# How ASML Holding (ASML) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/asml
> 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 ASML alone. It places ASML (ASML Holding N.V.) 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 ASML stands in the market, and of the alternatives worth a closer look.

Period covered: ASML's full trading record, from March 1995 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** Over the past 3 months, ASML fell 6.1% while the S&P 500 rose 3.9%. Its semiconductor equipment peers split over the past 3 months: COHU rose 2.3%, while AMAT (Applied Materials) fell 22.9%.
- **Stock or market?:** ASML fell 6.1% over the past 3 months, 3.9 points behind the semiconductor equipment ETF SMH (VanEck Semiconductor ETF), which fell 2.2%. The S&P 500 rose 3.9%. Its semiconductor equipment peers did not move as one over the past 3 months: COHU rose 2.3%, while AMAT (Applied Materials) fell 22.9%.
- **Past 1 to 3 years:** ASML has run far ahead of the market, rising 57.5% 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 (188% against 89.3%). ASML lagged its semiconductor equipment peers in 2023, then moved up the pack in 2025.
- **Long term:** ASML turned $10,000 into $173,000 over the past decade, against $42,100 in the S&P 500. ASML's 10-year return of 1,628% puts it ahead of 98% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across seven sell-offs, ASML has typically fallen 1.4 times as far as the S&P 500. The 2022 bear market took 48.4% off ASML, against 24.5% for the S&P 500. That was more than KLAC (KLA, 37.6%) but less than LRCX (Lam Research, 55.1%).
- **Diversification:** Against the S&P 500, ASML has a correlation of 0.65 over 5 years, more closely than 96% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion.
- **Better options**
  - **Popular alternatives:** TSM (Taiwan Semiconductor Manufacturing) earned more than ASML with less volatility over the past 5 years: 31.5% a year at 38.5% volatility, against 17.4% a year at 43.4%.
  - **Whole market:** 277 of the 3,633 stocks and funds worth at least $500 million earned more than ASML with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and TSM (Taiwan Semiconductor Manufacturing).

## How much would $10,000 in ASML have grown?

This chart tracks a hypothetical $10,000 investment in ASML over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ASML over the same span and ASML's popular alternatives, among those that traded for the entire period.

- $10,000 invested in ASML at the end of September 1997 would have grown to $984,088 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 ASML, and AAPL finished highest, at $20,534,853.

## ASML 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.

- ASML's deepest decline since it began trading in 1995 was 90.0%, from March 2000 to October 2002. It took about nine years from the low to climb back to its old high.
- Over 29 full calendar years, ASML's best was 1999, when it returned 273%, and its worst was 2002, when it lost 51.0%. It lost money in ten of those years.
- ASML is 17.9% below its all-time high.

- Type: Stock, Technology (Semiconductors)
- Trading since: March 15, 1995
- Market value: $630B
- Volatility (5 years): 43.4%; Sharpe ratio: 0.59
- Worst decline ever: −90.0%, from March 3, 2000 to October 7, 2002; back at its high by March 30, 2012

| Period | ASML total return |
| --- | --- |
| 1 month | −4.7% |
| 3 months | −6.1% |
| 6 months | +10.8% |
| year to date | +40.8% |
| 1 year | +57.5% |
| 3 years | +188% |
| 5 years | +123% |
| 10 years | +1,628% |

## ASML against the whole market

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

### How does ASML rank among all stocks?

This section ranks ASML on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

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

| Measure | ASML | Rank |
| --- | --- | --- |
| 1-year return | +57.5% | 451 of 3,287 (top 14%) |
| 3-year return | +188% | 441 of 3,017 (top 15%) |
| 5-year return | +123% | 560 of 2,893 (top 20%) |
| 10-year return | +1,628% | 51 of 2,202 (top 3%) |
| Volatility, 5 years | 43.4% | 1,631 of 2,893 (top 57%) |
| Sharpe ratio, 5 years | 0.59 | 708 of 2,893 (top 25%) |
| Worst decline, past 10 years | −56.9% | 755 of 2,187 (top 35%) |

### What has beaten ASML 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).

- 236 stocks and 41 ETFs worth at least $500 million sit in the green region: each earned more than ASML over the past 5 years with smaller price swings. That is 8% of the 3,633 screened.
- Among those with at least half ASML's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 43% less than ASML's 43.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.59 for ASML. INSW earned the most, 56.5% a year, while still swinging less than ASML (40.5% against 43.4%).
- Among ASML's popular alternatives, TSM is in the region. TSM earned 31.5% a year against 17.4% a year for ASML, at 38.5% volatility, 11% less than ASML's 43.4%.

### Is there a better investment than ASML?

The table below lists investments that beat ASML 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 ASML's popular alternatives, TSM earned more than ASML with less volatility over the past 5 years: 31.5% a year at 38.5% volatility, against 17.4% a year at 43.4%.
- Looking beyond its popular alternatives, SMH (semiconductors) and AAPL (computer hardware) earned more than ASML with less volatility over the past 5 years. SMH returned 33.4% a year at 36.9% volatility, against 17.4% a year at 43.4%.
- Across the whole market, 277 of the 3,633 stocks and funds worth at least $500 million earned more than ASML with less volatility over the past 5 years, among them AAPL, GOOG and TSM.

The 15 strongest of 277 investments that beat ASML over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with ASML | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ASML: ASML Holding N.V. (this page) |  | +17.4% | 43.4% | 0.59 | −56.9% | +1,628% |  |  |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| COKE: Coca-Cola Consolidated, Inc. | Food & Beverages | +41.2% | 38.0% | 1.10 | −51.7% | +1,569% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| HALO: Halozyme Therapeutics, Inc. | Biotechnology | +26.6% | 40.4% | 0.79 | −49.1% | +1,196% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | Oil & Gas | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.18 | Higher return, lower volatility; Higher return in most periods |
| EWT: iShares MSCI Taiwan ETF | International Equity | +20.4% | 24.2% | 0.89 | −38.9% | +468% | 0.67 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | Semiconductors | +33.4% | 36.9% | 0.97 | −45.3% | +1,665% | 0.80 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| VCTR: Victory Capital Holdings, Inc. | Asset Management | +28.1% | 35.0% | 0.89 | −45.2% | — | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| NHC: National HealthCare Corporation | Medical - Care Facilities | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FLTW: Franklin FTSE Taiwan ETF | Technology | +21.8% | 24.3% | 0.94 | −38.0% | — | 0.68 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DHT: DHT Holdings, Inc. | Marine Shipping | +38.7% | 39.0% | 1.04 | −39.7% | +1,050% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SOXQ: Invesco PHLX Semiconductor ETF | Technology | +28.3% | 38.9% | 0.84 | −46.0% | — | 0.78 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| NWPX: NWPX Infrastructure, Inc. | Construction Materials | +32.5% | 36.2% | 0.96 | −46.5% | +682% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SENEA: Seneca Foods Corporation | Packaged Foods | +25.2% | 36.4% | 0.81 | −51.3% | +455% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## ASML against its popular alternatives

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

### How do ASML's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Only TSM was both more rewarding and calmer than ASML over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, ASML returned 17.3% a year, more than the S&P 500's 12.7%, with higher volatility (43.4% against 17.1%).

### Has ASML consistently beaten its popular alternatives?

This section compares ASML with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Three of the 21 popular alternatives, MU, TER and FORM, outperformed ASML in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- MU outperformed ASML in every long-term period and in all but one short-term period, the most consistent record in the group.
- KLAC, TSM and LRCX earned more for the risk they took than ASML (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of ASML | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ASML: ASML Holding N.V. (this page) | +57.5% | +188% | +123% | +1,628% |  |  | 0.59 |
| [MU](https://easycompare.io/research/mu): Micron Technology, Inc. | +334% | +1,246% | +1,244% | +5,243% | 4/5 short-term, 3/3 long-term | all-weather | 1.20 |
| [TER](https://easycompare.io/research/ter): Teradyne, Inc. | +142% | +271% | +193% | +1,565% | 3/5 short-term, 2/3 long-term | consistent | 0.67 |
| FORM: FormFactor, Inc. | +144% | +227% | +201% | +964% | 3/5 short-term, 2/3 long-term | consistent | 0.67 |
| [LRCX](https://easycompare.io/research/lrcx): Lam Research Corporation | +83.7% | +350% | +390% | +2,989% | 2/5 short-term, 3/3 long-term |  | 0.89 |
| [NVDA](https://easycompare.io/research/nvda): NVIDIA Corporation | +18.8% | +425% | +884% | +13,019% | 1/5 short-term, 3/3 long-term |  | 1.14 |
| [KLAC](https://easycompare.io/research/klac): KLA Corporation | +41.0% | +258% | +413% | +2,534% | 0/5 short-term, 3/3 long-term |  | 0.94 |
| NVMI: Nova Ltd. | −5.1% | +232% | +213% | +2,512% | 0/5 short-term, 3/3 long-term |  | 0.71 |
| AEHR: Aehr Test Systems | +115% | +96.2% | +207% | +1,987% | 2/5 short-term, 2/3 long-term |  | 0.72 |
| [TSM](https://easycompare.io/research/tsm): Taiwan Semiconductor Manufacturing Company Limited | +44.3% | +382% | +293% | +1,505% | 2/5 short-term, 2/3 long-term |  | 0.91 |
| [AMAT](https://easycompare.io/research/amat): Applied Materials, Inc. | +78.5% | +209% | +215% | +1,488% | 2/5 short-term, 2/3 long-term |  | 0.72 |
| CAMT: Camtek Ltd. | +4.1% | +149% | +231% | +4,551% | 0/5 short-term, 2/3 long-term |  | 0.70 |
| ASM: Avino Silver & Gold Mines Ltd. | −15.9% | +981% | +446% | +153% | 0/5 short-term, 2/3 long-term |  | 0.84 |
| ONTO: Onto Innovation Inc. | +61.9% | +86.2% | +200% | +1,005% | 1/5 short-term, 1/3 long-term |  | 0.67 |
| COHU: Cohu, Inc. | +132% | +61.0% | +68.5% | +406% | 4/5 short-term, 0/3 long-term |  | 0.46 |
| [INTC](https://easycompare.io/research/intc): Intel Corp. | +141% | +167% | +79.8% | +219% | 4/5 short-term, 0/3 long-term |  | 0.49 |
| [SNPS](https://easycompare.io/research/snps): Synopsys, Inc. | −1.3% | −4.3% | +41.9% | +656% | 2/5 short-term, 0/3 long-term |  | 0.39 |
| KLIC: Kulicke and Soffa Industries, Inc. | +106% | +95.7% | +64.1% | +598% | 2/5 short-term, 0/3 long-term |  | 0.45 |
| UCTT: Ultra Clean Holdings, Inc. | +76.8% | +108% | +16.2% | +574% | 2/5 short-term, 0/3 long-term |  | 0.37 |
| VECO: Veeco Instruments Inc. | +50.9% | +77.7% | +90.3% | +110% | 2/5 short-term, 0/3 long-term |  | 0.51 |
| ICHR: Ichor Holdings, Ltd. | +87.0% | +63.9% | +6.6% | — | 2/5 short-term, 0/3 long-term |  | 0.38 |
| ACLS: Axcelis Technologies, Inc. | +34.6% | −21.9% | +126% | +730% | 1/5 short-term, 0/3 long-term |  | 0.57 |

### How did ASML do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where ASML ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, ASML finished in the top quarter in eight of 29 years and in the bottom quarter in one. In 2025, it ranked 8 of 22.
- ASML finished ahead of the S&P 500 in 18 of its 29 full calendar years.
- Among its popular alternatives, NVDA came out ahead of ASML most often, in 15 of the 26 years both traded.

| Year | ASML | SPY |
| --- | --- | --- |
| 2025 | +55.8% | +17.7% |
| 2024 | −7.7% | +24.9% |
| 2023 | +39.9% | +26.2% |
| 2022 | −30.5% | −18.2% |
| 2021 | +64.1% | +28.7% |
| 2020 | +66.3% | +18.3% |
| 2019 | +93.2% | +31.2% |
| 2018 | −9.7% | −4.6% |
| 2017 | +56.5% | +21.7% |
| 2016 | +27.9% | +12.0% |

## Risk and diversification

How ASML 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 ASML's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of ASML's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: ASML fell 75.0% from September 1997 to October 1998, while the S&P 500 rose 2.9%.
- The slowest recovery came after ASML fell 90.0% from March 2000 to October 2002; it did not regain that peak until March 2012, nine years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −90.0% | March 3, 2000 | October 7, 2002 | March 30, 2012 | −42.0% | dot-com bust |
| −75.0% | September 23, 1997 | October 8, 1998 | June 14, 1999 | +2.9% |  |
| −56.9% | September 15, 2021 | October 14, 2022 | January 25, 2024 | −18.7% | 2022 bear market |
| −45.5% | July 10, 2024 | April 8, 2025 | December 1, 2025 | −10.7% |  |
| −40.6% | July 31, 1995 | December 29, 1995 | January 14, 1997 | +10.7% |  |

### How did ASML do in stock market crashes?

This section measures how far ASML, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- ASML fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the dot-com bust, when ASML fell 90.0% and the S&P 500 fell 47.5%.
- Among its popular alternatives, INTC held up best, falling less than ASML in nine of the ten crashes they both traded through.

| Crash | Dates | ASML fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −90.0% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −64.1% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.7% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −17.7% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −22.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.5% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −24.4% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −37.9% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −48.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.9% | −3.4% |

### How closely does ASML move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- Over the past 10 years, ASML captured 170% of the S&P 500's gains in rising months and 132% of its losses in falling months, with a beta of 1.44. It amplified the market's moves in both directions.
- 12 of the 20 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than ASML's 1.29, led by KLAC, CAMT and TSM.
- KLAC took just 59% of the S&P 500's losses, against 132% for ASML, while still keeping 152% of its gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| ASML: ASML Holding N.V. (this page) | 170% | 132% | 1.44 |
| [MU](https://easycompare.io/research/mu): Micron Technology, Inc. | 204% | 114% | 1.75 |
| [TER](https://easycompare.io/research/ter): Teradyne, Inc. | 167% | 121% | 1.53 |
| FORM: FormFactor, Inc. | 132% | 81.0% | 1.29 |
| [LRCX](https://easycompare.io/research/lrcx): Lam Research Corporation | 183% | 104% | 1.56 |
| [NVDA](https://easycompare.io/research/nvda): NVIDIA Corporation | 248% | 140% | 1.83 |
| [KLAC](https://easycompare.io/research/klac): KLA Corporation | 152% | 59.0% | 1.32 |
| NVMI: Nova Ltd. | 179% | 110% | 1.46 |
| AEHR: Aehr Test Systems | 184% | 123% | 2.29 |
| [TSM](https://easycompare.io/research/tsm): Taiwan Semiconductor Manufacturing Company Limited | 138% | 75.0% | 1.15 |
| [AMAT](https://easycompare.io/research/amat): Applied Materials, Inc. | 152% | 97.0% | 1.51 |
| CAMT: Camtek Ltd. | 191% | 96.0% | 1.60 |
| ASM: Avino Silver & Gold Mines Ltd. | 140% | 202% | 1.62 |
| ONTO: Onto Innovation Inc. | 139% | 92.0% | 1.41 |
| COHU: Cohu, Inc. | 122% | 116% | 1.65 |
| [INTC](https://easycompare.io/research/intc): Intel Corp. | 98.0% | 100% | 1.43 |
| [SNPS](https://easycompare.io/research/snps): Synopsys, Inc. | 124% | 108% | 1.17 |
| KLIC: Kulicke and Soffa Industries, Inc. | 131% | 111% | 1.44 |
| UCTT: Ultra Clean Holdings, Inc. | 165% | 156% | 1.93 |
| VECO: Veeco Instruments Inc. | 76.0% | 84.0% | 1.38 |
| ACLS: Axcelis Technologies, Inc. | 151% | 136% | 1.67 |

### What diversifies ASML?

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 ASML into LVHI would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+20.6% for ASML alone, +21.2% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of ASML over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- FIX made money in six of the ten calendar years in which ASML lost money.

| Investment | Correlation with ASML | 5Y return | Volatility | Sharpe | Rose in ASML's 10 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.38 | +119% | 11.1% | 1.48 | 2 of 10 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.49 | +225% | 19.1% | 1.34 | 3 of 10 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.33 | +101% | 14.5% | 1.04 | 2 of 10 |
| EWP: iShares MSCI Spain ETF | 0.43 | +140% | 20.3% | 0.97 | 3 of 10 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.24 | +126% | 18.9% | 0.96 | 2 of 10 |
| DIVO: Amplify CWP Enhanced Dividend Income ETF | 0.49 | +69.0% | 11.9% | 0.95 | 1 of 10 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.10 | +177% | 25.5% | 0.93 | 4 of 10 |
| AMLP: Alerian MLP ETF | 0.20 | +111% | 18.9% | 0.89 | 2 of 10 |

## Common questions

### What was ASML's worst drawdown?

ASML's deepest decline since it began trading in 1995 was 90.0%, from March 2000 to October 2002. It took about nine years from the low to climb back to its old high.

### What were ASML's best and worst years?

Over 29 full calendar years, ASML's best year was 1999, when it returned 273%. Its worst was 2002, with a return of -51.0%.

### Is there a better investment than ASML?

Among ASML's popular alternatives, TSM earned more than ASML with less volatility over the past 5 years: 31.5% a year at 38.5% volatility, against 17.4% a year at 43.4%. Looking beyond its popular alternatives, SMH (semiconductors) and AAPL (computer hardware) earned more than ASML with less volatility over the past 5 years. SMH returned 33.4% a year at 36.9% volatility, against 17.4% a year at 43.4%.

### Is ASML more volatile than the S&P 500?

Yes. ASML's volatility over the past 5 years was 43.4%, 2.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ASML's return lands within 43.4% 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 ASML's Sharpe ratio?

ASML's Sharpe ratio over the past 5 years was 0.59, against 0.79 for the S&P 500, so ASML 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 ASML with the S&P 500?

Over the past 5 years, ASML's monthly returns had a correlation of 0.65 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 ASML instead: the lower it is, the more that option would diversify a ASML holding.

### What are the best alternatives to ASML?

Of the 21 popular alternatives we compared, three outperformed ASML in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MU, TER and FORM.

### Did ASML outperform the S&P 500?

ASML finished ahead of the S&P 500 (SPY) in 18 of 29 full calendar years. In 2025, it returned +55.8%, against +17.7% for the index.

### How did ASML do in stock market crashes?

ASML fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in eight. The clearest case was the dot-com bust, when ASML fell 90.0% and the S&P 500 fell 47.5%.

### What diversifies ASML?

These had a low correlation with ASML over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.38), DXJ (correlation 0.49) and EMLP (correlation 0.33); among large stocks, CAH (correlation 0.33), CLS (correlation 0.29) and FIX (correlation 0.42). A correlation near zero means the two have moved largely independently.

## More research

- [Micron Technology (MU) Performance, Alternatives and Market Rank](https://easycompare.io/research/mu)
- [Teradyne (TER) Performance, Alternatives and Market Rank](https://easycompare.io/research/ter)
- [Lam Research (LRCX) Performance, Alternatives and Market Rank](https://easycompare.io/research/lrcx)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [KLA (KLAC) Performance, Alternatives and Market Rank](https://easycompare.io/research/klac)
- [Taiwan Semiconductor Manufacturing (TSM) Performance, Alternatives and Market Rank](https://easycompare.io/research/tsm)
- [Applied Materials (AMAT) Performance, Alternatives and Market Rank](https://easycompare.io/research/amat)
- [Intel (INTC) Performance, Alternatives and Market Rank](https://easycompare.io/research/intc)
- [Synopsys (SNPS) Performance, Alternatives and Market Rank](https://easycompare.io/research/snps)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)

## Explore further

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