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Relative Intelligence · Electronics Manufacturing

How Celestica (CLS) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CLS alone. It places CLS (Celestica Inc.) against 18 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 CLS stands in the market, and of the alternatives worth a closer look.

Period covered: CLS's full trading record, from June 1998 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 CLS →Chart CLS vs. 18 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CLS over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CLS over the same span and CLS'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 1998 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. 115 of the 1,106 stocks and funds worth at least $500 million that traded the whole period ended ahead of CLS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199820032008201320182023$10,000$100,000$1M$10M19982005201220192026
  • AAPL$12M+116,713% total · +28.7% a year
  • APH$4M+37,029% total · +23.5% a year
  • AMZN$3M+26,684% total · +22.1% a year
  • TSM$2M+23,057% total · +21.5% a year
  • MU$717,611+7,076% total · +16.5% a year
  • CLS$570,056+5,601% total · +15.5% a year
  • JBL$426,257+4,163% total · +14.3% a year
  • VICR$397,432+3,874% total · +14.1% a year
  • PLXS$269,295+2,593% total · +12.5% a year
  • SPY (S&P 500)$121,630+1,116% total · +9.3% 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. None of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CLS. The other 8 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$100,000202120222023202420252026
  • CLS$407,013+3,970% total · +110% a year
  • DELL$112,363+1,024% total · +62.2% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • ANET$94,783+848% total · +56.8% a year
  • HPE$51,318+413% total · +38.7% a year
  • JBL$49,890+399% total · +37.9% a year
  • APH$48,728+387% total · +37.3% a year
  • PLXS$29,185+192% total · +23.9% a year
  • VICR$21,536+115% total · +16.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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CLS 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
$38B
Industry
Hardware, Equipment & Parts
Price history from
June 1998

Returns

Past 1 year
+9.6%total return
Past 3 years
+1,061%+126% a year
Past 5 years
+3,143%+101% a year
Past 10 years
+2,771%+39.9% a year
Best calendar year
+350%1999
Worst calendar year
−65.1%2002
Losing years
14 of 27full calendar years

Risk

Volatility
59.7%typical yearly swing, 5 years
Sharpe ratio
1.47return per unit of risk, 5 years
Worst decline ever
−96.9%Oct 2000 to Mar 2009
From its all-time high
−36.6%below the peak

CLS against the whole market

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

How does CLS rank among all stocks?

This section ranks CLS 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 CLS 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.

MeasureCLSRankStanding
1-year return+9.6%1,598 of 3,287top 49%
3-year return+1,061%23 of 3,017top 1%
5-year return+3,143%1 of 2,893top 1%
10-year return+2,771%21 of 2,202top 1%
Volatility, 5 years59.7%2,269 of 2,893bottom 23%
Sharpe ratio, 5 years1.472 of 2,893top 1%
Worst decline, past 10 years−80.6%1,659 of 2,187bottom 25%

What has beaten CLS 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). CLS sits where the dashed lines cross. Anything in the green box above and to the left earned more than CLS 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 CLS. 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 CLSCLS: +101% a year, volatility 59.7%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%CLSSPY (S&P 500)MU10.0%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 CLSCLS: +101% a year, volatility 59.7%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%CLSSPY (S&P 500)MU
  • Same and neighboring categories, and shared themes

Is there a better investment than CLS?

Investments that beat CLS 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 CLS 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 CLS'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.

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 CLS'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× CLS's volatility counts as better.

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

Screen the whole market against CLS for any period in BetterThanSPYOpen these 2 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 CLS?lower diversifies moreExpenseper year
CLSCelestica Inc. · this page
+101%59.7%1.47−80.6%+2,771%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.540.09%
Same and neighboring categories, and shared themesbest 1 shownEverything else in Electronics Manufacturing and the categories next to it (Electronic Components, Communications Equipment, Semiconductors, Computer Hardware), plus CLS's specific themes. 1 of 68 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
On the frontierHigher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.29—
What these numbers mean for CLS
Annual return
CLS returned 101% 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 $324,000. 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
CLS's volatility over the past 5 years was 59.7%, 3.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CLS's return lands within 59.7% 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
CLS's Sharpe ratio over the past 5 years was 1.47, against 0.79 for the S&P 500, so CLS 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
CLS's worst fall from a peak to a low over the past 10 years was 80.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 80.6% fall takes a 415% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CLS's monthly returns had a correlation of 0.54 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CLS instead: the lower it is, the more that option would diversify a CLS holding. Guide: Correlation and diversification →

CLS against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCLS: 101% a year, volatility 59.7%SPY (S&P 500): 12.7% a year, volatility 17.1%VICR: 6.4% a year, volatility 77.2%AMSC: 8.4% a year, volatility 87.1%NVDA: 58.0% a year, volatility 51.9%ANET: 49.0% a year, volatility 49.0%DELL: 55.2% a year, volatility 54.4%APH: 33.8% a year, volatility 32.2%HPE: 32.9% a year, volatility 42.2%JBL: 35.8% a year, volatility 39.6%PLXS: 20.3% a year, volatility 33.9%CTS: 11.7% a year, volatility 33.9%BHE: 24.9% a year, volatility 37.3%BELFB: 78.0% a year, volatility 52.1%TTMI: 48.0% a year, volatility 54.3%FLEX: 36.0% a year, volatility 48.2%SANM: 34.7% a year, volatility 47.8%TEL: 9.5% a year, volatility 28.7%AVGO: 48.3% a year, volatility 44.5%FN: 29.2% a year, volatility 57.1%CLSSPY (S&P 500)VICRAMSCNVDAANETAPHHPEJBLPLXSCTSBHEBELFBTTMIFLEXTELAVGOFN0.0%20.0%40.0%60.0%80.0%100%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCLS: 101% a year, volatility 59.7%SPY (S&P 500): 12.7% a year, volatility 17.1%VICR: 6.4% a year, volatility 77.2%AMSC: 8.4% a year, volatility 87.1%NVDA: 58.0% a year, volatility 51.9%ANET: 49.0% a year, volatility 49.0%DELL: 55.2% a year, volatility 54.4%APH: 33.8% a year, volatility 32.2%HPE: 32.9% a year, volatility 42.2%JBL: 35.8% a year, volatility 39.6%PLXS: 20.3% a year, volatility 33.9%CTS: 11.7% a year, volatility 33.9%BHE: 24.9% a year, volatility 37.3%BELFB: 78.0% a year, volatility 52.1%TTMI: 48.0% a year, volatility 54.3%FLEX: 36.0% a year, volatility 48.2%SANM: 34.7% a year, volatility 47.8%TEL: 9.5% a year, volatility 28.7%AVGO: 48.3% a year, volatility 44.5%FN: 29.2% a year, volatility 57.1%CLSSPY (S&P 500)VICRAMSCNVDAANETDELLAPHHPEPLXSBHEBELFBAVGOFN
All figures
InvestmentAnnual returnVolatility
CLS This pageCelestica Inc.+101%59.7%
BELFB Bel Fuse Inc.+78.0%52.1%
NVDA NVIDIA Corporation+58.0%51.9%
DELL Dell Technologies Inc.+55.2%54.4%
ANET Arista Networks, Inc.+49.0%49.0%
AVGO Broadcom Inc.+48.3%44.5%
TTMI TTM Technologies, Inc.+48.0%54.3%
FLEX Flex Ltd.+36.0%48.2%
JBL Jabil Inc.+35.8%39.6%
SANM Sanmina Corporation+34.7%47.8%
APH Amphenol Corporation+33.8%32.2%
HPE Hewlett Packard Enterprise Company+32.9%42.2%
FN Fabrinet+29.2%57.1%
BHE Benchmark Electronics, Inc.+24.9%37.3%
PLXS Plexus Corp.+20.3%33.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CTS CTS Corporation+11.7%33.9%
TEL TE Connectivity plc+9.5%28.7%
AMSC American Superconductor Corporation+8.4%87.1%
VICR Vicor Corporation+6.4%77.2%
Open these 20 in EasyCompare

Has CLS consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CLS 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
CLS Celestica Inc. (this page)—−13.0%−2.5%−25.3%−0.9%+9.6%+1,061%+3,143%+2,771%59.7%1.47−80.6%—$38B—
NVDA SemiconductorsNVIDIA Corporation5/5 short1/3 long−4.8%+6.6%+7.4%+14.9%+18.8%+425%+884%+13,019%51.9%1.14−66.3%—$5.2T—
ANET Computer HardwareArista Networks, Inc.5/5 short1/3 long−11.8%+7.0%+8.6%+35.6%+23.7%+289%+634%+3,439%49.0%1.06−52.2%—$229B—
DELL Computer HardwareDell Technologies Inc.4/5 short1/3 long−19.6%+21.3%+127%+265%+217%+636%+800%+3,701%54.4%1.08−59.6%—$294B—
APH Hardware, Equipment & PartsAmphenol Corporation5/5 short0/3 long−1.6%+5.5%+4.1%+14.3%+25.6%+311%+329%+965%32.2%1.07−37.5%—$196B—
HPE Computer HardwareHewlett Packard Enterprise Company5/5 short0/3 long−9.1%+26.3%+103%+135%+150%+296%+315%+483%42.2%0.89−56.9%—$74B—
VICR Hardware, Equipment & PartsVicor Corporation4/5 short0/3 long−8.8%−11.6%−9.2%+74.7%+252%+294%+36.4%+1,630%77.2%0.46−80.5%—$9.4B—
JBL Hardware, Equipment & PartsJabil Inc.4/5 short0/3 long−8.8%−9.4%−16.1%+15.3%+35.9%+123%+361%+1,264%39.6%0.97−57.3%—$29B—
PLXS Hardware, Equipment & PartsPlexus Corp.4/5 short0/3 long−6.3%−6.4%−0.6%+55.3%+56.4%+162%+152%+420%33.9%0.72−53.7%—$6.3B—
CTS Hardware, Equipment & PartsCTS Corporation4/5 short0/3 long−5.6%−6.5%+1.0%+26.4%+34.6%+42.6%+74.1%+252%33.9%0.50−52.6%—$1.6B—
BHE Hardware, Equipment & PartsBenchmark Electronics, Inc.4/5 short0/3 long−8.5%−12.5%+7.6%+61.5%+66.5%+218%+204%+243%37.3%0.78−60.3%—$2.5B—
BELFB Hardware, Equipment & PartsBel Fuse Inc.3/5 short0/3 long−12.7%−20.2%−16.5%+23.1%+43.7%+425%+1,688%+872%52.1%1.37−79.8%—$2.6B—
TTMI Hardware, Equipment & PartsTTM Technologies, Inc.3/5 short0/3 long−23.0%−28.3%−24.1%+35.3%+64.8%+693%+609%+707%54.3%0.99−57.6%—$10B—
FLEX Hardware, Equipment & PartsFlex Ltd.3/5 short0/3 long−21.6%−27.0%+3.8%+37.4%+39.4%+263%+365%+534%48.2%0.88−70.0%—$32B—
SANM Hardware, Equipment & PartsSanmina Corporation3/5 short0/3 long−19.0%−15.9%−3.2%+6.6%+28.0%+236%+343%+499%47.8%0.86−55.9%—$9.1B—
TEL SemiconductorsTE Connectivity plc3/5 short0/3 long+1.7%+5.6%−13.1%−7.4%−4.1%+90.6%+57.4%+311%28.7%0.46−47.7%—$62B—
AVGO SemiconductorsBroadcom Inc.2/5 short0/3 long−7.8%−11.4%−16.0%−3.3%−3.5%+305%+617%+2,380%44.5%1.11−48.3%—$1.6T—
FN Hardware, Equipment & PartsFabrinet1/5 short0/3 long−11.5%−28.1%−49.2%−25.9%−12.8%+121%+260%+732%57.1%0.74−52.4%—$13B—
AMSC Electrical Equipment & PartsAmerican Superconductor Corporation0/5 short0/3 long−15.0%−20.9%−36.9%−18.6%−57.9%+327%+49.4%+272%87.1%0.52−89.1%—$1.2B—
Open these 19 in EasyCompare

How did CLS do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where CLS ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CLS 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 CLS; gray means the two finished within a fraction of a point. The rank row places CLS among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of CLS202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001999
CLS This pageCelestica Inc.—+220%+215%+160%+1.3%+37.9%−2.4%−5.7%−16.3%−11.6%+7.4%−6.0%+12.9%+27.6%+11.2%−24.4%+2.8%+105%−20.5%−25.7%−26.0%−25.2%−6.4%+6.9%−65.1%−25.6%−2.3%+350%
Rank among alternativesTop quarter in 5 of 271 of 191 of 193 of 198 of 197 of 1914 of 1918 of 1912 of 1916 of 1917 of 1810 of 179 of 1611 of 167 of 1610 of 1612 of 157 of 141 of 149 of 1311 of 1311 of 138 of 1313 of 137 of 137 of 139 of 122 of 11
SPY S&P 500State Street SPDR S&P 500 ETF18 of 27+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%
NVDA NVIDIA Corporation18 of 26+38.9%+171%+239%−50.2%+125%+122%+76.4%−30.8%+82.5%+228%+67.1%+27.4%+33.5%−11.0%−10.0%−17.6%+131%−76.3%+37.9%+102%+55.2%+1.6%+102%−82.8%+308%+39.6%—
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%————————————————
DELL Dell Technologies Inc.5 of 9+11.2%+53.0%+95.9%−26.6%+51.3%+42.6%+5.1%+8.6%+47.8%——————————————————
APH Amphenol Corporation19 of 27+97.6%+41.6%+31.5%−11.9%+35.0%+22.1%+34.9%−6.9%+32.1%+31.0%−1.0%+21.7%+38.7%+43.6%−13.6%+13.9%+92.9%−48.2%+50.3%+40.5%+21.1%+15.0%+68.1%−20.7%+22.9%+17.3%+120%
HPE Hewlett Packard Enterprise Company5 of 10+15.5%+29.1%+9.7%+4.5%+37.4%−21.9%+23.7%−5.7%+8.6%+54.2%—————————————————
VICR Vicor Corporation12 of 27+127%+7.5%−16.4%−57.7%+37.7%+97.4%+23.6%+80.8%+38.4%+65.6%−24.6%−9.8%+148%−31.9%−50.9%+80.0%+40.8%−56.5%+44.2%−28.6%+21.7%+15.7%+38.2%−49.1%−46.7%−25.0%+350%
JBL Jabil Inc.14 of 27+58.7%+13.3%+87.4%−2.5%+66.4%+3.9%+68.5%−4.4%+12.2%+3.4%+8.2%+27.3%−8.2%−0.4%−0.7%+18.2%+166%−54.6%−37.1%−33.3%+45.0%−9.6%+57.9%−21.1%−10.5%−30.4%+95.8%
PLXS Plexus Corp.14 of 27−6.1%+44.7%+5.1%+7.3%+22.6%+1.7%+50.6%−15.9%+12.4%+54.8%−15.3%−4.8%+67.8%−5.8%−11.5%+8.6%+68.0%−35.4%+10.0%+5.0%+74.8%−24.2%+95.6%−66.9%−12.6%+38.1%+29.9%
CTS CTS Corporation16 of 27−18.4%+20.9%+11.4%+7.8%+7.5%+15.2%+16.6%+1.1%+15.8%+28.1%−0.2%−9.6%+89.3%+17.3%−15.7%+16.4%+77.8%−43.8%−36.2%+43.2%−15.9%+16.7%+50.2%−50.5%−56.0%−51.5%+248%
BHE Benchmark Electronics, Inc.12 of 27−4.2%+67.1%+6.4%+1.1%+2.7%−19.0%+65.7%−25.5%−4.6%+47.5%−18.7%+10.3%+38.8%+23.4%−25.9%−4.0%+48.0%−27.9%−27.2%+8.7%−1.3%−2.1%+82.2%+51.1%−16.0%−1.6%−37.4%
BELFB Bel Fuse Inc.13 of 27+106%+24.0%+104%+159%−12.3%−24.9%+13.1%−25.9%−17.7%+81.6%−35.9%+29.9%+10.9%+5.9%−20.4%+12.8%+3.0%−26.7%−15.3%+10.0%−5.3%+4.2%+64.0%−19.2%−25.7%+43.2%+41.0%
TTMI TTM Technologies, Inc.9 of 25+179%+56.5%+4.8%+1.2%+8.0%−8.3%+54.7%−37.9%+15.0%+109%−13.6%−12.2%−6.6%−16.2%−26.5%+29.4%+121%−55.3%+2.9%+20.5%−20.3%−30.1%+412%−67.4%−28.7%——
FLEX Flex Ltd.14 of 27+57.4%+73.2%+3.3%+17.1%+1.9%+42.5%+65.8%−57.7%+25.2%+28.2%+0.3%+43.9%+25.1%+9.7%−27.9%+7.4%+186%−78.8%+5.1%+10.0%−24.5%−6.6%+80.7%−65.9%−15.8%+24.1%+115%
SANM Sanmina Corporation13 of 27+98.3%+47.3%−10.3%+38.2%+30.0%−6.9%+42.3%−27.1%−10.0%+78.1%−12.5%+40.9%+50.9%+18.9%−18.9%+4.1%+291%−74.2%−47.3%−19.0%−49.7%−32.8%+181%−77.4%−48.1%+53.4%+59.8%
TEL TE Connectivity plc10 of 18+61.6%+3.5%+24.6%−27.7%+35.1%+28.9%+29.4%−18.9%+39.9%+9.8%+4.2%+16.9%+51.6%+23.4%−11.1%+47.5%+57.0%−55.5%—————————
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%———————————
FN Fabrinet8 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%————————————
AMSC American Superconductor Corporation10 of 27+16.9%+121%+203%−66.2%−53.5%+198%−29.6%+207%−50.7%+15.7%−14.0%−54.8%−37.4%−29.0%−87.1%−30.1%+151%−40.3%+179%+24.6%−47.1%+7.4%+360%−75.4%−57.1%+2.0%+173%
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Risk and diversification

How CLS 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 CLS's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CLS's five deepest drawdowns since it began trading in 1998, 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 CLS fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCLS fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−96.9%−43.7%Oct 2000Mar 20098.4 yearsNov 202415.7 years
No named crash−54.8%−18.1%Jul 1998Oct 19983 monthsDec 19982 months
No named crash−54.0%−16.1%Feb 2025Apr 20252 monthsJun 20252 months
No named crash−41.2%+1.0%Jun 2026Sep 20263 monthsNot yet—
Dot-com bust−36.7%−4.5%Mar 2000May 20002 monthsJul 20002 months

How did CLS do in stock market crashes?

This section measures how far CLS, 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 CLS.

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
CLS This pageCelestica Inc.—−5.9%−35.6%−63.9%−22.4%−1.5%−38.0%−25.8%−0.4%−73.4%−88.1%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
NVDA NVIDIA Corporation4 of 10−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
ANET Arista Networks, Inc.3 of 6−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%————
DELL Dell Technologies Inc.1 of 5−5.7%−43.6%−45.9%−28.6%−7.4%—————
APH Amphenol Corporation8 of 10−3.8%−27.8%−33.8%−20.4%−7.5%−19.0%−21.9%−1.7%−63.6%−60.7%
HPE Hewlett Packard Enterprise Company2 of 5−7.2%−30.5%−45.3%−27.4%−9.6%—————
VICR Vicor Corporation3 of 10−2.3%−60.2%−40.8%−34.8%−5.8%−35.0%−45.7%−5.0%−74.5%−89.3%
JBL Jabil Inc.5 of 10−4.1%−28.9%−51.4%−28.1%−3.5%−28.3%−30.5%−3.8%−85.0%−82.5%
PLXS Plexus Corp.6 of 10−5.1%−23.8%−49.9%−21.7%−3.9%−28.5%−30.1%−0.9%−66.8%−90.2%
CTS CTS Corporation4 of 10−1.2%−20.6%−38.5%−33.7%−7.5%−34.2%−26.4%−5.1%−84.2%−94.3%
BHE Benchmark Electronics, Inc.7 of 10−4.3%−21.9%−47.5%−20.4%−3.6%−20.4%−26.6%−7.0%−60.2%−75.5%
BELFB Bel Fuse Inc.3 of 10−13.5%−24.7%−55.1%−34.7%−9.3%−39.1%−34.6%−5.1%−73.6%−57.0%
TTMI TTM Technologies, Inc.2 of 9−6.2%−27.4%−35.3%−46.9%−7.0%−39.7%−43.2%0.0%−74.7%—
FLEX Flex Ltd.4 of 10−8.0%−24.2%−57.5%−48.0%−6.1%−22.8%−27.3%−1.8%−87.9%−86.7%
SANM Sanmina Corporation4 of 10−5.2%−15.7%−38.2%−22.7%−4.8%−32.4%−46.4%−4.9%−92.4%−96.0%
TEL TE Connectivity plc5 of 9−4.3%−33.3%−42.9%−23.2%−6.8%−22.7%−24.7%−3.5%−81.1%—
AVGO Broadcom Inc.5 of 8−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
FN Fabrinet4 of 7−4.7%−38.7%−25.0%−12.0%−3.8%−10.5%−30.8%———
AMSC American Superconductor Corporation2 of 10−13.7%−64.7%−44.2%−25.8%−15.1%−31.9%−56.8%−3.1%−80.6%−96.3%
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How closely does CLS 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 CLS 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 CLS's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CLS This pageCelestica Inc.183%115%1.592.17
DELL Dell Technologies Inc.154%43%3.591.13
ANET Arista Networks, Inc.174%91%1.921.40
AVGO Broadcom Inc.158%86%1.851.19
NVDA NVIDIA Corporation248%140%1.771.83
FN Fabrinet115%72%1.601.12
APH Amphenol Corporation125%79%1.591.24
JBL Jabil Inc.138%91%1.531.32
VICR Vicor Corporation188%143%1.311.55
PLXS Plexus Corp.101%82%1.231.03
SANM Sanmina Corporation127%111%1.151.37
HPE Hewlett Packard Enterprise Company116%102%1.141.31
TTMI TTM Technologies, Inc.155%140%1.111.87
FLEX Flex Ltd.136%124%1.101.57
BELFB Bel Fuse Inc.168%160%1.051.61
BHE Benchmark Electronics, Inc.96%94%1.021.19
CTS CTS Corporation94%104%0.910.87
TEL TE Connectivity plc109%120%0.911.26
AMSC American Superconductor Corporation157%205%0.772.23
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What diversifies CLS?

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

ETFs

InvestmentCorrelation5Y returnSharpe2020201920182017201520112008200720062005200420022001200080/20 mix volatility80/20 mix annual return
CLS Celestica Inc. (this page)1.00+3,143%1.47−2.4%−5.7%−16.3%−11.6%−6.0%−24.4%−20.5%−25.7%−26.0%−25.2%−6.4%−65.1%−25.6%−2.3%58.5%+110%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.18+119%1.48−9.0%+17.8%−5.2%+10.0%——————————47.1%+91.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.27+225%1.34+3.9%+18.9%−19.8%+22.8%+7.7%−16.1%−20.8%−7.4%——————47.5%+93.9%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.25+101%1.04−13.4%+23.4%−8.7%+1.1%−25.3%—————————47.6%+90.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.12+83.3%1.00−6.5%+20.1%−3.0%+13.5%−0.3%—————————47.2%+89.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.36+85.0%0.96+2.1%+24.9%−9.5%+16.7%+4.1%—————————47.6%+89.7%
GLD CommoditiesSPDR Gold Shares-0.07+126%0.96+24.8%+17.9%−1.9%+12.8%−10.7%+9.6%+4.9%+30.4%+22.6%+17.8%————46.7%+92.3%
XLE EnergyState Street Energy Select Sector SPDR ETF0.12+177%0.93−32.7%+11.7%−18.2%−0.9%−21.5%+2.8%−39.0%+36.8%+18.0%+40.1%+33.8%−14.8%−18.2%+24.4%47.7%+93.5%
DFIV InternationalDimensional - International Value ETF0.23+99.4%0.93——————————————47.6%+90.5%

Stocks

InvestmentCorrelation5Y returnSharpe2020201920182017201520112008200720062005200420022001200080/20 mix volatility80/20 mix annual return
CLS Celestica Inc. (this page)1.00+3,143%1.47−2.4%−5.7%−16.3%−11.6%−6.0%−24.4%−20.5%−25.7%−26.0%−25.2%−6.4%−65.1%−25.6%−2.3%58.5%+110%
CAH Medical - DistributionCardinal Health, Inc.0.07+479%1.55+10.1%+18.0%−24.5%−12.7%+12.6%+8.1%−39.6%−9.8%−5.8%+18.7%−4.7%−8.3%−2.5%+108%47.5%+98.0%
MCK Medical - DistributionMcKesson Corporation0.08+413%1.44+27.1%+26.7%−28.4%+12.0%−4.5%+11.8%−40.4%+29.7%−1.2%+64.9%−1.4%−27.2%+4.9%+61.2%47.5%+96.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.16+690%1.41−27.4%+6.0%−8.2%+34.8%+17.4%—————————48.2%+101%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.36+594%1.36−7.2%+83.6%−37.5%+48.4%−36.3%−42.9%−67.4%+26.4%+5.5%−1.8%−14.1%−33.1%+9.8%−15.9%49.7%+100%
ATI Manufacturing - Metal FabricationATI Inc.0.16+1,008%1.34−18.8%−5.1%−9.8%+51.5%−66.7%−12.2%−70.0%−4.2%+153%+68.2%+66.5%−60.8%+10.3%−26.5%49.2%+106%
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Common questions

What was CLS's worst drawdown?

CLS's deepest decline since it began trading in 1998 was 96.9%, from October 2000 to March 2009. It took about 16 years from the low to climb back to its old high.

What were CLS's best and worst years?

Over 27 full calendar years, CLS's best year was 1999, when it returned 350%. Its worst was 2002, with a return of -65.1%.

Is there a better investment than CLS?

Looking beyond its popular alternatives, MU (semiconductors) was ahead of CLS in most short and long periods. Nothing in the whole market did better on both counts: none of the 3,633 stocks and funds worth at least $500 million earned more than CLS with less volatility over the past 5 years.

Is CLS more volatile than the S&P 500?

Yes. CLS's volatility over the past 5 years was 59.7%, 3.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CLS's return lands within 59.7% 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 CLS's Sharpe ratio?

CLS's Sharpe ratio over the past 5 years was 1.47, against 0.79 for the S&P 500, so CLS 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 CLS with the S&P 500?

Over the past 5 years, CLS's monthly returns had a correlation of 0.54 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against CLS instead: the lower it is, the more that option would diversify a CLS holding.

What are the best alternatives to CLS?

None of the 18 popular alternatives we compared outperformed CLS in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about CLS's strength than about its alternatives.

Did CLS outperform the S&P 500?

CLS finished ahead of the S&P 500 (SPY) in nine of 27 full calendar years. In 2025, it returned +220%, against +17.7% for the index.

How did CLS do in stock market crashes?

CLS fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the dot-com bust, when CLS fell 88.1% and the S&P 500 fell 47.5%.

What diversifies CLS?

These had a low correlation with CLS over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.18), DXJ (correlation 0.27) and EMLP (correlation 0.25); among large stocks, CAH (correlation 0.07), MCK (correlation 0.08) and MPC (correlation 0.16). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CLS

Other stocks and ETFs