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Relative Intelligence · Computer Hardware

How Apple (AAPL) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AAPL alone. It places AAPL (Apple Inc.) against 12 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 AAPL stands in the market, and of the alternatives worth a closer look.

Period covered: AAPL's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against AAPL →Chart AAPL vs. 12 alternatives →
On this page12 sections

Key findings

How much would $10,000 in AAPL have grown?

This chart tracks a hypothetical $10,000 investment in AAPL over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AAPL over the same span and AAPL's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. One of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of AAPL. The other 7 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • MNST$46M+456,538% total · +33.7% a year
  • AAPL$21M+205,249% total · +30.1% a year
  • QCOM$779,813+7,698% total · +16.2% a year
  • LOGI$631,227+6,212% total · +15.4% a year
  • BBY$604,450+5,945% total · +15.2% a year
  • SWKS$176,981+1,670% total · +10.4% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • CRUS$82,741+727% total · +7.6% a year
  • HPQ$65,988+560% total · +6.7% a year
  • SONY$30,560+206% total · +3.9% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 546 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AAPL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000202120222023202420252026$10,000$20,000$50,000$100,000202120222023202420252026
  • DELL$112,363+1,024% total · +62.2% a year
  • CAH$49,682+397% total · +37.8% a year
  • TSM$43,622+336% total · +34.3% a year
  • NTAP$26,224+162% total · +21.3% a year
  • GOOG$25,811+158% total · +20.9% a year
  • ADI$25,751+158% total · +20.8% a year
  • AAPL$24,129+141% total · +19.3% a year
  • GRMN$20,536+105% total · +15.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • BBY$10,541+5.4% total · +1.1% a year
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AAPL at a glance

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

The company

Market value
$5.0T
Industry
Consumer Electronics
Price history from
October 1986

Returns

Past 1 year
+29.9%total return
Past 3 years
+99.0%+25.8% a year
Past 5 years
+133%+18.5% a year
Past 10 years
+1,168%+28.9% a year
Best calendar year
+212%1998
Worst calendar year
−71.1%2000
Losing years
7 of 29full calendar years

Risk

Volatility
28.0%typical yearly swing, 5 years
Sharpe ratio
0.75return per unit of risk, 5 years
Worst decline ever
−81.8%Mar 2000 to Apr 2003
From its all-time high
−1.1%below the peak

AAPL against the whole market

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

How does AAPL rank among all stocks?

This section ranks AAPL 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 AAPL 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.

MeasureAAPLRankStanding
1-year return+29.9%981 of 3,287top 30%
3-year return+99.0%924 of 3,017top 31%
5-year return+133%515 of 2,893top 18%
10-year return+1,168%85 of 2,202top 4%
Volatility, 5 years28.0%555 of 2,893top 19%
Sharpe ratio, 5 years0.75367 of 2,893top 13%
Worst decline, past 10 years−38.5%119 of 2,187top 5%

What has beaten AAPL 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). AAPL sits where the dashed lines cross. Anything in the green box above and to the left earned more than AAPL 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 AAPL; faint dots are 39 more of the 48 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AAPLMCK: +38.7% a year, volatility 25.0%TRV: +22.4% a year, volatility 22.3%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%WAB: +25.6% a year, volatility 26.2%GILD: +22.8% a year, volatility 24.9%PGR: +21.3% a year, volatility 25.6%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%COR: +24.2% a year, volatility 22.8%EWT: +20.4% a year, volatility 24.2%PAGP: +26.8% a year, volatility 26.1%FLTW: +21.8% a year, volatility 24.3%DTM: +24.5% a year, volatility 25.2%ACT: +20.5% a year, volatility 24.3%CRAK: +19.8% a year, volatility 20.9%EPU: +29.5% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%XOM: +27.1% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.2%HSBC: +33.1% a year, volatility 25.9%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%AMGN: +19.6% a year, volatility 24.9%TJX: +19.9% a year, volatility 22.3%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%CCEP: +19.7% a year, volatility 23.2%XLE: +22.6% a year, volatility 25.5%CBOE: +21.5% a year, volatility 25.1%ACGL: +20.1% a year, volatility 24.5%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%AM: +20.0% a year, volatility 25.9%BLX: +31.4% a year, volatility 25.9%IYE: +21.1% a year, volatility 25.2%ATMP: +21.2% a year, volatility 21.5%AAPL: +18.5% a year, volatility 28.0%SPY (S&P 500): +12.7% a year, volatility 17.1%TSM: +31.5% a year, volatility 38.5%ADI: +19.5% a year, volatility 34.1%NTAP: +20.9% a year, volatility 35.3%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%WMT: +20.8% a year, volatility 22.6%LLY: +40.7% a year, volatility 32.8%MAR: +22.0% a year, volatility 28.6%GLD: +17.7% a year, volatility 18.9%AAPLSPY (S&P 500)TSMADINTAPCAHABBVDXJPMWMTLLYMARGLD15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AAPLMCK: +38.7% a year, volatility 25.0%TRV: +22.4% a year, volatility 22.3%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%WAB: +25.6% a year, volatility 26.2%GILD: +22.8% a year, volatility 24.9%PGR: +21.3% a year, volatility 25.6%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%COR: +24.2% a year, volatility 22.8%EWT: +20.4% a year, volatility 24.2%PAGP: +26.8% a year, volatility 26.1%FLTW: +21.8% a year, volatility 24.3%DTM: +24.5% a year, volatility 25.2%ACT: +20.5% a year, volatility 24.3%CRAK: +19.8% a year, volatility 20.9%EPU: +29.5% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%XOM: +27.1% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.2%HSBC: +33.1% a year, volatility 25.9%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%AMGN: +19.6% a year, volatility 24.9%TJX: +19.9% a year, volatility 22.3%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%CCEP: +19.7% a year, volatility 23.2%XLE: +22.6% a year, volatility 25.5%CBOE: +21.5% a year, volatility 25.1%ACGL: +20.1% a year, volatility 24.5%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%AM: +20.0% a year, volatility 25.9%BLX: +31.4% a year, volatility 25.9%IYE: +21.1% a year, volatility 25.2%ATMP: +21.2% a year, volatility 21.5%AAPL: +18.5% a year, volatility 28.0%SPY (S&P 500): +12.7% a year, volatility 17.1%TSM: +31.5% a year, volatility 38.5%ADI: +19.5% a year, volatility 34.1%NTAP: +20.9% a year, volatility 35.3%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%WMT: +20.8% a year, volatility 22.6%LLY: +40.7% a year, volatility 32.8%MAR: +22.0% a year, volatility 28.6%GLD: +17.7% a year, volatility 18.9%AAPLSPY (S&P 500)TSMADINTAPCAHABBVDXJPMWMTLLYMARGLD
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× AAPL's volatility is in the table only

Is there a better investment than AAPL?

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

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

Screen the whole market against AAPL for any period in BetterThanSPYOpen these 13 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 AAPL?lower diversifies moreExpenseper year
AAPLApple Inc. · this page
+18.5%28.0%0.75−38.5%+1,168%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.680.09%
Popular alternativesbest 2 shownThe investments people most often weigh against AAPL. 2 of 12 passed at least one test.
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return in most periods+31.5%38.5%0.91−56.6%+1,505%0.29—
DELLDell Technologies Inc. · Computer Hardware
Higher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.29—
Same and neighboring categories, and shared themesbest 2 shownEverything else in Computer Hardware and the categories next to it (Semiconductors, Communications Equipment, Software, IT Services), plus AAPL's specific themes. 2 of 166 passed at least one test.
ADIAnalog Devices, Inc. · Semiconductors
Higher return in most periods+19.5%34.1%0.69−33.6%+652%0.44—
NTAPNetApp, Inc. · Computer Hardware
Higher return in most periods+20.9%35.3%0.71−58.1%+691%0.60—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 144 of 3,455 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.15—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.07—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.320.48%
PMPhilip Morris International Inc. · Tobacco
Higher return, lower volatilityHigher return in most periods+21.0%23.4%0.94−42.9%+242%0.07—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.23—
LLYEli Lilly and Company · Pharmaceuticals
Higher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.20—
MARMarriott International, Inc. · Hotels & Resorts
Higher return, similar volatilityHigher return in most periods+22.0%28.6%0.84−61.3%+544%0.44—
GLDSPDR Gold Shares · Gold
Similar return, lower volatilityHigher Sharpe, smaller worst decline+17.7%18.9%0.96−26.4%+213%0.060.40%
What these numbers mean for AAPL
Annual return
AAPL returned 18.5% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $23,300. 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
AAPL's volatility over the past 5 years was 28.0%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AAPL's return lands within 28.0% 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
AAPL's Sharpe ratio over the past 5 years was 0.75, against 0.79 for the S&P 500, so AAPL 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
AAPL's worst fall from a peak to a low over the past 10 years was 38.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.5% fall takes a 62.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, AAPL's monthly returns had a correlation of 0.68 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 AAPL instead: the lower it is, the more that option would diversify a AAPL holding. Guide: Correlation and diversification →
Show all 48 stocks and funds worth at least $500 million that earned more than AAPL with less volatility

Out of 3,633 tested over 5 years. The strongest 44 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with AAPLExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.15—
2
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.07—
3
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.320.48%
4
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.07—
5
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.17—
6
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.23—
7
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.03—
8
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.12—
9
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.33—
10
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.28—
11
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.16—
12
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%-0.04—
13
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.35—
14
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.18—
15
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.12—
16
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.390.59%
17
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+56.3%0.16—
18
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.400.19%
19
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.22—
20
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.21—
21
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.130.61%
22
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.270.59%
23
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.24—
24
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.06—
25
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.410.45%
26
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.18—
27
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.19—
28
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.03—
29
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.31—
30
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.15—
31
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.37—
32
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.29—
33
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.15—
34
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.38—
35
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.15—
36
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.130.08%
37
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.25—
38
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.03—
39
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—-0.030.80%
40
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.22—
41
AMAntero Midstream Corporation · Oil & Gas Midstream
Whole market+20.0%25.9%0.84−92.9%—0.17—
42
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.33—
43
IYEiShares U.S. Energy ETF · Broad Market
Whole market+21.1%25.2%0.89−68.6%+159%0.150.37%
44
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.240.95%

See everything that outperformed AAPL →

AAPL against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAAPL: 18.4% a year, volatility 28.0%SPY (S&P 500): 12.7% a year, volatility 17.1%GRMN: 14.8% a year, volatility 31.6%BBY: 0.7% a year, volatility 38.1%HPQ: 5.7% a year, volatility 37.3%SWKS: −10.8% a year, volatility 42.9%LOGI: 5.7% a year, volatility 37.0%SONY: 2.9% a year, volatility 29.2%SONO: −11.9% a year, volatility 48.7%QCOM: 8.2% a year, volatility 42.8%CRUS: 6.5% a year, volatility 36.9%DELL: 55.2% a year, volatility 54.4%TSM: 31.5% a year, volatility 38.5%GOOG: 19.0% a year, volatility 32.0%AAPLSPY (S&P 500)GRMNBBYHPQSWKSLOGISONYSONOQCOMDELLTSMGOOG10.0%20.0%30.0%40.0%50.0%60.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAAPL: 18.4% a year, volatility 28.0%SPY (S&P 500): 12.7% a year, volatility 17.1%GRMN: 14.8% a year, volatility 31.6%BBY: 0.7% a year, volatility 38.1%HPQ: 5.7% a year, volatility 37.3%SWKS: −10.8% a year, volatility 42.9%LOGI: 5.7% a year, volatility 37.0%SONY: 2.9% a year, volatility 29.2%SONO: −11.9% a year, volatility 48.7%QCOM: 8.2% a year, volatility 42.8%CRUS: 6.5% a year, volatility 36.9%DELL: 55.2% a year, volatility 54.4%TSM: 31.5% a year, volatility 38.5%GOOG: 19.0% a year, volatility 32.0%AAPLSPY (S&P 500)GRMNBBYHPQSWKSLOGISONYSONOQCOMDELLTSM
All figures
InvestmentAnnual returnVolatility
DELL Dell Technologies Inc.+55.2%54.4%
TSM Taiwan Semiconductor Manufacturing Company Limited+31.5%38.5%
GOOG Alphabet Inc.+19.0%32.0%
AAPL This pageApple Inc.+18.4%28.0%
GRMN Garmin Ltd.+14.8%31.6%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
QCOM QUALCOMM Incorporated+8.2%42.8%
CRUS Cirrus Logic, Inc.+6.5%36.9%
LOGI Logitech International S.A.+5.7%37.0%
HPQ HP Inc.+5.7%37.3%
SONY Sony Group Corporation+2.9%29.2%
BBY Best Buy Co., Inc.+0.7%38.1%
SWKS Skyworks Solutions, Inc.−10.8%42.9%
SONO Sonos, Inc.−11.9%48.7%
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Has AAPL consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than AAPL 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
AAPL Apple Inc. (this page)—+0.2%+4.0%+24.6%+25.6%+29.9%+99.0%+133%+1,168%28.0%0.75−38.5%—$5.0T—
DELL QualifiedDell Technologies Inc.4/5 short3/3 longAll-weather−19.6%+21.3%+127%+265%+217%+636%+800%+3,701%54.4%1.08−59.6%—$294B—
TSM QualifiedTaiwan Semiconductor Manufacturing Company Limited3/5 short3/3 long−4.5%+5.9%+16.6%+34.0%+44.3%+382%+293%+1,505%38.5%0.91−56.6%—$2.2T—
GOOG Internet Content & InformationAlphabet Inc.1/5 short2/3 long−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%+752%32.0%0.71−44.6%—$4.1T—
GRMN Hardware, Equipment & PartsGarmin Ltd.3/5 short1/3 long+3.6%+19.1%+9.4%+45.2%+18.5%+196%+99.1%+670%31.6%0.59−54.6%—$56B—
BBY Specialty RetailBest Buy Co., Inc.4/5 short0/3 long+0.7%+11.4%+43.6%+41.1%+22.1%+58.2%+3.5%+242%38.1%0.21−52.6%—$20B—
HPQ Computer HardwareHP Inc.3/5 short0/3 long−5.3%+30.1%+62.8%+46.5%+18.6%+35.8%+31.9%+207%37.3%0.33−51.2%—$28B—
SWKS SemiconductorsSkyworks Solutions, Inc.3/5 short0/3 long−8.4%+36.0%+37.9%+28.9%+10.2%−2.8%−43.5%+29.2%42.9%-0.05−72.9%—$12B—
LOGI Computer HardwareLogitech International S.A.2/5 short0/3 long+5.6%+9.1%+11.0%+10.7%+0.8%+65.4%+32.1%+489%37.0%0.34−67.8%—$16B—
SONY Consumer ElectronicsSony Group Corporation2/5 short0/3 long+7.3%+19.7%+18.1%−2.2%−13.2%+54.0%+15.4%+309%29.2%0.24−50.6%—$150B—
SONO Consumer ElectronicsSonos, Inc.2/5 short0/3 long+6.2%+14.3%+18.8%−0.7%+2.5%+55.2%−47.1%—48.7%-0.02−82.5%—$2.1B—
QCOM SemiconductorsQUALCOMM Incorporated1/5 short0/3 long−9.5%+3.7%+28.9%+3.2%+7.4%+72.4%+48.3%+239%42.8%0.40−44.3%—$188B—
CRUS SemiconductorsCirrus Logic, Inc.0/5 short0/3 long−7.6%−19.0%−34.2%−7.4%−15.6%+63.6%+37.1%+106%36.9%0.35−55.9%—$5.6B—
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How did AAPL do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where AAPL ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with AAPL and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of AAPL20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
AAPL This pageApple Inc.—+9.0%+30.7%+49.0%−26.4%+34.6%+82.3%+89.0%−5.4%+48.5%+12.5%−3.0%+40.6%+8.0%+32.6%+25.5%+53.2%+147%−56.9%+133%+18.1%+123%+201%+49.1%−34.6%+47.2%−71.1%+151%+212%−37.1%
Rank among alternativesTop quarter in 15 of 299 of 135 of 134 of 135 of 134 of 133 of 132 of 137 of 123 of 129 of 117 of 113 of 119 of 113 of 112 of 113 of 113 of 118 of 111 of 116 of 111 of 111 of 106 of 106 of 103 of 109 of 94 of 92 of 97 of 7
SPY S&P 500State Street SPDR S&P 500 ETF9 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
DELL Dell Technologies Inc.5 of 9+11.2%+53.0%+95.9%−26.6%+51.3%+42.6%+5.1%+8.6%+47.8%————————————————————
TSM Taiwan Semiconductor Manufacturing Company Limited12 of 28+55.7%+92.0%+41.8%−37.0%+11.7%+91.6%+63.3%−4.3%+37.9%+31.2%+4.9%+31.1%+4.5%+37.7%+7.3%+14.9%+52.9%−16.1%−4.3%+18.9%+27.1%−4.2%+56.7%−54.8%+39.5%−51.0%+290%+13.4%—
GOOG Alphabet Inc.7 of 21+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%+29.1%−1.0%+35.6%+1.7%+44.5%−6.0%+58.5%+9.5%+8.8%−4.2%+101%−55.5%+50.2%+11.1%+115%————————
GRMN Garmin Ltd.8 of 25−0.1%+63.3%+43.1%−30.2%+15.9%+25.9%+58.1%+9.8%+27.6%+36.5%−26.1%+18.3%+18.6%+6.7%+34.7%+5.1%+64.1%−79.3%+75.6%+69.5%+9.9%+12.7%+87.6%+37.4%+7.8%————
BBY Best Buy Co., Inc.10 of 29−17.8%+14.4%+2.5%−17.5%+4.4%+16.7%+70.5%−20.6%+64.5%+46.5%−18.8%+0.1%+244%−47.3%−30.3%−11.8%+43.2%−45.9%+7.8%+13.9%+10.8%+14.6%+117%−51.3%+152%−41.2%+63.7%+233%+247%
HPQ HP Inc.10 of 29−28.7%+12.2%+16.1%−26.4%+57.2%+24.3%+3.9%−0.2%+43.5%+31.2%−33.3%+46.2%+101%−43.1%−37.8%−17.8%+43.1%−27.6%+23.5%+45.1%+38.4%−7.1%+34.4%−14.0%−34.1%−0.4%+67.9%+11.0%+26.0%
SWKS Skyworks Solutions, Inc.9 of 29−25.5%−18.9%+26.5%−40.0%+2.7%+28.4%+84.1%−28.3%+28.7%−1.2%+6.7%+156%+40.6%+25.2%−43.4%+102%+156%−34.8%+20.2%+38.9%−45.9%+8.4%+0.9%−60.5%−41.1%+29.1%+139%+123%+104%
LOGI Logitech International S.A.11 of 28+23.4%−12.0%+55.2%−22.9%−14.3%+109%+53.5%−5.7%+38.1%+68.8%+16.6%+1.7%+86.1%+5.2%−58.1%+8.4%+9.8%−57.5%+28.1%+22.3%+54.1%+42.8%+39.3%−15.4%+49.0%+75.8%+143%−24.5%—
SONY Sony Group Corporation10 of 29+21.7%+12.4%+24.9%−39.3%+25.6%+49.7%+41.7%+8.1%+61.1%+14.8%+20.7%+19.0%+56.6%−36.7%−48.8%+24.1%+34.2%−59.3%+27.3%+5.6%+5.5%+13.0%−15.6%−8.0%−34.9%−51.1%+297%−20.2%+39.1%
SONO Sonos, Inc.1 of 7+16.8%−12.3%+1.4%−43.3%+27.4%+49.7%+59.1%——————————————————————
QCOM QUALCOMM Incorporated8 of 29+13.8%+8.3%+35.1%−38.6%+22.3%+77.1%+60.8%−7.6%+1.1%+35.1%−30.6%+2.3%+22.4%+14.9%+12.3%+9.0%+31.1%−7.6%+5.5%−11.3%+2.5%+58.3%+49.1%−28.0%−38.5%−53.3%+2,621%+6.4%+27.2%
CRUS Cirrus Logic, Inc.12 of 29+19.0%+19.7%+11.7%−19.1%+11.9%−0.3%+148%−36.0%−8.3%+91.5%+25.3%+15.4%−29.5%+82.8%−0.8%+134%+154%−49.2%−23.3%+3.0%+21.2%−28.3%+167%−78.2%−29.5%+40.9%+35.7%−7.7%−31.4%
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Risk and diversification

How AAPL 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 AAPL's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents AAPL's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

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

DuringAAPL fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−81.8%−37.9%Mar 2000Apr 20033.1 yearsJan 200521 months
No named crash−81.2%—Apr 1991Dec 19976.7 yearsSep 199921 months
2008 financial crisis−60.9%−44.0%Dec 2007Jan 200913 monthsOct 20099 months
No named crash−56.5%—Oct 1987Oct 19903 yearsFeb 19914 months
No named crash−43.8%+7.8%Sep 2012Apr 20137 monthsJul 201415 months

How did AAPL do in stock market crashes?

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

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

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
AAPL This pageApple Inc.—−2.9%−27.4%−30.7%−36.5%−4.8%−23.4%−12.5%−4.3%−60.9%−81.2%
SPY S&P 500State Street SPDR S&P 500 ETF6 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
DELL Dell Technologies Inc.1 of 5−5.7%−43.6%−45.9%−28.6%−7.4%—————
TSM Taiwan Semiconductor Manufacturing Company Limited5 of 10−3.9%−54.3%−23.3%−21.4%−9.3%−13.2%−15.7%0.0%−48.0%−82.4%
GOOG Alphabet Inc.3 of 9−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
GRMN Garmin Ltd.5 of 9−3.2%−40.0%−38.1%−12.9%−3.1%−20.3%−9.3%0.0%−87.7%—
BBY Best Buy Co., Inc.2 of 10−6.6%−40.7%−44.3%−39.7%−4.5%−33.1%−25.2%−1.1%−66.9%−74.1%
HPQ HP Inc.3 of 10−3.3%−37.9%−43.3%−26.1%−11.3%−37.8%−40.4%−3.2%−51.7%−82.9%
SWKS Skyworks Solutions, Inc.2 of 10−3.0%−50.0%−43.0%−32.3%−5.3%−38.6%−37.2%−3.4%−66.0%−95.7%
LOGI Logitech International S.A.6 of 10−0.8%−48.3%−21.3%−35.9%−8.3%−14.3%−33.7%−3.0%−79.4%−59.0%
SONY Sony Group Corporation4 of 10−3.8%−50.6%−22.9%−24.3%−9.7%−30.2%−32.0%−1.0%−72.3%−76.2%
SONO Sonos, Inc.0 of 4−3.2%−55.1%−50.7%−40.3%——————
QCOM QUALCOMM Incorporated3 of 10−5.6%−41.5%−32.2%−26.8%−6.6%−30.7%−19.2%−0.5%−48.0%−84.9%
CRUS Cirrus Logic, Inc.1 of 10−4.1%−32.3%−37.4%−25.2%−13.9%−27.4%−21.4%−5.6%−70.5%−96.8%
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How closely does AAPL 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 AAPL 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 AAPL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
AAPL This pageApple Inc.137%94%1.461.15
DELL Dell Technologies Inc.154%43%3.591.13
TSM Taiwan Semiconductor Manufacturing Company Limited138%75%1.841.15
GRMN Garmin Ltd.111%80%1.390.93
GOOG Alphabet Inc.132%110%1.201.12
LOGI Logitech International S.A.112%106%1.051.01
SONY Sony Group Corporation96%99%0.970.86
CRUS Cirrus Logic, Inc.71%85%0.841.02
QCOM QUALCOMM Incorporated115%139%0.831.51
BBY Best Buy Co., Inc.127%164%0.771.40
HPQ HP Inc.106%137%0.771.11
SWKS Skyworks Solutions, Inc.88%149%0.591.31
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What diversifies AAPL?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220182015200820022000199780/20 mix volatility80/20 mix annual return
AAPL Apple Inc. (this page)1.00+133%0.75−26.4%−5.4%−3.0%−56.9%−34.6%−71.1%−37.1%24.7%+19.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.32+119%1.48+3.8%−5.2%—————20.4%+19.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.32+225%1.34+6.0%−19.8%+7.7%−20.8%———20.7%+21.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.30+101%1.04+10.4%−8.7%−25.3%————20.8%+19.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.32+83.3%1.00+7.1%−3.0%−0.3%————20.8%+18.3%
SMH TechnologyVanEck Semiconductor ETF0.49+323%0.97−33.5%−9.1%−0.3%−44.7%−47.0%——24.0%+23.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.47+85.0%0.96−5.1%−9.5%+4.1%————20.9%+18.6%
GLD CommoditiesSPDR Gold Shares0.06+126%0.96−0.8%−1.9%−10.7%+4.9%———20.3%+19.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.40+136%0.93−10.4%−0.9%—————21.8%+20.3%

Stocks

InvestmentCorrelation5Y returnSharpe202220182015200820022000199780/20 mix volatility80/20 mix annual return
AAPL Apple Inc. (this page)1.00+133%0.75−26.4%−5.4%−3.0%−56.9%−34.6%−71.1%−37.1%24.7%+19.3%
CAH Medical - DistributionCardinal Health, Inc.0.15+479%1.55+54.1%−24.5%+12.6%−39.6%−8.3%+108%+29.1%21.2%+23.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.25+3,143%1.47+1.3%−16.3%−6.0%−20.5%−65.1%−2.3%—25.3%+36.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.24+1,636%1.46+17.0%+0.8%+67.7%−15.2%−9.4%−71.1%—23.6%+32.8%
MCK Medical - DistributionMcKesson Corporation0.17+413%1.44+51.8%−28.4%−4.5%−40.4%−27.2%+61.2%+96.3%21.2%+23.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.07+690%1.41+86.6%−8.2%+17.4%————21.2%+26.1%
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Common questions

What was AAPL's worst drawdown?

AAPL's deepest decline since it began trading in 1986 was 81.8%, from March 2000 to April 2003. It took 21 months from the low to climb back to its old high.

What were AAPL's best and worst years?

Over 29 full calendar years, AAPL's best year was 1998, when it returned 212%. Its worst was 2000, with a return of -71.1%.

Is there a better investment than AAPL?

Among AAPL's popular alternatives, TSM and DELL were ahead of AAPL in most short and long periods, though with much bigger swings (38.5% and 54.4% volatility against 28.0%). Looking beyond its popular alternatives, ADI (semiconductors) and NTAP (computer hardware) were ahead of AAPL in most short and long periods.

Is AAPL more volatile than the S&P 500?

Yes. AAPL's volatility over the past 5 years was 28.0%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AAPL's return lands within 28.0% 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 AAPL's Sharpe ratio?

AAPL's Sharpe ratio over the past 5 years was 0.75, against 0.79 for the S&P 500, so AAPL 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 AAPL with the S&P 500?

Over the past 5 years, AAPL's monthly returns had a correlation of 0.68 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 AAPL instead: the lower it is, the more that option would diversify a AAPL holding.

What are the best alternatives to AAPL?

Of the 12 popular alternatives we compared, two outperformed AAPL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DELL and TSM.

Did AAPL outperform the S&P 500?

AAPL finished ahead of the S&P 500 (SPY) in 19 of 29 full calendar years. In 2025, it returned +9.1%, against +17.7% for the index.

How did AAPL do in stock market crashes?

AAPL fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in six. The clearest case was the dot-com bust, when AAPL fell 81.2% and the S&P 500 fell 47.5%.

What diversifies AAPL?

These had a low correlation with AAPL over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.32), DXJ (correlation 0.32) and EMLP (correlation 0.30); among large stocks, CAH (correlation 0.15), CLS (correlation 0.25) and FIX (correlation 0.24). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to AAPL

Other stocks and ETFs