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Relative Intelligence · Semiconductors

How ASE Technology Holding (ASX) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ASX alone. It places ASX (ASE Technology Holding Co., Ltd.) 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 ASX stands in the market, and of the alternatives worth a closer look.

Period covered: ASX's full trading record, from October 2000 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 ASX →Chart ASX vs. 20 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in ASX over the past 25 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ASX over the same span and ASX'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.

Choose a period

From the end of September 2001 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. 159 of the 1,326 stocks and funds worth at least $500 million that traded the whole period ended ahead of ASX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M$10M2001200520092013201720212025$1,000$10,000$100,000$1M$10M20012007201320192025
  • NVDA$11M+109,423% total · +32.3% a year
  • LRCX$2M+22,556% total · +24.2% a year
  • TSM$1M+13,478% total · +21.7% a year
  • CAMT$862,535+8,525% total · +19.5% a year
  • AMD$750,615+7,406% total · +18.9% a year
  • AMAT$497,885+4,879% total · +16.9% a year
  • ASX$415,507+4,055% total · +16.1% a year
  • ONTO$173,816+1,638% total · +12.1% a year
  • UMC$120,060+1,101% total · +10.5% a year
  • SPY (S&P 500)$114,557+1,046% total · +10.2% 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. 56 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ASX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000202120222023202420252026$10,000$20,000$50,000$100,000202120222023202420252026
  • MU$153,675+1,437% total · +72.7% a year
  • DELL$112,363+1,024% total · +62.2% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • INSW$102,075+921% total · +59.1% a year
  • LPG$96,257+863% total · +57.3% a year
  • MPC$71,516+615% total · +48.2% a year
  • ASX$70,798+608% total · +47.9% a year
  • AMD$59,452+495% total · +42.8% a year
  • UMC$28,085+181% total · +22.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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ASX 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.

The company

Market value
$90B
Industry
Semiconductors
Price history from
October 2000

Returns

Past 1 year
+217%total return
Past 3 years
+469%+78.6% a year
Past 5 years
+631%+48.8% a year
Past 10 years
+967%+26.7% a year
Best calendar year
+156%2009
Worst calendar year
−63.2%2008
Losing years
9 of 25full calendar years

Risk

Volatility
43.0%typical yearly swing, 5 years
Sharpe ratio
1.15return per unit of risk, 5 years
Worst decline ever
−79.5%Jul 2007 to Dec 2008
From its all-time high
−14.3%below the peak

ASX against the whole market

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

How does ASX rank among all stocks?

This section ranks ASX 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 ASX 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.

MeasureASXRankStanding
1-year return+217%29 of 3,287top 1%
3-year return+469%117 of 3,017top 4%
5-year return+631%48 of 2,893top 2%
10-year return+967%112 of 2,202top 5%
Volatility, 5 years43.0%1,609 of 2,893bottom 45%
Sharpe ratio, 5 years1.1533 of 2,893top 1%
Worst decline, past 10 years−52.5%553 of 2,187top 25%

What has beaten ASX 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). ASX sits where the dashed lines cross. Anything in the green box above and to the left earned more than ASX 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 ASX. 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%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ASXASX: +48.8% a year, volatility 43.0%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%MSFT: +12.5% a year, volatility 28.2%DELL: +55.2% a year, volatility 54.4%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%PBR: +50.3% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%LPG: +54.6% a year, volatility 43.6%FIX: +77.0% a year, volatility 46.7%ASXSPY (S&P 500)MUMSFTDELLMPCPBR-AINSWLPGFIX10.0%20.0%30.0%40.0%50.0%60.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ASXASX: +48.8% a year, volatility 43.0%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%MSFT: +12.5% a year, volatility 28.2%DELL: +55.2% a year, volatility 54.4%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%PBR: +50.3% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%LPG: +54.6% a year, volatility 43.6%FIX: +77.0% a year, volatility 46.7%ASXSPY (S&P 500)MUDELLMPCPBRINSWFIX
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than ASX?

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

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

Screen the whole market against ASX for any period in BetterThanSPYOpen these 10 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with ASX?lower diversifies moreExpenseper year
ASXASE Technology Holding Co., Ltd. · this page
+48.8%43.0%1.15−52.5%+967%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.560.09%
Same and neighboring categories, and shared themesbest 3 shownEverything else in Semiconductors and the categories next to it (Semiconductor Equipment, Computer Hardware, Communications Equipment, Software), plus ASX's specific themes. 3 of 130 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
Higher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.70—
MSFTMicrosoft Corporation · Software
On the frontierSmaller losses in recent crashes+12.5%28.2%0.56−37.1%+946%0.15—
DELLDell Technologies Inc. · Computer Hardware
Higher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.47—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 13 of 3,484 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.13—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return, lower volatility+51.8%37.5%1.31−71.7%+768%0.02—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return, lower volatility+50.3%37.5%1.28−75.3%+674%-0.02—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher return, lower volatility+56.5%40.5%1.31−57.4%—0.13—
LPGDorian LPG Ltd. · Oil & Gas Midstream
Higher return, similar volatilityHigher return in most periods+54.6%43.6%1.22−62.9%+1,821%0.17—
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher return, similar volatility+77.0%46.7%1.46−49.7%+5,305%0.40—
What these numbers mean for ASX
Annual return
ASX returned 48.8% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $73,100. 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
ASX's volatility over the past 5 years was 43.0%, 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, ASX's return lands within 43.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
ASX's Sharpe ratio over the past 5 years was 1.15, against 0.79 for the S&P 500, so ASX earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
ASX's worst fall from a peak to a low over the past 10 years was 52.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 52.5% fall takes a 110% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ASX's monthly returns had a correlation of 0.56 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 ASX instead: the lower it is, the more that option would diversify a ASX holding. Guide: Correlation and diversification →
Show all 4 stocks and funds worth at least $500 million that earned more than ASX with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with ASXExpense
1
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.13—
2
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%0.02—
3
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+674%-0.02—
4
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—0.13—

ASX against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityASX: 48.9% a year, volatility 43.0%SPY (S&P 500): 12.7% a year, volatility 17.1%UMC: 19.9% a year, volatility 43.2%AMD: 35.7% a year, volatility 57.6%CAMT: 27.0% a year, volatility 58.0%LRCX: 37.4% a year, volatility 49.9%AVGO: 48.3% a year, volatility 44.5%AMAT: 25.8% a year, volatility 47.4%ONTO: 24.6% a year, volatility 59.6%KLIC: 10.4% a year, volatility 46.5%MTSI: 32.0% a year, volatility 47.3%SIMO: 28.0% a year, volatility 55.1%IMOS: 17.9% a year, volatility 46.9%FORM: 24.7% a year, volatility 61.7%COHU: 11.0% a year, volatility 51.1%AMKR: 14.1% a year, volatility 56.2%INTC: 12.4% a year, volatility 55.6%HIMX: 8.6% a year, volatility 62.8%ACMR: 9.1% a year, volatility 82.3%NVDA: 58.0% a year, volatility 51.9%TSM: 31.5% a year, volatility 38.5%ASXSPY (S&P 500)UMCAMDCAMTLRCXAVGOAMATONTOKLICMTSISIMOIMOSCOHUAMKRHIMXACMRNVDATSM0.0%20.0%40.0%60.0%80.0%100%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityASX: 48.9% a year, volatility 43.0%SPY (S&P 500): 12.7% a year, volatility 17.1%UMC: 19.9% a year, volatility 43.2%AMD: 35.7% a year, volatility 57.6%CAMT: 27.0% a year, volatility 58.0%LRCX: 37.4% a year, volatility 49.9%AVGO: 48.3% a year, volatility 44.5%AMAT: 25.8% a year, volatility 47.4%ONTO: 24.6% a year, volatility 59.6%KLIC: 10.4% a year, volatility 46.5%MTSI: 32.0% a year, volatility 47.3%SIMO: 28.0% a year, volatility 55.1%IMOS: 17.9% a year, volatility 46.9%FORM: 24.7% a year, volatility 61.7%COHU: 11.0% a year, volatility 51.1%AMKR: 14.1% a year, volatility 56.2%INTC: 12.4% a year, volatility 55.6%HIMX: 8.6% a year, volatility 62.8%ACMR: 9.1% a year, volatility 82.3%NVDA: 58.0% a year, volatility 51.9%TSM: 31.5% a year, volatility 38.5%ASXSPY (S&P 500)UMCAMDCAMTLRCXAVGOAMATKLICMTSIIMOSAMKRHIMXACMRNVDATSM
All figures
InvestmentAnnual returnVolatility
NVDA NVIDIA Corporation+58.0%51.9%
ASX This pageASE Technology Holding Co., Ltd.+48.9%43.0%
AVGO Broadcom Inc.+48.3%44.5%
LRCX Lam Research Corporation+37.4%49.9%
AMD Advanced Micro Devices, Inc.+35.7%57.6%
MTSI MACOM Technology Solutions Holdings, Inc.+32.0%47.3%
TSM Taiwan Semiconductor Manufacturing Company Limited+31.5%38.5%
SIMO Silicon Motion Technology Corporation+28.0%55.1%
CAMT Camtek Ltd.+27.0%58.0%
AMAT Applied Materials, Inc.+25.8%47.4%
FORM FormFactor, Inc.+24.7%61.7%
ONTO Onto Innovation Inc.+24.6%59.6%
UMC United Microelectronics Corporation+19.9%43.2%
IMOS ChipMOS TECHNOLOGIES Inc.+17.9%46.9%
AMKR Amkor Technology, Inc.+14.1%56.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
INTC Intel Corp.+12.4%55.6%
COHU Cohu, Inc.+11.0%51.1%
KLIC Kulicke and Soffa Industries, Inc.+10.4%46.5%
ACMR ACM Research, Inc.+9.1%82.3%
HIMX Himax Technologies, Inc.+8.6%62.8%
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Has ASX consistently beaten its popular alternatives?

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

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

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
ASX ASE Technology Holding Co., Ltd. (this page)—−6.8%+10.5%+40.6%+144%+217%+469%+631%+967%43.0%1.15−52.5%—$90B—
NVDA SemiconductorsNVIDIA Corporation1/5 short2/3 long−4.8%+6.6%+7.4%+14.9%+18.8%+425%+884%+13,019%51.9%1.14−66.3%—$5.2T—
UMC SemiconductorsUnited Microelectronics Corporation2/5 short1/3 long−22.7%−3.1%+58.4%+155%+166%+202%+147%+1,610%43.2%0.63−54.3%—$49B—
AMD SemiconductorsAdvanced Micro Devices, Inc.1/5 short1/3 long−13.1%+6.2%+94.5%+139%+122%+425%+359%+7,583%57.6%0.82−65.5%—$873B—
TSM SemiconductorsTaiwan Semiconductor Manufacturing Company Limited1/5 short1/3 long−4.5%+5.9%+16.6%+34.0%+44.3%+382%+293%+1,505%38.5%0.91−56.6%—$2.2T—
CAMT SemiconductorsCamtek Ltd.0/5 short1/3 long−14.5%−13.0%−30.7%+10.7%+4.1%+149%+231%+4,551%58.0%0.70−63.2%—$6.0B—
LRCX SemiconductorsLam Research Corporation0/5 short1/3 long−12.8%−14.0%+0.3%+42.8%+83.7%+350%+390%+2,989%49.9%0.89−56.4%—$330B—
AVGO SemiconductorsBroadcom Inc.0/5 short1/3 long−7.8%−11.4%−16.0%−3.3%−3.5%+305%+617%+2,380%44.5%1.11−48.3%—$1.6T—
AMAT SemiconductorsApplied Materials, Inc.0/5 short1/3 long−12.8%−22.9%+3.7%+51.2%+78.5%+209%+215%+1,488%47.4%0.72−55.1%—$321B—
ONTO SemiconductorsOnto Innovation Inc.0/5 short1/3 long−20.4%−21.2%−25.6%+32.4%+61.9%+86.2%+200%+1,005%59.6%0.67−62.8%—$11B—
KLIC SemiconductorsKulicke and Soffa Industries, Inc.1/5 short0/3 long−4.3%−19.4%−3.2%+67.6%+106%+95.7%+64.1%+598%46.5%0.45−60.4%—$4.2B—
MTSI SemiconductorsMACOM Technology Solutions Holdings, Inc.1/5 short0/3 long−5.8%−2.5%−6.5%+50.3%+87.4%+249%+302%+588%47.3%0.83−80.8%—$20B—
SIMO SemiconductorsSilicon Motion Technology Corporation1/5 short0/3 long−20.6%−15.2%+54.7%+130%+125%+320%+243%+494%55.1%0.71−56.5%—$7.2B—
IMOS SemiconductorsChipMOS TECHNOLOGIES Inc.1/5 short0/3 long−6.5%−3.4%+42.0%+102%+192%+172%+128%+366%46.9%0.58−64.0%—$2.1B—
GFS SemiconductorsGLOBALFOUNDRIES Inc.1/5 short0/3 long−3.0%−17.0%−19.7%+28.0%+32.7%−13.2%————−61.5%—$26B—
FORM SemiconductorsFormFactor, Inc.0/5 short0/3 long−9.7%+2.3%−25.2%+82.0%+144%+227%+201%+964%61.7%0.67−64.4%—$8.4B—
COHU SemiconductorsCohu, Inc.0/5 short0/3 long−13.0%+2.3%+19.1%+114%+132%+61.0%+68.5%+406%51.1%0.46−73.6%—$2.5B—
AMKR SemiconductorsAmkor Technology, Inc.0/5 short0/3 long−20.1%−33.2%−39.8%−2.4%+30.1%+97.6%+93.5%+363%56.2%0.52−65.9%—$10B—
INTC SemiconductorsIntel Corp.0/5 short0/3 long−24.7%−5.5%+39.6%+133%+141%+167%+79.8%+219%55.6%0.49−70.8%—$485B—
HIMX SemiconductorsHimax Technologies, Inc.0/5 short0/3 long−18.9%−6.6%+9.7%+41.4%+26.6%+135%+51.0%+105%62.8%0.44−86.7%—$2.1B—
ACMR SemiconductorsACM Research, Inc.0/5 short0/3 long−24.5%−33.4%+10.6%+22.5%+38.1%+208%+54.8%—82.3%0.51−87.2%—$3.6B—
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How did ASX do year by year?

This table shows each investment's total return in every full calendar year since 2001, along with where ASX ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ASX and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of ASX2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022001
ASX This pageASE Technology Holding Co., Ltd.—+65.7%+10.1%+60.7%−13.0%+38.3%+8.1%+53.7%−37.2%+33.6%−7.4%−1.4%+32.5%+17.0%+1.3%−23.4%+31.1%+156%−63.2%−9.1%+25.8%+20.1%−25.6%+73.3%−33.5%+43.0%
Rank among alternativesTop quarter in 4 of 256 of 217 of 2111 of 212 of 2115 of 2018 of 2012 of 2018 of 2012 of 1917 of 1911 of 198 of 1913 of 197 of 1810 of 185 of 187 of 179 of 179 of 176 of 166 of 1511 of 1510 of 143 of 145 of 13
SPY S&P 500State Street SPDR S&P 500 ETF12 of 25+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%
NVDA NVIDIA Corporation17 of 25+38.9%+171%+239%−50.2%+125%+122%+76.4%−30.8%+82.5%+228%+67.1%+27.4%+33.5%−11.0%−10.0%−17.6%+131%−76.3%+37.9%+102%+55.2%+1.6%+102%−82.8%+308%
UMC United Microelectronics Corporation8 of 25+28.7%−19.0%+39.0%−40.3%+43.1%+232%+55.4%−21.9%+42.2%−2.7%−13.2%+15.2%+5.7%−2.8%−26.9%−16.8%+98.2%−37.7%−28.9%+15.3%−2.2%−23.6%+52.9%−58.0%+33.7%
AMD Advanced Micro Devices, Inc.13 of 25+77.3%−18.1%+128%−55.0%+56.9%+100.0%+148%+79.6%−9.3%+295%+7.5%−31.0%+61.3%−55.6%−34.0%−15.5%+348%−71.2%−63.1%−33.5%+39.0%+47.8%+131%−59.3%+14.8%
TSM Taiwan Semiconductor Manufacturing Company Limited13 of 25+55.7%+92.0%+41.8%−37.0%+11.7%+91.6%+63.3%−4.3%+37.9%+31.2%+4.9%+31.1%+4.5%+37.7%+7.3%+14.9%+52.9%−16.1%−4.3%+18.9%+27.1%−4.2%+56.7%−54.8%+39.5%
CAMT Camtek Ltd.12 of 25+31.7%+18.3%+216%−52.3%+110%+102%+63.1%+20.5%+77.7%+51.7%−28.0%−25.8%+189%−19.8%−38.4%+13.4%+625%−80.0%−59.5%−0.8%−4.1%+54.3%+835%−91.4%−51.2%
LRCX Lam Research Corporation17 of 25+139%−6.9%+88.6%−40.7%+53.7%+64.2%+119%−24.4%+75.1%+35.3%+1.5%+46.5%+51.0%−2.5%−28.5%+31.9%+84.1%−50.7%−14.6%+41.6%+23.5%−10.5%+199%−53.4%+59.7%
AVGO Broadcom Inc.13 of 16+50.6%+110%+104%−13.3%+56.5%+45.0%+29.0%+2.2%+48.2%+23.6%+46.1%+93.4%+70.0%+12.0%+3.0%+55.4%—————————
AMAT Applied Materials, Inc.14 of 25+59.6%+1.1%+68.0%−37.5%+83.6%+43.3%+89.9%−34.9%+59.8%+75.7%−23.5%+43.7%+58.6%+10.2%−21.9%+3.0%+40.4%−42.1%−2.6%+3.8%+5.4%−23.8%+72.3%−35.0%+5.0%
ONTO Onto Innovation Inc.11 of 25−5.3%+9.0%+125%−32.7%+113%+30.1%+33.7%+9.7%−0.6%+65.5%−10.0%−11.7%+32.1%−21.7%+43.6%+13.2%+894%−88.4%+24.6%−28.1%−31.8%+9.6%+251%−78.4%+40.5%
KLIC Kulicke and Soffa Industries, Inc.11 of 25−0.3%−13.2%+25.4%−25.8%+92.4%+19.4%+36.9%−15.4%+52.6%+36.6%−19.3%+8.7%+11.0%+29.6%+28.4%+33.6%+218%−75.3%−18.4%−5.0%+2.5%−40.0%+152%−66.7%+52.5%
MTSI MACOM Technology Solutions Holdings, Inc.7 of 13+31.8%+39.8%+47.6%−19.6%+42.3%+107%+83.3%−55.4%−29.7%+13.2%+30.7%+84.1%+13.5%————————————
SIMO Silicon Motion Technology Corporation9 of 20+76.9%−8.9%−4.9%−30.4%+102%−1.8%+51.7%−33.1%+27.1%+37.6%+35.4%+72.5%+4.6%−30.5%+381%+24.5%+48.8%−87.1%+12.1%+32.3%—————
IMOS ChipMOS TECHNOLOGIES Inc.10 of 24+62.7%−28.6%+32.8%−34.1%+48.6%+12.4%+38.6%+3.2%+29.3%−28.7%−15.1%+21.2%+65.8%+125%−15.6%+116%+184%−94.1%−37.3%+17.1%−8.9%−32.2%+267%+28.1%—
GFS GLOBALFOUNDRIES Inc.0 of 4−18.6%−29.2%+12.4%−17.1%—————————————————————
FORM FormFactor, Inc.12 of 22+26.8%+5.5%+87.6%−51.4%+6.3%+65.6%+84.3%−10.0%+39.7%+24.4%+4.7%+43.1%+31.8%−9.9%−43.0%−59.2%+49.1%−55.9%−11.1%+52.5%−10.0%+37.1%———
COHU Cohu, Inc.9 of 25−12.8%−24.6%+10.4%−15.9%−0.2%+67.5%+44.3%−26.0%+59.9%+17.6%+3.6%+15.9%−0.8%−2.1%−30.2%+21.1%+17.6%−19.2%−23.1%−10.7%+24.5%−2.1%+31.9%−24.7%+43.3%
AMKR Amkor Technology, Inc.10 of 25+55.9%−20.8%+40.4%−2.3%+65.5%+16.4%+98.2%−34.7%−4.8%+73.4%−14.3%+15.8%+44.5%−2.7%−41.2%+3.5%+229%−74.5%−8.7%+66.9%−16.2%−63.2%+281%−70.3%+3.3%
INTC Intel Corp.10 of 25+84.0%−59.6%+94.5%−46.6%+6.0%−14.7%+30.7%+4.2%+30.9%+8.7%−2.2%+44.3%+30.9%−12.0%+19.4%+6.3%+43.9%−43.5%+34.2%−17.2%+8.1%−26.6%+107%−50.3%+4.9%
HIMX Himax Technologies, Inc.9 of 19+5.9%+37.2%+4.7%−54.9%+120%+179%−22.7%−66.6%+77.5%−25.4%+5.3%−42.7%+544%+149%−55.2%−7.2%+88.3%−59.9%−6.1%——————
ACMR ACM Research, Inc.5 of 8+161%−22.7%+153%−72.9%+5.0%+340%+69.4%+107%—————————————————
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Risk and diversification

How ASX 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 ASX's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ASX's five deepest drawdowns since it began trading in 2000, 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.

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

DuringASX fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−79.5%−43.6%Jul 2007Dec 200817 monthsMay 20145.4 years
Dot-com bust−74.5%−38.8%Oct 2000Mar 20032.4 yearsJun 20074.3 years
Late-2018 sell-off−52.5%−13.3%Apr 2018Mar 202023 monthsJan 202110 months
2022 bear market−46.1%−17.5%Aug 2021Oct 202214 monthsJun 20238 months
No named crash−40.6%−9.9%Jul 2024Apr 20259 monthsOct 20256 months

How did ASX do in stock market crashes?

This section measures how far ASX, 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: ASX began trading on October 2, 2000, so its row reads "Not yet trading" for the dot-com bust. 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 ASX.

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
ASX This pageASE Technology Holding Co., Ltd.—−4.7%−37.4%−36.5%−25.1%−8.0%−19.3%−26.2%0.0%−75.3%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF8 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
NVDA NVIDIA Corporation1 of 9−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
UMC United Microelectronics Corporation6 of 9−2.0%−51.0%−17.1%−36.2%−4.4%−16.6%−24.9%0.0%−63.0%—
AMD Advanced Micro Devices, Inc.2 of 9−3.9%−60.1%−34.3%−48.9%−9.9%−40.0%−41.5%0.0%−87.6%−93.3%
TSM Taiwan Semiconductor Manufacturing Company Limited6 of 9−3.9%−54.3%−23.3%−21.4%−9.3%−13.2%−15.7%0.0%−48.0%−82.4%
CAMT Camtek Ltd.0 of 9−5.6%−52.0%−46.5%−27.1%−10.9%−42.1%−47.6%0.0%−90.8%—
LRCX Lam Research Corporation4 of 9−3.3%−55.1%−43.7%−22.9%−9.5%−20.5%−20.1%−2.2%−73.3%−87.9%
AVGO Broadcom Inc.4 of 8−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
AMAT Applied Materials, Inc.4 of 9−3.6%−54.2%−43.6%−26.4%−9.7%−18.8%−24.5%−1.6%−61.7%−82.0%
ONTO Onto Innovation Inc.2 of 9−4.6%−44.0%−45.9%−31.8%−5.5%−18.6%−28.4%0.0%−92.6%−96.8%
KLIC Kulicke and Soffa Industries, Inc.3 of 9−3.1%−41.2%−28.8%−28.2%−7.2%−18.9%−33.3%−6.0%−87.0%−95.3%
MTSI MACOM Technology Solutions Holdings, Inc.0 of 6−4.8%−43.9%−48.1%−37.0%−41.5%−22.4%————
SIMO Silicon Motion Technology Corporation0 of 9−7.3%−38.1%−36.8%−40.2%−12.4%−19.2%−30.8%−1.5%−92.4%—
IMOS ChipMOS TECHNOLOGIES Inc.3 of 9−2.8%−48.2%−28.6%−20.4%−7.5%−22.7%−41.7%−5.0%−96.9%—
GFS GLOBALFOUNDRIES Inc.0 of 2−5.1%−50.8%————————
FORM FormFactor, Inc.4 of 9−3.1%−45.2%−35.8%−22.6%−11.6%−31.9%−38.0%−3.5%−72.9%—
COHU Cohu, Inc.5 of 9−2.4%−36.8%−57.1%−42.2%−6.0%−16.3%−30.1%−6.3%−64.4%−82.1%
AMKR Amkor Technology, Inc.0 of 9−5.9%−39.9%−55.5%−26.5%−9.3%−25.1%−33.8%−0.8%−87.5%−98.2%
INTC Intel Corp.6 of 9−1.0%−54.1%−33.5%−13.0%−6.7%−19.7%−16.2%−0.9%−55.2%−82.3%
HIMX Himax Technologies, Inc.0 of 9−5.4%−56.8%−61.3%−51.5%−9.8%−27.2%−42.2%−1.4%−82.2%—
ACMR ACM Research, Inc.2 of 5−5.9%−73.0%−59.6%−20.6%−5.7%—————
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How closely does ASX 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 ASX with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than ASX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ASX This pageASE Technology Holding Co., Ltd.126%79%1.591.38
UMC United Microelectronics Corporation133%52%2.561.33
CAMT Camtek Ltd.191%96%1.991.60
AVGO Broadcom Inc.158%86%1.851.19
TSM Taiwan Semiconductor Manufacturing Company Limited138%75%1.841.15
NVDA NVIDIA Corporation248%140%1.771.83
LRCX Lam Research Corporation183%104%1.751.56
FORM FormFactor, Inc.132%81%1.641.29
AMAT Applied Materials, Inc.152%97%1.581.51
ONTO Onto Innovation Inc.139%92%1.501.41
AMD Advanced Micro Devices, Inc.254%179%1.422.25
KLIC Kulicke and Soffa Industries, Inc.131%111%1.181.44
SIMO Silicon Motion Technology Corporation126%116%1.091.41
COHU Cohu, Inc.122%116%1.051.65
IMOS ChipMOS TECHNOLOGIES Inc.117%113%1.041.07
INTC Intel Corp.98%100%0.981.43
MTSI MACOM Technology Solutions Holdings, Inc.148%157%0.941.93
AMKR Amkor Technology, Inc.152%174%0.881.94
HIMX Himax Technologies, Inc.133%197%0.682.12
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What diversifies ASX?

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 ASX's. Because such investments tend not to fall at the same time, pairing ASX with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which ASX lost money. The last two columns show a portfolio that is 80% ASX and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222018201620152011200820072004200280/20 mix volatility80/20 mix annual return
ASX ASE Technology Holding Co., Ltd. (this page)1.00+631%1.15−13.0%−37.2%−7.4%−1.4%−23.4%−63.2%−9.1%−25.6%−33.5%46.6%+47.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.32+119%1.48+3.8%−5.2%———————37.9%+43.0%
GCOW InternationalPacer Global Cash Cows Dividend ETF0.27+93.4%1.04+5.5%−8.0%———————38.1%+42.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.21+101%1.04+10.4%−8.7%+29.8%−25.3%—————38.0%+42.8%
FJUN Multi-AssetFT Vest U.S. Equity Buffer ETF - June0.47+65.4%1.01−5.0%————————38.2%+41.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.19+83.3%1.00+7.1%−3.0%+15.9%−0.3%—————37.9%+42.0%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.48+62.9%0.99−5.6%−4.8%+6.5%+4.7%—————38.1%+41.4%
GLD CommoditiesSPDR Gold Shares0.13+126%0.96−0.8%−1.9%+8.0%−10.7%+9.6%+4.9%+30.4%——37.9%+43.7%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.01+177%0.93+64.4%−18.2%+28.0%−21.5%+2.8%−39.0%+36.8%+33.8%−14.8%37.6%+45.4%

Stocks

InvestmentCorrelation5Y returnSharpe20222018201620152011200820072004200280/20 mix volatility80/20 mix annual return
ASX ASE Technology Holding Co., Ltd. (this page)1.00+631%1.15−13.0%−37.2%−7.4%−1.4%−23.4%−63.2%−9.1%−25.6%−33.5%46.6%+47.9%
CAH Medical - DistributionCardinal Health, Inc.0.26+479%1.55+54.1%−24.5%−17.5%+12.6%+8.1%−39.6%−9.8%−4.7%−8.3%39.0%+48.0%
CLS Hardware, Equipment & PartsCelestica Inc.0.42+3,143%1.47+1.3%−16.3%+7.4%−6.0%−24.4%−20.5%−25.7%−6.4%−65.1%43.4%+62.3%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.40+1,636%1.46+17.0%+0.8%+18.3%+67.7%−17.0%−15.2%+2.1%+40.0%−9.4%41.6%+57.9%
MCK Medical - DistributionMcKesson Corporation-0.01+413%1.44+51.8%−28.4%−28.3%−4.5%+11.8%−40.4%+29.7%−1.4%−27.2%37.5%+47.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.13+690%1.41+86.6%−8.2%+0.7%+17.4%—————38.6%+50.9%
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Common questions

What was ASX's worst drawdown?

ASX's deepest decline since it began trading in 2000 was 79.5%, from July 2007 to December 2008. It took about five years from the low to climb back to its old high.

What were ASX's best and worst years?

Over 25 full calendar years, ASX's best year was 2009, when it returned 156%. Its worst was 2008, with a return of -63.2%.

Is there a better investment than ASX?

Looking beyond its popular alternatives, MU (semiconductors) and DELL (computer hardware) were ahead of ASX in most short and long periods, though with much bigger swings (57.1% and 54.4% volatility against 43.0%). Few investments have done better on both counts: only four of the 3,633 stocks and funds worth at least $500 million earned more than ASX with less volatility over the past 5 years, among them PBR, PBR-A and MPC.

Is ASX more volatile than the S&P 500?

Yes. ASX's volatility over the past 5 years was 43.0%, 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, ASX's return lands within 43.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is ASX's Sharpe ratio?

ASX's Sharpe ratio over the past 5 years was 1.15, against 0.79 for the S&P 500, so ASX earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is ASX with the S&P 500?

Over the past 5 years, ASX's monthly returns had a correlation of 0.56 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 ASX instead: the lower it is, the more that option would diversify a ASX holding.

What are the best alternatives to ASX?

None of the 20 popular alternatives we compared outperformed ASX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about ASX's strength than about its alternatives.

Did ASX outperform the S&P 500?

ASX finished ahead of the S&P 500 (SPY) in 13 of 25 full calendar years. In 2025, it returned +65.7%, against +17.7% for the index.

How did ASX do in stock market crashes?

ASX fell less than the S&P 500 (SPY) in one of the nine major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when ASX fell 75.3% and the S&P 500 fell 55.2%.

What diversifies ASX?

These had a low correlation with ASX over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.32), GCOW (correlation 0.27) and EMLP (correlation 0.21); among large stocks, CAH (correlation 0.26), CLS (correlation 0.42) and FIX (correlation 0.40). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ASX

Other stocks and ETFs