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Relative Intelligence · Cryptocurrency Exchanges

How Coinbase Global (COIN) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on COIN alone. It places COIN (Coinbase Global, Inc.) against 19 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 COIN stands in the market, and of the alternatives worth a closer look.

Period covered: COIN's full trading record, from April 2021 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 COIN →Chart COIN vs. 19 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in COIN over the past 5 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of COIN over the same span and COIN's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: COIN began trading on April 14, 2021, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 5 years of COIN's record, starting at the end of September 2021.

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. 2,882 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of COIN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000202120222023202420252026$2,000$5,000$10,000$20,000$50,000202120222023202420252026
  • IBKR$56,308+463% total · +41.3% a year
  • HOOD$26,734+167% total · +21.7% a year
  • MSTR$26,468+165% total · +21.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • CME$16,716+67.2% total · +10.8% a year
  • NDAQ$15,317+53.2% total · +8.9% a year
  • ICE$14,141+41.4% total · +7.2% a year
  • GLXY$13,934+39.3% total · +6.9% a year
  • FUTU$12,620+26.2% total · +4.8% a year
  • COIN$8,195−18.1% total · −3.9% a year
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COIN 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.

Note: COIN began trading on April 14, 2021, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The company

Market value
$45B
Industry
Financial - Data & Stock Exchanges
Price history from
April 2021

Returns

Past 1 year
−50.3%total return
Past 3 years
+129%+31.8% a year
Past 5 years
−45.7%−11.5% a year
Best calendar year
+391%2023
Worst calendar year
−86.0%2022
Losing years
2 of 4full calendar years

Risk

Volatility
86.9%typical yearly swing, 5 years
Sharpe ratio
0.29return per unit of risk, 5 years
Worst decline ever
−90.9%Nov 2021 to Dec 2022
From its all-time high
−59.3%below the peak

COIN against the whole market

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

How does COIN rank among all stocks?

This section ranks COIN 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 COIN 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.

MeasureCOINRankStanding
1-year return−50.3%3,109 of 3,287bottom 6%
3-year return+129%710 of 3,017top 24%
5-year return−45.7%2,351 of 2,893bottom 20%
Volatility, 5 years86.9%2,697 of 2,893bottom 8%
Sharpe ratio, 5 years0.291,590 of 2,893bottom 46%

What has beaten COIN 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). COIN sits where the dashed lines cross. Anything in the green box above and to the left earned more than COIN 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 COIN; faint dots are 94 more of the 3,063 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.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%−20.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than COINHWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%FIX: +77.0% a year, volatility 46.7%GOOG: +19.0% a year, volatility 32.0%AVGO: +48.3% a year, volatility 44.5%TSM: +31.5% a year, volatility 38.5%MU: +68.1% a year, volatility 57.1%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%AMD: +35.7% a year, volatility 57.6%JPM: +17.3% a year, volatility 24.3%HSBC: +33.1% a year, volatility 25.9%PLTR: +51.4% a year, volatility 67.0%GE: +36.0% a year, volatility 31.0%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%ASML: +17.4% a year, volatility 43.4%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%LRCX: +37.4% a year, volatility 49.9%ANET: +49.0% a year, volatility 49.0%INSW: +56.5% a year, volatility 40.5%PANW: +31.9% a year, volatility 43.4%APH: +33.8% a year, volatility 32.2%INTC: +12.4% a year, volatility 55.6%STX: +57.4% a year, volatility 48.7%AMAT: +25.8% a year, volatility 47.4%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%KLAC: +38.7% a year, volatility 46.7%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%TD: +15.8% a year, volatility 20.0%WDC: +53.7% a year, volatility 53.5%CRWD: +26.3% a year, volatility 52.7%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%MRVL: +29.5% a year, volatility 65.2%BELFB: +78.0% a year, volatility 52.1%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%ADI: +19.5% a year, volatility 34.1%ASX: +48.8% a year, volatility 43.0%C: +15.1% a year, volatility 29.4%BTI: +18.7% a year, volatility 22.0%PWR: +39.3% a year, volatility 37.2%SU: +33.1% a year, volatility 32.5%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%LITE: +57.3% a year, volatility 64.5%AEM: +29.5% a year, volatility 38.4%ING: +24.7% a year, volatility 31.1%IMO: +34.3% a year, volatility 32.0%BMO: +13.6% a year, volatility 21.4%MFC: +22.6% a year, volatility 24.0%FTNT: +20.7% a year, volatility 44.8%BNS: +12.9% a year, volatility 19.9%NEM: +18.6% a year, volatility 39.1%HLT: +21.0% a year, volatility 26.8%VST: +53.4% a year, volatility 48.6%HPE: +32.9% a year, volatility 42.2%JCI: +17.4% a year, volatility 29.1%RCL: +28.8% a year, volatility 48.4%LYG: +20.3% a year, volatility 32.1%SPOT: +15.9% a year, volatility 47.8%CMI: +19.9% a year, volatility 29.0%WAB: +25.6% a year, volatility 26.2%WPM: +27.5% a year, volatility 36.9%NET: +10.7% a year, volatility 69.1%ESLT: +39.8% a year, volatility 34.6%BCS: +18.5% a year, volatility 34.1%URI: +24.3% a year, volatility 39.1%EME: +43.0% a year, volatility 35.3%ETR: +19.2% a year, volatility 22.4%FTI: +54.1% a year, volatility 41.3%AU: +40.4% a year, volatility 49.9%RVMD: +48.8% a year, volatility 62.1%NTRA: +29.3% a year, volatility 57.6%TEVA: +32.2% a year, volatility 42.8%DB: +22.1% a year, volatility 37.4%B: +18.9% a year, volatility 37.3%DDOG: +10.1% a year, volatility 59.7%BAP: +30.8% a year, volatility 30.3%P: +37.3% a year, volatility 55.0%MPWR: +20.9% a year, volatility 55.4%TRP: +10.8% a year, volatility 21.9%KB: +25.3% a year, volatility 34.4%STLD: +32.2% a year, volatility 38.0%TER: +24.0% a year, volatility 54.3%COIN: −11.5% a year, volatility 86.9%SPY (S&P 500): +12.7% a year, volatility 17.1%IBKR: +35.4% a year, volatility 35.4%HOOD: +18.6% a year, volatility 68.6%CME: +11.2% a year, volatility 20.8%NDAQ: +8.9% a year, volatility 24.7%MSTR: +13.5% a year, volatility 91.1%SCHW: +3.6% a year, volatility 31.9%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%NMR: +17.1% a year, volatility 29.9%SNEX: +33.0% a year, volatility 37.3%VIRT: +20.8% a year, volatility 33.8%GBTC: +4.2% a year, volatility 59.6%RY: +17.3% a year, volatility 18.2%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%NVDA: +58.0% a year, volatility 51.9%VGT: +18.4% a year, volatility 26.0%SMH: +33.4% a year, volatility 36.9%INBX: +20.5% a year, volatility 90.5%TEAM: −11.6% a year, volatility 63.9%CLS: +101% a year, volatility 59.7%COINSPY (S&P 500)IBKRHOODMSTRSCHWGSSNEXVIRTGBTCRYMPCPBR-ANVDAVGTINBXTEAMCLS0.0%20.0%40.0%60.0%80.0%100%−50.0%0.0%50.0%100%150%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than COINHWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%FIX: +77.0% a year, volatility 46.7%GOOG: +19.0% a year, volatility 32.0%AVGO: +48.3% a year, volatility 44.5%TSM: +31.5% a year, volatility 38.5%MU: +68.1% a year, volatility 57.1%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%AMD: +35.7% a year, volatility 57.6%JPM: +17.3% a year, volatility 24.3%HSBC: +33.1% a year, volatility 25.9%PLTR: +51.4% a year, volatility 67.0%GE: +36.0% a year, volatility 31.0%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%ASML: +17.4% a year, volatility 43.4%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%LRCX: +37.4% a year, volatility 49.9%ANET: +49.0% a year, volatility 49.0%INSW: +56.5% a year, volatility 40.5%PANW: +31.9% a year, volatility 43.4%APH: +33.8% a year, volatility 32.2%INTC: +12.4% a year, volatility 55.6%STX: +57.4% a year, volatility 48.7%AMAT: +25.8% a year, volatility 47.4%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%KLAC: +38.7% a year, volatility 46.7%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%TD: +15.8% a year, volatility 20.0%WDC: +53.7% a year, volatility 53.5%CRWD: +26.3% a year, volatility 52.7%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%MRVL: +29.5% a year, volatility 65.2%BELFB: +78.0% a year, volatility 52.1%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%ADI: +19.5% a year, volatility 34.1%ASX: +48.8% a year, volatility 43.0%C: +15.1% a year, volatility 29.4%BTI: +18.7% a year, volatility 22.0%PWR: +39.3% a year, volatility 37.2%SU: +33.1% a year, volatility 32.5%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%LITE: +57.3% a year, volatility 64.5%AEM: +29.5% a year, volatility 38.4%ING: +24.7% a year, volatility 31.1%IMO: +34.3% a year, volatility 32.0%BMO: +13.6% a year, volatility 21.4%MFC: +22.6% a year, volatility 24.0%FTNT: +20.7% a year, volatility 44.8%BNS: +12.9% a year, volatility 19.9%NEM: +18.6% a year, volatility 39.1%HLT: +21.0% a year, volatility 26.8%VST: +53.4% a year, volatility 48.6%HPE: +32.9% a year, volatility 42.2%JCI: +17.4% a year, volatility 29.1%RCL: +28.8% a year, volatility 48.4%LYG: +20.3% a year, volatility 32.1%SPOT: +15.9% a year, volatility 47.8%CMI: +19.9% a year, volatility 29.0%WAB: +25.6% a year, volatility 26.2%WPM: +27.5% a year, volatility 36.9%NET: +10.7% a year, volatility 69.1%ESLT: +39.8% a year, volatility 34.6%BCS: +18.5% a year, volatility 34.1%URI: +24.3% a year, volatility 39.1%EME: +43.0% a year, volatility 35.3%ETR: +19.2% a year, volatility 22.4%FTI: +54.1% a year, volatility 41.3%AU: +40.4% a year, volatility 49.9%RVMD: +48.8% a year, volatility 62.1%NTRA: +29.3% a year, volatility 57.6%TEVA: +32.2% a year, volatility 42.8%DB: +22.1% a year, volatility 37.4%B: +18.9% a year, volatility 37.3%DDOG: +10.1% a year, volatility 59.7%BAP: +30.8% a year, volatility 30.3%P: +37.3% a year, volatility 55.0%MPWR: +20.9% a year, volatility 55.4%TRP: +10.8% a year, volatility 21.9%KB: +25.3% a year, volatility 34.4%STLD: +32.2% a year, volatility 38.0%TER: +24.0% a year, volatility 54.3%COIN: −11.5% a year, volatility 86.9%SPY (S&P 500): +12.7% a year, volatility 17.1%IBKR: +35.4% a year, volatility 35.4%HOOD: +18.6% a year, volatility 68.6%CME: +11.2% a year, volatility 20.8%NDAQ: +8.9% a year, volatility 24.7%MSTR: +13.5% a year, volatility 91.1%SCHW: +3.6% a year, volatility 31.9%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%NMR: +17.1% a year, volatility 29.9%SNEX: +33.0% a year, volatility 37.3%VIRT: +20.8% a year, volatility 33.8%GBTC: +4.2% a year, volatility 59.6%RY: +17.3% a year, volatility 18.2%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%NVDA: +58.0% a year, volatility 51.9%VGT: +18.4% a year, volatility 26.0%SMH: +33.4% a year, volatility 36.9%INBX: +20.5% a year, volatility 90.5%TEAM: −11.6% a year, volatility 63.9%CLS: +101% a year, volatility 59.7%COINSPY (S&P 500)IBKRHOODCMESNEXGBTCMPCPBR-ANVDATEAMCLS
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than COIN?

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

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

Screen the whole market against COIN 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 years5Y returntotalCorr. with COIN?lower diversifies moreExpenseper year
COINCoinbase Global, Inc. · this page
−11.5%86.9%0.29−90.9%−45.7%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.600.09%
Popular alternativesbest 6 shownThe investments people most often weigh against COIN. 10 of 14 passed at least one test.
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+35.4%35.4%1.04−55.1%+355%0.53—
HOODRobinhood Markets, Inc. · Investment Banking & Brokerage
Higher return, lower volatilityHigher return in most periods+18.6%68.6%0.59−90.2%+135%0.71—
CMECME Group Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst decline+11.2%20.8%0.62−37.4%+70.1%0.24—
NDAQNasdaq, Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst decline+8.9%24.7%0.47−38.3%+52.9%0.40—
MSTRStrategy Inc · Bitcoin Treasury
Higher return, similar volatilityHigher return in most periods+13.5%91.1%0.59−89.3%+88.2%0.79—
SCHWThe Charles Schwab Corporation · Investment Banking & Brokerage
Higher return, lower volatility+3.6%31.9%0.27−51.1%+19.1%0.45—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Cryptocurrency Exchanges and the categories next to it (Investment Banking & Brokerage, Capital Markets, Digital Asset Infrastructure, Bitcoin), plus COIN's specific themes. 18 of 20 passed at least one test.
GSThe Goldman Sachs Group, Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.6%28.6%0.77−48.8%+145%0.51—
MSMorgan Stanley · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.0%28.8%0.66−51.3%+110%0.49—
NMRNomura Holdings, Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.1%29.9%0.68−54.0%+120%0.26—
SNEXStoneX Group Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.0%37.3%0.96−48.7%+316%0.12—
VIRTVirtu Financial, Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.8%33.8%0.73−56.2%+158%0.30—
GBTCGrayscale Bitcoin Trust ETF · Bitcoin
Higher return, lower volatilityHigher return in most periods+4.2%59.6%0.37−89.9%+23.1%0.731.50%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 3,151 of 3,600 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+122%0.28—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.2%33.4%1.41−79.7%+690%0.22—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.8%37.5%1.31−71.7%+705%0.10—
NVDANVIDIA Corporation · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+58.0%51.9%1.14−66.3%+884%0.54—
VGTVanguard Information Technology ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.4%26.0%0.78−35.1%+133%0.590.09%
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.4%36.9%0.97−45.3%+323%0.460.35%
INBXInhibrx Biosciences Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.5%90.5%0.62−83.0%+154%0.24—
TEAMAtlassian Corporation · Application Software
Similar return, lower volatility−11.6%63.9%0.12−87.5%−46.0%0.45—
What these numbers mean for COIN
Annual return
COIN lost 11.5% 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 $5,430. 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
COIN's volatility over the past 5 years was 86.9%, 5.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, COIN's return lands within 86.9% 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
COIN's Sharpe ratio over the past 5 years was 0.29, against 0.79 for the S&P 500, so COIN 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
COIN's worst fall from a peak to a low over the past 10 years was 90.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 90.9% fall takes a 999% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, COIN's monthly returns had a correlation of 0.60 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 COIN instead: the lower it is, the more that option would diversify a COIN holding. Guide: Correlation and diversification →
Show all 3,063 stocks and funds worth at least $500 million that earned more than COIN 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 decline5Y returnCorr. with COINExpense
1
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+122%0.28—
2
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+690%0.22—
3
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+705%0.10—
4
NVDANVIDIA Corporation · Semiconductors
Whole market+58.0%51.9%1.14−66.3%+884%0.54—
5
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+594%0.35—
6
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+479%0.12—
7
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+1,636%0.47—
8
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+138%0.31—
9
AVGOBroadcom Inc. · Semiconductors
Whole market+48.3%44.5%1.11−48.3%+617%0.28—
10
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.5%38.5%0.91−56.6%+293%0.32—
11
MUMicron Technology, Inc. · Semiconductors
Whole market+68.1%57.1%1.20−57.6%+1,244%0.23—
12
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+1,008%0.31—
13
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,082%0.32—
14
AMDAdvanced Micro Devices, Inc. · Semiconductors
Whole market+35.7%57.6%0.82−65.5%+359%0.31—
15
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+122%0.48—
16
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+318%0.08—
17
PLTRPalantir Technologies Inc. · Enterprise Software
Whole market+51.4%67.0%0.95−84.6%+695%0.59—
18
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+366%0.42—
19
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+288%0.31—
20
DELLDell Technologies Inc. · Computer Hardware
Whole market+55.2%54.4%1.08−59.6%+800%0.15—
21
ASMLASML Holding N.V. · Semiconductor Equipment
Whole market+17.4%43.4%0.59−56.9%+123%0.31—
22
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+319%0.10—
23
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+159%-0.13—
24
LRCXLam Research Corporation · Semiconductor Equipment
Whole market+37.4%49.9%0.89−56.4%+390%0.31—
25
ANETArista Networks, Inc. · Communications Equipment
Whole market+49.0%49.0%1.06−52.2%+634%0.35—
26
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%+839%-0.03—
27
PANWPalo Alto Networks, Inc. · Cybersecurity
Whole market+31.9%43.4%0.86−48.0%+299%0.25—
28
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+329%0.44—
29
INTCIntel Corp. · Semiconductors
Whole market+12.4%55.6%0.49−70.8%+79.8%0.18—
30
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+57.4%48.7%1.18−57.0%+866%0.28—
31
AMATApplied Materials, Inc. · Semiconductor Equipment
Whole market+25.8%47.4%0.72−55.1%+215%0.26—
32
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+217%0.12—
33
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+135%-0.04—
34
KLACKLA Corporation · Semiconductor Equipment
Whole market+38.7%46.7%0.94−46.3%+413%0.20—
35
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+295%0.17—
36
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+413%0.18—
37
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+524%0.18—
38
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+109%0.30—
39
WDCWestern Digital Corporation · Computer Hardware
Whole market+53.7%53.5%1.07−70.5%+759%0.28—
40
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Whole market+26.3%52.7%0.71−67.7%+221%0.43—
41
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+326%0.17—
42
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+301%0.26—
43
MRVLMarvell Technology, Inc. · Semiconductors
Whole market+29.5%65.2%0.72−61.9%+264%0.36—
44
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
Whole market+78.0%52.1%1.37−79.8%+1,688%0.23—
45
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+319%0.21—
46
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+133%0.590.09%
47
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+327%0.05—
48
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+235%0.47—
49
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+144%0.23—
50
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+48.8%43.0%1.15−52.5%+631%0.21—
51
CCitigroup Inc. · Banks
Whole market+15.1%29.4%0.63−56.5%+102%0.44—
52
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+136%-0.08—
53
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+425%0.48—
54
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+318%0.10—
55
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+179%0.38—
56
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+141%0.45—
57
ITUBItaú Unibanco Holding S.A. · Banks
Whole market+26.3%33.8%0.86−62.1%+221%0.18—
58
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+174%0.06—
59
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+178%0.44—
60
LITELumentum Holdings Inc. · Communications Equipment
Whole market+57.3%64.5%1.03−66.9%+863%0.21—
61
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+29.5%38.4%0.87−54.2%+264%0.17—
62
INGING Groep N.V. · Banks
Whole market+24.7%31.1%0.87−74.4%+201%0.10—
63
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+337%0.12—
64
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+89.4%0.36—
65
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+177%0.36—
66
FTNTFortinet, Inc. · Cybersecurity
Whole market+20.7%44.8%0.65−38.3%+156%0.27—
67
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+83.1%0.38—
68
NEMNewmont Corporation · Gold Mining
Whole market+18.6%39.1%0.63−62.4%+135%0.07—
69
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+160%0.50—
70
VSTVistra Corp. · Independent Power Producers
Whole market+53.4%48.6%1.13−53.3%+748%0.46—
71
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+33.4%36.9%0.97−45.3%+323%0.460.35%
72
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.9%42.2%0.89−56.9%+315%0.28—
73
JCIJohnson Controls International plc · Building Products
Whole market+17.4%29.1%0.70−46.4%+123%0.41—
74
RCLRoyal Caribbean Cruises Ltd. · Cruise Lines
Whole market+28.8%48.4%0.77−83.3%+255%0.48—
75
LYGLloyds Banking Group plc · Banks
Whole market+20.3%32.1%0.74−66.5%+152%0.23—
76
SPOTSpotify Technology S.A. · Entertainment
Whole market+15.9%47.8%0.55−80.5%+109%0.58—
77
CMICummins Inc. · Industrial Machinery
Whole market+19.9%29.0%0.77−44.0%+148%0.27—
78
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+212%0.38—
79
WPMWheaton Precious Metals Corp. · Metals & Mining
Whole market+27.5%36.9%0.85−46.7%+236%0.14—
80
NETCloudflare, Inc. · Cloud Computing
Whole market+10.7%69.1%0.49−82.6%+66.1%0.64—
81
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+435%0.09—
82
BCSBarclays PLC · Banks
Whole market+18.5%34.1%0.67−66.0%+134%0.27—
83
URIUnited Rentals, Inc. · Equipment Rental
Whole market+24.3%39.1%0.75−63.3%+196%0.48—
84
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+499%0.45—
85
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+141%0.04—
86
FTITechnipFMC plc · Oilfield Services
Whole market+54.1%41.3%1.26−85.8%+769%0.25—
87
AUAngloGold Ashanti Plc · Gold Mining
Whole market+40.4%49.9%0.93−66.3%+445%0.11—
88
RVMDRevolution Medicines, Inc. · Biotechnology
Whole market+48.8%62.1%0.95−73.3%+630%0.18—
89
NTRANatera, Inc. · Medical Diagnostics
Whole market+29.3%57.6%0.74−77.7%+261%0.42—
90
TEVATeva Pharmaceutical Industries Limited · Pharmaceuticals
Whole market+32.2%42.8%0.86−85.5%+303%0.06—
91
DBDeutsche Bank AG · Banks
Whole market+22.1%37.4%0.72−72.7%+171%0.25—
92
BBarrick Mining Corporation · Gold Mining
Whole market+18.9%37.3%0.65−53.9%+138%0.09—
93
DDOGDatadog, Inc. · Application Software
Whole market+10.1%59.7%0.45−68.1%+61.4%0.43—
94
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+283%0.24—
95
PEverpure, Inc. · Computer Hardware
Whole market+37.3%55.0%0.85−69.4%+388%0.38—
96
MPWRMonolithic Power Systems, Inc. · Semiconductors
Whole market+20.9%55.4%0.62−51.6%+159%0.34—
97
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+10.8%21.9%0.58−41.6%+66.7%0.11—
98
KBKB Financial Group Inc. · Banks
Whole market+25.3%34.4%0.83−64.1%+209%0.34—
99
STLDSteel Dynamics, Inc. · Metals & Mining
Whole market+32.2%38.0%0.93−68.5%+304%0.40—
100
TERTeradyne, Inc. · Semiconductor Equipment
Whole market+24.0%54.3%0.67−59.1%+193%0.29—

COIN against its popular alternatives

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

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

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

0.0%50.0%100%150%200%−60.0%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCOIN: −11.5% a year, volatility 86.9%SPY (S&P 500): 12.7% a year, volatility 17.1%IBKR: 35.4% a year, volatility 35.4%HOOD: 18.6% a year, volatility 68.6%CME: 11.2% a year, volatility 20.8%ICE: 5.4% a year, volatility 21.8%NDAQ: 8.9% a year, volatility 24.7%FUTU: 10.4% a year, volatility 70.2%SCHW: 3.6% a year, volatility 31.9%SOFI: −7.0% a year, volatility 65.7%RIOT: −15.2% a year, volatility 94.5%MARA: −32.4% a year, volatility 106%BKKT: −51.5% a year, volatility 191%MSTR: 13.5% a year, volatility 91.1%GLXY: −3.3% a year, volatility 93.9%TIGR: −13.1% a year, volatility 79.4%COINSPY (S&P 500)IBKRHOODCMEICENDAQFUTUSCHWSOFIRIOTMARABKKTMSTRGLXYTIGR0.0%50.0%100%150%200%−60.0%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCOIN: −11.5% a year, volatility 86.9%SPY (S&P 500): 12.7% a year, volatility 17.1%IBKR: 35.4% a year, volatility 35.4%HOOD: 18.6% a year, volatility 68.6%CME: 11.2% a year, volatility 20.8%ICE: 5.4% a year, volatility 21.8%NDAQ: 8.9% a year, volatility 24.7%FUTU: 10.4% a year, volatility 70.2%SCHW: 3.6% a year, volatility 31.9%SOFI: −7.0% a year, volatility 65.7%RIOT: −15.2% a year, volatility 94.5%MARA: −32.4% a year, volatility 106%BKKT: −51.5% a year, volatility 191%MSTR: 13.5% a year, volatility 91.1%GLXY: −3.3% a year, volatility 93.9%TIGR: −13.1% a year, volatility 79.4%COINSPY (S&P 500)IBKRHOODCMEICESOFIRIOTMARABKKTMSTRGLXY
All figures
InvestmentAnnual returnVolatility
IBKR Interactive Brokers Group, Inc.+35.4%35.4%
HOOD Robinhood Markets, Inc.+18.6%68.6%
MSTR Strategy Inc+13.5%91.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CME CME Group Inc.+11.2%20.8%
FUTU Futu Holdings Limited+10.4%70.2%
NDAQ Nasdaq, Inc.+8.9%24.7%
ICE Intercontinental Exchange, Inc.+5.4%21.8%
SCHW The Charles Schwab Corporation+3.6%31.9%
GLXY Galaxy Digital−3.3%93.9%
SOFI SoFi Technologies, Inc.−7.0%65.7%
COIN This pageCoinbase Global, Inc.−11.5%86.9%
TIGR UP Fintech Holding Ltd. Sponsored ADR Class A−13.1%79.4%
RIOT Riot Platforms, Inc.−15.2%94.5%
MARA Marathon Digital Holdings, Inc.−32.4%106%
BKKT Bakkt Holdings, Inc.−51.5%191%
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Has COIN consistently beaten its popular alternatives?

This section compares COIN with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than COIN helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than COIN over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
COIN Coinbase Global, Inc. (this page)—−15.0%+6.5%−19.3%−27.8%−50.3%+129%−45.7%86.9%0.29−90.9%—$45B—
IBKR QualifiedInteractive Brokers Group, Inc.4/5 short2/2 longAll-weather−11.1%−9.5%+2.2%+23.7%+24.4%+320%+355%35.4%1.04−55.1%—$146B—
HOOD QualifiedRobinhood Markets, Inc.3/5 short2/2 long−20.3%−1.1%+7.6%−14.8%−27.7%+976%+135%68.6%0.59−90.2%—$78B—
MSTR QualifiedStrategy Inc3/5 short2/2 long−15.3%+45.9%−16.4%−9.2%−51.9%+310%+88.2%91.1%0.59−89.3%—$57B—
GLXY Financial - Capital MarketsGalaxy Digital0/5 short2/2 long−39.5%−33.4%−41.2%−36.3%−60.3%+348%−15.6%93.9%0.43−92.6%—$5.2B—
CME Financial - Data & Stock ExchangesCME Group Inc.5/5 short1/2 long+7.2%+21.0%+3.8%+13.2%+14.6%+57.7%+70.1%20.8%0.62−37.4%—$106B—
ICE Financial - Data & Stock ExchangesIntercontinental Exchange, Inc.5/5 short1/2 long+2.1%+12.4%−0.6%+0.1%+3.5%+52.4%+30.0%21.8%0.35−34.3%—$89B—
NDAQ Financial - Data & Stock ExchangesNasdaq, Inc.4/5 short1/2 long+0.1%+3.5%+8.8%−0.9%+8.1%+95.1%+52.9%24.7%0.47−38.3%—$53B—
FUTU Financial - Capital MarketsFutu Holdings Limited3/5 short1/2 long−7.5%+7.4%−36.0%−39.9%−36.1%+89.7%+63.7%70.2%0.49−87.2%—$15B—
SCHW Financial - Capital MarketsThe Charles Schwab Corporation3/5 short1/2 long−15.0%−11.1%−1.8%−9.6%−3.1%+86.2%+19.1%31.9%0.27−51.1%—$157B—
SOFI Financial - Credit ServicesSoFi Technologies, Inc.1/5 short1/2 long−13.5%−13.7%−24.7%−46.5%−48.8%+99.2%−30.3%65.7%0.21−83.3%—$19B—
ETHA CryptoiShares Ethereum Trust ETF5/5 short0/2 long−12.0%+28.1%+4.2%−22.2%−39.1%————−67.9%0.25%$8.2B—
IBIT CryptoiShares Bitcoin Trust ETF5/5 short0/2 long−4.7%+26.6%+8.0%−8.3%−25.8%————−53.3%0.25%$65B—
CRCL Financial - Capital MarketsCircle Internet Group4/5 short0/2 long−9.1%+31.2%−19.3%+2.9%−34.4%————−80.9%—$22B—
BULL Software - ApplicationWebull Corporation Class A Ordinary Shares3/5 short0/2 long−26.9%−21.6%−14.0%−26.4%−47.5%−43.9%———−92.6%—$3.3B—
RIOT Financial - Capital MarketsRiot Platforms, Inc.2/5 short0/2 long−43.1%−30.8%−24.0%−2.8%−37.4%+55.2%−56.2%94.5%0.29−98.3%—$5.2B—
MARA Financial - Capital MarketsMarathon Digital Holdings, Inc.1/5 short0/2 long−43.7%−35.9%−35.7%−24.5%−63.9%−3.6%−85.9%106%0.15−99.0%—$2.9B—
ETOR Financial - Capital MarketseToro Group Ltd.1/5 short0/2 long−14.9%−33.5%−37.3%−31.6%−38.3%————−68.3%—$2.0B—
TIGR Financial - Capital MarketsUP Fintech Holding Ltd. Sponsored ADR Class A0/5 short0/2 long−16.2%−12.4%−42.3%−60.7%−58.6%−9.7%−50.5%79.4%0.21−93.7%—$737M—
BKKT Software - InfrastructureBakkt Holdings, Inc.0/5 short0/2 long−39.9%−30.1%−38.8%−51.2%−84.4%−79.3%−97.3%191%0.31−99.5%—$247M—
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How did COIN do year by year?

This table shows each investment's total return in every full calendar year since 2022, along with where COIN ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with COIN and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: COIN began trading on April 14, 2021, so the table starts with 2022, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of COIN; gray means the two finished within a fraction of a point. The rank row places COIN among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of COIN2025202420232022
COIN This pageCoinbase Global, Inc.—−8.9%+42.8%+391%−86.0%
Rank among alternativesTop quarter in 1 of 413 of 188 of 162 of 1613 of 15
SPY S&P 500State Street SPDR S&P 500 ETF2 of 4+17.7%+24.9%+26.2%−18.2%
IBKR Interactive Brokers Group, Inc.3 of 4+46.3%+114%+15.2%−8.3%
HOOD Robinhood Markets, Inc.3 of 4+204%+192%+56.5%−54.2%
MSTR Strategy Inc2 of 4−47.5%+359%+346%−74.0%
GLXY Galaxy Digital2 of 4+28.9%+122%+175%−84.0%
CME CME Group Inc.2 of 4+19.8%+15.4%+31.3%−22.9%
ICE Intercontinental Exchange, Inc.2 of 4+9.9%+17.5%+27.1%−23.9%
NDAQ Nasdaq, Inc.2 of 4+27.2%+34.9%−3.7%−11.2%
FUTU Futu Holdings Limited3 of 4+105%+49.8%+34.4%−6.1%
SCHW The Charles Schwab Corporation2 of 4+36.6%+9.2%−16.0%+0.1%
SOFI SoFi Technologies, Inc.3 of 4+70.0%+54.8%+116%−70.8%
ETHA iShares Ethereum Trust ETF0 of 1−11.3%———
IBIT iShares Bitcoin Trust ETF1 of 1−6.4%———
BULL Webull Corporation Class A Ordinary Shares0 of 3−33.2%+7.5%+6.3%—
RIOT Riot Platforms, Inc.1 of 4+24.1%−34.0%+356%−84.8%
MARA Marathon Digital Holdings, Inc.1 of 4−46.5%−28.6%+587%−89.6%
TIGR UP Fintech Holding Ltd. Sponsored ADR Class A3 of 4+48.0%+46.2%+29.6%−30.6%
BKKT Bakkt Holdings, Inc.0 of 4−59.5%−55.6%+87.4%−86.0%
Open these 19 in EasyCompare

Risk and diversification

How COIN 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 COIN's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents COIN's four deepest drawdowns since it began trading in 2021, 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.

Note: COIN began trading on April 14, 2021, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringCOIN fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−90.9%−17.8%Nov 2021Dec 202213 monthsJun 20252.5 years
No named crash−66.4%+9.2%Jul 2025Feb 20267 monthsNot yet—
No named crash−35.5%+2.2%Apr 2021Jul 20213 monthsNov 20214 months
No named crash−10.6%+0.9%Jun 2025Jul 20251 monthJul 2025Under a month

How did COIN do in stock market crashes?

This section measures how far COIN, 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.

Note: COIN began trading on April 14, 2021, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than COIN.

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
COIN This pageCoinbase Global, Inc.—−15.2%−81.2%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
IBKR Interactive Brokers Group, Inc.2 of 2−14.3%−33.3%−38.0%−18.2%−5.6%−32.6%−14.2%−2.6%−63.7%—
HOOD Robinhood Markets, Inc.2 of 2−6.8%−60.4%————————
MSTR Strategy Inc1 of 2−17.5%−72.4%−38.5%−21.3%−3.8%−35.7%−39.3%−1.6%−70.9%−99.7%
GLXY Galaxy Digital1 of 2−8.3%−82.3%−58.7%−61.9%—0.0%0.0%—−95.1%—
CME CME Group Inc.2 of 2−3.4%−31.7%−37.4%−9.4%−4.3%−17.3%−18.0%−1.9%−77.5%—
ICE Intercontinental Exchange, Inc.2 of 2−7.0%−33.8%−33.0%−13.3%−9.4%−12.7%−19.3%−2.0%−73.9%—
NDAQ Nasdaq, Inc.2 of 2−5.7%−27.8%−37.1%−16.7%−6.4%−10.1%−16.1%−5.3%−68.5%—
FUTU Futu Holdings Limited2 of 2−6.9%−50.2%−37.8%———————
SCHW The Charles Schwab Corporation1 of 2−31.9%−36.9%−41.5%−26.5%−8.2%−37.0%−28.9%−5.5%−56.0%−83.1%
SOFI SoFi Technologies, Inc.1 of 2−15.2%−67.8%————————
BULL Webull Corporation Class A Ordinary Shares1 of 1−0.2%—————————
RIOT Riot Platforms, Inc.0 of 2−15.9%−82.8%−56.7%−66.9%−12.0%—————
MARA Marathon Digital Holdings, Inc.1 of 2−13.8%−84.4%−62.6%−55.2%−14.1%−54.3%————
TIGR UP Fintech Holding Ltd. Sponsored ADR Class A2 of 2−13.1%−50.8%−44.4%———————
BKKT Bakkt Holdings, Inc.2 of 2−13.5%−75.0%————————
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How closely does COIN 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 COIN with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 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 COIN's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
COIN This pageCoinbase Global, Inc.187%339%0.553.40
CME CME Group Inc.42%13%3.290.24
IBKR Interactive Brokers Group, Inc.178%100%1.781.36
HOOD Robinhood Markets, Inc.220%256%0.862.34
MSTR Strategy Inc248%301%0.823.56
SCHW The Charles Schwab Corporation76%92%0.820.79
NDAQ Nasdaq, Inc.110%143%0.770.99
ICE Intercontinental Exchange, Inc.98%131%0.740.94
FUTU Futu Holdings Limited68%94%0.720.46
GLXY Galaxy Digital239%358%0.673.74
SOFI SoFi Technologies, Inc.178%305%0.592.33
RIOT Riot Platforms, Inc.198%360%0.553.74
MARA Marathon Digital Holdings, Inc.229%490%0.475.32
BKKT Bakkt Holdings, Inc.144%619%0.236.08
TIGR UP Fintech Holding Ltd. Sponsored ADR Class A7%117%0.060.43
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What diversifies COIN?

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

ETFs

InvestmentCorrelation5Y returnSharpe2025202280/20 mix volatility80/20 mix annual return
COIN Coinbase Global, Inc. (this page)1.00−45.7%0.29−8.9%−86.0%89.1%−3.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.17+119%1.48+27.1%+3.8%71.6%+5.6%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.16+225%1.34+32.8%+6.0%71.7%+7.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.36+101%1.04+9.7%+10.4%72.4%+5.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.14+83.3%1.00+11.9%+7.1%71.7%+4.8%
SMH TechnologyVanEck Semiconductor ETF0.46+323%0.97+49.2%−33.5%74.7%+8.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.36+85.0%0.96+23.1%−5.1%72.1%+4.8%
GLD CommoditiesSPDR Gold Shares0.06+126%0.96+63.7%−0.8%71.6%+6.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.44+136%0.93+26.6%−10.4%73.2%+5.7%

Stocks

InvestmentCorrelation5Y returnSharpe2025202280/20 mix volatility80/20 mix annual return
COIN Coinbase Global, Inc. (this page)1.00−45.7%0.29−8.9%−86.0%89.1%−3.9%
CAH Medical - DistributionCardinal Health, Inc.0.12+479%1.55+76.3%+54.1%72.1%+9.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.47+1,636%1.46+121%+17.0%75.9%+15.3%
MCK Medical - DistributionMcKesson Corporation0.15+413%1.44+44.5%+51.8%72.2%+8.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.22+690%1.41+19.2%+86.6%73.0%+10.8%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.35+594%1.36+87.9%+24.2%73.9%+10.5%
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Common questions

What was COIN's worst drawdown?

COIN's deepest decline since it began trading in 2021 was 90.9%, from November 2021 to December 2022. It took about two years from the low to climb back to its old high. Because COIN launched in April 2021, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were COIN's best and worst years?

Over four full calendar years, COIN's best year was 2023, when it returned 391%. Its worst was 2022, with a return of -86.0%.

Is there a better investment than COIN?

Among COIN's popular alternatives, IBKR, HOOD and CME earned more than COIN with less volatility over the past 5 years. IBKR returned 35.4% a year at 35.4% volatility, against a loss of 11.5% a year at 86.9%. Looking beyond its popular alternatives, GS (capital markets) and MS (capital markets) earned more than COIN with less volatility over the past 5 years. GS returned 19.6% a year at 28.6% volatility, against a loss of 11.5% a year at 86.9%.

Is COIN more volatile than the S&P 500?

Yes. COIN's volatility over the past 5 years was 86.9%, 5.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, COIN's return lands within 86.9% 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 COIN's Sharpe ratio?

COIN's Sharpe ratio over the past 5 years was 0.29, against 0.79 for the S&P 500, so COIN 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 COIN with the S&P 500?

Over the past 5 years, COIN's monthly returns had a correlation of 0.60 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 COIN instead: the lower it is, the more that option would diversify a COIN holding.

What are the best alternatives to COIN?

Of the 19 popular alternatives we compared, three outperformed COIN in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: IBKR, HOOD and MSTR.

Did COIN outperform the S&P 500?

COIN finished ahead of the S&P 500 (SPY) in two of four full calendar years. In 2025, it returned -8.9%, against +17.7% for the index.

How did COIN do in stock market crashes?

COIN fell less than the S&P 500 (SPY) in none of the two major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when COIN fell 81.2% and the S&P 500 fell 24.5%.

What diversifies COIN?

These had a low correlation with COIN over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.17), DXJ (correlation 0.16) and EMLP (correlation 0.36); among large stocks, CAH (correlation 0.12), FIX (correlation 0.47) and MCK (correlation 0.15). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to COIN

Other stocks and ETFs