# How Coherent (COHR) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/cohr
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on COHR alone. It places COHR (Coherent, Inc.) against 17 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 COHR stands in the market, and of the alternatives worth a closer look.

Period covered: COHR's full trading record, from October 1987 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** COHR has gone against the market, falling 33.3% over the past 6 months while the S&P 500 rose 9.1%. COHR is 45.7% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record.
- **Stock or market?:** The weakness is COHR's own: it fell 18.8% over the past 3 months while the electronic components ETF XLK (State Street Technology Select Sector SPDR ETF) rose 5.7%. The S&P 500 rose 3.9%. Its electronic component peers did not move as one over the past 3 months: LITE (Lumentum) rose 7.4%, while AAON fell 28.8%.
- **Past 1 to 3 years:** Over the past year, COHR rose 92.8% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (648% against 89.3%). COHR finished ahead of the S&P 500 in both 2024 and 2025.
- **Long term:** COHR turned $10,000 into $89,500 over the past decade, against $42,100 in the S&P 500. COHR's 10-year return of 795% puts it ahead of 93% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across seven sell-offs, COHR has typically fallen 1.7 times as far as the S&P 500. The 2022 bear market took 56.3% off COHR, against 24.5% for the S&P 500. That was more than LITE (Lumentum, 36.3%) but less than AAOI (Applied Optoelectronics, 71.6%).
- **Diversification:** Against the S&P 500, COHR has a correlation of 0.62 over 5 years, more closely than 93% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion.
- **Better options**
  - **Popular alternatives:** NVDA (NVIDIA), AVGO (Broadcom) and ANET (Arista Networks) earned more than COHR with less volatility over the past 5 years. NVDA returned 58.0% a year at 51.9% volatility, against 31.6% a year at 66.3%.
  - **Nearby categories and themes:** MU (Micron Technology, semiconductors) and APH (Amphenol, electronic components) earned more than COHR with less volatility over the past 5 years. MU returned 68.1% a year at 57.1% volatility, against 31.6% a year at 66.3%.
  - **Whole market:** 127 of the 3,633 stocks and funds worth at least $500 million earned more than COHR with less volatility over the past 5 years, among them NVDA (NVIDIA), AVGO (Broadcom) and LLY (Eli Lilly and Company).

## How much would $10,000 in COHR have grown?

This chart tracks a hypothetical $10,000 investment in COHR over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of COHR over the same span and COHR's popular alternatives, among those that traded for the entire period.

- $10,000 invested in COHR at the end of September 1997 would have grown to $922,472 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of COHR, and APH finished highest, at $3,002,572.

## COHR 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.

- COHR is still 45.7% below its all-time high.
- COHR's deepest decline since it began trading in 1987 was 80.9%, from February 1997 to October 1998. It took 16 months from the low to climb back to its old high.
- Over 29 full calendar years, COHR's best was 1999, when it returned 156%, and its worst was 1998, when it lost 67.2%. It lost money in 11 of those years.

- Type: Stock, Technology (Hardware, Equipment & Parts)
- Trading since: October 2, 1987
- Market value: $46B
- Volatility (5 years): 66.3%; Sharpe ratio: 0.75
- Worst decline ever: −80.9%, from February 10, 1997 to October 20, 1998; back at its high by February 18, 2000

| Period | COHR total return |
| --- | --- |
| 1 month | −27.9% |
| 3 months | −18.8% |
| 6 months | −33.3% |
| year to date | +19.3% |
| 1 year | +92.8% |
| 3 years | +648% |
| 5 years | +295% |
| 10 years | +795% |

## COHR against the whole market

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

### How does COHR rank among all stocks?

This section ranks COHR on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- COHR's 3-year return ranks in the top 2% of the 3,017 stocks worth at least $300 million with 3 years of history.
- COHR is among the more volatile stocks: its price swings rank in the bottom 16% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | COHR | Rank |
| --- | --- | --- |
| 1-year return | +92.8% | 205 of 3,287 (top 7%) |
| 3-year return | +648% | 63 of 3,017 (top 3%) |
| 5-year return | +295% | 177 of 2,893 (top 7%) |
| 10-year return | +795% | 158 of 2,202 (top 8%) |
| Volatility, 5 years | 66.3% | 2,441 of 2,893 (top 85%) |
| Sharpe ratio, 5 years | 0.75 | 362 of 2,893 (top 13%) |
| Worst decline, past 10 years | −72.2% | 1,358 of 2,187 (top 63%) |

### What has beaten COHR 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).

- 126 stocks and one ETF worth at least $500 million sit in the green region: each earned more than COHR over the past 5 years with smaller price swings. That is 3% of the 3,633 screened.
- Among those with at least half COHR's swings, CLS has the best return for its risk: 101% a year at 59.7% volatility, 10% less than COHR's 66.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.47 against 0.75 for COHR.
- Among COHR's popular alternatives, NVDA, AVGO and ANET are in the region. NVDA earned 58.0% a year against 31.6% a year for COHR, at 51.9% volatility, 22% less than COHR's 66.3%.

### Is there a better investment than COHR?

The table below lists investments that beat COHR over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among COHR's popular alternatives, NVDA, AVGO and ANET earned more than COHR with less volatility over the past 5 years. NVDA returned 58.0% a year at 51.9% volatility, against 31.6% a year at 66.3%.
- Looking beyond its popular alternatives, MU (semiconductors) and APH (electronic components) earned more than COHR with less volatility over the past 5 years. MU returned 68.1% a year at 57.1% volatility, against 31.6% a year at 66.3%.
- Across the whole market, 127 of the 3,633 stocks and funds worth at least $500 million earned more than COHR with less volatility over the past 5 years, among them NVDA, AVGO and LLY.

The 15 strongest of 127 investments that beat COHR over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with COHR | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| COHR: Coherent, Inc. (this page) |  | +31.6% | 66.3% | 0.75 | −72.2% | +795% |  |  |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [DELL](https://easycompare.io/research/dell): Dell Technologies Inc. | Computer Hardware | +55.2% | 54.4% | 1.08 | −59.6% | +3,701% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [STX](https://easycompare.io/research/stx): Seagate Technology Holdings plc | Computer Hardware | +57.4% | 48.7% | 1.18 | −57.0% | +2,698% | 0.60 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [IBKR](https://easycompare.io/research/ibkr): Interactive Brokers Group, Inc. | Investment Banking & Brokerage | +35.4% | 35.4% | 1.04 | −55.1% | +935% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [PWR](https://easycompare.io/research/pwr): Quanta Services, Inc. | Engineering & Construction | +39.3% | 37.2% | 1.08 | −45.5% | +2,045% | 0.58 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VST](https://easycompare.io/research/vst): Vistra Corp. | Independent Power Producers | +53.4% | 48.6% | 1.13 | −53.3% | +1,195% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MU](https://easycompare.io/research/mu): Micron Technology, Inc. | Semiconductors | +68.1% | 57.1% | 1.20 | −57.6% | +5,243% | 0.50 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| EME: EMCOR Group, Inc. | Engineering & Construction | +43.0% | 35.3% | 1.20 | −48.0% | +1,202% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [NVDA](https://easycompare.io/research/nvda): NVIDIA Corporation | Semiconductors | +58.0% | 51.9% | 1.14 | −66.3% | +13,019% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| COKE: Coca-Cola Consolidated, Inc. | Food & Beverages | +41.2% | 38.0% | 1.10 | −51.7% | +1,569% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AVGO](https://easycompare.io/research/avgo): Broadcom Inc. | Semiconductors | +48.3% | 44.5% | 1.11 | −48.3% | +2,380% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [APH](https://easycompare.io/research/aph): Amphenol Corporation | Electronic Components | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [LRCX](https://easycompare.io/research/lrcx): Lam Research Corporation | Semiconductor Equipment | +37.4% | 49.9% | 0.89 | −56.4% | +2,989% | 0.61 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FRO: Frontline Plc | Oil & Gas | +52.6% | 49.7% | 1.10 | −52.0% | +1,194% | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ASX](https://easycompare.io/research/asx): ASE Technology Holding Co., Ltd. | Semiconductors | +48.8% | 43.0% | 1.15 | −52.5% | +967% | 0.63 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## COHR against its popular alternatives

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

### How do COHR'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.

- Six of the 17 popular alternatives, led by NVDA, LITE and ANET, were both more rewarding and calmer than COHR over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, COHR returned 31.6% a year, more than the S&P 500's 12.7%, with higher volatility (66.3% against 17.1%).

### Has COHR consistently beaten its popular alternatives?

This section compares COHR with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Five of the 17 popular alternatives, led by LITE, CIEN and ANET, outperformed COHR in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- LITE and CIEN outperformed COHR in every long-term period and in all but one short-term period, the most consistent record in the group.
- NVDA, AVGO and ANET earned more for the risk they took than COHR (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of COHR | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| COHR: Coherent, Inc. (this page) | +92.8% | +648% | +295% | +795% |  |  | 0.75 |
| [LITE](https://easycompare.io/research/lite): Lumentum Holdings Inc. | +411% | +2,029% | +863% | +1,904% | 5/5 short-term, 3/3 long-term | all-weather | 1.03 |
| [CIEN](https://easycompare.io/research/cien): Ciena Corporation | +97.5% | +721% | +546% | +1,600% | 5/5 short-term, 3/3 long-term | all-weather | 0.97 |
| [ANET](https://easycompare.io/research/anet): Arista Networks, Inc. | +23.7% | +289% | +634% | +3,439% | 4/5 short-term, 2/3 long-term | consistent | 1.06 |
| [NVDA](https://easycompare.io/research/nvda): NVIDIA Corporation | +18.8% | +425% | +884% | +13,019% | 3/5 short-term, 2/3 long-term | consistent | 1.14 |
| [AVGO](https://easycompare.io/research/avgo): Broadcom Inc. | −3.5% | +305% | +617% | +2,380% | 3/5 short-term, 2/3 long-term | consistent | 1.11 |
| AAOI: Applied Optoelectronics, Inc. | +125% | +1,011% | +936% | +270% | 2/5 short-term, 2/3 long-term |  | 0.97 |
| [AMAT](https://easycompare.io/research/amat): Applied Materials, Inc. | +78.5% | +209% | +215% | +1,488% | 3/5 short-term, 1/3 long-term |  | 0.72 |
| VIAV: Viavi Solutions Inc. | +164% | +359% | +127% | +376% | 5/5 short-term, 0/3 long-term |  | 0.58 |
| [GLW](https://easycompare.io/research/glw): Corning Inc | +56.6% | +419% | +292% | +616% | 4/5 short-term, 0/3 long-term |  | 0.86 |
| MTSI: MACOM Technology Solutions Holdings, Inc. | +87.4% | +249% | +302% | +588% | 4/5 short-term, 0/3 long-term |  | 0.83 |
| AAON: AAON, Inc. | −26.5% | +40.8% | +61.2% | +308% | 2/5 short-term, 0/3 long-term |  | 0.44 |
| FN: Fabrinet | −12.8% | +121% | +260% | +732% | 1/5 short-term, 0/3 long-term |  | 0.74 |
| LPTH: LightPath Technologies, Inc. | −13.6% | +396% | +277% | +393% | 1/5 short-term, 0/3 long-term |  | 0.73 |
| GILT: Gilat Satellite Networks Ltd. | −44.0% | +28.6% | −9.3% | +111% | 1/5 short-term, 0/3 long-term |  | 0.21 |
| IPGP: IPG Photonics Corporation | −16.9% | −21.8% | −55.8% | −12.8% | 1/5 short-term, 0/3 long-term |  | -0.10 |
| LASR: nLIGHT, Inc. | +14.0% | +303% | +30.1% | — | 1/5 short-term, 0/3 long-term |  | 0.41 |
| POET: POET Technologies Inc. | −26.7% | +89.8% | −35.3% | +29.3% | 0/5 short-term, 0/3 long-term |  | 0.44 |

### How did COHR do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where COHR ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, COHR finished in the top quarter in nine of 29 years and in the bottom quarter in three. In 2025, it ranked 7 of 18.
- COHR finished ahead of the S&P 500 in 16 of its 29 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, AVGO came out ahead of COHR most often, in 11 of the 16 years both traded.

| Year | COHR | SPY |
| --- | --- | --- |
| 2025 | +94.8% | +17.7% |
| 2024 | +118% | +24.9% |
| 2023 | +24.0% | +26.2% |
| 2022 | −48.6% | −18.2% |
| 2021 | −10.1% | +28.7% |
| 2020 | +126% | +18.3% |
| 2019 | +3.7% | +31.2% |
| 2018 | −30.9% | −4.6% |
| 2017 | +58.4% | +21.7% |
| 2016 | +59.8% | +12.0% |

## Risk and diversification

How COHR 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 COHR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all four of COHR's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: COHR fell 80.9% from February 1997 to October 1998, while the S&P 500 rose 39.8%.
- The slowest recovery came after COHR fell 69.2% from March 2000 to March 2001; it did not regain that peak until August 2004, three years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −80.9% | February 10, 1997 | October 20, 1998 | February 18, 2000 | +39.8% |  |
| −80.6% | June 8, 1989 | August 6, 1993 | January 19, 1995 | — |  |
| −72.2% | February 11, 2021 | May 16, 2023 | October 11, 2024 | +8.5% | 2022 bear market |
| −69.2% | March 6, 2000 | March 12, 2001 | August 18, 2004 | −14.6% | dot-com bust |
| −68.2% | August 11, 2008 | March 9, 2009 | December 20, 2010 | −47.2% | 2008 financial crisis |

### How did COHR do in stock market crashes?

This section measures how far COHR, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- COHR fell further than the S&P 500 in all ten crashes it has traded through. The clearest case was the 2022 bear market, when COHR fell 56.3% and the S&P 500 fell 24.5%.
- Among its popular alternatives, FN held up best, falling less than COHR in all seven crashes they both traded through.

| Crash | Dates | COHR fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −61.4% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −68.2% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.1% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −40.4% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −15.0% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −9.8% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −39.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −43.0% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −56.3% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −10.7% | −3.4% |

### How closely does COHR 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.

- Over the past 10 years, COHR captured 162% of the S&P 500's gains in rising months and 146% of its losses in falling months, with a beta of 1.80. It amplified the market's moves in both directions.
- 12 of the 16 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than COHR's 1.11, led by CIEN, ANET and AVGO.
- AVGO took just 86% of the S&P 500's losses, against 146% for COHR, while still keeping 158% of its gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| COHR: Coherent, Inc. (this page) | 162% | 146% | 1.80 |
| [LITE](https://easycompare.io/research/lite): Lumentum Holdings Inc. | 162% | 101% | 1.24 |
| [CIEN](https://easycompare.io/research/cien): Ciena Corporation | 129% | 64.0% | 1.07 |
| [ANET](https://easycompare.io/research/anet): Arista Networks, Inc. | 174% | 91.0% | 1.40 |
| [NVDA](https://easycompare.io/research/nvda): NVIDIA Corporation | 248% | 140% | 1.83 |
| [AVGO](https://easycompare.io/research/avgo): Broadcom Inc. | 158% | 86.0% | 1.19 |
| AAOI: Applied Optoelectronics, Inc. | 169% | 221% | 2.83 |
| [AMAT](https://easycompare.io/research/amat): Applied Materials, Inc. | 152% | 97.0% | 1.51 |
| VIAV: Viavi Solutions Inc. | 98.0% | 76.0% | 0.97 |
| [GLW](https://easycompare.io/research/glw): Corning Inc | 107% | 67.0% | 1.14 |
| MTSI: MACOM Technology Solutions Holdings, Inc. | 148% | 157% | 1.93 |
| AAON: AAON, Inc. | 90.0% | 74.0% | 0.99 |
| FN: Fabrinet | 115% | 72.0% | 1.12 |
| LPTH: LightPath Technologies, Inc. | 97.0% | 72.0% | 1.36 |
| GILT: Gilat Satellite Networks Ltd. | 54.0% | 45.0% | 0.71 |
| IPGP: IPG Photonics Corporation | 65.0% | 130% | 1.15 |
| POET: POET Technologies Inc. | 62.0% | 108% | 0.81 |

### What diversifies COHR?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in COHR into MPC would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+37.1% for COHR alone, +43.6% for the mix).
- MCK made money in eight of the 11 calendar years in which COHR lost money.
- Among large ETFs, LVHI, EMLP and HDV have moved largely independently of COHR over the past 5 years, with correlations of 0.37 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with COHR | 5Y return | Volatility | Sharpe | Rose in COHR's 11 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.32 | +119% | 11.1% | 1.48 | 2 of 11 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.37 | +101% | 14.5% | 1.04 | 4 of 11 |
| HDV: iShares Core High Dividend ETF | 0.24 | +83.3% | 13.0% | 1.00 | 4 of 11 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.12 | +126% | 18.9% | 0.96 | 3 of 11 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.02 | +177% | 25.5% | 0.93 | 5 of 11 |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | 0.49 | +76.6% | 13.7% | 0.90 | 5 of 11 |
| EUFN: iShares MSCI Europe Financials ETF | 0.29 | +133% | 21.8% | 0.89 | 2 of 11 |
| AMLP: Alerian MLP ETF | 0.20 | +111% | 18.9% | 0.89 | 5 of 11 |

## Common questions

### What was COHR's worst drawdown?

COHR's deepest decline since it began trading in 1987 was 80.9%, from February 1997 to October 1998. It took 16 months from the low to climb back to its old high.

### What were COHR's best and worst years?

Over 29 full calendar years, COHR's best year was 1999, when it returned 156%. Its worst was 1998, with a return of -67.2%.

### Is there a better investment than COHR?

Among COHR's popular alternatives, NVDA, AVGO and ANET earned more than COHR with less volatility over the past 5 years. NVDA returned 58.0% a year at 51.9% volatility, against 31.6% a year at 66.3%. Looking beyond its popular alternatives, MU (semiconductors) and APH (electronic components) earned more than COHR with less volatility over the past 5 years. MU returned 68.1% a year at 57.1% volatility, against 31.6% a year at 66.3%.

### Is COHR more volatile than the S&P 500?

Yes. COHR's volatility over the past 5 years was 66.3%, 3.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, COHR's return lands within 66.3% 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 COHR's Sharpe ratio?

COHR's Sharpe ratio over the past 5 years was 0.75, against 0.79 for the S&P 500, so COHR 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 COHR with the S&P 500?

Over the past 5 years, COHR's monthly returns had a correlation of 0.62 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 COHR instead: the lower it is, the more that option would diversify a COHR holding.

### What are the best alternatives to COHR?

Of the 17 popular alternatives we compared, five outperformed COHR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LITE, CIEN and ANET.

### Did COHR outperform the S&P 500?

COHR finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +94.8%, against +17.7% for the index.

### How did COHR do in stock market crashes?

COHR fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in ten. The clearest case was the 2022 bear market, when COHR fell 56.3% and the S&P 500 fell 24.5%.

### What diversifies COHR?

These had a low correlation with COHR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.32), EMLP (correlation 0.37) and HDV (correlation 0.24); among large stocks, CAH (correlation 0.30), CLS (correlation 0.44) and MCK (correlation 0.05). A correlation near zero means the two have moved largely independently.

## More research

- [Lumentum (LITE) Performance, Alternatives and Market Rank](https://easycompare.io/research/lite)
- [Ciena (CIEN) Performance, Alternatives and Market Rank](https://easycompare.io/research/cien)
- [Arista Networks (ANET) Performance, Alternatives and Market Rank](https://easycompare.io/research/anet)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Broadcom (AVGO) Performance, Alternatives and Market Rank](https://easycompare.io/research/avgo)
- [Applied Materials (AMAT) Performance, Alternatives and Market Rank](https://easycompare.io/research/amat)
- [Corning (GLW) Performance, Alternatives and Market Rank](https://easycompare.io/research/glw)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)

## Explore further

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