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

> Source: EasyCompare research, https://easycompare.io/research/carr
> 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 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.

## Key findings

- **Right now:** CARR has gone against the market, falling 15.8% over the past 3 months while the S&P 500 rose 3.9%. CARR is 30.2% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record.
- **Stock or market?:** The weakness is CARR's own: it fell 15.8% over the past 3 months while the building products ETF XLI (State Street Industrial Select Sector SPDR ETF) fell 6.1%. The S&P 500 rose 3.9%. Its building product peers did not move as one over the past 3 months: JCI (Johnson Controls International) rose 6.4%, while LII (Lennox International) fell 31.6%.
- **Past 1 to 3 years:** Over the past year, CARR fell 1.1% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (21.2% against 89.3%). CARR finished behind the S&P 500 in both 2024 and 2025.
- **Long term:** CARR turned $10,000 into $11,200 over the past 5 years, against $18,200 in the S&P 500.
- **In a crash:** The 2022 bear market took 35.8% off CARR, against 24.5% for the S&P 500. That was more than ITW (Illinois Tool Works, 28.0%) but less than TT (Trane Technologies, 37.5%).
- **Diversification:** Against the S&P 500, CARR has a correlation of 0.64 over 5 years, more closely than 94% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. Over 5 years, CARR's beta versus the S&P 500 was 1.29: in the S&P 500's rising months it gained 80% as much as the index, and in falling months it lost 1.3 times as much.
- **Better options**
  - **Nearby categories and themes:** TJX (TJX Companies, specialty retail) and PH (Parker-Hannifin, 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%.
  - **Versus the S&P 500:** Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 2.2% at 32.3% for CARR.
  - **Whole market:** 1,200 of the 3,633 stocks and funds worth at least $500 million earned more than CARR with less volatility over the past 5 years, among them AAPL (Apple), MSFT (Microsoft) and VTI (Vanguard Morningstar Total Stock Market ETF).

## 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.

- $10,000 invested in CARR at the end of September 2020 would have grown to $19,497 by September 2026, less than the $24,691 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of CARR, and EME finished highest, at $113,757.

## 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.

- CARR is still 30.2% below its all-time high.
- 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.
- Over five full calendar years, CARR's best was 2021, when it returned 45.3%, and its worst was 2022, when it lost 22.7%. It lost money in two of those years.

- Type: Stock, Industrials (Industrial - Machinery)
- Trading since: March 19, 2020
- Market value: $46B
- Volatility (5 years): 32.3%; Sharpe ratio: 0.23
- Worst decline ever: −40.8%, from August 27, 2021 to October 20, 2022; back at its high by July 27, 2023

| Period | CARR total return |
| --- | --- |
| 1 month | +2.8% |
| 3 months | −15.8% |
| 6 months | −8.2% |
| year to date | +6.2% |
| 1 year | −1.1% |
| 3 years | +21.2% |
| 5 years | +11.6% |

## 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.

- CARR lands in the broad middle of the market on every measure here. CARR is among the steadier stocks: its price swings rank in the top 32% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | CARR | Rank |
| --- | --- | --- |
| 1-year return | −1.1% | 2,026 of 3,287 (top 62%) |
| 3-year return | +21.2% | 2,002 of 3,017 (top 67%) |
| 5-year return | +11.6% | 1,570 of 2,893 (top 55%) |
| Volatility, 5 years | 32.3% | 936 of 2,893 (top 33%) |
| Sharpe ratio, 5 years | 0.23 | 1,767 of 2,893 (top 62%) |

### 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).

- 474 stocks and 726 ETFs worth at least $500 million sit in the green region: each earned more than CARR over the past 5 years with smaller price swings. That is 33% of the 3,633 screened.
- Among those with at least half CARR's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 23% less than CARR's 32.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.23 for CARR.
- Among CARR's popular alternatives, TT, JCI and WTS are in the region. TT earned 22.7% a year against 2.2% a year for CARR, at 27.7% volatility, 14% less than CARR's 32.3%.

### Is there a better investment than CARR?

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.

- 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%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 2.2% at 32.3% for CARR.

The 15 strongest of 1,200 investments that beat CARR 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) | 5Y return | Correlation with CARR | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CARR: Carrier Global Corporation (this page) |  | +2.2% | 32.3% | 0.23 | −40.8% | +11.6% |  |  |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +72.6% | 0.66 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +82.3% | 0.64 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +158% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +87.8% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +82.1% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +119% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BALT: Innovator Defined Wealth Shield ETF | Crypto | +6.3% | 3.3% | 1.85 | −4.9% | +35.7% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [COST](https://easycompare.io/research/cost): Costco Wholesale Corporation | Discount Retail | +17.4% | 22.9% | 0.82 | −31.4% | +123% | 0.50 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [QQQ](https://easycompare.io/research/qqq): Invesco QQQ Trust, Series 1 | US Large-Cap Growth | +14.5% | 23.0% | 0.71 | −35.1% | +97.2% | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | Pharmaceuticals | +17.1% | 20.7% | 0.87 | −26.8% | +121% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FLRT: Pacer Aristotle Pacific Floating Rate High Income ETF | Financials | +6.0% | 2.3% | 2.55 | −21.0% | +33.9% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +145% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +180% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VEA](https://easycompare.io/research/vea): Vanguard FTSE Developed Markets ETF | Developed International Equity | +9.3% | 16.9% | 0.61 | −35.8% | +55.9% | 0.64 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [LIN](https://easycompare.io/research/lin): Linde plc | Chemicals | +11.5% | 20.9% | 0.63 | −32.6% | +72.6% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Nine of the 23 popular alternatives, led by TT, JCI and WTS, were both more rewarding and calmer than CARR over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, CARR returned 2.2% a year, less than the S&P 500's 12.7%, with higher volatility (32.3% against 17.1%).

### 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.

- Ten of the 23 popular alternatives, led by TT, ITW and MAS, outperformed CARR in at least 3 of 5 short-term and 2 of 2 long-term timeframes.
- TT, ITW and MAS outperformed CARR in every long-term period and in all but one short-term period, the most consistent record in the group.
- TT, CSL and ITW earned more for the risk they took than CARR (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | Periods ahead of CARR | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- |
| CARR: Carrier Global Corporation (this page) | −1.1% | +21.2% | +11.6% |  |  | 0.23 |
| [TT](https://easycompare.io/research/tt): Trane Technologies plc | +11.3% | +154% | +178% | 5/5 short-term, 2/2 long-term | all-weather | 0.88 |
| [ITW](https://easycompare.io/research/itw): Illinois Tool Works Inc. | +11.7% | +32.1% | +38.4% | 5/5 short-term, 2/2 long-term | all-weather | 0.41 |
| MAS: Masco Corporation | +10.7% | +57.7% | +35.3% | 5/5 short-term, 2/2 long-term | all-weather | 0.35 |
| NVT: nVent Electric plc | +40.0% | +203% | +356% | 4/5 short-term, 2/2 long-term | all-weather | 0.99 |
| [JCI](https://easycompare.io/research/jci): Johnson Controls International plc | +35.4% | +220% | +123% | 4/5 short-term, 2/2 long-term | all-weather | 0.70 |
| WTS: Watts Water Technologies, Inc. | +28.1% | +113% | +104% | 4/5 short-term, 2/2 long-term | all-weather | 0.65 |
| CSL: Carlisle Companies Incorporated | +4.5% | +42.7% | +64.6% | 4/5 short-term, 2/2 long-term | all-weather | 0.47 |
| EME: EMCOR Group, Inc. | +0.5% | +267% | +499% | 3/5 short-term, 2/2 long-term | consistent | 1.20 |
| AWI: Armstrong World Industries, Inc. | −15.1% | +151% | +80.3% | 3/5 short-term, 2/2 long-term | consistent | 0.58 |
| DOV: Dover Corporation | +17.9% | +51.3% | +24.2% | 3/5 short-term, 2/2 long-term | consistent | 0.30 |
| [FIX](https://easycompare.io/research/fix): Comfort Systems USA, Inc. | +67.3% | +819% | +1,636% | 2/5 short-term, 2/2 long-term |  | 1.46 |
| [VRT](https://easycompare.io/research/vrt): Vertiv Holdings Co | +16.0% | +456% | +772% | 2/5 short-term, 2/2 long-term |  | 1.01 |
| [FERG](https://easycompare.io/research/ferg): Ferguson plc | −4.7% | +55.4% | +70.0% | 2/5 short-term, 2/2 long-term |  | 0.50 |
| MOD: Modine Manufacturing Company | −7.0% | +260% | +1,127% | 0/5 short-term, 2/2 long-term |  | 1.13 |
| SPXC: SPX Technologies, Inc. | −11.2% | +108% | +168% | 0/5 short-term, 2/2 long-term |  | 0.72 |
| AAON: AAON, Inc. | −26.5% | +40.8% | +61.2% | 0/5 short-term, 2/2 long-term |  | 0.44 |
| OC: Owens Corning | −9.9% | −3.4% | +35.3% | 0/5 short-term, 1/2 long-term |  | 0.35 |
| LII: Lennox International Inc. | −31.2% | +7.5% | +24.2% | 0/5 short-term, 1/2 long-term |  | 0.30 |
| WSO: Watsco, Inc. | −17.4% | −5.5% | +20.6% | 0/5 short-term, 1/2 long-term |  | 0.28 |
| MIDD: The Middleby Corporation | +2.2% | +18.8% | −21.5% | 3/5 short-term, 0/2 long-term |  | 0.03 |
| AOS: A. O. Smith Corporation | −12.8% | −5.4% | −1.8% | 2/5 short-term, 0/2 long-term |  | 0.12 |
| FBIN: Fortune Brands Innovations, Inc. | −17.9% | −25.1% | −47.3% | 1/5 short-term, 0/2 long-term |  | -0.15 |
| BLDR: Builders FirstSource, Inc. | −56.0% | −50.7% | −7.5% | 0/5 short-term, 0/2 long-term |  | 0.20 |

### 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.

- Among its popular alternatives, FIX came out ahead of CARR most often, in all five years both traded.
- CARR finished ahead of the S&P 500 in two of its five full calendar years, and behind it in each of the last two.
- Ranked against its popular alternatives each year, CARR finished in the top quarter in no of five years and in the bottom quarter in one. In 2025, it ranked 19 of 24.

| Year | CARR | SPY |
| --- | --- | --- |
| 2025 | −21.8% | +17.7% |
| 2024 | +20.3% | +24.9% |
| 2023 | +41.5% | +26.2% |
| 2022 | −22.7% | −18.2% |
| 2021 | +45.3% | +28.7% |

## 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.

- In all five of CARR's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CARR fell 38.1% from October 2024 to November 2025, while the S&P 500 rose 13.0%.
- None of these declines kept CARR below its old high for long; the longest climb back took nine months.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −40.8% | August 27, 2021 | October 20, 2022 | July 27, 2023 | −17.3% | 2022 bear market |
| −38.1% | October 14, 2024 | November 20, 2025 | not yet | +13.0% |  |
| −25.3% | March 31, 2020 | April 16, 2020 | April 29, 2020 | +8.3% |  |
| −22.1% | August 1, 2023 | October 26, 2023 | March 7, 2024 | −9.3% |  |
| −14.9% | January 12, 2021 | March 4, 2021 | March 29, 2021 | −0.5% |  |

### 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.

- CARR fell further than the S&P 500 in all two crashes it has traded through. The clearest case was the 2022 bear market, when CARR fell 35.8% and the S&P 500 fell 24.5%.
- Among its popular alternatives, ITW held up best, falling less than CARR in all two crashes they both traded through.
- CARR began trading after the 2008 financial crisis, but 20 of its popular alternatives lived through it. The mildest fall among them was AAON's 43.5%, against 55.2% for the S&P 500.

| Crash | Dates | CARR fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | not trading | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | not trading | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | not trading | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | not trading | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −35.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −5.6% | −3.4% |

### 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.

- 19 of the 23 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CARR's 0.63, led by FIX, EME and VRT.
- FIX took just 14% of the S&P 500's losses, against 128% for CARR, while still keeping 232% of its gains.
- Over the past 5 years, CARR captured 80% of the S&P 500's gains in rising months and 128% of its losses in falling months, with a beta of 1.29. Its share of the market's losses was larger than its share of the gains.

Measured over the past 5 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| CARR: Carrier Global Corporation (this page) | 80.0% | 128% | 1.29 |
| [TT](https://easycompare.io/research/tt): Trane Technologies plc | 99.0% | 52.0% | 1.15 |
| [ITW](https://easycompare.io/research/itw): Illinois Tool Works Inc. | 81.0% | 104% | 0.96 |
| MAS: Masco Corporation | 107% | 155% | 1.29 |
| NVT: nVent Electric plc | 153% | 66.0% | 1.35 |
| [JCI](https://easycompare.io/research/jci): Johnson Controls International plc | 111% | 91.0% | 1.27 |
| WTS: Watts Water Technologies, Inc. | 99.0% | 82.0% | 1.15 |
| CSL: Carlisle Companies Incorporated | 79.0% | 75.0% | 0.83 |
| EME: EMCOR Group, Inc. | 152% | 35.0% | 1.12 |
| AWI: Armstrong World Industries, Inc. | 109% | 123% | 1.16 |
| DOV: Dover Corporation | 82.0% | 117% | 1.13 |
| [FIX](https://easycompare.io/research/fix): Comfort Systems USA, Inc. | 232% | 14.0% | 1.64 |
| [VRT](https://easycompare.io/research/vrt): Vertiv Holdings Co | 205% | 75.0% | 2.03 |
| [FERG](https://easycompare.io/research/ferg): Ferguson plc | 97.0% | 104% | 1.14 |
| MOD: Modine Manufacturing Company | 246% | 93.0% | 1.72 |
| SPXC: SPX Technologies, Inc. | 147% | 119% | 1.24 |
| AAON: AAON, Inc. | 111% | 116% | 1.40 |
| OC: Owens Corning | 108% | 143% | 1.32 |
| LII: Lennox International Inc. | 68.0% | 92.0% | 1.15 |
| WSO: Watsco, Inc. | 60.0% | 75.0% | 1.06 |
| MIDD: The Middleby Corporation | 83.0% | 181% | 1.31 |
| AOS: A. O. Smith Corporation | 76.0% | 134% | 1.11 |
| FBIN: Fortune Brands Innovations, Inc. | 73.0% | 204% | 1.30 |
| BLDR: Builders FirstSource, Inc. | 127% | 211% | 1.44 |

### 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).

- Moving a fifth of the money in CARR into GLD would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+2.6% for CARR alone, +6.6% for the mix).
- MCK made money in two of the two calendar years in which CARR lost money.
- Among large ETFs, LVHI, DXJ and HDV have moved largely independently of CARR over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with CARR | 5Y return | Volatility | Sharpe | Rose in CARR's 2 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.41 | +119% | 11.1% | 1.48 | 2 of 2 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.36 | +225% | 19.1% | 1.34 | 2 of 2 |
| HDV: iShares Core High Dividend ETF | 0.48 | +83.3% | 13.0% | 1.00 | 2 of 2 |
| FTLS: First Trust Long/Short Equity ETF | 0.48 | +62.9% | 10.4% | 0.99 | 1 of 2 |
| MLPX: Global X - MLP & Energy Infrastructure ETF | 0.43 | +135% | 19.7% | 0.97 | 2 of 2 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.04 | +126% | 18.9% | 0.96 | 1 of 2 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.20 | +177% | 25.5% | 0.93 | 2 of 2 |
| EUFN: iShares MSCI Europe Financials ETF | 0.47 | +133% | 21.8% | 0.89 | 1 of 2 |

## 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.

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## Explore further

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