BetterThanSPY

Relative Intelligence · Electronic Equipment

How Keysight Technologies (KEYS) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on KEYS alone. It places KEYS (Keysight Technologies, Inc.) against 17 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 KEYS stands in the market, and of the alternatives worth a closer look.

Period covered: KEYS's full trading record, from October 2014 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 KEYS →Chart KEYS vs. 17 alternatives →

This page answers the following questions about KEYS

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 KEYS have grown?

This chart tracks a hypothetical $10,000 investment in KEYS over the past 11 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of KEYS over the same span and KEYS'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: KEYS began trading on October 20, 2014, 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 11 years of KEYS's record, starting at the end of September 2015.

Choose a period

From the end of September 2015 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. 124 of the 2,594 stocks and funds worth at least $500 million that traded the whole period ended ahead of KEYS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M201520172019202120232025$10,000$100,000$1M2015201820212024
  • NVDA$4M+38,276% total · +71.8% a year
  • CAMT$649,601+6,396% total · +46.1% a year
  • ANET$532,964+5,230% total · +43.5% a year
  • AVGO$365,843+3,558% total · +38.7% a year
  • TER$237,226+2,272% total · +33.4% a year
  • TTMI$197,173+1,872% total · +31.1% a year
  • KEYS$118,043+1,080% total · +25.2% a year
  • VIAV$78,068+681% total · +20.5% a year
  • CSCO$57,088+471% total · +17.2% a year
  • SPY (S&P 500)$47,605+376% total · +15.2% 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. 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. 649 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of KEYS; 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$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • NVDA$110,811+1,008% total · +61.8% a year
  • ANET$94,783+848% total · +56.8% a year
  • AVGO$79,117+691% total · +51.2% a year
  • APH$48,728+387% total · +37.3% a year
  • TER$37,422+274% total · +30.2% a year
  • FSS$29,653+197% total · +24.3% a year
  • VIAV$26,634+166% total · +21.6% a year
  • CSCO$22,737+127% total · +17.9% a year
  • KEYS$22,159+122% total · +17.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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KEYS 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: KEYS began trading on October 20, 2014, 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
$53B
Industry
Hardware, Equipment & Parts
Price history from
October 2014

Returns

Past 1 year
+89.2%total return
Past 3 years
+156%+36.7% a year
Past 5 years
+76.8%+12.1% a year
Past 10 years
+843%+25.2% a year
Best calendar year
+65.3%2019
Worst calendar year
−17.2%2022
Losing years
3 of 11full calendar years

Risk

Volatility
34.8%typical yearly swing, 5 years
Sharpe ratio
0.50return per unit of risk, 5 years
Worst decline ever
−45.5%Mar 2015 to Feb 2016
From its all-time high
−19.7%below the peak

KEYS against the whole market

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

How does KEYS rank among all stocks?

This section ranks KEYS 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 KEYS 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.

MeasureKEYSRankStanding
1-year return+89.2%223 of 3,282top 7%
3-year return+156%567 of 3,016top 19%
5-year return+76.8%849 of 2,897top 29%
10-year return+843%141 of 2,201top 6%
Volatility, 5 years34.8%1,129 of 2,897top 39%
Sharpe ratio, 5 years0.50937 of 2,897top 32%
Worst decline, past 10 years−42.6%215 of 2,184top 10%

What has beaten KEYS 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). KEYS sits where the dashed lines cross. Anything in the green box above and to the left earned more than KEYS 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 KEYS; faint dots are 91 more of the 397 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.

0.0%10.0%20.0%30.0%40.0%50.0%60.0%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 KEYSAAPL: +19.1% a year, volatility 28.0%TRGP: +41.8% a year, volatility 31.7%MUFG: +33.5% a year, volatility 29.4%RTX: +18.7% a year, volatility 24.4%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%PSX: +32.7% a year, volatility 32.9%CM: +19.5% a year, volatility 21.6%JNJ: +13.5% a year, volatility 18.0%TRV: +22.4% a year, volatility 22.3%V: +13.2% a year, volatility 22.9%MFC: +23.3% a year, volatility 24.0%ING: +24.3% a year, volatility 31.2%BNS: +13.2% a year, volatility 20.0%KO: +15.2% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%QQQ: +14.2% a year, volatility 23.0%JCI: +16.4% a year, volatility 29.2%NVS: +17.4% a year, volatility 20.7%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GRMN: +14.8% a year, volatility 31.6%CIB: +33.5% a year, volatility 32.9%GLD: +17.1% a year, volatility 19.0%VGT: +18.1% a year, volatility 26.1%PGR: +21.8% a year, volatility 25.7%SHG: +20.4% a year, volatility 31.1%USFD: +23.3% a year, volatility 29.8%FFIV: +16.7% a year, volatility 30.8%WF: +25.4% a year, volatility 31.6%COR: +23.6% a year, volatility 22.8%SNX: +20.2% a year, volatility 30.4%MNST: +17.4% a year, volatility 24.9%TKO: +26.1% a year, volatility 32.7%RSG: +14.1% a year, volatility 18.6%MSI: +15.2% a year, volatility 23.6%EWT: +19.8% a year, volatility 24.3%R: +27.5% a year, volatility 32.9%ENSG: +20.1% a year, volatility 26.9%FAST: +16.2% a year, volatility 24.6%LAUR: +36.9% a year, volatility 32.8%CTVA: +16.2% a year, volatility 28.4%DYNF: +14.4% a year, volatility 17.5%AMG: +19.0% a year, volatility 31.9%CASY: +30.8% a year, volatility 29.4%ATO: +15.9% a year, volatility 18.5%DFIV: +14.8% a year, volatility 16.4%SPMO: +18.1% a year, volatility 20.9%AVLV: +13.9% a year, volatility 16.9%HDV: +13.3% a year, volatility 13.0%WT: +30.8% a year, volatility 32.9%NI: +15.5% a year, volatility 20.3%DTM: +25.0% a year, volatility 25.2%DAC: +22.0% a year, volatility 31.9%CIBR: +14.5% a year, volatility 26.2%RWL: +13.7% a year, volatility 14.4%IOO: +15.6% a year, volatility 17.2%ESQ: +32.1% a year, volatility 31.8%MUSA: +25.3% a year, volatility 31.2%MGC: +13.2% a year, volatility 17.4%JQUA: +13.5% a year, volatility 15.7%HEFA: +13.1% a year, volatility 13.8%NTB: +14.2% a year, volatility 28.3%ACT: +20.7% a year, volatility 24.4%RSPT: +16.6% a year, volatility 25.1%GCOW: +14.4% a year, volatility 13.6%MPLX: +24.0% a year, volatility 18.8%GOOG: +18.5% a year, volatility 32.0%TDIV: +16.5% a year, volatility 21.3%THFF: +16.2% a year, volatility 26.2%FTGC: +13.1% a year, volatility 15.6%FBIZ: +23.2% a year, volatility 29.4%RCBC: +15.3% a year, volatility 27.2%UNTY: +19.3% a year, volatility 29.5%BWFG: +20.3% a year, volatility 28.5%TMFC: +13.6% a year, volatility 20.5%CHCO: +15.1% a year, volatility 22.8%XOM: +27.5% a year, volatility 26.5%FFLC: +15.5% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%JPM: +17.3% a year, volatility 24.3%DBJP: +20.9% a year, volatility 19.3%ABBV: +25.5% a year, volatility 23.4%UTES: +13.4% a year, volatility 21.1%EQL: +13.4% a year, volatility 14.5%HSBC: +32.8% a year, volatility 25.9%EWJV: +15.1% a year, volatility 18.2%DGT: +13.9% a year, volatility 15.1%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%IDOG: +14.1% a year, volatility 15.6%KEYS: +12.1% a year, volatility 34.8%SPY (S&P 500): +12.5% a year, volatility 17.2%CSCO: +16.9% a year, volatility 26.1%NVDA: +56.5% a year, volatility 51.9%ANET: +47.6% a year, volatility 49.1%OSIS: +16.1% a year, volatility 34.0%FSS: +23.2% a year, volatility 31.7%APH: +31.3% a year, volatility 32.4%ADI: +18.6% a year, volatility 34.2%CAT: +30.7% a year, volatility 32.0%TSM: +31.0% a year, volatility 38.6%EMR: +12.9% a year, volatility 27.7%LLY: +41.2% a year, volatility 32.8%RY: +17.5% a year, volatility 18.2%WELL: +27.0% a year, volatility 23.8%CAH: +41.7% a year, volatility 24.7%NHC: +31.2% a year, volatility 28.6%LVHI: +16.9% a year, volatility 11.1%MPC: +50.0% a year, volatility 33.4%VTI: +11.4% a year, volatility 17.5%HWM: +45.1% a year, volatility 32.7%KEYSSPY (S&P 500)CSCONVDAANETOSISFSSAPHADICATTSMEMRLLYRYWELLCAHNHCLVHIMPCVTIHWM0.0%10.0%20.0%30.0%40.0%50.0%60.0%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 KEYSAAPL: +19.1% a year, volatility 28.0%TRGP: +41.8% a year, volatility 31.7%MUFG: +33.5% a year, volatility 29.4%RTX: +18.7% a year, volatility 24.4%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%PSX: +32.7% a year, volatility 32.9%CM: +19.5% a year, volatility 21.6%JNJ: +13.5% a year, volatility 18.0%TRV: +22.4% a year, volatility 22.3%V: +13.2% a year, volatility 22.9%MFC: +23.3% a year, volatility 24.0%ING: +24.3% a year, volatility 31.2%BNS: +13.2% a year, volatility 20.0%KO: +15.2% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%QQQ: +14.2% a year, volatility 23.0%JCI: +16.4% a year, volatility 29.2%NVS: +17.4% a year, volatility 20.7%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GRMN: +14.8% a year, volatility 31.6%CIB: +33.5% a year, volatility 32.9%GLD: +17.1% a year, volatility 19.0%VGT: +18.1% a year, volatility 26.1%PGR: +21.8% a year, volatility 25.7%SHG: +20.4% a year, volatility 31.1%USFD: +23.3% a year, volatility 29.8%FFIV: +16.7% a year, volatility 30.8%WF: +25.4% a year, volatility 31.6%COR: +23.6% a year, volatility 22.8%SNX: +20.2% a year, volatility 30.4%MNST: +17.4% a year, volatility 24.9%TKO: +26.1% a year, volatility 32.7%RSG: +14.1% a year, volatility 18.6%MSI: +15.2% a year, volatility 23.6%EWT: +19.8% a year, volatility 24.3%R: +27.5% a year, volatility 32.9%ENSG: +20.1% a year, volatility 26.9%FAST: +16.2% a year, volatility 24.6%LAUR: +36.9% a year, volatility 32.8%CTVA: +16.2% a year, volatility 28.4%DYNF: +14.4% a year, volatility 17.5%AMG: +19.0% a year, volatility 31.9%CASY: +30.8% a year, volatility 29.4%ATO: +15.9% a year, volatility 18.5%DFIV: +14.8% a year, volatility 16.4%SPMO: +18.1% a year, volatility 20.9%AVLV: +13.9% a year, volatility 16.9%HDV: +13.3% a year, volatility 13.0%WT: +30.8% a year, volatility 32.9%NI: +15.5% a year, volatility 20.3%DTM: +25.0% a year, volatility 25.2%DAC: +22.0% a year, volatility 31.9%CIBR: +14.5% a year, volatility 26.2%RWL: +13.7% a year, volatility 14.4%IOO: +15.6% a year, volatility 17.2%ESQ: +32.1% a year, volatility 31.8%MUSA: +25.3% a year, volatility 31.2%MGC: +13.2% a year, volatility 17.4%JQUA: +13.5% a year, volatility 15.7%HEFA: +13.1% a year, volatility 13.8%NTB: +14.2% a year, volatility 28.3%ACT: +20.7% a year, volatility 24.4%RSPT: +16.6% a year, volatility 25.1%GCOW: +14.4% a year, volatility 13.6%MPLX: +24.0% a year, volatility 18.8%GOOG: +18.5% a year, volatility 32.0%TDIV: +16.5% a year, volatility 21.3%THFF: +16.2% a year, volatility 26.2%FTGC: +13.1% a year, volatility 15.6%FBIZ: +23.2% a year, volatility 29.4%RCBC: +15.3% a year, volatility 27.2%UNTY: +19.3% a year, volatility 29.5%BWFG: +20.3% a year, volatility 28.5%TMFC: +13.6% a year, volatility 20.5%CHCO: +15.1% a year, volatility 22.8%XOM: +27.5% a year, volatility 26.5%FFLC: +15.5% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%JPM: +17.3% a year, volatility 24.3%DBJP: +20.9% a year, volatility 19.3%ABBV: +25.5% a year, volatility 23.4%UTES: +13.4% a year, volatility 21.1%EQL: +13.4% a year, volatility 14.5%HSBC: +32.8% a year, volatility 25.9%EWJV: +15.1% a year, volatility 18.2%DGT: +13.9% a year, volatility 15.1%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%IDOG: +14.1% a year, volatility 15.6%KEYS: +12.1% a year, volatility 34.8%SPY (S&P 500): +12.5% a year, volatility 17.2%CSCO: +16.9% a year, volatility 26.1%NVDA: +56.5% a year, volatility 51.9%ANET: +47.6% a year, volatility 49.1%OSIS: +16.1% a year, volatility 34.0%FSS: +23.2% a year, volatility 31.7%APH: +31.3% a year, volatility 32.4%ADI: +18.6% a year, volatility 34.2%CAT: +30.7% a year, volatility 32.0%TSM: +31.0% a year, volatility 38.6%EMR: +12.9% a year, volatility 27.7%LLY: +41.2% a year, volatility 32.8%RY: +17.5% a year, volatility 18.2%WELL: +27.0% a year, volatility 23.8%CAH: +41.7% a year, volatility 24.7%NHC: +31.2% a year, volatility 28.6%LVHI: +16.9% a year, volatility 11.1%MPC: +50.0% a year, volatility 33.4%VTI: +11.4% a year, volatility 17.5%HWM: +45.1% a year, volatility 32.7%KEYSSPY (S&P 500)CSCONVDAANETOSISFSSAPHCATTSMLLYRYWELLCAHLVHIMPCVTIHWM
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than KEYS?

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

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

Screen the whole market against KEYS for any period in BetterThanSPYOpen these 19 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 KEYS?lower diversifies moreExpenseper year
KEYSKeysight Technologies, Inc. · this page
+12.1%34.8%0.50−42.6%+843%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.530.09%
Popular alternativesbest 4 shownThe investments people most often weigh against KEYS. 4 of 17 passed at least one test.
CSCOCisco Systems, Inc. · Communications Equipment
Higher return, lower volatility+16.9%26.1%0.73−42.0%+361%0.33—
NVDANVIDIA Corporation · Semiconductors
Higher return in most periods+56.5%51.9%1.12−66.3%+12,166%0.24—
ANETArista Networks, Inc. · Communications Equipment
Higher return in most periods+47.6%49.1%1.04−52.2%+3,158%0.30—
OSISOSI Systems, Inc. · Electronic Equipment
Higher return, similar volatility+16.1%34.0%0.61−53.6%+197%0.44—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Electronic Equipment and the categories next to it (Electronic Components, Industrial Machinery, Semiconductors, Semiconductor Equipment), plus KEYS's specific themes. 23 of 163 passed at least one test.
FSSFederal Signal Corporation · Industrial Machinery
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+23.2%31.7%0.82−33.0%+899%0.49—
APHAmphenol Corporation · Electronic Components
Higher return, lower volatilityHigher Sharpe, smaller worst decline+31.3%32.4%1.01−37.5%+887%0.53—
ADIAnalog Devices, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst decline+18.6%34.2%0.67−33.6%+625%0.56—
CATCaterpillar Inc. · Industrial Machinery
Higher return, lower volatility+30.7%32.0%1.00−43.4%+913%0.55—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return in most periods+31.0%38.6%0.90−56.6%+1,440%0.47—
EMREmerson Electric Co. · Industrial Machinery
Similar return, lower volatility+12.9%27.7%0.58−50.8%+307%0.38—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 758 of 3,477 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+41.2%32.8%1.22−34.5%+1,870%0.05—
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.5%18.2%0.98−40.0%+361%0.31—
WELLWelltower Inc. · Healthcare REITs
On the frontierHigher return, lower volatilityHigher return in most periods+27.0%23.8%1.13−63.3%+378%0.25—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher return in most periods+41.7%24.7%1.54−46.1%+345%0.25—
NHCNational HealthCare Corporation · Health Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.2%28.6%1.10−35.3%+385%0.34—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+16.9%11.1%1.48−32.4%+194%0.370.40%
MPCMarathon Petroleum Corporation · Oil Refining
On the frontierHigher return, similar volatilityHigher return in most periods+50.0%33.4%1.39−79.7%+1,314%0.11—
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Similar return, lower volatilityHigher Sharpe, smaller worst decline+11.4%17.5%0.71−35.0%+298%0.550.03%
What these numbers mean for KEYS
Annual return
KEYS returned 12.1% 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 $17,700. 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
KEYS's volatility over the past 5 years was 34.8%, about twice the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, KEYS's return lands within 34.8% 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
KEYS's Sharpe ratio over the past 5 years was 0.50, against 0.78 for the S&P 500, so KEYS 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
KEYS's worst fall from a peak to a low over the past 10 years was 42.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 42.6% fall takes a 74.3% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, KEYS's monthly returns had a correlation of 0.53 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 KEYS instead: the lower it is, the more that option would diversify a KEYS holding. Guide: Correlation and diversification →
Show all 397 stocks and funds worth at least $500 million that earned more than KEYS with less volatility

Out of 3,641 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with KEYSExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+41.2%32.8%1.22−34.5%+1,870%0.05—
2
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.31—
3
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+378%0.25—
4
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+345%0.25—
5
AAPLApple Inc. · Computer Hardware
Whole market+19.1%28.0%0.77−38.5%+1,194%0.32—
6
NHCNational HealthCare Corporation · Health Care Facilities
Whole market+31.2%28.6%1.10−35.3%+385%0.34—
7
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.24—
8
FSSFederal Signal Corporation · Industrial Machinery
Same or nearby category+23.2%31.7%0.82−33.0%+899%0.49—
9
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.5%29.4%1.14−54.9%+485%0.10—
10
RTXRTX Corporation · Aerospace & Defense
Whole market+18.7%24.4%0.83−52.0%+319%-0.04—
11
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%0.34—
12
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.19—
13
PSXPhillips 66 · Oil Refining
Whole market+32.7%32.9%1.03−64.2%+413%0.12—
14
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.5%21.6%0.94−47.3%+409%0.52—
15
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+209%0.21—
16
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%0.23—
17
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+435%0.20—
18
MFCManulife Financial Corporation · Life Insurance
Whole market+23.3%24.0%1.00−57.5%+386%0.22—
19
INGING Groep N.V. · Banks
Whole market+24.3%31.2%0.86−74.4%+330%0.15—
20
BNSThe Bank of Nova Scotia · Banks
Whole market+13.2%20.0%0.73−46.9%+191%0.49—
21
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.20—
22
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.370.40%
23
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+692%0.45—
24
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.2%23.0%0.69−35.1%+531%0.510.18%
25
JCIJohnson Controls International plc · Building Products
Whole market+16.4%29.2%0.67−46.4%+407%0.66—
26
NVSNovartis AG · Pharmaceuticals
Whole market+17.4%20.7%0.89−26.8%+234%0.27—
27
AMGNAmgen Inc. · Biotechnology
Whole market+20.1%24.9%0.86−24.9%+280%0.21—
28
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+202%0.18—
29
GRMNGarmin Ltd. · Computer Hardware
Whole market+14.8%31.6%0.59−54.6%+678%0.39—
30
CIBGrupo Cibest S.A. · Banks
Whole market+33.5%32.9%1.04−70.4%+351%0.00—
31
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+206%0.130.40%
32
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.1%26.1%0.77−35.1%+753%0.470.09%
33
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.8%25.7%0.90−30.3%+849%0.09—
34
SHGShinhan Financial Group Co., Ltd. · Banks
Whole market+20.4%31.1%0.75−64.1%+169%0.42—
35
USFDUS Foods Holding Corp. · Food Distribution
Whole market+23.3%29.8%0.85−77.3%+353%0.37—
36
FFIVF5, Inc. · Cybersecurity
Whole market+16.7%30.8%0.66−54.6%+279%0.40—
37
WFWoori Financial Group Inc. · Banks
Whole market+25.4%31.6%0.88−67.2%+268%0.38—
38
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.27—
39
SNXTD Synnex Corp · Technology Distribution
Whole market+20.2%30.4%0.76−55.8%+427%0.45—
40
MNSTMonster Beverage Corporation · Nonalcoholic Beverages
Whole market+17.4%24.9%0.77−30.4%+278%0.25—
41
TKOTKO Group Holdings, Inc. · Entertainment
Whole market+26.1%32.7%0.88−69.1%+917%0.19—
42
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+461%0.28—
43
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+15.2%23.6%0.72−32.8%+639%0.49—
44
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+19.8%24.3%0.87−38.9%+448%0.530.59%
45
RRyder System, Inc. · Freight & Logistics
Whole market+27.5%32.9%0.90−72.3%+447%0.54—
46
ENSGThe Ensign Group, Inc. · Health Care Facilities
Whole market+20.1%26.9%0.82−55.5%+919%0.39—
47
FASTFastenal Company · Industrial Distribution
Whole market+16.2%24.6%0.74−30.7%+582%0.30—
48
LAURLaureate Education, Inc. · Education Services
Whole market+36.9%32.8%1.13−64.5%—-0.04—
49
CTVACorteva, Inc. · Chemicals
Whole market+16.2%28.4%0.67−34.7%—0.32—
50
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.4%17.5%0.86−34.7%—0.520.26%
51
AMGAffiliated Managers Group, Inc. · Asset Management
Whole market+19.0%31.9%0.71−78.5%+186%0.37—
52
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+30.8%29.4%1.06−36.1%+560%0.29—
53
ATOAtmos Energy Corporation · Gas Utilities
Whole market+15.9%18.5%0.90−32.9%+207%0.41—
54
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%—0.340.27%
55
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.1%20.9%0.91−30.9%+485%0.460.13%
56
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+13.9%16.9%0.86−19.5%—0.540.15%
57
HDViShares Core High Dividend ETF · High Dividend Yield
Whole market+13.3%13.0%1.03−37.0%+177%0.330.08%
58
WTWisdomTree, Inc. · Asset Management
Whole market+30.8%32.9%0.98−84.0%+156%0.25—
59
NINiSource Inc · Gas Utilities
Whole market+15.5%20.3%0.81−30.9%+166%0.29—
60
APHAmphenol Corporation · Electronic Components
Same or nearby category+31.3%32.4%1.01−37.5%+887%0.53—
61
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+25.0%25.2%1.02−23.6%—0.37—
62
DACDanaos Corporation · Marine Shipping
Whole market+22.0%31.9%0.79−94.6%+474%0.17—
63
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.5%26.2%0.65−33.9%+461%0.230.58%
64
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.540.39%
65
IOOiShares Global 100 ETF · Global Equity
Whole market+15.6%17.2%0.94−31.4%+357%0.430.40%
66
ESQEsquire Financial Holdings, Inc. · Regional Banks
Whole market+32.1%31.8%1.04−56.5%—0.19—
67
MUSAMurphy USA Inc. · Convenience Stores
Whole market+25.3%31.2%0.88−35.5%+688%0.07—
68
MGCVanguard Morningstar Mega Cap ETF · US Large-Cap Equity
Whole market+13.2%17.4%0.80−33.1%+347%0.500.05%
69
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.5%15.7%0.89−32.9%—0.550.12%
70
HEFAiShares Currency Hedged MSCI EAFE ETF · Developed International Equity
Whole market+13.1%13.8%0.96−32.4%+207%0.500.70%
71
NTBThe Bank of N.T. Butterfield & Son Limited · Regional Banks
Whole market+14.2%28.3%0.61−69.7%+283%0.24—
72
ACTEnact Holdings Inc. · Insurance
Whole market+20.7%24.4%0.90−20.2%—0.20—
73
HWMHowmet Aerospace Inc. · Aerospace Components
Whole market+45.1%32.7%1.31−68.9%+928%0.40—
74
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.6%25.1%0.74−33.7%+559%0.570.40%
75
GCOWPacer Global Cash Cows Dividend ETF · Global Equity
Whole market+14.4%13.6%1.06−37.6%+170%0.270.60%
76
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.30—
77
GOOGAlphabet Inc. · Internet Services
Whole market+18.5%32.0%0.69−44.6%+696%0.34—
78
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.5%21.3%0.83−32.0%+384%0.460.50%
79
THFFFirst Financial Corporation · Regional Banks
Whole market+16.2%26.2%0.71−42.8%+164%0.21—
80
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Broad Commodities
Whole market+13.1%15.6%0.87−35.9%+135%-0.080.98%
81
FBIZFirst Business Financial Services, Inc. · Regional Banks
Whole market+23.2%29.4%0.86−50.2%+315%0.19—
82
RCBCRiver City Bank · Regional Banks
Whole market+15.3%27.2%0.66−45.5%+354%0.05—
83
UNTYUnity Bancorp, Inc. · Regional Banks
Whole market+19.3%29.5%0.75−60.0%+459%0.20—
84
BWFGBankwell Financial Group, Inc. · Regional Banks
Whole market+20.3%28.5%0.79−64.7%+241%0.22—
85
TMFCMotley Fool 100 Index ETF · US Large-Cap Growth
Whole market+13.6%20.5%0.73−33.1%—0.480.50%
86
CHCOCity Holding Company · Regional Banks
Whole market+15.1%22.8%0.73−32.3%+272%0.25—
87
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.5%26.5%1.05−61.0%+216%-0.03—
88
FFLCFidelity Fundamental Large Cap Core ETF · Active Core Equity
Whole market+15.5%16.8%0.94−19.7%—0.470.38%
89
IUSInvesco RAFI Strategic US ETF · US Total Market
Whole market+14.7%14.9%1.00−34.7%—0.520.19%
90
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+534%0.34—
91
DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity
Whole market+20.9%19.3%1.09−31.3%+339%0.440.45%
92
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+600%0.05—
93
UTESVirtus Reaves Utilities ETF · Utilities Equity
Whole market+13.4%21.1%0.71−35.4%+211%0.490.49%
94
EQLALPS Equal Sector Weight ETF · US Large-Cap Equity
Whole market+13.4%14.5%0.94−34.2%+385%0.550.19%
95
HSBCHSBC Holdings plc · Banks
Whole market+32.8%25.9%1.23−62.3%+314%0.16—
96
EWJViShares MSCI Japan Value ETF · Japan Equity
Whole market+15.1%18.2%0.87−30.1%—0.340.15%
97
DGTState Street SPDR Global Dow ETF · Global Equity
Whole market+13.9%15.1%0.95−34.4%+260%0.460.50%
98
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+135%0.38—
99
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.330.48%
100
IDOGALPS International Sector Dividend Dogs ETF · International Dividend Equity
Whole market+14.1%15.6%0.93−37.3%+180%0.260.50%

KEYS against its popular alternatives

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

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

Green points earned more than KEYS 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%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityKEYS: 12.1% a year, volatility 34.8%SPY (S&P 500): 12.5% a year, volatility 17.2%CSCO: 16.9% a year, volatility 26.1%OSIS: 16.1% a year, volatility 34.0%MKSI: 7.1% a year, volatility 53.6%BMI: 8.3% a year, volatility 35.5%COHU: 8.4% a year, volatility 51.7%ITRI: 2.7% a year, volatility 42.4%NOVT: −4.1% a year, volatility 41.4%QCOM: 7.9% a year, volatility 42.8%NVDA: 56.5% a year, volatility 51.9%ANET: 47.6% a year, volatility 49.1%TER: 22.1% a year, volatility 54.5%AVGO: 46.9% a year, volatility 44.6%VIAV: 14.5% a year, volatility 48.3%CAMT: 25.3% a year, volatility 58.2%TTMI: 40.6% a year, volatility 55.8%FTV: 1.8% a year, volatility 25.5%VNT: 0.4% a year, volatility 30.9%KEYSSPY (S&P 500)CSCOOSISMKSIBMICOHUITRINOVTQCOMNVDAANETTERAVGOVIAVCAMTTTMIFTVVNT10.0%20.0%30.0%40.0%50.0%60.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityKEYS: 12.1% a year, volatility 34.8%SPY (S&P 500): 12.5% a year, volatility 17.2%CSCO: 16.9% a year, volatility 26.1%OSIS: 16.1% a year, volatility 34.0%MKSI: 7.1% a year, volatility 53.6%BMI: 8.3% a year, volatility 35.5%COHU: 8.4% a year, volatility 51.7%ITRI: 2.7% a year, volatility 42.4%NOVT: −4.1% a year, volatility 41.4%QCOM: 7.9% a year, volatility 42.8%NVDA: 56.5% a year, volatility 51.9%ANET: 47.6% a year, volatility 49.1%TER: 22.1% a year, volatility 54.5%AVGO: 46.9% a year, volatility 44.6%VIAV: 14.5% a year, volatility 48.3%CAMT: 25.3% a year, volatility 58.2%TTMI: 40.6% a year, volatility 55.8%FTV: 1.8% a year, volatility 25.5%VNT: 0.4% a year, volatility 30.9%KEYSSPY (S&P 500)CSCOOSISMKSIBMICOHUITRINOVTNVDAANETTERAVGOVIAVTTMIFTVVNT
All figures
InvestmentAnnual returnVolatility
NVDA NVIDIA Corporation+56.5%51.9%
ANET Arista Networks, Inc.+47.6%49.1%
AVGO Broadcom Inc.+46.9%44.6%
TTMI TTM Technologies, Inc.+40.6%55.8%
CAMT Camtek Ltd.+25.3%58.2%
TER Teradyne, Inc.+22.1%54.5%
CSCO Cisco Systems, Inc.+16.9%26.1%
OSIS OSI Systems, Inc.+16.1%34.0%
VIAV Viavi Solutions Inc.+14.5%48.3%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
KEYS This pageKeysight Technologies, Inc.+12.1%34.8%
COHU Cohu, Inc.+8.4%51.7%
BMI Badger Meter, Inc.+8.3%35.5%
QCOM QUALCOMM Incorporated+7.9%42.8%
MKSI MKS Inc.+7.1%53.6%
ITRI Itron, Inc.+2.7%42.4%
FTV Fortive Corporation+1.8%25.5%
VNT Vontier Corporation+0.4%30.9%
NOVT Novanta Inc.−4.1%41.4%
Open these 19 in EasyCompare

Has KEYS consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than KEYS 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
KEYS Keysight Technologies, Inc. (this page)—−10.3%−4.9%−8.1%+50.8%+89.2%+156%+76.8%+843%34.8%0.50−42.6%—$53B—
NVDA QualifiedNVIDIA Corporation3/5 short3/3 long−7.3%+0.2%+5.0%+12.6%+18.0%+395%+839%+12,166%51.9%1.12−66.3%—$5.1T—
ANET Computer HardwareArista Networks, Inc.2/5 short3/3 long−16.6%−2.2%−3.7%+28.0%+16.7%+267%+601%+3,158%49.1%1.04−52.2%—$216B—
TER SemiconductorsTeradyne, Inc.1/5 short3/3 long−22.6%−16.4%−19.8%+48.9%+123%+243%+171%+1,379%54.5%0.64−59.1%—$48B—
AVGO SemiconductorsBroadcom Inc.0/5 short3/3 long−11.3%−18.4%−23.3%−6.5%−4.3%+287%+585%+2,254%44.6%1.09−48.3%—$1.5T—
VIAV Communication EquipmentViavi Solutions Inc.2/5 short2/3 long−16.8%−28.3%−31.6%+66.9%+129%+302%+97.3%+316%48.3%0.52−62.9%—$7.5B—
CAMT SemiconductorsCamtek Ltd.0/5 short2/3 long−21.1%−23.8%−35.7%+3.4%+3.1%+139%+209%+4,182%58.2%0.68−63.2%—$5.6B—
TTMI Hardware, Equipment & PartsTTM Technologies, Inc.0/5 short2/3 long−42.0%−48.9%−41.7%+4.6%+32.7%+525%+450%+518%55.8%0.90−66.6%—$7.8B—
CSCO Communication EquipmentCisco Systems, Inc.2/5 short1/3 long−1.1%−6.2%+17.7%+39.7%+51.2%+117%+118%+361%26.1%0.73−42.0%—$414B—
OSIS Hardware, Equipment & PartsOSI Systems, Inc.1/5 short1/3 long−0.2%−4.4%−31.5%−21.6%−17.6%+75.1%+111%+197%34.0%0.61−53.6%—$3.2B—
MKSI Hardware, Equipment & PartsMKS Inc.0/5 short1/3 long−24.7%−43.1%−29.5%+16.8%+46.5%+174%+40.7%+329%53.6%0.40−69.2%—$13B—
BMI Industrial - MachineryBadger Meter, Inc.3/5 short0/3 long+13.1%+18.5%+21.9%−14.4%−17.1%+13.1%+49.2%+411%35.5%0.41−55.1%—$4.3B—
COHU SemiconductorsCohu, Inc.3/5 short0/3 long−28.3%−15.9%+3.2%+88.0%+113%+45.0%+49.7%+339%51.7%0.41−73.6%—$2.2B—
FTV Hardware, Equipment & PartsFortive Corporation3/5 short0/3 long+7.3%−0.2%−1.1%+8.8%+22.9%+15.3%+9.4%+104%25.5%0.20−52.6%—$18B—
ITRI Hardware, Equipment & PartsItron, Inc.3/5 short0/3 long−5.5%+6.0%−1.7%−6.7%−33.4%+55.2%+14.3%+60.8%42.4%0.27−65.3%—$3.9B—
VNT Hardware, Equipment & PartsVontier Corporation3/5 short0/3 long+9.9%+14.5%−4.8%−8.5%−18.1%+16.8%+2.1%—30.9%0.17−54.5%—$4.7B—
NOVT Hardware, Equipment & PartsNovanta Inc.2/5 short0/3 long−5.2%−5.9%+2.6%+23.0%+17.3%−0.2%−18.8%+672%41.4%0.11−46.7%—$5.2B—
QCOM SemiconductorsQUALCOMM Incorporated2/5 short0/3 long−12.8%−1.1%+28.2%+1.5%+4.2%+69.5%+46.5%+230%42.8%0.39−44.3%—$185B—
Open these 18 in EasyCompare

How did KEYS do year by year?

This table shows each investment's total return in every full calendar year since 2015, along with where KEYS ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with KEYS and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: KEYS began trading on October 20, 2014, so the table starts with 2015, 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 KEYS; gray means the two finished within a fraction of a point. The rank row places KEYS among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of KEYS20252024202320222021202020192018201720162015
KEYS This pageKeysight Technologies, Inc.—+26.5%+1.0%−7.0%−17.2%+56.3%+28.7%+65.3%+49.2%+13.8%+29.1%−16.1%
Rank among alternativesTop quarter in 3 of 1110 of 1815 of 1818 of 188 of 185 of 1811 of 175 of 171 of 1713 of 179 of 1613 of 16
SPY S&P 500State Street SPDR S&P 500 ETF4 of 11+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%
NVDA NVIDIA Corporation9 of 11+38.9%+171%+239%−50.2%+125%+122%+76.4%−30.8%+82.5%+228%+67.1%
ANET Arista Networks, Inc.7 of 11+18.6%+87.7%+94.1%−15.6%+97.9%+42.9%−3.5%−10.5%+143%+24.2%+28.2%
TER Teradyne, Inc.7 of 11+54.4%+16.5%+24.8%−46.4%+36.8%+76.8%+119%−24.4%+65.8%+24.3%+5.8%
AVGO Broadcom Inc.7 of 11+50.6%+110%+104%−13.3%+56.5%+45.0%+29.0%+2.2%+48.2%+23.6%+46.1%
VIAV Viavi Solutions Inc.3 of 11+76.4%+0.3%−4.2%−40.4%+17.6%−0.1%+49.3%+15.0%+6.9%+34.3%−21.9%
CAMT Camtek Ltd.7 of 11+31.7%+18.3%+216%−52.3%+110%+102%+63.1%+20.5%+77.7%+51.7%−28.0%
TTMI TTM Technologies, Inc.7 of 11+179%+56.5%+4.8%+1.2%+8.0%−8.3%+54.7%−37.9%+15.0%+109%−13.6%
CSCO Cisco Systems, Inc.5 of 11+33.5%+21.0%+9.3%−22.5%+45.8%−3.5%+13.8%+16.6%+31.3%+15.1%+0.6%
OSIS OSI Systems, Inc.5 of 11+52.3%+29.7%+62.3%−14.7%0.0%−7.5%+37.4%+13.9%−15.4%−14.1%+25.3%
MKSI MKS Inc.8 of 11+54.4%+2.2%+22.6%−51.0%+16.4%+37.7%+71.9%−31.1%+60.5%+67.6%+0.3%
BMI Badger Meter, Inc.6 of 11−17.2%+38.3%+42.6%+3.2%+14.1%+46.4%+33.4%+4.1%+30.9%+27.7%0.0%
COHU Cohu, Inc.5 of 11−12.8%−24.6%+10.4%−15.9%−0.2%+67.5%+44.3%−26.0%+59.9%+17.6%+3.6%
FTV Fortive Corporation4 of 9−1.9%+2.3%+15.1%−15.4%+8.1%+11.2%+13.3%−6.1%+35.4%——
ITRI Itron, Inc.5 of 11−14.5%+43.8%+49.1%−26.1%−28.5%+14.2%+77.5%−30.7%+8.5%+73.7%−14.4%
VNT Vontier Corporation2 of 5+2.2%+5.8%+79.3%−36.8%−7.8%——————
NOVT Novanta Inc.5 of 11−22.1%−9.3%+23.9%−22.9%+49.1%+33.7%+40.4%+26.0%+138%+54.2%−7.5%
QCOM QUALCOMM Incorporated4 of 11+13.8%+8.3%+35.1%−38.6%+22.3%+77.1%+60.8%−7.6%+1.1%+35.1%−30.6%
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Risk and diversification

How KEYS 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 KEYS's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents KEYS's five deepest drawdowns since it began trading in 2014, 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: KEYS began trading on October 20, 2014, 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 KEYS fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringKEYS fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2015 China and oil sell-off−45.5%−10.3%Mar 2015Feb 201611 monthsMar 201713 months
2022 bear market−42.6%−11.6%Dec 2021Oct 202322 monthsDec 20252.2 years
Covid crash−28.2%−17.8%Nov 2019Mar 20204 monthsNov 20208 months
No named crash−23.0%−4.8%Apr 2019May 20191 monthJul 20192 months
No named crash−20.5%−2.0%Jun 2026Jul 20261 monthOct 20263 months

How did KEYS do in stock market crashes?

This section measures how far KEYS, 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: KEYS began trading on October 20, 2014, 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 KEYS.

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
KEYS This pageKeysight Technologies, Inc.—−2.6%−33.8%−17.7%−18.0%−6.7%−37.2%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%
NVDA NVIDIA Corporation1 of 6−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
ANET Arista Networks, Inc.3 of 6−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%————
TER Teradyne, Inc.2 of 6−1.9%−56.6%−34.8%−24.6%−10.7%−18.3%−28.2%−2.5%−79.2%−93.4%
AVGO Broadcom Inc.3 of 6−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
VIAV Viavi Solutions Inc.3 of 6−3.0%−27.2%−37.5%−26.5%−3.0%−27.6%−41.5%−4.5%−86.0%−98.8%
CAMT Camtek Ltd.0 of 6−5.6%−52.0%−46.5%−27.1%−10.9%−42.1%−47.6%0.0%−90.8%—
TTMI TTM Technologies, Inc.1 of 6−6.2%−27.4%−35.3%−46.9%−7.0%−39.7%−43.2%0.0%−74.7%—
CSCO Cisco Systems, Inc.4 of 6−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
OSIS OSI Systems, Inc.3 of 6−3.7%−30.4%−40.4%−13.7%−3.7%−45.7%−28.9%−2.5%−61.4%−88.4%
MKSI MKS Inc.1 of 6−6.5%−57.1%−39.4%−31.8%−9.5%−14.4%−23.9%−3.4%−54.7%−85.7%
BMI Badger Meter, Inc.3 of 6−3.5%−29.3%−39.0%−17.5%−4.1%−12.9%−28.3%−2.8%−68.2%−42.4%
COHU Cohu, Inc.2 of 6−2.4%−36.8%−57.1%−42.2%−6.0%−16.3%−30.1%−6.3%−64.4%−82.1%
FTV Fortive Corporation1 of 5−4.7%−27.4%−45.3%−26.8%−8.2%—————
ITRI Itron, Inc.1 of 6−3.8%−39.4%−51.5%−32.5%−7.2%−19.2%−44.1%−2.6%−68.5%−64.7%
VNT Vontier Corporation0 of 2−8.2%−45.9%————————
NOVT Novanta Inc.1 of 6−4.0%−36.2%−29.5%−25.6%−12.6%−19.6%−38.9%−0.7%−96.0%−91.4%
QCOM QUALCOMM Incorporated1 of 6−5.6%−41.5%−32.2%−26.8%−6.6%−30.7%−19.2%−0.5%−48.0%−84.9%
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How closely does KEYS 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 KEYS 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 KEYS's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
KEYS This pageKeysight Technologies, Inc.121%71%1.701.08
CAMT Camtek Ltd.191%96%1.991.60
ANET Arista Networks, Inc.174%91%1.921.40
AVGO Broadcom Inc.158%86%1.851.19
NVDA NVIDIA Corporation248%140%1.771.83
BMI Badger Meter, Inc.73%50%1.460.71
TER Teradyne, Inc.167%121%1.371.53
VIAV Viavi Solutions Inc.98%76%1.300.97
TTMI TTM Technologies, Inc.155%140%1.111.87
CSCO Cisco Systems, Inc.101%96%1.060.97
COHU Cohu, Inc.122%116%1.051.65
NOVT Novanta Inc.155%156%0.991.38
OSIS OSI Systems, Inc.88%99%0.890.97
MKSI MKS Inc.156%181%0.861.77
QCOM QUALCOMM Incorporated115%139%0.831.51
FTV Fortive Corporation88%133%0.661.10
ITRI Itron, Inc.97%158%0.611.27
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What diversifies KEYS?

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

ETFs

InvestmentCorrelation5Y returnSharpe20232022201580/20 mix volatility80/20 mix annual return
KEYS Keysight Technologies, Inc. (this page)1.00+76.8%0.50−7.0%−17.2%−16.1%34.8%+17.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.37+119%1.48+17.4%+3.8%—28.6%+18.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.33+225%1.34+42.0%+6.0%+7.7%28.8%+20.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.44+103%1.06+8.0%+10.4%−25.3%29.3%+17.7%
FJAN Multi-AssetFT Vest U.S. Equity Buffer ETF - January0.45+68.3%1.04+21.6%−4.0%—28.8%+16.9%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.46+61.5%0.97+16.9%−5.6%+4.7%28.7%+16.8%
FDVV Dividend & IncomeFidelity High Dividend ETF0.43+87.9%0.94+18.0%−4.2%—29.3%+17.4%
XLE EnergyState Street Energy Select Sector SPDR ETF0.11+178%0.94−0.6%+64.4%−21.5%28.9%+19.9%
GLD CommoditiesSPDR Gold Shares0.13+120%0.93+12.7%−0.8%−10.7%28.5%+18.6%

Stocks

InvestmentCorrelation5Y returnSharpe20232022201580/20 mix volatility80/20 mix annual return
KEYS Keysight Technologies, Inc. (this page)1.00+76.8%0.50−7.0%−17.2%−16.1%34.8%+17.3%
CAH Medical - DistributionCardinal Health, Inc.0.25+471%1.54+34.1%+54.1%+12.6%29.6%+22.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.30+2,780%1.43+160%+1.3%−6.0%33.3%+35.0%
MCK Medical - DistributionMcKesson Corporation0.27+397%1.41+24.1%+51.8%−4.5%29.6%+21.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.11+660%1.39+30.4%+86.6%+17.4%29.3%+24.8%
PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras0.18+721%1.32+89.6%+55.4%−41.1%30.1%+24.3%
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Common questions

What was KEYS's worst drawdown?

KEYS's deepest decline since it began trading in 2014 was 45.5%, from March 2015 to February 2016. It took 13 months from the low to climb back to its old high. Because KEYS launched in October 2014, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were KEYS's best and worst years?

Over 11 full calendar years, KEYS's best year was 2019, when it returned 65.3%. Its worst was 2022, with a return of -17.2%.

Is there a better investment than KEYS?

Among KEYS's popular alternatives, CSCO earned more than KEYS with less volatility over the past 5 years: 16.9% a year at 26.1% volatility, against 12.1% a year at 34.8%. Looking beyond its popular alternatives, FSS (industrial machinery) and APH (electronic components) earned more than KEYS with less volatility over the past 5 years. FSS returned 23.2% a year at 31.7% volatility, against 12.1% a year at 34.8%.

Is KEYS more volatile than the S&P 500?

Yes. KEYS's volatility over the past 5 years was 34.8%, about twice the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, KEYS's return lands within 34.8% 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 KEYS's Sharpe ratio?

KEYS's Sharpe ratio over the past 5 years was 0.50, against 0.78 for the S&P 500, so KEYS 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 KEYS with the S&P 500?

Over the past 5 years, KEYS's monthly returns had a correlation of 0.53 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 KEYS instead: the lower it is, the more that option would diversify a KEYS holding.

What are the best alternatives to KEYS?

Of the 17 popular alternatives we compared, one outperformed KEYS in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: NVDA.

Did KEYS outperform the S&P 500?

KEYS finished ahead of the S&P 500 (SPY) in seven of 11 full calendar years. In 2025, it returned +26.5%, against +17.7% for the index.

How did KEYS do in stock market crashes?

KEYS fell less than the S&P 500 (SPY) in three of the six major crashes it has traded through, and further in two. The clearest case was the Covid crash, when KEYS fell 17.7% and the S&P 500 fell 33.7%.

What diversifies KEYS?

These had a low correlation with KEYS over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.37), DXJ (correlation 0.33) and EMLP (correlation 0.44); among large stocks, CAH (correlation 0.25), CLS (correlation 0.30) and MCK (correlation 0.27). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to KEYS

Other stocks and ETFs