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

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

## Key findings

- **Right now:** Over the past 6 months, CIEN fell 32.1% while the S&P 500 rose 9.1%. The slide is CIEN's own: it is 67.3% below its high, against 1.3% for the S&P 500.
- **Stock or market?:** The weakness is CIEN's own: it fell 9.7% over the past 3 months while the communications equipment ETF IYZ (iShares U.S. Telecommunications ETF) fell 1.4%. The S&P 500 rose 3.9%. Its communications equipment peers did not move as one over the past 3 months: LITE (Lumentum) rose 7.4%, while FN (Fabrinet) fell 28.1%.
- **Past 1 to 3 years:** CIEN has run far ahead of the market, rising 97.5% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (721% against 89.3%). The last two calendar years both went the same way: CIEN rose 176% in 2025, against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** CIEN turned $10,000 into $170,000 over the past decade, against $42,100 in the S&P 500. CIEN's 10-year return of 1,600% puts it ahead of 98% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** CIEN fell harder than the S&P 500 in five of seven sell-offs. The Covid crash was the exception: CIEN fell 22.4%, less than the S&P 500's 33.7%.
- **Diversification:** Over 10 years, CIEN's beta versus the S&P 500 was 1.07: in the S&P 500's rising months it gained 1.3 times as much as the index, and in falling months it lost 64% as much. Against the S&P 500, CIEN has a correlation of 0.38 over 5 years, less closely than 52% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge.
- **Better options**
  - **Popular alternatives:** ANET (Arista Networks) and AVGO (Broadcom) 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%.
  - **Nearby categories and themes:** STX (Seagate Technology, 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%.
  - **Whole market:** Few investments have done better on both counts: only 20 of the 3,633 stocks and funds worth at least $500 million earned more than CIEN with less volatility over the past 5 years, among them AVGO (Broadcom), ANET (Arista Networks) and PBR (Petróleo Brasileiro S.A. - Petrobras).

## 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.

- $10,000 invested in CIEN at the end of September 1997 would have grown to $20,293 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of CIEN, and COHR finished highest, at $922,472.

## 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.

- CIEN is still 67.3% below its all-time high.
- 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.
- Over 28 full calendar years, CIEN's best was 1999, when it returned 293%, and its worst was 2001, when it lost 82.4%. It lost money in 11 of those years.

- Type: Stock, Technology (Communication Equipment)
- Trading since: February 7, 1997
- Market value: $48B
- Volatility (5 years): 52.6%; Sharpe ratio: 0.97
- Worst decline ever: −99.5%, from October 20, 2000 to February 23, 2009; not yet back at its high

| Period | CIEN total return |
| --- | --- |
| 1 month | −6.6% |
| 3 months | −9.7% |
| 6 months | −32.1% |
| year to date | +39.0% |
| 1 year | +97.5% |
| 3 years | +721% |
| 5 years | +546% |
| 10 years | +1,600% |

## 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.

- CIEN's 3-year return ranks in the top 2% of the 3,017 stocks worth at least $300 million with 3 years of history.

| Measure | CIEN | Rank |
| --- | --- | --- |
| 1-year return | +97.5% | 187 of 3,287 (top 6%) |
| 3-year return | +721% | 55 of 3,017 (top 2%) |
| 5-year return | +546% | 57 of 2,893 (top 2%) |
| 10-year return | +1,600% | 54 of 2,202 (top 3%) |
| Volatility, 5 years | 52.6% | 2,020 of 2,893 (top 70%) |
| Sharpe ratio, 5 years | 0.97 | 113 of 2,893 (top 4%) |
| Worst decline, past 10 years | −49.5% | 444 of 2,187 (top 21%) |

### 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).

- 20 stocks worth at least $500 million sit in the green region: each earned more than CIEN over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half CIEN's swings, FIX has the best return for its risk: 77.0% a year at 46.7% volatility, 11% less than CIEN's 52.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.46 against 0.97 for CIEN.
- Among CIEN's popular alternatives, AVGO and ANET are in the region. AVGO earned 48.3% a year against 45.2% a year for CIEN, at 44.5% volatility, 15% less than CIEN's 52.6%.

### Is there a better investment than CIEN?

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.

- 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%.
- Few investments have done better on both counts: only 20 of the 3,633 stocks and funds worth at least $500 million earned more than CIEN with less volatility over the past 5 years, among them AVGO, ANET and PBR.

The 15 strongest of 20 investments that beat CIEN 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) | 10Y return | Correlation with CIEN | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CIEN: Ciena Corporation (this page) |  | +45.2% | 52.6% | 0.97 | −49.5% | +1,600% |  |  |
| [STX](https://easycompare.io/research/stx): Seagate Technology Holdings plc | Computer Hardware | +57.4% | 48.7% | 1.18 | −57.0% | +2,698% | 0.52 | Higher return, lower volatility; Higher return in most periods |
| [ANET](https://easycompare.io/research/anet): Arista Networks, Inc. | Communications Equipment | +49.0% | 49.0% | 1.06 | −52.2% | +3,439% | 0.38 | Higher return, lower volatility; Higher return in most periods |
| LPG: Dorian LPG Ltd. | Oil & Gas Midstream | +54.6% | 43.6% | 1.22 | −62.9% | +1,821% | -0.11 | Higher return, lower volatility; Higher return in most periods |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | Oil & Gas | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.02 | Higher return, lower volatility |
| [PBR-A](https://easycompare.io/research/pbr-a): Petróleo Brasileiro S.A. - Petrobras | Integrated Oil & Gas | +51.8% | 37.5% | 1.31 | −71.7% | +768% | -0.03 | Higher return, lower volatility |
| [HWM](https://easycompare.io/research/hwm): Howmet Aerospace Inc. | Aerospace & Defense | +47.3% | 32.5% | 1.36 | −68.9% | +1,028% | 0.37 | Higher return, lower volatility |
| [FIX](https://easycompare.io/research/fix): Comfort Systems USA, Inc. | Engineering & Construction | +77.0% | 46.7% | 1.46 | −49.7% | +5,305% | 0.47 | Higher return, lower volatility |
| ATI: ATI Inc. | Metals & Mining | +61.8% | 42.9% | 1.34 | −82.4% | +929% | 0.25 | Higher return, lower volatility |
| CRS: Carpenter Technology Corporation | Metals & Mining | +63.9% | 46.5% | 1.30 | −74.7% | +1,021% | 0.19 | Higher return, lower volatility |
| [PBR](https://easycompare.io/research/pbr): Petróleo Brasileiro S.A. - Petrobras | Integrated Oil & Gas | +50.3% | 37.5% | 1.28 | −75.3% | +674% | -0.03 | Higher return, lower volatility |
| INSW: International Seaways, Inc. | Oil & Gas | +56.5% | 40.5% | 1.31 | −57.4% | — | -0.04 | Higher return, lower volatility |
| [VST](https://easycompare.io/research/vst): Vistra Corp. | Independent Power Producers | +53.4% | 48.6% | 1.13 | −53.3% | +1,195% | 0.21 | Higher return, lower volatility |
| FTI: TechnipFMC plc | Oilfield Services | +54.1% | 41.3% | 1.26 | −85.8% | +178% | 0.04 | Higher return, lower volatility |
| [AVGO](https://easycompare.io/research/avgo): Broadcom Inc. | Semiconductors | +48.3% | 44.5% | 1.11 | −48.3% | +2,380% | 0.47 | Higher return, lower volatility |
| FRO: Frontline Plc | Oil & Gas | +52.6% | 49.7% | 1.10 | −52.0% | +1,194% | 0.08 | Higher return, lower volatility |

## 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.

- Only ANET and AVGO were both more rewarding and calmer than CIEN over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, CIEN returned 45.2% a year, more than the S&P 500's 12.7%, with higher volatility (52.6% against 17.1%).

### 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.

- LITE outperformed CIEN in every long-term period and in all but one short-term period, the most consistent record in the group.
- Only one of the 19 popular alternatives, LITE, outperformed CIEN in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- AVGO earned more for the risk it took than CIEN (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of CIEN | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CIEN: Ciena Corporation (this page) | +97.5% | +721% | +546% | +1,600% |  |  | 0.97 |
| [LITE](https://easycompare.io/research/lite): Lumentum Holdings Inc. | +411% | +2,029% | +863% | +1,904% | 4/5 short-term, 3/3 long-term | all-weather | 1.03 |
| [ANET](https://easycompare.io/research/anet): Arista Networks, Inc. | +23.7% | +289% | +634% | +3,439% | 2/5 short-term, 2/3 long-term |  | 1.06 |
| AAOI: Applied Optoelectronics, Inc. | +125% | +1,011% | +936% | +270% | 2/5 short-term, 2/3 long-term |  | 0.97 |
| [AVGO](https://easycompare.io/research/avgo): Broadcom Inc. | −3.5% | +305% | +617% | +2,380% | 1/5 short-term, 2/3 long-term |  | 1.11 |
| [MRVL](https://easycompare.io/research/mrvl): Marvell Technology, Inc. | +181% | +390% | +264% | +1,874% | 4/5 short-term, 1/3 long-term |  | 0.72 |
| DGII: Digi International Inc. | +91.3% | +196% | +243% | +587% | 4/5 short-term, 0/3 long-term |  | 0.79 |
| VIAV: Viavi Solutions Inc. | +164% | +359% | +127% | +376% | 4/5 short-term, 0/3 long-term |  | 0.58 |
| [CSCO](https://easycompare.io/research/csco): Cisco Systems, Inc. | +53.8% | +118% | +118% | +374% | 4/5 short-term, 0/3 long-term |  | 0.73 |
| CALX: Calix, Inc. | −40.0% | −16.6% | −35.1% | +435% | 3/5 short-term, 0/3 long-term |  | 0.07 |
| AVNW: Aviat Networks, Inc. | −16.9% | −26.3% | −36.1% | +334% | 3/5 short-term, 0/3 long-term |  | 0.09 |
| [VZ](https://easycompare.io/research/vz): Verizon Communications Inc. | +16.4% | +71.5% | +14.4% | +55.8% | 3/5 short-term, 0/3 long-term |  | 0.23 |
| UI: Ubiquiti Inc. | −17.3% | +434% | +95.9% | +1,194% | 2/5 short-term, 0/3 long-term |  | 0.52 |
| [GLW](https://easycompare.io/research/glw): Corning Inc | +56.6% | +419% | +292% | +616% | 2/5 short-term, 0/3 long-term |  | 0.86 |
| EXTR: Extreme Networks, Inc. | +8.7% | +6.4% | +117% | +445% | 2/5 short-term, 0/3 long-term |  | 0.56 |
| [NOK](https://easycompare.io/research/nok): Nokia Oyj | +60.8% | +211% | +72.8% | +123% | 2/5 short-term, 0/3 long-term |  | 0.47 |
| [COHR](https://easycompare.io/research/cohr): Coherent, Inc. | +92.8% | +648% | +295% | +795% | 0/5 short-term, 0/3 long-term |  | 0.75 |
| FN: Fabrinet | −12.8% | +121% | +260% | +732% | 0/5 short-term, 0/3 long-term |  | 0.74 |
| ADTN: ADTRAN Holdings Inc. | −28.3% | −8.7% | −61.3% | −59.8% | 0/5 short-term, 0/3 long-term |  | -0.05 |
| LUMN: Lumen Technologies, Inc. | −37.4% | +222% | −61.5% | −71.8% | 0/5 short-term, 0/3 long-term |  | 0.17 |

### 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.

- CIEN finished ahead of the S&P 500 in 15 of its 28 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, AVGO came out ahead of CIEN most often, in 12 of the 16 years both traded.
- Ranked against its popular alternatives each year, CIEN finished in the top quarter in seven of 28 years and in the bottom quarter in seven. In 2025, it ranked 2 of 20.

| Year | CIEN | SPY |
| --- | --- | --- |
| 2025 | +176% | +17.7% |
| 2024 | +88.4% | +24.9% |
| 2023 | −11.7% | +26.2% |
| 2022 | −33.8% | −18.2% |
| 2021 | +45.6% | +28.7% |
| 2020 | +23.8% | +18.3% |
| 2019 | +25.9% | +31.2% |
| 2018 | +62.0% | −4.6% |
| 2017 | −14.3% | +21.7% |
| 2016 | +18.0% | +12.0% |

## 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.

- In all five of CIEN's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CIEN fell 50.3% from March to April 2000, while the S&P 500 slipped only 1.5%.
- The longest climb back to a previous high took 16 months, after CIEN fell 90.8% from July to October 1998.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −99.5% | October 20, 2000 | February 23, 2009 | not yet | −38.3% | dot-com bust |
| −90.8% | July 20, 1998 | October 14, 1998 | February 10, 2000 | −14.9% |  |
| −50.3% | March 1, 2000 | April 14, 2000 | August 17, 2000 | −1.5% | dot-com bust |
| −47.4% | February 25, 1997 | April 23, 1997 | May 23, 1997 | −4.0% |  |
| −38.9% | October 22, 1997 | February 24, 1998 | June 5, 1998 | +7.0% |  |

### 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.

- Among its popular alternatives, NOK held up best, falling less than CIEN in nine of the ten crashes they both traded through.
- CIEN fell further than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the dot-com bust, when CIEN fell 98.4% and the S&P 500 fell 47.5%.

| Crash | Dates | CIEN fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −98.4% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −89.5% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −5.1% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −41.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −31.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.7% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −11.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −22.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −48.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.9% | −3.4% |

### 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.

- None of the 19 popular alternatives with the same record had a higher capture ratio (upside capture divided by downside capture) than CIEN's 2.02.
- Over the past 10 years, CIEN captured 129% of the S&P 500's gains in rising months and 64% of its losses in falling months, with a beta of 1.07. Its share of the market's gains was larger than its share of the losses.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| CIEN: Ciena Corporation (this page) | 129% | 64.0% | 1.07 |
| [LITE](https://easycompare.io/research/lite): Lumentum Holdings Inc. | 162% | 101% | 1.24 |
| [ANET](https://easycompare.io/research/anet): Arista Networks, Inc. | 174% | 91.0% | 1.40 |
| AAOI: Applied Optoelectronics, Inc. | 169% | 221% | 2.83 |
| [AVGO](https://easycompare.io/research/avgo): Broadcom Inc. | 158% | 86.0% | 1.19 |
| [MRVL](https://easycompare.io/research/mrvl): Marvell Technology, Inc. | 167% | 116% | 1.68 |
| DGII: Digi International Inc. | 137% | 137% | 1.29 |
| VIAV: Viavi Solutions Inc. | 98.0% | 76.0% | 0.97 |
| [CSCO](https://easycompare.io/research/csco): Cisco Systems, Inc. | 101% | 96.0% | 0.97 |
| CALX: Calix, Inc. | 96.0% | 85.0% | 1.40 |
| AVNW: Aviat Networks, Inc. | 86.0% | 70.0% | 1.41 |
| [VZ](https://easycompare.io/research/vz): Verizon Communications Inc. | 44.0% | 60.0% | 0.36 |
| UI: Ubiquiti Inc. | 150% | 125% | 1.35 |
| [GLW](https://easycompare.io/research/glw): Corning Inc | 107% | 67.0% | 1.14 |
| EXTR: Extreme Networks, Inc. | 144% | 172% | 1.88 |
| [NOK](https://easycompare.io/research/nok): Nokia Oyj | 63.0% | 72.0% | 1.01 |
| [COHR](https://easycompare.io/research/cohr): Coherent, Inc. | 162% | 146% | 1.80 |
| FN: Fabrinet | 115% | 72.0% | 1.12 |
| ADTN: ADTRAN Holdings Inc. | 47.0% | 150% | 1.46 |
| LUMN: Lumen Technologies, Inc. | 99.0% | 255% | 1.44 |

### 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).

- Moving a fifth of the money in CIEN into MPC would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+46.9% for CIEN alone, +51.2% for the mix).
- MCK made money in eight of the 11 calendar years in which CIEN lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of CIEN over the past 5 years, with correlations of 0.26 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with CIEN | 5Y return | Volatility | Sharpe | Rose in CIEN's 11 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.17 | +119% | 11.1% | 1.48 | 3 of 11 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.26 | +225% | 19.1% | 1.34 | 4 of 11 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.16 | +101% | 14.5% | 1.04 | 4 of 11 |
| HDV: iShares Core High Dividend ETF | 0.11 | +83.3% | 13.0% | 1.00 | 4 of 11 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.42 | +323% | 36.9% | 0.97 | 5 of 11 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.30 | +85.0% | 13.8% | 0.96 | 3 of 11 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.20 | +126% | 18.9% | 0.96 | 5 of 11 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.41 | +136% | 20.8% | 0.93 | 2 of 11 |

## 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.

## More research

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## Explore further

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