Relative Intelligence · Industrial Conglomerates
How 3M (MMM) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MMM alone. It places MMM (3M Company) 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 MMM stands in the market, and of the alternatives worth a closer look.
Period covered: MMM's full trading record, from October 1986 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.
This page answers the following questions about MMM
Key findings
Not AI-generatedThese key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.
- Right nowMMM has outpaced the market, rising 21.6% over the past 6 months against 8.0% for the S&P 500 and 7.8% for the Nasdaq 100. Its industrial conglomerate peers split over the past 6 months: SWK (Stanley Black & Decker) rose 33.3%, while PH (Parker-Hannifin) fell 6.0%. Consistency ↓
- Stock or market?MMM held up far better than its industry: it rose 3.2% over the past 3 months while the industrial conglomerates ETF XLI (State Street Industrial Select Sector SPDR ETF) fell 6.5%. The S&P 500 rose 2.5%. Its industrial conglomerate peers did not move as one over the past 3 months: EMR (Emerson Electric) rose 15.2%, while PH (Parker-Hannifin) fell 7.8%.
- Past 1 to 3 yearsA behind 65% of stocks worth at least $300 million over 10 years, but ahead of 83% of the stocks worth at least $300 million over 3 years. That said, over the past year, MMM rose 6.9% against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. Market rank ↓
- Long termMMM turned $10,000 into $17,900 over the past decade, against $41,600 in the S&P 500. Growth of $10,000 ↓
- In a crashThe 2022 bear market took 38.4% off MMM, against 24.5% for the S&P 500. That was more than PH (Parker-Hannifin, 27.3%) but less than SWK (Stanley Black & Decker, 60.7%). Crash tests ↓
- DiversificationMMM is some diversification, but not a hedge: a correlation of 0.55 with the S&P 500 over 5 years and 0.56 with the total US market, more closely than 83% of stocks worth at least $300 million. Over 10 years, MMM's beta versus the S&P 500 was 0.99: in the S&P 500's rising months it gained 86% as much as the index, and in falling months it lost 1.4 times as much. Market capture ↓
- Better options
- Popular alternatives
- FAST (Fastenal) and SNA (Snap-on) earned more than MMM with less volatility over the past 5 years. FAST returned 16.2% a year at 24.6% volatility, against 7.2% a year at 28.8%.
- Nearby categories and themes
- GHC (Graham, industrial conglomerates) and DCI (Donaldson, industrial machinery) earned more than MMM with less volatility over the past 5 years. GHC returned 17.6% a year at 26.3% volatility, against 7.2% a year at 28.8%.
- Whole market
- 631 of the 3,641 stocks and funds worth at least $500 million earned more than MMM with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-A (Berkshire Hathaway).
How much would $10,000 in MMM have grown?
This chart tracks a hypothetical $10,000 investment in MMM over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MMM over the same span and MMM'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.
- $10,000 invested in MMM at the end of September 1997 would have grown to $104,353 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- All eight other investments on the chart ended ahead of MMM, and SHW finished highest, at $512,273.
Choose a period
From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 516 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of MMM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SHW$512,273+5,023% total · +14.5% a year
- PH$505,227+4,952% total · +14.5% a year
- FAST$485,606+4,756% total · +14.3% a year
- ITT$446,521+4,365% total · +14.0% a year
- NDSN$336,601+3,266% total · +12.9% a year
- SNA$165,306+1,553% total · +10.2% a year
- DOV$136,633+1,266% total · +9.4% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- EMR$115,655+1,057% total · +8.8% a year
- MMM$104,353+944% total · +8.4% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,833 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of MMM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- PH$36,392+264% total · +29.5% a year
- ITT$24,779+148% total · +19.9% a year
- FAST$21,648+116% total · +16.7% a year
- SNA$19,828+98.3% total · +14.7% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- EMR$18,174+81.7% total · +12.7% a year
- NDSN$14,600+46.0% total · +7.9% a year
- MMM$13,669+36.7% total · +6.5% a year
- DOV$12,794+27.9% total · +5.1% a year
- SHW$12,093+20.9% total · +3.9% a year
MMM 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.
- MMM's deepest decline since it began trading in 1986 was 57.4%, from January 2018 to October 2023. It took 21 months from the low to climb back to its old high.
- Over 29 full calendar years, MMM's best was 2013, when it returned 55.2%, and its worst was 2008, when it lost 29.4%. It lost money in ten of those years.
- MMM is 4.1% below its all-time high.
The company
- Market value
- $91B
- Industry
- Conglomerates
- Price history from
- October 1986
Returns
- Past 1 year
- +6.9%total return
- Past 3 years
- +168%+38.9% a year
- Past 5 years
- +41.8%+7.2% a year
- Past 10 years
- +78.8%+6.0% a year
- Best calendar year
- +55.2%2013
- Worst calendar year
- −29.4%2008
- Losing years
- 10 of 29full calendar years
Risk
- Volatility
- 28.8%typical yearly swing, 5 years
- Sharpe ratio
- 0.39return per unit of risk, 5 years
- Worst decline ever
- −57.4%Jan 2018 to Oct 2023
- From its all-time high
- −4.1%below the peak
MMM against the whole market
Where MMM ranks among every stock and fund, and what across the market has done better.
How does MMM rank among all stocks?
This section ranks MMM 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 MMM stacks up against its peers, these rankings show where it stands in the market as a whole.
- MMM's 3-year return ranks in the top 17% of the 3,016 stocks worth at least $300 million with 3 years of history.
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.
| Measure | MMM | Rank | Standing |
|---|---|---|---|
| 1-year return | +6.9% | 1,738 of 3,282 | bottom 48% |
| 3-year return | +168% | 507 of 3,016 | top 17% |
| 5-year return | +41.8% | 1,198 of 2,897 | top 41% |
| 10-year return | +78.8% | 1,437 of 2,201 | bottom 36% |
| Volatility, 5 years | 28.8% | 619 of 2,897 | top 21% |
| Sharpe ratio, 5 years | 0.39 | 1,284 of 2,897 | top 44% |
| Worst decline, past 10 years | −57.4% | 774 of 2,184 | top 35% |
What has beaten MMM 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). MMM sits where the dashed lines cross. Anything in the green box above and to the left earned more than MMM 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.
- 197 stocks and 434 ETFs worth at least $500 million sit in the green region: each earned more than MMM over the past 5 years with smaller price swings. That is 17% of the 3,641 screened.
- Among those with at least half MMM's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 14% less than MMM's 28.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.39 for MMM.
- Among MMM's popular alternatives, FAST and SNA are in the region. FAST earned 16.2% a year against 7.2% a year for MMM, at 24.6% volatility, 15% less than MMM's 28.8%.
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 MMM; faint dots are 94 more of the 631 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than MMM?
Investments that beat MMM over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among MMM's popular alternatives, FAST and SNA earned more than MMM with less volatility over the past 5 years. FAST returned 16.2% a year at 24.6% volatility, against 7.2% a year at 28.8%.
- Looking beyond its popular alternatives, GHC (industrial conglomerates) and DCI (industrial machinery) earned more than MMM with less volatility over the past 5 years. GHC returned 17.6% a year at 26.3% volatility, against 7.2% a year at 28.8%.
- Across the whole market, 631 of the 3,641 stocks and funds worth at least $500 million earned more than MMM with less volatility over the past 5 years, among them VTI, VOO and BRK-A.
How this works
The table below lists investments that beat MMM 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 MMM'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 MMM 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 MMM'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× MMM's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than MMM's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with MMM?lower diversifies more | Expenseper year | |||
| MMM3M Company · this page | +7.2% | 28.8% | 0.39 | −57.4% | +78.8% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.5% | 17.2% | 0.78 | −33.7% | +316% | 0.55 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against MMM. 7 of 18 passed at least one test. | |||||||||
 FASTFastenal Company · Industrial Distribution | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +16.2% | 24.6% | 0.74 | −30.7% | +582% | 0.27 | — | |
 EMREmerson Electric Co. · Industrial Machinery | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.9% | 27.7% | 0.58 | −50.8% | +307% | 0.50 | — | |
SNASnap-on Incorporated · Industrial Machinery | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +14.1% | 23.4% | 0.68 | −47.4% | +185% | 0.46 | — | |
ITTITT Inc. · Industrial Machinery | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +16.0% | 29.9% | 0.65 | −49.5% | +509% | 0.57 | — | |
 PHParker-Hannifin Corporation · Industrial Machinery | Higher return, similar volatility | +26.0% | 28.9% | 0.95 | −54.7% | +755% | 0.61 | — | |
 ITWIllinois Tool Works Inc. · Industrial Machinery | Similar return, lower volatility | +7.0% | 21.4% | 0.42 | −37.9% | +213% | 0.62 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Industrial Conglomerates and the categories next to it (Industrial Machinery, Building Products, Alternative Asset Management), plus MMM's specific themes. 23 of 110 passed at least one test. | |||||||||
 DEDeere & Company · Industrial Machinery | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +15.1% | 29.9% | 0.62 | −37.9% | +764% | 0.45 | — | |
WTSWatts Water Technologies, Inc. · Industrial Machinery | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.8% | 28.4% | 0.63 | −44.1% | +533% | 0.51 | — | |
GHCGraham Holdings Company · Industrial Conglomerates | Higher return, lower volatilityHigher return in most periods | +17.6% | 26.3% | 0.75 | −62.5% | +191% | 0.46 | — | |
DCIDonaldson Company, Inc. · Industrial Machinery | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +9.2% | 23.5% | 0.50 | −42.7% | +177% | 0.53 | — | |
AWIArmstrong World Industries, Inc. · Building Products | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +12.2% | 26.6% | 0.57 | −46.4% | +363% | 0.48 | — | |
 TTTrane Technologies plc · Building Products | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +21.4% | 27.7% | 0.84 | −40.5% | +927% | 0.43 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,109 of 3,524 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% | 0.27 | — | |
 WMTWalmart Inc. · Discount Retail | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.25 | — | |
 BRK-ABerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.47 | — | |
 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% | 0.25 | — | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.2% | 13.7% | 0.91 | −36.8% | +237% | 0.70 | 0.03% | |
 AAPLApple Inc. · Computer Hardware | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +19.1% | 28.0% | 0.77 | −38.5% | +1,194% | 0.39 | — | |
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +8.2% | 13.3% | 0.66 | −23.8% | +104% | 0.22 | — | |
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +7.6% | 13.8% | 0.60 | −24.5% | +124% | 0.54 | 0.08% | |
What these numbers mean for MMM
- Annual return
- MMM returned 7.2% 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 $14,200. 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
- MMM's volatility over the past 5 years was 28.8%, 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, MMM's return lands within 28.8% 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
- MMM's Sharpe ratio over the past 5 years was 0.39, against 0.78 for the S&P 500, so MMM 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
- MMM's worst fall from a peak to a low over the past 10 years was 57.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 57.4% fall takes a 134% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, MMM's monthly returns had a correlation of 0.55 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 MMM instead: the lower it is, the more that option would diversify a MMM holding. Guide: Correlation and diversification →
Show all 631 stocks and funds worth at least $500 million that earned more than MMM 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.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with MMM | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +41.7% | 24.7% | 1.54 | −46.1% | +345% | 0.27 | — |
| 2 | WMTWalmart Inc. · Discount Retail | Whole market | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.25 | — |
| 3 | BRK-ABerkshire Hathaway Inc. · Insurance | Whole market | +13.5% | 17.2% | 0.83 | −30.4% | +281% | 0.47 | — |
| 4 | ABBVAbbVie Inc. · Specialty Pharmaceuticals | Whole market | +25.5% | 23.4% | 1.09 | −45.1% | +600% | 0.25 | — |
| 5 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +13.5% | 18.0% | 0.80 | −27.4% | +209% | 0.40 | — |
| 6 |  VVisa Inc. · Payment Processing | Whole market | +13.2% | 22.9% | 0.66 | −36.4% | +435% | 0.47 | — |
| 7 |  KOThe Coca-Cola Company · Nonalcoholic Beverages | Whole market | +15.2% | 16.8% | 0.93 | −37.0% | +205% | 0.51 | — |
| 8 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +692% | 0.27 | — |
| 9 |  MAMastercard Incorporated · Payment Processing | Whole market | +12.7% | 23.8% | 0.62 | −41.0% | +551% | 0.51 | — |
| 10 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +21.3% | 23.4% | 0.94 | −42.9% | +240% | 0.48 | — |
| 11 |  MRKMerck & Co., Inc. · Pharmaceuticals | Whole market | +16.1% | 24.8% | 0.73 | −43.4% | +245% | 0.14 | — |
| 12 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +37.8% | 25.1% | 1.41 | −38.1% | +582% | 0.21 | — |
| 13 | VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.2% | 13.7% | 0.91 | −36.8% | +237% | 0.70 | 0.03% |
| 14 |  AMGNAmgen Inc. · Biotechnology | Whole market | +20.1% | 24.9% | 0.86 | −24.9% | +280% | 0.44 | — |
| 15 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +202% | 0.35 | — |
| 16 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +16.5% | 20.0% | 0.87 | −42.0% | +319% | 0.51 | — |
| 17 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.8% | 25.7% | 0.90 | −30.3% | +849% | 0.18 | — |
| 18 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.8% | 20.4% | 0.82 | −42.6% | +256% | 0.37 | — |
| 19 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +360% | 0.36 | — |
| 20 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +10.2% | 14.4% | 0.75 | −33.4% | +256% | 0.64 | 0.06% |
| 21 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +13.2% | 20.0% | 0.73 | −46.9% | +191% | 0.47 | — |
| 22 |  LMTLockheed Martin Corporation · Aerospace & Defense | Whole market | +12.5% | 24.4% | 0.61 | −36.7% | +226% | 0.26 | — |
| 23 |  CTASCintas Corporation · Business Services | Whole market | +17.1% | 23.1% | 0.80 | −48.4% | +834% | 0.55 | — |
| 24 |  MNSTMonster Beverage Corporation · Nonalcoholic Beverages | Whole market | +17.4% | 24.9% | 0.77 | −30.4% | +278% | 0.29 | — |
| 25 |  HLTHilton Worldwide Holdings Inc. · Hotels & Resorts | Whole market | +20.7% | 26.8% | 0.84 | −50.8% | +693% | 0.41 | — |
| 26 |  CMECME Group Inc. · Capital Markets | Whole market | +11.6% | 20.8% | 0.63 | −37.4% | +334% | 0.11 | — |
| 27 |  ADPAutomatic Data Processing, Inc. · Business Services | Whole market | +9.6% | 23.0% | 0.52 | −40.8% | +337% | 0.43 | — |
| 28 |  RSGRepublic Services, Inc. · Waste Management | Whole market | +14.1% | 18.6% | 0.80 | −34.0% | +461% | 0.31 | — |
| 29 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +15.2% | 23.6% | 0.72 | −32.8% | +639% | 0.37 | — |
| 30 |  CCEPCoca-Cola Europacific Partners PLC · Food & Beverages | Whole market | +20.4% | 23.3% | 0.92 | −48.8% | +294% | 0.48 | — |
| 31 |  CSXCSX Corporation · Railroads | Whole market | +9.3% | 23.5% | 0.50 | −40.5% | +485% | 0.39 | — |
| 32 |  AJGArthur J. Gallagher & Co. · Insurance Brokers | Whole market | +11.6% | 24.3% | 0.57 | −44.4% | +552% | 0.28 | — |
| 33 |  DGROiShares Core Dividend Growth ETF · Dividend Growth | Whole market | +11.1% | 13.7% | 0.84 | −35.1% | +270% | 0.71 | 0.08% |
| 34 | CBOECboe Global Markets, Inc. · Capital Markets | Whole market | +22.0% | 25.1% | 0.92 | −43.2% | +481% | 0.28 | — |
| 35 |  IXORIX Corporation · Diversified Financials | Whole market | +18.3% | 25.4% | 0.79 | −42.5% | +286% | 0.46 | — |
| 36 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.7% | 18.9% | 0.73 | −30.9% | +123% | 0.37 | — |
| 37 |  NDAQNasdaq, Inc. · Capital Markets | Whole market | +10.5% | 24.9% | 0.53 | −38.3% | +447% | 0.47 | — |
| 38 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +208% | 0.59 | 0.08% |
| 39 | VOEVanguard Morningstar Mid-Cap Value ETF · Mid-Cap Value | Whole market | +9.7% | 15.8% | 0.67 | −43.2% | +185% | 0.69 | 0.05% |
| 40 | HDViShares Core High Dividend ETF · High Dividend Yield | Whole market | +13.3% | 13.0% | 1.03 | −37.0% | +177% | 0.61 | 0.08% |
| 41 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +13.0% | 22.5% | 0.66 | −36.6% | +256% | 0.58 | — |
| 42 | PKGPackaging Corporation of America · Packaging | Whole market | +16.6% | 25.9% | 0.72 | −38.2% | +302% | 0.39 | — |
| 43 | EXPDExpeditors International of Washington, Inc. · Freight & Logistics | Whole market | +11.1% | 27.1% | 0.53 | −35.6% | +338% | 0.43 | — |
| 44 | CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity | Whole market | +14.5% | 26.2% | 0.65 | −33.9% | +461% | 0.21 | 0.58% |
| 45 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.66 | 0.39% |
| 46 | EHCEncompass Health Corporation · Health Care Facilities | Whole market | +18.7% | 26.9% | 0.77 | −39.5% | +354% | 0.46 | — |
| 47 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield | Whole market | +14.6% | 14.5% | 1.02 | −41.4% | +207% | 0.64 | 0.43% |
| 48 | AIZAssurant, Inc. · Property & Casualty Insurance | Whole market | +13.7% | 25.3% | 0.64 | −44.6% | +322% | 0.31 | — |
| 49 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +16.2% | 18.4% | 0.91 | −39.5% | +286% | 0.55 | 0.15% |
| 50 | EGEverest Group, Ltd. · Insurance | Whole market | +10.1% | 25.7% | 0.51 | −44.2% | +162% | 0.08 | — |
| 51 | SEICSEI Investments Company · Asset Management | Whole market | +11.7% | 22.4% | 0.61 | −51.8% | +156% | 0.42 | — |
| 52 | NEUNewMarket Corporation · Specialty Chemicals | Whole market | +20.9% | 26.8% | 0.85 | −40.7% | +162% | 0.21 | — |
| 53 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.5% | 18.4% | 0.59 | −33.3% | +278% | 0.62 | 0.46% |
| 54 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +15.2% | 22.9% | 0.73 | −40.1% | +309% | 0.31 | — |
| 55 |  GLDSPDR Gold Shares · Gold | Whole market | +17.1% | 19.0% | 0.93 | −26.4% | +206% | 0.21 | 0.40% |
| 56 | PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities | Whole market | +12.0% | 19.3% | 0.69 | −40.7% | +152% | 0.05 | 0.74% |
| 57 | RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity | Whole market | +16.6% | 25.1% | 0.74 | −33.7% | +559% | 0.41 | 0.40% |
| 58 | GCOWPacer Global Cash Cows Dividend ETF · Global Equity | Whole market | +14.4% | 13.6% | 1.06 | −37.6% | +170% | 0.56 | 0.60% |
| 59 | DSIiShares ESG MSCI KLD 400 ETF · US ESG Equity | Whole market | +11.7% | 18.1% | 0.70 | −34.1% | +316% | 0.50 | 0.25% |
| 60 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +24.0% | 18.8% | 1.25 | −75.2% | +337% | 0.44 | — |
| 61 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.5% | 21.3% | 0.83 | −32.0% | +384% | 0.44 | 0.50% |
| 62 | FASTFastenal Company · Industrial Distribution | Popular alternative | +16.2% | 24.6% | 0.74 | −30.7% | +582% | 0.27 | — |
| 63 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Broad Commodities | Whole market | +13.1% | 15.6% | 0.87 | −35.9% | +135% | 0.08 | 0.98% |
| 64 | GNRState Street SPDR S&P Global Natural Resources ETF · Natural Resources Equity | Whole market | +10.5% | 20.1% | 0.60 | −48.6% | +169% | 0.52 | 0.40% |
| 65 | RLIRLI Corp. · Property & Casualty Insurance | Whole market | +9.2% | 24.0% | 0.49 | −43.5% | +238% | 0.31 | — |
| 66 | XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity | Whole market | +9.6% | 20.5% | 0.55 | −36.9% | +241% | 0.56 | 0.30% |
| 67 | NWENorthwestern Energy Group Inc · Electric Utilities | Whole market | +11.2% | 21.6% | 0.60 | −39.3% | +107% | 0.40 | — |
| 68 |  RYRoyal Bank of Canada · Banks | Whole market | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.50 | — |
| 69 | FVFirst Trust Dorsey Wright Focus 5 ETF · US Momentum Equity | Whole market | +9.4% | 21.1% | 0.54 | −34.0% | +243% | 0.52 | 0.30% |
| 70 | FBTFirst Trust NYSE Arca Biotechnology Index Fund · Biotechnology | Whole market | +10.8% | 22.2% | 0.58 | −33.3% | +205% | 0.56 | 0.55% |
| 71 | CHCOCity Holding Company · Regional Banks | Whole market | +15.1% | 22.8% | 0.73 | −32.3% | +272% | 0.60 | — |
| 72 | SRCE1st Source Corporation · Regional Banks | Whole market | +14.8% | 27.0% | 0.65 | −51.7% | +221% | 0.61 | — |
| 73 | QUSState Street SPDR MSCI USA StrategicFactors ETF · US Multifactor Equity | Whole market | +11.1% | 14.2% | 0.81 | −33.8% | +276% | 0.63 | 0.15% |
| 74 | IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals | Whole market | +12.9% | 16.8% | 0.81 | −29.6% | +157% | 0.55 | 0.37% |
| 75 |  XOMExxonmobil Holdings Corporation · Integrated Oil & Gas | Whole market | +27.5% | 26.5% | 1.05 | −61.0% | +216% | 0.22 | — |
| 76 | PKWInvesco BuyBack Achievers ETF · US Buyback Equity | Whole market | +10.7% | 17.3% | 0.68 | −40.9% | +261% | 0.66 | 0.63% |
| 77 | FVALFidelity Value Factor ETF · US Large-Cap Value | Whole market | +12.6% | 16.4% | 0.81 | −37.3% | +290% | 0.61 | 0.15% |
| 78 | FDLOFidelity Low Volatility Factor ETF · US Low-Volatility Equity | Whole market | +9.7% | 13.0% | 0.78 | −34.4% | +249% | 0.61 | 0.15% |
| 79 | FTAFirst Trust Large Cap Value AlphaDEX Fund · US Large-Cap Value | Whole market | +10.8% | 16.2% | 0.72 | −45.0% | +195% | 0.67 | 0.58% |
| 80 | PPHVanEck Pharmaceutical ETF · Pharmaceuticals | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +158% | 0.52 | 0.36% |
| 81 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Pharmaceuticals | Whole market | +12.3% | 16.9% | 0.77 | −32.1% | +155% | 0.55 | 0.60% |
| 82 | NPKNational Presto Industries, Inc. · Aerospace & Defense | Whole market | +16.5% | 27.3% | 0.70 | −45.5% | +175% | 0.05 | — |
| 83 | FYLDCambria Foreign Shareholder Yield ETF · International Dividend Equity | Whole market | +13.1% | 16.0% | 0.86 | −44.6% | +203% | 0.48 | 0.59% |
| 84 | TRSTTrustCo Bank Corp NY · Regional Banks | Whole market | +15.5% | 26.8% | 0.67 | −49.5% | +127% | 0.58 | — |
| 85 |  CVXChevron Corporation · Integrated Oil & Gas | Whole market | +19.7% | 25.2% | 0.84 | −55.8% | +243% | 0.32 | — |
| 86 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · US Dividend Equity | Whole market | +9.5% | 13.4% | 0.75 | −33.1% | +189% | 0.64 | 0.48% |
| 87 | DJDInvesco Dow Jones Industrial Average Dividend ETF · High Dividend Yield | Whole market | +12.5% | 13.3% | 0.95 | −34.7% | +233% | 0.73 | 0.07% |
| 88 | RCBCRiver City Bank · Regional Banks | Whole market | +15.3% | 27.2% | 0.66 | −45.5% | +354% | 0.18 | — |
| 89 | SYLDCambria Shareholder Yield ETF · US Dividend Equity | Whole market | +8.5% | 20.0% | 0.51 | −45.4% | +258% | 0.60 | 0.59% |
| 90 | EIGEmployers Holdings, Inc. · Property & Casualty Insurance | Whole market | +9.5% | 23.7% | 0.50 | −43.9% | +127% | 0.29 | — |
| 91 | QVALAlpha Architect U.S. Quantitative Value ETF · US Value Equity | Whole market | +13.9% | 21.4% | 0.72 | −51.5% | +229% | 0.62 | 0.28% |
| 92 |  SHELShell plc · Integrated Oil & Gas | Whole market | +21.4% | 24.8% | 0.91 | −67.2% | +236% | 0.29 | — |
| 93 | PJPInvesco Pharmaceuticals ETF · Pharmaceuticals | Whole market | +11.3% | 16.6% | 0.73 | −34.0% | +139% | 0.60 | 0.58% |
| 94 | EBFEnnis, Inc. · Business Services | Whole market | +11.5% | 21.4% | 0.62 | −35.4% | +167% | 0.40 | — |
| 95 |  TTETotalEnergies SE · Integrated Oil & Gas | Whole market | +18.8% | 25.8% | 0.80 | −59.6% | +237% | 0.33 | — |
| 96 |  JPMJPMorgan Chase & Co. · Banks | Whole market | +17.3% | 24.3% | 0.78 | −43.6% | +534% | 0.59 | — |
| 97 |  MOAltria Group, Inc. · Tobacco | Whole market | +18.3% | 21.4% | 0.90 | −53.7% | +133% | 0.37 | — |
| 98 |  EEni S.p.A. · Integrated Oil & Gas | Whole market | +23.7% | 25.6% | 0.96 | −61.4% | +283% | 0.35 | — |
| 99 |  MFCManulife Financial Corporation · Life Insurance | Whole market | +23.3% | 24.0% | 1.00 | −57.5% | +386% | 0.38 | — |
| 100 | DXJWisdomTree Japan Hedged Equity Fund · Japan Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.20 | 0.48% |
MMM against its popular alternatives
The investments people most often weigh against MMM, compared period by period and year by year.
How do MMM'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 MMM, which divides the map into what did better or worse on each measure.
- FAST, SNA and EMR were both more rewarding and calmer than MMM over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, MMM returned 7.2% a year, less than the S&P 500's 12.5%, with higher volatility (28.8% against 17.2%).
Green points earned more than MMM with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| PH Parker-Hannifin Corporation | +26.0% | 28.9% |
| FAST Fastenal Company | +16.2% | 24.6% |
| ITT ITT Inc. | +16.0% | 29.9% |
| SNA Snap-on Incorporated | +14.1% | 23.4% |
| EMR Emerson Electric Co. | +12.9% | 27.7% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.5% | 17.2% |
| DD DuPont de Nemours, Inc. | +10.4% | 30.0% |
| MMM This page3M Company | +7.2% | 28.8% |
| ITW Illinois Tool Works Inc. | +7.0% | 21.4% |
| NDSN Nordson Corporation | +5.9% | 25.3% |
| DOV Dover Corporation | +4.2% | 25.2% |
| TEX Terex Corporation | +4.1% | 44.3% |
| SHW The Sherwin-Williams Company | +3.4% | 27.1% |
| HON Honeywell International Inc. | +2.5% | 22.7% |
| IEX IDEX Corporation | +1.8% | 24.1% |
| AOS A. O. Smith Corporation | +0.6% | 27.7% |
| GGG Graco Inc. | −0.4% | 23.9% |
| AVY Avery Dennison Corporation | −1.4% | 25.1% |
| PNR Pentair plc | −4.9% | 29.9% |
| SWK Stanley Black & Decker, Inc. | −8.8% | 38.4% |
Has MMM consistently beaten its popular alternatives?
This section compares MMM 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 MMM helps separate lasting outperformance from a single strong stretch.
- Two of the 19 popular alternatives, FAST and EMR, outperformed MMM in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- PH, FAST and SNA earned more for the risk they took than MMM (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than MMM 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| MMM 3M Company (this page) | — | +3.7% | +3.2% | +21.6% | +10.0% | +6.9% | +168% | +41.8% | +78.8% | 28.8% | 0.39 | −57.4% | — | $91B | — |
| FAST QualifiedFastenal Company | 4/5 short2/3 long | +5.3% | +17.0% | +18.9% | +32.6% | +26.5% | +97.6% | +112% | +582% | 24.6% | 0.74 | −30.7% | — | $61B | — |
| EMR QualifiedEmerson Electric Co. | 3/5 short2/3 long | +4.0% | +15.2% | +13.1% | +19.4% | +25.1% | +87.4% | +83.1% | +307% | 27.7% | 0.58 | −50.8% | — | $89B | — |
| PH Industrial - MachineryParker-Hannifin Corporation | 1/5 short2/3 long | −7.4% | −7.8% | −6.0% | +0.5% | +21.5% | +151% | +218% | +755% | 28.9% | 0.95 | −54.7% | — | $113B | — |
| ITT Industrial - MachineryITT Inc. | 1/5 short2/3 long | −9.8% | −2.3% | −12.9% | +8.7% | +10.2% | +107% | +110% | +509% | 29.9% | 0.65 | −49.5% | — | $17B | — |
| SNA Manufacturing - Tools & AccessoriesSnap-on Incorporated | 0/5 short2/3 long | −4.1% | −11.7% | −5.6% | +3.6% | +6.7% | +54.0% | +93.2% | +185% | 23.4% | 0.68 | −47.4% | — | $18B | — |
| NDSN Industrial - MachineryNordson Corporation | 3/5 short1/3 long | −0.3% | +9.6% | +14.7% | +33.4% | +37.8% | +55.4% | +33.1% | +251% | 25.3% | 0.35 | −44.2% | — | $18B | — |
| DOV Industrial - MachineryDover Corporation | 2/5 short1/3 long | +4.8% | −8.6% | −9.1% | +0.6% | +17.8% | +51.0% | +22.9% | +312% | 25.2% | 0.29 | −45.2% | — | $26B | — |
| SHW Chemicals - SpecialtyThe Sherwin-Williams Company | 2/5 short1/3 long | +5.3% | +8.3% | +3.6% | +6.2% | +4.5% | +48.7% | +18.0% | +309% | 27.1% | 0.26 | −42.5% | — | $84B | — |
| ITW Industrial - MachineryIllinois Tool Works Inc. | 2/5 short1/3 long | +3.9% | +2.6% | +5.9% | +14.0% | +13.2% | +34.9% | +40.0% | +213% | 21.4% | 0.42 | −37.9% | — | $80B | — |
| IEX Industrial - MachineryIDEX Corporation | 2/5 short1/3 long | +0.8% | +2.0% | +12.5% | +28.4% | +38.3% | +22.6% | +9.5% | +196% | 24.1% | 0.20 | −35.5% | — | $17B | — |
| AVY Packaging & ContainersAvery Dennison Corporation | 2/5 short1/3 long | +7.3% | +17.8% | +11.9% | +3.0% | +5.5% | +14.3% | −7.0% | +192% | 25.1% | 0.07 | −43.5% | — | $14B | — |
| DD ChemicalsDuPont de Nemours, Inc. | 2/5 short1/3 long | +2.5% | −2.8% | −1.2% | +11.6% | +37.4% | +57.8% | +64.4% | +67.2% | 30.0% | 0.48 | −73.0% | — | $18B | — |
| HON ConglomeratesHoneywell International Inc. | 1/5 short1/3 long | +3.0% | −6.0% | −4.6% | +7.7% | +9.0% | +30.5% | +13.2% | +163% | 22.7% | 0.22 | −43.0% | — | $69B | — |
| GGG Industrial - MachineryGraco Inc. | 0/5 short1/3 long | −10.4% | −5.9% | −18.4% | −15.0% | −13.9% | +2.9% | −2.1% | +212% | 23.9% | 0.10 | −30.6% | — | $11B | — |
| TEX Industrial - MachineryTerex Corporation | 0/5 short1/3 long | −11.4% | −22.1% | −14.2% | −4.5% | −0.3% | +14.3% | +22.0% | +144% | 44.3% | 0.31 | −74.1% | — | $6.0B | — |
| SWK Manufacturing - Tools & AccessoriesStanley Black & Decker, Inc. | 5/5 short0/3 long | +7.4% | +11.9% | +33.3% | +33.4% | +49.1% | +42.9% | −36.8% | +7.9% | 38.4% | -0.05 | −71.3% | — | $15B | — |
| SOLV Medical - Instruments & SuppliesSolventum Corporation | 4/5 short0/3 long | −1.5% | +12.6% | +26.5% | +10.7% | +20.2% | — | — | — | — | — | −40.0% | — | $15B | — |
| AOS Industrial - MachineryA. O. Smith Corporation | 2/5 short0/3 long | +7.4% | +5.9% | −2.5% | −7.0% | −6.4% | −0.3% | +2.8% | +53.5% | 27.7% | 0.16 | −46.8% | — | $8.5B | — |
| PNR Industrial - MachineryPentair plc | 0/5 short0/3 long | −0.1% | −11.6% | −37.9% | −46.9% | −48.7% | −8.2% | −22.0% | +63.2% | 29.9% | -0.02 | −53.2% | — | $8.9B | — |
How did MMM do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where MMM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MMM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- MMM finished ahead of the S&P 500 in 15 of its 29 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, ITT came out ahead of MMM most often, in 18 of the 29 years both traded.
- Ranked against its popular alternatives each year, MMM finished in the top quarter in seven of 29 years and in the bottom quarter in eight. In 2025, it ranked 3 of 20.
Newest year first. Green marks a year in which the fund came out ahead of MMM; gray means the two finished within a fraction of a point. The rank row places MMM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of MMM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MMM This page3M Company | — | +26.4% | +46.6% | −2.2% | −29.1% | +5.5% | +3.5% | −3.7% | −16.5% | +35.5% | +22.4% | −5.4% | +20.5% | +55.1% | +17.3% | −2.4% | +7.6% | +49.5% | −29.4% | +11.2% | +3.4% | −3.1% | −1.4% | +40.7% | +6.4% | +0.2% | +26.2% | +41.0% | −11.0% | +1.1% |
| Rank among alternatives | Top quarter in 7 of 29 | 3 of 20 | 1 of 19 | 18 of 19 | 15 of 19 | 18 of 19 | 19 of 19 | 18 of 19 | 10 of 19 | 11 of 19 | 7 of 19 | 10 of 19 | 4 of 19 | 5 of 19 | 14 of 19 | 9 of 19 | 18 of 19 | 5 of 19 | 7 of 19 | 10 of 19 | 16 of 19 | 14 of 19 | 18 of 19 | 6 of 19 | 6 of 19 | 15 of 19 | 3 of 19 | 4 of 19 | 15 of 19 | 16 of 19 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 14 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% |
| FAST Fastenal Company | 15 of 29 | +14.0% | +13.5% | +41.4% | −24.4% | +34.0% | +36.6% | +45.0% | −1.6% | +17.2% | +18.6% | −11.8% | +2.3% | +3.4% | +10.1% | +48.5% | +47.6% | +22.0% | −12.3% | +14.0% | −7.1% | +28.3% | +25.0% | +34.3% | +12.6% | +20.9% | +21.9% | +2.3% | +15.0% | −16.0% |
| EMR Emerson Electric Co. | 14 of 29 | +8.9% | +29.7% | +3.8% | +5.7% | +18.2% | +8.6% | +31.6% | −11.9% | +29.1% | +21.0% | −19.7% | −9.6% | +36.1% | +17.3% | −16.3% | +37.8% | +20.7% | −33.6% | +31.5% | +20.7% | +9.2% | +11.0% | +31.4% | −8.3% | −25.7% | +40.8% | −3.0% | +9.2% | +19.1% |
| PH Parker-Hannifin Corporation | 15 of 29 | +39.5% | +39.6% | +60.8% | −6.9% | +18.3% | +34.8% | +40.7% | −24.0% | +44.3% | +47.6% | −23.1% | +2.0% | +53.9% | +13.7% | −10.1% | +62.7% | +29.4% | −42.5% | +48.6% | +18.0% | −11.8% | +28.9% | +31.2% | +2.1% | +5.7% | −12.5% | +59.3% | −27.5% | +80.2% |
| ITT ITT Inc. | 18 of 29 | +22.5% | +20.8% | +48.9% | −19.5% | +33.9% | +5.5% | +54.6% | −8.6% | +40.1% | +7.6% | −9.1% | −5.9% | +87.4% | +23.4% | −1.5% | +6.7% | +10.0% | −29.6% | +17.1% | +11.3% | +22.5% | +14.8% | +23.3% | +21.3% | +31.9% | +17.8% | −14.7% | +28.4% | +30.7% |
| SNA Snap-on Incorporated | 16 of 29 | +4.3% | +20.7% | +29.7% | +8.9% | +28.8% | +4.0% | +19.5% | −14.9% | +3.6% | +1.5% | +27.1% | +26.8% | +41.0% | +59.4% | −8.4% | +37.5% | +11.3% | −16.3% | +3.6% | +30.2% | +12.5% | +10.0% | +18.8% | −13.6% | +24.9% | +8.8% | −21.7% | −18.4% | +25.0% |
| NDSN Nordson Corporation | 16 of 29 | +17.0% | −20.2% | +12.4% | −5.9% | +28.1% | +24.5% | +37.9% | −17.6% | +31.8% | +76.8% | −16.7% | +6.0% | +18.8% | +54.8% | −9.5% | +52.0% | +93.0% | −43.5% | +17.9% | +24.9% | +3.0% | +17.7% | +42.9% | −3.8% | +5.8% | +8.0% | −4.2% | +14.1% | −26.9% |
| DOV Dover Corporation | 16 of 29 | +5.2% | +23.4% | +15.2% | −24.3% | +45.7% | +11.5% | +65.8% | −11.0% | +37.7% | +25.4% | −12.4% | −8.8% | +49.5% | +15.7% | +1.4% | +43.7% | +30.3% | −26.9% | −4.4% | +22.9% | −1.8% | +7.2% | +38.7% | −20.1% | −7.3% | −9.7% | +25.4% | +2.5% | +44.6% |
| SHW The Sherwin-Williams Company | 18 of 29 | −3.8% | +9.9% | +32.7% | −32.0% | +44.9% | +27.1% | +49.7% | −3.2% | +54.1% | +4.8% | −0.4% | +44.9% | +20.7% | +74.5% | +8.5% | +38.7% | +5.9% | +5.6% | −6.9% | +42.7% | +3.8% | +30.7% | +25.7% | +5.0% | +7.3% | +28.5% | −27.0% | +7.2% | +0.3% |
| ITW Illinois Tool Works Inc. | 16 of 29 | −0.4% | −1.0% | +21.6% | −8.5% | +23.6% | +16.4% | +45.6% | −22.1% | +38.9% | +35.0% | +0.1% | +15.0% | +41.4% | +33.6% | −10.0% | +14.4% | +41.4% | −32.7% | +18.0% | +7.1% | −3.7% | +11.7% | +31.1% | −2.9% | +15.2% | −10.6% | +17.6% | −2.6% | +51.9% |
| IEX IDEX Corporation | 16 of 29 | −13.7% | −2.4% | −3.8% | −2.2% | +19.8% | +17.2% | +37.9% | −3.2% | +48.5% | +19.5% | 0.0% | +7.0% | +61.3% | +27.9% | −3.5% | +27.8% | +31.5% | −32.1% | +15.8% | +16.8% | +2.7% | +48.2% | +29.3% | −3.6% | +6.1% | +11.2% | +26.6% | −28.5% | +33.4% |
| AVY Avery Dennison Corporation | 16 of 29 | −0.7% | −5.9% | +13.7% | −15.1% | +41.4% | +20.9% | +48.5% | −20.3% | +66.8% | +14.6% | +23.7% | +6.3% | +47.5% | +26.1% | −30.1% | +18.8% | +16.8% | −36.0% | −19.6% | +26.1% | −5.3% | +9.7% | −5.9% | +10.4% | +5.4% | −23.2% | +64.5% | +2.4% | +28.8% |
| DD DuPont de Nemours, Inc. | 13 of 29 | +28.7% | +1.0% | +14.3% | −13.3% | +15.4% | +13.3% | −14.3% | −23.7% | +26.2% | +13.9% | +15.8% | +4.9% | +40.7% | +15.4% | −14.0% | +25.4% | +88.0% | −60.2% | +1.4% | −6.5% | −9.6% | +21.8% | +44.0% | −9.4% | −5.2% | −15.6% | +50.2% | −8.0% | +33.0% |
| HON Honeywell International Inc. | 15 of 29 | −6.3% | +10.2% | +0.1% | +5.0% | −0.2% | +23.1% | +36.9% | −7.5% | +35.2% | +14.3% | +4.9% | +10.6% | +45.8% | +18.5% | +3.8% | +37.8% | +21.9% | −45.9% | +37.5% | +23.1% | +6.6% | +7.3% | +41.6% | −28.0% | −27.7% | −17.2% | +31.0% | +15.1% | +16.7% |
| GGG Graco Inc. | 17 of 29 | −1.5% | −1.7% | +30.6% | −15.5% | +12.6% | +41.0% | +25.9% | −6.3% | +65.6% | +17.4% | −8.6% | +4.2% | +54.1% | +28.4% | +5.8% | +41.6% | +24.3% | −34.8% | −4.4% | +10.1% | −0.8% | +49.2% | +41.5% | +11.1% | +43.8% | +17.3% | +23.6% | +20.3% | +54.9% |
| TEX Terex Corporation | 16 of 29 | +17.2% | −18.6% | +36.1% | −1.5% | +27.2% | +17.8% | +9.7% | −42.2% | +54.3% | +72.8% | −33.0% | −33.2% | +49.6% | +108% | −56.5% | +56.7% | +14.4% | −73.6% | +1.5% | +118% | +24.7% | +67.3% | +155% | −36.4% | +8.4% | −41.7% | −2.8% | +21.6% | +132% |
| SWK Stanley Black & Decker, Inc. | 16 of 29 | −3.2% | −15.2% | +35.5% | −58.9% | +7.3% | +9.7% | +41.2% | −28.1% | +49.2% | +9.6% | +13.4% | +21.9% | +11.8% | +12.4% | +3.6% | +32.9% | +56.6% | −27.5% | −1.5% | +7.2% | +0.5% | +32.7% | +13.5% | −23.8% | +53.0% | +7.3% | +11.8% | −39.9% | +77.9% |
| SOLV Solventum Corporation | 0 of 1 | +20.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| AOS A. O. Smith Corporation | 16 of 29 | +0.1% | −15.9% | +46.7% | −32.1% | +59.3% | +17.5% | +13.7% | −29.4% | +30.8% | +25.0% | +37.4% | +5.9% | +73.1% | +59.1% | +6.8% | +34.9% | +50.3% | −13.6% | −4.9% | +8.7% | +19.8% | −12.7% | +32.7% | +41.4% | +17.3% | −20.1% | −8.9% | −10.5% | +43.2% |
| PNR Pentair plc | 12 of 29 | +4.5% | +40.0% | +64.1% | −37.4% | +39.2% | +17.9% | +23.7% | −18.9% | +28.6% | +16.0% | −23.8% | −13.2% | +60.7% | +50.9% | −6.9% | +15.7% | +40.1% | −30.6% | +12.9% | −7.5% | −19.7% | +93.4% | +35.2% | −3.5% | +54.4% | −35.9% | −1.7% | +12.6% | +13.3% |
Risk and diversification
How MMM 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 MMM's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents MMM's five deepest drawdowns since it began trading in 1986, 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.
- Not every decline was the market's doing: MMM fell 57.4% from January 2018 to October 2023, while the S&P 500 rose 61.6%.
- In three of MMM's four worst declines, the S&P 500 held up better over the same dates.
- The longest climb back to a previous high took 22 months, after MMM fell 37.2% in October 1987.
Green means MMM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | MMM fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2022 bear market | −57.4% | +61.6% | Jan 2018 | Oct 2023 | 5.8 years | Jul 2025 | 21 months |
| 2008 financial crisis | −54.0% | −54.5% | Oct 2007 | Mar 2009 | 17 months | Apr 2010 | 13 months |
| No named crash | −37.2% | — | Oct 1987 | Oct 1987 | Under a month | Aug 1989 | 22 months |
| No named crash | −32.3% | +10.2% | Jul 1997 | Sep 1998 | 14 months | Aug 1999 | 11 months |
| Dot-com bust | −30.3% | −24.1% | May 2001 | Sep 2001 | 4 months | Apr 2002 | 7 months |
How did MMM do in stock market crashes?
This section measures how far MMM, 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.
- Among its popular alternatives, FAST held up best, falling less than MMM in six of the ten crashes they both traded through.
- MMM fell less than the S&P 500 in four of the ten crashes it has traded through. The clearest case was the dot-com bust, when MMM fell 30.3% and the S&P 500 fell 47.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than MMM.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MMM This page3M Company | — | −3.4% | −38.4% | −26.0% | −16.8% | −9.1% | −13.8% | −25.0% | −1.9% | −53.9% | −30.3% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 4 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| FAST Fastenal Company | 6 of 10 | −2.7% | −25.5% | −27.8% | −17.4% | −2.7% | −12.7% | −14.0% | −2.1% | −51.8% | −36.4% |
| EMR Emerson Electric Co. | 3 of 10 | −4.3% | −25.4% | −47.2% | −28.8% | −5.9% | −15.9% | −25.8% | 0.0% | −56.1% | −43.6% |
| PH Parker-Hannifin Corporation | 2 of 10 | −8.4% | −27.3% | −54.7% | −25.6% | −8.1% | −23.7% | −30.4% | −3.5% | −66.9% | −36.5% |
| ITT ITT Inc. | 3 of 10 | −7.7% | −37.8% | −46.4% | −25.9% | −8.7% | −25.4% | −28.3% | −3.4% | −52.4% | −20.6% |
| SNA Snap-on Incorporated | 2 of 10 | −3.9% | −15.3% | −40.3% | −27.4% | −6.7% | −22.2% | −29.5% | −2.5% | −65.8% | −37.5% |
| NDSN Nordson Corporation | 2 of 10 | −4.4% | −21.5% | −42.1% | −23.8% | −5.7% | −28.4% | −33.9% | −2.9% | −73.6% | −34.8% |
| DOV Dover Corporation | 2 of 10 | −5.9% | −35.6% | −45.0% | −25.1% | −6.8% | −20.9% | −32.8% | −1.5% | −58.2% | −54.1% |
| SHW The Sherwin-Williams Company | 4 of 10 | −2.9% | −39.7% | −32.5% | −22.1% | −4.3% | −23.2% | −12.4% | −0.5% | −33.3% | −32.4% |
| ITW Illinois Tool Works Inc. | 4 of 10 | −2.9% | −28.0% | −37.9% | −19.3% | −8.4% | −14.0% | −29.0% | −1.1% | −54.9% | −30.8% |
| IEX IDEX Corporation | 4 of 10 | −2.0% | −26.1% | −34.3% | −23.8% | −7.9% | −13.1% | −33.3% | −3.3% | −58.3% | −33.9% |
| AVY Avery Dennison Corporation | 2 of 10 | −4.2% | −28.4% | −42.1% | −25.3% | −5.8% | −13.5% | −28.2% | −2.3% | −68.9% | −37.5% |
| DD DuPont de Nemours, Inc. | 1 of 10 | −4.0% | −40.2% | −46.4% | −29.2% | −5.1% | −27.0% | −39.8% | −4.5% | −85.7% | −40.6% |
| HON Honeywell International Inc. | 3 of 10 | −1.4% | −22.7% | −42.2% | −22.1% | −6.8% | −14.4% | −25.3% | −1.8% | −62.2% | −65.8% |
| GGG Graco Inc. | 4 of 10 | −3.9% | −27.4% | −30.6% | −20.1% | −8.6% | −16.5% | −35.8% | 0.0% | −64.7% | −24.8% |
| TEX Terex Corporation | 1 of 10 | −13.7% | −41.1% | −50.2% | −38.7% | −8.3% | −45.9% | −60.4% | −8.6% | −91.6% | −45.3% |
| SWK Stanley Black & Decker, Inc. | 1 of 10 | −4.5% | −60.7% | −55.3% | −29.7% | −6.7% | −18.2% | −31.3% | −4.0% | −58.9% | −41.3% |
| AOS A. O. Smith Corporation | 3 of 10 | −2.4% | −42.1% | −21.9% | −30.3% | −6.8% | −23.3% | −31.6% | −3.8% | −54.1% | −47.9% |
| PNR Pentair plc | 1 of 10 | −6.4% | −42.9% | −48.7% | −19.9% | −6.4% | −30.9% | −25.8% | −2.9% | −54.8% | −51.7% |
How closely does MMM 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 MMM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- 14 of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than MMM's 0.64, led by FAST, PH and ITT.
- FAST took just 87% of the S&P 500's losses, against 136% for MMM, while still keeping 106% of its gains.
- Over the past 10 years, MMM captured 86% of the S&P 500's gains in rising months and 136% of its losses in falling months, with a beta of 0.99. Its share of the market's losses was larger than its share of the gains.
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 MMM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| MMM This page3M Company | 86% | 136% | 0.64 | 0.99 |
| FAST Fastenal Company | 106% | 87% | 1.23 | 0.98 |
| PH Parker-Hannifin Corporation | 141% | 126% | 1.11 | 1.43 |
| ITT ITT Inc. | 135% | 138% | 0.98 | 1.42 |
| GGG Graco Inc. | 90% | 92% | 0.98 | 0.78 |
| SNA Snap-on Incorporated | 86% | 93% | 0.92 | 0.99 |
| NDSN Nordson Corporation | 102% | 112% | 0.91 | 0.98 |
| SHW The Sherwin-Williams Company | 114% | 132% | 0.87 | 1.09 |
| DOV Dover Corporation | 114% | 133% | 0.85 | 1.27 |
| EMR Emerson Electric Co. | 124% | 153% | 0.81 | 1.39 |
| ITW Illinois Tool Works Inc. | 94% | 116% | 0.81 | 1.04 |
| AVY Avery Dennison Corporation | 89% | 110% | 0.81 | 0.91 |
| IEX IDEX Corporation | 97% | 121% | 0.80 | 1.03 |
| HON Honeywell International Inc. | 90% | 118% | 0.77 | 1.00 |
| TEX Terex Corporation | 133% | 199% | 0.67 | 1.60 |
| DD DuPont de Nemours, Inc. | 96% | 151% | 0.63 | 1.28 |
| PNR Pentair plc | 89% | 148% | 0.60 | 1.11 |
| AOS A. O. Smith Corporation | 82% | 139% | 0.59 | 1.12 |
| SWK Stanley Black & Decker, Inc. | 101% | 198% | 0.51 | 1.30 |
What diversifies MMM?
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 MMM's. Because such investments tend not to fall at the same time, pairing MMM with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in MMM into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+6.5% for MMM alone, +11.0% for the mix).
- Among large ETFs, DXJ, POCT and MLPX have moved largely independently of MMM over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- CAH made money in seven of the ten calendar years in which MMM lost money.
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 MMM lost money. The last two columns show a portfolio that is 80% MMM and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2022 | 2019 | 2018 | 2015 | 2011 | 2008 | 2005 | 2004 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MMM 3M Company (this page) | 1.00 | +41.8% | 0.39 | −2.2% | −29.1% | −3.7% | −16.5% | −5.4% | −2.4% | −29.4% | −3.1% | −1.4% | −11.0% | 28.2% | +6.5% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.20 | +225% | 1.34 | +42.0% | +6.0% | +18.9% | −19.8% | +7.7% | −16.1% | −20.8% | — | — | — | 23.2% | +11.0% |
| POCT Broad MarketInnovator U.S. Equity Power Buffer ETF | 0.47 | +60.2% | 1.22 | +20.1% | −1.3% | +12.8% | — | — | — | — | — | — | — | 23.2% | +7.8% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.45 | +138% | 0.98 | +15.8% | +21.5% | +19.1% | −15.5% | −35.3% | — | — | — | — | — | 24.5% | +9.6% |
| FTLS Broad MarketFirst Trust Long/Short Equity ETF | 0.48 | +61.5% | 0.97 | +16.9% | −5.6% | +16.2% | −4.8% | +4.7% | — | — | — | — | — | 23.4% | +7.8% |
| SMH TechnologyVanEck Semiconductor ETF | 0.23 | +304% | 0.94 | +73.4% | −33.5% | +64.5% | −9.1% | −0.3% | +6.8% | −44.7% | +10.8% | −19.3% | — | 25.1% | +13.4% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.33 | +178% | 0.94 | −0.6% | +64.4% | +11.7% | −18.2% | −21.5% | +2.8% | −39.0% | +40.1% | +33.8% | — | 24.8% | +10.4% |
| GLD CommoditiesSPDR Gold Shares | 0.21 | +120% | 0.93 | +12.7% | −0.8% | +17.9% | −1.9% | −10.7% | +9.6% | +4.9% | +17.8% | — | — | 23.5% | +9.5% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.42 | +130% | 0.91 | +17.6% | −10.4% | +25.9% | −0.9% | — | — | — | — | — | — | 24.5% | +9.9% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2023 | 2022 | 2019 | 2018 | 2015 | 2011 | 2008 | 2005 | 2004 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MMM 3M Company (this page) | 1.00 | +41.8% | 0.39 | −2.2% | −29.1% | −3.7% | −16.5% | −5.4% | −2.4% | −29.4% | −3.1% | −1.4% | −11.0% | 28.2% | +6.5% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.27 | +471% | 1.54 | +34.1% | +54.1% | +18.0% | −24.5% | +12.6% | +8.1% | −39.6% | +18.7% | −4.7% | +51.7% | 24.5% | +13.1% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.23 | +2,780% | 1.43 | +160% | +1.3% | −5.7% | −16.3% | −6.0% | −24.4% | −20.5% | −25.2% | −6.4% | — | 27.7% | +25.2% |
| MCK Medical - DistributionMcKesson Corporation | 0.21 | +397% | 1.41 | +24.1% | +51.8% | +26.7% | −28.4% | −4.5% | +11.8% | −40.4% | +64.9% | −1.4% | +46.9% | 24.1% | +12.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.28 | +1,452% | 1.41 | +79.6% | +17.0% | +15.1% | +0.8% | +67.7% | −17.0% | −15.2% | +20.1% | +40.0% | −9.5% | 26.5% | +21.3% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.24 | +660% | 1.39 | +30.4% | +86.6% | +6.0% | −8.2% | +17.4% | — | — | — | — | — | 24.9% | +15.0% |
Common questions
What was MMM's worst drawdown?
MMM's deepest decline since it began trading in 1986 was 57.4%, from January 2018 to October 2023. It took 21 months from the low to climb back to its old high.
What were MMM's best and worst years?
Over 29 full calendar years, MMM's best year was 2013, when it returned 55.2%. Its worst was 2008, with a return of -29.4%.
Is there a better investment than MMM?
Among MMM's popular alternatives, FAST and SNA earned more than MMM with less volatility over the past 5 years. FAST returned 16.2% a year at 24.6% volatility, against 7.2% a year at 28.8%. Looking beyond its popular alternatives, GHC (industrial conglomerates) and DCI (industrial machinery) earned more than MMM with less volatility over the past 5 years. GHC returned 17.6% a year at 26.3% volatility, against 7.2% a year at 28.8%.
Is MMM more volatile than the S&P 500?
Yes. MMM's volatility over the past 5 years was 28.8%, 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, MMM's return lands within 28.8% 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 MMM's Sharpe ratio?
MMM's Sharpe ratio over the past 5 years was 0.39, against 0.78 for the S&P 500, so MMM 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 MMM with the S&P 500?
Over the past 5 years, MMM's monthly returns had a correlation of 0.55 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 MMM instead: the lower it is, the more that option would diversify a MMM holding.
What are the best alternatives to MMM?
Of the 19 popular alternatives we compared, two outperformed MMM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: FAST and EMR.
Did MMM outperform the S&P 500?
MMM finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +26.4%, against +17.7% for the index.
How did MMM do in stock market crashes?
MMM fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in four. The clearest case was the dot-com bust, when MMM fell 30.3% and the S&P 500 fell 47.5%.
What diversifies MMM?
These had a low correlation with MMM over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.20), POCT (correlation 0.47) and MLPX (correlation 0.45); among large stocks, CAH (correlation 0.27), CLS (correlation 0.23) and MCK (correlation 0.21). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than MMM's. Returns within 0.5 points or 3% of MMM's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to MMM
- FASTFastenal
- EMREmerson Electric
- PHParker-Hannifin
SHWSherwin-Williams- ITWIllinois Tool Works
HONHoneywell International
NVDA
GOOG
MSFT
AMZN