BetterThanSPY

Relative Intelligence · Cloud Computing

How Cloudflare (NET) compares with the whole market and its popular alternatives

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

Period covered: NET's full trading record, from September 2019 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 NET →Chart NET vs. 20 alternatives →

This page answers the following questions about NET

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 NET have grown?

This chart tracks a hypothetical $10,000 investment in NET over the past 7 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NET over the same span and NET's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: NET began trading on September 13, 2019, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or five other sell-offs. It covers the most recent 7 years of NET's record, starting at the end of September 2019.

Choose a period

From the end of September 2019 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. 25 of the 3,145 stocks and funds worth at least $500 million that traded the whole period ended ahead of NET; 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$500,00020192020202120222023202420252026$10,000$100,0002019202120232025
  • NVDA$528,672+5,187% total · +76.3% a year
  • FIX$388,188+3,782% total · +68.7% a year
  • MU$254,900+2,449% total · +58.8% a year
  • DELL$225,435+2,154% total · +56.1% a year
  • STX$215,849+2,058% total · +55.1% a year
  • NET$187,012+1,770% total · +51.9% a year
  • CRWD$181,581+1,716% total · +51.3% a year
  • PANW$116,957+1,070% total · +42.1% a year
  • FTNT$116,452+1,065% total · +42.0% a year
  • SPY (S&P 500)$28,402+184% total · +16.1% 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. 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. 331 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of NET; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • NVDA$110,811+1,008% total · +61.8% a year
  • PLTR$77,807+678% total · +50.7% a year
  • ZETA$53,872+439% total · +40.0% a year
  • PANW$49,770+398% total · +37.8% a year
  • CRWD$43,090+331% total · +33.9% a year
  • NET$30,828+208% total · +25.3% a year
  • FTNT$30,603+206% total · +25.1% a year
  • FFIV$22,395+124% total · +17.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • NTNX$18,676+86.8% total · +13.3% a year
Change the dates or add tickers to this chart in EasyCompare

NET at a glance

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

Note: NET began trading on September 13, 2019, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or five other sell-offs.

The company

Market value
$108B
Industry
Software - Infrastructure
Price history from
September 2019

Returns

Past 1 year
+44.1%total return
Past 3 years
+417%+72.9% a year
Past 5 years
+67.4%+10.9% a year
Best calendar year
+345%2020
Worst calendar year
−65.6%2022
Losing years
1 of 6full calendar years

Risk

Volatility
69.1%typical yearly swing, 5 years
Sharpe ratio
0.49return per unit of risk, 5 years
Worst decline ever
−82.6%Nov 2021 to Nov 2022
From its all-time high
−15.9%below the peak

NET against the whole market

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

How does NET rank among all stocks?

This section ranks NET 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 NET 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.

MeasureNETRankStanding
1-year return+44.1%662 of 3,282top 20%
3-year return+417%131 of 3,016top 4%
5-year return+67.4%936 of 2,897top 32%
Volatility, 5 years69.1%2,489 of 2,897bottom 15%
Sharpe ratio, 5 years0.49958 of 2,897top 33%

What has beaten NET 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). NET sits where the dashed lines cross. Anything in the green box above and to the left earned more than NET 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 NET; faint dots are 91 more of the 964 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.

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%0.0%20.0%40.0%60.0%80.0%100%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NETWMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%JNJ: +13.5% a year, volatility 18.0%HSBC: +32.8% a year, volatility 25.9%COST: +17.4% a year, volatility 22.9%INSW: +58.7% a year, volatility 40.6%NVS: +17.4% a year, volatility 20.7%MRK: +16.1% a year, volatility 24.8%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%STX: +53.4% a year, volatility 48.8%MFG: +33.9% a year, volatility 30.6%GLD: +17.1% a year, volatility 19.0%PGR: +21.8% a year, volatility 25.7%VRTX: +23.9% a year, volatility 29.1%COR: +23.6% a year, volatility 22.8%LITE: +55.0% a year, volatility 64.7%NEM: +17.8% a year, volatility 39.1%MNST: +17.4% a year, volatility 24.9%RY: +17.5% a year, volatility 18.2%PBR-A: +53.5% a year, volatility 37.4%ESLT: +39.7% a year, volatility 34.6%CIEN: +43.7% a year, volatility 52.9%WPM: +25.8% a year, volatility 37.0%WELL: +27.0% a year, volatility 23.8%FAST: +16.2% a year, volatility 24.6%B: +17.8% a year, volatility 37.4%SDCI: +21.1% a year, volatility 18.4%CAH: +41.7% a year, volatility 24.7%HWM: +45.1% a year, volatility 32.7%UMC: +18.8% a year, volatility 43.3%KR: +13.5% a year, volatility 27.4%COKE: +41.6% a year, volatility 38.0%MPLX: +24.0% a year, volatility 18.8%FIX: +73.0% a year, volatility 46.9%IYW: +18.6% a year, volatility 26.7%BCH: +24.2% a year, volatility 28.2%NMR: +17.3% a year, volatility 29.9%NI: +15.5% a year, volatility 20.3%PKG: +16.6% a year, volatility 25.9%AVGO: +46.9% a year, volatility 44.6%VIV: +17.1% a year, volatility 28.8%EWT: +19.8% a year, volatility 24.3%VOO: +12.6% a year, volatility 16.9%XLG: +13.5% a year, volatility 18.9%MUSA: +25.3% a year, volatility 31.2%PSO: +18.7% a year, volatility 27.9%FN: +26.9% a year, volatility 57.3%NEU: +20.9% a year, volatility 26.8%FRHC: +20.5% a year, volatility 40.5%ONEQ: +12.6% a year, volatility 22.6%XOM: +27.5% a year, volatility 26.5%TRMD: +54.8% a year, volatility 46.0%FSS: +23.2% a year, volatility 31.7%PDBC: +12.0% a year, volatility 19.3%FCFS: +16.7% a year, volatility 31.2%JPM: +17.3% a year, volatility 24.3%MATX: +23.5% a year, volatility 39.5%SFM: +25.2% a year, volatility 40.3%DHT: +40.3% a year, volatility 39.0%TNK: +52.2% a year, volatility 45.1%ABBV: +25.5% a year, volatility 23.4%AMD: +33.5% a year, volatility 57.7%PSMT: +19.7% a year, volatility 28.1%CMBT: +25.9% a year, volatility 42.9%USLM: +36.8% a year, volatility 36.1%TDIV: +16.5% a year, volatility 21.3%V: +13.2% a year, volatility 22.9%VIRT: +20.4% a year, volatility 33.8%FTGC: +13.1% a year, volatility 15.6%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%CSW: +17.1% a year, volatility 34.4%LVHI: +16.9% a year, volatility 11.1%CVX: +19.7% a year, volatility 25.2%NIC: +19.7% a year, volatility 30.2%CAT: +30.7% a year, volatility 32.0%MUFG: +33.5% a year, volatility 29.4%MA: +12.7% a year, volatility 23.8%PM: +21.3% a year, volatility 23.4%PBR: +52.4% a year, volatility 37.4%SHEL: +21.4% a year, volatility 24.8%CALM: +18.1% a year, volatility 33.3%MCK: +37.8% a year, volatility 25.1%ANET: +47.6% a year, volatility 49.1%LRCX: +34.2% a year, volatility 50.1%VTV: +12.2% a year, volatility 13.7%EZPW: +30.9% a year, volatility 35.8%GLTR: +14.1% a year, volatility 24.7%RTX: +18.7% a year, volatility 24.4%NTRA: +28.4% a year, volatility 57.6%NET: +10.9% a year, volatility 69.1%SPY (S&P 500): +12.5% a year, volatility 17.2%CRWD: +27.4% a year, volatility 52.7%GOOG: +18.5% a year, volatility 32.0%CSCO: +16.9% a year, volatility 26.1%NVDA: +56.5% a year, volatility 51.9%PANW: +33.4% a year, volatility 43.4%GDDY: +10.6% a year, volatility 35.9%CIBR: +14.5% a year, volatility 26.2%QLYS: +12.1% a year, volatility 42.9%AVPT: +13.6% a year, volatility 45.6%ZETA: +32.6% a year, volatility 70.5%PLTR: +51.7% a year, volatility 67.0%APPF: +10.3% a year, volatility 44.2%MU: +67.0% a year, volatility 57.1%DELL: +53.8% a year, volatility 54.5%AAPL: +19.1% a year, volatility 28.0%TSM: +31.0% a year, volatility 38.6%LLY: +41.2% a year, volatility 32.8%QQQ: +14.2% a year, volatility 23.0%VTI: +11.4% a year, volatility 17.5%CORT: +41.8% a year, volatility 76.0%CLS: +95.8% a year, volatility 59.9%NETSPY (S&P 500)CRWDGOOGCSCONVDAPANWGDDYQLYSZETAPLTRMUTSMLLYVTICORTCLS0.0%20.0%40.0%60.0%80.0%0.0%20.0%40.0%60.0%80.0%100%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NETWMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%JNJ: +13.5% a year, volatility 18.0%HSBC: +32.8% a year, volatility 25.9%COST: +17.4% a year, volatility 22.9%INSW: +58.7% a year, volatility 40.6%NVS: +17.4% a year, volatility 20.7%MRK: +16.1% a year, volatility 24.8%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%STX: +53.4% a year, volatility 48.8%MFG: +33.9% a year, volatility 30.6%GLD: +17.1% a year, volatility 19.0%PGR: +21.8% a year, volatility 25.7%VRTX: +23.9% a year, volatility 29.1%COR: +23.6% a year, volatility 22.8%LITE: +55.0% a year, volatility 64.7%NEM: +17.8% a year, volatility 39.1%MNST: +17.4% a year, volatility 24.9%RY: +17.5% a year, volatility 18.2%PBR-A: +53.5% a year, volatility 37.4%ESLT: +39.7% a year, volatility 34.6%CIEN: +43.7% a year, volatility 52.9%WPM: +25.8% a year, volatility 37.0%WELL: +27.0% a year, volatility 23.8%FAST: +16.2% a year, volatility 24.6%B: +17.8% a year, volatility 37.4%SDCI: +21.1% a year, volatility 18.4%CAH: +41.7% a year, volatility 24.7%HWM: +45.1% a year, volatility 32.7%UMC: +18.8% a year, volatility 43.3%KR: +13.5% a year, volatility 27.4%COKE: +41.6% a year, volatility 38.0%MPLX: +24.0% a year, volatility 18.8%FIX: +73.0% a year, volatility 46.9%IYW: +18.6% a year, volatility 26.7%BCH: +24.2% a year, volatility 28.2%NMR: +17.3% a year, volatility 29.9%NI: +15.5% a year, volatility 20.3%PKG: +16.6% a year, volatility 25.9%AVGO: +46.9% a year, volatility 44.6%VIV: +17.1% a year, volatility 28.8%EWT: +19.8% a year, volatility 24.3%VOO: +12.6% a year, volatility 16.9%XLG: +13.5% a year, volatility 18.9%MUSA: +25.3% a year, volatility 31.2%PSO: +18.7% a year, volatility 27.9%FN: +26.9% a year, volatility 57.3%NEU: +20.9% a year, volatility 26.8%FRHC: +20.5% a year, volatility 40.5%ONEQ: +12.6% a year, volatility 22.6%XOM: +27.5% a year, volatility 26.5%TRMD: +54.8% a year, volatility 46.0%FSS: +23.2% a year, volatility 31.7%PDBC: +12.0% a year, volatility 19.3%FCFS: +16.7% a year, volatility 31.2%JPM: +17.3% a year, volatility 24.3%MATX: +23.5% a year, volatility 39.5%SFM: +25.2% a year, volatility 40.3%DHT: +40.3% a year, volatility 39.0%TNK: +52.2% a year, volatility 45.1%ABBV: +25.5% a year, volatility 23.4%AMD: +33.5% a year, volatility 57.7%PSMT: +19.7% a year, volatility 28.1%CMBT: +25.9% a year, volatility 42.9%USLM: +36.8% a year, volatility 36.1%TDIV: +16.5% a year, volatility 21.3%V: +13.2% a year, volatility 22.9%VIRT: +20.4% a year, volatility 33.8%FTGC: +13.1% a year, volatility 15.6%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%CSW: +17.1% a year, volatility 34.4%LVHI: +16.9% a year, volatility 11.1%CVX: +19.7% a year, volatility 25.2%NIC: +19.7% a year, volatility 30.2%CAT: +30.7% a year, volatility 32.0%MUFG: +33.5% a year, volatility 29.4%MA: +12.7% a year, volatility 23.8%PM: +21.3% a year, volatility 23.4%PBR: +52.4% a year, volatility 37.4%SHEL: +21.4% a year, volatility 24.8%CALM: +18.1% a year, volatility 33.3%MCK: +37.8% a year, volatility 25.1%ANET: +47.6% a year, volatility 49.1%LRCX: +34.2% a year, volatility 50.1%VTV: +12.2% a year, volatility 13.7%EZPW: +30.9% a year, volatility 35.8%GLTR: +14.1% a year, volatility 24.7%RTX: +18.7% a year, volatility 24.4%NTRA: +28.4% a year, volatility 57.6%NET: +10.9% a year, volatility 69.1%SPY (S&P 500): +12.5% a year, volatility 17.2%CRWD: +27.4% a year, volatility 52.7%GOOG: +18.5% a year, volatility 32.0%CSCO: +16.9% a year, volatility 26.1%NVDA: +56.5% a year, volatility 51.9%PANW: +33.4% a year, volatility 43.4%GDDY: +10.6% a year, volatility 35.9%CIBR: +14.5% a year, volatility 26.2%QLYS: +12.1% a year, volatility 42.9%AVPT: +13.6% a year, volatility 45.6%ZETA: +32.6% a year, volatility 70.5%PLTR: +51.7% a year, volatility 67.0%APPF: +10.3% a year, volatility 44.2%MU: +67.0% a year, volatility 57.1%DELL: +53.8% a year, volatility 54.5%AAPL: +19.1% a year, volatility 28.0%TSM: +31.0% a year, volatility 38.6%LLY: +41.2% a year, volatility 32.8%QQQ: +14.2% a year, volatility 23.0%VTI: +11.4% a year, volatility 17.5%CORT: +41.8% a year, volatility 76.0%CLS: +95.8% a year, volatility 59.9%NETSPY (S&P 500)CRWDGOOGNVDAPANWQLYSZETAPLTRMUDELLAAPLTSMLLYVTICORTCLS
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than NET?

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

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

Screen the whole market against NET for any period in BetterThanSPYOpen these 21 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 years5Y returntotalCorr. with NET?lower diversifies moreExpenseper year
NETCloudflare, Inc. · this page
+10.9%69.1%0.49−82.6%+67.4%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+80.3%0.380.09%
Popular alternativesbest 6 shownThe investments people most often weigh against NET. 10 of 20 passed at least one test.
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+27.4%52.7%0.72−67.7%+236%0.58—
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+18.5%32.0%0.69−44.6%+134%0.27—
CSCOCisco Systems, Inc. · Communications Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+16.9%26.1%0.73−42.0%+118%0.25—
NVDANVIDIA Corporation · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+56.5%51.9%1.12−66.3%+839%0.48—
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst decline+33.4%43.4%0.89−48.0%+322%0.45—
GDDYGoDaddy Inc. · Internet Services
Similar return, lower volatility+10.6%35.9%0.46−65.0%+65.3%0.21—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Cloud Computing and the categories next to it (Bitcoin Mining, Data Centers, Cybersecurity, Software), plus NET's specific themes. 22 of 152 passed at least one test.
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst decline+14.5%26.2%0.65−33.9%+96.7%0.660.58%
QLYSQualys, Inc. · Cybersecurity
Higher return, lower volatilitySmaller losses in recent crashes+12.1%42.9%0.48−63.0%+77.4%0.36—
AVPTAvePoint, Inc. · Software
Higher return, lower volatilitySmaller losses in recent crashes+13.6%45.6%0.51−78.8%+89.0%0.38—
ZETAZeta Global Holdings Corp. · Software
Higher return, similar volatilityHigher Sharpe, smaller worst decline+32.6%70.5%0.76−70.0%+310%0.38—
PLTRPalantir Technologies Inc. · Enterprise Software
Higher return, similar volatility+51.7%67.0%0.95−84.6%+703%0.52—
APPFAppFolio Inc. · Application Software
Similar return, lower volatility+10.3%44.2%0.44−55.4%+63.5%0.20—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,285 of 3,492 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+67.0%57.1%1.19−57.6%+1,199%0.14—
DELLDell Technologies Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+53.8%54.5%1.06−59.6%+761%0.16—
AAPLApple Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+19.1%28.0%0.77−38.5%+140%0.25—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+31.0%38.6%0.90−56.6%+285%0.25—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+41.2%32.8%1.22−34.5%+461%-0.04—
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+14.2%23.0%0.69−35.1%+94.0%0.490.18%
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Similar return, lower volatilityHigher Sharpe, smaller worst decline+11.4%17.5%0.71−35.0%+71.5%0.400.03%
CORTCorcept Therapeutics Incorporated · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+41.8%76.0%0.80−71.9%+474%-0.03—
What these numbers mean for NET
Annual return
NET returned 10.9% 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 $16,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
NET's volatility over the past 5 years was 69.1%, 4.0 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NET's return lands within 69.1% 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
NET's Sharpe ratio over the past 5 years was 0.49, against 0.78 for the S&P 500, so NET 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
NET's worst fall from a peak to a low over the past 10 years was 82.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 82.6% fall takes a 474% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, NET's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against NET instead: the lower it is, the more that option would diversify a NET holding. Guide: Correlation and diversification →
Show all 964 stocks and funds worth at least $500 million that earned more than NET 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 decline5Y returnCorr. with NETExpense
1
MUMicron Technology, Inc. · Semiconductors
Whole market+67.0%57.1%1.19−57.6%+1,199%0.14—
2
DELLDell Technologies Inc. · Computer Hardware
Whole market+53.8%54.5%1.06−59.6%+761%0.16—
3
AAPLApple Inc. · Computer Hardware
Whole market+19.1%28.0%0.77−38.5%+140%0.25—
4
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.0%38.6%0.90−56.6%+285%0.25—
5
LLYEli Lilly and Company · Pharmaceuticals
Whole market+41.2%32.8%1.22−34.5%+461%-0.04—
6
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+161%0.10—
7
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+88.5%-0.03—
8
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+88.0%-0.22—
9
HSBCHSBC Holdings plc · Banks
Whole market+32.8%25.9%1.23−62.3%+313%0.05—
10
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+123%0.31—
11
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.2%23.0%0.69−35.1%+94.0%0.490.18%
12
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+58.7%40.6%1.35−57.4%+906%-0.07—
13
NVSNovartis AG · Pharmaceuticals
Whole market+17.4%20.7%0.89−26.8%+123%-0.24—
14
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.1%24.8%0.73−43.4%+111%-0.12—
15
AMGNAmgen Inc. · Biotechnology
Whole market+20.1%24.9%0.86−24.9%+150%-0.26—
16
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+179%-0.17—
17
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+53.4%48.8%1.12−57.0%+748%0.18—
18
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.9%30.6%1.11−45.7%+330%-0.09—
19
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+120%-0.110.40%
20
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Popular alternative+27.4%52.7%0.72−67.7%+236%0.58—
21
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.8%25.7%0.90−30.3%+168%-0.16—
22
VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics
Whole market+23.9%29.1%0.89−41.6%+192%-0.26—
23
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+188%-0.04—
24
LITELumentum Holdings Inc. · Communications Equipment
Whole market+55.0%64.7%1.00−66.9%+795%0.09—
25
NEMNewmont Corporation · Gold Mining
Whole market+17.8%39.1%0.62−62.4%+127%-0.14—
26
MNSTMonster Beverage Corporation · Nonalcoholic Beverages
Whole market+17.4%24.9%0.77−30.4%+123%-0.17—
27
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+124%0.00—
28
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+53.5%37.4%1.34−71.7%+751%-0.02—
29
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.7%34.6%1.14−35.4%+432%0.17—
30
CIENCiena Corporation · Communications Equipment
Whole market+43.7%52.9%0.95−49.5%+513%0.17—
31
WPMWheaton Precious Metals Corp. · Precious Metals
Whole market+25.8%37.0%0.81−46.7%+215%-0.05—
32
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+230%-0.10—
33
FASTFastenal Company · Industrial Distribution
Whole market+16.2%24.6%0.74−30.7%+112%0.16—
34
BBarrick Mining Corporation · Gold Mining
Whole market+17.8%37.4%0.63−53.9%+127%-0.07—
35
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Broad Commodities
Whole market+21.1%18.4%1.14−45.7%+161%-0.030.80%
36
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+471%0.09—
37
HWMHowmet Aerospace Inc. · Aerospace Components
Whole market+45.1%32.7%1.31−68.9%+544%0.08—
38
UMCUnited Microelectronics Corporation · Semiconductors
Whole market+18.8%43.3%0.61−54.3%+137%0.04—
39
KRThe Kroger Co. · Grocery Stores
Whole market+13.5%27.4%0.60−43.8%+88.0%0.00—
40
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.6%38.0%1.11−51.7%+468%-0.13—
41
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+193%0.12—
42
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+73.0%46.9%1.41−49.7%+1,452%0.26—
43
IYWiShares U.S. Technology ETF · Technology Equity
Whole market+18.6%26.7%0.78−39.4%+135%0.490.37%
44
BCHBanco de Chile · Banks
Whole market+24.2%28.2%0.91−58.4%+195%-0.09—
45
NMRNomura Holdings, Inc. · Capital Markets
Whole market+17.3%29.9%0.69−54.0%+122%0.02—
46
NINiSource Inc · Gas Utilities
Whole market+15.5%20.3%0.81−30.9%+105%-0.15—
47
PKGPackaging Corporation of America · Packaging
Whole market+16.6%25.9%0.72−38.2%+115%-0.05—
48
AVGOBroadcom Inc. · Semiconductors
Whole market+46.9%44.6%1.09−48.3%+585%0.32—
49
VIVTelefônica Brasil S.A. · Integrated Telecommunications
Whole market+17.1%28.8%0.70−56.6%+121%0.05—
50
GOOGAlphabet Inc. · Internet Services
Popular alternative+18.5%32.0%0.69−44.6%+134%0.27—
51
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+19.8%24.3%0.87−38.9%+147%0.230.59%
52
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+80.8%0.380.03%
53
XLGInvesco S&P 500 Top 50 ETF · US Large-Cap Equity
Whole market+13.5%18.9%0.77−30.5%+88.6%0.440.20%
54
MUSAMurphy USA Inc. · Convenience Stores
Whole market+25.3%31.2%0.88−35.5%+208%-0.17—
55
PSOPearson plc · Education Services
Whole market+18.7%27.9%0.76−58.4%+135%-0.14—
56
FNFabrinet · Electronics Manufacturing
Whole market+26.9%57.3%0.70−57.4%+230%0.07—
57
NEUNewMarket Corporation · Specialty Chemicals
Whole market+20.9%26.8%0.85−40.7%+159%0.07—
58
FRHCFreedom Holding Corp. · Investment Banking & Brokerage
Whole market+20.5%40.5%0.66−45.9%+154%0.30—
59
ONEQFidelity Nasdaq Composite Index ETF · US Total Market
Whole market+12.6%22.6%0.64−35.2%+80.9%0.500.21%
60
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.5%26.5%1.05−61.0%+236%-0.15—
61
CSCOCisco Systems, Inc. · Communications Equipment
Popular alternative+16.9%26.1%0.73−42.0%+118%0.25—
62
TRMDTORM plc · Marine Shipping
Whole market+54.8%46.0%1.19−60.6%+788%-0.16—
63
FSSFederal Signal Corporation · Industrial Machinery
Whole market+23.2%31.7%0.82−33.0%+184%0.18—
64
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities
Whole market+12.0%19.3%0.69−40.7%+76.2%-0.040.74%
65
FCFSFirstCash Holdings, Inc · Consumer Finance
Whole market+16.7%31.2%0.65−50.2%+116%-0.08—
66
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+122%0.25—
67
MATXMatson, Inc. · Marine Shipping
Whole market+23.5%39.5%0.73−53.6%+188%0.08—
68
SFMSprouts Farmers Market, Inc. · Grocery Stores
Whole market+25.2%40.3%0.77−65.2%+207%0.02—
69
DHTDHT Holdings, Inc. · Oil & Gas
Whole market+40.3%39.0%1.07−39.7%+443%0.04—
70
TNKTeekay Tankers Ltd. · Marine Shipping
Whole market+52.2%45.1%1.16−63.4%+716%-0.10—
71
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+212%-0.07—
72
AMDAdvanced Micro Devices, Inc. · Semiconductors
Whole market+33.5%57.7%0.79−65.5%+324%0.35—
73
PSMTPriceSmart, Inc. · Discount Retail
Whole market+19.7%28.1%0.78−53.2%+145%0.00—
74
CMBTCmb.Tech N.V. · Marine Shipping
Whole market+25.9%42.9%0.75−57.2%+217%-0.07—
75
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Whole market+36.8%36.1%1.05−45.9%+380%0.03—
76
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.5%21.3%0.83−32.0%+115%0.290.50%
77
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+86.1%0.01—
78
VIRTVirtu Financial, Inc. · Capital Markets
Whole market+20.4%33.8%0.72−56.2%+153%0.08—
79
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Broad Commodities
Whole market+13.1%15.6%0.87−35.9%+85.0%0.010.98%
80
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+225%0.010.48%
81
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+103%-0.14—
82
CSWCSW Industrials, Inc. · Industrial Products
Whole market+17.1%34.4%0.63−46.2%+121%0.17—
83
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+119%-0.080.40%
84
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.7%25.2%0.84−55.8%+146%0.05—
85
NICNicolet Bankshares, Inc. · Regional Banks
Whole market+19.7%30.2%0.75−44.3%+146%0.01—
86
CATCaterpillar Inc. · Industrial Machinery
Whole market+30.7%32.0%1.00−43.4%+281%0.11—
87
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.5%29.4%1.14−54.9%+325%-0.08—
88
MAMastercard Incorporated · Payment Processing
Whole market+12.7%23.8%0.62−41.0%+81.9%0.00—
89
PMPhilip Morris International Inc. · Tobacco
Whole market+21.3%23.4%0.94−42.9%+162%-0.25—
90
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+52.4%37.4%1.32−75.3%+721%-0.06—
91
SHELShell plc · Integrated Oil & Gas
Whole market+21.4%24.8%0.91−67.2%+164%-0.10—
92
CALMCal-Maine Foods, Inc. · Food & Beverages
Whole market+18.1%33.3%0.67−46.6%+130%0.13—
93
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+397%-0.04—
94
ANETArista Networks, Inc. · Communications Equipment
Whole market+47.6%49.1%1.04−52.2%+601%0.32—
95
LRCXLam Research Corporation · Semiconductor Equipment
Whole market+34.2%50.1%0.84−56.4%+335%0.22—
96
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.2%13.7%0.91−36.8%+78.0%0.120.03%
97
EZPWEZCORP, Inc. · Consumer Finance
Whole market+30.9%35.8%0.94−76.6%+284%-0.05—
98
GLTRabrdn Physical Precious Metals Basket Shares ETF · Precious Metals
Whole market+14.1%24.7%0.66−38.5%+93.7%-0.120.60%
99
RTXRTX Corporation · Aerospace & Defense
Whole market+18.7%24.4%0.83−52.0%+136%-0.04—
100
NTRANatera, Inc. · Molecular Diagnostics
Whole market+28.4%57.6%0.73−77.7%+249%0.28—

NET against its popular alternatives

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

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

Green points earned more than NET 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%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNET: 10.9% a year, volatility 69.1%SPY (S&P 500): 12.5% a year, volatility 17.2%CRWD: 27.4% a year, volatility 52.7%PANW: 33.4% a year, volatility 43.4%FTNT: 20.9% a year, volatility 44.8%FFIV: 16.7% a year, volatility 30.8%NTNX: 14.1% a year, volatility 49.2%CSCO: 16.9% a year, volatility 26.1%MSFT: 11.9% a year, volatility 28.2%NVDA: 56.5% a year, volatility 51.9%GOOG: 18.5% a year, volatility 32.0%DOCN: −0.4% a year, volatility 73.0%FSLY: −14.2% a year, volatility 89.6%OKTA: −5.0% a year, volatility 60.2%DDOG: 9.7% a year, volatility 59.8%DT: −4.3% a year, volatility 41.6%ZS: −5.0% a year, volatility 58.0%S: −18.8% a year, volatility 62.9%GDDY: 10.6% a year, volatility 35.9%AMZN: 8.5% a year, volatility 36.6%EQIX: 5.1% a year, volatility 27.9%AKAM: −3.3% a year, volatility 39.2%NETSPY (S&P 500)CRWDPANWFTNTFFIVNTNXCSCOMSFTNVDADOCNFSLYOKTADDOGDTZSSGDDYAMZNEQIXAKAM0.0%20.0%40.0%60.0%80.0%100%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNET: 10.9% a year, volatility 69.1%SPY (S&P 500): 12.5% a year, volatility 17.2%CRWD: 27.4% a year, volatility 52.7%PANW: 33.4% a year, volatility 43.4%FTNT: 20.9% a year, volatility 44.8%FFIV: 16.7% a year, volatility 30.8%NTNX: 14.1% a year, volatility 49.2%CSCO: 16.9% a year, volatility 26.1%MSFT: 11.9% a year, volatility 28.2%NVDA: 56.5% a year, volatility 51.9%GOOG: 18.5% a year, volatility 32.0%DOCN: −0.4% a year, volatility 73.0%FSLY: −14.2% a year, volatility 89.6%OKTA: −5.0% a year, volatility 60.2%DDOG: 9.7% a year, volatility 59.8%DT: −4.3% a year, volatility 41.6%ZS: −5.0% a year, volatility 58.0%S: −18.8% a year, volatility 62.9%GDDY: 10.6% a year, volatility 35.9%AMZN: 8.5% a year, volatility 36.6%EQIX: 5.1% a year, volatility 27.9%AKAM: −3.3% a year, volatility 39.2%NETSPY (S&P 500)CRWDPANWFTNTFFIVNTNXCSCONVDADOCNFSLYOKTADDOGDTZSSAMZNAKAM
All figures
InvestmentAnnual returnVolatility
NVDA NVIDIA Corporation+56.5%51.9%
PANW Palo Alto Networks, Inc.+33.4%43.4%
CRWD CrowdStrike Holdings, Inc.+27.4%52.7%
FTNT Fortinet, Inc.+20.9%44.8%
GOOG Alphabet Inc.+18.5%32.0%
CSCO Cisco Systems, Inc.+16.9%26.1%
FFIV F5, Inc.+16.7%30.8%
NTNX Nutanix, Inc.+14.1%49.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
MSFT Microsoft Corporation+11.9%28.2%
NET This pageCloudflare, Inc.+10.9%69.1%
GDDY GoDaddy Inc.+10.6%35.9%
DDOG Datadog, Inc.+9.7%59.8%
AMZN Amazon.com, Inc.+8.5%36.6%
EQIX Equinix, Inc.+5.1%27.9%
DOCN DigitalOcean Holdings, Inc.−0.4%73.0%
AKAM Akamai Technologies, Inc.−3.3%39.2%
DT Dynatrace, Inc.−4.3%41.6%
OKTA Okta, Inc.−5.0%60.2%
ZS Zscaler, Inc.−5.0%58.0%
FSLY Fastly, Inc.−14.2%89.6%
S SentinelOne, Inc.−18.8%62.9%
Open these 22 in EasyCompare

Has NET consistently beaten its popular alternatives?

This section compares NET with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than NET helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than NET over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
NET Cloudflare, Inc. (this page)—−14.0%+12.9%+46.3%+54.9%+44.1%+417%+67.4%69.1%0.49−82.6%—$108B—
CRWD QualifiedCrowdStrike Holdings, Inc.5/5 short2/2 longAll-weather−4.8%+26.3%+104%+110%+90.3%+431%+236%52.7%0.72−67.7%—$244B—
PANW Software - InfrastructurePalo Alto Networks, Inc.4/5 short1/2 long−5.2%+5.9%+95.9%+97.9%+67.1%+188%+322%43.4%0.89−48.0%—$290B—
FTNT Software - InfrastructureFortinet, Inc.4/5 short1/2 long−0.7%+11.6%+98.6%+122%+104%+208%+158%44.8%0.65−38.3%—$127B—
FFIV Software - InfrastructureF5, Inc.3/5 short1/2 long−0.7%+12.3%+44.6%+75.4%+51.1%+207%+116%30.8%0.66−54.6%—$25B—
NTNX Software - InfrastructureNutanix, Inc.3/5 short1/2 long+0.4%+30.3%+67.8%+37.5%+1.1%+94.5%+93.8%49.2%0.52−80.4%—$19B—
CSCO Communication EquipmentCisco Systems, Inc.2/5 short1/2 long−1.1%−6.2%+17.7%+39.7%+51.2%+117%+118%26.1%0.73−42.0%—$414B—
MSFT Software - InfrastructureMicrosoft Corporation2/5 short1/2 long+4.6%+33.7%+20.9%+10.9%+0.9%+61.9%+75.6%28.2%0.54−37.1%—$3.9T—
NVDA SemiconductorsNVIDIA Corporation1/5 short1/2 long−7.3%+0.2%+5.0%+12.6%+18.0%+395%+839%51.9%1.12−66.3%—$5.1T—
GOOG Internet Content & InformationAlphabet Inc.1/5 short1/2 long−7.7%−6.1%−4.9%+1.9%+27.4%+135%+134%32.0%0.69−44.6%—$3.9T—
OKTA Software - InfrastructureOkta, Inc.5/5 short0/2 long+2.4%+47.3%+156%+141%+131%+190%−22.7%60.2%0.21−84.6%—$34B—
DDOG Software - ApplicationDatadog, Inc.4/5 short0/2 long+4.2%+4.9%+95.1%+92.7%+67.1%+201%+58.7%59.8%0.45−68.1%—$93B—
DT Software - ApplicationDynatrace, Inc.3/5 short0/2 long+10.8%+53.2%+75.3%+49.6%+27.9%+36.6%−19.5%41.6%0.10−61.8%—$18B—
ZS Software - InfrastructureZscaler, Inc.3/5 short0/2 long+13.1%+67.1%+66.7%+7.8%−22.8%+46.3%−22.8%58.0%0.20−76.4%—$39B—
S Software - InfrastructureSentinelOne, Inc.3/5 short0/2 long−5.7%+23.5%+53.8%+53.7%+30.1%+40.2%−64.7%62.9%-0.01−84.4%—$7.7B—
GDDY Software - InfrastructureGoDaddy Inc.2/5 short0/2 long+16.8%+28.3%+29.8%−3.2%−13.3%+55.7%+65.3%35.9%0.46−65.0%—$15B—
DOCN Software - InfrastructureDigitalOcean Holdings, Inc.2/5 short0/2 long−37.0%−35.5%−3.7%+87.9%+136%+328%−2.1%73.0%0.35−84.8%—$11B—
FSLY Software - ApplicationFastly, Inc.2/5 short0/2 long−13.9%+9.7%−10.9%+120%+179%+57.7%−53.4%89.6%0.27−96.1%—$3.6B—
AMZN Specialty RetailAmazon.com, Inc.1/5 short0/2 long−1.8%+2.3%−1.9%+10.5%+14.9%+97.8%+50.1%36.6%0.41−56.1%—$2.7T—
EQIX REIT - SpecialtyEquinix, Inc.1/5 short0/2 long−10.1%−7.0%−12.7%+26.6%+17.4%+45.1%+28.2%27.9%0.32−41.8%—$94B—
AKAM Software - InfrastructureAkamai Technologies, Inc.0/5 short0/2 long−23.0%−26.7%−6.2%+7.1%+22.0%−11.9%−15.6%39.2%0.11−46.8%—$13B—
Open these 21 in EasyCompare

How did NET do year by year?

This table shows each investment's total return in every full calendar year since 2020, along with where NET ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with NET and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: NET began trading on September 13, 2019, so the table starts with 2020, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or five other sell-offs.

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

InvestmentYears ahead of NET202520242023202220212020
NET This pageCloudflare, Inc.—+83.1%+29.3%+84.2%−65.6%+73.0%+345%
Rank among alternativesTop quarter in 3 of 61 of 218 of 217 of 2117 of 214 of 191 of 19
SPY S&P 500State Street SPDR S&P 500 ETF1 of 6+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%
CRWD CrowdStrike Holdings, Inc.3 of 6+37.0%+34.0%+143%−48.6%−3.3%+325%
PANW Palo Alto Networks, Inc.2 of 6+1.2%+23.4%+111%−24.8%+56.7%+53.7%
FTNT Fortinet, Inc.3 of 6−16.0%+61.4%+19.7%−32.0%+142%+39.2%
FFIV F5, Inc.2 of 6+1.5%+40.5%+24.7%−41.3%+39.1%+26.0%
NTNX Nutanix, Inc.1 of 6−15.5%+28.3%+83.1%−18.2%0.0%+1.9%
CSCO Cisco Systems, Inc.1 of 6+33.5%+21.0%+9.3%−22.5%+45.8%−3.5%
MSFT Microsoft Corporation1 of 6+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%
NVDA NVIDIA Corporation4 of 6+38.9%+171%+239%−50.2%+125%+122%
GOOG Alphabet Inc.2 of 6+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%
OKTA Okta, Inc.0 of 6+9.7%−13.0%+32.5%−69.5%−11.8%+120%
DDOG Datadog, Inc.2 of 6−4.8%+17.7%+65.1%−58.7%+80.9%+161%
DT Dynatrace, Inc.1 of 6−20.3%−0.6%+42.8%−36.5%+39.5%+71.0%
ZS Zscaler, Inc.1 of 6+24.7%−18.6%+98.0%−65.2%+60.9%+329%
S SentinelOne, Inc.1 of 4−32.4%−19.1%+88.1%−71.1%——
GDDY GoDaddy Inc.2 of 6−37.1%+85.9%+41.9%−11.8%+2.3%+22.1%
DOCN DigitalOcean Holdings, Inc.0 of 4+41.2%−7.1%+44.0%−68.3%——
FSLY Fastly, Inc.1 of 6+7.8%−47.0%+117%−76.9%−59.4%+335%
AMZN Amazon.com, Inc.2 of 6+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%
EQIX Equinix, Inc.1 of 6−16.9%+19.4%+25.4%−21.1%+20.3%+24.2%
AKAM Akamai Technologies, Inc.1 of 6−8.8%−19.2%+40.4%−28.0%+11.5%+21.6%
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Risk and diversification

How NET 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 NET's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents NET's five deepest drawdowns since it began trading in 2019, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: NET began trading on September 13, 2019, so this list cannot include the dot-com bust, the 2008 financial crisis or five other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringNET fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−82.6%−19.1%Nov 2021Nov 202212 monthsSep 20252.8 years
No named crash−36.8%+0.3%Oct 2025Feb 20264 monthsMay 20263 months
No named crash−33.9%−2.2%Feb 2021Mar 20211 monthJun 20213 months
Covid crash−31.8%−20.7%Mar 2020Mar 2020Under a monthMar 2020Under a month
No named crash−30.3%+0.3%Sep 2019Oct 20191 monthFeb 20204 months

How did NET do in stock market crashes?

This section measures how far NET, 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: NET began trading on September 13, 2019, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or five other sell-offs. 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 NET.

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
NET This pageCloudflare, Inc.—−11.1%−69.5%−31.8%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 3−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CRWD CrowdStrike Holdings, Inc.2 of 3−7.1%−42.7%−50.0%———————
PANW Palo Alto Networks, Inc.2 of 3−2.1%−30.6%−46.8%−29.1%−3.3%−40.2%————
FTNT Fortinet, Inc.2 of 3−4.9%−30.6%−36.5%−29.0%−4.4%−50.2%−23.0%−4.1%——
FFIV F5, Inc.2 of 3−5.6%−42.7%−32.1%−24.7%−5.5%−35.0%−31.6%−3.7%−59.2%−96.8%
NTNX Nutanix, Inc.2 of 3−7.0%−55.9%−66.6%−22.6%−4.0%—————
CSCO Cisco Systems, Inc.3 of 3−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
MSFT Microsoft Corporation3 of 3−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
NVDA NVIDIA Corporation2 of 3−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
GOOG Alphabet Inc.3 of 3−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
OKTA Okta, Inc.2 of 3−7.0%−76.4%−31.1%−33.4%−2.9%—————
DDOG Datadog, Inc.2 of 3−9.5%−53.0%−38.8%———————
DT Dynatrace, Inc.2 of 3−9.2%−46.9%−45.3%———————
ZS Zscaler, Inc.2 of 3−8.3%−55.3%−39.4%−24.4%——————
S SentinelOne, Inc.2 of 2−10.4%−59.8%————————
GDDY GoDaddy Inc.2 of 3−5.6%−25.3%−45.8%−28.9%−7.1%−29.2%————
DOCN DigitalOcean Holdings, Inc.2 of 2−10.3%−58.0%————————
FSLY Fastly, Inc.0 of 3−12.8%−77.4%−54.7%———————
AMZN Amazon.com, Inc.3 of 3−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
EQIX Equinix, Inc.3 of 3−4.1%−36.3%−25.1%−22.8%−6.3%−15.8%−22.5%−1.1%−69.9%—
AKAM Akamai Technologies, Inc.3 of 3−4.9%−36.0%−21.9%−20.6%−4.9%−47.6%−39.2%−4.5%−77.0%−99.8%
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How closely does NET 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 NET with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 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 NET's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
NET This pageCloudflare, Inc.118%72%1.651.64
NTNX Nutanix, Inc.43%2%28.700.63
CRWD CrowdStrike Holdings, Inc.122%38%3.211.19
NVDA NVIDIA Corporation259%152%1.702.21
FTNT Fortinet, Inc.119%75%1.591.03
CSCO Cisco Systems, Inc.98%75%1.310.99
FFIV F5, Inc.102%83%1.221.03
GOOG Alphabet Inc.140%132%1.071.20
DDOG Datadog, Inc.112%119%0.941.51
MSFT Microsoft Corporation115%126%0.911.10
GDDY GoDaddy Inc.63%76%0.840.94
EQIX Equinix, Inc.79%100%0.790.98
DOCN DigitalOcean Holdings, Inc.167%223%0.751.70
AMZN Amazon.com, Inc.125%170%0.741.45
AKAM Akamai Technologies, Inc.66%117%0.560.62
OKTA Okta, Inc.39%87%0.450.74
DT Dynatrace, Inc.57%127%0.440.77
ZS Zscaler, Inc.39%105%0.370.93
FSLY Fastly, Inc.13%80%0.160.30
S SentinelOne, Inc.16%129%0.120.70
PANW Palo Alto Networks, Inc.104%-13%—0.93
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What diversifies NET?

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

ETFs

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
NET Cloudflare, Inc. (this page)1.00+67.4%0.49−65.6%67.5%+25.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF-0.08+119%1.48+3.8%53.9%+27.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.01+225%1.34+6.0%54.1%+29.9%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.06+103%1.06+10.4%54.3%+27.5%
HDV Dividend & IncomeiShares Core High Dividend ETF-0.07+86.8%1.03+7.0%53.9%+27.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.17+83.6%0.95−5.1%54.4%+26.9%
SMH TechnologyVanEck Semiconductor ETF0.35+304%0.94−33.5%56.9%+31.4%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.03+178%0.94+64.4%54.1%+29.8%
GLD CommoditiesSPDR Gold Shares-0.11+120%0.93−0.8%53.8%+28.5%

Stocks

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
NET Cloudflare, Inc. (this page)1.00+67.4%0.49−65.6%67.5%+25.3%
CAH Medical - DistributionCardinal Health, Inc.0.09+471%1.54+54.1%54.8%+32.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.34+2,780%1.43+1.3%59.1%+44.3%
MCK Medical - DistributionMcKesson Corporation-0.04+397%1.41+51.8%54.1%+32.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.26+1,452%1.41+17.0%57.1%+41.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.11+660%1.39+86.6%55.1%+34.5%
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Common questions

What was NET's worst drawdown?

NET's deepest decline since it began trading in 2019 was 82.6%, from November 2021 to November 2022. It took about three years from the low to climb back to its old high. Because NET launched in September 2019, that record does not include the dot-com bust, the 2008 financial crisis or five other sell-offs.

What were NET's best and worst years?

Over six full calendar years, NET's best year was 2020, when it returned 345%. Its worst was 2022, with a return of -65.6%.

Is there a better investment than NET?

Among NET's popular alternatives, CRWD, GOOG and CSCO earned more than NET with less volatility over the past 5 years. CRWD returned 27.4% a year at 52.7% volatility, against 10.9% a year at 69.1%. Looking beyond its popular alternatives, CIBR (cybersecurity) and QLYS (cybersecurity) earned more than NET with less volatility over the past 5 years. CIBR returned 14.5% a year at 26.2% volatility, against 10.9% a year at 69.1%.

Is NET more volatile than the S&P 500?

Yes. NET's volatility over the past 5 years was 69.1%, 4.0 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NET's return lands within 69.1% 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 NET's Sharpe ratio?

NET's Sharpe ratio over the past 5 years was 0.49, against 0.78 for the S&P 500, so NET 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 NET with the S&P 500?

Over the past 5 years, NET's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against NET instead: the lower it is, the more that option would diversify a NET holding.

What are the best alternatives to NET?

Of the 20 popular alternatives we compared, one outperformed NET in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: CRWD.

Did NET outperform the S&P 500?

NET finished ahead of the S&P 500 (SPY) in five of six full calendar years. In 2025, it returned +83.1%, against +17.7% for the index.

How did NET do in stock market crashes?

NET fell less than the S&P 500 (SPY) in one of the three major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when NET fell 69.5% and the S&P 500 fell 24.5%.

What diversifies NET?

These had a low correlation with NET over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.08), DXJ (correlation 0.01) and EMLP (correlation 0.06); among large stocks, CAH (correlation 0.09), CLS (correlation 0.34) and MCK (correlation -0.04). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to NET

Other stocks and ETFs