Relative Intelligence · Chemicals
How Air Products and Chemicals (APD) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on APD alone. It places APD (Air Products and Chemicals, 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 APD stands in the market, and of the alternatives worth a closer look.
Period covered: APD'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.
On this page12 sections
Key findings
- Right nowNot every peer went the same way. Over the past 6 months, ASH (Ashland) rose 25.3% and PPG (PPG Industries) fell 4.1%. Over the past 6 months, APD rose 3.5% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Consistency ↓
- Stock or market?APD rose 2.7% over the past 3 months, in line with the chemicals ETF XLB (State Street Materials Select Sector SPDR ETF), which rose 2.9%. The S&P 500 rose 3.9%. Last month cut against the tape: APD rose 9.0% while the S&P 500 fell 0.6%.
- Past 1 to 3 yearsAPD has outpaced the market, rising 22.2% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. That said, it finished behind the S&P 500 in both 2024 and 2025. By year ↓
- Long termAPD turned $10,000 into $28,800 over the past decade, against $42,100 in the S&P 500. Even so, over the past decade, only LIN (Linde) and SHW (Sherwin-Williams) of its chemical peers outpaced APD. Growth of $10,000 ↓
- In a crashIn the 2015 China and oil sell-off, APD fell 20.6%, against 12.8% for the S&P 500. That was more than LIN (Linde, 16.6%) but less than SHW (Sherwin-Williams, 23.2%). Crash tests ↓
- DiversificationAgainst the S&P 500, APD has a correlation of 0.44 over 5 years, more closely than 61% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. APD fell in 17 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it. By year ↓
- Better options
- Popular alternatives
- ECL (Ecolab) and LIN (Linde) earned more than APD with less volatility over the past 5 years. ECL returned 6.7% a year at 24.1% volatility, against 3.2% a year at 26.4%.
- Nearby categories and themes
- SHEL (Shell, integrated oil & gas) earned more than APD with less volatility over the past 5 years: 21.0% a year at 24.8% volatility, against 3.2% a year at 26.4%.
- Whole market
- 812 of the 3,633 stocks and funds worth at least $500 million earned more than APD with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in APD have grown?
This chart tracks a hypothetical $10,000 investment in APD over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of APD over the same span and APD'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.
- $10,000 invested in APD at the end of September 1997 would have grown to $141,485 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 APD, and VLO finished highest, at $1,019,941.
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. 413 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of APD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- VLO$1M+10,099% total · +17.3% a year
- SHW$512,273+5,023% total · +14.5% a year
- ECL$316,339+3,063% total · +12.6% a year
- LIN$307,585+2,976% total · +12.5% a year
- RPM$145,544+1,355% total · +9.7% a year
- APD$141,485+1,315% total · +9.6% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- ASH$81,831+718% total · +7.5% a year
- PPG$67,316+573% total · +6.8% a year
- DD$46,604+366% total · +5.5% a year
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. 2,085 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of APD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- BE$147,957+1,380% total · +71.4% a year
- VLO$64,131+541% total · +45.0% a year
- TSM$43,622+336% total · +34.3% a year
- CF$22,921+129% total · +18.0% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- LIN$17,312+73.1% total · +11.6% a year
- DD$16,760+67.6% total · +10.9% a year
- ECL$13,921+39.2% total · +6.8% a year
- APD$12,250+22.5% total · +4.1% a year
- SHW$12,093+20.9% total · +3.9% a year
APD 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.
- APD's deepest decline since it began trading in 1986 was 60.3%, from June to November 2008. It took about three years from the low to climb back to its old high.
- Over 29 full calendar years, APD's best was 2009, when it returned 65.5%, and its worst was 2008, when it lost 47.8%. It lost money in eight of those years.
- APD is 6.3% below its all-time high.
The company
- Market value
- $67B
- Industry
- Chemicals - Specialty
- Price history from
- October 1986
Returns
- Past 1 year
- +22.2%total return
- Past 3 years
- +17.4%+5.5% a year
- Past 5 years
- +16.9%+3.2% a year
- Past 10 years
- +188%+11.1% a year
- Best calendar year
- +65.5%2009
- Worst calendar year
- −47.8%2008
- Losing years
- 8 of 29full calendar years
Risk
- Volatility
- 26.4%typical yearly swing, 5 years
- Sharpe ratio
- 0.25return per unit of risk, 5 years
- Worst decline ever
- −60.3%Jun 2008 to Nov 2008
- From its all-time high
- −6.3%below the peak
APD against the whole market
Where APD ranks among every stock and fund, and what across the market has done better.
How does APD rank among all stocks?
This section ranks APD 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 APD stacks up against its peers, these rankings show where it stands in the market as a whole.
- APD's worst decline of the past 10 years ranks in the top 2% of the 2,187 stocks worth at least $300 million, where the top fell the least.
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.
| Measure | APD | Rank | Standing |
|---|---|---|---|
| 1-year return | +22.2% | 1,179 of 3,287 | top 36% |
| 3-year return | +17.4% | 2,057 of 3,017 | bottom 33% |
| 5-year return | +16.9% | 1,500 of 2,893 | bottom 49% |
| 10-year return | +188% | 916 of 2,202 | top 42% |
| Volatility, 5 years | 26.4% | 437 of 2,893 | top 15% |
| Sharpe ratio, 5 years | 0.25 | 1,695 of 2,893 | bottom 42% |
| Worst decline, past 10 years | −31.8% | 34 of 2,187 | top 2% |
What has beaten APD 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). APD sits where the dashed lines cross. Anything in the green box above and to the left earned more than APD 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.
- 183 stocks and 629 ETFs worth at least $500 million sit in the green region: each earned more than APD over the past 5 years with smaller price swings. That is 22% of the 3,633 screened.
- Among those with at least half APD's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 6% less than APD's 26.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.25 for APD.
- Among APD's popular alternatives, LIN and ECL are in the region. LIN earned 11.5% a year against 3.2% a year for APD, at 20.9% volatility, 21% less than APD's 26.4%.
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 APD; faint dots are 92 more of the 812 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
- 1 with more than 1.6× APD's volatility is in the table only
Is there a better investment than APD?
Investments that beat APD over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among APD's popular alternatives, ECL and LIN earned more than APD with less volatility over the past 5 years. ECL returned 6.7% a year at 24.1% volatility, against 3.2% a year at 26.4%.
- Looking beyond its popular alternatives, SHEL (integrated oil & gas) earned more than APD with less volatility over the past 5 years: 21.0% a year at 24.8% volatility, against 3.2% a year at 26.4%.
- Across the whole market, 812 of the 3,633 stocks and funds worth at least $500 million earned more than APD with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat APD 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 APD'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 APD 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 APD'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× APD's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than APD's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with APD?lower diversifies more | Expenseper year | |||
| APDAir Products and Chemicals, Inc. · this page | +3.2% | 26.4% | 0.25 | −31.8% | +188% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.44 | 0.09% | ||
| Popular alternativesbest 5 shownThe investments people most often weigh against APD. 5 of 20 passed at least one test. | |||||||||
 ECLEcolab Inc. · Specialty Chemicals | Higher return, lower volatilityHigher return in most periods | +6.7% | 24.1% | 0.39 | −43.7% | +176% | 0.36 | — | |
 BEBloom Energy Corporation · Electrical Equipment | On the frontierHigher return in most periods | +60.5% | 89.6% | 0.96 | −92.5% | — | 0.26 | — | |
 LINLinde plc · Chemicals | Higher return, lower volatility | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.54 | — | |
 TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors | Higher return in most periods | +31.5% | 38.5% | 0.91 | −56.6% | +1,505% | 0.22 | — | |
 VLOValero Energy Corporation · Oil & Gas | Higher return in most periods | +44.2% | 36.9% | 1.18 | −71.9% | +1,061% | 0.37 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Chemicals and the categories next to it (Specialty Chemicals, Industrial Machinery, Agricultural Products, Integrated Oil & Gas), plus APD's specific themes. 31 of 68 passed at least one test. | |||||||||
 SHELShell plc · Integrated Oil & Gas | Higher return, lower volatilityHigher return in most periods | +21.0% | 24.8% | 0.90 | −67.2% | +233% | 0.22 | — | |
 XOMExxonmobil Holdings Corporation · Integrated Oil & Gas | Higher return, similar volatilityHigher return in most periods | +27.1% | 26.5% | 1.04 | −61.0% | +214% | 0.27 | — | |
 CVXChevron Corporation · Integrated Oil & Gas | Higher return, similar volatilityHigher return in most periods | +19.5% | 25.2% | 0.84 | −55.8% | +238% | 0.34 | — | |
 TTETotalEnergies SE · Integrated Oil & Gas | Higher return, similar volatilityHigher return in most periods | +18.0% | 25.8% | 0.78 | −59.6% | +234% | 0.42 | — | |
 EEni S.p.A. · Integrated Oil & Gas | Higher return, similar volatilityHigher return in most periods | +23.0% | 25.6% | 0.94 | −61.4% | +278% | 0.37 | — | |
 WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery | Higher return, similar volatilityHigher return in most periods | +25.6% | 26.2% | 1.00 | −64.1% | +264% | 0.44 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,369 of 3,545 passed at least one test. | |||||||||
PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.37 | 0.60% | |
 AMGNAmgen Inc. · Biotechnology | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.37 | — | |
 MRKMerck & Co., Inc. · Pharmaceuticals | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.28 | — | |
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.35 | 0.85% | |
POCTInnovator U.S. Equity Power Buffer ETF · Broad Market | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +10.0% | 8.0% | 1.23 | −18.8% | — | 0.41 | 0.79% | |
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.17 | — | |
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.04 | 0.09% | |
 AAPLApple Inc. · Computer Hardware | Higher return, similar volatilityHigher return in most periods | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.10 | — | |
What these numbers mean for APD
- Annual return
- APD returned 3.2% 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 $11,700. 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
- APD's volatility over the past 5 years was 26.4%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APD's return lands within 26.4% 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
- APD's Sharpe ratio over the past 5 years was 0.25, against 0.79 for the S&P 500, so APD 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
- APD's worst fall from a peak to a low over the past 10 years was 31.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 31.8% fall takes a 46.5% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, APD's monthly returns had a correlation of 0.44 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 APD instead: the lower it is, the more that option would diversify a APD holding. Guide: Correlation and diversification →
Show all 812 stocks and funds worth at least $500 million that earned more than APD 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.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with APD | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.37 | 0.60% |
| 2 | AMGNAmgen Inc. · Biotechnology | Whole market | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.37 | — |
| 3 | MRKMerck & Co., Inc. · Pharmaceuticals | Whole market | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.28 | — |
| 4 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.35 | 0.85% |
| 5 | POCTInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.0% | 8.0% | 1.23 | −18.8% | — | 0.41 | 0.79% |
| 6 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.17 | — |
| 7 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.57 | 0.15% |
| 8 | DFUSDimensional U.S. Equity ETF · US Total Market | Whole market | +12.3% | 17.3% | 0.76 | −24.6% | — | 0.44 | 0.09% |
| 9 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.45 | 0.10% |
| 10 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.40 | — |
| 11 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.49 | 0.08% |
| 12 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.12 | — |
| 13 | JAVAJPMorgan Active Value ETF · US Large-Cap Value | Whole market | +11.5% | 14.5% | 0.82 | −16.5% | — | — | 0.44% |
| 14 | ACTEnact Holdings Inc. · Insurance | Whole market | +20.5% | 24.3% | 0.89 | −20.2% | — | 0.43 | — |
| 15 | BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity | Whole market | +13.8% | 17.3% | 0.84 | −26.2% | — | 0.42 | 0.00% |
| 16 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.17 | 0.40% |
| 17 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.34 | 0.60% |
| 18 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.24 | 0.85% |
| 19 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.40 | — |
| 20 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.47 | 0.95% |
| 21 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.21 | 0.20% |
| 22 |  BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.33 | — |
| 23 | PULSPGIM Ultra Short Bond ETF · Short-Term Bonds | Whole market | +4.4% | 0.7% | 6.07 | −5.8% | — | 0.15 | 0.15% |
| 24 |  ABBVAbbVie Inc. · Pharmaceuticals | Whole market | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.15 | — |
| 25 | FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income | Whole market | +11.5% | 14.8% | 0.82 | −19.4% | +121% | 0.28 | 0.75% |
| 26 | LCTUiShares U.S. Carbon Transition Readiness Aware Active ETF · Broad Market | Whole market | +11.3% | 17.2% | 0.71 | −25.9% | — | 0.45 | 0.30% |
| 27 | FLSPFranklin Systematic Style Premia ETF · Alternatives | Whole market | +8.4% | 13.4% | 0.68 | −22.9% | — | 0.03 | 0.65% |
| 28 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market | Whole market | +10.2% | 10.2% | 1.00 | −11.7% | — | 0.52 | 0.31% |
| 29 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.37 | — |
| 30 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.33 | — |
| 31 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.14 | 0.48% |
| 32 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.47 | 0.40% |
| 33 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.32 | — |
| 34 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.26 | 0.18% |
| 35 |  MAMastercard Incorporated · Payment Processing | Whole market | +12.4% | 23.8% | 0.61 | −41.0% | +541% | 0.35 | — |
| 36 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.37 | — |
| 37 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | — | 0.44 | 0.77% |
| 38 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.12 | — |
| 39 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +26.0% | 23.8% | 1.09 | −63.3% | +379% | 0.48 | — |
| 40 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.35 | — |
| 41 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.45 | — |
| 42 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.27 | — |
| 43 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.34 | — |
| 44 |  MOAltria Group, Inc. · Tobacco | Whole market | +17.8% | 21.4% | 0.88 | −53.7% | +140% | 0.29 | — |
| 45 |  BNYBank of New York Mellon Corp · Banks | Whole market | +22.7% | 24.4% | 0.97 | −50.5% | +341% | 0.58 | — |
| 46 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +19.2% | 21.6% | 0.93 | −47.3% | +395% | 0.27 | — |
| 47 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.58 | 0.04% |
| 48 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.34 | — |
| 49 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.09 | 0.30% |
| 50 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.33 | — |
| 51 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.61 | 0.06% |
| 52 |  BUDAnheuser-Busch InBev SA/NV · Alcoholic Beverages | Whole market | +9.7% | 25.0% | 0.50 | −69.8% | −20.0% | 0.29 | — |
| 53 |  BMOBank of Montreal · Banks | Whole market | +13.6% | 21.4% | 0.71 | −51.0% | +295% | 0.38 | — |
| 54 |  MFCManulife Financial Corporation · Life Insurance | Whole market | +22.6% | 24.0% | 0.97 | −57.5% | +373% | 0.33 | — |
| 55 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.39 | — |
| 56 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.39 | — |
| 57 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.36 | 0.69% |
| 58 |  UNPUnion Pacific Corporation · Railroads | Whole market | +7.1% | 22.9% | 0.42 | −38.7% | +295% | 0.50 | — |
| 59 |  MNSTMonster Beverage Corporation · Food & Beverages | Whole market | +17.2% | 24.9% | 0.77 | −30.4% | +285% | 0.08 | — |
| 60 |  KMIKinder Morgan, Inc. · Oil & Gas Midstream | Whole market | +18.7% | 22.5% | 0.88 | −55.1% | +163% | 0.48 | — |
| 61 |  CTASCintas Corporation · Business Services | Whole market | +16.5% | 23.1% | 0.78 | −48.4% | +808% | 0.49 | — |
| 62 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.42 | — |
| 63 |  ADPAutomatic Data Processing, Inc. · Business Services | Whole market | +9.0% | 22.9% | 0.49 | −40.8% | +320% | 0.44 | — |
| 64 |  ULUnilever PLC · Household & Personal Products | Whole market | +5.5% | 21.5% | 0.36 | −30.1% | +89.8% | 0.32 | — |
| 65 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +14.8% | 23.6% | 0.71 | −32.8% | +625% | 0.48 | — |
| 66 |  BMYBristol-Myers Squibb Company · Pharmaceuticals | Whole market | +5.5% | 24.9% | 0.34 | −47.7% | +74.8% | 0.24 | — |
| 67 |  CCEPCoca-Cola Europacific Partners PLC · Food & Beverages | Whole market | +19.7% | 23.2% | 0.90 | −48.8% | +292% | 0.31 | — |
| 68 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.28 | 0.60% |
| 69 |  TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals | Whole market | +11.9% | 19.4% | 0.68 | −54.4% | +30.4% | 0.07 | — |
| 70 |  FASTFastenal Company · Industrial Distribution | Whole market | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.50 | — |
| 71 |  CSXCSX Corporation · Railroads | Whole market | +8.3% | 23.3% | 0.46 | −40.5% | +446% | 0.50 | — |
| 72 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +13.1% | 22.4% | 0.67 | −34.5% | +451% | 0.28 | 0.04% |
| 73 |  AMEAMETEK, Inc. · Electronic Instruments | Whole market | +14.4% | 22.1% | 0.72 | −42.7% | +481% | 0.36 | — |
| 74 |  CLColgate-Palmolive Company · Household & Personal Products | Whole market | +7.2% | 19.2% | 0.46 | −29.0% | +68.8% | 0.29 | — |
| 75 |  MRSHMarsh & McLennan Companies, Inc. · Insurance | Whole market | +4.4% | 20.9% | 0.31 | −35.8% | +245% | 0.52 | — |
| 76 | CBOECboe Global Markets, Inc. · Capital Markets | Whole market | +21.5% | 25.1% | 0.91 | −43.2% | +463% | 0.11 | — |
| 77 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.33 | 0.80% |
| 78 |  SLFSun Life Financial Inc. · Life Insurance | Whole market | +11.7% | 19.4% | 0.67 | −50.8% | +255% | 0.41 | — |
| 79 |  RELXRELX Plc · Business Services | Whole market | +7.0% | 24.1% | 0.40 | −49.9% | +167% | 0.28 | — |
| 80 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.36 | — |
| 81 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.45 | 0.08% |
| 82 | KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages | Whole market | +22.3% | 24.7% | 0.94 | −55.1% | +119% | 0.09 | — |
| 83 |  NDAQNasdaq, Inc. · Capital Markets | Whole market | +8.9% | 24.7% | 0.47 | −38.3% | +407% | 0.41 | — |
| 84 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.45 | 0.25% |
| 85 | VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity | Whole market | +9.4% | 15.8% | 0.65 | −43.2% | +182% | 0.58 | 0.05% |
| 86 | VYMIVanguard International High Dividend Yield ETF · International Equity | Whole market | +13.2% | 14.8% | 0.92 | −40.0% | +176% | 0.50 | 0.07% |
| 87 | PBAPembina Pipeline Corporation · Oil & Gas Midstream | Whole market | +13.8% | 21.5% | 0.71 | −70.9% | +172% | 0.44 | — |
| 88 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | 0.06 | 0.15% |
| 89 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.58 | 0.08% |
| 90 | RPRXRoyalty Pharma plc · Pharmaceuticals | Whole market | +13.3% | 23.8% | 0.65 | −49.7% | — | 0.32 | — |
| 91 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.43 | 0.36% |
| 92 | SHELShell plc · Integrated Oil & Gas | Same or nearby category | +21.0% | 24.8% | 0.90 | −67.2% | +233% | 0.22 | — |
| 93 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.48 | — |
| 94 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.60 | 0.15% |
| 95 | EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity | Whole market | +11.1% | 19.5% | 0.64 | −42.8% | — | 0.23 | 0.25% |
| 96 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.50 | 0.49% |
| 97 |  EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Whole market | +5.2% | 8.9% | 0.61 | −25.4% | +37.8% | 0.36 | — |
| 98 | EWJiShares MSCI Japan ETF · International Equity | Whole market | +9.2% | 18.8% | 0.57 | −33.1% | +132% | 0.30 | 0.49% |
| 99 | WTWWillis Towers Watson Public Limited Company · Insurance | Whole market | +6.9% | 23.9% | 0.40 | −32.9% | +187% | 0.41 | — |
| 100 | LHLabcorp Holdings Inc. · Medical Diagnostics | Whole market | +7.3% | 23.8% | 0.42 | −46.6% | +184% | 0.53 | — |
APD against its popular alternatives
The investments people most often weigh against APD, compared period by period and year by year.
How do APD'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 APD, which divides the map into what did better or worse on each measure.
- Only LIN and ECL were both more rewarding and calmer than APD over the past 5 years, earning a higher annual return with lower volatility.
- 12 of the 20 popular alternatives earned less than APD over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, APD returned 3.2% a year, less than the S&P 500's 12.7%, with higher volatility (26.4% against 17.1%).
Green points earned more than APD with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| BE Bloom Energy Corporation | +60.5% | 89.6% |
| VLO Valero Energy Corporation | +44.2% | 36.9% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | +31.5% | 38.5% |
| CF CF Industries Holdings, Inc. | +16.7% | 38.1% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| LIN Linde plc | +11.5% | 20.9% |
| DD DuPont de Nemours, Inc. | +9.8% | 30.0% |
| ECL Ecolab Inc. | +6.7% | 24.1% |
| RPM RPM International Inc. | +5.1% | 27.2% |
| APD This pageAir Products and Chemicals, Inc. | +3.2% | 26.4% |
| SHW The Sherwin-Williams Company | +3.1% | 27.1% |
| LYB LyondellBasell Industries N.V. | −2.0% | 33.1% |
| ASH Ashland Inc. | −3.9% | 31.8% |
| PPG PPG Industries, Inc. | −5.5% | 28.1% |
| EMN Eastman Chemical Company | −6.6% | 32.2% |
| DOW Dow Inc. | −7.6% | 34.1% |
| WLK Westlake Corporation | −7.6% | 37.3% |
| OLN Olin Corporation | −20.1% | 45.3% |
| HUN Huntsman Corporation | −20.9% | 41.8% |
| CE Celanese Corporation | −21.0% | 45.9% |
| APTV Aptiv PLC | −23.2% | 41.4% |
| PLUG Plug Power Inc. | −46.8% | 94.3% |
Has APD consistently beaten its popular alternatives?
This section compares APD 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 APD helps separate lasting outperformance from a single strong stretch.
- Three of the 20 popular alternatives, VLO, TSM and BE, outperformed APD in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- VLO and TSM outperformed APD in every long-term period and in all but one short-term period, the most consistent record in the group.
- LIN outperformed APD over all three long-term periods but in only one of the five short-term ones, so APD has had the better of it lately.
A green cell means the alternative earned more than APD 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| APD Air Products and Chemicals, Inc. (this page) | — | +9.0% | +2.7% | +3.5% | +23.1% | +22.2% | +17.4% | +16.9% | +188% | 26.4% | 0.25 | −31.8% | — | $67B | — |
| VLO QualifiedValero Energy Corporation | 5/5 short3/3 longAll-weather | +10.2% | +38.9% | +93.2% | +166% | +176% | +259% | +524% | +1,061% | 36.9% | 1.18 | −71.9% | — | $125B | — |
| TSM QualifiedTaiwan Semiconductor Manufacturing Company Limited | 4/5 short3/3 longAll-weather | −4.5% | +5.9% | +16.6% | +34.0% | +44.3% | +382% | +293% | +1,505% | 38.5% | 0.91 | −56.6% | — | $2.2T | — |
| BE QualifiedBloom Energy Corporation | 3/5 short2/3 long | −18.4% | +13.0% | +2.0% | +126% | +104% | +1,869% | +965% | — | 89.6% | 0.96 | −92.5% | — | $66B | — |
| CF Agricultural InputsCF Industries Holdings, Inc. | 2/5 short3/3 long | −4.3% | −4.1% | +2.7% | +49.3% | +43.4% | +52.2% | +117% | +516% | 38.1% | 0.60 | −60.7% | — | $18B | — |
| LIN Chemicals - SpecialtyLinde plc | 1/5 short3/3 long | +9.7% | −1.7% | +1.4% | +18.1% | +12.7% | +42.4% | +72.6% | +394% | 20.9% | 0.63 | −32.6% | — | $231B | — |
| ECL Chemicals - SpecialtyEcolab Inc. | 2/5 short2/3 long | +6.7% | +7.5% | +5.1% | +10.6% | +4.0% | +85.8% | +38.1% | +176% | 24.1% | 0.39 | −43.7% | — | $81B | — |
| SHW Chemicals - SpecialtyThe Sherwin-Williams Company | 1/5 short2/3 long | +4.6% | +4.1% | −1.8% | +3.2% | +2.4% | +45.2% | +16.5% | +300% | 27.1% | 0.25 | −42.5% | — | $82B | — |
| DD ChemicalsDuPont de Nemours, Inc. | 1/5 short2/3 long | +2.4% | −1.6% | −4.9% | +9.8% | +33.2% | +53.7% | +59.2% | +65.8% | 30.0% | 0.46 | −73.0% | — | $18B | — |
| RPM Chemicals - SpecialtyRPM International Inc. | 0/5 short1/3 long | +1.7% | −0.9% | −7.7% | −1.5% | −8.7% | +13.5% | +28.5% | +153% | 27.2% | 0.32 | −38.7% | — | $13B | — |
| ASH Chemicals - SpecialtyAshland Inc. | 3/5 short0/3 long | +3.8% | +6.5% | +25.3% | +22.2% | +47.6% | +0.5% | −18.2% | +53.4% | 31.8% | 0.03 | −57.3% | — | $3.3B | — |
| LYB Chemicals - SpecialtyLyondellBasell Industries N.V. | 3/5 short0/3 long | +6.2% | +6.4% | −4.8% | +48.9% | +49.0% | −15.5% | −9.4% | +38.3% | 33.1% | 0.11 | −68.2% | — | $21B | — |
| DOW ChemicalsDow Inc. | 2/5 short0/3 long | +8.6% | +2.2% | −14.7% | +30.8% | +48.8% | −25.6% | −32.7% | — | 34.1% | -0.06 | −64.4% | — | $22B | — |
| CE ChemicalsCelanese Corporation | 1/5 short0/3 long | +7.1% | +6.7% | −25.2% | +12.9% | +16.1% | −57.5% | −69.2% | −19.8% | 45.9% | -0.28 | −79.0% | — | $5.2B | — |
| PPG Chemicals - SpecialtyPPG Industries, Inc. | 0/5 short0/3 long | +3.5% | −5.5% | −4.1% | +6.0% | +9.1% | −6.6% | −24.7% | +41.7% | 28.1% | -0.06 | −46.0% | — | $24B | — |
| WLK Chemicals - SpecialtyWestlake Corporation | 0/5 short0/3 long | −7.5% | −17.9% | −44.2% | −13.9% | −14.6% | −42.3% | −32.8% | +37.7% | 37.3% | -0.03 | −75.2% | — | $8.0B | — |
| EMN Chemicals - SpecialtyEastman Chemical Company | 0/5 short0/3 long | −2.4% | −5.5% | −11.7% | +2.3% | +8.3% | +0.8% | −28.8% | +33.5% | 32.2% | -0.05 | −62.7% | — | $7.3B | — |
| OLN ChemicalsOlin Corporation | 0/5 short0/3 long | −8.4% | −30.9% | −42.6% | −27.8% | −32.5% | −64.4% | −67.5% | −8.0% | 45.3% | -0.27 | −75.7% | — | $1.7B | — |
| PLUG Electrical Equipment & PartsPlug Power Inc. | 0/5 short0/3 long | −33.0% | −34.3% | −56.5% | −37.2% | −58.8% | −77.0% | −95.7% | −9.7% | 94.3% | -0.21 | −99.0% | — | $2.0B | — |
| APTV Auto - PartsAptiv PLC | 0/5 short0/3 long | +3.4% | −21.4% | −25.9% | −42.6% | −46.0% | −51.0% | −73.3% | −10.6% | 41.4% | -0.43 | −75.8% | — | $9.4B | — |
| HUN ChemicalsHuntsman Corporation | 0/5 short0/3 long | −5.9% | −29.7% | −37.9% | −16.3% | +5.8% | −58.8% | −69.0% | −29.2% | 41.8% | -0.35 | −78.7% | — | $1.5B | — |
How did APD do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where APD ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with APD and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- APD finished ahead of the S&P 500 in 13 of its 29 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, APD finished in the top quarter in six of 29 years and in the bottom quarter in three. In 2025, it ranked 12 of 21.
- Among its popular alternatives, CF came out ahead of APD most often, in 13 of the 20 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of APD; gray means the two finished within a fraction of a point. The rank row places APD among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of APD | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APD This pageAir Products and Chemicals, Inc. | — | −12.7% | +8.1% | −8.9% | +3.9% | +13.8% | +18.8% | +50.0% | +0.3% | +17.1% | +22.5% | −7.6% | +32.1% | +36.9% | +1.7% | −3.8% | +15.0% | +65.5% | −47.8% | +42.8% | +21.1% | +4.3% | +12.0% | +26.1% | −7.2% | +16.7% | +24.9% | −14.3% | −1.0% | +20.8% |
| Rank among alternatives | Top quarter in 6 of 29 | 12 of 21 | 7 of 21 | 18 of 21 | 4 of 21 | 14 of 21 | 10 of 21 | 4 of 20 | 6 of 19 | 17 of 19 | 5 of 19 | 9 of 19 | 3 of 19 | 12 of 19 | 17 of 19 | 12 of 18 | 13 of 17 | 7 of 17 | 10 of 17 | 4 of 17 | 7 of 17 | 6 of 14 | 10 of 13 | 9 of 13 | 9 of 13 | 5 of 13 | 3 of 13 | 9 of 12 | 6 of 12 | 6 of 11 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 13 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% |
| VLO Valero Energy Corporation | 15 of 29 | +37.0% | −2.9% | +5.9% | +75.0% | +40.3% | −35.7% | +30.3% | −15.7% | +40.0% | +0.7% | +46.8% | +0.3% | +65.0% | +66.3% | −7.8% | +39.6% | −20.3% | −68.5% | +37.9% | −0.4% | +128% | +97.9% | +26.6% | −2.1% | +3.6% | +88.6% | −4.8% | −31.5% | +209% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 16 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% | — |
| BE Bloom Energy Corporation | 3 of 7 | +291% | +50.1% | −22.6% | −12.8% | −23.5% | +284% | −25.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CF CF Industries Holdings, Inc. | 13 of 20 | −7.2% | +10.1% | −4.7% | +22.3% | +87.2% | −15.7% | +12.7% | +5.1% | +40.3% | −19.3% | −23.5% | +19.4% | +15.9% | +41.3% | +8.0% | +49.6% | +85.8% | −55.2% | +330% | +69.1% | — | — | — | — | — | — | — | — | — |
| LIN Linde plc | 17 of 29 | +3.2% | +3.2% | +27.7% | −4.4% | +33.4% | +25.9% | +39.1% | +3.0% | +35.1% | +17.5% | −19.0% | +1.6% | +21.3% | +4.5% | +14.2% | +21.5% | +38.4% | −31.8% | +52.0% | +14.0% | +21.8% | +17.3% | +34.4% | +5.9% | +26.3% | −10.3% | +44.4% | −20.7% | −1.6% |
| ECL Ecolab Inc. | 15 of 29 | +13.2% | +19.3% | +37.9% | −37.1% | +9.4% | +13.2% | +32.3% | +11.1% | +15.8% | +3.7% | +10.7% | +1.3% | +46.6% | +25.9% | +16.3% | +14.6% | +28.7% | −30.5% | +14.5% | +25.9% | +4.4% | +29.7% | +11.9% | +24.4% | −5.5% | +11.9% | +9.3% | +32.3% | +49.7% |
| SHW The Sherwin-Williams Company | 17 of 29 | −3.8% | +9.9% | +32.7% | −32.0% | +44.9% | +27.1% | +49.7% | −3.2% | +54.1% | +4.8% | −0.4% | +44.9% | +20.7% | +74.5% | +8.5% | +38.7% | +5.9% | +5.6% | −6.9% | +42.7% | +3.8% | +30.7% | +25.7% | +5.0% | +7.3% | +28.5% | −27.0% | +7.2% | +0.3% |
| DD DuPont de Nemours, Inc. | 13 of 29 | +28.7% | +1.0% | +14.3% | −13.3% | +15.4% | +13.3% | −14.3% | −23.7% | +26.2% | +13.9% | +15.8% | +4.9% | +40.7% | +15.4% | −14.0% | +25.4% | +88.0% | −60.2% | +1.4% | −6.5% | −9.6% | +21.8% | +44.0% | −9.4% | −5.2% | −15.6% | +50.2% | −8.0% | +33.0% |
| RPM RPM International Inc. | 14 of 29 | −13.9% | +12.1% | +16.8% | −1.7% | +13.2% | +20.6% | +33.7% | +14.8% | −0.3% | +25.1% | −11.1% | +25.0% | +44.4% | +24.7% | +15.3% | +13.1% | +61.6% | −31.8% | +0.3% | +24.7% | −8.6% | +23.7% | +12.1% | +9.4% | +78.0% | −11.8% | −34.1% | +7.9% | +15.6% |
| ASH Ashland Inc. | 13 of 29 | −15.4% | −13.7% | −20.2% | +1.2% | +37.7% | +5.1% | +9.4% | +0.9% | +34.1% | +8.0% | −13.2% | +25.0% | +22.4% | +42.4% | +13.8% | +29.7% | +284% | −77.3% | −30.1% | +74.8% | +22.9% | +35.5% | +59.7% | −36.0% | +31.7% | +18.9% | −29.9% | −7.9% | +25.4% |
| LYB LyondellBasell Industries N.V. | 6 of 15 | −36.0% | −17.4% | +20.7% | −1.0% | +5.1% | +2.6% | +19.4% | −21.7% | +33.8% | +2.9% | +13.2% | +1.8% | +44.7% | +92.5% | +10.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DOW Dow Inc. | 1 of 6 | −37.4% | −22.8% | +14.7% | −6.6% | +6.8% | +7.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CE Celanese Corporation | 9 of 20 | −38.7% | −54.6% | +55.7% | −37.8% | +31.7% | +8.3% | +39.9% | −14.3% | +38.5% | +19.4% | +14.3% | +10.1% | +25.5% | +1.2% | +8.1% | +29.0% | +160% | −70.5% | +64.3% | +36.5% | — | — | — | — | — | — | — | — | — |
| PPG PPG Industries, Inc. | 13 of 29 | −11.9% | −18.5% | +21.2% | −25.7% | +21.3% | +10.1% | +32.8% | −11.0% | +25.2% | −2.6% | −13.4% | +23.5% | +42.3% | +65.7% | +2.0% | +48.2% | +44.5% | −37.4% | +12.4% | +14.3% | −12.6% | +9.6% | +32.2% | +0.1% | +15.2% | −23.5% | +10.3% | +4.2% | +4.2% |
| WLK Westlake Corporation | 8 of 21 | −33.8% | −16.9% | +38.4% | +6.8% | +20.5% | +18.5% | +7.7% | −37.3% | +92.4% | +4.7% | −10.1% | +0.9% | +55.2% | +121% | −6.8% | +76.1% | +54.9% | −13.1% | −39.0% | +9.4% | −13.5% | — | — | — | — | — | — | — | — |
| EMN Eastman Chemical Company | 11 of 29 | −26.9% | +5.1% | +14.7% | −30.4% | +23.5% | +31.8% | +12.0% | −19.1% | +26.3% | +14.4% | −8.9% | −4.3% | +20.6% | +77.8% | −4.8% | +43.3% | +99.1% | −46.2% | +5.9% | +18.8% | −7.6% | +51.7% | +13.2% | −1.7% | −17.6% | +6.6% | +10.6% | −22.6% | +11.1% |
| OLN Olin Corporation | 15 of 29 | −36.2% | −36.3% | +3.5% | −6.7% | +139% | +50.7% | −10.7% | −41.9% | +42.5% | +54.9% | −21.6% | −18.7% | +38.3% | +14.1% | −0.4% | +22.3% | +2.4% | −2.7% | +22.0% | −12.3% | −7.0% | +14.7% | +35.1% | +1.1% | −23.5% | +17.1% | +15.5% | −37.6% | +28.3% |
| PLUG Plug Power Inc. | 7 of 26 | −7.5% | −52.7% | −63.6% | −56.2% | −16.8% | +973% | +155% | −47.5% | +96.7% | −43.1% | −29.7% | +93.5% | +210% | −75.5% | −44.9% | −47.9% | −30.4% | −74.2% | +1.5% | −24.2% | −16.0% | −15.7% | +61.5% | −48.6% | −40.5% | −48.0% | — | — | — |
| APTV Aptiv PLC | 9 of 14 | +25.8% | −32.6% | −3.7% | −43.5% | +26.6% | +37.5% | +55.9% | −27.1% | +57.6% | −20.1% | +19.3% | +22.7% | +59.4% | +77.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| HUN Huntsman Corporation | 8 of 20 | −40.7% | −25.0% | −5.1% | −19.0% | +42.2% | +7.5% | +28.9% | −40.6% | +77.9% | +73.4% | −48.5% | −5.6% | +58.7% | +63.4% | −34.1% | +43.2% | +251% | −86.1% | +37.8% | +10.2% | — | — | — | — | — | — | — | — | — |
Risk and diversification
How APD 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 APD's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents APD'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.
- In all four of APD's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: APD fell 50.0% from May 1999 to March 2000, while the S&P 500 rose 1.8%.
- The slowest recovery came after APD fell 60.3% from June to November 2008; it did not regain that peak until July 2011, three years later.
Green means APD fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | APD fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −60.3% | −45.8% | Jun 2008 | Nov 2008 | 5 months | Jul 2011 | 2.7 years |
| No named crash | −50.0% | +1.8% | May 1999 | Mar 2000 | 10 months | May 2001 | 14 months |
| No named crash | −41.5% | — | Aug 1987 | Dec 1987 | 4 months | Jan 1990 | 2.1 years |
| No named crash | −33.4% | −8.7% | May 1998 | Sep 1998 | 4 months | Apr 1999 | 7 months |
| 2023 regional bank crisis | −31.8% | +26.4% | Dec 2022 | Feb 2024 | 14 months | Oct 2024 | 8 months |
How did APD do in stock market crashes?
This section measures how far APD, 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.
- Among its popular alternatives, LIN held up best, falling less than APD in six of the ten crashes they both traded through.
- APD fell further than the S&P 500 in four of the ten crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when APD fell 20.6% and the S&P 500 fell 12.8%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than APD.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| APD This pageAir Products and Chemicals, Inc. | — | −3.1% | −28.3% | −30.9% | −12.5% | −6.2% | −20.6% | −19.0% | −1.8% | −60.3% | −30.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 4 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VLO Valero Energy Corporation | 0 of 10 | −3.5% | −31.9% | −61.3% | −42.0% | −6.9% | −24.2% | −35.6% | −4.3% | −80.7% | −54.1% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 5 of 10 | −3.9% | −54.3% | −23.3% | −21.4% | −9.3% | −13.2% | −15.7% | 0.0% | −48.0% | −82.4% |
| BE Bloom Energy Corporation | 0 of 4 | −10.7% | −53.7% | −78.2% | −72.4% | — | — | — | — | — | — |
| CF CF Industries Holdings, Inc. | 2 of 9 | −10.7% | −26.4% | −46.4% | −28.0% | −6.1% | −56.0% | −36.3% | −1.2% | −76.8% | — |
| LIN Linde plc | 6 of 10 | −5.3% | −22.8% | −32.3% | −11.9% | −7.2% | −16.6% | −15.4% | −0.6% | −51.8% | −33.5% |
| ECL Ecolab Inc. | 5 of 10 | −1.3% | −39.2% | −40.3% | −13.8% | −6.8% | −16.3% | −16.1% | 0.0% | −41.9% | −30.0% |
| SHW The Sherwin-Williams Company | 4 of 10 | −2.9% | −39.7% | −32.5% | −22.1% | −4.3% | −23.2% | −12.4% | −0.5% | −33.3% | −32.4% |
| DD DuPont de Nemours, Inc. | 1 of 10 | −4.0% | −40.2% | −46.4% | −29.2% | −5.1% | −27.0% | −39.8% | −4.5% | −85.7% | −40.6% |
| RPM RPM International Inc. | 1 of 10 | −4.5% | −22.1% | −37.0% | −17.1% | −5.9% | −20.6% | −23.8% | −2.4% | −61.7% | −31.3% |
| ASH Ashland Inc. | 2 of 10 | −5.5% | −19.8% | −50.9% | −23.8% | −5.5% | −22.7% | −34.2% | −2.6% | −91.4% | −48.1% |
| LYB LyondellBasell Industries N.V. | 0 of 8 | −7.5% | −34.8% | −57.5% | −24.9% | −7.0% | −25.5% | −39.9% | −4.3% | — | — |
| DOW Dow Inc. | 0 of 3 | −6.9% | −37.1% | −54.1% | — | — | — | — | — | — | — |
| CE Celanese Corporation | 0 of 9 | −10.8% | −48.7% | −45.7% | −27.2% | −7.0% | −22.2% | −45.1% | −2.6% | −84.9% | — |
| PPG PPG Industries, Inc. | 1 of 10 | −5.0% | −36.8% | −39.3% | −18.0% | −4.6% | −20.7% | −22.2% | −1.5% | −61.8% | −35.8% |
| WLK Westlake Corporation | 3 of 9 | −8.4% | −41.4% | −52.7% | −29.4% | −5.7% | −34.1% | −39.4% | −1.0% | −58.5% | — |
| EMN Eastman Chemical Company | 0 of 10 | −5.7% | −43.2% | −47.4% | −31.6% | −5.8% | −25.9% | −35.8% | −1.8% | −76.1% | −44.8% |
| OLN Olin Corporation | 0 of 10 | −10.0% | −36.7% | −51.0% | −33.9% | −14.8% | −40.9% | −22.6% | −2.5% | −69.0% | −45.2% |
| PLUG Plug Power Inc. | 1 of 10 | −10.4% | −57.6% | −51.7% | −48.7% | −14.1% | −47.6% | −40.9% | 0.0% | −84.5% | −97.7% |
| APTV Aptiv PLC | 0 of 6 | −5.7% | −55.1% | −63.2% | −33.4% | −6.0% | −35.7% | — | — | — | — |
| HUN Huntsman Corporation | 0 of 9 | −5.7% | −40.7% | −39.4% | −37.1% | −6.1% | −55.4% | −55.7% | −1.3% | −91.9% | — |
How closely does APD 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 APD with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- LIN took just 73% of the S&P 500's losses, against 95% for APD, while still keeping 90% of its gains.
- Over the past 10 years, APD captured 81% of the S&P 500's gains in rising months and 95% of its losses in falling months, with a beta of 0.76. Its share of the market's losses was larger than its share of the gains.
- Six of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than APD's 0.85, led by TSM, CF and VLO.
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 APD's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| APD This pageAir Products and Chemicals, Inc. | 81% | 95% | 0.85 | 0.76 |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 138% | 75% | 1.84 | 1.15 |
| CF CF Industries Holdings, Inc. | 102% | 78% | 1.32 | 0.82 |
| VLO Valero Energy Corporation | 142% | 114% | 1.24 | 1.31 |
| LIN Linde plc | 90% | 73% | 1.23 | 0.76 |
| ECL Ecolab Inc. | 75% | 86% | 0.87 | 0.94 |
| SHW The Sherwin-Williams Company | 114% | 132% | 0.87 | 1.09 |
| RPM RPM International Inc. | 90% | 122% | 0.74 | 1.01 |
| DD DuPont de Nemours, Inc. | 96% | 151% | 0.63 | 1.28 |
| ASH Ashland Inc. | 70% | 114% | 0.61 | 0.82 |
| WLK Westlake Corporation | 84% | 142% | 0.59 | 1.05 |
| EMN Eastman Chemical Company | 94% | 162% | 0.58 | 1.29 |
| LYB LyondellBasell Industries N.V. | 80% | 141% | 0.57 | 0.91 |
| PPG PPG Industries, Inc. | 80% | 143% | 0.56 | 1.11 |
| PLUG Plug Power Inc. | 114% | 210% | 0.54 | 1.86 |
| OLN Olin Corporation | 92% | 177% | 0.52 | 1.31 |
| APTV Aptiv PLC | 106% | 219% | 0.48 | 1.80 |
| CE Celanese Corporation | 71% | 154% | 0.46 | 1.01 |
| HUN Huntsman Corporation | 68% | 155% | 0.44 | 1.03 |
What diversifies APD?
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 APD's. Because such investments tend not to fall at the same time, pairing APD with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in APD into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+4.1% for APD alone, +9.0% for the mix).
- Among large ETFs, LVHI, DXJ and EWP have moved largely independently of APD over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- CAH made money in five of the eight calendar years in which APD lost money.
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 APD lost money. The last two columns show a portfolio that is 80% APD and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2023 | 2015 | 2011 | 2008 | 2002 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APD Air Products and Chemicals, Inc. (this page) | 1.00 | +16.9% | 0.25 | −12.7% | −8.9% | −7.6% | −3.8% | −47.8% | −7.2% | −14.3% | −1.0% | 26.9% | +4.1% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.47 | +119% | 1.48 | +27.1% | +17.4% | — | — | — | — | — | — | 22.4% | +7.0% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.14 | +225% | 1.34 | +32.8% | +42.0% | +7.7% | −16.1% | −20.8% | — | — | — | 22.0% | +9.0% |
| EWP Broad MarketiShares MSCI Spain ETF | 0.43 | +140% | 0.97 | +78.0% | +30.3% | −15.6% | −9.8% | −36.8% | −13.6% | −1.5% | +50.5% | 23.4% | +7.8% |
| SMH TechnologyVanEck Semiconductor ETF | 0.17 | +323% | 0.97 | +49.2% | +73.4% | −0.3% | +6.8% | −44.7% | −47.0% | — | — | 23.7% | +11.5% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.46 | +85.0% | 0.96 | +23.1% | +20.1% | +4.1% | — | — | — | — | — | 22.6% | +6.5% |
| GLD CommoditiesSPDR Gold Shares | 0.17 | +126% | 0.96 | +63.7% | +12.7% | −10.7% | +9.6% | +4.9% | — | — | — | 22.4% | +7.6% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.30 | +136% | 0.93 | +26.6% | +17.6% | — | — | — | — | — | — | 23.1% | +8.1% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.38 | +177% | 0.93 | +7.9% | −0.6% | −21.5% | +2.8% | −39.0% | −14.8% | +18.1% | — | 24.0% | +8.4% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2023 | 2015 | 2011 | 2008 | 2002 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APD Air Products and Chemicals, Inc. (this page) | 1.00 | +16.9% | 0.25 | −12.7% | −8.9% | −7.6% | −3.8% | −47.8% | −7.2% | −14.3% | −1.0% | 26.9% | +4.1% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.12 | +479% | 1.55 | +76.3% | +34.1% | +12.6% | +8.1% | −39.6% | −8.3% | −36.8% | +51.7% | 22.8% | +11.2% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.14 | +3,143% | 1.47 | +220% | +160% | −6.0% | −24.4% | −20.5% | −65.1% | +350% | — | 25.9% | +23.3% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.22 | +1,636% | 1.46 | +121% | +79.6% | +67.7% | −17.0% | −15.2% | −9.4% | −58.7% | −9.5% | 25.1% | +19.4% |
| MCK Medical - DistributionMcKesson Corporation | 0.12 | +413% | 1.44 | +44.5% | +24.1% | −4.5% | +11.8% | −40.4% | −27.2% | −71.3% | +46.9% | 22.7% | +10.7% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.29 | +690% | 1.41 | +19.2% | +30.4% | +17.4% | — | — | — | — | — | 24.2% | +13.0% |
Common questions
What was APD's worst drawdown?
APD's deepest decline since it began trading in 1986 was 60.3%, from June to November 2008. It took about three years from the low to climb back to its old high.
What were APD's best and worst years?
Over 29 full calendar years, APD's best year was 2009, when it returned 65.5%. Its worst was 2008, with a return of -47.8%.
Is there a better investment than APD?
Among APD's popular alternatives, ECL and LIN earned more than APD with less volatility over the past 5 years. ECL returned 6.7% a year at 24.1% volatility, against 3.2% a year at 26.4%. Looking beyond its popular alternatives, SHEL (integrated oil & gas) earned more than APD with less volatility over the past 5 years: 21.0% a year at 24.8% volatility, against 3.2% a year at 26.4%.
Is APD more volatile than the S&P 500?
Yes. APD's volatility over the past 5 years was 26.4%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, APD's return lands within 26.4% 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 APD's Sharpe ratio?
APD's Sharpe ratio over the past 5 years was 0.25, against 0.79 for the S&P 500, so APD 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 APD with the S&P 500?
Over the past 5 years, APD's monthly returns had a correlation of 0.44 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 APD instead: the lower it is, the more that option would diversify a APD holding.
What are the best alternatives to APD?
Of the 20 popular alternatives we compared, three outperformed APD in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VLO, TSM and BE.
Did APD outperform the S&P 500?
APD finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned -12.7%, against +17.7% for the index.
How did APD do in stock market crashes?
APD fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in four. The clearest case was the 2015 China and oil sell-off, when APD fell 20.6% and the S&P 500 fell 12.8%.
What diversifies APD?
These had a low correlation with APD over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.47), DXJ (correlation 0.14) and EWP (correlation 0.43); among large stocks, CAH (correlation 0.12), CLS (correlation 0.14) and FIX (correlation 0.22). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than APD's. Returns within 0.5 points or 3% of APD's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to APD
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