BetterThanSPY

Relative Intelligence · Infrastructure

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How Ferrovial (FER) compares with the whole market and its popular alternatives

The short answer

Returns
+15.5% a year over the past 5 years, against +11.7% for the S&P 500. $10,000 grew to $31,700 over 10 years, against $42,000 in SPY. Details ↓
Risk
More volatile than the S&P 500: volatility 31.5% against 17.2%; worst decline in 10 years −38.9% against −33.7%. Details ↓
Better options
None of its 21 popular alternatives earned more with less volatility over the past 5 years. Details ↓
Track record
FER beat the S&P 500 in 7 of 13 full calendar years, and fell less than it in 4 of 6 major crashes. Details ↓

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

Period covered: FER's full trading record, from August 2012 through October 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of November 2, 2026.

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

Rank the market against FER →Chart FER vs. 22 alternatives →

This page answers the following questions about FER

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 FER have grown?

This chart tracks a hypothetical $10,000 investment in FER over the past 14 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of FER over the same span and FER's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: FER began trading on August 13, 2012, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 14 years of FER's record, starting at the end of October 2012.

Choose a period

From the end of October 2012 to the end of October 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 610 of the 2,216 stocks and funds worth at least $500 million that traded the whole period ended ahead of FER; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000$500,00020122014201620182020202220242026$10,000$100,0002012201620202024
  • STRL$388,658+3,787% total · +29.9% a year
  • DY$159,899+1,499% total · +21.9% a year
  • OMAB$104,164+942% total · +18.2% a year
  • CAT$103,431+934% total · +18.2% a year
  • PAC$84,619+746% total · +16.5% a year
  • TPC$79,030+690% total · +15.9% a year
  • SPY (S&P 500)$67,978+580% total · +14.7% a year
  • FER$62,336+523% total · +14.0% a year
  • PRIM$58,547+485% total · +13.5% a year
  • GVA$49,095+391% total · +12.0% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of October 2021 to the end of October 2026. 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. 741 of the 3,626 stocks and funds worth at least $500 million that traded the whole period ended ahead of FER; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$100,000202120222023202420252026
  • STRL$143,881+1,339% total · +70.5% a year
  • TPC$58,823+488% total · +42.5% a year
  • CAAP$43,721+337% total · +34.3% a year
  • GVA$34,961+250% total · +28.4% a year
  • CAT$33,161+232% total · +27.1% a year
  • OMAB$30,189+202% total · +24.7% a year
  • PRIM$27,892+179% total · +22.8% a year
  • PAC$21,564+116% total · +16.6% a year
  • FER$19,854+98.5% total · +14.7% a year
  • SPY (S&P 500)$17,593+75.9% total · +12.0% a year
Change the dates or add tickers to this chart in EasyCompare

FER at a glance

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

Note: FER began trading on August 13, 2012, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The company

Market value
$41B
Industry
Engineering & Construction
Price history from
August 2012

Returns

Past 1 year
−7.4%total return
Past 3 years
+84.7%+22.7% a year
Past 5 years
+105%+15.5% a year
Past 10 years
+217%+12.2% a year
Best calendar year
+56.4%2025
Worst calendar year
−24.0%2016
Losing years
5 of 13full calendar years

Risk

Volatility
31.5%typical yearly swing, 5 years
Sharpe ratio
0.61return per unit of risk, 5 years
Worst decline ever
−41.2%Nov 2015 to May 2018
From its all-time high
−22.4%below the peak

FER against the whole market

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

How does FER rank among all stocks?

This section ranks FER 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 FER 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.

MeasureFERRankStanding
1-year return−7.4%2,344 of 3,272bottom 29%
3-year return+84.7%1,022 of 2,999top 34%
5-year return+105%647 of 2,886top 22%
10-year return+217%846 of 2,186top 39%
Volatility, 5 years31.5%855 of 2,886top 30%
Sharpe ratio, 5 years0.61631 of 2,886top 22%
Worst decline, past 10 years−38.9%128 of 2,183top 6%

What has beaten FER 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). FER sits where the dashed lines cross. Anything in the green box above and to the left earned more than FER 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 FER; faint dots are 93 more of the 154 in the green region (the strongest, one per fund family). 3,627 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0%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 FERAMGN: +20.5% a year, volatility 24.9%PGR: +22.5% a year, volatility 25.7%COR: +23.2% a year, volatility 22.8%MNST: +17.5% a year, volatility 25.0%SPMO: +16.6% a year, volatility 21.0%DTM: +25.3% a year, volatility 25.3%WELL: +26.9% a year, volatility 23.9%ACT: +21.7% a year, volatility 24.4%AAPL: +18.2% a year, volatility 28.0%MPLX: +23.9% a year, volatility 18.8%XOM: +27.0% a year, volatility 26.6%JPM: +17.7% a year, volatility 24.3%DBJP: +20.2% a year, volatility 19.3%ABBV: +24.3% a year, volatility 23.4%HSBC: +30.9% a year, volatility 26.0%CVX: +19.6% a year, volatility 25.3%PM: +22.8% a year, volatility 23.4%DXJ: +26.2% a year, volatility 19.1%MUFG: +34.3% a year, volatility 29.4%RY: +18.3% a year, volatility 18.2%SHEL: +22.9% a year, volatility 24.8%RTX: +20.8% a year, volatility 24.4%MCK: +36.2% a year, volatility 25.0%GS: +19.1% a year, volatility 28.7%TTE: +19.6% a year, volatility 25.9%BTI: +21.0% a year, volatility 22.0%MO: +20.8% a year, volatility 21.4%VRTX: +25.0% a year, volatility 29.1%SMFG: +34.5% a year, volatility 29.4%TJX: +17.6% a year, volatility 22.4%PH: +26.8% a year, volatility 29.0%LMT: +17.6% a year, volatility 24.0%WMB: +25.6% a year, volatility 24.2%CM: +19.7% a year, volatility 21.7%BNY: +23.1% a year, volatility 24.4%TRV: +22.5% a year, volatility 22.3%MAR: +22.1% a year, volatility 28.7%E: +22.7% a year, volatility 25.7%MFC: +23.4% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%GWW: +25.2% a year, volatility 24.7%KMI: +20.2% a year, volatility 22.3%HLT: +21.2% a year, volatility 26.8%AFL: +20.4% a year, volatility 20.7%CTAS: +16.7% a year, volatility 23.2%TT: +19.2% a year, volatility 27.9%JCI: +16.9% a year, volatility 29.4%ORLY: +17.0% a year, volatility 23.4%WAB: +26.4% a year, volatility 26.3%ALL: +18.9% a year, volatility 26.2%ETR: +20.3% a year, volatility 22.5%CCEP: +20.6% a year, volatility 23.3%TDG: +18.3% a year, volatility 28.2%ACGL: +21.6% a year, volatility 24.6%HEI: +19.6% a year, volatility 28.0%CBOE: +22.5% a year, volatility 25.5%IX: +16.7% a year, volatility 25.3%WRB: +18.6% a year, volatility 22.9%PAA: +28.8% a year, volatility 25.6%RS: +26.4% a year, volatility 28.0%NMR: +21.9% a year, volatility 29.8%IHG: +21.2% a year, volatility 26.6%USFD: +24.2% a year, volatility 29.8%WES: +25.6% a year, volatility 27.6%UNM: +32.2% a year, volatility 29.2%BCH: +23.4% a year, volatility 28.2%PKG: +17.5% a year, volatility 25.9%RGA: +19.9% a year, volatility 27.3%EHC: +24.1% a year, volatility 27.0%CLH: +20.4% a year, volatility 28.6%OHI: +18.5% a year, volatility 24.2%BSAC: +18.6% a year, volatility 28.9%ALSN: +29.2% a year, volatility 29.7%AM: +22.1% a year, volatility 25.9%EWT: +18.5% a year, volatility 24.4%ENSG: +19.0% a year, volatility 26.7%PPA: +17.8% a year, volatility 19.0%PAGP: +28.4% a year, volatility 26.0%BPOP: +17.8% a year, volatility 29.6%THG: +17.0% a year, volatility 23.0%CTRE: +17.5% a year, volatility 24.6%AXS: +17.9% a year, volatility 25.1%CNO: +20.9% a year, volatility 28.0%MLPX: +19.9% a year, volatility 19.8%QTUM: +20.4% a year, volatility 28.4%PSMT: +19.8% a year, volatility 28.1%GHC: +16.8% a year, volatility 26.1%FHI: +17.0% a year, volatility 24.7%NHC: +26.7% a year, volatility 28.8%EUFN: +17.9% a year, volatility 21.8%FRDM: +16.5% a year, volatility 23.0%BLX: +31.0% a year, volatility 26.1%OFG: +17.4% a year, volatility 28.6%FER: +15.5% a year, volatility 31.5%SPY (S&P 500): +11.7% a year, volatility 17.2%GVA: +29.8% a year, volatility 30.8%CAAP: +34.5% a year, volatility 36.0%OMAB: +25.6% a year, volatility 36.2%CAT: +26.3% a year, volatility 32.3%PAVE: +15.0% a year, volatility 21.7%APG: +25.0% a year, volatility 32.2%PWR: +39.0% a year, volatility 37.5%GRID: +10.9% a year, volatility 22.1%VMI: +12.8% a year, volatility 32.6%NWPX: +32.5% a year, volatility 36.2%WMT: +22.2% a year, volatility 22.7%COST: +17.2% a year, volatility 23.0%NVS: +18.5% a year, volatility 20.7%GILD: +25.3% a year, volatility 25.0%GLD: +16.7% a year, volatility 19.1%XLK: +17.3% a year, volatility 26.2%FAST: +15.6% a year, volatility 24.6%MPC: +49.4% a year, volatility 33.6%CAH: +41.9% a year, volatility 24.8%FERSPY (S&P 500)GVACAAPOMABCATPAVEAPGPWRGRIDVMINWPXWMTNVSGILDGLDXLKFASTMPCCAH10.0%20.0%30.0%40.0%0.0%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 FERAMGN: +20.5% a year, volatility 24.9%PGR: +22.5% a year, volatility 25.7%COR: +23.2% a year, volatility 22.8%MNST: +17.5% a year, volatility 25.0%SPMO: +16.6% a year, volatility 21.0%DTM: +25.3% a year, volatility 25.3%WELL: +26.9% a year, volatility 23.9%ACT: +21.7% a year, volatility 24.4%AAPL: +18.2% a year, volatility 28.0%MPLX: +23.9% a year, volatility 18.8%XOM: +27.0% a year, volatility 26.6%JPM: +17.7% a year, volatility 24.3%DBJP: +20.2% a year, volatility 19.3%ABBV: +24.3% a year, volatility 23.4%HSBC: +30.9% a year, volatility 26.0%CVX: +19.6% a year, volatility 25.3%PM: +22.8% a year, volatility 23.4%DXJ: +26.2% a year, volatility 19.1%MUFG: +34.3% a year, volatility 29.4%RY: +18.3% a year, volatility 18.2%SHEL: +22.9% a year, volatility 24.8%RTX: +20.8% a year, volatility 24.4%MCK: +36.2% a year, volatility 25.0%GS: +19.1% a year, volatility 28.7%TTE: +19.6% a year, volatility 25.9%BTI: +21.0% a year, volatility 22.0%MO: +20.8% a year, volatility 21.4%VRTX: +25.0% a year, volatility 29.1%SMFG: +34.5% a year, volatility 29.4%TJX: +17.6% a year, volatility 22.4%PH: +26.8% a year, volatility 29.0%LMT: +17.6% a year, volatility 24.0%WMB: +25.6% a year, volatility 24.2%CM: +19.7% a year, volatility 21.7%BNY: +23.1% a year, volatility 24.4%TRV: +22.5% a year, volatility 22.3%MAR: +22.1% a year, volatility 28.7%E: +22.7% a year, volatility 25.7%MFC: +23.4% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%GWW: +25.2% a year, volatility 24.7%KMI: +20.2% a year, volatility 22.3%HLT: +21.2% a year, volatility 26.8%AFL: +20.4% a year, volatility 20.7%CTAS: +16.7% a year, volatility 23.2%TT: +19.2% a year, volatility 27.9%JCI: +16.9% a year, volatility 29.4%ORLY: +17.0% a year, volatility 23.4%WAB: +26.4% a year, volatility 26.3%ALL: +18.9% a year, volatility 26.2%ETR: +20.3% a year, volatility 22.5%CCEP: +20.6% a year, volatility 23.3%TDG: +18.3% a year, volatility 28.2%ACGL: +21.6% a year, volatility 24.6%HEI: +19.6% a year, volatility 28.0%CBOE: +22.5% a year, volatility 25.5%IX: +16.7% a year, volatility 25.3%WRB: +18.6% a year, volatility 22.9%PAA: +28.8% a year, volatility 25.6%RS: +26.4% a year, volatility 28.0%NMR: +21.9% a year, volatility 29.8%IHG: +21.2% a year, volatility 26.6%USFD: +24.2% a year, volatility 29.8%WES: +25.6% a year, volatility 27.6%UNM: +32.2% a year, volatility 29.2%BCH: +23.4% a year, volatility 28.2%PKG: +17.5% a year, volatility 25.9%RGA: +19.9% a year, volatility 27.3%EHC: +24.1% a year, volatility 27.0%CLH: +20.4% a year, volatility 28.6%OHI: +18.5% a year, volatility 24.2%BSAC: +18.6% a year, volatility 28.9%ALSN: +29.2% a year, volatility 29.7%AM: +22.1% a year, volatility 25.9%EWT: +18.5% a year, volatility 24.4%ENSG: +19.0% a year, volatility 26.7%PPA: +17.8% a year, volatility 19.0%PAGP: +28.4% a year, volatility 26.0%BPOP: +17.8% a year, volatility 29.6%THG: +17.0% a year, volatility 23.0%CTRE: +17.5% a year, volatility 24.6%AXS: +17.9% a year, volatility 25.1%CNO: +20.9% a year, volatility 28.0%MLPX: +19.9% a year, volatility 19.8%QTUM: +20.4% a year, volatility 28.4%PSMT: +19.8% a year, volatility 28.1%GHC: +16.8% a year, volatility 26.1%FHI: +17.0% a year, volatility 24.7%NHC: +26.7% a year, volatility 28.8%EUFN: +17.9% a year, volatility 21.8%FRDM: +16.5% a year, volatility 23.0%BLX: +31.0% a year, volatility 26.1%OFG: +17.4% a year, volatility 28.6%FER: +15.5% a year, volatility 31.5%SPY (S&P 500): +11.7% a year, volatility 17.2%GVA: +29.8% a year, volatility 30.8%CAAP: +34.5% a year, volatility 36.0%OMAB: +25.6% a year, volatility 36.2%CAT: +26.3% a year, volatility 32.3%PAVE: +15.0% a year, volatility 21.7%APG: +25.0% a year, volatility 32.2%PWR: +39.0% a year, volatility 37.5%GRID: +10.9% a year, volatility 22.1%VMI: +12.8% a year, volatility 32.6%NWPX: +32.5% a year, volatility 36.2%WMT: +22.2% a year, volatility 22.7%COST: +17.2% a year, volatility 23.0%NVS: +18.5% a year, volatility 20.7%GILD: +25.3% a year, volatility 25.0%GLD: +16.7% a year, volatility 19.1%XLK: +17.3% a year, volatility 26.2%FAST: +15.6% a year, volatility 24.6%MPC: +49.4% a year, volatility 33.6%CAH: +41.9% a year, volatility 24.8%FERSPY (S&P 500)GVACAAPOMABCATPAVEAPGPWRVMIWMTCOSTGILDGLDXLKMPCCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× FER's volatility is in the table only

Is there a better investment than FER?

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

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

Screen the whole market against FER for any period in BetterThanSPYOpen these 20 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 FER?lower diversifies moreExpenseper year
FERFerrovial N.V. · this page
+15.5%31.5%0.61−38.9%+217%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+11.7%17.2%0.73−33.7%+320%0.270.09%
Popular alternativesbest 6 shownThe investments people most often weigh against FER. 7 of 21 passed at least one test.
GVAGranite Construction Incorporated · Engineering & Construction
Higher return, similar volatilityHigher return in most periods+29.8%30.8%1.00−84.7%+214%0.20—
CAAPCorporacion America Airports S.A. · Infrastructure
Higher return in most periods+34.5%36.0%1.00−89.9%—0.01—
TPCTutor Perini Corporation · Engineering & Construction
Higher return in most periods+41.7%56.0%0.90−91.0%+287%0.11—
OMABGrupo Aeroportuario del Centro Norte, S.A.B. de C.V. · Infrastructure
Higher return in most periods+25.6%36.2%0.82−68.9%+277%0.02—
CATCaterpillar Inc. · Industrial Machinery
Higher return, similar volatility+26.3%32.3%0.89−43.4%+836%0.09—
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Similar return, lower volatility+15.0%21.7%0.76−44.1%—0.300.47%
Same and neighboring categories, and shared themesbest 5 shownEverything else in Infrastructure and the categories next to it (Infrastructure Equity, Utilities Equity, Engineering & Construction), plus FER's specific themes. 5 of 46 passed at least one test.
APGAPi Group Corporation · Engineering & Construction
Higher return, similar volatilityHigher return in most periods+25.0%32.2%0.86−49.6%—0.20—
PWRQuanta Services, Inc. · Engineering & Construction
Higher return in most periods+39.0%37.5%1.07−45.5%+2,124%0.26—
GRIDFirst Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund · Infrastructure Equity
Higher return in most periods+10.9%22.1%0.58−40.6%+396%0.370.56%
VMIValmont Industries, Inc. · Infrastructure
Higher return in most periods+12.8%32.6%0.53−48.9%+283%0.13—
NWPXNWPX Infrastructure, Inc. · Infrastructure
Higher return in most periods+32.5%36.2%0.96−46.5%+611%0.20—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 535 of 3,568 passed at least one test.
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.2%22.7%1.00−25.7%+552%0.27—
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.2%23.0%0.81−31.4%+741%0.33—
NVSNovartis AG · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.5%20.7%0.93−26.8%+265%0.35—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+25.3%25.0%1.03−30.5%+235%-0.10—
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.7%19.1%0.91−28.3%+193%0.390.40%
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%26.2%0.74−33.6%+726%0.190.08%
FASTFastenal Company · Industrial Distribution
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.6%24.6%0.71−30.7%+610%0.06—
MPCMarathon Petroleum Corporation · Oil Refining
On the frontierHigher return, similar volatilityHigher return in most periods+49.4%33.6%1.37−79.7%+1,315%-0.09—
What these numbers mean for FER
Annual return
FER returned 15.5% a year over the past 5 years with dividends reinvested, against 11.7% a year for the S&P 500. At that pace, $10,000 became about $20,500. 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
FER's volatility over the past 5 years was 31.5%, 1.8 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FER's return lands within 31.5% 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
FER's Sharpe ratio over the past 5 years was 0.61, against 0.73 for the S&P 500, so FER 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
FER's worst fall from a peak to a low over the past 10 years was 38.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.9% fall takes a 63.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, FER's monthly returns had a correlation of 0.27 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 FER instead: the lower it is, the more that option would diversify a FER holding. Guide: Correlation and diversification →
Show all 154 stocks and funds worth at least $500 million that earned more than FER with less volatility

Out of 3,627 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with FERExpense
1
WMTWalmart Inc. · Discount Retail
Whole market+22.2%22.7%1.00−25.7%+552%0.27—
2
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.2%23.0%0.81−31.4%+741%0.33—
3
NVSNovartis AG · Pharmaceuticals
Whole market+18.5%20.7%0.93−26.8%+265%0.35—
4
GILDGilead Sciences, Inc. · Biotechnology
Whole market+25.3%25.0%1.03−30.5%+235%-0.10—
5
AMGNAmgen Inc. · Biotechnology
Whole market+20.5%24.9%0.88−24.9%+352%0.02—
6
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+22.5%25.7%0.93−30.3%+892%0.11—
7
GLDSPDR Gold Shares · Gold
Whole market+16.7%19.1%0.91−28.3%+193%0.390.40%
8
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Whole market+17.3%26.2%0.74−33.6%+726%0.190.08%
9
CORCencora, Inc. · Health Care Distribution
Whole market+23.2%22.8%1.03−32.4%+429%0.22—
10
MNSTMonster Beverage Corporation · Nonalcoholic Beverages
Whole market+17.5%25.0%0.77−30.4%+299%0.36—
11
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+16.6%21.0%0.84−30.9%+459%0.180.13%
12
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+25.3%25.3%1.02−23.6%—0.13—
13
WELLWelltower Inc. · Healthcare REITs
Whole market+26.9%23.9%1.12−63.3%+408%0.37—
14
ACTEnact Holdings Inc. · Insurance
Whole market+21.7%24.4%0.93−20.2%—0.16—
15
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.9%24.8%1.54−46.1%+388%0.21—
16
AAPLApple Inc. · Computer Hardware
Whole market+18.2%28.0%0.74−38.5%+1,226%0.05—
17
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.9%18.8%1.24−75.2%+331%0.07—
18
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.0%26.6%1.04−61.0%+231%-0.21—
19
JPMJPMorgan Chase & Co. · Banks
Whole market+17.7%24.3%0.80−43.6%+543%0.16—
20
DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity
Whole market+20.2%19.3%1.06−31.3%+341%0.330.45%
21
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+24.3%23.4%1.05−45.1%+665%-0.01—
22
HSBCHSBC Holdings plc · Banks
Whole market+30.9%26.0%1.17−62.3%+298%0.31—
23
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.6%25.3%0.84−55.8%+229%-0.26—
24
PMPhilip Morris International Inc. · Tobacco
Whole market+22.8%23.4%1.00−42.9%+255%0.18—
25
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.2%19.1%1.32−39.1%+424%0.290.48%
26
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+34.3%29.4%1.16−54.9%+481%0.25—
27
RYRoyal Bank of Canada · Banks
Whole market+18.3%18.2%1.02−40.0%+381%0.36—
28
SHELShell plc · Integrated Oil & Gas
Whole market+22.9%24.8%0.96−67.2%+231%-0.20—
29
RTXRTX Corporation · Aerospace & Defense
Whole market+20.8%24.4%0.90−52.0%+328%0.18—
30
MCKMcKesson Corporation · Health Care Distribution
Whole market+36.2%25.0%1.37−38.1%+693%0.13—
31
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.1%28.7%0.75−48.8%+524%0.24—
32
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+19.6%25.9%0.82−59.6%+259%-0.10—
33
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+21.0%22.0%0.98−56.1%+118%0.09—
34
MOAltria Group, Inc. · Tobacco
Whole market+20.8%21.4%0.99−53.7%+136%-0.03—
35
VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics
Whole market+25.0%29.1%0.92−41.6%+609%0.10—
36
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+34.5%29.4%1.16−47.6%+464%0.38—
37
TJXThe TJX Companies, Inc. · Apparel Retail
Whole market+17.6%22.4%0.84−42.5%+346%0.26—
38
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+26.8%29.0%0.97−54.7%+795%0.13—
39
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+17.6%24.0%0.80−36.7%+237%0.00—
40
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+25.6%24.2%1.07−68.1%+321%0.06—
41
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.7%21.7%0.94−47.3%+434%0.41—
42
BNYBank of New York Mellon Corp · Banks
Whole market+23.1%24.4%0.98−50.5%+345%0.20—
43
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.5%22.3%1.03−46.3%+367%0.15—
44
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.1%28.7%0.84−61.3%+565%0.28—
45
EEni S.p.A. · Integrated Oil & Gas
Whole market+22.7%25.7%0.93−61.4%+302%-0.02—
46
MFCManulife Financial Corporation · Life Insurance
Whole market+23.4%24.0%1.00−57.5%+392%0.35—
47
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+17.0%11.1%1.48−32.4%+204%0.330.40%
48
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+25.2%24.7%1.04−41.6%+685%0.04—
49
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+20.2%22.3%0.94−55.1%+177%0.05—
50
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.2%26.8%0.85−50.8%+732%0.26—
51
AFLAflac Incorporated · Life Insurance
Whole market+20.4%20.7%1.00−54.9%+359%0.19—
52
CTASCintas Corporation · Business Services
Whole market+16.7%23.2%0.78−48.4%+865%0.14—
53
TTTrane Technologies plc · Building Products
Whole market+19.2%27.9%0.77−40.5%+824%0.23—
54
JCIJohnson Controls International plc · Building Products
Whole market+16.9%29.4%0.68−46.4%+339%0.29—
55
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+17.0%23.4%0.79−42.0%+418%-0.03—
56
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+26.4%26.3%1.03−64.1%+306%0.18—
57
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+18.9%26.2%0.80−41.4%+388%0.17—
58
ETREntergy Corporation · Electric Utilities
Whole market+20.3%22.5%0.94−42.0%+348%0.06—
59
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+20.6%23.3%0.92−48.8%+291%0.30—
60
TDGTransDigm Group Incorporated · Aerospace Components
Whole market+18.3%28.2%0.74−62.6%+568%0.35—
61
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+21.6%24.6%0.92−53.8%+346%0.07—
62
HEIHEICO Corporation · Aerospace Components
Whole market+19.6%28.0%0.78−57.7%+904%0.19—
63
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+22.5%25.5%0.93−43.2%+533%0.09—
64
IXORIX Corporation · Diversified Financials
Whole market+16.7%25.3%0.74−42.5%+250%0.39—
65
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.6%22.9%0.86−45.3%+463%0.17—
66
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+28.8%25.6%1.13−87.9%+78.8%-0.05—
67
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+26.4%28.0%0.98−40.8%+712%0.21—
68
NMRNomura Holdings, Inc. · Capital Markets
Whole market+21.9%29.8%0.82−54.0%+188%0.35—
69
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.2%26.6%0.86−59.3%+405%0.37—
70
USFDUS Foods Holding Corp. · Food Distribution
Whole market+24.2%29.8%0.88−77.3%+367%0.36—
71
WESWestern Midstream Partners, LP · Oil & Gas Midstream
Whole market+25.6%27.6%0.97−91.9%+141%0.06—
72
UNMUnum Group · Life Insurance
Whole market+32.2%29.2%1.10−81.1%+254%-0.04—
73
BCHBanco de Chile · Banks
Whole market+23.4%28.2%0.89−58.4%+153%0.22—
74
PKGPackaging Corporation of America · Packaging
Whole market+17.5%25.9%0.76−38.2%+333%0.22—
75
RGAReinsurance Group of America, Incorporated · Insurance
Whole market+19.9%27.3%0.81−65.8%+199%0.14—
76
EHCEncompass Health Corporation · Health Care Facilities
Whole market+24.1%27.0%0.94−39.5%+381%0.20—
77
CLHClean Harbors, Inc. · Waste Management
Whole market+20.4%28.6%0.80−64.5%+577%0.19—
78
OHIOmega Healthcare Investors, Inc. · Healthcare REITs
Whole market+18.5%24.2%0.82−66.9%+243%0.15—
79
BSACBanco Santander-Chile · Banks
Whole market+18.6%28.9%0.74−63.9%+129%0.15—
80
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Whole market+29.2%29.7%1.01−48.7%+364%0.07—
81
AMAntero Midstream Corporation · Oil & Gas Midstream
Whole market+22.1%25.9%0.91−92.9%—0.12—
82
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+18.5%24.4%0.82−38.9%+445%0.360.59%
83
ENSGThe Ensign Group, Inc. · Health Care Facilities
Whole market+19.0%26.7%0.79−55.5%+982%0.19—
84
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Whole market+17.8%19.0%0.96−43.9%+359%0.300.58%
85
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+28.4%26.0%1.10−87.9%+71.8%-0.08—
86
BPOPPopular, Inc. · Regional Banks
Whole market+17.8%29.6%0.71−59.0%+490%0.29—
87
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+17.0%23.0%0.80−40.1%+337%0.01—
88
CTRECareTrust REIT, Inc. · Healthcare REITs
Whole market+17.5%24.6%0.78−67.4%+334%0.26—
89
AXSAXIS Capital Holdings Limited · Property & Casualty Insurance
Whole market+17.9%25.1%0.78−49.3%+147%0.30—
90
CNOCNO Financial Group, Inc. · Life Insurance
Whole market+20.9%28.0%0.82−63.8%+347%0.09—
91
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy Infrastructure
Whole market+19.9%19.8%1.02−64.6%+214%0.090.45%
92
QTUMDefiance Quantum ETF · Quantum Computing
Whole market+20.4%28.4%0.80−38.5%—0.330.40%
93
PSMTPriceSmart, Inc. · Discount Retail
Whole market+19.8%28.1%0.79−53.2%+118%0.37—
94
GHCGraham Holdings Company · Industrial Conglomerates
Whole market+16.8%26.1%0.73−62.5%+190%0.20—
95
FHIFederated Hermes, Inc. · Asset Management
Whole market+17.0%24.7%0.76−64.9%+276%0.14—
96
NHCNational HealthCare Corporation · Health Care Facilities
Whole market+26.7%28.8%0.97−35.3%+313%0.36—
97
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+17.9%21.8%0.87−53.2%+233%0.350.49%
98
FRDMFreedom 100 Emerging Markets ETF · Emerging Markets Equity
Whole market+16.5%23.0%0.78−40.5%—0.350.49%
99
BLXBladex, Inc. · Banks
Whole market+31.0%26.1%1.17−68.5%+260%0.19—
100
OFGOFG Bancorp · Regional Banks
Whole market+17.4%28.6%0.71−61.2%+514%0.09—

FER against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityFER: 15.5% a year, volatility 31.5%SPY (S&P 500): 11.7% a year, volatility 17.2%GVA: 29.8% a year, volatility 30.8%ASR: 11.0% a year, volatility 32.6%TPC: 41.7% a year, volatility 56.0%PAC: 16.9% a year, volatility 36.5%OMAB: 25.6% a year, volatility 36.2%CAAP: 34.5% a year, volatility 36.0%CAT: 26.3% a year, volatility 32.3%STRL: 68.7% a year, volatility 60.3%PRIM: 23.1% a year, volatility 50.5%ROAD: 21.0% a year, volatility 47.4%DY: 22.4% a year, volatility 44.6%WM: 9.8% a year, volatility 19.3%J: 7.6% a year, volatility 26.3%FLR: 18.8% a year, volatility 45.5%KBR: 0.2% a year, volatility 29.4%VMC: 9.1% a year, volatility 26.6%BIP: 4.0% a year, volatility 27.3%PAVE: 15.0% a year, volatility 21.7%MLM: 6.9% a year, volatility 27.1%ACM: 0.3% a year, volatility 27.6%BIPC: 2.2% a year, volatility 29.5%FERSPY (S&P 500)GVAASRTPCPACOMABCAAPCATSTRLPRIMROADDYJFLRKBRVMCBIPPAVEACM10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityFER: 15.5% a year, volatility 31.5%SPY (S&P 500): 11.7% a year, volatility 17.2%GVA: 29.8% a year, volatility 30.8%ASR: 11.0% a year, volatility 32.6%TPC: 41.7% a year, volatility 56.0%PAC: 16.9% a year, volatility 36.5%OMAB: 25.6% a year, volatility 36.2%CAAP: 34.5% a year, volatility 36.0%CAT: 26.3% a year, volatility 32.3%STRL: 68.7% a year, volatility 60.3%PRIM: 23.1% a year, volatility 50.5%ROAD: 21.0% a year, volatility 47.4%DY: 22.4% a year, volatility 44.6%WM: 9.8% a year, volatility 19.3%J: 7.6% a year, volatility 26.3%FLR: 18.8% a year, volatility 45.5%KBR: 0.2% a year, volatility 29.4%VMC: 9.1% a year, volatility 26.6%BIP: 4.0% a year, volatility 27.3%PAVE: 15.0% a year, volatility 21.7%MLM: 6.9% a year, volatility 27.1%ACM: 0.3% a year, volatility 27.6%BIPC: 2.2% a year, volatility 29.5%FERSPY (S&P 500)GVATPCPACOMABCAAPCATSTRLPRIMROADDYWMJFLRKBRBIPMLMACM
All figures
InvestmentAnnual returnVolatility
STRL Sterling Infrastructure, Inc.+68.7%60.3%
TPC Tutor Perini Corporation+41.7%56.0%
CAAP Corporacion America Airports S.A.+34.5%36.0%
GVA Granite Construction Incorporated+29.8%30.8%
CAT Caterpillar Inc.+26.3%32.3%
OMAB Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.+25.6%36.2%
PRIM Primoris Services Corporation+23.1%50.5%
DY Dycom Industries, Inc.+22.4%44.6%
ROAD Construction Partners, Inc.+21.0%47.4%
FLR Fluor Corporation+18.8%45.5%
PAC Grupo Aeroportuario del Pacífico, S.A.B. de C.V.+16.9%36.5%
FER This pageFerrovial N.V.+15.5%31.5%
PAVE Global X - U.S. Infrastructure Development ETF+15.0%21.7%
SPY S&P 500State Street SPDR S&P 500 ETF+11.7%17.2%
ASR Grupo Aeroportuario del Sureste, S. A. B. de C. V.+11.0%32.6%
WM Waste Management, Inc.+9.8%19.3%
VMC Vulcan Materials Company+9.1%26.6%
J Jacobs Solutions Inc.+7.6%26.3%
MLM Martin Marietta Materials, Inc.+6.9%27.1%
BIP Brookfield Infrastructure Partners L.P.+4.0%27.3%
BIPC Brookfield Infrastructure Corporation+2.2%29.5%
ACM Aecom+0.3%27.6%
KBR KBR, Inc.+0.2%29.4%
Open these 23 in EasyCompare

Has FER consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than FER 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
FER Ferrovial N.V. (this page)—+6.5%−13.5%−15.1%−10.6%−7.4%+84.7%+105%+217%31.5%0.61−38.9%—$41B—
TPC QualifiedTutor Perini Corporation4/5 short3/3 longAll-weather−8.4%−7.3%−14.2%+14.8%+16.8%+1,017%+471%+287%56.0%0.90−91.0%—$4.2B—
PAC QualifiedGrupo Aeroportuario del Pacífico, S.A.B. de C.V.4/5 short3/3 longAll-weather+17.2%+7.9%−4.4%−10.1%+10.3%+108%+119%+274%36.5%0.62−66.6%—$12B—
OMAB QualifiedGrupo Aeroportuario del Centro Norte, S.A.B. de C.V.5/5 short2/3 long+11.2%−1.9%+3.3%−1.0%+11.5%+86.4%+212%+277%36.2%0.82−68.9%—$5.1B—
GVA QualifiedGranite Construction Incorporated5/5 short2/3 long+7.5%+4.0%−6.1%+9.0%+26.3%+192%+269%+214%30.8%1.00−84.7%—$5.7B—
CAAP QualifiedCorporacion America Airports S.A.4/5 short2/3 long−2.5%−3.9%+3.1%−7.4%+11.4%+119%+340%—36.0%1.00−89.9%—$3.9B—
CAT Agricultural - MachineryCaterpillar Inc.2/5 short3/3 long−27.2%−25.9%−29.6%+3.4%+8.5%+167%+222%+836%32.3%0.89−43.4%—$282B—
STRL Engineering & ConstructionSterling Infrastructure, Inc.1/5 short3/3 long−37.1%−45.1%−36.6%+5.1%−14.6%+344%+1,265%+5,014%60.3%1.16−66.2%—$10B—
PRIM Engineering & ConstructionPrimoris Services Corporation0/5 short3/3 long−6.7%−15.9%−60.2%−43.4%−48.3%+143%+183%+326%50.5%0.70−67.9%—$4.0B—
ROAD Engineering & ConstructionConstruction Partners, Inc.1/5 short2/3 long+6.1%−10.6%−22.8%−13.9%−15.1%+143%+159%—47.4%0.64−54.5%—$5.5B—
DY Engineering & ConstructionDycom Industries, Inc.0/5 short2/3 long−19.3%−46.7%−48.5%−36.4%−22.8%+163%+174%+184%44.6%0.67−89.0%—$6.7B—
WM Waste ManagementWaste Management, Inc.5/5 short1/3 long+16.3%+5.4%+5.2%+10.2%+22.8%+49.1%+59.5%+346%19.3%0.58−30.1%—$95B—
J Engineering & ConstructionJacobs Solutions Inc.5/5 short1/3 long+16.1%+15.8%+23.3%+19.4%+5.0%+48.6%+44.2%+320%26.3%0.41−39.3%—$19B—
FLR Engineering & ConstructionFluor Corporation4/5 short1/3 long−7.1%−7.6%−11.6%+11.2%−3.5%+33.9%+137%−2.4%45.5%0.61−94.2%—$6.2B—
KBR Engineering & ConstructionKBR, Inc.5/5 short0/3 long+15.9%+7.5%+3.6%−0.7%−3.1%−18.0%+1.2%+221%29.4%0.16−58.0%—$5.0B—
VMC Construction MaterialsVulcan Materials Company5/5 short0/3 long+19.0%+2.1%+0.9%−0.6%+1.0%+43.0%+54.3%+179%26.6%0.46−49.2%—$37B—
BIP Diversified UtilitiesBrookfield Infrastructure Partners L.P.4/5 short0/3 long+4.4%−3.7%+7.9%+13.7%+15.3%+61.6%+21.7%+199%27.3%0.28−51.4%—$18B—
PAVE IndustrialsGlobal X - U.S. Infrastructure Development ETF4/5 short0/3 long+1.1%−5.4%−2.9%+11.6%+14.1%+86.8%+101%—21.7%0.76−44.1%0.47%$14B—
VIA Software - ApplicationVia Transportation, Inc.4/5 short0/3 long+24.4%+73.2%+117%+34.3%−32.3%—————−75.3%—$2.8B—
MLM Construction MaterialsMartin Marietta Materials, Inc.3/5 short0/3 long+14.5%+2.0%−8.2%−12.6%−10.3%+27.4%+39.7%+212%27.1%0.38−48.3%—$33B—
ASR Airlines, Airports & Air ServicesGrupo Aeroportuario del Sureste, S. A. B. de C. V.3/5 short0/3 long+9.0%−8.3%−13.1%−19.6%−11.9%+40.0%+68.4%+139%32.6%0.48−61.3%—$7.6B—
ACM Engineering & ConstructionAecom2/5 short0/3 long+10.7%−11.7%−21.1%−30.7%−49.3%−12.5%+1.3%+155%27.6%0.15−56.1%—$8.5B—
BIPC Regulated GasBrookfield Infrastructure Corporation2/5 short0/3 long+4.4%−4.2%+5.5%−12.8%−13.0%+41.6%+11.6%—29.5%0.22−48.5%—$4.7B—
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How did FER do year by year?

This table shows each investment's total return in every full calendar year since 2013, along with where FER ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with FER and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: FER began trading on August 13, 2012, so the table starts with 2013, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

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

InvestmentYears ahead of FER2025202420232022202120202019201820172016201520142013
FER This pageFerrovial N.V.—+56.4%+21.4%+43.9%−5.6%−0.2%−3.4%+54.0%−12.9%+26.3%−24.0%+19.3%+10.5%+41.0%
Rank among alternativesTop quarter in 3 of 137 of 2210 of 228 of 2212 of 2219 of 2216 of 217 of 214 of 197 of 1818 of 185 of 188 of 184 of 18
SPY S&P 500State Street SPDR S&P 500 ETF6 of 13+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%
TPC Tutor Perini Corporation5 of 13+177%+166%+20.6%−39.0%−4.4%+0.7%−19.5%−37.0%−9.5%+67.3%−30.5%−8.5%+92.0%
PAC Grupo Aeroportuario del Pacífico, S.A.B. de C.V.6 of 13+55.7%+4.1%+27.9%+9.3%+29.9%−6.2%+53.6%−16.1%+30.1%−2.9%+46.0%+27.5%−3.8%
OMAB Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.7 of 13+66.2%−13.7%+44.0%+30.1%+8.0%−13.8%+63.1%−4.3%+24.8%−6.9%+10.0%+43.8%+31.3%
GVA Granite Construction Incorporated5 of 13+32.2%+73.8%+46.8%−7.8%+46.8%−0.7%−30.3%−35.8%+16.4%+29.6%+14.5%+10.3%+5.8%
CAAP Corporacion America Airports S.A.3 of 7+39.3%+16.2%+83.9%+51.3%+44.5%−33.5%−9.6%——————
CAT Caterpillar Inc.7 of 13+60.3%+24.7%+25.9%+18.6%+16.0%+27.0%+19.5%−17.5%+75.0%+42.1%−23.0%+3.5%+3.4%
STRL Sterling Infrastructure, Inc.8 of 13+81.8%+91.6%+168%+24.7%+41.3%+32.2%+29.3%−33.1%+92.4%+39.1%−4.9%−45.5%+18.0%
PRIM Primoris Services Corporation6 of 13+63.1%+131%+52.6%−7.5%−12.4%+25.8%+17.7%−29.0%+20.5%+4.5%−4.3%−24.9%+108%
ROAD Construction Partners, Inc.5 of 7+22.7%+103%+63.1%−9.3%+1.0%+72.6%+91.0%——————
DY Dycom Industries, Inc.9 of 13+94.1%+51.2%+23.0%−0.2%+24.1%+60.2%−12.8%−51.5%+38.8%+14.8%+99.4%+26.3%+40.4%
WM Waste Management, Inc.6 of 13+10.5%+14.3%+16.2%−4.5%+43.8%+5.5%+30.4%+5.3%+24.5%+36.4%+7.1%+18.2%+37.8%
J Jacobs Solutions Inc.6 of 13+1.1%+24.3%+9.2%−13.0%+28.7%+22.5%+55.2%−10.6%+17.0%+35.9%−6.1%−29.0%+47.9%
FLR Fluor Corporation4 of 13−19.7%+25.9%+13.0%+39.9%+55.1%−14.5%−39.5%−36.6%+0.1%+13.1%−20.8%−23.6%+38.0%
KBR KBR, Inc.5 of 13−29.7%+5.6%+5.9%+11.9%+55.6%+3.2%+104%−22.1%+21.3%+0.8%+1.6%−46.1%+7.6%
VMC Vulcan Materials Company4 of 13+11.7%+14.1%+30.8%−14.9%+41.1%+4.1%+47.1%−22.3%+3.2%+32.7%+45.1%+11.0%+14.2%
BIP Brookfield Infrastructure Partners L.P.5 of 13+15.2%+6.3%+6.7%−20.7%+27.8%+14.6%+51.3%−19.2%+39.6%+39.6%−5.1%+12.0%+16.5%
PAVE Global X - U.S. Infrastructure Development ETF2 of 8+19.4%+17.9%+31.0%−7.2%+36.5%+19.7%+33.4%−19.1%—————
MLM Martin Marietta Materials, Inc.7 of 13+21.3%+4.1%+48.6%−22.7%+56.1%+2.6%+64.2%−21.5%+0.6%+63.7%+25.1%+11.8%+7.7%
ASR Grupo Aeroportuario del Sureste, S. A. B. de C. V.4 of 13+42.4%−9.2%+32.1%+17.1%+27.8%−12.0%+28.8%−15.6%+29.0%+4.3%+9.2%+5.8%+15.3%
ACM Aecom5 of 13−9.9%+16.7%+9.8%+10.7%+55.4%+15.4%+62.7%−28.6%+2.2%+21.1%−1.1%+3.2%+23.7%
BIPC Brookfield Infrastructure Corporation0 of 5+18.3%+18.4%−5.7%−11.9%−2.5%————————
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Risk and diversification

How FER 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 FER's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents FER's five deepest drawdowns since it began trading in 2012, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: FER began trading on August 13, 2012, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringFER fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2015 China and oil sell-off−41.2%+36.3%Nov 2015May 20182.5 yearsApr 201911 months
No named crash−33.7%+13.4%Feb 2026Oct 20268 monthsNot yet—
Covid crash−31.2%−7.8%Mar 2020Mar 2020Under a monthNov 202120 months
Covid crash−30.2%−25.6%Feb 2020Mar 20201 monthMar 2020Under a month
2022 bear market−28.6%−18.2%Nov 2021Oct 202211 monthsMay 20237 months

How did FER do in stock market crashes?

This section measures how far FER, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: FER began trading on August 13, 2012, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

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

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
FER This pageFerrovial N.V.—−0.7%−20.9%−30.2%−7.6%−8.0%−18.8%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
TPC Tutor Perini Corporation0 of 6−16.9%−56.9%−80.5%−24.6%−9.0%−44.6%−40.0%−9.2%−83.9%−65.6%
PAC Grupo Aeroportuario del Pacífico, S.A.B. de C.V.1 of 6−3.3%−22.3%−66.3%−39.0%−6.0%−20.5%−20.9%−0.3%−73.2%—
OMAB Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.1 of 6−3.1%−22.2%−68.9%−41.6%−4.1%−22.9%−29.4%0.0%−77.4%—
GVA Granite Construction Incorporated1 of 6−5.3%−35.5%−63.0%−30.3%−8.3%−17.7%−30.8%−2.8%−59.7%−49.6%
CAAP Corporacion America Airports S.A.1 of 5−2.1%−23.7%−67.2%−38.6%−4.7%—————
CAT Caterpillar Inc.1 of 6−9.7%−30.1%−33.1%−28.5%−7.3%−26.0%−33.2%−2.2%−73.3%−42.5%
STRL Sterling Infrastructure, Inc.0 of 6−8.9%−34.6%−49.3%−30.9%−8.2%−31.7%−26.1%0.0%−64.7%−45.6%
PRIM Primoris Services Corporation0 of 6−8.0%−41.0%−57.6%−28.4%−9.3%−21.6%−25.7%−3.4%−52.5%—
ROAD Construction Partners, Inc.0 of 4−7.7%−35.5%−31.5%−35.3%——————
DY Dycom Industries, Inc.0 of 6−7.2%−24.5%−70.3%−41.6%−8.1%−45.3%−30.8%−6.6%−88.7%−84.9%
WM Waste Management, Inc.3 of 6−0.9%−16.8%−29.5%−10.7%−8.6%−6.7%−21.7%−0.7%−41.5%−32.9%
J Jacobs Solutions Inc.1 of 6−4.9%−26.3%−39.3%−31.7%−7.3%−22.0%−26.6%−4.3%−74.1%−38.3%
FLR Fluor Corporation2 of 6−8.1%−26.7%−76.7%−50.0%−6.4%−18.2%−32.6%−6.7%−70.0%—
KBR KBR, Inc.0 of 6−3.6%−23.6%−58.0%−35.8%−12.2%−39.9%−43.2%−4.0%−77.5%—
VMC Vulcan Materials Company1 of 6−7.2%−32.5%−43.4%−27.1%−7.3%−22.8%−26.4%−1.3%−61.0%−39.7%
BIP Brookfield Infrastructure Partners L.P.1 of 6−4.1%−26.3%−51.4%−18.5%−2.3%−23.5%−16.6%0.0%——
PAVE Global X - U.S. Infrastructure Development ETF1 of 5−6.8%−22.6%−43.8%−27.0%−5.6%—————
MLM Martin Marietta Materials, Inc.1 of 6−8.1%−32.7%−44.1%−20.2%−4.8%−33.6%−21.8%0.0%−56.3%−45.3%
ASR Grupo Aeroportuario del Sureste, S. A. B. de C. V.1 of 6−5.3%−17.6%−57.9%−36.6%−9.8%−26.8%−18.1%−2.0%−58.7%—
ACM Aecom0 of 6−6.1%−22.9%−54.1%−27.1%−9.2%−27.9%−36.5%−5.7%−58.6%—
BIPC Brookfield Infrastructure Corporation0 of 2−2.4%−26.1%————————
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How closely does FER 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 FER 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 FER's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
FER This pageFerrovial N.V.67%57%1.170.59
STRL Sterling Infrastructure, Inc.186%99%1.891.62
WM Waste Management, Inc.68%37%1.830.61
J Jacobs Solutions Inc.82%69%1.190.77
CAT Caterpillar Inc.148%136%1.081.29
OMAB Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.88%89%0.991.03
MLM Martin Marietta Materials, Inc.83%87%0.960.88
PAC Grupo Aeroportuario del Pacífico, S.A.B. de C.V.96%103%0.921.14
VMC Vulcan Materials Company75%81%0.920.82
KBR KBR, Inc.87%97%0.900.87
PRIM Primoris Services Corporation118%137%0.861.34
ASR Grupo Aeroportuario del Sureste, S. A. B. de C. V.70%83%0.840.88
BIP Brookfield Infrastructure Partners L.P.92%111%0.830.93
GVA Granite Construction Incorporated98%122%0.811.40
ACM Aecom82%102%0.801.23
TPC Tutor Perini Corporation155%201%0.771.73
DY Dycom Industries, Inc.114%149%0.771.54
FLR Fluor Corporation101%197%0.512.04
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What diversifies FER?

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

ETFs

InvestmentCorrelation5Y returnSharpe2022202120202018201680/20 mix volatility80/20 mix annual return
FER Ferrovial N.V. (this page)1.00+105%0.61−5.6%−0.2%−3.4%−12.9%−24.0%23.4%+14.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.33+119%1.48+3.8%+17.8%−9.0%−5.2%—19.4%+15.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.29+220%1.32+6.0%+18.0%+3.9%−19.8%+1.1%19.6%+17.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.21+108%1.09+10.4%+23.1%−13.4%−8.7%+29.8%19.5%+15.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.10+87.1%1.03+7.0%+19.6%−6.5%−3.0%+15.8%19.2%+15.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.40+82.4%0.94−5.1%+19.6%+2.1%−9.5%+6.3%19.7%+14.8%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.28+58.7%0.94−5.6%+19.7%+2.6%−4.8%+6.5%19.2%+14.2%
AMLP EnergyAlerian MLP ETF0.00+120%0.93+25.5%+39.1%−32.3%−12.6%+14.9%19.0%+16.2%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.19+177%0.93+64.4%+53.3%−32.7%−18.2%+28.0%18.4%+17.8%

Stocks

InvestmentCorrelation5Y returnSharpe2022202120202018201680/20 mix volatility80/20 mix annual return
FER Ferrovial N.V. (this page)1.00+105%0.61−5.6%−0.2%−3.4%−12.9%−24.0%23.4%+14.7%
CAH Medical - DistributionCardinal Health, Inc.0.21+476%1.54+54.1%−0.4%+10.1%−24.5%−17.5%20.5%+20.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.09+644%1.37+86.6%+61.0%−27.4%−8.2%+0.7%19.2%+22.7%
MCK Medical - DistributionMcKesson Corporation0.13+368%1.37+51.8%+44.2%+27.1%−28.4%−28.3%20.0%+19.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.10+2,294%1.36+1.3%+37.9%−2.4%−16.3%+7.4%23.3%+31.1%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.39+604%1.35+24.2%+11.7%−7.2%−37.5%−11.5%22.4%+21.6%
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Common questions

What was FER's worst drawdown?

FER's deepest decline since it began trading in 2012 was 41.2%, from November 2015 to May 2018. It took 11 months from the low to climb back to its old high. Because FER launched in August 2012, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were FER's best and worst years?

Over 13 full calendar years, FER's best year was 2025, when it returned 56.4%. Its worst was 2016, with a return of -24.0%.

Is there a better investment than FER?

Among FER's popular alternatives, PAVE matched FER's return over the past 5 years (15.0% a year against 15.5%) with 31% less volatility. Looking beyond its popular alternatives, APG (engineering & construction) earned more than FER over the past 5 years with similar volatility: 25.0% a year at 32.2% volatility, against 15.5% a year at 31.5%.

Is FER more volatile than the S&P 500?

Yes. FER's volatility over the past 5 years was 31.5%, 1.8 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FER's return lands within 31.5% 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 FER's Sharpe ratio?

FER's Sharpe ratio over the past 5 years was 0.61, against 0.73 for the S&P 500, so FER 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 FER with the S&P 500?

Over the past 5 years, FER's monthly returns had a correlation of 0.27 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 FER instead: the lower it is, the more that option would diversify a FER holding.

What are the best alternatives to FER?

Of the 22 popular alternatives we compared, five outperformed FER in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: TPC, PAC and OMAB.

Did FER outperform the S&P 500?

FER finished ahead of the S&P 500 (SPY) in seven of 13 full calendar years. In 2025, it returned +56.4%, against +17.7% for the index.

How did FER do in stock market crashes?

FER fell less than the S&P 500 (SPY) in four of the six major crashes it has traded through, and further in two. The clearest case was the late-2018 sell-off, when FER fell 7.6% and the S&P 500 fell 19.3%.

What diversifies FER?

These had a low correlation with FER over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.33), DXJ (correlation 0.29) and EMLP (correlation 0.21); among large stocks, CAH (correlation 0.21), MPC (correlation -0.09) and MCK (correlation 0.13). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to FER

Other stocks and ETFs