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Relative Intelligence · Communications Equipment

How Ciena (CIEN) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CIEN alone. It places CIEN (Ciena Corporation) against 19 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 CIEN stands in the market, and of the alternatives worth a closer look.

Period covered: CIEN's full trading record, from February 1997 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 CIEN →Chart CIEN vs. 19 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CIEN over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CIEN over the same span and CIEN'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. 921 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CIEN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$100$1,000$10,000$100,000$1M199720022007201220172022$100$1,000$10,000$100,000$1M19972004201120182025
  • COHR$922,472+9,125% total · +16.9% a year
  • CSCO$206,586+1,966% total · +11.0% a year
  • GLW$155,950+1,460% total · +9.9% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • DGII$53,499+435% total · +6.0% a year
  • VZ$47,395+374% total · +5.5% a year
  • NOK$36,874+269% total · +4.6% a year
  • CIEN$20,293+103% total · +2.5% a year
  • VIAV$18,542+85.4% total · +2.2% a year
  • AVNW$373−96.3% total · −10.7% a year
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From the end of September 2021 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. 58 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CIEN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$100,000202120222023202420252026
  • AAOI$138,242+1,282% total · +69.1% a year
  • STX$128,799+1,188% total · +66.7% a year
  • LITE$116,261+1,063% total · +63.3% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • ANET$94,783+848% total · +56.8% a year
  • AVGO$79,117+691% total · +51.2% a year
  • CIEN$68,511+585% total · +46.9% a year
  • MRVL$44,627+346% total · +34.9% a year
  • DGII$36,266+263% total · +29.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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CIEN 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
$48B
Industry
Communication Equipment
Price history from
February 1997

Returns

Past 1 year
+97.5%total return
Past 3 years
+721%+102% a year
Past 5 years
+546%+45.2% a year
Past 10 years
+1,600%+32.7% a year
Best calendar year
+293%1999
Worst calendar year
−82.4%2001
Losing years
11 of 28full calendar years

Risk

Volatility
52.6%typical yearly swing, 5 years
Sharpe ratio
0.97return per unit of risk, 5 years
Worst decline ever
−99.5%Oct 2000 to Feb 2009
From its all-time high
−67.3%below the peak

CIEN against the whole market

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

How does CIEN rank among all stocks?

This section ranks CIEN 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 CIEN 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.

MeasureCIENRankStanding
1-year return+97.5%187 of 3,287top 6%
3-year return+721%55 of 3,017top 2%
5-year return+546%57 of 2,893top 2%
10-year return+1,600%54 of 2,202top 2%
Volatility, 5 years52.6%2,020 of 2,893bottom 31%
Sharpe ratio, 5 years0.97113 of 2,893top 4%
Worst decline, past 10 years−49.5%444 of 2,187top 20%

What has beaten CIEN 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). CIEN sits where the dashed lines cross. Anything in the green box above and to the left earned more than CIEN 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 CIEN; faint dots are 14 more of the 20 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%20.0%30.0%40.0%50.0%60.0%70.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CIENPBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%PBR: +50.3% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%VST: +53.4% a year, volatility 48.6%FTI: +54.1% a year, volatility 41.3%FRO: +52.6% a year, volatility 49.7%ASX: +48.8% a year, volatility 43.0%TRMD: +54.3% a year, volatility 45.9%TNK: +50.5% a year, volatility 45.1%TEN: +46.9% a year, volatility 46.3%TK: +47.1% a year, volatility 41.7%CIEN: +45.2% a year, volatility 52.6%SPY (S&P 500): +12.7% a year, volatility 17.1%ANET: +49.0% a year, volatility 49.0%AVGO: +48.3% a year, volatility 44.5%LITE: +57.3% a year, volatility 64.5%STX: +57.4% a year, volatility 48.7%NVDA: +58.0% a year, volatility 51.9%MU: +68.1% a year, volatility 57.1%DELL: +55.2% a year, volatility 54.4%WDC: +53.7% a year, volatility 53.5%CLS: +101% a year, volatility 59.7%LPG: +54.6% a year, volatility 43.6%MPC: +51.2% a year, volatility 33.4%BWLP: +60.3% a year, volatility 50.9%LLY: +40.7% a year, volatility 32.8%VLO: +44.2% a year, volatility 36.9%BELFB: +78.0% a year, volatility 52.1%FIX: +77.0% a year, volatility 46.7%CIENSPY (S&P 500)ANETAVGOLITESTXNVDAMUCLSLPGMPCLLYVLOBELFBFIX0.0%20.0%40.0%60.0%80.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CIENPBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%PBR: +50.3% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%VST: +53.4% a year, volatility 48.6%FTI: +54.1% a year, volatility 41.3%FRO: +52.6% a year, volatility 49.7%ASX: +48.8% a year, volatility 43.0%TRMD: +54.3% a year, volatility 45.9%TNK: +50.5% a year, volatility 45.1%TEN: +46.9% a year, volatility 46.3%TK: +47.1% a year, volatility 41.7%CIEN: +45.2% a year, volatility 52.6%SPY (S&P 500): +12.7% a year, volatility 17.1%ANET: +49.0% a year, volatility 49.0%AVGO: +48.3% a year, volatility 44.5%LITE: +57.3% a year, volatility 64.5%STX: +57.4% a year, volatility 48.7%NVDA: +58.0% a year, volatility 51.9%MU: +68.1% a year, volatility 57.1%DELL: +55.2% a year, volatility 54.4%WDC: +53.7% a year, volatility 53.5%CLS: +101% a year, volatility 59.7%LPG: +54.6% a year, volatility 43.6%MPC: +51.2% a year, volatility 33.4%BWLP: +60.3% a year, volatility 50.9%LLY: +40.7% a year, volatility 32.8%VLO: +44.2% a year, volatility 36.9%BELFB: +78.0% a year, volatility 52.1%FIX: +77.0% a year, volatility 46.7%CIENSPY (S&P 500)ANETLITESTXNVDAMUCLSLPGMPCLLYBELFBFIX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CIEN?

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

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

Screen the whole market against CIEN for any period in BetterThanSPYOpen these 16 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 CIEN?lower diversifies moreExpenseper year
CIENCiena Corporation · this page
+45.2%52.6%0.97−49.5%+1,600%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.380.09%
Popular alternativesbest 3 shownThe investments people most often weigh against CIEN. 3 of 19 passed at least one test.
ANETArista Networks, Inc. · Communications Equipment
Higher return, lower volatilityHigher return in most periods+49.0%49.0%1.06−52.2%+3,439%0.38—
AVGOBroadcom Inc. · Semiconductors
Higher return, lower volatility+48.3%44.5%1.11−48.3%+2,380%0.47—
LITELumentum Holdings Inc. · Communications Equipment
Higher return in most periods+57.3%64.5%1.03−66.9%+1,904%0.58—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Communications Equipment and the categories next to it (Semiconductors, Electronic Components, Electronics Manufacturing, Computer Hardware), plus CIEN's specific themes. 7 of 70 passed at least one test.
STXSeagate Technology Holdings plc · Computer Hardware
Higher return, lower volatilityHigher return in most periods+57.4%48.7%1.18−57.0%+2,698%0.52—
NVDANVIDIA Corporation · Semiconductors
Higher return, similar volatilityHigher return in most periods+58.0%51.9%1.14−66.3%+13,019%0.22—
MUMicron Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.37—
DELLDell Technologies Inc. · Computer Hardware
Higher return, similar volatilityHigher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.24—
WDCWestern Digital Corporation · Computer Hardware
Higher return, similar volatilityHigher return in most periods+53.7%53.5%1.07−70.5%+911%0.54—
CLSCelestica Inc. · Electronics Manufacturing
On the frontierHigher return in most periods+101%59.7%1.47−80.6%+2,771%0.46—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 31 of 3,545 passed at least one test.
LPGDorian LPG Ltd. · Oil & Gas Midstream
Higher return, lower volatilityHigher return in most periods+54.6%43.6%1.22−62.9%+1,821%-0.11—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatility+51.2%33.4%1.41−79.7%+1,387%0.02—
BWLPBW LPG Limited · Marine Shipping
Higher return, similar volatilityHigher return in most periods+60.3%50.9%1.19−68.8%+2,672%-0.10—
LLYEli Lilly and Company · Pharmaceuticals
Smaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.10—
VLOValero Energy Corporation · Oil & Gas
Similar return, lower volatility+44.2%36.9%1.18−71.9%+1,061%0.03—
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
On the frontierHigher return, similar volatility+78.0%52.1%1.37−79.8%+872%0.25—
What these numbers mean for CIEN
Annual return
CIEN returned 45.2% 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 $64,600. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
CIEN's volatility over the past 5 years was 52.6%, 3.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CIEN's return lands within 52.6% 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
CIEN's Sharpe ratio over the past 5 years was 0.97, against 0.79 for the S&P 500, so CIEN 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
CIEN's worst fall from a peak to a low over the past 10 years was 49.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 49.5% fall takes a 98.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CIEN's monthly returns had a correlation of 0.38 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 CIEN instead: the lower it is, the more that option would diversify a CIEN holding. Guide: Correlation and diversification →
Show all 20 stocks and funds worth at least $500 million that earned more than CIEN with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CIENExpense
1
STXSeagate Technology Holdings plc · Computer Hardware
Same or nearby category+57.4%48.7%1.18−57.0%+2,698%0.52—
2
ANETArista Networks, Inc. · Communications Equipment
Popular alternative+49.0%49.0%1.06−52.2%+3,439%0.38—
3
LPGDorian LPG Ltd. · Oil & Gas Midstream
Whole market+54.6%43.6%1.22−62.9%+1,821%-0.11—
4
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.02—
5
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%-0.03—
6
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.37—
7
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+5,305%0.47—
8
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+929%0.25—
9
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,021%0.19—
10
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+674%-0.03—
11
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—-0.04—
12
VSTVistra Corp. · Independent Power Producers
Whole market+53.4%48.6%1.13−53.3%+1,195%0.21—
13
FTITechnipFMC plc · Oilfield Services
Whole market+54.1%41.3%1.26−85.8%+178%0.04—
14
AVGOBroadcom Inc. · Semiconductors
Popular alternative+48.3%44.5%1.11−48.3%+2,380%0.47—
15
FROFrontline Plc · Oil & Gas
Whole market+52.6%49.7%1.10−52.0%+1,194%0.08—
16
ASXASE Technology Holding Co., Ltd. · Semiconductors
Same or nearby category+48.8%43.0%1.15−52.5%+967%0.46—
17
TRMDTORM plc · Marine Shipping
Whole market+54.3%45.9%1.18−60.6%—-0.02—
18
TNKTeekay Tankers Ltd. · Marine Shipping
Whole market+50.5%45.1%1.14−63.4%+490%-0.04—
19
TENTsakos Energy Navigation Limited · Oil & Gas Midstream
Whole market+46.9%46.3%1.07−68.7%+211%-0.01—
20
TKTeekay Corporation · Oil & Gas Midstream
Whole market+47.1%41.7%1.13−83.8%+244%0.13—

CIEN against its popular alternatives

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

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

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

0.0%20.0%40.0%60.0%80.0%100%120%140%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCIEN: 45.2% a year, volatility 52.6%SPY (S&P 500): 12.7% a year, volatility 17.1%ANET: 49.0% a year, volatility 49.0%AVGO: 48.3% a year, volatility 44.5%MRVL: 29.5% a year, volatility 65.2%COHR: 31.6% a year, volatility 66.3%FN: 29.2% a year, volatility 57.1%ADTN: −17.3% a year, volatility 56.4%LUMN: −17.4% a year, volatility 86.3%LITE: 57.3% a year, volatility 64.5%AAOI: 59.6% a year, volatility 123%DGII: 28.0% a year, volatility 42.4%VIAV: 17.9% a year, volatility 47.9%CSCO: 16.8% a year, volatility 26.1%CALX: −8.3% a year, volatility 48.5%AVNW: −8.6% a year, volatility 51.4%VZ: 2.7% a year, volatility 22.9%UI: 14.4% a year, volatility 49.2%GLW: 31.4% a year, volatility 42.1%EXTR: 16.8% a year, volatility 48.8%NOK: 11.6% a year, volatility 40.1%CIENSPY (S&P 500)ANETAVGOMRVLCOHRFNADTNLUMNLITEAAOIDGIIVIAVCSCOCALXAVNWVZUIGLWEXTRNOK0.0%50.0%100%150%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCIEN: 45.2% a year, volatility 52.6%SPY (S&P 500): 12.7% a year, volatility 17.1%ANET: 49.0% a year, volatility 49.0%AVGO: 48.3% a year, volatility 44.5%MRVL: 29.5% a year, volatility 65.2%COHR: 31.6% a year, volatility 66.3%FN: 29.2% a year, volatility 57.1%ADTN: −17.3% a year, volatility 56.4%LUMN: −17.4% a year, volatility 86.3%LITE: 57.3% a year, volatility 64.5%AAOI: 59.6% a year, volatility 123%DGII: 28.0% a year, volatility 42.4%VIAV: 17.9% a year, volatility 47.9%CSCO: 16.8% a year, volatility 26.1%CALX: −8.3% a year, volatility 48.5%AVNW: −8.6% a year, volatility 51.4%VZ: 2.7% a year, volatility 22.9%UI: 14.4% a year, volatility 49.2%GLW: 31.4% a year, volatility 42.1%EXTR: 16.8% a year, volatility 48.8%NOK: 11.6% a year, volatility 40.1%CIENSPY (S&P 500)ANETAVGOMRVLCOHRADTNLUMNLITEAAOIDGIIVIAVCSCOCALXAVNWVZGLW
All figures
InvestmentAnnual returnVolatility
AAOI Applied Optoelectronics, Inc.+59.6%123%
LITE Lumentum Holdings Inc.+57.3%64.5%
ANET Arista Networks, Inc.+49.0%49.0%
AVGO Broadcom Inc.+48.3%44.5%
CIEN This pageCiena Corporation+45.2%52.6%
COHR Coherent, Inc.+31.6%66.3%
GLW Corning Inc+31.4%42.1%
MRVL Marvell Technology, Inc.+29.5%65.2%
FN Fabrinet+29.2%57.1%
DGII Digi International Inc.+28.0%42.4%
VIAV Viavi Solutions Inc.+17.9%47.9%
CSCO Cisco Systems, Inc.+16.8%26.1%
EXTR Extreme Networks, Inc.+16.8%48.8%
UI Ubiquiti Inc.+14.4%49.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
NOK Nokia Oyj+11.6%40.1%
VZ Verizon Communications Inc.+2.7%22.9%
CALX Calix, Inc.−8.3%48.5%
AVNW Aviat Networks, Inc.−8.6%51.4%
ADTN ADTRAN Holdings Inc.−17.3%56.4%
LUMN Lumen Technologies, Inc.−17.4%86.3%
Open these 21 in EasyCompare

Has CIEN consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CIEN 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
CIEN Ciena Corporation (this page)—−6.6%−9.7%−32.1%+39.0%+97.5%+721%+546%+1,600%52.6%0.97−49.5%—$48B—
LITE QualifiedLumentum Holdings Inc.4/5 short3/3 longAll-weather−13.8%+7.4%−8.1%+113%+411%+2,029%+863%+1,904%64.5%1.03−66.9%—$75B—
ANET Computer HardwareArista Networks, Inc.2/5 short2/3 long−11.8%+7.0%+8.6%+35.6%+23.7%+289%+634%+3,439%49.0%1.06−52.2%—$229B—
AAOI Communication EquipmentApplied Optoelectronics, Inc.2/5 short2/3 long−29.4%−25.5%−53.1%+93.8%+125%+1,011%+936%+270%123%0.97−98.5%—$6.5B—
AVGO SemiconductorsBroadcom Inc.1/5 short2/3 long−7.8%−11.4%−16.0%−3.3%−3.5%+305%+617%+2,380%44.5%1.11−48.3%—$1.6T—
MRVL SemiconductorsMarvell Technology, Inc.4/5 short1/3 long−6.6%+23.4%+62.7%+169%+181%+390%+264%+1,874%65.2%0.72−61.9%—$211B—
DGII Communication EquipmentDigi International Inc.4/5 short0/3 long+2.7%+16.5%+34.7%+73.1%+91.3%+196%+243%+587%42.4%0.79−65.7%—$2.8B—
VIAV Communication EquipmentViavi Solutions Inc.4/5 short0/3 long−4.1%−11.9%−22.2%+91.3%+164%+359%+127%+376%47.9%0.58−62.9%—$8.5B—
CSCO Communication EquipmentCisco Systems, Inc.4/5 short0/3 long−3.9%−3.2%+22.6%+42.2%+53.8%+118%+118%+374%26.1%0.73−42.0%—$421B—
CALX Communication EquipmentCalix, Inc.3/5 short0/3 long+1.9%−5.9%−30.0%−32.7%−40.0%−16.6%−35.1%+435%48.5%0.07−65.3%—$2.3B—
AVNW Communication EquipmentAviat Networks, Inc.3/5 short0/3 long−4.5%−6.0%−13.9%−10.3%−16.9%−26.3%−36.1%+334%51.4%0.09−68.6%—$249M—
VZ Telecommunications ServicesVerizon Communications Inc.3/5 short0/3 long−5.1%+4.0%−1.0%+17.2%+16.4%+71.5%+14.4%+55.8%22.9%0.23−41.2%—$185B—
UI Communication EquipmentUbiquiti Inc.2/5 short0/3 long+3.2%+13.8%−43.9%+7.3%−17.3%+434%+95.9%+1,194%49.2%0.52−72.2%—$37B—
GLW Hardware, Equipment & PartsCorning Inc2/5 short0/3 long−16.7%−13.3%−19.7%+46.8%+56.6%+419%+292%+616%42.1%0.86−51.5%—$114B—
EXTR Communication EquipmentExtreme Networks, Inc.2/5 short0/3 long−2.2%−26.6%+21.5%+34.3%+8.7%+6.4%+117%+445%48.8%0.56−87.5%—$2.9B—
NOK Communication EquipmentNokia Oyj2/5 short0/3 long−17.5%−10.2%−14.3%+40.3%+60.8%+211%+72.8%+123%40.1%0.47−62.6%—$49B—
COHR Hardware, Equipment & PartsCoherent, Inc.0/5 short0/3 long−27.9%−18.8%−33.3%+19.3%+92.8%+648%+295%+795%66.3%0.75−72.2%—$46B—
FN Hardware, Equipment & PartsFabrinet0/5 short0/3 long−11.5%−28.1%−49.2%−25.9%−12.8%+121%+260%+732%57.1%0.74−52.4%—$13B—
ADTN Communication EquipmentADTRAN Holdings Inc.0/5 short0/3 long−8.7%−43.3%−62.7%−24.2%−28.3%−8.7%−61.3%−59.8%56.4%-0.05−82.0%—$536M—
LUMN Telecommunications ServicesLumen Technologies, Inc.0/5 short0/3 long−30.6%−29.8%−48.3%−41.7%−37.4%+222%−61.5%−71.8%86.3%0.17−94.4%—$4.6B—
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How did CIEN do year by year?

This table shows each investment's total return in every full calendar year since 1998, along with where CIEN ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CIEN 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 CIEN; gray means the two finished within a fraction of a point. The rank row places CIEN among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of CIEN2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022001200019991998
CIEN This pageCiena Corporation—+176%+88.4%−11.7%−33.8%+45.6%+23.8%+25.9%+62.0%−14.3%+18.0%+6.6%−18.9%+52.4%+29.8%−42.5%+94.2%+61.8%−80.4%+23.1%+33.3%−11.1%−49.1%+27.6%−64.1%−82.4%+183%+293%−76.1%
Rank among alternativesTop quarter in 7 of 282 of 206 of 2014 of 2014 of 2011 of 2010 of 208 of 203 of 2016 of 2016 of 209 of 1912 of 187 of 172 of 1713 of 161 of 145 of 1313 of 133 of 135 of 137 of 1313 of 1310 of 1310 of 1312 of 131 of 122 of 1111 of 11
SPY S&P 500State Street SPDR S&P 500 ETF12 of 28+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%
LITE Lumentum Holdings Inc.5 of 10+339%+60.2%+0.5%−50.7%+11.6%+19.6%+88.8%−14.1%+26.5%+75.5%——————————————————
ANET Arista Networks, Inc.7 of 11+18.6%+87.7%+94.1%−15.6%+97.9%+42.9%−3.5%−10.5%+143%+24.2%+28.2%—————————————————
AAOI Applied Optoelectronics, Inc.4 of 12−5.4%+90.8%+922%−63.2%−39.6%−28.4%−23.0%−59.2%+61.4%+36.6%+52.9%−25.3%————————————————
AVGO Broadcom Inc.12 of 16+50.6%+110%+104%−13.3%+56.5%+45.0%+29.0%+2.2%+48.2%+23.6%+46.1%+93.4%+70.0%+12.0%+3.0%+55.4%————————————
MRVL Marvell Technology, Inc.16 of 25−22.8%+83.8%+63.7%−57.5%+84.6%+80.3%+65.7%−23.6%+56.9%+60.5%−37.8%+2.5%+102%−46.7%−25.3%−10.6%+211%−52.3%−27.1%−31.6%+58.1%+87.1%+101%−47.2%+63.5%———
DGII Digi International Inc.11 of 28+43.2%+16.3%−28.9%+48.8%+30.0%+6.7%+75.6%+5.7%−30.6%+20.8%+22.5%−23.4%+28.0%−15.1%+0.5%+21.7%+12.4%−42.9%+2.9%+31.5%−39.0%+79.1%+230%−54.3%+3.9%−41.3%−6.2%−34.5%
VIAV Viavi Solutions Inc.13 of 28+76.4%+0.3%−4.2%−40.4%+17.6%−0.1%+49.3%+15.0%+6.9%+34.3%−21.9%+5.5%−3.8%+29.3%−27.9%+75.7%+125%−72.5%−20.2%−11.7%−25.6%−12.9%+47.3%−71.5%−79.2%−48.3%+830%+67.6%
CSCO Cisco Systems, Inc.12 of 28+33.5%+21.0%+9.3%−22.5%+45.8%−3.5%+13.8%+16.6%+31.3%+15.1%+0.6%+28.0%+16.7%+11.6%−9.6%−15.5%+46.9%−39.8%−1.0%+59.7%−11.4%−20.3%+85.0%−27.7%−52.6%−28.6%+131%+150%
CALX Calix, Inc.4 of 15+51.8%−20.2%−36.1%−14.4%+169%+272%−17.9%+63.9%−22.7%−2.2%−21.5%+3.9%+25.4%+18.9%−61.7%—————————————
AVNW Aviat Networks, Inc.14 of 28+18.1%−44.5%+4.7%−2.8%+87.8%+143%+6.0%−12.7%+9.7%+49.8%−48.7%−33.6%−31.3%+79.8%−63.9%−26.6%+33.9%−69.1%−13.6%+34.9%+58.4%−47.4%+94.6%−71.6%−48.1%−36.0%+242%−52.8%
VZ Verizon Communications Inc.11 of 28+8.9%+13.1%+2.7%−20.0%−7.5%−0.1%+13.8%+11.3%+4.0%+20.7%+3.6%−0.5%+18.6%+13.2%+18.2%+23.0%+3.8%−20.1%+22.1%+34.0%−22.2%+20.1%−5.7%−15.3%−2.6%−16.9%+17.0%+22.4%
UI Ubiquiti Inc.7 of 14+67.7%+141%−48.2%−10.0%+10.8%+48.5%+91.7%+40.7%+22.9%+82.4%+7.0%−35.2%+279%−32.5%——————————————
GLW Corning Inc14 of 28+87.8%+60.7%−1.2%−11.6%+5.9%+27.6%−1.0%−3.3%+34.6%+36.3%−18.4%+31.2%+45.1%−0.2%−31.9%+1.1%+106%−59.8%+28.7%−4.8%+67.2%+12.7%+215%−62.8%−83.0%+23.3%+190%+23.6%
EXTR Extreme Networks, Inc.12 of 26−0.5%−5.1%−3.7%+16.6%+128%−6.5%+20.8%−51.3%+149%+23.3%+15.6%−49.4%+91.8%+24.7%−5.5%+7.7%+22.7%−33.9%−15.5%−11.8%−27.5%−9.2%+120%−74.7%−67.0%−6.3%——
NOK Nokia Oyj12 of 28+50.7%+34.6%−23.9%−24.4%+59.3%+5.2%−34.9%+29.7%−0.3%−27.8%−8.4%+3.0%+105%−11.5%−50.3%−16.0%−14.5%−58.2%+93.4%+13.5%+20.0%−6.1%+12.0%−36.1%−43.0%−8.6%+219%+251%
COHR Coherent, Inc.15 of 28+94.8%+118%+24.0%−48.6%−10.1%+126%+3.7%−30.9%+58.4%+59.8%+36.0%−22.4%−3.6%+5.4%−20.8%+45.8%+66.5%−37.5%+9.3%+56.3%−15.8%+64.8%+60.6%−6.9%+13.4%+51.0%+156%−67.2%
FN Fabrinet9 of 15+107%+15.5%+48.4%+8.2%+52.7%+19.7%+26.4%+78.8%−28.8%+69.2%+34.3%−13.7%+56.5%−4.0%−36.4%—————————————
ADTN ADTRAN Holdings Inc.14 of 28+4.3%+13.5%−59.9%−16.3%+57.4%+54.4%−5.2%−43.2%−12.0%+32.4%−19.3%−18.0%+40.5%−34.2%−15.9%+62.7%+54.2%−29.1%−4.4%−22.5%+57.6%−37.7%+98.0%+28.8%+20.1%−58.7%+181%−33.4%
LUMN Lumen Technologies, Inc.9 of 28+46.3%+190%−64.9%−55.5%+38.7%−19.1%−5.3%+2.0%−21.7%+2.2%−31.9%+31.7%−13.2%+13.1%−13.2%+38.0%+44.9%−29.6%−4.5%+32.6%−5.9%+9.6%+11.9%−9.8%−7.6%−24.1%+5.7%+105%
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Risk and diversification

How CIEN 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 CIEN's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CIEN's five deepest drawdowns since it began trading in 1997, 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 CIEN fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCIEN fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−99.5%−38.3%Oct 2000Feb 20098.3 yearsNot yet—
No named crash−90.8%−14.9%Jul 1998Oct 19983 monthsFeb 200016 months
Dot-com bust−50.3%−1.5%Mar 2000Apr 20001 monthAug 20004 months
No named crash−47.4%−4.0%Feb 1997Apr 19972 monthsMay 19971 month
No named crash−38.9%+7.0%Oct 1997Feb 19984 monthsJun 19984 months

How did CIEN do in stock market crashes?

This section measures how far CIEN, 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 CIEN.

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
CIEN This pageCiena Corporation—−2.9%−48.4%−22.4%−11.8%−4.7%−31.7%−41.8%−5.1%−89.5%−98.4%
SPY S&P 500State Street SPDR S&P 500 ETF6 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
LITE Lumentum Holdings Inc.1 of 6−6.5%−36.3%−28.7%−40.1%−5.0%−34.1%————
ANET Arista Networks, Inc.2 of 6−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%————
AAOI Applied Optoelectronics, Inc.0 of 6−5.7%−71.6%−54.5%−58.8%−8.1%−45.1%————
AVGO Broadcom Inc.4 of 8−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
MRVL Marvell Technology, Inc.3 of 9−12.0%−56.8%−31.6%−26.1%−7.5%−37.6%−23.1%0.0%−74.3%—
DGII Digi International Inc.5 of 10−4.7%−26.1%−57.4%−30.9%−4.7%−39.4%−26.9%−2.7%−61.8%−84.3%
VIAV Viavi Solutions Inc.5 of 10−3.0%−27.2%−37.5%−26.5%−3.0%−27.6%−41.5%−4.5%−86.0%−98.8%
CSCO Cisco Systems, Inc.7 of 10−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
CALX Calix, Inc.1 of 8−7.8%−56.1%−44.0%−21.9%−2.4%−34.3%−64.5%−10.3%——
AVNW Aviat Networks, Inc.4 of 10−6.9%−27.6%−45.0%−28.3%−9.8%−54.9%−45.8%−2.7%−83.4%−97.8%
VZ Verizon Communications Inc.7 of 10−2.6%−33.2%−13.6%−12.5%−7.4%−10.5%−9.9%0.0%−43.9%−55.2%
UI Ubiquiti Inc.2 of 6−3.5%−26.5%−22.7%−17.6%−14.4%−26.2%————
GLW Corning Inc5 of 10−3.8%−30.9%−36.7%−21.7%−9.0%−13.5%−31.1%0.0%−71.6%−99.0%
EXTR Extreme Networks, Inc.3 of 10−4.6%−43.9%−71.0%−23.0%−26.4%−46.8%−30.5%−4.8%−75.8%−98.0%
NOK Nokia Oyj9 of 10−2.1%−32.1%−42.4%−9.7%−2.8%−23.3%−21.1%0.0%−78.1%−82.1%
COHR Coherent, Inc.5 of 10−10.7%−56.3%−43.0%−39.5%−9.8%−15.0%−40.4%−2.1%−68.2%−61.4%
FN Fabrinet4 of 7−4.7%−38.7%−25.0%−12.0%−3.8%−10.5%−30.8%———
ADTN ADTRAN Holdings Inc.7 of 10−8.6%−28.9%−45.4%−43.5%−2.5%−13.2%−26.6%−0.1%−52.3%−81.1%
LUMN Lumen Technologies, Inc.5 of 10−13.9%−49.4%−33.7%−34.8%−9.8%−21.3%−17.7%−1.5%−50.8%−43.7%
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How closely does CIEN 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 CIEN 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 CIEN's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CIEN This pageCiena Corporation129%64%2.021.07
ANET Arista Networks, Inc.174%91%1.921.40
AVGO Broadcom Inc.158%86%1.851.19
LITE Lumentum Holdings Inc.162%101%1.611.24
GLW Corning Inc107%67%1.611.14
FN Fabrinet115%72%1.601.12
MRVL Marvell Technology, Inc.167%116%1.441.68
VIAV Viavi Solutions Inc.98%76%1.300.97
AVNW Aviat Networks, Inc.86%70%1.221.41
UI Ubiquiti Inc.150%125%1.191.35
CALX Calix, Inc.96%85%1.141.40
COHR Coherent, Inc.162%146%1.111.80
CSCO Cisco Systems, Inc.101%96%1.060.97
DGII Digi International Inc.137%137%1.001.29
NOK Nokia Oyj63%72%0.871.01
EXTR Extreme Networks, Inc.144%172%0.841.88
AAOI Applied Optoelectronics, Inc.169%221%0.772.83
VZ Verizon Communications Inc.44%60%0.740.36
LUMN Lumen Technologies, Inc.99%255%0.391.44
ADTN ADTRAN Holdings Inc.47%150%0.311.46
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What diversifies CIEN?

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

ETFs

InvestmentCorrelation5Y returnSharpe2023202220172014201120082005200420022001199880/20 mix volatility80/20 mix annual return
CIEN Ciena Corporation (this page)1.00+546%0.97−11.7%−33.8%−14.3%−18.9%−42.5%−80.4%−11.1%−49.1%−64.1%−82.4%−76.1%52.1%+46.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.17+119%1.48+17.4%+3.8%+10.0%————————42.1%+43.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.26+225%1.34+42.0%+6.0%+22.8%+8.1%−16.1%−20.8%—————42.4%+45.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.16+101%1.04+8.0%+10.4%+1.1%+23.8%———————42.3%+42.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.11+83.3%1.00+1.8%+7.1%+13.5%+12.6%———————42.1%+41.9%
SMH TechnologyVanEck Semiconductor ETF0.42+323%0.97+73.4%−33.5%+38.5%+30.2%+6.8%−44.7%+10.8%−19.3%−47.0%−14.6%—45.1%+47.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.30+85.0%0.96+20.1%−5.1%+16.7%+3.4%———————42.4%+42.0%
GLD CommoditiesSPDR Gold Shares0.20+126%0.96+12.7%−0.8%+12.8%−2.2%+9.6%+4.9%+17.8%————42.5%+43.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.41+136%0.93+17.6%−10.4%+27.8%————————43.5%+43.6%

Stocks

InvestmentCorrelation5Y returnSharpe2023202220172014201120082005200420022001199880/20 mix volatility80/20 mix annual return
CIEN Ciena Corporation (this page)1.00+546%0.97−11.7%−33.8%−14.3%−18.9%−42.5%−80.4%−11.1%−49.1%−64.1%−82.4%−76.1%52.1%+46.9%
CAH Medical - DistributionCardinal Health, Inc.0.12+479%1.55+34.1%+54.1%−12.7%+23.0%+8.1%−39.6%+18.7%−4.7%−8.3%−2.5%+51.7%42.6%+48.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.46+3,143%1.47+160%+1.3%−11.6%+12.9%−24.4%−20.5%−25.2%−6.4%−65.1%−25.6%—48.2%+61.3%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.47+1,636%1.46+79.6%+17.0%+32.1%−10.4%−17.0%−15.2%+20.1%+40.0%−9.4%+73.7%−9.5%46.6%+57.1%
MCK Medical - DistributionMcKesson Corporation0.11+413%1.44+24.1%+51.8%+12.0%+29.3%+11.8%−40.4%+64.9%−1.4%−27.2%+4.9%+46.9%42.6%+47.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.02+690%1.41+30.4%+86.6%+34.8%+0.4%———————42.3%+51.2%
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Common questions

What was CIEN's worst drawdown?

CIEN's deepest decline since it began trading in 1997 was 99.5%, from October 2000 to February 2009. It has not yet climbed back to that peak.

What were CIEN's best and worst years?

Over 28 full calendar years, CIEN's best year was 1999, when it returned 293%. Its worst was 2001, with a return of -82.4%.

Is there a better investment than CIEN?

Among CIEN's popular alternatives, ANET and AVGO earned more than CIEN with less volatility over the past 5 years. ANET returned 49.0% a year at 49.0% volatility, against 45.2% a year at 52.6%. Looking beyond its popular alternatives, STX (computer hardware) earned more than CIEN with less volatility over the past 5 years: 57.4% a year at 48.7% volatility, against 45.2% a year at 52.6%.

Is CIEN more volatile than the S&P 500?

Yes. CIEN's volatility over the past 5 years was 52.6%, 3.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CIEN's return lands within 52.6% 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 CIEN's Sharpe ratio?

CIEN's Sharpe ratio over the past 5 years was 0.97, against 0.79 for the S&P 500, so CIEN 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 CIEN with the S&P 500?

Over the past 5 years, CIEN's monthly returns had a correlation of 0.38 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 CIEN instead: the lower it is, the more that option would diversify a CIEN holding.

What are the best alternatives to CIEN?

Of the 19 popular alternatives we compared, one outperformed CIEN in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LITE.

Did CIEN outperform the S&P 500?

CIEN finished ahead of the S&P 500 (SPY) in 15 of 28 full calendar years. In 2025, it returned +176%, against +17.7% for the index.

How did CIEN do in stock market crashes?

CIEN fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in six. The clearest case was the dot-com bust, when CIEN fell 98.4% and the S&P 500 fell 47.5%.

What diversifies CIEN?

These had a low correlation with CIEN over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.17), DXJ (correlation 0.26) and EMLP (correlation 0.16); among large stocks, CAH (correlation 0.12), CLS (correlation 0.46) and FIX (correlation 0.47). A correlation near zero means the two have moved largely independently.

How we measure

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