# How ArcelorMittal (MT) compares with the whole market and its popular alternatives

> Source: BetterThanSPY research, https://betterthanspy.com/research/mt
> Data as of October 22, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MT alone. It places MT (ArcelorMittal S.A.) against 18 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 MT stands in the market, and of the alternatives worth a closer look.

Period covered: MT's full trading record, from August 1997 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

## Key findings

- **Right now:** The slide is MT's own: it is 75.4% below its high, against 1.9% for the S&P 500. Over the past 3 months, MT fell 9.3% while the S&P 500 rose 2.5%.
- **Stock or market?:** The weakness is MT's own: it fell 9.3% over the past 3 months while the materials sector ETF XLB (State Street Materials Select Sector SPDR ETF) rose 2.2%. The S&P 500 rose 2.5%. Its steel peers did not move as one over the past 3 months: NUE (Nucor) rose 9.7%, while CSTM (Constellium) fell 18.2%.
- **Past 1 to 3 years:** MT has run far ahead of the market, rising 57.1% over the past year against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. The same gap shows up over 3 years (191% against 88.4%). MT lagged its steel peers in 2023, then moved up the pack in 2025.
- **Long term:** MT turned $10,000 into $32,600 over the past decade, against $41,600 in the S&P 500. Even so, the past 5 years have been the better stretch: MT rose 102% against 80.3% for the S&P 500, after trailing over the decade.
- **In a crash:** Across seven sell-offs, MT has typically fallen 2.5 times as far as the S&P 500.
- **Diversification:** MT is more of the same, not a cushion: a correlation of 0.61 with the S&P 500 over 5 years and 0.62 with the total US market, more closely than 92% of stocks worth at least $300 million.
- **Better options**
  - **Nearby categories and themes:** WPM (Wheaton Precious Metals, precious metals) and RGLD (Royal Gold, gold mining) earned more than MT with less volatility over the past 5 years. WPM returned 25.8% a year at 37.0% volatility, against 15.1% a year at 39.7%.
  - **Whole market:** 321 of the 3,641 stocks and funds worth at least $500 million earned more than MT with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and LLY (Eli Lilly and Company).

## How much would $10,000 in MT have grown?

This chart tracks a hypothetical $10,000 investment in MT over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MT over the same span and MT's popular alternatives, among those that traded for the entire period.

- $10,000 invested in MT at the end of September 1997 would have grown to $10,522 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 MT, and RS finished highest, at $621,583.

## MT 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.

- MT is still 75.4% below its all-time high.
- MT's deepest decline since it began trading in 1997 was 97.4%, from June 2008 to March 2020. It has not yet climbed back to that peak.
- Over 28 full calendar years, MT's best was 2004, when it returned 336%, and its worst was 2000, when it lost 85.9%. It lost money in 14 of those years.

- Type: Stock, Materials (Steel)
- Trading since: August 7, 1997
- Market value: $45B
- Volatility (5 years): 39.7%; Sharpe ratio: 0.55
- Worst decline ever: −97.4%, from June 5, 2008 to March 18, 2020; not yet back at its high

| Period | MT total return |
| --- | --- |
| 1 month | −18.4% |
| 3 months | −9.3% |
| 6 months | −1.0% |
| year to date | +28.4% |
| 1 year | +57.1% |
| 3 years | +191% |
| 5 years | +102% |
| 10 years | +226% |

## MT against the whole market

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

### How does MT rank among all stocks?

This section ranks MT on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- MT's worst decline of the past 10 years ranks in the bottom 23% of the 2,184 stocks worth at least $300 million, where the top fell the least.
- MT's 1-year return ranks in the top 14% of the 3,282 stocks worth at least $300 million with 1 year of history.

| Measure | MT | Rank |
| --- | --- | --- |
| 1-year return | +57.1% | 449 of 3,282 (top 14%) |
| 3-year return | +191% | 424 of 3,016 (top 15%) |
| 5-year return | +102% | 671 of 2,897 (top 24%) |
| 10-year return | +226% | 781 of 2,201 (top 36%) |
| Volatility, 5 years | 39.7% | 1,452 of 2,897 (top 51%) |
| Sharpe ratio, 5 years | 0.55 | 792 of 2,897 (top 28%) |
| Worst decline, past 10 years | −81.1% | 1,673 of 2,184 (top 77%) |

### What has beaten MT 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).

- 257 stocks and 64 ETFs worth at least $500 million sit in the green region: each earned more than MT over the past 5 years with smaller price swings. That is 9% of the 3,641 screened.
- Among those with at least half MT's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 38% less than MT's 39.7%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.55 for MT. PBR-A earned the most, 53.5% a year, while still swinging less than MT (37.4% against 39.7%).
- Among MT's popular alternatives, RS, NUE and CMC are in the region. RS earned 24.8% a year against 15.1% a year for MT, at 28.1% volatility, 29% less than MT's 39.7%.

### Is there a better investment than MT?

The table below lists investments that beat MT 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.

- Among MT's popular alternatives, NUE, RS and CMC earned more than MT with less volatility over the past 5 years. NUE returned 22.1% a year at 37.4% volatility, against 15.1% a year at 39.7%.
- Looking beyond its popular alternatives, WPM (precious metals) and RGLD (gold mining) earned more than MT with less volatility over the past 5 years. WPM returned 25.8% a year at 37.0% volatility, against 15.1% a year at 39.7%.
- Across the whole market, 321 of the 3,641 stocks and funds worth at least $500 million earned more than MT with less volatility over the past 5 years, among them AAPL, GOOG and LLY.

The 15 strongest of 321 investments that beat MT over the past 5 years, out of 3,641 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with MT | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MT: ArcelorMittal S.A. (this page) |  | +15.1% | 39.7% | 0.55 | −81.1% | +226% |  |  |
| [RY](https://betterthanspy.com/research/ry): Royal Bank of Canada | Banks | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://betterthanspy.com/research/cah): Cardinal Health, Inc. | Health Care Distribution | +41.7% | 24.7% | 1.54 | −46.1% | +345% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AAPL](https://betterthanspy.com/research/aapl): Apple Inc. | Computer Hardware | +19.1% | 28.0% | 0.77 | −38.5% | +1,194% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LLY](https://betterthanspy.com/research/lly): Eli Lilly and Company | Pharmaceuticals | +41.2% | 32.8% | 1.22 | −34.5% | +1,870% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [JPM](https://betterthanspy.com/research/jpm): JPMorgan Chase & Co. | Banks | +17.3% | 24.3% | 0.78 | −43.6% | +534% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ABBV](https://betterthanspy.com/research/abbv): AbbVie Inc. | Specialty Pharmaceuticals | +25.5% | 23.4% | 1.09 | −45.1% | +600% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| DXJ: WisdomTree Japan Hedged Equity Fund | Japan Equity | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.50 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CVX](https://betterthanspy.com/research/cvx): Chevron Corporation | Integrated Oil & Gas | +19.7% | 25.2% | 0.84 | −55.8% | +243% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [COST](https://betterthanspy.com/research/cost): Costco Wholesale Corporation | Discount Retail | +17.4% | 22.9% | 0.82 | −31.4% | +692% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MUFG](https://betterthanspy.com/research/mufg): Mitsubishi UFJ Financial Group, Inc. | Banks | +33.5% | 29.4% | 1.14 | −54.9% | +485% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [PM](https://betterthanspy.com/research/pm): Philip Morris International Inc. | Tobacco | +21.3% | 23.4% | 0.94 | −42.9% | +240% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CSCO](https://betterthanspy.com/research/csco): Cisco Systems, Inc. | Communications Equipment | +16.9% | 26.1% | 0.73 | −42.0% | +361% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SHEL](https://betterthanspy.com/research/shel): Shell plc | Integrated Oil & Gas | +21.4% | 24.8% | 0.91 | −67.2% | +236% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [NVS](https://betterthanspy.com/research/nvs): Novartis AG | Pharmaceuticals | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.53 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MRK](https://betterthanspy.com/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.1% | 24.8% | 0.73 | −43.4% | +245% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## MT against its popular alternatives

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

### How do MT'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.

- Five of the 17 popular alternatives, led by STLD, RS and NUE, were both more rewarding and calmer than MT over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, MT returned 15.2% a year, more than the S&P 500's 12.5%, with higher volatility (39.7% against 17.2%).

### Has MT consistently beaten its popular alternatives?

This section compares MT with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Four of the 18 popular alternatives, led by STLD, NUE and RS, outperformed MT in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- RS, STLD and HCC earned more for the risk they took than MT (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of MT | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| MT: ArcelorMittal S.A. (this page) | +57.1% | +191% | +102% | +226% |  |  | 0.55 |
| STLD: Steel Dynamics, Inc. | +63.2% | +153% | +307% | +1,019% | 5/5 short-term, 2/3 long-term | consistent | 0.93 |
| [NUE](https://betterthanspy.com/research/nue): Nucor Corporation | +91.1% | +91.6% | +171% | +569% | 5/5 short-term, 2/3 long-term | consistent | 0.72 |
| RS: Reliance Steel & Aluminum Co. | +54.6% | +78.8% | +203% | +639% | 4/5 short-term, 2/3 long-term | consistent | 0.94 |
| [BHP](https://betterthanspy.com/research/bhp): BHP Group Limited | +44.9% | +62.0% | +109% | +373% | 3/5 short-term, 2/3 long-term | consistent | 0.63 |
| CMC: Commercial Metals Company | +8.1% | +65.7% | +117% | +363% | 2/5 short-term, 2/3 long-term |  | 0.61 |
| TX: Ternium S.A. | +64.1% | +86.4% | +79.5% | +350% | 5/5 short-term, 1/3 long-term |  | 0.51 |
| [RIO](https://betterthanspy.com/research/rio): Rio Tinto Group | +23.3% | +62.1% | +75.6% | +427% | 2/5 short-term, 1/3 long-term |  | 0.54 |
| AMR: Alpha Metallurgical Resources, Inc. | +4.2% | −26.8% | +160% | +208% | 2/5 short-term, 1/3 long-term |  | 0.62 |
| HCC: Warrior Met Coal, Inc. | +33.6% | +80.8% | +262% | — | 2/5 short-term, 1/3 long-term |  | 0.77 |
| CSTM: Constellium SE | +53.2% | +48.9% | +33.3% | +332% | 1/5 short-term, 1/3 long-term |  | 0.36 |
| [VALE](https://betterthanspy.com/research/vale): Vale S.A. | +14.7% | +28.8% | +36.8% | +278% | 1/5 short-term, 1/3 long-term |  | 0.35 |
| GGB: Gerdau S.A. | +57.9% | +57.0% | +95.8% | +204% | 4/5 short-term, 0/3 long-term |  | 0.54 |
| SXC: SunCoke Energy, Inc. | +29.5% | +22.6% | +78.8% | +39.1% | 4/5 short-term, 0/3 long-term |  | 0.49 |
| CLF: Cleveland-Cliffs Inc. | +0.4% | −9.2% | −45.3% | +123% | 3/5 short-term, 0/3 long-term |  | 0.10 |
| WS: Worthington Steel, Inc. | +36.7% | — | — | — | 3/5 short-term, 0/3 long-term |  | — |
| PKX: POSCO Holdings Inc. | +1.0% | −33.2% | −5.9% | +37.8% | 2/5 short-term, 0/3 long-term |  | 0.17 |
| SID: Companhia Siderúrgica Nacional | −35.8% | −44.4% | −65.1% | −43.5% | 2/5 short-term, 0/3 long-term |  | -0.12 |
| ASTL: Algoma Steel Group Inc. | +2.5% | −27.1% | −56.9% | — | 2/5 short-term, 0/3 long-term |  | -0.05 |

### How did MT do year by year?

This table shows each investment's total return in every full calendar year since 1998, along with where MT ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, MT finished in the top quarter in six of 28 years and in the bottom quarter in 11. In 2025, it ranked 1 of 19.
- MT finished ahead of the S&P 500 in 13 of its 28 full calendar years.
- Among its popular alternatives, STLD came out ahead of MT most often, in 19 of the 28 years both traded.

| Year | MT | SPY |
| --- | --- | --- |
| 2025 | +100% | +17.7% |
| 2024 | −16.9% | +24.9% |
| 2023 | +10.2% | +26.2% |
| 2022 | −16.6% | −18.2% |
| 2021 | +40.3% | +28.7% |
| 2020 | +30.6% | +18.3% |
| 2019 | −14.2% | +31.2% |
| 2018 | −35.8% | −4.6% |
| 2017 | +47.5% | +21.7% |
| 2016 | +73.1% | +12.0% |

## Risk and diversification

How MT 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 MT's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of MT's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: MT fell 97.4% from June 2008 to March 2020, while the S&P 500 rose 117%.
- The slowest recovery came after MT fell 97.3% from March 1998 to October 2001; it did not regain that peak until September 2004, three years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −97.4% | June 5, 2008 | March 18, 2020 | not yet | +117% | 2008 financial crisis |
| −97.3% | March 25, 1998 | October 30, 2001 | September 7, 2004 | +0.4% | dot-com bust |
| −47.8% | February 25, 2005 | June 24, 2005 | May 8, 2006 | −1.2% |  |
| −38.2% | August 12, 1997 | January 12, 1998 | March 25, 1998 | +2.3% |  |
| −32.8% | May 8, 2006 | July 5, 2006 | October 24, 2006 | −3.6% |  |

### How did MT do in stock market crashes?

This section measures how far MT, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- MT fell further than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when MT fell 68.8% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BHP held up best, falling less than MT in all ten crashes they both traded through.

| Crash | Dates | MT fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −94.9% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −85.1% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −53.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −68.8% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.1% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −38.4% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −58.7% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −46.1% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −8.8% | −3.4% |

### How closely does MT 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.

- Nine of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than MT's 0.76, led by RIO, RS and STLD.
- STLD took just 129% of the S&P 500's losses, against 209% for MT, while still keeping 150% of its gains.
- Over the past 10 years, MT captured 159% of the S&P 500's gains in rising months and 209% of its losses in falling months, with a beta of 1.77. It amplified the market's moves in both directions.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| MT: ArcelorMittal S.A. (this page) | 159% | 209% | 1.77 |
| STLD: Steel Dynamics, Inc. | 150% | 129% | 1.48 |
| [NUE](https://betterthanspy.com/research/nue): Nucor Corporation | 154% | 176% | 1.65 |
| RS: Reliance Steel & Aluminum Co. | 107% | 83.0% | 1.00 |
| [BHP](https://betterthanspy.com/research/bhp): BHP Group Limited | 106% | 97.0% | 0.87 |
| CMC: Commercial Metals Company | 151% | 188% | 1.44 |
| TX: Ternium S.A. | 134% | 150% | 1.36 |
| [RIO](https://betterthanspy.com/research/rio): Rio Tinto Group | 98.0% | 72.0% | 0.63 |
| AMR: Alpha Metallurgical Resources, Inc. | 115% | 109% | 1.05 |
| CSTM: Constellium SE | 171% | 243% | 2.12 |
| [VALE](https://betterthanspy.com/research/vale): Vale S.A. | 100% | 88.0% | 0.74 |
| GGB: Gerdau S.A. | 138% | 182% | 1.54 |
| SXC: SunCoke Energy, Inc. | 70.0% | 105% | 1.07 |
| CLF: Cleveland-Cliffs Inc. | 172% | 276% | 2.19 |
| PKX: POSCO Holdings Inc. | 112% | 186% | 1.39 |
| SID: Companhia Siderúrgica Nacional | 113% | 238% | 1.73 |

### What diversifies MT?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in MT into DBA would have cut the portfolio's volatility by 19% over the past 5 years for a small cut in its annual return (+18.9% for MT alone, +18.7% for the mix).
- MCK made money in 11 of the 14 calendar years in which MT lost money.
- Among large ETFs, SMH, XLE and GLD have moved largely independently of MT over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with MT | 5Y return | Volatility | Sharpe | Rose in MT's 14 down years |
| --- | --- | --- | --- | --- | --- |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.37 | +304% | 37.0% | 0.94 | 7 of 14 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.45 | +178% | 25.5% | 0.94 | 8 of 14 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | 0.47 | +120% | 19.0% | 0.93 | 7 of 14 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.39 | +130% | 20.9% | 0.91 | 2 of 14 |
| AMLP: Alerian MLP ETF | 0.48 | +114% | 18.9% | 0.90 | 6 of 14 |
| EWT: iShares MSCI Taiwan ETF | 0.49 | +147% | 24.3% | 0.87 | 7 of 14 |
| DBA: Invesco DB Agriculture Fund | 0.22 | +66.7% | 13.8% | 0.81 | 4 of 14 |
| PTLC: Pacer Trendpilot US Large Cap ETF | 0.42 | +56.0% | 11.9% | 0.81 | 3 of 14 |

## Common questions

### What was MT's worst drawdown?

MT's deepest decline since it began trading in 1997 was 97.4%, from June 2008 to March 2020. It has not yet climbed back to that peak.

### What were MT's best and worst years?

Over 28 full calendar years, MT's best year was 2004, when it returned 336%. Its worst was 2000, with a return of -85.9%.

### Is there a better investment than MT?

Among MT's popular alternatives, NUE, RS and CMC earned more than MT with less volatility over the past 5 years. NUE returned 22.1% a year at 37.4% volatility, against 15.1% a year at 39.7%. Looking beyond its popular alternatives, WPM (precious metals) and RGLD (gold mining) earned more than MT with less volatility over the past 5 years. WPM returned 25.8% a year at 37.0% volatility, against 15.1% a year at 39.7%.

### Is MT more volatile than the S&P 500?

Yes. MT's volatility over the past 5 years was 39.7%, 2.3 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MT's return lands within 39.7% 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 MT's Sharpe ratio?

MT's Sharpe ratio over the past 5 years was 0.55, against 0.78 for the S&P 500, so MT 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 MT with the S&P 500?

Over the past 5 years, MT's monthly returns had a correlation of 0.61 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 MT instead: the lower it is, the more that option would diversify a MT holding.

### What are the best alternatives to MT?

Of the 18 popular alternatives we compared, four outperformed MT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: STLD, NUE and RS.

### Did MT outperform the S&P 500?

MT finished ahead of the S&P 500 (SPY) in 13 of 28 full calendar years. In 2025, it returned +100%, against +17.7% for the index.

### How did MT do in stock market crashes?

MT fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in nine. The clearest case was the 2015 China and oil sell-off, when MT fell 68.8% and the S&P 500 fell 12.8%.

### What diversifies MT?

These had a low correlation with MT over the past 5 years and still earned a positive 5-year return: among large ETFs, SMH (correlation 0.37), XLE (correlation 0.45) and GLD (correlation 0.47); among large stocks, CAH (correlation 0.28), CLS (correlation 0.14) and MCK (correlation 0.25). A correlation near zero means the two have moved largely independently.

## More research

- [Nucor (NUE) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/nue)
- [BHP Group (BHP) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/bhp)
- [Rio Tinto Group (RIO) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/rio)
- [VALE Performance, Alternatives and Market Rank](https://betterthanspy.com/research/vale)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/amzn)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/vti)
- [Taiwan Semiconductor Manufacturing (TSM) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/tsm)

## Explore further

- Full page with charts: https://betterthanspy.com/research/mt
- All research pages: https://betterthanspy.com/llms.txt
- Compare the entire market against MT live: https://betterthanspy.com/?b=MT