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Relative Intelligence · Railroads

How Canadian National Railway (CNI) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CNI alone. It places CNI (Canadian National Railway Company) against 9 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 CNI stands in the market, and of the alternatives worth a closer look.

Period covered: CNI's full trading record, from November 1996 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 CNI →Chart CNI vs. 9 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CNI over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CNI over the same span and CNI'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. 113 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CNI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • AMZN$11M+114,749% total · +27.5% a year
  • JBHT$749,311+7,393% total · +16.0% a year
  • MU$629,766+6,198% total · +15.4% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • CNI$468,127+4,581% total · +14.2% a year
  • UNP$306,095+2,961% total · +12.5% a year
  • WAB$275,358+2,654% total · +12.1% a year
  • CSX$247,386+2,374% total · +11.7% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,248 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CNI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • WAB$34,242+242% total · +27.9% a year
  • GATX$20,714+107% total · +15.7% a year
  • CB$20,160+102% total · +15.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • BRK-B$18,244+82.4% total · +12.8% a year
  • CSX$16,737+67.4% total · +10.8% a year
  • UNP$15,540+55.4% total · +9.2% a year
  • NSC$14,343+43.4% total · +7.5% a year
  • JBHT$14,029+40.3% total · +7.0% a year
  • CNI$11,429+14.3% total · +2.7% a year
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CNI 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
$73B
Industry
Railroads
Price history from
November 1996

Returns

Past 1 year
+30.2%total return
Past 3 years
+21.9%+6.8% a year
Past 5 years
+3.1%+0.6% a year
Past 10 years
+124%+8.4% a year
Best calendar year
+65.5%2001
Worst calendar year
−20.1%2008
Losing years
7 of 29full calendar years

Risk

Volatility
21.9%typical yearly swing, 5 years
Sharpe ratio
0.14return per unit of risk, 5 years
Worst decline ever
−46.7%May 2008 to Mar 2009
From its all-time high
−6.6%below the peak

CNI against the whole market

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

How does CNI rank among all stocks?

This section ranks CNI 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 CNI 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.

MeasureCNIRankStanding
1-year return+30.2%971 of 3,287top 30%
3-year return+21.9%1,989 of 3,017bottom 35%
5-year return+3.1%1,694 of 2,893bottom 42%
10-year return+124%1,217 of 2,202bottom 46%
Volatility, 5 years21.9%146 of 2,893top 5%
Sharpe ratio, 5 years0.142,017 of 2,893bottom 31%
Worst decline, past 10 years−29.1%15 of 2,187top 1%

What has beaten CNI 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). CNI sits where the dashed lines cross. Anything in the green box above and to the left earned more than CNI 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 CNI; faint dots are 90 more of the 686 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.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CNIJAAA: +5.1% a year, volatility 1.7%GSPY: +13.2% a year, volatility 16.6%KO: +14.7% a year, volatility 16.8%VTV: +12.1% a year, volatility 13.7%TD: +15.8% a year, volatility 20.0%SCHD: +9.7% a year, volatility 14.3%BNS: +12.9% a year, volatility 19.9%BALT: +6.3% a year, volatility 3.3%VRIG: +4.7% a year, volatility 1.3%RSG: +13.9% a year, volatility 18.5%TAK: +11.9% a year, volatility 19.4%FLRT: +6.0% a year, volatility 2.3%CL: +7.2% a year, volatility 19.2%SDCI: +20.6% a year, volatility 18.4%XLV: +8.4% a year, volatility 15.3%FTQI: +11.5% a year, volatility 14.8%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%FLOT: +4.5% a year, volatility 1.8%EMXC: +11.1% a year, volatility 19.5%VTIP: +2.7% a year, volatility 2.9%COWZ: +11.4% a year, volatility 17.7%DFAC: +11.4% a year, volatility 17.0%RWL: +13.7% a year, volatility 14.4%PJUL: +10.5% a year, volatility 8.6%CDC: +6.0% a year, volatility 12.5%FJAN: +11.1% a year, volatility 10.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%BSV: +1.7% a year, volatility 2.8%VCSH: +2.3% a year, volatility 2.9%JEPI: +7.5% a year, volatility 11.0%PDBC: +11.7% a year, volatility 19.3%VNLA: +4.0% a year, volatility 1.1%FLTR: +4.8% a year, volatility 2.1%USMC: +14.1% a year, volatility 16.4%FLRN: +4.5% a year, volatility 1.7%DSI: +12.0% a year, volatility 18.1%AVLV: +14.0% a year, volatility 16.9%HYGH: +6.6% a year, volatility 7.1%IWX: +12.7% a year, volatility 13.8%FLDR: +3.9% a year, volatility 1.2%SCHO: +2.0% a year, volatility 2.0%GNR: +10.7% a year, volatility 20.1%FTGC: +12.9% a year, volatility 15.6%TBUX: +4.1% a year, volatility 1.1%SPUS: +15.0% a year, volatility 19.5%USHY: +3.6% a year, volatility 7.4%RAVI: +3.8% a year, volatility 1.4%BUFR: +9.9% a year, volatility 10.5%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%USTB: +3.6% a year, volatility 2.0%FHLC: +7.3% a year, volatility 15.4%BKLN: +5.4% a year, volatility 4.5%LMBS: +3.0% a year, volatility 2.6%SRLN: +4.7% a year, volatility 3.9%DSTL: +11.3% a year, volatility 16.1%FTSL: +5.0% a year, volatility 3.4%VFMF: +14.3% a year, volatility 17.6%DBMF: +9.8% a year, volatility 12.4%PPH: +11.6% a year, volatility 15.8%PTNQ: +9.7% a year, volatility 14.1%FLUD: +3.9% a year, volatility 1.4%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%JVAL: +12.0% a year, volatility 17.2%IDHQ: +10.0% a year, volatility 17.9%QQQE: +8.1% a year, volatility 20.7%MPLX: +23.5% a year, volatility 18.8%DJP: +11.2% a year, volatility 18.9%FYLD: +13.1% a year, volatility 16.0%EYLD: +11.9% a year, volatility 18.4%ENFR: +18.4% a year, volatility 19.1%NXTG: +16.2% a year, volatility 19.1%DJD: +11.8% a year, volatility 13.3%AOR: +6.4% a year, volatility 10.7%ACIO: +9.3% a year, volatility 11.1%RSPH: +6.1% a year, volatility 16.8%BSCR: +1.7% a year, volatility 4.1%SCHY: +9.5% a year, volatility 13.3%LGH: +9.4% a year, volatility 16.7%LDUR: +2.4% a year, volatility 2.1%XLP: +7.2% a year, volatility 13.8%JPIB: +2.5% a year, volatility 4.2%INFL: +11.8% a year, volatility 17.8%PREF: +2.5% a year, volatility 4.9%TDVG: +9.6% a year, volatility 13.8%FLSP: +8.4% a year, volatility 13.4%SMIG: +6.5% a year, volatility 16.0%CNI: +0.6% a year, volatility 21.9%SPY (S&P 500): +12.7% a year, volatility 17.1%UNP: +7.1% a year, volatility 22.9%WAB: +25.6% a year, volatility 26.2%CSX: +8.3% a year, volatility 23.3%BRK-B: +13.4% a year, volatility 17.1%CB: +15.7% a year, volatility 20.4%SLF: +11.7% a year, volatility 19.4%ACT: +20.5% a year, volatility 24.3%TRV: +22.4% a year, volatility 22.3%ERIE: +6.3% a year, volatility 31.4%PG: +5.1% a year, volatility 18.3%JNJ: +12.7% a year, volatility 17.9%CHT: +7.7% a year, volatility 13.3%RY: +17.3% a year, volatility 18.2%SGOV: +3.8% a year, volatility 0.3%FTLS: +10.2% a year, volatility 10.4%ABBV: +26.1% a year, volatility 23.4%SUB: +1.4% a year, volatility 1.7%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%AFL: +19.0% a year, volatility 20.8%CNISPY (S&P 500)UNPWABCSXBRK-BCBACTTRVERIEPGCHTRYSGOVFTLSABBVSUBDXJLVHIAFL−10.0%0.0%10.0%20.0%30.0%40.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CNIJAAA: +5.1% a year, volatility 1.7%GSPY: +13.2% a year, volatility 16.6%KO: +14.7% a year, volatility 16.8%VTV: +12.1% a year, volatility 13.7%TD: +15.8% a year, volatility 20.0%SCHD: +9.7% a year, volatility 14.3%BNS: +12.9% a year, volatility 19.9%BALT: +6.3% a year, volatility 3.3%VRIG: +4.7% a year, volatility 1.3%RSG: +13.9% a year, volatility 18.5%TAK: +11.9% a year, volatility 19.4%FLRT: +6.0% a year, volatility 2.3%CL: +7.2% a year, volatility 19.2%SDCI: +20.6% a year, volatility 18.4%XLV: +8.4% a year, volatility 15.3%FTQI: +11.5% a year, volatility 14.8%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%FLOT: +4.5% a year, volatility 1.8%EMXC: +11.1% a year, volatility 19.5%VTIP: +2.7% a year, volatility 2.9%COWZ: +11.4% a year, volatility 17.7%DFAC: +11.4% a year, volatility 17.0%RWL: +13.7% a year, volatility 14.4%PJUL: +10.5% a year, volatility 8.6%CDC: +6.0% a year, volatility 12.5%FJAN: +11.1% a year, volatility 10.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%BSV: +1.7% a year, volatility 2.8%VCSH: +2.3% a year, volatility 2.9%JEPI: +7.5% a year, volatility 11.0%PDBC: +11.7% a year, volatility 19.3%VNLA: +4.0% a year, volatility 1.1%FLTR: +4.8% a year, volatility 2.1%USMC: +14.1% a year, volatility 16.4%FLRN: +4.5% a year, volatility 1.7%DSI: +12.0% a year, volatility 18.1%AVLV: +14.0% a year, volatility 16.9%HYGH: +6.6% a year, volatility 7.1%IWX: +12.7% a year, volatility 13.8%FLDR: +3.9% a year, volatility 1.2%SCHO: +2.0% a year, volatility 2.0%GNR: +10.7% a year, volatility 20.1%FTGC: +12.9% a year, volatility 15.6%TBUX: +4.1% a year, volatility 1.1%SPUS: +15.0% a year, volatility 19.5%USHY: +3.6% a year, volatility 7.4%RAVI: +3.8% a year, volatility 1.4%BUFR: +9.9% a year, volatility 10.5%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%USTB: +3.6% a year, volatility 2.0%FHLC: +7.3% a year, volatility 15.4%BKLN: +5.4% a year, volatility 4.5%LMBS: +3.0% a year, volatility 2.6%SRLN: +4.7% a year, volatility 3.9%DSTL: +11.3% a year, volatility 16.1%FTSL: +5.0% a year, volatility 3.4%VFMF: +14.3% a year, volatility 17.6%DBMF: +9.8% a year, volatility 12.4%PPH: +11.6% a year, volatility 15.8%PTNQ: +9.7% a year, volatility 14.1%FLUD: +3.9% a year, volatility 1.4%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%JVAL: +12.0% a year, volatility 17.2%IDHQ: +10.0% a year, volatility 17.9%QQQE: +8.1% a year, volatility 20.7%MPLX: +23.5% a year, volatility 18.8%DJP: +11.2% a year, volatility 18.9%FYLD: +13.1% a year, volatility 16.0%EYLD: +11.9% a year, volatility 18.4%ENFR: +18.4% a year, volatility 19.1%NXTG: +16.2% a year, volatility 19.1%DJD: +11.8% a year, volatility 13.3%AOR: +6.4% a year, volatility 10.7%ACIO: +9.3% a year, volatility 11.1%RSPH: +6.1% a year, volatility 16.8%BSCR: +1.7% a year, volatility 4.1%SCHY: +9.5% a year, volatility 13.3%LGH: +9.4% a year, volatility 16.7%LDUR: +2.4% a year, volatility 2.1%XLP: +7.2% a year, volatility 13.8%JPIB: +2.5% a year, volatility 4.2%INFL: +11.8% a year, volatility 17.8%PREF: +2.5% a year, volatility 4.9%TDVG: +9.6% a year, volatility 13.8%FLSP: +8.4% a year, volatility 13.4%SMIG: +6.5% a year, volatility 16.0%CNI: +0.6% a year, volatility 21.9%SPY (S&P 500): +12.7% a year, volatility 17.1%UNP: +7.1% a year, volatility 22.9%WAB: +25.6% a year, volatility 26.2%CSX: +8.3% a year, volatility 23.3%BRK-B: +13.4% a year, volatility 17.1%CB: +15.7% a year, volatility 20.4%SLF: +11.7% a year, volatility 19.4%ACT: +20.5% a year, volatility 24.3%TRV: +22.4% a year, volatility 22.3%ERIE: +6.3% a year, volatility 31.4%PG: +5.1% a year, volatility 18.3%JNJ: +12.7% a year, volatility 17.9%CHT: +7.7% a year, volatility 13.3%RY: +17.3% a year, volatility 18.2%SGOV: +3.8% a year, volatility 0.3%FTLS: +10.2% a year, volatility 10.4%ABBV: +26.1% a year, volatility 23.4%SUB: +1.4% a year, volatility 1.7%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%AFL: +19.0% a year, volatility 20.8%CNISPY (S&P 500)UNPWABCSXBRK-BCBSLFACTTRVERIEPGCHTRYSGOVFTLSABBVSUBLVHIAFL
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CNI?

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

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

Screen the whole market against CNI for any period in BetterThanSPYOpen these 18 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 CNI?lower diversifies moreExpenseper year
CNICanadian National Railway Company · this page
+0.6%21.9%0.14−29.1%+124%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.680.09%
Popular alternativesbest 3 shownThe investments people most often weigh against CNI. 3 of 9 passed at least one test.
UNPUnion Pacific Corporation · Railroads
Higher return, similar volatilityHigher return in most periods+7.1%22.9%0.42−38.7%+295%0.72—
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Higher return in most periods+25.6%26.2%1.00−64.1%+264%0.68—
CSXCSX Corporation · Railroads
Higher return, similar volatility+8.3%23.3%0.46−40.5%+446%0.73—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Railroads and the categories next to it (Freight & Logistics, Industrial Machinery, Insurance, Equipment Rental), plus CNI's specific themes. 42 of 113 passed at least one test.
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.53—
CBChubb Limited · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+15.7%20.4%0.82−42.6%+248%0.50—
SLFSun Life Financial Inc. · Life Insurance
Higher return, lower volatilityHigher return in most periods+11.7%19.4%0.67−50.8%+255%0.70—
ACTEnact Holdings Inc. · Insurance
Higher Sharpe, smaller worst declineHigher return in most periods+20.5%24.3%0.89−20.2%—0.40—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.50—
ERIEErie Indemnity Company · Property & Casualty Insurance
Smaller losses in recent crashes+6.3%31.4%0.35−60.9%+200%0.23—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,203 of 3,511 passed at least one test.
PGThe Procter & Gamble Company · Household & Personal Products
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%18.3%0.37−23.8%+145%0.38—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+12.7%17.9%0.76−27.4%+196%0.26—
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+7.7%13.3%0.63−23.8%+101%0.35—
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.58—
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—-0.050.09%
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+10.2%10.4%0.99−20.6%+158%0.580.95%
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.23—
SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst decline+1.4%1.7%0.85−9.4%+15.6%0.390.07%
What these numbers mean for CNI
Annual return
CNI returned 0.6% 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 $10,300. 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
CNI's volatility over the past 5 years was 21.9%, 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, CNI's return lands within 21.9% 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
CNI's Sharpe ratio over the past 5 years was 0.14, against 0.79 for the S&P 500, so CNI 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
CNI's worst fall from a peak to a low over the past 10 years was 29.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 29.1% fall takes a 41.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CNI's monthly returns had a correlation of 0.68 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 CNI instead: the lower it is, the more that option would diversify a CNI holding. Guide: Correlation and diversification →
Show all 686 stocks and funds worth at least $500 million that earned more than CNI with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CNIExpense
1
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.1%18.3%0.37−23.8%+145%0.38—
2
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.26—
3
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.35—
4
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.58—
5
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%—-0.050.09%
6
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—0.100.20%
7
GSPYGotham Enhanced 500 ETF · Broad Market
Whole market+13.2%16.6%0.83−23.3%—0.680.65%
8
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.420.48%
9
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.47—
10
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.700.03%
11
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.51—
12
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.620.06%
13
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.59—
14
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Whole market+10.2%10.4%0.99−20.6%+158%0.580.95%
15
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.520.69%
16
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+40.5%0.010.30%
17
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.43—
18
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%0.14—
19
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.260.60%
20
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.35—
21
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.100.80%
22
BRK-BBerkshire Hathaway Inc. · Insurance
Same or nearby category+13.4%17.1%0.82−29.6%+274%0.53—
23
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.580.08%
24
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Whole market+11.5%14.8%0.82−19.4%+121%0.560.75%
25
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.720.56%
26
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.560.08%
27
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+35.9%0.000.15%
28
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity
Whole market+11.1%19.5%0.64−42.8%—0.530.25%
29
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Whole market+2.7%2.9%0.94−6.3%+32.7%0.370.03%
30
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.600.49%
31
DFACDimensional - US Core Equity 2 ETF · US Total Market
Whole market+11.4%17.0%0.72−23.1%—0.700.21%
32
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.740.39%
33
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.680.79%
34
CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · Dividend & Income
Whole market+6.0%12.5%0.53−21.4%+168%0.530.38%
35
CBChubb Limited · Property & Casualty Insurance
Same or nearby category+15.7%20.4%0.82−42.6%+248%0.50—
36
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.640.85%
37
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.710.12%
38
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.590.15%
39
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.7%2.8%0.63−8.5%+20.5%0.340.03%
40
VCSHVanguard Short-Term Corporate Bond ETF · Investment Grade Bonds
Whole market+2.3%2.9%0.80−12.9%+28.6%0.410.03%
41
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%—0.710.35%
42
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities
Whole market+11.7%19.3%0.67−40.7%+153%0.070.74%
43
VNLAJanus Henderson Short Duration Income ETF · Bonds
Whole market+4.0%1.1%3.77−4.5%—0.160.25%
44
FLTRVanEck IG Floating Rate ETF · Multi-Asset
Whole market+4.8%2.1%2.20−17.8%+41.8%-0.050.14%
45
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.640.12%
46
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds
Whole market+4.5%1.7%2.58−14.7%+35.9%0.050.15%
47
SLFSun Life Financial Inc. · Life Insurance
Same or nearby category+11.7%19.4%0.67−50.8%+255%0.70—
48
DSIiShares ESG MSCI KLD 400 ETF · US ESG Equity
Whole market+12.0%18.1%0.72−34.1%+322%0.670.25%
49
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.700.15%
50
HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds
Whole market+6.6%7.1%0.94−23.9%+74.5%0.471.12%
51
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.710.20%
52
FLDRFidelity Low Duration Bond Factor ETF · Bonds
Whole market+3.9%1.2%3.09−12.2%—0.280.15%
53
SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds
Whole market+2.0%2.0%0.96−5.7%+18.9%0.260.03%
54
GNRState Street SPDR S&P Global Natural Resources ETF · Natural Resources Equity
Whole market+10.7%20.1%0.61−48.6%+173%0.570.40%
55
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%0.120.98%
56
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds
Whole market+4.1%1.1%3.85−1.8%—0.130.17%
57
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.610.45%
58
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds
Whole market+3.6%7.4%0.52−22.4%—0.530.08%
59
RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds
Whole market+3.8%1.4%2.61−3.7%+30.8%0.050.26%
60
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%—0.690.10%
61
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.710.05%
62
PWVInvesco Large Cap Value ETF · Broad Market
Whole market+13.5%14.2%0.97−37.6%+223%0.690.55%
63
USTBVictoryShares Short-Term Bond ETF · Bonds
Whole market+3.6%2.0%1.73−5.3%—0.360.34%
64
FHLCFidelity MSCI Health Care Index ETF · Healthcare
Whole market+7.3%15.4%0.53−28.8%+199%0.600.08%
65
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.4%4.5%1.19−24.1%+50.7%0.330.67%
66
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.0%2.6%1.14−6.5%+25.6%0.360.66%
67
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%3.9%1.18−22.3%+54.2%0.310.70%
68
DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market
Whole market+11.3%16.1%0.75−33.1%—0.690.39%
69
FTSLFirst Trust Senior Loan Fund · Bonds
Whole market+5.0%3.4%1.49−22.7%+52.1%0.290.70%
70
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.690.18%
71
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%—-0.070.85%
72
PPHVanEck Pharmaceutical ETF · Healthcare
Whole market+11.6%15.8%0.78−29.7%+153%0.540.36%
73
PTNQPacer Trendpilot 100 ETF · Technology
Whole market+9.7%14.1%0.73−28.1%+305%0.320.65%
74
FLUDFranklin Ultra Short Bond ETF · Bonds
Whole market+3.9%1.4%2.74−1.7%—0.070.15%
75
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare
Whole market+11.9%16.9%0.75−32.1%+153%0.470.60%
76
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.630.50%
77
JVALJPMorgan U.S. Value Factor ETF · Broad Market
Whole market+12.0%17.2%0.75−40.4%—0.680.12%
78
IDHQInvesco S&P International Developed Quality ETF · International
Whole market+10.0%17.9%0.63−33.6%+183%0.710.29%
79
QQQEDirexion NASDAQ-100 Equal Weighted Index ETF · Broad Market
Whole market+8.1%20.7%0.48−32.1%+294%0.660.35%
80
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.40—
81
DJPiPath Bloomberg Commodity Index Total Return(SM) ETN · Commodities
Whole market+11.2%18.9%0.66−38.4%+120%0.140.70%
82
FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income
Whole market+13.1%16.0%0.85−44.6%+203%0.570.59%
83
EYLDCambria Emerging Shareholder Yield ETF · International
Whole market+11.9%18.4%0.70−41.8%+199%0.490.63%
84
ENFRAlerian Energy Infrastructure ETF · Broad Market
Whole market+18.4%19.1%0.98−62.6%+183%0.510.35%
85
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.550.70%
86
DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income
Whole market+11.8%13.3%0.91−34.7%+227%0.660.07%
87
AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset
Whole market+6.4%10.7%0.64−23.0%+118%0.690.20%
88
ACIOAptus Collared Income Opportunity ETF · Dividend & Income
Whole market+9.3%11.1%0.86−14.2%—0.660.79%
89
RSPHInvesco S&P 500 Equal Weight Health Care ETF · Healthcare
Whole market+6.1%16.8%0.44−30.4%+177%0.680.40%
90
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Whole market+1.7%4.1%0.44−17.3%—0.400.10%
91
SCHYSchwab International Dividend Equity ETF · International
Whole market+9.5%13.3%0.75−24.0%—0.640.08%
92
LGHHCM Defender 500 Index ETF · Broad Market
Whole market+9.4%16.7%0.63−29.6%—0.561.00%
93
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds
Whole market+2.4%2.1%1.13−8.7%+26.7%0.140.54%
94
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.2%13.8%0.57−24.5%+121%0.590.08%
95
JPIBJPMorgan International Bond Opportunities ETF · Bonds
Whole market+2.5%4.2%0.62−13.1%—0.520.50%
96
INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market
Whole market+11.8%17.8%0.72−21.3%—0.600.85%
97
PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds
Whole market+2.5%4.9%0.52−23.0%—0.460.55%
98
TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income
Whole market+9.6%13.8%0.73−19.2%—0.760.50%
99
FLSPFranklin Systematic Style Premia ETF · Alternatives
Whole market+8.4%13.4%0.68−22.9%—0.010.65%
100
SMIGBahl & Gaynor Small/Mid Cap Income Growth ETF · Dividend & Income
Whole market+6.5%16.0%0.48−19.7%—0.640.60%

CNI against its popular alternatives

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

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

Green points earned more than CNI 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%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCNI: 0.6% a year, volatility 21.9%SPY (S&P 500): 12.7% a year, volatility 17.1%TRN: 0.5% a year, volatility 35.7%UNP: 7.1% a year, volatility 22.9%CSX: 8.3% a year, volatility 23.3%WAB: 25.6% a year, volatility 26.2%NSC: 5.3% a year, volatility 24.8%JBHT: 4.0% a year, volatility 32.8%GATX: 12.4% a year, volatility 25.1%CP: 4.0% a year, volatility 24.1%TFII: 1.0% a year, volatility 37.7%CNISPY (S&P 500)TRNUNPCSXWABNSCJBHTGATXCPTFII15.0%20.0%25.0%30.0%35.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCNI: 0.6% a year, volatility 21.9%SPY (S&P 500): 12.7% a year, volatility 17.1%TRN: 0.5% a year, volatility 35.7%UNP: 7.1% a year, volatility 22.9%CSX: 8.3% a year, volatility 23.3%WAB: 25.6% a year, volatility 26.2%NSC: 5.3% a year, volatility 24.8%JBHT: 4.0% a year, volatility 32.8%GATX: 12.4% a year, volatility 25.1%CP: 4.0% a year, volatility 24.1%TFII: 1.0% a year, volatility 37.7%CNISPY (S&P 500)TRNUNPCSXWABNSCJBHTGATXCP
All figures
InvestmentAnnual returnVolatility
WAB Westinghouse Air Brake Technologies Corporation+25.6%26.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
GATX GATX Corporation+12.4%25.1%
CSX CSX Corporation+8.3%23.3%
UNP Union Pacific Corporation+7.1%22.9%
NSC Norfolk Southern Corporation+5.3%24.8%
CP Canadian Pacific Kansas City Ltd.+4.0%24.1%
JBHT J.B. Hunt Transport Services, Inc.+4.0%32.8%
TFII TFI International Inc.+1.0%37.7%
CNI This pageCanadian National Railway Company+0.6%21.9%
TRN Trinity Industries, Inc.+0.5%35.7%
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Has CNI consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CNI 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
CNI Canadian National Railway Company (this page)—+3.2%−3.8%+10.2%+23.0%+30.2%+21.9%+3.1%+124%21.9%0.14−29.1%—$73B—
UNP QualifiedUnion Pacific Corporation4/5 short3/3 longAll-weather+6.7%−2.5%+15.2%+25.9%+29.2%+45.4%+41.2%+295%22.9%0.42−38.7%—$171B—
CSX QualifiedCSX Corporation3/5 short3/3 long+4.5%−3.8%+10.6%+33.7%+32.8%+63.0%+49.3%+446%23.3%0.46−40.5%—$89B—
WAB QualifiedWestinghouse Air Brake Technologies Corporation3/5 short3/3 long+0.1%+10.1%+7.6%+31.6%+45.3%+189%+212%+264%26.2%1.00−64.1%—$48B—
NSC RailroadsNorfolk Southern Corporation2/5 short3/3 long+5.3%−2.4%+7.9%+14.6%+13.8%+72.0%+29.5%+328%24.8%0.33−44.4%—$73B—
JBHT Integrated Freight & LogisticsJ.B. Hunt Transport Services, Inc.1/5 short3/3 long−4.1%−22.0%−9.7%+15.7%+37.9%+32.2%+21.6%+220%32.8%0.28−42.4%—$21B—
GATX Rental & Leasing ServicesGATX Corporation0/5 short3/3 long−10.4%−8.9%−18.9%−4.3%−5.1%+59.5%+79.2%+329%25.1%0.59−38.3%—$5.7B—
CP RailroadsCanadian Pacific Kansas City Ltd.0/5 short3/3 long+0.8%−4.5%+7.4%+18.1%+15.1%+25.6%+21.6%+227%24.1%0.28−33.7%—$77B—
TFII TruckingTFI International Inc.0/5 short2/3 long−10.9%−26.1%−17.4%+5.8%+17.6%−1.6%+5.2%+537%37.7%0.22−53.8%—$9.2B—
TRN RailroadsTrinity Industries, Inc.0/5 short1/3 long−9.9%−31.1%−20.6%−4.1%−8.8%+29.7%+2.5%+107%35.7%0.19−45.2%—$2.0B—
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How did CNI do year by year?

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

InvestmentYears ahead of CNI20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
CNI This pageCanadian National Railway Company—−0.1%−17.5%+7.8%−1.4%+13.7%+23.6%+24.3%−8.6%+24.4%+22.8%−17.6%+22.6%+27.3%+17.9%+20.3%+24.4%+51.4%−20.1%+10.9%+9.2%+32.6%+47.4%+55.3%−12.3%+65.5%+14.8%+4.3%+11.6%+26.8%
Rank among alternativesTop quarter in 8 of 298 of 1010 of 107 of 105 of 109 of 106 of 106 of 107 of 106 of 107 of 103 of 104 of 108 of 107 of 103 of 108 of 104 of 105 of 106 of 108 of 101 of 93 of 93 of 96 of 91 of 95 of 92 of 92 of 95 of 9
SPY S&P 500State Street SPDR S&P 500 ETF12 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%
UNP Union Pacific Corporation16 of 29+3.9%−5.1%+21.6%−15.9%+23.3%+17.6%+33.7%+5.3%+32.3%+36.0%−32.9%+44.5%+36.3%+21.2%+16.7%+47.6%+36.6%−22.7%+38.3%+15.8%+21.8%−1.3%+17.9%+6.5%+14.0%+18.7%−1.5%−26.8%+7.0%
CSX CSX Corporation15 of 29+14.2%−5.6%+13.5%−16.6%+25.7%+27.1%+18.0%+14.5%+55.5%+42.1%−26.7%+28.4%+49.3%−3.9%−0.2%+35.7%+53.2%−24.9%+29.6%+37.0%+27.9%+12.4%+30.5%−18.6%+38.2%−12.8%−22.5%−21.1%+30.6%
WAB Westinghouse Air Brake Technologies Corporation14 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%
NSC Norfolk Southern Corporation13 of 29+25.7%+1.6%−1.6%−15.6%+27.3%+24.8%+32.4%+5.2%+36.8%+31.5%−20.3%+20.8%+54.2%−12.7%+18.8%+22.8%+15.2%−4.8%+2.2%+13.8%+25.6%+55.3%+20.2%+10.4%+39.5%−31.8%−33.5%+6.6%+6.6%
JBHT J.B. Hunt Transport Services, Inc.18 of 29+15.2%−13.8%+15.6%−13.9%+50.6%+18.1%+26.8%−18.4%+19.6%+33.8%−12.0%+10.1%+30.2%+34.2%+11.8%+28.2%+24.8%−3.4%+34.4%−6.9%+2.1%+66.5%+84.3%+26.4%+38.0%+21.6%−38.9%+23.8%+35.7%
GATX GATX Corporation13 of 29+11.1%+31.1%+15.2%+4.2%+27.9%+3.2%+19.7%+16.6%+3.8%+49.8%−23.8%+12.7%+23.6%+2.0%+27.7%+27.4%−3.0%−13.1%−13.4%+22.7%+24.9%+8.9%+31.0%−26.5%−32.6%+52.6%−8.1%+7.3%+54.3%
CP Canadian Pacific Kansas City Ltd.16 of 29+2.6%−7.8%+6.8%+4.5%+4.7%+37.4%+45.1%−1.8%+29.4%+13.0%−33.3%+28.3%+50.5%+52.7%+6.5%+22.2%+64.1%−47.1%+24.2%+27.5%+23.9%+24.6%+45.2%+3.5%+40.6%+35.6%+17.3%−29.0%+4.1%
TFII TFI International Inc.10 of 20−21.9%+0.5%+37.2%−9.5%+120%+56.2%+33.5%+6.7%−2.3%+55.8%−30.8%+10.7%+21.1%+59.6%+5.2%+65.0%+150%−61.4%−19.5%−21.7%—————————
TRN Trinity Industries, Inc.10 of 29−21.5%+37.2%−6.2%+1.5%+17.9%+23.8%+11.1%−22.4%+37.1%+18.0%−12.9%+3.7%+54.1%+20.9%+14.2%+55.1%+13.3%−42.6%−20.6%+20.6%+30.2%+11.5%+64.6%−29.0%+12.2%−9.0%−24.7%−12.2%+21.4%
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Risk and diversification

How CNI 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 CNI's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CNI's five deepest drawdowns since it began trading in 1996, 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 CNI fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCNI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−46.7%−51.5%May 2008Mar 200910 monthsDec 20099 months
No named crash−37.1%−14.0%Apr 1998Oct 19986 monthsMay 19997 months
No named crash−35.5%−4.5%Jul 1999Feb 20007 monthsJan 200111 months
2015 China and oil sell-off−35.1%−5.1%Sep 2014Jan 201616 monthsFeb 201713 months
Dot-com bust−30.6%−31.4%Mar 2002Oct 20027 monthsJun 20038 months

How did CNI do in stock market crashes?

This section measures how far CNI, 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 CNI.

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
CNI This pageCanadian National Railway Company—−1.3%−21.0%−27.3%−22.1%−5.1%−23.9%−19.3%−0.5%−46.7%−30.6%
SPY S&P 500State Street SPDR S&P 500 ETF3 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
UNP Union Pacific Corporation1 of 10−4.2%−29.8%−37.5%−21.9%−4.8%−28.7%−23.4%−1.5%−59.5%−25.6%
CSX CSX Corporation1 of 10−4.0%−29.4%−40.5%−21.4%−8.7%−26.5%−27.4%−0.9%−69.2%−37.5%
WAB Westinghouse Air Brake Technologies Corporation2 of 10−6.4%−18.9%−48.3%−37.9%−2.9%−40.5%−26.1%−2.4%−60.8%−33.7%
NSC Norfolk Southern Corporation0 of 10−4.0%−28.4%−43.6%−23.8%−5.6%−31.7%−21.1%−2.1%−62.9%−39.9%
JBHT J.B. Hunt Transport Services, Inc.2 of 10−5.5%−28.8%−31.5%−26.6%−3.0%−18.8%−24.8%−2.4%−53.1%−50.9%
GATX GATX Corporation0 of 10−5.8%−31.9%−31.7%−22.7%−5.1%−29.1%−24.0%−2.3%−72.1%−64.7%
CP Canadian Pacific Kansas City Ltd.2 of 10−3.0%−19.9%−32.9%−24.4%−4.3%−35.1%−29.8%−0.4%−65.4%−35.7%
TFII TFI International Inc.1 of 9−5.7%−34.4%−52.5%−32.9%−4.1%−30.9%−39.4%−2.5%−81.3%—
TRN Trinity Industries, Inc.0 of 10−11.7%−38.5%−34.4%−30.8%−5.4%−32.8%−43.3%−4.6%−83.9%−45.9%
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How closely does CNI 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 CNI 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 CNI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CNI This pageCanadian National Railway Company80%105%0.770.89
GATX GATX Corporation109%107%1.011.08
CSX CSX Corporation118%117%1.001.19
TFII TFI International Inc.150%159%0.941.58
UNP Union Pacific Corporation104%119%0.871.05
WAB Westinghouse Air Brake Technologies Corporation111%127%0.871.28
CP Canadian Pacific Kansas City Ltd.96%113%0.851.00
NSC Norfolk Southern Corporation123%147%0.841.30
JBHT J.B. Hunt Transport Services, Inc.109%137%0.791.18
TRN Trinity Industries, Inc.110%165%0.671.38
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What diversifies CNI?

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

ETFs

InvestmentCorrelation5Y returnSharpe202520242022201820152008200280/20 mix volatility80/20 mix annual return
CNI Canadian National Railway Company (this page)1.00+3.1%0.14−0.1%−17.5%−1.4%−8.6%−17.6%−20.1%−12.3%22.2%+2.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.42+225%1.34+32.8%+29.8%+6.0%−19.8%+7.7%−20.8%—18.9%+7.5%
SMH TechnologyVanEck Semiconductor ETF0.42+323%0.97+49.2%+39.1%−33.5%−9.1%−0.3%−44.7%−47.0%21.6%+9.8%
GLD CommoditiesSPDR Gold Shares0.17+126%0.96+63.7%+26.7%−0.8%−1.9%−10.7%+4.9%—18.6%+6.2%
XLE EnergyState Street Energy Select Sector SPDR ETF0.34+177%0.93+7.9%+5.6%+64.4%−18.2%−21.5%−39.0%−14.8%20.1%+7.1%
EWT TechnologyiShares MSCI Taiwan ETF0.42+153%0.89+28.4%+16.1%−28.9%−9.9%−12.9%−45.3%−24.4%20.4%+6.8%
AMLP EnergyAlerian MLP ETF0.39+111%0.89+5.8%+22.8%+25.5%−12.6%−25.7%——19.5%+6.1%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.46+69.9%0.84+16.4%+12.8%−15.3%−6.2%−27.4%——19.1%+4.7%
PTLC Broad MarketPacer Trendpilot US Large Cap ETF0.48+57.4%0.83+5.1%+24.3%−8.6%+1.5%———18.9%+4.5%

Stocks

InvestmentCorrelation5Y returnSharpe202520242022201820152008200280/20 mix volatility80/20 mix annual return
CNI Canadian National Railway Company (this page)1.00+3.1%0.14−0.1%−17.5%−1.4%−8.6%−17.6%−20.1%−12.3%22.2%+2.7%
CAH Medical - DistributionCardinal Health, Inc.0.31+479%1.55+76.3%+19.0%+54.1%−24.5%+12.6%−39.6%−8.3%20.0%+9.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.19+3,143%1.47+220%+215%+1.3%−16.3%−6.0%−20.5%−65.1%23.0%+21.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.44+1,636%1.46+121%+107%+17.0%+0.8%+67.7%−15.2%−9.4%23.1%+17.6%
MCK Medical - DistributionMcKesson Corporation0.30+413%1.44+44.5%+23.7%+51.8%−28.4%−4.5%−40.4%−27.2%19.8%+9.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.29+690%1.41+19.2%−4.0%+86.6%−8.2%+17.4%——20.6%+11.6%
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Common questions

What was CNI's worst drawdown?

CNI's deepest decline since it began trading in 1996 was 46.7%, from May 2008 to March 2009. It took nine months from the low to climb back to its old high.

What were CNI's best and worst years?

Over 29 full calendar years, CNI's best year was 2001, when it returned 65.5%. Its worst was 2008, with a return of -20.1%.

Is there a better investment than CNI?

Among CNI's popular alternatives, UNP and CSX earned more than CNI over the past 5 years with similar volatility: UNP returned 7.1% a year at 22.9% volatility, against 0.6% a year at 21.9%. Looking beyond its popular alternatives, BRK-B (insurance) and CB (property & casualty insurance) earned more than CNI with less volatility over the past 5 years. BRK-B returned 13.4% a year at 17.1% volatility, against 0.6% a year at 21.9%.

Is CNI more volatile than the S&P 500?

Yes. CNI's volatility over the past 5 years was 21.9%, 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, CNI's return lands within 21.9% 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 CNI's Sharpe ratio?

CNI's Sharpe ratio over the past 5 years was 0.14, against 0.79 for the S&P 500, so CNI 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 CNI with the S&P 500?

Over the past 5 years, CNI's monthly returns had a correlation of 0.68 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 CNI instead: the lower it is, the more that option would diversify a CNI holding.

What are the best alternatives to CNI?

Of the nine popular alternatives we compared, three outperformed CNI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: UNP, CSX and WAB.

Did CNI outperform the S&P 500?

CNI finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned -0.1%, against +17.7% for the index.

How did CNI do in stock market crashes?

CNI fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in three. The clearest case was the dot-com bust, when CNI fell 30.6% and the S&P 500 fell 47.5%.

What diversifies CNI?

These had a low correlation with CNI over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.42), SMH (correlation 0.42) and GLD (correlation 0.17); among large stocks, CAH (correlation 0.31), CLS (correlation 0.19) and FIX (correlation 0.44). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CNI

Other stocks and ETFs