BetterThanSPY

Relative Intelligence · Hotels & Resorts

How Marriott International (MAR) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MAR alone. It places MAR (Marriott International, Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where MAR stands in the market, and of the alternatives worth a closer look.

Period covered: MAR's full trading record, from October 1993 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

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

This page answers the following questions about MAR

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 MAR have grown?

This chart tracks a hypothetical $10,000 investment in MAR over the past 23 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MAR over the same span and MAR'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: The chart covers the past 23 years rather than MAR's full 29 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2003 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. 229 of the 1,408 stocks and funds worth at least $500 million that traded the whole period ended ahead of MAR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M200320072011201520192023$10,000$100,000$1M2003200920152021
  • BKNG$1M+14,317% total · +24.1% a year
  • RS$497,754+4,878% total · +18.5% a year
  • LLY$369,077+3,591% total · +17.0% a year
  • MCK$304,185+2,942% total · +16.0% a year
  • IHG$234,061+2,241% total · +14.7% a year
  • MAR$220,765+2,108% total · +14.4% a year
  • RCL$125,111+1,151% total · +11.6% a year
  • SPY (S&P 500)$116,093+1,061% total · +11.2% a year
  • RHP$102,069+921% total · +10.6% a year
  • CCL$11,659+16.6% total · +0.7% 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. 506 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of MAR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • LLY$52,411+424% total · +39.3% a year
  • CAH$49,682+397% total · +37.8% a year
  • MCK$43,941+339% total · +34.5% a year
  • RCL$30,918+209% total · +25.3% a year
  • RS$29,255+193% total · +23.9% a year
  • ABBV$29,134+191% total · +23.8% a year
  • IHG$26,998+170% total · +22.0% a year
  • MAR$25,049+150% total · +20.2% a year
  • HLT$24,416+144% total · +19.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

MAR at a glance

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

The company

Market value
$103B
Industry
Travel Lodging
Price history from
October 1993

Returns

Past 1 year
+47.1%total return
Past 3 years
+116%+29.3% a year
Past 5 years
+167%+21.7% a year
Past 10 years
+544%+20.5% a year
Best calendar year
+66.2%2017
Worst calendar year
−42.3%2008
Losing years
9 of 29full calendar years

Risk

Volatility
28.6%typical yearly swing, 5 years
Sharpe ratio
0.83return per unit of risk, 5 years
Worst decline ever
−75.6%Apr 2007 to Nov 2008
From its all-time high
−1.8%below the peak

MAR against the whole market

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

How does MAR rank among all stocks?

This section ranks MAR 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 MAR 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.

MeasureMARRankStanding
1-year return+47.1%604 of 3,282top 18%
3-year return+116%810 of 3,016top 27%
5-year return+167%386 of 2,897top 13%
10-year return+544%268 of 2,201top 12%
Volatility, 5 years28.6%604 of 2,897top 21%
Sharpe ratio, 5 years0.83236 of 2,897top 8%
Worst decline, past 10 years−61.3%932 of 2,184top 43%

What has beaten MAR 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). MAR sits where the dashed lines cross. Anything in the green box above and to the left earned more than MAR 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 MAR; faint dots are 17 more of the 21 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%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 MARGILD: +22.8% a year, volatility 24.9%E: +23.7% a year, volatility 25.6%BNY: +22.8% a year, volatility 24.4%GWW: +26.7% a year, volatility 24.9%COR: +23.6% a year, volatility 22.8%DTM: +25.0% a year, volatility 25.2%WELL: +27.0% a year, volatility 23.8%MPLX: +24.0% a year, volatility 18.8%XOM: +27.5% a year, volatility 26.5%EPU: +28.1% a year, volatility 24.9%HSBC: +32.8% a year, volatility 25.9%WMB: +25.2% a year, volatility 24.1%MFC: +23.3% a year, volatility 24.0%WAB: +25.2% a year, volatility 26.3%PAA: +28.4% a year, volatility 25.6%PAGP: +27.8% a year, volatility 26.0%BLX: +31.0% a year, volatility 25.9%MAR: +21.7% a year, volatility 28.6%SPY (S&P 500): +12.5% a year, volatility 17.2%CAH: +41.7% a year, volatility 24.7%ABBV: +25.5% a year, volatility 23.4%MCK: +37.8% a year, volatility 25.1%RS: +24.8% a year, volatility 28.1%LLY: +41.2% a year, volatility 32.8%TRV: +22.4% a year, volatility 22.3%DXJ: +26.6% a year, volatility 19.1%SMH: +32.2% a year, volatility 37.0%MARSPY (S&P 500)CAHABBVMCKRSLLYTRVDXJSMH15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MARGILD: +22.8% a year, volatility 24.9%E: +23.7% a year, volatility 25.6%BNY: +22.8% a year, volatility 24.4%GWW: +26.7% a year, volatility 24.9%COR: +23.6% a year, volatility 22.8%DTM: +25.0% a year, volatility 25.2%WELL: +27.0% a year, volatility 23.8%MPLX: +24.0% a year, volatility 18.8%XOM: +27.5% a year, volatility 26.5%EPU: +28.1% a year, volatility 24.9%HSBC: +32.8% a year, volatility 25.9%WMB: +25.2% a year, volatility 24.1%MFC: +23.3% a year, volatility 24.0%WAB: +25.2% a year, volatility 26.3%PAA: +28.4% a year, volatility 25.6%PAGP: +27.8% a year, volatility 26.0%BLX: +31.0% a year, volatility 25.9%MAR: +21.7% a year, volatility 28.6%SPY (S&P 500): +12.5% a year, volatility 17.2%CAH: +41.7% a year, volatility 24.7%ABBV: +25.5% a year, volatility 23.4%MCK: +37.8% a year, volatility 25.1%RS: +24.8% a year, volatility 28.1%LLY: +41.2% a year, volatility 32.8%TRV: +22.4% a year, volatility 22.3%DXJ: +26.6% a year, volatility 19.1%SMH: +32.2% a year, volatility 37.0%MARSPY (S&P 500)CAHABBVMCKRSLLYTRVDXJSMH
  • The whole market
  • Others in the green region

Is there a better investment than MAR?

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

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

Screen the whole market against MAR for any period in BetterThanSPYOpen these 9 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 MAR?lower diversifies moreExpenseper year
MARMarriott International, Inc. · this page
+21.7%28.6%0.83−61.3%+544%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.700.09%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 113 of 3,610 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+41.7%24.7%1.54−46.1%+345%0.34—
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+25.5%23.4%1.09−45.1%+600%0.09—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+37.8%25.1%1.41−38.1%+582%0.22—
RSReliance Steel & Aluminum Co. · Metals & Mining
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+24.8%28.1%0.94−40.8%+639%0.58—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+41.2%32.8%1.22−34.5%+1,870%0.21—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.4%22.3%1.02−46.3%+360%0.41—
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+415%0.480.48%
SMHVanEck Semiconductor ETF · Semiconductors
Higher Sharpe, smaller worst declineHigher return in most periods+32.2%37.0%0.94−45.3%+1,570%0.470.35%
What these numbers mean for MAR
Annual return
MAR returned 21.7% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $26,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
MAR's volatility over the past 5 years was 28.6%, 1.7 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MAR's return lands within 28.6% 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
MAR's Sharpe ratio over the past 5 years was 0.83, against 0.78 for the S&P 500, so MAR earned more 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
MAR's worst fall from a peak to a low over the past 10 years was 61.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 61.3% fall takes a 158% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MAR's monthly returns had a correlation of 0.70 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 MAR instead: the lower it is, the more that option would diversify a MAR holding. Guide: Correlation and diversification →
Show all 21 stocks and funds worth at least $500 million that earned more than MAR with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with MARExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+345%0.34—
2
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+600%0.09—
3
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+582%0.22—
4
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+202%0.11—
5
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.7%25.6%0.96−61.4%+283%0.31—
6
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.480.48%
7
BNYBank of New York Mellon Corp · Banks
Whole market+22.8%24.4%0.97−50.5%+332%0.50—
8
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.7%24.9%1.08−41.6%+670%0.54—
9
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.36—
10
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+25.0%25.2%1.02−23.6%—0.57—
11
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+378%0.41—
12
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.57—
13
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.5%26.5%1.05−61.0%+216%0.23—
14
EPUiShares MSCI Peru and Global Exposure ETF · International Equity
Whole market+28.1%24.9%1.12−51.0%+258%0.360.59%
15
HSBCHSBC Holdings plc · Banks
Whole market+32.8%25.9%1.23−62.3%+314%0.27—
16
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+25.2%24.1%1.06−68.1%+291%0.42—
17
MFCManulife Financial Corporation · Life Insurance
Whole market+23.3%24.0%1.00−57.5%+386%0.57—
18
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.2%26.3%0.99−64.1%+258%0.64—
19
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+28.4%25.6%1.11−87.9%+66.5%0.44—
20
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+27.8%26.0%1.08−88.0%+60.3%0.44—
21
BLXBladex, Inc. · Banks
Whole market+31.0%25.9%1.18−68.5%+278%0.49—

MAR against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%60.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMAR: 21.7% a year, volatility 28.6%SPY (S&P 500): 12.5% a year, volatility 17.2%EXPE: 13.4% a year, volatility 46.6%CCL: 4.3% a year, volatility 55.2%TNL: 9.3% a year, volatility 36.6%VAC: −3.1% a year, volatility 44.9%DRH: 11.8% a year, volatility 32.4%SHO: 3.4% a year, volatility 30.1%PK: 6.2% a year, volatility 36.8%RHP: 13.1% a year, volatility 29.9%HST: 13.6% a year, volatility 30.0%PEB: −0.9% a year, volatility 38.8%RLJ: 1.0% a year, volatility 32.8%INN: −3.2% a year, volatility 37.8%ABNB: 1.1% a year, volatility 44.3%H: 16.8% a year, volatility 34.3%BKNG: 11.5% a year, volatility 33.3%CHH: −2.7% a year, volatility 30.1%HGV: −5.6% a year, volatility 39.0%WH: 0.2% a year, volatility 30.0%HLT: 20.7% a year, volatility 26.8%RCL: 28.5% a year, volatility 48.4%IHG: 21.7% a year, volatility 26.6%APLE: 9.4% a year, volatility 26.8%MARSPY (S&P 500)EXPECCLTNLVACDRHSHOPKRHPHSTPEBRLJINNABNBHBKNGCHHHGVWHHLTRCLIHGAPLE10.0%20.0%30.0%40.0%50.0%60.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMAR: 21.7% a year, volatility 28.6%SPY (S&P 500): 12.5% a year, volatility 17.2%EXPE: 13.4% a year, volatility 46.6%CCL: 4.3% a year, volatility 55.2%TNL: 9.3% a year, volatility 36.6%VAC: −3.1% a year, volatility 44.9%DRH: 11.8% a year, volatility 32.4%SHO: 3.4% a year, volatility 30.1%PK: 6.2% a year, volatility 36.8%RHP: 13.1% a year, volatility 29.9%HST: 13.6% a year, volatility 30.0%PEB: −0.9% a year, volatility 38.8%RLJ: 1.0% a year, volatility 32.8%INN: −3.2% a year, volatility 37.8%ABNB: 1.1% a year, volatility 44.3%H: 16.8% a year, volatility 34.3%BKNG: 11.5% a year, volatility 33.3%CHH: −2.7% a year, volatility 30.1%HGV: −5.6% a year, volatility 39.0%WH: 0.2% a year, volatility 30.0%HLT: 20.7% a year, volatility 26.8%RCL: 28.5% a year, volatility 48.4%IHG: 21.7% a year, volatility 26.6%APLE: 9.4% a year, volatility 26.8%MARSPY (S&P 500)EXPECCLTNLVACDRHSHOPKPEBRLJINNABNBHCHHHGVWHHLTRCLAPLE
All figures
InvestmentAnnual returnVolatility
RCL Royal Caribbean Cruises Ltd.+28.5%48.4%
MAR This pageMarriott International, Inc.+21.7%28.6%
IHG InterContinental Hotels Group PLC+21.7%26.6%
HLT Hilton Worldwide Holdings Inc.+20.7%26.8%
H Hyatt Hotels Corporation+16.8%34.3%
HST Host Hotels & Resorts, Inc.+13.6%30.0%
EXPE Expedia Group, Inc.+13.4%46.6%
RHP Ryman Hospitality Properties, Inc.+13.1%29.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
DRH DiamondRock Hospitality Company+11.8%32.4%
BKNG Booking Holdings Inc.+11.5%33.3%
APLE Apple Hospitality REIT, Inc.+9.4%26.8%
TNL Travel + Leisure Co.+9.3%36.6%
PK Park Hotels & Resorts Inc.+6.2%36.8%
CCL Carnival Corporation & plc+4.3%55.2%
SHO Sunstone Hotel Investors, Inc.+3.4%30.1%
ABNB Airbnb, Inc.+1.1%44.3%
RLJ RLJ Lodging Trust+1.0%32.8%
WH Wyndham Hotels & Resorts, Inc.+0.2%30.0%
PEB Pebblebrook Hotel Trust−0.9%38.8%
CHH Choice Hotels International, Inc.−2.7%30.1%
VAC Marriott Vacations Worldwide Corporation−3.1%44.9%
INN Summit Hotel Properties, Inc.−3.2%37.8%
HGV Hilton Grand Vacations Inc.−5.6%39.0%
Open these 24 in EasyCompare

Has MAR consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than MAR 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
MAR Marriott International, Inc. (this page)—+14.0%+7.5%+8.5%+27.4%+47.1%+116%+167%+544%28.6%0.83−61.3%—$103B—
HLT Travel LodgingHilton Worldwide Holdings Inc.2/5 short2/3 long+16.1%+10.5%+7.4%+22.4%+30.4%+144%+156%+693%26.8%0.84−50.8%—$81B—
RCL Travel ServicesRoyal Caribbean Cruises Ltd.1/5 short2/3 long+21.9%+0.8%+9.0%+2.7%−8.2%+264%+250%+357%48.4%0.76−83.3%—$77B—
IHG Travel LodgingInterContinental Hotels Group PLC2/5 short1/3 long+8.3%+8.3%+20.1%+20.0%+34.7%+145%+167%+387%26.6%0.88−59.3%—$25B—
EXPE Travel ServicesExpedia Group, Inc.2/5 short1/3 long+6.3%+14.5%+13.2%+6.1%+32.8%+218%+87.2%+146%46.6%0.50−70.5%—$34B—
CCL Travel ServicesCarnival Corporation & plc1/5 short1/3 long+21.5%+4.3%+1.7%−11.0%−8.3%+142%+23.5%−34.3%55.2%0.35−90.4%—$36B—
TNL Travel ServicesTravel + Leisure Co.0/5 short1/3 long+7.1%−10.1%+4.1%−4.1%−0.4%+129%+56.3%+218%36.6%0.43−67.9%—$4.1B—
APLE REIT - Hotel & MotelApple Hospitality REIT, Inc.5/5 short0/3 long+15.7%+8.7%+44.2%+58.5%+66.1%+44.8%+57.1%+70.8%26.8%0.47−71.9%—$4.3B—
VAC Gambling, Resorts & CasinosMarriott Vacations Worldwide Corporation4/5 short0/3 long+13.9%+17.4%+60.6%+97.7%+64.1%+40.5%−14.8%+115%44.9%0.15−74.9%—$3.9B—
DRH REIT - Hotel & MotelDiamondRock Hospitality Company4/5 short0/3 long+13.8%+8.6%+39.8%+56.2%+83.7%+105%+74.4%+101%32.4%0.51−81.9%—$2.8B—
SHO REIT - Hotel & MotelSunstone Hotel Investors, Inc.4/5 short0/3 long+14.5%+8.1%+34.6%+41.6%+40.3%+51.8%+18.2%+33.3%30.1%0.26−55.9%—$2.3B—
PK REIT - Hotel & MotelPark Hotels & Resorts Inc.4/5 short0/3 long+11.4%+12.4%+54.7%+63.8%+60.2%+101%+35.0%—36.8%0.35−84.2%—$3.4B—
RHP REIT - Hotel & MotelRyman Hospitality Properties, Inc.3/5 short0/3 long+9.1%+1.4%+33.5%+42.0%+53.7%+76.4%+85.3%+273%29.9%0.56−84.6%—$9.0B—
HST REIT - Hotel & MotelHost Hotels & Resorts, Inc.3/5 short0/3 long+12.6%+2.4%+25.0%+45.0%+59.7%+92.6%+89.6%+144%30.0%0.58−55.0%—$17B—
PEB REIT - Hotel & MotelPebblebrook Hotel Trust3/5 short0/3 long+13.3%+5.1%+51.7%+79.3%+89.6%+61.1%−4.7%−6.8%38.8%0.17−83.7%—$2.3B—
RLJ REIT - Hotel & MotelRLJ Lodging Trust3/5 short0/3 long+11.6%−0.2%+57.9%+66.3%+81.5%+52.3%+5.0%−9.3%32.8%0.19−79.5%—$1.8B—
INN REIT - Hotel & MotelSummit Hotel Properties, Inc.3/5 short0/3 long+23.1%+1.4%+53.2%+51.2%+37.3%+45.5%−15.1%−22.6%37.8%0.10−84.1%—$758M—
ABNB Travel ServicesAirbnb, Inc.3/5 short0/3 long+8.6%+25.5%+21.9%+32.1%+37.9%+46.0%+5.5%—44.3%0.24−62.0%—$105B—
H Travel LodgingHyatt Hotels Corporation0/5 short0/3 long+12.1%−5.5%+7.1%+7.2%+16.8%+75.7%+117%+264%34.3%0.63−60.5%—$17B—
BKNG Travel ServicesBooking Holdings Inc.0/5 short0/3 long−1.9%−9.2%−9.8%−23.8%−22.3%+46.2%+72.2%+180%33.3%0.49−47.8%—$121B—
CHH Travel LodgingChoice Hotels International, Inc.0/5 short0/3 long+11.9%+4.0%−4.1%+17.5%+10.2%+1.6%−12.8%+172%30.1%0.06−50.5%—$5.1B—
HGV Travel LodgingHilton Grand Vacations Inc.0/5 short0/3 long+4.2%−24.8%−20.3%−18.5%−19.5%+1.8%−24.9%—39.0%0.05−77.7%—$2.9B—
WH Travel LodgingWyndham Hotels & Resorts, Inc.0/5 short0/3 long+10.6%−0.2%−10.9%+1.5%−4.5%+9.1%+0.8%—30.0%0.15−66.1%—$5.6B—
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How did MAR do year by year?

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

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

InvestmentYears ahead of MAR20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
MAR This pageMarriott International, Inc.—+12.3%+24.9%+53.0%−9.3%+25.3%−12.5%+41.5%−19.0%+66.2%+25.4%−13.0%+60.0%+34.4%+29.5%−24.6%+53.4%+42.4%−42.3%−27.9%+43.5%+6.9%+37.2%+41.7%−18.5%−3.2%+34.9%+9.6%+37.2%+26.9%
Rank among alternativesTop quarter in 6 of 298 of 239 of 237 of 235 of 2310 of 2310 of 225 of 2213 of 211 of 209 of 199 of 182 of 186 of 179 of 1711 of 146 of 1410 of 123 of 1211 of 124 of 114 of 96 of 86 of 76 of 74 of 72 of 73 of 63 of 64 of 6
SPY S&P 500State Street SPDR S&P 500 ETF10 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
HLT Hilton Worldwide Holdings Inc.7 of 12+16.5%+36.1%+44.7%−18.7%+40.2%+0.5%+55.5%−9.4%+44.5%+28.7%−17.5%+17.3%—————————————————
RCL Royal Caribbean Cruises Ltd.17 of 29+22.5%+79.0%+162%−35.7%+3.0%−43.5%+39.9%−16.1%+48.2%−17.1%+24.7%+76.9%+42.1%+39.3%−46.9%+85.9%+83.8%−67.1%+4.0%−6.8%−16.2%+58.4%+113%+6.0%−37.2%−45.3%+34.6%+40.3%+132%
IHG InterContinental Hotels Group PLC12 of 22+14.5%+39.1%+59.6%−8.7%+0.1%−5.2%+27.9%−12.5%+45.3%+44.2%−0.8%+13.5%+30.1%+48.4%−6.0%+41.5%+80.8%−50.3%−30.2%+80.9%−14.3%+20.0%———————
EXPE Expedia Group, Inc.10 of 20+53.3%+22.8%+73.3%−51.5%+36.5%+22.9%−2.9%−5.0%+6.7%−8.1%+46.8%+23.5%+14.5%+116%+151%−0.3%+212%−73.9%+50.6%−12.4%—————————
CCL Carnival Corporation & plc10 of 29+22.6%+34.4%+130%−60.0%−7.1%−56.9%+7.4%−23.4%+30.8%−1.7%+22.9%+15.7%+12.4%+17.6%−27.2%+47.1%+30.3%−42.4%−6.6%−6.1%−5.8%+46.8%+61.6%−9.9%−7.5%−34.4%+0.4%+75.0%+69.6%
TNL Travel + Leisure Co.9 of 19+45.5%+34.7%+12.5%−31.7%+26.0%−8.6%+50.1%−29.0%+55.4%+8.1%−13.5%+18.5%+41.1%+43.2%+28.7%+51.5%+213%−71.5%−26.4%——————————
APLE Apple Hospitality REIT, Inc.1 of 10−16.6%−1.4%+12.2%+2.5%+25.4%−18.9%+21.9%−21.8%+4.0%+6.6%———————————————————
VAC Marriott Vacations Worldwide Corporation4 of 14−32.7%+9.6%−35.3%−18.9%+24.0%+7.1%+85.9%−47.0%+61.5%+51.8%−22.5%+41.8%+26.6%+143%———————————————
DRH DiamondRock Hospitality Company5 of 20+4.2%+1.9%+16.1%−13.8%+16.4%−25.6%+29.7%−16.9%+2.5%+25.8%−32.2%+32.8%+32.6%−3.7%−17.0%+41.7%+73.8%−63.7%−12.2%+57.6%—————————
SHO Sunstone Hotel Investors, Inc.5 of 21−21.5%+13.9%+14.6%−16.8%+3.4%−18.1%+12.8%−17.2%+13.3%+27.9%−15.9%+27.2%+26.0%+31.4%−21.1%+16.4%+43.3%−56.3%−27.8%+5.1%+34.0%————————
PK Park Hotels & Resorts Inc.1 of 9−18.4%+1.0%+49.5%−35.9%+10.1%−30.2%+6.9%−1.6%+2.8%————————————————————
RHP Ryman Hospitality Properties, Inc.13 of 29−4.8%−1.1%+40.4%−10.7%+35.7%−19.6%+35.7%+1.0%+15.1%+29.4%+2.9%+32.2%+14.4%+94.6%−32.9%+82.0%+82.2%−73.2%−20.5%+16.8%+5.0%+39.1%+44.9%−16.3%+17.8%−30.3%+2.2%−3.7%+41.5%
HST Host Hotels & Resorts, Inc.9 of 29+7.2%−4.9%+27.6%−4.7%+18.8%−19.7%+16.6%−12.2%+10.2%+29.5%−32.5%+26.7%+27.4%+8.2%−16.6%+53.7%+58.3%−53.6%−27.3%+33.8%+12.0%+40.6%+39.1%−1.7%−24.8%+71.2%−35.3%−29.6%+22.7%
PEB Pebblebrook Hotel Trust2 of 16−16.2%−15.0%+19.7%−40.0%+19.2%−29.7%0.0%−20.5%+30.8%+12.3%−36.5%+52.0%+36.3%+23.0%−3.1%−7.2%—————————————
RLJ RLJ Lodging Trust0 of 14−21.0%−8.3%+14.4%−23.1%−1.2%−19.9%+16.4%−20.1%−4.5%+20.3%−32.2%+42.7%+30.3%+19.5%———————————————
INN Summit Hotel Properties, Inc.2 of 14−24.6%+7.1%−3.7%−25.3%+8.4%−25.8%+34.8%−32.5%−0.9%+40.0%−0.4%+44.9%−0.5%+5.8%———————————————
ABNB Airbnb, Inc.1 of 5+3.3%−3.5%+59.2%−48.6%+13.4%————————————————————————
H Hyatt Hotels Corporation4 of 16+2.6%+20.9%+44.8%−5.7%+29.2%−17.0%+34.1%−7.4%+33.1%+17.5%−21.9%+21.7%+28.2%+2.5%−17.7%+53.5%—————————————
BKNG Booking Holdings Inc.15 of 26+8.6%+41.3%+76.0%−16.0%+7.7%+8.5%+19.2%−0.9%+18.5%+15.0%+11.8%−1.9%+87.3%+32.7%+17.1%+82.8%+197%−35.7%+164%+94.9%−5.4%+31.8%+86.5%−72.6%+345%−97.2%———
CHH Choice Hotels International, Inc.16 of 29−32.3%+26.2%+1.6%−27.1%+46.7%+3.6%+45.9%−6.7%+40.2%+13.1%−8.7%+16.3%+48.6%+18.9%+1.6%+23.5%+8.1%−6.7%−19.9%+2.0%+46.2%+66.5%+55.3%+2.5%+61.8%−19.9%+24.9%−14.4%−9.2%
HGV Hilton Grand Vacations Inc.3 of 8+14.9%−3.1%+4.3%−26.0%+66.2%−8.8%+30.3%−37.1%—————————————————————
WH Wyndham Hotels & Resorts, Inc.3 of 7−23.5%+27.7%+14.9%−19.0%+52.6%−4.1%+41.4%——————————————————————
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Risk and diversification

How MAR 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 MAR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MAR's five deepest drawdowns since it began trading in 1993, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

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

DuringMAR fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−75.6%−47.2%Apr 2007Nov 200819 monthsNov 20135 years
Covid crash−61.3%−22.7%Dec 2019Apr 20204 monthsFeb 202110 months
No named crash−46.7%−9.9%Mar 1998Oct 19987 monthsFeb 19994 months
Dot-com bust−46.2%−38.6%May 2001Oct 200217 monthsMay 200419 months
No named crash−39.1%+0.7%Apr 1999Mar 200011 monthsJan 200110 months

How did MAR do in stock market crashes?

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

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

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
MAR This pageMarriott International, Inc.—−7.4%−29.9%−56.6%−24.0%−5.2%−24.9%−25.6%−2.8%−70.1%−46.2%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
HLT Hilton Worldwide Holdings Inc.3 of 6−6.7%−32.6%−49.6%−22.2%−4.8%−34.1%————
RCL Royal Caribbean Cruises Ltd.0 of 10−11.1%−64.5%−79.7%−31.5%−5.6%−35.5%−45.1%−4.3%−87.2%−72.3%
IHG InterContinental Hotels Group PLC3 of 9−4.1%−32.8%−56.8%−19.7%−4.8%−20.5%−25.6%−3.7%−73.3%—
EXPE Expedia Group, Inc.2 of 9−11.4%−58.2%−62.4%−18.2%−19.6%−33.2%−22.9%−4.7%−82.5%—
CCL Carnival Corporation & plc4 of 10−12.3%−72.6%−78.3%−30.6%−4.5%−24.0%−19.5%−3.5%−68.9%−46.3%
TNL Travel + Leisure Co.1 of 9−12.8%−43.6%−65.5%−23.5%−6.6%−25.0%−27.3%−5.8%−91.1%—
APLE Apple Hospitality REIT, Inc.3 of 6−7.6%−23.9%−67.7%−19.3%−5.6%−16.1%————
VAC Marriott Vacations Worldwide Corporation0 of 6−11.5%−33.8%−71.1%−47.7%−6.6%−41.8%————
DRH DiamondRock Hospitality Company0 of 9−7.1%−34.0%−79.6%−25.1%−5.6%−38.5%−37.2%−2.4%−85.1%—
SHO Sunstone Hotel Investors, Inc.3 of 9−7.2%−25.3%−47.3%−21.6%−5.6%−25.7%−46.2%−3.8%−90.7%—
PK Park Hotels & Resorts Inc.2 of 5−12.7%−45.1%−79.2%−21.9%−4.5%—————
RHP Ryman Hospitality Properties, Inc.3 of 10−8.5%−26.0%−84.3%−24.5%−8.3%−22.0%−43.5%−4.2%−91.0%−43.1%
HST Host Hotels & Resorts, Inc.2 of 10−7.0%−27.5%−46.4%−24.8%−6.8%−33.0%−39.9%−4.0%−84.5%−52.6%
PEB Pebblebrook Hotel Trust1 of 8−8.4%−44.7%−75.1%−26.1%−6.8%−44.4%−30.8%−0.4%——
RLJ RLJ Lodging Trust0 of 7−8.9%−34.3%−73.4%−27.4%−7.4%−39.6%−31.8%———
INN Summit Hotel Properties, Inc.0 of 7−11.8%−36.4%−76.9%−28.3%−7.8%−31.3%−40.5%———
ABNB Airbnb, Inc.0 of 2−7.2%−52.3%————————
H Hyatt Hotels Corporation2 of 8−10.1%−33.2%−60.5%−21.3%−3.4%−33.6%−28.3%−3.6%——
BKNG Booking Holdings Inc.5 of 10−5.6%−39.5%−41.5%−19.1%−6.3%−33.7%−17.8%−3.2%−66.3%−98.9%
CHH Choice Hotels International, Inc.7 of 10−6.0%−32.3%−50.5%−20.5%−4.0%−22.9%−18.1%−2.6%−49.2%−53.5%
HGV Hilton Grand Vacations Inc.1 of 5−10.5%−39.5%−67.1%−26.2%−3.0%—————
WH Wyndham Hotels & Resorts, Inc.1 of 4−10.4%−34.1%−63.7%−22.2%——————
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How closely does MAR 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 MAR 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 MAR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MAR This pageMarriott International, Inc.132%137%0.961.46
HLT Hilton Worldwide Holdings Inc.121%105%1.161.18
IHG InterContinental Hotels Group PLC115%125%0.921.19
RHP Ryman Hospitality Properties, Inc.109%128%0.851.46
H Hyatt Hotels Corporation115%143%0.811.42
BKNG Booking Holdings Inc.99%123%0.811.17
CHH Choice Hotels International, Inc.85%105%0.811.06
RCL Royal Caribbean Cruises Ltd.171%231%0.742.24
TNL Travel + Leisure Co.124%167%0.741.54
EXPE Expedia Group, Inc.104%144%0.721.48
HST Host Hotels & Resorts, Inc.97%136%0.711.22
DRH DiamondRock Hospitality Company96%145%0.661.41
APLE Apple Hospitality REIT, Inc.64%99%0.651.08
VAC Marriott Vacations Worldwide Corporation121%195%0.621.88
SHO Sunstone Hotel Investors, Inc.77%137%0.561.15
PEB Pebblebrook Hotel Trust101%205%0.491.69
RLJ RLJ Lodging Trust87%182%0.481.57
CCL Carnival Corporation & plc135%289%0.472.30
INN Summit Hotel Properties, Inc.87%194%0.451.79
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What diversifies MAR?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222020201820152011200820072002200180/20 mix volatility80/20 mix annual return
MAR Marriott International, Inc. (this page)1.00+167%0.83−9.3%−12.5%−19.0%−13.0%−24.6%−42.3%−27.9%−18.5%−3.2%26.1%+20.2%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.48+225%1.34+6.0%+3.9%−19.8%+7.7%−16.1%−20.8%−7.4%——22.2%+22.0%
SMH TechnologyVanEck Semiconductor ETF0.47+304%0.94−33.5%+55.5%−9.1%−0.3%+6.8%−44.7%+6.0%−47.0%−14.6%24.9%+24.4%
XLE EnergyState Street Energy Select Sector SPDR ETF0.36+178%0.94+64.4%−32.7%−18.2%−21.5%+2.8%−39.0%+36.8%−14.8%−18.2%23.2%+21.5%
GLD CommoditiesSPDR Gold Shares0.01+120%0.93−0.8%+24.8%−1.9%−10.7%+9.6%+4.9%+30.4%——21.2%+20.7%
EUFN InternationaliShares MSCI Europe Financials ETF0.41+130%0.88−8.8%−8.5%−23.1%−4.7%−26.6%————22.8%+20.9%
EWT TechnologyiShares MSCI Taiwan ETF0.40+147%0.87−28.9%+31.5%−9.9%−12.9%−21.8%−45.3%+6.4%−24.4%+2.1%23.4%+21.2%
IDV InternationaliShares International Select Dividend ETF0.45+81.7%0.85−6.5%−5.9%−10.4%−10.7%−7.2%−52.1%———22.6%+19.3%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.41+69.0%0.83−15.3%−10.0%−6.2%−27.4%—————22.1%+18.8%

Stocks

InvestmentCorrelation5Y returnSharpe20222020201820152011200820072002200180/20 mix volatility80/20 mix annual return
MAR Marriott International, Inc. (this page)1.00+167%0.83−9.3%−12.5%−19.0%−13.0%−24.6%−42.3%−27.9%−18.5%−3.2%26.1%+20.2%
CAH Medical - DistributionCardinal Health, Inc.0.34+471%1.54+54.1%+10.1%−24.5%+12.6%+8.1%−39.6%−9.8%−8.3%−2.5%23.2%+24.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.47+2,780%1.43+1.3%−2.4%−16.3%−6.0%−24.4%−20.5%−25.7%−65.1%−25.6%28.3%+37.0%
MCK Medical - DistributionMcKesson Corporation0.22+397%1.41+51.8%+27.1%−28.4%−4.5%+11.8%−40.4%+29.7%−27.2%+4.9%22.5%+23.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.47+1,452%1.41+17.0%+6.7%+0.8%+67.7%−17.0%−15.2%+2.1%−9.4%+73.7%26.3%+33.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.32+660%1.39+86.6%−27.4%−8.2%+17.4%—————23.7%+26.5%
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Common questions

What was MAR's worst drawdown?

MAR's deepest decline since it began trading in 1993 was 75.6%, from April 2007 to November 2008. It took about five years from the low to climb back to its old high.

What were MAR's best and worst years?

Over 29 full calendar years, MAR's best year was 2017, when it returned 66.2%. Its worst was 2008, with a return of -42.3%.

Is there a better investment than MAR?

Few investments have done better on both counts: only 21 of the 3,641 stocks and funds worth at least $500 million earned more than MAR with less volatility over the past 5 years, among them XOM, ABBV and HSBC.

Is MAR more volatile than the S&P 500?

Yes. MAR's volatility over the past 5 years was 28.6%, 1.7 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MAR's return lands within 28.6% 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 MAR's Sharpe ratio?

MAR's Sharpe ratio over the past 5 years was 0.83, against 0.78 for the S&P 500, so MAR earned more 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 MAR with the S&P 500?

Over the past 5 years, MAR's monthly returns had a correlation of 0.70 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 MAR instead: the lower it is, the more that option would diversify a MAR holding.

What are the best alternatives to MAR?

None of the 22 popular alternatives we compared outperformed MAR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about MAR's strength than about its alternatives.

Did MAR outperform the S&P 500?

MAR finished ahead of the S&P 500 (SPY) in 18 of 29 full calendar years. In 2025, it returned +12.3%, against +17.7% for the index.

How did MAR do in stock market crashes?

MAR fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the Covid crash, when MAR fell 56.6% and the S&P 500 fell 33.7%.

What diversifies MAR?

These had a low correlation with MAR over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.48), SMH (correlation 0.47) and XLE (correlation 0.36); among large stocks, CAH (correlation 0.34), CLS (correlation 0.47) and MCK (correlation 0.22). A correlation near zero means the two have moved largely independently.

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Popular alternatives to MAR

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