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Relative Intelligence · Communications Equipment

How Arista Networks (ANET) compares with the whole market and its popular alternatives

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

Period covered: ANET's full trading record, from June 2014 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 ANET →Chart ANET vs. 20 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in ANET over the past 12 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ANET over the same span and ANET'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.

Note: ANET began trading on June 6, 2014, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 12 years of ANET's record, starting at the end of September 2014.

Choose a period

From the end of September 2014 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. 15 of the 2,461 stocks and funds worth at least $500 million that traded the whole period ended ahead of ANET; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M2014201620182020202220242026$1,000$10,000$100,000$1M20142017202020232026
  • NVDA$5M+52,047% total · +68.4% a year
  • AMD$2M+17,840% total · +54.1% a year
  • FIX$1M+13,154% total · +50.3% a year
  • AVGO$532,141+5,221% total · +39.3% a year
  • LRCX$512,501+5,025% total · +38.8% a year
  • ANET$368,830+3,588% total · +35.1% a year
  • MRVL$219,029+2,090% total · +29.3% a year
  • CIEN$210,414+2,004% total · +28.9% a year
  • AAOI$61,648+516% total · +16.4% a year
  • SPY (S&P 500)$47,240+372% total · +13.8% 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. 35 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ANET; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$100,000202120222023202420252026
  • MU$153,675+1,437% total · +72.7% a year
  • AAOI$138,242+1,282% total · +69.1% a year
  • STX$128,799+1,188% total · +66.7% a year
  • LITE$116,261+1,063% total · +63.3% a year
  • DELL$112,363+1,024% total · +62.2% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • WDC$107,081+971% total · +60.7% a year
  • ANET$94,783+848% total · +56.8% a year
  • MRVL$44,627+346% total · +34.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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ANET 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.

Note: ANET began trading on June 6, 2014, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The company

Market value
$229B
Industry
Computer Hardware
Price history from
June 2014

Returns

Past 1 year
+23.7%total return
Past 3 years
+289%+57.3% a year
Past 5 years
+634%+49.0% a year
Past 10 years
+3,439%+42.9% a year
Best calendar year
+143%2017
Worst calendar year
−15.6%2022
Losing years
3 of 11full calendar years

Risk

Volatility
49.0%typical yearly swing, 5 years
Sharpe ratio
1.06return per unit of risk, 5 years
Worst decline ever
−52.2%Apr 2019 to Mar 2020
From its all-time high
−16.4%below the peak

ANET against the whole market

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

How does ANET rank among all stocks?

This section ranks ANET 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 ANET 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.

MeasureANETRankStanding
1-year return+23.7%1,145 of 3,287top 35%
3-year return+289%237 of 3,017top 8%
5-year return+634%47 of 2,893top 2%
10-year return+3,439%14 of 2,202top 1%
Volatility, 5 years49.0%1,884 of 2,893bottom 36%
Sharpe ratio, 5 years1.0668 of 2,893top 2%
Worst decline, past 10 years−52.2%541 of 2,187top 25%

What has beaten ANET 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). ANET sits where the dashed lines cross. Anything in the green box above and to the left earned more than ANET 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 ANET; faint dots are 6 more of the 10 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%70.0%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 ANETPBR: +50.3% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%FTI: +54.1% a year, volatility 41.3%TRMD: +54.3% a year, volatility 45.9%TNK: +50.5% a year, volatility 45.1%LPG: +54.6% a year, volatility 43.6%ANET: +49.0% a year, volatility 49.0%SPY (S&P 500): +12.7% a year, volatility 17.1%DELL: +55.2% a year, volatility 54.4%NVDA: +58.0% a year, volatility 51.9%STX: +57.4% a year, volatility 48.7%MU: +68.1% a year, volatility 57.1%AMD: +35.7% a year, volatility 57.6%WDC: +53.7% a year, volatility 53.5%ATI: +61.8% a year, volatility 42.9%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%CRS: +63.9% a year, volatility 46.5%PLTR: +51.4% a year, volatility 67.0%FIX: +77.0% a year, volatility 46.7%ANETSPY (S&P 500)DELLNVDASTXMUAMDWDCATIMPCPBR-ACRSPLTRFIX0.0%20.0%40.0%60.0%80.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ANETPBR: +50.3% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%FTI: +54.1% a year, volatility 41.3%TRMD: +54.3% a year, volatility 45.9%TNK: +50.5% a year, volatility 45.1%LPG: +54.6% a year, volatility 43.6%ANET: +49.0% a year, volatility 49.0%SPY (S&P 500): +12.7% a year, volatility 17.1%DELL: +55.2% a year, volatility 54.4%NVDA: +58.0% a year, volatility 51.9%STX: +57.4% a year, volatility 48.7%MU: +68.1% a year, volatility 57.1%AMD: +35.7% a year, volatility 57.6%WDC: +53.7% a year, volatility 53.5%ATI: +61.8% a year, volatility 42.9%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%CRS: +63.9% a year, volatility 46.5%PLTR: +51.4% a year, volatility 67.0%FIX: +77.0% a year, volatility 46.7%ANETSPY (S&P 500)DELLNVDAMUAMDWDCATIMPCCRSPLTRFIX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than ANET?

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

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

Screen the whole market against ANET for any period in BetterThanSPYOpen these 13 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with ANET?lower diversifies moreExpenseper year
ANETArista Networks, Inc. · this page
+49.0%49.0%1.06−52.2%+3,439%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.600.09%
Popular alternativesbest 2 shownThe investments people most often weigh against ANET. 2 of 20 passed at least one test.
DELLDell Technologies Inc. · Computer Hardware
Higher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.08—
NVDANVIDIA Corporation · Semiconductors
Higher return, similar volatility+58.0%51.9%1.14−66.3%+13,019%0.58—
Same and neighboring categories, and shared themesbest 4 shownEverything else in Communications Equipment and the categories next to it (Semiconductors, Electronic Components, Electronics Manufacturing, Computer Hardware), plus ANET's specific themes. 4 of 68 passed at least one test.
STXSeagate Technology Holdings plc · Computer Hardware
Higher return, similar volatilityHigher return in most periods+57.4%48.7%1.18−57.0%+2,698%0.48—
MUMicron Technology, Inc. · Semiconductors
Higher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.27—
AMDAdvanced Micro Devices, Inc. · Semiconductors
Higher return in most periods+35.7%57.6%0.82−65.5%+7,583%0.53—
WDCWestern Digital Corporation · Computer Hardware
Higher return, similar volatility+53.7%53.5%1.07−70.5%+911%0.37—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 24 of 3,545 passed at least one test.
ATIATI Inc. · Metals & Mining
On the frontierHigher return, lower volatilityHigher return in most periods+61.8%42.9%1.34−82.4%+929%-0.05—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatility+51.2%33.4%1.41−79.7%+1,387%0.06—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return, lower volatility+51.8%37.5%1.31−71.7%+768%0.02—
CRSCarpenter Technology Corporation · Metals & Mining
On the frontierHigher return, lower volatility+63.9%46.5%1.30−74.7%+1,021%0.06—
PLTRPalantir Technologies Inc. · Enterprise Software
Higher return in most periods+51.4%67.0%0.95−84.6%—0.11—
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher return, similar volatility+77.0%46.7%1.46−49.7%+5,305%0.50—
What these numbers mean for ANET
Annual return
ANET returned 49.0% 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 $73,400. 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
ANET's volatility over the past 5 years was 49.0%, 2.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ANET's return lands within 49.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
ANET's Sharpe ratio over the past 5 years was 1.06, against 0.79 for the S&P 500, so ANET earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
ANET's worst fall from a peak to a low over the past 10 years was 52.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 52.2% fall takes a 109% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ANET's monthly returns had a correlation of 0.60 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 ANET instead: the lower it is, the more that option would diversify a ANET holding. Guide: Correlation and diversification →
Show all 10 stocks and funds worth at least $500 million that earned more than ANET with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with ANETExpense
1
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+929%-0.05—
2
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.06—
3
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%0.02—
4
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,021%0.06—
5
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+674%-0.02—
6
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—0.04—
7
FTITechnipFMC plc · Oilfield Services
Whole market+54.1%41.3%1.26−85.8%+178%0.02—
8
TRMDTORM plc · Marine Shipping
Whole market+54.3%45.9%1.18−60.6%—0.19—
9
TNKTeekay Tankers Ltd. · Marine Shipping
Whole market+50.5%45.1%1.14−63.4%+490%0.06—
10
LPGDorian LPG Ltd. · Oil & Gas Midstream
Whole market+54.6%43.6%1.22−62.9%+1,821%0.06—

ANET against its popular alternatives

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

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

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

0.0%20.0%40.0%60.0%80.0%100%120%140%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityANET: 49.0% a year, volatility 49.0%SPY (S&P 500): 12.7% a year, volatility 17.1%MRVL: 29.5% a year, volatility 65.2%CIEN: 45.2% a year, volatility 52.6%UI: 14.4% a year, volatility 49.2%COHR: 31.6% a year, volatility 66.3%ADTN: −17.3% a year, volatility 56.4%DELL: 55.2% a year, volatility 54.4%NVDA: 58.0% a year, volatility 51.9%LITE: 57.3% a year, volatility 64.5%AAOI: 59.6% a year, volatility 123%VIAV: 17.9% a year, volatility 47.9%AVGO: 48.3% a year, volatility 44.5%HPE: 32.9% a year, volatility 42.2%FFIV: 17.1% a year, volatility 30.8%CSCO: 16.8% a year, volatility 26.1%MSFT: 12.5% a year, volatility 28.2%EXTR: 16.8% a year, volatility 48.8%META: 15.5% a year, volatility 45.4%ERIC: 1.7% a year, volatility 35.7%NOK: 11.6% a year, volatility 40.1%NTGR: −7.1% a year, volatility 45.8%ANETSPY (S&P 500)MRVLCIENUICOHRADTNDELLNVDALITEAAOIVIAVAVGOHPEFFIVCSCOEXTRERICNOKNTGR0.0%50.0%100%150%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityANET: 49.0% a year, volatility 49.0%SPY (S&P 500): 12.7% a year, volatility 17.1%MRVL: 29.5% a year, volatility 65.2%CIEN: 45.2% a year, volatility 52.6%UI: 14.4% a year, volatility 49.2%COHR: 31.6% a year, volatility 66.3%ADTN: −17.3% a year, volatility 56.4%DELL: 55.2% a year, volatility 54.4%NVDA: 58.0% a year, volatility 51.9%LITE: 57.3% a year, volatility 64.5%AAOI: 59.6% a year, volatility 123%VIAV: 17.9% a year, volatility 47.9%AVGO: 48.3% a year, volatility 44.5%HPE: 32.9% a year, volatility 42.2%FFIV: 17.1% a year, volatility 30.8%CSCO: 16.8% a year, volatility 26.1%MSFT: 12.5% a year, volatility 28.2%EXTR: 16.8% a year, volatility 48.8%META: 15.5% a year, volatility 45.4%ERIC: 1.7% a year, volatility 35.7%NOK: 11.6% a year, volatility 40.1%NTGR: −7.1% a year, volatility 45.8%ANETSPY (S&P 500)MRVLCIENCOHRADTNDELLNVDAAAOIVIAVAVGOHPEFFIVCSCOERICNTGR
All figures
InvestmentAnnual returnVolatility
AAOI Applied Optoelectronics, Inc.+59.6%123%
NVDA NVIDIA Corporation+58.0%51.9%
LITE Lumentum Holdings Inc.+57.3%64.5%
DELL Dell Technologies Inc.+55.2%54.4%
ANET This pageArista Networks, Inc.+49.0%49.0%
AVGO Broadcom Inc.+48.3%44.5%
CIEN Ciena Corporation+45.2%52.6%
HPE Hewlett Packard Enterprise Company+32.9%42.2%
COHR Coherent, Inc.+31.6%66.3%
MRVL Marvell Technology, Inc.+29.5%65.2%
VIAV Viavi Solutions Inc.+17.9%47.9%
FFIV F5, Inc.+17.1%30.8%
CSCO Cisco Systems, Inc.+16.8%26.1%
EXTR Extreme Networks, Inc.+16.8%48.8%
META Meta Platforms, Inc.+15.5%45.4%
UI Ubiquiti Inc.+14.4%49.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MSFT Microsoft Corporation+12.5%28.2%
NOK Nokia Oyj+11.6%40.1%
ERIC Telefonaktiebolaget LM Ericsson (publ)+1.7%35.7%
NTGR NETGEAR, Inc.−7.1%45.8%
ADTN ADTRAN Holdings Inc.−17.3%56.4%
Open these 22 in EasyCompare

Has ANET consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than ANET 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
ANET Arista Networks, Inc. (this page)—−11.8%+7.0%+8.6%+35.6%+23.7%+289%+634%+3,439%49.0%1.06−52.2%—$229B—
DELL QualifiedDell Technologies Inc.4/5 short3/3 longAll-weather−19.6%+21.3%+127%+265%+217%+636%+800%+3,701%54.4%1.08−59.6%—$294B—
NVDA SemiconductorsNVIDIA Corporation1/5 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—
LITE Communication EquipmentLumentum Holdings Inc.2/5 short2/3 long−13.8%+7.4%−8.1%+113%+411%+2,029%+863%+1,904%64.5%1.03−66.9%—$75B—
AAOI Communication EquipmentApplied Optoelectronics, Inc.2/5 short2/3 long−29.4%−25.5%−53.1%+93.8%+125%+1,011%+936%+270%123%0.97−98.5%—$6.5B—
MRVL SemiconductorsMarvell Technology, Inc.5/5 short1/3 long−6.6%+23.4%+62.7%+169%+181%+390%+264%+1,874%65.2%0.72−61.9%—$211B—
CIEN Communication EquipmentCiena Corporation3/5 short1/3 long−6.6%−9.7%−32.1%+39.0%+97.5%+721%+546%+1,600%52.6%0.97−49.5%—$48B—
VIAV Communication EquipmentViavi Solutions Inc.3/5 short1/3 long−4.1%−11.9%−22.2%+91.3%+164%+359%+127%+376%47.9%0.58−62.9%—$8.5B—
UI Communication EquipmentUbiquiti Inc.2/5 short1/3 long+3.2%+13.8%−43.9%+7.3%−17.3%+434%+95.9%+1,194%49.2%0.52−72.2%—$37B—
AVGO SemiconductorsBroadcom Inc.1/5 short1/3 long−7.8%−11.4%−16.0%−3.3%−3.5%+305%+617%+2,380%44.5%1.11−48.3%—$1.6T—
COHR Hardware, Equipment & PartsCoherent, Inc.1/5 short1/3 long−27.9%−18.8%−33.3%+19.3%+92.8%+648%+295%+795%66.3%0.75−72.2%—$46B—
HPE Computer HardwareHewlett Packard Enterprise Company5/5 short0/3 long−9.1%+26.3%+103%+135%+150%+296%+315%+483%42.2%0.89−56.9%—$74B—
FFIV Software - InfrastructureF5, Inc.5/5 short0/3 long+1.5%+10.9%+45.4%+78.0%+54.0%+208%+120%+287%30.8%0.67−54.6%—$26B—
CSCO Communication EquipmentCisco Systems, Inc.4/5 short0/3 long−3.9%−3.2%+22.6%+42.2%+53.8%+118%+118%+374%26.1%0.73−42.0%—$421B—
MSFT Software - InfrastructureMicrosoft Corporation3/5 short0/3 long+6.0%+32.5%+27.7%+13.2%+3.8%+66.6%+80.3%+946%28.2%0.56−37.1%—$3.9T—
EXTR Communication EquipmentExtreme Networks, Inc.2/5 short0/3 long−2.2%−26.6%+21.5%+34.3%+8.7%+6.4%+117%+445%48.8%0.56−87.5%—$2.9B—
META Internet Content & InformationMeta Platforms, Inc.2/5 short0/3 long−6.3%+7.6%+3.7%+7.0%−4.9%+127%+106%+439%45.4%0.55−76.7%—$1.8T—
ERIC Communication EquipmentTelefonaktiebolaget LM Ericsson (publ)2/5 short0/3 long+5.5%+12.9%−8.0%+15.6%+15.6%+164%+8.9%+161%35.7%0.23−66.6%—$36B—
NOK Communication EquipmentNokia Oyj2/5 short0/3 long−17.5%−10.2%−14.3%+40.3%+60.8%+211%+72.8%+123%40.1%0.47−62.6%—$49B—
NTGR Communication EquipmentNETGEAR, Inc.1/5 short0/3 long+3.2%−1.3%−14.5%−5.6%−30.0%+109%−30.7%−29.3%45.8%0.06−78.4%—$623M—
ADTN Communication EquipmentADTRAN Holdings Inc.1/5 short0/3 long−8.7%−43.3%−62.7%−24.2%−28.3%−8.7%−61.3%−59.8%56.4%-0.05−82.0%—$536M—
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How did ANET do year by year?

This table shows each investment's total return in every full calendar year since 2015, along with where ANET ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ANET and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: ANET began trading on June 6, 2014, so the table starts with 2015, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

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

InvestmentYears ahead of ANET20252024202320222021202020192018201720162015
ANET This pageArista Networks, Inc.—+18.6%+87.7%+94.1%−15.6%+97.9%+42.9%−3.5%−10.5%+143%+24.2%+28.2%
Rank among alternativesTop quarter in 4 of 1111 of 218 of 216 of 215 of 213 of 218 of 2116 of 2112 of 212 of 2112 of 206 of 18
SPY S&P 500State Street SPDR S&P 500 ETF2 of 11+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%
DELL Dell Technologies Inc.2 of 9+11.2%+53.0%+95.9%−26.6%+51.3%+42.6%+5.1%+8.6%+47.8%——
NVDA NVIDIA Corporation8 of 11+38.9%+171%+239%−50.2%+125%+122%+76.4%−30.8%+82.5%+228%+67.1%
LITE Lumentum Holdings Inc.3 of 10+339%+60.2%+0.5%−50.7%+11.6%+19.6%+88.8%−14.1%+26.5%+75.5%—
AAOI Applied Optoelectronics, Inc.4 of 11−5.4%+90.8%+922%−63.2%−39.6%−28.4%−23.0%−59.2%+61.4%+36.6%+52.9%
MRVL Marvell Technology, Inc.3 of 11−22.8%+83.8%+63.7%−57.5%+84.6%+80.3%+65.7%−23.6%+56.9%+60.5%−37.8%
CIEN Ciena Corporation3 of 11+176%+88.4%−11.7%−33.8%+45.6%+23.8%+25.9%+62.0%−14.3%+18.0%+6.6%
VIAV Viavi Solutions Inc.4 of 11+76.4%+0.3%−4.2%−40.4%+17.6%−0.1%+49.3%+15.0%+6.9%+34.3%−21.9%
UI Ubiquiti Inc.7 of 11+67.7%+141%−48.2%−10.0%+10.8%+48.5%+91.7%+40.7%+22.9%+82.4%+7.0%
AVGO Broadcom Inc.8 of 11+50.6%+110%+104%−13.3%+56.5%+45.0%+29.0%+2.2%+48.2%+23.6%+46.1%
COHR Coherent, Inc.6 of 11+94.8%+118%+24.0%−48.6%−10.1%+126%+3.7%−30.9%+58.4%+59.8%+36.0%
HPE Hewlett Packard Enterprise Company4 of 10+15.5%+29.1%+9.7%+4.5%+37.4%−21.9%+23.7%−5.7%+8.6%+54.2%—
FFIV F5, Inc.2 of 11+1.5%+40.5%+24.7%−41.3%+39.1%+26.0%−13.8%+23.5%−9.3%+49.3%−25.7%
CSCO Cisco Systems, Inc.3 of 11+33.5%+21.0%+9.3%−22.5%+45.8%−3.5%+13.8%+16.6%+31.3%+15.1%+0.6%
MSFT Microsoft Corporation2 of 11+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%+57.6%+20.8%+40.8%+15.1%+22.7%
EXTR Extreme Networks, Inc.4 of 11−0.5%−5.1%−3.7%+16.6%+128%−6.5%+20.8%−51.3%+149%+23.3%+15.6%
META Meta Platforms, Inc.3 of 11+13.1%+66.0%+194%−64.2%+23.1%+33.1%+56.6%−25.7%+53.4%+9.9%+34.2%
ERIC Telefonaktiebolaget LM Ericsson (publ)3 of 11+24.0%+33.5%+13.2%−44.4%−7.2%+38.3%+0.1%+35.2%+16.7%−36.4%−18.1%
NOK Nokia Oyj2 of 11+50.7%+34.6%−23.9%−24.4%+59.3%+5.2%−34.9%+29.7%−0.3%−27.8%−8.4%
NTGR NETGEAR, Inc.3 of 11−12.0%+91.1%−19.5%−38.0%−28.1%+65.8%−24.1%−11.4%+8.1%+29.7%+17.8%
ADTN ADTRAN Holdings Inc.2 of 11+4.3%+13.5%−59.9%−16.3%+57.4%+54.4%−5.2%−43.2%−12.0%+32.4%−19.3%
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Risk and diversification

How ANET 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 ANET's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ANET's five deepest drawdowns since it began trading in 2014, 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.

Note: ANET began trading on June 6, 2014, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringANET fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Covid crash−52.2%−16.1%Apr 2019Mar 202011 monthsMay 202114 months
No named crash−50.4%−16.4%Jan 2025Apr 20253 monthsAug 20254 months
2015 China and oil sell-off−43.2%−3.7%Sep 2014Feb 201617 monthsNov 20169 months
Late-2018 sell-off−38.8%−17.6%Aug 2018Dec 20184 monthsMar 20193 months
2022 bear market−38.4%−22.9%Dec 2021Jun 20226 monthsMar 20239 months

How did ANET do in stock market crashes?

This section measures how far ANET, 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.

Note: ANET began trading on June 6, 2014, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

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

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
ANET This pageArista Networks, Inc.—−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF3 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
DELL Dell Technologies Inc.1 of 5−5.7%−43.6%−45.9%−28.6%−7.4%—————
NVDA NVIDIA Corporation1 of 6−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
LITE Lumentum Holdings Inc.3 of 6−6.5%−36.3%−28.7%−40.1%−5.0%−34.1%————
AAOI Applied Optoelectronics, Inc.0 of 6−5.7%−71.6%−54.5%−58.8%−8.1%−45.1%————
MRVL Marvell Technology, Inc.1 of 6−12.0%−56.8%−31.6%−26.1%−7.5%−37.6%−23.1%0.0%−74.3%—
CIEN Ciena Corporation4 of 6−2.9%−48.4%−22.4%−11.8%−4.7%−31.7%−41.8%−5.1%−89.5%−98.4%
VIAV Viavi Solutions Inc.4 of 6−3.0%−27.2%−37.5%−26.5%−3.0%−27.6%−41.5%−4.5%−86.0%−98.8%
UI Ubiquiti Inc.4 of 6−3.5%−26.5%−22.7%−17.6%−14.4%−26.2%————
AVGO Broadcom Inc.4 of 6−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
COHR Coherent, Inc.1 of 6−10.7%−56.3%−43.0%−39.5%−9.8%−15.0%−40.4%−2.1%−68.2%−61.4%
HPE Hewlett Packard Enterprise Company2 of 5−7.2%−30.5%−45.3%−27.4%−9.6%—————
FFIV F5, Inc.3 of 6−5.6%−42.7%−32.1%−24.7%−5.5%−35.0%−31.6%−3.7%−59.2%−96.8%
CSCO Cisco Systems, Inc.5 of 6−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
MSFT Microsoft Corporation4 of 6−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
EXTR Extreme Networks, Inc.1 of 6−4.6%−43.9%−71.0%−23.0%−26.4%−46.8%−30.5%−4.8%−75.8%−98.0%
META Meta Platforms, Inc.2 of 6−2.9%−62.1%−32.9%−26.5%−9.8%−13.9%————
ERIC Telefonaktiebolaget LM Ericsson (publ)2 of 6−2.3%−53.5%−31.3%−13.3%−7.5%−19.2%−31.9%−0.8%−71.4%−98.6%
NOK Nokia Oyj4 of 6−2.1%−32.1%−42.4%−9.7%−2.8%−23.3%−21.1%0.0%−78.1%−82.1%
NTGR NETGEAR, Inc.2 of 6−4.2%−42.5%−31.1%−26.6%−17.9%−22.7%−41.0%−3.0%−76.6%—
ADTN ADTRAN Holdings Inc.3 of 6−8.6%−28.9%−45.4%−43.5%−2.5%−13.2%−26.6%−0.1%−52.3%−81.1%
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How closely does ANET 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 ANET 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 ANET's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ANET This pageArista Networks, Inc.174%91%1.921.40
DELL Dell Technologies Inc.154%43%3.591.13
CIEN Ciena Corporation129%64%2.021.07
AVGO Broadcom Inc.158%86%1.851.19
NVDA NVIDIA Corporation248%140%1.771.83
LITE Lumentum Holdings Inc.162%101%1.611.24
MRVL Marvell Technology, Inc.167%116%1.441.68
MSFT Microsoft Corporation127%91%1.390.96
VIAV Viavi Solutions Inc.98%76%1.300.97
UI Ubiquiti Inc.150%125%1.191.35
HPE Hewlett Packard Enterprise Company116%102%1.141.31
COHR Coherent, Inc.162%146%1.111.80
CSCO Cisco Systems, Inc.101%96%1.060.97
FFIV F5, Inc.87%84%1.031.04
META Meta Platforms, Inc.134%143%0.941.25
NOK Nokia Oyj63%72%0.871.01
EXTR Extreme Networks, Inc.144%172%0.841.88
AAOI Applied Optoelectronics, Inc.169%221%0.772.83
ERIC Telefonaktiebolaget LM Ericsson (publ)73%108%0.670.71
NTGR NETGEAR, Inc.45%124%0.361.02
ADTN ADTRAN Holdings Inc.47%150%0.311.46
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What diversifies ANET?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222019201880/20 mix volatility80/20 mix annual return
ANET Arista Networks, Inc. (this page)1.00+634%1.06−15.6%−3.5%−10.5%41.4%+56.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.05+119%1.48+3.8%+17.8%−5.2%33.3%+49.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.19+225%1.34+6.0%+18.9%−19.8%33.7%+52.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.16+101%1.04+10.4%+23.4%−8.7%33.8%+49.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.11+83.3%1.00+7.1%+20.1%−3.0%33.6%+48.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.35+85.0%0.96−5.1%+24.9%−9.5%34.0%+48.7%
GLD CommoditiesSPDR Gold Shares0.02+126%0.96−0.8%+17.9%−1.9%33.4%+50.4%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.06+177%0.93+64.4%+11.7%−18.2%33.3%+52.2%
DFIV InternationalDimensional - International Value ETF0.11+99.4%0.93−3.7%——33.7%+49.6%

Stocks

InvestmentCorrelation5Y returnSharpe20222019201880/20 mix volatility80/20 mix annual return
ANET Arista Networks, Inc. (this page)1.00+634%1.06−15.6%−3.5%−10.5%41.4%+56.8%
CAH Medical - DistributionCardinal Health, Inc.-0.02+479%1.55+54.1%+18.0%−24.5%33.4%+55.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.41+3,143%1.47+1.3%−5.7%−16.3%39.4%+69.8%
MCK Medical - DistributionMcKesson Corporation-0.02+413%1.44+51.8%+26.7%−28.4%33.4%+54.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.06+690%1.41+86.6%+6.0%−8.2%34.2%+58.0%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.11+594%1.36+24.2%+83.6%−37.5%34.6%+58.1%
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Common questions

What was ANET's worst drawdown?

ANET's deepest decline since it began trading in 2014 was 52.2%, from April 2019 to March 2020. It took 14 months from the low to climb back to its old high. Because ANET launched in June 2014, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were ANET's best and worst years?

Over 11 full calendar years, ANET's best year was 2017, when it returned 143%. Its worst was 2022, with a return of -15.6%.

Is there a better investment than ANET?

Among ANET's popular alternatives, NVDA earned more than ANET over the past 5 years with similar volatility: 58.0% a year at 51.9% volatility, against 49.0% a year at 49.0%. Looking beyond its popular alternatives, STX (computer hardware) and WDC (computer hardware) earned more than ANET over the past 5 years with similar volatility: STX returned 57.4% a year at 48.7% volatility, against 49.0% a year at 49.0%.

Is ANET more volatile than the S&P 500?

Yes. ANET's volatility over the past 5 years was 49.0%, 2.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ANET's return lands within 49.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is ANET's Sharpe ratio?

ANET's Sharpe ratio over the past 5 years was 1.06, against 0.79 for the S&P 500, so ANET earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is ANET with the S&P 500?

Over the past 5 years, ANET's monthly returns had a correlation of 0.60 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 ANET instead: the lower it is, the more that option would diversify a ANET holding.

What are the best alternatives to ANET?

Of the 20 popular alternatives we compared, one outperformed ANET in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DELL.

Did ANET outperform the S&P 500?

ANET finished ahead of the S&P 500 (SPY) in nine of 11 full calendar years. In 2025, it returned +18.5%, against +17.7% for the index.

How did ANET do in stock market crashes?

ANET fell less than the S&P 500 (SPY) in two of the six major crashes it has traded through, and further in three. The clearest case was the 2015 China and oil sell-off, when ANET fell 36.6% and the S&P 500 fell 12.8%.

What diversifies ANET?

These had a low correlation with ANET over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.05), DXJ (correlation 0.19) and EMLP (correlation 0.16); among large stocks, CAH (correlation -0.02), CLS (correlation 0.41) and MCK (correlation -0.02). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ANET