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Relative Intelligence · Industrial Machinery

How Cummins (CMI) compares with the whole market and its popular alternatives

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

Period covered: CMI's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against CMI →Chart CMI vs. 21 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CMI over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CMI over the same span and CMI's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 101 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CMI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • ESLT$2M+16,428% total · +19.3% a year
  • CAT$615,591+6,056% total · +15.3% a year
  • TTC$582,068+5,721% total · +15.0% a year
  • GGG$542,913+5,329% total · +14.8% a year
  • ETN$538,468+5,285% total · +14.7% a year
  • CMI$509,932+4,999% total · +14.5% a year
  • PH$505,227+4,952% total · +14.5% a year
  • WAB$275,358+2,654% total · +12.1% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • MOD$71,784+618% total · +7.0% 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. 470 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CMI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$100,000202120222023202420252026
  • MOD$152,122+1,421% total · +72.4% a year
  • BE$147,957+1,380% total · +71.4% a year
  • CAT$46,130+361% total · +35.8% a year
  • PH$36,392+264% total · +29.5% a year
  • ALSN$34,562+246% total · +28.2% a year
  • WAB$34,242+242% total · +27.9% a year
  • ETN$31,102+211% total · +25.5% a year
  • CMI$25,796+158% total · +20.9% a year
  • DE$21,391+114% total · +16.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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CMI 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
$74B
Industry
Industrial - Machinery
Price history from
October 1986

Returns

Past 1 year
+31.4%total return
Past 3 years
+160%+37.5% a year
Past 5 years
+148%+19.9% a year
Past 10 years
+444%+18.5% a year
Best calendar year
+143%2010
Worst calendar year
−57.4%2008
Losing years
8 of 29full calendar years

Risk

Volatility
29.0%typical yearly swing, 5 years
Sharpe ratio
0.77return per unit of risk, 5 years
Worst decline ever
−75.7%Jun 2008 to Nov 2008
From its all-time high
−26.0%below the peak

CMI against the whole market

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

How does CMI rank among all stocks?

This section ranks CMI 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 CMI 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.

MeasureCMIRankStanding
1-year return+31.4%932 of 3,287top 28%
3-year return+160%544 of 3,017top 18%
5-year return+148%456 of 2,893top 16%
10-year return+444%359 of 2,202top 16%
Volatility, 5 years29.0%634 of 2,893top 22%
Sharpe ratio, 5 years0.77322 of 2,893top 11%
Worst decline, past 10 years−44.0%263 of 2,187top 12%

What has beaten CMI 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). CMI sits where the dashed lines cross. Anything in the green box above and to the left earned more than CMI 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 CMI; faint dots are 28 more of the 38 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%20.0%25.0%30.0%35.0%40.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CMIABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%WELL: +26.0% a year, volatility 23.8%BNY: +22.7% a year, volatility 24.4%MFC: +22.6% a year, volatility 24.0%HLT: +21.0% a year, volatility 26.8%GILD: +22.8% a year, volatility 24.9%CBOE: +21.5% a year, volatility 25.1%COR: +24.2% a year, volatility 22.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%MPLX: +23.5% a year, volatility 18.8%XOM: +27.1% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.2%DXJ: +26.6% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%SHEL: +21.0% a year, volatility 24.8%WMB: +24.6% a year, volatility 24.0%TRV: +22.4% a year, volatility 22.3%E: +23.0% a year, volatility 25.6%XLE: +22.6% a year, volatility 25.5%KOF: +22.3% a year, volatility 24.7%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%PAGP: +26.8% a year, volatility 26.1%IYE: +21.1% a year, volatility 25.2%ATMP: +21.2% a year, volatility 21.5%CMI: +19.9% a year, volatility 29.0%SPY (S&P 500): +12.7% a year, volatility 17.1%WAB: +25.6% a year, volatility 26.2%PH: +27.4% a year, volatility 28.8%CAT: +31.1% a year, volatility 31.9%ETN: +20.4% a year, volatility 32.1%ALSN: +27.3% a year, volatility 29.9%GWW: +26.3% a year, volatility 24.9%ESLT: +39.8% a year, volatility 34.6%GE: +36.0% a year, volatility 31.0%AIT: +28.5% a year, volatility 30.3%FSS: +23.3% a year, volatility 31.7%NVT: +35.4% a year, volatility 38.0%MCK: +38.7% a year, volatility 25.0%PGR: +21.3% a year, volatility 25.6%LLY: +40.7% a year, volatility 32.8%WMT: +20.8% a year, volatility 22.6%FLTW: +21.8% a year, volatility 24.3%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%EPU: +29.5% a year, volatility 24.9%CAH: +42.1% a year, volatility 24.7%CMISPY (S&P 500)WABPHCATETNALSNGWWESLTGEFSSNVTMCKPGRLLYWMTFLTWIRMCASYEPUCAH15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CMIABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%WELL: +26.0% a year, volatility 23.8%BNY: +22.7% a year, volatility 24.4%MFC: +22.6% a year, volatility 24.0%HLT: +21.0% a year, volatility 26.8%GILD: +22.8% a year, volatility 24.9%CBOE: +21.5% a year, volatility 25.1%COR: +24.2% a year, volatility 22.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%MPLX: +23.5% a year, volatility 18.8%XOM: +27.1% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.2%DXJ: +26.6% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%SHEL: +21.0% a year, volatility 24.8%WMB: +24.6% a year, volatility 24.0%TRV: +22.4% a year, volatility 22.3%E: +23.0% a year, volatility 25.6%XLE: +22.6% a year, volatility 25.5%KOF: +22.3% a year, volatility 24.7%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%PAGP: +26.8% a year, volatility 26.1%IYE: +21.1% a year, volatility 25.2%ATMP: +21.2% a year, volatility 21.5%CMI: +19.9% a year, volatility 29.0%SPY (S&P 500): +12.7% a year, volatility 17.1%WAB: +25.6% a year, volatility 26.2%PH: +27.4% a year, volatility 28.8%CAT: +31.1% a year, volatility 31.9%ETN: +20.4% a year, volatility 32.1%ALSN: +27.3% a year, volatility 29.9%GWW: +26.3% a year, volatility 24.9%ESLT: +39.8% a year, volatility 34.6%GE: +36.0% a year, volatility 31.0%AIT: +28.5% a year, volatility 30.3%FSS: +23.3% a year, volatility 31.7%NVT: +35.4% a year, volatility 38.0%MCK: +38.7% a year, volatility 25.0%PGR: +21.3% a year, volatility 25.6%LLY: +40.7% a year, volatility 32.8%WMT: +20.8% a year, volatility 22.6%FLTW: +21.8% a year, volatility 24.3%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%EPU: +29.5% a year, volatility 24.9%CAH: +42.1% a year, volatility 24.7%CMISPY (S&P 500)WABPHCATETNGWWESLTGEAITFSSNVTMCKPGRLLYWMTCASYEPUCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× CMI's volatility is in the table only

Is there a better investment than CMI?

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

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

Screen the whole market against CMI for any period in BetterThanSPYOpen these 21 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 CMI?lower diversifies moreExpenseper year
CMICummins Inc. · this page
+19.9%29.0%0.77−44.0%+444%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.640.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CMI. 6 of 21 passed at least one test.
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Higher return, lower volatilityHigher return in most periods+25.6%26.2%1.00−64.1%+264%0.57—
PHParker-Hannifin Corporation · Industrial Machinery
Higher return, similar volatilityHigher return in most periods+27.4%28.8%0.99−54.7%+789%0.69—
CATCaterpillar Inc. · Industrial Machinery
Higher return in most periods+31.1%31.9%1.01−43.4%+936%0.73—
BEBloom Energy Corporation · Electrical Equipment
Higher return in most periods+60.5%89.6%0.96−92.5%—0.48—
ETNEaton Corporation plc · Electrical Equipment
Higher return in most periods+20.4%32.1%0.74−44.5%+657%0.51—
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Higher return, similar volatility+27.3%29.9%0.96−48.7%+367%0.56—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Industrial Machinery and the categories next to it (Infrastructure, Electrical Equipment, Aerospace & Defense, Industrial Distribution), plus CMI's specific themes. 9 of 85 passed at least one test.
GWWW.W. Grainger, Inc. · Industrial Distribution
Higher return, lower volatilityHigher return in most periods+26.3%24.9%1.07−41.6%+654%0.55—
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher Sharpe, smaller worst declineHigher return in most periods+39.8%34.6%1.15−35.4%+765%0.02—
GEGE Aerospace · Aerospace & Defense
Higher return, similar volatilityHigher return in most periods+36.0%31.0%1.15−80.9%+139%0.53—
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Higher return, similar volatilityHigher return in most periods+28.5%30.3%0.98−59.3%+742%0.59—
FSSFederal Signal Corporation · Industrial Machinery
Higher return, similar volatilityHigher return in most periods+23.3%31.7%0.82−33.0%+882%0.56—
NVTnVent Electric plc · Electrical Equipment
Higher return in most periods+35.4%38.0%0.99−56.2%—0.57—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 191 of 3,528 passed at least one test.
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.14—
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.3%25.6%0.89−30.3%+816%0.34—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.12—
WMTWalmart Inc. · Discount Retail
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.8%22.6%0.96−25.7%+508%0.46—
FLTWFranklin FTSE Taiwan ETF · Technology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.8%24.3%0.94−38.0%—0.370.19%
IRMIron Mountain Incorporated · Specialty REITs
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+24.6%30.3%0.88−39.0%+470%0.42—
CASYCasey's General Stores, Inc. · Convenience Stores
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+29.9%29.3%1.04−36.1%+537%0.42—
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, lower volatilityHigher return in most periods+29.5%24.9%1.17−51.0%+275%0.370.59%
What these numbers mean for CMI
Annual return
CMI returned 19.9% 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 $24,800. 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
CMI's volatility over the past 5 years was 29.0%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CMI's return lands within 29.0% 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
CMI's Sharpe ratio over the past 5 years was 0.77, against 0.79 for the S&P 500, so CMI earned less 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
CMI's worst fall from a peak to a low over the past 10 years was 44.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 44.0% fall takes a 78.7% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CMI's monthly returns had a correlation of 0.64 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 CMI instead: the lower it is, the more that option would diversify a CMI holding. Guide: Correlation and diversification →
Show all 38 stocks and funds worth at least $500 million that earned more than CMI with less volatility

Out of 3,633 tested over 5 years. The strongest 35 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CMIExpense
1
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.14—
2
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.34—
3
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.32—
4
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.370.19%
5
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.23—
6
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.38—
7
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.42—
8
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.66—
9
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.55—
10
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.58—
11
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.23—
12
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.08—
13
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.34—
14
GWWW.W. Grainger, Inc. · Industrial Distribution
Same or nearby category+26.3%24.9%1.07−41.6%+654%0.55—
15
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Popular alternative+25.6%26.2%1.00−64.1%+264%0.57—
16
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.67—
17
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.59—
18
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.370.59%
19
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.50—
20
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.28—
21
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.450.45%
22
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.420.48%
23
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.34—
24
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.14—
25
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.53—
26
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.48—
27
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.26—
28
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.400.08%
29
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.24—
30
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.60—
31
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.42—
32
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.17—
33
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+56.3%0.41—
34
IYEiShares U.S. Energy ETF · Broad Market
Whole market+21.1%25.2%0.89−68.6%+159%0.410.37%
35
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.540.95%

CMI against its popular alternatives

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

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

Green points earned more than CMI 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%−40.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCMI: 19.9% a year, volatility 29.0%SPY (S&P 500): 12.7% a year, volatility 17.1%WAB: 25.6% a year, volatility 26.2%PH: 27.4% a year, volatility 28.8%DE: 14.4% a year, volatility 29.9%ACMR: 9.1% a year, volatility 82.3%GNRC: −15.7% a year, volatility 54.5%DAN: 5.8% a year, volatility 47.3%IR: 8.1% a year, volatility 30.4%FLS: 15.4% a year, volatility 36.6%BLDP: −38.1% a year, volatility 69.5%CAT: 31.1% a year, volatility 31.9%BE: 60.5% a year, volatility 89.6%ETN: 20.4% a year, volatility 32.1%MOD: 65.1% a year, volatility 61.7%ALSN: 27.3% a year, volatility 29.9%TTC: 2.5% a year, volatility 28.9%EMR: 12.7% a year, volatility 27.7%ITW: 6.7% a year, volatility 21.4%DOV: 4.4% a year, volatility 25.1%GGG: 3.5% a year, volatility 22.9%PCAR: 17.9% a year, volatility 26.1%XYL: −2.5% a year, volatility 26.5%CMISPY (S&P 500)WABDEACMRGNRCDANIRFLSBLDPCATBEETNMODTTCITWDOVGGGPCARXYL0.0%20.0%40.0%60.0%80.0%100%−40.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCMI: 19.9% a year, volatility 29.0%SPY (S&P 500): 12.7% a year, volatility 17.1%WAB: 25.6% a year, volatility 26.2%PH: 27.4% a year, volatility 28.8%DE: 14.4% a year, volatility 29.9%ACMR: 9.1% a year, volatility 82.3%GNRC: −15.7% a year, volatility 54.5%DAN: 5.8% a year, volatility 47.3%IR: 8.1% a year, volatility 30.4%FLS: 15.4% a year, volatility 36.6%BLDP: −38.1% a year, volatility 69.5%CAT: 31.1% a year, volatility 31.9%BE: 60.5% a year, volatility 89.6%ETN: 20.4% a year, volatility 32.1%MOD: 65.1% a year, volatility 61.7%ALSN: 27.3% a year, volatility 29.9%TTC: 2.5% a year, volatility 28.9%EMR: 12.7% a year, volatility 27.7%ITW: 6.7% a year, volatility 21.4%DOV: 4.4% a year, volatility 25.1%GGG: 3.5% a year, volatility 22.9%PCAR: 17.9% a year, volatility 26.1%XYL: −2.5% a year, volatility 26.5%CMISPY (S&P 500)WABPHACMRGNRCDANBLDPCATBEETNMODTTCITWDOVXYL
All figures
InvestmentAnnual returnVolatility
MOD Modine Manufacturing Company+65.1%61.7%
BE Bloom Energy Corporation+60.5%89.6%
CAT Caterpillar Inc.+31.1%31.9%
PH Parker-Hannifin Corporation+27.4%28.8%
ALSN Allison Transmission Holdings, Inc.+27.3%29.9%
WAB Westinghouse Air Brake Technologies Corporation+25.6%26.2%
ETN Eaton Corporation plc+20.4%32.1%
CMI This pageCummins Inc.+19.9%29.0%
PCAR PACCAR Inc+17.9%26.1%
FLS Flowserve Corporation+15.4%36.6%
DE Deere & Company+14.4%29.9%
EMR Emerson Electric Co.+12.7%27.7%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
ACMR ACM Research, Inc.+9.1%82.3%
IR Ingersoll Rand Inc.+8.1%30.4%
ITW Illinois Tool Works Inc.+6.7%21.4%
DAN Dana Incorporated+5.8%47.3%
DOV Dover Corporation+4.4%25.1%
GGG Graco Inc.+3.5%22.9%
TTC The Toro Company+2.5%28.9%
XYL Xylem Inc.−2.5%26.5%
GNRC Generac Holdings Inc.−15.7%54.5%
BLDP Ballard Power Systems Inc.−38.1%69.5%
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Has CMI consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CMI 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
CMI Cummins Inc. (this page)—+0.3%−15.8%−15.2%+3.8%+31.4%+160%+148%+444%29.0%0.77−44.0%—$74B—
CAT QualifiedCaterpillar Inc.3/5 short3/3 long−11.2%−15.9%−8.8%+22.2%+37.7%+203%+288%+936%31.9%1.01−43.4%—$333B—
WAB QualifiedWestinghouse Air Brake Technologies Corporation4/5 short2/3 long+0.1%+10.1%+7.6%+31.6%+45.3%+189%+212%+264%26.2%1.00−64.1%—$48B—
BE QualifiedBloom Energy Corporation4/5 short2/3 long−18.4%+13.0%+2.0%+126%+104%+1,869%+965%—89.6%0.96−92.5%—$66B—
PH QualifiedParker-Hannifin Corporation3/5 short2/3 long−1.4%−0.4%−4.8%+6.3%+28.7%+161%+235%+789%28.8%0.99−54.7%—$119B—
ETN QualifiedEaton Corporation plc3/5 short2/3 long−12.3%−4.6%−5.8%+17.7%+2.3%+104%+153%+657%32.1%0.74−44.5%—$148B—
MOD Industrial - MachineryModine Manufacturing Company0/5 short3/3 long−19.4%−35.6%−41.7%+4.2%−7.0%+260%+1,127%+1,187%61.7%1.13−88.1%—$7.8B—
DE Agricultural - MachineryDeere & Company4/5 short1/3 long−7.5%+8.1%+6.9%+36.5%+38.3%+75.4%+96.1%+755%29.9%0.60−37.9%—$170B—
ALSN Auto - PartsAllison Transmission Holdings, Inc.3/5 short1/3 long−7.7%−3.3%−15.1%+11.6%+36.2%+99.1%+234%+367%29.9%0.96−48.7%—$9.1B—
ACMR SemiconductorsACM Research, Inc.3/5 short1/3 long−24.5%−33.4%+10.6%+22.5%+38.1%+208%+54.8%—82.3%0.51−87.2%—$3.6B—
TTC Manufacturing - Tools & AccessoriesThe Toro Company5/5 short0/3 long+10.4%+10.1%+10.1%+29.7%+40.0%+31.7%+13.4%+155%28.9%0.23−43.1%—$9.7B—
EMR Industrial - MachineryEmerson Electric Co.4/5 short0/3 long+5.8%+17.9%+10.1%+19.5%+25.0%+84.9%+82.1%+309%27.7%0.57−50.8%—$90B—
ITW Industrial - MachineryIllinois Tool Works Inc.4/5 short0/3 long+3.5%+1.9%+2.1%+12.3%+11.7%+32.1%+38.4%+208%21.4%0.41−37.9%—$78B—
GNRC Industrial - MachineryGenerac Holdings Inc.3/5 short0/3 long−5.1%−8.7%−10.4%+37.9%−0.6%+120%−57.5%+430%54.5%-0.04−83.8%—$11B—
DOV Industrial - MachineryDover Corporation3/5 short0/3 long+5.9%−5.7%−10.7%+1.5%+17.9%+51.3%+24.2%+320%25.1%0.30−45.2%—$27B—
GGG Industrial - MachineryGraco Inc.3/5 short0/3 long+6.3%+10.5%−6.3%−0.5%−0.1%+20.3%+18.5%+263%22.9%0.26−30.6%—$13B—
DAN Auto - PartsDana Incorporated3/5 short0/3 long−2.7%+12.1%−22.3%+18.3%+53.4%+150%+32.4%+137%47.3%0.36−87.0%—$3.1B—
IR Industrial - MachineryIngersoll Rand Inc.3/5 short0/3 long+8.7%−2.0%−8.6%−1.4%+0.3%+30.4%+47.6%—30.4%0.41−49.1%—$30B—
PCAR Industrial - MachineryPACCAR Inc2/5 short0/3 long−4.1%−11.2%−13.7%−0.5%+15.7%+50.2%+128%+314%26.1%0.76−37.9%—$58B—
XYL Industrial - MachineryXylem Inc.2/5 short0/3 long−2.1%−12.6%−12.1%−22.5%−27.4%+18.7%−11.7%+143%26.5%0.04−46.7%—$25B—
FLS Industrial - MachineryFlowserve Corporation2/5 short0/3 long−6.1%+5.1%−15.7%−0.3%+38.1%+97.4%+104%+94.5%36.6%0.57−64.8%—$8.9B—
BLDP Electrical Equipment & PartsBallard Power Systems Inc.0/5 short0/3 long−32.0%−45.5%−52.4%−43.7%−58.5%−54.7%−90.9%−30.7%69.5%-0.35−97.5%—$455M—
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How did CMI do year by year?

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

InvestmentYears ahead of CMI20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
CMI This pageCummins Inc.—+49.4%+48.9%+1.7%+14.1%−1.7%+30.5%+38.0%−22.1%+32.7%+60.7%−37.2%+4.3%+32.5%+25.2%−18.9%+143%+75.2%−57.4%+118%+33.2%+8.7%+74.5%+78.5%−24.6%+4.7%−18.6%+39.0%−38.3%+30.5%
Rank among alternativesTop quarter in 10 of 296 of 225 of 2217 of 227 of 2217 of 2211 of 2211 of 2215 of 2111 of 192 of 1919 of 199 of 1915 of 199 of 1813 of 171 of 164 of 1612 of 151 of 154 of 155 of 152 of 153 of 1513 of 1511 of 1514 of 152 of 1513 of 1512 of 15
SPY S&P 500State Street SPDR S&P 500 ETF11 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
CAT Caterpillar Inc.15 of 29+60.3%+24.7%+25.9%+18.6%+16.0%+27.0%+19.5%−17.6%+75.0%+42.1%−23.0%+3.5%+3.4%+1.6%−1.5%+68.5%+33.2%−36.8%+20.5%+7.8%+20.7%+19.7%+86.1%−9.8%+13.7%+4.1%+4.7%−3.0%+31.2%
WAB Westinghouse Air Brake Technologies Corporation12 of 29+13.2%+50.1%+28.0%+9.1%+26.5%−5.2%+11.5%−13.3%−1.4%+17.3%−17.9%+17.3%+70.1%+25.4%+32.4%+29.7%+2.8%+15.6%+13.5%+13.1%+26.5%+25.4%+21.8%+14.6%+4.9%−33.5%−27.2%−4.5%+104%
BE Bloom Energy Corporation2 of 7+291%+50.1%−22.6%−12.8%−23.5%+284%−25.1%——————————————————————
PH Parker-Hannifin Corporation15 of 29+39.5%+39.6%+60.8%−6.9%+18.3%+34.8%+40.7%−24.0%+44.3%+47.6%−23.1%+2.0%+53.9%+13.7%−10.1%+62.7%+29.4%−42.5%+48.6%+18.0%−11.8%+28.9%+31.2%+2.1%+5.7%−12.5%+59.3%−27.5%+80.2%
ETN Eaton Corporation plc13 of 29−2.8%+39.5%+56.2%−7.2%+46.7%+31.0%+42.8%−10.0%+21.5%+33.8%−20.7%−8.2%+44.2%+28.6%−11.8%+64.0%+33.3%−47.1%+31.6%+14.4%−5.4%+36.5%+41.1%+7.6%+40.8%+6.0%+5.3%−19.0%+30.7%
MOD Modine Manufacturing Company14 of 29+15.2%+94.2%+201%+96.8%−19.7%+63.1%−28.8%−46.5%+35.6%+64.6%−33.5%+6.1%+57.7%−14.1%−39.0%+30.9%+143%−69.2%−32.1%−20.9%+2.8%+27.7%+56.8%−22.6%+17.2%−13.6%−28.9%+8.8%+30.7%
DE Deere & Company11 of 29+11.4%+7.6%−5.5%+26.6%+28.9%+58.0%+18.3%−2.9%+54.8%+39.0%−11.3%−0.5%+8.2%+14.3%−5.0%+56.3%+44.8%−58.1%+98.6%+42.3%−6.6%+16.3%+44.4%+7.1%−2.6%+8.1%+34.8%−42.3%+46.1%
ALSN Allison Transmission Holdings, Inc.7 of 13−8.3%+88.0%+42.3%+16.9%−14.1%−9.1%+11.5%+3.4%+29.8%+33.1%−22.1%+24.8%+37.7%————————————————
ACMR ACM Research, Inc.6 of 8+161%−22.7%+153%−72.9%+5.0%+340%+69.4%+107%—————————————————————
TTC The Toro Company13 of 29+0.3%−15.2%−13.7%+14.9%+6.5%+20.6%+44.4%−13.1%+17.9%+55.2%+16.2%+1.7%+49.7%+43.4%−0.1%+49.3%+29.1%−38.4%+17.8%+7.4%+8.3%+75.8%+46.3%+47.7%+24.4%0.0%+32.2%−32.0%+18.7%
EMR Emerson Electric Co.10 of 29+8.9%+29.7%+3.8%+5.7%+18.2%+8.6%+31.6%−11.9%+29.1%+21.0%−19.7%−9.6%+36.1%+17.3%−16.3%+37.8%+20.7%−33.6%+31.5%+20.7%+9.2%+11.0%+31.4%−8.3%−25.7%+40.8%−3.0%+9.2%+19.1%
ITW Illinois Tool Works Inc.15 of 29−0.4%−1.0%+21.6%−8.5%+23.6%+16.4%+45.6%−22.1%+38.9%+35.0%+0.1%+15.0%+41.4%+33.6%−10.0%+14.4%+41.4%−32.7%+18.0%+7.1%−3.7%+11.7%+31.1%−2.9%+15.2%−10.6%+17.6%−2.6%+51.9%
GNRC Generac Holdings Inc.8 of 15−12.0%+20.0%+28.4%−71.4%+54.8%+126%+102%+0.4%+21.6%+36.9%−36.3%−17.4%+118%+162%+73.3%——————————————
DOV Dover Corporation13 of 29+5.2%+23.4%+15.2%−24.3%+45.7%+11.5%+65.8%−11.0%+37.7%+25.4%−12.4%−8.8%+49.5%+15.7%+1.4%+43.7%+30.3%−26.9%−4.4%+22.9%−1.8%+7.2%+38.7%−20.1%−7.3%−9.7%+25.4%+2.5%+44.6%
GGG Graco Inc.15 of 29−1.5%−1.7%+30.6%−15.5%+12.6%+41.0%+25.9%−6.3%+65.6%+17.4%−8.6%+4.2%+54.1%+28.4%+5.8%+41.6%+24.3%−34.8%−4.4%+10.1%−0.8%+49.2%+41.5%+11.1%+43.8%+17.3%+23.6%+20.3%+54.9%
DAN Dana Incorporated7 of 17+110%−17.9%−0.7%−32.1%+18.8%+8.0%+36.9%−56.5%+70.5%+40.0%−35.8%+11.9%+27.0%+30.3%−29.4%+58.7%+1,366%————————————
IR Ingersoll Rand Inc.3 of 8−12.3%+17.1%+48.2%−15.4%+35.9%+27.0%+92.8%−35.3%—————————————————————
PCAR PACCAR Inc16 of 29+8.0%+10.8%+54.5%+17.0%+5.6%+11.8%+45.1%−15.3%+14.9%+37.1%−27.1%+18.3%+34.9%+22.9%−32.5%+60.3%+28.9%−46.4%+29.8%+46.9%−10.4%+47.3%+89.8%+9.4%+36.5%+17.1%+13.4%−17.5%+57.5%
XYL Xylem Inc.6 of 14+18.8%+2.6%+4.8%−6.6%+18.9%+30.9%+19.6%−1.0%+39.5%+37.6%−2.6%+11.6%+29.8%+7.1%———————————————
FLS Flowserve Corporation11 of 29+22.5%+41.9%+37.3%+3.1%−15.0%−23.9%+33.7%−8.2%−11.2%+16.0%−28.6%−23.4%+62.6%+49.6%−15.6%+27.6%+86.1%−45.8%+92.3%+27.4%+43.8%+32.0%+41.0%−44.4%+24.3%+25.8%+6.1%−39.5%+5.0%
BLDP Ballard Power Systems Inc.11 of 29+53.0%−55.1%−22.8%−61.9%−46.3%+226%+200%−45.8%+167%+5.8%−21.2%+30.3%+149%−43.5%−28.0%−20.6%+67.3%−78.5%−7.6%+36.1%−38.4%−42.7%+6.9%−62.6%−53.2%+124%+2.5%+8.3%+274%
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Risk and diversification

How CMI 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 CMI's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CMI's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means CMI fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCMI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−75.7%−44.0%Jun 2008Nov 20085 monthsApr 201017 months
Dot-com bust−72.5%−12.5%Aug 1997Oct 20025.2 yearsJul 200421 months
No named crash−62.2%—Jun 1987Nov 19903.4 yearsJan 19932.2 years
2015 China and oil sell-off−45.9%−0.4%Jun 2014Jan 201619 monthsFeb 201713 months
Covid crash−44.0%−26.9%Nov 2019Mar 20204 monthsJun 20203 months

How did CMI do in stock market crashes?

This section measures how far CMI, 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 CMI.

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
CMI This pageCummins Inc.—−7.9%−20.7%−38.6%−17.7%−11.0%−35.1%−27.6%−2.9%−75.7%−60.2%
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%
CAT Caterpillar Inc.6 of 10−9.7%−30.1%−33.1%−28.5%−7.3%−26.0%−33.2%−2.2%−73.3%−42.5%
WAB Westinghouse Air Brake Technologies Corporation6 of 10−6.4%−18.9%−48.3%−37.9%−2.9%−40.5%−26.1%−2.4%−60.8%−33.7%
BE Bloom Energy Corporation0 of 4−10.7%−53.7%−78.2%−72.4%——————
PH Parker-Hannifin Corporation4 of 10−8.4%−27.3%−54.7%−25.6%−8.1%−23.7%−30.4%−3.5%−66.9%−36.5%
ETN Eaton Corporation plc6 of 10−4.5%−26.3%−44.5%−26.0%−6.7%−22.3%−34.6%−1.4%−68.5%−31.6%
MOD Modine Manufacturing Company3 of 10−10.8%−30.8%−64.1%−36.2%−5.8%−39.8%−43.5%0.0%−96.9%−48.6%
DE Deere & Company8 of 10−6.7%−33.8%−37.4%−17.5%−6.9%−24.9%−24.2%0.0%−73.3%−37.3%
ALSN Allison Transmission Holdings, Inc.2 of 6−8.7%−21.7%−39.6%−23.4%−4.7%−27.4%————
ACMR ACM Research, Inc.2 of 5−5.9%−73.0%−59.6%−20.6%−5.7%—————
TTC The Toro Company9 of 10−6.1%−26.7%−34.1%−13.8%−7.8%−15.8%−20.7%−1.8%−64.9%−24.4%
EMR Emerson Electric Co.7 of 10−4.3%−25.4%−47.2%−28.8%−5.9%−15.9%−25.8%0.0%−56.1%−43.6%
ITW Illinois Tool Works Inc.7 of 10−2.9%−28.0%−37.9%−19.3%−8.4%−14.0%−29.0%−1.1%−54.9%−30.8%
GNRC Generac Holdings Inc.5 of 8−6.8%−54.8%−33.1%−21.8%−5.6%−16.2%−24.4%−4.0%——
DOV Dover Corporation6 of 10−5.9%−35.6%−45.0%−25.1%−6.8%−20.9%−32.8%−1.5%−58.2%−54.1%
GGG Graco Inc.7 of 10−3.9%−27.4%−30.6%−20.1%−8.6%−16.5%−35.8%0.0%−64.7%−24.8%
DAN Dana Incorporated1 of 8−12.3%−54.1%−75.5%−36.0%−7.0%−41.8%−46.2%−5.5%——
IR Ingersoll Rand Inc.1 of 5−8.0%−34.3%−49.1%−34.4%−7.6%—————
PCAR PACCAR Inc7 of 10−6.0%−17.4%−34.0%−23.9%−7.8%−27.9%−35.0%−3.0%−62.5%−40.9%
XYL Xylem Inc.4 of 6−3.8%−37.9%−35.9%−24.2%−7.2%−12.9%————
FLS Flowserve Corporation4 of 10−7.1%−33.4%−58.5%−35.3%−9.4%−26.6%−36.7%−3.6%−73.1%−76.8%
BLDP Ballard Power Systems Inc.3 of 10−8.8%−55.4%−48.2%−48.2%−8.3%−31.6%−28.1%−2.3%−84.7%−94.7%
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How closely does CMI 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 CMI 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 CMI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CMI This pageCummins Inc.118%118%1.001.15
DE Deere & Company110%66%1.670.98
ETN Eaton Corporation plc114%80%1.431.16
CAT Caterpillar Inc.148%122%1.211.27
PH Parker-Hannifin Corporation141%126%1.111.43
MOD Modine Manufacturing Company189%180%1.052.20
ALSN Allison Transmission Holdings, Inc.111%112%0.981.07
GGG Graco Inc.90%92%0.980.78
GNRC Generac Holdings Inc.129%133%0.971.45
PCAR PACCAR Inc103%108%0.950.97
WAB Westinghouse Air Brake Technologies Corporation111%127%0.871.28
TTC The Toro Company71%82%0.870.74
DOV Dover Corporation114%133%0.851.27
EMR Emerson Electric Co.124%153%0.811.39
ITW Illinois Tool Works Inc.94%116%0.811.04
XYL Xylem Inc.90%123%0.731.03
DAN Dana Incorporated174%274%0.632.26
FLS Flowserve Corporation119%188%0.631.49
BLDP Ballard Power Systems Inc.88%176%0.501.90
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What diversifies CMI?

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

ETFs

InvestmentCorrelation5Y returnSharpe2021201820152011200820022000199880/20 mix volatility80/20 mix annual return
CMI Cummins Inc. (this page)1.00+148%0.77−1.7%−22.1%−37.2%−18.9%−57.4%−24.6%−18.6%−38.3%30.5%+20.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.42+225%1.34+18.0%−19.8%+7.7%−16.1%−20.8%———25.6%+22.8%
EWP Broad MarketiShares MSCI Spain ETF0.49+140%0.97+0.2%−15.3%−15.6%−9.8%−36.8%−13.6%−11.8%+50.5%26.5%+21.5%
SMH TechnologyVanEck Semiconductor ETF0.43+323%0.97+42.1%−9.1%−0.3%+6.8%−44.7%−47.0%——28.1%+25.2%
GLD CommoditiesSPDR Gold Shares-0.01+126%0.96−4.2%−1.9%−10.7%+9.6%+4.9%———24.6%+21.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.40+177%0.93+53.3%−18.2%−21.5%+2.8%−39.0%−14.8%+24.4%—26.9%+22.2%
EWT TechnologyiShares MSCI Taiwan ETF0.37+153%0.89+28.9%−9.9%−12.9%−21.8%−45.3%−24.4%——26.7%+22.0%
IDV InternationaliShares International Select Dividend ETF0.42+82.6%0.86+12.1%−10.4%−10.7%−7.2%−52.1%———26.0%+20.1%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.33+69.9%0.84+11.2%−6.2%−27.4%—————25.4%+19.6%

Stocks

InvestmentCorrelation5Y returnSharpe2021201820152011200820022000199880/20 mix volatility80/20 mix annual return
CMI Cummins Inc. (this page)1.00+148%0.77−1.7%−22.1%−37.2%−18.9%−57.4%−24.6%−18.6%−38.3%30.5%+20.9%
CAH Medical - DistributionCardinal Health, Inc.0.32+479%1.55−0.4%−24.5%+12.6%+8.1%−39.6%−8.3%+108%+51.7%26.5%+25.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.43+3,143%1.47+37.9%−16.3%−6.0%−24.4%−20.5%−65.1%−2.3%—31.3%+37.8%
MCK Medical - DistributionMcKesson Corporation0.14+413%1.44+44.2%−28.4%−4.5%+11.8%−40.4%−27.2%+61.2%+46.9%25.6%+24.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.25+690%1.41+61.0%−8.2%+17.4%—————26.7%+27.4%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.48+594%1.36+11.7%−37.5%−36.3%−42.9%−67.4%−33.1%−15.9%+7.0%28.3%+27.1%
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Common questions

What was CMI's worst drawdown?

CMI's deepest decline since it began trading in 1986 was 75.7%, from June to November 2008. It took 17 months from the low to climb back to its old high.

What were CMI's best and worst years?

Over 29 full calendar years, CMI's best year was 2010, when it returned 143%. Its worst was 2008, with a return of -57.4%.

Is there a better investment than CMI?

Among CMI's popular alternatives, WAB earned more than CMI with less volatility over the past 5 years: 25.6% a year at 26.2% volatility, against 19.9% a year at 29.0%. Looking beyond its popular alternatives, GWW (industrial distribution) earned more than CMI with less volatility over the past 5 years: 26.3% a year at 24.9% volatility, against 19.9% a year at 29.0%.

Is CMI more volatile than the S&P 500?

Yes. CMI's volatility over the past 5 years was 29.0%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CMI's return lands within 29.0% 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 CMI's Sharpe ratio?

CMI's Sharpe ratio over the past 5 years was 0.77, against 0.79 for the S&P 500, so CMI earned less 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 CMI with the S&P 500?

Over the past 5 years, CMI's monthly returns had a correlation of 0.64 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 CMI instead: the lower it is, the more that option would diversify a CMI holding.

What are the best alternatives to CMI?

Of the 21 popular alternatives we compared, five outperformed CMI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CAT, WAB and BE.

Did CMI outperform the S&P 500?

CMI finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +49.4%, against +17.7% for the index.

How did CMI do in stock market crashes?

CMI 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 2015 China and oil sell-off, when CMI fell 35.1% and the S&P 500 fell 12.8%.

What diversifies CMI?

These had a low correlation with CMI over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.42), EWP (correlation 0.49) and SMH (correlation 0.43); among large stocks, CAH (correlation 0.32), CLS (correlation 0.43) and MCK (correlation 0.14). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CMI

Other stocks and ETFs