BetterThanSPY

Relative Intelligence · Communications Equipment

How Nokia Oyj (NOK) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on NOK alone. It places NOK (Nokia Oyj) against 17 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 NOK stands in the market, and of the alternatives worth a closer look.

Period covered: NOK's full trading record, from July 1994 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

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

Rank the market against NOK →Chart NOK vs. 17 alternatives →

This page answers the following questions about NOK

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 NOK have grown?

This chart tracks a hypothetical $10,000 investment in NOK over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NOK over the same span and NOK'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 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 814 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of NOK; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$100$1,000$10,000$100,000$1M199720022007201220172022$100$1,000$10,000$100,000$1M19972004201120182025
  • QCOM$779,813+7,698% total · +16.2% a year
  • CSCO$206,586+1,966% total · +11.0% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • MSI$73,374+634% total · +7.1% a year
  • T$65,217+552% total · +6.7% a year
  • DGII$53,499+435% total · +6.0% a year
  • NOK$36,874+269% total · +4.6% a year
  • CIEN$20,293+103% total · +2.5% a year
  • VIAV$18,542+85.4% total · +2.2% a year
  • AVNW$373−96.3% total · −10.7% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. 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. 710 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of NOK; 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
  • ANET$94,783+848% total · +56.8% a year
  • CIEN$68,511+585% total · +46.9% a year
  • TSM$43,622+336% total · +34.3% a year
  • DGII$36,266+263% total · +29.4% a year
  • VIAV$26,634+166% total · +21.6% a year
  • CSCO$22,737+127% total · +17.9% a year
  • EXTR$21,777+118% total · +16.8% a year
  • NOK$21,125+111% total · +16.1% a year
  • MSI$20,359+104% total · +15.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

NOK 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
$43B
Industry
Communication Equipment
Price history from
July 1994

Returns

Past 1 year
+44.4%total return
Past 3 years
+170%+39.3% a year
Past 5 years
+51.9%+8.7% a year
Past 10 years
+96.3%+7.0% a year
Best calendar year
+251%1998
Worst calendar year
−58.2%2008
Losing years
15 of 29full calendar years

Risk

Volatility
40.7%typical yearly swing, 5 years
Sharpe ratio
0.41return per unit of risk, 5 years
Worst decline ever
−96.0%Jun 2000 to Jul 2012
From its all-time high
−73.2%below the peak

NOK against the whole market

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

How does NOK rank among all stocks?

This section ranks NOK 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 NOK 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.

MeasureNOKRankStanding
1-year return+44.4%651 of 3,282top 20%
3-year return+170%502 of 3,016top 17%
5-year return+51.9%1,074 of 2,897top 37%
10-year return+96.3%1,352 of 2,201bottom 40%
Volatility, 5 years40.7%1,496 of 2,897bottom 49%
Sharpe ratio, 5 years0.411,200 of 2,897top 41%
Worst decline, past 10 years−62.6%986 of 2,184top 45%

What has beaten NOK 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). NOK sits where the dashed lines cross. Anything in the green box above and to the left earned more than NOK 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 NOK; faint dots are 93 more of the 905 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%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NOKGOOG: +18.5% a year, volatility 32.0%MSFT: +11.9% a year, volatility 28.2%LLY: +41.2% a year, volatility 32.8%VTI: +11.4% a year, volatility 17.5%EVRG: +9.9% a year, volatility 19.0%PNW: +14.6% a year, volatility 19.9%VOO: +12.6% a year, volatility 16.9%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%JPM: +17.3% a year, volatility 24.3%ABBV: +25.5% a year, volatility 23.4%JNJ: +13.5% a year, volatility 18.0%V: +13.2% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%CVX: +19.7% a year, volatility 25.2%COST: +17.4% a year, volatility 22.9%CAT: +30.7% a year, volatility 32.0%MUFG: +33.5% a year, volatility 29.4%MA: +12.7% a year, volatility 23.8%QQQ: +14.2% a year, volatility 23.0%PM: +21.3% a year, volatility 23.4%NVS: +17.4% a year, volatility 20.7%OTTR: +11.1% a year, volatility 27.6%MRK: +16.1% a year, volatility 24.8%MCK: +37.8% a year, volatility 25.1%VTV: +12.2% a year, volatility 13.7%RTX: +18.7% a year, volatility 24.4%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GS: +19.4% a year, volatility 28.6%TD: +16.5% a year, volatility 20.0%MS: +16.2% a year, volatility 28.9%IBM: +20.1% a year, volatility 30.2%IBKR: +35.3% a year, volatility 35.5%TJX: +19.8% a year, volatility 22.3%MFG: +33.9% a year, volatility 30.6%SAP: +12.9% a year, volatility 30.0%LIN: +11.7% a year, volatility 20.9%VGT: +18.1% a year, volatility 26.1%SMFG: +34.0% a year, volatility 29.4%BTI: +19.4% a year, volatility 22.0%PGR: +21.8% a year, volatility 25.7%VRTX: +23.9% a year, volatility 29.1%C: +15.3% a year, volatility 29.4%AXP: +13.1% a year, volatility 29.2%MO: +18.3% a year, volatility 21.4%BHP: +15.8% a year, volatility 31.4%CB: +15.8% a year, volatility 20.4%PH: +26.0% a year, volatility 28.9%CM: +19.5% a year, volatility 21.6%BNY: +22.8% a year, volatility 24.4%DE: +15.1% a year, volatility 29.9%ETN: +19.7% a year, volatility 32.2%VIG: +10.4% a year, volatility 14.1%TRV: +22.4% a year, volatility 22.3%PWR: +36.4% a year, volatility 37.4%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%TT: +21.4% a year, volatility 27.7%MFC: +23.3% a year, volatility 24.0%BMO: +14.0% a year, volatility 21.4%GWW: +26.7% a year, volatility 24.9%BNS: +13.2% a year, volatility 20.0%LMT: +12.5% a year, volatility 24.4%COR: +23.6% a year, volatility 22.8%AEM: +28.2% a year, volatility 38.5%KMI: +20.1% a year, volatility 22.3%SO: +12.3% a year, volatility 18.9%CTAS: +17.1% a year, volatility 23.1%RIO: +11.9% a year, volatility 29.0%MNST: +17.4% a year, volatility 24.9%HLT: +20.7% a year, volatility 26.8%CME: +11.6% a year, volatility 20.8%VT: +10.1% a year, volatility 16.2%AFL: +19.5% a year, volatility 20.8%GD: +13.2% a year, volatility 20.8%RSG: +14.1% a year, volatility 18.6%HCA: +14.0% a year, volatility 30.1%JCI: +16.4% a year, volatility 29.2%ORLY: +15.8% a year, volatility 23.4%CMI: +19.3% a year, volatility 29.0%ROST: +17.8% a year, volatility 29.5%LNG: +23.4% a year, volatility 30.2%NGG: +12.3% a year, volatility 22.6%EMR: +12.9% a year, volatility 27.7%ALL: +17.9% a year, volatility 26.2%CCEP: +20.4% a year, volatility 23.3%ESLT: +39.7% a year, volatility 34.6%WPM: +25.8% a year, volatility 37.0%FAST: +16.2% a year, volatility 24.6%PCAR: +17.7% a year, volatility 26.2%NOK: +8.7% a year, volatility 40.7%SPY (S&P 500): +12.5% a year, volatility 17.2%CSCO: +16.9% a year, volatility 26.1%MSI: +15.2% a year, volatility 23.6%ANET: +47.6% a year, volatility 49.1%CIEN: +43.7% a year, volatility 52.9%DGII: +28.0% a year, volatility 42.4%T: +9.5% a year, volatility 25.4%TSM: +31.0% a year, volatility 38.6%APH: +31.3% a year, volatility 32.4%ADI: +18.6% a year, volatility 34.2%SMH: +32.2% a year, volatility 37.0%ASML: +15.3% a year, volatility 43.5%CHT: +8.2% a year, volatility 13.3%GLD: +17.1% a year, volatility 19.0%RY: +17.5% a year, volatility 18.2%ETR: +19.8% a year, volatility 22.4%AEP: +12.8% a year, volatility 20.2%CAH: +41.7% a year, volatility 24.7%AAPL: +19.1% a year, volatility 28.0%INSW: +58.7% a year, volatility 40.6%VEA: +9.1% a year, volatility 16.9%PBR-A: +53.5% a year, volatility 37.4%NOKSPY (S&P 500)CSCOMSIANETCIENDGIITTSMAPHADIASMLCHTGLDRYETRCAHINSWVEAPBR-A0.0%10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NOKGOOG: +18.5% a year, volatility 32.0%MSFT: +11.9% a year, volatility 28.2%LLY: +41.2% a year, volatility 32.8%VTI: +11.4% a year, volatility 17.5%EVRG: +9.9% a year, volatility 19.0%PNW: +14.6% a year, volatility 19.9%VOO: +12.6% a year, volatility 16.9%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%JPM: +17.3% a year, volatility 24.3%ABBV: +25.5% a year, volatility 23.4%JNJ: +13.5% a year, volatility 18.0%V: +13.2% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%CVX: +19.7% a year, volatility 25.2%COST: +17.4% a year, volatility 22.9%CAT: +30.7% a year, volatility 32.0%MUFG: +33.5% a year, volatility 29.4%MA: +12.7% a year, volatility 23.8%QQQ: +14.2% a year, volatility 23.0%PM: +21.3% a year, volatility 23.4%NVS: +17.4% a year, volatility 20.7%OTTR: +11.1% a year, volatility 27.6%MRK: +16.1% a year, volatility 24.8%MCK: +37.8% a year, volatility 25.1%VTV: +12.2% a year, volatility 13.7%RTX: +18.7% a year, volatility 24.4%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GS: +19.4% a year, volatility 28.6%TD: +16.5% a year, volatility 20.0%MS: +16.2% a year, volatility 28.9%IBM: +20.1% a year, volatility 30.2%IBKR: +35.3% a year, volatility 35.5%TJX: +19.8% a year, volatility 22.3%MFG: +33.9% a year, volatility 30.6%SAP: +12.9% a year, volatility 30.0%LIN: +11.7% a year, volatility 20.9%VGT: +18.1% a year, volatility 26.1%SMFG: +34.0% a year, volatility 29.4%BTI: +19.4% a year, volatility 22.0%PGR: +21.8% a year, volatility 25.7%VRTX: +23.9% a year, volatility 29.1%C: +15.3% a year, volatility 29.4%AXP: +13.1% a year, volatility 29.2%MO: +18.3% a year, volatility 21.4%BHP: +15.8% a year, volatility 31.4%CB: +15.8% a year, volatility 20.4%PH: +26.0% a year, volatility 28.9%CM: +19.5% a year, volatility 21.6%BNY: +22.8% a year, volatility 24.4%DE: +15.1% a year, volatility 29.9%ETN: +19.7% a year, volatility 32.2%VIG: +10.4% a year, volatility 14.1%TRV: +22.4% a year, volatility 22.3%PWR: +36.4% a year, volatility 37.4%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%TT: +21.4% a year, volatility 27.7%MFC: +23.3% a year, volatility 24.0%BMO: +14.0% a year, volatility 21.4%GWW: +26.7% a year, volatility 24.9%BNS: +13.2% a year, volatility 20.0%LMT: +12.5% a year, volatility 24.4%COR: +23.6% a year, volatility 22.8%AEM: +28.2% a year, volatility 38.5%KMI: +20.1% a year, volatility 22.3%SO: +12.3% a year, volatility 18.9%CTAS: +17.1% a year, volatility 23.1%RIO: +11.9% a year, volatility 29.0%MNST: +17.4% a year, volatility 24.9%HLT: +20.7% a year, volatility 26.8%CME: +11.6% a year, volatility 20.8%VT: +10.1% a year, volatility 16.2%AFL: +19.5% a year, volatility 20.8%GD: +13.2% a year, volatility 20.8%RSG: +14.1% a year, volatility 18.6%HCA: +14.0% a year, volatility 30.1%JCI: +16.4% a year, volatility 29.2%ORLY: +15.8% a year, volatility 23.4%CMI: +19.3% a year, volatility 29.0%ROST: +17.8% a year, volatility 29.5%LNG: +23.4% a year, volatility 30.2%NGG: +12.3% a year, volatility 22.6%EMR: +12.9% a year, volatility 27.7%ALL: +17.9% a year, volatility 26.2%CCEP: +20.4% a year, volatility 23.3%ESLT: +39.7% a year, volatility 34.6%WPM: +25.8% a year, volatility 37.0%FAST: +16.2% a year, volatility 24.6%PCAR: +17.7% a year, volatility 26.2%NOK: +8.7% a year, volatility 40.7%SPY (S&P 500): +12.5% a year, volatility 17.2%CSCO: +16.9% a year, volatility 26.1%MSI: +15.2% a year, volatility 23.6%ANET: +47.6% a year, volatility 49.1%CIEN: +43.7% a year, volatility 52.9%DGII: +28.0% a year, volatility 42.4%T: +9.5% a year, volatility 25.4%TSM: +31.0% a year, volatility 38.6%APH: +31.3% a year, volatility 32.4%ADI: +18.6% a year, volatility 34.2%SMH: +32.2% a year, volatility 37.0%ASML: +15.3% a year, volatility 43.5%CHT: +8.2% a year, volatility 13.3%GLD: +17.1% a year, volatility 19.0%RY: +17.5% a year, volatility 18.2%ETR: +19.8% a year, volatility 22.4%AEP: +12.8% a year, volatility 20.2%CAH: +41.7% a year, volatility 24.7%AAPL: +19.1% a year, volatility 28.0%INSW: +58.7% a year, volatility 40.6%VEA: +9.1% a year, volatility 16.9%PBR-A: +53.5% a year, volatility 37.4%NOKSPY (S&P 500)CSCOANETCIENDGIITSMAPHADISMHASMLCHTGLDRYCAHINSWPBR-A
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than NOK?

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

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

Screen the whole market against NOK 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 years10Y returntotalCorr. with NOK?lower diversifies moreExpenseper year
NOKNokia Oyj · this page
+8.7%40.7%0.41−62.6%+96.3%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.410.09%
Popular alternativesbest 6 shownThe investments people most often weigh against NOK. 6 of 17 passed at least one test.
CSCOCisco Systems, Inc. · Communications Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.9%26.1%0.73−42.0%+361%0.48—
MSIMotorola Solutions, Inc. · Communications Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.2%23.6%0.72−32.8%+639%0.11—
ANETArista Networks, Inc. · Communications Equipment
Higher Sharpe, smaller worst declineHigher return in most periods+47.6%49.1%1.04−52.2%+3,158%0.32—
CIENCiena Corporation · Communications Equipment
Higher Sharpe, smaller worst declineHigher return in most periods+43.7%52.9%0.95−49.5%+1,509%0.57—
DGIIDigi International Inc. · Communications Equipment
Higher return, similar volatilityHigher return in most periods+28.0%42.4%0.80−65.7%+562%0.26—
TAT&T Inc. · Integrated Telecommunications
Similar return, lower volatility+9.5%25.4%0.49−39.4%+63.4%-0.07—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Communications Equipment and the categories next to it (Semiconductors, Electronic Components, Integrated Telecommunications, Telecommunications), plus NOK's specific themes. 52 of 156 passed at least one test.
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.0%38.6%0.90−56.6%+1,440%0.42—
APHAmphenol Corporation · Electronic Components
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.3%32.4%1.01−37.5%+887%0.40—
ADIAnalog Devices, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.6%34.2%0.67−33.6%+625%0.45—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.2%37.0%0.94−45.3%+1,570%0.550.35%
ASMLASML Holding N.V. · Semiconductor Equipment
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.3%43.5%0.55−56.9%+1,527%0.35—
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+8.2%13.3%0.66−23.8%+104%0.15—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,340 of 3,486 passed at least one test.
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.1%19.0%0.93−26.4%+206%0.180.40%
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.5%18.2%0.98−40.0%+361%0.24—
ETREntergy Corporation · Electric Utilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.8%22.4%0.92−42.0%+326%0.30—
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.8%20.2%0.70−32.9%+192%0.27—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+41.7%24.7%1.54−46.1%+345%0.13—
AAPLApple Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.1%28.0%0.77−38.5%+1,194%0.30—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+58.7%40.6%1.35−57.4%—-0.03—
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+9.1%16.9%0.60−35.8%+152%0.420.03%
What these numbers mean for NOK
Annual return
NOK returned 8.7% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $15,200. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
NOK's volatility over the past 5 years was 40.7%, 2.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NOK's return lands within 40.7% 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
NOK's Sharpe ratio over the past 5 years was 0.41, against 0.78 for the S&P 500, so NOK 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
NOK's worst fall from a peak to a low over the past 10 years was 62.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 62.6% fall takes a 167% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, NOK's monthly returns had a correlation of 0.41 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 NOK instead: the lower it is, the more that option would diversify a NOK holding. Guide: Correlation and diversification →
Show all 905 stocks and funds worth at least $500 million that earned more than NOK 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 NOKExpense
1
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+206%0.180.40%
2
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.24—
3
ETREntergy Corporation · Electric Utilities
Whole market+19.8%22.4%0.92−42.0%+326%0.30—
4
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.8%20.2%0.70−32.9%+192%0.27—
5
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+345%0.13—
6
AAPLApple Inc. · Computer Hardware
Whole market+19.1%28.0%0.77−38.5%+1,194%0.30—
7
GOOGAlphabet Inc. · Internet Services
Whole market+18.5%32.0%0.69−44.6%+696%0.41—
8
MSFTMicrosoft Corporation · Software
Whole market+11.9%28.2%0.54−37.1%+862%0.08—
9
LLYEli Lilly and Company · Pharmaceuticals
Whole market+41.2%32.8%1.22−34.5%+1,870%0.10—
10
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.4%17.5%0.71−35.0%+298%0.390.03%
11
EVRGEvergy, Inc. · Electric Utilities
Whole market+9.9%19.0%0.60−38.8%+113%0.21—
12
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+14.6%19.9%0.79−39.3%+110%0.20—
13
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+319%0.410.03%
14
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%0.11—
15
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.05—
16
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+534%0.08—
17
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+600%0.02—
18
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+209%-0.03—
19
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+435%0.26—
20
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.290.48%
21
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.19—
22
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.180.40%
23
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.7%25.2%0.84−55.8%+243%-0.04—
24
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+692%0.13—
25
CATCaterpillar Inc. · Industrial Machinery
Whole market+30.7%32.0%1.00−43.4%+913%0.45—
26
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.5%29.4%1.14−54.9%+485%-0.02—
27
MAMastercard Incorporated · Payment Processing
Whole market+12.7%23.8%0.62−41.0%+551%0.06—
28
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.2%23.0%0.69−35.1%+531%0.470.18%
29
PMPhilip Morris International Inc. · Tobacco
Whole market+21.3%23.4%0.94−42.9%+240%0.05—
30
NVSNovartis AG · Pharmaceuticals
Whole market+17.4%20.7%0.89−26.8%+234%0.12—
31
OTTROtter Tail Corporation · Electric Utilities
Whole market+11.1%27.6%0.52−41.5%+239%0.00—
32
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.1%24.8%0.73−43.4%+245%-0.06—
33
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+582%-0.09—
34
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.2%13.7%0.91−36.8%+237%0.280.03%
35
RTXRTX Corporation · Aerospace & Defense
Whole market+18.7%24.4%0.83−52.0%+319%-0.07—
36
AMGNAmgen Inc. · Biotechnology
Whole market+20.1%24.9%0.86−24.9%+280%0.13—
37
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+202%0.08—
38
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.4%28.6%0.77−48.8%+524%0.18—
39
TDThe Toronto-Dominion Bank · Banks
Whole market+16.5%20.0%0.87−42.0%+319%0.33—
40
MSMorgan Stanley · Capital Markets
Whole market+16.2%28.9%0.67−51.3%+630%0.29—
41
IBMInternational Business Machines Corporation · IT Services
Whole market+20.1%30.2%0.76−41.1%+163%0.23—
42
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.3%35.5%1.03−55.1%+929%0.17—
43
TJXThe TJX Companies, Inc. · Apparel Retail
Whole market+19.8%22.3%0.93−42.5%+357%0.01—
44
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.9%30.6%1.11−45.7%+343%-0.02—
45
SAPSAP SE · Enterprise Software
Whole market+12.9%30.0%0.56−52.5%+217%0.12—
46
LINLinde plc · Chemicals
Whole market+11.7%20.9%0.64−32.6%+404%0.16—
47
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.1%26.1%0.77−35.1%+753%0.480.09%
48
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+34.0%29.4%1.15−47.6%+470%0.01—
49
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+19.4%22.0%0.92−56.1%+110%-0.06—
50
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.8%25.7%0.90−30.3%+849%-0.05—
51
VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics
Whole market+23.9%29.1%0.89−41.6%+580%0.06—
52
CCitigroup Inc. · Banks
Whole market+15.3%29.4%0.63−56.5%+234%0.19—
53
AXPAmerican Express Company · Consumer Finance
Whole market+13.1%29.2%0.57−49.6%+455%0.21—
54
MOAltria Group, Inc. · Tobacco
Whole market+18.3%21.4%0.90−53.7%+133%0.14—
55
BHPBHP Group Limited · Metals & Mining
Whole market+15.8%31.4%0.63−44.3%+373%0.28—
56
CBChubb Limited · Property & Casualty Insurance
Whole market+15.8%20.4%0.82−42.6%+256%0.07—
57
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+26.0%28.9%0.95−54.7%+755%0.07—
58
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.5%21.6%0.94−47.3%+409%0.32—
59
BNYBank of New York Mellon Corp · Banks
Whole market+22.8%24.4%0.97−50.5%+332%0.22—
60
DEDeere & Company · Industrial Machinery
Whole market+15.1%29.9%0.62−37.9%+764%0.17—
61
ETNEaton Corporation plc · Electrical Equipment
Whole market+19.7%32.2%0.72−44.5%+636%0.26—
62
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Whole market+10.4%14.1%0.77−31.7%+258%0.320.04%
63
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%-0.06—
64
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+36.4%37.4%1.02−45.5%+1,878%0.36—
65
VYMVanguard High Dividend Yield ETF · High Dividend Yield
Whole market+11.6%13.8%0.87−35.2%+209%0.280.04%
66
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+10.2%14.4%0.75−33.4%+256%0.230.06%
67
TTTrane Technologies plc · Building Products
Whole market+21.4%27.7%0.84−40.5%+927%0.36—
68
MFCManulife Financial Corporation · Life Insurance
Whole market+23.3%24.0%1.00−57.5%+386%0.16—
69
BMOBank of Montreal · Banks
Whole market+14.0%21.4%0.72−51.0%+304%0.23—
70
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.7%24.9%1.08−41.6%+670%0.19—
71
BNSThe Bank of Nova Scotia · Banks
Whole market+13.2%20.0%0.73−46.9%+191%0.30—
72
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+12.5%24.4%0.61−36.7%+226%-0.15—
73
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+403%0.04—
74
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+28.2%38.5%0.84−54.2%+335%0.14—
75
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+20.1%22.3%0.94−55.1%+159%0.07—
76
SOThe Southern Company · Electric Utilities
Whole market+12.3%18.9%0.71−38.4%+178%0.16—
77
CTASCintas Corporation · Business Services
Whole market+17.1%23.1%0.80−48.4%+834%-0.07—
78
RIORio Tinto Group · Metals & Mining
Whole market+11.9%29.0%0.54−37.5%+427%0.32—
79
MNSTMonster Beverage Corporation · Nonalcoholic Beverages
Whole market+17.4%24.9%0.77−30.4%+278%0.15—
80
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+20.7%26.8%0.84−50.8%+693%0.15—
81
CMECME Group Inc. · Capital Markets
Whole market+11.6%20.8%0.63−37.4%+334%-0.06—
82
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.1%16.2%0.68−34.2%+220%0.430.06%
83
AFLAflac Incorporated · Life Insurance
Whole market+19.5%20.8%0.97−54.9%+344%0.06—
84
GDGeneral Dynamics Corporation · Aerospace & Defense
Whole market+13.2%20.8%0.70−51.6%+188%0.00—
85
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+461%-0.06—
86
HCAHCA Healthcare, Inc. · Health Care Facilities
Whole market+14.0%30.1%0.59−54.7%+517%0.19—
87
JCIJohnson Controls International plc · Building Products
Whole market+16.4%29.2%0.67−46.4%+407%0.30—
88
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.8%23.4%0.75−42.0%+394%-0.08—
89
CMICummins Inc. · Industrial Machinery
Whole market+19.3%29.0%0.76−44.0%+429%0.28—
90
ROSTRoss Stores, Inc. · Apparel Retail
Whole market+17.8%29.5%0.71−51.4%+311%0.07—
91
LNGCheniere Energy, Inc. · Oil & Gas
Whole market+23.4%30.2%0.85−57.5%+635%-0.18—
92
NGGNational Grid plc · Electric Utilities
Whole market+12.3%22.6%0.63−39.2%+125%0.32—
93
EMREmerson Electric Co. · Industrial Machinery
Whole market+12.9%27.7%0.58−50.8%+307%0.14—
94
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.9%26.2%0.76−41.4%+377%-0.16—
95
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+20.4%23.3%0.92−48.8%+294%0.12—
96
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.7%34.6%1.14−35.4%+763%0.01—
97
WPMWheaton Precious Metals Corp. · Precious Metals
Whole market+25.8%37.0%0.81−46.7%+488%0.12—
98
FASTFastenal Company · Industrial Distribution
Whole market+16.2%24.6%0.74−30.7%+582%-0.09—
99
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Same or nearby category+31.0%38.6%0.90−56.6%+1,440%0.42—
100
PCARPACCAR Inc · Commercial Vehicles
Whole market+17.7%26.2%0.76−37.9%+314%-0.04—

NOK against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%60.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNOK: 8.7% a year, volatility 40.7%SPY (S&P 500): 12.5% a year, volatility 17.2%CSCO: 16.9% a year, volatility 26.1%MSI: 15.2% a year, volatility 23.6%CALX: −7.3% a year, volatility 48.5%AVNW: −8.5% a year, volatility 51.5%QCOM: 7.9% a year, volatility 42.8%T: 9.5% a year, volatility 25.4%ADTN: −17.6% a year, volatility 56.4%DGII: 28.0% a year, volatility 42.4%ANET: 47.6% a year, volatility 49.1%CIEN: 43.7% a year, volatility 52.9%VIAV: 14.5% a year, volatility 48.3%EXTR: 17.7% a year, volatility 48.8%UI: 15.5% a year, volatility 49.1%TMUS: 7.4% a year, volatility 26.1%ERIC: 1.6% a year, volatility 35.7%AMT: −5.6% a year, volatility 27.3%VZ: 3.3% a year, volatility 22.9%NOKSPY (S&P 500)CSCOMSICALXAVNWQCOMTADTNDGIIANETCIENVIAVEXTRUITMUSERICAMTVZ10.0%20.0%30.0%40.0%50.0%60.0%−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 volatilityNOK: 8.7% a year, volatility 40.7%SPY (S&P 500): 12.5% a year, volatility 17.2%CSCO: 16.9% a year, volatility 26.1%MSI: 15.2% a year, volatility 23.6%CALX: −7.3% a year, volatility 48.5%AVNW: −8.5% a year, volatility 51.5%QCOM: 7.9% a year, volatility 42.8%T: 9.5% a year, volatility 25.4%ADTN: −17.6% a year, volatility 56.4%DGII: 28.0% a year, volatility 42.4%ANET: 47.6% a year, volatility 49.1%CIEN: 43.7% a year, volatility 52.9%VIAV: 14.5% a year, volatility 48.3%EXTR: 17.7% a year, volatility 48.8%UI: 15.5% a year, volatility 49.1%TMUS: 7.4% a year, volatility 26.1%ERIC: 1.6% a year, volatility 35.7%AMT: −5.6% a year, volatility 27.3%VZ: 3.3% a year, volatility 22.9%NOKSPY (S&P 500)CSCOCALXQCOMADTNDGIIANETCIENVIAVEXTRTMUSERICAMTVZ
All figures
InvestmentAnnual returnVolatility
ANET Arista Networks, Inc.+47.6%49.1%
CIEN Ciena Corporation+43.7%52.9%
DGII Digi International Inc.+28.0%42.4%
EXTR Extreme Networks, Inc.+17.7%48.8%
CSCO Cisco Systems, Inc.+16.9%26.1%
UI Ubiquiti Inc.+15.5%49.1%
MSI Motorola Solutions, Inc.+15.2%23.6%
VIAV Viavi Solutions Inc.+14.5%48.3%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
T AT&T Inc.+9.5%25.4%
NOK This pageNokia Oyj+8.7%40.7%
QCOM QUALCOMM Incorporated+7.9%42.8%
TMUS T-Mobile US, Inc.+7.4%26.1%
VZ Verizon Communications Inc.+3.3%22.9%
ERIC Telefonaktiebolaget LM Ericsson (publ)+1.6%35.7%
AMT American Tower Corporation−5.6%27.3%
CALX Calix, Inc.−7.3%48.5%
AVNW Aviat Networks, Inc.−8.5%51.5%
ADTN ADTRAN Holdings Inc.−17.6%56.4%
Open these 19 in EasyCompare

Has NOK consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than NOK 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
NOK Nokia Oyj (this page)—−27.3%−23.1%−19.6%+22.4%+44.4%+170%+51.9%+96.3%40.7%0.41−62.6%—$43B—
DGII QualifiedDigi International Inc.5/5 short3/3 longAll-weather−2.7%+10.0%+30.0%+68.7%+88.6%+187%+243%+562%42.4%0.80−65.7%—$2.8B—
ANET QualifiedArista Networks, Inc.4/5 short3/3 longAll-weather−16.6%−2.2%−3.7%+28.0%+16.7%+267%+601%+3,158%49.1%1.04−52.2%—$216B—
CIEN QualifiedCiena Corporation4/5 short3/3 longAll-weather−12.5%−18.8%−35.3%+31.1%+96.2%+686%+513%+1,509%52.9%0.95−49.5%—$46B—
VIAV QualifiedViavi Solutions Inc.3/5 short3/3 long−16.8%−28.3%−31.6%+66.9%+129%+302%+97.3%+316%48.3%0.52−62.9%—$7.5B—
CSCO QualifiedCisco Systems, Inc.5/5 short2/3 long−1.1%−6.2%+17.7%+39.7%+51.2%+117%+118%+361%26.1%0.73−42.0%—$414B—
MSI QualifiedMotorola Solutions, Inc.4/5 short2/3 long+4.6%+18.5%+8.8%+26.4%+8.2%+76.6%+103%+639%23.6%0.72−32.8%—$79B—
EXTR QualifiedExtreme Networks, Inc.3/5 short2/3 long−0.3%−27.2%+25.4%+33.3%+7.5%+5.7%+126%+438%48.8%0.58−87.5%—$2.9B—
UI Communication EquipmentUbiquiti Inc.2/5 short3/3 long+2.5%+11.0%−40.5%+5.6%−13.4%+428%+105%+1,117%49.1%0.54−72.2%—$36B—
CALX Communication EquipmentCalix, Inc.3/5 short1/3 long+5.0%+3.0%−13.5%−31.1%−37.8%−13.3%−31.4%+451%48.5%0.09−65.3%—$2.3B—
AVNW Communication EquipmentAviat Networks, Inc.3/5 short1/3 long−6.5%−9.2%−17.1%−13.3%−18.9%−27.6%−35.9%+319%51.5%0.09−68.6%—$241M—
QCOM SemiconductorsQUALCOMM Incorporated3/5 short1/3 long−12.8%−1.1%+28.2%+1.5%+4.2%+69.5%+46.5%+230%42.8%0.39−44.3%—$185B—
TMUS Telecommunications ServicesT-Mobile US, Inc.3/5 short1/3 long−2.2%−16.4%−15.0%−19.2%−28.7%+21.3%+42.9%+226%26.1%0.41−44.0%—$170B—
ERIC Communication EquipmentTelefonaktiebolaget LM Ericsson (publ)3/5 short1/3 long+7.5%+11.3%−8.0%+12.7%+12.6%+161%+8.5%+168%35.7%0.23−66.6%—$34B—
AMT REIT - SpecialtyAmerican Tower Corporation3/5 short1/3 long+4.7%+10.5%+5.1%+7.1%−1.2%+26.7%−24.9%+102%27.3%-0.07−45.4%—$85B—
T Telecommunications ServicesAT&T Inc.3/5 short1/3 long−8.4%−0.2%−10.3%−3.0%−6.8%+76.8%+57.5%+63.4%25.4%0.49−39.4%—$156B—
VZ Telecommunications ServicesVerizon Communications Inc.3/5 short0/3 long−1.2%+3.6%+1.5%+19.0%+21.1%+75.1%+17.6%+61.2%22.9%0.26−41.2%—$188B—
ADTN Communication EquipmentADTRAN Holdings Inc.1/5 short0/3 long−11.5%−38.3%−61.9%−25.7%−30.0%−6.0%−61.9%−60.3%56.4%-0.05−82.0%—$526M—
Open these 18 in EasyCompare

How did NOK do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where NOK ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with NOK 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 NOK; gray means the two finished within a fraction of a point. The rank row places NOK among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of NOK20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
NOK This pageNokia Oyj—+50.7%+34.6%−23.9%−24.4%+59.3%+5.2%−34.9%+29.7%−0.3%−27.8%−8.4%+3.0%+105%−11.5%−50.3%−16.0%−14.5%−58.2%+93.4%+13.5%+20.0%−6.1%+12.0%−36.1%−43.0%−8.6%+219%+251%+21.6%
Rank among alternativesTop quarter in 6 of 295 of 187 of 1814 of 1813 of 186 of 1812 of 1818 of 185 of 1813 of 1817 of 1812 of 185 of 172 of 1714 of 1714 of 1614 of 1514 of 1511 of 151 of 149 of 145 of 148 of 1412 of 146 of 147 of 145 of 145 of 131 of 128 of 11
SPY S&P 500State Street SPDR S&P 500 ETF19 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
DGII Digi International Inc.14 of 29+43.2%+16.3%−28.9%+48.8%+30.0%+6.7%+75.6%+5.7%−30.6%+20.8%+22.5%−23.4%+28.0%−15.1%+0.5%+21.7%+12.4%−42.9%+2.9%+31.5%−39.0%+79.1%+230%−54.3%+3.9%−41.3%−6.2%−34.5%+79.0%
ANET Arista Networks, Inc.9 of 11+18.6%+87.7%+94.1%−15.6%+97.9%+42.9%−3.5%−10.5%+143%+24.2%+28.2%——————————————————
CIEN Ciena Corporation16 of 28+176%+88.4%−11.7%−33.8%+45.6%+23.8%+25.9%+62.0%−14.3%+18.0%+6.6%−18.9%+52.4%+29.8%−42.5%+94.2%+61.8%−80.4%+23.1%+33.3%−11.1%−49.1%+27.6%−64.1%−82.4%+183%+293%−76.1%—
VIAV Viavi Solutions Inc.13 of 29+76.4%+0.3%−4.2%−40.4%+17.6%−0.1%+49.3%+15.0%+6.9%+34.3%−21.9%+5.5%−3.8%+29.3%−27.9%+75.7%+125%−72.5%−20.2%−11.7%−25.6%−12.9%+47.3%−71.5%−79.2%−48.3%+830%+67.6%+57.7%
CSCO Cisco Systems, Inc.16 of 29+33.5%+21.0%+9.3%−22.5%+45.8%−3.5%+13.8%+16.6%+31.3%+15.1%+0.6%+28.0%+16.7%+11.6%−9.6%−15.5%+46.9%−39.8%−1.0%+59.7%−11.4%−20.3%+85.0%−27.7%−52.6%−28.6%+131%+150%+31.2%
MSI Motorola Solutions, Inc.17 of 29−16.2%+49.1%+23.0%−3.8%+61.9%+7.4%+42.2%+29.6%+10.8%+23.9%+4.3%+1.4%+23.6%+22.6%+28.9%+16.9%+75.2%−71.6%−21.1%−8.2%+32.4%+34.1%+64.5%−41.6%−25.1%−58.5%+142%+7.8%−5.9%
EXTR Extreme Networks, Inc.14 of 26−0.5%−5.1%−3.7%+16.6%+128%−6.5%+20.8%−51.3%+149%+23.3%+15.6%−49.4%+91.8%+24.7%−5.5%+7.7%+22.7%−33.9%−15.5%−11.8%−27.5%−9.2%+120%−74.7%−67.0%−6.3%———
UI Ubiquiti Inc.10 of 14+67.7%+141%−48.2%−10.0%+10.8%+48.5%+91.7%+40.7%+22.9%+82.4%+7.0%−35.2%+279%−32.5%———————————————
CALX Calix, Inc.8 of 15+51.8%−20.2%−36.1%−14.4%+169%+272%−17.9%+63.9%−22.7%−2.2%−21.5%+3.9%+25.4%+18.9%−61.7%——————————————
AVNW Aviat Networks, Inc.13 of 29+18.1%−44.5%+4.7%−2.8%+87.8%+143%+6.0%−12.7%+9.7%+49.8%−48.7%−33.6%−31.3%+79.8%−63.9%−26.6%+33.9%−69.1%−13.6%+34.9%+58.4%−47.4%+94.6%−71.6%−48.1%−36.0%+242%−52.8%+4.0%
QCOM QUALCOMM Incorporated16 of 29+13.8%+8.3%+35.1%−38.6%+22.3%+77.1%+60.8%−7.6%+1.1%+35.1%−30.6%+2.3%+22.4%+14.9%+12.3%+9.0%+31.1%−7.6%+5.5%−11.3%+2.5%+58.3%+49.1%−28.0%−38.5%−53.3%+2,621%+6.4%+27.2%
TMUS T-Mobile US, Inc.12 of 18−6.6%+39.7%+15.0%+20.7%−14.0%+72.0%+23.3%+0.1%+10.4%+47.0%+45.2%−19.9%+69.2%+14.5%−31.3%+65.5%−48.6%−23.7%———————————
ERIC Telefonaktiebolaget LM Ericsson (publ)14 of 29+24.0%+33.5%+13.2%−44.4%−7.2%+38.3%+0.1%+35.2%+16.7%−36.4%−18.1%+2.3%+25.5%+3.4%−9.5%+28.7%+20.9%−30.3%−40.7%+18.8%+10.6%+77.8%+162%−87.1%−53.0%−31.7%+177%+29.3%+24.7%
AMT American Tower Corporation16 of 27−0.9%−12.2%+5.4%−25.7%+32.9%−0.5%+47.9%+13.3%+37.7%+11.2%0.0%+25.8%+4.8%+30.4%+16.9%+19.5%+47.3%−31.2%+14.3%+37.5%+47.2%+70.0%+207%−62.8%−75.0%+23.9%+3.4%——
T AT&T Inc.17 of 29+14.0%+44.0%−2.8%+6.5%−5.9%−19.6%+48.5%−20.8%−2.4%+32.0%+10.3%+2.4%+11.6%+19.4%+11.1%+14.0%+6.9%−26.9%+22.1%+55.6%+1.9%+5.5%+3.6%−27.6%−15.4%+0.6%−6.7%+50.8%+46.9%
VZ Verizon Communications Inc.16 of 29+8.9%+13.1%+2.7%−20.0%−7.5%−0.1%+13.8%+11.3%+4.0%+20.7%+3.6%−0.5%+18.6%+13.2%+18.2%+23.0%+3.8%−20.1%+22.1%+34.0%−22.2%+20.1%−5.7%−15.3%−2.6%−16.9%+17.0%+22.4%+46.6%
ADTN ADTRAN Holdings Inc.12 of 29+4.3%+13.5%−59.9%−16.3%+57.4%+54.4%−5.2%−43.2%−12.0%+32.4%−19.3%−18.0%+40.5%−34.2%−15.9%+62.7%+54.2%−29.1%−4.4%−22.5%+57.6%−37.7%+98.0%+28.8%+20.1%−58.7%+181%−33.4%−33.7%
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Risk and diversification

How NOK 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 NOK's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents NOK's five deepest drawdowns since it began trading in 1994, 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 NOK fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringNOK fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−96.0%+14.4%Jun 2000Jul 201212.1 yearsNot yet—
No named crash−57.6%+13.3%Sep 1995Apr 19967 monthsJun 199714 months
No named crash−36.6%−2.9%Oct 1997Dec 19972 monthsMar 19983 months
No named crash−31.9%−15.0%Jul 1998Oct 19983 monthsOct 1998Under a month
Dot-com bust−23.0%−6.2%May 2000May 2000Under a monthJun 20001 month

How did NOK do in stock market crashes?

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

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

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
NOK This pageNokia Oyj—−2.1%−32.1%−42.4%−9.7%−2.8%−23.3%−21.1%0.0%−78.1%−82.1%
SPY S&P 500State Street SPDR S&P 500 ETF6 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
DGII Digi International Inc.2 of 10−4.7%−26.1%−57.4%−30.9%−4.7%−39.4%−26.9%−2.7%−61.8%−84.3%
ANET Arista Networks, Inc.2 of 6−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%————
CIEN Ciena Corporation1 of 10−2.9%−48.4%−22.4%−11.8%−4.7%−31.7%−41.8%−5.1%−89.5%−98.4%
VIAV Viavi Solutions Inc.2 of 10−3.0%−27.2%−37.5%−26.5%−3.0%−27.6%−41.5%−4.5%−86.0%−98.8%
CSCO Cisco Systems, Inc.5 of 10−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
MSI Motorola Solutions, Inc.4 of 10−2.4%−25.0%−32.8%−18.2%−4.9%−16.2%−16.5%−1.2%−83.5%−85.2%
EXTR Extreme Networks, Inc.1 of 10−4.6%−43.9%−71.0%−23.0%−26.4%−46.8%−30.5%−4.8%−75.8%−98.0%
UI Ubiquiti Inc.2 of 6−3.5%−26.5%−22.7%−17.6%−14.4%−26.2%————
CALX Calix, Inc.0 of 8−7.8%−56.1%−44.0%−21.9%−2.4%−34.3%−64.5%−10.3%——
AVNW Aviat Networks, Inc.1 of 10−6.9%−27.6%−45.0%−28.3%−9.8%−54.9%−45.8%−2.7%−83.4%−97.8%
QCOM QUALCOMM Incorporated3 of 10−5.6%−41.5%−32.2%−26.8%−6.6%−30.7%−19.2%−0.5%−48.0%−84.9%
TMUS T-Mobile US, Inc.4 of 9−2.6%−12.1%−26.0%−13.7%−7.4%−21.2%−52.5%−11.3%−57.5%—
ERIC Telefonaktiebolaget LM Ericsson (publ)3 of 10−2.3%−53.5%−31.3%−13.3%−7.5%−19.2%−31.9%−0.8%−71.4%−98.6%
AMT American Tower Corporation5 of 10−2.3%−34.2%−28.8%−8.4%−8.0%−19.2%−13.6%−2.9%−56.5%−98.7%
T AT&T Inc.6 of 10−1.6%−29.2%−30.6%−18.3%−6.5%−8.6%−9.1%−0.3%−44.4%−63.5%
VZ Verizon Communications Inc.5 of 10−2.6%−33.2%−13.6%−12.5%−7.4%−10.5%−9.9%0.0%−43.9%−55.2%
ADTN ADTRAN Holdings Inc.4 of 10−8.6%−28.9%−45.4%−43.5%−2.5%−13.2%−26.6%−0.1%−52.3%−81.1%
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How closely does NOK 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 NOK 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 NOK's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
NOK This pageNokia Oyj63%72%0.871.01
CIEN Ciena Corporation129%64%2.021.07
ANET Arista Networks, Inc.174%91%1.921.40
TMUS T-Mobile US, Inc.63%37%1.720.46
MSI Motorola Solutions, Inc.97%62%1.570.84
VIAV Viavi Solutions Inc.98%76%1.300.97
AVNW Aviat Networks, Inc.86%70%1.221.41
UI Ubiquiti Inc.150%125%1.191.35
CALX Calix, Inc.96%85%1.141.40
CSCO Cisco Systems, Inc.101%96%1.060.97
DGII Digi International Inc.137%137%1.001.29
EXTR Extreme Networks, Inc.144%172%0.841.88
QCOM QUALCOMM Incorporated115%139%0.831.51
AMT American Tower Corporation61%79%0.780.60
T AT&T Inc.47%62%0.760.50
VZ Verizon Communications Inc.44%60%0.740.36
ERIC Telefonaktiebolaget LM Ericsson (publ)73%108%0.670.71
ADTN ADTRAN Holdings Inc.47%150%0.311.46
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What diversifies NOK?

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

ETFs

InvestmentCorrelation5Y returnSharpe20232022201920172016201520122011201020092008200420022001200080/20 mix volatility80/20 mix annual return
NOK Nokia Oyj (this page)1.00+51.9%0.41−23.9%−24.4%−34.9%−0.3%−27.8%−8.4%−11.5%−50.3%−16.0%−14.5%−58.2%−6.1%−36.1%−43.0%−8.6%45.8%+16.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.18+119%1.48+17.4%+3.8%+17.8%+10.0%———————————37.0%+17.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.29+225%1.34+42.0%+6.0%+18.9%+22.8%+1.1%+7.7%+19.6%−16.1%−1.8%+2.0%−20.8%————37.5%+19.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.14+103%1.06+8.0%+10.4%+23.4%+1.1%+29.8%−25.3%—————————37.2%+17.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.13+86.8%1.03+1.7%+7.0%+20.2%+13.3%+15.8%−0.3%+9.6%————————37.1%+17.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.39+83.6%0.95+20.1%−5.1%+24.9%+16.7%+6.3%+4.1%+20.9%————————37.6%+17.1%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.02+178%0.94−0.6%+64.4%+11.7%−0.9%+28.0%−21.5%+5.2%+2.8%+21.9%+21.8%−39.0%+33.8%−14.8%−18.2%+24.4%36.9%+19.8%
GLD CommoditiesSPDR Gold Shares0.18+120%0.93+12.7%−0.8%+17.9%+12.8%+8.0%−10.7%+6.6%+9.6%+29.3%+24.0%+4.9%————37.4%+18.2%
DFIV InternationalDimensional - International Value ETF0.24+99.4%0.93+17.7%−3.7%—————————————37.5%+17.6%

Stocks

InvestmentCorrelation5Y returnSharpe20232022201920172016201520122011201020092008200420022001200080/20 mix volatility80/20 mix annual return
NOK Nokia Oyj (this page)1.00+51.9%0.41−23.9%−24.4%−34.9%−0.3%−27.8%−8.4%−11.5%−50.3%−16.0%−14.5%−58.2%−6.1%−36.1%−43.0%−8.6%45.8%+16.1%
CAH Medical - DistributionCardinal Health, Inc.0.13+471%1.54+34.1%+54.1%+18.0%−12.7%−17.5%+12.6%+3.8%+8.1%+21.4%−4.4%−39.6%−4.7%−8.3%−2.5%+108%37.7%+22.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.34+2,780%1.43+160%+1.3%−5.7%−11.6%+7.4%−6.0%+11.2%−24.4%+2.8%+105%−20.5%−6.4%−65.1%−25.6%−2.3%42.1%+34.5%
MCK Medical - DistributionMcKesson Corporation-0.09+397%1.41+24.1%+51.8%+26.7%+12.0%−28.3%−4.5%+25.6%+11.8%+13.8%+62.9%−40.4%−1.4%−27.2%+4.9%+61.2%36.5%+22.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.27+1,452%1.41+79.6%+17.0%+15.1%+32.1%+18.3%+67.7%+15.7%−17.0%+8.7%+17.8%−15.2%+40.0%−9.4%+73.7%−71.1%40.0%+30.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.01+660%1.39+30.4%+86.6%+6.0%+34.8%+0.7%+17.4%+94.3%————————37.3%+24.7%
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Common questions

What was NOK's worst drawdown?

NOK's deepest decline since it began trading in 1994 was 96.0%, from June 2000 to July 2012. It has not yet climbed back to that peak.

What were NOK's best and worst years?

Over 29 full calendar years, NOK's best year was 1998, when it returned 251%. Its worst was 2008, with a return of -58.2%.

Is there a better investment than NOK?

Among NOK's popular alternatives, CSCO and MSI earned more than NOK with less volatility over the past 5 years. CSCO returned 16.9% a year at 26.1% volatility, against 8.7% a year at 40.7%. Looking beyond its popular alternatives, TSM (semiconductors) and APH (electronic components) earned more than NOK with less volatility over the past 5 years. TSM returned 31.0% a year at 38.6% volatility, against 8.7% a year at 40.7%.

Is NOK more volatile than the S&P 500?

Yes. NOK's volatility over the past 5 years was 40.7%, 2.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NOK's return lands within 40.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is NOK's Sharpe ratio?

NOK's Sharpe ratio over the past 5 years was 0.41, against 0.78 for the S&P 500, so NOK 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 NOK with the S&P 500?

Over the past 5 years, NOK's monthly returns had a correlation of 0.41 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 NOK instead: the lower it is, the more that option would diversify a NOK holding.

What are the best alternatives to NOK?

Of the 17 popular alternatives we compared, seven outperformed NOK in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DGII, ANET and CIEN.

Did NOK outperform the S&P 500?

NOK finished ahead of the S&P 500 (SPY) in ten of 29 full calendar years. In 2025, it returned +50.7%, against +17.7% for the index.

How did NOK do in stock market crashes?

NOK fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in six. The clearest case was the dot-com bust, when NOK fell 82.1% and the S&P 500 fell 47.5%.

What diversifies NOK?

These had a low correlation with NOK over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.18), DXJ (correlation 0.29) and EMLP (correlation 0.14); among large stocks, CAH (correlation 0.13), CLS (correlation 0.34) and MCK (correlation -0.09). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to NOK

Other stocks and ETFs