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Relative Intelligence · Building Products

How Carrier Global (CARR) compares with the whole market and its popular alternatives

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

Period covered: CARR's full trading record, from March 2020 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

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

Rank the market against CARR →Chart CARR vs. 23 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CARR over the past 6 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CARR over the same span and CARR's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: CARR began trading on March 19, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or five other sell-offs. It covers the most recent 6 years of CARR's record, starting at the end of September 2020.

From the end of September 2020 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,650 of the 3,321 stocks and funds worth at least $500 million that traded the whole period ended ahead of CARR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$50,000$100,000$150,0002020202120222023202420252026$0$50,000$100,000$150,0002020202220242026
  • EME$113,757+1,038% total · +50.0% a year
  • NVT$99,796+898% total · +46.7% a year
  • JCI$40,906+309% total · +26.5% a year
  • TT$40,240+302% total · +26.1% a year
  • WTS$37,025+270% total · +24.4% a year
  • CSL$28,172+182% total · +18.8% a year
  • SPY (S&P 500)$24,691+147% total · +16.3% a year
  • CARR$19,497+95.0% total · +11.8% a year
  • ITW$15,320+53.2% total · +7.4% a year
  • MAS$13,591+35.9% total · +5.2% a year
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CARR 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.

Note: CARR began trading on March 19, 2020, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or five other sell-offs.

The company

Market value
$46B
Industry
Industrial - Machinery
Price history from
March 2020

Returns

Past 1 year
−1.1%total return
Past 3 years
+21.2%+6.6% a year
Past 5 years
+11.6%+2.2% a year
Best calendar year
+45.3%2021
Worst calendar year
−22.7%2022
Losing years
2 of 5full calendar years

Risk

Volatility
32.3%typical yearly swing, 5 years
Sharpe ratio
0.23return per unit of risk, 5 years
Worst decline ever
−40.8%Aug 2021 to Oct 2022
From its all-time high
−30.2%below the peak

CARR against the whole market

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

How does CARR rank among all stocks?

This section ranks CARR 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 CARR 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.

MeasureCARRRankStanding
1-year return−1.1%2,026 of 3,287bottom 39%
3-year return+21.2%2,002 of 3,017bottom 35%
5-year return+11.6%1,570 of 2,893bottom 47%
Volatility, 5 years32.3%936 of 2,893top 32%
Sharpe ratio, 5 years0.231,767 of 2,893bottom 40%

What has beaten CARR 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). CARR sits where the dashed lines cross. Anything in the green box above and to the left earned more than CARR 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 CARR; faint dots are 93 more of the 1,200 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.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%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 CARRBALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%NVS: +17.1% a year, volatility 20.7%FLRT: +6.0% a year, volatility 2.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%VIG: +10.4% a year, volatility 14.1%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%MNST: +17.2% a year, volatility 24.9%VT: +10.3% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%RSG: +13.9% a year, volatility 18.5%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%FJAN: +11.1% a year, volatility 10.5%AEP: +12.4% a year, volatility 20.2%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%DYNF: +14.7% a year, volatility 17.5%CL: +7.2% a year, volatility 19.2%ICE: +5.4% a year, volatility 21.8%JEPI: +7.5% a year, volatility 11.0%ED: +12.0% a year, volatility 18.8%XLV: +8.4% a year, volatility 15.3%CHT: +7.7% a year, volatility 13.3%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%XEL: +6.5% a year, volatility 20.9%AVLV: +14.0% a year, volatility 16.9%HYGH: +6.6% a year, volatility 7.1%WCN: +6.1% a year, volatility 20.0%NI: +15.1% a year, volatility 20.3%WEC: +7.2% a year, volatility 19.0%DFAT: +9.6% a year, volatility 21.0%FTS: +8.4% a year, volatility 16.4%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%AEE: +7.9% a year, volatility 19.4%MGV: +12.6% a year, volatility 13.4%DTM: +24.5% a year, volatility 25.2%EXPD: +12.0% a year, volatility 27.1%USHY: +3.6% a year, volatility 7.4%EWJ: +9.2% a year, volatility 18.8%WTW: +6.9% a year, volatility 23.9%BUFR: +9.9% a year, volatility 10.5%RY: +17.3% a year, volatility 18.2%CIBR: +14.1% a year, volatility 26.1%CHD: +6.1% a year, volatility 21.1%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%JQUA: +13.6% a year, volatility 15.7%DIVO: +11.1% a year, volatility 11.9%SRLN: +4.7% a year, volatility 3.9%LNT: +7.3% a year, volatility 19.8%XLP: +7.2% a year, volatility 13.8%VPL: +9.5% a year, volatility 18.6%SGOV: +3.8% a year, volatility 0.3%MOAT: +9.1% a year, volatility 18.4%ACT: +20.5% a year, volatility 24.3%NOBL: +6.5% a year, volatility 14.5%NHC: +32.0% a year, volatility 28.5%QYLD: +8.4% a year, volatility 15.0%AAPL: +18.5% a year, volatility 28.0%DFAE: +8.3% a year, volatility 18.8%SCI: +7.5% a year, volatility 25.2%DBMF: +9.8% a year, volatility 12.4%USMC: +14.1% a year, volatility 16.4%RSPT: +16.9% a year, volatility 25.1%IDA: +8.8% a year, volatility 19.2%FTCS: +6.2% a year, volatility 13.2%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%IDMO: +13.3% a year, volatility 18.2%MSFT: +12.5% a year, volatility 28.2%FTLS: +10.2% a year, volatility 10.4%ICVT: +3.8% a year, volatility 14.1%OMFL: +9.0% a year, volatility 16.4%PTLC: +9.5% a year, volatility 11.8%SPUS: +15.0% a year, volatility 19.5%DIVI: +13.4% a year, volatility 15.5%AOR: +6.4% a year, volatility 10.7%XYLD: +7.4% a year, volatility 11.2%EQWL: +11.6% a year, volatility 15.0%BCI: +10.1% a year, volatility 16.7%CARR: +2.2% a year, volatility 32.3%SPY (S&P 500): +12.7% a year, volatility 17.1%TT: +22.7% a year, volatility 27.7%JCI: +17.4% a year, volatility 29.1%ITW: +6.7% a year, volatility 21.4%WTS: +15.3% a year, volatility 28.4%DOV: +4.4% a year, volatility 25.1%EME: +43.0% a year, volatility 35.3%TJX: +19.9% a year, volatility 22.3%PH: +27.4% a year, volatility 28.8%FSS: +23.3% a year, volatility 31.7%WAB: +25.6% a year, volatility 26.2%ETN: +20.4% a year, volatility 32.1%IEX: +2.7% a year, volatility 24.0%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%LLY: +40.7% a year, volatility 32.8%HYG: +3.1% a year, volatility 7.5%CAH: +42.1% a year, volatility 24.7%CARRSPY (S&P 500)TTJCIITWWTSDOVEMETJXPHFSSWABETNIEXVTIWMTBRK-BLVHILLYHYGCAH−10.0%0.0%10.0%20.0%30.0%40.0%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 CARRBALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%NVS: +17.1% a year, volatility 20.7%FLRT: +6.0% a year, volatility 2.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%VIG: +10.4% a year, volatility 14.1%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%MNST: +17.2% a year, volatility 24.9%VT: +10.3% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%RSG: +13.9% a year, volatility 18.5%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%FJAN: +11.1% a year, volatility 10.5%AEP: +12.4% a year, volatility 20.2%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%DYNF: +14.7% a year, volatility 17.5%CL: +7.2% a year, volatility 19.2%ICE: +5.4% a year, volatility 21.8%JEPI: +7.5% a year, volatility 11.0%ED: +12.0% a year, volatility 18.8%XLV: +8.4% a year, volatility 15.3%CHT: +7.7% a year, volatility 13.3%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%XEL: +6.5% a year, volatility 20.9%AVLV: +14.0% a year, volatility 16.9%HYGH: +6.6% a year, volatility 7.1%WCN: +6.1% a year, volatility 20.0%NI: +15.1% a year, volatility 20.3%WEC: +7.2% a year, volatility 19.0%DFAT: +9.6% a year, volatility 21.0%FTS: +8.4% a year, volatility 16.4%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%AEE: +7.9% a year, volatility 19.4%MGV: +12.6% a year, volatility 13.4%DTM: +24.5% a year, volatility 25.2%EXPD: +12.0% a year, volatility 27.1%USHY: +3.6% a year, volatility 7.4%EWJ: +9.2% a year, volatility 18.8%WTW: +6.9% a year, volatility 23.9%BUFR: +9.9% a year, volatility 10.5%RY: +17.3% a year, volatility 18.2%CIBR: +14.1% a year, volatility 26.1%CHD: +6.1% a year, volatility 21.1%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%JQUA: +13.6% a year, volatility 15.7%DIVO: +11.1% a year, volatility 11.9%SRLN: +4.7% a year, volatility 3.9%LNT: +7.3% a year, volatility 19.8%XLP: +7.2% a year, volatility 13.8%VPL: +9.5% a year, volatility 18.6%SGOV: +3.8% a year, volatility 0.3%MOAT: +9.1% a year, volatility 18.4%ACT: +20.5% a year, volatility 24.3%NOBL: +6.5% a year, volatility 14.5%NHC: +32.0% a year, volatility 28.5%QYLD: +8.4% a year, volatility 15.0%AAPL: +18.5% a year, volatility 28.0%DFAE: +8.3% a year, volatility 18.8%SCI: +7.5% a year, volatility 25.2%DBMF: +9.8% a year, volatility 12.4%USMC: +14.1% a year, volatility 16.4%RSPT: +16.9% a year, volatility 25.1%IDA: +8.8% a year, volatility 19.2%FTCS: +6.2% a year, volatility 13.2%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%IDMO: +13.3% a year, volatility 18.2%MSFT: +12.5% a year, volatility 28.2%FTLS: +10.2% a year, volatility 10.4%ICVT: +3.8% a year, volatility 14.1%OMFL: +9.0% a year, volatility 16.4%PTLC: +9.5% a year, volatility 11.8%SPUS: +15.0% a year, volatility 19.5%DIVI: +13.4% a year, volatility 15.5%AOR: +6.4% a year, volatility 10.7%XYLD: +7.4% a year, volatility 11.2%EQWL: +11.6% a year, volatility 15.0%BCI: +10.1% a year, volatility 16.7%CARR: +2.2% a year, volatility 32.3%SPY (S&P 500): +12.7% a year, volatility 17.1%TT: +22.7% a year, volatility 27.7%JCI: +17.4% a year, volatility 29.1%ITW: +6.7% a year, volatility 21.4%WTS: +15.3% a year, volatility 28.4%DOV: +4.4% a year, volatility 25.1%EME: +43.0% a year, volatility 35.3%TJX: +19.9% a year, volatility 22.3%PH: +27.4% a year, volatility 28.8%FSS: +23.3% a year, volatility 31.7%WAB: +25.6% a year, volatility 26.2%ETN: +20.4% a year, volatility 32.1%IEX: +2.7% a year, volatility 24.0%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%LLY: +40.7% a year, volatility 32.8%HYG: +3.1% a year, volatility 7.5%CAH: +42.1% a year, volatility 24.7%CARRSPY (S&P 500)TTJCIITWWTSDOVEMETJXPHFSSWABETNIEXVTIWMTLVHILLYHYGCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CARR?

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

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

Screen the whole market against CARR 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 years5Y returntotalCorr. with CARR?lower diversifies moreExpenseper year
CARRCarrier Global Corporation · this page
+2.2%32.3%0.23−40.8%+11.6%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.640.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CARR. 11 of 23 passed at least one test.
TTTrane Technologies plc · Building Products
Higher return, lower volatilityHigher return in most periods+22.7%27.7%0.88−40.5%+178%0.80—
JCIJohnson Controls International plc · Building Products
Higher return, lower volatilityHigher return in most periods+17.4%29.1%0.70−46.4%+123%0.68—
ITWIllinois Tool Works Inc. · Industrial Machinery
Higher return, lower volatilityHigher return in most periods+6.7%21.4%0.41−37.9%+38.4%0.64—
WTSWatts Water Technologies, Inc. · Industrial Machinery
Higher return, lower volatilityHigher return in most periods+15.3%28.4%0.65−44.1%+104%0.71—
DOVDover Corporation · Industrial Machinery
Higher return, lower volatilityHigher return in most periods+4.4%25.1%0.30−45.2%+24.2%0.72—
EMEEMCOR Group, Inc. · Engineering & Construction
Higher return, similar volatilityHigher return in most periods+43.0%35.3%1.20−48.0%+499%0.55—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Building Products and the categories next to it (Electrical Equipment, Industrial Machinery, Homebuilders, Specialty Retail), plus CARR's specific themes. 44 of 82 passed at least one test.
TJXThe TJX Companies, Inc. · Specialty Retail
Higher return, lower volatilityHigher return in most periods+19.9%22.3%0.93−42.5%+147%0.32—
PHParker-Hannifin Corporation · Industrial Machinery
Higher return, lower volatilityHigher return in most periods+27.4%28.8%0.99−54.7%+235%0.66—
FSSFederal Signal Corporation · Industrial Machinery
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+23.3%31.7%0.82−33.0%+185%0.60—
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Higher return, lower volatilityHigher return in most periods+25.6%26.2%1.00−64.1%+212%0.67—
ETNEaton Corporation plc · Electrical Equipment
Higher return, similar volatilityHigher return in most periods+20.4%32.1%0.74−44.5%+153%0.63—
IEXIDEX Corporation · Industrial Machinery
Similar return, lower volatilityHigher return in most periods+2.7%24.0%0.23−35.5%+14.1%0.66—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,803 of 3,528 passed at least one test.
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.5%17.5%0.71−35.0%+72.6%0.660.03%
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%16.9%0.80−34.0%+82.3%0.640.03%
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.8%22.6%0.96−25.7%+158%0.32—
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.4%17.1%0.82−29.6%+87.8%0.32—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+82.1%0.15—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.0%11.1%1.48−32.4%+119%0.410.40%
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+451%-0.02—
HYGiShares iBoxx $ High Yield Corporate Bond ETF · High Yield Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.1%7.5%0.45−22.0%+16.8%0.610.49%
What these numbers mean for CARR
Annual return
CARR returned 2.2% 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 $11,200. 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
CARR's volatility over the past 5 years was 32.3%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CARR's return lands within 32.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
CARR's Sharpe ratio over the past 5 years was 0.23, against 0.79 for the S&P 500, so CARR 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
CARR's worst fall from a peak to a low over the past 10 years was 40.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 40.8% fall takes a 69.0% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CARR's monthly returns had a correlation of 0.64 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 CARR instead: the lower it is, the more that option would diversify a CARR holding. Guide: Correlation and diversification →
Show all 1,200 stocks and funds worth at least $500 million that earned more than CARR 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 decline5Y returnCorr. with CARRExpense
1
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+72.6%0.660.03%
2
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+82.3%0.640.03%
3
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+158%0.32—
4
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+87.8%0.32—
5
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+82.1%0.15—
6
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+119%0.410.40%
7
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%+35.7%0.540.69%
8
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+123%0.50—
9
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+97.2%0.590.18%
10
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+121%0.33—
11
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+33.9%0.360.60%
12
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+145%0.22—
13
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+180%0.17—
14
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+55.9%0.640.03%
15
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+72.6%0.54—
16
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+133%0.520.09%
17
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+162%0.22—
18
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+64.0%0.640.04%
19
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+195%0.25—
20
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+59.1%0.560.06%
21
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+121%0.30—
22
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+63.3%0.690.06%
23
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.61−25.4%+28.5%0.18—
24
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+91.5%0.28—
25
ULUnilever PLC · Household & Personal Products
Whole market+5.5%21.5%0.36−30.1%+30.5%0.47—
26
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%+64.4%0.670.79%
27
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+99.4%0.44—
28
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+56.2%0.26—
29
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%+69.0%0.600.85%
30
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+79.4%0.40—
31
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+108%0.37—
32
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+85.4%0.530.04%
33
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%+98.5%0.650.26%
34
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+41.8%0.34—
35
ICEIntercontinental Exchange, Inc. · Capital Markets
Whole market+5.4%21.8%0.35−34.3%+30.0%0.25—
36
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%+43.3%0.590.35%
37
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+76.3%0.32—
38
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+49.3%0.340.08%
39
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+45.1%0.22—
40
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+136%0.580.13%
41
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%+99.4%0.520.27%
42
XELXcel Energy Inc. · Electric Utilities
Whole market+6.5%20.9%0.41−34.4%+37.3%0.27—
43
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%+92.2%0.680.15%
44
HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds
Whole market+6.6%7.1%0.94−23.9%+37.6%0.581.12%
45
WCNWaste Connections, Inc. · Environmental Services
Whole market+6.1%20.0%0.40−31.6%+34.2%0.39—
46
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+102%0.47—
47
WECWEC Energy Group, Inc. · Electric Utilities
Whole market+7.2%19.0%0.46−32.3%+41.6%0.42—
48
DFATDimensional - US Targeted Value ETF · US Small-Cap Equity
Whole market+9.6%21.0%0.54−26.1%+57.8%0.690.33%
49
FTSFortis Inc. · Electric Utilities
Whole market+8.4%16.4%0.58−34.3%+49.9%0.37—
50
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.6%12.3%0.66−33.1%+44.4%0.550.15%
51
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+76.1%0.730.20%
52
AEEAmeren Corporation · Electric Utilities
Whole market+7.9%19.4%0.49−29.1%+45.9%0.39—
53
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Whole market+12.6%13.4%0.95−35.4%+81.0%0.640.05%
54
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%+199%0.47—
55
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+12.0%27.1%0.56−35.6%+76.6%0.44—
56
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds
Whole market+3.6%7.4%0.52−22.4%+19.2%0.610.08%
57
EWJiShares MSCI Japan ETF · International Equity
Whole market+9.2%18.8%0.57−33.1%+55.6%0.610.49%
58
WTWWillis Towers Watson Public Limited Company · Insurance
Whole market+6.9%23.9%0.40−32.9%+39.6%-0.02—
59
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%+60.3%0.650.10%
60
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+122%0.49—
61
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+93.2%0.240.58%
62
CHDChurch & Dwight Co., Inc. · Household & Personal Products
Whole market+6.1%21.1%0.39−31.7%+34.6%0.36—
63
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+85.0%0.600.35%
64
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+107%0.520.40%
65
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%+88.9%0.650.12%
66
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income
Whole market+11.1%11.9%0.95−30.0%+69.0%0.540.56%
67
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%3.9%1.18−22.3%+25.6%0.370.70%
68
LNTAlliant Energy Corporation · Electric Utilities
Whole market+7.3%19.8%0.46−33.5%+42.3%0.47—
69
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.2%13.8%0.57−24.5%+41.4%0.490.08%
70
VPLVanguard FTSE Pacific ETF · International Equity
Whole market+9.5%18.6%0.58−33.9%+57.3%0.640.07%
71
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%+20.3%0.180.09%
72
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.1%18.4%0.57−33.3%+54.7%0.620.46%
73
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+479%0.28—
74
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%+154%0.36—
75
NOBLProShares - S&P 500 Dividend Aristocrats ETF · US Dividend Equity
Whole market+6.5%14.5%0.51−35.4%+37.3%0.670.35%
76
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+301%0.27—
77
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+49.8%0.500.60%
78
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+133%0.27—
79
DFAEDimensional - Emerging Core Equity Market ETF · Emerging Markets Equity
Whole market+8.3%18.8%0.52−32.2%+49.3%0.610.29%
80
SCIService Corporation International · Death Care
Whole market+7.5%25.2%0.41−34.0%+43.2%0.39—
81
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%+59.7%-0.220.85%
82
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%+93.2%0.570.12%
83
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.9%25.1%0.75−33.7%+119%0.600.40%
84
IDAIDACORP, Inc. · Electric Utilities
Whole market+8.8%19.2%0.54−34.3%+52.8%0.46—
85
FTCSFirst Trust Capital Strength ETF · US Quality Equity
Whole market+6.2%13.2%0.52−31.9%+34.9%0.570.53%
86
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+111%0.570.50%
87
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+187%0.35—
88
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+81.4%0.610.20%
89
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+86.4%0.610.25%
90
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+80.3%0.09—
91
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Whole market+10.2%10.4%0.99−20.6%+62.9%0.480.95%
92
ICVTiShares Convertible Bond ETF · Corporate Bonds
Whole market+3.8%14.1%0.34−33.2%+20.6%0.660.20%
93
OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity
Whole market+9.0%16.4%0.61−33.2%+54.1%0.610.29%
94
PTLCPacer Trendpilot US Large Cap ETF · Broad Market
Whole market+9.5%11.8%0.83−26.6%+57.4%0.420.60%
95
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%+101%0.570.45%
96
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+87.6%0.600.09%
97
AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset
Whole market+6.4%10.7%0.64−23.0%+36.6%0.670.20%
98
XYLDGlobal X - S&P 500 Covered Call ETF · International
Whole market+7.4%11.2%0.70−33.4%+43.1%0.470.60%
99
EQWLInvesco S&P 100 Equal Weight ETF · Broad Market
Whole market+11.6%15.0%0.81−34.3%+73.3%0.670.30%
100
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF · Alternatives
Whole market+10.1%16.7%0.66−32.7%+61.5%0.020.26%

CARR against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCARR: 2.2% a year, volatility 32.3%SPY (S&P 500): 12.7% a year, volatility 17.1%TT: 22.7% a year, volatility 27.7%ITW: 6.7% a year, volatility 21.4%MAS: 6.2% a year, volatility 31.1%JCI: 17.4% a year, volatility 29.1%WTS: 15.3% a year, volatility 28.4%AWI: 12.5% a year, volatility 26.6%DOV: 4.4% a year, volatility 25.1%FERG: 11.2% a year, volatility 30.7%WSO: 3.8% a year, volatility 31.4%MIDD: −4.7% a year, volatility 34.3%FBIN: −12.0% a year, volatility 38.1%BLDR: −1.6% a year, volatility 46.7%NVT: 35.4% a year, volatility 38.0%CSL: 10.5% a year, volatility 32.4%EME: 43.0% a year, volatility 35.3%FIX: 77.0% a year, volatility 46.7%VRT: 54.2% a year, volatility 64.2%MOD: 65.1% a year, volatility 61.7%SPXC: 21.8% a year, volatility 36.3%AAON: 10.0% a year, volatility 47.5%OC: 6.2% a year, volatility 36.1%LII: 4.4% a year, volatility 33.8%AOS: −0.4% a year, volatility 27.6%CARRSPY (S&P 500)TTITWMASJCIAWIDOVFERGWSOMIDDFBINBLDRNVTEMEFIXVRTMODSPXCAAONOCAOS10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCARR: 2.2% a year, volatility 32.3%SPY (S&P 500): 12.7% a year, volatility 17.1%TT: 22.7% a year, volatility 27.7%ITW: 6.7% a year, volatility 21.4%MAS: 6.2% a year, volatility 31.1%JCI: 17.4% a year, volatility 29.1%WTS: 15.3% a year, volatility 28.4%AWI: 12.5% a year, volatility 26.6%DOV: 4.4% a year, volatility 25.1%FERG: 11.2% a year, volatility 30.7%WSO: 3.8% a year, volatility 31.4%MIDD: −4.7% a year, volatility 34.3%FBIN: −12.0% a year, volatility 38.1%BLDR: −1.6% a year, volatility 46.7%NVT: 35.4% a year, volatility 38.0%CSL: 10.5% a year, volatility 32.4%EME: 43.0% a year, volatility 35.3%FIX: 77.0% a year, volatility 46.7%VRT: 54.2% a year, volatility 64.2%MOD: 65.1% a year, volatility 61.7%SPXC: 21.8% a year, volatility 36.3%AAON: 10.0% a year, volatility 47.5%OC: 6.2% a year, volatility 36.1%LII: 4.4% a year, volatility 33.8%AOS: −0.4% a year, volatility 27.6%CARRSPY (S&P 500)TTITWJCIMIDDFBINBLDRNVTEMEFIXVRTMODSPXCAAONLIIAOS
All figures
InvestmentAnnual returnVolatility
FIX Comfort Systems USA, Inc.+77.0%46.7%
MOD Modine Manufacturing Company+65.1%61.7%
VRT Vertiv Holdings Co+54.2%64.2%
EME EMCOR Group, Inc.+43.0%35.3%
NVT nVent Electric plc+35.4%38.0%
TT Trane Technologies plc+22.7%27.7%
SPXC SPX Technologies, Inc.+21.8%36.3%
JCI Johnson Controls International plc+17.4%29.1%
WTS Watts Water Technologies, Inc.+15.3%28.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
AWI Armstrong World Industries, Inc.+12.5%26.6%
FERG Ferguson plc+11.2%30.7%
CSL Carlisle Companies Incorporated+10.5%32.4%
AAON AAON, Inc.+10.0%47.5%
ITW Illinois Tool Works Inc.+6.7%21.4%
OC Owens Corning+6.2%36.1%
MAS Masco Corporation+6.2%31.1%
LII Lennox International Inc.+4.4%33.8%
DOV Dover Corporation+4.4%25.1%
WSO Watsco, Inc.+3.8%31.4%
CARR This pageCarrier Global Corporation+2.2%32.3%
AOS A. O. Smith Corporation−0.4%27.6%
BLDR Builders FirstSource, Inc.−1.6%46.7%
MIDD The Middleby Corporation−4.7%34.3%
FBIN Fortune Brands Innovations, Inc.−12.0%38.1%
Open these 25 in EasyCompare

Has CARR consistently beaten its popular alternatives?

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

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

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
CARR Carrier Global Corporation (this page)—+2.8%−15.8%−8.2%+6.2%−1.1%+21.2%+11.6%32.3%0.23−40.8%—$46B—
TT QualifiedTrane Technologies plc5/5 short2/2 longAll-weather+6.5%−1.2%−2.9%+16.8%+11.3%+154%+178%27.7%0.88−40.5%—$102B—
ITW QualifiedIllinois Tool Works Inc.5/5 short2/2 longAll-weather+3.5%+1.9%+2.1%+12.3%+11.7%+32.1%+38.4%21.4%0.41−37.9%—$78B—
MAS QualifiedMasco Corporation5/5 short2/2 longAll-weather+10.2%−3.2%+13.0%+17.4%+10.7%+57.7%+35.3%31.1%0.35−44.7%—$15B—
NVT QualifiednVent Electric plc4/5 short2/2 longAll-weather−12.4%−9.6%+3.2%+31.4%+40.0%+203%+356%38.0%0.99−56.2%—$23B—
JCI QualifiedJohnson Controls International plc4/5 short2/2 longAll-weather+1.9%+6.4%+5.5%+22.0%+35.4%+220%+123%29.1%0.70−46.4%—$90B—
WTS QualifiedWatts Water Technologies, Inc.4/5 short2/2 longAll-weather+2.1%+5.3%+22.3%+29.2%+28.1%+113%+104%28.4%0.65−44.1%—$12B—
CSL QualifiedCarlisle Companies Incorporated4/5 short2/2 longAll-weather+6.9%+4.2%−5.8%+4.4%+4.5%+42.7%+64.6%32.4%0.47−38.7%—$13B—
EME QualifiedEMCOR Group, Inc.3/5 short2/2 long−7.2%−5.5%−15.4%+10.2%+0.5%+267%+499%35.3%1.20−48.0%—$31B—
AWI QualifiedArmstrong World Industries, Inc.3/5 short2/2 long+4.7%+11.6%−5.8%−13.4%−15.1%+151%+80.3%26.6%0.58−46.4%—$7.2B—
DOV QualifiedDover Corporation3/5 short2/2 long+5.9%−5.7%−10.7%+1.5%+17.9%+51.3%+24.2%25.1%0.30−45.2%—$27B—
FIX Engineering & ConstructionComfort Systems USA, Inc.2/5 short2/2 long−14.4%−18.4%−16.8%+39.4%+67.3%+819%+1,636%46.7%1.46−49.7%—$49B—
VRT Electrical Equipment & PartsVertiv Holdings Co2/5 short2/2 long−18.9%−30.2%−35.2%+16.0%+16.0%+456%+772%64.2%1.01−71.3%—$78B—
FERG Industrial - DistributionFerguson plc2/5 short2/2 long+5.1%−0.5%−13.1%+2.1%−4.7%+55.4%+70.0%30.7%0.50−55.4%—$44B—
MOD Industrial - MachineryModine Manufacturing Company0/5 short2/2 long−19.4%−35.6%−41.7%+4.2%−7.0%+260%+1,127%61.7%1.13−88.1%—$7.8B—
SPXC Construction MaterialsSPX Technologies, Inc.0/5 short2/2 long−9.4%−22.8%−24.5%−19.2%−11.2%+108%+168%36.3%0.72−50.3%—$8.2B—
AAON Industrial - MachineryAAON, Inc.0/5 short2/2 long−3.2%−28.8%−24.3%−6.4%−26.5%+40.8%+61.2%47.5%0.44−50.2%—$6.1B—
OC Construction MaterialsOwens Corning0/5 short1/2 long−7.4%−19.9%−8.7%+0.6%−9.9%−3.4%+35.3%36.1%0.35−66.6%—$8.8B—
LII Industrial - MachineryLennox International Inc.0/5 short1/2 long+0.4%−31.6%−25.8%−26.4%−31.2%+7.5%+24.2%33.8%0.30−47.5%—$13B—
WSO Industrial - DistributionWatsco, Inc.0/5 short1/2 long−3.9%−17.7%−29.8%−10.0%−17.4%−5.5%+20.6%31.4%0.28−48.2%—$12B—
MIDD Industrial - MachineryThe Middleby Corporation3/5 short0/2 long−0.6%−14.7%−5.1%−8.9%+2.2%+18.8%−21.5%34.3%0.03−69.2%—$5.0B—
AOS Industrial - MachineryA. O. Smith Corporation2/5 short0/2 long+4.5%+1.7%−8.2%−11.4%−12.8%−5.4%−1.8%27.6%0.12−46.8%—$8.1B—
FBIN Construction MaterialsFortune Brands Innovations, Inc.1/5 short0/2 long+3.0%−18.3%−0.1%−18.5%−17.9%−25.1%−47.3%38.1%-0.15−62.4%—$4.9B—
BLDR Construction MaterialsBuilders FirstSource, Inc.0/5 short0/2 long−7.9%−25.8%−41.0%−48.5%−56.0%−50.7%−7.5%46.7%0.20−76.1%—$5.8B—
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How did CARR do year by year?

This table shows each investment's total return in every full calendar year since 2021, along with where CARR ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CARR and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: CARR began trading on March 19, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or five other sell-offs.

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

InvestmentYears ahead of CARR20252024202320222021
CARR This pageCarrier Global Corporation—−21.8%+20.3%+41.5%−22.7%+45.3%
Rank among alternativesTop quarter in 0 of 519 of 2412 of 2418 of 2413 of 2412 of 24
SPY S&P 500State Street SPDR S&P 500 ETF3 of 5+17.7%+24.9%+26.2%−18.2%+28.7%
TT Trane Technologies plc4 of 5+6.4%+53.0%+47.4%−15.3%+41.0%
ITW Illinois Tool Works Inc.2 of 5−0.4%−1.0%+21.6%−8.5%+23.6%
MAS Masco Corporation2 of 5−10.9%+10.1%+46.6%−32.1%+29.6%
NVT nVent Electric plc4 of 5+51.2%+16.6%+56.0%+3.3%+67.2%
JCI Johnson Controls International plc4 of 5+54.0%+39.8%−7.6%−19.3%+77.4%
WTS Watts Water Technologies, Inc.3 of 5+36.8%−1.6%+43.6%−24.1%+60.6%
CSL Carlisle Companies Incorporated3 of 5−12.3%+19.1%+34.3%−4.1%+60.6%
EME EMCOR Group, Inc.4 of 5+35.0%+111%+46.0%+16.8%+39.9%
AWI Armstrong World Industries, Inc.4 of 5+36.2%+45.1%+45.3%−40.3%+57.4%
DOV Dover Corporation2 of 5+5.2%+23.4%+15.2%−24.3%+45.7%
FIX Comfort Systems USA, Inc.5 of 5+121%+107%+79.6%+17.0%+89.0%
VRT Vertiv Holdings Co3 of 5+42.8%+137%+252%−45.3%+33.8%
FERG Ferguson plc3 of 5+29.9%−8.6%+55.1%−27.2%+56.4%
MOD Modine Manufacturing Company4 of 5+15.2%+94.2%+201%+96.8%−19.7%
SPXC SPX Technologies, Inc.4 of 5+37.5%+44.1%+53.9%+10.0%+9.4%
AAON AAON, Inc.3 of 5−34.9%+59.9%+47.9%−4.6%+19.8%
OC Owens Corning2 of 5−33.0%+16.6%+77.2%−4.2%+20.9%
LII Lennox International Inc.3 of 5−19.5%+37.3%+89.5%−24.9%+19.7%
WSO Watsco, Inc.2 of 5−27.0%+13.2%+77.0%−17.7%+42.1%
MIDD The Middleby Corporation2 of 5+9.8%−8.0%+9.9%−31.9%+52.6%
AOS A. O. Smith Corporation3 of 5+0.1%−15.9%+46.7%−32.1%+59.3%
FBIN Fortune Brands Innovations, Inc.0 of 5−25.4%−9.1%+35.2%−36.5%+26.0%
BLDR Builders FirstSource, Inc.2 of 5−28.0%−14.4%+157%−24.3%+110%
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Risk and diversification

How CARR 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 CARR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CARR's five deepest drawdowns since it began trading in 2020, 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.

Note: CARR began trading on March 19, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or five other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringCARR fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−40.8%−17.3%Aug 2021Oct 202214 monthsJul 20239 months
No named crash−38.1%+13.0%Oct 2024Nov 202513 monthsNot yet—
No named crash−25.3%+8.3%Mar 2020Apr 20201 monthApr 2020Under a month
No named crash−22.1%−9.3%Aug 2023Oct 20232 monthsMar 20245 months
No named crash−14.9%−0.5%Jan 2021Mar 20212 monthsMar 2021Under a month

How did CARR do in stock market crashes?

This section measures how far CARR, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: CARR began trading on March 19, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

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

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
CARR This pageCarrier Global Corporation—−5.6%−35.8%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
TT Trane Technologies plc1 of 2−3.3%−37.5%−39.2%−17.9%−8.0%−20.6%−34.2%−2.6%−77.5%−44.7%
ITW Illinois Tool Works Inc.2 of 2−2.9%−28.0%−37.9%−19.3%−8.4%−14.0%−29.0%−1.1%−54.9%−30.8%
MAS Masco Corporation2 of 2−2.4%−34.0%−39.2%−28.5%−5.1%−22.8%−39.7%−6.7%−83.8%−39.0%
NVT nVent Electric plc1 of 2−8.0%−20.9%−56.2%−30.5%——————
JCI Johnson Controls International plc0 of 2−6.9%−41.6%−44.2%−22.2%−8.2%−20.8%−19.8%−1.9%−66.2%−85.6%
WTS Watts Water Technologies, Inc.0 of 2−6.9%−39.4%−32.0%−26.1%−9.1%−24.6%−31.1%−3.4%−49.9%−35.1%
CSL Carlisle Companies Incorporated1 of 2−10.1%−15.0%−38.2%−24.5%−5.6%−25.3%−37.4%−2.5%−63.5%−45.5%
EME EMCOR Group, Inc.1 of 2−7.3%−25.8%−46.1%−24.2%−5.7%−17.7%−35.7%−3.0%−67.4%−31.7%
AWI Armstrong World Industries, Inc.0 of 2−7.8%−35.9%−39.7%−21.8%−6.9%−39.5%−22.7%−7.5%−75.4%—
DOV Dover Corporation0 of 2−5.9%−35.6%−45.0%−25.1%−6.8%−20.9%−32.8%−1.5%−58.2%−54.1%
FIX Comfort Systems USA, Inc.1 of 2−7.8%−23.9%−38.8%−30.2%−6.3%−26.8%−33.3%−3.3%−57.0%−77.6%
VRT Vertiv Holdings Co0 of 2−12.2%−65.7%−58.6%−3.4%——————
FERG Ferguson plc1 of 2−4.1%−42.4%−54.7%−27.3%0.0%−28.8%−28.7%0.0%−87.9%—
MOD Modine Manufacturing Company1 of 2−10.8%−30.8%−64.1%−36.2%−5.8%−39.8%−43.5%0.0%−96.9%−48.6%
SPXC SPX Technologies, Inc.1 of 2−6.9%−29.3%−47.3%−26.6%−5.3%−53.8%−49.2%−3.9%−81.1%−57.2%
AAON AAON, Inc.1 of 2−4.5%−39.3%−31.0%−25.7%−7.1%−22.2%−36.4%−2.4%−43.5%−38.8%
OC Owens Corning1 of 2−6.4%−26.0%−53.3%−28.9%−8.2%−15.7%−43.5%−4.1%−81.0%—
LII Lennox International Inc.0 of 2−5.4%−40.7%−35.9%−11.6%−8.1%−17.1%−39.8%−1.8%−51.5%−53.4%
WSO Watsco, Inc.2 of 2−4.5%−26.1%−24.3%−24.9%−6.5%−17.4%−19.2%−4.1%−47.0%−43.3%
MIDD The Middleby Corporation0 of 2−7.4%−38.1%−62.0%−24.3%−3.4%−35.0%−25.4%−2.3%−73.1%−48.9%
AOS A. O. Smith Corporation1 of 2−2.4%−42.1%−21.9%−30.3%−6.8%−23.3%−31.6%−3.8%−54.1%−47.9%
FBIN Fortune Brands Innovations, Inc.0 of 2−6.3%−49.4%−52.1%−34.6%−4.9%−19.8%————
BLDR Builders FirstSource, Inc.0 of 2−7.4%−41.4%−62.2%−34.8%−5.2%−59.9%−59.5%−5.0%−92.2%—
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How closely does CARR 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 CARR with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 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 CARR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CARR This pageCarrier Global Corporation80%128%0.631.29
FIX Comfort Systems USA, Inc.232%14%16.611.64
EME EMCOR Group, Inc.152%35%4.281.12
VRT Vertiv Holdings Co205%75%2.732.03
MOD Modine Manufacturing Company246%93%2.641.72
NVT nVent Electric plc153%66%2.331.35
TT Trane Technologies plc99%52%1.911.15
SPXC SPX Technologies, Inc.147%119%1.241.24
JCI Johnson Controls International plc111%91%1.231.27
WTS Watts Water Technologies, Inc.99%82%1.221.15
CSL Carlisle Companies Incorporated79%75%1.040.83
AAON AAON, Inc.111%116%0.961.40
FERG Ferguson plc97%104%0.941.14
AWI Armstrong World Industries, Inc.109%123%0.891.16
WSO Watsco, Inc.60%75%0.801.06
ITW Illinois Tool Works Inc.81%104%0.780.96
OC Owens Corning108%143%0.761.32
LII Lennox International Inc.68%92%0.741.15
DOV Dover Corporation82%117%0.701.13
MAS Masco Corporation107%155%0.691.29
BLDR Builders FirstSource, Inc.127%211%0.601.44
AOS A. O. Smith Corporation76%134%0.571.11
MIDD The Middleby Corporation83%181%0.461.31
FBIN Fortune Brands Innovations, Inc.73%204%0.361.30
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What diversifies CARR?

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

ETFs

InvestmentCorrelation5Y returnSharpe2025202280/20 mix volatility80/20 mix annual return
CARR Carrier Global Corporation (this page)1.00+11.6%0.23−21.8%−22.7%31.7%+2.6%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.41+119%1.48+27.1%+3.8%26.2%+6.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.36+225%1.34+32.8%+6.0%26.4%+7.8%
HDV Dividend & IncomeiShares Core High Dividend ETF0.48+83.3%1.00+11.9%+7.1%26.8%+5.1%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.48+62.9%0.99+9.1%−5.6%26.2%+4.9%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.43+135%0.97+4.9%+21.5%27.2%+6.6%
GLD CommoditiesSPDR Gold Shares0.04+126%0.96+63.7%−0.8%25.7%+6.6%
XLE EnergyState Street Energy Select Sector SPDR ETF0.20+177%0.93+7.9%+64.4%26.9%+7.5%
EUFN InternationaliShares MSCI Europe Financials ETF0.47+133%0.89+65.8%−8.8%27.5%+6.7%

Stocks

InvestmentCorrelation5Y returnSharpe2025202280/20 mix volatility80/20 mix annual return
CARR Carrier Global Corporation (this page)1.00+11.6%0.23−21.8%−22.7%31.7%+2.6%
CAH Medical - DistributionCardinal Health, Inc.0.28+479%1.55+76.3%+54.1%27.3%+9.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.34+3,143%1.47+220%+1.3%31.3%+21.5%
MCK Medical - DistributionMcKesson Corporation0.05+413%1.44+44.5%+51.8%26.1%+9.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.17+690%1.41+19.2%+86.6%27.2%+12.0%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.48+594%1.36+87.9%+24.2%29.3%+11.6%
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Common questions

What was CARR's worst drawdown?

CARR's deepest decline since it began trading in 2020 was 40.8%, from August 2021 to October 2022. It took nine months from the low to climb back to its old high. Because CARR launched in March 2020, that record does not include the dot-com bust, the 2008 financial crisis or five other sell-offs.

What were CARR's best and worst years?

Over five full calendar years, CARR's best year was 2021, when it returned 45.3%. Its worst was 2022, with a return of -22.7%.

Is there a better investment than CARR?

Among CARR's popular alternatives, TT, JCI and ITW earned more than CARR with less volatility over the past 5 years. TT returned 22.7% a year at 27.7% volatility, against 2.2% a year at 32.3%. Looking beyond its popular alternatives, TJX (specialty retail) and PH (industrial machinery) earned more than CARR with less volatility over the past 5 years. TJX returned 19.9% a year at 22.3% volatility, against 2.2% a year at 32.3%.

Is CARR more volatile than the S&P 500?

Yes. CARR's volatility over the past 5 years was 32.3%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CARR's return lands within 32.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is CARR's Sharpe ratio?

CARR's Sharpe ratio over the past 5 years was 0.23, against 0.79 for the S&P 500, so CARR 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 CARR with the S&P 500?

Over the past 5 years, CARR's monthly returns had a correlation of 0.64 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 CARR instead: the lower it is, the more that option would diversify a CARR holding.

What are the best alternatives to CARR?

Of the 23 popular alternatives we compared, ten outperformed CARR in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: TT, ITW and MAS.

Did CARR outperform the S&P 500?

CARR finished ahead of the S&P 500 (SPY) in two of five full calendar years. In 2025, it returned -21.8%, against +17.7% for the index.

How did CARR do in stock market crashes?

CARR fell less than the S&P 500 (SPY) in none of the two major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when CARR fell 35.8% and the S&P 500 fell 24.5%.

What diversifies CARR?

These had a low correlation with CARR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.41), DXJ (correlation 0.36) and HDV (correlation 0.48); among large stocks, CAH (correlation 0.28), CLS (correlation 0.34) and MCK (correlation 0.05). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CARR

Other stocks and ETFs