# How NetApp (NTAP) compares with the whole market and its popular alternatives

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on NTAP alone. It places NTAP (NetApp, Inc.) against 16 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 NTAP stands in the market, and of the alternatives worth a closer look.

Period covered: NTAP's full trading record, from November 1995 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

## Key findings

- **Right now:** NTAP has run far ahead of the market, rising 92.4% over the past 6 months against 8.0% for the S&P 500 and 7.8% for the Nasdaq 100. Its computer hardware peers were far apart over the past 6 months, from RBRK (Rubrik, up 119%) to IBM (International Business Machines, up 1.6%).
- **Stock or market?:** NTAP's 27.9% gain over the past 3 months far outran its industry: the computer hardware ETF VGT (Vanguard Information Technology ETF) rose 2.7%. The S&P 500 rose 2.5%. Last month cut against the tape: NTAP rose 10.4% while the S&P 500 fell 1.2%.
- **Past 1 to 3 years:** Over the past year, NTAP rose 84.8% against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. The same gap shows up over 3 years (206% against 88.4%). It took 13 months for NTAP to win back the 42.6% it lost from July 2024 to April 2025. the S&P 500 fell 9.1% over those same dates.
- **Long term:** NTAP turned $10,000 into $79,600 over the past decade, against $41,600 in the S&P 500. NTAP's 10-year return of 696% puts it ahead of 92% of the stocks worth at least $300 million with that much history. The S&P 500 returned 316%.
- **In a crash:** Across seven sell-offs, NTAP has typically fallen 1.8 times as far as the S&P 500.
- **Diversification:** Against the S&P 500, NTAP has a correlation of 0.59 over 5 years, more closely than 88% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. NTAP fell in 17 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it.
- **Better options**
  - **Popular alternatives:** DELL (Dell Technologies) and HPE (Hewlett Packard Enterprise) were ahead of NTAP in most short and long periods.
  - **Nearby categories and themes:** QTUM (Defiance Quantum ETF, quantum computing) earned more than NTAP with less volatility over the past 5 years: 22.1% a year at 28.2% volatility, against 20.6% a year at 35.3%.
  - **Whole market:** 90 of the 3,641 stocks and funds worth at least $500 million earned more than NTAP with less volatility over the past 5 years, among them LLY (Eli Lilly and Company), XOM (Exxonmobil) and ABBV (AbbVie).

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

This chart tracks a hypothetical $10,000 investment in NTAP over the past 27 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NTAP over the same span and NTAP's popular alternatives, among those that traded for the entire period.

- $10,000 invested in NTAP at the end of September 1999 would have grown to $160,249 by September 2026, more than the $95,018 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of NTAP, and NVDA finished highest, at $62,517,102.

## NTAP 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.

- NTAP's deepest decline since it began trading in 1995 was 96.2%, from October 2000 to October 2002. It took about 22 years from the low to climb back to its old high.
- Over 29 full calendar years, NTAP's best was 1999, when it returned 270%, and its worst was 2001, when it lost 65.9%. It lost money in ten of those years.
- NTAP is 11.2% below its all-time high.

- Type: Stock, Technology (Computer Hardware)
- Trading since: November 21, 1995
- Market value: $42B
- Volatility (5 years): 35.3%; Sharpe ratio: 0.71
- Worst decline ever: −96.2%, from October 20, 2000 to October 8, 2002; back at its high by May 22, 2024

| Period | NTAP total return |
| --- | --- |
| 1 month | +10.4% |
| 3 months | +27.9% |
| 6 months | +92.4% |
| year to date | +102% |
| 1 year | +84.8% |
| 3 years | +206% |
| 5 years | +155% |
| 10 years | +696% |

## NTAP against the whole market

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

### How does NTAP rank among all stocks?

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

- NTAP's 1-year return ranks in the top 8% of the 3,282 stocks worth at least $300 million with 1 year of history.

| Measure | NTAP | Rank |
| --- | --- | --- |
| 1-year return | +84.8% | 247 of 3,282 (top 8%) |
| 3-year return | +206% | 385 of 3,016 (top 13%) |
| 5-year return | +155% | 428 of 2,897 (top 15%) |
| 10-year return | +696% | 186 of 2,201 (top 9%) |
| Volatility, 5 years | 35.3% | 1,159 of 2,897 (top 41%) |
| Sharpe ratio, 5 years | 0.71 | 439 of 2,897 (top 16%) |
| Worst decline, past 10 years | −58.1% | 811 of 2,184 (top 38%) |

### What has beaten NTAP 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).

- 82 stocks and eight ETFs worth at least $500 million sit in the green region: each earned more than NTAP over the past 5 years with smaller price swings. That is 2% of the 3,641 screened.
- Among those with at least half NTAP's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 30% less than NTAP's 35.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.71 for NTAP. MPC earned the most, 50.0% a year, while still swinging less than NTAP (33.4% against 35.3%).
- None of NTAP's popular alternatives made it, but QTUM (quantum computing) did: 22.1% a year at 28.2% volatility, 20% less than NTAP's 35.3%.

### Is there a better investment than NTAP?

The table below lists investments that beat NTAP over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among NTAP's popular alternatives, DELL and HPE were ahead of NTAP in most short and long periods.
- Looking beyond its popular alternatives, QTUM (quantum computing) earned more than NTAP with less volatility over the past 5 years: 22.1% a year at 28.2% volatility, against 20.6% a year at 35.3%.
- Across the whole market, 90 of the 3,641 stocks and funds worth at least $500 million earned more than NTAP with less volatility over the past 5 years, among them LLY, XOM and ABBV.

The 15 strongest of 90 investments that beat NTAP over the past 5 years, out of 3,641 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with NTAP | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NTAP: NetApp, Inc. (this page) |  | +20.6% | 35.3% | 0.71 | −58.1% | +696% |  |  |
| [LLY](https://betterthanspy.com/research/lly): Eli Lilly and Company | Pharmaceuticals | +41.2% | 32.8% | 1.22 | −34.5% | +1,870% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [CAT](https://betterthanspy.com/research/cat): Caterpillar Inc. | Industrial Machinery | +30.7% | 32.0% | 1.00 | −43.4% | +913% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [MPC](https://betterthanspy.com/research/mpc): Marathon Petroleum Corporation | Oil Refining | +50.0% | 33.4% | 1.39 | −79.7% | +1,314% | 0.24 | Higher return, lower volatility; Higher return in most periods |
| [PGR](https://betterthanspy.com/research/pgr): The Progressive Corporation | Property & Casualty Insurance | +21.8% | 25.7% | 0.90 | −30.3% | +849% | -0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [CAH](https://betterthanspy.com/research/cah): Cardinal Health, Inc. | Health Care Distribution | +41.7% | 24.7% | 1.54 | −46.1% | +345% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| MUSA: Murphy USA Inc. | Convenience Stores | +25.3% | 31.2% | 0.88 | −35.5% | +688% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| FSS: Federal Signal Corporation | Industrial Machinery | +23.2% | 31.7% | 0.82 | −33.0% | +899% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [ABBV](https://betterthanspy.com/research/abbv): AbbVie Inc. | Specialty Pharmaceuticals | +25.5% | 23.4% | 1.09 | −45.1% | +600% | -0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| DXJ: WisdomTree Japan Hedged Equity Fund | Japan Equity | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [MCK](https://betterthanspy.com/research/mck): McKesson Corporation | Health Care Distribution | +37.8% | 25.1% | 1.41 | −38.1% | +582% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [APH](https://betterthanspy.com/research/aph): Amphenol Corporation | Electronic Components | +31.3% | 32.4% | 1.01 | −37.5% | +887% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [GILD](https://betterthanspy.com/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +202% | 0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [MFG](https://betterthanspy.com/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.9% | 30.6% | 1.11 | −45.7% | +343% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [SMFG](https://betterthanspy.com/research/smfg): Sumitomo Mitsui Financial Group, Inc. | Banks | +34.0% | 29.4% | 1.15 | −47.6% | +470% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [VRTX](https://betterthanspy.com/research/vrtx): Vertex Pharmaceuticals Incorporated | Rare Disease Therapeutics | +23.9% | 29.1% | 0.89 | −41.6% | +580% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## NTAP against its popular alternatives

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

### How do NTAP'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.

- None of the 14 popular alternatives earned more than NTAP over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Over the past 5 years, NTAP returned 20.6% a year, more than the S&P 500's 12.5%, with higher volatility (35.3% against 17.2%).

### Has NTAP consistently beaten its popular alternatives?

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

- Two of the 16 popular alternatives, DELL and HPE, outperformed NTAP in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- STX, HPE and IBM earned more for the risk they took than NTAP (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- NVDA outperformed NTAP over all three long-term periods but in none of the five short-term ones, so NTAP has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of NTAP | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NTAP: NetApp, Inc. (this page) | +84.8% | +206% | +155% | +696% |  |  | 0.71 |
| [DELL](https://betterthanspy.com/research/dell): Dell Technologies Inc. | +205% | +622% | +761% | +3,613% | 3/5 short-term, 3/3 long-term | consistent | 1.06 |
| [HPE](https://betterthanspy.com/research/hpe): Hewlett Packard Enterprise Company | +145% | +292% | +313% | +481% | 3/5 short-term, 2/3 long-term | consistent | 0.89 |
| [STX](https://betterthanspy.com/research/stx): Seagate Technology Holdings plc | +200% | +945% | +748% | +2,597% | 2/5 short-term, 3/3 long-term |  | 1.12 |
| [WDC](https://betterthanspy.com/research/wdc): Western Digital Corporation | +195% | +1,027% | +726% | +889% | 1/5 short-term, 3/3 long-term |  | 1.06 |
| [NVDA](https://betterthanspy.com/research/nvda): NVIDIA Corporation | +18.0% | +395% | +839% | +12,166% | 0/5 short-term, 3/3 long-term |  | 1.12 |
| SMCI: Super Micro Computer, Inc. | −35.8% | +32.3% | +855% | +1,454% | 0/5 short-term, 2/3 long-term |  | 0.95 |
| [MSFT](https://betterthanspy.com/research/msft): Microsoft Corporation | +0.9% | +61.9% | +75.6% | +862% | 1/5 short-term, 1/3 long-term |  | 0.54 |
| RBRK: Rubrik, Inc. | +57.1% | — | — | — | 2/5 short-term, 0/3 long-term |  | — |
| [SNDK](https://betterthanspy.com/research/sndk): Sandisk Corporation | +758% | — | — | — | 2/5 short-term, 0/3 long-term |  | — |
| CVLT: Commvault Systems, Inc. | −1.3% | +155% | +120% | +212% | 1/5 short-term, 0/3 long-term |  | 0.58 |
| NTNX: Nutanix, Inc. | +1.1% | +94.5% | +93.8% | +134% | 1/5 short-term, 0/3 long-term |  | 0.52 |
| NICE: NICE Ltd. | −11.7% | −24.6% | −58.4% | +76.0% | 1/5 short-term, 0/3 long-term |  | -0.22 |
| [GOOG](https://betterthanspy.com/research/goog): Alphabet Inc. | +27.4% | +135% | +134% | +696% | 0/5 short-term, 0/3 long-term |  | 0.69 |
| [AMZN](https://betterthanspy.com/research/amzn): Amazon.com, Inc. | +14.9% | +97.8% | +50.1% | +498% | 0/5 short-term, 0/3 long-term |  | 0.41 |
| [CSCO](https://betterthanspy.com/research/csco): Cisco Systems, Inc. | +51.2% | +117% | +118% | +361% | 0/5 short-term, 0/3 long-term |  | 0.73 |
| [IBM](https://betterthanspy.com/research/ibm): International Business Machines Corporation | −10.0% | +103% | +150% | +163% | 0/5 short-term, 0/3 long-term |  | 0.76 |

### How did NTAP do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where NTAP ranked among its popular alternatives each year.

- NTAP finished ahead of the S&P 500 in 15 of its 29 full calendar years.
- Among its popular alternatives, DELL came out ahead of NTAP most often, in six of the nine years both traded.
- Ranked against its popular alternatives each year, NTAP finished in the top quarter in nine of 29 years and in the bottom quarter in eight. In 2025, it ranked 13 of 16.

| Year | NTAP | SPY |
| --- | --- | --- |
| 2025 | −5.9% | +17.7% |
| 2024 | +34.2% | +24.9% |
| 2023 | +51.1% | +26.2% |
| 2022 | −32.9% | −18.2% |
| 2021 | +42.5% | +28.7% |
| 2020 | +10.9% | +18.3% |
| 2019 | +7.4% | +31.2% |
| 2018 | +9.7% | −4.6% |
| 2017 | +59.9% | +21.7% |
| 2016 | +36.6% | +12.0% |

## Risk and diversification

How NTAP 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 NTAP's worst declines?

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

- In all five of NTAP's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: NTAP fell 58.1% from March to April 2000, while the S&P 500 slipped only 3.2%.
- The slowest recovery came after NTAP fell 96.2% from October 2000 to October 2002; it did not regain that peak until May 2024, 22 years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −96.2% | October 20, 2000 | October 8, 2002 | May 22, 2024 | −41.0% | dot-com bust |
| −58.1% | March 9, 2000 | April 14, 2000 | September 18, 2000 | −3.2% | dot-com bust |
| −53.1% | January 23, 1997 | April 22, 1997 | October 13, 1997 | +0.4% |  |
| −45.7% | December 29, 1995 | August 1, 1996 | December 17, 1996 | +7.0% |  |
| −42.6% | July 10, 2024 | April 4, 2025 | May 22, 2026 | −9.1% |  |

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

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

- NTAP fell further than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the dot-com bust, when NTAP fell 96.2% and the S&P 500 fell 47.5%.
- Among its popular alternatives, MSFT held up best, falling less than NTAP in nine of the ten crashes they both traded through.

| Crash | Dates | NTAP fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −96.2% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −67.6% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −4.7% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −34.2% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −38.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.3% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −36.6% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −34.2% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −34.3% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −5.4% | −3.4% |

### How closely does NTAP 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.

- Ten of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than NTAP's 1.00, led by DELL, STX and NVDA.
- DELL took just 43% of the S&P 500's losses, against 147% for NTAP, while still keeping 154% of its gains.
- Over the past 10 years, NTAP captured 147% of the S&P 500's gains in rising months and 147% of its losses in falling months, with a beta of 1.38. It amplified the market's moves in both directions.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| NTAP: NetApp, Inc. (this page) | 147% | 147% | 1.38 |
| [DELL](https://betterthanspy.com/research/dell): Dell Technologies Inc. | 154% | 43.0% | 1.13 |
| [HPE](https://betterthanspy.com/research/hpe): Hewlett Packard Enterprise Company | 116% | 102% | 1.31 |
| [STX](https://betterthanspy.com/research/stx): Seagate Technology Holdings plc | 169% | 88.0% | 1.58 |
| [WDC](https://betterthanspy.com/research/wdc): Western Digital Corporation | 171% | 163% | 1.87 |
| [NVDA](https://betterthanspy.com/research/nvda): NVIDIA Corporation | 248% | 140% | 1.83 |
| SMCI: Super Micro Computer, Inc. | 189% | 168% | 1.74 |
| [MSFT](https://betterthanspy.com/research/msft): Microsoft Corporation | 127% | 91.0% | 0.96 |
| CVLT: Commvault Systems, Inc. | 62.0% | 52.0% | 0.75 |
| NTNX: Nutanix, Inc. | 68.0% | 91.0% | 1.20 |
| NICE: NICE Ltd. | 65.0% | 94.0% | 0.78 |
| [GOOG](https://betterthanspy.com/research/goog): Alphabet Inc. | 132% | 110% | 1.12 |
| [AMZN](https://betterthanspy.com/research/amzn): Amazon.com, Inc. | 134% | 139% | 1.31 |
| [CSCO](https://betterthanspy.com/research/csco): Cisco Systems, Inc. | 101% | 96.0% | 0.97 |
| [IBM](https://betterthanspy.com/research/ibm): International Business Machines Corporation | 89.0% | 121% | 0.95 |

### What diversifies NTAP?

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

- Moving a fifth of the money in NTAP into LVHI would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+21.3% for NTAP alone, +21.5% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of NTAP over the past 5 years, with correlations of 0.38 or lower, and each still earned a positive 5-year return.
- MCK made money in seven of the ten calendar years in which NTAP lost money.

| Investment | Correlation with NTAP | 5Y return | Volatility | Sharpe | Rose in NTAP's 10 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.24 | +119% | 11.1% | 1.48 | 2 of 10 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.38 | +225% | 19.1% | 1.34 | 4 of 10 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.17 | +103% | 14.5% | 1.06 | 2 of 10 |
| HDV: iShares Core High Dividend ETF | 0.18 | +86.8% | 13.0% | 1.03 | 3 of 10 |
| FTLS: First Trust Long/Short Equity ETF | 0.49 | +61.5% | 10.5% | 0.97 | 2 of 10 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.43 | +83.6% | 13.8% | 0.95 | 3 of 10 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.47 | +304% | 37.0% | 0.94 | 5 of 10 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.10 | +178% | 25.5% | 0.94 | 6 of 10 |

## Common questions

### What was NTAP's worst drawdown?

NTAP's deepest decline since it began trading in 1995 was 96.2%, from October 2000 to October 2002. It took about 22 years from the low to climb back to its old high.

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

Over 29 full calendar years, NTAP's best year was 1999, when it returned 270%. Its worst was 2001, with a return of -65.9%.

### Is there a better investment than NTAP?

Among NTAP's popular alternatives, DELL and HPE were ahead of NTAP in most short and long periods. Looking beyond its popular alternatives, QTUM (quantum computing) earned more than NTAP with less volatility over the past 5 years: 22.1% a year at 28.2% volatility, against 20.6% a year at 35.3%.

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

Yes. NTAP's volatility over the past 5 years was 35.3%, about twice the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NTAP's return lands within 35.3% 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 NTAP's Sharpe ratio?

NTAP's Sharpe ratio over the past 5 years was 0.71, against 0.78 for the S&P 500, so NTAP 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 NTAP with the S&P 500?

Over the past 5 years, NTAP's monthly returns had a correlation of 0.59 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against NTAP instead: the lower it is, the more that option would diversify a NTAP holding.

### What are the best alternatives to NTAP?

Of the 16 popular alternatives we compared, two outperformed NTAP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DELL and HPE.

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

NTAP finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned -5.9%, against +17.7% for the index.

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

NTAP fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in nine. The clearest case was the dot-com bust, when NTAP fell 96.2% and the S&P 500 fell 47.5%.

### What diversifies NTAP?

These had a low correlation with NTAP over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.24), DXJ (correlation 0.38) and EMLP (correlation 0.17); among large stocks, CAH (correlation 0.09), CLS (correlation 0.30) and MCK (correlation 0.04). A correlation near zero means the two have moved largely independently.

## More research

- [Dell Technologies (DELL) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/dell)
- [Hewlett Packard Enterprise (HPE) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/hpe)
- [Seagate Technology (STX) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/stx)
- [Western Digital (WDC) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/wdc)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/nvda)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/msft)
- [Sandisk (SNDK) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/sndk)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/goog)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/amzn)
- [Cisco Systems (CSCO) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/csco)
- [International Business Machines (IBM) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/ibm)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/schd)

## Explore further

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