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Relative Intelligence · Specialty Retail

How AutoZone (AZO) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AZO alone. It places AZO (AutoZone, Inc.) against 18 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 AZO stands in the market, and of the alternatives worth a closer look.

Period covered: AZO's full trading record, from April 1991 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against AZO →Chart AZO vs. 18 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in AZO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AZO over the same span and AZO'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 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 35 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of AZO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M$10M199720022007201220172022$1,000$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • AMZN$11M+114,749% total · +27.5% a year
  • ORLY$2M+22,426% total · +20.5% a year
  • ROST$1M+14,044% total · +18.6% a year
  • TJX$958,745+9,487% total · +17.0% a year
  • AZO$947,149+9,371% total · +17.0% a year
  • PAG$233,227+2,232% total · +11.5% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • BWA$132,696+1,227% total · +9.3% a year
  • MOD$71,784+618% total · +7.0% 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. 1,260 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AZO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$20,000$50,000$100,000$200,000202120222023202420252026
  • MOD$152,122+1,421% total · +72.4% a year
  • WMT$23,813+138% total · +18.9% a year
  • PAG$22,510+125% total · +17.6% a year
  • TJX$21,559+116% total · +16.6% a year
  • COST$21,378+114% total · +16.4% a year
  • ORLY$20,965+110% total · +16.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • BWA$16,951+69.5% total · +11.1% a year
  • AZO$16,667+66.7% total · +10.8% a year
  • SAH$12,789+27.9% total · +5.0% a year
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AZO 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
$52B
Industry
Specialty Retail
Price history from
April 1991

Returns

Past 1 year
−20.4%total return
Past 3 years
+27.0%+8.3% a year
Past 5 years
+78.6%+12.3% a year
Past 10 years
+323%+15.5% a year
Best calendar year
+152%2001
Worst calendar year
−11.8%2000
Losing years
5 of 29full calendar years

Risk

Volatility
25.3%typical yearly swing, 5 years
Sharpe ratio
0.59return per unit of risk, 5 years
Worst decline ever
−46.3%Apr 1996 to Jan 1997
From its all-time high
−27.4%below the peak

AZO against the whole market

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

How does AZO rank among all stocks?

This section ranks AZO 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 AZO 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.

MeasureAZORankStanding
1-year return−20.4%2,647 of 3,287bottom 20%
3-year return+27.0%1,907 of 3,017bottom 38%
5-year return+78.6%828 of 2,893top 29%
10-year return+323%530 of 2,202top 24%
Volatility, 5 years25.3%350 of 2,893top 12%
Sharpe ratio, 5 years0.59708 of 2,893top 24%
Worst decline, past 10 years−42.1%205 of 2,187top 9%

What has beaten AZO 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). AZO sits where the dashed lines cross. Anything in the green box above and to the left earned more than AZO 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 AZO; faint dots are 84 more of the 134 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%15.0%20.0%25.0%30.0%35.0%40.0%10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AZORSG: +13.9% a year, volatility 18.5%MSI: +14.8% a year, volatility 23.6%DYNF: +14.7% a year, volatility 17.5%ATO: +14.9% a year, volatility 18.4%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%NI: +15.1% a year, volatility 20.3%RY: +17.3% a year, volatility 18.2%RWL: +13.7% a year, volatility 14.4%IOO: +15.7% a year, volatility 17.2%MGC: +13.4% a year, volatility 17.4%JQUA: +13.6% a year, volatility 15.7%USMC: +14.1% a year, volatility 16.4%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%GARP: +17.5% a year, volatility 22.5%SPUS: +15.0% a year, volatility 19.5%DIVI: +13.4% a year, volatility 15.5%DIVB: +13.9% a year, volatility 15.4%PWB: +14.8% a year, volatility 22.2%CHCO: +15.9% a year, volatility 22.8%FFLC: +15.7% a year, volatility 16.8%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%UTES: +13.6% a year, volatility 21.1%HLAL: +14.0% a year, volatility 18.0%EQL: +13.5% a year, volatility 14.5%EWJV: +14.9% a year, volatility 18.2%DGT: +13.8% a year, volatility 15.1%NXTG: +16.2% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%TD: +15.8% a year, volatility 20.0%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%MO: +17.8% a year, volatility 21.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%EPD: +16.4% a year, volatility 17.1%BMO: +13.6% a year, volatility 21.4%MFC: +22.6% a year, volatility 24.0%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%AME: +14.4% a year, volatility 22.1%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%HIG: +15.6% a year, volatility 22.0%WRB: +18.9% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%RPRX: +13.3% a year, volatility 23.8%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%PAVE: +14.9% a year, volatility 21.6%ITA: +14.6% a year, volatility 20.4%PNW: +13.4% a year, volatility 19.9%FDL: +13.9% a year, volatility 14.4%VLUE: +15.9% a year, volatility 18.4%ORI: +17.0% a year, volatility 22.2%THG: +14.4% a year, volatility 22.9%EMLP: +14.9% a year, volatility 14.5%GCOW: +14.1% a year, volatility 13.6%WTM: +15.4% a year, volatility 23.6%MLPX: +18.6% a year, volatility 19.7%EUFN: +18.5% a year, volatility 21.8%FRDM: +17.3% a year, volatility 22.8%WTV: +13.4% a year, volatility 17.0%BATRA: +15.3% a year, volatility 22.0%BATRK: +13.4% a year, volatility 22.6%VFMF: +14.3% a year, volatility 17.6%CRAK: +19.8% a year, volatility 20.9%GSG: +15.3% a year, volatility 22.9%ATMP: +21.2% a year, volatility 21.5%NANR: +17.4% a year, volatility 22.6%IDOG: +14.1% a year, volatility 15.6%GVAL: +14.4% a year, volatility 18.7%FDUS: +13.5% a year, volatility 20.4%QVAL: +13.7% a year, volatility 21.4%AZO: +12.3% a year, volatility 25.3%SPY (S&P 500): +12.7% a year, volatility 17.1%ORLY: +15.9% a year, volatility 23.4%PAG: +18.3% a year, volatility 31.9%WMT: +20.8% a year, volatility 22.6%COST: +17.4% a year, volatility 22.9%TJX: +19.9% a year, volatility 22.3%ROST: +18.1% a year, volatility 29.5%RACE: +13.3% a year, volatility 30.0%RL: +28.6% a year, volatility 36.9%BRK-B: +13.4% a year, volatility 17.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%QQQ: +14.5% a year, volatility 23.0%NVS: +17.1% a year, volatility 20.7%COR: +24.2% a year, volatility 22.8%VOO: +12.8% a year, volatility 16.9%AMGN: +19.6% a year, volatility 24.9%DXJ: +26.6% a year, volatility 19.1%AZOSPY (S&P 500)ORLYPAGWMTCOSTTJXROSTRACERLBRK-BLVHIKOQQQNVSCORAMGNDXJ10.0%20.0%30.0%40.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AZORSG: +13.9% a year, volatility 18.5%MSI: +14.8% a year, volatility 23.6%DYNF: +14.7% a year, volatility 17.5%ATO: +14.9% a year, volatility 18.4%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%NI: +15.1% a year, volatility 20.3%RY: +17.3% a year, volatility 18.2%RWL: +13.7% a year, volatility 14.4%IOO: +15.7% a year, volatility 17.2%MGC: +13.4% a year, volatility 17.4%JQUA: +13.6% a year, volatility 15.7%USMC: +14.1% a year, volatility 16.4%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%GARP: +17.5% a year, volatility 22.5%SPUS: +15.0% a year, volatility 19.5%DIVI: +13.4% a year, volatility 15.5%DIVB: +13.9% a year, volatility 15.4%PWB: +14.8% a year, volatility 22.2%CHCO: +15.9% a year, volatility 22.8%FFLC: +15.7% a year, volatility 16.8%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%UTES: +13.6% a year, volatility 21.1%HLAL: +14.0% a year, volatility 18.0%EQL: +13.5% a year, volatility 14.5%EWJV: +14.9% a year, volatility 18.2%DGT: +13.8% a year, volatility 15.1%NXTG: +16.2% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%TD: +15.8% a year, volatility 20.0%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%MO: +17.8% a year, volatility 21.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%EPD: +16.4% a year, volatility 17.1%BMO: +13.6% a year, volatility 21.4%MFC: +22.6% a year, volatility 24.0%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%AME: +14.4% a year, volatility 22.1%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%HIG: +15.6% a year, volatility 22.0%WRB: +18.9% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%RPRX: +13.3% a year, volatility 23.8%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%PAVE: +14.9% a year, volatility 21.6%ITA: +14.6% a year, volatility 20.4%PNW: +13.4% a year, volatility 19.9%FDL: +13.9% a year, volatility 14.4%VLUE: +15.9% a year, volatility 18.4%ORI: +17.0% a year, volatility 22.2%THG: +14.4% a year, volatility 22.9%EMLP: +14.9% a year, volatility 14.5%GCOW: +14.1% a year, volatility 13.6%WTM: +15.4% a year, volatility 23.6%MLPX: +18.6% a year, volatility 19.7%EUFN: +18.5% a year, volatility 21.8%FRDM: +17.3% a year, volatility 22.8%WTV: +13.4% a year, volatility 17.0%BATRA: +15.3% a year, volatility 22.0%BATRK: +13.4% a year, volatility 22.6%VFMF: +14.3% a year, volatility 17.6%CRAK: +19.8% a year, volatility 20.9%GSG: +15.3% a year, volatility 22.9%ATMP: +21.2% a year, volatility 21.5%NANR: +17.4% a year, volatility 22.6%IDOG: +14.1% a year, volatility 15.6%GVAL: +14.4% a year, volatility 18.7%FDUS: +13.5% a year, volatility 20.4%QVAL: +13.7% a year, volatility 21.4%AZO: +12.3% a year, volatility 25.3%SPY (S&P 500): +12.7% a year, volatility 17.1%ORLY: +15.9% a year, volatility 23.4%PAG: +18.3% a year, volatility 31.9%WMT: +20.8% a year, volatility 22.6%COST: +17.4% a year, volatility 22.9%TJX: +19.9% a year, volatility 22.3%ROST: +18.1% a year, volatility 29.5%RACE: +13.3% a year, volatility 30.0%RL: +28.6% a year, volatility 36.9%BRK-B: +13.4% a year, volatility 17.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%QQQ: +14.5% a year, volatility 23.0%NVS: +17.1% a year, volatility 20.7%COR: +24.2% a year, volatility 22.8%VOO: +12.8% a year, volatility 16.9%AMGN: +19.6% a year, volatility 24.9%DXJ: +26.6% a year, volatility 19.1%AZOSPY (S&P 500)ORLYPAGWMTCOSTTJXRACERLBRK-BLVHIKOQQQNVSCORAMGNDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than AZO?

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

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

Screen the whole market against AZO 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 years10Y returntotalCorr. with AZO?lower diversifies moreExpenseper year
AZOAutoZone, Inc. · this page
+12.3%25.3%0.59−42.1%+323%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.250.09%
Popular alternativesbest 2 shownThe investments people most often weigh against AZO. 2 of 18 passed at least one test.
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Higher return, lower volatilityHigher return in most periods+15.9%23.4%0.75−42.0%+393%0.83—
PAGPenske Automotive Group, Inc. · Specialty Retail
Higher return in most periods+18.3%31.9%0.69−60.0%+528%0.28—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Specialty Retail and the categories next to it (Discount Retail, Apparel & Footwear, Automobiles), plus AZO's specific themes. 8 of 53 passed at least one test.
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.8%22.6%0.96−25.7%+508%0.33—
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.4%22.9%0.82−31.4%+685%0.28—
TJXThe TJX Companies, Inc. · Specialty Retail
Higher return, lower volatilityHigher return in most periods+19.9%22.3%0.93−42.5%+361%0.31—
ROSTRoss Stores, Inc. · Specialty Retail
Higher return in most periods+18.1%29.5%0.71−51.4%+312%0.09—
RACEFerrari N.V. · Automobiles
Higher return in most periods+13.3%30.0%0.57−39.2%+711%0.31—
RLRalph Lauren Corporation · Apparel & Footwear
Higher return in most periods+28.6%36.9%0.87−55.1%+370%0.14—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 662 of 3,563 passed at least one test.
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.46—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.0%11.1%1.48−32.4%+194%0.320.40%
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.7%16.8%0.91−37.0%+204%0.37—
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.5%23.0%0.71−35.1%+553%0.070.18%
NVSNovartis AG · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.1%20.7%0.87−26.8%+226%0.35—
CORCencora, Inc. · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+24.2%22.8%1.07−32.4%+406%0.52—
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%16.9%0.80−34.0%+324%0.250.03%
AMGNAmgen Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.6%24.9%0.85−24.9%+266%0.34—
What these numbers mean for AZO
Annual return
AZO returned 12.3% 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 $17,900. 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
AZO's volatility over the past 5 years was 25.3%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AZO's return lands within 25.3% 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
AZO's Sharpe ratio over the past 5 years was 0.59, against 0.79 for the S&P 500, so AZO 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
AZO's worst fall from a peak to a low over the past 10 years was 42.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 42.1% fall takes a 72.8% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, AZO's monthly returns had a correlation of 0.25 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 AZO instead: the lower it is, the more that option would diversify a AZO holding. Guide: Correlation and diversification →
Show all 134 stocks and funds worth at least $500 million that earned more than AZO with less volatility

Out of 3,633 tested over 5 years. The strongest 95 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with AZOExpense
1
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.46—
2
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.320.40%
3
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.37—
4
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.070.18%
5
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.35—
6
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.52—
7
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.49—
8
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.45—
9
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.220.26%
10
WMTWalmart Inc. · Discount Retail
Same or nearby category+20.8%22.6%0.96−25.7%+508%0.33—
11
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.46—
12
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.290.13%
13
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.280.27%
14
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.330.15%
15
COSTCostco Wholesale Corporation · Discount Retail
Same or nearby category+17.4%22.9%0.82−31.4%+685%0.28—
16
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.43—
17
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.17—
18
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.390.39%
19
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.180.40%
20
MGCVanguard Morningstar Mega Cap ETF · US Large-Cap Equity
Whole market+13.4%17.4%0.81−33.1%+353%0.220.05%
21
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.320.12%
22
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.230.12%
23
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.070.50%
24
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.28—
25
GARPiShares MSCI USA Quality GARP ETF · Broad Market
Whole market+17.5%22.5%0.83−31.4%—0.110.15%
26
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.150.45%
27
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.280.09%
28
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.300.05%
29
PWBInvesco Large Cap Growth ETF · Broad Market
Whole market+14.8%22.2%0.74−32.4%+409%0.210.55%
30
CHCOCity Holding Company · Banks - Regional
Whole market+15.9%22.8%0.77−32.3%+286%0.33—
31
FFLCFidelity Fundamental Large Cap Core ETF · Broad Market
Whole market+15.7%16.8%0.95−19.7%—0.290.38%
32
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.44—
33
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.210.45%
34
UTESVirtus Reaves Utilities ETF · Alternatives
Whole market+13.6%21.1%0.71−35.4%+210%0.290.49%
35
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.190.50%
36
EQLALPS Equal Sector Weight ETF · Broad Market
Whole market+13.5%14.5%0.94−34.2%+387%0.410.19%
37
EWJViShares MSCI Japan Value ETF · International
Whole market+14.9%18.2%0.86−30.1%—0.150.15%
38
DGTState Street SPDR Global Dow ETF · International
Whole market+13.8%15.1%0.94−34.4%+261%0.300.50%
39
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.220.48%
40
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.050.70%
41
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.23—
42
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.35—
43
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.17—
44
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.40—
45
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.44—
46
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.49—
47
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.18—
48
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.49—
49
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.31—
50
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+295%0.22—
51
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.25—
52
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.28—
53
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.32—
54
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.42—
55
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.32—
56
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.32—
57
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.29—
58
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.110.80%
59
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.100.40%
60
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.6%22.0%0.77−57.6%+294%0.52—
61
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.56—
62
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.230.25%
63
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.5%0.71−70.9%+172%0.28—
64
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.360.56%
65
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.57—
66
RPRXRoyalty Pharma plc · Pharmaceuticals
Whole market+13.3%23.8%0.65−49.7%—0.05—
67
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.240.36%
68
TJXThe TJX Companies, Inc. · Specialty Retail
Same or nearby category+19.9%22.3%0.93−42.5%+361%0.31—
69
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.301.01%
70
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.9%21.6%0.75−44.1%—0.350.47%
71
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Whole market+14.6%20.4%0.78−51.0%+258%0.180.37%
72
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+13.4%19.9%0.73−39.3%+103%0.33—
73
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.420.43%
74
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.190.15%
75
ORIOld Republic International Corporation · Property & Casualty Insurance
Whole market+17.0%22.2%0.82−47.8%+349%0.42—
76
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.45—
77
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.420.95%
78
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.280.60%
79
WTMWhite Mountains Insurance Group, Ltd. · Insurance
Whole market+15.4%23.6%0.73−40.2%+169%0.24—
80
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.370.45%
81
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Popular alternative+15.9%23.4%0.75−42.0%+393%0.83—
82
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.300.49%
83
FRDMFreedom 100 Emerging Markets ETF · International
Whole market+17.3%22.8%0.82−40.5%—0.060.49%
84
WTVWisdomTree U.S. Value Fund · Broad Market
Whole market+13.4%17.0%0.83−42.2%+303%0.290.12%
85
BATRAAtlanta Braves Holdings, Inc. · Entertainment
Whole market+15.3%22.0%0.76−54.2%+224%0.36—
86
BATRKAtlanta Braves Holdings, Inc. · Entertainment
Whole market+13.4%22.6%0.67−54.9%+195%0.33—
87
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.370.18%
88
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.190.61%
89
GSGiShares S&P GSCI Commodity-Indexed Trust · Commodities
Whole market+15.3%22.9%0.74−57.6%+144%0.050.75%
90
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.300.95%
91
NANRState Street SPDR S&P North American Natural Resources ETF · Broad Market
Whole market+17.4%22.6%0.83−49.1%+241%0.260.35%
92
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+180%0.190.50%
93
GVALCambria Global Value ETF · International
Whole market+14.4%18.7%0.82−46.8%+173%0.300.68%
94
FDUSFidus Investment Corporation · Asset Management
Whole market+13.5%20.4%0.72−68.7%+260%0.15—
95
QVALAlpha Architect U.S. Quantitative Value ETF · Broad Market
Whole market+13.7%21.4%0.71−51.5%+230%0.290.28%

AZO against its popular alternatives

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

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

Green points earned more than AZO 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%−40.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAZO: 12.3% a year, volatility 25.3%SPY (S&P 500): 12.7% a year, volatility 17.1%ORLY: 16.0% a year, volatility 23.4%SAH: 6.8% a year, volatility 42.9%BWA: 9.3% a year, volatility 34.6%DORM: 3.9% a year, volatility 33.7%GPI: 5.7% a year, volatility 38.1%VVV: −1.6% a year, volatility 30.1%GPC: 1.9% a year, volatility 28.2%LAD: −1.9% a year, volatility 39.5%GNTX: −8.6% a year, volatility 26.5%AAP: −26.1% a year, volatility 55.4%MNRO: −21.0% a year, volatility 48.3%DRVN: −16.4% a year, volatility 44.9%AN: 6.7% a year, volatility 36.0%ABG: −4.4% a year, volatility 40.0%LKQ: −14.9% a year, volatility 31.0%GT: −26.5% a year, volatility 51.5%PAG: 18.3% a year, volatility 31.9%MOD: 65.1% a year, volatility 61.7%AZOSPY (S&P 500)SAHBWADORMGPIVVVGPCLADGNTXAAPMNRODRVNABGLKQGTPAGMOD10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAZO: 12.3% a year, volatility 25.3%SPY (S&P 500): 12.7% a year, volatility 17.1%ORLY: 16.0% a year, volatility 23.4%SAH: 6.8% a year, volatility 42.9%BWA: 9.3% a year, volatility 34.6%DORM: 3.9% a year, volatility 33.7%GPI: 5.7% a year, volatility 38.1%VVV: −1.6% a year, volatility 30.1%GPC: 1.9% a year, volatility 28.2%LAD: −1.9% a year, volatility 39.5%GNTX: −8.6% a year, volatility 26.5%AAP: −26.1% a year, volatility 55.4%MNRO: −21.0% a year, volatility 48.3%DRVN: −16.4% a year, volatility 44.9%AN: 6.7% a year, volatility 36.0%ABG: −4.4% a year, volatility 40.0%LKQ: −14.9% a year, volatility 31.0%GT: −26.5% a year, volatility 51.5%PAG: 18.3% a year, volatility 31.9%MOD: 65.1% a year, volatility 61.7%AZOSPY (S&P 500)SAHBWADORMVVVGPCLADGNTXAAPMNRODRVNANLKQGTPAGMOD
All figures
InvestmentAnnual returnVolatility
MOD Modine Manufacturing Company+65.1%61.7%
PAG Penske Automotive Group, Inc.+18.3%31.9%
ORLY O'Reilly Automotive, Inc.+16.0%23.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
AZO This pageAutoZone, Inc.+12.3%25.3%
BWA BorgWarner Inc.+9.3%34.6%
SAH Sonic Automotive, Inc.+6.8%42.9%
AN AutoNation, Inc.+6.7%36.0%
GPI Group 1 Automotive, Inc.+5.7%38.1%
DORM Dorman Products, Inc.+3.9%33.7%
GPC Genuine Parts Company+1.9%28.2%
VVV Valvoline Inc.−1.6%30.1%
LAD Lithia Motors, Inc.−1.9%39.5%
ABG Asbury Automotive Group, Inc.−4.4%40.0%
GNTX Gentex Corporation−8.6%26.5%
LKQ LKQ Corporation−14.9%31.0%
DRVN Driven Brands Holdings Inc.−16.4%44.9%
MNRO Monro Inc.−21.0%48.3%
AAP Advance Auto Parts, Inc.−26.1%55.4%
GT The Goodyear Tire & Rubber Company−26.5%51.5%
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Has AZO consistently beaten its popular alternatives?

This section compares AZO 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 AZO helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than AZO 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
AZO AutoZone, Inc. (this page)—+12.7%+5.5%−11.8%−4.3%−20.4%+27.0%+78.6%+323%25.3%0.59−42.1%—$52B—
PAG QualifiedPenske Automotive Group, Inc.4/5 short3/3 longAll-weather0.0%+9.3%+32.4%+37.5%+29.4%+57.0%+131%+528%31.9%0.69−60.0%—$14B—
ORLY QualifiedO'Reilly Automotive, Inc.4/5 short3/3 longAll-weather+8.6%+6.5%−3.0%−0.4%−10.8%+48.9%+110%+393%23.4%0.75−42.0%—$73B—
MOD Industrial - MachineryModine Manufacturing Company2/5 short3/3 long−19.4%−35.6%−41.7%+4.2%−7.0%+260%+1,127%+1,187%61.7%1.13−88.1%—$7.8B—
SAH Auto - DealershipsSonic Automotive, Inc.3/5 short1/3 long−2.9%−33.2%−9.9%+5.6%−13.6%+50.3%+38.7%+309%42.9%0.37−70.8%—$2.0B—
BWA Auto - PartsBorgWarner Inc.3/5 short1/3 long−7.5%−4.7%+5.6%+26.6%+37.9%+57.7%+55.9%+121%34.6%0.43−64.6%—$12B—
DORM Auto - PartsDorman Products, Inc.3/5 short1/3 long+2.9%−10.0%+11.1%−0.1%−13.8%+69.3%+21.0%+99.9%33.7%0.28−50.8%—$3.7B—
GPI Auto - DealershipsGroup 1 Automotive, Inc.0/5 short1/3 long−3.0%−20.3%−30.5%−37.7%−45.1%+1.6%+32.2%+351%38.1%0.34−70.3%—$2.9B—
VVV Auto - DealershipsValvoline Inc.4/5 short0/3 long+18.3%−20.4%−9.1%+9.0%−9.8%+2.4%−7.5%+58.0%30.1%0.10−62.5%—$4.0B—
GPC Auto - PartsGenuine Parts Company3/5 short0/3 long−2.3%+1.7%+11.8%+2.4%−2.9%+5.6%+10.1%+85.3%28.2%0.21−54.9%—$17B—
LAD Auto - DealershipsLithia Motors, Inc.2/5 short0/3 long−5.1%−7.6%+4.3%−9.2%−2.3%+18.5%−9.2%+275%39.5%0.15−61.2%—$6.6B—
GNTX Auto - PartsGentex Corporation2/5 short0/3 long−3.4%−10.8%−5.5%−8.3%−17.9%−26.1%−36.2%+49.2%26.5%-0.21−43.0%—$4.5B—
AAP Specialty RetailAdvance Auto Parts, Inc.2/5 short0/3 long+8.3%−14.7%−22.1%+15.9%−14.8%−8.3%−78.0%−63.9%55.4%-0.28−86.4%—$2.7B—
MNRO Auto - PartsMonro Inc.1/5 short0/3 long+11.2%−12.7%−16.9%−23.3%−14.1%−32.2%−69.2%−66.8%48.3%-0.25−84.2%—$448M—
DRVN Auto - DealershipsDriven Brands Holdings Inc.1/5 short0/3 long+0.2%−17.7%−9.1%−16.3%−24.3%+7.3%−59.1%—44.9%-0.15−70.1%—$2.0B—
AN Auto - DealershipsAutoNation, Inc.0/5 short0/3 long−4.1%−18.2%−22.7%−21.6%−25.3%+21.1%+38.4%+246%36.0%0.36−63.6%—$5.4B—
ABG Auto - DealershipsAsbury Automotive Group, Inc.0/5 short0/3 long−6.7%−18.1%−19.1%−26.7%−30.0%−15.9%−20.0%+224%40.0%0.09−65.7%—$3.1B—
LKQ Auto - PartsLKQ Corporation0/5 short0/3 long−7.2%−13.0%−28.6%−25.9%−25.3%−50.9%−55.3%−24.8%31.0%-0.36−68.0%—$5.4B—
GT Auto - PartsThe Goodyear Tire & Rubber Company0/5 short0/3 long−15.5%−41.4%−41.3%−52.5%−39.8%−65.5%−78.5%−85.4%51.5%-0.34−87.8%—$1.2B—
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How did AZO do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where AZO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with AZO 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 AZO; gray means the two finished within a fraction of a point. The rank row places AZO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of AZO20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
AZO This pageAutoZone, Inc.—+5.9%+23.8%+4.8%+17.6%+76.8%−0.5%+42.1%+17.8%−9.9%+6.5%+19.8%+29.5%+34.8%+9.1%+19.2%+72.5%+13.3%+16.3%+3.8%+25.9%+0.5%+7.2%+20.6%−1.6%+152%−11.8%−1.9%+13.6%+5.5%
Rank among alternativesTop quarter in 10 of 297 of 195 of 1912 of 194 of 193 of 1812 of 187 of 185 of 1814 of 188 of 173 of 175 of 1713 of 1710 of 178 of 174 of 1716 of 172 of 177 of 175 of 1714 of 1712 of 1714 of 165 of 155 of 145 of 144 of 145 of 149 of 12
SPY S&P 500State Street SPDR S&P 500 ETF16 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
PAG Penske Automotive Group, Inc.12 of 29+7.1%−2.5%+42.3%+9.2%+84.4%+20.1%+28.9%−13.2%−5.1%+26.1%−12.1%+5.9%+59.5%+59.2%+11.8%+14.8%+97.6%−54.8%−24.9%+24.9%+30.8%−4.1%+152%−51.6%+286%−25.2%−2.7%−49.9%−28.8%
ORLY O'Reilly Automotive, Inc.19 of 29+15.4%+24.8%+12.6%+19.5%+56.0%+3.3%+27.3%+43.1%−13.6%+9.9%+31.5%+49.6%+44.0%+11.8%+32.3%+58.7%+23.9%−5.1%+0.9%+0.5%+42.0%+16.3%+53.0%−30.9%+36.8%+24.4%−9.0%+80.0%+64.1%
MOD Modine Manufacturing Company13 of 29+15.2%+94.2%+201%+96.8%−19.7%+63.1%−28.8%−46.5%+35.6%+64.6%−33.5%+6.1%+57.7%−14.1%−39.0%+30.9%+143%−69.2%−32.1%−20.9%+2.8%+27.7%+56.8%−22.6%+17.2%−13.6%−28.9%+8.8%+30.7%
SAH Sonic Automotive, Inc.10 of 28−0.3%+15.2%+16.7%+2.0%+29.4%+26.1%+129%−24.5%−18.6%+1.7%−15.4%+10.9%+17.7%+41.8%+12.8%+27.7%+161%−78.3%−32.1%+32.9%−8.2%+10.2%+55.5%−36.6%+241%−29.5%−43.5%+259%—
BWA BorgWarner Inc.12 of 29+43.9%−10.2%+2.6%−9.2%+18.4%−9.2%+27.1%−31.0%+31.2%−7.3%−20.5%−0.8%+56.9%+12.4%−11.9%+118%+53.7%−54.5%+65.5%−1.6%+13.2%+28.5%+70.9%−2.5%+31.7%+0.6%−26.6%+8.4%+37.2%
DORM Dorman Products, Inc.14 of 29−4.9%+55.3%+3.1%−28.4%+30.2%+14.7%−15.9%+47.2%−16.3%+53.9%−1.7%−13.9%+58.6%+100%+1.9%+131%+18.9%−7.8%+32.0%+14.1%−24.1%+61.2%+53.3%+45.8%+319%−64.3%−43.4%−14.8%+26.4%
GPI Group 1 Automotive, Inc.12 of 28−6.3%+39.1%+70.2%−6.9%+50.0%+31.9%+92.4%−24.6%−7.6%+4.5%−14.7%+27.3%+15.7%+21.0%+25.5%+47.7%+163%−53.5%−53.3%+66.5%−0.2%−13.0%+51.5%−16.2%+204%−32.7%−46.4%+187%—
VVV Valvoline Inc.3 of 9−19.7%−3.7%+15.1%−11.1%+63.8%+10.6%+13.0%−21.6%+17.7%————————————————————
GPC Genuine Parts Company10 of 29+8.7%−13.2%−18.1%+26.8%+43.4%−2.2%+14.0%+4.1%+2.4%+14.3%−17.1%+31.4%+34.5%+7.3%+23.2%+40.5%+5.2%−15.1%+0.6%+11.4%+2.6%+36.8%+11.9%−13.1%+45.6%+11.0%−23.0%+1.4%+17.7%
LAD Lithia Motors, Inc.14 of 29−6.3%+9.3%+62.0%−30.6%+1.8%+101%+94.5%−32.0%+18.6%−8.2%+23.9%+25.9%+86.8%+73.9%+55.4%+76.6%+152%−74.2%−51.1%−6.8%+18.9%+7.6%+61.7%−24.2%+66.4%−30.4%+8.3%+11.9%+32.5%
GNTX Gentex Corporation14 of 29−17.4%−10.7%+21.7%−20.4%+4.2%+19.2%+46.3%−1.6%+8.5%+25.8%−9.7%+11.7%+79.5%−34.8%+1.7%+69.4%+110%−48.8%+16.8%−18.3%+7.4%−14.8%+40.1%+18.4%+43.4%−32.9%+38.8%+48.6%+33.3%
AAP Advance Auto Parts, Inc.8 of 24−15.0%−21.1%−57.6%−36.5%+54.7%−1.2%+1.9%+58.2%−40.9%+12.5%−5.4%+44.2%+53.4%+4.2%+5.7%+64.1%+21.0%−10.8%+7.5%−17.6%+49.2%+7.3%+66.4%−1.7%—————
MNRO Monro Inc.11 of 29−13.8%−12.0%−33.1%−20.6%+11.1%−30.6%+15.0%+22.2%+0.9%−12.7%+15.6%+3.5%+62.6%−8.7%+13.2%+56.6%+32.7%+32.5%−16.0%+16.6%+20.3%+26.8%+76.9%+23.8%+52.5%+19.3%+3.5%−47.1%−7.1%
DRVN Driven Brands Holdings Inc.0 of 4−8.2%+13.2%−47.8%−18.8%—————————————————————————
AN AutoNation, Inc.9 of 29+21.6%+13.1%+40.0%−8.2%+67.4%+43.5%+36.2%−30.4%+5.5%−18.4%−1.2%+21.6%+25.2%+7.7%+30.7%+47.3%+93.8%−36.9%−26.6%−1.9%+13.1%+4.6%+46.3%+1.9%+106%−28.1%−37.8%−36.2%−25.3%
ABG Asbury Automotive Group, Inc.11 of 23−4.3%+8.0%+25.5%+3.8%+18.5%+30.4%+67.7%+4.2%+3.7%−8.5%−11.2%+41.3%+67.8%+48.6%+16.7%+60.3%+152%−68.2%−33.6%+45.7%+19.4%−23.0%+113%——————
LKQ LKQ Corporation10 of 22−15.0%−20.9%−8.6%−9.3%+71.1%−1.3%+50.5%−41.7%+32.7%+3.4%+5.4%−14.6%+56.0%+40.3%+32.5%+15.9%+68.2%−44.6%+83.0%+32.7%+72.5%+12.4%———————
GT The Goodyear Tire & Rubber Company9 of 29−2.7%−37.1%+41.1%−52.4%+95.4%−29.1%−20.8%−35.4%+6.1%−4.5%+15.3%+20.9%+73.1%−2.5%+19.6%−16.0%+136%−78.8%+34.4%+20.8%+18.5%+86.6%+15.3%−70.3%+8.0%−13.4%−43.0%−19.1%+26.3%
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Risk and diversification

How AZO 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 AZO's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents AZO's five deepest drawdowns since it began trading in 1991, 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 AZO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringAZO fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−46.3%+16.3%Apr 1996Jan 19979 monthsJun 20014.4 years
Covid crash−42.1%−28.1%Dec 2019Mar 20203 monthsSep 20206 months
No named crash−39.6%+14.8%Jul 2016Jul 201712 monthsNov 201816 months
No named crash−37.0%—Feb 1992Jun 19924 monthsMar 19939 months
2008 financial crisis−36.9%−40.6%Sep 2008Nov 20082 monthsFeb 20093 months

How did AZO do in stock market crashes?

This section measures how far AZO, 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.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than AZO.

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
AZO This pageAutoZone, Inc.—−1.6%−21.4%−37.0%−9.3%−4.3%−12.8%−9.2%−1.1%−36.9%−29.0%
SPY S&P 500State Street SPDR S&P 500 ETF1 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
PAG Penske Automotive Group, Inc.0 of 10−5.8%−22.2%−59.6%−22.4%−6.1%−43.9%−36.9%−1.5%−77.5%−63.3%
ORLY O'Reilly Automotive, Inc.3 of 10−1.5%−23.0%−34.0%−8.7%−2.4%−16.0%−9.4%−1.3%−39.8%−34.0%
MOD Modine Manufacturing Company1 of 10−10.8%−30.8%−64.1%−36.2%−5.8%−39.8%−43.5%0.0%−96.9%−48.6%
SAH Sonic Automotive, Inc.0 of 10−8.8%−36.5%−66.3%−36.2%−6.0%−36.7%−35.3%−2.5%−96.0%−63.6%
BWA BorgWarner Inc.0 of 10−7.4%−36.2%−43.6%−26.3%−5.5%−41.3%−29.7%−6.3%−72.1%−42.2%
DORM Dorman Products, Inc.1 of 10−3.4%−29.7%−28.3%−16.2%−5.3%−23.1%−33.6%−4.6%−55.8%−55.6%
GPI Group 1 Automotive, Inc.0 of 10−8.0%−28.3%−70.1%−30.1%−6.3%−45.0%−31.3%−6.6%−83.4%−60.0%
VVV Valvoline Inc.0 of 5−5.2%−32.0%−59.0%−13.7%−4.9%—————
GPC Genuine Parts Company2 of 10−3.7%−15.3%−49.1%−11.2%−5.8%−15.3%−17.1%−1.6%−46.6%−27.7%
LAD Lithia Motors, Inc.0 of 10−10.0%−41.1%−51.5%−23.6%−4.6%−41.5%−37.0%−5.3%−91.5%−48.1%
GNTX Gentex Corporation2 of 10−6.0%−33.3%−35.4%−16.8%−3.7%−20.2%−28.6%−2.0%−69.3%−57.1%
AAP Advance Auto Parts, Inc.0 of 9−5.9%−33.7%−47.3%−19.4%−4.2%−30.9%−13.2%−1.0%−45.7%—
MNRO Monro Inc.2 of 10−3.8%−34.1%−32.8%−21.4%−5.2%−18.4%−19.8%−2.4%−33.8%−29.9%
DRVN Driven Brands Holdings Inc.0 of 2−5.1%−24.5%————————
AN AutoNation, Inc.0 of 10−7.7%−23.9%−53.6%−25.1%−7.9%−36.4%−22.9%−1.5%−77.0%−49.0%
ABG Asbury Automotive Group, Inc.0 of 9−11.6%−26.8%−55.3%−18.3%−4.2%−48.4%−28.3%−4.0%−89.8%—
LKQ LKQ Corporation0 of 9−7.2%−28.1%−59.1%−27.2%−5.1%−23.5%−23.3%−4.0%−62.8%—
GT The Goodyear Tire & Rubber Company0 of 10−10.9%−58.2%−60.1%−20.9%−12.7%−24.6%−47.6%−5.2%−88.7%−76.7%
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How closely does AZO 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 AZO 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 AZO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
AZO This pageAutoZone, Inc.72%54%1.340.63
ORLY O'Reilly Automotive, Inc.86%66%1.300.78
PAG Penske Automotive Group, Inc.112%106%1.061.20
MOD Modine Manufacturing Company189%180%1.052.20
GPI Group 1 Automotive, Inc.110%118%0.931.38
SAH Sonic Automotive, Inc.116%136%0.861.69
AN AutoNation, Inc.106%127%0.831.16
ABG Asbury Automotive Group, Inc.114%145%0.791.19
LAD Lithia Motors, Inc.133%176%0.761.52
DORM Dorman Products, Inc.73%100%0.730.88
BWA BorgWarner Inc.109%157%0.701.31
GPC Genuine Parts Company77%116%0.660.87
GNTX Gentex Corporation63%98%0.640.92
VVV Valvoline Inc.74%121%0.611.21
LKQ LKQ Corporation74%163%0.451.25
GT The Goodyear Tire & Rubber Company77%263%0.291.63
MNRO Monro Inc.44%165%0.261.09
AAP Advance Auto Parts, Inc.40%158%0.251.19
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What diversifies AZO?

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

ETFs

InvestmentCorrelation5Y returnSharpe2020201720022000199980/20 mix volatility80/20 mix annual return
AZO AutoZone, Inc. (this page)1.00+78.6%0.59−0.5%−9.9%−1.6%−11.8%−1.9%24.6%+10.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.32+119%1.48−9.0%+10.0%———20.3%+12.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.22+225%1.34+3.9%+22.8%———20.3%+14.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.42+101%1.04−13.4%+1.1%———21.0%+12.2%
FDL Dividend & IncomeFirst Trust Morningstar Dividend Leaders Index Fund0.42+91.8%0.98−4.3%+12.0%———21.2%+11.8%
SMH TechnologyVanEck Semiconductor ETF0.01+323%0.97+55.5%+38.5%−47.0%——20.9%+17.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.29+85.0%0.96+2.1%+16.7%———20.4%+11.9%
GLD CommoditiesSPDR Gold Shares0.10+126%0.96+24.8%+12.8%———20.3%+13.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.29+136%0.93+28.2%+27.8%———21.2%+13.5%

Stocks

InvestmentCorrelation5Y returnSharpe2020201720022000199980/20 mix volatility80/20 mix annual return
AZO AutoZone, Inc. (this page)1.00+78.6%0.59−0.5%−9.9%−1.6%−11.8%−1.9%24.6%+10.8%
CAH Medical - DistributionCardinal Health, Inc.0.24+479%1.55+10.1%−12.7%−8.3%+108%−36.8%21.5%+16.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.00+3,143%1.47−2.4%−11.6%−65.1%−2.3%+350%22.9%+29.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.29+1,636%1.46+6.7%+32.1%−9.4%−71.1%−58.7%23.8%+25.2%
MCK Medical - DistributionMcKesson Corporation0.35+413%1.44+27.1%+12.0%−27.2%+61.2%−71.3%21.9%+15.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.14+690%1.41−27.4%+34.8%———21.6%+18.8%
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Common questions

What was AZO's worst drawdown?

AZO's deepest decline since it began trading in 1991 was 46.3%, from April 1996 to January 1997. It took about four years from the low to climb back to its old high.

What were AZO's best and worst years?

Over 29 full calendar years, AZO's best year was 2001, when it returned 152%. Its worst was 2000, with a return of -11.8%.

Is there a better investment than AZO?

Among AZO's popular alternatives, ORLY earned more than AZO with less volatility over the past 5 years: 15.9% a year at 23.4% volatility, against 12.3% a year at 25.3%. Looking beyond its popular alternatives, WMT (discount retail) and COST (discount retail) earned more than AZO with less volatility over the past 5 years. WMT returned 20.8% a year at 22.6% volatility, against 12.3% a year at 25.3%.

Is AZO more volatile than the S&P 500?

Yes. AZO's volatility over the past 5 years was 25.3%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AZO's return lands within 25.3% 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 AZO's Sharpe ratio?

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

Over the past 5 years, AZO's monthly returns had a correlation of 0.25 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 AZO instead: the lower it is, the more that option would diversify a AZO holding.

What are the best alternatives to AZO?

Of the 18 popular alternatives we compared, two outperformed AZO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PAG and ORLY.

Did AZO outperform the S&P 500?

AZO finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +5.9%, against +17.7% for the index.

How did AZO do in stock market crashes?

AZO fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in one. The clearest case was the dot-com bust, when AZO fell 29.0% and the S&P 500 fell 47.5%.

What diversifies AZO?

These had a low correlation with AZO over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.32), DXJ (correlation 0.22) and EMLP (correlation 0.42); among large stocks, CAH (correlation 0.24), CLS (correlation 0.00) and FIX (correlation 0.29). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to AZO

Other stocks and ETFs