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Relative Intelligence · Banks

How Canadian Imperial Bank of Commerce (CM) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CM alone. It places CM (Canadian Imperial Bank of Commerce) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where CM stands in the market, and of the alternatives worth a closer look.

Period covered: CM's full trading record, from November 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 CM →Chart CM vs. 22 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CM over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CM over the same span and CM'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. 162 of the 1,106 stocks and funds worth at least $500 million that traded the whole period ended ahead of CM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000$500,000$1M199820032008201320182023$10,000$100,000$1M19982005201220192026
  • BAP$1M+11,998% total · +18.7% a year
  • RY$529,885+5,199% total · +15.2% a year
  • TD$523,409+5,134% total · +15.2% a year
  • BCH$514,780+5,048% total · +15.1% a year
  • GWW$463,803+4,538% total · +14.7% a year
  • CM$457,207+4,472% total · +14.6% a year
  • SPY (S&P 500)$121,630+1,116% total · +9.3% a year
  • BBVA$97,626+876% total · +8.5% a year
  • SAN$86,433+764% total · +8.0% a year
  • MUFG$65,916+559% total · +7.0% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 490 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • BBVA$57,750+478% total · +42.0% a year
  • MFG$46,041+360% total · +35.7% a year
  • SAN$45,493+355% total · +35.4% a year
  • SMFG$44,827+348% total · +35.0% a year
  • MUFG$44,537+345% total · +34.8% a year
  • BAP$44,181+342% total · +34.6% a year
  • DXJ$32,976+230% total · +27.0% a year
  • MFC$28,001+180% total · +22.9% a year
  • CM$25,433+154% total · +20.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

CM 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
$103B
Industry
Banks - Diversified
Price history from
November 1997

Returns

Past 1 year
+44.4%total return
Past 3 years
+261%+53.4% a year
Past 5 years
+141%+19.2% a year
Past 10 years
+395%+17.3% a year
Best calendar year
+87.9%2003
Worst calendar year
−37.9%2008
Losing years
8 of 28full calendar years

Risk

Volatility
21.6%typical yearly swing, 5 years
Sharpe ratio
0.93return per unit of risk, 5 years
Worst decline ever
−71.8%Nov 2007 to Mar 2009
From its all-time high
−7.9%below the peak

CM against the whole market

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

How does CM rank among all stocks?

This section ranks CM 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 CM 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.

MeasureCMRankStanding
1-year return+44.4%639 of 3,287top 19%
3-year return+261%283 of 3,017top 9%
5-year return+141%480 of 2,893top 17%
10-year return+395%423 of 2,202top 19%
Volatility, 5 years21.6%140 of 2,893top 5%
Sharpe ratio, 5 years0.93151 of 2,893top 5%
Worst decline, past 10 years−47.3%354 of 2,187top 16%

What has beaten CM 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). CM sits where the dashed lines cross. Anything in the green box above and to the left earned more than CM 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 CM; faint dots are 1 more of the 5 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.

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CMSDCI: +20.6% a year, volatility 18.4%CM: +19.2% a year, volatility 21.6%SPY (S&P 500): +12.7% a year, volatility 17.1%MUFG: +33.2% a year, volatility 29.4%BBVA: +38.7% a year, volatility 33.3%SMFG: +33.7% a year, volatility 29.4%BAP: +30.8% a year, volatility 30.3%V: +12.8% a year, volatility 22.9%CBOE: +21.5% a year, volatility 25.1%NDAQ: +8.9% a year, volatility 24.7%DXJ: +26.6% a year, volatility 19.1%MCK: +38.7% a year, volatility 25.0%NHC: +32.0% a year, volatility 28.5%ABBV: +26.1% a year, volatility 23.4%GWW: +26.3% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%APH: +33.8% a year, volatility 32.2%DBJP: +20.9% a year, volatility 19.2%CMSPY (S&P 500)MUFGBBVASMFGBAPVCBOENDAQDXJMCKNHCABBVGWWMPLXAPHDBJP15.0%20.0%25.0%30.0%35.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CMSDCI: +20.6% a year, volatility 18.4%CM: +19.2% a year, volatility 21.6%SPY (S&P 500): +12.7% a year, volatility 17.1%MUFG: +33.2% a year, volatility 29.4%BBVA: +38.7% a year, volatility 33.3%SMFG: +33.7% a year, volatility 29.4%BAP: +30.8% a year, volatility 30.3%V: +12.8% a year, volatility 22.9%CBOE: +21.5% a year, volatility 25.1%NDAQ: +8.9% a year, volatility 24.7%DXJ: +26.6% a year, volatility 19.1%MCK: +38.7% a year, volatility 25.0%NHC: +32.0% a year, volatility 28.5%ABBV: +26.1% a year, volatility 23.4%GWW: +26.3% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%APH: +33.8% a year, volatility 32.2%DBJP: +20.9% a year, volatility 19.2%CMSPY (S&P 500)MUFGBBVASMFGBAPVCBOENDAQDXJMCKABBVMPLXAPHDBJP
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CM?

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

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

Screen the whole market against CM 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 CM?lower diversifies moreExpenseper year
CMCanadian Imperial Bank of Commerce · this page
+19.2%21.6%0.93−47.3%+395%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.630.09%
Popular alternativesbest 3 shownThe investments people most often weigh against CM. 3 of 21 passed at least one test.
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return in most periods+33.2%29.4%1.13−54.9%+483%0.17—
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Higher return in most periods+38.7%33.3%1.16−69.6%+542%0.46—
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Higher return in most periods+33.7%29.4%1.14−47.6%+474%0.22—
Same and neighboring categories, and shared themesbest 4 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus CM's specific themes. 4 of 124 passed at least one test.
BAPCredicorp Ltd. · Banks
Higher return in most periods+30.8%30.3%1.04−59.2%+298%0.52—
VVisa Inc. · Payment Processing
Smaller losses in recent crashes+12.8%22.9%0.64−36.4%+429%0.46—
CBOECboe Global Markets, Inc. · Capital Markets
Smaller losses in recent crashes+21.5%25.1%0.91−43.2%+463%0.11—
NDAQNasdaq, Inc. · Capital Markets
Smaller losses in recent crashes+8.9%24.7%0.47−38.3%+407%0.36—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 51 of 3,488 passed at least one test.
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.320.48%
MCKMcKesson Corporation · Health Care Distribution
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.04—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.42—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.21—
GWWW.W. Grainger, Inc. · Industrial Distribution
Higher Sharpe, smaller worst declineHigher return in most periods+26.3%24.9%1.07−41.6%+654%0.43—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.30—
APHAmphenol Corporation · Electronic Components
Higher Sharpe, smaller worst declineSmaller losses in recent crashes+33.8%32.2%1.07−37.5%+965%0.54—
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.9%19.2%1.09−31.3%+348%0.380.45%
What these numbers mean for CM
Annual return
CM returned 19.2% 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 $24,100. 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
CM's volatility over the past 5 years was 21.6%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CM's return lands within 21.6% 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
CM's Sharpe ratio over the past 5 years was 0.93, against 0.79 for the S&P 500, so CM 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
CM's worst fall from a peak to a low over the past 10 years was 47.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 47.3% fall takes a 89.9% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CM's monthly returns had a correlation of 0.63 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 CM instead: the lower it is, the more that option would diversify a CM holding. Guide: Correlation and diversification →
Show all 5 stocks and funds worth at least $500 million that earned more than CM with less volatility

Out of 3,633 tested over 5 years. The strongest 4 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CMExpense
1
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.320.48%
2
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.30—
3
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.380.45%
4
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.030.80%

CM against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCM: 19.2% a year, volatility 21.6%SPY (S&P 500): 12.7% a year, volatility 17.1%BCS: 18.5% a year, volatility 34.1%SMFG: 33.7% a year, volatility 29.4%MUFG: 33.2% a year, volatility 29.4%BBVA: 38.7% a year, volatility 33.3%SAN: 31.6% a year, volatility 33.9%MFG: 33.6% a year, volatility 30.6%MFC: 22.6% a year, volatility 24.0%ING: 24.7% a year, volatility 31.1%UBS: 25.4% a year, volatility 30.4%HSBC: 33.1% a year, volatility 25.9%BCH: 25.2% a year, volatility 28.2%LYG: 20.3% a year, volatility 32.1%DB: 22.1% a year, volatility 37.4%TD: 15.8% a year, volatility 20.0%BNS: 12.8% a year, volatility 19.9%SLF: 11.7% a year, volatility 19.4%BMO: 13.6% a year, volatility 21.4%EWC: 11.2% a year, volatility 17.2%RY: 17.3% a year, volatility 18.2%BSAC: 19.5% a year, volatility 29.0%BCE: −11.3% a year, volatility 20.0%CMSPY (S&P 500)BCSSMFGMUFGBBVASANMFGMFCINGUBSHSBCBCHLYGDBTDBMOEWCRYBSACBCE15.0%20.0%25.0%30.0%35.0%40.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCM: 19.2% a year, volatility 21.6%SPY (S&P 500): 12.7% a year, volatility 17.1%BCS: 18.5% a year, volatility 34.1%SMFG: 33.7% a year, volatility 29.4%MUFG: 33.2% a year, volatility 29.4%BBVA: 38.7% a year, volatility 33.3%SAN: 31.6% a year, volatility 33.9%MFG: 33.6% a year, volatility 30.6%MFC: 22.6% a year, volatility 24.0%ING: 24.7% a year, volatility 31.1%UBS: 25.4% a year, volatility 30.4%HSBC: 33.1% a year, volatility 25.9%BCH: 25.2% a year, volatility 28.2%LYG: 20.3% a year, volatility 32.1%DB: 22.1% a year, volatility 37.4%TD: 15.8% a year, volatility 20.0%BNS: 12.8% a year, volatility 19.9%SLF: 11.7% a year, volatility 19.4%BMO: 13.6% a year, volatility 21.4%EWC: 11.2% a year, volatility 17.2%RY: 17.3% a year, volatility 18.2%BSAC: 19.5% a year, volatility 29.0%BCE: −11.3% a year, volatility 20.0%CMSPY (S&P 500)BCSSMFGMUFGBBVASANMFCINGUBSHSBCBCHLYGDBTDRYBSACBCE
All figures
InvestmentAnnual returnVolatility
BBVA Banco Bilbao Vizcaya Argentaria, S.A.+38.7%33.3%
SMFG Sumitomo Mitsui Financial Group, Inc.+33.7%29.4%
MFG Mizuho Financial Group, Inc.+33.6%30.6%
MUFG Mitsubishi UFJ Financial Group, Inc.+33.2%29.4%
HSBC HSBC Holdings plc+33.1%25.9%
SAN Banco Santander, S.A.+31.6%33.9%
UBS UBS Group AG+25.4%30.4%
BCH Banco de Chile+25.2%28.2%
ING ING Groep N.V.+24.7%31.1%
MFC Manulife Financial Corporation+22.6%24.0%
DB Deutsche Bank AG+22.1%37.4%
LYG Lloyds Banking Group plc+20.3%32.1%
BSAC Banco Santander-Chile+19.5%29.0%
CM This pageCanadian Imperial Bank of Commerce+19.2%21.6%
BCS Barclays PLC+18.5%34.1%
RY Royal Bank of Canada+17.3%18.2%
TD The Toronto-Dominion Bank+15.8%20.0%
BMO Bank of Montreal+13.6%21.4%
BNS The Bank of Nova Scotia+12.8%19.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
SLF Sun Life Financial Inc.+11.7%19.4%
EWC iShares MSCI Canada ETF+11.2%17.2%
BCE BCE Inc.−11.3%20.0%
Open these 23 in EasyCompare

Has CM consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CM 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
CM Canadian Imperial Bank of Commerce (this page)—−2.0%−3.3%+4.3%+25.8%+44.4%+261%+141%+395%21.6%0.93−47.3%—$103B—
SMFG QualifiedSumitomo Mitsui Financial Group, Inc.4/5 short2/3 long−7.9%−1.3%+15.9%+28.3%+53.5%+181%+327%+474%29.4%1.14−47.6%—$94B—
MUFG QualifiedMitsubishi UFJ Financial Group, Inc.3/5 short2/3 long−6.9%+1.8%+19.6%+36.5%+41.3%+184%+319%+483%29.4%1.13−54.9%—$244B—
BBVA Banks - DiversifiedBanco Bilbao Vizcaya Argentaria, S.A.2/5 short3/3 long−10.4%+3.1%+11.7%+11.3%+35.2%+281%+413%+542%33.3%1.16−69.6%—$142B—
SAN Banks - DiversifiedBanco Santander, S.A.1/5 short2/3 long−10.2%−1.4%+4.5%+9.8%+35.9%+305%+295%+332%33.9%0.99−73.8%—$194B—
MFG Banks - RegionalMizuho Financial Group, Inc.4/5 short1/3 long−10.6%+0.7%+15.2%+33.7%+53.1%+216%+326%+345%30.6%1.10−45.7%—$121B—
MFC Insurance - LifeManulife Financial Corporation3/5 short1/3 long−0.2%+5.5%+17.4%+26.1%+44.8%+189%+177%+373%24.0%0.97−57.5%—$74B—
ING Banks - DiversifiedING Groep N.V.2/5 short1/3 long−10.7%+2.4%+14.0%+18.9%+42.5%+209%+201%+339%31.1%0.87−74.4%—$94B—
UBS Banks - DiversifiedUBS Group AG1/5 short1/3 long−7.5%−8.3%+10.6%+2.9%+26.3%+116%+210%+374%30.4%0.90−59.8%—$145B—
HSBC Banks - DiversifiedHSBC Holdings plc1/5 short1/3 long−10.1%−5.9%+2.3%+19.8%+47.7%+201%+318%+319%25.9%1.24−62.3%—$324B—
BCH Banks - RegionalBanco de Chile1/5 short1/3 long−4.6%−1.0%−3.7%+8.6%+25.2%+138%+208%+180%28.2%0.94−58.4%—$20B—
LYG Banks - RegionalLloyds Banking Group plc0/5 short1/3 long−8.1%−6.7%−2.5%+1.7%+22.4%+207%+152%+213%32.1%0.74−66.5%—$80B—
DB Banks - RegionalDeutsche Bank AG0/5 short1/3 long−17.1%−8.6%−1.6%−17.0%−3.1%+244%+171%+165%37.4%0.72−72.7%—$60B—
TD Banks - DiversifiedThe Toronto-Dominion Bank5/5 short0/3 long−0.9%+2.1%+16.3%+33.1%+57.5%+141%+109%+310%20.0%0.84−42.0%—$206B—
BNS Banks - DiversifiedThe Bank of Nova Scotia4/5 short0/3 long−2.3%+6.9%+22.4%+28.9%+50.0%+162%+83.1%+187%19.9%0.71−46.9%—$112B—
SLF Insurance - DiversifiedSun Life Financial Inc.3/5 short0/3 long−2.2%−0.4%+15.2%+30.4%+35.5%+96.3%+74.1%+255%19.4%0.67−50.8%—$44B—
BMO Banks - DiversifiedBank of Montreal2/5 short0/3 long−5.5%−5.3%+10.8%+29.7%+37.6%+146%+89.4%+295%21.4%0.71−51.0%—$116B—
EWC InternationaliShares MSCI Canada ETF2/5 short0/3 long+0.7%+3.8%+4.1%+12.9%+21.7%+98.3%+69.8%+191%17.2%0.70−42.6%0.50%$7.4B—
BAM Asset ManagementBrookfield Asset Management Ltd.2/5 short0/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
RY Banks - DiversifiedRoyal Bank of Canada1/5 short0/3 long−3.5%−4.8%+12.0%+18.9%+39.2%+173%+122%+352%18.2%0.97−40.0%—$276B—
BSAC Banks - RegionalBanco Santander-Chile1/5 short0/3 long−4.1%+0.2%−2.0%+11.4%+24.0%+124%+144%+154%29.0%0.76−63.9%—$16B—
BCS Banks - DiversifiedBarclays PLC0/5 short0/3 long−11.7%−17.1%−6.2%−13.3%+15.1%+242%+134%+238%34.1%0.67−66.0%—$75B—
BCE Telecommunications ServicesBCE Inc.0/5 short0/3 long−8.7%−6.2%−14.0%−11.8%−11.4%−32.5%−45.2%−20.1%20.0%-0.51−56.6%—$19B—
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How did CM do year by year?

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

InvestmentYears ahead of CM2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022001200019991998
CM This pageCanadian Imperial Bank of Commerce—+49.0%+37.9%+26.5%−26.8%+44.7%+9.3%+20.3%−19.8%+23.5%+29.8%−19.6%+4.8%+11.0%+16.8%−3.3%+27.1%+64.3%−37.9%−12.0%+32.5%+13.7%+26.0%+87.9%−14.9%+14.2%+38.0%+1.2%−17.2%
Rank among alternativesTop quarter in 10 of 2813 of 237 of 2310 of 2321 of 223 of 223 of 229 of 2212 of 229 of 226 of 2219 of 226 of 2216 of 2219 of 226 of 226 of 2210 of 224 of 2217 of 227 of 2012 of 2012 of 201 of 2011 of 204 of 195 of 1710 of 1411 of 14
SPY S&P 500State Street SPDR S&P 500 ETF11 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%
SMFG Sumitomo Mitsui Financial Group, Inc.6 of 19+38.0%+54.8%+25.7%+24.5%+18.6%−10.9%+19.4%−22.2%+18.0%+5.2%+7.7%−28.7%+47.2%+38.4%−19.2%+30.0%−28.6%−43.6%−27.1%—————————
MUFG Mitsubishi UFJ Financial Group, Inc.10 of 28+40.0%+39.7%+32.7%+26.2%+27.9%−13.7%+15.8%−31.3%+20.7%+2.5%+15.2%−14.6%+26.0%+33.1%−19.9%+13.3%−19.1%−32.3%−24.2%−8.6%+35.4%+31.3%+47.6%−16.0%−33.1%−30.0%+33.4%−24.8%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.10 of 28+154%+14.2%+62.5%+10.0%+22.2%−6.4%+10.9%−35.0%+31.3%−1.5%−19.3%−20.6%+39.6%+18.2%−10.8%−39.7%+53.1%−45.6%+4.6%+39.4%+4.1%+32.9%+47.9%−19.3%−13.1%+8.9%−9.5%+51.7%
SAN Banco Santander, S.A.12 of 28+165%+14.9%+46.4%−6.8%+10.2%−19.6%−2.2%−28.5%+33.3%+12.3%−37.9%−0.4%+27.4%+22.8%−20.2%−30.2%+91.8%−52.3%+20.2%+47.1%+10.5%+6.8%+77.6%−11.3%−19.8%−7.6%+20.1%+23.7%
MFG Mizuho Financial Group, Inc.7 of 19+54.5%+47.8%+26.2%+17.2%+4.9%−12.8%+7.3%−14.1%+4.9%−7.2%+23.0%−19.3%+22.2%+43.0%−23.4%+10.1%−35.1%−38.1%−33.1%—————————
MFC Manulife Financial Corporation10 of 26+22.9%+45.2%+31.0%−1.3%+12.1%−7.1%+49.2%−29.3%+20.9%+23.6%−19.0%−0.6%+49.7%+33.5%−36.0%−3.3%+12.5%−56.9%+23.2%+17.2%+29.8%+45.7%+51.7%−15.4%−16.0%+152%——
ING ING Groep N.V.12 of 28+91.3%+12.2%+32.0%−4.4%+55.4%−21.6%+20.6%−39.4%+36.7%+11.1%+6.4%−7.4%+47.6%+32.5%−26.8%−0.2%−11.7%−69.6%−8.2%+31.9%+20.8%+36.1%+48.7%−31.3%−34.4%+35.1%+0.4%+49.9%
UBS UBS Group AG10 of 25+57.6%+0.7%+69.8%+7.4%+29.4%+19.5%+7.1%−29.9%+17.4%−14.4%+18.1%−10.2%+23.3%+34.3%−28.2%+6.2%+8.5%−68.9%−21.5%+32.5%+18.2%+27.9%+50.4%+1.7%−8.0%———
HSBC HSBC Holdings plc9 of 26+67.9%+34.5%+39.3%+7.8%+20.8%−31.7%+1.5%−16.1%+35.9%+9.9%−11.5%−10.2%+8.5%+45.9%−22.2%−7.5%+22.2%−38.0%−4.0%+18.9%−1.5%+12.6%+52.3%−5.2%−15.3%+6.5%——
BCH Banco de Chile16 of 28+77.6%+3.9%+20.3%+39.2%−21.6%+1.1%−24.7%−6.9%+45.0%+25.9%−8.2%−16.5%−3.7%+24.0%−2.5%+72.4%+79.1%−25.6%−3.3%+37.0%+9.5%+43.4%+81.3%−6.8%+28.8%−18.8%+51.0%−35.4%
LYG Lloyds Banking Group plc8 of 24+104%+20.2%+14.5%−9.7%+34.6%−36.5%+36.9%−28.4%+26.8%−25.9%−4.4%−12.7%+66.1%+104%−61.7%+25.4%−27.5%−77.5%−11.6%+42.9%−1.5%+22.5%+25.3%−33.0%————
DB Deutsche Bank AG9 of 28+133%+29.4%+21.4%−5.9%+14.7%+40.1%−2.9%−56.7%+6.4%−25.0%−17.7%−36.4%+10.9%+19.7%−26.1%−20.1%+75.4%−65.5%−0.6%+42.0%+12.3%+9.8%+83.6%−34.3%−22.1%0.0%+58.2%−16.7%
TD The Toronto-Dominion Bank14 of 28+85.3%−13.4%+4.5%−12.2%+41.3%+5.6%+17.5%−12.1%+22.9%+30.9%−14.9%+5.0%+16.1%+16.8%+4.1%+22.7%+85.4%−46.8%+20.4%+16.1%+30.7%+29.7%+61.4%−11.7%−7.2%+11.2%+58.4%−2.9%
BNS The Bank of Nova Scotia9 of 26+45.1%+17.5%+6.0%−28.8%+40.6%+1.7%+17.5%−19.2%+20.5%+43.7%−25.1%−4.2%+11.5%+21.0%−9.6%+27.1%+82.6%−44.4%+16.6%+16.8%+21.4%+40.4%+59.9%+232%+17.5%+25.4%——
SLF Sun Life Financial Inc.10 of 25+9.7%+19.5%+16.9%−12.9%+29.7%+2.0%+42.7%−16.6%+10.3%+27.6%−10.2%+5.9%+39.3%+52.5%−34.9%+10.2%+31.1%−57.0%+35.5%+8.2%+22.7%+38.3%+51.6%−18.9%−17.2%———
BMO Bank of Montreal16 of 28+39.6%+3.0%+14.6%−12.4%+46.9%+3.3%+23.9%−14.9%+15.4%+32.9%−16.8%+10.4%+13.7%+17.3%−0.3%+13.7%+121%−51.9%−0.4%+9.4%+20.4%+21.0%+62.9%+23.0%−9.6%+62.5%−10.8%−6.1%
EWC iShares MSCI Canada ETF8 of 28+35.9%+12.4%+14.7%−12.9%+27.0%+5.5%+27.6%−17.2%+15.7%+23.8%−23.9%+1.1%+5.3%+9.1%−12.4%+19.7%+53.1%−44.5%+28.5%+16.9%+27.6%+22.8%+51.1%−10.8%−20.1%+8.2%+48.9%−7.9%
BAM Brookfield Asset Management Ltd.2 of 3−0.3%+39.7%+45.6%—————————————————————————
RY Royal Bank of Canada13 of 28+46.3%+23.8%+12.2%−8.0%+34.1%+8.4%+20.2%−12.9%+23.9%+31.8%−19.3%+6.7%+16.0%+23.3%+1.2%+1.4%+89.3%−39.4%+10.7%+26.0%+50.7%+15.9%+33.6%+15.8%−0.9%+58.5%−9.5%−3.5%
BSAC Banco Santander-Chile16 of 28+74.3%+0.9%+31.6%+3.0%−11.0%−13.0%−19.9%−0.1%+49.4%+30.8%−5.8%−12.7%−13.9%+1.4%−16.0%+50.3%+96.2%−27.7%+9.8%+12.0%+39.6%+53.0%+35.1%−8.5%+23.0%−3.8%+56.4%−29.6%
BCS Barclays PLC12 of 28+96.5%+76.2%+6.0%−21.9%+31.6%−12.8%+31.9%−29.3%+0.5%−12.8%−11.4%−14.9%+16.1%+61.7%−31.9%−4.7%+80.0%−73.6%−27.2%+44.2%−4.0%+31.1%+55.0%−23.6%+7.7%+16.0%+30.3%−16.6%
BCE BCE Inc.11 of 28+10.2%−35.5%−4.2%−10.7%+28.6%−2.0%+23.9%−12.6%+15.0%+17.3%−11.6%+11.3%+6.1%+8.6%+23.8%+35.5%+43.3%−47.1%+53.1%+7.8%+3.5%+13.5%+30.0%−16.3%−17.6%+41.8%+164%+31.3%
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Risk and diversification

How CM 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 CM's worst declines?

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

DuringCM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−71.8%−53.9%Nov 2007Mar 200916 monthsDec 20123.8 years
No named crash−58.5%−10.5%Apr 1998Oct 19986 monthsFeb 20012.3 years
Late-2018 sell-off−47.3%−14.8%Jan 2018Mar 20202.2 yearsNov 20208 months
2022 bear market−41.9%−7.6%Jan 2022Oct 202321 monthsAug 202410 months
Dot-com bust−39.8%−30.3%Apr 2002Oct 20026 monthsMay 20037 months

How did CM do in stock market crashes?

This section measures how far CM, 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 CM.

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
CM This pageCanadian Imperial Bank of Commerce—−7.0%−36.2%−43.6%−22.2%−5.9%−25.3%−12.9%0.0%−71.8%−39.8%
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%
SMFG Sumitomo Mitsui Financial Group, Inc.4 of 9−9.2%−24.7%−32.2%−23.2%−4.5%−44.2%−19.8%−2.2%−70.9%—
MUFG Mitsubishi UFJ Financial Group, Inc.3 of 10−9.5%−33.4%−33.0%−27.0%−6.7%−45.1%−20.7%−0.3%−65.5%−65.1%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.0 of 10−10.9%−39.6%−47.9%−22.7%−5.4%−41.0%−32.7%0.0%−75.7%−55.9%
SAN Banco Santander, S.A.1 of 10−11.4%−41.0%−48.1%−19.0%−6.0%−44.7%−33.2%−0.9%−76.1%−58.4%
MFG Mizuho Financial Group, Inc.4 of 9−9.7%−24.1%−29.6%−18.1%−4.2%−34.9%−17.7%−1.0%−72.2%—
MFC Manulife Financial Corporation3 of 10−6.1%−27.1%−55.1%−25.9%−2.6%−35.4%−35.3%0.0%−83.8%−42.9%
ING ING Groep N.V.0 of 10−10.7%−43.4%−56.9%−24.1%−5.8%−35.4%−47.4%−3.6%−93.0%−66.4%
UBS UBS Group AG2 of 9−9.5%−32.5%−42.3%−28.5%−8.2%−36.7%−39.7%−0.9%−87.5%—
HSBC HSBC Holdings plc4 of 10−7.3%−31.8%−20.5%−13.1%−4.6%−30.8%−25.1%0.0%−73.8%−41.4%
BCH Banco de Chile8 of 10−2.1%−27.0%−29.8%−10.5%−2.7%−15.2%−25.4%−1.4%−57.6%−37.3%
LYG Lloyds Banking Group plc1 of 9−7.8%−40.5%−53.4%−23.3%−4.3%−34.6%−41.6%−4.5%−94.8%—
DB Deutsche Bank AG0 of 10−11.6%−54.2%−48.6%−36.3%−9.3%−54.8%−46.8%0.0%−82.7%−64.9%
TD The Toronto-Dominion Bank5 of 10−6.7%−29.0%−41.0%−20.9%−5.5%−18.1%−19.6%0.0%−63.4%−44.1%
BNS The Bank of Nova Scotia7 of 10−4.6%−35.4%−43.0%−17.7%−6.1%−24.3%−19.8%0.0%−63.8%−23.6%
SLF Sun Life Financial Inc.5 of 9−5.5%−30.8%−50.2%−20.3%−4.5%−23.8%−20.3%−1.4%−78.8%—
BMO Bank of Montreal5 of 10−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
EWC iShares MSCI Canada ETF6 of 10−3.4%−24.8%−42.6%−19.4%−5.3%−26.4%−24.7%−0.1%−60.8%−51.7%
BAM Brookfield Asset Management Ltd.0 of 1−7.1%—————————
RY Royal Bank of Canada7 of 10−3.8%−26.0%−40.0%−17.1%−5.7%−23.1%−21.8%0.0%−63.1%−21.6%
BSAC Banco Santander-Chile7 of 10−6.0%−37.0%−38.1%−12.4%−4.5%−22.6%−29.0%−1.2%−48.4%−28.0%
BCS Barclays PLC2 of 10−10.2%−48.1%−57.1%−22.9%−4.1%−50.6%−44.9%−4.8%−93.9%−38.4%
BCE BCE Inc.8 of 10−1.7%−28.9%−33.9%−7.3%−2.1%−17.0%−9.8%0.0%−60.7%−50.7%
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How closely does CM 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 CM 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 CM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CM This pageCanadian Imperial Bank of Commerce108%106%1.021.07
BCH Banco de Chile45%19%2.410.36
MUFG Mitsubishi UFJ Financial Group, Inc.84%42%2.010.66
SMFG Sumitomo Mitsui Financial Group, Inc.84%43%1.940.65
MFG Mizuho Financial Group, Inc.75%42%1.810.54
HSBC HSBC Holdings plc79%53%1.490.58
BBVA Banco Bilbao Vizcaya Argentaria, S.A.121%97%1.251.11
RY Royal Bank of Canada97%88%1.110.88
SAN Banco Santander, S.A.101%92%1.101.02
TD The Toronto-Dominion Bank89%80%1.100.88
SLF Sun Life Financial Inc.87%85%1.020.96
BSAC Banco Santander-Chile66%65%1.010.66
MFC Manulife Financial Corporation110%110%1.001.10
UBS UBS Group AG116%120%0.971.18
BMO Bank of Montreal104%112%0.931.12
ING ING Groep N.V.136%155%0.881.36
DB Deutsche Bank AG102%118%0.861.21
EWC iShares MSCI Canada ETF88%102%0.860.95
BCS Barclays PLC113%131%0.861.26
LYG Lloyds Banking Group plc106%130%0.821.20
BNS The Bank of Nova Scotia97%120%0.811.05
BCE BCE Inc.43%100%0.430.50
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What diversifies CM?

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

ETFs

InvestmentCorrelation5Y returnSharpe2022201820152011200820072002199880/20 mix volatility80/20 mix annual return
CM Canadian Imperial Bank of Commerce (this page)1.00+141%0.93−26.8%−19.8%−19.6%−3.3%−37.9%−12.0%−14.9%−17.2%25.4%+20.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.32+225%1.34+6.0%−19.8%+7.7%−16.1%−20.8%−7.4%——21.2%+22.3%
HDV Dividend & IncomeiShares Core High Dividend ETF0.47+83.3%1.00+7.1%−3.0%−0.3%—————21.8%+19.2%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.44+135%0.97+21.5%−15.5%−35.3%—————22.2%+21.0%
SMH TechnologyVanEck Semiconductor ETF0.48+323%0.97−33.5%−9.1%−0.3%+6.8%−44.7%+6.0%−47.0%—24.4%+24.7%
GLD CommoditiesSPDR Gold Shares0.15+126%0.96−0.8%−1.9%−10.7%+9.6%+4.9%+30.4%——21.1%+20.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.19+177%0.93+64.4%−18.2%−21.5%+2.8%−39.0%+36.8%−14.8%—21.9%+22.0%
AMLP EnergyAlerian MLP ETF0.31+111%0.89+25.5%−12.6%−25.7%+10.2%————21.7%+20.7%
PTLC Broad MarketPacer Trendpilot US Large Cap ETF0.41+57.4%0.83−8.6%+1.5%——————21.3%+18.9%

Stocks

InvestmentCorrelation5Y returnSharpe2022201820152011200820072002199880/20 mix volatility80/20 mix annual return
CM Canadian Imperial Bank of Commerce (this page)1.00+141%0.93−26.8%−19.8%−19.6%−3.3%−37.9%−12.0%−14.9%−17.2%25.4%+20.5%
CAH Medical - DistributionCardinal Health, Inc.0.20+479%1.55+54.1%−24.5%+12.6%+8.1%−39.6%−9.8%−8.3%+51.7%22.0%+24.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.36+3,143%1.47+1.3%−16.3%−6.0%−24.4%−20.5%−25.7%−65.1%—26.8%+37.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.47+1,636%1.46+17.0%+0.8%+67.7%−17.0%−15.2%+2.1%−9.4%−9.5%25.7%+33.4%
MCK Medical - DistributionMcKesson Corporation0.04+413%1.44+51.8%−28.4%−4.5%+11.8%−40.4%+29.7%−27.2%+46.9%21.1%+24.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.14+690%1.41+86.6%−8.2%+17.4%—————22.1%+27.0%
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Common questions

What was CM's worst drawdown?

CM's deepest decline since it began trading in 1997 was 71.8%, from November 2007 to March 2009. It took about four years from the low to climb back to its old high.

What were CM's best and worst years?

Over 28 full calendar years, CM's best year was 2003, when it returned 87.9%. Its worst was 2008, with a return of -37.9%.

Is there a better investment than CM?

Among CM's popular alternatives, MUFG, BBVA and SMFG were ahead of CM in most short and long periods, though with much bigger swings (29.4%, 33.3% and 29.4% volatility against 21.6%). Looking beyond its popular alternatives, BAP (banks) was ahead of CM in most short and long periods, though with much bigger swings (30.2% volatility against 21.6%).

Is CM more volatile than the S&P 500?

Yes. CM's volatility over the past 5 years was 21.6%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CM's return lands within 21.6% 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 CM's Sharpe ratio?

CM's Sharpe ratio over the past 5 years was 0.93, against 0.79 for the S&P 500, so CM 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 CM with the S&P 500?

Over the past 5 years, CM's monthly returns had a correlation of 0.63 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 CM instead: the lower it is, the more that option would diversify a CM holding.

What are the best alternatives to CM?

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

Did CM outperform the S&P 500?

CM finished ahead of the S&P 500 (SPY) in 15 of 28 full calendar years. In 2025, it returned +49.0%, against +17.7% for the index.

How did CM do in stock market crashes?

CM fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in six. The clearest case was the 2008 financial crisis, when CM fell 71.8% and the S&P 500 fell 55.2%.

What diversifies CM?

These had a low correlation with CM over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.32), HDV (correlation 0.47) and MLPX (correlation 0.44); among large stocks, CAH (correlation 0.20), CLS (correlation 0.36) and FIX (correlation 0.47). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to CM