BetterThanSPY

Relative Intelligence · Software

How Twilio (TWLO) compares with the whole market and its popular alternatives

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

Period covered: TWLO's full trading record, from June 2016 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 TWLO →Chart TWLO vs. 20 alternatives →

This page answers the following questions about TWLO

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 TWLO have grown?

This chart tracks a hypothetical $10,000 investment in TWLO over the past 10 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TWLO over the same span and TWLO'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: TWLO began trading on June 23, 2016, 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 10 years of TWLO's record, starting at the end of September 2016.

Choose a period

From the end of September 2016 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. 488 of the 2,698 stocks and funds worth at least $500 million that traded the whole period ended ahead of TWLO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000201620182020202220242026$5,000$10,000$20,000$50,000$100,0002016201920222025
  • CDNS$129,333+1,193% total · +29.2% a year
  • MSFT$100,294+903% total · +25.9% a year
  • GOOG$88,525+785% total · +24.4% a year
  • SNPS$73,285+633% total · +22.0% a year
  • AMZN$59,504+495% total · +19.5% a year
  • TWLO$45,439+354% total · +16.3% a year
  • SPY (S&P 500)$41,286+313% total · +15.2% a year
  • CRM$32,801+228% total · +12.6% a year
  • T$15,990+59.9% total · +4.8% a year
  • BLKB$6,402−36.0% total · −4.4% 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. 2,737 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of TWLO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000202120222023202420252026$0$10,000$20,000$30,000202120222023202420252026
  • GOOG$25,811+158% total · +20.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • MSFT$18,958+89.6% total · +13.6% a year
  • DOCN$17,183+71.8% total · +11.4% a year
  • T$16,172+61.7% total · +10.1% a year
  • AMZN$15,169+51.7% total · +8.7% a year
  • VZ$11,648+16.5% total · +3.1% a year
  • TWLO$9,166−8.3% total · −1.7% a year
  • CRM$8,626−13.7% total · −2.9% a year
  • BLKB$5,916−40.8% total · −10.0% a year
Change the dates or add tickers to this chart in EasyCompare

TWLO 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: TWLO began trading on June 23, 2016, 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
$39B
Industry
Software - Infrastructure
Price history from
June 2016

Returns

Past 1 year
+132%total return
Past 3 years
+383%+69.1% a year
Past 5 years
−29.2%−6.7% a year
Past 10 years
+523%+20.1% a year
Best calendar year
+278%2018
Worst calendar year
−81.4%2022
Losing years
3 of 9full calendar years

Risk

Volatility
61.2%typical yearly swing, 5 years
Sharpe ratio
0.20return per unit of risk, 5 years
Worst decline ever
−90.4%Feb 2021 to Nov 2022
From its all-time high
−42.8%below the peak

TWLO against the whole market

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

How does TWLO rank among all stocks?

This section ranks TWLO 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 TWLO 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.

MeasureTWLORankStanding
1-year return+132%95 of 3,282top 3%
3-year return+383%152 of 3,016top 5%
5-year return−29.2%2,158 of 2,897bottom 27%
10-year return+523%278 of 2,201top 13%
Volatility, 5 years61.2%2,318 of 2,897bottom 21%
Sharpe ratio, 5 years0.201,875 of 2,897bottom 36%
Worst decline, past 10 years−90.4%1,936 of 2,184bottom 12%

What has beaten TWLO 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). TWLO sits where the dashed lines cross. Anything in the green box above and to the left earned more than TWLO 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 TWLO; faint dots are 89 more of the 2,708 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%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TWLOPBR: +52.4% a year, volatility 37.4%VLO: +43.8% a year, volatility 36.9%LLY: +41.2% a year, volatility 32.8%NTRA: +28.4% a year, volatility 57.6%WMT: +21.1% a year, volatility 22.6%P: +35.6% a year, volatility 55.1%JPM: +17.3% a year, volatility 24.3%ABBV: +25.5% a year, volatility 23.4%DINO: +31.8% a year, volatility 38.8%FRO: +53.9% a year, volatility 49.7%COST: +17.4% a year, volatility 22.9%MA: +12.7% a year, volatility 23.8%ASML: +15.3% a year, volatility 43.5%HALO: +26.2% a year, volatility 40.4%MCK: +37.8% a year, volatility 25.1%APH: +31.3% a year, volatility 32.4%STX: +53.4% a year, volatility 48.8%KLAC: +35.3% a year, volatility 46.9%IBKR: +35.3% a year, volatility 35.5%VGT: +18.1% a year, volatility 26.1%PGR: +21.8% a year, volatility 25.7%VRTX: +23.9% a year, volatility 29.1%CVI: +31.2% a year, volatility 52.4%ADI: +18.6% a year, volatility 34.2%ASX: +47.3% a year, volatility 43.3%DE: +15.1% a year, volatility 29.9%PWR: +36.4% a year, volatility 37.4%GLW: +29.7% a year, volatility 42.2%TT: +21.4% a year, volatility 27.7%GWW: +26.7% a year, volatility 24.9%SMH: +32.2% a year, volatility 37.0%RY: +17.5% a year, volatility 18.2%PBR-A: +53.5% a year, volatility 37.4%MSI: +15.2% a year, volatility 23.6%NVDA: +56.5% a year, volatility 51.9%JAAA: +5.1% a year, volatility 1.7%ESLT: +39.7% a year, volatility 34.6%CIEN: +43.7% a year, volatility 52.9%WELL: +27.0% a year, volatility 23.8%FAST: +16.2% a year, volatility 24.6%NUE: +22.1% a year, volatility 37.4%AU: +38.0% a year, volatility 50.0%AJG: +11.6% a year, volatility 24.3%CASY: +30.8% a year, volatility 29.4%MPWR: +18.8% a year, volatility 55.5%GRMN: +14.8% a year, volatility 31.6%CAH: +41.7% a year, volatility 24.7%TER: +22.1% a year, volatility 54.5%AAPL: +19.1% a year, volatility 28.0%HWM: +45.1% a year, volatility 32.7%KEYS: +12.1% a year, volatility 34.8%CCJ: +25.2% a year, volatility 49.3%KGC: +31.4% a year, volatility 45.6%RS: +24.8% a year, volatility 28.1%COKE: +41.6% a year, volatility 38.0%MPLX: +24.0% a year, volatility 18.8%UI: +15.5% a year, volatility 49.1%AVGO: +46.9% a year, volatility 44.6%VTI: +11.4% a year, volatility 17.5%VOO: +12.6% a year, volatility 16.9%RBC: +16.4% a year, volatility 30.0%MUSA: +25.3% a year, volatility 31.2%CACI: +16.8% a year, volatility 30.0%FN: +26.9% a year, volatility 57.3%ATI: +58.9% a year, volatility 43.2%BRK-A: +13.5% a year, volatility 17.2%ASND: +10.9% a year, volatility 47.7%NVMI: +24.6% a year, volatility 49.7%XOM: +27.5% a year, volatility 26.5%META: +15.1% a year, volatility 45.4%KNSL: +18.9% a year, volatility 38.8%AGX: +52.0% a year, volatility 54.1%MATX: +23.5% a year, volatility 39.5%TNK: +52.2% a year, volatility 45.1%AMD: +33.5% a year, volatility 57.7%RSPT: +16.6% a year, volatility 25.1%NYT: +5.9% a year, volatility 30.6%USLM: +36.8% a year, volatility 36.1%HLI: +7.2% a year, volatility 28.8%JNJ: +13.5% a year, volatility 18.0%HSBC: +32.8% a year, volatility 25.9%V: +13.2% a year, volatility 22.9%VIRT: +20.4% a year, volatility 33.8%RUSHA: +15.9% a year, volatility 30.6%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%VRIG: +4.7% a year, volatility 1.3%KO: +15.2% a year, volatility 16.8%CSW: +17.1% a year, volatility 34.4%TWLO: −6.7% a year, volatility 61.2%SPY (S&P 500): +12.5% a year, volatility 17.2%GOOG: +18.5% a year, volatility 32.0%MSFT: +11.9% a year, volatility 28.2%AMZN: +8.5% a year, volatility 36.6%T: +9.5% a year, volatility 25.4%VZ: +3.3% a year, volatility 22.9%CRM: −2.7% a year, volatility 39.5%CDNS: +13.2% a year, volatility 37.3%SNPS: +5.6% a year, volatility 42.4%VEEV: +0.1% a year, volatility 39.6%NOW: +2.7% a year, volatility 45.6%PLTR: +51.7% a year, volatility 67.0%TYL: −5.8% a year, volatility 33.4%MPC: +50.0% a year, volatility 33.4%MU: +67.0% a year, volatility 57.1%DELL: +53.8% a year, volatility 54.5%TSM: +31.0% a year, volatility 38.6%QQQ: +14.2% a year, volatility 23.0%SGOV: +3.8% a year, volatility 0.3%ANF: +33.4% a year, volatility 62.9%DIS: −7.2% a year, volatility 29.5%FIX: +73.0% a year, volatility 46.9%BELFB: +75.9% a year, volatility 52.3%TWLOSPY (S&P 500)GOOGMSFTAMZNVZCRMCDNSSNPSVEEVPLTRTYLMPCMUDELLTSMSGOVANFDISFIXBELFB−20.0%0.0%20.0%40.0%60.0%80.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TWLOPBR: +52.4% a year, volatility 37.4%VLO: +43.8% a year, volatility 36.9%LLY: +41.2% a year, volatility 32.8%NTRA: +28.4% a year, volatility 57.6%WMT: +21.1% a year, volatility 22.6%P: +35.6% a year, volatility 55.1%JPM: +17.3% a year, volatility 24.3%ABBV: +25.5% a year, volatility 23.4%DINO: +31.8% a year, volatility 38.8%FRO: +53.9% a year, volatility 49.7%COST: +17.4% a year, volatility 22.9%MA: +12.7% a year, volatility 23.8%ASML: +15.3% a year, volatility 43.5%HALO: +26.2% a year, volatility 40.4%MCK: +37.8% a year, volatility 25.1%APH: +31.3% a year, volatility 32.4%STX: +53.4% a year, volatility 48.8%KLAC: +35.3% a year, volatility 46.9%IBKR: +35.3% a year, volatility 35.5%VGT: +18.1% a year, volatility 26.1%PGR: +21.8% a year, volatility 25.7%VRTX: +23.9% a year, volatility 29.1%CVI: +31.2% a year, volatility 52.4%ADI: +18.6% a year, volatility 34.2%ASX: +47.3% a year, volatility 43.3%DE: +15.1% a year, volatility 29.9%PWR: +36.4% a year, volatility 37.4%GLW: +29.7% a year, volatility 42.2%TT: +21.4% a year, volatility 27.7%GWW: +26.7% a year, volatility 24.9%SMH: +32.2% a year, volatility 37.0%RY: +17.5% a year, volatility 18.2%PBR-A: +53.5% a year, volatility 37.4%MSI: +15.2% a year, volatility 23.6%NVDA: +56.5% a year, volatility 51.9%JAAA: +5.1% a year, volatility 1.7%ESLT: +39.7% a year, volatility 34.6%CIEN: +43.7% a year, volatility 52.9%WELL: +27.0% a year, volatility 23.8%FAST: +16.2% a year, volatility 24.6%NUE: +22.1% a year, volatility 37.4%AU: +38.0% a year, volatility 50.0%AJG: +11.6% a year, volatility 24.3%CASY: +30.8% a year, volatility 29.4%MPWR: +18.8% a year, volatility 55.5%GRMN: +14.8% a year, volatility 31.6%CAH: +41.7% a year, volatility 24.7%TER: +22.1% a year, volatility 54.5%AAPL: +19.1% a year, volatility 28.0%HWM: +45.1% a year, volatility 32.7%KEYS: +12.1% a year, volatility 34.8%CCJ: +25.2% a year, volatility 49.3%KGC: +31.4% a year, volatility 45.6%RS: +24.8% a year, volatility 28.1%COKE: +41.6% a year, volatility 38.0%MPLX: +24.0% a year, volatility 18.8%UI: +15.5% a year, volatility 49.1%AVGO: +46.9% a year, volatility 44.6%VTI: +11.4% a year, volatility 17.5%VOO: +12.6% a year, volatility 16.9%RBC: +16.4% a year, volatility 30.0%MUSA: +25.3% a year, volatility 31.2%CACI: +16.8% a year, volatility 30.0%FN: +26.9% a year, volatility 57.3%ATI: +58.9% a year, volatility 43.2%BRK-A: +13.5% a year, volatility 17.2%ASND: +10.9% a year, volatility 47.7%NVMI: +24.6% a year, volatility 49.7%XOM: +27.5% a year, volatility 26.5%META: +15.1% a year, volatility 45.4%KNSL: +18.9% a year, volatility 38.8%AGX: +52.0% a year, volatility 54.1%MATX: +23.5% a year, volatility 39.5%TNK: +52.2% a year, volatility 45.1%AMD: +33.5% a year, volatility 57.7%RSPT: +16.6% a year, volatility 25.1%NYT: +5.9% a year, volatility 30.6%USLM: +36.8% a year, volatility 36.1%HLI: +7.2% a year, volatility 28.8%JNJ: +13.5% a year, volatility 18.0%HSBC: +32.8% a year, volatility 25.9%V: +13.2% a year, volatility 22.9%VIRT: +20.4% a year, volatility 33.8%RUSHA: +15.9% a year, volatility 30.6%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%VRIG: +4.7% a year, volatility 1.3%KO: +15.2% a year, volatility 16.8%CSW: +17.1% a year, volatility 34.4%TWLO: −6.7% a year, volatility 61.2%SPY (S&P 500): +12.5% a year, volatility 17.2%GOOG: +18.5% a year, volatility 32.0%MSFT: +11.9% a year, volatility 28.2%AMZN: +8.5% a year, volatility 36.6%T: +9.5% a year, volatility 25.4%VZ: +3.3% a year, volatility 22.9%CRM: −2.7% a year, volatility 39.5%CDNS: +13.2% a year, volatility 37.3%SNPS: +5.6% a year, volatility 42.4%VEEV: +0.1% a year, volatility 39.6%NOW: +2.7% a year, volatility 45.6%PLTR: +51.7% a year, volatility 67.0%TYL: −5.8% a year, volatility 33.4%MPC: +50.0% a year, volatility 33.4%MU: +67.0% a year, volatility 57.1%DELL: +53.8% a year, volatility 54.5%TSM: +31.0% a year, volatility 38.6%QQQ: +14.2% a year, volatility 23.0%SGOV: +3.8% a year, volatility 0.3%ANF: +33.4% a year, volatility 62.9%DIS: −7.2% a year, volatility 29.5%FIX: +73.0% a year, volatility 46.9%BELFB: +75.9% a year, volatility 52.3%TWLOSPY (S&P 500)GOOGVZCRMSNPSNOWPLTRTYLMPCMUDELLTSMSGOVANFDISFIX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than TWLO?

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

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

Screen the whole market against TWLO for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with TWLO?lower diversifies moreExpenseper year
TWLOTwilio Inc. · this page
−6.7%61.2%0.20−90.4%+523%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.380.09%
Popular alternativesbest 6 shownThe investments people most often weigh against TWLO. 8 of 18 passed at least one test.
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+18.5%32.0%0.69−44.6%+696%0.32—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+11.9%28.2%0.54−37.1%+862%0.22—
AMZNAmazon.com, Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst decline+8.5%36.6%0.41−56.1%+498%0.44—
TAT&T Inc. · Integrated Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst decline+9.5%25.4%0.49−39.4%+63.4%-0.17—
VZVerizon Communications Inc. · Integrated Telecommunications
Higher return, lower volatility+3.3%22.9%0.26−41.2%+61.2%-0.17—
CRMSalesforce, Inc. · Enterprise Software
Higher return, lower volatility−2.7%39.5%0.13−58.7%+240%0.47—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Software and the categories next to it (Application Software, Enterprise Software), plus TWLO's specific themes. 69 of 133 passed at least one test.
CDNSCadence Design Systems, Inc. · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+13.2%37.3%0.52−34.2%+1,103%0.26—
SNPSSynopsys, Inc. · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+5.6%42.4%0.35−43.0%+611%0.31—
VEEVVeeva Systems Inc. · Application Software
Higher return, lower volatilityHigher return in most periods+0.1%39.6%0.20−55.7%+725%0.18—
NOWServiceNow, Inc. · Enterprise Software
Higher return, lower volatilitySmaller losses in recent crashes+2.7%45.6%0.29−64.5%+869%0.40—
PLTRPalantir Technologies Inc. · Enterprise Software
Higher return, similar volatilityHigher Sharpe, smaller worst decline+51.7%67.0%0.95−84.6%—0.49—
TYLTyler Technologies, Inc. · Application Software
Similar return, lower volatility−5.8%33.4%-0.01−57.4%+136%0.16—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,836 of 3,507 passed at least one test.
MPCMarathon Petroleum Corporation · Oil Refining
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+50.0%33.4%1.39−79.7%+1,314%-0.06—
MUMicron Technology, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+67.0%57.1%1.19−57.6%+5,050%0.37—
DELLDell Technologies Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+53.8%54.5%1.06−59.6%+3,613%0.31—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+31.0%38.6%0.90−56.6%+1,440%0.30—
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+14.2%23.0%0.69−35.1%+531%0.500.18%
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—0.270.09%
ANFAbercrombie & Fitch Co. · Apparel Retail
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.4%62.9%0.77−72.4%+1,132%0.11—
DISThe Walt Disney Company · Entertainment
Similar return, lower volatility−7.2%29.5%-0.11−60.7%+31.5%0.34—
What these numbers mean for TWLO
Annual return
TWLO lost 6.7% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $7,080. 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
TWLO's volatility over the past 5 years was 61.2%, 3.6 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TWLO's return lands within 61.2% 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
TWLO's Sharpe ratio over the past 5 years was 0.20, against 0.78 for the S&P 500, so TWLO 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
TWLO's worst fall from a peak to a low over the past 10 years was 90.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 90.4% fall takes a 937% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, TWLO's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against TWLO instead: the lower it is, the more that option would diversify a TWLO holding. Guide: Correlation and diversification →
Show all 2,708 stocks and funds worth at least $500 million that earned more than TWLO with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with TWLOExpense
1
MPCMarathon Petroleum Corporation · Oil Refining
Whole market+50.0%33.4%1.39−79.7%+1,314%-0.06—
2
MUMicron Technology, Inc. · Semiconductors
Whole market+67.0%57.1%1.19−57.6%+5,050%0.37—
3
DELLDell Technologies Inc. · Computer Hardware
Whole market+53.8%54.5%1.06−59.6%+3,613%0.31—
4
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+52.4%37.4%1.32−75.3%+647%-0.13—
5
VLOValero Energy Corporation · Oil Refining
Whole market+43.8%36.9%1.18−71.9%+1,014%0.00—
6
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.0%38.6%0.90−56.6%+1,440%0.30—
7
LLYEli Lilly and Company · Pharmaceuticals
Whole market+41.2%32.8%1.22−34.5%+1,870%-0.05—
8
NTRANatera, Inc. · Molecular Diagnostics
Whole market+28.4%57.6%0.73−77.7%+3,934%0.42—
9
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%-0.04—
10
PEverpure, Inc. · Computer Hardware
Whole market+35.6%55.1%0.83−69.4%+874%0.33—
11
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+534%0.32—
12
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+600%-0.19—
13
DINOHF Sinclair Corporation · Oil Refining
Whole market+31.8%38.8%0.91−77.3%+596%0.02—
14
FROFrontline Plc · Oil & Gas
Whole market+53.9%49.7%1.12−52.0%+1,270%-0.06—
15
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+692%0.10—
16
MAMastercard Incorporated · Payment Processing
Whole market+12.7%23.8%0.62−41.0%+551%0.08—
17
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.2%23.0%0.69−35.1%+531%0.500.18%
18
ASMLASML Holding N.V. · Semiconductor Equipment
Whole market+15.3%43.5%0.55−56.9%+1,527%0.21—
19
HALOHalozyme Therapeutics, Inc. · Biotechnology
Whole market+26.2%40.4%0.78−49.1%+1,255%-0.01—
20
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+582%-0.09—
21
APHAmphenol Corporation · Electronic Components
Whole market+31.3%32.4%1.01−37.5%+887%0.34—
22
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+53.4%48.8%1.12−57.0%+2,597%0.29—
23
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
Whole market+3.8%0.3%13.25−0.3%—0.270.09%
24
KLACKLA Corporation · Semiconductor Equipment
Whole market+35.3%46.9%0.88−50.9%+2,224%0.23—
25
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.3%35.5%1.03−55.1%+929%0.40—
26
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.1%26.1%0.77−35.1%+753%0.520.09%
27
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.8%25.7%0.90−30.3%+849%-0.18—
28
VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics
Whole market+23.9%29.1%0.89−41.6%+580%0.00—
29
CVICVR Energy, Inc. · Oil Refining
Whole market+31.2%52.4%0.79−79.9%+1,306%0.00—
30
ADIAnalog Devices, Inc. · Semiconductors
Whole market+18.6%34.2%0.67−33.6%+625%0.15—
31
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+47.3%43.3%1.11−52.5%+883%0.38—
32
DEDeere & Company · Industrial Machinery
Whole market+15.1%29.9%0.62−37.9%+764%0.18—
33
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+36.4%37.4%1.02−45.5%+1,878%0.25—
34
GLWCorning Inc · Electronic Components
Whole market+29.7%42.2%0.83−51.5%+568%0.23—
35
TTTrane Technologies plc · Building Products
Whole market+21.4%27.7%0.84−40.5%+927%0.16—
36
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.7%24.9%1.08−41.6%+670%0.13—
37
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+32.2%37.0%0.94−45.3%+1,570%0.410.35%
38
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.16—
39
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+53.5%37.4%1.34−71.7%+733%-0.11—
40
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+15.2%23.6%0.72−32.8%+639%0.03—
41
NVDANVIDIA Corporation · Semiconductors
Whole market+56.5%51.9%1.12−66.3%+12,166%0.33—
42
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%—0.180.20%
43
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.7%34.6%1.14−35.4%+763%0.08—
44
CIENCiena Corporation · Communications Equipment
Whole market+43.7%52.9%0.95−49.5%+1,509%0.30—
45
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+378%-0.02—
46
FASTFastenal Company · Industrial Distribution
Whole market+16.2%24.6%0.74−30.7%+582%0.03—
47
NUENucor Corporation · Steel
Whole market+22.1%37.4%0.72−57.2%+569%0.11—
48
AUAngloGold Ashanti Plc · Gold Mining
Whole market+38.0%50.0%0.90−66.3%+661%-0.10—
49
AJGArthur J. Gallagher & Co. · Insurance Brokers
Whole market+11.6%24.3%0.57−44.4%+552%-0.19—
50
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+30.8%29.4%1.06−36.1%+560%-0.19—
51
MPWRMonolithic Power Systems, Inc. · Semiconductors
Whole market+18.8%55.5%0.59−51.6%+1,495%0.15—
52
GRMNGarmin Ltd. · Computer Hardware
Whole market+14.8%31.6%0.59−54.6%+678%0.21—
53
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+345%0.06—
54
TERTeradyne, Inc. · Semiconductor Equipment
Whole market+22.1%54.5%0.64−59.1%+1,379%0.30—
55
AAPLApple Inc. · Computer Hardware
Whole market+19.1%28.0%0.77−38.5%+1,194%0.27—
56
HWMHowmet Aerospace Inc. · Aerospace Components
Whole market+45.1%32.7%1.31−68.9%+928%0.16—
57
KEYSKeysight Technologies, Inc. · Electronic Equipment
Whole market+12.1%34.8%0.50−42.6%+843%0.41—
58
CCJCameco Corporation · Uranium
Whole market+25.2%49.3%0.70−57.2%+972%0.16—
59
KGCKinross Gold Corporation · Gold Mining
Whole market+31.4%45.6%0.83−67.9%+573%-0.02—
60
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.94−40.8%+639%0.08—
61
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.6%38.0%1.11−51.7%+1,564%0.15—
62
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+24.0%18.8%1.25−75.2%+337%0.11—
63
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+73.0%46.9%1.41−49.7%+4,888%0.21—
64
UIUbiquiti Inc. · Communications Equipment
Whole market+15.5%49.1%0.54−72.2%+1,117%0.23—
65
AVGOBroadcom Inc. · Semiconductors
Whole market+46.9%44.6%1.09−48.3%+2,254%0.27—
66
GOOGAlphabet Inc. · Internet Services
Popular alternative+18.5%32.0%0.69−44.6%+696%0.32—
67
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.4%17.5%0.71−35.0%+298%0.400.03%
68
MSFTMicrosoft Corporation · Software
Popular alternative+11.9%28.2%0.54−37.1%+862%0.22—
69
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+319%0.380.03%
70
RBCRBC Bearings Incorporated · Industrial Machinery
Whole market+16.4%30.0%0.66−40.8%+711%0.20—
71
MUSAMurphy USA Inc. · Convenience Stores
Whole market+25.3%31.2%0.88−35.5%+688%-0.21—
72
CACICACI International Inc · Business Services
Whole market+16.8%30.0%0.67−42.9%+512%-0.08—
73
FNFabrinet · Electronics Manufacturing
Whole market+26.9%57.3%0.70−57.4%+622%0.19—
74
ATIATI Inc. · Metals & Mining
Whole market+58.9%43.2%1.29−82.4%+809%0.13—
75
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%-0.10—
76
ASNDAscendis Pharma A/S · Biotechnology
Whole market+10.9%47.7%0.46−61.7%+1,179%0.16—
77
NVMINova Ltd. · Semiconductor Equipment
Whole market+24.6%49.7%0.69−52.8%+2,432%0.27—
78
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.5%26.5%1.05−61.0%+216%-0.27—
79
METAMeta Platforms, Inc. · Social Media
Whole market+15.1%45.4%0.54−76.7%+391%0.21—
80
KNSLKinsale Capital Group, Inc. · Property & Casualty Insurance
Whole market+18.9%38.8%0.64−46.8%+1,690%-0.10—
81
AGXArgan, Inc. · Engineering & Construction
Whole market+52.0%54.1%1.04−58.5%+646%0.18—
82
MATXMatson, Inc. · Marine Shipping
Whole market+23.5%39.5%0.73−53.6%+554%0.26—
83
TNKTeekay Tankers Ltd. · Marine Shipping
Whole market+52.2%45.1%1.16−63.4%+511%-0.13—
84
AMDAdvanced Micro Devices, Inc. · Semiconductors
Whole market+33.5%57.7%0.79−65.5%+7,146%0.43—
85
CDNSCadence Design Systems, Inc. · Software
Same or nearby category+13.2%37.3%0.52−34.2%+1,103%0.26—
86
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.6%25.1%0.74−33.7%+559%0.520.40%
87
NYTThe New York Times Company · Media
Whole market+5.9%30.6%0.34−49.9%+561%0.01—
88
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Whole market+36.8%36.1%1.05−45.9%+831%0.12—
89
HLIHoulihan Lokey, Inc. · Investment Banking & Brokerage
Whole market+7.2%28.8%0.39−40.3%+557%0.11—
90
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+209%-0.16—
91
HSBCHSBC Holdings plc · Banks
Whole market+32.8%25.9%1.23−62.3%+314%-0.03—
92
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+435%0.24—
93
VIRTVirtu Financial, Inc. · Capital Markets
Whole market+20.4%33.8%0.72−56.2%+520%0.15—
94
SNPSSynopsys, Inc. · Software
Same or nearby category+5.6%42.4%0.35−43.0%+611%0.31—
95
RUSHARush Enterprises, Inc. · Industrial Distribution
Whole market+15.9%30.6%0.64−47.9%+649%0.13—
96
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+135%0.30—
97
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.050.48%
98
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Whole market+4.7%1.3%3.52−13.1%+40.7%0.230.30%
99
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%-0.28—
100
CSWCSW Industrials, Inc. · Industrial Products
Whole market+17.1%34.4%0.63−46.2%+893%0.18—

TWLO against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%−40.0%−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 volatilityTWLO: −6.7% a year, volatility 61.2%SPY (S&P 500): 12.5% a year, volatility 17.2%MSFT: 11.9% a year, volatility 28.2%GOOG: 18.5% a year, volatility 32.0%CRM: −2.7% a year, volatility 39.5%BLKB: −5.2% a year, volatility 37.8%AMZN: 8.5% a year, volatility 36.6%T: 9.5% a year, volatility 25.4%VZ: 3.3% a year, volatility 22.9%RNG: −20.3% a year, volatility 64.8%BAND: −14.3% a year, volatility 82.7%SPT: −36.0% a year, volatility 68.5%EGHT: −37.9% a year, volatility 77.5%DOCN: −0.4% a year, volatility 73.0%FIVN: −26.3% a year, volatility 57.9%FRSH: −20.1% a year, volatility 58.0%HUBS: −20.0% a year, volatility 57.7%NICE: −16.1% a year, volatility 41.4%CXM: −17.5% a year, volatility 50.0%ZM: −19.1% a year, volatility 44.3%TWLOSPY (S&P 500)MSFTGOOGCRMBLKBAMZNTVZRNGBANDSPTEGHTDOCNFIVNFRSHHUBSNICECXMZM0.0%20.0%40.0%60.0%80.0%100%−40.0%−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 volatilityTWLO: −6.7% a year, volatility 61.2%SPY (S&P 500): 12.5% a year, volatility 17.2%MSFT: 11.9% a year, volatility 28.2%GOOG: 18.5% a year, volatility 32.0%CRM: −2.7% a year, volatility 39.5%BLKB: −5.2% a year, volatility 37.8%AMZN: 8.5% a year, volatility 36.6%T: 9.5% a year, volatility 25.4%VZ: 3.3% a year, volatility 22.9%RNG: −20.3% a year, volatility 64.8%BAND: −14.3% a year, volatility 82.7%SPT: −36.0% a year, volatility 68.5%EGHT: −37.9% a year, volatility 77.5%DOCN: −0.4% a year, volatility 73.0%FIVN: −26.3% a year, volatility 57.9%FRSH: −20.1% a year, volatility 58.0%HUBS: −20.0% a year, volatility 57.7%NICE: −16.1% a year, volatility 41.4%CXM: −17.5% a year, volatility 50.0%ZM: −19.1% a year, volatility 44.3%TWLOSPY (S&P 500)GOOGCRMBLKBAMZNTVZRNGBANDSPTEGHTDOCNFIVNFRSHNICEZM
All figures
InvestmentAnnual returnVolatility
GOOG Alphabet Inc.+18.5%32.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
MSFT Microsoft Corporation+11.9%28.2%
T AT&T Inc.+9.5%25.4%
AMZN Amazon.com, Inc.+8.5%36.6%
VZ Verizon Communications Inc.+3.3%22.9%
DOCN DigitalOcean Holdings, Inc.−0.4%73.0%
CRM Salesforce, Inc.−2.7%39.5%
BLKB Blackbaud, Inc.−5.2%37.8%
TWLO This pageTwilio Inc.−6.7%61.2%
BAND Bandwidth Inc.−14.3%82.7%
NICE NICE Ltd.−16.1%41.4%
CXM Sprinklr, Inc.−17.5%50.0%
ZM Zoom Communications, Inc.−19.1%44.3%
HUBS HubSpot, Inc.−20.0%57.7%
FRSH Freshworks Inc.−20.1%58.0%
RNG RingCentral, Inc.−20.3%64.8%
FIVN Five9, Inc.−26.3%57.9%
SPT Sprout Social, Inc.−36.0%68.5%
EGHT 8x8, Inc.−37.9%77.5%
Open these 20 in EasyCompare

Has TWLO consistently beaten its popular alternatives?

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

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

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
TWLO Twilio Inc. (this page)—−10.9%+38.3%+68.6%+83.3%+132%+383%−29.2%+523%61.2%0.20−90.4%—$39B—
MSFT Software - InfrastructureMicrosoft Corporation1/5 short2/3 long+4.6%+33.7%+20.9%+10.9%+0.9%+61.9%+75.6%+862%28.2%0.54−37.1%—$3.9T—
GOOG Internet Content & InformationAlphabet Inc.1/5 short2/3 long−7.7%−6.1%−4.9%+1.9%+27.4%+135%+134%+696%32.0%0.69−44.6%—$3.9T—
CRM Software - ApplicationSalesforce, Inc.2/5 short1/3 long+7.3%+53.8%+32.4%−0.6%−1.6%+26.3%−12.8%+240%39.5%0.13−58.7%—$206B—
BLKB Software - ApplicationBlackbaud, Inc.2/5 short1/3 long+34.1%+82.7%+43.9%−5.1%−12.4%−16.9%−23.3%−11.3%37.8%0.05−77.5%—$2.6B—
DOCN Software - InfrastructureDigitalOcean Holdings, Inc.2/5 short1/3 long−37.0%−35.5%−3.7%+87.9%+136%+328%−2.1%—73.0%0.35−84.8%—$11B—
AMZN Specialty RetailAmazon.com, Inc.1/5 short1/3 long−1.8%+2.3%−1.9%+10.5%+14.9%+97.8%+50.1%+498%36.6%0.41−56.1%—$2.7T—
T Telecommunications ServicesAT&T Inc.1/5 short1/3 long−8.4%−0.2%−10.3%−3.0%−6.8%+76.8%+57.5%+63.4%25.4%0.49−39.4%—$156B—
VZ Telecommunications ServicesVerizon Communications Inc.1/5 short1/3 long−1.2%+3.6%+1.5%+19.0%+21.1%+75.1%+17.6%+61.2%22.9%0.26−41.2%—$188B—
RNG Software - ApplicationRingCentral, Inc.5/5 short0/3 long−0.4%+111%+92.0%+189%+178%+212%−67.8%+246%64.8%-0.04−95.2%—$5.9B—
FIVN Software - ApplicationFive9, Inc.4/5 short0/3 long−9.2%+52.9%+112%+86.6%+53.3%−40.2%−78.3%+137%57.9%-0.24−93.5%—$2.6B—
BAND Software - InfrastructureBandwidth Inc.3/5 short0/3 long−30.7%−37.1%+72.3%+185%+151%+327%−53.8%—82.7%0.21−95.2%—$1.3B—
BRZE Software - ApplicationBraze, Inc.3/5 short0/3 long+79.7%+104%+90.7%+40.9%+62.2%+7.6%————−83.2%—$5.2B—
FRSH Software - ApplicationFreshworks Inc.3/5 short0/3 long+23.3%+52.3%+71.9%+32.1%+34.5%−16.2%−67.3%—58.0%-0.10−86.3%—$4.0B—
SPT Software - ApplicationSprout Social, Inc.3/5 short0/3 long+32.7%+72.3%+111%+26.7%+16.0%−71.2%−89.3%—68.5%-0.30−96.5%—$794M—
HUBS Software - ApplicationHubSpot, Inc.1/5 short0/3 long+22.7%+30.4%+14.8%−30.1%−43.1%−38.0%−67.2%+400%57.7%-0.10−80.0%—$14B—
NICE Software - ApplicationNICE Ltd.1/5 short0/3 long−1.0%+32.3%+10.9%+4.7%−11.7%−24.6%−58.4%+76.0%41.4%-0.22−73.6%—$6.9B—
EGHT Software - Application8x8, Inc.1/5 short0/3 long+4.0%+21.1%+2.5%+9.5%+7.3%−10.4%−90.8%−86.5%77.5%-0.24−95.9%—$299M—
CXM Software - ApplicationSprinklr, Inc.1/5 short0/3 long+24.3%+20.3%+27.7%−8.6%−14.3%−49.2%−61.9%—50.0%-0.13−79.9%—$1.6B—
KVYO Software - ApplicationKlaviyo, Inc.1/5 short0/3 long+29.7%+27.1%+0.6%−29.8%−21.8%−29.8%————−73.9%—$6.2B—
ZM Software - ApplicationZoom Communications, Inc.1/5 short0/3 long+5.8%+12.1%+4.7%+15.5%+17.3%+57.4%−65.3%—44.3%-0.26−90.3%—$28B—
Open these 21 in EasyCompare

How did TWLO do year by year?

This table shows each investment's total return in every full calendar year since 2017, along with where TWLO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with TWLO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: TWLO began trading on June 23, 2016, so the table starts with 2017, 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 TWLO; gray means the two finished within a fraction of a point. The rank row places TWLO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of TWLO202520242023202220212020201920182017
TWLO This pageTwilio Inc.—+31.6%+42.4%+55.0%−81.4%−22.2%+244%+10.1%+278%−18.2%
Rank among alternativesTop quarter in 4 of 93 of 214 of 218 of 2020 of 2012 of 162 of 1613 of 141 of 1413 of 13
SPY S&P 500State Street SPDR S&P 500 ETF4 of 9+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%
MSFT Microsoft Corporation5 of 9+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%+57.6%+20.8%+40.8%
GOOG Alphabet Inc.6 of 9+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%+29.1%−1.0%+35.6%
CRM Salesforce, Inc.5 of 9−20.2%+27.8%+98.5%−47.8%+14.2%+36.8%+18.7%+34.0%+49.3%
BLKB Blackbaud, Inc.4 of 9−14.3%−14.7%+47.3%−25.5%+37.2%−27.6%+27.3%−33.1%+48.5%
DOCN DigitalOcean Holdings, Inc.2 of 4+41.2%−7.1%+44.0%−68.3%—————
AMZN Amazon.com, Inc.6 of 9+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%
T AT&T Inc.5 of 9+14.0%+44.0%−2.8%+6.5%−5.9%−19.6%+48.5%−20.8%−2.4%
VZ Verizon Communications Inc.4 of 9+8.9%+13.1%+2.7%−20.0%−7.5%−0.1%+13.8%+11.3%+4.0%
RNG RingCentral, Inc.2 of 9−17.5%+3.1%−4.1%−81.1%−50.6%+125%+105%+70.3%+135%
FIVN Five9, Inc.4 of 9−50.7%−48.4%+16.0%−50.6%−21.3%+166%+50.0%+75.7%+75.3%
BAND Bandwidth Inc.2 of 8−9.2%+17.6%−37.0%−68.0%−53.3%+140%+57.2%+76.3%—
BRZE Braze, Inc.2 of 4−18.1%−21.2%+94.8%−64.6%—————
FRSH Freshworks Inc.2 of 4−24.2%−31.2%+59.7%−44.0%—————
SPT Sprout Social, Inc.2 of 6−63.3%−50.0%+8.8%−37.7%+99.7%+183%———
HUBS HubSpot, Inc.5 of 9−42.4%+20.0%+101%−56.1%+66.3%+150%+26.1%+42.2%+88.1%
NICE NICE Ltd.4 of 9−33.4%−14.9%+3.8%−36.7%+7.1%+82.8%+43.4%+17.7%+34.0%
EGHT 8x8, Inc.2 of 9−26.2%−29.4%−12.5%−74.2%−51.4%+88.4%+1.4%+27.9%−1.4%
CXM Sprinklr, Inc.1 of 4−7.9%−29.8%+47.4%−48.5%—————
KVYO Klaviyo, Inc.1 of 2−21.3%+48.4%———————
ZM Zoom Communications, Inc.2 of 6+5.7%+13.5%+6.2%−63.2%−45.5%+396%———
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Risk and diversification

How TWLO 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 TWLO's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents TWLO's five deepest drawdowns since it began trading in 2016, 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: TWLO began trading on June 23, 2016, 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 TWLO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringTWLO fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−90.4%−1.3%Feb 2021Nov 202221 monthsNot yet—
No named crash−66.4%+11.7%Sep 2016May 20178 monthsAug 201815 months
Covid crash−52.2%−19.8%Jul 2019Mar 20208 monthsMay 20202 months
Late-2018 sell-off−27.1%−8.8%Sep 2018Oct 20181 monthNov 20181 month
No named crash−22.5%+2.1%Aug 2020Sep 20201 monthOct 20201 month

How did TWLO do in stock market crashes?

This section measures how far TWLO, 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: TWLO began trading on June 23, 2016, 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 TWLO.

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
TWLO This pageTwilio Inc.—−12.3%−73.7%−44.0%−27.1%−6.4%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%
MSFT Microsoft Corporation4 of 5−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
GOOG Alphabet Inc.4 of 5−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
CRM Salesforce, Inc.4 of 5−5.3%−42.7%−35.7%−24.8%−6.1%−34.2%−26.9%−4.2%−70.5%—
BLKB Blackbaud, Inc.3 of 5−4.6%−43.6%−48.3%−42.8%−5.8%−24.5%−21.1%−2.5%−68.3%—
DOCN DigitalOcean Holdings, Inc.2 of 2−10.3%−58.0%————————
AMZN Amazon.com, Inc.3 of 5−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
T AT&T Inc.4 of 5−1.6%−29.2%−30.6%−18.3%−6.5%−8.6%−9.1%−0.3%−44.4%−63.5%
VZ Verizon Communications Inc.4 of 5−2.6%−33.2%−13.6%−12.5%−7.4%−10.5%−9.9%0.0%−43.9%−55.2%
RNG RingCentral, Inc.2 of 5−9.6%−82.5%−44.1%−26.8%−4.5%−37.3%————
FIVN Five9, Inc.5 of 5−7.2%−60.5%−28.3%−20.5%−4.2%−29.6%————
BAND Bandwidth Inc.2 of 5−10.4%−84.9%−26.6%−36.7%−7.9%—————
BRZE Braze, Inc.2 of 2−9.0%−57.9%————————
FRSH Freshworks Inc.2 of 2−11.4%−55.6%————————
SPT Sprout Social, Inc.3 of 3−10.3%−52.0%−36.9%———————
HUBS HubSpot, Inc.3 of 5−8.4%−53.8%−47.3%−24.8%−6.8%−53.8%————
NICE NICE Ltd.5 of 5−4.7%−37.6%−35.2%−11.7%−3.8%−21.0%−26.2%−1.2%−57.0%−91.6%
EGHT 8x8, Inc.1 of 5−12.6%−82.7%−46.9%−24.6%−6.8%−20.2%−33.1%−5.5%−72.5%−99.2%
CXM Sprinklr, Inc.2 of 2−8.3%−43.9%————————
ZM Zoom Communications, Inc.3 of 3−2.6%−59.2%−14.0%———————
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How closely does TWLO 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 TWLO with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than TWLO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
TWLO This pageTwilio Inc.119%129%0.921.44
MSFT Microsoft Corporation127%91%1.390.96
GOOG Alphabet Inc.132%110%1.201.12
AMZN Amazon.com, Inc.134%139%0.961.31
HUBS HubSpot, Inc.121%149%0.811.46
CRM Salesforce, Inc.115%143%0.801.16
RNG RingCentral, Inc.114%144%0.790.93
T AT&T Inc.47%62%0.760.50
VZ Verizon Communications Inc.44%60%0.740.36
FIVN Five9, Inc.85%114%0.741.05
NICE NICE Ltd.65%94%0.690.78
BLKB Blackbaud, Inc.82%189%0.441.07
EGHT 8x8, Inc.43%211%0.201.52
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What diversifies TWLO?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222021201780/20 mix volatility80/20 mix annual return
TWLO Twilio Inc. (this page)1.00−29.2%0.20−81.4%−22.2%−18.2%56.4%−1.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF-0.05+119%1.48+3.8%+17.8%+10.0%45.1%+4.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.05+225%1.34+6.0%+18.0%+22.8%45.4%+6.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.01+103%1.06+10.4%+23.1%+1.1%45.3%+4.2%
HDV Dividend & IncomeiShares Core High Dividend ETF-0.09+86.8%1.03+7.0%+19.6%+13.3%45.0%+3.7%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.22+83.6%0.95−5.1%+19.6%+16.7%45.7%+3.7%
SMH TechnologyVanEck Semiconductor ETF0.41+304%0.94−33.5%+42.1%+38.5%48.4%+7.5%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.15+178%0.94+64.4%+53.3%−0.9%44.6%+6.3%
GLD CommoditiesSPDR Gold Shares-0.12+120%0.93−0.8%−4.2%+12.8%44.9%+5.1%

Stocks

InvestmentCorrelation5Y returnSharpe20222021201780/20 mix volatility80/20 mix annual return
TWLO Twilio Inc. (this page)1.00−29.2%0.20−81.4%−22.2%−18.2%56.4%−1.7%
CAH Medical - DistributionCardinal Health, Inc.0.06+471%1.54+54.1%−0.4%−12.7%45.8%+8.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.48+2,780%1.43+1.3%+37.9%−11.6%51.8%+17.9%
MCK Medical - DistributionMcKesson Corporation-0.09+397%1.41+51.8%+44.2%+12.0%45.0%+8.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.21+1,452%1.41+17.0%+89.0%+32.1%47.9%+15.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.06+660%1.39+86.6%+61.0%+34.8%45.3%+10.6%
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Common questions

What was TWLO's worst drawdown?

TWLO's deepest decline since it began trading in 2016 was 90.4%, from February 2021 to November 2022. It has not yet climbed back to that peak. Because TWLO launched in June 2016, that record does not include the dot-com bust, the 2008 financial crisis or three other sell-offs.

What were TWLO's best and worst years?

Over nine full calendar years, TWLO's best year was 2018, when it returned 278%. Its worst was 2022, with a return of -81.4%.

Is there a better investment than TWLO?

Among TWLO's popular alternatives, GOOG, MSFT and AMZN earned more than TWLO with less volatility over the past 5 years. GOOG returned 18.5% a year at 32.0% volatility, against a loss of 6.7% a year at 61.2%. Looking beyond its popular alternatives, CDNS (software) and SNPS (software) earned more than TWLO with less volatility over the past 5 years. CDNS returned 13.2% a year at 37.3% volatility, against a loss of 6.7% a year at 61.2%.

Is TWLO more volatile than the S&P 500?

Yes. TWLO's volatility over the past 5 years was 61.2%, 3.6 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TWLO's return lands within 61.2% 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 TWLO's Sharpe ratio?

TWLO's Sharpe ratio over the past 5 years was 0.20, against 0.78 for the S&P 500, so TWLO 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 TWLO with the S&P 500?

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

What are the best alternatives to TWLO?

None of the 20 popular alternatives we compared outperformed TWLO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about TWLO's strength than about its alternatives.

Did TWLO outperform the S&P 500?

TWLO finished ahead of the S&P 500 (SPY) in five of nine full calendar years. In 2025, it returned +31.6%, against +17.7% for the index.

How did TWLO do in stock market crashes?

TWLO fell less than the S&P 500 (SPY) in none of the five major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when TWLO fell 73.7% and the S&P 500 fell 24.5%.

What diversifies TWLO?

These had a low correlation with TWLO over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.05), DXJ (correlation 0.05) and EMLP (correlation 0.01); among large stocks, CAH (correlation 0.06), CLS (correlation 0.48) and MCK (correlation -0.09). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to TWLO

Other stocks and ETFs