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Relative Intelligence · Property & Casualty Insurance

How Allstate (ALL) compares with the whole market and its popular alternatives

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

Period covered: ALL's full trading record, from June 1993 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 ALL →Chart ALL vs. 23 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in ALL over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ALL over the same span and ALL'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. 501 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of ALL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000199720022007201220172022$10,000$100,00019972004201120182025
  • 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
  • ACGL$380,068+3,701% total · +13.4% a year
  • RNR$333,219+3,232% total · +12.9% a year
  • TRV$178,972+1,690% total · +10.5% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • ALL$108,708+987% total · +8.6% a year
  • THG$82,769+728% total · +7.6% a year
  • MCY$72,420+624% total · +7.1% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 829 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ALL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • TRV$25,788+158% total · +20.9% a year
  • PGR$25,636+156% total · +20.7% a year
  • ACGL$25,436+154% total · +20.5% a year
  • RNR$23,680+137% total · +18.8% a year
  • WRB$23,533+135% total · +18.7% a year
  • MCY$20,585+106% total · +15.5% 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
  • THG$18,550+85.5% total · +13.2% a year
  • AJG$16,159+61.6% total · +10.1% a year
Change the dates or add tickers to this chart in EasyCompare

ALL 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
$63B
Industry
Insurance - Property & Casualty
Price history from
June 1993

Returns

Past 1 year
+31.5%total return
Past 3 years
+116%+29.2% a year
Past 5 years
+119%+17.0% a year
Past 10 years
+356%+16.4% a year
Best calendar year
+85.6%2000
Worst calendar year
−36.4%1999
Losing years
10 of 29full calendar years

Risk

Volatility
26.2%typical yearly swing, 5 years
Sharpe ratio
0.73return per unit of risk, 5 years
Worst decline ever
−77.0%Dec 2006 to Mar 2009
From its all-time high
−8.8%below the peak

ALL against the whole market

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

How does ALL rank among all stocks?

This section ranks ALL 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 ALL 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.

MeasureALLRankStanding
1-year return+31.5%930 of 3,287top 28%
3-year return+116%806 of 3,017top 27%
5-year return+119%585 of 2,893top 20%
10-year return+356%475 of 2,202top 22%
Volatility, 5 years26.2%420 of 2,893top 15%
Sharpe ratio, 5 years0.73394 of 2,893top 14%
Worst decline, past 10 years−41.4%184 of 2,187top 8%

What has beaten ALL 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). ALL sits where the dashed lines cross. Anything in the green box above and to the left earned more than ALL 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 ALL; faint dots are 26 more of the 44 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.

10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%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 ALLCOR: +24.2% a year, volatility 22.8%EWT: +20.4% a year, volatility 24.2%GLDM: +18.1% a year, volatility 18.9%FLTW: +21.8% a year, volatility 24.3%SPMO: +18.7% a year, volatility 20.8%CRAK: +19.8% a year, volatility 20.9%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%SHEL: +21.0% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%CM: +19.2% a year, volatility 21.6%KMI: +18.7% a year, volatility 22.5%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%MLPX: +18.6% a year, volatility 19.7%IXC: +20.7% a year, volatility 23.2%EUFN: +18.5% a year, volatility 21.8%EWP: +19.2% a year, volatility 20.3%ATMP: +21.2% a year, volatility 21.5%ALL: +17.0% a year, volatility 26.2%SPY (S&P 500): +12.7% a year, volatility 17.1%TRV: +22.4% a year, volatility 22.3%PGR: +21.3% a year, volatility 25.6%ACGL: +20.1% a year, volatility 24.5%WRB: +18.9% a year, volatility 22.9%RNR: +20.1% a year, volatility 27.8%MFC: +22.6% a year, volatility 24.0%ACT: +20.5% a year, volatility 24.3%AFL: +19.0% a year, volatility 20.8%CNO: +18.8% a year, volatility 28.1%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%NHC: +32.0% a year, volatility 28.5%LVHI: +17.0% a year, volatility 11.1%RSG: +13.9% a year, volatility 18.5%ALLSPY (S&P 500)TRVPGRACGLWRBRNRMFCACTAFLCNOCAHABBVDXJPMWMTNHCLVHI10.0%15.0%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 ALLCOR: +24.2% a year, volatility 22.8%EWT: +20.4% a year, volatility 24.2%GLDM: +18.1% a year, volatility 18.9%FLTW: +21.8% a year, volatility 24.3%SPMO: +18.7% a year, volatility 20.8%CRAK: +19.8% a year, volatility 20.9%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%SHEL: +21.0% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%CM: +19.2% a year, volatility 21.6%KMI: +18.7% a year, volatility 22.5%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%MLPX: +18.6% a year, volatility 19.7%IXC: +20.7% a year, volatility 23.2%EUFN: +18.5% a year, volatility 21.8%EWP: +19.2% a year, volatility 20.3%ATMP: +21.2% a year, volatility 21.5%ALL: +17.0% a year, volatility 26.2%SPY (S&P 500): +12.7% a year, volatility 17.1%TRV: +22.4% a year, volatility 22.3%PGR: +21.3% a year, volatility 25.6%ACGL: +20.1% a year, volatility 24.5%WRB: +18.9% a year, volatility 22.9%RNR: +20.1% a year, volatility 27.8%MFC: +22.6% a year, volatility 24.0%ACT: +20.5% a year, volatility 24.3%AFL: +19.0% a year, volatility 20.8%CNO: +18.8% a year, volatility 28.1%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%NHC: +32.0% a year, volatility 28.5%LVHI: +17.0% a year, volatility 11.1%RSG: +13.9% a year, volatility 18.5%ALLSPY (S&P 500)TRVPGRACGLRNRMFCAFLCAHABBVDXJWMTNHCLVHI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than ALL?

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

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

Screen the whole market against ALL 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 ALL?lower diversifies moreExpenseper year
ALLThe Allstate Corporation · this page
+17.0%26.2%0.73−41.4%+356%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.090.09%
Popular alternativesbest 5 shownThe investments people most often weigh against ALL. 5 of 23 passed at least one test.
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.74—
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst decline+21.3%25.6%0.89−30.3%+816%0.66—
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Higher return, lower volatility+20.1%24.5%0.87−53.8%+309%0.54—
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Higher return, lower volatility+18.9%22.9%0.87−45.3%+443%0.68—
RNRRenaissanceRe Holdings Ltd. · Insurance
Higher return, similar volatility+20.1%27.8%0.80−40.7%+215%0.57—
Same and neighboring categories, and shared themesbest 4 shownEverything else in Property & Casualty Insurance and Insurance and the categories next to it (Life Insurance), plus ALL's specific themes. 4 of 37 passed at least one test.
MFCManulife Financial Corporation · Life Insurance
Higher return, lower volatilityHigher return in most periods+22.6%24.0%0.97−57.5%+373%0.38—
ACTEnact Holdings Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.5%24.3%0.89−20.2%—0.43—
AFLAflac Incorporated · Life Insurance
Higher return, lower volatility+19.0%20.8%0.95−54.9%+335%0.55—
CNOCNO Financial Group, Inc. · Life Insurance
Higher return in most periods+18.8%28.1%0.76−63.8%+342%0.38—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 174 of 3,573 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%0.33—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.34—
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%0.130.48%
PMPhilip Morris International Inc. · Tobacco
Higher return, lower volatilityHigher return in most periods+21.0%23.4%0.94−42.9%+242%0.23—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.18—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.33—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+17.0%11.1%1.48−32.4%+194%0.370.40%
RSGRepublic Services, Inc. · Environmental Services
Smaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.41—
What these numbers mean for ALL
Annual return
ALL returned 17.0% 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 $21,900. 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
ALL's volatility over the past 5 years was 26.2%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ALL's return lands within 26.2% 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
ALL's Sharpe ratio over the past 5 years was 0.73, against 0.79 for the S&P 500, so ALL 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
ALL's worst fall from a peak to a low over the past 10 years was 41.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 41.4% fall takes a 70.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ALL's monthly returns had a correlation of 0.09 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against ALL instead: the lower it is, the more that option would diversify a ALL holding. Guide: Correlation and diversification →
Show all 44 stocks and funds worth at least $500 million that earned more than ALL with less volatility

Out of 3,633 tested over 5 years. The strongest 37 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with ALLExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.33—
2
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.34—
3
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.130.48%
4
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.23—
5
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.18—
6
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.45—
7
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%-0.040.59%
8
MFCManulife Financial Corporation · Life Insurance
Same or nearby category+22.6%24.0%0.97−57.5%+373%0.38—
9
GLDMSPDR Gold MiniShares Trust · Gold
Whole market+18.1%18.9%0.98−26.3%—0.060.10%
10
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Popular alternative+22.4%22.3%1.02−46.3%+347%0.74—
11
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—-0.060.19%
12
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.120.13%
13
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.230.61%
14
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.35—
15
ACTEnact Holdings Inc. · Insurance
Same or nearby category+20.5%24.3%0.89−20.2%—0.43—
16
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.040.45%
17
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.22—
18
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.41—
19
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.35—
20
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.14—
21
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.35—
22
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.39—
23
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.36—
24
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.26—
25
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.41—
26
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.33—
27
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.30—
28
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.170.80%
29
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.03—
30
AFLAflac Incorporated · Life Insurance
Same or nearby category+19.0%20.8%0.95−54.9%+335%0.55—
31
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.450.45%
32
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%0.250.37%
33
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Popular alternative+20.1%24.5%0.87−53.8%+309%0.54—
34
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.370.49%
35
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Popular alternative+18.9%22.9%0.87−45.3%+443%0.68—
36
EWPiShares MSCI Spain ETF · Broad Market
Whole market+19.2%20.3%0.97−46.4%+196%0.300.50%
37
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.400.95%

ALL against its popular alternatives

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

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

Green points earned more than ALL 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%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityALL: 17.0% a year, volatility 26.2%SPY (S&P 500): 12.7% a year, volatility 17.1%TRV: 22.4% a year, volatility 22.3%PGR: 21.3% a year, volatility 25.6%WRB: 18.9% a year, volatility 22.9%ACGL: 20.1% a year, volatility 24.5%ERIE: 6.3% a year, volatility 31.4%KMPR: −12.3% a year, volatility 37.3%ORI: 17.0% a year, volatility 22.2%SIGI: 4.4% a year, volatility 27.4%STC: −2.6% a year, volatility 31.8%RNR: 20.1% a year, volatility 27.8%AJG: 10.9% a year, volatility 24.2%MCY: 17.0% a year, volatility 34.3%THG: 14.4% a year, volatility 22.9%MET: 12.0% a year, volatility 25.4%CB: 15.7% a year, volatility 20.4%AFG: 9.8% a year, volatility 22.6%RLI: 8.1% a year, volatility 23.9%AIG: 9.0% a year, volatility 25.9%HIG: 15.6% a year, volatility 22.0%CINF: 10.2% a year, volatility 25.7%KIE: 10.8% a year, volatility 18.5%AON: −0.3% a year, volatility 23.8%CNA: 9.2% a year, volatility 21.6%ALLSPY (S&P 500)TRVPGRWRBERIEKMPRORISIGISTCRNRAJGMCYTHGMETCBAFGRLIAIGHIGKIEAONCNA15.0%20.0%25.0%30.0%35.0%40.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityALL: 17.0% a year, volatility 26.2%SPY (S&P 500): 12.7% a year, volatility 17.1%TRV: 22.4% a year, volatility 22.3%PGR: 21.3% a year, volatility 25.6%WRB: 18.9% a year, volatility 22.9%ACGL: 20.1% a year, volatility 24.5%ERIE: 6.3% a year, volatility 31.4%KMPR: −12.3% a year, volatility 37.3%ORI: 17.0% a year, volatility 22.2%SIGI: 4.4% a year, volatility 27.4%STC: −2.6% a year, volatility 31.8%RNR: 20.1% a year, volatility 27.8%AJG: 10.9% a year, volatility 24.2%MCY: 17.0% a year, volatility 34.3%THG: 14.4% a year, volatility 22.9%MET: 12.0% a year, volatility 25.4%CB: 15.7% a year, volatility 20.4%AFG: 9.8% a year, volatility 22.6%RLI: 8.1% a year, volatility 23.9%AIG: 9.0% a year, volatility 25.9%HIG: 15.6% a year, volatility 22.0%CINF: 10.2% a year, volatility 25.7%KIE: 10.8% a year, volatility 18.5%AON: −0.3% a year, volatility 23.8%CNA: 9.2% a year, volatility 21.6%ALLSPY (S&P 500)TRVPGRWRBERIEKMPRORISIGISTCRNRAJGMCYCBAFGRLIHIGAONCNA
All figures
InvestmentAnnual returnVolatility
TRV The Travelers Companies, Inc.+22.4%22.3%
PGR The Progressive Corporation+21.3%25.6%
ACGL Arch Capital Group Ltd.+20.1%24.5%
RNR RenaissanceRe Holdings Ltd.+20.1%27.8%
WRB W. R. Berkley Corporation+18.9%22.9%
ORI Old Republic International Corporation+17.0%22.2%
ALL This pageThe Allstate Corporation+17.0%26.2%
MCY Mercury General Corporation+17.0%34.3%
CB Chubb Limited+15.7%20.4%
HIG The Hartford Insurance Group, Inc.+15.6%22.0%
THG The Hanover Insurance Group, Inc.+14.4%22.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MET MetLife, Inc.+12.0%25.4%
AJG Arthur J. Gallagher & Co.+10.9%24.2%
KIE State Street SPDR S&P Insurance ETF+10.8%18.5%
CINF Cincinnati Financial Corporation+10.2%25.7%
AFG American Financial Group, Inc.+9.8%22.6%
CNA CNA Financial Corporation+9.2%21.6%
AIG American International Group, Inc.+9.0%25.9%
RLI RLI Corp.+8.1%23.9%
ERIE Erie Indemnity Company+6.3%31.4%
SIGI Selective Insurance Group, Inc.+4.4%27.4%
AON Aon plc−0.3%23.8%
STC Stewart Information Services Corporation−2.6%31.8%
KMPR Kemper Corporation−12.3%37.3%
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Has ALL consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than ALL 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
ALL The Allstate Corporation (this page)—+2.9%−1.1%+17.3%+24.4%+31.5%+116%+119%+356%26.2%0.73−41.4%—$63B—
TRV QualifiedThe Travelers Companies, Inc.5/5 short2/3 long+6.6%+7.8%+32.6%+40.3%+51.5%+158%+174%+347%22.3%1.02−46.3%—$83B—
PGR Insurance - Property & CasualtyThe Progressive Corporation2/5 short2/3 long+4.6%+4.6%+9.0%+4.8%+7.7%+56.8%+162%+816%25.6%0.89−30.3%—$129B—
WRB Insurance - Property & CasualtyW. R. Berkley Corporation2/5 short2/3 long+6.3%+0.7%+11.7%+6.7%+2.3%+87.3%+138%+443%22.9%0.87−45.3%—$27B—
RNR Insurance - ReinsuranceRenaissanceRe Holdings Ltd.4/5 short1/3 long+8.6%+10.3%+13.6%+30.7%+43.3%+66.5%+149%+215%27.8%0.80−40.7%—$15B—
AJG Insurance - BrokersArthur J. Gallagher & Co.2/5 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—
ACGL Insurance - DiversifiedArch Capital Group Ltd.2/5 short1/3 long+5.8%−0.5%+3.9%+7.9%+16.5%+28.7%+150%+309%24.5%0.87−53.8%—$35B—
MCY Insurance - Property & CasualtyMercury General Corporation2/5 short1/3 long+4.7%−0.9%+11.4%+15.6%+33.9%+268%+119%+198%34.3%0.63−55.3%—$5.8B—
THG Insurance - Property & CasualtyThe Hanover Insurance Group, Inc.5/5 short0/3 long+3.9%+8.7%+30.1%+31.4%+37.7%+115%+95.9%+291%22.9%0.70−40.1%—$8.1B—
MET Insurance - LifeMetLife, Inc.4/5 short0/3 long+4.7%+9.5%+32.0%+28.6%+32.2%+84.0%+76.5%+240%25.4%0.58−55.2%—$64B—
CB Insurance - Property & CasualtyChubb Limited3/5 short0/3 long+6.1%+1.8%+9.1%+16.4%+35.0%+78.9%+107%+248%20.4%0.82−42.6%—$138B—
AFG Insurance - Property & CasualtyAmerican Financial Group, Inc.2/5 short0/3 long+6.4%+5.6%+16.3%+15.0%+20.4%+66.9%+59.7%+321%22.6%0.53−59.0%—$12B—
RLI Insurance - Property & CasualtyRLI Corp.2/5 short0/3 long+6.2%+1.9%+13.5%+5.4%+14.2%+8.4%+47.7%+206%23.9%0.45−43.5%—$5.8B—
ERIE Insurance - Property & CasualtyErie Indemnity Company2/5 short0/3 long+4.9%+10.0%−1.8%−9.4%−20.4%−13.7%+35.9%+200%31.4%0.35−60.9%—$11B—
AIG Insurance - DiversifiedAmerican International Group, Inc.2/5 short0/3 long+9.8%+3.3%+5.6%−1.0%+8.0%+47.1%+54.1%+75.5%25.9%0.47−69.6%—$43B—
KMPR Insurance - Property & CasualtyKemper Corporation2/5 short0/3 long+12.1%+6.1%−9.3%−22.2%−37.4%−24.1%−48.0%−3.1%37.3%-0.16−70.3%—$1.8B—
HIG Insurance - DiversifiedThe Hartford Insurance Group, Inc.1/5 short0/3 long+4.3%−2.5%−0.9%+0.8%+12.1%+105%+106%+294%22.0%0.77−57.6%—$37B—
CINF Insurance - Property & CasualtyCincinnati Financial Corporation1/5 short0/3 long+3.7%−4.1%+4.8%+8.4%+13.6%+87.6%+62.7%+203%25.7%0.51−58.1%—$26B—
ORI Insurance - Property & CasualtyOld Republic International Corporation0/5 short0/3 long+1.2%−5.3%−5.2%−6.1%+3.6%+81.5%+119%+349%22.2%0.82−47.8%—$9.6B—
KIE FinancialsState Street SPDR S&P Insurance ETF0/5 short0/3 long+2.9%−1.2%+8.8%+7.4%+12.8%+56.7%+67.1%+203%18.5%0.65−44.3%0.35%$532M—
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—
CNA Insurance - Property & CasualtyCNA Financial Corporation0/5 short0/3 long+1.3%−7.7%+3.6%+10.9%+15.2%+56.4%+55.2%+183%21.6%0.52−45.9%—$13B—
SIGI Insurance - Property & CasualtySelective Insurance Group, Inc.0/5 short0/3 long+1.9%−7.1%+10.3%+8.6%+9.1%−9.1%+24.1%+160%27.4%0.30−48.4%—$5.3B—
STC Insurance - Property & CasualtyStewart Information Services Corporation0/5 short0/3 long−16.6%−24.3%−20.3%−23.2%−23.8%+45.0%−12.5%+56.2%31.8%0.07−53.5%—$1.6B—
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How did ALL do year by year?

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

InvestmentYears ahead of ALL20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
ALL This pageThe Allstate Corporation—+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%
Rank among alternativesTop quarter in 8 of 2911 of 244 of 2414 of 248 of 2420 of 2412 of 247 of 2423 of 243 of 2412 of 2422 of 241 of 2414 of 243 of 2418 of 2422 of 2416 of 2418 of 2419 of 244 of 2417 of 235 of 2318 of 235 of 2321 of 237 of 2214 of 2216 of 225 of 22
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%
TRV The Travelers Companies, Inc.16 of 29+22.4%+28.8%+3.9%+22.4%+14.0%+5.3%+17.0%−9.7%+13.4%+11.0%+9.1%+19.6%+29.1%+24.8%+9.3%+14.8%+13.5%−13.8%+2.4%+22.9%+23.2%−3.6%+20.3%−20.1%−16.9%+65.7%0.0%−12.9%+43.6%
PGR The Progressive Corporation18 of 29−3.0%+51.4%+23.2%+26.8%+10.8%+41.5%+25.1%+9.4%+61.6%+14.9%+21.1%+5.3%+30.9%+15.5%+0.2%+17.2%+21.5%−22.1%−13.2%−16.9%+37.8%+1.7%+68.5%0.0%+44.3%+42.2%−56.6%+41.6%+78.3%
WRB W. R. Berkley Corporation16 of 29+23.0%+27.9%+0.3%+33.9%+27.4%−3.1%+43.8%+5.7%+9.9%+23.7%+7.8%+21.8%+16.1%+13.6%+27.1%+12.3%−19.9%+5.2%−13.1%+9.2%+52.6%+36.1%+33.2%+10.8%+15.2%+131%−37.4%−21.1%+32.0%
RNR RenaissanceRe Holdings Ltd.16 of 29+13.7%+27.8%+7.2%+9.9%+3.1%−14.7%+47.8%+7.5%−6.9%+21.6%+17.8%+1.0%+21.3%+10.8%+18.6%+21.9%+5.1%−12.8%+2.0%+38.3%−13.8%+7.7%+25.7%+26.4%+24.4%+97.8%+16.2%−14.7%+36.9%
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%
ACGL Arch Capital Group Ltd.17 of 29+3.9%+30.8%+18.3%+41.2%+23.2%−15.9%+60.5%−11.7%+5.2%+23.7%+18.1%−1.0%+35.6%+18.2%+26.9%+23.0%+2.0%−0.3%+4.1%+23.5%+41.3%−2.9%+28.0%+21.0%+72.2%+18.8%−42.2%−2.1%+14.6%
MCY Mercury General Corporation15 of 29+44.1%+82.2%+13.6%−32.6%+6.2%+13.5%−1.2%+1.7%−7.2%+35.2%−13.8%+19.8%+32.6%−7.8%+12.6%+15.9%−8.1%−3.0%−1.8%−6.1%+0.1%+32.4%+27.8%−11.5%+1.6%+104%−47.8%−19.6%+114%
THG The Hanover Insurance Group, Inc.12 of 29+20.7%+30.6%−7.6%+5.4%+14.5%−12.3%+26.7%+10.1%+21.4%+14.4%+16.6%+22.4%+58.3%+14.4%−23.0%+7.6%+5.2%−5.0%−5.2%+17.5%+28.1%+6.7%+205%−77.3%−38.1%+30.8%−3.4%+16.3%+49.8%
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%————
CB Chubb Limited16 of 29+14.5%+23.9%+4.2%+16.0%+27.9%+1.4%+22.9%−9.6%+12.8%+15.6%+5.3%+14.4%+31.9%+17.6%+14.5%+26.4%−1.8%−13.0%+3.8%+15.4%+27.5%+5.3%+44.3%−25.4%−3.7%+159%−50.6%+7.8%+62.3%
AFG American Financial Group, Inc.13 of 29+5.4%+23.8%−7.6%+10.9%+93.8%−16.2%+27.1%−13.0%+29.2%+25.8%+22.2%+8.7%+51.2%+9.9%+16.5%+32.2%+11.7%−19.1%−18.6%+42.4%+24.4%+20.2%+17.4%−4.1%−3.8%+5.0%−38.0%+11.6%+9.5%
RLI RLI Corp.15 of 29−19.1%+27.6%+3.8%+24.8%+10.7%+18.1%+33.2%+16.7%+0.4%+6.8%+31.1%+9.6%+57.9%−2.7%+52.1%+13.7%−11.0%+9.6%+2.2%+14.5%+21.8%+12.5%+36.0%+24.6%+2.5%+33.8%+4.1%−15.2%+50.0%
ERIE Erie Indemnity Company14 of 29−29.4%+24.7%+37.4%+32.0%−20.0%+52.4%+27.1%+12.5%+11.2%+20.2%+9.6%+28.5%+8.1%−5.2%+23.0%+73.0%+9.0%−23.9%−7.9%+12.0%+3.7%+25.7%+19.9%−4.2%+31.6%−6.3%+5.4%+7.4%−3.7%
AIG American International Group, Inc.11 of 29+20.0%+9.8%+9.8%+13.8%+53.9%−23.1%+33.6%−32.1%−6.9%+7.8%+12.1%+10.7%+45.2%+52.1%−43.6%+92.2%−4.6%−97.2%−17.6%+6.2%+5.0%−0.5%+15.1%−26.9%−19.3%+37.0%+40.2%+33.7%+51.2%
KMPR Kemper Corporation14 of 29−37.5%+39.2%+1.5%−14.2%−22.1%+0.8%+18.3%−2.3%+58.7%+22.6%+5.8%−9.3%+42.5%+4.3%+23.2%+15.2%+48.2%−64.4%−0.3%+15.7%+2.7%+14.1%+50.1%−22.5%+9.2%+13.5%+9.4%+15.5%+21.2%
HIG The Hartford Insurance Group, Inc.13 of 29+28.1%+38.5%+8.6%+12.3%+44.3%−17.0%+39.8%−19.2%+20.3%+11.8%+6.1%+17.1%+64.1%+40.9%−37.5%+14.8%+43.8%−79.8%−4.6%+10.8%+25.8%+19.5%+33.0%−26.3%−9.6%+51.9%−12.1%+19.3%+41.5%
CINF Cincinnati Financial Corporation15 of 29+16.3%+42.5%+4.0%−7.9%+33.3%−14.1%+38.9%+6.3%+1.0%+31.5%+19.0%+2.6%+38.4%+34.2%+1.5%+27.5%−3.6%−22.8%−9.8%+4.4%+9.1%+14.2%+14.0%+0.7%−1.4%+29.5%−13.2%−20.7%+121%
ORI Old Republic International Corporation13 of 29+37.4%+27.2%+26.4%+6.7%+44.9%−7.6%+17.7%+4.9%+17.0%+6.3%+33.4%−11.2%+70.5%+23.5%−27.3%+43.3%−10.2%−18.2%−31.5%+13.9%+10.4%+1.9%+42.5%+1.9%−10.1%+141%−37.0%−8.1%+41.1%
KIE State Street SPDR S&P Insurance ETF8 of 20+8.1%+27.0%+12.2%+3.5%+22.7%−3.1%+27.2%−6.0%+12.8%+21.4%+6.0%+7.7%+45.5%+20.7%−12.0%+26.0%+28.1%−46.7%−5.7%+8.8%—————————
AON Aon plc16 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%
CNA CNA Financial Corporation13 of 29+7.0%+24.0%+7.1%+3.8%+19.0%−5.4%+9.5%−11.1%+37.1%+30.0%−2.3%−5.3%+56.5%+6.9%+0.3%+12.7%+45.9%−50.4%−15.8%+23.2%+22.4%+11.0%−5.9%−12.2%−24.7%−0.5%−3.3%−5.5%+19.4%
SIGI Selective Insurance Group, Inc.16 of 29−8.8%−4.6%+13.7%+9.7%+24.0%+4.5%+8.2%+5.1%+38.2%+30.3%+26.0%+2.7%+43.6%+12.0%+0.7%+14.0%−25.7%+2.1%−18.1%+9.7%+22.0%+39.1%+31.8%+18.7%−8.0%+45.7%−11.9%−23.7%+45.4%
STC Stewart Information Services Corporation13 of 29+7.2%+18.2%+43.4%−44.6%+68.6%+22.6%+1.5%+0.7%−5.5%+27.2%+2.9%+15.2%+24.5%+126%+0.6%+2.7%−51.8%−9.2%−38.1%−9.2%+18.5%+3.8%+91.8%+8.3%−11.0%+66.8%−53.7%+101%+41.2%
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Risk and diversification

How ALL 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 ALL's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ALL's five deepest drawdowns since it began trading in 1993, 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 ALL fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringALL fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−77.0%−50.2%Dec 2006Mar 20092.3 yearsOct 20134.6 years
Dot-com bust−64.6%+20.9%Jul 1998Mar 200020 monthsFeb 20043.9 years
Covid crash−41.4%−33.6%Feb 2020Mar 20201 monthApr 202113 months
No named crash−31.8%−2.8%Oct 1993Apr 19946 monthsJul 199515 months
2023 regional bank crisis−27.3%+16.6%Jan 2023Jul 20236 monthsNov 20234 months

How did ALL do in stock market crashes?

This section measures how far ALL, 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 ALL.

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
ALL This pageThe Allstate Corporation—−6.7%−20.3%−40.8%−23.7%−8.0%−10.8%−20.3%−0.8%−74.8%−30.6%
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%
TRV The Travelers Companies, Inc.6 of 10−2.6%−18.9%−39.2%−15.7%−8.8%−11.4%−18.1%−1.1%−43.7%−55.1%
PGR The Progressive Corporation7 of 10−2.9%−10.5%−18.3%−22.3%−4.3%−12.3%−16.6%−1.2%−52.9%−36.2%
WRB W. R. Berkley Corporation6 of 10−7.5%−14.7%−45.3%−12.2%−7.5%−17.6%−15.5%−0.9%−42.0%−25.9%
RNR RenaissanceRe Holdings Ltd.7 of 10−10.2%−27.1%−39.6%−14.1%−3.1%−8.5%−16.1%−0.7%−45.2%−25.1%
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%
ACGL Arch Capital Group Ltd.6 of 10−7.3%−16.6%−51.7%−17.9%−5.5%−16.4%−12.6%−0.6%−43.9%−21.9%
MCY Mercury General Corporation6 of 10−6.2%−48.3%−32.2%−19.6%−13.6%−20.2%−12.5%−0.9%−62.9%−26.1%
THG The Hanover Insurance Group, Inc.8 of 10−5.2%−18.6%−38.8%−14.2%−7.3%−10.7%−15.9%0.0%−42.9%−90.1%
MET MetLife, Inc.3 of 9−12.6%−19.5%−55.0%−20.9%−6.9%−36.5%−36.3%−3.4%−82.3%—
CB Chubb Limited7 of 10−5.6%−19.1%−42.2%−13.6%−8.4%−9.7%−13.7%−0.2%−51.2%−52.4%
AFG American Financial Group, Inc.4 of 10−7.4%−16.2%−58.2%−23.5%−6.6%−11.8%−13.8%−0.5%−58.7%−38.0%
RLI RLI Corp.9 of 10−4.3%−15.7%−27.0%−16.9%−6.1%−8.2%−14.7%−2.2%−34.8%−21.3%
ERIE Erie Indemnity Company9 of 10−4.7%−17.1%−16.5%−9.2%−4.8%−9.2%−15.6%−2.9%−49.7%−25.5%
AIG American International Group, Inc.1 of 10−12.7%−25.5%−61.8%−32.5%−7.6%−21.1%−30.6%0.0%−99.5%−50.5%
KMPR Kemper Corporation1 of 10−9.1%−34.3%−28.9%−23.6%−10.1%−42.0%−21.8%−3.4%−82.5%−32.5%
HIG The Hartford Insurance Group, Inc.2 of 10−9.0%−18.6%−54.5%−19.4%−8.1%−23.3%−37.2%−2.9%−96.0%−51.5%
CINF Cincinnati Financial Corporation4 of 10−7.0%−35.8%−40.5%−12.1%−7.9%−11.3%−15.4%−1.5%−57.1%−29.8%
ORI Old Republic International Corporation4 of 10−5.3%−20.4%−46.3%−14.0%−7.7%−10.7%−21.9%−3.0%−60.0%−27.9%
KIE State Street SPDR S&P Insurance ETF3 of 9−8.5%−15.7%−44.1%−17.9%−5.9%−15.3%−24.3%−2.0%−74.6%—
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%
CNA CNA Financial Corporation1 of 10−8.7%−25.7%−43.3%−12.3%−8.9%−24.6%−22.7%−1.8%−83.9%−46.2%
SIGI Selective Insurance Group, Inc.6 of 10−5.7%−17.4%−38.4%−14.9%−5.5%−20.3%−25.4%−4.0%−61.3%−34.8%
STC Stewart Information Services Corporation1 of 10−6.9%−45.2%−46.6%−11.9%−8.9%−25.6%−22.7%−3.1%−81.9%−30.1%
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How closely does ALL 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 ALL 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 ALL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ALL This pageThe Allstate Corporation68%41%1.660.49
WRB W. R. Berkley Corporation68%26%2.580.55
RNR RenaissanceRe Holdings Ltd.46%20%2.260.31
AJG Arthur J. Gallagher & Co.80%46%1.740.61
THG The Hanover Insurance Group, Inc.64%37%1.720.60
ERIE Erie Indemnity Company50%33%1.530.37
TRV The Travelers Companies, Inc.70%48%1.480.59
ORI Old Republic International Corporation82%61%1.340.70
CB Chubb Limited63%48%1.320.54
ACGL Arch Capital Group Ltd.74%57%1.280.57
CNA CNA Financial Corporation57%45%1.260.54
AFG American Financial Group, Inc.84%75%1.120.78
SIGI Selective Insurance Group, Inc.56%51%1.100.56
MCY Mercury General Corporation63%59%1.070.65
HIG The Hartford Insurance Group, Inc.83%77%1.070.78
RLI RLI Corp.57%54%1.050.39
CINF Cincinnati Financial Corporation66%63%1.050.60
KIE State Street SPDR S&P Insurance ETF75%77%0.970.78
MET MetLife, Inc.91%97%0.941.03
AON Aon plc79%89%0.890.78
AIG American International Group, Inc.64%93%0.680.91
STC Stewart Information Services Corporation86%139%0.621.05
KMPR Kemper Corporation80%171%0.470.93
PGR The Progressive Corporation72%-5%—0.36
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What diversifies ALL?

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

ETFs

InvestmentCorrelation5Y returnSharpe202020182015201120092008200720011999199880/20 mix volatility80/20 mix annual return
ALL The Allstate Corporation (this page)1.00+119%0.73−0.1%−19.5%−9.9%−11.4%−5.1%−34.5%−17.6%−21.0%−36.4%−13.8%24.3%+14.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.37+119%1.48−9.0%−5.2%————————20.2%+15.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.13+225%1.34+3.9%−19.8%+7.7%−16.1%+2.0%−20.8%−7.4%———19.9%+17.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.47+101%1.04−13.4%−8.7%−25.3%———————20.9%+15.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.41+83.3%1.00−6.5%−3.0%−0.3%———————20.7%+14.4%
SMH TechnologyVanEck Semiconductor ETF-0.16+323%0.97+55.5%−9.1%−0.3%+6.8%+60.5%−44.7%+6.0%−14.6%——19.5%+20.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.19+85.0%0.96+2.1%−9.5%+4.1%———————20.0%+14.8%
GLD CommoditiesSPDR Gold Shares0.06+126%0.96+24.8%−1.9%−10.7%+9.6%+24.0%+4.9%+30.4%———19.9%+15.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.12+136%0.93+28.2%−0.9%————————20.3%+16.6%

Stocks

InvestmentCorrelation5Y returnSharpe202020182015201120092008200720011999199880/20 mix volatility80/20 mix annual return
ALL The Allstate Corporation (this page)1.00+119%0.73−0.1%−19.5%−9.9%−11.4%−5.1%−34.5%−17.6%−21.0%−36.4%−13.8%24.3%+14.4%
CAH Medical - DistributionCardinal Health, Inc.0.33+479%1.55+10.1%−24.5%+12.6%+8.1%−4.4%−39.6%−9.8%−2.5%−36.8%+51.7%21.8%+19.6%
CLS Hardware, Equipment & PartsCelestica Inc.-0.11+3,143%1.47−2.4%−16.3%−6.0%−24.4%+105%−20.5%−25.7%−25.6%+350%—21.5%+33.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.06+1,636%1.46+6.7%+0.8%+67.7%−17.0%+17.8%−15.2%+2.1%+73.7%−58.7%−9.5%21.9%+28.9%
MCK Medical - DistributionMcKesson Corporation0.34+413%1.44+27.1%−28.4%−4.5%+11.8%+62.9%−40.4%+29.7%+4.9%−71.3%+46.9%21.6%+19.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.27+690%1.41−27.4%−8.2%+17.4%———————22.1%+21.7%
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Common questions

What was ALL's worst drawdown?

ALL's deepest decline since it began trading in 1993 was 77.0%, from December 2006 to March 2009. It took about five years from the low to climb back to its old high.

What were ALL's best and worst years?

Over 29 full calendar years, ALL's best year was 2000, when it returned 85.6%. Its worst was 1999, with a return of -36.4%.

Is there a better investment than ALL?

Among ALL's popular alternatives, TRV, ACGL and WRB earned more than ALL with less volatility over the past 5 years. TRV returned 22.4% a year at 22.3% volatility, against 17.0% a year at 26.2%. Looking beyond its popular alternatives, MFC (life insurance) and ACT (insurance) earned more than ALL with less volatility over the past 5 years. MFC returned 22.6% a year at 24.0% volatility, against 17.0% a year at 26.2%.

Is ALL more volatile than the S&P 500?

Yes. ALL's volatility over the past 5 years was 26.2%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ALL's return lands within 26.2% 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 ALL's Sharpe ratio?

ALL's Sharpe ratio over the past 5 years was 0.73, against 0.79 for the S&P 500, so ALL 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 ALL with the S&P 500?

Over the past 5 years, ALL's monthly returns had a correlation of 0.09 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against ALL instead: the lower it is, the more that option would diversify a ALL holding.

What are the best alternatives to ALL?

Of the 23 popular alternatives we compared, one outperformed ALL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: TRV.

Did ALL outperform the S&P 500?

ALL finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +10.1%, against +17.7% for the index.

How did ALL do in stock market crashes?

ALL 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 2008 financial crisis, when ALL fell 74.8% and the S&P 500 fell 55.2%.

What diversifies ALL?

These had a low correlation with ALL over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.37), DXJ (correlation 0.13) and EMLP (correlation 0.47); among large stocks, CAH (correlation 0.33), CLS (correlation -0.11) and FIX (correlation 0.06). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ALL

Other stocks and ETFs