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Relative Intelligence · Biotechnology

How argenx (ARGX) compares with the whole market and its popular alternatives

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

Period covered: ARGX's full trading record, from May 2017 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 ARGX →Chart ARGX vs. 22 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in ARGX over the past 9 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ARGX over the same span and ARGX'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: ARGX began trading on May 18, 2017, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or three other sell-offs. It covers the most recent 9 years of ARGX's record, starting at the end of September 2017.

Choose a period

From the end of September 2017 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. 5 of the 2,804 stocks and funds worth at least $500 million that traded the whole period ended ahead of ARGX. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,00020172019202120232025$1,000$10,000$100,00020172019202120232025
  • HCC$595,070+5,851% total · +57.5% a year
  • NVDA$519,069+5,091% total · +55.1% a year
  • FIX$487,926+4,779% total · +54.0% a year
  • AMD$479,808+4,698% total · +53.7% a year
  • INOD$438,397+4,284% total · +52.2% a year
  • ARGX$424,105+4,141% total · +51.6% a year
  • INSM$36,571+266% total · +15.5% a year
  • SPY (S&P 500)$34,839+248% total · +14.9% a year
  • GILD$25,465+155% total · +10.9% a year
  • SMMT$13,474+34.7% total · +3.4% 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. 315 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ARGX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000202120222023202420252026$2,000$5,000$10,000$20,000$50,000202120222023202420252026
  • KNSA$65,502+555% total · +45.6% a year
  • LLY$52,411+424% total · +39.3% a year
  • INSM$41,445+314% total · +32.9% a year
  • TEVA$40,657+307% total · +32.4% a year
  • ROIV$39,113+291% total · +31.4% a year
  • SMMT$33,753+238% total · +27.5% a year
  • MEDP$32,977+230% total · +27.0% a year
  • ARGX$31,752+218% total · +26.0% a year
  • GILD$25,496+155% total · +20.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

ARGX 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: ARGX began trading on May 18, 2017, 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 three other sell-offs.

The company

Market value
$54B
Industry
Biotechnology
Price history from
May 2017

Returns

Past 1 year
+2.4%total return
Past 3 years
+83.1%+22.3% a year
Past 5 years
+194%+24.1% a year
Best calendar year
+83.2%2020
Worst calendar year
+0.4%2023
Losing years
0 of 8full calendar years

Risk

Volatility
39.9%typical yearly swing, 5 years
Sharpe ratio
0.74return per unit of risk, 5 years
Worst decline ever
−38.2%Jul 2023 to Dec 2023
From its all-time high
−17.9%below the peak

ARGX against the whole market

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

How does ARGX rank among all stocks?

This section ranks ARGX 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 ARGX 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.

MeasureARGXRankStanding
1-year return+2.4%1,887 of 3,287bottom 44%
3-year return+83.1%1,093 of 3,017top 36%
5-year return+194%334 of 2,893top 12%
Volatility, 5 years39.9%1,454 of 2,893top 50%
Sharpe ratio, 5 years0.74375 of 2,893top 13%

What has beaten ARGX 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). ARGX sits where the dashed lines cross. Anything in the green box above and to the left earned more than ARGX 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 ARGX; faint dots are 76 more of the 85 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%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ARGXMUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%WELL: +26.0% a year, volatility 23.8%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%PSX: +33.2% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%SU: +33.1% a year, volatility 32.5%TRGP: +41.8% a year, volatility 31.7%CNQ: +26.5% a year, volatility 32.5%ITUB: +26.3% a year, volatility 33.8%IMO: +34.3% a year, volatility 32.0%GWW: +26.3% a year, volatility 24.9%WAB: +25.6% a year, volatility 26.2%WPM: +27.5% a year, volatility 36.9%BAP: +30.8% a year, volatility 30.3%KB: +25.3% a year, volatility 34.4%NWG: +27.7% a year, volatility 34.1%SBS: +39.1% a year, volatility 37.1%CIB: +32.9% a year, volatility 32.9%PAA: +27.0% a year, volatility 25.6%UNM: +30.6% a year, volatility 29.3%WF: +26.3% a year, volatility 31.6%MOG-A: +36.6% a year, volatility 32.0%AIT: +28.5% a year, volatility 30.3%LAUR: +37.5% a year, volatility 32.8%PAGP: +26.8% a year, volatility 26.1%VCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%CAAP: +35.1% a year, volatility 35.9%WT: +31.4% a year, volatility 32.8%AAMI: +29.0% a year, volatility 35.6%DCO: +27.5% a year, volatility 34.5%EZPW: +33.2% a year, volatility 35.4%GLP: +25.3% a year, volatility 35.5%HWM: +47.3% a year, volatility 32.5%NWPX: +32.5% a year, volatility 36.2%SENEA: +25.2% a year, volatility 36.4%EPU: +29.5% a year, volatility 24.9%MUSA: +26.1% a year, volatility 31.2%XOM: +27.1% a year, volatility 26.5%HSBC: +33.1% a year, volatility 25.9%USLM: +35.6% a year, volatility 36.1%GE: +36.0% a year, volatility 31.0%CAT: +31.1% a year, volatility 31.9%SAN: +31.7% a year, volatility 33.9%IBKR: +35.4% a year, volatility 35.4%PH: +27.4% a year, volatility 28.8%PWR: +39.3% a year, volatility 37.2%EME: +43.0% a year, volatility 35.3%CASY: +29.9% a year, volatility 29.3%CW: +30.8% a year, volatility 28.7%BCH: +25.2% a year, volatility 28.2%RL: +28.6% a year, volatility 36.9%MLI: +38.9% a year, volatility 33.4%TKO: +26.3% a year, volatility 32.7%IDCC: +39.0% a year, volatility 36.9%ALSN: +27.3% a year, volatility 29.9%R: +25.1% a year, volatility 32.6%SNEX: +33.0% a year, volatility 37.3%TFPM: +29.3% a year, volatility 37.7%NPO: +28.1% a year, volatility 36.0%AROC: +33.1% a year, volatility 36.4%GLNG: +29.4% a year, volatility 37.8%ARLP: +29.4% a year, volatility 31.6%HWKN: +29.1% a year, volatility 36.5%BLX: +31.4% a year, volatility 25.9%NRP: +37.4% a year, volatility 33.9%PRDO: +27.6% a year, volatility 36.1%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%ODC: +35.9% a year, volatility 36.9%NBN: +28.8% a year, volatility 33.3%ARGX: +24.1% a year, volatility 39.9%SPY (S&P 500): +12.7% a year, volatility 17.1%ROIV: +42.2% a year, volatility 58.8%GILD: +22.8% a year, volatility 24.9%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%TEVA: +32.2% a year, volatility 42.8%HALO: +26.6% a year, volatility 40.4%KNSA: +50.2% a year, volatility 53.7%MEDP: +27.0% a year, volatility 52.0%MFG: +33.6% a year, volatility 30.6%MPC: +51.2% a year, volatility 33.4%DXJ: +26.6% a year, volatility 19.1%SMH: +33.4% a year, volatility 36.9%TSM: +31.5% a year, volatility 38.5%ESLT: +39.8% a year, volatility 34.6%ING: +24.7% a year, volatility 31.1%COR: +24.2% a year, volatility 22.8%PBR-A: +51.8% a year, volatility 37.5%CAH: +42.1% a year, volatility 24.7%ARGXSPY (S&P 500)ROIVGILDLLYABBVTEVAHALOKNSAMEDPMFGMPCDXJSMHTSMINGCORPBR-ACAH10.0%20.0%30.0%40.0%50.0%60.0%70.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ARGXMUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%WELL: +26.0% a year, volatility 23.8%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%PSX: +33.2% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%SU: +33.1% a year, volatility 32.5%TRGP: +41.8% a year, volatility 31.7%CNQ: +26.5% a year, volatility 32.5%ITUB: +26.3% a year, volatility 33.8%IMO: +34.3% a year, volatility 32.0%GWW: +26.3% a year, volatility 24.9%WAB: +25.6% a year, volatility 26.2%WPM: +27.5% a year, volatility 36.9%BAP: +30.8% a year, volatility 30.3%KB: +25.3% a year, volatility 34.4%NWG: +27.7% a year, volatility 34.1%SBS: +39.1% a year, volatility 37.1%CIB: +32.9% a year, volatility 32.9%PAA: +27.0% a year, volatility 25.6%UNM: +30.6% a year, volatility 29.3%WF: +26.3% a year, volatility 31.6%MOG-A: +36.6% a year, volatility 32.0%AIT: +28.5% a year, volatility 30.3%LAUR: +37.5% a year, volatility 32.8%PAGP: +26.8% a year, volatility 26.1%VCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%CAAP: +35.1% a year, volatility 35.9%WT: +31.4% a year, volatility 32.8%AAMI: +29.0% a year, volatility 35.6%DCO: +27.5% a year, volatility 34.5%EZPW: +33.2% a year, volatility 35.4%GLP: +25.3% a year, volatility 35.5%HWM: +47.3% a year, volatility 32.5%NWPX: +32.5% a year, volatility 36.2%SENEA: +25.2% a year, volatility 36.4%EPU: +29.5% a year, volatility 24.9%MUSA: +26.1% a year, volatility 31.2%XOM: +27.1% a year, volatility 26.5%HSBC: +33.1% a year, volatility 25.9%USLM: +35.6% a year, volatility 36.1%GE: +36.0% a year, volatility 31.0%CAT: +31.1% a year, volatility 31.9%SAN: +31.7% a year, volatility 33.9%IBKR: +35.4% a year, volatility 35.4%PH: +27.4% a year, volatility 28.8%PWR: +39.3% a year, volatility 37.2%EME: +43.0% a year, volatility 35.3%CASY: +29.9% a year, volatility 29.3%CW: +30.8% a year, volatility 28.7%BCH: +25.2% a year, volatility 28.2%RL: +28.6% a year, volatility 36.9%MLI: +38.9% a year, volatility 33.4%TKO: +26.3% a year, volatility 32.7%IDCC: +39.0% a year, volatility 36.9%ALSN: +27.3% a year, volatility 29.9%R: +25.1% a year, volatility 32.6%SNEX: +33.0% a year, volatility 37.3%TFPM: +29.3% a year, volatility 37.7%NPO: +28.1% a year, volatility 36.0%AROC: +33.1% a year, volatility 36.4%GLNG: +29.4% a year, volatility 37.8%ARLP: +29.4% a year, volatility 31.6%HWKN: +29.1% a year, volatility 36.5%BLX: +31.4% a year, volatility 25.9%NRP: +37.4% a year, volatility 33.9%PRDO: +27.6% a year, volatility 36.1%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%ODC: +35.9% a year, volatility 36.9%NBN: +28.8% a year, volatility 33.3%ARGX: +24.1% a year, volatility 39.9%SPY (S&P 500): +12.7% a year, volatility 17.1%ROIV: +42.2% a year, volatility 58.8%GILD: +22.8% a year, volatility 24.9%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%TEVA: +32.2% a year, volatility 42.8%HALO: +26.6% a year, volatility 40.4%KNSA: +50.2% a year, volatility 53.7%MEDP: +27.0% a year, volatility 52.0%MFG: +33.6% a year, volatility 30.6%MPC: +51.2% a year, volatility 33.4%DXJ: +26.6% a year, volatility 19.1%SMH: +33.4% a year, volatility 36.9%TSM: +31.5% a year, volatility 38.5%ESLT: +39.8% a year, volatility 34.6%ING: +24.7% a year, volatility 31.1%COR: +24.2% a year, volatility 22.8%PBR-A: +51.8% a year, volatility 37.5%CAH: +42.1% a year, volatility 24.7%ARGXSPY (S&P 500)ROIVGILDLLYABBVTEVAHALOKNSAMEDPMFGMPCDXJSMHESLTINGCORCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than ARGX?

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

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

Screen the whole market against ARGX for any period in BetterThanSPYOpen these 17 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 years5Y returntotalCorr. with ARGX?lower diversifies moreExpenseper year
ARGXargenx SE · this page
+24.1%39.9%0.74−38.2%+194%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.200.09%
Popular alternativesbest 2 shownThe investments people most often weigh against ARGX. 2 of 21 passed at least one test.
ROIVRoivant Sciences Ltd. · Biotechnology
Higher return in most periods+42.2%58.8%0.89−79.2%+482%0.31—
GILDGilead Sciences, Inc. · Biotechnology
Higher Sharpe, smaller worst decline+22.8%24.9%0.95−30.5%+180%0.20—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Biotechnology and the categories next to it (Pharmaceuticals, Life Sciences Tools, Contract Research), plus ARGX's specific themes. 8 of 79 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+451%0.23—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+218%0.36—
TEVATeva Pharmaceutical Industries Limited · Pharmaceuticals
Higher return, similar volatilityHigher return in most periods+32.2%42.8%0.86−85.5%+303%-0.04—
HALOHalozyme Therapeutics, Inc. · Biotechnology
Higher return in most periods+26.6%40.4%0.79−49.1%+226%0.46—
KNSAKiniksa Pharmaceuticals International, plc · Biotechnology
Higher return in most periods+50.2%53.7%1.02−83.1%+665%0.30—
MEDPMedpace Holdings, Inc. · Contract Research
Higher return in most periods+27.0%52.0%0.70−42.9%+231%0.31—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 184 of 3,533 passed at least one test.
MFGMizuho Financial Group, Inc. · Banks
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+33.6%30.6%1.10−45.7%+326%0.10—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+690%-0.03—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher return in most periods+26.6%19.1%1.34−39.1%+225%0.160.48%
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatilityHigher return in most periods+33.4%36.9%0.97−45.3%+323%0.060.35%
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, similar volatilityHigher return in most periods+31.5%38.5%0.91−56.6%+293%-0.02—
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher return, lower volatilitySmaller losses in recent crashes+39.8%34.6%1.15−35.4%+435%0.01—
INGING Groep N.V. · Banks
Similar return, lower volatilityHigher return in most periods+24.7%31.1%0.87−74.4%+201%-0.02—
CORCencora, Inc. · Health Care Distribution
Similar return, lower volatilityHigher Sharpe, smaller worst decline+24.2%22.8%1.07−32.4%+195%0.17—
What these numbers mean for ARGX
Annual return
ARGX returned 24.1% 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 $29,400. 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
ARGX's volatility over the past 5 years was 39.9%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ARGX's return lands within 39.9% 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
ARGX's Sharpe ratio over the past 5 years was 0.74, against 0.79 for the S&P 500, so ARGX 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
ARGX's worst fall from a peak to a low over the past 10 years was 38.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.2% fall takes a 61.8% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ARGX's monthly returns had a correlation of 0.20 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against ARGX instead: the lower it is, the more that option would diversify a ARGX holding. Guide: Correlation and diversification →
Show all 85 stocks and funds worth at least $500 million that earned more than ARGX 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 decline5Y returnCorr. with ARGXExpense
1
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+326%0.10—
2
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+690%-0.03—
3
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+705%-0.24—
4
LLYEli Lilly and Company · Pharmaceuticals
Same or nearby category+40.7%32.8%1.21−34.5%+451%0.23—
5
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+479%0.10—
6
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+225%0.160.48%
7
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+319%-0.03—
8
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+667%-0.24—
9
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+413%0.07—
10
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+329%0.13—
11
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+217%0.18—
12
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+413%0.04—
13
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+524%0.03—
14
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+319%-0.04—
15
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+210%0.10—
16
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+327%0.01—
17
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+318%-0.11—
18
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+473%0.03—
19
CNQCanadian Natural Resources Limited · Oil & Gas
Whole market+26.5%32.5%0.89−77.5%+224%-0.14—
20
ITUBItaú Unibanco Holding S.A. · Banks
Whole market+26.3%33.8%0.86−62.1%+221%-0.21—
21
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+337%-0.01—
22
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+221%0.02—
23
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+33.4%36.9%0.97−45.3%+323%0.060.35%
24
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+212%-0.08—
25
WPMWheaton Precious Metals Corp. · Metals & Mining
Whole market+27.5%36.9%0.85−46.7%+236%0.11—
26
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+283%-0.06—
27
KBKB Financial Group Inc. · Banks
Whole market+25.3%34.4%0.83−64.1%+209%0.05—
28
NWGNatWest Group plc · Banks
Whole market+27.7%34.1%0.89−67.4%+239%0.07—
29
ABBVAbbVie Inc. · Pharmaceuticals
Same or nearby category+26.1%23.4%1.11−45.1%+218%0.36—
30
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP · Water Utilities
Whole market+39.1%37.1%1.08−62.0%+420%0.08—
31
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+314%-0.02—
32
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+230%-0.05—
33
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+279%0.18—
34
WFWoori Financial Group Inc. · Banks
Whole market+26.3%31.6%0.90−67.2%+221%-0.10—
35
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+375%0.18—
36
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+250%0.24—
37
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%+391%0.09—
38
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+228%-0.03—
39
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+28.1%35.0%0.89−45.2%+245%0.14—
40
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+301%0.01—
41
CAAPCorporacion America Airports S.A. · Infrastructure
Whole market+35.1%35.9%1.02−89.9%+350%0.08—
42
WTWisdomTree, Inc. · Asset Management
Whole market+31.4%32.8%1.00−84.0%+292%0.09—
43
AAMIAcadian Asset Management · Asset Management
Whole market+29.0%35.6%0.90−78.1%+257%0.12—
44
DCODucommun Incorporated · Aerospace & Defense
Whole market+27.5%34.5%0.88−70.8%+236%0.19—
45
EZPWEZCORP, Inc. · Financial - Credit Services
Whole market+33.2%35.4%0.99−76.6%+320%0.24—
46
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+435%0.01—
47
GLPGlobal Partners LP · Oil & Gas Midstream
Whole market+25.3%35.5%0.82−62.5%+209%-0.08—
48
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+594%-0.01—
49
NWPXNWPX Infrastructure, Inc. · Construction Materials
Whole market+32.5%36.2%0.96−46.5%+309%0.20—
50
SENEASeneca Foods Corporation · Packaged Foods
Whole market+25.2%36.4%0.81−51.3%+208%0.27—
51
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+264%-0.050.59%
52
MUSAMurphy USA Inc. · Convenience Stores
Whole market+26.1%31.2%0.90−35.5%+218%-0.01—
53
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+232%-0.17—
54
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+318%-0.08—
55
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Whole market+35.6%36.1%1.03−45.9%+359%0.09—
56
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+366%0.00—
57
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+288%0.15—
58
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+295%0.04—
59
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+355%0.21—
60
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+235%0.09—
61
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+425%0.12—
62
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+499%0.13—
63
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+270%0.06—
64
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+283%0.00—
65
BCHBanco de Chile · Banks
Whole market+25.2%28.2%0.94−58.4%+208%-0.24—
66
RLRalph Lauren Corporation · Apparel & Footwear
Whole market+28.6%36.9%0.87−55.1%+251%0.05—
67
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+417%0.06—
68
TKOTKO Group Holdings, Inc. · Entertainment
Whole market+26.3%32.7%0.88−69.1%+221%0.02—
69
IDCCInterDigital, Inc. · Intellectual Property Licensing
Whole market+39.0%36.9%1.08−64.9%+419%0.08—
70
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Whole market+27.3%29.9%0.96−48.7%+234%0.10—
71
RRyder System, Inc. · Freight & Logistics
Whole market+25.1%32.6%0.85−72.3%+206%0.20—
72
SNEXStoneX Group Inc. · Capital Markets
Whole market+33.0%37.3%0.96−48.7%+316%0.16—
73
TFPMTriple Flag Precious Metals Corp. · Metals & Mining
Whole market+29.3%37.7%0.87−36.2%+262%0.02—
74
NPOEnPro Industries, Inc. · Industrial Machinery
Whole market+28.1%36.0%0.87−65.8%+245%0.05—
75
AROCArchrock, Inc. · Oilfield Services
Whole market+33.1%36.4%0.97−84.9%+318%-0.07—
76
GLNGGolar LNG Limited · Oil & Gas
Whole market+29.4%37.8%0.87−86.3%+262%0.23—
77
ARLPAlliance Resource Partners, L.P. · Coal
Whole market+29.4%31.6%0.98−85.3%+263%0.10—
78
HWKNHawkins, Inc. · Chemicals - Specialty
Whole market+29.1%36.5%0.89−44.8%+259%0.05—
79
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+292%0.09—
80
NRPNatural Resource Partners L.P. · Coal
Whole market+37.4%33.9%1.11−78.8%+390%-0.13—
81
PRDOPerdoceo Education Corporation · Education & Training Services
Whole market+27.6%36.1%0.85−64.3%+239%0.07—
82
ESQEsquire Financial Holdings, Inc. · Banks - Regional
Whole market+31.7%31.7%1.03−56.5%+296%-0.01—
83
IGICInternational General Insurance Holdings Ltd. · Insurance - Diversified
Whole market+30.8%30.9%1.03−50.6%+283%0.18—
84
ODCOil-Dri Corporation of America · Chemicals - Specialty
Whole market+35.9%36.9%1.02−48.9%+364%-0.05—
85
NBNNortheast Bank · Banks - Regional
Whole market+28.8%33.3%0.93−70.2%+255%0.23—

ARGX against its popular alternatives

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

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

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

0.0%50.0%100%150%200%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityARGX: 24.1% a year, volatility 39.9%SPY (S&P 500): 12.7% a year, volatility 17.1%CYTK: 12.3% a year, volatility 67.3%WST: −1.0% a year, volatility 40.7%DNLI: −15.8% a year, volatility 62.2%ALNY: 2.5% a year, volatility 50.9%ROIV: 42.2% a year, volatility 58.8%SMMT: 25.4% a year, volatility 185%INSM: 29.1% a year, volatility 74.2%GILD: 22.8% a year, volatility 24.9%INCY: 12.2% a year, volatility 30.1%IMVT: 27.4% a year, volatility 73.5%VRTX: 22.6% a year, volatility 29.1%AMGN: 19.6% a year, volatility 24.9%JNJ: 12.7% a year, volatility 17.9%REGN: 7.7% a year, volatility 31.1%IBB: 6.2% a year, volatility 22.4%TMO: 2.9% a year, volatility 27.8%IQV: 1.3% a year, volatility 34.7%BIIB: −1.8% a year, volatility 34.7%UCB: 3.4% a year, volatility 31.3%DHR: −3.8% a year, volatility 29.1%BMRN: −5.6% a year, volatility 33.0%ARGXSPY (S&P 500)CYTKWSTDNLIALNYROIVSMMTINSMGILDIMVTVRTXAMGNJNJREGNIBBTMOBIIBUCBBMRN0.0%50.0%100%150%200%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityARGX: 24.1% a year, volatility 39.9%SPY (S&P 500): 12.7% a year, volatility 17.1%CYTK: 12.3% a year, volatility 67.3%WST: −1.0% a year, volatility 40.7%DNLI: −15.8% a year, volatility 62.2%ALNY: 2.5% a year, volatility 50.9%ROIV: 42.2% a year, volatility 58.8%SMMT: 25.4% a year, volatility 185%INSM: 29.1% a year, volatility 74.2%GILD: 22.8% a year, volatility 24.9%INCY: 12.2% a year, volatility 30.1%IMVT: 27.4% a year, volatility 73.5%VRTX: 22.6% a year, volatility 29.1%AMGN: 19.6% a year, volatility 24.9%JNJ: 12.7% a year, volatility 17.9%REGN: 7.7% a year, volatility 31.1%IBB: 6.2% a year, volatility 22.4%TMO: 2.9% a year, volatility 27.8%IQV: 1.3% a year, volatility 34.7%BIIB: −1.8% a year, volatility 34.7%UCB: 3.4% a year, volatility 31.3%DHR: −3.8% a year, volatility 29.1%BMRN: −5.6% a year, volatility 33.0%ARGXSPY (S&P 500)WSTDNLIALNYROIVSMMTINSMGILDIMVTAMGNREGNIBBTMOIQVBIIBBMRN
All figures
InvestmentAnnual returnVolatility
ROIV Roivant Sciences Ltd.+42.2%58.8%
INSM Insmed Incorporated+29.1%74.2%
IMVT Immunovant, Inc.+27.4%73.5%
SMMT Summit Therapeutics Inc.+25.4%185%
ARGX This pageargenx SE+24.1%39.9%
GILD Gilead Sciences, Inc.+22.8%24.9%
VRTX Vertex Pharmaceuticals Incorporated+22.6%29.1%
AMGN Amgen Inc.+19.6%24.9%
JNJ Johnson & Johnson+12.7%17.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CYTK Cytokinetics, Incorporated+12.3%67.3%
INCY Incyte Corporation+12.2%30.1%
REGN Regeneron Pharmaceuticals, Inc.+7.7%31.1%
IBB iShares Biotechnology ETF+6.2%22.4%
UCB United Community Banks, Inc.+3.4%31.3%
TMO Thermo Fisher Scientific Inc.+2.9%27.8%
ALNY Alnylam Pharmaceuticals, Inc.+2.5%50.9%
IQV IQVIA Holdings Inc.+1.3%34.7%
WST West Pharmaceutical Services, Inc.−1.0%40.7%
BIIB Biogen Inc.−1.8%34.7%
DHR Danaher Corporation−3.8%29.1%
BMRN BioMarin Pharmaceutical Inc.−5.6%33.0%
DNLI Denali Therapeutics Inc.−15.8%62.2%
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Has ARGX consistently beaten its popular alternatives?

This section compares ARGX with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than ARGX helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than ARGX over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
ARGX argenx SE (this page)—−12.0%+2.8%+4.2%+3.5%+2.4%+83.1%+194%39.9%0.74−38.2%—$54B—
ROIV QualifiedRoivant Sciences Ltd.4/5 short2/2 longAll-weather−10.4%+2.6%+20.1%+59.2%+96.8%+261%+482%58.8%0.89−79.2%—$25B—
SMMT BiotechnologySummit Therapeutics Inc.2/5 short2/2 long−4.8%+19.2%−35.9%−8.2%−19.7%+770%+209%185%0.69−95.8%—$13B—
INSM BiotechnologyInsmed Incorporated0/5 short2/2 long−20.9%−10.6%−33.0%−46.0%−43.0%+281%+258%74.2%0.63−64.8%—$21B—
GILD Drug Manufacturers - GeneralGilead Sciences, Inc.5/5 short1/2 long+4.0%+18.2%+16.6%+31.0%+30.3%+121%+180%24.9%0.95−30.5%—$194B—
INCY BiotechnologyIncyte Corporation4/5 short1/2 long−6.4%+0.8%+20.3%+15.0%+35.3%+112%+77.6%30.1%0.53−66.5%—$24B—
IMVT BiotechnologyImmunovant, Inc.2/5 short1/2 long−23.1%−28.4%+0.2%+10.3%+48.8%−18.5%+235%73.5%0.64−93.6%—$5.9B—
CYTK BiotechnologyCytokinetics, Incorporated2/5 short1/2 long−5.3%−19.2%−3.3%+3.6%+7.8%+93.1%+79.0%67.3%0.47−72.4%—$8.9B—
VRTX BiotechnologyVertex Pharmaceuticals Incorporated5/5 short0/2 long+0.8%+7.1%+17.2%+13.8%+22.8%+42.2%+177%29.1%0.85−41.6%—$130B—
AMGN Drug Manufacturers - GeneralAmgen Inc.5/5 short0/2 long+11.6%+21.2%+27.0%+36.7%+48.7%+72.2%+145%24.9%0.85−24.9%—$237B—
JNJ Drug Manufacturers - GeneralJohnson & Johnson5/5 short0/2 long−3.8%+4.8%+13.6%+27.1%+36.9%+84.6%+82.1%17.9%0.76−27.4%—$625B—
REGN BiotechnologyRegeneron Pharmaceuticals, Inc.5/5 short0/2 long+1.2%+20.3%+8.0%+4.4%+40.7%+0.8%+44.9%31.1%0.40−59.7%—$83B—
IBB Broad MarketiShares Biotechnology ETF5/5 short0/2 long+1.6%+12.9%+19.8%+24.7%+34.8%+81.0%+35.2%22.4%0.38−39.8%0.44%$11B—
TMO Medical - Diagnostics & ResearchThermo Fisher Scientific Inc.5/5 short0/2 long+4.3%+30.7%+30.9%+16.3%+26.8%+49.5%+15.1%27.8%0.24−40.9%—$254B—
IQV Medical - Diagnostics & ResearchIQVIA Holdings Inc.5/5 short0/2 long−0.8%+31.4%+51.5%+18.8%+26.3%+45.3%+6.5%34.7%0.21−51.5%—$44B—
WST Medical - Instruments & SuppliesWest Pharmaceutical Services, Inc.5/5 short0/2 long+7.5%+10.4%+40.0%+41.0%+41.9%+7.8%−5.0%40.7%0.19−59.3%—$27B—
BIIB Drug Manufacturers - GeneralBiogen Inc.5/5 short0/2 long+11.0%+21.6%+32.6%+36.7%+65.8%−5.6%−8.8%34.7%0.11−72.7%—$36B—
UCB Banks - RegionalUnited Community Banks, Inc.4/5 short0/2 long+2.5%−0.8%+4.9%+15.4%+19.9%+71.6%+18.4%31.3%0.27−50.8%—$4.2B—
DHR Medical - Diagnostics & ResearchDanaher Corporation4/5 short0/2 long+4.0%+11.6%+15.0%−2.2%+8.3%+10.8%−17.6%29.1%0.01−43.8%—$157B—
DNLI BiotechnologyDenali Therapeutics Inc.3/5 short0/2 long−7.5%−17.3%−7.8%+16.3%+9.7%+3.3%−57.7%62.2%0.03−87.7%—$3.0B—
BHVN BiotechnologyBiohaven Ltd.2/5 short0/2 long−16.9%−20.5%+9.2%+8.9%−32.7%−56.9%———−87.0%—$1.8B—
ALNY BiotechnologyAlnylam Pharmaceuticals, Inc.1/5 short0/2 long−5.6%−15.4%−25.8%−42.3%−53.0%+42.6%+13.2%50.9%0.29−58.2%—$31B—
BMRN BiotechnologyBioMarin Pharmaceutical Inc.1/5 short0/2 long−11.9%−4.5%+2.8%−5.1%+6.3%−31.3%−24.9%33.0%-0.01−62.1%—$11B—
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How did ARGX do year by year?

This table shows each investment's total return in every full calendar year since 2018, along with where ARGX ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ARGX and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: ARGX began trading on May 18, 2017, so the table starts with 2018, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or three other sell-offs.

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

InvestmentYears ahead of ARGX20252024202320222021202020192018
ARGX This pageargenx SE—+36.7%+61.7%+0.4%+8.2%+19.1%+83.2%+67.1%+52.1%
Rank among alternativesTop quarter in 5 of 86 of 233 of 2312 of 2311 of 2210 of 226 of 213 of 201 of 20
SPY S&P 500State Street SPDR S&P 500 ETF2 of 8+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%
ROIV Roivant Sciences Ltd.2 of 5+83.4%+5.3%+40.6%−20.7%−0.9%———
SMMT Summit Therapeutics Inc.3 of 8−2.0%+584%−38.6%+58.0%−42.8%+194%+39.1%−89.6%
INSM Insmed Incorporated4 of 8+152%+123%+55.1%−26.7%−18.2%+39.4%+82.0%−57.9%
GILD Gilead Sciences, Inc.2 of 8+36.6%+18.7%−2.0%+23.6%+29.9%−6.7%+7.9%−9.9%
INCY Incyte Corporation2 of 8+43.0%+10.0%−21.8%+9.4%−15.6%−0.4%+37.3%−32.9%
IMVT Immunovant, Inc.3 of 6+2.6%−41.2%+137%+108%−81.5%+191%——
CYTK Cytokinetics, Incorporated3 of 8+35.1%−43.7%+82.2%+0.5%+119%+95.9%+67.9%−22.4%
VRTX Vertex Pharmaceuticals Incorporated2 of 8+12.6%−1.0%+40.9%+31.5%−7.1%+7.9%+32.1%+10.6%
AMGN Amgen Inc.2 of 8+29.7%−6.8%+13.5%+20.4%+0.9%−2.0%+27.6%+15.2%
JNJ Johnson & Johnson1 of 8+47.5%−4.8%−8.6%+6.0%+11.4%+10.8%+16.2%−5.1%
REGN Regeneron Pharmaceuticals, Inc.3 of 8+9.0%−18.9%+21.7%+14.2%+30.7%+28.7%+0.5%−0.7%
IBB iShares Biotechnology ETF1 of 8+28.0%−2.4%+3.7%−13.7%+0.9%+26.0%+25.4%−9.5%
TMO Thermo Fisher Scientific Inc.1 of 8+11.8%−1.7%−3.4%−17.3%+43.5%+43.7%+45.6%+18.2%
IQV IQVIA Holdings Inc.2 of 8+14.7%−15.1%+12.9%−27.4%+57.5%+16.0%+33.0%+18.7%
WST West Pharmaceutical Services, Inc.3 of 8−15.7%−6.8%+50.0%−49.7%+65.9%+89.0%+54.1%−0.1%
BIIB Biogen Inc.1 of 8+15.1%−40.9%−6.6%+15.4%−2.0%−17.5%−1.4%−5.5%
UCB United Community Banks, Inc.1 of 8−0.2%+14.2%−10.4%−3.5%+29.4%−4.5%+47.4%−22.2%
DHR Danaher Corporation1 of 8+0.4%−0.4%−1.2%−19.0%+48.6%+45.4%+49.5%+11.8%
DNLI Denali Therapeutics Inc.1 of 8−19.0%−5.0%−22.8%−37.6%−46.8%+381%−15.7%+32.1%
BHVN Biohaven Ltd.1 of 3−69.8%−12.7%+208%—————
ALNY Alnylam Pharmaceuticals, Inc.3 of 8+69.0%+22.9%−19.5%+40.1%+30.5%+12.8%+58.0%−42.6%
BMRN BioMarin Pharmaceutical Inc.1 of 8−9.6%−31.8%−6.8%+17.1%+0.8%+3.7%−0.7%−4.5%
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Risk and diversification

How ARGX 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 ARGX's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ARGX's five deepest drawdowns since it began trading in 2017, 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: ARGX began trading on May 18, 2017, so this list cannot include the dot-com bust, the 2008 financial crisis or three other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringARGX fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−38.2%+4.3%Jul 2023Dec 20235 monthsSep 20249 months
Late-2018 sell-off−36.3%+0.7%Jun 2018Oct 20184 monthsNov 20181 month
Covid crash−34.1%−26.6%Jan 2020Mar 20202 monthsMay 20202 months
2022 bear market−33.1%+11.8%Feb 2021Jan 202211 monthsJul 20226 months
No named crash−29.2%−3.0%Jul 2019Oct 20193 monthsDec 20192 months

How did ARGX do in stock market crashes?

This section measures how far ARGX, 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: ARGX began trading on May 18, 2017, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or three 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 ARGX.

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
ARGX This pageargenx SE—0.0%−26.0%−32.8%−19.8%−1.2%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 5−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
ROIV Roivant Sciences Ltd.0 of 2−7.2%−70.5%————————
SMMT Summit Therapeutics Inc.1 of 5−6.6%−74.2%−25.1%−49.6%−14.6%−42.3%————
INSM Insmed Incorporated0 of 5−8.3%−38.9%−56.4%−48.4%−9.8%−55.0%−70.1%−2.2%−66.3%—
GILD Gilead Sciences, Inc.2 of 5−1.6%−20.0%−13.7%−22.7%−5.5%−28.7%−18.2%−2.1%−34.3%−53.6%
INCY Incyte Corporation3 of 5−2.4%−20.4%−23.7%−16.4%−4.8%−50.2%−32.9%−4.5%−83.5%−97.1%
IMVT Immunovant, Inc.0 of 3−6.2%−59.7%−50.9%———————
CYTK Cytokinetics, Incorporated0 of 5−9.3%−30.6%−44.4%−40.0%−5.2%−50.0%−24.6%−2.0%−76.8%—
VRTX Vertex Pharmaceuticals Incorporated2 of 50.0%−19.2%−19.4%−21.2%−8.8%−43.7%−23.9%−2.7%−59.9%−86.7%
AMGN Amgen Inc.3 of 5−1.2%−11.9%−18.3%−14.3%−7.4%−22.1%−12.6%−0.5%−31.3%−60.2%
JNJ Johnson & Johnson3 of 5−1.1%−12.7%−25.4%−16.9%−8.2%−9.0%−9.8%−0.1%−34.4%−35.9%
REGN Regeneron Pharmaceuticals, Inc.2 of 5−0.2%−25.8%−12.7%−17.3%−7.3%−37.7%−23.2%−7.2%−49.9%−71.6%
IBB iShares Biotechnology ETF1 of 5−3.5%−28.6%−23.5%−26.5%−6.5%−34.3%−22.3%−4.3%−34.6%—
TMO Thermo Fisher Scientific Inc.3 of 5−2.4%−19.8%−24.8%−17.2%−8.7%−14.7%−24.4%−3.6%−53.9%−41.8%
IQV IQVIA Holdings Inc.1 of 5−6.8%−35.9%−48.9%−19.2%−5.3%−28.7%————
WST West Pharmaceutical Services, Inc.1 of 5−1.6%−44.2%−26.2%−24.9%−8.5%−14.6%−23.1%−1.5%−45.1%−41.9%
BIIB Biogen Inc.2 of 5−2.5%−22.4%−21.2%−21.7%−9.3%−24.6%−19.4%−0.6%−52.7%−59.8%
UCB United Community Banks, Inc.0 of 5−14.1%−27.5%−45.3%−29.5%−6.0%−25.5%−31.6%−6.6%−89.4%−27.5%
DHR Danaher Corporation3 of 5−3.2%−22.8%−25.9%−13.4%−9.8%−14.0%−21.8%−0.6%−45.7%−33.7%
DNLI Denali Therapeutics Inc.0 of 5−9.8%−54.3%−45.8%−36.2%−5.5%—————
BHVN Biohaven Ltd.0 of 1−5.9%—————————
ALNY Alnylam Pharmaceuticals, Inc.1 of 5−4.1%−28.9%−30.0%−33.7%−6.9%−48.9%−39.3%−1.5%−58.6%—
BMRN BioMarin Pharmaceutical Inc.2 of 5−4.5%−22.9%−26.3%−24.4%−11.6%−53.6%−23.1%−4.1%−74.9%−89.7%
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How closely does ARGX 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 ARGX with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 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 ARGX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ARGX This pageargenx SE112%57%1.950.45
VRTX Vertex Pharmaceuticals Incorporated77%8%9.210.28
GILD Gilead Sciences, Inc.73%17%4.430.32
CYTK Cytokinetics, Incorporated51%17%3.050.40
IMVT Immunovant, Inc.123%53%2.340.85
AMGN Amgen Inc.76%34%2.260.41
INSM Insmed Incorporated131%58%2.240.84
JNJ Johnson & Johnson60%31%1.960.21
ROIV Roivant Sciences Ltd.145%90%1.621.11
ALNY Alnylam Pharmaceuticals, Inc.29%20%1.460.27
INCY Incyte Corporation85%83%1.020.73
REGN Regeneron Pharmaceuticals, Inc.49%61%0.810.16
IBB iShares Biotechnology ETF75%100%0.740.69
UCB United Community Banks, Inc.70%105%0.670.88
TMO Thermo Fisher Scientific Inc.102%160%0.640.88
IQV IQVIA Holdings Inc.122%200%0.611.18
WST West Pharmaceutical Services, Inc.62%127%0.491.12
DHR Danaher Corporation61%132%0.470.77
DNLI Denali Therapeutics Inc.92%268%0.341.02
BIIB Biogen Inc.19%63%0.300.09
BMRN BioMarin Pharmaceutical Inc.5%41%0.120.22
SMMT Summit Therapeutics Inc.47%-67%—-1.51
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What diversifies ARGX?

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

ETFs

InvestmentCorrelation5Y returnSharpe80/20 mix volatility80/20 mix annual return
ARGX argenx SE (this page)1.00+194%0.7434.5%+26.0%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF-0.01+119%1.4827.7%+25.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.16+225%1.3428.2%+27.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.14+101%1.0428.2%+25.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.17+83.3%1.0028.3%+24.2%
SMH TechnologyVanEck Semiconductor ETF0.06+323%0.9728.9%+30.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.12+85.0%0.9628.0%+24.6%
GLD CommoditiesSPDR Gold Shares0.14+126%0.9628.3%+25.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.18+136%0.9328.7%+26.3%

Stocks

InvestmentCorrelation5Y returnSharpe80/20 mix volatility80/20 mix annual return
ARGX argenx SE (this page)1.00+194%0.7434.5%+26.0%
CAH Medical - DistributionCardinal Health, Inc.0.10+479%1.5528.7%+29.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.17+3,143%1.4731.8%+43.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.11+1,636%1.4629.9%+39.4%
MCK Medical - DistributionMcKesson Corporation0.07+413%1.4428.4%+29.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.03+690%1.4128.2%+32.5%
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Common questions

What was ARGX's worst drawdown?

ARGX's deepest decline since it began trading in 2017 was 38.2%, from July to December 2023. It took nine months from the low to climb back to its old high. Because ARGX launched in May 2017, that record does not include the dot-com bust, the 2008 financial crisis or three other sell-offs.

What were ARGX's best and worst years?

Over eight full calendar years, ARGX's best year was 2020, when it returned 83.2%. Its worst was 2023, with a return of +0.4%.

Is there a better investment than ARGX?

Among ARGX's popular alternatives, GILD earned more for the risk it took than ARGX over the past 5 years, and its worst fall in 10 years was 30.5%, against 38.2% for ARGX. Looking beyond its popular alternatives, LLY (pharmaceuticals) and ABBV (pharmaceuticals) earned more than ARGX with less volatility over the past 5 years. LLY returned 40.7% a year at 32.8% volatility, against 24.1% a year at 39.9%.

Is ARGX more volatile than the S&P 500?

Yes. ARGX's volatility over the past 5 years was 39.9%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ARGX's return lands within 39.9% 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 ARGX's Sharpe ratio?

ARGX's Sharpe ratio over the past 5 years was 0.74, against 0.79 for the S&P 500, so ARGX 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 ARGX with the S&P 500?

Over the past 5 years, ARGX's monthly returns had a correlation of 0.20 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against ARGX instead: the lower it is, the more that option would diversify a ARGX holding.

What are the best alternatives to ARGX?

Of the 22 popular alternatives we compared, one outperformed ARGX in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: ROIV.

Did ARGX outperform the S&P 500?

ARGX finished ahead of the S&P 500 (SPY) in six of eight full calendar years. In 2025, it returned +36.7%, against +17.7% for the index.

How did ARGX do in stock market crashes?

ARGX fell less than the S&P 500 (SPY) in three of the five major crashes it has traded through, and further in two. The clearest case was the February 2018 volatility shock, when ARGX fell 1.2% and the S&P 500 fell 6.5%.

What diversifies ARGX?

These had a low correlation with ARGX over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.01), DXJ (correlation 0.16) and EMLP (correlation 0.14); among large stocks, CAH (correlation 0.10), CLS (correlation 0.17) and FIX (correlation 0.11). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ARGX

Other stocks and ETFs