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Relative Intelligence · Property & Casualty Insurance

How Chubb (CB) compares with the whole market and its popular alternatives

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

Period covered: CB'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 CB →Chart CB vs. 22 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CB over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CB over the same span and CB'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. 320 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000199720022007201220172022$10,000$100,00019972004201120182025
  • AJG$566,042+5,560% total · +14.9% a year
  • BRO$475,780+4,658% total · +14.2% a year
  • PGR$454,424+4,444% total · +14.1% a year
  • WRB$427,501+4,175% total · +13.8% a year
  • ACGL$380,068+3,701% total · +13.4% a year
  • CB$184,681+1,747% total · +10.6% a year
  • TRV$178,972+1,690% total · +10.5% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • ALL$108,708+987% total · +8.6% a year
  • THG$82,769+728% total · +7.6% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 769 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026
  • UNM$40,709+307% total · +32.4% a year
  • MFC$28,001+180% total · +22.9% a year
  • TRV$25,788+158% total · +20.9% a year
  • CNO$24,982+150% total · +20.1% a year
  • RGA$24,507+145% total · +19.6% a year
  • WRB$23,533+135% total · +18.7% a year
  • CB$20,160+102% total · +15.1% a year
  • ALL$19,616+96.2% total · +14.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • THG$18,550+85.5% total · +13.2% a year
Change the dates or add tickers to this chart in EasyCompare

CB 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
$138B
Industry
Insurance - Property & Casualty
Price history from
October 1986

Returns

Past 1 year
+35.0%total return
Past 3 years
+78.9%+21.4% a year
Past 5 years
+107%+15.7% a year
Past 10 years
+248%+13.3% a year
Best calendar year
+159%2000
Worst calendar year
−50.6%1999
Losing years
6 of 29full calendar years

Risk

Volatility
20.4%typical yearly swing, 5 years
Sharpe ratio
0.82return per unit of risk, 5 years
Worst decline ever
−64.4%Jul 1998 to Mar 2000
From its all-time high
−1.3%below the peak

CB against the whole market

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

How does CB rank among all stocks?

This section ranks CB 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 CB 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.

MeasureCBRankStanding
1-year return+35.0%851 of 3,287top 26%
3-year return+78.9%1,141 of 3,017top 38%
5-year return+107%641 of 2,893top 22%
10-year return+248%713 of 2,202top 32%
Volatility, 5 years20.4%102 of 2,893top 4%
Sharpe ratio, 5 years0.82255 of 2,893top 9%
Worst decline, past 10 years−42.6%215 of 2,187top 10%

What has beaten CB 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). CB sits where the dashed lines cross. Anything in the green box above and to the left earned more than CB 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 CB; faint dots are 4 more of the 17 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%12.5%15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CBMPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%TPYP: +16.9% a year, volatility 17.3%ENFR: +18.4% a year, volatility 19.1%CB: +15.7% a year, volatility 20.4%SPY (S&P 500): +12.7% a year, volatility 17.1%TRV: +22.4% a year, volatility 22.3%THG: +14.4% a year, volatility 22.9%MFC: +22.6% a year, volatility 24.0%UNM: +30.6% a year, volatility 29.3%RGA: +19.7% a year, volatility 27.3%AIZ: +13.3% a year, volatility 25.3%CNO: +18.8% a year, volatility 28.1%AFL: +19.0% a year, volatility 20.8%RY: +17.3% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%PVAL: +16.1% a year, volatility 15.1%SPMO: +18.7% a year, volatility 20.8%WM: +9.3% a year, volatility 19.2%CBSPY (S&P 500)TRVTHGMFCUNMRGAAIZAFLRYDXJLVHISDCIGLDPVALWM10.0%15.0%20.0%25.0%30.0%35.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CBMPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%TPYP: +16.9% a year, volatility 17.3%ENFR: +18.4% a year, volatility 19.1%CB: +15.7% a year, volatility 20.4%SPY (S&P 500): +12.7% a year, volatility 17.1%TRV: +22.4% a year, volatility 22.3%THG: +14.4% a year, volatility 22.9%MFC: +22.6% a year, volatility 24.0%UNM: +30.6% a year, volatility 29.3%RGA: +19.7% a year, volatility 27.3%AIZ: +13.3% a year, volatility 25.3%CNO: +18.8% a year, volatility 28.1%AFL: +19.0% a year, volatility 20.8%RY: +17.3% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%PVAL: +16.1% a year, volatility 15.1%SPMO: +18.7% a year, volatility 20.8%WM: +9.3% a year, volatility 19.2%CBSPY (S&P 500)TRVTHGUNMRGAAIZCNOAFLRYDXJLVHISDCIGLDPVALWM
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CB?

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

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

Screen the whole market against CB for any period in BetterThanSPYOpen these 17 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 CB?lower diversifies moreExpenseper year
CBChubb Limited · this page
+15.7%20.4%0.82−42.6%+248%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.290.09%
Popular alternativesbest 2 shownThe investments people most often weigh against CB. 2 of 22 passed at least one test.
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.82—
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Higher return in most periods+14.4%22.9%0.70−40.1%+291%0.64—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Property & Casualty Insurance and Insurance and the categories next to it (Life Insurance), plus CB's specific themes. 6 of 35 passed at least one test.
MFCManulife Financial Corporation · Life Insurance
Higher return in most periods+22.6%24.0%0.97−57.5%+373%0.46—
UNMUnum Group · Life Insurance
Higher return in most periods+30.6%29.3%1.06−81.0%+256%0.43—
RGAReinsurance Group of America, Incorporated · Insurance
Higher return in most periods+19.7%27.3%0.80−65.8%+199%0.67—
AIZAssurant, Inc. · Property & Casualty Insurance
Higher return in most periods+13.3%25.3%0.62−44.6%+312%0.40—
CNOCNO Financial Group, Inc. · Life Insurance
Higher return in most periods+18.8%28.1%0.76−63.8%+342%0.61—
AFLAflac Incorporated · Life Insurance
Higher return, similar volatility+19.0%20.8%0.95−54.9%+335%0.66—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 122 of 3,576 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.47—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.300.48%
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+17.0%11.1%1.48−32.4%+194%0.590.40%
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
On the frontierHigher return, lower volatilityHigher return in most periods+20.6%18.4%1.12−45.7%—0.280.80%
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.7%18.9%0.96−26.4%+213%0.130.40%
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Similar return, lower volatilityHigher return in most periods+16.1%15.1%1.07−41.3%—0.540.56%
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Higher return, similar volatilityHigher Sharpe, smaller worst decline+18.7%20.8%0.93−30.9%+499%0.290.13%
WMWaste Management, Inc. · Environmental Services
Smaller losses in recent crashes+9.3%19.2%0.56−30.1%+344%0.29—
What these numbers mean for CB
Annual return
CB returned 15.7% 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 $20,700. 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
CB's volatility over the past 5 years was 20.4%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CB's return lands within 20.4% 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
CB's Sharpe ratio over the past 5 years was 0.82, against 0.79 for the S&P 500, so CB 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
CB's worst fall from a peak to a low over the past 10 years was 42.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 42.6% fall takes a 74.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CB's monthly returns had a correlation of 0.29 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 CB instead: the lower it is, the more that option would diversify a CB holding. Guide: Correlation and diversification →
Show all 17 stocks and funds worth at least $500 million that earned more than CB with less volatility

Out of 3,633 tested over 5 years. The strongest 9 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CBExpense
1
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.47—
2
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.300.48%
3
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.590.40%
4
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.280.80%
5
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.130.40%
6
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.42—
7
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.240.45%
8
TPYPTortoise North American Pipeline ETF · Energy
Whole market+16.9%17.3%0.99−51.9%+184%0.580.40%
9
ENFRAlerian Energy Infrastructure ETF · Broad Market
Whole market+18.4%19.1%0.98−62.6%+183%0.550.35%

CB against its popular alternatives

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

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

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

16.0%18.0%20.0%22.0%24.0%26.0%28.0%−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 volatilityCB: 15.7% a year, volatility 20.4%SPY (S&P 500): 12.7% a year, volatility 17.1%THG: 14.4% a year, volatility 22.9%HIG: 15.6% a year, volatility 22.0%AJG: 10.9% a year, volatility 24.2%MET: 12.0% a year, volatility 25.4%AFG: 9.8% a year, volatility 22.6%BRO: 2.6% a year, volatility 26.0%CINF: 10.2% a year, volatility 25.7%EG: 9.4% a year, volatility 25.7%AIG: 9.0% a year, volatility 25.9%RLI: 8.1% a year, volatility 23.9%SIGI: 4.4% a year, volatility 27.4%PRU: 5.2% a year, volatility 25.5%AON: −0.3% a year, volatility 23.8%CNA: 9.2% a year, volatility 21.6%MKL: 7.3% a year, volatility 22.4%TRV: 22.4% a year, volatility 22.3%ALL: 17.0% a year, volatility 26.2%WRB: 18.9% a year, volatility 22.9%ORI: 17.0% a year, volatility 22.2%PGR: 21.3% a year, volatility 25.6%ACGL: 20.1% a year, volatility 24.5%AXS: 16.7% a year, volatility 25.2%CBSPY (S&P 500)THGHIGAJGMETAFGBROCINFEGAIGRLISIGIPRUAONCNAMKLTRVALLWRBORIPGRACGLAXS15.0%17.5%20.0%22.5%25.0%27.5%−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 volatilityCB: 15.7% a year, volatility 20.4%SPY (S&P 500): 12.7% a year, volatility 17.1%THG: 14.4% a year, volatility 22.9%HIG: 15.6% a year, volatility 22.0%AJG: 10.9% a year, volatility 24.2%MET: 12.0% a year, volatility 25.4%AFG: 9.8% a year, volatility 22.6%BRO: 2.6% a year, volatility 26.0%CINF: 10.2% a year, volatility 25.7%EG: 9.4% a year, volatility 25.7%AIG: 9.0% a year, volatility 25.9%RLI: 8.1% a year, volatility 23.9%SIGI: 4.4% a year, volatility 27.4%PRU: 5.2% a year, volatility 25.5%AON: −0.3% a year, volatility 23.8%CNA: 9.2% a year, volatility 21.6%MKL: 7.3% a year, volatility 22.4%TRV: 22.4% a year, volatility 22.3%ALL: 17.0% a year, volatility 26.2%WRB: 18.9% a year, volatility 22.9%ORI: 17.0% a year, volatility 22.2%PGR: 21.3% a year, volatility 25.6%ACGL: 20.1% a year, volatility 24.5%AXS: 16.7% a year, volatility 25.2%CBSPY (S&P 500)THGAJGMETAFGBROCINFEGRLISIGIPRUAONCNAMKLTRVALLWRBORIPGRAXS
All figures
InvestmentAnnual returnVolatility
TRV The Travelers Companies, Inc.+22.4%22.3%
PGR The Progressive Corporation+21.3%25.6%
ACGL Arch Capital Group Ltd.+20.1%24.5%
WRB W. R. Berkley Corporation+18.9%22.9%
ORI Old Republic International Corporation+17.0%22.2%
ALL The Allstate Corporation+17.0%26.2%
AXS AXIS Capital Holdings Limited+16.7%25.2%
CB This pageChubb Limited+15.7%20.4%
HIG The Hartford Insurance Group, Inc.+15.6%22.0%
THG The Hanover Insurance Group, Inc.+14.4%22.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MET MetLife, Inc.+12.0%25.4%
AJG Arthur J. Gallagher & Co.+10.9%24.2%
CINF Cincinnati Financial Corporation+10.2%25.7%
AFG American Financial Group, Inc.+9.8%22.6%
EG Everest Group, Ltd.+9.4%25.7%
CNA CNA Financial Corporation+9.2%21.6%
AIG American International Group, Inc.+9.0%25.9%
RLI RLI Corp.+8.1%23.9%
MKL Markel Corporation+7.3%22.4%
PRU Prudential Financial, Inc.+5.2%25.5%
SIGI Selective Insurance Group, Inc.+4.4%27.4%
BRO Brown & Brown, Inc.+2.6%26.0%
AON Aon plc−0.3%23.8%
Open these 24 in EasyCompare

Has CB consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CB 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
CB Chubb Limited (this page)—+6.1%+1.8%+9.1%+16.4%+35.0%+78.9%+107%+248%20.4%0.82−42.6%—$138B—
TRV QualifiedThe Travelers Companies, Inc.5/5 short3/3 longAll-weather+6.6%+7.8%+32.6%+40.3%+51.5%+158%+174%+347%22.3%1.02−46.3%—$83B—
THG QualifiedThe Hanover Insurance Group, Inc.4/5 short2/3 long+3.9%+8.7%+30.1%+31.4%+37.7%+115%+95.9%+291%22.9%0.70−40.1%—$8.1B—
ALL Insurance - Property & CasualtyThe Allstate Corporation2/5 short3/3 long+2.9%−1.1%+17.3%+24.4%+31.5%+116%+119%+356%26.2%0.73−41.4%—$63B—
WRB Insurance - Property & CasualtyW. R. Berkley Corporation1/5 short3/3 long+6.3%+0.7%+11.7%+6.7%+2.3%+87.3%+138%+443%22.9%0.87−45.3%—$27B—
ORI Insurance - Property & CasualtyOld Republic International Corporation0/5 short3/3 long+1.2%−5.3%−5.2%−6.1%+3.6%+81.5%+119%+349%22.2%0.82−47.8%—$9.6B—
PGR Insurance - Property & CasualtyThe Progressive Corporation1/5 short2/3 long+4.6%+4.6%+9.0%+4.8%+7.7%+56.8%+162%+816%25.6%0.89−30.3%—$129B—
ACGL Insurance - DiversifiedArch Capital Group Ltd.0/5 short2/3 long+5.8%−0.5%+3.9%+7.9%+16.5%+28.7%+150%+309%24.5%0.87−53.8%—$35B—
HIG Insurance - DiversifiedThe Hartford Insurance Group, Inc.0/5 short2/3 long+4.3%−2.5%−0.9%+0.8%+12.1%+105%+106%+294%22.0%0.77−57.6%—$37B—
AXS Insurance - DiversifiedAXIS Capital Holdings Limited0/5 short2/3 long+3.1%−12.2%−0.4%−2.3%+11.1%+90.4%+116%+137%25.2%0.74−49.3%—$7.3B—
AJG Insurance - BrokersArthur J. Gallagher & Co.3/5 short1/3 long+9.6%+2.5%+16.9%+2.2%−6.1%+17.3%+68.0%+516%24.2%0.55−44.4%—$66B—
MET Insurance - LifeMetLife, Inc.3/5 short1/3 long+4.7%+9.5%+32.0%+28.6%+32.2%+84.0%+76.5%+240%25.4%0.58−55.2%—$64B—
AFG Insurance - Property & CasualtyAmerican Financial Group, Inc.2/5 short1/3 long+6.4%+5.6%+16.3%+15.0%+20.4%+66.9%+59.7%+321%22.6%0.53−59.0%—$12B—
BRO Insurance - BrokersBrown & Brown, Inc.2/5 short1/3 long+10.3%+3.1%+5.2%−8.0%−18.2%+7.9%+13.8%+317%26.0%0.23−55.8%—$24B—
CINF Insurance - Property & CasualtyCincinnati Financial Corporation0/5 short1/3 long+3.7%−4.1%+4.8%+8.4%+13.6%+87.6%+62.7%+203%25.7%0.51−58.1%—$26B—
EG Insurance - ReinsuranceEverest Group, Ltd.3/5 short0/3 long+6.4%+4.3%+13.4%+19.6%+14.8%+6.0%+57.0%+155%25.7%0.48−44.2%—$15B—
AIG Insurance - DiversifiedAmerican International Group, Inc.2/5 short0/3 long+9.8%+3.3%+5.6%−1.0%+8.0%+47.1%+54.1%+75.5%25.9%0.47−69.6%—$43B—
RLI Insurance - Property & CasualtyRLI Corp.1/5 short0/3 long+6.2%+1.9%+13.5%+5.4%+14.2%+8.4%+47.7%+206%23.9%0.45−43.5%—$5.8B—
SIGI Insurance - Property & CasualtySelective Insurance Group, Inc.1/5 short0/3 long+1.9%−7.1%+10.3%+8.6%+9.1%−9.1%+24.1%+160%27.4%0.30−48.4%—$5.3B—
PRU Insurance - LifePrudential Financial, Inc.1/5 short0/3 long−2.8%−1.2%+15.2%+5.2%+19.6%+47.5%+29.0%+117%25.5%0.33−65.9%—$40B—
AON Insurance - BrokersAon plc0/5 short0/3 long+2.0%−18.0%−10.2%−13.2%−13.0%−3.1%−1.6%+195%23.8%0.11−38.7%—$63B—
CNA Insurance - Property & CasualtyCNA Financial Corporation0/5 short0/3 long+1.3%−7.7%+3.6%+10.9%+15.2%+56.4%+55.2%+183%21.6%0.52−45.9%—$13B—
MKL Insurance - Property & CasualtyMarkel Corporation0/5 short0/3 long+6.2%−4.8%−4.1%−11.6%−1.2%+29.8%+42.3%+110%22.4%0.43−44.7%—$23B—
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How did CB do year by year?

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

InvestmentYears ahead of CB20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
CB This pageChubb Limited—+14.5%+23.9%+4.2%+16.0%+27.9%+1.4%+22.9%−9.6%+12.8%+15.6%+5.3%+14.4%+31.9%+17.6%+14.5%+26.4%−1.8%−13.0%+3.8%+15.4%+27.5%+5.3%+44.3%−25.4%−3.7%+159%−50.6%+7.8%+62.3%
Rank among alternativesTop quarter in 4 of 2910 of 2317 of 2315 of 239 of 2311 of 238 of 2316 of 2314 of 2315 of 2315 of 2316 of 237 of 2319 of 2310 of 236 of 239 of 2313 of 239 of 237 of 2310 of 238 of 2315 of 234 of 2218 of 2211 of 212 of 2019 of 209 of 205 of 20
SPY S&P 500State Street SPDR S&P 500 ETF14 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%
TRV The Travelers Companies, Inc.12 of 29+22.4%+28.8%+3.9%+22.4%+14.0%+5.3%+17.0%−9.7%+13.4%+11.0%+9.1%+19.6%+29.1%+24.8%+9.3%+14.8%+13.5%−13.8%+2.4%+22.9%+23.2%−3.6%+20.3%−20.1%−16.9%+65.7%0.0%−12.9%+43.6%
THG The Hanover Insurance Group, Inc.15 of 29+20.7%+30.6%−7.6%+5.4%+14.5%−12.3%+26.7%+10.1%+21.4%+14.4%+16.6%+22.4%+58.3%+14.4%−23.0%+7.6%+5.2%−5.0%−5.2%+17.5%+28.1%+6.7%+205%−77.3%−38.1%+30.8%−3.4%+16.3%+49.8%
ALL The Allstate Corporation13 of 29+10.1%+40.6%+6.4%+18.4%+9.9%−0.1%+38.8%−19.5%+43.6%+21.7%−9.9%+31.2%+38.6%+50.2%−11.4%+9.1%−5.1%−34.5%−17.6%+23.4%+6.9%+23.1%+19.4%+12.3%−21.0%+85.6%−36.4%−13.8%+58.5%
WRB W. R. Berkley Corporation15 of 29+23.0%+27.9%+0.3%+33.9%+27.4%−3.1%+43.8%+5.7%+9.9%+23.7%+7.8%+21.8%+16.1%+13.6%+27.1%+12.3%−19.9%+5.2%−13.1%+9.2%+52.6%+36.1%+33.2%+10.8%+15.2%+131%−37.4%−21.1%+32.0%
ORI Old Republic International Corporation12 of 29+37.4%+27.2%+26.4%+6.7%+44.9%−7.6%+17.7%+4.9%+17.0%+6.3%+33.4%−11.2%+70.5%+23.5%−27.3%+43.3%−10.2%−18.2%−31.5%+13.9%+10.4%+1.9%+42.5%+1.9%−10.1%+141%−37.0%−8.1%+41.1%
PGR The Progressive Corporation15 of 29−3.0%+51.4%+23.2%+26.8%+10.8%+41.5%+25.1%+9.4%+61.6%+14.9%+21.1%+5.3%+30.9%+15.5%+0.2%+17.2%+21.5%−22.1%−13.2%−16.9%+37.8%+1.7%+68.5%0.0%+44.3%+42.2%−56.6%+41.6%+78.3%
ACGL Arch Capital Group Ltd.16 of 29+3.9%+30.8%+18.3%+41.2%+23.2%−15.9%+60.5%−11.7%+5.2%+23.7%+18.1%−1.0%+35.6%+18.2%+26.9%+23.0%+2.0%−0.3%+4.1%+23.5%+41.3%−2.9%+28.0%+21.0%+72.2%+18.8%−42.2%−2.1%+14.6%
HIG The Hartford Insurance Group, Inc.14 of 29+28.1%+38.5%+8.6%+12.3%+44.3%−17.0%+39.8%−19.2%+20.3%+11.8%+6.1%+17.1%+64.1%+40.9%−37.5%+14.8%+43.8%−79.8%−4.6%+10.8%+25.8%+19.5%+33.0%−26.3%−9.6%+51.9%−12.1%+19.3%+41.5%
AXS AXIS Capital Holdings Limited10 of 22+23.0%+63.9%+5.5%+2.6%+11.8%−11.9%+18.3%+5.7%−21.0%+19.1%+12.5%+10.0%+40.5%+11.6%−8.1%+29.7%+0.6%−23.4%+18.9%+8.8%+16.7%−4.8%———————
AJG Arthur J. Gallagher & Co.16 of 29−8.0%+27.4%+20.5%+12.4%+39.0%+32.1%+31.8%+19.2%+25.1%+31.1%−10.1%+3.5%+40.0%+7.6%+20.3%+35.6%−7.8%+12.7%−14.3%−0.1%−1.2%+3.3%+13.4%−13.1%+10.4%+100%+51.8%+32.5%+15.3%
MET MetLife, Inc.11 of 25−0.8%+27.7%−5.5%+19.2%+37.5%−3.4%+28.8%−15.8%+8.4%+15.9%−8.3%+3.0%+67.5%+7.9%−28.3%+27.9%+3.7%−42.2%+5.6%+21.7%+22.2%+21.8%+25.4%−13.9%−8.8%————
AFG American Financial Group, Inc.14 of 29+5.4%+23.8%−7.6%+10.9%+93.8%−16.2%+27.1%−13.0%+29.2%+25.8%+22.2%+8.7%+51.2%+9.9%+16.5%+32.2%+11.7%−19.1%−18.6%+42.4%+24.4%+20.2%+17.4%−4.1%−3.8%+5.0%−38.0%+11.6%+9.5%
BRO Brown & Brown, Inc.17 of 29−21.4%+44.3%+25.7%−18.4%+49.3%+21.1%+44.7%+8.3%+16.2%+41.8%−1.1%+6.1%+24.8%+14.1%−4.1%+35.3%−12.5%−9.8%−16.0%−6.9%+41.2%+34.5%+1.8%+19.1%+57.1%+84.6%+11.0%+18.8%+71.1%
CINF Cincinnati Financial Corporation15 of 29+16.3%+42.5%+4.0%−7.9%+33.3%−14.1%+38.9%+6.3%+1.0%+31.5%+19.0%+2.6%+38.4%+34.2%+1.5%+27.5%−3.6%−22.8%−9.8%+4.4%+9.1%+14.2%+14.0%+0.7%−1.4%+29.5%−13.2%−20.7%+121%
EG Everest Group, Ltd.15 of 29−4.1%+4.6%+8.7%+23.7%+19.8%−13.0%+30.2%+0.7%+3.9%+21.1%+9.9%+11.4%+44.0%+33.3%+1.4%+1.4%+15.5%−22.3%+4.3%−1.6%+12.6%+6.4%+53.8%−21.4%−0.8%+223%−42.2%−5.1%+44.2%
AIG American International Group, Inc.10 of 29+20.0%+9.8%+9.8%+13.8%+53.9%−23.1%+33.6%−32.1%−6.9%+7.8%+12.1%+10.7%+45.2%+52.1%−43.6%+92.2%−4.6%−97.2%−17.6%+6.2%+5.0%−0.5%+15.1%−26.9%−19.3%+37.0%+40.2%+33.7%+51.2%
RLI RLI Corp.13 of 29−19.1%+27.6%+3.8%+24.8%+10.7%+18.1%+33.2%+16.7%+0.4%+6.8%+31.1%+9.6%+57.9%−2.7%+52.1%+13.7%−11.0%+9.6%+2.2%+14.5%+21.8%+12.5%+36.0%+24.6%+2.5%+33.8%+4.1%−15.2%+50.0%
SIGI Selective Insurance Group, Inc.11 of 29−8.8%−4.6%+13.7%+9.7%+24.0%+4.5%+8.2%+5.1%+38.2%+30.3%+26.0%+2.7%+43.6%+12.0%+0.7%+14.0%−25.7%+2.1%−18.1%+9.7%+22.0%+39.1%+31.8%+18.7%−8.0%+45.7%−11.9%−23.7%+45.4%
PRU Prudential Financial, Inc.11 of 24+0.2%+19.4%+10.1%−3.9%+45.3%−11.4%+20.1%−26.5%+13.6%+32.5%−7.4%+0.7%+77.1%+9.9%−12.1%+20.5%+66.8%−66.3%+9.7%+18.7%+34.5%+33.3%+33.4%−3.1%—————
AON Aon plc13 of 29−0.9%+24.4%−2.3%+0.6%+43.4%+2.4%+44.7%+9.9%+21.1%+22.5%−1.6%+14.3%+52.4%+20.3%+2.9%+21.8%−14.8%−2.9%+37.0%−0.1%+54.3%+2.2%+30.3%−45.2%+6.3%−11.9%+10.7%−3.8%+44.6%
CNA CNA Financial Corporation9 of 29+7.0%+24.0%+7.1%+3.8%+19.0%−5.4%+9.5%−11.1%+37.1%+30.0%−2.3%−5.3%+56.5%+6.9%+0.3%+12.7%+45.9%−50.4%−15.8%+23.2%+22.4%+11.0%−5.9%−12.2%−24.7%−0.5%−3.3%−5.5%+19.4%
MKL Markel Corporation15 of 29+24.5%+21.6%+7.8%+6.8%+19.4%−9.6%+10.1%−8.9%+25.9%+2.4%+29.4%+17.7%+33.9%+4.5%+9.7%+11.2%+13.7%−39.1%+2.3%+51.4%−12.9%+43.6%+23.4%+14.4%−0.8%+16.8%−14.4%+15.9%+73.5%
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Risk and diversification

How CB 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 CB's worst declines?

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

DuringCB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−64.4%+18.6%Jul 1998Mar 200020 monthsDec 20009 months
Dot-com bust−52.4%−26.5%Dec 2000Sep 20019 monthsFeb 20025 months
2008 financial crisis−51.2%−44.7%Sep 2008Mar 20096 monthsDec 201021 months
Dot-com bust−47.7%−29.3%Apr 2002Jul 20023 monthsJan 200418 months
Covid crash−42.6%−32.6%Feb 2020Mar 20201 monthFeb 202111 months

How did CB do in stock market crashes?

This section measures how far CB, 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 CB.

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
CB This pageChubb Limited—−5.6%−19.1%−42.2%−13.6%−8.4%−9.7%−13.7%−0.2%−51.2%−52.4%
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
TRV The Travelers Companies, Inc.3 of 10−2.6%−18.9%−39.2%−15.7%−8.8%−11.4%−18.1%−1.1%−43.7%−55.1%
THG The Hanover Insurance Group, Inc.3 of 10−5.2%−18.6%−38.8%−14.2%−7.3%−10.7%−15.9%0.0%−42.9%−90.1%
ALL The Allstate Corporation2 of 10−6.7%−20.3%−40.8%−23.7%−8.0%−10.8%−20.3%−0.8%−74.8%−30.6%
WRB W. R. Berkley Corporation5 of 10−7.5%−14.7%−45.3%−12.2%−7.5%−17.6%−15.5%−0.9%−42.0%−25.9%
ORI Old Republic International Corporation2 of 10−5.3%−20.4%−46.3%−14.0%−7.7%−10.7%−21.9%−3.0%−60.0%−27.9%
PGR The Progressive Corporation5 of 10−2.9%−10.5%−18.3%−22.3%−4.3%−12.3%−16.6%−1.2%−52.9%−36.2%
ACGL Arch Capital Group Ltd.5 of 10−7.3%−16.6%−51.7%−17.9%−5.5%−16.4%−12.6%−0.6%−43.9%−21.9%
HIG The Hartford Insurance Group, Inc.1 of 10−9.0%−18.6%−54.5%−19.4%−8.1%−23.3%−37.2%−2.9%−96.0%−51.5%
AXS AXIS Capital Holdings Limited1 of 9−6.4%−19.0%−43.6%−15.5%−2.5%−10.7%−21.5%−0.9%−55.9%—
AJG Arthur J. Gallagher & Co.6 of 10−4.8%−18.8%−37.0%−11.5%−6.1%−23.1%−13.4%−1.1%−46.0%−41.2%
MET MetLife, Inc.1 of 9−12.6%−19.5%−55.0%−20.9%−6.9%−36.5%−36.3%−3.4%−82.3%—
AFG American Financial Group, Inc.3 of 10−7.4%−16.2%−58.2%−23.5%−6.6%−11.8%−13.8%−0.5%−58.7%−38.0%
BRO Brown & Brown, Inc.5 of 10−4.9%−27.3%−34.8%−13.6%−5.4%−15.9%−22.9%0.0%−42.1%−31.4%
CINF Cincinnati Financial Corporation3 of 10−7.0%−35.8%−40.5%−12.1%−7.9%−11.3%−15.4%−1.5%−57.1%−29.8%
EG Everest Group, Ltd.6 of 10−9.4%−19.0%−40.4%−12.0%−2.8%−10.3%−11.9%0.0%−46.7%−44.7%
AIG American International Group, Inc.2 of 10−12.7%−25.5%−61.8%−32.5%−7.6%−21.1%−30.6%0.0%−99.5%−50.5%
RLI RLI Corp.7 of 10−4.3%−15.7%−27.0%−16.9%−6.1%−8.2%−14.7%−2.2%−34.8%−21.3%
SIGI Selective Insurance Group, Inc.4 of 10−5.7%−17.4%−38.4%−14.9%−5.5%−20.3%−25.4%−4.0%−61.3%−34.8%
PRU Prudential Financial, Inc.0 of 9−13.3%−27.4%−58.2%−26.8%−11.9%−35.8%−27.9%−3.1%−88.3%—
AON Aon plc4 of 10−2.4%−25.4%−38.7%−17.0%−5.3%−17.4%−20.7%0.0%−30.3%−66.5%
CNA CNA Financial Corporation2 of 10−8.7%−25.7%−43.3%−12.3%−8.9%−24.6%−22.7%−1.8%−83.9%−46.2%
MKL Markel Corporation2 of 10−6.2%−28.9%−44.7%−21.5%−5.3%−13.3%−13.3%0.0%−61.3%−19.1%
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How closely does CB 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 CB 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 CB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CB This pageChubb Limited63%48%1.320.54
WRB W. R. Berkley Corporation68%26%2.580.55
AJG Arthur J. Gallagher & Co.80%46%1.740.61
THG The Hanover Insurance Group, Inc.64%37%1.720.60
ALL The Allstate Corporation68%41%1.660.49
TRV The Travelers Companies, Inc.70%48%1.480.59
EG Everest Group, Ltd.46%32%1.430.46
ORI Old Republic International Corporation82%61%1.340.70
ACGL Arch Capital Group Ltd.74%57%1.280.57
CNA CNA Financial Corporation57%45%1.260.54
BRO Brown & Brown, Inc.78%69%1.130.66
AFG American Financial Group, Inc.84%75%1.120.78
SIGI Selective Insurance Group, Inc.56%51%1.100.56
HIG The Hartford Insurance Group, Inc.83%77%1.070.78
CINF Cincinnati Financial Corporation66%63%1.050.60
RLI RLI Corp.57%54%1.050.39
AXS AXIS Capital Holdings Limited55%53%1.040.67
MET MetLife, Inc.91%97%0.941.03
AON Aon plc79%89%0.890.78
MKL Markel Corporation65%88%0.750.68
PRU Prudential Financial, Inc.102%146%0.701.25
AIG American International Group, Inc.64%93%0.680.91
PGR The Progressive Corporation72%-5%—0.36
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What diversifies CB?

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

ETFs

InvestmentCorrelation5Y returnSharpe20182009200820022001199980/20 mix volatility80/20 mix annual return
CB Chubb Limited (this page)1.00+107%0.82−9.6%−1.8%−13.0%−25.4%−3.7%−50.6%19.4%+15.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.30+225%1.34−19.8%+2.0%−20.8%———16.5%+17.7%
SMH TechnologyVanEck Semiconductor ETF-0.03+323%0.97−9.1%+60.5%−44.7%−47.0%−14.6%—16.8%+20.7%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.45+85.0%0.96−9.5%—————16.6%+15.0%
GLD CommoditiesSPDR Gold Shares0.13+126%0.96−1.9%+24.0%+4.9%———16.3%+16.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.29+136%0.93−0.9%—————17.2%+16.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.49+177%0.93−18.2%+21.8%−39.0%−14.8%−18.2%+18.1%18.6%+17.1%
DIVB Dividend & IncomeiShares Core Dividend ETF0.49+92.0%0.93−8.2%—————17.3%+15.0%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.34+109%0.90−11.1%—————17.3%+16.0%

Stocks

InvestmentCorrelation5Y returnSharpe20182009200820022001199980/20 mix volatility80/20 mix annual return
CB Chubb Limited (this page)1.00+107%0.82−9.6%−1.8%−13.0%−25.4%−3.7%−50.6%19.4%+15.0%
CAH Medical - DistributionCardinal Health, Inc.0.40+479%1.55−24.5%−4.4%−39.6%−8.3%−2.5%−36.8%18.3%+19.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.05+3,143%1.47−16.3%+105%−20.5%−65.1%−25.6%+350%19.9%+33.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.15+1,636%1.46+0.8%+17.8%−15.2%−9.4%+73.7%−58.7%19.1%+29.1%
MCK Medical - DistributionMcKesson Corporation0.42+413%1.44−28.4%+62.9%−40.4%−27.2%+4.9%−71.3%18.3%+19.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.30+690%1.41−8.2%—————18.5%+22.1%
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Common questions

What was CB's worst drawdown?

CB's deepest decline since it began trading in 1986 was 64.4%, from July 1998 to March 2000. It took nine months from the low to climb back to its old high.

What were CB's best and worst years?

Over 29 full calendar years, CB's best year was 2000, when it returned 159%. Its worst was 1999, with a return of -50.6%.

Is there a better investment than CB?

Among CB's popular alternatives, TRV earned more than CB over the past 5 years with similar volatility: 22.4% a year at 22.3% volatility, against 15.7% a year at 20.4%. Looking beyond its popular alternatives, AFL (life insurance) earned more than CB over the past 5 years with similar volatility: 19.0% a year at 20.8% volatility, against 15.7% a year at 20.4%.

Is CB more volatile than the S&P 500?

Yes. CB's volatility over the past 5 years was 20.4%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CB's return lands within 20.4% 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 CB's Sharpe ratio?

CB's Sharpe ratio over the past 5 years was 0.82, against 0.79 for the S&P 500, so CB 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 CB with the S&P 500?

Over the past 5 years, CB's monthly returns had a correlation of 0.29 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 CB instead: the lower it is, the more that option would diversify a CB holding.

What are the best alternatives to CB?

Of the 22 popular alternatives we compared, two outperformed CB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: TRV and THG.

Did CB outperform the S&P 500?

CB finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +14.5%, against +17.7% for the index.

How did CB do in stock market crashes?

CB fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in four. The clearest case was the late-2018 sell-off, when CB fell 13.6% and the S&P 500 fell 19.3%.

What diversifies CB?

These had a low correlation with CB over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.30), SMH (correlation -0.03) and DBEF (correlation 0.45); among large stocks, CAH (correlation 0.40), CLS (correlation 0.05) and FIX (correlation 0.15). A correlation near zero means the two have moved largely independently.

How we measure

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