B—
SAN QualifiedBanco Santander, S.A.5/5 short3/3 longAll-weather−11.0%−6.1%+6.2%+7.9%+34.9%+301%+297%+307%33.9%0.99−73.8%—$189B—
IBKR QualifiedInteractive Brokers Group, Inc.4/5 short3/3 longAll-weather−10.4%−11.9%+5.5%+22.8%+27.6%+317%+354%+929%35.5%1.03−55.1%—$145B—
UBS QualifiedUBS Group AG5/5 short2/3 long−4.7%−11.0%+10.5%+2.1%+26.3%+115%+204%+363%30.4%0.89−59.8%—$144B—
ING QualifiedING Groep N.V.5/5 short2/3 long−10.9%−2.7%+15.5%+17.1%+41.5%+203%+196%+330%31.2%0.86−74.4%—$92B—
HSBC QualifiedHSBC Holdings plc5/5 short2/3 long−9.5%−10.5%+2.6%+18.7%+44.7%+199%+313%+314%25.9%1.23−62.3%—$315B—
JPM Banks - DiversifiedJPMorgan Chase & Co.5/5 short1/3 long−0.5%−2.9%+8.5%+5.4%+16.6%+154%+122%+534%24.3%0.78−43.6%—$895B—
RY Banks - DiversifiedRoyal Bank of Canada5/5 short1/3 long−0.9%−3.9%+16.0%+20.7%+41.5%+176%+124%+361%18.2%0.98−40.0%—$280B—
BLK Asset ManagementBlackRock, Inc.5/5 short1/3 long+6.6%+8.2%+8.2%+6.5%+2.8%+97.8%+40.3%+324%27.1%0.39−43.9%—$176B—
TD Banks - DiversifiedThe Toronto-Dominion Bank5/5 short1/3 long+2.7%+3.9%+21.3%+36.3%+59.4%+147%+114%+319%20.0%0.87−42.0%—$211B—
C Banks - DiversifiedCitigroup Inc.4/5 short1/3 long−7.5%−6.9%−4.6%+4.8%+29.9%+245%+104%+234%29.4%0.63−56.5%—$206B—
MS Financial - Capital MarketsMorgan Stanley3/5 short1/3 long−8.1%−15.3%−2.7%+2.8%+19.0%+181%+112%+630%28.9%0.67−51.3%—$290B—
GS Financial - Capital MarketsThe Goldman Sachs Group, Inc.3/5 short1/3 long−6.1%−18.4%−3.8%−1.1%+22.1%+218%+143%+524%28.6%0.77−48.8%—$260B—
BAC Banks - DiversifiedBank of America Corporation3/5 short1/3 long−9.1%−16.7%−2.9%−7.2%+2.1%+115%+21.4%+281%26.6%0.28−49.0%—$357B—
BCS Banks - DiversifiedBarclays PLC3/5 short1/3 long−11.9%−20.9%−4.6%−14.6%+9.3%+240%+132%+232%34.1%0.67−66.0%—$75B—
SCHW Financial - Capital MarketsThe Charles Schwab Corporation3/5 short1/3 long−8.9%−9.0%+0.4%−9.1%−1.8%+93.2%+17.0%+223%31.9%0.26−51.1%—$158B—
LYG Banks - RegionalLloyds Banking Group plc3/5 short1/3 long−6.9%−11.1%+0.6%+1.1%+20.6%+207%+147%+215%32.1%0.73−66.5%—$77B—
KKR Asset ManagementKKR & Co. Inc.2/5 short1/3 long−5.4%−2.4%−11.8%−27.4%−24.0%+71.9%+32.0%+654%39.8%0.34−49.4%—$84B—
BX Asset ManagementBlackstone Inc.2/5 short1/3 long−4.2%−2.3%−6.7%−22.9%−23.6%+40.9%+2.8%+647%39.9%0.21−49.3%—$137B—
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How did DB do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where DB ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with DB and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of DB20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
DB This pageDeutsche Bank AG—+133%+29.4%+21.4%−5.9%+14.7%+40.1%−2.9%−56.7%+6.4%−25.0%−17.7%−36.4%+10.9%+19.7%−26.1%−20.1%+75.4%−65.5%−0.6%+42.0%+12.3%+9.8%+83.6%−34.3%−22.1%0.0%+58.2%−16.7%+54.6%
Rank among alternativesTop quarter in 3 of 293 of 2112 of 219 of 217 of 2119 of 213 of 2120 of 2121 of 2120 of 2119 of 2116 of 2121 of 2119 of 2117 of 2111 of 2119 of 2110 of 2112 of 218 of 176 of 178 of 1712 of 171 of 1717 of 1713 of 1612 of 154 of 1212 of 127 of 13
SPY S&P 500State Street SPDR S&P 500 ETF17 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%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.19 of 29+154%+14.2%+62.5%+10.0%+22.2%−6.4%+10.9%−35.0%+31.3%−1.5%−19.3%−20.6%+39.6%+18.2%−10.8%−39.7%+53.1%−45.6%+4.6%+39.4%+4.1%+32.9%+47.9%−19.3%−13.1%+8.9%−9.5%+51.7%+85.6%
NWG NatWest Group plc9 of 18+81.0%+92.5%−4.8%+8.6%+39.4%−24.9%+29.1%−26.1%+38.0%−37.6%−26.8%+6.9%+5.0%+69.3%−48.3%+31.2%−38.1%−90.0%———————————
SAN Banco Santander, S.A.17 of 29+165%+14.9%+46.4%−6.8%+10.2%−19.6%−2.2%−28.5%+33.3%+12.3%−37.9%−0.4%+27.4%+22.8%−20.2%−30.2%+91.8%−52.3%+20.2%+47.1%+10.5%+6.8%+77.6%−11.3%−19.8%−7.6%+20.1%+23.7%+53.6%
IBKR Interactive Brokers Group, Inc.11 of 18+46.3%+114%+15.2%−8.3%+31.2%+31.7%−14.0%−7.1%+62.8%−15.4%+51.0%+21.7%+82.8%+1.0%−14.5%+11.1%−0.9%−44.6%———————————
UBS UBS Group AG16 of 25+57.6%+0.7%+69.8%+7.4%+29.4%+19.5%+7.1%−29.9%+17.4%−14.4%+18.1%−10.2%+23.3%+34.3%−28.2%+6.2%+8.5%−68.9%−21.5%+32.5%+18.2%+27.9%+50.4%+1.7%−8.0%————
ING ING Groep N.V.17 of 29+91.3%+12.2%+32.0%−4.4%+55.4%−21.6%+20.6%−39.4%+36.7%+11.1%+6.4%−7.4%+47.6%+32.5%−26.8%−0.2%−11.7%−69.6%−8.2%+31.9%+20.8%+36.1%+48.7%−31.3%−34.4%+35.1%+0.4%+49.9%+25.1%
HSBC HSBC Holdings plc18 of 27+67.9%+34.5%+39.3%+7.8%+20.8%−31.7%+1.5%−16.1%+35.9%+9.9%−11.5%−10.2%+8.5%+45.9%−22.2%−7.5%+22.2%−38.0%−4.0%+18.9%−1.5%+12.6%+52.3%−5.2%−15.3%+6.5%——+15.8%
JPM JPMorgan Chase & Co.17 of 29+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
RY Royal Bank of Canada19 of 29+46.3%+23.8%+12.2%−8.0%+34.1%+8.4%+20.2%−12.9%+23.9%+31.8%−19.3%+6.7%+16.0%+23.3%+1.2%+1.4%+89.3%−39.4%+10.7%+26.0%+50.7%+15.9%+33.6%+15.8%−0.9%+58.5%−9.5%−3.5%+54.8%
BLK BlackRock, Inc.18 of 26+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%+45.1%+41.8%+42.4%+47.6%+35.9%−5.5%−0.7%+144%———
TD The Toronto-Dominion Bank19 of 29+85.3%−13.4%+4.5%−12.2%+41.3%+5.6%+17.5%−12.1%+22.9%+30.9%−14.9%+5.0%+16.1%+16.8%+4.1%+22.7%+85.4%−46.8%+20.4%+16.1%+30.7%+29.7%+61.4%−11.7%−7.2%+11.2%+58.4%−2.9%+52.7%
C Citigroup Inc.16 of 29+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%+70.2%−6.8%+79.9%
MS Morgan Stanley18 of 29+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%−22.1%+46.3%+4.6%−2.0%+48.4%−27.0%−28.1%+12.3%+103%+21.9%+80.3%
GS The Goldman Sachs Group, Inc.19 of 26+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%+8.6%+57.4%+23.9%+6.5%+46.3%−26.0%−12.8%+14.1%———
BAC Bank of America Corporation16 of 29+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%−14.0%+1.2%+27.3%
BCS Barclays PLC17 of 29+96.5%+76.2%+6.0%−21.9%+31.6%−12.8%+31.9%−29.3%+0.5%−12.8%−11.4%−14.9%+16.1%+61.7%−31.9%−4.7%+80.0%−73.6%−27.2%+44.2%−4.0%+31.1%+55.0%−23.6%+7.7%+16.0%+30.3%−16.6%+62.3%
SCHW The Charles Schwab Corporation18 of 29+36.6%+9.2%−16.0%+0.1%+60.2%+13.6%+16.4%−18.4%+31.1%+21.0%+9.9%+17.2%+83.3%+29.8%−33.1%−7.8%+18.1%−36.1%+40.0%+32.8%+23.5%+1.7%+9.5%−29.5%−45.4%+11.4%+36.3%+102%+97.6%
LYG Lloyds Banking Group plc11 of 24+104%+20.2%+14.5%−9.7%+34.6%−36.5%+36.9%−28.4%+26.8%−25.9%−4.4%−12.7%+66.1%+104%−61.7%+25.4%−27.5%−77.5%−11.6%+42.9%−1.5%+22.5%+25.3%−33.0%—————
KKR KKR & Co. Inc.13 of 18−13.3%+79.6%+80.5%−37.0%+85.8%+41.1%+51.5%−4.3%+41.8%+3.4%−28.0%+4.0%+73.8%+25.6%−5.3%+70.4%+153%−81.3%———————————
BX Blackstone Inc.13 of 18−7.8%+35.1%+82.8%−40.0%+107%+19.8%+96.3%+0.1%+27.4%−1.5%−5.0%+13.9%+114%+15.7%+3.4%+12.7%+117%−67.4%———————————
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Risk and diversification

How DB 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 DB's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents DB's five deepest drawdowns since it began trading in 1996, 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.

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

DuringDB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−95.1%+106%May 2007Mar 202012.8 yearsNot yet—
Dot-com bust−64.9%−41.6%Jan 2001Oct 200221 monthsNov 20053.1 years
No named crash−46.4%−10.8%May 1998Oct 19985 monthsDec 199914 months
Dot-com bust−28.1%+10.0%Mar 2000Mar 2000Under a monthJul 20004 months
Dot-com bust−25.1%−8.6%Jul 2000Oct 20003 monthsJan 20013 months

How did DB do in stock market crashes?

This section measures how far DB, 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.

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

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
DB This pageDeutsche Bank AG—−11.6%−54.2%−48.6%−36.3%−9.3%−54.8%−46.8%0.0%−82.7%−64.9%
SPY S&P 500State Street SPDR S&P 500 ETF9 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.9 of 10−10.9%−39.6%−47.9%−22.7%−5.4%−41.0%−32.7%0.0%−75.7%−55.9%
NWG NatWest Group plc5 of 8−5.2%−30.4%−52.6%−28.1%−4.9%−39.8%−46.5%−4.3%——
SAN Banco Santander, S.A.8 of 10−11.4%−41.0%−48.1%−19.0%−6.0%−44.7%−33.2%−0.9%−76.1%−58.4%
IBKR Interactive Brokers Group, Inc.7 of 9−14.3%−33.3%−38.0%−18.2%−5.6%−32.6%−14.2%−2.6%−63.7%—
UBS UBS Group AG7 of 9−9.5%−32.5%−42.3%−28.5%−8.2%−36.7%−39.7%−0.9%−87.5%—
ING ING Groep N.V.5 of 10−10.7%−43.4%−56.9%−24.1%−5.8%−35.4%−47.4%−3.6%−93.0%−66.4%
HSBC HSBC Holdings plc9 of 10−7.3%−31.8%−20.5%−13.1%−4.6%−30.8%−25.1%0.0%−73.8%−41.4%
JPM JPMorgan Chase & Co.8 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
RY Royal Bank of Canada9 of 10−3.8%−26.0%−40.0%−17.1%−5.7%−23.1%−21.8%0.0%−63.1%−21.6%
BLK BlackRock, Inc.9 of 10−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
TD The Toronto-Dominion Bank9 of 10−6.7%−29.0%−41.0%−20.9%−5.5%−18.1%−19.6%0.0%−63.4%−44.1%
C Citigroup Inc.6 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
MS Morgan Stanley5 of 10−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
GS The Goldman Sachs Group, Inc.9 of 10−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
BAC Bank of America Corporation7 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
BCS Barclays PLC7 of 10−10.2%−48.1%−57.1%−22.9%−4.1%−50.6%−44.9%−4.8%−93.9%−38.4%
SCHW The Charles Schwab Corporation7 of 10−31.9%−36.9%−41.5%−26.5%−8.2%−37.0%−28.9%−5.5%−56.0%−83.1%
LYG Lloyds Banking Group plc6 of 9−7.8%−40.5%−53.4%−23.3%−4.3%−34.6%−41.6%−4.5%−94.8%—
KKR KKR & Co. Inc.5 of 9−12.6%−41.7%−45.5%−33.5%−10.2%−51.3%−37.8%−2.2%−90.1%—
BX Blackstone Inc.6 of 9−12.3%−38.5%−42.6%−29.1%−4.2%−37.7%−35.6%−3.5%−84.9%—
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How closely does DB 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 DB with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than DB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
DB This pageDeutsche Bank AG102%118%0.861.21
HSBC HSBC Holdings plc79%53%1.490.58
IBKR Interactive Brokers Group, Inc.128%92%1.401.03
BBVA Banco Bilbao Vizcaya Argentaria, S.A.121%97%1.251.11
JPM JPMorgan Chase & Co.117%103%1.141.09
RY Royal Bank of Canada97%88%1.110.88
SAN Banco Santander, S.A.101%92%1.101.02
TD The Toronto-Dominion Bank89%80%1.100.88
MS Morgan Stanley142%137%1.041.39
NWG NatWest Group plc128%124%1.021.13
GS The Goldman Sachs Group, Inc.136%133%1.021.39
SCHW The Charles Schwab Corporation89%90%0.990.91
UBS UBS Group AG116%120%0.971.18
BX Blackstone Inc.156%170%0.921.48
KKR KKR & Co. Inc.171%191%0.891.62
ING ING Groep N.V.136%155%0.881.36
BAC Bank of America Corporation127%146%0.871.36
BCS Barclays PLC113%131%0.861.26
LYG Lloyds Banking Group plc106%130%0.821.20
BLK BlackRock, Inc.127%157%0.811.30
C Citigroup Inc.131%165%0.801.49
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What diversifies DB?

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 DB's. Because such investments tend not to fall at the same time, pairing DB with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which DB lost money. The last two columns show a portfolio that is 80% DB and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220192018201620152014201120102008200720022001199880/20 mix volatility80/20 mix annual return
DB Deutsche Bank AG (this page)1.00+167%0.71−5.9%−2.9%−56.7%−25.0%−17.7%−36.4%−26.1%−20.1%−65.5%−0.6%−34.3%−22.1%−16.7%33.4%+26.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.28+225%1.34+6.0%+18.9%−19.8%+1.1%+7.7%+8.1%−16.1%−1.8%−20.8%−7.4%———27.5%+27.8%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.41+103%1.06+10.4%+23.4%−8.7%+29.8%−25.3%+23.8%———————28.0%+25.3%
SMH TechnologyVanEck Semiconductor ETF0.25+304%0.94−33.5%+64.5%−9.1%+35.6%−0.3%+30.2%+6.8%+19.0%−44.7%+6.0%−47.0%−14.6%—29.2%+30.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.41+178%0.94+64.4%+11.7%−18.2%+28.0%−21.5%−8.7%+2.8%+21.9%−39.0%+36.8%−14.8%−18.2%—29.2%+27.1%
GLD CommoditiesSPDR Gold Shares0.22+120%0.93−0.8%+17.9%−1.9%+8.0%−10.7%−2.2%+9.6%+29.3%+4.9%+30.4%———27.7%+26.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.42+130%0.91−10.4%+25.9%−0.9%+7.4%—————————28.7%+26.6%
AMLP EnergyAlerian MLP ETF0.42+114%0.90+25.5%+6.0%−12.6%+14.9%−25.7%+4.8%+10.2%——————28.4%+25.9%
EWT TechnologyiShares MSCI Taiwan ETF0.30+147%0.87−28.9%+33.4%−9.9%+17.7%−12.9%+7.0%−21.8%+22.8%−45.3%+6.4%−24.4%+2.1%—28.6%+26.9%

Stocks

InvestmentCorrelation5Y returnSharpe202220192018201620152014201120102008200720022001199880/20 mix volatility80/20 mix annual return
DB Deutsche Bank AG (this page)1.00+167%0.71−5.9%−2.9%−56.7%−25.0%−17.7%−36.4%−26.1%−20.1%−65.5%−0.6%−34.3%−22.1%−16.7%33.4%+26.7%
CAH Medical - DistributionCardinal Health, Inc.0.18+471%1.54+54.1%+18.0%−24.5%−17.5%+12.6%+23.0%+8.1%+21.4%−39.6%−9.8%−8.3%−2.5%+51.7%28.1%+30.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.23+2,780%1.43+1.3%−5.7%−16.3%+7.4%−6.0%+12.9%−24.4%+2.8%−20.5%−25.7%−65.1%−25.6%—31.5%+44.0%
MCK Medical - DistributionMcKesson Corporation0.10+397%1.41+51.8%+26.7%−28.4%−28.3%−4.5%+29.3%+11.8%+13.8%−40.4%+29.7%−27.2%+4.9%+46.9%27.6%+29.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.15+1,452%1.41+17.0%+15.1%+0.8%+18.3%+67.7%−10.4%−17.0%+8.7%−15.2%+2.1%−9.4%+73.7%−9.5%29.4%+40.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.19+660%1.39+86.6%+6.0%−8.2%+0.7%+17.4%+0.4%———————28.6%+32.6%
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Common questions

What was DB's worst drawdown?

DB's deepest decline since it began trading in 1996 was 95.1%, from May 2007 to March 2020. It has not yet climbed back to that peak.

What were DB's best and worst years?

Over 29 full calendar years, DB's best year was 2025, when it returned 132%. Its worst was 2008, with a return of -65.5%.

Is there a better investment than DB?

Among DB's popular alternatives, HSBC, IBKR and UBS earned more than DB with less volatility over the past 5 years. HSBC returned 32.8% a year at 25.9% volatility, against 21.7% a year at 37.4%. Looking beyond its popular alternatives, PBAM (regional banks) and OPPJ (japan equity) earned more than DB with less volatility over the past 5 years. PBAM returned 27.5% a year at 18.9% volatility, against 21.7% a year at 37.4%.

Is DB more volatile than the S&P 500?

Yes. DB's volatility over the past 5 years was 37.4%, 2.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DB's return lands within 37.4% 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 DB's Sharpe ratio?

DB's Sharpe ratio over the past 5 years was 0.71, against 0.78 for the S&P 500, so DB 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 DB with the S&P 500?

Over the past 5 years, DB's monthly returns had a correlation of 0.48 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 DB instead: the lower it is, the more that option would diversify a DB holding.

What are the best alternatives to DB?

Of the 20 popular alternatives we compared, seven outperformed DB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: BBVA, NWG and SAN.

Did DB outperform the S&P 500?

DB finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +132%, against +17.7% for the index.

How did DB do in stock market crashes?

DB fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in nine. The clearest case was the 2015 China and oil sell-off, when DB fell 54.8% and the S&P 500 fell 12.8%.

What diversifies DB?

These had a low correlation with DB over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.28), EMLP (correlation 0.41) and SMH (correlation 0.25); among large stocks, CAH (correlation 0.18), CLS (correlation 0.23) and MCK (correlation 0.10). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to DB