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Relative Intelligence · Semiconductor Equipment

How Applied Materials (AMAT) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AMAT alone. It places AMAT (Applied Materials, Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where AMAT stands in the market, and of the alternatives worth a closer look.

Period covered: AMAT'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 AMAT →Chart AMAT vs. 20 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in AMAT over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AMAT over the same span and AMAT'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. 79 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of AMAT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • LRCX$2M+24,786% total · +21.0% a year
  • KLAC$1M+10,976% total · +17.6% a year
  • FIX$1M+10,682% total · +17.5% a year
  • ASML$984,088+9,741% total · +17.1% a year
  • MU$629,766+6,198% total · +15.4% a year
  • AMAT$594,575+5,846% total · +15.1% a year
  • TER$161,859+1,519% total · +10.1% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • KLIC$46,988+370% total · +5.5% a year
  • COHU$36,015+260% total · +4.5% 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. 188 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AMAT; 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
  • MU$153,675+1,437% total · +72.7% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • KLAC$61,203+512% total · +43.7% a year
  • LRCX$60,701+507% total · +43.4% a year
  • TSM$43,622+336% total · +34.3% a year
  • AMAT$41,406+314% total · +32.9% a year
  • CAMT$38,960+290% total · +31.3% a year
  • NVMI$37,658+277% total · +30.4% a year
  • TER$37,422+274% total · +30.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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AMAT 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
$321B
Industry
Semiconductors
Price history from
October 1986

Returns

Past 1 year
+78.5%total return
Past 3 years
+209%+45.7% a year
Past 5 years
+215%+25.8% a year
Past 10 years
+1,488%+31.8% a year
Best calendar year
+197%1999
Worst calendar year
−42.1%2008
Losing years
9 of 29full calendar years

Risk

Volatility
47.4%typical yearly swing, 5 years
Sharpe ratio
0.72return per unit of risk, 5 years
Worst decline ever
−85.2%Apr 2000 to Nov 2008
From its all-time high
−43.9%below the peak

AMAT against the whole market

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

How does AMAT rank among all stocks?

This section ranks AMAT 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 AMAT 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.

MeasureAMATRankStanding
1-year return+78.5%283 of 3,287top 9%
3-year return+209%370 of 3,017top 12%
5-year return+215%284 of 2,893top 10%
10-year return+1,488%62 of 2,202top 3%
Volatility, 5 years47.4%1,815 of 2,893bottom 38%
Sharpe ratio, 5 years0.72421 of 2,893top 15%
Worst decline, past 10 years−55.1%680 of 2,187top 31%

What has beaten AMAT 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). AMAT sits where the dashed lines cross. Anything in the green box above and to the left earned more than AMAT 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 AMAT; faint dots are 86 more of the 112 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%20.0%30.0%40.0%50.0%60.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AMATVCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%NWPX: +32.5% a year, volatility 36.2%INSW: +56.5% a year, volatility 40.5%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%SCCO: +32.0% a year, volatility 40.7%TRGP: +41.8% a year, volatility 31.7%CAT: +31.1% a year, volatility 31.9%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%FTI: +54.1% a year, volatility 41.3%TEVA: +32.2% a year, volatility 42.8%BAP: +30.8% a year, volatility 30.3%NWG: +27.7% a year, volatility 34.1%CIB: +32.9% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%PWR: +39.3% a year, volatility 37.2%COKE: +41.2% a year, volatility 38.0%MOG-A: +36.6% a year, volatility 32.0%EMBJ: +32.8% a year, volatility 45.0%WPM: +27.5% a year, volatility 36.9%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%CASY: +29.9% a year, volatility 29.3%LGND: +30.2% a year, volatility 44.2%ENVA: +37.8% a year, volatility 41.9%CW: +30.8% a year, volatility 28.7%CHEF: +27.5% a year, volatility 39.8%WT: +31.4% a year, volatility 32.8%LPG: +54.6% a year, volatility 43.6%GTX: +27.0% a year, volatility 41.4%AAMI: +29.0% a year, volatility 35.6%DCO: +27.5% a year, volatility 34.5%EZPW: +33.2% a year, volatility 35.4%PBR-A: +51.8% a year, volatility 37.5%ALSN: +27.3% a year, volatility 29.9%TK: +47.1% a year, volatility 41.7%SNEX: +33.0% a year, volatility 37.3%UVE: +34.3% a year, volatility 42.8%HWM: +47.3% a year, volatility 32.5%TFPM: +29.3% a year, volatility 37.7%DHT: +38.7% a year, volatility 39.0%USLM: +35.6% a year, volatility 36.1%HWKN: +29.1% a year, volatility 36.5%XOM: +27.1% a year, volatility 26.5%ODC: +35.9% a year, volatility 36.9%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%MUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%IBKR: +35.4% a year, volatility 35.4%PSX: +33.2% a year, volatility 32.9%PH: +27.4% a year, volatility 28.8%SU: +33.1% a year, volatility 32.5%GLW: +31.4% a year, volatility 42.1%AEM: +29.5% a year, volatility 38.4%IMO: +34.3% a year, volatility 32.0%STLD: +32.2% a year, volatility 38.0%JBL: +35.8% a year, volatility 39.6%SBS: +39.1% a year, volatility 37.1%NVT: +35.4% a year, volatility 38.0%PAA: +27.0% a year, volatility 25.6%DINO: +31.8% a year, volatility 38.8%RL: +28.6% a year, volatility 36.9%TPR: +28.1% a year, volatility 40.8%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%AIT: +28.5% a year, volatility 30.3%AGI: +32.6% a year, volatility 42.4%IDCC: +39.0% a year, volatility 36.9%LAUR: +37.5% a year, volatility 32.8%UGP: +29.5% a year, volatility 41.5%DRS: +26.8% a year, volatility 42.8%DY: +27.0% a year, volatility 44.5%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%GFF: +36.4% a year, volatility 41.7%STNG: +37.9% a year, volatility 43.6%GLNG: +29.4% a year, volatility 37.8%ARLP: +29.4% a year, volatility 31.6%CVSA: +28.9% a year, volatility 43.3%HURN: +29.7% a year, volatility 40.7%BLX: +31.4% a year, volatility 25.9%CXW: +26.9% a year, volatility 44.0%AMAT: +25.8% a year, volatility 47.4%SPY (S&P 500): +12.7% a year, volatility 17.1%TSM: +31.5% a year, volatility 38.5%KLAC: +38.7% a year, volatility 46.7%NVDA: +58.0% a year, volatility 51.9%LRCX: +37.4% a year, volatility 49.9%MU: +68.1% a year, volatility 57.1%TER: +24.0% a year, volatility 54.3%SMH: +33.4% a year, volatility 36.9%ASX: +48.8% a year, volatility 43.0%AVGO: +48.3% a year, volatility 44.5%HPE: +32.9% a year, volatility 42.2%PANW: +31.9% a year, volatility 43.4%ANET: +49.0% a year, volatility 49.0%LLY: +40.7% a year, volatility 32.8%MFG: +33.6% a year, volatility 30.6%MPC: +51.2% a year, volatility 33.4%JXN: +41.7% a year, volatility 43.3%SOXQ: +28.3% a year, volatility 38.9%FIX: +77.0% a year, volatility 46.7%ABBV: +26.1% a year, volatility 23.4%EPU: +29.5% a year, volatility 24.9%ATI: +61.8% a year, volatility 42.9%CAH: +42.1% a year, volatility 24.7%AMATSPY (S&P 500)TSMKLACNVDALRCXMUTERSMHASXHPEANETLLYMFGMPCJXNSOXQFIXABBVEPUATICAH10.0%20.0%30.0%40.0%50.0%60.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AMATVCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%NWPX: +32.5% a year, volatility 36.2%INSW: +56.5% a year, volatility 40.5%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%SCCO: +32.0% a year, volatility 40.7%TRGP: +41.8% a year, volatility 31.7%CAT: +31.1% a year, volatility 31.9%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%FTI: +54.1% a year, volatility 41.3%TEVA: +32.2% a year, volatility 42.8%BAP: +30.8% a year, volatility 30.3%NWG: +27.7% a year, volatility 34.1%CIB: +32.9% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%PWR: +39.3% a year, volatility 37.2%COKE: +41.2% a year, volatility 38.0%MOG-A: +36.6% a year, volatility 32.0%EMBJ: +32.8% a year, volatility 45.0%WPM: +27.5% a year, volatility 36.9%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%CASY: +29.9% a year, volatility 29.3%LGND: +30.2% a year, volatility 44.2%ENVA: +37.8% a year, volatility 41.9%CW: +30.8% a year, volatility 28.7%CHEF: +27.5% a year, volatility 39.8%WT: +31.4% a year, volatility 32.8%LPG: +54.6% a year, volatility 43.6%GTX: +27.0% a year, volatility 41.4%AAMI: +29.0% a year, volatility 35.6%DCO: +27.5% a year, volatility 34.5%EZPW: +33.2% a year, volatility 35.4%PBR-A: +51.8% a year, volatility 37.5%ALSN: +27.3% a year, volatility 29.9%TK: +47.1% a year, volatility 41.7%SNEX: +33.0% a year, volatility 37.3%UVE: +34.3% a year, volatility 42.8%HWM: +47.3% a year, volatility 32.5%TFPM: +29.3% a year, volatility 37.7%DHT: +38.7% a year, volatility 39.0%USLM: +35.6% a year, volatility 36.1%HWKN: +29.1% a year, volatility 36.5%XOM: +27.1% a year, volatility 26.5%ODC: +35.9% a year, volatility 36.9%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%MUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%IBKR: +35.4% a year, volatility 35.4%PSX: +33.2% a year, volatility 32.9%PH: +27.4% a year, volatility 28.8%SU: +33.1% a year, volatility 32.5%GLW: +31.4% a year, volatility 42.1%AEM: +29.5% a year, volatility 38.4%IMO: +34.3% a year, volatility 32.0%STLD: +32.2% a year, volatility 38.0%JBL: +35.8% a year, volatility 39.6%SBS: +39.1% a year, volatility 37.1%NVT: +35.4% a year, volatility 38.0%PAA: +27.0% a year, volatility 25.6%DINO: +31.8% a year, volatility 38.8%RL: +28.6% a year, volatility 36.9%TPR: +28.1% a year, volatility 40.8%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%AIT: +28.5% a year, volatility 30.3%AGI: +32.6% a year, volatility 42.4%IDCC: +39.0% a year, volatility 36.9%LAUR: +37.5% a year, volatility 32.8%UGP: +29.5% a year, volatility 41.5%DRS: +26.8% a year, volatility 42.8%DY: +27.0% a year, volatility 44.5%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%GFF: +36.4% a year, volatility 41.7%STNG: +37.9% a year, volatility 43.6%GLNG: +29.4% a year, volatility 37.8%ARLP: +29.4% a year, volatility 31.6%CVSA: +28.9% a year, volatility 43.3%HURN: +29.7% a year, volatility 40.7%BLX: +31.4% a year, volatility 25.9%CXW: +26.9% a year, volatility 44.0%AMAT: +25.8% a year, volatility 47.4%SPY (S&P 500): +12.7% a year, volatility 17.1%TSM: +31.5% a year, volatility 38.5%KLAC: +38.7% a year, volatility 46.7%NVDA: +58.0% a year, volatility 51.9%LRCX: +37.4% a year, volatility 49.9%MU: +68.1% a year, volatility 57.1%TER: +24.0% a year, volatility 54.3%SMH: +33.4% a year, volatility 36.9%ASX: +48.8% a year, volatility 43.0%AVGO: +48.3% a year, volatility 44.5%HPE: +32.9% a year, volatility 42.2%PANW: +31.9% a year, volatility 43.4%ANET: +49.0% a year, volatility 49.0%LLY: +40.7% a year, volatility 32.8%MFG: +33.6% a year, volatility 30.6%MPC: +51.2% a year, volatility 33.4%JXN: +41.7% a year, volatility 43.3%SOXQ: +28.3% a year, volatility 38.9%FIX: +77.0% a year, volatility 46.7%ABBV: +26.1% a year, volatility 23.4%EPU: +29.5% a year, volatility 24.9%ATI: +61.8% a year, volatility 42.9%CAH: +42.1% a year, volatility 24.7%AMATSPY (S&P 500)TSMKLACNVDAMUTERSMHASXAVGOHPEANETLLYMFGMPCJXNSOXQFIXABBVEPUATICAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than AMAT?

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

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

Screen the whole market against AMAT for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with AMAT?lower diversifies moreExpenseper year
AMATApplied Materials, Inc. · this page
+25.8%47.4%0.72−55.1%+1,488%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.500.09%
Popular alternativesbest 6 shownThe investments people most often weigh against AMAT. 6 of 20 passed at least one test.
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher return in most periods+31.5%38.5%0.91−56.6%+1,505%0.72—
KLACKLA Corporation · Semiconductor Equipment
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+38.7%46.7%0.94−46.3%+2,534%0.93—
NVDANVIDIA Corporation · Semiconductors
Higher return, similar volatilityHigher return in most periods+58.0%51.9%1.14−66.3%+13,019%0.45—
LRCXLam Research Corporation · Semiconductor Equipment
Higher return, similar volatilityHigher return in most periods+37.4%49.9%0.89−56.4%+2,989%0.88—
MUMicron Technology, Inc. · Semiconductors
Higher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.60—
TERTeradyne, Inc. · Semiconductor Equipment
Higher return in most periods+24.0%54.3%0.67−59.1%+1,565%0.73—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Semiconductor Equipment and Semiconductors and the categories next to it (Computer Hardware, Communications Equipment, Software), plus AMAT's specific themes. 22 of 132 passed at least one test.
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.4%36.9%0.97−45.3%+1,665%0.770.35%
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return, lower volatilityHigher return in most periods+48.8%43.0%1.15−52.5%+967%0.70—
AVGOBroadcom Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+48.3%44.5%1.11−48.3%+2,380%0.28—
HPEHewlett Packard Enterprise Company · Computer Hardware
Higher return, lower volatilityHigher return in most periods+32.9%42.2%0.89−56.9%+483%0.34—
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst decline+31.9%43.4%0.86−48.0%+1,274%0.30—
ANETArista Networks, Inc. · Communications Equipment
Higher return, similar volatilityHigher return in most periods+49.0%49.0%1.06−52.2%+3,439%0.37—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 183 of 3,481 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.26—
MFGMizuho Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.6%30.6%1.10−45.7%+345%0.21—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.03—
JXNJackson Financial Inc. · Life Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+41.7%43.3%1.03−48.4%—0.11—
SOXQInvesco PHLX Semiconductor ETF · Technology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+28.3%38.9%0.84−46.0%—0.770.19%
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+77.0%46.7%1.46−49.7%+5,305%0.51—
ABBVAbbVie Inc. · Pharmaceuticals
Similar return, lower volatilityHigher Sharpe, smaller worst decline+26.1%23.4%1.11−45.1%+603%0.21—
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, lower volatilityHigher return in most periods+29.5%24.9%1.17−51.0%+275%0.320.59%
What these numbers mean for AMAT
Annual return
AMAT returned 25.8% 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 $31,500. 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
AMAT's volatility over the past 5 years was 47.4%, 2.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AMAT's return lands within 47.4% 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
AMAT's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so AMAT 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
AMAT's worst fall from a peak to a low over the past 10 years was 55.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 55.1% fall takes a 123% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, AMAT's monthly returns had a correlation of 0.50 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 AMAT instead: the lower it is, the more that option would diversify a AMAT holding. Guide: Correlation and diversification →
Show all 112 stocks and funds worth at least $500 million that earned more than AMAT with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with AMATExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.26—
2
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.21—
3
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.03—
4
JXNJackson Financial Inc. · Life Insurance
Whole market+41.7%43.3%1.03−48.4%—0.11—
5
SMHVanEck Semiconductor ETF · Semiconductors
Same or nearby category+33.4%36.9%0.97−45.3%+1,665%0.770.35%
6
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+28.1%35.0%0.89−45.2%—0.14—
7
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.30—
8
SOXQInvesco PHLX Semiconductor ETF · Technology
Whole market+28.3%38.9%0.84−46.0%—0.770.19%
9
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+929%0.28—
10
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.35—
11
NWPXNWPX Infrastructure, Inc. · Construction Materials
Whole market+32.5%36.2%0.96−46.5%+682%0.46—
12
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—0.06—
13
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+332%0.25—
14
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.17—
15
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+1,061%0.12—
16
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+1,017%0.34—
17
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.20—
18
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.64—
19
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.05—
20
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.70—
21
FTITechnipFMC plc · Oilfield Services
Whole market+54.1%41.3%1.26−85.8%+178%0.19—
22
TEVATeva Pharmaceutical Industries Limited · Pharmaceuticals
Whole market+32.2%42.8%0.86−85.5%−3.6%0.13—
23
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.40—
24
NWGNatWest Group plc · Banks
Whole market+27.7%34.1%0.89−67.4%+495%0.28—
25
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.23—
26
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.23—
27
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+2,045%0.46—
28
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+1,569%0.25—
29
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.53—
30
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Popular alternative+31.5%38.5%0.91−56.6%+1,505%0.72—
31
ASXASE Technology Holding Co., Ltd. · Semiconductors
Same or nearby category+48.8%43.0%1.15−52.5%+967%0.70—
32
EMBJEmbraer S.A. · Aerospace & Defense
Whole market+32.8%45.0%0.86−85.2%+283%0.29—
33
AVGOBroadcom Inc. · Semiconductors
Same or nearby category+48.3%44.5%1.11−48.3%+2,380%0.28—
34
WPMWheaton Precious Metals Corp. · Metals & Mining
Whole market+27.5%36.9%0.85−46.7%+510%0.00—
35
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%-0.08—
36
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%0.37—
37
HPEHewlett Packard Enterprise Company · Computer Hardware
Same or nearby category+32.9%42.2%0.89−56.9%+483%0.34—
38
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.30—
39
LGNDLigand Pharmaceuticals Incorporated · Biotechnology
Whole market+30.2%44.2%0.82−76.9%+414%0.49—
40
ENVAEnova International, Inc. · Consumer Finance
Whole market+37.8%41.9%0.98−77.6%+1,819%0.40—
41
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+512%0.39—
42
CHEFThe Chefs' Warehouse, Inc. · Food Distribution
Whole market+27.5%39.8%0.81−91.3%+787%0.28—
43
WTWisdomTree, Inc. · Asset Management
Whole market+31.4%32.8%1.00−84.0%+174%0.18—
44
LPGDorian LPG Ltd. · Oil & Gas Midstream
Whole market+54.6%43.6%1.22−62.9%+1,821%0.03—
45
GTXGarrett Motion Inc. · Auto Parts
Whole market+27.0%41.4%0.78−93.1%—0.29—
46
AAMIAcadian Asset Management · Asset Management
Whole market+29.0%35.6%0.90−78.1%+652%0.14—
47
PANWPalo Alto Networks, Inc. · Cybersecurity
Same or nearby category+31.9%43.4%0.86−48.0%+1,274%0.30—
48
DCODucommun Incorporated · Aerospace & Defense
Whole market+27.5%34.5%0.88−70.8%+706%0.45—
49
EZPWEZCORP, Inc. · Financial - Credit Services
Whole market+33.2%35.4%0.99−76.6%+202%0.30—
50
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%0.02—
51
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Whole market+27.3%29.9%0.96−48.7%+367%0.23—
52
TKTeekay Corporation · Oil & Gas Midstream
Whole market+47.1%41.7%1.13−83.8%+244%0.04—
53
SNEXStoneX Group Inc. · Capital Markets
Whole market+33.0%37.3%0.96−48.7%+670%0.18—
54
UVEUniversal Insurance Holdings, Inc. · Insurance - Property & Casualty
Whole market+34.3%42.8%0.91−79.6%+216%0.21—
55
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.35—
56
TFPMTriple Flag Precious Metals Corp. · Metals & Mining
Whole market+29.3%37.7%0.87−36.2%—-0.09—
57
DHTDHT Holdings, Inc. · Marine Shipping
Whole market+38.7%39.0%1.04−39.7%+1,050%0.08—
58
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.320.59%
59
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Whole market+35.6%36.1%1.03−45.9%+803%-0.06—
60
HWKNHawkins, Inc. · Chemicals - Specialty
Whole market+29.1%36.5%0.89−44.8%+627%0.08—
61
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%-0.11—
62
ODCOil-Dri Corporation of America · Chemicals - Specialty
Whole market+35.9%36.9%1.02−48.9%+460%0.32—
63
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.17—
64
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.54—
65
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.19—
66
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+674%-0.02—
67
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.33—
68
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%-0.02—
69
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.51—
70
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+295%-0.15—
71
GLWCorning Inc · Electronic Components
Whole market+31.4%42.1%0.86−51.5%+616%0.68—
72
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+29.5%38.4%0.87−54.2%+352%0.00—
73
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%0.04—
74
STLDSteel Dynamics, Inc. · Metals & Mining
Whole market+32.2%38.0%0.93−68.5%+1,018%0.25—
75
JBLJabil Inc. · Electronics Manufacturing
Whole market+35.8%39.6%0.97−57.3%+1,264%0.55—
76
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP · Water Utilities
Whole market+39.1%37.1%1.08−62.0%+293%0.28—
77
NVTnVent Electric plc · Electrical Equipment
Whole market+35.4%38.0%0.99−56.2%—0.51—
78
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.12—
79
DINOHF Sinclair Corporation · Oil & Gas
Whole market+31.8%38.8%0.91−77.3%+649%0.00—
80
RLRalph Lauren Corporation · Apparel & Footwear
Whole market+28.6%36.9%0.87−55.1%+370%0.46—
81
TPRTapestry, Inc. · Luxury Goods
Whole market+28.1%40.8%0.82−78.9%+328%0.36—
82
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%0.00—
83
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.20—
84
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.34—
85
AGIAlamos Gold Inc. · Gold Mining
Whole market+32.6%42.4%0.88−66.1%+294%-0.02—
86
IDCCInterDigital, Inc. · Intellectual Property Licensing
Whole market+39.0%36.9%1.08−64.9%+395%0.32—
87
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%—0.13—
88
UGPUltrapar Participações S.A. · Oil & Gas
Whole market+29.5%41.5%0.83−83.3%−4.0%0.18—
89
DRSLeonardo DRS, Inc. · Aerospace & Defense
Whole market+26.8%42.8%0.77−67.5%+3,294%0.00—
90
DYDycom Industries, Inc. · Engineering & Construction
Whole market+27.0%44.5%0.76−89.0%+197%0.40—
91
AROCArchrock, Inc. · Oilfield Services
Whole market+33.1%36.4%0.97−84.9%+288%0.46—
92
CAAPCorporacion America Airports S.A. · Infrastructure
Whole market+35.1%35.9%1.02−89.9%—0.10—
93
GFFGriffon Corporation · Building Products
Whole market+36.4%41.7%0.95−61.3%+761%0.39—
94
STNGScorpio Tankers Inc. · Marine Shipping
Whole market+37.9%43.6%0.96−80.6%+126%0.00—
95
GLNGGolar LNG Limited · Oil & Gas
Whole market+29.4%37.8%0.87−86.3%+117%-0.12—
96
ARLPAlliance Resource Partners, L.P. · Coal
Whole market+29.4%31.6%0.98−85.3%+173%-0.05—
97
CVSACovista Inc. · Education Services
Whole market+28.9%43.3%0.81−66.1%+475%0.01—
98
HURNHuron Consulting Group Inc. · Consulting Services
Whole market+29.7%40.7%0.84−51.4%+221%-0.40—
99
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.39—
100
CXWCoreCivic, Inc. · Security & Protection Services
Whole market+26.9%44.0%0.76−77.9%+197%0.25—

AMAT against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAMAT: 25.8% a year, volatility 47.4%SPY (S&P 500): 12.7% a year, volatility 17.1%TER: 24.0% a year, volatility 54.3%TSM: 31.5% a year, volatility 38.5%KLAC: 38.7% a year, volatility 46.7%NVMI: 25.6% a year, volatility 49.6%FORM: 24.7% a year, volatility 61.7%COHU: 11.0% a year, volatility 51.1%INTC: 12.4% a year, volatility 55.6%ENTG: 2.2% a year, volatility 55.4%ACLS: 17.7% a year, volatility 57.4%VECO: 13.7% a year, volatility 49.1%ICHR: 1.3% a year, volatility 71.1%ONTO: 24.6% a year, volatility 59.6%UCTT: 3.0% a year, volatility 63.6%ACMR: 9.1% a year, volatility 82.3%MU: 68.2% a year, volatility 57.1%NVDA: 58.0% a year, volatility 51.9%LRCX: 37.4% a year, volatility 49.9%CAMT: 27.0% a year, volatility 58.0%ASML: 17.3% a year, volatility 43.4%KLIC: 10.4% a year, volatility 46.5%AMATSPY (S&P 500)TERTSMKLACFORMCOHUINTCENTGACLSVECOICHRUCTTACMRMUNVDACAMTASMLKLIC0.0%20.0%40.0%60.0%80.0%100%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAMAT: 25.8% a year, volatility 47.4%SPY (S&P 500): 12.7% a year, volatility 17.1%TER: 24.0% a year, volatility 54.3%TSM: 31.5% a year, volatility 38.5%KLAC: 38.7% a year, volatility 46.7%NVMI: 25.6% a year, volatility 49.6%FORM: 24.7% a year, volatility 61.7%COHU: 11.0% a year, volatility 51.1%INTC: 12.4% a year, volatility 55.6%ENTG: 2.2% a year, volatility 55.4%ACLS: 17.7% a year, volatility 57.4%VECO: 13.7% a year, volatility 49.1%ICHR: 1.3% a year, volatility 71.1%ONTO: 24.6% a year, volatility 59.6%UCTT: 3.0% a year, volatility 63.6%ACMR: 9.1% a year, volatility 82.3%MU: 68.2% a year, volatility 57.1%NVDA: 58.0% a year, volatility 51.9%LRCX: 37.4% a year, volatility 49.9%CAMT: 27.0% a year, volatility 58.0%ASML: 17.3% a year, volatility 43.4%KLIC: 10.4% a year, volatility 46.5%AMATSPY (S&P 500)TSMKLACNVMIFORMCOHUENTGACLSICHRACMRMUNVDALRCXASML
All figures
InvestmentAnnual returnVolatility
MU Micron Technology, Inc.+68.2%57.1%
NVDA NVIDIA Corporation+58.0%51.9%
KLAC KLA Corporation+38.7%46.7%
LRCX Lam Research Corporation+37.4%49.9%
TSM Taiwan Semiconductor Manufacturing Company Limited+31.5%38.5%
CAMT Camtek Ltd.+27.0%58.0%
AMAT This pageApplied Materials, Inc.+25.8%47.4%
NVMI Nova Ltd.+25.6%49.6%
FORM FormFactor, Inc.+24.7%61.7%
ONTO Onto Innovation Inc.+24.6%59.6%
TER Teradyne, Inc.+24.0%54.3%
ACLS Axcelis Technologies, Inc.+17.7%57.4%
ASML ASML Holding N.V.+17.3%43.4%
VECO Veeco Instruments Inc.+13.7%49.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
INTC Intel Corp.+12.4%55.6%
COHU Cohu, Inc.+11.0%51.1%
KLIC Kulicke and Soffa Industries, Inc.+10.4%46.5%
ACMR ACM Research, Inc.+9.1%82.3%
UCTT Ultra Clean Holdings, Inc.+3.0%63.6%
ENTG Entegris, Inc.+2.2%55.4%
ICHR Ichor Holdings, Ltd.+1.3%71.1%
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Has AMAT consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than AMAT 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
AMAT Applied Materials, Inc. (this page)—−12.8%−22.9%+3.7%+51.2%+78.5%+209%+215%+1,488%47.4%0.72−55.1%—$321B—
MU QualifiedMicron Technology, Inc.4/5 short3/3 longAll-weather−14.2%+3.6%+99.9%+184%+334%+1,246%+1,244%+5,243%57.1%1.20−57.6%—$1.0T—
NVDA QualifiedNVIDIA Corporation3/5 short3/3 long−4.8%+6.6%+7.4%+14.9%+18.8%+425%+884%+13,019%51.9%1.14−66.3%—$5.2T—
TER QualifiedTeradyne, Inc.4/5 short2/3 long−11.8%+0.9%−10.2%+62.4%+142%+271%+193%+1,565%54.3%0.67−59.1%—$53B—
TSM QualifiedTaiwan Semiconductor Manufacturing Company Limited3/5 short2/3 long−4.5%+5.9%+16.6%+34.0%+44.3%+382%+293%+1,505%38.5%0.91−56.6%—$2.2T—
LRCX SemiconductorsLam Research Corporation2/5 short3/3 long−12.8%−14.0%+0.3%+42.8%+83.7%+350%+390%+2,989%49.9%0.89−56.4%—$330B—
KLAC SemiconductorsKLA Corporation2/5 short3/3 long−12.1%−22.0%−10.2%+27.4%+41.0%+258%+413%+2,534%46.7%0.94−46.3%—$211B—
CAMT SemiconductorsCamtek Ltd.1/5 short2/3 long−14.5%−13.0%−30.7%+10.7%+4.1%+149%+231%+4,551%58.0%0.70−63.2%—$6.0B—
NVMI SemiconductorsNova Ltd.1/5 short2/3 long−11.8%−26.1%−39.9%−7.9%−5.1%+232%+213%+2,512%49.6%0.71−52.8%—$10B—
FORM SemiconductorsFormFactor, Inc.4/5 short1/3 long−9.7%+2.3%−25.2%+82.0%+144%+227%+201%+964%61.7%0.67−64.4%—$8.4B—
ASML SemiconductorsASML Holding N.V.3/5 short1/3 long−4.7%−6.1%+10.8%+40.8%+57.5%+188%+123%+1,628%43.4%0.59−56.9%—$630B—
KLIC SemiconductorsKulicke and Soffa Industries, Inc.4/5 short0/3 long−4.3%−19.4%−3.2%+67.6%+106%+95.7%+64.1%+598%46.5%0.45−60.4%—$4.2B—
COHU SemiconductorsCohu, Inc.4/5 short0/3 long−13.0%+2.3%+19.1%+114%+132%+61.0%+68.5%+406%51.1%0.46−73.6%—$2.5B—
INTC SemiconductorsIntel Corp.4/5 short0/3 long−24.7%−5.5%+39.6%+133%+141%+167%+79.8%+219%55.6%0.49−70.8%—$485B—
ENTG SemiconductorsEntegris, Inc.3/5 short0/3 long−0.2%+6.9%−3.9%+59.9%+54.8%+59.3%+11.4%+823%55.4%0.32−59.3%—$22B—
ACLS SemiconductorsAxcelis Technologies, Inc.2/5 short0/3 long−0.2%−14.3%−13.8%+31.1%+34.6%−21.9%+126%+730%57.4%0.57−78.8%—$3.5B—
VECO SemiconductorsVeeco Instruments Inc.2/5 short0/3 long+0.8%−12.1%−4.6%+45.9%+50.9%+77.7%+90.3%+110%49.1%0.51−81.0%—$2.7B—
ICHR SemiconductorsIchor Holdings, Ltd.2/5 short0/3 long−24.8%−49.5%−34.5%+107%+87.0%+63.9%+6.6%—71.1%0.38−77.4%—$1.6B—
ONTO SemiconductorsOnto Innovation Inc.1/5 short0/3 long−20.4%−21.2%−25.6%+32.4%+61.9%+86.2%+200%+1,005%59.6%0.67−62.8%—$11B—
UCTT SemiconductorsUltra Clean Holdings, Inc.1/5 short0/3 long−29.4%−43.8%−35.1%+88.8%+76.8%+108%+16.2%+574%63.6%0.37−79.3%—$2.3B—
ACMR SemiconductorsACM Research, Inc.1/5 short0/3 long−24.5%−33.4%+10.6%+22.5%+38.1%+208%+54.8%—82.3%0.51−87.2%—$3.6B—
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How did AMAT do year by year?

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

InvestmentYears ahead of AMAT20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
AMAT This pageApplied Materials, Inc.—+59.6%+1.1%+68.0%−37.5%+83.6%+43.3%+89.9%−34.9%+59.8%+75.7%−23.5%+43.7%+58.6%+10.2%−21.9%+3.0%+40.4%−42.1%−2.6%+3.8%+5.4%−23.8%+72.3%−35.0%+5.0%−39.7%+197%+41.7%+67.9%
Rank among alternativesTop quarter in 6 of 297 of 2110 of 2111 of 219 of 218 of 2113 of 218 of 2118 of 2112 of 203 of 1915 of 194 of 195 of 196 of 1912 of 1916 of 1918 of 194 of 198 of 1912 of 1910 of 1913 of 1812 of 174 of 1710 of 177 of 135 of 124 of 123 of 11
SPY S&P 500State Street SPDR S&P 500 ETF13 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%
MU Micron Technology, Inc.12 of 29+240%−1.0%+71.9%−45.9%+24.2%+39.8%+69.5%−22.8%+87.6%+54.7%−59.5%+60.9%+243%+0.8%−21.6%−24.1%+301%−63.6%−48.0%+4.9%+7.8%−8.3%+38.2%−68.6%−12.7%−8.7%+53.8%+94.9%−10.9%
NVDA NVIDIA Corporation17 of 26+38.9%+171%+239%−50.2%+125%+122%+76.4%−30.8%+82.5%+228%+67.1%+27.4%+33.5%−11.0%−10.0%−17.6%+131%−76.3%+37.9%+102%+55.2%+1.6%+102%−82.8%+308%+39.6%———
TER Teradyne, Inc.12 of 29+54.4%+16.5%+24.8%−46.4%+36.8%+76.8%+119%−24.4%+65.8%+24.3%+5.8%+13.4%+4.3%+23.9%−2.9%+30.9%+154%−59.1%−30.9%+2.7%−14.7%−32.9%+95.6%−56.8%−19.1%−43.6%+211%+32.5%+31.3%
TSM Taiwan Semiconductor Manufacturing Company Limited14 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%—
LRCX Lam Research Corporation16 of 29+139%−6.9%+88.6%−40.7%+53.7%+64.2%+119%−24.4%+75.1%+35.3%+1.5%+46.5%+51.0%−2.5%−28.5%+31.9%+84.1%−50.7%−14.6%+41.6%+23.5%−10.5%+199%−53.4%+59.7%−61.0%+527%−39.1%+4.0%
KLAC KLA Corporation14 of 29+94.5%+9.4%+56.0%−11.2%+68.1%+47.9%+104%−12.4%+36.7%+17.0%+2.1%+39.4%+39.0%+2.1%+28.8%+9.9%+69.8%−53.5%−2.7%+1.9%+6.2%−20.3%+65.8%−28.7%+46.6%−39.3%+157%+11.9%+8.9%
CAMT Camtek Ltd.11 of 25+31.7%+18.3%+216%−52.3%+110%+102%+63.1%+20.5%+77.7%+51.7%−28.0%−25.8%+189%−19.8%−38.4%+13.4%+625%−80.0%−59.5%−0.8%−4.1%+54.3%+835%−91.4%−51.2%————
NVMI Nova Ltd.13 of 25+66.7%+43.4%+68.2%−44.3%+108%+86.6%+66.1%−12.1%+96.9%+34.3%−5.7%+5.6%+23.3%+8.3%−11.3%+28.6%+1,014%−77.6%−1.5%+13.4%−33.1%−41.0%+292%−64.7%−38.8%————
FORM FormFactor, Inc.8 of 22+26.8%+5.5%+87.6%−51.4%+6.3%+65.6%+84.3%−10.0%+39.7%+24.4%+4.7%+43.1%+31.8%−9.9%−43.0%−59.2%+49.1%−55.9%−11.1%+52.5%−10.0%+37.1%———————
ASML ASML Holding N.V.16 of 29+55.8%−7.7%+39.9%−30.5%+64.1%+66.3%+93.2%−9.7%+56.5%+27.9%−17.1%+16.2%+46.9%+19.7%+10.4%+13.2%+90.9%−41.4%+22.3%+22.7%+26.1%−20.6%+140%−51.0%−24.4%−40.5%+273%−9.7%+171%
KLIC Kulicke and Soffa Industries, Inc.10 of 29−0.3%−13.2%+25.4%−25.8%+92.4%+19.4%+36.9%−15.4%+52.6%+36.6%−19.3%+8.7%+11.0%+29.6%+28.4%+33.6%+218%−75.3%−18.4%−5.0%+2.5%−40.0%+152%−66.7%+52.5%−47.1%+140%−4.6%−2.1%
COHU Cohu, Inc.10 of 29−12.8%−24.6%+10.4%−15.9%−0.2%+67.5%+44.3%−26.0%+59.9%+17.6%+3.6%+15.9%−0.8%−2.1%−30.2%+21.1%+17.6%−19.2%−23.1%−10.7%+24.5%−2.1%+31.9%−24.7%+43.3%−54.6%+185%−27.2%+32.7%
INTC Intel Corp.12 of 29+84.0%−59.6%+94.5%−46.6%+6.0%−14.7%+30.7%+4.2%+30.9%+8.7%−2.2%+44.3%+30.9%−12.0%+19.4%+6.3%+43.9%−43.5%+34.2%−17.2%+8.1%−26.6%+107%−50.3%+4.9%−26.9%+39.1%+69.0%+7.4%
ENTG Entegris, Inc.12 of 25−14.6%−17.0%+83.5%−52.5%+44.6%+92.9%+80.8%−7.5%+70.5%+34.9%+0.4%+14.0%+26.3%+5.2%+16.8%+41.4%+142%−74.7%−20.2%+14.9%−5.4%−22.6%+24.8%−6.1%+46.6%————
ACLS Axcelis Technologies, Inc.12 of 25+15.0%−46.1%+63.4%+6.4%+156%+20.8%+35.4%−38.0%+97.3%+40.4%+1.2%+4.9%+76.8%+3.8%−61.6%+145%+176%−88.9%+216%+22.2%−41.3%−20.4%+82.2%−56.5%+45.2%————
VECO Veeco Instruments Inc.9 of 29+6.6%−13.6%+67.0%−34.7%+64.0%+18.2%+98.3%−50.1%−49.1%+41.8%−41.0%+6.0%+11.6%+41.8%−51.6%+30.0%+421%−62.0%−10.8%+8.1%−17.8%−25.2%+144%−67.9%−10.2%−14.3%−11.9%+142%0.0%
ICHR Ichor Holdings, Ltd.3 of 9−42.8%−4.2%+25.4%−41.7%+52.7%−9.4%+104%−33.7%+127%————————————————————
ONTO Onto Innovation Inc.15 of 29−5.3%+9.0%+125%−32.7%+113%+30.1%+33.7%+9.7%−0.6%+65.5%−10.0%−11.7%+32.1%−21.7%+43.6%+13.2%+894%−88.4%+24.6%−28.1%−31.8%+9.6%+251%−78.4%+40.5%−31.4%+158%−4.6%+72.4%
UCTT Ultra Clean Holdings, Inc.10 of 21−29.5%+5.3%+3.0%−42.2%+84.1%+32.7%+177%−63.3%+138%+89.5%−44.8%−7.5%+104%−19.6%−34.4%+33.2%+248%−83.5%−1.2%+70.6%+19.5%————————
ACMR ACM Research, Inc.4 of 8+161%−22.7%+153%−72.9%+5.0%+340%+69.4%+107%—————————————————————
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Risk and diversification

How AMAT 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 AMAT's worst declines?

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

DuringAMAT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−85.2%−42.6%Apr 2000Nov 20088.6 yearsMay 20178.5 years
No named crash−65.4%—Oct 1987Oct 1987Under a monthJun 19888 months
No named crash−62.0%+14.1%Aug 1995Jul 199611 monthsMay 199710 months
No named crash−58.8%—Jul 1990Nov 19904 monthsFeb 199215 months
No named crash−58.6%+4.3%Aug 1997Oct 199814 monthsJan 19993 months

How did AMAT do in stock market crashes?

This section measures how far AMAT, 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 AMAT.

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
AMAT This pageApplied Materials, Inc.—−3.6%−54.2%−43.6%−26.4%−9.7%−18.8%−24.5%−1.6%−61.7%−82.0%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MU Micron Technology, Inc.3 of 10−5.3%−49.6%−42.5%−36.6%−8.8%−49.4%−46.5%−2.0%−84.2%−87.8%
NVDA NVIDIA Corporation3 of 10−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
TER Teradyne, Inc.3 of 10−1.9%−56.6%−34.8%−24.6%−10.7%−18.3%−28.2%−2.5%−79.2%−93.4%
TSM Taiwan Semiconductor Manufacturing Company Limited6 of 10−3.9%−54.3%−23.3%−21.4%−9.3%−13.2%−15.7%0.0%−48.0%−82.4%
LRCX Lam Research Corporation2 of 10−3.3%−55.1%−43.7%−22.9%−9.5%−20.5%−20.1%−2.2%−73.3%−87.9%
KLAC KLA Corporation7 of 10−5.9%−37.6%−33.8%−21.6%−7.5%−13.5%−23.0%−2.8%−71.8%−73.2%
CAMT Camtek Ltd.2 of 9−5.6%−52.0%−46.5%−27.1%−10.9%−42.1%−47.6%0.0%−90.8%—
NVMI Nova Ltd.5 of 9−1.8%−50.1%−31.6%−20.3%−2.8%−27.7%−44.5%−3.9%−86.4%—
FORM FormFactor, Inc.4 of 9−3.1%−45.2%−35.8%−22.6%−11.6%−31.9%−38.0%−3.5%−72.9%—
ASML ASML Holding N.V.6 of 10−2.9%−48.4%−37.9%−24.4%−7.5%−22.1%−17.7%−2.7%−64.1%−90.0%
KLIC Kulicke and Soffa Industries, Inc.3 of 10−3.1%−41.2%−28.8%−28.2%−7.2%−18.9%−33.3%−6.0%−87.0%−95.3%
COHU Cohu, Inc.4 of 10−2.4%−36.8%−57.1%−42.2%−6.0%−16.3%−30.1%−6.3%−64.4%−82.1%
INTC Intel Corp.7 of 10−1.0%−54.1%−33.5%−13.0%−6.7%−19.7%−16.2%−0.9%−55.2%−82.3%
ENTG Entegris, Inc.4 of 9−7.8%−45.8%−32.7%−19.3%−9.2%−28.2%−34.8%−6.1%−94.5%—
ACLS Axcelis Technologies, Inc.2 of 9−6.5%−41.9%−52.0%−23.6%−12.3%−34.3%−40.7%−7.8%−97.1%—
VECO Veeco Instruments Inc.1 of 10−3.4%−46.5%−53.2%−39.2%−14.2%−30.2%−42.7%−4.0%−81.0%−91.9%
ICHR Ichor Holdings, Ltd.0 of 5−5.9%−54.6%−58.5%−31.9%−25.1%—————
ONTO Onto Innovation Inc.3 of 10−4.6%−44.0%−45.9%−31.8%−5.5%−18.6%−28.4%0.0%−92.6%−96.8%
UCTT Ultra Clean Holdings, Inc.0 of 9−4.7%−58.8%−52.6%−47.9%−15.2%−43.2%−53.0%−3.3%−94.3%—
ACMR ACM Research, Inc.2 of 5−5.9%−73.0%−59.6%−20.6%−5.7%—————
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How closely does AMAT 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 AMAT 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 AMAT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
AMAT This pageApplied Materials, Inc.152%97%1.581.51
KLAC KLA Corporation152%59%2.571.32
CAMT Camtek Ltd.191%96%1.991.60
TSM Taiwan Semiconductor Manufacturing Company Limited138%75%1.841.15
MU Micron Technology, Inc.204%114%1.791.75
NVDA NVIDIA Corporation248%140%1.771.83
LRCX Lam Research Corporation183%104%1.751.56
FORM FormFactor, Inc.132%81%1.641.29
NVMI Nova Ltd.179%110%1.621.46
ONTO Onto Innovation Inc.139%92%1.501.41
TER Teradyne, Inc.167%121%1.371.53
ENTG Entegris, Inc.123%89%1.371.30
ASML ASML Holding N.V.170%132%1.291.44
KLIC Kulicke and Soffa Industries, Inc.131%111%1.181.44
ACLS Axcelis Technologies, Inc.151%136%1.101.67
UCTT Ultra Clean Holdings, Inc.165%156%1.061.93
COHU Cohu, Inc.122%116%1.051.65
INTC Intel Corp.98%100%0.981.43
VECO Veeco Instruments Inc.76%84%0.901.38
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What diversifies AMAT?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222018201520112008200720042002200080/20 mix volatility80/20 mix annual return
AMAT Applied Materials, Inc. (this page)1.00+215%0.72−37.5%−34.9%−23.5%−21.9%−42.1%−2.6%−23.8%−35.0%−39.7%49.2%+32.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.25+119%1.48+3.8%−5.2%———————39.9%+31.6%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.43+225%1.34+6.0%−19.8%+7.7%−16.1%−20.8%−7.4%———40.5%+33.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.29+101%1.04+10.4%−8.7%−25.3%——————40.3%+31.2%
HDV Dividend & IncomeiShares Core High Dividend ETF0.21+83.3%1.00+7.1%−3.0%−0.3%——————40.1%+30.5%
GLD CommoditiesSPDR Gold Shares0.00+126%0.96−0.8%−1.9%−10.7%+9.6%+4.9%+30.4%———39.5%+32.3%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.02+177%0.93+64.4%−18.2%−21.5%+2.8%−39.0%+36.8%+33.8%−14.8%+24.4%39.6%+33.7%
VTV Broad MarketVanguard Morningstar Value ETF0.44+76.6%0.90−2.1%−5.5%−1.0%+1.1%−35.9%−0.1%———40.7%+30.3%
EUFN InternationaliShares MSCI Europe Financials ETF0.29+133%0.89−8.8%−23.1%−4.7%−26.6%—————40.7%+32.5%

Stocks

InvestmentCorrelation5Y returnSharpe20222018201520112008200720042002200080/20 mix volatility80/20 mix annual return
AMAT Applied Materials, Inc. (this page)1.00+215%0.72−37.5%−34.9%−23.5%−21.9%−42.1%−2.6%−23.8%−35.0%−39.7%49.2%+32.9%
CAH Medical - DistributionCardinal Health, Inc.0.35+479%1.55+54.1%−24.5%+12.6%+8.1%−39.6%−9.8%−4.7%−8.3%+108%41.5%+36.0%
CLS Hardware, Equipment & PartsCelestica Inc.0.34+3,143%1.47+1.3%−16.3%−6.0%−24.4%−20.5%−25.7%−6.4%−65.1%−2.3%44.7%+49.4%
MCK Medical - DistributionMcKesson Corporation0.05+413%1.44+51.8%−28.4%−4.5%+11.8%−40.4%+29.7%−1.4%−27.2%+61.2%40.0%+36.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.03+690%1.41+86.6%−8.2%+17.4%——————40.1%+39.1%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.35+594%1.36+24.2%−37.5%−36.3%−42.9%−67.4%+26.4%−14.1%−33.1%−15.9%42.3%+38.2%
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Common questions

What was AMAT's worst drawdown?

AMAT's deepest decline since it began trading in 1986 was 85.2%, from April 2000 to November 2008. It took about eight years from the low to climb back to its old high.

What were AMAT's best and worst years?

Over 29 full calendar years, AMAT's best year was 1999, when it returned 197%. Its worst was 2008, with a return of -42.1%.

Is there a better investment than AMAT?

Among AMAT's popular alternatives, TSM earned more than AMAT with less volatility over the past 5 years: 31.5% a year at 38.5% volatility, against 25.8% a year at 47.4%. Looking beyond its popular alternatives, SMH (semiconductors) and ASX (semiconductors) earned more than AMAT with less volatility over the past 5 years. SMH returned 33.4% a year at 36.9% volatility, against 25.8% a year at 47.4%.

Is AMAT more volatile than the S&P 500?

Yes. AMAT's volatility over the past 5 years was 47.4%, 2.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AMAT's return lands within 47.4% 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 AMAT's Sharpe ratio?

AMAT's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so AMAT 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 AMAT with the S&P 500?

Over the past 5 years, AMAT's monthly returns had a correlation of 0.50 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 AMAT instead: the lower it is, the more that option would diversify a AMAT holding.

What are the best alternatives to AMAT?

Of the 20 popular alternatives we compared, four outperformed AMAT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MU, NVDA and TER.

Did AMAT outperform the S&P 500?

AMAT finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +59.6%, against +17.7% for the index.

How did AMAT do in stock market crashes?

AMAT fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in eight. The clearest case was the dot-com bust, when AMAT fell 82.0% and the S&P 500 fell 47.5%.

What diversifies AMAT?

These had a low correlation with AMAT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.25), DXJ (correlation 0.43) and EMLP (correlation 0.29); among large stocks, CAH (correlation 0.35), CLS (correlation 0.34) and MCK (correlation 0.05). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to AMAT

Other stocks and ETFs