# How Everpure (P) compares with the whole market and its popular alternatives

> Source: BetterThanSPY research, https://betterthanspy.com/research/p
> 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 P alone. It places P (Everpure, 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 P stands in the market, and of the alternatives worth a closer look.

Period covered: P's full trading record, from October 2015 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.

## Key findings

- **Right now:** P has run far ahead of the market, rising 74.7% over the past 6 months against 8.0% for the S&P 500 and 7.8% for the Nasdaq 100. That said, the slide is P's own: it is 22.8% below its high, against 1.9% for the S&P 500.
- **Stock or market?:** P's 62.5% 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%. P rose 9.3% last month as the S&P 500 fell 1.2% and the Nasdaq 100 fell 5.8%.
- **Past 1 to 3 years:** Over the past year, P rose 36.3% against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. The same gap shows up over 3 years (263% against 88.4%).
- **Long term:** P turned $10,000 into $97,400 over the past decade, against $41,600 in the S&P 500. P's 10-year return of 874% puts it ahead of 94% of the stocks worth at least $300 million with that much history. The S&P 500 returned 316%.
- **In a crash:** The late-2018 sell-off took 45.0% off P, against 19.3% for the S&P 500, and more than computer hardware peers such as MU (Micron Technology, 36.6%). P fell further than the S&P 500 in three of the last three sell-offs, including the late-2018 sell-off (45.0% against 19.3%).
- **Diversification:** P is some diversification, but not a hedge: a correlation of 0.44 with the S&P 500 over 5 years and 0.44 with the total US market, more closely than 60% of stocks worth at least $300 million.
- **Better options**
  - **Popular alternatives:** ANET (Arista Networks), STX (Seagate Technology) and NVDA (NVIDIA) earned more than P with less volatility over the past 5 years. ANET returned 47.6% a year at 49.1% volatility, against 35.6% a year at 55.1%.
  - **Nearby categories and themes:** AVGO (Broadcom, semiconductors) and ASX (ASE Technology Holding, semiconductors) earned more than P with less volatility over the past 5 years. AVGO returned 46.9% a year at 44.6% volatility, against 35.6% a year at 55.1%.
  - **Whole market:** Few investments have done better on both counts: only 52 of the 3,641 stocks and funds worth at least $500 million earned more than P with less volatility over the past 5 years, among them NVDA (NVIDIA), AVGO (Broadcom) and LLY (Eli Lilly and Company).

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

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

- $10,000 invested in P at the end of September 2016 would have grown to $96,520 by September 2026, more than the $41,286 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of P, and NVDA finished highest, at $1,367,620.

## P 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.

- P is still 22.8% below its all-time high.
- P's deepest decline since it began trading in 2015 was 69.4%, from September 2018 to March 2020. It took 11 months from the low to climb back to its old high.
- Over ten full calendar years, P's best was 2024, when it returned 72.3%, and its worst was 2016, when it lost 27.4%. It lost money in two of those years.

- Type: Stock, Technology (Computer Hardware)
- Trading since: October 6, 2015
- Market value: $40B
- Volatility (5 years): 55.1%; Sharpe ratio: 0.83
- Worst decline ever: −69.4%, from September 11, 2018 to March 18, 2020; back at its high by February 11, 2021

| Period | P total return |
| --- | --- |
| 1 month | +9.3% |
| 3 months | +62.5% |
| 6 months | +74.7% |
| year to date | +75.6% |
| 1 year | +36.3% |
| 3 years | +263% |
| 5 years | +359% |
| 10 years | +874% |

## P against the whole market

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

### How does P rank among all stocks?

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

- P's 5-year return ranks in the top 4% of the 2,897 stocks worth at least $300 million with 5 years of history.

| Measure | P | Rank |
| --- | --- | --- |
| 1-year return | +36.3% | 830 of 3,282 (top 26%) |
| 3-year return | +263% | 273 of 3,016 (top 10%) |
| 5-year return | +359% | 114 of 2,897 (top 4%) |
| 10-year return | +874% | 130 of 2,201 (top 6%) |
| Volatility, 5 years | 55.1% | 2,121 of 2,897 (top 74%) |
| Sharpe ratio, 5 years | 0.83 | 242 of 2,897 (top 9%) |
| Worst decline, past 10 years | −69.4% | 1,271 of 2,184 (top 59%) |

### What has beaten P 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).

- 52 stocks worth at least $500 million sit in the green region: each earned more than P over the past 5 years with smaller price swings. That is 1% of the 3,641 screened. Few investments beat it on both counts.
- Among those with at least half P's swings, FIX has the best return for its risk: 73.0% a year at 46.9% volatility, 15% less than P's 55.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.41 against 0.83 for P. BELFB earned the most, 75.9% a year, while still swinging less than P (52.3% against 55.1%).
- Among P's popular alternatives, STX, NVDA and ANET are in the region. STX earned 53.4% a year against 35.6% a year for P, at 48.8% volatility, 11% less than P's 55.1%.

### Is there a better investment than P?

The table below lists investments that beat P 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 P's popular alternatives, ANET, STX and NVDA earned more than P with less volatility over the past 5 years. ANET returned 47.6% a year at 49.1% volatility, against 35.6% a year at 55.1%.
- Looking beyond its popular alternatives, AVGO (semiconductors) and ASX (semiconductors) earned more than P with less volatility over the past 5 years. AVGO returned 46.9% a year at 44.6% volatility, against 35.6% a year at 55.1%.
- Few investments have done better on both counts: only 52 of the 3,641 stocks and funds worth at least $500 million earned more than P with less volatility over the past 5 years, among them NVDA, AVGO and LLY.

The 15 strongest of 52 investments that beat P 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 P | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| P: Everpure, Inc. (this page) |  | +35.6% | 55.1% | 0.83 | −69.4% | +874% |  |  |
| [FIX](https://betterthanspy.com/research/fix): Comfort Systems USA, Inc. | Engineering & Construction | +73.0% | 46.9% | 1.41 | −49.7% | +4,888% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [LLY](https://betterthanspy.com/research/lly): Eli Lilly and Company | Pharmaceuticals | +41.2% | 32.8% | 1.22 | −34.5% | +1,870% | 0.09 | 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% | 0.06 | Higher return, lower volatility; Higher return in most periods |
| [VST](https://betterthanspy.com/research/vst): Vistra Corp. | Independent Power Producers | +51.7% | 48.8% | 1.10 | −53.3% | +1,130% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [AVGO](https://betterthanspy.com/research/avgo): Broadcom Inc. | Semiconductors | +46.9% | 44.6% | 1.09 | −48.3% | +2,254% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| EME: EMCOR Group, Inc. | Engineering & Construction | +40.8% | 35.4% | 1.15 | −48.0% | +1,116% | 0.32 | 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% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| COKE: Coca-Cola Consolidated, Inc. | Food & Beverages | +41.6% | 38.0% | 1.11 | −51.7% | +1,564% | 0.00 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| FRO: Frontline Plc | Oil & Gas | +53.9% | 49.7% | 1.12 | −52.0% | +1,270% | 0.12 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [ANET](https://betterthanspy.com/research/anet): Arista Networks, Inc. | Communications Equipment | +47.6% | 49.1% | 1.04 | −52.2% | +3,158% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [VLO](https://betterthanspy.com/research/vlo): Valero Energy Corporation | Oil Refining | +43.8% | 36.9% | 1.18 | −71.9% | +1,014% | 0.14 | Higher return, lower volatility; Higher return in most periods |
| DHT: DHT Holdings, Inc. | Oil & Gas | +40.3% | 39.0% | 1.07 | −39.7% | +1,094% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| LPG: Dorian LPG Ltd. | Marine Shipping | +55.8% | 43.6% | 1.24 | −62.9% | +1,827% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| INSW: International Seaways, Inc. | Oil & Gas | +58.7% | 40.6% | 1.35 | −57.4% | — | 0.12 | 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% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## P against its popular alternatives

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

### How do P's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Five of the 19 popular alternatives, led by NVDA, DELL and STX, were both more rewarding and calmer than P over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, P returned 35.6% a year, more than the S&P 500's 12.5%, with higher volatility (55.1% against 17.2%).

### Has P consistently beaten its popular alternatives?

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

- Only one of the 20 popular alternatives, DELL, outperformed P in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- MU, STX and NVDA earned more for the risk they took than P (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- NVDA outperformed P over all three long-term periods but in none of the five short-term ones, so P has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of P | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| P: Everpure, Inc. (this page) | +36.3% | +263% | +359% | +874% |  |  | 0.83 |
| [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 |
| [MU](https://betterthanspy.com/research/mu): Micron Technology, Inc. | +332% | +1,193% | +1,199% | +5,050% | 2/5 short-term, 3/3 long-term |  | 1.19 |
| [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 |
| [NVDA](https://betterthanspy.com/research/nvda): NVIDIA Corporation | +18.0% | +395% | +839% | +12,166% | 0/5 short-term, 3/3 long-term |  | 1.12 |
| [WDC](https://betterthanspy.com/research/wdc): Western Digital Corporation | +195% | +1,027% | +726% | +889% | 2/5 short-term, 2/3 long-term |  | 1.06 |
| [ANET](https://betterthanspy.com/research/anet): Arista Networks, Inc. | +16.7% | +267% | +601% | +3,158% | 0/5 short-term, 2/3 long-term |  | 1.04 |
| SMCI: Super Micro Computer, Inc. | −35.8% | +32.3% | +855% | +1,454% | 0/5 short-term, 2/3 long-term |  | 0.95 |
| [HPE](https://betterthanspy.com/research/hpe): Hewlett Packard Enterprise Company | +145% | +292% | +313% | +481% | 3/5 short-term, 1/3 long-term |  | 0.89 |
| SIMO: Silicon Motion Technology Corporation | +107% | +271% | +209% | +401% | 2/5 short-term, 1/3 long-term |  | 0.68 |
| VIAV: Viavi Solutions Inc. | +129% | +302% | +97.3% | +316% | 1/5 short-term, 1/3 long-term |  | 0.52 |
| [NTAP](https://betterthanspy.com/research/ntap): NetApp, Inc. | +84.8% | +206% | +155% | +696% | 4/5 short-term, 0/3 long-term |  | 0.71 |
| SILC: Silicom Ltd. | +123% | +70.1% | −8.6% | −7.0% | 2/5 short-term, 0/3 long-term |  | 0.25 |
| [SNDK](https://betterthanspy.com/research/sndk): Sandisk Corporation | +758% | — | — | — | 2/5 short-term, 0/3 long-term |  | — |
| [CSCO](https://betterthanspy.com/research/csco): Cisco Systems, Inc. | +51.2% | +117% | +118% | +361% | 1/5 short-term, 0/3 long-term |  | 0.73 |
| [MSFT](https://betterthanspy.com/research/msft): Microsoft Corporation | +0.9% | +61.9% | +75.6% | +862% | 0/5 short-term, 0/3 long-term |  | 0.54 |
| [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 |
| [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 |
| NTNX: Nutanix, Inc. | +1.1% | +94.5% | +93.8% | +134% | 0/5 short-term, 0/3 long-term |  | 0.52 |
| NVTS: Navitas Semiconductor Corp | −37.6% | +57.8% | −30.3% | — | 0/5 short-term, 0/3 long-term |  | 0.44 |

### How did P do year by year?

This table shows each investment's total return in every full calendar year since 2016, along with where P ranked among its popular alternatives each year.

- Among its popular alternatives, NVDA came out ahead of P most often, in eight of the ten years both traded.
- P finished ahead of the S&P 500 in six of its ten full calendar years.
- Ranked against its popular alternatives each year, P finished in the top quarter in two of ten years and in the bottom quarter in one. In 2025, it ranked 15 of 20.

| Year | P | SPY |
| --- | --- | --- |
| 2025 | +9.1% | +17.7% |
| 2024 | +72.3% | +24.9% |
| 2023 | +33.3% | +26.2% |
| 2022 | −17.8% | −18.2% |
| 2021 | +44.0% | +28.7% |
| 2020 | +32.1% | +18.3% |
| 2019 | +6.4% | +31.2% |
| 2018 | +1.4% | −4.6% |
| 2017 | +40.2% | +21.7% |
| 2016 | −27.4% | +12.0% |

## Risk and diversification

How P 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 P's worst declines?

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

- In all five of P's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: P fell 52.4% from October 2015 to March 2017, while the S&P 500 rose 22.6%.
- None of these declines kept P below its old high for long; the longest climb back took 11 months.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −69.4% | September 11, 2018 | March 18, 2020 | February 11, 2021 | −14.5% | late-2018 sell-off |
| −52.4% | October 14, 2015 | March 6, 2017 | January 26, 2018 | +22.6% | 2015 China and oil sell-off |
| −48.6% | January 23, 2025 | April 4, 2025 | August 28, 2025 | −16.9% |  |
| −42.3% | October 31, 2025 | March 30, 2026 | August 11, 2026 | −6.8% |  |
| −41.1% | February 12, 2021 | May 12, 2021 | November 24, 2021 | +3.6% |  |

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

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

- P fell further than the S&P 500 in four of the five crashes it has traded through. The clearest case was the late-2018 sell-off, when P fell 45.0% and the S&P 500 fell 19.3%.
- Among its popular alternatives, VIAV held up best, falling less than P in all five crashes they both traded through.
- P began trading after the 2008 financial crisis, but 14 of its popular alternatives lived through it. The mildest fall among them was IBM's 44.3%, against 55.2% for the S&P 500.

| Crash | Dates | P fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | not trading | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −3.8% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −45.0% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −53.2% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −38.0% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −6.6% | −3.4% |

### How closely does P 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.

- Over the past 10 years, P captured 135% of the S&P 500's gains in rising months and 110% of its losses in falling months, with a beta of 1.40. It amplified the market's moves in both directions.
- DELL took just 43% of the S&P 500's losses, against 110% for P, while still keeping 154% of its gains.
- Seven of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than P's 1.23, led by DELL, STX and ANET.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| P: Everpure, Inc. (this page) | 135% | 110% | 1.40 |
| [DELL](https://betterthanspy.com/research/dell): Dell Technologies Inc. | 154% | 43.0% | 1.13 |
| [MU](https://betterthanspy.com/research/mu): Micron Technology, Inc. | 204% | 114% | 1.75 |
| [STX](https://betterthanspy.com/research/stx): Seagate Technology Holdings plc | 169% | 88.0% | 1.58 |
| [NVDA](https://betterthanspy.com/research/nvda): NVIDIA Corporation | 248% | 140% | 1.83 |
| [WDC](https://betterthanspy.com/research/wdc): Western Digital Corporation | 171% | 163% | 1.87 |
| [ANET](https://betterthanspy.com/research/anet): Arista Networks, Inc. | 174% | 91.0% | 1.40 |
| SMCI: Super Micro Computer, Inc. | 189% | 168% | 1.74 |
| [HPE](https://betterthanspy.com/research/hpe): Hewlett Packard Enterprise Company | 116% | 102% | 1.31 |
| SIMO: Silicon Motion Technology Corporation | 126% | 116% | 1.41 |
| VIAV: Viavi Solutions Inc. | 98.0% | 76.0% | 0.97 |
| [NTAP](https://betterthanspy.com/research/ntap): NetApp, Inc. | 147% | 147% | 1.38 |
| SILC: Silicom Ltd. | 72.0% | 125% | 1.16 |
| [CSCO](https://betterthanspy.com/research/csco): Cisco Systems, Inc. | 101% | 96.0% | 0.97 |
| [MSFT](https://betterthanspy.com/research/msft): Microsoft Corporation | 127% | 91.0% | 0.96 |
| [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 |
| [IBM](https://betterthanspy.com/research/ibm): International Business Machines Corporation | 89.0% | 121% | 0.95 |
| NTNX: Nutanix, Inc. | 68.0% | 91.0% | 1.20 |

### What diversifies P?

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 P into XLE would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+39.1% for P alone, +39.2% for the mix).
- XLE made money in two of the two calendar years in which P lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of P over the past 5 years, with correlations of 0.35 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with P | 5Y return | Volatility | Sharpe | Rose in P's 2 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | -0.06 | +119% | 11.1% | 1.48 | 1 of 2 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.35 | +225% | 19.1% | 1.34 | 2 of 2 |
| EMLP: First Trust North American Energy Infrastructure Fund | -0.04 | +103% | 14.5% | 1.06 | 2 of 2 |
| HDV: iShares Core High Dividend ETF | -0.05 | +86.8% | 13.0% | 1.03 | 2 of 2 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.25 | +83.6% | 13.8% | 0.95 | 1 of 2 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.47 | +304% | 37.0% | 0.94 | 1 of 2 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | -0.11 | +178% | 25.5% | 0.94 | 2 of 2 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | -0.12 | +120% | 19.0% | 0.93 | 1 of 2 |

## Common questions

### What was P's worst drawdown?

P's deepest decline since it began trading in 2015 was 69.4%, from September 2018 to March 2020. It took 11 months from the low to climb back to its old high. Because P launched in October 2015, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

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

Over ten full calendar years, P's best year was 2024, when it returned 72.3%. Its worst was 2016, with a return of -27.4%.

### Is there a better investment than P?

Among P's popular alternatives, ANET, STX and NVDA earned more than P with less volatility over the past 5 years. ANET returned 47.6% a year at 49.1% volatility, against 35.6% a year at 55.1%. Looking beyond its popular alternatives, AVGO (semiconductors) and ASX (semiconductors) earned more than P with less volatility over the past 5 years. AVGO returned 46.9% a year at 44.6% volatility, against 35.6% a year at 55.1%.

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

Yes. P's volatility over the past 5 years was 55.1%, 3.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, P's return lands within 55.1% 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 P's Sharpe ratio?

P's Sharpe ratio over the past 5 years was 0.83, against 0.78 for the S&P 500, so P earned more 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 P with the S&P 500?

Over the past 5 years, P's monthly returns had a correlation of 0.44 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 P instead: the lower it is, the more that option would diversify a P holding.

### What are the best alternatives to P?

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

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

P finished ahead of the S&P 500 (SPY) in six of ten full calendar years. In 2025, it returned +9.1%, against +17.7% for the index.

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

P fell less than the S&P 500 (SPY) in one of the five major crashes it has traded through, and further in four. The clearest case was the late-2018 sell-off, when P fell 45.0% and the S&P 500 fell 19.3%.

### What diversifies P?

These had a low correlation with P over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.06), DXJ (correlation 0.35) and EMLP (correlation -0.04); among large stocks, CAH (correlation 0.02), CLS (correlation 0.47) and MCK (correlation 0.10). A correlation near zero means the two have moved largely independently.

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## Explore further

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