BetterThanSPY

Relative Intelligence · Capital Markets

How Nasdaq (NDAQ) compares with the whole market and its popular alternatives

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

Period covered: NDAQ's full trading record, from July 2002 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.

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

Rank the market against NDAQ →Chart NDAQ vs. 23 alternatives →

This page answers the following questions about NDAQ

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 NDAQ have grown?

This chart tracks a hypothetical $10,000 investment in NDAQ over the past 24 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NDAQ over the same span and NDAQ'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.

Choose a period

From the end of September 2002 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. 192 of the 1,370 stocks and funds worth at least $500 million that traded the whole period ended ahead of NDAQ; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000$500,000$1M2002200620102014201820222026$10,000$100,000$1M20022008201420202026
  • GILD$521,150+5,112% total · +17.9% a year
  • BLK$434,103+4,241% total · +17.0% a year
  • COST$422,847+4,128% total · +16.9% a year
  • TJX$420,025+4,100% total · +16.9% a year
  • FAST$409,355+3,994% total · +16.7% a year
  • NDAQ$374,031+3,640% total · +16.3% a year
  • FICO$280,661+2,707% total · +14.9% a year
  • GS$195,466+1,855% total · +13.2% a year
  • SPY (S&P 500)$144,215+1,342% total · +11.8% a year
  • MS$109,924+999% total · +10.5% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,504 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of NDAQ; 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$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • IBKR$56,308+463% total · +41.3% a year
  • GS$26,885+169% total · +21.9% a year
  • CBOE$23,731+137% total · +18.9% a year
  • MS$22,663+127% total · +17.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • INFL$18,515+85.1% total · +13.1% a year
  • KIE$16,844+68.4% total · +11.0% a year
  • CME$16,716+67.2% total · +10.8% a year
  • IYF$16,482+64.8% total · +10.5% a year
  • NDAQ$15,317+53.2% total · +8.9% a year
Change the dates or add tickers to this chart in EasyCompare

NDAQ 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
$58B
Industry
Financial - Data & Stock Exchanges
Price history from
July 2002

Returns

Past 1 year
+19.7%total return
Past 3 years
+116%+29.2% a year
Past 5 years
+64.5%+10.5% a year
Past 10 years
+447%+18.5% a year
Best calendar year
+245%2005
Worst calendar year
−50.1%2008
Losing years
6 of 23full calendar years

Risk

Volatility
24.9%typical yearly swing, 5 years
Sharpe ratio
0.53return per unit of risk, 5 years
Worst decline ever
−68.5%Dec 2007 to Nov 2008
From its all-time high
At its highwithin 1%

NDAQ against the whole market

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

How does NDAQ rank among all stocks?

This section ranks NDAQ 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 NDAQ 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.

MeasureNDAQRankStanding
1-year return+19.7%1,277 of 3,282top 39%
3-year return+116%812 of 3,016top 27%
5-year return+64.5%960 of 2,897top 33%
10-year return+447%352 of 2,201top 16%
Volatility, 5 years24.9%312 of 2,897top 11%
Sharpe ratio, 5 years0.53870 of 2,897top 30%
Worst decline, past 10 years−38.3%111 of 2,184top 5%

What has beaten NDAQ 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). NDAQ sits where the dashed lines cross. Anything in the green box above and to the left earned more than NDAQ 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 NDAQ; faint dots are 94 more of the 262 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%26.0%5.0%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 NDAQWMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%TD: +16.5% a year, volatility 20.0%JNJ: +13.5% a year, volatility 18.0%TRV: +22.4% a year, volatility 22.3%BNS: +13.2% a year, volatility 20.0%COST: +17.4% a year, volatility 22.9%NVS: +17.4% a year, volatility 20.7%LIN: +11.7% a year, volatility 20.9%GLD: +17.1% a year, volatility 19.0%COR: +23.6% a year, volatility 22.8%MSI: +15.2% a year, volatility 23.6%IVW: +12.6% a year, volatility 21.6%AEP: +12.8% a year, volatility 20.2%VLUE: +16.2% a year, volatility 18.4%THG: +15.2% a year, volatility 22.9%ED: +12.7% a year, volatility 18.9%ATO: +15.9% a year, volatility 18.5%DFIV: +14.8% a year, volatility 16.4%SPMO: +18.1% a year, volatility 20.9%AVLV: +13.9% a year, volatility 16.9%OEF: +14.1% a year, volatility 17.8%NI: +15.5% a year, volatility 20.3%DFUS: +12.1% a year, volatility 17.3%DGRW: +11.7% a year, volatility 14.0%SPHQ: +11.7% a year, volatility 16.7%RY: +17.5% a year, volatility 18.2%DBEF: +12.9% a year, volatility 13.8%IOO: +15.6% a year, volatility 17.2%JQUA: +13.5% a year, volatility 15.7%MPLX: +24.0% a year, volatility 18.8%TDIV: +16.5% a year, volatility 21.3%IDMO: +12.8% a year, volatility 18.3%PWB: +14.0% a year, volatility 22.3%DSTL: +11.7% a year, volatility 16.2%CHCO: +15.1% a year, volatility 22.8%IHE: +12.9% a year, volatility 16.8%FFLC: +15.5% a year, volatility 16.8%USXF: +12.7% a year, volatility 20.2%DBJP: +20.9% a year, volatility 19.3%PPH: +11.6% a year, volatility 15.8%FTXH: +12.3% a year, volatility 16.9%V: +13.2% a year, volatility 22.9%EWJV: +15.1% a year, volatility 18.2%SIXA: +12.9% a year, volatility 12.7%QSPT: +11.9% a year, volatility 14.9%KO: +15.2% a year, volatility 16.8%VTV: +12.2% a year, volatility 13.7%TJX: +19.8% a year, volatility 22.3%BTI: +19.4% a year, volatility 22.0%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%CM: +19.5% a year, volatility 21.6%VYM: +11.6% a year, volatility 13.8%EPD: +16.3% a year, volatility 17.1%BMO: +14.0% a year, volatility 21.4%KMI: +20.1% a year, volatility 22.3%SO: +12.3% a year, volatility 18.9%CTAS: +17.1% a year, volatility 23.1%AFL: +19.5% a year, volatility 20.8%GD: +13.2% a year, volatility 20.8%ORLY: +15.8% a year, volatility 23.4%ETR: +19.8% a year, volatility 22.4%NGG: +12.3% a year, volatility 22.6%CCEP: +20.4% a year, volatility 23.3%TAK: +12.3% a year, volatility 19.4%AME: +13.5% a year, volatility 22.2%SDCI: +21.1% a year, volatility 18.4%SLF: +11.9% a year, volatility 19.4%HIG: +15.8% a year, volatility 22.0%TPYP: +17.2% a year, volatility 17.3%WRB: +18.6% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%VYMI: +13.2% a year, volatility 14.8%PBA: +13.8% a year, volatility 21.6%L: +15.0% a year, volatility 19.2%HDV: +13.3% a year, volatility 13.0%PVAL: +15.9% a year, volatility 15.1%CNP: +12.0% a year, volatility 19.7%DGX: +13.0% a year, volatility 22.5%AVDV: +13.6% a year, volatility 17.4%COWZ: +11.6% a year, volatility 17.7%SNA: +14.1% a year, volatility 23.4%AMLP: +16.4% a year, volatility 18.9%RWL: +13.7% a year, volatility 14.4%FDVV: +13.4% a year, volatility 14.6%PNW: +14.6% a year, volatility 19.9%PAVE: +14.6% a year, volatility 21.7%FDL: +14.6% a year, volatility 14.5%ITA: +14.4% a year, volatility 20.4%BBCA: +11.5% a year, volatility 16.7%ORI: +17.3% a year, volatility 22.2%SEIC: +11.7% a year, volatility 22.4%IDV: +12.7% a year, volatility 15.5%NDAQ: +10.5% a year, volatility 24.9%SPY (S&P 500): +12.5% a year, volatility 17.2%CBOE: +22.0% a year, volatility 25.1%CME: +11.6% a year, volatility 20.8%INFL: +11.6% a year, volatility 17.8%IYF: +9.7% a year, volatility 18.9%KIE: +11.1% a year, volatility 18.5%GILD: +22.8% a year, volatility 24.9%ABBV: +25.5% a year, volatility 23.4%PM: +21.3% a year, volatility 23.4%FAST: +16.2% a year, volatility 24.6%LVHI: +16.9% a year, volatility 11.1%CAH: +41.7% a year, volatility 24.7%RSG: +14.1% a year, volatility 18.6%VIG: +10.4% a year, volatility 14.1%DXJ: +26.6% a year, volatility 19.1%NDAQSPY (S&P 500)CBOECMEIYFGILDABBVPMFASTLVHICAHRSGVIGDXJ10.0%15.0%20.0%25.0%30.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NDAQWMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%TD: +16.5% a year, volatility 20.0%JNJ: +13.5% a year, volatility 18.0%TRV: +22.4% a year, volatility 22.3%BNS: +13.2% a year, volatility 20.0%COST: +17.4% a year, volatility 22.9%NVS: +17.4% a year, volatility 20.7%LIN: +11.7% a year, volatility 20.9%GLD: +17.1% a year, volatility 19.0%COR: +23.6% a year, volatility 22.8%MSI: +15.2% a year, volatility 23.6%IVW: +12.6% a year, volatility 21.6%AEP: +12.8% a year, volatility 20.2%VLUE: +16.2% a year, volatility 18.4%THG: +15.2% a year, volatility 22.9%ED: +12.7% a year, volatility 18.9%ATO: +15.9% a year, volatility 18.5%DFIV: +14.8% a year, volatility 16.4%SPMO: +18.1% a year, volatility 20.9%AVLV: +13.9% a year, volatility 16.9%OEF: +14.1% a year, volatility 17.8%NI: +15.5% a year, volatility 20.3%DFUS: +12.1% a year, volatility 17.3%DGRW: +11.7% a year, volatility 14.0%SPHQ: +11.7% a year, volatility 16.7%RY: +17.5% a year, volatility 18.2%DBEF: +12.9% a year, volatility 13.8%IOO: +15.6% a year, volatility 17.2%JQUA: +13.5% a year, volatility 15.7%MPLX: +24.0% a year, volatility 18.8%TDIV: +16.5% a year, volatility 21.3%IDMO: +12.8% a year, volatility 18.3%PWB: +14.0% a year, volatility 22.3%DSTL: +11.7% a year, volatility 16.2%CHCO: +15.1% a year, volatility 22.8%IHE: +12.9% a year, volatility 16.8%FFLC: +15.5% a year, volatility 16.8%USXF: +12.7% a year, volatility 20.2%DBJP: +20.9% a year, volatility 19.3%PPH: +11.6% a year, volatility 15.8%FTXH: +12.3% a year, volatility 16.9%V: +13.2% a year, volatility 22.9%EWJV: +15.1% a year, volatility 18.2%SIXA: +12.9% a year, volatility 12.7%QSPT: +11.9% a year, volatility 14.9%KO: +15.2% a year, volatility 16.8%VTV: +12.2% a year, volatility 13.7%TJX: +19.8% a year, volatility 22.3%BTI: +19.4% a year, volatility 22.0%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%CM: +19.5% a year, volatility 21.6%VYM: +11.6% a year, volatility 13.8%EPD: +16.3% a year, volatility 17.1%BMO: +14.0% a year, volatility 21.4%KMI: +20.1% a year, volatility 22.3%SO: +12.3% a year, volatility 18.9%CTAS: +17.1% a year, volatility 23.1%AFL: +19.5% a year, volatility 20.8%GD: +13.2% a year, volatility 20.8%ORLY: +15.8% a year, volatility 23.4%ETR: +19.8% a year, volatility 22.4%NGG: +12.3% a year, volatility 22.6%CCEP: +20.4% a year, volatility 23.3%TAK: +12.3% a year, volatility 19.4%AME: +13.5% a year, volatility 22.2%SDCI: +21.1% a year, volatility 18.4%SLF: +11.9% a year, volatility 19.4%HIG: +15.8% a year, volatility 22.0%TPYP: +17.2% a year, volatility 17.3%WRB: +18.6% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%VYMI: +13.2% a year, volatility 14.8%PBA: +13.8% a year, volatility 21.6%L: +15.0% a year, volatility 19.2%HDV: +13.3% a year, volatility 13.0%PVAL: +15.9% a year, volatility 15.1%CNP: +12.0% a year, volatility 19.7%DGX: +13.0% a year, volatility 22.5%AVDV: +13.6% a year, volatility 17.4%COWZ: +11.6% a year, volatility 17.7%SNA: +14.1% a year, volatility 23.4%AMLP: +16.4% a year, volatility 18.9%RWL: +13.7% a year, volatility 14.4%FDVV: +13.4% a year, volatility 14.6%PNW: +14.6% a year, volatility 19.9%PAVE: +14.6% a year, volatility 21.7%FDL: +14.6% a year, volatility 14.5%ITA: +14.4% a year, volatility 20.4%BBCA: +11.5% a year, volatility 16.7%ORI: +17.3% a year, volatility 22.2%SEIC: +11.7% a year, volatility 22.4%IDV: +12.7% a year, volatility 15.5%NDAQ: +10.5% a year, volatility 24.9%SPY (S&P 500): +12.5% a year, volatility 17.2%CBOE: +22.0% a year, volatility 25.1%CME: +11.6% a year, volatility 20.8%INFL: +11.6% a year, volatility 17.8%IYF: +9.7% a year, volatility 18.9%KIE: +11.1% a year, volatility 18.5%GILD: +22.8% a year, volatility 24.9%ABBV: +25.5% a year, volatility 23.4%PM: +21.3% a year, volatility 23.4%FAST: +16.2% a year, volatility 24.6%LVHI: +16.9% a year, volatility 11.1%CAH: +41.7% a year, volatility 24.7%RSG: +14.1% a year, volatility 18.6%VIG: +10.4% a year, volatility 14.1%DXJ: +26.6% a year, volatility 19.1%NDAQSPY (S&P 500)CBOEINFLIYFGILDABBVFASTLVHICAHVIGDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than NDAQ?

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

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

Screen the whole market against NDAQ for any period in BetterThanSPYOpen these 14 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 NDAQ?lower diversifies moreExpenseper year
NDAQNasdaq, Inc. · this page
+10.5%24.9%0.53−38.3%+447%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.590.09%
Popular alternativesbest 2 shownThe investments people most often weigh against NDAQ. 2 of 23 passed at least one test.
CBOECboe Global Markets, Inc. · Capital Markets
Higher return, similar volatilityHigher return in most periods+22.0%25.1%0.92−43.2%+481%0.51—
CMECME Group Inc. · Capital Markets
Higher return, lower volatility+11.6%20.8%0.63−37.4%+334%0.33—
Same and neighboring categories, and shared themesbest 3 shownEverything else in Capital Markets and the categories next to it (Investment Banking & Brokerage, Financial Data, Financial Sector Equity), plus NDAQ's specific themes. 6 of 42 passed at least one test.
INFLHorizon Kinetics Inflation Beneficiaries ETF · Global Equity · Market Infrastructure theme
Higher return, lower volatilityHigher Sharpe, smaller worst decline+11.6%17.8%0.71−21.3%—0.500.85%
IYFiShares U.S. Financials ETF · Financial Sector Equity
Similar return, lower volatility+9.7%18.9%0.59−42.6%+244%0.620.37%
KIEState Street SPDR S&P Insurance ETF · Financial Sector Equity
Similar return, lower volatility+11.1%18.5%0.67−44.3%+211%0.400.35%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 506 of 3,582 passed at least one test.
GILDGilead Sciences, Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.8%24.9%0.95−30.5%+202%0.29—
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Higher return, lower volatilityHigher return in most periods+25.5%23.4%1.09−45.1%+600%0.03—
PMPhilip Morris International Inc. · Tobacco
Higher return, lower volatilityHigher return in most periods+21.3%23.4%0.94−42.9%+240%0.15—
FASTFastenal Company · Industrial Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.2%24.6%0.74−30.7%+582%0.35—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+16.9%11.1%1.48−32.4%+194%0.320.40%
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+41.7%24.7%1.54−46.1%+345%0.09—
RSGRepublic Services, Inc. · Waste Management
Higher return, lower volatilitySmaller losses in recent crashes+14.1%18.6%0.80−34.0%+461%0.28—
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Similar return, lower volatilityHigher Sharpe, smaller worst decline+10.4%14.1%0.77−31.7%+258%0.600.04%
What these numbers mean for NDAQ
Annual return
NDAQ returned 10.5% 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 $16,500. 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
NDAQ's volatility over the past 5 years was 24.9%, 1.5 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NDAQ's return lands within 24.9% 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
NDAQ's Sharpe ratio over the past 5 years was 0.53, against 0.78 for the S&P 500, so NDAQ 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
NDAQ's worst fall from a peak to a low over the past 10 years was 38.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.3% fall takes a 62.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, NDAQ's monthly returns had a correlation of 0.59 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 NDAQ instead: the lower it is, the more that option would diversify a NDAQ holding. Guide: Correlation and diversification →
Show all 262 stocks and funds worth at least $500 million that earned more than NDAQ with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with NDAQExpense
1
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+600%0.03—
2
PMPhilip Morris International Inc. · Tobacco
Whole market+21.3%23.4%0.94−42.9%+240%0.15—
3
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%0.32—
4
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.32—
5
TDThe Toronto-Dominion Bank · Banks
Whole market+16.5%20.0%0.87−42.0%+319%0.26—
6
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+209%0.05—
7
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%0.24—
8
BNSThe Bank of Nova Scotia · Banks
Whole market+13.2%20.0%0.73−46.9%+191%0.41—
9
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.320.40%
10
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+692%0.40—
11
NVSNovartis AG · Pharmaceuticals
Whole market+17.4%20.7%0.89−26.8%+234%0.11—
12
LINLinde plc · Chemicals
Whole market+11.7%20.9%0.64−32.6%+404%0.28—
13
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+206%0.170.40%
14
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.25—
15
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+15.2%23.6%0.72−32.8%+639%0.47—
16
IVWiShares S&P 500 Growth ETF · US Large-Cap Growth
Whole market+12.6%21.6%0.66−32.7%+398%0.550.18%
17
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.8%20.2%0.70−32.9%+192%0.12—
18
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+16.2%18.4%0.91−39.5%+286%0.410.15%
19
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.2%22.9%0.73−40.1%+309%0.18—
20
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.7%18.9%0.73−30.9%+123%0.21—
21
ATOAtmos Energy Corporation · Gas Utilities
Whole market+15.9%18.5%0.90−32.9%+207%0.37—
22
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%—0.390.27%
23
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.1%20.9%0.91−30.9%+485%0.370.13%
24
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+13.9%16.9%0.86−19.5%—0.540.15%
25
OEFiShares S&P 100 ETF · US Large-Cap Equity
Whole market+14.1%17.8%0.83−31.4%+360%0.580.20%
26
NINiSource Inc · Gas Utilities
Whole market+15.5%20.3%0.81−30.9%+166%0.27—
27
DFUSDimensional U.S. Equity ETF · US Total Market
Whole market+12.1%17.3%0.75−24.6%—0.590.09%
28
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity
Whole market+11.7%14.0%0.87−32.0%+271%0.580.28%
29
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+11.7%16.7%0.75−31.6%+295%0.410.20%
30
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+461%0.28—
31
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.30—
32
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+12.9%13.8%0.95−32.5%+204%0.390.35%
33
IOOiShares Global 100 ETF · Global Equity
Whole market+15.6%17.2%0.94−31.4%+357%0.570.40%
34
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.5%15.7%0.89−32.9%—0.580.12%
35
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.37—
36
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.5%21.3%0.83−32.0%+384%0.440.50%
37
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+12.8%18.3%0.76−31.3%+224%0.510.25%
38
PWBInvesco Large Cap Growth ETF · US Large-Cap Growth
Whole market+14.0%22.3%0.70−32.4%+389%0.430.55%
39
DSTLDistillate U.S. Fundamental Stability & Value ETF · US Large-Cap Value
Whole market+11.7%16.2%0.77−33.1%—0.620.39%
40
CHCOCity Holding Company · Regional Banks
Whole market+15.1%22.8%0.73−32.3%+272%0.49—
41
IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals
Whole market+12.9%16.8%0.81−29.6%+157%0.250.37%
42
FFLCFidelity Fundamental Large Cap Core ETF · Active Core Equity
Whole market+15.5%16.8%0.94−19.7%—0.520.38%
43
USXFiShares ESG Advanced MSCI USA ETF · Large-Cap ESG
Whole market+12.7%20.2%0.69−29.6%—0.520.10%
44
DBJPXtrackers MSCI Japan Hedged Equity ETF · Japan Equity
Whole market+20.9%19.3%1.09−31.3%+339%0.110.45%
45
PPHVanEck Pharmaceutical ETF · Pharmaceuticals
Whole market+11.6%15.8%0.78−29.7%+158%0.230.36%
46
INFLHorizon Kinetics Inflation Beneficiaries ETF · Global Equity · Market Infrastructure theme
Same or nearby category+11.6%17.8%0.71−21.3%—0.500.85%
47
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Pharmaceuticals
Whole market+12.3%16.9%0.77−32.1%+155%0.270.60%
48
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+435%0.41—
49
EWJViShares MSCI Japan Value ETF · Japan Equity
Whole market+15.1%18.2%0.87−30.1%—0.290.15%
50
SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity
Whole market+12.9%12.7%1.02−18.4%—0.520.31%
51
QSPTFT Vest Nasdaq-100 Buffer ETF - September · Nasdaq-100 Buffer
Whole market+11.9%14.9%0.83−22.6%—0.510.90%
52
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.050.48%
53
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.23—
54
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.2%13.7%0.91−36.8%+237%0.520.03%
55
TJXThe TJX Companies, Inc. · Apparel Retail
Whole market+19.8%22.3%0.93−42.5%+357%0.28—
56
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+19.4%22.0%0.92−56.1%+110%0.18—
57
MOAltria Group, Inc. · Tobacco
Whole market+18.3%21.4%0.90−53.7%+133%0.11—
58
CBChubb Limited · Property & Casualty Insurance
Whole market+15.8%20.4%0.82−42.6%+256%0.13—
59
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.5%21.6%0.94−47.3%+409%0.36—
60
VYMVanguard High Dividend Yield ETF · High Dividend Yield
Whole market+11.6%13.8%0.87−35.2%+209%0.560.04%
61
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.3%17.1%0.98−58.1%+178%0.31—
62
BMOBank of Montreal · Banks
Whole market+14.0%21.4%0.72−51.0%+304%0.31—
63
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+20.1%22.3%0.94−55.1%+159%0.27—
64
SOThe Southern Company · Electric Utilities
Whole market+12.3%18.9%0.71−38.4%+178%0.15—
65
CTASCintas Corporation · Business Services
Whole market+17.1%23.1%0.80−48.4%+834%0.70—
66
AFLAflac Incorporated · Life Insurance
Whole market+19.5%20.8%0.97−54.9%+344%0.34—
67
GDGeneral Dynamics Corporation · Aerospace & Defense
Whole market+13.2%20.8%0.70−51.6%+188%0.25—
68
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.8%23.4%0.75−42.0%+394%0.36—
69
ETREntergy Corporation · Electric Utilities
Whole market+19.8%22.4%0.92−42.0%+326%0.20—
70
NGGNational Grid plc · Electric Utilities
Whole market+12.3%22.6%0.63−39.2%+125%0.30—
71
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+20.4%23.3%0.92−48.8%+294%0.18—
72
TAKTakeda Pharmaceutical Company Limited · Specialty Pharmaceuticals
Whole market+12.3%19.4%0.70−54.4%+33.3%-0.01—
73
AMEAMETEK, Inc. · Electronic Instruments
Whole market+13.5%22.2%0.68−42.7%+466%0.38—
74
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Broad Commodities
Whole market+21.1%18.4%1.14−45.7%—0.120.80%
75
SLFSun Life Financial Inc. · Life Insurance
Whole market+11.9%19.4%0.68−50.8%+260%0.36—
76
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.8%22.0%0.78−57.6%+302%0.36—
77
TPYPTortoise North American Pipeline ETF · Energy Infrastructure
Whole market+17.2%17.3%1.01−51.9%+188%0.380.40%
78
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.6%22.9%0.86−45.3%+466%0.08—
79
FNDFSchwab Fundamental International Large Company Index ETF · International Large-Cap Equity
Whole market+13.6%16.3%0.87−40.2%+193%0.370.25%
80
VYMIVanguard International High Dividend Yield ETF · International Dividend Equity
Whole market+13.2%14.8%0.92−40.0%+174%0.380.07%
81
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.6%0.71−70.9%+173%0.30—
82
LLoews Corporation · Property & Casualty Insurance
Whole market+15.0%19.2%0.83−48.5%+190%0.20—
83
HDViShares Core High Dividend ETF · High Dividend Yield
Whole market+13.3%13.0%1.03−37.0%+177%0.440.08%
84
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+15.9%15.1%1.06−41.3%—0.590.56%
85
CNPCenterPoint Energy, Inc. · Electric Utilities
Whole market+12.0%19.7%0.68−59.8%+149%0.13—
86
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+13.0%22.5%0.66−36.6%+256%0.34—
87
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.6%17.4%0.82−43.0%—0.420.36%
88
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.6%17.7%0.71−38.7%—0.550.49%
89
SNASnap-on Incorporated · Industrial Machinery
Whole market+14.1%23.4%0.68−47.4%+185%0.32—
90
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.4%18.9%0.90−72.9%+90.8%0.341.01%
91
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.580.39%
92
FDVVFidelity High Dividend ETF · High Dividend Yield
Whole market+13.4%14.6%0.94−40.2%+255%0.580.15%
93
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+14.6%19.9%0.79−39.3%+110%0.17—
94
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.6%21.7%0.74−44.1%—0.450.47%
95
FDLFirst Trust Morningstar Dividend Leaders Index Fund · High Dividend Yield
Whole market+14.6%14.5%1.02−41.4%+207%0.470.43%
96
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Whole market+14.4%20.4%0.77−51.0%+253%0.370.37%
97
BBCAJPMorgan BetaBuilders Canada ETF · International Equity
Whole market+11.5%16.7%0.74−42.8%—0.530.19%
98
ORIOld Republic International Corporation · Property & Casualty Insurance
Whole market+17.3%22.2%0.83−47.8%+353%0.31—
99
SEICSEI Investments Company · Asset Management
Whole market+11.7%22.4%0.61−51.8%+156%0.63—
100
IDViShares International Select Dividend ETF · International Dividend Equity
Whole market+12.7%15.5%0.85−42.5%+159%0.400.50%

NDAQ against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNDAQ: 10.5% a year, volatility 24.9%SPY (S&P 500): 12.5% a year, volatility 17.2%CME: 11.6% a year, volatility 20.8%MSCI: 0.2% a year, volatility 31.3%FDS: −3.9% a year, volatility 30.5%SSNC: 5.2% a year, volatility 25.2%TW: 7.8% a year, volatility 27.8%MORN: −4.9% a year, volatility 32.4%SPGI: 1.0% a year, volatility 25.6%VRSK: −0.3% a year, volatility 26.0%MKTX: −15.8% a year, volatility 35.3%MCO: 6.1% a year, volatility 26.9%BLK: 7.0% a year, volatility 27.1%SCHW: 3.2% a year, volatility 31.9%FIS: −18.9% a year, volatility 34.0%COIN: −10.9% a year, volatility 86.9%CBOE: 22.0% a year, volatility 25.1%IBKR: 35.3% a year, volatility 35.5%GS: 19.4% a year, volatility 28.6%MS: 16.2% a year, volatility 28.9%LPLA: 13.3% a year, volatility 36.2%FICO: 15.0% a year, volatility 45.6%BR: 2.1% a year, volatility 24.7%ICE: 5.9% a year, volatility 21.8%XLF: 8.7% a year, volatility 18.3%NDAQSPY (S&P 500)MSCIFDSSSNCTWSPGIVRSKMKTXMCOSCHWFISCOINCBOEIBKRGSMSLPLAFICOBRICEXLF0.0%20.0%40.0%60.0%80.0%100%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNDAQ: 10.5% a year, volatility 24.9%SPY (S&P 500): 12.5% a year, volatility 17.2%CME: 11.6% a year, volatility 20.8%MSCI: 0.2% a year, volatility 31.3%FDS: −3.9% a year, volatility 30.5%SSNC: 5.2% a year, volatility 25.2%TW: 7.8% a year, volatility 27.8%MORN: −4.9% a year, volatility 32.4%SPGI: 1.0% a year, volatility 25.6%VRSK: −0.3% a year, volatility 26.0%MKTX: −15.8% a year, volatility 35.3%MCO: 6.1% a year, volatility 26.9%BLK: 7.0% a year, volatility 27.1%SCHW: 3.2% a year, volatility 31.9%FIS: −18.9% a year, volatility 34.0%COIN: −10.9% a year, volatility 86.9%CBOE: 22.0% a year, volatility 25.1%IBKR: 35.3% a year, volatility 35.5%GS: 19.4% a year, volatility 28.6%MS: 16.2% a year, volatility 28.9%LPLA: 13.3% a year, volatility 36.2%FICO: 15.0% a year, volatility 45.6%BR: 2.1% a year, volatility 24.7%ICE: 5.9% a year, volatility 21.8%XLF: 8.7% a year, volatility 18.3%NDAQSPY (S&P 500)CMEMSCIFDSSSNCTWMORNSPGIMKTXMCOFISCOINCBOEIBKRGSMSFICOBRXLF
All figures
InvestmentAnnual returnVolatility
IBKR Interactive Brokers Group, Inc.+35.3%35.5%
CBOE Cboe Global Markets, Inc.+22.0%25.1%
GS The Goldman Sachs Group, Inc.+19.4%28.6%
MS Morgan Stanley+16.2%28.9%
FICO Fair Isaac Corporation+15.0%45.6%
LPLA LPL Financial Holdings Inc.+13.3%36.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
CME CME Group Inc.+11.6%20.8%
NDAQ This pageNasdaq, Inc.+10.5%24.9%
XLF State Street Financial Select Sector SPDR ETF+8.7%18.3%
TW Tradeweb Markets Inc.+7.8%27.8%
BLK BlackRock, Inc.+7.0%27.1%
MCO Moody's Corporation+6.1%26.9%
ICE Intercontinental Exchange, Inc.+5.9%21.8%
SSNC SS&C Technologies Holdings, Inc.+5.2%25.2%
SCHW The Charles Schwab Corporation+3.2%31.9%
BR Broadridge Financial Solutions, Inc.+2.1%24.7%
SPGI S&P Global Inc.+1.0%25.6%
MSCI MSCI Inc.+0.2%31.3%
VRSK Verisk Analytics, Inc.−0.3%26.0%
FDS FactSet Research Systems Inc.−3.9%30.5%
MORN Morningstar, Inc.−4.9%32.4%
COIN Coinbase Global, Inc.−10.9%86.9%
MKTX MarketAxess Holdings Inc.−15.8%35.3%
FIS Fidelity National Information Services, Inc.−18.9%34.0%
Open these 25 in EasyCompare

Has NDAQ consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than NDAQ 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
NDAQ Nasdaq, Inc. (this page)—+9.3%+14.0%+20.4%+8.0%+19.7%+116%+64.5%+447%24.9%0.53−38.3%—$58B—
CBOE QualifiedCboe Global Markets, Inc.4/5 short2/3 long+22.8%+16.6%+10.7%+33.1%+39.5%+110%+171%+481%25.1%0.92−43.2%—$34B—
IBKR Investment - Banking & Investment ServicesInteractive Brokers Group, Inc.2/5 short3/3 long−10.4%−11.9%+5.5%+22.8%+27.6%+317%+354%+929%35.5%1.03−55.1%—$145B—
GS Financial - Capital MarketsThe Goldman Sachs Group, Inc.1/5 short3/3 long−6.1%−18.4%−3.8%−1.1%+22.1%+218%+143%+524%28.6%0.77−48.8%—$260B—
MS Financial - Capital MarketsMorgan Stanley0/5 short3/3 long−8.1%−15.3%−2.7%+2.8%+19.0%+181%+112%+630%28.9%0.67−51.3%—$290B—
LPLA Financial - Capital MarketsLPL Financial Holdings Inc.0/5 short2/3 long+3.7%−2.5%−2.5%−11.6%−5.7%+47.3%+86.5%+1,009%36.2%0.53−60.3%—$25B—
FICO Software - ApplicationFair Isaac Corporation0/5 short2/3 long−10.0%−32.6%−15.1%−49.9%−47.7%−11.2%+101%+566%45.6%0.54−75.1%—$18B—
CME Financial - Data & Stock ExchangesCME Group Inc.3/5 short1/3 long+14.5%+23.3%+8.2%+17.3%+18.7%+62.8%+73.2%+334%20.8%0.63−37.4%—$110B—
MSCI Financial - Data & Stock ExchangesMSCI Inc.2/5 short1/3 long+13.0%+9.0%+2.7%+11.0%+17.0%+32.1%+1.2%+732%31.3%0.17−43.7%—$45B—
FDS Financial - Data & Stock ExchangesFactSet Research Systems Inc.4/5 short0/3 long+21.4%+37.3%+39.4%+19.4%+17.8%−19.4%−17.8%+142%30.5%0.02−61.1%—$12B—
SSNC Software - ApplicationSS&C Technologies Holdings, Inc.3/5 short0/3 long+13.0%+34.1%+27.6%+5.6%+10.7%+87.6%+28.7%+205%25.2%0.33−48.9%—$21B—
TW Financial - Capital MarketsTradeweb Markets Inc.3/5 short0/3 long+22.2%+23.5%+7.2%+15.2%+11.1%+48.2%+45.2%—27.8%0.41−48.6%—$26B—
BR Information Technology ServicesBroadridge Financial Solutions, Inc.2/5 short0/3 long+14.2%+29.9%+17.4%−14.0%−18.3%+13.8%+10.7%+243%24.7%0.21−48.2%—$21B—
MORN Financial - Data & Stock ExchangesMorningstar, Inc.2/5 short0/3 long+14.7%+34.2%+20.6%+7.1%+2.6%+1.8%−22.3%+235%32.4%0.01−60.0%—$8.4B—
SPGI Financial - Data & Stock ExchangesS&P Global Inc.1/5 short0/3 long+12.6%+5.8%+1.4%−11.0%−4.7%+32.6%+4.9%+298%25.6%0.17−39.8%—$134B—
ICE Financial - Data & Stock ExchangesIntercontinental Exchange, Inc.1/5 short0/3 long+7.1%+15.3%+3.9%+3.5%+5.8%+57.9%+33.0%+249%21.8%0.37−34.3%—$92B—
VRSK Software - ServicesVerisk Analytics, Inc.1/5 short0/3 long+18.3%+6.0%+14.3%−7.3%−13.5%−10.0%−1.6%+161%26.0%0.12−50.8%—$26B—
MKTX Financial - Capital MarketsMarketAxess Holdings Inc.1/5 short0/3 long+0.8%+46.5%+2.3%−6.4%−2.3%−26.7%−57.7%+18.6%35.3%-0.32−80.3%—$5.8B—
MCO Financial - Data & Stock ExchangesMoody's Corporation0/5 short0/3 long+4.6%+0.5%+5.7%−0.9%+4.8%+62.8%+34.3%+424%26.9%0.35−42.0%—$85B—
BLK Asset ManagementBlackRock, Inc.0/5 short0/3 long+6.6%+8.2%+8.2%+6.5%+2.8%+97.8%+40.3%+324%27.1%0.39−43.9%—$176B—
XLF FinancialsState Street Financial Select Sector SPDR ETF0/5 short0/3 long+3.4%+1.4%+9.3%+4.4%+9.8%+85.5%+52.0%+245%18.3%0.55−42.9%0.08%$51B—
SCHW Financial - Capital MarketsThe Charles Schwab Corporation0/5 short0/3 long−8.9%−9.0%+0.4%−9.1%−1.8%+93.2%+17.0%+223%31.9%0.26−51.1%—$158B—
FIS Information Technology ServicesFidelity National Information Services, Inc.0/5 short0/3 long+9.5%−4.5%−18.1%−39.8%−41.4%−16.2%−65.0%−38.8%34.0%-0.44−76.0%—$20B—
COIN Financial - Data & Stock ExchangesCoinbase Global, Inc.0/5 short0/3 long−15.9%+1.8%−18.0%−28.5%−47.2%+119%−43.8%—86.9%0.30−90.9%—$45B—
Open these 24 in EasyCompare

How did NDAQ do year by year?

This table shows each investment's total return in every full calendar year since 2003, along with where NDAQ ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with NDAQ 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 NDAQ; gray means the two finished within a fraction of a point. The rank row places NDAQ among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of NDAQ20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003
NDAQ This pageNasdaq, Inc.—+27.2%+34.9%−3.7%−11.2%+60.1%+26.0%+33.9%+8.2%+16.8%+17.4%+23.3%+22.4%+61.9%+3.7%+3.2%+19.7%−19.8%−50.1%+60.8%−12.5%+245%+8.0%−5.3%
Rank among alternativesTop quarter in 7 of 236 of 249 of 2422 of 249 of 243 of 2312 of 2313 of 229 of 2221 of 2210 of 226 of 226 of 2211 of 2217 of 229 of 224 of 1918 of 1811 of 183 of 1515 of 151 of 139 of 1212 of 12
SPY S&P 500State Street SPDR S&P 500 ETF8 of 23+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%
CBOE Cboe Global Markets, Inc.8 of 15+30.0%+10.7%+44.4%−2.1%+42.2%−21.2%+24.1%−20.6%+70.5%+15.5%+3.8%+23.8%+80.7%+19.1%+15.0%————————
IBKR Interactive Brokers Group, Inc.10 of 18+46.3%+114%+15.2%−8.3%+31.2%+31.7%−14.0%−7.1%+62.8%−15.4%+51.0%+21.7%+82.8%+1.0%−14.5%+11.1%−0.9%−44.6%—————
GS The Goldman Sachs Group, Inc.10 of 23+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%+8.6%+57.4%+23.9%+6.5%+46.3%
MS Morgan Stanley13 of 23+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%−22.1%+46.3%+4.6%−2.0%+48.4%
LPLA LPL Financial Holdings Inc.6 of 15+9.8%+44.1%+5.9%+35.7%+54.6%+14.6%+52.9%+8.5%+66.0%−14.1%−2.0%−3.4%+70.1%−1.3%−16.0%————————
FICO Fair Isaac Corporation16 of 23−15.1%+71.0%+94.5%+38.0%−15.1%+36.4%+100%+22.1%+28.5%+26.7%+30.4%+15.2%+49.8%+17.5%+53.8%+10.1%+27.0%−47.4%−20.7%−7.8%+20.7%+12.2%+15.3%
CME CME Group Inc.10 of 23+19.8%+15.4%+31.3%−22.9%+29.5%−6.3%+9.7%+32.1%+32.4%+33.9%+4.4%+18.3%+64.0%+11.4%−22.7%−2.7%+64.3%−68.8%+35.3%+39.5%+61.8%+219%+67.5%
MSCI MSCI Inc.8 of 18−3.2%+7.3%+22.9%−23.3%+38.1%+74.4%+77.2%+18.0%+62.6%+10.6%+54.0%+9.0%+41.0%−5.9%−15.5%+22.5%+79.1%−53.8%—————
FDS FactSet Research Systems Inc.10 of 23−38.9%+1.6%+20.0%−16.8%+47.5%+25.1%+35.5%+5.0%+19.4%+1.8%+16.7%+31.3%+24.9%+2.2%−5.9%+44.1%+51.1%−19.5%−0.7%+37.9%+6.3%+54.2%+36.0%
SSNC SS&C Technologies Holdings, Inc.7 of 15+16.8%+25.8%+19.2%−35.7%+13.7%+19.5%+37.2%+12.1%+42.5%−15.6%+17.7%+32.5%+91.6%+27.9%−11.9%————————
TW Tradeweb Markets Inc.3 of 6−17.5%+44.6%+40.6%−34.9%+61.0%+35.5%—————————————————
BR Broadridge Financial Solutions, Inc.8 of 18+0.3%+11.7%+56.3%−25.3%+21.1%+26.3%+30.6%+7.9%+39.1%+25.9%+18.9%+19.6%+77.4%+4.5%+5.8%−0.1%+83.6%−43.2%—————
MORN Morningstar, Inc.11 of 20−35.0%+18.3%+33.1%−36.3%+48.2%+54.5%+38.9%+14.3%+33.4%−7.5%+25.6%−16.4%+24.9%+6.6%+12.3%+9.9%+36.2%−54.4%+72.6%+30.0%———
SPGI S&P Global Inc.10 of 23+5.7%+13.9%+32.8%−28.4%+44.7%+21.4%+62.3%+1.4%+59.3%+10.5%+12.3%+15.5%+45.9%+30.1%+26.6%+12.0%+49.3%−45.5%−34.7%+33.5%+14.2%+33.0%+17.8%
ICE Intercontinental Exchange, Inc.6 of 20+9.9%+17.5%+27.1%−23.9%+19.9%+26.2%+24.5%+8.1%+26.6%+11.5%+18.3%−1.3%+82.2%+2.7%+1.2%+6.1%+36.2%−57.2%+78.4%+197%———
VRSK Verisk Analytics, Inc.7 of 16−18.2%+16.0%+36.2%−22.3%+10.8%+39.9%+37.9%+13.6%+18.3%+5.6%+20.0%−2.5%+28.9%+27.0%+17.8%+12.5%———————
MKTX MarketAxess Holdings Inc.13 of 21−18.5%−21.8%+6.1%−31.5%−27.5%+51.3%+80.7%+5.6%+38.3%+32.7%+57.0%+8.3%+91.7%+23.8%+46.8%+52.4%+71.1%−36.3%−5.5%+18.7%−32.8%——
MCO Moody's Corporation11 of 23+8.7%+22.2%+41.5%−28.0%+35.6%+23.3%+71.3%−4.1%+58.5%−4.5%+6.1%+23.7%+58.3%+51.8%+28.9%+0.8%+35.5%−43.0%−48.0%+13.0%+41.9%+44.1%+47.2%
BLK BlackRock, Inc.9 of 23+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%+45.1%+41.8%+42.4%+47.6%+35.9%
XLF State Street Financial Select Sector SPDR ETF9 of 23+14.9%+30.6%+12.0%−10.6%+34.8%−1.7%+31.9%−13.1%+22.0%+22.4%−1.9%+15.1%+35.5%+28.3%−17.2%+11.9%+17.7%−54.9%−19.2%+18.9%+6.1%+10.9%+30.5%
SCHW The Charles Schwab Corporation10 of 23+36.6%+9.2%−16.0%+0.1%+60.2%+13.6%+16.4%−18.4%+31.1%+21.0%+9.9%+17.2%+83.3%+29.8%−33.1%−7.8%+18.1%−36.1%+40.0%+32.8%+23.5%+1.7%+9.5%
FIS Fidelity National Information Services, Inc.11 of 23−15.8%+37.0%−8.2%−36.5%−21.9%+2.7%+37.2%+10.3%+26.1%+26.6%−1.0%+17.8%+57.4%+34.1%−2.2%+17.7%+45.4%+282%+4.7%+19.1%+15.6%+9.6%+34.5%
COIN Coinbase Global, Inc.2 of 4−8.9%+42.8%+391%−86.0%———————————————————
Open these 25 in EasyCompare

Risk and diversification

How NDAQ 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 NDAQ's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents NDAQ's five deepest drawdowns since it began trading in 2002, 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 NDAQ fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringNDAQ fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−68.5%−48.8%Dec 2007Nov 200811 monthsDec 20146.1 years
Dot-com bust−66.2%−6.5%Jul 2002Apr 20039 monthsMay 20052.1 years
No named crash−48.0%−4.2%Jan 2006Jun 20065 monthsOct 200716 months
Covid crash−38.3%−31.9%Feb 2020Mar 20201 monthMay 20202 months
2022 bear market−32.9%−15.8%Nov 2021May 20226 monthsJul 20242.2 years

How did NDAQ do in stock market crashes?

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

Note: NDAQ began trading on July 1, 2002, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

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

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
NDAQ This pageNasdaq, Inc.—−5.7%−27.8%−37.1%−16.7%−6.4%−10.1%−16.1%−5.3%−68.5%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF5 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CBOE Cboe Global Markets, Inc.3 of 7−3.7%−16.4%−38.6%−18.9%−20.4%−17.0%−11.8%———
IBKR Interactive Brokers Group, Inc.4 of 9−14.3%−33.3%−38.0%−18.2%−5.6%−32.6%−14.2%−2.6%−63.7%—
GS The Goldman Sachs Group, Inc.2 of 9−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
MS Morgan Stanley1 of 9−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
LPLA LPL Financial Holdings Inc.2 of 7−19.8%−24.7%−60.3%−19.8%−4.5%−46.0%−28.1%———
FICO Fair Isaac Corporation2 of 9−2.5%−34.8%−50.9%−25.4%−7.8%−16.0%−32.8%−0.6%−75.1%−45.8%
CME CME Group Inc.4 of 9−3.4%−31.7%−37.4%−9.4%−4.3%−17.3%−18.0%−1.9%−77.5%—
MSCI MSCI Inc.3 of 8−2.5%−35.8%−32.2%−24.6%−6.1%−13.3%−26.3%−1.7%——
FDS FactSet Research Systems Inc.6 of 9−3.0%−25.9%−33.6%−19.7%−5.7%−22.3%−18.4%−2.2%−54.4%−59.0%
SSNC SS&C Technologies Holdings, Inc.2 of 8−7.1%−44.3%−47.2%−26.7%−3.3%−26.4%−30.9%−0.9%——
TW Tradeweb Markets Inc.1 of 3−5.9%−44.3%−30.1%———————
BR Broadridge Financial Solutions, Inc.6 of 9−3.8%−25.4%−31.1%−31.2%−4.4%−16.7%−18.9%−2.4%−59.0%—
MORN Morningstar, Inc.4 of 9−10.0%−37.3%−35.4%−19.4%−4.9%−11.2%−16.7%−0.7%−67.9%—
SPGI S&P Global Inc.3 of 9−4.2%−36.3%−38.1%−24.6%−6.2%−21.3%−20.8%−0.4%−66.4%−29.5%
ICE Intercontinental Exchange, Inc.3 of 9−7.0%−33.8%−33.0%−13.3%−9.4%−12.7%−19.3%−2.0%−73.9%—
VRSK Verisk Analytics, Inc.4 of 8−2.6%−28.4%−28.5%−17.4%−6.6%−19.1%−8.0%−1.0%——
MKTX MarketAxess Holdings Inc.5 of 9−3.4%−44.0%−25.5%−13.1%−4.1%−12.7%−20.1%−3.8%−72.8%—
MCO Moody's Corporation3 of 9−3.4%−37.6%−42.0%−26.1%−4.6%−29.3%−27.6%−0.7%−69.3%−18.5%
BLK BlackRock, Inc.2 of 9−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
XLF State Street Financial Select Sector SPDR ETF2 of 9−9.5%−25.8%−42.8%−21.9%−7.5%−21.9%−26.1%−1.1%−81.8%−36.6%
SCHW The Charles Schwab Corporation1 of 9−31.9%−36.9%−41.5%−26.5%−8.2%−37.0%−28.9%−5.5%−56.0%−83.1%
FIS Fidelity National Information Services, Inc.4 of 9−20.2%−38.5%−34.7%−13.1%−8.0%−23.4%−23.3%0.0%−46.4%—
COIN Coinbase Global, Inc.0 of 2−15.2%−81.2%————————
Open these 25 in EasyCompare

How closely does NDAQ 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 NDAQ 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 NDAQ's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
NDAQ This pageNasdaq, Inc.104%97%1.070.91
CME CME Group Inc.50%11%4.480.33
LPLA LPL Financial Holdings Inc.110%52%2.130.85
CBOE Cboe Global Markets, Inc.79%50%1.590.53
IBKR Interactive Brokers Group, Inc.128%92%1.401.03
MSCI MSCI Inc.131%121%1.081.12
MS Morgan Stanley142%137%1.041.39
GS The Goldman Sachs Group, Inc.136%133%1.021.39
SCHW The Charles Schwab Corporation89%90%0.990.91
ICE Intercontinental Exchange, Inc.88%94%0.940.84
XLF State Street Financial Select Sector SPDR ETF96%107%0.901.02
VRSK Verisk Analytics, Inc.63%73%0.870.73
MCO Moody's Corporation131%151%0.871.26
FICO Fair Isaac Corporation137%159%0.861.31
BR Broadridge Financial Solutions, Inc.90%105%0.850.90
SPGI S&P Global Inc.107%125%0.851.04
BLK BlackRock, Inc.127%157%0.811.30
MORN Morningstar, Inc.93%117%0.791.07
SSNC SS&C Technologies Holdings, Inc.113%153%0.741.32
FDS FactSet Research Systems Inc.71%97%0.730.76
MKTX MarketAxess Holdings Inc.40%74%0.540.62
FIS Fidelity National Information Services, Inc.54%150%0.360.82
Open these 22 in EasyCompare

What diversifies NDAQ?

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

ETFs

InvestmentCorrelation5Y returnSharpe20232022200920082006200380/20 mix volatility80/20 mix annual return
NDAQ Nasdaq, Inc. (this page)1.00+64.5%0.53−3.7%−11.2%−19.8%−50.1%−12.5%−5.3%26.2%+8.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.32+119%1.48+17.4%+3.8%————21.6%+11.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.05+225%1.34+42.0%+6.0%+2.0%−20.8%——21.2%+13.0%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.44+103%1.06+8.0%+10.4%————22.4%+10.7%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.39+83.6%0.95+20.1%−5.1%————21.9%+10.3%
SMH TechnologyVanEck Semiconductor ETF0.23+304%0.94+73.4%−33.5%+60.5%−44.7%−6.7%+87.3%23.6%+15.4%
XLE EnergyState Street Energy Select Sector SPDR ETF0.24+178%0.94−0.6%+64.4%+21.8%−39.0%+18.0%+25.9%22.8%+12.5%
GLD CommoditiesSPDR Gold Shares0.17+120%0.93+12.7%−0.8%+24.0%+4.9%+22.6%—21.8%+11.4%
DFIV InternationalDimensional - International Value ETF0.39+99.4%0.93+17.7%−3.7%————22.4%+10.8%

Stocks

InvestmentCorrelation5Y returnSharpe20232022200920082006200380/20 mix volatility80/20 mix annual return
NDAQ Nasdaq, Inc. (this page)1.00+64.5%0.53−3.7%−11.2%−19.8%−50.1%−12.5%−5.3%26.2%+8.9%
CAH Medical - DistributionCardinal Health, Inc.0.09+471%1.54+34.1%+54.1%−4.4%−39.6%−5.8%+3.5%22.1%+15.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.18+2,780%1.43+160%+1.3%+105%−20.5%−26.0%+6.9%25.8%+27.6%
MCK Medical - DistributionMcKesson Corporation0.13+397%1.41+24.1%+51.8%+62.9%−40.4%−1.2%+19.9%22.2%+14.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.26+1,452%1.41+79.6%+17.0%+17.8%−15.2%+38.9%+63.6%24.9%+23.5%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.20+660%1.39+30.4%+86.6%————23.2%+17.2%
Open these 14 in EasyCompare

Common questions

What was NDAQ's worst drawdown?

NDAQ's deepest decline since it began trading in 2002 was 68.5%, from December 2007 to November 2008. It took about six years from the low to climb back to its old high.

What were NDAQ's best and worst years?

Over 23 full calendar years, NDAQ's best year was 2005, when it returned 245%. Its worst was 2008, with a return of -50.1%.

Is there a better investment than NDAQ?

Among NDAQ's popular alternatives, CME earned more than NDAQ with less volatility over the past 5 years: 11.6% a year at 20.8% volatility, against 10.5% a year at 24.9%. Looking beyond its popular alternatives, INFL (market infrastructure theme) earned more than NDAQ with less volatility over the past 5 years: 11.6% a year at 17.8% volatility, against 10.5% a year at 24.9%.

Is NDAQ more volatile than the S&P 500?

Yes. NDAQ's volatility over the past 5 years was 24.9%, 1.5 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NDAQ's return lands within 24.9% 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 NDAQ's Sharpe ratio?

NDAQ's Sharpe ratio over the past 5 years was 0.53, against 0.78 for the S&P 500, so NDAQ 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 NDAQ with the S&P 500?

Over the past 5 years, NDAQ's monthly returns had a correlation of 0.59 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 NDAQ instead: the lower it is, the more that option would diversify a NDAQ holding.

What are the best alternatives to NDAQ?

Of the 23 popular alternatives we compared, one outperformed NDAQ in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CBOE.

Did NDAQ outperform the S&P 500?

NDAQ finished ahead of the S&P 500 (SPY) in 15 of 23 full calendar years. In 2025, it returned +27.2%, against +17.7% for the index.

How did NDAQ do in stock market crashes?

NDAQ fell less than the S&P 500 (SPY) in three of the nine major crashes it has traded through, and further in five. The clearest case was the 2008 financial crisis, when NDAQ fell 68.5% and the S&P 500 fell 55.2%.

What diversifies NDAQ?

These had a low correlation with NDAQ over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.32), DXJ (correlation 0.05) and EMLP (correlation 0.44); among large stocks, CAH (correlation 0.09), CLS (correlation 0.18) and MCK (correlation 0.13). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to NDAQ