BetterThanSPY

Relative Intelligence · Payment Processing

How Mastercard (MA) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MA alone. It places MA (Mastercard Incorporated) against 19 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 MA stands in the market, and of the alternatives worth a closer look.

Period covered: MA's full trading record, from May 2006 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 MA →Chart MA vs. 19 alternatives →

This page answers the following questions about MA

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 MA have grown?

This chart tracks a hypothetical $10,000 investment in MA over the past 20 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MA over the same span and MA'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: MA began trading on May 25, 2006, so the chart cannot reach back to the dot-com bust. It covers the most recent 20 years of MA's record, starting at the end of September 2006.

Choose a period

From the end of September 2006 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. 14 of the 1,666 stocks and funds worth at least $500 million that traded the whole period ended ahead of MA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M2006200920122015201820212024$10,000$100,000$1M20062011201620212026
  • NVDA$5M+50,740% total · +36.6% a year
  • NFLX$2M+21,280% total · +30.8% a year
  • AMZN$2M+15,374% total · +28.7% a year
  • AAPL$1M+14,379% total · +28.2% a year
  • BKNG$1M+11,213% total · +26.7% a year
  • MA$865,809+8,558% total · +25.0% a year
  • JPM$117,399+1,074% total · +13.1% a year
  • SPY (S&P 500)$82,294+723% total · +11.1% a year
  • AXP$73,285+633% total · +10.5% a year
  • COF$33,848+238% total · +6.3% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,326 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of MA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000202120222023202420252026$0$10,000$20,000$30,000202120222023202420252026
  • GILD$25,496+155% total · +20.6% a year
  • AMGN$23,160+132% total · +18.3% a year
  • JPM$22,905+129% total · +18.0% a year
  • AXP$19,289+92.9% total · +14.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • KO$18,994+89.9% total · +13.7% a year
  • V$16,755+67.5% total · +10.9% a year
  • MA$16,338+63.4% total · +10.3% a year
  • SHOP$10,938+9.4% total · +1.8% a year
  • XYZ$3,066−69.3% total · −21.1% a year
Change the dates or add tickers to this chart in EasyCompare

MA 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: MA began trading on May 25, 2006, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$555B
Industry
Financial - Credit Services
Price history from
May 2006

Returns

Past 1 year
+11.5%total return
Past 3 years
+68.0%+18.9% a year
Past 5 years
+81.9%+12.7% a year
Past 10 years
+551%+20.6% a year
Best calendar year
+119%2007
Worst calendar year
−33.4%2008
Losing years
3 of 19full calendar years

Risk

Volatility
23.8%typical yearly swing, 5 years
Sharpe ratio
0.62return per unit of risk, 5 years
Worst decline ever
−62.7%Jun 2008 to Jan 2009
From its all-time high
At its highwithin 1%

MA against the whole market

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

How does MA rank among all stocks?

This section ranks MA 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 MA 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.

MeasureMARankStanding
1-year return+11.5%1,571 of 3,282top 48%
3-year return+68.0%1,325 of 3,016top 44%
5-year return+81.9%810 of 2,897top 28%
10-year return+551%265 of 2,201top 12%
Volatility, 5 years23.8%247 of 2,897top 9%
Sharpe ratio, 5 years0.62623 of 2,897top 22%
Worst decline, past 10 years−41.0%176 of 2,184top 8%

What has beaten MA 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). MA sits where the dashed lines cross. Anything in the green box above and to the left earned more than MA 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 MA; faint dots are 61 more of the 83 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.

10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%26.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MANVS: +17.4% a year, volatility 20.7%GLD: +17.1% a year, volatility 19.0%RSG: +14.1% a year, volatility 18.6%DYNF: +14.4% a year, volatility 17.5%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%NI: +15.5% a year, volatility 20.3%DIVB: +14.6% a year, volatility 15.5%RY: +17.5% a year, volatility 18.2%IOO: +15.6% a year, volatility 17.2%USMC: +13.8% a year, volatility 16.5%CRAK: +19.5% a year, volatility 20.9%MPLX: +24.0% a year, volatility 18.8%TDIV: +16.5% a year, volatility 21.3%GARP: +16.6% a year, volatility 22.5%SPUS: +14.8% a year, volatility 19.5%FFLC: +15.5% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%DBJP: +20.9% a year, volatility 19.3%EWJV: +15.1% a year, volatility 18.2%DGT: +13.9% a year, volatility 15.1%TD: +16.5% a year, volatility 20.0%TJX: +19.8% a year, volatility 22.3%BTI: +19.4% a year, volatility 22.0%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%CM: +19.5% a year, volatility 21.6%EPD: +16.3% a year, volatility 17.1%BMO: +14.0% a year, volatility 21.4%KMI: +20.1% a year, volatility 22.3%AFL: +19.5% a year, volatility 20.8%ETR: +19.8% a year, volatility 22.4%SDCI: +21.1% a year, volatility 18.4%HIG: +15.8% a year, volatility 22.0%TPYP: +17.2% a year, volatility 17.3%PBA: +13.8% a year, volatility 21.6%L: +15.0% a year, volatility 19.2%PVAL: +15.9% a year, volatility 15.1%AMLP: +16.4% a year, volatility 18.9%RWL: +13.7% a year, volatility 14.4%PNW: +14.6% a year, volatility 19.9%PAVE: +14.6% a year, volatility 21.7%FDL: +14.6% a year, volatility 14.5%ITA: +14.4% a year, volatility 20.4%VLUE: +16.2% a year, volatility 18.4%ORI: +17.3% a year, volatility 22.2%EMLP: +15.2% a year, volatility 14.5%GCOW: +14.4% a year, volatility 13.6%EUFN: +18.1% a year, volatility 21.8%PXF: +13.7% a year, volatility 16.6%BATRA: +13.8% a year, volatility 21.8%EWP: +19.2% a year, volatility 20.3%PWB: +14.0% a year, volatility 22.3%VFMF: +14.5% a year, volatility 17.6%ATMP: +21.7% a year, volatility 21.5%IGE: +18.1% a year, volatility 22.0%IDOG: +14.1% a year, volatility 15.6%GVAL: +14.2% a year, volatility 18.7%QVAL: +13.9% a year, volatility 21.4%MA: +12.7% a year, volatility 23.8%SPY (S&P 500): +12.5% a year, volatility 17.2%V: +13.2% a year, volatility 22.9%JPM: +17.3% a year, volatility 24.3%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%KO: +15.2% a year, volatility 16.8%TRV: +22.4% a year, volatility 22.3%LVHI: +16.9% a year, volatility 11.1%CAH: +41.7% a year, volatility 24.7%FAST: +16.2% a year, volatility 24.6%VOO: +12.6% a year, volatility 16.9%DXJ: +26.6% a year, volatility 19.1%MASPY (S&P 500)VJPMAMGNGILDKOTRVLVHICAHFASTVOODXJ10.0%15.0%20.0%25.0%30.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MANVS: +17.4% a year, volatility 20.7%GLD: +17.1% a year, volatility 19.0%RSG: +14.1% a year, volatility 18.6%DYNF: +14.4% a year, volatility 17.5%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%NI: +15.5% a year, volatility 20.3%DIVB: +14.6% a year, volatility 15.5%RY: +17.5% a year, volatility 18.2%IOO: +15.6% a year, volatility 17.2%USMC: +13.8% a year, volatility 16.5%CRAK: +19.5% a year, volatility 20.9%MPLX: +24.0% a year, volatility 18.8%TDIV: +16.5% a year, volatility 21.3%GARP: +16.6% a year, volatility 22.5%SPUS: +14.8% a year, volatility 19.5%FFLC: +15.5% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%DBJP: +20.9% a year, volatility 19.3%EWJV: +15.1% a year, volatility 18.2%DGT: +13.9% a year, volatility 15.1%TD: +16.5% a year, volatility 20.0%TJX: +19.8% a year, volatility 22.3%BTI: +19.4% a year, volatility 22.0%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%CM: +19.5% a year, volatility 21.6%EPD: +16.3% a year, volatility 17.1%BMO: +14.0% a year, volatility 21.4%KMI: +20.1% a year, volatility 22.3%AFL: +19.5% a year, volatility 20.8%ETR: +19.8% a year, volatility 22.4%SDCI: +21.1% a year, volatility 18.4%HIG: +15.8% a year, volatility 22.0%TPYP: +17.2% a year, volatility 17.3%PBA: +13.8% a year, volatility 21.6%L: +15.0% a year, volatility 19.2%PVAL: +15.9% a year, volatility 15.1%AMLP: +16.4% a year, volatility 18.9%RWL: +13.7% a year, volatility 14.4%PNW: +14.6% a year, volatility 19.9%PAVE: +14.6% a year, volatility 21.7%FDL: +14.6% a year, volatility 14.5%ITA: +14.4% a year, volatility 20.4%VLUE: +16.2% a year, volatility 18.4%ORI: +17.3% a year, volatility 22.2%EMLP: +15.2% a year, volatility 14.5%GCOW: +14.4% a year, volatility 13.6%EUFN: +18.1% a year, volatility 21.8%PXF: +13.7% a year, volatility 16.6%BATRA: +13.8% a year, volatility 21.8%EWP: +19.2% a year, volatility 20.3%PWB: +14.0% a year, volatility 22.3%VFMF: +14.5% a year, volatility 17.6%ATMP: +21.7% a year, volatility 21.5%IGE: +18.1% a year, volatility 22.0%IDOG: +14.1% a year, volatility 15.6%GVAL: +14.2% a year, volatility 18.7%QVAL: +13.9% a year, volatility 21.4%MA: +12.7% a year, volatility 23.8%SPY (S&P 500): +12.5% a year, volatility 17.2%V: +13.2% a year, volatility 22.9%JPM: +17.3% a year, volatility 24.3%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%KO: +15.2% a year, volatility 16.8%TRV: +22.4% a year, volatility 22.3%LVHI: +16.9% a year, volatility 11.1%CAH: +41.7% a year, volatility 24.7%FAST: +16.2% a year, volatility 24.6%VOO: +12.6% a year, volatility 16.9%DXJ: +26.6% a year, volatility 19.1%MASPY (S&P 500)VJPMAMGNGILDKOTRVLVHICAHFASTVOODXJ
  • Popular alternatives
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× MA's volatility is in the table only

Is there a better investment than MA?

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

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

Screen the whole market against MA for any period in BetterThanSPYOpen these 12 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 MA?lower diversifies moreExpenseper year
MAMastercard Incorporated · this page
+12.7%23.8%0.62−41.0%+551%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.570.09%
Popular alternativesbest 3 shownThe investments people most often weigh against MA. 3 of 19 passed at least one test.
VVisa Inc. · Payment Processing
Higher return in most periods+13.2%22.9%0.66−36.4%+435%0.88—
SHOPShopify Inc. · Software
Higher return in most periods+3.4%66.9%0.38−84.8%+3,745%0.47—
JPMJPMorgan Chase & Co. · Banks
Higher return, similar volatility+17.3%24.3%0.78−43.6%+534%0.58—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 315 of 3,526 passed at least one test.
AMGNAmgen Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.1%24.9%0.86−24.9%+280%0.38—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.8%24.9%0.95−30.5%+202%0.27—
KOThe Coca-Cola Company · Nonalcoholic Beverages
Higher return, lower volatilityHigher return in most periods+15.2%16.8%0.93−37.0%+205%0.45—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+360%0.51—
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%0.660.40%
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+41.7%24.7%1.54−46.1%+345%0.35—
FASTFastenal Company · Industrial Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+16.2%24.6%0.74−30.7%+582%0.36—
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Similar return, lower volatilityHigher Sharpe, smaller worst decline+12.6%16.9%0.79−34.0%+319%0.570.03%
What these numbers mean for MA
Annual return
MA returned 12.7% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $18,200. 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
MA's volatility over the past 5 years was 23.8%, 1.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MA's return lands within 23.8% 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
MA's Sharpe ratio over the past 5 years was 0.62, against 0.78 for the S&P 500, so MA 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
MA's worst fall from a peak to a low over the past 10 years was 41.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 41.0% fall takes a 69.5% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MA's monthly returns had a correlation of 0.57 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 MA instead: the lower it is, the more that option would diversify a MA holding. Guide: Correlation and diversification →
Show all 83 stocks and funds worth at least $500 million that earned more than MA with less volatility

Out of 3,641 tested over 5 years. The strongest 65 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with MAExpense
1
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.45—
2
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%0.51—
3
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.660.40%
4
NVSNovartis AG · Pharmaceuticals
Whole market+17.4%20.7%0.89−26.8%+234%0.40—
5
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+206%0.010.40%
6
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+461%0.30—
7
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.4%17.5%0.86−34.7%—0.530.26%
8
ATOAtmos Energy Corporation · Gas Utilities
Whole market+15.9%18.5%0.90−32.9%+207%0.49—
9
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%—0.640.27%
10
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.1%20.9%0.91−30.9%+485%0.400.13%
11
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+13.9%16.9%0.86−19.5%—0.610.15%
12
NINiSource Inc · Gas Utilities
Whole market+15.5%20.3%0.81−30.9%+166%0.39—
13
DIVBiShares Core Dividend ETF · High Dividend Yield
Whole market+14.6%15.5%0.96−36.9%—0.690.05%
14
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.51—
15
IOOiShares Global 100 ETF · Global Equity
Whole market+15.6%17.2%0.94−31.4%+357%0.550.40%
16
USMCPrincipal U.S. Mega-Cap ETF · US Large-Cap Equity
Whole market+13.8%16.5%0.87−30.0%—0.590.12%
17
CRAKVanEck Oil Refiners ETF · Oil Refining
Whole market+19.5%20.9%0.96−58.8%+325%0.430.61%
18
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.52—
19
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.5%21.3%0.83−32.0%+384%0.430.50%
20
GARPiShares MSCI USA Quality GARP ETF · US Large-Cap Growth
Whole market+16.6%22.5%0.80−31.4%—0.400.15%
21
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · US Large-Cap Equity
Whole market+14.8%19.5%0.81−30.8%—0.450.45%
22
FFLCFidelity Fundamental Large Cap Core ETF · Active Core Equity
Whole market+15.5%16.8%0.94−19.7%—0.620.38%
23
IUSInvesco RAFI Strategic US ETF · US Total Market
Whole market+14.7%14.9%1.00−34.7%—0.660.19%
24
DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity
Whole market+20.9%19.3%1.09−31.3%+339%0.330.45%
25
EWJViShares MSCI Japan Value ETF · Japan Equity
Whole market+15.1%18.2%0.87−30.1%—0.540.15%
26
DGTState Street SPDR Global Dow ETF · Global Equity
Whole market+13.9%15.1%0.95−34.4%+260%0.670.50%
27
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.360.48%
28
TDThe Toronto-Dominion Bank · Banks
Whole market+16.5%20.0%0.87−42.0%+319%0.38—
29
TJXThe TJX Companies, Inc. · Apparel Retail
Whole market+19.8%22.3%0.93−42.5%+357%0.51—
30
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+19.4%22.0%0.92−56.1%+110%0.37—
31
MOAltria Group, Inc. · Tobacco
Whole market+18.3%21.4%0.90−53.7%+133%0.48—
32
CBChubb Limited · Property & Casualty Insurance
Whole market+15.8%20.4%0.82−42.6%+256%0.41—
33
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.5%21.6%0.94−47.3%+409%0.45—
34
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.3%17.1%0.98−58.1%+178%0.52—
35
BMOBank of Montreal · Banks
Whole market+14.0%21.4%0.72−51.0%+304%0.47—
36
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+20.1%22.3%0.94−55.1%+159%0.46—
37
AFLAflac Incorporated · Life Insurance
Whole market+19.5%20.8%0.97−54.9%+344%0.52—
38
ETREntergy Corporation · Electric Utilities
Whole market+19.8%22.4%0.92−42.0%+326%0.33—
39
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Broad Commodities
Whole market+21.1%18.4%1.14−45.7%—0.230.80%
40
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.8%22.0%0.78−57.6%+302%0.58—
41
TPYPTortoise North American Pipeline ETF · Energy Infrastructure
Whole market+17.2%17.3%1.01−51.9%+188%0.540.40%
42
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.6%0.71−70.9%+173%0.49—
43
LLoews Corporation · Property & Casualty Insurance
Whole market+15.0%19.2%0.83−48.5%+190%0.54—
44
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+15.9%15.1%1.06−41.3%—0.630.56%
45
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.4%18.9%0.90−72.9%+90.8%0.571.01%
46
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.680.39%
47
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+14.6%19.9%0.79−39.3%+110%0.31—
48
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.6%21.7%0.74−44.1%—0.520.47%
49
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield
Whole market+14.6%14.5%1.02−41.4%+207%0.660.43%
50
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Whole market+14.4%20.4%0.77−51.0%+253%0.460.37%
51
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+16.2%18.4%0.91−39.5%+286%0.480.15%
52
ORIOld Republic International Corporation · Property & Casualty Insurance
Whole market+17.3%22.2%0.83−47.8%+353%0.41—
53
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+15.2%14.5%1.06−43.6%+155%0.510.95%
54
GCOWPacer Global Cash Cows Dividend ETF · Global Equity
Whole market+14.4%13.6%1.06−37.6%+170%0.630.60%
55
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.1%21.8%0.88−53.2%+224%0.620.49%
56
PXFInvesco RAFI Developed Markets ex-U.S. ETF · International Large-Cap Equity
Whole market+13.7%16.6%0.86−41.6%+192%0.570.43%
57
BATRAAtlanta Braves Holdings, Inc. · Entertainment
Whole market+13.8%21.8%0.71−54.2%+216%0.30—
58
EWPiShares MSCI Spain ETF · International Equity
Whole market+19.2%20.3%0.97−46.4%+190%0.570.50%
59
PWBInvesco Large Cap Growth ETF · US Large-Cap Growth
Whole market+14.0%22.3%0.70−32.4%+389%0.380.55%
60
VFMFVanguard U.S. Multifactor ETF · US Multifactor Equity
Whole market+14.5%17.6%0.86−41.3%—0.620.18%
61
ATMPBarclays ETN+ Select MLP ETN · Energy Infrastructure
Whole market+21.7%21.5%1.02−70.3%+174%0.560.95%
62
IGEiShares North American Natural Resources ETF · Natural Resources Equity
Whole market+18.1%22.0%0.87−60.6%+158%0.460.37%
63
IDOGALPS International Sector Dividend Dogs ETF · International Dividend Equity
Whole market+14.1%15.6%0.93−37.3%+180%0.610.50%
64
GVALCambria Global Value ETF · Global Equity
Whole market+14.2%18.7%0.81−46.8%+168%0.480.68%
65
QVALAlpha Architect U.S. Quantitative Value ETF · US Value Equity
Whole market+13.9%21.4%0.72−51.5%+229%0.620.28%

MA against its popular alternatives

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

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

Green points earned more than MA 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%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMA: 12.7% a year, volatility 23.8%SPY (S&P 500): 12.5% a year, volatility 17.2%V: 13.2% a year, volatility 22.9%SHOP: 3.4% a year, volatility 66.9%XYZ: −20.8% a year, volatility 59.8%CPAY: 8.4% a year, volatility 32.5%PAY: 5.8% a year, volatility 64.3%COF: 5.8% a year, volatility 35.1%SOFI: −6.4% a year, volatility 65.7%TOST: −7.6% a year, volatility 59.9%WEX: 0.4% a year, volatility 37.3%FLYW: −16.8% a year, volatility 56.4%RELY: −5.8% a year, volatility 57.8%GPN: −10.6% a year, volatility 36.9%PYPL: −24.7% a year, volatility 43.2%FISV: −14.3% a year, volatility 36.8%EEFT: −11.4% a year, volatility 35.6%FIS: −18.9% a year, volatility 34.0%FOUR: −12.2% a year, volatility 58.3%JPM: 17.3% a year, volatility 24.3%AXP: 13.1% a year, volatility 29.2%MASPY (S&P 500)SHOPXYZCPAYPAYCOFSOFITOSTWEXFLYWRELYGPNPYPLFISVEEFTFISFOURJPMAXP10.0%20.0%30.0%40.0%50.0%60.0%70.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMA: 12.7% a year, volatility 23.8%SPY (S&P 500): 12.5% a year, volatility 17.2%V: 13.2% a year, volatility 22.9%SHOP: 3.4% a year, volatility 66.9%XYZ: −20.8% a year, volatility 59.8%CPAY: 8.4% a year, volatility 32.5%PAY: 5.8% a year, volatility 64.3%COF: 5.8% a year, volatility 35.1%SOFI: −6.4% a year, volatility 65.7%TOST: −7.6% a year, volatility 59.9%WEX: 0.4% a year, volatility 37.3%FLYW: −16.8% a year, volatility 56.4%RELY: −5.8% a year, volatility 57.8%GPN: −10.6% a year, volatility 36.9%PYPL: −24.7% a year, volatility 43.2%FISV: −14.3% a year, volatility 36.8%EEFT: −11.4% a year, volatility 35.6%FIS: −18.9% a year, volatility 34.0%FOUR: −12.2% a year, volatility 58.3%JPM: 17.3% a year, volatility 24.3%AXP: 13.1% a year, volatility 29.2%MASPY (S&P 500)SHOPXYZCPAYPAYCOFSOFITOSTWEXFLYWGPNPYPLFISVEEFTFISFOURJPM
All figures
InvestmentAnnual returnVolatility
JPM JPMorgan Chase & Co.+17.3%24.3%
V Visa Inc.+13.2%22.9%
AXP American Express Company+13.1%29.2%
MA This pageMastercard Incorporated+12.7%23.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
CPAY Corpay, Inc.+8.4%32.5%
PAY Paymentus Holdings, Inc.+5.8%64.3%
COF Capital One Financial Corporation+5.8%35.1%
SHOP Shopify Inc.+3.4%66.9%
WEX WEX Inc.+0.4%37.3%
RELY Remitly Global, Inc.−5.8%57.8%
SOFI SoFi Technologies, Inc.−6.4%65.7%
TOST Toast, Inc.−7.6%59.9%
GPN Global Payments Inc.−10.6%36.9%
EEFT Euronet Worldwide, Inc.−11.4%35.6%
FOUR Shift4 Payments, Inc.−12.2%58.3%
FISV Fiserv, Inc.−14.3%36.8%
FLYW Flywire Corp−16.8%56.4%
FIS Fidelity National Information Services, Inc.−18.9%34.0%
XYZ Block, Inc.−20.8%59.8%
PYPL PayPal Holdings, Inc.−24.7%43.2%
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Has MA consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than MA 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
MA Mastercard Incorporated (this page)—+14.1%+19.2%+24.5%+13.2%+11.5%+68.0%+81.9%+551%23.8%0.62−41.0%—$555B—
V QualifiedVisa Inc.3/5 short2/3 long+14.4%+17.5%+33.6%+20.3%+20.9%+83.1%+86.1%+435%22.9%0.66−36.4%—$774B—
SHOP Software - ApplicationShopify Inc.2/5 short2/3 long+14.3%+42.6%+27.9%+7.4%+4.2%+231%+18.4%+3,745%66.9%0.38−84.8%—$219B—
XYZ Software - InfrastructureBlock, Inc.1/5 short2/3 long+1.9%+2.0%+9.0%+21.3%+4.1%+80.0%−68.8%+596%59.8%-0.09−86.1%—$47B—
JPM Banks - DiversifiedJPMorgan Chase & Co.1/5 short2/3 long−0.5%−2.9%+8.5%+5.4%+16.6%+154%+122%+534%24.3%0.78−43.6%—$895B—
AXP Financial - Credit ServicesAmerican Express Company0/5 short2/3 long+6.9%−6.5%−1.8%−12.0%−6.6%+133%+84.7%+455%29.2%0.57−49.6%—$219B—
CPAY Software - InfrastructureCorpay, Inc.3/5 short1/3 long+5.6%+15.6%+25.5%+38.1%+46.6%+74.1%+49.6%+136%32.5%0.41−50.1%—$27B—
PAY Software - InfrastructurePaymentus Holdings, Inc.2/5 short1/3 long+5.5%+17.3%+17.5%+19.7%+12.7%+132%+32.7%—64.3%0.40−80.8%—$4.3B—
COF Financial - Credit ServicesCapital One Financial Corporation0/5 short1/3 long+1.4%+1.4%+2.8%−17.0%−6.3%+136%+32.3%+221%35.1%0.34−60.3%—$125B—
SOFI Financial - Credit ServicesSoFi Technologies, Inc.0/5 short1/3 long−13.9%−13.5%−22.5%−46.2%−45.7%+103%−28.2%—65.7%0.22−83.3%—$19B—
TOST Software - InfrastructureToast, Inc.0/5 short1/3 long+12.7%+14.4%+13.4%−1.8%−12.3%+94.4%−32.6%—59.9%0.17−80.6%—$17B—
WEX Software - InfrastructureWEX Inc.3/5 short0/3 long+9.3%+27.3%+7.1%+33.5%+27.2%+7.2%+1.8%+84.1%37.3%0.20−64.6%—$6.8B—
FLYW Specialty Business ServicesFlywire Corp3/5 short0/3 long+11.1%+15.8%+36.8%+37.8%+41.9%−32.3%−60.0%—56.4%-0.04−84.4%—$2.3B—
RELY Software - InfrastructureRemitly Global, Inc.3/5 short0/3 long+19.0%+9.6%+20.9%+91.5%+51.6%−5.1%−25.8%—57.8%0.19−85.8%—$5.4B—
GPN Financial - Credit ServicesGlobal Payments Inc.1/5 short0/3 long+1.3%+9.1%+20.7%+14.8%+1.5%−18.4%−42.9%+23.1%36.9%-0.12−70.2%—$23B—
PYPL Financial - Credit ServicesPayPal Holdings, Inc.0/5 short0/3 long+8.8%+3.9%+13.0%−0.2%−14.5%+8.8%−75.8%+32.6%43.2%-0.44−87.3%—$49B—
FISV Information Technology ServicesFiserv, Inc.0/5 short0/3 long+10.2%+1.2%−19.7%−22.5%−59.4%−53.6%−53.9%+1.6%36.8%-0.21−81.3%—$27B—
EEFT Software - InfrastructureEuronet Worldwide, Inc.0/5 short0/3 long+2.1%−14.2%−15.5%−9.5%−24.3%−16.6%−45.3%−17.7%35.6%-0.16−63.3%—$2.5B—
FIS Information Technology ServicesFidelity National Information Services, Inc.0/5 short0/3 long+9.5%−4.5%−18.1%−39.8%−41.4%−16.2%−65.0%−38.8%34.0%-0.44−76.0%—$20B—
FOUR Software - InfrastructureShift4 Payments, Inc.0/5 short0/3 long+2.8%−16.7%−21.6%−35.9%−46.7%−16.9%−47.8%—58.3%0.07−71.7%—$4.2B—
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How did MA do year by year?

This table shows each investment's total return in every full calendar year since 2007, along with where MA ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MA and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: MA began trading on May 25, 2006, so the table starts with 2007, its first full calendar year, and cannot show how it fared during the dot-com bust.

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

InvestmentYears ahead of MA2025202420232022202120202019201820172016201520142013201220112010200920082007
MA This pageMastercard Incorporated—+9.0%+24.2%+23.4%−2.7%+1.2%+20.2%+59.2%+25.3%+47.7%+6.9%+13.8%+3.7%+70.7%+32.1%+66.7%−12.2%+79.8%−33.4%+119%
Rank among alternativesTop quarter in 8 of 197 of 2012 of 2013 of 203 of 206 of 164 of 143 of 143 of 144 of 1410 of 145 of 119 of 113 of 118 of 111 of 117 of 104 of 105 of 91 of 9
SPY S&P 500State Street SPDR S&P 500 ETF6 of 19+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%
V Visa Inc.5 of 17+11.8%+22.3%+26.3%−3.4%−0.3%+17.1%+43.3%+16.5%+47.2%+1.4%+19.1%+18.7%+48.0%+50.5%+45.4%−18.9%+68.0%——
SHOP Shopify Inc.9 of 10+51.4%+36.5%+124%−74.8%+21.7%+185%+187%+37.1%+135%+66.3%—————————
XYZ Block, Inc.3 of 10−23.4%+9.9%+23.1%−61.1%−25.8%+248%+11.5%+61.8%+154%+4.1%—————————
JPM JPMorgan Chase & Co.9 of 19+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%
AXP American Express Company7 of 19+26.0%+60.3%+28.7%−8.5%+36.9%−1.1%+32.5%−2.6%+36.2%+8.6%−24.2%+3.7%+59.8%+23.6%+11.6%+7.8%+126%−63.7%−13.4%
CPAY Corpay, Inc.4 of 15−11.1%+19.8%+53.9%−17.9%−18.0%−5.2%+54.9%−3.5%+36.0%−1.0%−3.9%+26.9%+118%+79.6%−3.4%————
PAY Paymentus Holdings, Inc.2 of 4−3.3%+82.8%+123%−77.1%———————————————
COF Capital One Financial Corporation9 of 19+37.6%+38.3%+44.3%−34.6%+49.3%−2.7%+38.6%−22.8%+16.3%+23.8%−10.9%+9.4%+34.2%+37.5%−0.1%+11.6%+24.1%−30.3%−38.4%
SOFI SoFi Technologies, Inc.4 of 5+70.0%+54.8%+116%−70.8%+27.1%——————————————
TOST Toast, Inc.1 of 4−2.6%+99.6%+1.3%−48.0%———————————————
WEX WEX Inc.5 of 19−15.0%−9.9%+18.9%+16.6%−31.0%−2.8%+49.5%−0.8%+26.6%+26.2%−10.6%−0.1%+31.4%+38.9%+18.0%+44.4%+153%−64.5%+13.9%
FLYW Flywire Corp0 of 4−31.3%−10.9%−5.4%−35.7%———————————————
RELY Remitly Global, Inc.1 of 4−38.9%+16.2%+69.6%−44.5%———————————————
GPN Global Payments Inc.6 of 19−30.1%−11.0%+29.0%−25.9%−36.9%+18.5%+77.3%+2.9%+44.5%+7.6%+59.9%+24.4%+43.7%−4.3%+2.6%−14.1%+64.6%−29.4%+0.7%
PYPL PayPal Holdings, Inc.4 of 10−31.4%+39.0%−13.8%−62.2%−19.5%+117%+28.6%+14.2%+86.5%+9.0%—————————
FISV Fiserv, Inc.7 of 19−67.3%+54.6%+31.4%−2.6%−8.8%−1.5%+57.3%+12.1%+23.9%+17.2%+30.7%+21.9%+49.8%+34.6%+0.4%+20.8%+33.3%−34.5%+5.8%
EEFT Euronet Worldwide, Inc.4 of 19−26.0%+1.3%+7.5%−20.8%−17.8%−8.0%+53.9%+21.5%+16.4%0.0%+31.9%+14.7%+103%+27.7%+6.0%−20.5%+89.1%−61.3%+1.0%
FIS Fidelity National Information Services, Inc.6 of 19−15.8%+37.0%−8.2%−36.5%−21.9%+2.7%+37.2%+10.3%+26.1%+26.6%−1.0%+17.8%+57.4%+34.1%−2.2%+17.7%+45.4%+282%+4.7%
FOUR Shift4 Payments, Inc.2 of 5−39.3%+39.6%+32.9%−3.5%−23.2%——————————————
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Risk and diversification

How MA 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 MA's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MA's five deepest drawdowns since it began trading in 2006, 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: MA began trading on May 25, 2006, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringMA fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−62.7%−40.9%Jun 2008Jan 20097 monthsJul 20112.5 years
Covid crash−41.0%−33.7%Feb 2020Mar 20201 monthAug 20205 months
2022 bear market−28.2%−21.1%Feb 2022Oct 20228 monthsJul 20239 months
No named crash−24.0%−8.9%Jul 2007Aug 20071 monthOct 20072 months
No named crash−22.4%+8.6%Apr 2021Dec 20218 monthsFeb 20222 months

How did MA do in stock market crashes?

This section measures how far MA, 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: MA began trading on May 25, 2006, so its row reads "Not yet trading" for the dot-com bust. 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 MA.

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
MA This pageMastercard Incorporated—−4.0%−28.2%−41.0%−21.9%−5.8%−20.4%−13.8%−3.1%−62.7%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF7 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
V Visa Inc.7 of 8−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%——
SHOP Shopify Inc.0 of 6−5.1%−79.0%−40.7%−27.6%−5.4%−49.2%————
XYZ Block, Inc.0 of 5−10.9%−65.8%−55.5%−48.8%−9.4%—————
JPM JPMorgan Chase & Co.2 of 9−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
AXP American Express Company1 of 9−9.8%−31.6%−49.6%−20.7%−8.6%−36.6%−18.1%−4.5%−83.4%−59.1%
CPAY Corpay, Inc.0 of 7−8.9%−35.3%−46.5%−23.0%−8.5%−30.8%−15.9%———
PAY Paymentus Holdings, Inc.0 of 2−13.8%−69.6%————————
COF Capital One Financial Corporation1 of 9−11.1%−42.6%−58.8%−28.2%−9.6%−28.5%−24.2%−2.1%−87.7%−65.6%
SOFI SoFi Technologies, Inc.0 of 2−15.2%−67.8%————————
TOST Toast, Inc.0 of 2−9.5%−58.9%————————
WEX WEX Inc.1 of 9−10.3%−30.4%−64.6%−34.6%−9.4%−42.9%−29.8%−2.3%−79.0%—
FLYW Flywire Corp0 of 2−8.6%−57.8%————————
RELY Remitly Global, Inc.0 of 2−3.8%−62.9%————————
GPN Global Payments Inc.1 of 9−11.9%−29.2%−44.3%−25.4%−7.5%−27.8%−18.6%−5.7%−44.4%—
PYPL PayPal Holdings, Inc.2 of 6−4.4%−63.8%−31.2%−16.7%−5.6%−21.6%————
FISV Fiserv, Inc.6 of 9−10.9%−19.3%−37.7%−16.2%−6.1%−11.3%−20.4%−1.4%−48.3%−51.5%
EEFT Euronet Worldwide, Inc.2 of 9−9.8%−49.5%−52.4%−19.8%−11.3%−29.4%−19.8%−2.1%−77.6%−79.1%
FIS Fidelity National Information Services, Inc.4 of 9−20.2%−38.5%−34.7%−13.1%−8.0%−23.4%−23.3%0.0%−46.4%—
FOUR Shift4 Payments, Inc.0 of 2−6.2%−53.5%————————
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How closely does MA 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 MA 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 MA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MA This pageMastercard Incorporated105%88%1.200.95
V Visa Inc.93%79%1.180.87
SHOP Shopify Inc.233%203%1.152.09
JPM JPMorgan Chase & Co.117%103%1.141.09
AXP American Express Company117%113%1.031.16
COF Capital One Financial Corporation115%146%0.791.39
XYZ Block, Inc.212%273%0.782.52
CPAY Corpay, Inc.96%132%0.721.15
WEX WEX Inc.114%190%0.601.37
PYPL PayPal Holdings, Inc.106%186%0.571.25
GPN Global Payments Inc.76%139%0.540.98
FISV Fiserv, Inc.51%107%0.480.86
EEFT Euronet Worldwide, Inc.65%144%0.451.22
FIS Fidelity National Information Services, Inc.54%150%0.360.82
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What diversifies MA?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222010200880/20 mix volatility80/20 mix annual return
MA Mastercard Incorporated (this page)1.00+81.9%0.62−2.7%−12.2%−33.4%20.9%+10.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.36+225%1.34+6.0%−1.8%−20.8%17.8%+13.8%
SMH TechnologyVanEck Semiconductor ETF0.18+304%0.94−33.5%+19.0%−44.7%19.2%+16.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.42+178%0.94+64.4%+21.9%−39.0%19.5%+13.3%
GLD CommoditiesSPDR Gold Shares0.01+120%0.93−0.8%+29.3%+4.9%17.1%+12.5%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.48+112%0.91−14.2%——19.0%+12.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.40+130%0.91−10.4%——18.7%+12.9%
EWT TechnologyiShares MSCI Taiwan ETF0.19+147%0.87−28.9%+22.8%−45.3%18.3%+13.3%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.43+69.0%0.83−15.3%——18.0%+10.8%

Stocks

InvestmentCorrelation5Y returnSharpe20222010200880/20 mix volatility80/20 mix annual return
MA Mastercard Incorporated (this page)1.00+81.9%0.62−2.7%−12.2%−33.4%20.9%+10.3%
CAH Medical - DistributionCardinal Health, Inc.0.35+471%1.54+54.1%+21.4%−39.6%19.2%+16.0%
CLS Hardware, Equipment & PartsCelestica Inc.0.21+2,780%1.43+1.3%+2.8%−20.5%22.3%+28.7%
MCK Medical - DistributionMcKesson Corporation0.25+397%1.41+51.8%+13.8%−40.4%18.6%+15.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.18+1,452%1.41+17.0%+8.7%−15.2%20.3%+24.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.34+660%1.39+86.6%——19.8%+18.0%
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Common questions

What was MA's worst drawdown?

MA's deepest decline since it began trading in 2006 was 62.7%, from June 2008 to January 2009. It took about two years from the low to climb back to its old high. Because MA launched in May 2006, that record does not include the dot-com bust.

What were MA's best and worst years?

Over 19 full calendar years, MA's best year was 2007, when it returned 119%. Its worst was 2008, with a return of -33.4%.

Is there a better investment than MA?

Among MA's popular alternatives, JPM earned more than MA over the past 5 years with similar volatility: 17.3% a year at 24.3% volatility, against 12.7% a year at 23.8%. Across the whole market, 83 of the 3,641 stocks and funds worth at least $500 million earned more than MA with less volatility over the past 5 years, among them KO, NVS and RY.

Is MA more volatile than the S&P 500?

Yes. MA's volatility over the past 5 years was 23.8%, 1.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MA's return lands within 23.8% 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 MA's Sharpe ratio?

MA's Sharpe ratio over the past 5 years was 0.62, against 0.78 for the S&P 500, so MA 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 MA with the S&P 500?

Over the past 5 years, MA's monthly returns had a correlation of 0.57 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 MA instead: the lower it is, the more that option would diversify a MA holding.

What are the best alternatives to MA?

Of the 19 popular alternatives we compared, one outperformed MA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: V.

Did MA outperform the S&P 500?

MA finished ahead of the S&P 500 (SPY) in 12 of 19 full calendar years. In 2025, it returned +9.0%, against +17.7% for the index.

How did MA do in stock market crashes?

MA fell less than the S&P 500 (SPY) in two of the nine major crashes it has traded through, and further in seven. The clearest case was the 2015 China and oil sell-off, when MA fell 20.4% and the S&P 500 fell 12.8%.

What diversifies MA?

These had a low correlation with MA over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.36), SMH (correlation 0.18) and XLE (correlation 0.42); among large stocks, CAH (correlation 0.35), CLS (correlation 0.21) and MCK (correlation 0.25). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MA

Other stocks and ETFs