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

> Source: EasyCompare research, https://easycompare.io/research/amat
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** AMAT has gone against the market, falling 22.9% over the past 3 months while the S&P 500 rose 3.9%. AMAT is 43.9% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record.
- **Stock or market?:** The weakness is AMAT's own: it fell 22.9% over the past 3 months while the semiconductor equipment ETF SMH (VanEck Semiconductor ETF) fell 2.2%. The S&P 500 rose 3.9%. Its semiconductor equipment peers did not move as one over the past 3 months: ASML (ASML Holding) fell 6.1%, while UCTT (Ultra Clean) fell 43.8%.
- **Past 1 to 3 years:** Over the past year, AMAT rose 78.5% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (209% against 89.3%).
- **Long term:** AMAT turned $10,000 into $159,000 over the past decade, against $42,100 in the S&P 500. AMAT's 10-year return of 1,488% puts it ahead of 97% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across seven sell-offs, AMAT has typically fallen 1.5 times as far as the S&P 500. In the 2022 bear market, AMAT fell 54.2%, against 24.5% for the S&P 500. That was more than ASML (ASML Holding, 48.4%) but less than TER (Teradyne, 56.6%).
- **Diversification:** Against the S&P 500, AMAT has a correlation of 0.50 over 5 years, more closely than 74% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge.
- **Better options**
  - **Popular alternatives:** TSM (Taiwan Semiconductor Manufacturing) 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%.
  - **Whole market:** 112 of the 3,633 stocks and funds worth at least $500 million earned more than AMAT with less volatility over the past 5 years, among them TSM (Taiwan Semiconductor Manufacturing), AVGO (Broadcom) and LLY (Eli Lilly and Company).

## 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.

- $10,000 invested in AMAT at the end of September 1997 would have grown to $594,575 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of AMAT, and LRCX finished highest, at $2,488,626.

## 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.

- AMAT is still 43.9% below its all-time high.
- 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.
- Over 29 full calendar years, AMAT's best was 1999, when it returned 197%, and its worst was 2008, when it lost 42.1%. It lost money in nine of those years.

- Type: Stock, Technology (Semiconductors)
- Trading since: October 17, 1986
- Market value: $321B
- Volatility (5 years): 47.4%; Sharpe ratio: 0.72
- Worst decline ever: −85.2%, from April 7, 2000 to November 20, 2008; back at its high by May 31, 2017

| Period | AMAT total return |
| --- | --- |
| 1 month | −12.8% |
| 3 months | −22.9% |
| 6 months | +3.7% |
| year to date | +51.2% |
| 1 year | +78.5% |
| 3 years | +209% |
| 5 years | +215% |
| 10 years | +1,488% |

## 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.

- AMAT's 10-year return ranks in the top 3% of the 2,202 stocks worth at least $300 million with 10 years of history.

| Measure | AMAT | Rank |
| --- | --- | --- |
| 1-year return | +78.5% | 283 of 3,287 (top 9%) |
| 3-year return | +209% | 370 of 3,017 (top 13%) |
| 5-year return | +215% | 284 of 2,893 (top 10%) |
| 10-year return | +1,488% | 62 of 2,202 (top 3%) |
| Volatility, 5 years | 47.4% | 1,815 of 2,893 (top 63%) |
| Sharpe ratio, 5 years | 0.72 | 421 of 2,893 (top 15%) |
| Worst decline, past 10 years | −55.1% | 680 of 2,187 (top 32%) |

### 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).

- 107 stocks and five ETFs worth at least $500 million sit in the green region: each earned more than AMAT over the past 5 years with smaller price swings. That is 3% of the 3,633 screened.
- Among those with at least half AMAT's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 48% less than AMAT's 47.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.72 for AMAT. ATI earned the most, 61.8% a year, while still swinging less than AMAT (42.9% against 47.4%).
- Among AMAT's popular alternatives, TSM is in the region. TSM earned 31.5% a year against 25.8% a year for AMAT, at 38.5% volatility, 19% less than AMAT's 47.4%.

### Is there a better investment than AMAT?

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.

- 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%.
- Across the whole market, 112 of the 3,633 stocks and funds worth at least $500 million earned more than AMAT with less volatility over the past 5 years, among them TSM, AVGO and LLY.

The 15 strongest of 112 investments that beat AMAT over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with AMAT | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AMAT: Applied Materials, Inc. (this page) |  | +25.8% | 47.4% | 0.72 | −55.1% | +1,488% |  |  |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | Oil & Gas | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.03 | Higher return, lower volatility; Higher return in most periods |
| JXN: Jackson Financial Inc. | Life Insurance | +41.7% | 43.3% | 1.03 | −48.4% | — | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | Semiconductors | +33.4% | 36.9% | 0.97 | −45.3% | +1,665% | 0.77 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| VCTR: Victory Capital Holdings, Inc. | Asset Management | +28.1% | 35.0% | 0.89 | −45.2% | — | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| NHC: National HealthCare Corporation | Medical - Care Facilities | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SOXQ: Invesco PHLX Semiconductor ETF | Technology | +28.3% | 38.9% | 0.84 | −46.0% | — | 0.77 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| ATI: ATI Inc. | Metals & Mining | +61.8% | 42.9% | 1.34 | −82.4% | +929% | 0.28 | Higher return, lower volatility; Higher return in most periods |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| NWPX: NWPX Infrastructure, Inc. | Construction Materials | +32.5% | 36.2% | 0.96 | −46.5% | +682% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| INSW: International Seaways, Inc. | Oil & Gas | +56.5% | 40.5% | 1.31 | −57.4% | — | 0.06 | Higher return, lower volatility; Higher return in most periods |
| [SAN](https://easycompare.io/research/san): Banco Santander, S.A. | Banks | +31.7% | 33.9% | 0.99 | −73.8% | +332% | 0.25 | Higher return, lower volatility; Higher return in most periods |
| [BBVA](https://easycompare.io/research/bbva): Banco Bilbao Vizcaya Argentaria, S.A. | Banks | +38.7% | 33.3% | 1.16 | −69.6% | +542% | 0.17 | Higher return, lower volatility; Higher return in most periods |
| [VLO](https://easycompare.io/research/vlo): Valero Energy Corporation | Oil & Gas | +44.2% | 36.9% | 1.18 | −71.9% | +1,061% | 0.12 | Higher return, lower volatility; Higher return in most periods |

## 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.

- Only KLAC and TSM were both more rewarding and calmer than AMAT over the past 5 years, earning a higher annual return with lower volatility.
- 12 of the 20 popular alternatives earned less than AMAT over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, AMAT returned 25.8% a year, more than the S&P 500's 12.7%, with higher volatility (47.4% against 17.1%).

### 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.

- Four of the 20 popular alternatives, led by MU, NVDA and TER, outperformed AMAT in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- MU outperformed AMAT in every long-term period and in all but one short-term period, the most consistent record in the group.
- KLAC earned more for the risk it took than AMAT (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of AMAT | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AMAT: Applied Materials, Inc. (this page) | +78.5% | +209% | +215% | +1,488% |  |  | 0.72 |
| [MU](https://easycompare.io/research/mu): Micron Technology, Inc. | +334% | +1,246% | +1,244% | +5,243% | 4/5 short-term, 3/3 long-term | all-weather | 1.20 |
| [NVDA](https://easycompare.io/research/nvda): NVIDIA Corporation | +18.8% | +425% | +884% | +13,019% | 3/5 short-term, 3/3 long-term | consistent | 1.14 |
| [TER](https://easycompare.io/research/ter): Teradyne, Inc. | +142% | +271% | +193% | +1,565% | 4/5 short-term, 2/3 long-term | consistent | 0.67 |
| [TSM](https://easycompare.io/research/tsm): Taiwan Semiconductor Manufacturing Company Limited | +44.3% | +382% | +293% | +1,505% | 3/5 short-term, 2/3 long-term | consistent | 0.91 |
| [LRCX](https://easycompare.io/research/lrcx): Lam Research Corporation | +83.7% | +350% | +390% | +2,989% | 2/5 short-term, 3/3 long-term |  | 0.89 |
| [KLAC](https://easycompare.io/research/klac): KLA Corporation | +41.0% | +258% | +413% | +2,534% | 2/5 short-term, 3/3 long-term |  | 0.94 |
| CAMT: Camtek Ltd. | +4.1% | +149% | +231% | +4,551% | 1/5 short-term, 2/3 long-term |  | 0.70 |
| NVMI: Nova Ltd. | −5.1% | +232% | +213% | +2,512% | 1/5 short-term, 2/3 long-term |  | 0.71 |
| FORM: FormFactor, Inc. | +144% | +227% | +201% | +964% | 4/5 short-term, 1/3 long-term |  | 0.67 |
| [ASML](https://easycompare.io/research/asml): ASML Holding N.V. | +57.5% | +188% | +123% | +1,628% | 3/5 short-term, 1/3 long-term |  | 0.59 |
| KLIC: Kulicke and Soffa Industries, Inc. | +106% | +95.7% | +64.1% | +598% | 4/5 short-term, 0/3 long-term |  | 0.45 |
| COHU: Cohu, Inc. | +132% | +61.0% | +68.5% | +406% | 4/5 short-term, 0/3 long-term |  | 0.46 |
| [INTC](https://easycompare.io/research/intc): Intel Corp. | +141% | +167% | +79.8% | +219% | 4/5 short-term, 0/3 long-term |  | 0.49 |
| ENTG: Entegris, Inc. | +54.8% | +59.3% | +11.4% | +823% | 3/5 short-term, 0/3 long-term |  | 0.32 |
| ACLS: Axcelis Technologies, Inc. | +34.6% | −21.9% | +126% | +730% | 2/5 short-term, 0/3 long-term |  | 0.57 |
| VECO: Veeco Instruments Inc. | +50.9% | +77.7% | +90.3% | +110% | 2/5 short-term, 0/3 long-term |  | 0.51 |
| ICHR: Ichor Holdings, Ltd. | +87.0% | +63.9% | +6.6% | — | 2/5 short-term, 0/3 long-term |  | 0.38 |
| ONTO: Onto Innovation Inc. | +61.9% | +86.2% | +200% | +1,005% | 1/5 short-term, 0/3 long-term |  | 0.67 |
| UCTT: Ultra Clean Holdings, Inc. | +76.8% | +108% | +16.2% | +574% | 1/5 short-term, 0/3 long-term |  | 0.37 |
| ACMR: ACM Research, Inc. | +38.1% | +208% | +54.8% | — | 1/5 short-term, 0/3 long-term |  | 0.51 |

### 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.

- Ranked against its popular alternatives each year, AMAT finished in the top quarter in six of 29 years and in the bottom quarter in three. In 2025, it ranked 7 of 21.
- AMAT finished ahead of the S&P 500 in 16 of its 29 full calendar years.
- Among its popular alternatives, NVDA came out ahead of AMAT most often, in 17 of the 26 years both traded.

| Year | AMAT | SPY |
| --- | --- | --- |
| 2025 | +59.6% | +17.7% |
| 2024 | +1.1% | +24.9% |
| 2023 | +68.0% | +26.2% |
| 2022 | −37.5% | −18.2% |
| 2021 | +83.6% | +28.7% |
| 2020 | +43.3% | +18.3% |
| 2019 | +89.9% | +31.2% |
| 2018 | −34.9% | −4.6% |
| 2017 | +59.8% | +21.7% |
| 2016 | +75.7% | +12.0% |

## 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.

- In all three of AMAT's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: AMAT fell 62.0% from August 1995 to July 1996, while the S&P 500 rose 14.1%.
- The slowest recovery came after AMAT fell 85.2% from April 2000 to November 2008; it did not regain that peak until May 2017, eight years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −85.2% | April 7, 2000 | November 20, 2008 | May 31, 2017 | −42.6% | dot-com bust |
| −65.4% | October 5, 1987 | October 27, 1987 | June 14, 1988 | — |  |
| −62.0% | August 16, 1995 | July 24, 1996 | May 5, 1997 | +14.1% |  |
| −58.8% | July 12, 1990 | November 8, 1990 | February 12, 1992 | — |  |
| −58.6% | August 20, 1997 | October 8, 1998 | January 7, 1999 | +4.3% |  |

### 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.

- AMAT fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the dot-com bust, when AMAT fell 82.0% and the S&P 500 fell 47.5%.
- Among its popular alternatives, KLAC held up best, falling less than AMAT in seven of the ten crashes they both traded through.

| Crash | Dates | AMAT fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −82.0% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −61.7% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.6% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −24.5% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −18.8% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −9.7% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −26.4% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −43.6% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −54.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −3.6% | −3.4% |

### 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.

- Over the past 10 years, AMAT captured 152% of the S&P 500's gains in rising months and 97% of its losses in falling months, with a beta of 1.51. Its share of the market's gains was larger than its share of the losses.
- KLAC took just 59% of the S&P 500's losses, against 97% for AMAT, while still keeping 152% of its gains.
- Eight of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than AMAT's 1.58, led by KLAC, CAMT and TSM.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| AMAT: Applied Materials, Inc. (this page) | 152% | 97.0% | 1.51 |
| [MU](https://easycompare.io/research/mu): Micron Technology, Inc. | 204% | 114% | 1.75 |
| [NVDA](https://easycompare.io/research/nvda): NVIDIA Corporation | 248% | 140% | 1.83 |
| [TER](https://easycompare.io/research/ter): Teradyne, Inc. | 167% | 121% | 1.53 |
| [TSM](https://easycompare.io/research/tsm): Taiwan Semiconductor Manufacturing Company Limited | 138% | 75.0% | 1.15 |
| [LRCX](https://easycompare.io/research/lrcx): Lam Research Corporation | 183% | 104% | 1.56 |
| [KLAC](https://easycompare.io/research/klac): KLA Corporation | 152% | 59.0% | 1.32 |
| CAMT: Camtek Ltd. | 191% | 96.0% | 1.60 |
| NVMI: Nova Ltd. | 179% | 110% | 1.46 |
| FORM: FormFactor, Inc. | 132% | 81.0% | 1.29 |
| [ASML](https://easycompare.io/research/asml): ASML Holding N.V. | 170% | 132% | 1.44 |
| KLIC: Kulicke and Soffa Industries, Inc. | 131% | 111% | 1.44 |
| COHU: Cohu, Inc. | 122% | 116% | 1.65 |
| [INTC](https://easycompare.io/research/intc): Intel Corp. | 98.0% | 100% | 1.43 |
| ENTG: Entegris, Inc. | 123% | 89.0% | 1.30 |
| ACLS: Axcelis Technologies, Inc. | 151% | 136% | 1.67 |
| VECO: Veeco Instruments Inc. | 76.0% | 84.0% | 1.38 |
| ONTO: Onto Innovation Inc. | 139% | 92.0% | 1.41 |
| UCTT: Ultra Clean Holdings, Inc. | 165% | 156% | 1.93 |

### 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).

- Moving a fifth of the money in AMAT into GLD would have cut the portfolio's volatility by 20% over the past 5 years for a small cut in its annual return (+32.9% for AMAT alone, +32.3% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of AMAT over the past 5 years, with correlations of 0.43 or lower, and each still earned a positive 5-year return.
- XLE made money in five of the nine calendar years in which AMAT lost money.

| Investment | Correlation with AMAT | 5Y return | Volatility | Sharpe | Rose in AMAT's 9 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.25 | +119% | 11.1% | 1.48 | 1 of 9 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.43 | +225% | 19.1% | 1.34 | 2 of 9 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.29 | +101% | 14.5% | 1.04 | 1 of 9 |
| HDV: iShares Core High Dividend ETF | 0.21 | +83.3% | 13.0% | 1.00 | 1 of 9 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.00 | +126% | 18.9% | 0.96 | 3 of 9 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | -0.02 | +177% | 25.5% | 0.93 | 5 of 9 |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | 0.44 | +76.6% | 13.7% | 0.90 | 1 of 9 |
| EUFN: iShares MSCI Europe Financials ETF | 0.29 | +133% | 21.8% | 0.89 | 0 of 9 |

## 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.

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## Explore further

- Full page with charts: https://easycompare.io/research/amat
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against AMAT live: https://betterthanspy.com/?b=AMAT&utm_source=easycompare&utm_medium=research