BetterThanSPY

Relative Intelligence · E-Commerce

How Sea (SE) compares with the whole market and its popular alternatives

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

Period covered: SE's full trading record, from October 2017 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.

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

Rank the market against SE →Chart SE vs. 20 alternatives →

This page answers the following questions about SE

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 SE have grown?

This chart tracks a hypothetical $10,000 investment in SE over the past 8 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SE over the same span and SE's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: SE began trading on October 20, 2017, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or three other sell-offs. It covers the most recent 8 years of SE's record, starting at the end of September 2018.

Choose a period

From the end of September 2018 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. 135 of the 3,001 stocks and funds worth at least $500 million that traded the whole period ended ahead of SE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000201820192020202120222023202420252026$10,000$20,000$50,000$100,000$200,00020182020202220242026
  • MRVL$143,247+1,332% total · +39.5% a year
  • LLY$119,720+1,097% total · +36.4% a year
  • TSM$117,881+1,079% total · +36.1% a year
  • PANW$105,834+958% total · +34.3% a year
  • SHOP$90,152+802% total · +31.6% a year
  • SE$70,395+604% total · +27.6% a year
  • EBAY$36,419+264% total · +17.5% a year
  • SPY (S&P 500)$29,568+196% total · +14.5% a year
  • V$25,333+153% total · +12.3% a year
  • AMZN$24,877+149% total · +12.1% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 3,434 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of SE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000202120222023202420252026$0$5,000$10,000$15,000$20,000202120222023202420252026
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • V$16,755+67.5% total · +10.9% a year
  • EBAY$16,622+66.2% total · +10.7% a year
  • MA$16,338+63.4% total · +10.3% a year
  • NTES$15,824+58.2% total · +9.6% a year
  • AMZN$15,169+51.7% total · +8.7% a year
  • EEM$14,915+49.2% total · +8.3% a year
  • SHOP$10,938+9.4% total · +1.8% a year
  • MELI$10,293+2.9% total · +0.6% a year
  • SE$3,055−69.5% total · −21.1% a year
Change the dates or add tickers to this chart in EasyCompare

SE at a glance

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

Note: SE began trading on October 20, 2017, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or three other sell-offs.

The company

Market value
$46B
Industry
Specialty Retail
Price history from
October 2017

Returns

Past 1 year
−51.7%total return
Past 3 years
+70.2%+19.4% a year
Past 5 years
−78.7%−26.6% a year
Best calendar year
+395%2020
Worst calendar year
−76.7%2022
Losing years
3 of 8full calendar years

Risk

Volatility
64.6%typical yearly swing, 5 years
Sharpe ratio
-0.16return per unit of risk, 5 years
Worst decline ever
−90.5%Oct 2021 to Jan 2024
From its all-time high
−79.4%below the peak

SE against the whole market

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

How does SE rank among all stocks?

This section ranks SE 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 SE 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.

MeasureSERankStanding
1-year return−51.7%3,131 of 3,282bottom 6%
3-year return+70.2%1,291 of 3,016top 43%
5-year return−78.7%2,732 of 2,897bottom 7%
Volatility, 5 years64.6%2,395 of 2,897bottom 18%
Sharpe ratio, 5 years-0.162,649 of 2,897bottom 10%

What has beaten SE 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). SE sits where the dashed lines cross. Anything in the green box above and to the left earned more than SE 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 SE; faint dots are 93 more of the 3,141 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−20.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SEHSBC: +32.8% a year, volatility 25.9%COST: +17.4% a year, volatility 22.9%NVS: +17.4% a year, volatility 20.7%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%STX: +53.4% a year, volatility 48.8%COR: +23.6% a year, volatility 22.8%NEM: +17.8% a year, volatility 39.1%VZ: +3.3% a year, volatility 22.9%RY: +17.5% a year, volatility 18.2%PBR-A: +53.5% a year, volatility 37.4%MPC: +50.0% a year, volatility 33.4%NVDA: +56.5% a year, volatility 51.9%CIEN: +43.7% a year, volatility 52.9%WELL: +27.0% a year, volatility 23.8%MMM: +7.2% a year, volatility 28.8%CAH: +41.7% a year, volatility 24.7%AAPL: +19.1% a year, volatility 28.0%KEYS: +12.1% a year, volatility 34.8%MPLX: +24.0% a year, volatility 18.8%GOOG: +18.5% a year, volatility 32.0%UI: +15.5% a year, volatility 49.1%WAT: +4.6% a year, volatility 33.9%AVGO: +46.9% a year, volatility 44.6%INCY: +12.2% a year, volatility 30.1%VTI: +11.4% a year, volatility 17.5%MU: +67.0% a year, volatility 57.1%VOO: +12.6% a year, volatility 16.9%ATI: +58.9% a year, volatility 43.2%NEU: +20.9% a year, volatility 26.8%XOM: +27.5% a year, volatility 26.5%META: +15.1% a year, volatility 45.4%TRMD: +54.8% a year, volatility 46.0%FCFS: +16.7% a year, volatility 31.2%JPM: +17.3% a year, volatility 24.3%FLTW: +21.3% a year, volatility 24.4%ABBV: +25.5% a year, volatility 23.4%AMD: +33.5% a year, volatility 57.7%TSLA: +4.3% a year, volatility 60.0%VIRT: +20.4% a year, volatility 33.8%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%CAT: +30.7% a year, volatility 32.0%VXUS: +8.0% a year, volatility 16.4%DELL: +53.8% a year, volatility 54.5%MUFG: +33.5% a year, volatility 29.4%QQQ: +14.2% a year, volatility 23.0%AIA: +11.6% a year, volatility 26.9%PM: +21.3% a year, volatility 23.4%ASML: +15.3% a year, volatility 43.5%PBR: +52.4% a year, volatility 37.4%CSCO: +16.9% a year, volatility 26.1%SHEL: +21.4% a year, volatility 24.8%INSW: +58.7% a year, volatility 40.6%MCK: +37.8% a year, volatility 25.1%ANET: +47.6% a year, volatility 49.1%VTV: +12.2% a year, volatility 13.7%BIL: +3.7% a year, volatility 0.3%GLTR: +14.1% a year, volatility 24.7%INTC: +13.4% a year, volatility 55.5%RTX: +18.7% a year, volatility 24.4%SAN: +31.7% a year, volatility 33.9%APH: +31.3% a year, volatility 32.4%BBVA: +39.0% a year, volatility 33.3%AMAT: +23.6% a year, volatility 47.6%GS: +19.4% a year, volatility 28.6%TD: +16.5% a year, volatility 20.0%MS: +16.2% a year, volatility 28.9%VLO: +43.8% a year, volatility 36.9%VEA: +9.1% a year, volatility 16.9%IBM: +20.1% a year, volatility 30.2%IBKR: +35.3% a year, volatility 35.5%WDC: +52.5% a year, volatility 53.6%MFG: +33.9% a year, volatility 30.6%VGT: +18.1% a year, volatility 26.1%WFC: +13.1% a year, volatility 29.5%SCCO: +30.1% a year, volatility 40.8%PSX: +32.7% a year, volatility 32.9%SMFG: +34.0% a year, volatility 29.4%UBS: +24.9% a year, volatility 30.4%BTI: +19.4% a year, volatility 22.0%C: +15.3% a year, volatility 29.4%BAC: +4.0% a year, volatility 26.6%ADI: +18.6% a year, volatility 34.2%AXP: +13.1% a year, volatility 29.2%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%TXN: +10.1% a year, volatility 33.8%PH: +26.0% a year, volatility 28.9%ASX: +47.3% a year, volatility 43.3%SU: +33.1% a year, volatility 32.5%SE: −26.6% a year, volatility 64.6%SPY (S&P 500): +12.5% a year, volatility 17.2%AMZN: +8.5% a year, volatility 36.6%V: +13.2% a year, volatility 22.9%EBAY: +10.6% a year, volatility 32.8%EEM: +5.9% a year, volatility 20.0%NTES: +5.3% a year, volatility 41.9%SHOP: +3.4% a year, volatility 66.9%LQDT: +16.7% a year, volatility 43.5%PANW: +33.4% a year, volatility 43.4%TJX: +19.8% a year, volatility 22.3%CRWD: +27.4% a year, volatility 52.7%PLTR: +51.7% a year, volatility 67.0%CHRW: +9.8% a year, volatility 34.4%TSM: +31.0% a year, volatility 38.6%LLY: +41.2% a year, volatility 32.8%WMT: +21.1% a year, volatility 22.6%JNJ: +13.5% a year, volatility 18.0%GLD: +17.1% a year, volatility 19.0%EWJ: +9.3% a year, volatility 18.7%MRVL: +28.0% a year, volatility 65.3%OMCL: −26.0% a year, volatility 51.2%CLS: +95.8% a year, volatility 59.9%MA: +12.7% a year, volatility 23.8%SESPY (S&P 500)AMZNEBAYEEMNTESSHOPLQDTPANWTJXCRWDPLTRCHRWTSMLLYWMTJNJMRVLOMCLCLS−20.0%0.0%20.0%40.0%60.0%80.0%−50.0%0.0%50.0%100%150%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SEHSBC: +32.8% a year, volatility 25.9%COST: +17.4% a year, volatility 22.9%NVS: +17.4% a year, volatility 20.7%AMGN: +20.1% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%STX: +53.4% a year, volatility 48.8%COR: +23.6% a year, volatility 22.8%NEM: +17.8% a year, volatility 39.1%VZ: +3.3% a year, volatility 22.9%RY: +17.5% a year, volatility 18.2%PBR-A: +53.5% a year, volatility 37.4%MPC: +50.0% a year, volatility 33.4%NVDA: +56.5% a year, volatility 51.9%CIEN: +43.7% a year, volatility 52.9%WELL: +27.0% a year, volatility 23.8%MMM: +7.2% a year, volatility 28.8%CAH: +41.7% a year, volatility 24.7%AAPL: +19.1% a year, volatility 28.0%KEYS: +12.1% a year, volatility 34.8%MPLX: +24.0% a year, volatility 18.8%GOOG: +18.5% a year, volatility 32.0%UI: +15.5% a year, volatility 49.1%WAT: +4.6% a year, volatility 33.9%AVGO: +46.9% a year, volatility 44.6%INCY: +12.2% a year, volatility 30.1%VTI: +11.4% a year, volatility 17.5%MU: +67.0% a year, volatility 57.1%VOO: +12.6% a year, volatility 16.9%ATI: +58.9% a year, volatility 43.2%NEU: +20.9% a year, volatility 26.8%XOM: +27.5% a year, volatility 26.5%META: +15.1% a year, volatility 45.4%TRMD: +54.8% a year, volatility 46.0%FCFS: +16.7% a year, volatility 31.2%JPM: +17.3% a year, volatility 24.3%FLTW: +21.3% a year, volatility 24.4%ABBV: +25.5% a year, volatility 23.4%AMD: +33.5% a year, volatility 57.7%TSLA: +4.3% a year, volatility 60.0%VIRT: +20.4% a year, volatility 33.8%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%CAT: +30.7% a year, volatility 32.0%VXUS: +8.0% a year, volatility 16.4%DELL: +53.8% a year, volatility 54.5%MUFG: +33.5% a year, volatility 29.4%QQQ: +14.2% a year, volatility 23.0%AIA: +11.6% a year, volatility 26.9%PM: +21.3% a year, volatility 23.4%ASML: +15.3% a year, volatility 43.5%PBR: +52.4% a year, volatility 37.4%CSCO: +16.9% a year, volatility 26.1%SHEL: +21.4% a year, volatility 24.8%INSW: +58.7% a year, volatility 40.6%MCK: +37.8% a year, volatility 25.1%ANET: +47.6% a year, volatility 49.1%VTV: +12.2% a year, volatility 13.7%BIL: +3.7% a year, volatility 0.3%GLTR: +14.1% a year, volatility 24.7%INTC: +13.4% a year, volatility 55.5%RTX: +18.7% a year, volatility 24.4%SAN: +31.7% a year, volatility 33.9%APH: +31.3% a year, volatility 32.4%BBVA: +39.0% a year, volatility 33.3%AMAT: +23.6% a year, volatility 47.6%GS: +19.4% a year, volatility 28.6%TD: +16.5% a year, volatility 20.0%MS: +16.2% a year, volatility 28.9%VLO: +43.8% a year, volatility 36.9%VEA: +9.1% a year, volatility 16.9%IBM: +20.1% a year, volatility 30.2%IBKR: +35.3% a year, volatility 35.5%WDC: +52.5% a year, volatility 53.6%MFG: +33.9% a year, volatility 30.6%VGT: +18.1% a year, volatility 26.1%WFC: +13.1% a year, volatility 29.5%SCCO: +30.1% a year, volatility 40.8%PSX: +32.7% a year, volatility 32.9%SMFG: +34.0% a year, volatility 29.4%UBS: +24.9% a year, volatility 30.4%BTI: +19.4% a year, volatility 22.0%C: +15.3% a year, volatility 29.4%BAC: +4.0% a year, volatility 26.6%ADI: +18.6% a year, volatility 34.2%AXP: +13.1% a year, volatility 29.2%MO: +18.3% a year, volatility 21.4%CB: +15.8% a year, volatility 20.4%TXN: +10.1% a year, volatility 33.8%PH: +26.0% a year, volatility 28.9%ASX: +47.3% a year, volatility 43.3%SU: +33.1% a year, volatility 32.5%SE: −26.6% a year, volatility 64.6%SPY (S&P 500): +12.5% a year, volatility 17.2%AMZN: +8.5% a year, volatility 36.6%V: +13.2% a year, volatility 22.9%EBAY: +10.6% a year, volatility 32.8%EEM: +5.9% a year, volatility 20.0%NTES: +5.3% a year, volatility 41.9%SHOP: +3.4% a year, volatility 66.9%LQDT: +16.7% a year, volatility 43.5%PANW: +33.4% a year, volatility 43.4%TJX: +19.8% a year, volatility 22.3%CRWD: +27.4% a year, volatility 52.7%PLTR: +51.7% a year, volatility 67.0%CHRW: +9.8% a year, volatility 34.4%TSM: +31.0% a year, volatility 38.6%LLY: +41.2% a year, volatility 32.8%WMT: +21.1% a year, volatility 22.6%JNJ: +13.5% a year, volatility 18.0%GLD: +17.1% a year, volatility 19.0%EWJ: +9.3% a year, volatility 18.7%MRVL: +28.0% a year, volatility 65.3%OMCL: −26.0% a year, volatility 51.2%CLS: +95.8% a year, volatility 59.9%MA: +12.7% a year, volatility 23.8%SESPY (S&P 500)EEMSHOPPANWPLTRTSMLLYGLDMRVLOMCLCLS
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than SE?

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

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

Screen the whole market against SE for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with SE?lower diversifies moreExpenseper year
SESea Limited · this page
−26.6%64.6%-0.16−90.5%−78.7%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+80.3%0.430.09%
Popular alternativesbest 6 shownThe investments people most often weigh against SE. 19 of 19 passed at least one test.
AMZNAmazon.com, Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+8.5%36.6%0.41−56.1%+50.1%0.35—
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.2%22.9%0.66−36.4%+86.1%0.23—
EBAYeBay Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+10.6%32.8%0.47−53.6%+65.4%0.46—
EEMiShares MSCI Emerging Markets ETF · Emerging Markets Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.9%20.0%0.39−39.8%+33.4%0.440.72%
NTESNetEase, Inc. · Video Games
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+5.3%41.9%0.33−57.4%+29.5%0.38—
SHOPShopify Inc. · Software
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.4%66.9%0.38−84.8%+18.4%0.38—
Same and neighboring categories, and shared themesbest 6 shownEverything else in E-Commerce and the categories next to it (Specialty Retail, Software, Freight & Logistics, Payment Processing), plus SE's specific themes. 253 of 304 passed at least one test.
LQDTLiquidity Services, Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+16.7%43.5%0.57−70.7%+116%0.14—
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.4%43.4%0.89−48.0%+322%0.12—
TJXThe TJX Companies, Inc. · Apparel Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.8%22.3%0.93−42.5%+147%0.16—
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+27.4%52.7%0.72−67.7%+236%0.17—
PLTRPalantir Technologies Inc. · Enterprise Software
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.7%67.0%0.95−84.6%+703%0.30—
CHRWC.H. Robinson Worldwide, Inc. · Freight & Logistics
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+9.8%34.4%0.45−40.6%+59.8%0.16—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 3,145 of 3,370 passed at least one test.
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+31.0%38.6%0.90−56.6%+285%0.30—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+41.2%32.8%1.22−34.5%+461%-0.09—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+21.1%22.6%0.97−25.7%+161%0.22—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+13.5%18.0%0.80−27.4%+88.0%-0.05—
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%+120%0.250.40%
EWJiShares MSCI Japan ETF · Japan Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+9.3%18.7%0.57−33.1%+55.7%0.470.49%
MRVLMarvell Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+28.0%65.3%0.70−61.9%+243%0.07—
OMCLOmnicell, Inc. · Health Care Technology
Similar return, lower volatility−26.0%51.2%-0.33−86.6%−77.8%0.11—
What these numbers mean for SE
Annual return
SE lost 26.6% 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 $2,130. 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
SE's volatility over the past 5 years was 64.6%, 3.8 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SE's return lands within 64.6% 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
SE's Sharpe ratio over the past 5 years was -0.16, against 0.78 for the S&P 500, so SE 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
SE's worst fall from a peak to a low over the past 10 years was 90.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 90.5% fall takes a 954% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, SE's monthly returns had a correlation of 0.43 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 SE instead: the lower it is, the more that option would diversify a SE holding. Guide: Correlation and diversification →
Show all 3,141 stocks and funds worth at least $500 million that earned more than SE with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with SEExpense
1
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.0%38.6%0.90−56.6%+285%0.30—
2
LLYEli Lilly and Company · Pharmaceuticals
Whole market+41.2%32.8%1.22−34.5%+461%-0.09—
3
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+161%0.22—
4
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+88.0%-0.05—
5
HSBCHSBC Holdings plc · Banks
Whole market+32.8%25.9%1.23−62.3%+313%0.25—
6
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+123%0.36—
7
NVSNovartis AG · Pharmaceuticals
Whole market+17.4%20.7%0.89−26.8%+123%0.29—
8
AMGNAmgen Inc. · Biotechnology
Whole market+20.1%24.9%0.86−24.9%+150%-0.06—
9
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+179%0.02—
10
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+53.4%48.8%1.12−57.0%+748%0.17—
11
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+120%0.250.40%
12
CORCencora, Inc. · Health Care Distribution
Whole market+23.6%22.8%1.05−32.4%+188%0.12—
13
NEMNewmont Corporation · Gold Mining
Whole market+17.8%39.1%0.62−62.4%+127%0.22—
14
VZVerizon Communications Inc. · Integrated Telecommunications
Whole market+3.3%22.9%0.26−41.2%+17.6%0.12—
15
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+124%0.33—
16
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+53.5%37.4%1.34−71.7%+751%-0.12—
17
MPCMarathon Petroleum Corporation · Oil Refining
Whole market+50.0%33.4%1.39−79.7%+660%0.14—
18
NVDANVIDIA Corporation · Semiconductors
Whole market+56.5%51.9%1.12−66.3%+839%0.35—
19
CIENCiena Corporation · Communications Equipment
Whole market+43.7%52.9%0.95−49.5%+513%-0.07—
20
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+230%0.27—
21
MMM3M Company · Industrial Conglomerates
Whole market+7.2%28.8%0.39−57.4%+41.8%0.33—
22
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+471%-0.03—
23
AAPLApple Inc. · Computer Hardware
Whole market+19.1%28.0%0.77−38.5%+140%0.20—
24
KEYSKeysight Technologies, Inc. · Electronic Equipment
Whole market+12.1%34.8%0.50−42.6%+76.8%0.23—
25
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+193%0.26—
26
GOOGAlphabet Inc. · Internet Services
Whole market+18.5%32.0%0.69−44.6%+134%0.27—
27
UIUbiquiti Inc. · Communications Equipment
Whole market+15.5%49.1%0.54−72.2%+105%0.20—
28
WATWaters Corporation · Life Sciences Tools
Whole market+4.6%33.9%0.30−44.3%+25.0%0.25—
29
CLSCelestica Inc. · Electronics Manufacturing
Whole market+95.8%59.9%1.43−80.6%+2,780%0.13—
30
AVGOBroadcom Inc. · Semiconductors
Whole market+46.9%44.6%1.09−48.3%+585%0.13—
31
EWJiShares MSCI Japan ETF · Japan Equity
Whole market+9.3%18.7%0.57−33.1%+55.7%0.470.49%
32
INCYIncyte Corporation · Biotechnology
Whole market+12.2%30.1%0.53−66.5%+77.7%0.11—
33
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.4%17.5%0.71−35.0%+71.5%0.440.03%
34
MUMicron Technology, Inc. · Semiconductors
Whole market+67.0%57.1%1.19−57.6%+1,199%0.18—
35
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+80.8%0.430.03%
36
ATIATI Inc. · Metals & Mining
Whole market+58.9%43.2%1.29−82.4%+913%0.16—
37
NEUNewMarket Corporation · Specialty Chemicals
Whole market+20.9%26.8%0.85−40.7%+159%0.26—
38
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.5%26.5%1.05−61.0%+236%-0.07—
39
METAMeta Platforms, Inc. · Social Media
Whole market+15.1%45.4%0.54−76.7%+102%0.39—
40
TRMDTORM plc · Marine Shipping
Whole market+54.8%46.0%1.19−60.6%+788%-0.09—
41
FCFSFirstCash Holdings, Inc · Consumer Finance
Whole market+16.7%31.2%0.65−50.2%+116%0.09—
42
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+122%0.37—
43
FLTWFranklin FTSE Taiwan ETF · International Equity
Whole market+21.3%24.4%0.92−38.0%+162%0.290.19%
44
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+212%0.11—
45
AMDAdvanced Micro Devices, Inc. · Semiconductors
Whole market+33.5%57.7%0.79−65.5%+324%0.21—
46
TSLATesla, Inc. · Electric Vehicles
Whole market+4.3%60.0%0.37−73.6%+23.5%0.28—
47
VIRTVirtu Financial, Inc. · Capital Markets
Whole market+20.4%33.8%0.72−56.2%+153%0.23—
48
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+365%0.52—
49
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+225%0.180.48%
50
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+103%0.14—
51
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+119%0.300.40%
52
CATCaterpillar Inc. · Industrial Machinery
Whole market+30.7%32.0%1.00−43.4%+281%0.09—
53
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.0%16.4%0.56−36.0%+47.2%0.500.05%
54
DELLDell Technologies Inc. · Computer Hardware
Whole market+53.8%54.5%1.06−59.6%+761%0.14—
55
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.5%29.4%1.14−54.9%+325%0.21—
56
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.2%23.0%0.69−35.1%+94.0%0.420.18%
57
AIAiShares Asia 50 ETF · International Equity
Whole market+11.6%26.9%0.54−54.6%+72.9%0.420.50%
58
PMPhilip Morris International Inc. · Tobacco
Whole market+21.3%23.4%0.94−42.9%+162%0.18—
59
ASMLASML Holding N.V. · Semiconductor Equipment
Whole market+15.3%43.5%0.55−56.9%+104%0.29—
60
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+52.4%37.4%1.32−75.3%+721%-0.13—
61
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.9%26.1%0.73−42.0%+118%0.20—
62
SHELShell plc · Integrated Oil & Gas
Whole market+21.4%24.8%0.91−67.2%+164%-0.05—
63
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+58.7%40.6%1.35−57.4%+906%-0.05—
64
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+397%-0.07—
65
ANETArista Networks, Inc. · Communications Equipment
Whole market+47.6%49.1%1.04−52.2%+601%0.15—
66
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.2%13.7%0.91−36.8%+78.0%0.340.03%
67
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bills
Whole market+3.7%0.3%14.07−0.2%+20.0%0.350.14%
68
GLTRabrdn Physical Precious Metals Basket Shares ETF · Precious Metals
Whole market+14.1%24.7%0.66−38.5%+93.7%0.230.60%
69
INTCIntel Corp. · Semiconductors
Whole market+13.4%55.5%0.50−70.8%+87.6%0.09—
70
RTXRTX Corporation · Aerospace & Defense
Whole market+18.7%24.4%0.83−52.0%+136%0.06—
71
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+297%0.30—
72
APHAmphenol Corporation · Electronic Components
Whole market+31.3%32.4%1.01−37.5%+290%0.33—
73
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+39.0%33.3%1.16−69.6%+418%0.20—
74
AMATApplied Materials, Inc. · Semiconductor Equipment
Whole market+23.6%47.6%0.69−55.1%+188%0.17—
75
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.4%28.6%0.77−48.8%+143%0.38—
76
TDThe Toronto-Dominion Bank · Banks
Whole market+16.5%20.0%0.87−42.0%+114%0.23—
77
MSMorgan Stanley · Capital Markets
Whole market+16.2%28.9%0.67−51.3%+112%0.35—
78
VLOValero Energy Corporation · Oil Refining
Whole market+43.8%36.9%1.18−71.9%+515%0.07—
79
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.1%16.9%0.60−35.8%+54.8%0.470.03%
80
IBMInternational Business Machines Corporation · IT Services
Whole market+20.1%30.2%0.76−41.1%+150%-0.02—
81
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.3%35.5%1.03−55.1%+354%0.37—
82
WDCWestern Digital Corporation · Computer Hardware
Whole market+52.5%53.6%1.06−70.5%+726%0.15—
83
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.9%30.6%1.11−45.7%+330%0.31—
84
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.1%26.1%0.77−35.1%+130%0.350.09%
85
WFCWells Fargo & Company · Banks
Whole market+13.1%29.5%0.57−64.5%+85.1%0.27—
86
SCCOSouthern Copper Corporation · Copper Mining
Whole market+30.1%40.8%0.85−55.3%+273%0.34—
87
PSXPhillips 66 · Oil Refining
Whole market+32.7%32.9%1.03−64.2%+312%0.02—
88
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+34.0%29.4%1.15−47.6%+332%0.27—
89
UBSUBS Group AG · Banks
Whole market+24.9%30.4%0.89−59.8%+204%0.16—
90
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+19.4%22.0%0.92−56.1%+143%-0.04—
91
CCitigroup Inc. · Banks
Whole market+15.3%29.4%0.63−56.5%+104%0.33—
92
BACBank of America Corporation · Banks
Whole market+4.0%26.6%0.28−49.0%+21.4%0.33—
93
ADIAnalog Devices, Inc. · Semiconductors
Whole market+18.6%34.2%0.67−33.6%+135%0.33—
94
AXPAmerican Express Company · Consumer Finance
Whole market+13.1%29.2%0.57−49.6%+84.7%0.33—
95
MOAltria Group, Inc. · Tobacco
Whole market+18.3%21.4%0.90−53.7%+132%0.06—
96
CBChubb Limited · Property & Casualty Insurance
Whole market+15.8%20.4%0.82−42.6%+108%0.06—
97
TXNTexas Instruments Incorporated · Semiconductors
Whole market+10.1%33.8%0.45−33.4%+61.8%0.30—
98
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+26.0%28.9%0.95−54.7%+218%0.27—
99
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+47.3%43.3%1.11−52.5%+592%0.15—
100
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+318%-0.10—

SE against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−30.0%−25.0%−20.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySE: −26.6% a year, volatility 64.6%SPY (S&P 500): 12.5% a year, volatility 17.2%V: 13.2% a year, volatility 22.9%EBAY: 10.6% a year, volatility 32.8%AMZN: 8.5% a year, volatility 36.6%EEM: 5.9% a year, volatility 20.0%MA: 12.7% a year, volatility 23.8%NTES: 5.3% a year, volatility 41.9%MELI: 4.0% a year, volatility 49.5%ETSY: −17.8% a year, volatility 55.4%PAGS: −19.7% a year, volatility 60.6%BABA: −9.4% a year, volatility 51.3%JD: −18.8% a year, volatility 52.7%CPNG: −13.6% a year, volatility 52.1%GRAB: −23.7% a year, volatility 60.5%BIDU: −15.2% a year, volatility 51.9%SHOP: 3.4% a year, volatility 66.9%GLBE: −8.5% a year, volatility 65.8%STNE: −18.2% a year, volatility 65.1%DLO: −19.8% a year, volatility 70.3%PDD: −4.4% a year, volatility 66.0%SESPY (S&P 500)EBAYAMZNEEMNTESMELIETSYPAGSBABAJDCPNGGRABBIDUSHOPGLBESTNEDLOPDD0.0%20.0%40.0%60.0%80.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySE: −26.6% a year, volatility 64.6%SPY (S&P 500): 12.5% a year, volatility 17.2%V: 13.2% a year, volatility 22.9%EBAY: 10.6% a year, volatility 32.8%AMZN: 8.5% a year, volatility 36.6%EEM: 5.9% a year, volatility 20.0%MA: 12.7% a year, volatility 23.8%NTES: 5.3% a year, volatility 41.9%MELI: 4.0% a year, volatility 49.5%ETSY: −17.8% a year, volatility 55.4%PAGS: −19.7% a year, volatility 60.6%BABA: −9.4% a year, volatility 51.3%JD: −18.8% a year, volatility 52.7%CPNG: −13.6% a year, volatility 52.1%GRAB: −23.7% a year, volatility 60.5%BIDU: −15.2% a year, volatility 51.9%SHOP: 3.4% a year, volatility 66.9%GLBE: −8.5% a year, volatility 65.8%STNE: −18.2% a year, volatility 65.1%DLO: −19.8% a year, volatility 70.3%PDD: −4.4% a year, volatility 66.0%SESPY (S&P 500)AMZNEEMNTESMELIETSYBABAJDCPNGGRABBIDUSHOPGLBESTNEPDD
All figures
InvestmentAnnual returnVolatility
V Visa Inc.+13.2%22.9%
MA Mastercard Incorporated+12.7%23.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
EBAY eBay Inc.+10.6%32.8%
AMZN Amazon.com, Inc.+8.5%36.6%
EEM iShares MSCI Emerging Markets ETF+5.9%20.0%
NTES NetEase, Inc.+5.3%41.9%
MELI MercadoLibre, Inc.+4.0%49.5%
SHOP Shopify Inc.+3.4%66.9%
PDD PDD Holdings Inc.−4.4%66.0%
GLBE Global-e Online Ltd.−8.5%65.8%
BABA Alibaba Group Holding Limited−9.4%51.3%
CPNG Coupang, Inc.−13.6%52.1%
BIDU Baidu, Inc.−15.2%51.9%
ETSY Etsy, Inc.−17.8%55.4%
STNE StoneCo Ltd.−18.2%65.1%
JD JD.com, Inc.−18.8%52.7%
PAGS PagSeguro Digital Ltd.−19.7%60.6%
DLO Dlocal Limited−19.8%70.3%
GRAB Grab Holdings Limited−23.7%60.5%
SE This pageSea Limited−26.6%64.6%
Open these 21 in EasyCompare

Has SE consistently beaten its popular alternatives?

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

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

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
SE Sea Limited (this page)—−27.0%−27.8%−12.3%−42.4%−51.7%+70.2%−78.7%64.6%-0.16−90.5%—$46B—
V QualifiedVisa Inc.5/5 short2/2 longAll-weather+14.4%+17.5%+33.6%+20.3%+20.9%+83.1%+86.1%22.9%0.66−36.4%—$774B—
EBAY QualifiedeBay Inc.5/5 short2/2 longAll-weather+11.7%+10.3%+16.2%+41.5%+29.6%+219%+65.4%32.8%0.47−53.6%—$54B—
AMZN QualifiedAmazon.com, Inc.5/5 short2/2 longAll-weather−1.8%+2.3%−1.9%+10.5%+14.9%+97.8%+50.1%36.6%0.41−56.1%—$2.7T—
EEM QualifiediShares MSCI Emerging Markets ETF5/5 short2/2 longAll-weather−10.7%−5.0%−2.1%+10.3%+16.0%+80.4%+33.4%20.0%0.39−39.8%0.72%$29B—
SHOP QualifiedShopify Inc.5/5 short2/2 longAll-weather+14.3%+42.6%+27.9%+7.4%+4.2%+231%+18.4%66.9%0.38−84.8%—$219B—
MA Financial - Credit ServicesMastercard Incorporated5/5 short1/2 long+14.1%+19.2%+24.5%+13.2%+11.5%+68.0%+81.9%23.8%0.62−41.0%—$555B—
NTES Electronic Gaming & MultimediaNetEase, Inc.5/5 short1/2 long−0.1%−1.7%+5.8%−18.0%−16.2%+26.9%+29.5%41.9%0.33−57.4%—$76B—
MELI Specialty RetailMercadoLibre, Inc.5/5 short1/2 long−0.1%+1.4%−1.9%−7.5%−12.9%+54.6%+21.4%49.5%0.33−69.1%—$93B—
GLBE Specialty RetailGlobal-e Online Ltd.5/5 short1/2 long−0.5%+16.3%+25.8%+9.2%+21.2%+19.7%−35.7%65.8%0.20−79.1%—$6.9B—
ETSY Specialty RetailEtsy, Inc.5/5 short1/2 long+20.9%+12.8%+37.5%+58.6%+24.0%+41.6%−62.4%55.4%-0.08−86.3%—$8.3B—
STNE Software - InfrastructureStoneCo Ltd.5/5 short1/2 long+13.1%−1.8%−10.5%−8.2%−25.8%+34.8%−63.4%65.1%0.02−92.3%—$2.6B—
PAGS Specialty Business ServicesPagSeguro Digital Ltd.5/5 short1/2 long+20.0%+20.1%+7.9%+24.4%+32.2%+63.7%−66.7%60.6%-0.07−90.0%—$3.1B—
DLO Software - InfrastructureDlocal Limited5/5 short1/2 long+4.1%+4.1%+13.1%+7.2%+0.3%−14.6%−66.7%70.3%0.06−90.0%—$4.4B—
NU Banks - RegionalNu Holdings Ltd.5/5 short1/2 long+4.0%+1.5%−0.8%−13.5%−2.8%+80.5%———−72.1%—$71B—
PDD Specialty RetailPDD Holdings Inc.4/5 short1/2 long−1.5%−5.3%−20.9%−31.6%−39.1%−24.0%−20.1%66.0%0.25−87.4%—$112B—
BABA Specialty RetailAlibaba Group Holding Limited4/5 short1/2 long−12.5%−12.6%−24.7%−34.0%−38.0%+34.4%−39.1%51.3%0.06−80.1%—$253B—
JD Specialty RetailJD.com, Inc.4/5 short1/2 long−6.2%−14.8%−16.1%−10.0%−18.1%+13.4%−64.8%52.7%-0.14−79.1%—$35B—
CPNG Specialty RetailCoupang, Inc.3/5 short1/2 long−4.2%−10.5%−32.1%−40.1%−55.1%−21.0%−51.8%52.1%-0.02−81.5%—$25B—
GRAB Software - ApplicationGrab Holdings Limited3/5 short1/2 long−10.1%−14.9%−29.8%−43.9%−49.3%−12.3%−74.1%60.5%-0.14−86.5%—$11B—
BIDU Internet Content & InformationBaidu, Inc.2/5 short1/2 long−15.6%−27.5%−36.8%−48.1%−33.4%−27.4%−56.1%51.9%-0.07−77.5%—$27B—
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How did SE do year by year?

This table shows each investment's total return in every full calendar year since 2018, along with where SE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: SE began trading on October 20, 2017, so the table starts with 2018, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or three other sell-offs.

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

InvestmentYears ahead of SE20252024202320222021202020192018
SE This pageSea Limited—+20.2%+162%−22.2%−76.7%+12.4%+395%+255%−15.1%
Rank among alternativesTop quarter in 4 of 811 of 211 of 2119 of 2121 of 214 of 171 of 161 of 167 of 13
SPY S&P 500State Street SPDR S&P 500 ETF4 of 8+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%
V Visa Inc.3 of 8+11.8%+22.3%+26.3%−3.4%−0.3%+17.1%+43.3%+16.5%
EBAY eBay Inc.4 of 8+42.7%+44.8%+7.7%−36.5%+33.8%+41.2%+30.6%−25.6%
AMZN Amazon.com, Inc.3 of 8+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%
EEM iShares MSCI Emerging Markets ETF3 of 8+34.0%+6.5%+9.0%−20.5%−3.6%+17.1%+18.3%−15.3%
SHOP Shopify Inc.4 of 8+51.4%+36.5%+124%−74.8%+21.7%+185%+187%+37.1%
MA Mastercard Incorporated3 of 8+9.0%+24.2%+23.4%−2.7%+1.2%+20.2%+59.2%+25.3%
NTES NetEase, Inc.3 of 8+58.3%−1.7%+30.6%−27.4%+7.1%+57.9%+34.7%−31.3%
MELI MercadoLibre, Inc.3 of 8+18.4%+8.2%+85.7%−37.2%−19.5%+193%+95.3%−6.9%
GLBE Global-e Online Ltd.2 of 4−27.9%+37.6%+92.0%−67.4%————
ETSY Etsy, Inc.3 of 8+4.8%−34.7%−32.3%−45.3%+23.1%+302%−6.9%+133%
STNE StoneCo Ltd.3 of 7+85.7%−55.8%+90.9%−44.0%−79.9%+110%+116%—
PAGS PagSeguro Digital Ltd.3 of 7+61.0%−49.8%+42.7%−66.7%−53.9%+66.5%+82.3%—
DLO Dlocal Limited3 of 4+31.5%−36.3%+13.6%−56.4%————
NU Nu Holdings Ltd.3 of 4+61.6%+24.4%+105%−56.6%————
PDD PDD Holdings Inc.2 of 7+16.9%−33.7%+79.4%+39.9%−67.2%+370%+68.5%—
BABA Alibaba Group Holding Limited3 of 8+75.8%+11.8%−10.8%−25.9%−49.0%+9.7%+54.7%−20.5%
JD JD.com, Inc.1 of 8−14.9%+23.5%−47.8%−17.9%−20.3%+149%+68.3%−49.5%
CPNG Coupang, Inc.2 of 4+7.3%+35.8%+10.1%−49.9%————
GRAB Grab Holdings Limited2 of 5+5.7%+40.1%+4.7%−54.8%−44.6%———
BIDU Baidu, Inc.3 of 8+55.0%−29.2%+4.1%−23.1%−31.2%+71.1%−20.3%−32.3%
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Risk and diversification

How SE 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 SE's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents SE's five deepest drawdowns since it began trading in 2017, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: SE began trading on October 20, 2017, so this list cannot include the dot-com bust, the 2008 financial crisis or three other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringSE fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−90.5%+8.5%Oct 2021Jan 20242.3 yearsNot yet—
February 2018 volatility shock−36.4%+5.8%Oct 2017May 20187 monthsJun 20181 month
Late-2018 sell-off−35.1%−10.4%Jul 2018Jan 20196 monthsFeb 20191 month
No named crash−29.5%−0.3%Feb 2021Mar 20211 monthJun 20213 months
No named crash−29.2%+2.7%Aug 2019Oct 20192 monthsNov 20191 month

How did SE do in stock market crashes?

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

Note: SE began trading on October 20, 2017, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or three other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

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

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
SE This pageSea Limited—−8.0%−73.3%−27.7%−26.4%−8.8%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 5−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
V Visa Inc.4 of 5−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%——
EBAY eBay Inc.4 of 5−6.6%−44.2%−31.6%−23.2%−7.4%−25.6%−21.8%−3.5%−74.7%−77.1%
AMZN Amazon.com, Inc.4 of 5−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
EEM iShares MSCI Emerging Markets ETF4 of 5−2.7%−31.4%−30.8%−12.1%−6.8%−22.3%−28.0%0.0%−66.4%—
SHOP Shopify Inc.2 of 5−5.1%−79.0%−40.7%−27.6%−5.4%−49.2%————
MA Mastercard Incorporated4 of 5−4.0%−28.2%−41.0%−21.9%−5.8%−20.4%−13.8%−3.1%−62.7%—
NTES NetEase, Inc.4 of 5−2.0%−33.4%−24.0%−17.5%−8.8%−28.2%−29.3%0.0%−41.8%—
MELI MercadoLibre, Inc.2 of 5−7.2%−51.6%−39.1%−30.3%−8.8%−31.9%−39.5%0.0%−89.5%—
GLBE Global-e Online Ltd.1 of 2−8.6%−69.0%————————
ETSY Etsy, Inc.3 of 5−8.4%−65.7%−49.3%−25.1%−5.6%−63.3%————
STNE StoneCo Ltd.1 of 3−10.2%−59.0%−55.2%———————
PAGS PagSeguro Digital Ltd.2 of 5−12.8%−60.9%−59.7%−44.9%−0.7%—————
DLO Dlocal Limited1 of 2−8.8%−54.0%————————
NU Nu Holdings Ltd.1 of 2−10.0%−67.5%————————
PDD PDD Holdings Inc.2 of 4−7.9%−61.4%−15.7%−38.1%——————
BABA Alibaba Group Holding Limited5 of 5−4.7%−45.1%−20.6%−20.7%−7.3%−29.1%————
JD JD.com, Inc.3 of 5−14.6%−45.1%−21.0%−27.3%−8.2%−29.9%————
CPNG Coupang, Inc.2 of 2−7.3%−64.7%————————
GRAB Grab Holdings Limited1 of 2−9.8%−68.2%————————
BIDU Baidu, Inc.1 of 5−7.5%−36.6%−38.4%−31.8%−9.0%−35.5%−36.0%−4.3%−74.9%—
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How closely does SE 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 SE with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than SE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
SE This pageSea Limited81%283%0.291.54
V Visa Inc.70%64%1.110.77
NTES NetEase, Inc.72%73%0.980.67
MA Mastercard Incorporated80%84%0.960.76
EEM iShares MSCI Emerging Markets ETF72%80%0.890.74
EBAY eBay Inc.121%153%0.801.33
AMZN Amazon.com, Inc.125%170%0.741.45
SHOP Shopify Inc.203%331%0.612.62
MELI MercadoLibre, Inc.84%146%0.571.31
BABA Alibaba Group Holding Limited76%167%0.450.48
GLBE Global-e Online Ltd.57%174%0.330.98
STNE StoneCo Ltd.101%307%0.331.67
BIDU Baidu, Inc.51%161%0.320.59
ETSY Etsy, Inc.52%221%0.231.85
CPNG Coupang, Inc.27%135%0.201.16
PAGS PagSeguro Digital Ltd.49%284%0.171.27
DLO Dlocal Limited13%183%0.070.87
JD JD.com, Inc.8%122%0.070.33
PDD PDD Holdings Inc.-1%17%-0.05-0.04
GRAB Grab Holdings Limited-19%112%-0.170.90
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What diversifies SE?

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

ETFs

InvestmentCorrelation5Y returnSharpe20232022201880/20 mix volatility80/20 mix annual return
SE Sea Limited (this page)1.00−78.7%-0.16−22.2%−76.7%−15.1%55.9%−21.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.30+119%1.48+17.4%+3.8%−5.2%45.3%−12.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.18+225%1.34+42.0%+6.0%−19.8%45.3%−10.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.29+103%1.06+8.0%+10.4%−8.7%45.7%−12.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.24+86.8%1.03+1.7%+7.0%−3.0%45.5%−13.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.43+83.6%0.95+20.1%−5.1%−9.5%45.7%−12.9%
SMH TechnologyVanEck Semiconductor ETF0.32+304%0.94+73.4%−33.5%−9.1%47.4%−9.2%
XLE EnergyState Street Energy Select Sector SPDR ETF0.03+178%0.94−0.6%+64.4%−18.2%45.2%−10.8%
GLD CommoditiesSPDR Gold Shares0.25+120%0.93+12.7%−0.8%−1.9%45.7%−12.1%

Stocks

InvestmentCorrelation5Y returnSharpe20232022201880/20 mix volatility80/20 mix annual return
SE Sea Limited (this page)1.00−78.7%-0.16−22.2%−76.7%−15.1%55.9%−21.1%
CAH Medical - DistributionCardinal Health, Inc.-0.03+471%1.54+34.1%+54.1%−24.5%44.9%−8.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.13+2,780%1.43+160%+1.3%−16.3%47.7%+1.1%
MCK Medical - DistributionMcKesson Corporation-0.07+397%1.41+24.1%+51.8%−28.4%44.7%−8.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.20+1,452%1.41+79.6%+17.0%+0.8%47.4%−2.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.14+660%1.39+30.4%+86.6%−8.2%46.1%−7.2%
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Common questions

What was SE's worst drawdown?

SE's deepest decline since it began trading in 2017 was 90.5%, from October 2021 to January 2024. It has not yet climbed back to that peak. Because SE launched in October 2017, that record does not include the dot-com bust, the 2008 financial crisis or three other sell-offs.

What were SE's best and worst years?

Over eight full calendar years, SE's best year was 2020, when it returned 395%. Its worst was 2022, with a return of -76.7%.

Is there a better investment than SE?

Among SE's popular alternatives, AMZN, V and EBAY earned more than SE with less volatility over the past 5 years. AMZN returned 8.5% a year at 36.6% volatility, against a loss of 26.6% a year at 64.6%. Looking beyond its popular alternatives, LQDT (e-commerce) and PANW (cybersecurity) earned more than SE with less volatility over the past 5 years. LQDT returned 16.7% a year at 43.5% volatility, against a loss of 26.6% a year at 64.6%.

Is SE more volatile than the S&P 500?

Yes. SE's volatility over the past 5 years was 64.6%, 3.8 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SE's return lands within 64.6% 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 SE's Sharpe ratio?

SE's Sharpe ratio over the past 5 years was -0.16, against 0.78 for the S&P 500, so SE 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 SE with the S&P 500?

Over the past 5 years, SE's monthly returns had a correlation of 0.43 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 SE instead: the lower it is, the more that option would diversify a SE holding.

What are the best alternatives to SE?

Of the 20 popular alternatives we compared, five outperformed SE in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: V, EBAY and AMZN.

Did SE outperform the S&P 500?

SE finished ahead of the S&P 500 (SPY) in four of eight full calendar years. In 2025, it returned +20.2%, against +17.7% for the index.

How did SE do in stock market crashes?

SE 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 2022 bear market, when SE fell 73.3% and the S&P 500 fell 24.5%.

What diversifies SE?

These had a low correlation with SE over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.30), DXJ (correlation 0.18) and EMLP (correlation 0.29); among large stocks, CAH (correlation -0.03), CLS (correlation 0.13) and MCK (correlation -0.07). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to SE

Other stocks and ETFs