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

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on 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.

## Key findings

- **Right now:** Not every peer went the same way. Over the past 6 months, AMGN (Amgen) rose 27.0% and SMMT (Summit Therapeutics) fell 35.9%. Over the past 6 months, ARGX rose 4.2% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100.
- **Stock or market?:** ARGX rose 2.8% over the past 3 months, in line with the biotechnology ETF XBI (State Street SPDR S&P Biotech ETF), which rose 1.5%. The S&P 500 rose 3.9%. Its biotechnology peers did not move as one over the past 3 months: AMGN (Amgen) rose 21.2%, while ALNY (Alnylam Pharmaceuticals) fell 15.4%.
- **Past 1 to 3 years:** ARGX has trailed the market, rising 2.4% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (83.1% against 89.3%). Even so, ARGX finished ahead of the S&P 500 in both 2024 and 2025.
- **Long term:** ARGX turned $10,000 into $29,400 over the past 5 years, against $18,200 in the S&P 500. ARGX's 5-year return of 194% puts it ahead of 88% of the stocks worth at least $300 million with that much history. The S&P 500 returned 81.7%.
- **In a crash:** The 2022 bear market took 26.0% off ARGX, against 24.5% for the S&P 500. That was more than JNJ (Johnson & Johnson, 12.7%) but less than ALNY (Alnylam Pharmaceuticals, 28.9%).
- **Diversification:** Against the S&P 500, ARGX has a correlation of 0.20 over 5 years, less closely than 85% of stocks worth at least $300 million. Next to an index fund it is a real diversifier.
- **Better options**
  - **Popular alternatives:** GILD (Gilead Sciences) 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.
  - **Nearby categories and themes:** LLY (Eli Lilly and Company, pharmaceuticals) and ABBV (AbbVie, 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%.
  - **Whole market:** 85 of the 3,633 stocks and funds worth at least $500 million earned more than ARGX with less volatility over the past 5 years, among them LLY (Eli Lilly and Company), XOM (Exxonmobil) and ABBV (AbbVie).

## 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.

- $10,000 invested in ARGX at the end of September 2017 would have grown to $424,105 by September 2026, more than the $34,839 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of ARGX, and HCC finished highest, at $595,070.

## 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.

- ARGX has not had a losing calendar year since it began trading in 2017; it gained in all eight full years, at worst 0.4% in 2023.
- 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.
- ARGX is 17.9% below its all-time high.

- Type: Stock, Healthcare (Biotechnology)
- Trading since: May 18, 2017
- Market value: $54B
- Volatility (5 years): 39.9%; Sharpe ratio: 0.74
- Worst decline ever: −38.2%, from July 21, 2023 to December 20, 2023; back at its high by September 5, 2024

| Period | ARGX total return |
| --- | --- |
| 1 month | −12.0% |
| 3 months | +2.8% |
| 6 months | +4.2% |
| year to date | +3.5% |
| 1 year | +2.4% |
| 3 years | +83.1% |
| 5 years | +194% |

## 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.

- ARGX's 5-year return ranks in the top 12% of the 2,893 stocks worth at least $300 million with 5 years of history.

| Measure | ARGX | Rank |
| --- | --- | --- |
| 1-year return | +2.4% | 1,887 of 3,287 (top 58%) |
| 3-year return | +83.1% | 1,093 of 3,017 (top 37%) |
| 5-year return | +194% | 334 of 2,893 (top 12%) |
| Volatility, 5 years | 39.9% | 1,454 of 2,893 (top 51%) |
| Sharpe ratio, 5 years | 0.74 | 375 of 2,893 (top 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).

- 82 stocks and three ETFs worth at least $500 million sit in the green region: each earned more than ARGX over the past 5 years with smaller price swings. That is 2% of the 3,633 screened.
- Among those with at least half ARGX's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 38% less than ARGX's 39.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.74 for ARGX. PBR-A earned the most, 51.8% a year, while still swinging less than ARGX (37.5% against 39.9%).
- None of ARGX's popular alternatives made it, but LLY (pharmaceuticals) did: 40.7% a year at 32.8% volatility, 18% less than ARGX's 39.9%.

### Is there a better investment than ARGX?

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.

- 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%.
- Across the whole market, 85 of the 3,633 stocks and funds worth at least $500 million earned more than ARGX with less volatility over the past 5 years, among them LLY, XOM and ABBV.

The 15 strongest of 85 investments that beat ARGX over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 5Y return | Correlation with ARGX | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ARGX: argenx SE (this page) |  | +24.1% | 39.9% | 0.74 | −38.2% | +194% |  |  |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.6% | 30.6% | 1.10 | −45.7% | +326% | 0.10 | Higher return, lower volatility; Higher return in most periods; Smaller losses in recent crashes |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | Oil & Gas | +51.2% | 33.4% | 1.41 | −79.7% | +690% | -0.03 | Higher return, lower volatility; Higher return in most periods |
| [PBR-A](https://easycompare.io/research/pbr-a): Petróleo Brasileiro S.A. - Petrobras | Integrated Oil & Gas | +51.8% | 37.5% | 1.31 | −71.7% | +705% | -0.24 | Higher return, lower volatility; Higher return in most periods |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +451% | 0.23 | Higher return, lower volatility; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +479% | 0.10 | Higher return, lower volatility; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +225% | 0.16 | Higher return, lower volatility; Higher return in most periods |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | Banks | +33.2% | 29.4% | 1.13 | −54.9% | +319% | -0.03 | Higher return, lower volatility; Higher return in most periods |
| [PBR](https://easycompare.io/research/pbr): Petróleo Brasileiro S.A. - Petrobras | Integrated Oil & Gas | +50.3% | 37.5% | 1.28 | −75.3% | +667% | -0.24 | Higher return, lower volatility; Higher return in most periods |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +413% | 0.07 | Higher return, lower volatility; Higher return in most periods |
| [APH](https://easycompare.io/research/aph): Amphenol Corporation | Electronic Components | +33.8% | 32.2% | 1.07 | −37.5% | +329% | 0.13 | Higher return, lower volatility; Higher return in most periods |
| [WELL](https://easycompare.io/research/well): Welltower Inc. | Healthcare REITs | +26.0% | 23.8% | 1.09 | −63.3% | +217% | 0.18 | Higher return, lower volatility; Higher return in most periods |
| [BBVA](https://easycompare.io/research/bbva): Banco Bilbao Vizcaya Argentaria, S.A. | Banks | +38.7% | 33.3% | 1.16 | −69.6% | +413% | 0.04 | Higher return, lower volatility; Higher return in most periods |
| [VLO](https://easycompare.io/research/vlo): Valero Energy Corporation | Oil & Gas | +44.2% | 36.9% | 1.18 | −71.9% | +524% | 0.03 | Higher return, lower volatility; Higher return in most periods |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | Oil & Gas | +33.2% | 32.9% | 1.04 | −64.2% | +319% | -0.04 | Higher return, lower volatility; Higher return in most periods |
| [UBS](https://easycompare.io/research/ubs): UBS Group AG | Banks | +25.4% | 30.4% | 0.90 | −59.8% | +210% | 0.10 | Higher return, lower volatility; Higher return in most periods |

## 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.

- None of the 21 popular alternatives earned more than ARGX over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Over the past 5 years, ARGX returned 24.1% a year, more than the S&P 500's 12.7%, with higher volatility (39.9% against 17.1%).

### 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.

- ROIV outperformed ARGX in every long-term period and in all but one short-term period, the most consistent record in the group.
- Only one of the 22 popular alternatives, ROIV, outperformed ARGX in at least 3 of 5 short-term and 2 of 2 long-term timeframes.
- GILD, AMGN and JNJ earned more for the risk they took than ARGX (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | Periods ahead of ARGX | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- |
| ARGX: argenx SE (this page) | +2.4% | +83.1% | +194% |  |  | 0.74 |
| ROIV: Roivant Sciences Ltd. | +96.8% | +261% | +482% | 4/5 short-term, 2/2 long-term | all-weather | 0.89 |
| SMMT: Summit Therapeutics Inc. | −19.7% | +770% | +209% | 2/5 short-term, 2/2 long-term |  | 0.69 |
| INSM: Insmed Incorporated | −43.0% | +281% | +258% | 0/5 short-term, 2/2 long-term |  | 0.63 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | +30.3% | +121% | +180% | 5/5 short-term, 1/2 long-term |  | 0.95 |
| INCY: Incyte Corporation | +35.3% | +112% | +77.6% | 4/5 short-term, 1/2 long-term |  | 0.53 |
| IMVT: Immunovant, Inc. | +48.8% | −18.5% | +235% | 2/5 short-term, 1/2 long-term |  | 0.64 |
| CYTK: Cytokinetics, Incorporated | +7.8% | +93.1% | +79.0% | 2/5 short-term, 1/2 long-term |  | 0.47 |
| [VRTX](https://easycompare.io/research/vrtx): Vertex Pharmaceuticals Incorporated | +22.8% | +42.2% | +177% | 5/5 short-term, 0/2 long-term |  | 0.85 |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | +48.7% | +72.2% | +145% | 5/5 short-term, 0/2 long-term |  | 0.85 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | +36.9% | +84.6% | +82.1% | 5/5 short-term, 0/2 long-term |  | 0.76 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | +40.7% | +0.8% | +44.9% | 5/5 short-term, 0/2 long-term |  | 0.40 |
| IBB: iShares Biotechnology ETF | +34.8% | +81.0% | +35.2% | 5/5 short-term, 0/2 long-term |  | 0.38 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | +26.8% | +49.5% | +15.1% | 5/5 short-term, 0/2 long-term |  | 0.24 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | +26.3% | +45.3% | +6.5% | 5/5 short-term, 0/2 long-term |  | 0.21 |
| WST: West Pharmaceutical Services, Inc. | +41.9% | +7.8% | −5.0% | 5/5 short-term, 0/2 long-term |  | 0.19 |
| BIIB: Biogen Inc. | +65.8% | −5.6% | −8.8% | 5/5 short-term, 0/2 long-term |  | 0.11 |
| UCB: United Community Banks, Inc. | +19.9% | +71.6% | +18.4% | 4/5 short-term, 0/2 long-term |  | 0.27 |
| [DHR](https://easycompare.io/research/dhr): Danaher Corporation | +8.3% | +10.8% | −17.6% | 4/5 short-term, 0/2 long-term |  | 0.01 |
| DNLI: Denali Therapeutics Inc. | +9.7% | +3.3% | −57.7% | 3/5 short-term, 0/2 long-term |  | 0.03 |
| BHVN: Biohaven Ltd. | −32.7% | −56.9% | — | 2/5 short-term, 0/2 long-term |  | — |
| ALNY: Alnylam Pharmaceuticals, Inc. | −53.0% | +42.6% | +13.2% | 1/5 short-term, 0/2 long-term |  | 0.29 |
| BMRN: BioMarin Pharmaceutical Inc. | +6.3% | −31.3% | −24.9% | 1/5 short-term, 0/2 long-term |  | -0.01 |

### 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.

- Ranked against its popular alternatives each year, ARGX finished in the top quarter in five of eight years and in the bottom quarter in no. In 2025, it ranked 6 of 23.
- None of the 21 popular alternatives came out ahead of ARGX in most of the years they have in common.
- ARGX finished ahead of the S&P 500 in six of its eight full calendar years, and ahead of it in each of the last two.

| Year | ARGX | SPY |
| --- | --- | --- |
| 2025 | +36.7% | +17.7% |
| 2024 | +61.7% | +24.9% |
| 2023 | +0.4% | +26.2% |
| 2022 | +8.2% | −18.2% |
| 2021 | +19.1% | +28.7% |
| 2020 | +83.2% | +18.3% |
| 2019 | +67.1% | +31.2% |
| 2018 | +52.1% | −4.6% |

## 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.

- In all five of ARGX's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: ARGX fell 38.2% from July to December 2023, while the S&P 500 rose 4.3%.
- None of these declines kept ARGX below its old high for long; the longest climb back took nine months.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −38.2% | July 21, 2023 | December 20, 2023 | September 5, 2024 | +4.3% |  |
| −36.3% | June 12, 2018 | October 10, 2018 | November 6, 2018 | +0.7% | late-2018 sell-off |
| −34.1% | January 9, 2020 | March 16, 2020 | May 26, 2020 | −26.6% | Covid crash |
| −33.1% | February 11, 2021 | January 27, 2022 | July 5, 2022 | +11.8% | 2022 bear market |
| −29.2% | July 18, 2019 | October 8, 2019 | December 4, 2019 | −3.0% |  |

### 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.

- Among its popular alternatives, INCY held up best, falling less than ARGX in three of the five crashes they both traded through.
- ARGX began trading after the 2008 financial crisis, but 16 of its popular alternatives lived through it. The mildest fall among them was AMGN's 31.3%, against 55.2% for the S&P 500.
- ARGX fell less than the S&P 500 in three of the five crashes it has traded through. The clearest case was the February 2018 volatility shock, when ARGX fell 1.2% and the S&P 500 fell 6.5%.

| Crash | Dates | ARGX fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | not trading | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −1.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −19.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −32.8% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −26.0% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | 0.0% | −3.4% |

### 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.

- Over the past 5 years, ARGX captured 112% of the S&P 500's gains in rising months and 57% of its losses in falling months, with a beta of 0.45. Its share of the market's gains was larger than its share of the losses.
- Seven of the 20 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than ARGX's 1.95, led by VRTX, GILD and CYTK.

Measured over the past 5 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| ARGX: argenx SE (this page) | 112% | 57.0% | 0.45 |
| ROIV: Roivant Sciences Ltd. | 145% | 90.0% | 1.11 |
| SMMT: Summit Therapeutics Inc. | 47.0% | −67.0% | -1.51 |
| INSM: Insmed Incorporated | 131% | 58.0% | 0.84 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | 73.0% | 17.0% | 0.32 |
| INCY: Incyte Corporation | 85.0% | 83.0% | 0.73 |
| IMVT: Immunovant, Inc. | 123% | 53.0% | 0.85 |
| CYTK: Cytokinetics, Incorporated | 51.0% | 17.0% | 0.40 |
| [VRTX](https://easycompare.io/research/vrtx): Vertex Pharmaceuticals Incorporated | 77.0% | 8.0% | 0.28 |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | 76.0% | 34.0% | 0.41 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | 60.0% | 31.0% | 0.21 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | 49.0% | 61.0% | 0.16 |
| IBB: iShares Biotechnology ETF | 75.0% | 100% | 0.69 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | 102% | 160% | 0.88 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | 122% | 200% | 1.18 |
| WST: West Pharmaceutical Services, Inc. | 62.0% | 127% | 1.12 |
| BIIB: Biogen Inc. | 19.0% | 63.0% | 0.09 |
| UCB: United Community Banks, Inc. | 70.0% | 105% | 0.88 |
| [DHR](https://easycompare.io/research/dhr): Danaher Corporation | 61.0% | 132% | 0.77 |
| DNLI: Denali Therapeutics Inc. | 92.0% | 268% | 1.02 |
| ALNY: Alnylam Pharmaceuticals, Inc. | 29.0% | 20.0% | 0.27 |
| BMRN: BioMarin Pharmaceutical Inc. | 5.0% | 41.0% | 0.22 |

### 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).

- Moving a fifth of the money in ARGX into LVHI would have cut the portfolio's volatility by 20% over the past 5 years for a small cut in its annual return (+26.0% for ARGX alone, +25.3% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of ARGX over the past 5 years, with correlations of 0.16 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, CLS and FIX have moved largely independently of ARGX over the past 5 years, with correlations of 0.17 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with ARGX | 5Y return | Volatility | Sharpe |
| --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | -0.01 | +119% | 11.1% | 1.48 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.16 | +225% | 19.1% | 1.34 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.14 | +101% | 14.5% | 1.04 |
| HDV: iShares Core High Dividend ETF | 0.17 | +83.3% | 13.0% | 1.00 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.06 | +323% | 36.9% | 0.97 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.12 | +85.0% | 13.8% | 0.96 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.14 | +126% | 18.9% | 0.96 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.18 | +136% | 20.8% | 0.93 |

## 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.

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## Explore further

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