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Relative Intelligence · Tobacco

How British American Tobacco p.l.c. (BTI) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BTI alone. It places BTI (British American Tobacco p.l.c.) against 9 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 BTI stands in the market, and of the alternatives worth a closer look.

Period covered: BTI'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 BTI →Chart BTI vs. 9 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in BTI over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BTI over the same span and BTI'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. 144 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of BTI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • AMZN$11M+114,749% total · +27.5% a year
  • MU$629,766+6,198% total · +15.4% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • BTI$388,024+3,780% total · +13.4% a year
  • MO$372,045+3,620% total · +13.3% a year
  • STZ$228,856+2,189% total · +11.4% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • DEO$61,057+511% total · +6.4% 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. 654 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BTI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • DXJ$32,976+230% total · +27.0% a year
  • MPLX$30,642+206% total · +25.1% a year
  • ABBV$29,134+191% total · +23.8% a year
  • PM$25,119+151% total · +20.2% a year
  • KOF$23,968+140% total · +19.1% a year
  • BTI$22,055+121% total · +17.1% a year
  • MO$21,729+117% total · +16.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • XLP$13,362+33.6% total · +6.0% a year
  • TPB$12,750+27.5% total · +5.0% a year
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BTI 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
$128B
Industry
Tobacco
Price history from
October 1986

Returns

Past 1 year
+22.5%total return
Past 3 years
+148%+35.3% a year
Past 5 years
+136%+18.7% a year
Past 10 years
+98.2%+7.1% a year
Best calendar year
+70.2%2000
Worst calendar year
−49.5%2018
Losing years
5 of 29full calendar years

Risk

Volatility
22.0%typical yearly swing, 5 years
Sharpe ratio
0.90return per unit of risk, 5 years
Worst decline ever
−60.8%Jan 1999 to Mar 2000
From its all-time high
−8.7%below the peak

BTI against the whole market

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

How does BTI rank among all stocks?

This section ranks BTI 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 BTI 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.

MeasureBTIRankStanding
1-year return+22.5%1,169 of 3,287top 36%
3-year return+148%616 of 3,017top 20%
5-year return+136%502 of 2,893top 17%
10-year return+98.2%1,346 of 2,202bottom 40%
Volatility, 5 years22.0%148 of 2,893top 5%
Sharpe ratio, 5 years0.90174 of 2,893top 6%
Worst decline, past 10 years−56.1%719 of 2,187top 33%

What has beaten BTI 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). BTI sits where the dashed lines cross. Anything in the green box above and to the left earned more than BTI 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 BTI; faint dots are 1 more of the 5 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%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BTISDCI: +20.6% a year, volatility 18.4%BTI: +18.7% a year, volatility 22.0%SPY (S&P 500): +12.7% a year, volatility 17.1%PM: +21.0% a year, volatility 23.4%XLP: +7.2% a year, volatility 13.8%CCEP: +19.7% a year, volatility 23.2%KOF: +22.3% a year, volatility 24.7%KDP: +2.5% a year, volatility 22.1%DXJ: +26.6% a year, volatility 19.1%ABBV: +26.1% a year, volatility 23.4%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%BTISPY (S&P 500)PMXLPKOFKDPDXJABBVMPLXDBJPTRVCAHLLYNHC10.0%15.0%20.0%25.0%30.0%35.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BTISDCI: +20.6% a year, volatility 18.4%BTI: +18.7% a year, volatility 22.0%SPY (S&P 500): +12.7% a year, volatility 17.1%PM: +21.0% a year, volatility 23.4%XLP: +7.2% a year, volatility 13.8%CCEP: +19.7% a year, volatility 23.2%KOF: +22.3% a year, volatility 24.7%KDP: +2.5% a year, volatility 22.1%DXJ: +26.6% a year, volatility 19.1%ABBV: +26.1% a year, volatility 23.4%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%BTISPY (S&P 500)XLPCCEPKOFKDPDXJABBVMPLXDBJPTRVCAHLLYNHC
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than BTI?

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

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

Screen the whole market against BTI for any period in BetterThanSPYOpen these 14 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 BTI?lower diversifies moreExpenseper year
BTIBritish American Tobacco p.l.c. · this page
+18.7%22.0%0.90−56.1%+98.2%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.200.09%
Popular alternativesbest 2 shownThe investments people most often weigh against BTI. 2 of 9 passed at least one test.
PMPhilip Morris International Inc. · Tobacco
Higher return in most periods+21.0%23.4%0.94−42.9%+242%0.56—
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Smaller losses in recent crashes+7.2%13.8%0.57−24.5%+121%0.480.08%
Same and neighboring categories, and shared themesbest 3 shownEverything else in Tobacco and the categories next to it (Alcoholic Beverages, Food & Beverages), plus BTI's specific themes. 3 of 26 passed at least one test.
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Higher return in most periods+19.7%23.2%0.90−48.8%+292%0.34—
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Higher return in most periods+22.3%24.7%0.94−55.1%+119%0.10—
KDPKeurig Dr Pepper Inc. · Food & Beverages
Smaller losses in recent crashes+2.5%22.1%0.23−36.9%+281%0.24—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 166 of 3,598 passed at least one test.
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.220.48%
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.25—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatilityHigher return in most periods+23.5%18.8%1.22−75.2%+350%0.41—
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.9%19.2%1.09−31.3%+348%0.100.45%
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.46—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.29—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.02—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.21—
What these numbers mean for BTI
Annual return
BTI returned 18.7% 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 $23,600. 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
BTI's volatility over the past 5 years was 22.0%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BTI's return lands within 22.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
BTI's Sharpe ratio over the past 5 years was 0.90, against 0.79 for the S&P 500, so BTI earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
BTI's worst fall from a peak to a low over the past 10 years was 56.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 56.1% fall takes a 128% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BTI's monthly returns had a correlation of 0.20 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 BTI instead: the lower it is, the more that option would diversify a BTI holding. Guide: Correlation and diversification →
Show all 5 stocks and funds worth at least $500 million that earned more than BTI with less volatility

Out of 3,633 tested over 5 years. The strongest 4 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BTIExpense
1
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.220.48%
2
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.41—
3
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.100.45%
4
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.280.80%

BTI against its popular alternatives

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

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

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

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBTI: 18.7% a year, volatility 22.0%SPY (S&P 500): 12.7% a year, volatility 17.1%TPB: 7.4% a year, volatility 43.1%DEO: −11.9% a year, volatility 25.6%BUD: 9.7% a year, volatility 25.0%STZ: −7.8% a year, volatility 25.4%TAP: 0.9% a year, volatility 26.0%UVV: 2.0% a year, volatility 24.8%PM: 21.0% a year, volatility 23.4%MO: 17.8% a year, volatility 21.4%XLP: 7.2% a year, volatility 13.8%BTISPY (S&P 500)TPBDEOBUDSTZTAPUVVPMMOXLP10.0%20.0%30.0%40.0%50.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBTI: 18.7% a year, volatility 22.0%SPY (S&P 500): 12.7% a year, volatility 17.1%TPB: 7.4% a year, volatility 43.1%DEO: −11.9% a year, volatility 25.6%BUD: 9.7% a year, volatility 25.0%STZ: −7.8% a year, volatility 25.4%TAP: 0.9% a year, volatility 26.0%UVV: 2.0% a year, volatility 24.8%PM: 21.0% a year, volatility 23.4%MO: 17.8% a year, volatility 21.4%XLP: 7.2% a year, volatility 13.8%BTISPY (S&P 500)TPBDEOBUDSTZTAPUVVPMMOXLP
All figures
InvestmentAnnual returnVolatility
PM Philip Morris International Inc.+21.0%23.4%
BTI This pageBritish American Tobacco p.l.c.+18.7%22.0%
MO Altria Group, Inc.+17.8%21.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BUD Anheuser-Busch InBev SA/NV+9.7%25.0%
TPB Turning Point Brands, Inc.+7.4%43.1%
XLP State Street Consumer Staples Select Sector SPDR ETF+7.2%13.8%
UVV Universal Corporation+2.0%24.8%
TAP Molson Coors Beverage Company+0.9%26.0%
STZ Constellation Brands, Inc.−7.8%25.4%
DEO Diageo plc−11.9%25.6%
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Has BTI consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than BTI 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
BTI British American Tobacco p.l.c. (this page)—+7.7%−3.9%+6.7%+9.2%+22.5%+148%+136%+98.2%22.0%0.90−56.1%—$128B—
PM QualifiedPhilip Morris International Inc.4/5 short2/3 long+7.5%+4.6%+29.0%+27.9%+30.9%+144%+159%+242%23.4%0.94−42.9%—$312B—
TPB TobaccoTurning Point Brands, Inc.0/5 short2/3 long+5.1%−20.0%−23.6%−41.4%−26.2%+206%+43.2%+441%43.1%0.39−72.8%—$1.3B—
MO TobaccoAltria Group, Inc.5/5 short1/3 long+8.9%+1.6%+19.1%+36.6%+23.7%+118%+126%+140%21.4%0.88−53.7%—$125B—
XLP Consumer StaplesState Street Consumer Staples Select Sector SPDR ETF3/5 short1/3 long+7.1%+4.1%+7.9%+15.1%+13.2%+41.5%+41.4%+121%13.8%0.57−24.5%0.08%$15B—
DEO Beverages - AlcoholicDiageo plc4/5 short0/3 long+9.0%+11.5%+15.2%+9.7%−2.4%−32.5%−46.8%+11.7%25.6%-0.37−63.4%—$52B—
BUD Beverages - AlcoholicAnheuser-Busch InBev SA/NV4/5 short0/3 long+6.9%+3.1%+12.3%+32.7%+36.7%+66.6%+58.7%−20.0%25.0%0.50−69.8%—$166B—
STZ Beverages - AlcoholicConstellation Brands, Inc.2/5 short0/3 long+12.1%−0.4%−15.7%−4.0%−3.3%−38.5%−33.2%−6.6%25.4%-0.19−56.0%—$22B—
TAP Beverages - AlcoholicMolson Coors Beverage Company1/5 short0/3 long+7.0%−2.3%−7.1%−12.3%−9.9%−23.7%+4.6%−51.6%26.0%0.17−67.0%—$7.5B—
UVV TobaccoUniversal Corporation0/5 short0/3 long−6.7%−24.1%−20.5%−19.4%−20.6%+4.0%+10.5%+25.6%24.8%0.21−45.7%—$987M—
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How did BTI do year by year?

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

InvestmentYears ahead of BTI20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
BTI This pageBritish American Tobacco p.l.c.—+66.4%+35.5%−19.9%+14.2%+7.8%−4.7%+42.8%−49.5%+24.5%+5.8%+6.8%+4.9%+10.5%+11.3%+27.9%+26.0%+28.4%−30.0%+44.1%+30.3%+35.7%+31.2%+49.6%+22.2%+13.9%+70.2%−38.0%+26.9%+22.9%
Rank among alternativesTop quarter in 13 of 292 of 103 of 1010 of 102 of 107 of 106 of 101 of 1010 of 104 of 105 of 98 of 96 of 98 of 96 of 92 of 94 of 93 of 83 of 71 of 72 of 71 of 73 of 71 of 71 of 72 of 72 of 76 of 72 of 66 of 6
SPY S&P 500State Street SPDR S&P 500 ETF11 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%
PM Philip Morris International Inc.8 of 17+38.0%+34.3%−1.8%+12.3%+20.8%+3.7%+35.0%−33.3%+19.9%+8.6%+13.4%−2.1%+8.5%+9.5%+39.8%+27.2%+16.5%————————————
TPB Turning Point Brands, Inc.6 of 9+81.0%+130%+23.0%−42.2%−14.8%+57.1%+5.6%+29.5%+72.9%————————————————————
MO Altria Group, Inc.13 of 29+18.2%+40.8%−3.7%+4.4%+24.2%−10.2%+7.9%−27.1%+9.4%+20.4%+23.1%+34.5%+28.4%+11.8%+27.7%+34.0%+40.3%−31.6%+22.3%+19.7%+27.7%+18.2%+42.9%−6.9%+9.3%+105%−54.5%+22.6%+23.6%
XLP State Street Consumer Staples Select Sector SPDR ETF8 of 27+1.5%+12.2%−0.8%−0.8%+17.2%+10.1%+27.4%−8.1%+13.0%+5.0%+6.8%+15.7%+26.3%+10.7%+14.0%+13.8%+14.3%−15.0%+12.7%+14.5%+2.8%+7.6%+11.0%−20.1%−9.9%+25.5%−14.3%——
DEO Diageo plc10 of 29−29.3%−10.1%−16.3%−17.4%+41.7%−3.3%+21.4%−0.4%+44.2%−1.9%−1.4%−11.4%+16.3%+37.0%+21.6%+11.0%+27.5%−31.6%+11.7%+40.7%+4.6%+13.8%+25.7%−2.2%+8.1%+44.9%−28.5%+24.9%+38.6%
BUD Anheuser-Busch InBev SA/NV6 of 16+30.5%−21.3%+9.0%+0.1%−12.7%−14.0%+27.7%−38.8%+9.6%−12.7%+14.9%+8.4%+25.6%+46.5%+8.8%+10.9%—————————————
STZ Constellation Brands, Inc.15 of 29−36.0%−7.1%+5.8%−6.4%+16.1%+17.4%+19.8%−28.7%+50.7%+8.7%+46.2%+39.5%+98.9%+71.2%−6.7%+39.0%+1.1%−33.3%−18.5%+10.6%+12.8%+41.3%+38.8%+10.7%+46.0%+14.9%−11.7%+4.5%+94.0%
TAP Molson Coors Beverage Company10 of 29−15.5%−3.4%+22.1%+14.4%+4.1%−15.2%−0.4%−29.9%−14.1%+5.4%+28.7%+35.7%+34.6%+1.3%−10.7%+13.9%−5.7%−3.8%+37.0%+16.4%−9.7%+36.6%−7.0%+16.3%−32.5%+54.9%−5.8%+72.5%+78.4%
UVV Universal Corporation10 of 29+2.3%−13.4%+35.8%+1.8%+19.6%−9.0%+11.1%+7.8%−14.8%+18.0%+33.1%−16.2%+13.6%+13.2%+18.4%−7.0%+61.0%−39.5%+7.8%+18.2%−5.8%+11.9%+23.8%+5.4%+7.8%+62.5%−32.2%−12.1%+32.2%
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Risk and diversification

How BTI 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 BTI's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BTI'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 BTI fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBTI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−60.8%+12.6%Jan 1999Mar 200014 monthsAug 200117 months
Late-2018 sell-off−56.1%−3.0%Jun 2017Mar 20202.8 yearsFeb 20254.9 years
2008 financial crisis−42.7%−39.5%Apr 2008Mar 200911 monthsSep 201018 months
No named crash−42.5%—Jul 1989Sep 199014 monthsApr 19932.6 years
No named crash−39.4%—Oct 1987Jan 19883 monthsJul 198918 months

How did BTI do in stock market crashes?

This section measures how far BTI, 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 BTI.

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
BTI This pageBritish American Tobacco p.l.c.—−2.3%−21.0%−36.6%−33.0%−8.2%−14.5%−11.6%−2.0%−41.7%−20.5%
SPY S&P 500State Street SPDR S&P 500 ETF5 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
PM Philip Morris International Inc.5 of 8−2.4%−22.8%−31.9%−26.1%−4.6%−10.0%−13.6%−1.2%——
TPB Turning Point Brands, Inc.1 of 5−9.1%−47.9%−43.2%−37.8%−6.9%—————
MO Altria Group, Inc.7 of 10−0.4%−25.8%−31.6%−26.6%−7.7%−8.5%−7.6%0.0%−38.6%−35.8%
XLP State Street Consumer Staples Select Sector SPDR ETF9 of 10−1.4%−16.3%−24.3%−13.5%−5.1%−9.2%−10.7%−0.6%−32.4%−32.9%
DEO Diageo plc5 of 10−0.5%−24.7%−36.2%−8.3%−4.9%−12.9%−12.9%−0.8%−53.2%−22.3%
BUD Anheuser-Busch InBev SA/NV3 of 8−1.3%−33.1%−52.2%−28.1%−7.7%−14.8%−16.2%−2.2%——
STZ Constellation Brands, Inc.4 of 10−3.8%−16.3%−49.3%−31.1%−3.3%−12.4%−22.5%−5.5%−58.4%−30.2%
TAP Molson Coors Beverage Company2 of 10−4.2%−20.7%−36.9%−16.6%−8.5%−12.1%−17.0%−2.0%−43.6%−45.4%
UVV Universal Corporation5 of 10−1.6%−28.8%−24.1%−21.8%−2.7%−9.9%−13.8%−6.7%−59.9%−25.5%
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How closely does BTI 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 BTI 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 BTI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BTI This pageBritish American Tobacco p.l.c.51%67%0.760.55
PM Philip Morris International Inc.70%60%1.170.58
TPB Turning Point Brands, Inc.102%89%1.150.78
MO Altria Group, Inc.51%51%1.010.53
XLP State Street Consumer Staples Select Sector SPDR ETF53%60%0.890.55
UVV Universal Corporation51%86%0.590.66
DEO Diageo plc46%94%0.480.61
STZ Constellation Brands, Inc.48%111%0.440.79
BUD Anheuser-Busch InBev SA/NV51%125%0.401.04
TAP Molson Coors Beverage Company23%103%0.230.75
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What diversifies BTI?

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

ETFs

InvestmentCorrelation5Y returnSharpe2023202020182008199980/20 mix volatility80/20 mix annual return
BTI British American Tobacco p.l.c. (this page)1.00+136%0.90−19.9%−4.7%−49.5%−30.0%−38.0%22.2%+17.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.22+225%1.34+42.0%+3.9%−19.8%−20.8%—18.5%+19.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.46+101%1.04+8.0%−13.4%−8.7%——19.3%+17.2%
SMH TechnologyVanEck Semiconductor ETF-0.07+323%0.97+73.4%+55.5%−9.1%−44.7%—18.6%+22.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.27+85.0%0.96+20.1%+2.1%−9.5%——18.5%+16.9%
GLD CommoditiesSPDR Gold Shares0.13+126%0.96+12.7%+24.8%−1.9%+4.9%—18.5%+18.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.22+136%0.93+17.6%+28.2%−0.9%——19.1%+18.6%
XLE EnergyState Street Energy Select Sector SPDR ETF0.39+177%0.93−0.6%−32.7%−18.2%−39.0%+18.1%20.4%+18.9%
VTV Broad MarketVanguard Morningstar Value ETF0.48+76.6%0.90+9.3%+2.3%−5.5%−35.9%—19.3%+16.5%

Stocks

InvestmentCorrelation5Y returnSharpe2023202020182008199980/20 mix volatility80/20 mix annual return
BTI British American Tobacco p.l.c. (this page)1.00+136%0.90−19.9%−4.7%−49.5%−30.0%−38.0%22.2%+17.1%
CAH Medical - DistributionCardinal Health, Inc.0.29+479%1.55+34.1%+10.1%−24.5%−39.6%−36.8%20.0%+21.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.12+3,143%1.47+160%−2.4%−16.3%−20.5%+350%22.4%+35.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.20+1,636%1.46+79.6%+6.7%+0.8%−15.2%−58.7%21.4%+30.9%
MCK Medical - DistributionMcKesson Corporation0.22+413%1.44+24.1%+27.1%−28.4%−40.4%−71.3%19.5%+21.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.17+690%1.41+30.4%−27.4%−8.2%——19.9%+24.0%
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Common questions

What was BTI's worst drawdown?

BTI's deepest decline since it began trading in 1986 was 60.8%, from January 1999 to March 2000. It took 17 months from the low to climb back to its old high.

What were BTI's best and worst years?

Over 29 full calendar years, BTI's best year was 2000, when it returned 70.2%. Its worst was 2018, with a return of -49.5%.

Is there a better investment than BTI?

Among BTI's popular alternatives, PM was ahead of BTI in most short and long periods. Looking beyond its popular alternatives, CCEP (food & beverages) and KOF (food & beverages) were ahead of BTI in most short and long periods.

Is BTI more volatile than the S&P 500?

Yes. BTI's volatility over the past 5 years was 22.0%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BTI's return lands within 22.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is BTI's Sharpe ratio?

BTI's Sharpe ratio over the past 5 years was 0.90, against 0.79 for the S&P 500, so BTI earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is BTI with the S&P 500?

Over the past 5 years, BTI's monthly returns had a correlation of 0.20 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 BTI instead: the lower it is, the more that option would diversify a BTI holding.

What are the best alternatives to BTI?

Of the nine popular alternatives we compared, one outperformed BTI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PM.

Did BTI outperform the S&P 500?

BTI finished ahead of the S&P 500 (SPY) in 18 of 29 full calendar years. In 2025, it returned +66.4%, against +17.7% for the index.

How did BTI do in stock market crashes?

BTI fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in five. The clearest case was the dot-com bust, when BTI fell 20.5% and the S&P 500 fell 47.5%.

What diversifies BTI?

These had a low correlation with BTI over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.22), EMLP (correlation 0.46) and SMH (correlation -0.07); among large stocks, CAH (correlation 0.29), CLS (correlation 0.12) and FIX (correlation 0.20). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to BTI

Other stocks and ETFs