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Relative Intelligence · Aerospace & Defense

How Boeing (BA) compares with the whole market and its popular alternatives

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

Period covered: BA's full trading record, from October 1986 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 BA →Chart BA vs. 23 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in BA over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BA over the same span and BA'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. 722 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of BA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • HEI$1M+13,374% total · +18.4% a year
  • MOG-A$350,288+3,403% total · +13.0% a year
  • RTX$288,741+2,787% total · +12.3% a year
  • GD$272,943+2,629% total · +12.1% a year
  • LMT$194,815+1,848% total · +10.8% a year
  • NOC$159,080+1,491% total · +10.0% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • DCO$71,300+613% total · +7.0% a year
  • BA$54,496+445% total · +6.0% a year
  • HXL$31,850+219% total · +4.1% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,841 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • MOG-A$52,115+421% total · +39.1% a year
  • DCO$34,070+241% total · +27.8% a year
  • AER$25,474+155% total · +20.6% a year
  • RTX$24,048+140% total · +19.2% a year
  • HEI$23,110+131% total · +18.2% a year
  • TDG$20,854+109% total · +15.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • GD$18,801+88.0% total · +13.5% a year
  • LMT$16,868+68.7% total · +11.0% a year
  • BA$8,459−15.4% total · −3.3% a year
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BA 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
$151B
Industry
Aerospace & Defense
Price history from
October 1986

Returns

Past 1 year
−12.2%total return
Past 3 years
+5.8%+1.9% a year
Past 5 years
−11.9%−2.5% a year
Past 10 years
+52.4%+4.3% a year
Best calendar year
+94.7%2017
Worst calendar year
−50.1%2008
Losing years
11 of 29full calendar years

Risk

Volatility
36.8%typical yearly swing, 5 years
Sharpe ratio
0.12return per unit of risk, 5 years
Worst decline ever
−77.9%Mar 2019 to Mar 2020
From its all-time high
−55.7%below the peak

BA against the whole market

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

How does BA rank among all stocks?

This section ranks BA 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 BA 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.

MeasureBARankStanding
1-year return−12.2%2,409 of 3,287bottom 28%
3-year return+5.8%2,234 of 3,017bottom 27%
5-year return−11.9%1,901 of 2,893bottom 35%
10-year return+52.4%1,570 of 2,202bottom 30%
Volatility, 5 years36.8%1,255 of 2,893top 43%
Sharpe ratio, 5 years0.122,075 of 2,893bottom 29%
Worst decline, past 10 years−77.9%1,559 of 2,187bottom 30%

What has beaten BA 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). BA sits where the dashed lines cross. Anything in the green box above and to the left earned more than BA 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 BA; faint dots are 93 more of the 1,812 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%0.0%10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BAWMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%KO: +14.7% a year, volatility 16.8%CVX: +19.5% a year, volatility 25.2%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MA: +12.4% a year, volatility 23.8%CSCO: +16.8% a year, volatility 26.1%MRK: +16.3% a year, volatility 24.8%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%WELL: +26.0% a year, volatility 23.8%AMGN: +19.6% a year, volatility 24.9%FLRT: +6.0% a year, volatility 2.3%VEA: +9.3% a year, volatility 16.9%TD: +15.8% a year, volatility 20.0%SGOV: +3.8% a year, volatility 0.3%TTE: +18.0% a year, volatility 25.8%GLD: +17.7% a year, volatility 18.9%PG: +5.1% a year, volatility 18.3%LIN: +11.5% a year, volatility 20.9%WFC: +13.1% a year, volatility 29.5%ADI: +19.5% a year, volatility 34.1%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%CM: +19.2% a year, volatility 21.6%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%TM: +5.0% a year, volatility 27.0%BP: +16.0% a year, volatility 28.7%TMO: +2.9% a year, volatility 27.8%SCHD: +9.7% a year, volatility 14.3%BMO: +13.6% a year, volatility 21.4%T: +9.8% a year, volatility 25.2%BNS: +12.9% a year, volatility 19.9%MNST: +17.2% a year, volatility 24.9%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%VWO: +5.2% a year, volatility 17.5%CME: +11.2% a year, volatility 20.8%AFL: +19.0% a year, volatility 20.8%JCI: +17.4% a year, volatility 29.1%VZ: +2.7% a year, volatility 22.9%RSG: +13.9% a year, volatility 18.5%UL: +5.5% a year, volatility 21.5%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%GSK: +9.5% a year, volatility 24.5%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%BMY: +5.5% a year, volatility 24.9%CCEP: +19.7% a year, volatility 23.2%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%JAAA: +5.1% a year, volatility 1.7%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%EQIX: +6.6% a year, volatility 27.8%SYK: +3.2% a year, volatility 25.7%CI: +9.4% a year, volatility 28.3%TRP: +10.8% a year, volatility 21.9%AJG: +10.9% a year, volatility 24.2%CL: +7.2% a year, volatility 19.2%MMM: +6.5% a year, volatility 28.8%ICE: +5.4% a year, volatility 21.8%ECL: +6.7% a year, volatility 24.1%MRSH: +4.4% a year, volatility 20.9%GRMN: +14.8% a year, volatility 31.6%VBR: +8.2% a year, volatility 19.4%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%ACGL: +20.1% a year, volatility 24.5%PNC: +4.6% a year, volatility 26.8%IRM: +24.6% a year, volatility 30.3%USB: +3.3% a year, volatility 29.6%CASY: +29.9% a year, volatility 29.3%ELV: +2.2% a year, volatility 29.4%AZO: +12.3% a year, volatility 25.3%SLF: +11.7% a year, volatility 19.4%MDLZ: +4.0% a year, volatility 20.2%TEL: +9.5% a year, volatility 28.7%BA: −2.5% a year, volatility 36.8%SPY (S&P 500): +12.7% a year, volatility 17.1%TDG: +16.4% a year, volatility 28.0%HEI: +17.3% a year, volatility 27.8%RTX: +18.6% a year, volatility 24.3%GD: +12.9% a year, volatility 20.8%MOG-A: +36.6% a year, volatility 32.0%DAL: +14.6% a year, volatility 40.8%ESLT: +39.8% a year, volatility 34.6%DE: +14.4% a year, volatility 29.9%ADP: +9.0% a year, volatility 22.9%RS: +24.8% a year, volatility 28.1%ITW: +6.7% a year, volatility 21.4%AEM: +29.5% a year, volatility 38.4%RY: +17.3% a year, volatility 18.2%GOOG: +19.0% a year, volatility 32.0%MSFT: +12.5% a year, volatility 28.2%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%AZN: +8.7% a year, volatility 35.7%PFE: −1.7% a year, volatility 25.4%CAH: +42.1% a year, volatility 24.7%MPC: +51.2% a year, volatility 33.4%HWM: +47.3% a year, volatility 32.5%GE: +36.0% a year, volatility 31.0%BASPY (S&P 500)TDGHEIRTXMOG-ADALESLTADPRSITWAEMRYGOOGMSFTLLYVTIAZNPFECAHMPCHWMGE−10.0%0.0%10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BAWMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%KO: +14.7% a year, volatility 16.8%CVX: +19.5% a year, volatility 25.2%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MA: +12.4% a year, volatility 23.8%CSCO: +16.8% a year, volatility 26.1%MRK: +16.3% a year, volatility 24.8%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%WELL: +26.0% a year, volatility 23.8%AMGN: +19.6% a year, volatility 24.9%FLRT: +6.0% a year, volatility 2.3%VEA: +9.3% a year, volatility 16.9%TD: +15.8% a year, volatility 20.0%SGOV: +3.8% a year, volatility 0.3%TTE: +18.0% a year, volatility 25.8%GLD: +17.7% a year, volatility 18.9%PG: +5.1% a year, volatility 18.3%LIN: +11.5% a year, volatility 20.9%WFC: +13.1% a year, volatility 29.5%ADI: +19.5% a year, volatility 34.1%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%CM: +19.2% a year, volatility 21.6%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%TM: +5.0% a year, volatility 27.0%BP: +16.0% a year, volatility 28.7%TMO: +2.9% a year, volatility 27.8%SCHD: +9.7% a year, volatility 14.3%BMO: +13.6% a year, volatility 21.4%T: +9.8% a year, volatility 25.2%BNS: +12.9% a year, volatility 19.9%MNST: +17.2% a year, volatility 24.9%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%VWO: +5.2% a year, volatility 17.5%CME: +11.2% a year, volatility 20.8%AFL: +19.0% a year, volatility 20.8%JCI: +17.4% a year, volatility 29.1%VZ: +2.7% a year, volatility 22.9%RSG: +13.9% a year, volatility 18.5%UL: +5.5% a year, volatility 21.5%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%GSK: +9.5% a year, volatility 24.5%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%BMY: +5.5% a year, volatility 24.9%CCEP: +19.7% a year, volatility 23.2%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%JAAA: +5.1% a year, volatility 1.7%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%EQIX: +6.6% a year, volatility 27.8%SYK: +3.2% a year, volatility 25.7%CI: +9.4% a year, volatility 28.3%TRP: +10.8% a year, volatility 21.9%AJG: +10.9% a year, volatility 24.2%CL: +7.2% a year, volatility 19.2%MMM: +6.5% a year, volatility 28.8%ICE: +5.4% a year, volatility 21.8%ECL: +6.7% a year, volatility 24.1%MRSH: +4.4% a year, volatility 20.9%GRMN: +14.8% a year, volatility 31.6%VBR: +8.2% a year, volatility 19.4%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%ACGL: +20.1% a year, volatility 24.5%PNC: +4.6% a year, volatility 26.8%IRM: +24.6% a year, volatility 30.3%USB: +3.3% a year, volatility 29.6%CASY: +29.9% a year, volatility 29.3%ELV: +2.2% a year, volatility 29.4%AZO: +12.3% a year, volatility 25.3%SLF: +11.7% a year, volatility 19.4%MDLZ: +4.0% a year, volatility 20.2%TEL: +9.5% a year, volatility 28.7%BA: −2.5% a year, volatility 36.8%SPY (S&P 500): +12.7% a year, volatility 17.1%TDG: +16.4% a year, volatility 28.0%HEI: +17.3% a year, volatility 27.8%RTX: +18.6% a year, volatility 24.3%GD: +12.9% a year, volatility 20.8%MOG-A: +36.6% a year, volatility 32.0%DAL: +14.6% a year, volatility 40.8%ESLT: +39.8% a year, volatility 34.6%DE: +14.4% a year, volatility 29.9%ADP: +9.0% a year, volatility 22.9%RS: +24.8% a year, volatility 28.1%ITW: +6.7% a year, volatility 21.4%AEM: +29.5% a year, volatility 38.4%RY: +17.3% a year, volatility 18.2%GOOG: +19.0% a year, volatility 32.0%MSFT: +12.5% a year, volatility 28.2%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%AZN: +8.7% a year, volatility 35.7%PFE: −1.7% a year, volatility 25.4%CAH: +42.1% a year, volatility 24.7%MPC: +51.2% a year, volatility 33.4%HWM: +47.3% a year, volatility 32.5%GE: +36.0% a year, volatility 31.0%BASPY (S&P 500)TDGHEIMOG-ADALESLTADPRSITWAEMRYLLYVTIAZNPFECAHMPCHWMGE
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than BA?

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

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

Screen the whole market against BA for any period in BetterThanSPYOpen these 21 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 BA?lower diversifies moreExpenseper year
BAThe Boeing Company · this page
−2.5%36.8%0.12−77.9%+52.4%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.550.09%
Popular alternativesbest 6 shownThe investments people most often weigh against BA. 22 of 23 passed at least one test.
TDGTransDigm Group Incorporated · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+16.4%28.0%0.69−62.6%+543%0.46—
HEIHEICO Corporation · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.3%27.8%0.71−57.7%+809%0.31—
RTXRTX Corporation · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.6%24.3%0.83−52.0%+317%0.20—
GDGeneral Dynamics Corporation · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.9%20.8%0.69−51.6%+184%0.27—
MOG-AMoog Inc. · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+36.6%32.0%1.14−63.7%+595%0.35—
DALDelta Air Lines, Inc. · Airlines
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+14.6%40.8%0.54−69.2%+109%0.23—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Aerospace & Defense and the categories next to it (Business Services, Airlines, Metals & Mining, Industrial Machinery), plus BA's specific themes. 98 of 121 passed at least one test.
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+39.8%34.6%1.15−35.4%+765%0.19—
DEDeere & Company · Industrial Machinery
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+14.4%29.9%0.60−37.9%+755%0.29—
ADPAutomatic Data Processing, Inc. · Business Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+9.0%22.9%0.49−40.8%+320%0.30—
RSReliance Steel & Aluminum Co. · Metals & Mining
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+24.8%28.1%0.93−40.8%+626%0.37—
ITWIllinois Tool Works Inc. · Industrial Machinery
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+6.7%21.4%0.41−37.9%+208%0.41—
AEMAgnico Eagle Mines Limited · Gold Mining
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+29.5%38.4%0.87−54.2%+352%0.17—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,430 of 3,489 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.3%18.2%0.97−40.0%+352%0.45—
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.0%32.0%0.71−44.6%+752%0.39—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.5%28.2%0.56−37.1%+946%0.34—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.16—
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+11.5%17.5%0.71−35.0%+302%0.560.03%
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.8%16.9%0.80−34.0%+324%0.550.03%
AZNAstraZeneca PLC · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+8.7%35.7%0.41−28.7%+257%0.20—
PFEPfizer Inc. · Pharmaceuticals
Similar return, lower volatilityHigher return in most periodsSmaller losses in recent crashes−1.7%25.4%0.06−58.9%+55.0%0.08—
What these numbers mean for BA
Annual return
BA lost 2.5% 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 $8,810. 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
BA's volatility over the past 5 years was 36.8%, 2.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BA's return lands within 36.8% 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
BA's Sharpe ratio over the past 5 years was 0.12, against 0.79 for the S&P 500, so BA 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
BA's worst fall from a peak to a low over the past 10 years was 77.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 77.9% fall takes a 353% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BA's monthly returns had a correlation of 0.55 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 BA instead: the lower it is, the more that option would diversify a BA holding. Guide: Correlation and diversification →
Show all 1,812 stocks and funds worth at least $500 million that earned more than BA with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BAExpense
1
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.45—
2
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+752%0.39—
3
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%0.34—
4
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%-0.16—
5
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.560.03%
6
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.550.03%
7
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.15—
8
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.21—
9
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.00—
10
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.42—
11
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.01—
12
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.47—
13
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.22—
14
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.11—
15
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.34—
16
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.620.05%
17
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.500.18%
18
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.43—
19
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.36—
20
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%-0.14—
21
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.40—
22
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.460.03%
23
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.20—
24
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.10—
25
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.510.60%
26
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.620.03%
27
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.37—
28
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%—0.140.09%
29
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+234%0.08—
30
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.220.40%
31
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.1%18.3%0.37−23.8%+145%0.18—
32
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.27—
33
WFCWells Fargo & Company · Banks
Whole market+13.1%29.5%0.57−64.5%+141%0.33—
34
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+652%0.46—
35
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%-0.09—
36
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.12—
37
TXNTexas Instruments Incorporated · Semiconductors
Whole market+9.9%33.7%0.45−33.4%+424%0.44—
38
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.45—
39
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.47−39.4%+198%0.550.03%
40
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.520.04%
41
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.12—
42
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.34—
43
TMToyota Motor Corporation · Automobiles
Whole market+5.0%27.0%0.32−36.8%+129%0.33—
44
BPBP p.l.c. · Integrated Oil & Gas
Whole market+16.0%28.7%0.66−63.9%+141%0.08—
45
TMOThermo Fisher Scientific Inc. · Life Sciences Tools
Whole market+2.9%27.8%0.24−40.9%+366%0.20—
46
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.430.06%
47
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+295%0.46—
48
TAT&T Inc. · Integrated Telecommunications
Whole market+9.8%25.2%0.50−39.4%+60.7%0.08—
49
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.45—
50
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.31—
51
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.610.06%
52
SOThe Southern Company · Electric Utilities
Whole market+11.3%18.8%0.67−38.4%+170%0.13—
53
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.8%19.4%0.44−38.7%+122%0.550.09%
54
VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity
Whole market+5.2%17.5%0.38−36.4%+102%0.550.06%
55
CMECME Group Inc. · Capital Markets
Whole market+11.2%20.8%0.62−37.4%+319%0.18—
56
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.23—
57
JCIJohnson Controls International plc · Building Products
Whole market+17.4%29.1%0.70−46.4%+426%0.45—
58
VZVerizon Communications Inc. · Integrated Telecommunications
Whole market+2.7%22.9%0.23−41.2%+55.8%0.09—
59
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.03—
60
ULUnilever PLC · Household & Personal Products
Whole market+5.5%21.5%0.36−30.1%+89.8%0.29—
61
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.550.20%
62
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.17—
63
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.35—
64
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.08—
65
GSKGSK plc · Pharmaceuticals
Whole market+9.5%24.5%0.49−37.6%+95.1%0.07—
66
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.45—
67
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.15—
68
BMYBristol-Myers Squibb Company · Pharmaceuticals
Whole market+5.5%24.9%0.34−47.7%+74.8%0.06—
69
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.32—
70
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.5%18.0%0.50−37.4%+132%0.21—
71
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.21—
72
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—0.380.20%
73
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.19—
74
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.500.04%
75
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.46—
76
EQIXEquinix, Inc. · Data Center REITs
Whole market+6.6%27.8%0.37−41.8%+226%0.46—
77
SYKStryker Corporation · Medical Devices
Whole market+3.2%25.7%0.25−43.8%+197%0.23—
78
CICigna Corporation · Managed Health Care
Whole market+9.4%28.3%0.46−42.5%+176%0.00—
79
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+10.8%21.9%0.58−41.6%+160%0.26—
80
AJGArthur J. Gallagher & Co. · Insurance
Whole market+10.9%24.2%0.55−44.4%+516%0.19—
81
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.18—
82
MMM3M Company · Industrial Conglomerates
Whole market+6.5%28.8%0.36−57.4%+76.0%0.31—
83
ICEIntercontinental Exchange, Inc. · Capital Markets
Whole market+5.4%21.8%0.35−34.3%+240%0.43—
84
ECLEcolab Inc. · Specialty Chemicals
Whole market+6.7%24.1%0.39−43.7%+176%0.26—
85
MRSHMarsh & McLennan Companies, Inc. · Insurance
Whole market+4.4%20.9%0.31−35.8%+245%0.25—
86
GRMNGarmin Ltd. · Computer Hardware
Whole market+14.8%31.6%0.59−54.6%+670%0.37—
87
VBRVanguard Morningstar Small-Cap Value ETF · US Small-Cap Equity
Whole market+8.2%19.4%0.51−45.3%+169%0.540.05%
88
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.12—
89
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.13—
90
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.37—
91
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%-0.03—
92
PNCThe PNC Financial Services Group, Inc. · Regional Banks
Whole market+4.6%26.8%0.30−49.6%+230%0.41—
93
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.33—
94
USBU.S. Bancorp · Regional Banks
Whole market+3.3%29.6%0.26−52.1%+94.6%0.47—
95
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.14—
96
ELVElevance Health Inc. · Managed Health Care
Whole market+2.2%29.4%0.23−50.4%+307%0.12—
97
AZOAutoZone, Inc. · Specialty Retail
Whole market+12.3%25.3%0.59−42.1%+323%0.10—
98
SLFSun Life Financial Inc. · Life Insurance
Whole market+11.7%19.4%0.67−50.8%+255%0.42—
99
MDLZMondelez International, Inc. · Packaged Foods
Whole market+4.0%20.2%0.29−29.8%+93.4%0.28—
100
TELTE Connectivity plc · Electronic Components
Whole market+9.5%28.7%0.46−47.7%+311%0.44—

BA against its popular alternatives

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

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

Green points earned more than BA 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%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBA: −2.5% a year, volatility 36.8%SPY (S&P 500): 12.7% a year, volatility 17.1%DCO: 27.5% a year, volatility 34.5%MOG-A: 36.6% a year, volatility 32.0%RTX: 18.6% a year, volatility 24.3%AER: 18.4% a year, volatility 31.5%LMT: 11.1% a year, volatility 24.2%GD: 12.9% a year, volatility 20.8%HEI: 17.3% a year, volatility 27.8%TDG: 16.4% a year, volatility 28.0%NOC: 7.6% a year, volatility 26.1%HXL: 10.2% a year, volatility 32.2%GE: 36.0% a year, volatility 31.0%HII: 7.4% a year, volatility 32.2%TXT: 0.8% a year, volatility 27.6%HWM: 47.3% a year, volatility 32.5%CW: 30.8% a year, volatility 28.7%LHX: 2.5% a year, volatility 24.9%BWXT: 19.6% a year, volatility 34.1%AAL: −9.1% a year, volatility 48.4%DAL: 14.6% a year, volatility 40.8%UAL: 16.3% a year, volatility 49.0%DRS: 26.8% a year, volatility 42.8%KTOS: 11.4% a year, volatility 53.1%AVAV: 4.9% a year, volatility 58.4%BASPY (S&P 500)DCOMOG-ARTXAERLMTHEITDGNOCHXLGEHIITXTHWMCWLHXBWXTAALDALUALDRSKTOSAVAV10.0%20.0%30.0%40.0%50.0%60.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBA: −2.5% a year, volatility 36.8%SPY (S&P 500): 12.7% a year, volatility 17.1%DCO: 27.5% a year, volatility 34.5%MOG-A: 36.6% a year, volatility 32.0%RTX: 18.6% a year, volatility 24.3%AER: 18.4% a year, volatility 31.5%LMT: 11.1% a year, volatility 24.2%GD: 12.9% a year, volatility 20.8%HEI: 17.3% a year, volatility 27.8%TDG: 16.4% a year, volatility 28.0%NOC: 7.6% a year, volatility 26.1%HXL: 10.2% a year, volatility 32.2%GE: 36.0% a year, volatility 31.0%HII: 7.4% a year, volatility 32.2%TXT: 0.8% a year, volatility 27.6%HWM: 47.3% a year, volatility 32.5%CW: 30.8% a year, volatility 28.7%LHX: 2.5% a year, volatility 24.9%BWXT: 19.6% a year, volatility 34.1%AAL: −9.1% a year, volatility 48.4%DAL: 14.6% a year, volatility 40.8%UAL: 16.3% a year, volatility 49.0%DRS: 26.8% a year, volatility 42.8%KTOS: 11.4% a year, volatility 53.1%AVAV: 4.9% a year, volatility 58.4%BASPY (S&P 500)DCOMOG-ARTXAERNOCHXLGEHIITXTHWMCWLHXAALDALUALDRSKTOSAVAV
All figures
InvestmentAnnual returnVolatility
HWM Howmet Aerospace Inc.+47.3%32.5%
MOG-A Moog Inc.+36.6%32.0%
GE GE Aerospace+36.0%31.0%
CW Curtiss-Wright Corporation+30.8%28.7%
DCO Ducommun Incorporated+27.5%34.5%
DRS Leonardo DRS, Inc.+26.8%42.8%
BWXT BWX Technologies, Inc.+19.6%34.1%
RTX RTX Corporation+18.6%24.3%
AER AerCap Holdings N.V.+18.4%31.5%
HEI HEICO Corporation+17.3%27.8%
TDG TransDigm Group Incorporated+16.4%28.0%
UAL United Airlines Holdings, Inc.+16.3%49.0%
DAL Delta Air Lines, Inc.+14.6%40.8%
GD General Dynamics Corporation+12.9%20.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
KTOS Kratos Defense & Security Solutions, Inc.+11.4%53.1%
LMT Lockheed Martin Corporation+11.1%24.2%
HXL Hexcel Corporation+10.2%32.2%
NOC Northrop Grumman Corporation+7.6%26.1%
HII Huntington Ingalls Industries, Inc.+7.4%32.2%
AVAV AeroVironment, Inc.+4.9%58.4%
LHX L3Harris Technologies, Inc.+2.5%24.9%
TXT Textron Inc.+0.8%27.6%
BA This pageThe Boeing Company−2.5%36.8%
AAL American Airlines Group Inc.−9.1%48.4%
Open these 25 in EasyCompare

Has BA consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than BA 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
BA The Boeing Company (this page)—−5.3%−9.1%−15.4%−16.4%−12.2%+5.8%−11.9%+52.4%36.8%0.12−77.9%—$151B—
DCO QualifiedDucommun Incorporated5/5 short3/3 longAll-weather−1.0%−1.3%+17.2%+71.9%+74.1%+261%+236%+706%34.5%0.88−70.8%—$2.5B—
MOG-A QualifiedMoog Inc.5/5 short3/3 longAll-weather−1.4%−7.9%+14.8%+46.2%+77.4%+228%+375%+595%32.0%1.14−63.7%—$12B—
RTX QualifiedRTX Corporation5/5 short3/3 longAll-weather−0.5%−0.2%−0.5%+4.4%+22.1%+183%+135%+317%24.3%0.83−52.0%—$261B—
AER QualifiedAerCap Holdings N.V.5/5 short3/3 longAll-weather+1.0%−2.4%−0.8%+0.7%+20.6%+155%+133%+263%31.5%0.70−75.9%—$23B—
LMT QualifiedLockheed Martin Corporation5/5 short3/3 longAll-weather+2.5%+8.4%−4.4%+12.4%+11.3%+33.8%+69.0%+204%24.2%0.56−36.7%—$127B—
GD QualifiedGeneral Dynamics Corporation5/5 short3/3 longAll-weather−2.2%−6.6%+4.7%+2.1%+4.0%+55.4%+83.3%+184%20.8%0.69−51.6%—$93B—
HEI QualifiedHEICO Corporation4/5 short3/3 longAll-weather+0.7%−10.3%+4.5%−7.3%−2.4%+93.4%+122%+809%27.8%0.71−57.7%—$43B—
TDG QualifiedTransDigm Group Incorporated4/5 short3/3 longAll-weather+3.0%−5.1%−10.3%−15.9%−12.2%+62.5%+114%+543%28.0%0.69−62.6%—$63B—
NOC QualifiedNorthrop Grumman Corporation4/5 short3/3 longAll-weather+1.4%+2.4%−18.0%−7.7%−9.8%+15.6%+44.5%+188%26.1%0.41−37.8%—$76B—
HXL QualifiedHexcel Corporation4/5 short3/3 longAll-weather+5.0%−13.5%+2.4%+19.5%+45.6%+44.9%+62.4%+122%32.2%0.46−68.5%—$6.9B—
GE QualifiedGE Aerospace3/5 short3/3 long−5.9%−12.0%−1.0%−6.1%−0.4%+261%+366%+139%31.0%1.15−80.9%—$311B—
HII QualifiedHuntington Ingalls Industries, Inc.3/5 short3/3 long−1.4%+1.3%−30.0%−21.2%−3.2%+32.2%+43.2%+110%32.2%0.39−49.7%—$11B—
DAL QualifiedDelta Air Lines, Inc.3/5 short3/3 long−6.8%−9.1%+8.5%+12.2%+25.5%+146%+97.6%+109%40.8%0.54−69.2%—$50B—
UAL QualifiedUnited Airlines Holdings, Inc.3/5 short3/3 long−14.5%−16.8%−1.2%−13.5%−3.5%+179%+113%+72.8%49.0%0.55−79.4%—$32B—
TXT QualifiedTextron Inc.3/5 short2/3 long−2.8%−15.0%−15.6%−11.3%−6.3%+1.9%+4.1%+97.9%27.6%0.17−70.0%—$13B—
HWM Aerospace & DefenseHowmet Aerospace Inc.2/5 short3/3 long−6.9%−22.1%−17.1%+0.1%+10.2%+391%+594%+1,028%32.5%1.36−68.9%—$84B—
CW Aerospace & DefenseCurtiss-Wright Corporation2/5 short3/3 long−12.8%−30.1%−32.1%−13.4%−11.6%+148%+283%+512%28.7%1.08−48.7%—$18B—
DRS Aerospace & DefenseLeonardo DRS, Inc.1/5 short3/3 long−10.6%−23.4%−23.0%−1.8%−14.2%+82.9%+228%+3,294%42.8%0.77−67.5%—$9.1B—
LHX Aerospace & DefenseL3Harris Technologies, Inc.1/5 short3/3 long+0.7%−10.9%−28.0%−17.3%−13.0%+49.6%+13.0%+229%24.9%0.22−38.2%—$46B—
KTOS Aerospace & DefenseKratos Defense & Security Solutions, Inc.0/5 short3/3 long−19.8%−15.2%−44.2%−50.9%−55.0%+127%+71.3%+515%53.1%0.47−72.7%—$7.3B—
BWXT Aerospace & DefenseBWX Technologies, Inc.0/5 short3/3 long−9.0%−20.7%−41.0%−25.9%−35.0%+79.8%+145%+289%34.1%0.70−47.7%—$12B—
AVAV Aerospace & DefenseAeroVironment, Inc.0/5 short2/3 long−26.9%−17.5%−40.4%−54.1%−67.7%+0.7%+27.1%+426%58.4%0.37−71.3%—$6.0B—
AAL Airlines, Airports & Air ServicesAmerican Airlines Group Inc.2/5 short1/3 long−10.8%−20.0%−1.1%−21.8%−0.5%+9.3%−38.0%−69.0%48.4%0.04−84.1%—$8.0B—
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How did BA do year by year?

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

InvestmentYears ahead of BA20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
BA This pageThe Boeing Company—+22.7%−32.1%+36.8%−5.4%−5.9%−33.9%+3.3%+11.5%+94.7%+11.3%+14.1%−2.5%+84.7%+5.2%+15.2%+23.6%+31.8%−50.1%−0.1%+28.4%+37.9%+24.9%+30.4%−13.4%−40.4%+61.2%+28.7%−32.5%−7.1%
Rank among alternativesTop quarter in 6 of 2916 of 2424 of 248 of 2417 of 2420 of 2422 of 2421 of 247 of 243 of 2418 of 248 of 2418 of 246 of 2417 of 246 of 2311 of 228 of 2214 of 2215 of 207 of 172 of 167 of 1613 of 1612 of 1614 of 161 of 163 of 1512 of 1514 of 15
SPY S&P 500State Street SPDR S&P 500 ETF12 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%
DCO Ducommun Incorporated13 of 29+49.4%+22.3%+4.2%+6.8%−12.9%+6.3%+39.1%+27.7%+11.3%+57.6%−35.8%−15.2%+84.4%+26.8%−41.3%+18.3%+13.9%−55.7%+66.1%+7.1%+2.5%−6.7%+41.0%+42.8%+0.3%+1.7%−21.2%−40.7%+61.6%
MOG-A Moog Inc.18 of 29+24.4%+36.8%+66.6%+9.8%+3.4%−6.2%+11.4%−10.0%+32.2%+8.4%−18.1%+9.0%+65.6%−6.6%+10.4%+36.2%−20.1%−20.2%+20.0%+34.6%−6.1%+37.7%+59.2%+42.4%+12.9%+7.3%−31.0%+11.9%+49.5%
RTX RTX Corporation17 of 29+61.4%+40.8%−14.4%+20.0%+23.3%−16.7%+44.1%−14.5%+19.3%+17.3%−14.3%+3.4%+42.0%+15.3%−4.8%+16.4%+33.4%−28.4%+24.6%+13.8%+10.2%+10.9%+55.5%−2.6%−16.8%+22.7%+21.1%+51.8%+11.7%
AER AerCap Holdings N.V.10 of 19+51.7%+29.8%+27.4%−10.9%+43.5%−25.8%+55.2%−24.7%+26.4%−3.6%+11.2%+1.2%+180%+21.6%−20.1%+55.8%+201%−85.6%−10.0%——————————
LMT Lockheed Martin Corporation17 of 29+2.5%+10.0%−4.3%+40.5%+3.1%−6.5%+52.5%−16.4%+30.0%+18.4%+16.2%+33.8%+68.1%+19.5%+20.7%−3.9%−7.6%−18.6%+16.0%+47.0%+16.5%+10.0%−10.0%+24.7%+39.0%+57.9%−46.9%−12.6%+9.5%
GD General Dynamics Corporation16 of 29+30.4%+3.5%+7.1%+21.7%+43.8%−13.1%+14.8%−21.3%+19.9%+28.5%+1.8%+47.3%+41.0%+8.2%−3.9%+6.7%+21.6%−34.2%+21.4%+32.1%+10.6%+17.4%+16.0%+1.1%+3.6%+50.5%−9.2%+38.6%+25.3%
HEI HEICO Corporation19 of 29+36.2%+33.1%+16.6%+6.7%+9.1%+16.2%+47.5%+28.6%+53.0%+42.3%−9.7%+4.5%+63.2%+1.1%+43.6%+44.3%+14.5%−28.6%+40.7%+50.4%+14.9%+38.1%+73.2%−29.5%+6.7%−28.3%−30.8%+66.7%+78.9%
TDG TransDigm Group Incorporated16 of 19+12.2%+32.3%+66.6%+1.8%+2.8%+10.5%+84.4%+23.8%+19.8%+19.1%+16.4%+39.9%+36.8%+56.1%+32.9%+51.6%+67.3%−25.7%+70.4%——————————
NOC Northrop Grumman Corporation15 of 29+23.6%+1.9%−12.8%+43.0%+29.3%−9.9%+42.7%−18.9%+33.9%+25.2%+30.5%+31.4%+74.4%+19.6%+2.9%+19.7%+28.5%−41.2%+18.4%+14.6%+12.6%+15.7%+0.3%−2.4%+23.7%+57.3%−24.2%−35.3%+41.5%
HXL Hexcel Corporation14 of 29+19.2%−14.2%+26.2%+14.4%+6.8%−33.7%+28.9%−6.5%+21.1%+11.9%+12.9%−7.1%+65.8%+11.3%+33.9%+39.4%+75.5%−69.5%+39.5%−3.6%+24.5%+95.6%+147%−2.5%−65.5%+60.7%−33.6%−66.4%+53.5%
GE GE Aerospace14 of 29+85.7%+64.9%+95.8%−10.9%+9.7%−2.7%+54.0%−55.4%−42.9%+4.6%+27.5%−6.7%+37.9%+21.3%+1.3%+24.3%−1.9%−53.9%+2.7%+9.3%−1.4%+20.7%+30.7%−37.7%−15.1%−6.0%+53.6%+41.0%+51.0%
HII Huntington Ingalls Industries, Inc.10 of 14+84.2%−25.7%+15.2%+26.3%+12.1%−30.4%+34.0%−18.2%+29.5%+47.2%+14.4%+26.1%+109%+38.9%———————————————
DAL Delta Air Lines, Inc.8 of 18+16.1%+52.0%+23.0%−15.9%−2.8%−30.8%+20.4%−8.7%+16.2%−1.4%+4.1%+80.5%+133%+46.7%−35.8%+10.7%−0.7%−23.0%———————————
UAL United Airlines Holdings, Inc.8 of 19+15.2%+135%+9.4%−13.9%+1.2%−50.9%+5.2%+24.2%−7.5%+27.2%−14.3%+76.8%+61.8%+23.9%−20.8%+84.5%+17.2%−64.3%−18.9%——————————
TXT Textron Inc.15 of 29+14.1%−4.8%+13.7%−8.2%+59.9%+8.6%−2.9%−18.6%+16.7%+15.8%0.0%+14.7%+48.7%+34.5%−21.5%+26.1%+36.7%−80.0%+54.4%+24.0%+6.3%+32.2%+37.1%+6.9%−8.5%−37.8%+2.6%+24.3%+34.8%
HWM Howmet Aerospace Inc.14 of 29+87.9%+103%+37.8%+24.2%+11.7%−7.2%+83.6%−37.5%+48.4%−11.5%−36.3%+50.9%+25.6%+2.9%−42.9%−2.8%+51.3%−67.4%+26.4%+5.5%−1.8%−14.1%+75.3%−33.1%+9.8%−15.9%+133%+7.0%+11.8%
CW Curtiss-Wright Corporation18 of 29+55.7%+59.7%+34.0%+21.0%+19.9%−16.8%+38.7%−15.8%+24.5%+44.4%−2.2%+14.3%+91.4%−6.0%+7.5%+7.1%−5.2%−32.9%+36.2%+36.9%−4.3%+28.4%+42.3%+34.9%+3.9%+27.8%−1.8%+6.3%+46.4%
DRS Leonardo DRS, Inc.13 of 29+6.6%+61.2%+56.8%+35.7%−3.3%+87.7%+101%−16.2%+166%+63.2%−85.8%+72.6%+37.7%−45.4%−22.0%+10.7%+209%−63.6%−2.7%−37.1%−28.9%−14.6%+183%−62.3%−33.2%−36.0%+28.2%−11.4%−65.1%
LHX L3Harris Technologies, Inc.18 of 29+42.3%+1.9%+3.7%−0.5%+15.0%−2.8%+49.2%−3.4%+40.8%+20.7%+24.0%+5.5%+46.7%+40.3%−18.4%−2.7%+31.5%−38.4%+38.0%+7.5%+40.3%+64.0%+46.1%−13.0%+0.2%+15.4%+4.6%−18.1%+36.6%
KTOS Kratos Defense & Security Solutions, Inc.11 of 26+188%+30.0%+96.6%−46.8%−29.3%+52.3%+27.8%+33.1%+43.1%+80.5%−18.3%−34.6%+52.7%−15.8%−54.7%+24.8%−24.6%−40.4%−17.5%−44.1%−46.0%−36.5%+147%−10.7%−81.4%−16.9%———
BWXT BWX Technologies, Inc.8 of 15+56.4%+46.5%+33.9%+23.3%−19.4%−1.5%+64.5%−36.1%+53.6%+26.2%+48.2%−10.2%+32.0%+8.9%−5.6%——————————————
AVAV AeroVironment, Inc.9 of 18+57.2%+22.1%+47.1%+38.1%−28.6%+40.8%−9.1%+21.0%+109%−9.0%+8.2%−6.5%+34.0%−30.9%+17.3%−7.7%−21.0%+52.1%———————————
AAL American Airlines Group Inc.7 of 20−12.0%+26.9%+8.0%−29.2%+13.9%−44.8%−9.6%−37.7%+12.4%+11.5%−20.3%+113%+87.0%+166%−49.4%+107%−37.5%−47.4%−72.7%+45.0%—————————
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Risk and diversification

How BA 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 BA's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BA's five deepest drawdowns since it began trading in 1986, 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 BA fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBA fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Covid crash−77.9%−16.4%Mar 2019Mar 202012 monthsNot yet—
2008 financial crisis−71.5%−52.2%Jul 2007Mar 200920 monthsApr 20134.1 years
Dot-com bust−62.8%−34.5%Dec 2000Mar 20032.3 yearsJun 20052.3 years
No named crash−47.8%+4.4%Jul 1997Oct 199815 monthsSep 200023 months
No named crash−42.0%—Jul 1990Nov 19922.3 yearsApr 19952.4 years

How did BA do in stock market crashes?

This section measures how far BA, 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 BA.

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
BA This pageThe Boeing Company—−2.9%−48.7%−71.9%−24.7%−5.7%−26.8%−20.5%−1.8%−70.0%−57.1%
SPY S&P 500State Street SPDR S&P 500 ETF7 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
DCO Ducommun Incorporated4 of 10−6.6%−30.7%−70.8%−23.5%−7.4%−49.3%−38.0%−5.1%−72.2%−44.1%
MOG-A Moog Inc.5 of 10−6.4%−21.3%−61.7%−20.0%−9.2%−42.3%−29.1%−4.3%−62.9%−38.2%
RTX RTX Corporation6 of 10−1.5%−21.9%−50.5%−27.7%−7.1%−15.4%−23.1%−2.5%−52.0%−52.1%
AER AerCap Holdings N.V.2 of 9−8.3%−44.6%−75.9%−36.0%−4.0%−47.3%−30.0%−3.3%−93.6%—
LMT Lockheed Martin Corporation8 of 10−0.8%−16.9%−35.9%−29.4%−5.2%−8.5%−17.3%−1.9%−50.5%−24.5%
GD General Dynamics Corporation5 of 10−3.6%−15.3%−43.2%−28.4%−7.1%−18.1%−21.8%−2.2%−61.0%−32.4%
HEI HEICO Corporation6 of 10−3.7%−18.8%−52.4%−22.6%−7.3%−14.6%−27.3%−3.0%−61.4%−53.9%
TDG TransDigm Group Incorporated5 of 9−8.1%−24.9%−61.7%−16.3%−8.1%−23.4%−20.6%−3.2%−51.7%—
NOC Northrop Grumman Corporation7 of 10−1.6%−11.2%−26.1%−29.0%−4.3%−9.1%−24.7%−2.7%−58.7%−27.6%
HXL Hexcel Corporation3 of 10−6.2%−19.6%−61.3%−21.0%−6.0%−29.2%−25.1%−3.5%−82.8%−86.7%
GE GE Aerospace3 of 10−2.8%−40.7%−51.5%−50.7%−7.6%−12.3%−22.1%−2.5%−82.7%−61.9%
HII Huntington Ingalls Industries, Inc.4 of 7−2.1%−13.0%−34.8%−32.0%−7.5%−13.4%−33.3%———
DAL Delta Air Lines, Inc.5 of 9−10.2%−37.4%−63.5%−21.0%−7.6%−22.0%−21.3%−0.2%−81.1%—
UAL United Airlines Holdings, Inc.4 of 9−10.0%−38.5%−73.4%−18.2%−4.1%−26.7%−20.2%−0.4%−93.0%—
TXT Textron Inc.3 of 10−8.1%−25.9%−54.5%−38.9%−6.0%−29.0%−39.9%−9.4%−94.7%−49.9%
HWM Howmet Aerospace Inc.3 of 10−8.5%−20.2%−64.8%−30.8%−16.0%−38.4%−43.5%0.0%−87.3%−58.3%
CW Curtiss-Wright Corporation6 of 10−4.4%−20.5%−47.8%−29.6%−9.6%−12.9%−19.3%−1.7%−59.2%−33.7%
DRS Leonardo DRS, Inc.2 of 10−4.6%−52.8%−62.7%−17.0%−7.6%−74.5%−56.4%−10.2%−78.2%−93.4%
LHX L3Harris Technologies, Inc.6 of 10−2.6%−22.2%−33.2%−26.3%−4.9%−19.9%−22.8%−2.9%−56.1%−45.2%
KTOS Kratos Defense & Security Solutions, Inc.2 of 10−3.1%−57.5%−51.1%−19.8%−7.4%−41.5%−47.3%−3.9%−80.6%−97.5%
BWXT BWX Technologies, Inc.3 of 7−3.1%−18.1%−40.1%−41.6%−6.2%−16.0%−31.1%———
AVAV AeroVironment, Inc.3 of 9−4.1%−31.7%−27.0%−42.2%−7.6%−28.1%−22.3%−3.0%−24.4%—
AAL American Airlines Group Inc.4 of 9−10.5%−41.3%−64.0%−31.6%−7.0%−23.3%−32.0%−0.2%−94.4%—
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How closely does BA 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 BA 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 BA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BA This pageThe Boeing Company93%152%0.611.42
DRS Leonardo DRS, Inc.125%4%27.820.66
NOC Northrop Grumman Corporation49%32%1.550.35
HEI HEICO Corporation118%85%1.391.15
CW Curtiss-Wright Corporation103%77%1.331.20
HWM Howmet Aerospace Inc.142%115%1.231.41
LMT Lockheed Martin Corporation58%48%1.220.52
BWXT BWX Technologies, Inc.82%68%1.210.87
MOG-A Moog Inc.119%101%1.181.20
TDG TransDigm Group Incorporated112%97%1.151.25
DCO Ducommun Incorporated128%112%1.141.32
LHX L3Harris Technologies, Inc.72%65%1.110.70
AVAV AeroVironment, Inc.120%114%1.050.90
RTX RTX Corporation94%91%1.020.89
GD General Dynamics Corporation68%68%1.000.71
KTOS Kratos Defense & Security Solutions, Inc.133%135%0.990.98
AER AerCap Holdings N.V.132%164%0.801.63
GE GE Aerospace85%106%0.801.21
HII Huntington Ingalls Industries, Inc.71%90%0.790.60
DAL Delta Air Lines, Inc.107%149%0.721.34
HXL Hexcel Corporation94%135%0.691.27
UAL United Airlines Holdings, Inc.107%158%0.681.41
TXT Textron Inc.103%155%0.661.33
AAL American Airlines Group Inc.70%199%0.351.53
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What diversifies BA?

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

ETFs

InvestmentCorrelation5Y returnSharpe2024202220212020201420082007200220011998199780/20 mix volatility80/20 mix annual return
BA The Boeing Company (this page)1.00−11.9%0.12−32.1%−5.4%−5.9%−33.9%−2.5%−50.1%−0.1%−13.4%−40.4%−32.5%−7.1%36.0%−3.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.40+119%1.48+15.9%+3.8%+17.8%−9.0%———————29.6%+1.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.26+225%1.34+29.8%+6.0%+18.0%+3.9%+8.1%−20.8%−7.4%————29.5%+3.2%
GCOW InternationalPacer Global Cash Cows Dividend ETF0.45+93.4%1.04+3.5%+5.5%+14.6%−4.3%———————30.3%+0.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.30+101%1.04+33.4%+10.4%+23.1%−13.4%+23.8%——————29.8%+1.2%
HDV Dividend & IncomeiShares Core High Dividend ETF0.34+83.3%1.00+14.1%+7.1%+19.6%−6.5%+12.6%——————29.9%+0.5%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.41+62.9%0.99+18.8%−5.6%+19.7%+2.6%———————29.5%+0.3%
EWP Broad MarketiShares MSCI Spain ETF0.47+140%0.97+5.7%−5.2%+0.2%−4.0%−6.3%−36.8%+20.9%−13.6%−9.2%+50.5%+23.9%30.8%+2.0%
SMH TechnologyVanEck Semiconductor ETF0.43+323%0.97+39.1%−33.5%+42.1%+55.5%+30.2%−44.7%+6.0%−47.0%−14.6%——32.4%+5.0%

Stocks

InvestmentCorrelation5Y returnSharpe2024202220212020201420082007200220011998199780/20 mix volatility80/20 mix annual return
BA The Boeing Company (this page)1.00−11.9%0.12−32.1%−5.4%−5.9%−33.9%−2.5%−50.1%−0.1%−13.4%−40.4%−32.5%−7.1%36.0%−3.3%
CAH Medical - DistributionCardinal Health, Inc.0.12+479%1.55+19.0%+54.1%−0.4%+10.1%+23.0%−39.6%−9.8%−8.3%−2.5%+51.7%+29.1%29.9%+5.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.28+3,143%1.47+215%+1.3%+37.9%−2.4%+12.9%−20.5%−25.7%−65.1%−25.6%——34.0%+16.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.19+1,636%1.46+107%+17.0%+89.0%+6.7%−10.4%−15.2%+2.1%−9.4%+73.7%−9.5%—31.8%+13.1%
MCK Medical - DistributionMcKesson Corporation0.00+413%1.44+23.7%+51.8%+44.2%+27.1%+29.3%−40.4%+29.7%−27.2%+4.9%+46.9%+96.3%29.3%+4.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.03+690%1.41−4.0%+86.6%+61.0%−27.4%+0.4%——————29.3%+7.5%
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Common questions

What was BA's worst drawdown?

BA's deepest decline since it began trading in 1986 was 77.9%, from March 2019 to March 2020. It has not yet climbed back to that peak.

What were BA's best and worst years?

Over 29 full calendar years, BA's best year was 2017, when it returned 94.7%. Its worst was 2008, with a return of -50.1%.

Is there a better investment than BA?

Among BA's popular alternatives, TDG, HEI and RTX earned more than BA with less volatility over the past 5 years. TDG returned 16.4% a year at 28.0% volatility, against a loss of 2.5% a year at 36.8%. Looking beyond its popular alternatives, ESLT (aerospace & defense) and DE (industrial machinery) earned more than BA with less volatility over the past 5 years. ESLT returned 39.8% a year at 34.6% volatility, against a loss of 2.5% a year at 36.8%.

Is BA more volatile than the S&P 500?

Yes. BA's volatility over the past 5 years was 36.8%, 2.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BA's return lands within 36.8% 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 BA's Sharpe ratio?

BA's Sharpe ratio over the past 5 years was 0.12, against 0.79 for the S&P 500, so BA 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 BA with the S&P 500?

Over the past 5 years, BA's monthly returns had a correlation of 0.55 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 BA instead: the lower it is, the more that option would diversify a BA holding.

What are the best alternatives to BA?

Of the 23 popular alternatives we compared, 15 outperformed BA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DCO, MOG-A and RTX.

Did BA outperform the S&P 500?

BA finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +22.7%, against +17.7% for the index.

How did BA do in stock market crashes?

BA fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when BA fell 71.9% and the S&P 500 fell 33.7%.

What diversifies BA?

These had a low correlation with BA over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.40), DXJ (correlation 0.26) and GCOW (correlation 0.45); among large stocks, CAH (correlation 0.12), CLS (correlation 0.28) and FIX (correlation 0.19). A correlation near zero means the two have moved largely independently.

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