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

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

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

## Key findings

- **Right now:** BA has gone against the market, falling 15.4% over the past 6 months while the S&P 500 rose 9.1%. BA is 55.7% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record.
- **Stock or market?:** Not a move of its own: the aerospace & defense ETF ITA (iShares U.S. Aerospace & Defense ETF) fell 10.0% over the past 3 months, with GE (GE Aerospace, down 12.0%) and GD (General Dynamics, down 6.6%), while the S&P 500 rose 3.9%. Its aerospace & defense peers did not move as one over the past 3 months: LMT (Lockheed Martin) rose 8.4%, while HWM (Howmet Aerospace) fell 22.1%.
- **Past 1 to 3 years:** Over the past year, BA fell 12.2% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (5.8% against 89.3%).
- **Long term:** BA turned $10,000 into $15,200 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** Across seven sell-offs, BA has typically fallen 1.6 times as far as the S&P 500. In the Covid crash, BA fell 71.9%, against 33.7% for the S&P 500, and more than aerospace & defense peers such as GE (GE Aerospace, 51.5%).
- **Diversification:** Against the S&P 500, BA has a correlation of 0.55 over 5 years, more closely than 82% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years, BA's beta versus the S&P 500 was 1.42: in the S&P 500's rising months it gained 93% as much as the index, and in falling months it lost 1.5 times as much.
- **Better options**
  - **Popular alternatives:** TDG (TransDigm Group), HEI (HEICO) 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%.
  - **Nearby categories and themes:** ESLT (Elbit Systems, aerospace & defense) and DE (Deere & Company, 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%.
  - **Whole market:** 1,812 of the 3,633 stocks and funds worth at least $500 million earned more than BA with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and MSFT (Microsoft).

## 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.

- $10,000 invested in BA at the end of September 1997 would have grown to $54,496 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of BA, and HEI finished highest, at $1,347,388.

## 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.

- BA is still 55.7% below its all-time high.
- 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.
- Over 29 full calendar years, BA's best was 2017, when it returned 94.7%, and its worst was 2008, when it lost 50.1%. It lost money in 11 of those years.

- Type: Stock, Industrials (Aerospace & Defense)
- Trading since: October 17, 1986
- Market value: $151B
- Volatility (5 years): 36.8%; Sharpe ratio: 0.12
- Worst decline ever: −77.9%, from March 1, 2019 to March 20, 2020; not yet back at its high

| Period | BA total return |
| --- | --- |
| 1 month | −5.3% |
| 3 months | −9.1% |
| 6 months | −15.4% |
| year to date | −16.4% |
| 1 year | −12.2% |
| 3 years | +5.8% |
| 5 years | −11.9% |
| 10 years | +52.4% |

## 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.

- BA lands in the broad middle of the market on every measure here. BA is among the steadier stocks: its price swings rank in the top 43% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | BA | Rank |
| --- | --- | --- |
| 1-year return | −12.2% | 2,409 of 3,287 (top 74%) |
| 3-year return | +5.8% | 2,234 of 3,017 (top 75%) |
| 5-year return | −11.9% | 1,901 of 2,893 (top 66%) |
| 10-year return | +52.4% | 1,570 of 2,202 (top 72%) |
| Volatility, 5 years | 36.8% | 1,255 of 2,893 (top 44%) |
| Sharpe ratio, 5 years | 0.12 | 2,075 of 2,893 (top 72%) |
| Worst decline, past 10 years | −77.9% | 1,559 of 2,187 (top 72%) |

### 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).

- 875 stocks and 937 ETFs worth at least $500 million sit in the green region: each earned more than BA over the past 5 years with smaller price swings. That is 50% of the 3,633 screened.
- Among those with at least half BA's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 33% less than BA's 36.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.12 for BA. MPC earned the most, 51.2% a year, while still swinging less than BA (33.4% against 36.8%).
- Among BA's popular alternatives, HWM, GE and MOG-A are in the region. HWM earned 47.3% a year against a loss of 2.5% a year for BA, at 32.5% volatility, 12% less than BA's 36.8%.

### Is there a better investment than BA?

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.

- 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%.
- Across the whole market, 1,812 of the 3,633 stocks and funds worth at least $500 million earned more than BA with less volatility over the past 5 years, among them AAPL, GOOG and MSFT.

The 15 strongest of 1,812 investments that beat BA over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with BA | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BA: The Boeing Company (this page) |  | −2.5% | 36.8% | 0.12 | −77.9% | +52.4% |  |  |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [GOOG](https://easycompare.io/research/goog): Alphabet Inc. | Internet Services | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MSFT](https://easycompare.io/research/msft): Microsoft Corporation | Software | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | -0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.56 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.55 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | Integrated Oil & Gas | +27.1% | 26.5% | 1.04 | −61.0% | +214% | 0.00 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | Banks | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [V](https://easycompare.io/research/v): Visa Inc. | Payment Processing | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | Integrated Oil & Gas | +19.5% | 25.2% | 0.84 | −55.8% | +238% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [COST](https://easycompare.io/research/cost): Costco Wholesale Corporation | Discount Retail | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## 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.

- 17 of the 23 popular alternatives, led by HWM, MOG-A and GE, were both more rewarding and calmer than BA over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BA returned -2.5% a year, less than the S&P 500's 12.7%, with higher volatility (36.8% against 17.1%).

### 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.

- 15 of the 23 popular alternatives, led by DCO, MOG-A and RTX, outperformed BA in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- DCO, MOG-A and RTX outperformed BA in every long-term period and in all but one short-term period, the most consistent record in the group.
- HWM, MOG-A and CW earned more for the risk they took than BA (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of BA | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BA: The Boeing Company (this page) | −12.2% | +5.8% | −11.9% | +52.4% |  |  | 0.12 |
| DCO: Ducommun Incorporated | +74.1% | +261% | +236% | +706% | 5/5 short-term, 3/3 long-term | all-weather | 0.88 |
| MOG-A: Moog Inc. | +77.4% | +228% | +375% | +595% | 5/5 short-term, 3/3 long-term | all-weather | 1.14 |
| [RTX](https://easycompare.io/research/rtx): RTX Corporation | +22.1% | +183% | +135% | +317% | 5/5 short-term, 3/3 long-term | all-weather | 0.83 |
| AER: AerCap Holdings N.V. | +20.6% | +155% | +133% | +263% | 5/5 short-term, 3/3 long-term | all-weather | 0.70 |
| [LMT](https://easycompare.io/research/lmt): Lockheed Martin Corporation | +11.3% | +33.8% | +69.0% | +204% | 5/5 short-term, 3/3 long-term | all-weather | 0.56 |
| [GD](https://easycompare.io/research/gd): General Dynamics Corporation | +4.0% | +55.4% | +83.3% | +184% | 5/5 short-term, 3/3 long-term | all-weather | 0.69 |
| [HEI](https://easycompare.io/research/hei): HEICO Corporation | −2.4% | +93.4% | +122% | +809% | 4/5 short-term, 3/3 long-term | all-weather | 0.71 |
| [TDG](https://easycompare.io/research/tdg): TransDigm Group Incorporated | −12.2% | +62.5% | +114% | +543% | 4/5 short-term, 3/3 long-term | all-weather | 0.69 |
| [NOC](https://easycompare.io/research/noc): Northrop Grumman Corporation | −9.8% | +15.6% | +44.5% | +188% | 4/5 short-term, 3/3 long-term | all-weather | 0.41 |
| HXL: Hexcel Corporation | +45.6% | +44.9% | +62.4% | +122% | 4/5 short-term, 3/3 long-term | all-weather | 0.46 |
| [GE](https://easycompare.io/research/ge): GE Aerospace | −0.4% | +261% | +366% | +139% | 3/5 short-term, 3/3 long-term | consistent | 1.15 |
| HII: Huntington Ingalls Industries, Inc. | −3.2% | +32.2% | +43.2% | +110% | 3/5 short-term, 3/3 long-term | consistent | 0.39 |
| [DAL](https://easycompare.io/research/dal): Delta Air Lines, Inc. | +25.5% | +146% | +97.6% | +109% | 3/5 short-term, 3/3 long-term | consistent | 0.54 |
| UAL: United Airlines Holdings, Inc. | −3.5% | +179% | +113% | +72.8% | 3/5 short-term, 3/3 long-term | consistent | 0.55 |
| TXT: Textron Inc. | −6.3% | +1.9% | +4.1% | +97.9% | 3/5 short-term, 2/3 long-term | consistent | 0.17 |
| [HWM](https://easycompare.io/research/hwm): Howmet Aerospace Inc. | +10.2% | +391% | +594% | +1,028% | 2/5 short-term, 3/3 long-term |  | 1.36 |
| CW: Curtiss-Wright Corporation | −11.6% | +148% | +283% | +512% | 2/5 short-term, 3/3 long-term |  | 1.08 |
| DRS: Leonardo DRS, Inc. | −14.2% | +82.9% | +228% | +3,294% | 1/5 short-term, 3/3 long-term |  | 0.77 |
| [LHX](https://easycompare.io/research/lhx): L3Harris Technologies, Inc. | −13.0% | +49.6% | +13.0% | +229% | 1/5 short-term, 3/3 long-term |  | 0.22 |
| KTOS: Kratos Defense & Security Solutions, Inc. | −55.0% | +127% | +71.3% | +515% | 0/5 short-term, 3/3 long-term |  | 0.47 |
| BWXT: BWX Technologies, Inc. | −35.0% | +79.8% | +145% | +289% | 0/5 short-term, 3/3 long-term |  | 0.70 |
| AVAV: AeroVironment, Inc. | −67.7% | +0.7% | +27.1% | +426% | 0/5 short-term, 2/3 long-term |  | 0.37 |
| AAL: American Airlines Group Inc. | −0.5% | +9.3% | −38.0% | −69.0% | 2/5 short-term, 1/3 long-term |  | 0.04 |

### 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.

- Among its popular alternatives, TDG came out ahead of BA most often, in 16 of the 19 years both traded.
- BA finished ahead of the S&P 500 in 17 of its 29 full calendar years.
- Ranked against its popular alternatives each year, BA finished in the top quarter in six of 29 years and in the bottom quarter in seven. In 2025, it ranked 16 of 24.

| Year | BA | SPY |
| --- | --- | --- |
| 2025 | +22.7% | +17.7% |
| 2024 | −32.1% | +24.9% |
| 2023 | +36.8% | +26.2% |
| 2022 | −5.4% | −18.2% |
| 2021 | −5.9% | +28.7% |
| 2020 | −33.9% | +18.3% |
| 2019 | +3.3% | +31.2% |
| 2018 | +11.5% | −4.6% |
| 2017 | +94.7% | +21.7% |
| 2016 | +11.3% | +12.0% |

## 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.

- In all four of BA's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BA fell 47.8% from July 1997 to October 1998, while the S&P 500 rose 4.4%.
- The slowest recovery came after BA fell 71.5% from July 2007 to March 2009; it did not regain that peak until April 2013, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −77.9% | March 1, 2019 | March 20, 2020 | not yet | −16.4% | Covid crash |
| −71.5% | July 25, 2007 | March 3, 2009 | April 26, 2013 | −52.2% | 2008 financial crisis |
| −62.8% | December 8, 2000 | March 31, 2003 | June 6, 2005 | −34.5% | dot-com bust |
| −47.8% | July 24, 1997 | October 8, 1998 | September 6, 2000 | +4.4% |  |
| −42.0% | July 11, 1990 | November 19, 1992 | April 12, 1995 | — |  |

### 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.

- BA fell further than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the Covid crash, when BA fell 71.9% and the S&P 500 fell 33.7%.
- Among its popular alternatives, LMT held up best, falling less than BA in eight of the ten crashes they both traded through.

| Crash | Dates | BA fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −57.1% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −70.0% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.8% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −20.5% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −26.8% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.7% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −24.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −71.9% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −48.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.9% | −3.4% |

### 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.

- 22 of the 23 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BA's 0.61, led by DRS, NOC and HEI.
- DRS took just 4% of the S&P 500's losses, against 152% for BA, while still keeping 125% of its gains.
- Over the past 10 years, BA captured 93% of the S&P 500's gains in rising months and 152% of its losses in falling months, with a beta of 1.42. Its share of the market's losses was larger than its share of the gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| BA: The Boeing Company (this page) | 93.0% | 152% | 1.42 |
| DCO: Ducommun Incorporated | 128% | 112% | 1.32 |
| MOG-A: Moog Inc. | 119% | 101% | 1.20 |
| [RTX](https://easycompare.io/research/rtx): RTX Corporation | 94.0% | 91.0% | 0.89 |
| AER: AerCap Holdings N.V. | 132% | 164% | 1.63 |
| [LMT](https://easycompare.io/research/lmt): Lockheed Martin Corporation | 58.0% | 48.0% | 0.52 |
| [GD](https://easycompare.io/research/gd): General Dynamics Corporation | 68.0% | 68.0% | 0.71 |
| [HEI](https://easycompare.io/research/hei): HEICO Corporation | 118% | 85.0% | 1.15 |
| [TDG](https://easycompare.io/research/tdg): TransDigm Group Incorporated | 112% | 97.0% | 1.25 |
| [NOC](https://easycompare.io/research/noc): Northrop Grumman Corporation | 49.0% | 32.0% | 0.35 |
| HXL: Hexcel Corporation | 94.0% | 135% | 1.27 |
| [GE](https://easycompare.io/research/ge): GE Aerospace | 85.0% | 106% | 1.21 |
| HII: Huntington Ingalls Industries, Inc. | 71.0% | 90.0% | 0.60 |
| [DAL](https://easycompare.io/research/dal): Delta Air Lines, Inc. | 107% | 149% | 1.34 |
| UAL: United Airlines Holdings, Inc. | 107% | 158% | 1.41 |
| TXT: Textron Inc. | 103% | 155% | 1.33 |
| [HWM](https://easycompare.io/research/hwm): Howmet Aerospace Inc. | 142% | 115% | 1.41 |
| CW: Curtiss-Wright Corporation | 103% | 77.0% | 1.20 |
| DRS: Leonardo DRS, Inc. | 125% | 4.0% | 0.66 |
| [LHX](https://easycompare.io/research/lhx): L3Harris Technologies, Inc. | 72.0% | 65.0% | 0.70 |
| KTOS: Kratos Defense & Security Solutions, Inc. | 133% | 135% | 0.98 |
| BWXT: BWX Technologies, Inc. | 82.0% | 68.0% | 0.87 |
| AVAV: AeroVironment, Inc. | 120% | 114% | 0.90 |
| AAL: American Airlines Group Inc. | 70.0% | 199% | 1.53 |

### 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).

- Moving a fifth of the money in BA into MCK would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (-3.3% for BA alone, +4.9% for the mix).
- MCK made money in nine of the 11 calendar years in which BA lost money.
- Among large ETFs, LVHI, DXJ and GCOW have moved largely independently of BA over the past 5 years, with correlations of 0.45 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with BA | 5Y return | Volatility | Sharpe | Rose in BA's 11 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.40 | +119% | 11.1% | 1.48 | 3 of 11 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.26 | +225% | 19.1% | 1.34 | 5 of 11 |
| GCOW: Pacer Global Cash Cows Dividend ETF | 0.45 | +93.4% | 13.6% | 1.04 | 3 of 11 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.30 | +101% | 14.5% | 1.04 | 4 of 11 |
| HDV: iShares Core High Dividend ETF | 0.34 | +83.3% | 13.0% | 1.00 | 4 of 11 |
| FTLS: First Trust Long/Short Equity ETF | 0.41 | +62.9% | 10.4% | 0.99 | 3 of 11 |
| EWP: iShares MSCI Spain ETF | 0.47 | +140% | 20.3% | 0.97 | 5 of 11 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.43 | +323% | 36.9% | 0.97 | 5 of 11 |

## 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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## Explore further

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