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Relative Intelligence · Life Insurance

How Aflac (AFL) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AFL alone. It places AFL (Aflac Incorporated) against 18 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 AFL stands in the market, and of the alternatives worth a closer look.

Period covered: AFL'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 AFL →Chart AFL vs. 18 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in AFL over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AFL over the same span and AFL'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. 211 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of AFL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • UNH$772,802+7,628% total · +16.2% a year
  • COR$574,137+5,641% total · +15.0% a year
  • AJG$566,042+5,560% total · +14.9% a year
  • PGR$454,424+4,444% total · +14.1% a year
  • WRB$427,501+4,175% total · +13.8% a year
  • AFL$285,149+2,751% total · +12.2% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • ALL$108,708+987% total · +8.6% a year
  • UNM$38,179+282% total · +4.7% a year
  • LNC$26,197+162% total · +3.4% 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. 551 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AFL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • JXN$63,053+531% total · +44.5% a year
  • UNM$40,709+307% total · +32.4% a year
  • MFC$28,001+180% total · +22.9% a year
  • TRV$25,788+158% total · +20.9% a year
  • PGR$25,636+156% total · +20.7% a year
  • CNO$24,982+150% total · +20.1% a year
  • AFL$24,008+140% total · +19.1% a year
  • ALL$19,616+96.2% total · +14.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • MET$17,726+77.3% total · +12.1% a year
Change the dates or add tickers to this chart in EasyCompare

AFL 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
$60B
Industry
Insurance - Life
Price history from
October 1986

Returns

Past 1 year
+12.9%total return
Past 3 years
+65.2%+18.2% a year
Past 5 years
+139%+19.0% a year
Past 10 years
+335%+15.8% a year
Best calendar year
+73.2%1998
Worst calendar year
−31.5%2001
Losing years
5 of 29full calendar years

Risk

Volatility
20.8%typical yearly swing, 5 years
Sharpe ratio
0.95return per unit of risk, 5 years
Worst decline ever
−82.7%Apr 2008 to Mar 2009
From its all-time high
−6.7%below the peak

AFL against the whole market

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

How does AFL rank among all stocks?

This section ranks AFL 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 AFL 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.

MeasureAFLRankStanding
1-year return+12.9%1,474 of 3,287top 45%
3-year return+65.2%1,326 of 3,017top 44%
5-year return+139%490 of 2,893top 17%
10-year return+335%511 of 2,202top 23%
Volatility, 5 years20.8%112 of 2,893top 4%
Sharpe ratio, 5 years0.95134 of 2,893top 5%
Worst decline, past 10 years−54.9%661 of 2,187top 30%

What has beaten AFL 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). AFL sits where the dashed lines cross. Anything in the green box above and to the left earned more than AFL 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 AFL. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

16.0%18.0%20.0%22.0%24.0%26.0%28.0%30.0%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 AFLAFL: +19.0% a year, volatility 20.8%SPY (S&P 500): +12.7% a year, volatility 17.1%UNM: +30.6% a year, volatility 29.3%ALL: +17.0% a year, volatility 26.2%TRV: +22.4% a year, volatility 22.3%PGR: +21.3% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%WRB: +18.9% a year, volatility 22.9%RGA: +19.7% a year, volatility 27.3%ACT: +20.5% a year, volatility 24.3%DXJ: +26.6% a year, volatility 19.1%SDCI: +20.6% a year, volatility 18.4%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%NHC: +32.0% a year, volatility 28.5%ABBV: +26.1% a year, volatility 23.4%AFLSPY (S&P 500)UNMALLTRVPGRMFCWRBRGAACTDXJSDCIMPLXDBJPCORCAHNHCABBV15.0%20.0%25.0%30.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AFLAFL: +19.0% a year, volatility 20.8%SPY (S&P 500): +12.7% a year, volatility 17.1%UNM: +30.6% a year, volatility 29.3%ALL: +17.0% a year, volatility 26.2%TRV: +22.4% a year, volatility 22.3%PGR: +21.3% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%WRB: +18.9% a year, volatility 22.9%RGA: +19.7% a year, volatility 27.3%ACT: +20.5% a year, volatility 24.3%DXJ: +26.6% a year, volatility 19.1%SDCI: +20.6% a year, volatility 18.4%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%NHC: +32.0% a year, volatility 28.5%ABBV: +26.1% a year, volatility 23.4%AFLSPY (S&P 500)UNMALLTRVPGRMFCWRBRGAACTDXJSDCIMPLXCORCAHABBV
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • 1 with more than 1.6× AFL's volatility is in the table only

Is there a better investment than AFL?

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

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

Screen the whole market against AFL for any period in BetterThanSPYOpen these 18 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 AFL?lower diversifies moreExpenseper year
AFLAflac Incorporated · this page
+19.0%20.8%0.95−54.9%+335%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.430.09%
Popular alternativesbest 3 shownThe investments people most often weigh against AFL. 3 of 16 passed at least one test.
UNMUnum Group · Life Insurance
Higher return in most periods+30.6%29.3%1.06−81.0%+256%0.33—
ALLThe Allstate Corporation · Property & Casualty Insurance
Higher return in most periods+17.0%26.2%0.73−41.4%+356%0.55—
JXNJackson Financial Inc. · Life Insurance
Higher return in most periods+41.7%43.3%1.03−48.4%—0.48—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Life Insurance and Insurance and the categories next to it (Property & Casualty Insurance, Asset Management, Retirement Services), plus AFL's specific themes. 6 of 64 passed at least one test.
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.66—
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return in most periods+21.3%25.6%0.89−30.3%+816%0.57—
MFCManulife Financial Corporation · Life Insurance
Higher return in most periods+22.6%24.0%0.97−57.5%+373%0.54—
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Higher return in most periods+18.9%22.9%0.87−45.3%+443%0.59—
RGAReinsurance Group of America, Incorporated · Insurance
Higher return in most periods+19.7%27.3%0.80−65.8%+199%0.51—
ACTEnact Holdings Inc. · Insurance
Higher return in most periods+20.5%24.3%0.89−20.2%—0.65—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 120 of 3,553 passed at least one test.
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.160.48%
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.6%18.4%1.12−45.7%—0.250.80%
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatilityHigher return in most periods+23.5%18.8%1.22−75.2%+350%0.53—
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.9%19.2%1.09−31.3%+348%0.120.45%
CORCencora, Inc. · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+24.2%22.8%1.07−32.4%+406%0.52—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.38—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.33—
ABBVAbbVie Inc. · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.30—
What these numbers mean for AFL
Annual return
AFL returned 19.0% 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 $23,900. 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
AFL's volatility over the past 5 years was 20.8%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AFL's return lands within 20.8% 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
AFL's Sharpe ratio over the past 5 years was 0.95, against 0.79 for the S&P 500, so AFL earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
AFL's worst fall from a peak to a low over the past 10 years was 54.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 54.9% fall takes a 122% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, AFL's monthly returns had a correlation of 0.43 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against AFL instead: the lower it is, the more that option would diversify a AFL holding. Guide: Correlation and diversification →
Show all 5 stocks and funds worth at least $500 million that earned more than AFL with less volatility

Out of 3,633 tested over 5 years. The strongest 4 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with AFLExpense
1
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.160.48%
2
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.250.80%
3
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.53—
4
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.120.45%

AFL against its popular alternatives

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

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

Green points earned more than AFL 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%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAFL: 19.0% a year, volatility 20.8%SPY (S&P 500): 12.7% a year, volatility 17.1%ALL: 17.0% a year, volatility 26.2%CNO: 18.8% a year, volatility 28.1%MET: 12.0% a year, volatility 25.4%EQH: 12.6% a year, volatility 32.9%AJG: 10.9% a year, volatility 24.2%PFG: 13.0% a year, volatility 26.5%LNC: −7.4% a year, volatility 42.7%ELV: 2.2% a year, volatility 29.4%UNH: 1.1% a year, volatility 32.1%VOYA: 8.8% a year, volatility 28.9%GL: 12.4% a year, volatility 35.6%PRU: 5.2% a year, volatility 25.5%AON: −0.3% a year, volatility 23.8%BHF: −1.7% a year, volatility 42.6%UNM: 30.6% a year, volatility 29.3%JXN: 41.7% a year, volatility 43.3%AFLSPY (S&P 500)ALLCNOMETEQHAJGPFGLNCELVUNHVOYAGLPRUAONBHFUNMJXN10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAFL: 19.0% a year, volatility 20.8%SPY (S&P 500): 12.7% a year, volatility 17.1%ALL: 17.0% a year, volatility 26.2%CNO: 18.8% a year, volatility 28.1%MET: 12.0% a year, volatility 25.4%EQH: 12.6% a year, volatility 32.9%AJG: 10.9% a year, volatility 24.2%PFG: 13.0% a year, volatility 26.5%LNC: −7.4% a year, volatility 42.7%ELV: 2.2% a year, volatility 29.4%UNH: 1.1% a year, volatility 32.1%VOYA: 8.8% a year, volatility 28.9%GL: 12.4% a year, volatility 35.6%PRU: 5.2% a year, volatility 25.5%AON: −0.3% a year, volatility 23.8%BHF: −1.7% a year, volatility 42.6%UNM: 30.6% a year, volatility 29.3%JXN: 41.7% a year, volatility 43.3%AFLSPY (S&P 500)ALLEQHLNCELVVOYAPRUAONBHFUNMJXN
All figures
InvestmentAnnual returnVolatility
JXN Jackson Financial Inc.+41.7%43.3%
UNM Unum Group+30.6%29.3%
AFL This pageAflac Incorporated+19.0%20.8%
CNO CNO Financial Group, Inc.+18.8%28.1%
ALL The Allstate Corporation+17.0%26.2%
PFG Principal Financial Group, Inc.+13.0%26.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
EQH Equitable Holdings, Inc.+12.6%32.9%
GL Globe Life Inc.+12.4%35.6%
MET MetLife, Inc.+12.0%25.4%
AJG Arthur J. Gallagher & Co.+10.9%24.2%
VOYA Voya Financial, Inc.+8.8%28.9%
PRU Prudential Financial, Inc.+5.2%25.5%
ELV Elevance Health Inc.+2.2%29.4%
UNH UnitedHealth Group Incorporated+1.1%32.1%
AON Aon plc−0.3%23.8%
BHF Brighthouse Financial, Inc.−1.7%42.6%
LNC Lincoln National Corporation−7.4%42.7%
Open these 18 in EasyCompare

Has AFL consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than AFL 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
AFL Aflac Incorporated (this page)—+4.4%−2.6%+6.0%+10.8%+12.9%+65.2%+139%+335%20.8%0.95−54.9%—$60B—
ALL QualifiedThe Allstate Corporation4/5 short2/3 long+2.9%−1.1%+17.3%+24.4%+31.5%+116%+119%+356%26.2%0.73−41.4%—$63B—
UNM QualifiedUnum Group4/5 short2/3 long−0.1%+5.8%+19.3%+23.2%+26.4%+106%+279%+256%29.3%1.06−81.0%—$15B—
JXN QualifiedJackson Financial Inc.4/5 short2/3 long−1.1%+6.7%+18.9%+24.3%+37.6%+269%+472%—43.3%1.03−48.4%—$8.8B—
CNO Insurance - LifeCNO Financial Group, Inc.4/5 short1/3 long+0.8%+3.8%+25.7%+31.5%+41.1%+150%+136%+342%28.1%0.76−63.8%—$5.1B—
MET Insurance - LifeMetLife, Inc.4/5 short1/3 long+4.7%+9.5%+32.0%+28.6%+32.2%+84.0%+76.5%+240%25.4%0.58−55.2%—$64B—
CRBG Asset ManagementCorebridge Financial, Inc.4/5 short1/3 long+0.4%+12.7%+32.2%+18.2%+13.8%+98.8%————−36.3%—$16B—
EQH Asset ManagementEquitable Holdings, Inc.4/5 short1/3 long+0.3%+13.0%+31.5%+15.0%+15.6%+116%+81.1%—32.9%0.53−61.3%—$15B—
AJG Insurance - BrokersArthur J. Gallagher & Co.3/5 short1/3 long+9.6%+2.5%+16.9%+2.2%−6.1%+17.3%+68.0%+516%24.2%0.55−44.4%—$66B—
PFG Asset ManagementPrincipal Financial Group, Inc.3/5 short1/3 long−7.3%−2.9%+14.0%+23.7%+41.4%+76.3%+84.6%+196%26.5%0.60−64.7%—$23B—
LNC Insurance - LifeLincoln National Corporation1/5 short1/3 long−4.1%−3.9%+9.0%−8.0%+6.2%+111%−32.1%+20.1%42.7%0.04−79.2%—$7.6B—
ELV Medical - Healthcare PlansElevance Health Inc.5/5 short0/3 long+7.5%+15.7%+39.0%+26.1%+26.8%+2.0%+11.7%+307%29.4%0.23−50.4%—$95B—
UNH Medical - Healthcare PlansUnitedHealth Group Incorporated5/5 short0/3 long+11.0%+0.1%+31.2%+27.1%+18.1%−15.3%+5.5%+241%32.1%0.20−61.4%—$376B—
VOYA Insurance - LifeVoya Financial, Inc.3/5 short0/3 long−4.9%−2.6%+28.0%+28.6%+32.6%+55.8%+52.3%+253%28.9%0.44−52.1%—$8.7B—
GL Insurance - LifeGlobe Life Inc.3/5 short0/3 long−1.2%−7.7%+12.8%+23.6%+26.3%+58.0%+79.7%+188%35.6%0.56−61.6%—$13B—
PRU Insurance - LifePrudential Financial, Inc.3/5 short0/3 long−2.8%−1.2%+15.2%+5.2%+19.6%+47.5%+29.0%+117%25.5%0.33−65.9%—$40B—
AON Insurance - BrokersAon plc0/5 short0/3 long+2.0%−18.0%−10.2%−13.2%−13.0%−3.1%−1.6%+195%23.8%0.11−38.7%—$63B—
BHF Insurance - LifeBrighthouse Financial, Inc.0/5 short0/3 long−4.4%−26.6%−23.0%−26.2%+2.2%+3.1%−8.1%—42.6%0.17−76.9%—$2.7B—
FG Insurance - LifeF&G Annuities & Life, Inc.0/5 short0/3 long−11.9%−33.9%−24.1%−30.9%−29.0%−25.8%————−58.8%—$2.7B—
Open these 19 in EasyCompare

How did AFL do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where AFL ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with AFL 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 AFL; gray means the two finished within a fraction of a point. The rank row places AFL among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of AFL20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
AFL This pageAflac Incorporated—+8.9%+28.1%+17.3%+26.4%+34.6%−13.6%+18.6%+6.2%+29.0%+19.1%+0.5%−6.2%+28.9%+26.4%−21.3%+24.8%+4.3%−25.5%+38.3%+0.4%+17.6%+11.2%+21.4%+23.7%−31.6%+53.9%+8.3%+73.2%+20.6%
Rank among alternativesTop quarter in 5 of 299 of 197 of 198 of 193 of 1710 of 1615 of 1613 of 165 of 155 of 1410 of 145 of 1414 of 1413 of 134 of 1310 of 137 of 137 of 135 of 131 of 137 of 137 of 1310 of 137 of 123 of 129 of 94 of 84 of 81 of 86 of 8
SPY S&P 500State Street SPDR S&P 500 ETF14 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%
ALL The Allstate Corporation15 of 29+10.1%+40.6%+6.4%+18.4%+9.9%−0.1%+38.8%−19.5%+43.6%+21.7%−9.9%+31.2%+38.6%+50.2%−11.4%+9.1%−5.1%−34.5%−17.6%+23.4%+6.9%+23.1%+19.4%+12.3%−21.0%+85.6%−36.4%−13.8%+58.5%
UNM Unum Group13 of 29+8.6%+66.3%+13.7%+73.5%+11.9%−16.2%+2.7%−45.2%+27.2%+35.1%−2.6%+1.2%+71.9%+0.9%−11.6%+25.9%+6.9%−20.6%+16.1%−7.4%+28.9%+16.0%−7.6%−32.1%+0.8%−13.8%−44.3%+8.5%+53.7%
JXN Jackson Financial Inc.3 of 4+26.9%+76.4%+57.2%−11.6%—————————————————————————
CNO CNO Financial Group, Inc.12 of 22+16.1%+36.1%+25.1%−1.6%+9.5%+25.9%+25.1%−38.5%+31.0%+2.1%+12.5%−1.3%+91.1%+48.8%−7.0%+35.6%−3.3%−58.8%−37.1%−13.8%+16.2%−8.5%———————
MET MetLife, Inc.11 of 25−0.8%+27.7%−5.5%+19.2%+37.5%−3.4%+28.8%−15.8%+8.4%+15.9%−8.3%+3.0%+67.5%+7.9%−28.3%+27.9%+3.7%−42.2%+5.6%+21.7%+22.2%+21.8%+25.4%−13.9%−8.8%————
CRBG Corebridge Financial, Inc.2 of 3+3.9%+42.9%+25.3%——————————————————————————
EQH Equitable Holdings, Inc.4 of 7+3.2%+45.0%+19.6%−10.2%+31.0%+6.5%+53.1%——————————————————————
AJG Arthur J. Gallagher & Co.14 of 29−8.0%+27.4%+20.5%+12.4%+39.0%+32.1%+31.8%+19.2%+25.1%+31.1%−10.1%+3.5%+40.0%+7.6%+20.3%+35.6%−7.8%+12.7%−14.3%−0.1%−1.2%+3.3%+13.4%−13.1%+10.4%+100%+51.8%+32.5%+15.3%
PFG Principal Financial Group, Inc.12 of 24+18.4%+1.9%−2.8%+20.1%+51.4%−5.2%+29.7%−35.0%+25.5%+33.1%−10.8%+8.0%+77.2%+19.4%−22.3%+38.2%+8.6%−66.5%+18.8%+25.5%+17.3%+25.6%+11.3%+26.6%—————
LNC Lincoln National Corporation13 of 29+48.0%+24.8%−5.5%−53.5%+39.5%−11.1%+17.9%−32.0%+18.0%+35.0%−11.5%+13.1%+102%+35.3%−29.6%+11.9%+33.5%−66.4%−10.3%+28.6%+17.2%+19.2%+32.9%−32.8%+5.4%+22.0%+0.2%+7.4%+53.7%
ELV Elevance Health Inc.12 of 24−3.1%−20.7%−6.9%+11.8%+46.1%+7.8%+16.3%+18.1%+58.7%+5.1%+12.9%+38.2%+54.6%−6.3%+18.2%−2.4%+38.4%−52.0%+11.5%−1.4%+38.8%+53.3%+19.3%+27.1%—————
UNH UnitedHealth Group Incorporated17 of 29−33.1%−2.4%+0.8%+6.9%+45.2%+21.3%+20.0%+14.5%+39.8%+38.4%+18.3%+36.5%+41.0%+8.6%+42.2%+19.9%+14.8%−54.3%+8.3%−13.5%+41.2%+51.4%+39.4%+18.1%+15.3%+131%+23.5%−13.4%+10.3%
VOYA Voya Financial, Inc.5 of 12+11.1%−3.4%+20.7%−6.1%+14.0%−2.5%+52.8%−18.8%+26.3%+6.4%−12.8%+20.7%—————————————————
GL Globe Life Inc.15 of 29+26.5%−7.5%+1.8%+29.7%−0.5%−8.9%+42.3%−17.2%+23.9%+30.3%+6.3%+5.0%+53.2%+20.5%+10.2%+37.6%−0.5%−25.2%−4.3%+15.6%−1.9%+26.6%+25.9%−6.2%+3.2%+34.0%−16.7%+17.2%+70.3%
PRU Prudential Financial, Inc.12 of 24+0.2%+19.4%+10.1%−3.9%+45.3%−11.4%+20.1%−26.5%+13.6%+32.5%−7.4%+0.7%+77.1%+9.9%−12.1%+20.5%+66.8%−66.3%+9.7%+18.7%+34.5%+33.3%+33.4%−3.1%—————
AON Aon plc14 of 29−0.9%+24.4%−2.3%+0.6%+43.4%+2.4%+44.7%+9.9%+21.1%+22.5%−1.6%+14.3%+52.4%+20.3%+2.9%+21.8%−14.8%−2.9%+37.0%−0.1%+54.3%+2.2%+30.3%−45.2%+6.3%−11.9%+10.7%−3.8%+44.6%
BHF Brighthouse Financial, Inc.4 of 8+34.9%−9.2%+3.2%−1.0%+43.1%−7.7%+28.7%−48.0%—————————————————————
FG F&G Annuities & Life, Inc.1 of 3−23.6%−8.0%+137%——————————————————————————
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Risk and diversification

How AFL 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 AFL's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents AFL'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 AFL fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringAFL fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−82.7%−50.3%Apr 2008Mar 200911 monthsJul 20134.3 years
Covid crash−54.9%−19.4%Jul 2019Mar 20208 monthsMay 202114 months
No named crash−42.2%—Oct 1989Oct 199012 monthsFeb 19914 months
No named crash−42.1%—Aug 1987Oct 19872 monthsApr 198918 months
Dot-com bust−37.8%+4.0%Apr 1999Mar 200011 monthsAug 20005 months

How did AFL do in stock market crashes?

This section measures how far AFL, 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 AFL.

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
AFL This pageAflac Incorporated—−6.0%−19.9%−51.0%−13.2%−6.4%−15.8%−31.4%−4.3%−82.7%−36.7%
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%
ALL The Allstate Corporation6 of 10−6.7%−20.3%−40.8%−23.7%−8.0%−10.8%−20.3%−0.8%−74.8%−30.6%
UNM Unum Group4 of 10−16.7%−14.8%−65.5%−32.2%−9.2%−34.8%−21.4%−1.0%−69.1%−47.6%
JXN Jackson Financial Inc.0 of 2−14.2%−48.4%————————
CNO CNO Financial Group, Inc.0 of 9−13.3%−35.4%−53.5%−36.4%−6.5%−26.9%−36.2%−7.5%−97.7%—
MET MetLife, Inc.1 of 9−12.6%−19.5%−55.0%−20.9%−6.9%−36.5%−36.3%−3.4%−82.3%—
CRBG Corebridge Financial, Inc.0 of 1−14.3%—————————
EQH Equitable Holdings, Inc.0 of 4−17.7%−30.6%−61.3%−33.2%——————
AJG Arthur J. Gallagher & Co.7 of 10−4.8%−18.8%−37.0%−11.5%−6.1%−23.1%−13.4%−1.1%−46.0%−41.2%
PFG Principal Financial Group, Inc.2 of 9−13.3%−21.1%−56.3%−31.5%−9.0%−39.9%−26.8%−2.4%−91.5%—
LNC Lincoln National Corporation1 of 10−21.0%−40.4%−72.0%−30.6%−11.1%−45.9%−48.5%−3.0%−92.4%−52.1%
ELV Elevance Health Inc.7 of 9−2.3%−15.9%−42.3%−15.7%−3.6%−22.9%−23.4%−0.7%−67.2%—
UNH UnitedHealth Group Incorporated8 of 10−1.8%−16.9%−35.9%−18.6%−6.7%−12.4%−20.7%−0.8%−72.4%−19.8%
VOYA Voya Financial, Inc.0 of 6−11.2%−23.3%−52.1%−28.6%−8.9%−43.1%————
GL Globe Life Inc.6 of 10−9.8%−16.6%−47.7%−20.5%−8.7%−22.7%−20.9%−3.3%−73.7%−27.4%
PRU Prudential Financial, Inc.2 of 9−13.3%−27.4%−58.2%−26.8%−11.9%−35.8%−27.9%−3.1%−88.3%—
AON Aon plc6 of 10−2.4%−25.4%−38.7%−17.0%−5.3%−17.4%−20.7%0.0%−30.3%−66.5%
BHF Brighthouse Financial, Inc.0 of 5−18.0%−35.2%−65.9%−37.4%−10.8%—————
FG F&G Annuities & Life, Inc.0 of 1−9.9%—————————
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How closely does AFL 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 AFL 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 AFL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
AFL This pageAflac Incorporated83%71%1.170.79
AJG Arthur J. Gallagher & Co.80%46%1.740.61
ALL The Allstate Corporation68%41%1.660.49
CNO CNO Financial Group, Inc.103%102%1.001.09
GL Globe Life Inc.72%72%1.000.79
UNM Unum Group88%90%0.980.96
UNH UnitedHealth Group Incorporated81%82%0.980.70
ELV Elevance Health Inc.94%98%0.960.86
MET MetLife, Inc.91%97%0.941.03
AON Aon plc79%89%0.890.78
VOYA Voya Financial, Inc.111%128%0.871.17
PFG Principal Financial Group, Inc.103%124%0.831.22
PRU Prudential Financial, Inc.102%146%0.701.25
LNC Lincoln National Corporation119%211%0.561.67
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What diversifies AFL?

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

ETFs

InvestmentCorrelation5Y returnSharpe2020201420112008200180/20 mix volatility80/20 mix annual return
AFL Aflac Incorporated (this page)1.00+139%0.95−13.6%−6.2%−21.3%−25.5%−31.6%20.6%+19.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.16+225%1.34+3.9%+8.1%−16.1%−20.8%—17.1%+21.1%
SMH TechnologyVanEck Semiconductor ETF0.07+323%0.97+55.5%+30.2%+6.8%−44.7%−14.6%18.4%+24.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.43+85.0%0.96+2.1%+3.4%———17.6%+18.4%
GLD CommoditiesSPDR Gold Shares0.08+126%0.96+24.8%−2.2%+9.6%+4.9%—17.1%+19.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.32+136%0.93+28.2%————18.3%+20.2%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.44+109%0.90−0.2%+12.8%———18.7%+19.2%
EWT TechnologyiShares MSCI Taiwan ETF0.11+153%0.89+31.5%+7.0%−21.8%−45.3%+2.1%17.8%+20.5%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.36+69.9%0.84−10.0%−8.9%———17.6%+17.9%

Stocks

InvestmentCorrelation5Y returnSharpe2020201420112008200180/20 mix volatility80/20 mix annual return
AFL Aflac Incorporated (this page)1.00+139%0.95−13.6%−6.2%−21.3%−25.5%−31.6%20.6%+19.1%
CAH Medical - DistributionCardinal Health, Inc.0.38+479%1.55+10.1%+23.0%+8.1%−39.6%−2.5%19.1%+23.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.05+3,143%1.47−2.4%+12.9%−24.4%−20.5%−25.6%20.8%+37.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.14+1,636%1.46+6.7%−10.4%−17.0%−15.2%+73.7%19.8%+32.7%
MCK Medical - DistributionMcKesson Corporation0.37+413%1.44+27.1%+29.3%+11.8%−40.4%+4.9%19.0%+22.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.34+690%1.41−27.4%+0.4%———19.7%+25.5%
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Common questions

What was AFL's worst drawdown?

AFL's deepest decline since it began trading in 1986 was 82.7%, from April 2008 to March 2009. It took about four years from the low to climb back to its old high.

What were AFL's best and worst years?

Over 29 full calendar years, AFL's best year was 1998, when it returned 73.2%. Its worst was 2001, with a return of -31.5%.

Is there a better investment than AFL?

Among AFL's popular alternatives, UNM, ALL and JXN were ahead of AFL in most short and long periods, though with much bigger swings (29.3%, 26.2% and 43.3% volatility against 20.8%). Looking beyond its popular alternatives, TRV (property & casualty insurance) earned more than AFL over the past 5 years with similar volatility: 22.4% a year at 22.3% volatility, against 19.0% a year at 20.8%.

Is AFL more volatile than the S&P 500?

Yes. AFL's volatility over the past 5 years was 20.8%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AFL's return lands within 20.8% 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 AFL's Sharpe ratio?

AFL's Sharpe ratio over the past 5 years was 0.95, against 0.79 for the S&P 500, so AFL earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is AFL with the S&P 500?

Over the past 5 years, AFL's monthly returns had a correlation of 0.43 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against AFL instead: the lower it is, the more that option would diversify a AFL holding.

What are the best alternatives to AFL?

Of the 18 popular alternatives we compared, three outperformed AFL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: ALL, UNM and JXN.

Did AFL outperform the S&P 500?

AFL finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +9.0%, against +17.7% for the index.

How did AFL do in stock market crashes?

AFL fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in six. The clearest case was the 2008 financial crisis, when AFL fell 82.7% and the S&P 500 fell 55.2%.

What diversifies AFL?

These had a low correlation with AFL over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.16), SMH (correlation 0.07) and DBEF (correlation 0.43); among large stocks, CAH (correlation 0.38), CLS (correlation 0.05) and FIX (correlation 0.14). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to AFL

Other stocks and ETFs