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Relative Intelligence · Chemicals

How EIDP, Inc. USD 4.50 Cum Pfd Registered Shs (CTA-PB) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CTA-PB alone. It places CTA-PB (EIDP, Inc. USD 4.50 Cum Pfd Registered Shs) against 15 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 CTA-PB stands in the market, and of the alternatives worth a closer look.

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

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

Rank the market against CTA-PB →Chart CTA-PB vs. 15 alternatives →
On this page12 sections

Key findings

How much would $10,000 in CTA-PB have grown?

This chart tracks a hypothetical $10,000 investment in CTA-PB over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CTA-PB over the same span and CTA-PB'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. 833 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CTA-PB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • DE$436,954+4,270% total · +13.9% a year
  • LIN$307,585+2,976% total · +12.5% a year
  • FMC$133,687+1,237% total · +9.4% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • SMG$80,056+701% total · +7.4% a year
  • ADM$78,052+681% total · +7.3% a year
  • CTA-PB$34,331+243% total · +4.3% a year
  • CTA-PA$33,749+237% total · +4.3% a year
  • LXU$27,996+180% total · +3.6% a year
  • MOS$9,028−9.7% total · −0.4% 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. 3,009 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CTA-PB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026
  • UAN$39,321+293% total · +31.5% a year
  • CF$22,921+129% total · +18.0% a year
  • DE$21,391+114% total · +16.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • ADM$15,236+52.4% total · +8.8% a year
  • BG$15,040+50.4% total · +8.5% a year
  • LXU$12,446+24.5% total · +4.5% a year
  • PFF$10,208+2.1% total · +0.4% a year
  • PGX$9,018−9.8% total · −2.0% a year
  • CTA-PB$7,198−28.0% total · −6.4% a year
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CTA-PB 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
$49B
Industry
Agricultural Inputs
Price history from
October 1986

Returns

Past 1 year
−11.4%total return
Past 3 years
+4.9%+1.6% a year
Past 5 years
−32.6%−7.6% a year
Past 10 years
−13.7%−1.5% a year
Best calendar year
+28.5%2009
Worst calendar year
−25.0%2022
Losing years
10 of 29full calendar years

Risk

Volatility
26.4%typical yearly swing, 5 years
Sharpe ratio
-0.17return per unit of risk, 5 years
Worst decline ever
−39.9%Jul 2022 to Oct 2023
From its all-time high
−34.9%below the peak

CTA-PB against the whole market

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

How does CTA-PB rank among all stocks?

This section ranks CTA-PB 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 CTA-PB 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.

MeasureCTA-PBRankStanding
1-year return−11.4%2,387 of 3,287bottom 28%
3-year return+4.9%2,251 of 3,017bottom 26%
5-year return−32.6%2,195 of 2,893bottom 25%
10-year return−13.7%1,882 of 2,202bottom 16%
Volatility, 5 years26.4%434 of 2,893top 15%
Sharpe ratio, 5 years-0.172,649 of 2,893bottom 9%
Worst decline, past 10 years−39.9%153 of 2,187top 7%

What has beaten CTA-PB 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). CTA-PB sits where the dashed lines cross. Anything in the green box above and to the left earned more than CTA-PB 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 CTA-PB; faint dots are 93 more of the 1,206 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%0.0%10.0%20.0%30.0%40.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CTA-PBBNDX: +0.2% a year, volatility 4.9%JAAA: +5.1% a year, volatility 1.7%SHY: +1.8% a year, volatility 2.0%SPSB: +2.8% a year, volatility 2.0%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%MUB: +0.3% a year, volatility 4.2%VOO: +12.8% a year, volatility 16.9%LMBS: +3.0% a year, volatility 2.6%RAVI: +3.8% a year, volatility 1.4%BRK-B: +13.4% a year, volatility 17.1%MEAR: +2.4% a year, volatility 1.0%JNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%BALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%NVS: +17.1% a year, volatility 20.7%LDUR: +2.4% a year, volatility 2.1%VRIG: +4.7% a year, volatility 1.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GLD: +17.7% a year, volatility 18.9%PG: +5.1% a year, volatility 18.3%FLRT: +6.0% a year, volatility 2.3%IEFA: +8.3% a year, volatility 16.6%VIG: +10.4% a year, volatility 14.1%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%IWF: +11.7% a year, volatility 21.8%MNST: +17.2% a year, volatility 24.9%VT: +10.3% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%DFAC: +11.4% a year, volatility 17.0%RSG: +13.9% a year, volatility 18.5%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%FJAN: +11.1% a year, volatility 10.5%AEP: +12.4% a year, volatility 20.2%PEP: −0.5% a year, volatility 19.1%FAST: +15.8% a year, volatility 24.6%DYNF: +14.7% a year, volatility 17.5%CL: +7.2% a year, volatility 19.2%ICE: +5.4% a year, volatility 21.8%QUAL: +11.4% a year, volatility 17.3%JEPI: +7.5% a year, volatility 11.0%MDLZ: +4.0% a year, volatility 20.2%ED: +12.0% a year, volatility 18.8%XLV: +8.4% a year, volatility 15.3%CP: +4.0% a year, volatility 24.1%ATO: +14.9% a year, volatility 18.4%CHT: +7.7% a year, volatility 13.3%SPMO: +18.7% a year, volatility 20.8%IUSG: +12.9% a year, volatility 21.2%DFIV: +14.8% a year, volatility 16.4%XEL: +6.5% a year, volatility 20.9%CNI: +0.6% a year, volatility 21.9%AVLV: +14.0% a year, volatility 16.9%WCN: +6.1% a year, volatility 20.0%NI: +15.1% a year, volatility 20.3%WEC: +7.2% a year, volatility 19.0%DFAT: +9.6% a year, volatility 21.0%FTS: +8.4% a year, volatility 16.4%VNLA: +4.0% a year, volatility 1.1%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%AEE: +7.9% a year, volatility 19.4%USHY: +3.6% a year, volatility 7.4%EWJ: +9.2% a year, volatility 18.8%WTW: +6.9% a year, volatility 23.9%BUFR: +9.9% a year, volatility 10.5%RY: +17.3% a year, volatility 18.2%CHD: +6.1% a year, volatility 21.1%FLDR: +3.9% a year, volatility 1.2%USTB: +3.6% a year, volatility 2.0%DBEF: +13.1% a year, volatility 13.8%BKLN: +5.4% a year, volatility 4.5%ELC: −1.1% a year, volatility 12.1%IOO: +15.7% a year, volatility 17.2%XLG: +13.8% a year, volatility 18.9%KMB: 0.0% a year, volatility 21.1%ESGV: +11.3% a year, volatility 18.5%CMS: +5.6% a year, volatility 19.0%JQUA: +13.6% a year, volatility 15.7%TBUX: +4.1% a year, volatility 1.1%DIVO: +11.1% a year, volatility 11.9%SRLN: +4.7% a year, volatility 3.9%LNT: +7.3% a year, volatility 19.8%XLP: +7.2% a year, volatility 13.8%VPL: +9.5% a year, volatility 18.6%MOAT: +9.1% a year, volatility 18.4%FTSL: +5.0% a year, volatility 3.4%CTA-PB: −7.6% a year, volatility 26.4%SPY (S&P 500): +12.7% a year, volatility 17.1%PFF: −0.2% a year, volatility 10.5%PGX: −2.3% a year, volatility 11.2%ADM: +7.4% a year, volatility 28.7%DE: +14.4% a year, volatility 29.9%CF: +16.7% a year, volatility 38.1%CTA-PA: −8.1% a year, volatility 20.3%LIN: +11.5% a year, volatility 20.9%GGG: +3.5% a year, volatility 22.9%SHEL: +21.0% a year, volatility 24.8%APD: +3.2% a year, volatility 26.4%ITW: +6.7% a year, volatility 21.4%FELE: +4.1% a year, volatility 27.1%BIL: +3.7% a year, volatility 0.3%BND: −0.4% a year, volatility 6.1%VTIP: +2.7% a year, volatility 2.9%FLOT: +4.5% a year, volatility 1.8%BSV: +1.7% a year, volatility 2.8%WMT: +20.8% a year, volatility 22.6%PGR: +21.3% a year, volatility 25.6%TLT: −7.7% a year, volatility 15.7%CAH: +42.1% a year, volatility 24.7%CTA-PBSPY (S&P 500)PFFPGXADMDECFCTA-PAGGGSHELAPDITWBILBNDVTIPWMTTLTCAH−10.0%0.0%10.0%20.0%30.0%40.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CTA-PBBNDX: +0.2% a year, volatility 4.9%JAAA: +5.1% a year, volatility 1.7%SHY: +1.8% a year, volatility 2.0%SPSB: +2.8% a year, volatility 2.0%FLTR: +4.8% a year, volatility 2.1%FLRN: +4.5% a year, volatility 1.7%MUB: +0.3% a year, volatility 4.2%VOO: +12.8% a year, volatility 16.9%LMBS: +3.0% a year, volatility 2.6%RAVI: +3.8% a year, volatility 1.4%BRK-B: +13.4% a year, volatility 17.1%MEAR: +2.4% a year, volatility 1.0%JNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%BALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%NVS: +17.1% a year, volatility 20.7%LDUR: +2.4% a year, volatility 2.1%VRIG: +4.7% a year, volatility 1.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GLD: +17.7% a year, volatility 18.9%PG: +5.1% a year, volatility 18.3%FLRT: +6.0% a year, volatility 2.3%IEFA: +8.3% a year, volatility 16.6%VIG: +10.4% a year, volatility 14.1%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%IWF: +11.7% a year, volatility 21.8%MNST: +17.2% a year, volatility 24.9%VT: +10.3% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%DFAC: +11.4% a year, volatility 17.0%RSG: +13.9% a year, volatility 18.5%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%FJAN: +11.1% a year, volatility 10.5%AEP: +12.4% a year, volatility 20.2%PEP: −0.5% a year, volatility 19.1%FAST: +15.8% a year, volatility 24.6%DYNF: +14.7% a year, volatility 17.5%CL: +7.2% a year, volatility 19.2%ICE: +5.4% a year, volatility 21.8%QUAL: +11.4% a year, volatility 17.3%JEPI: +7.5% a year, volatility 11.0%MDLZ: +4.0% a year, volatility 20.2%ED: +12.0% a year, volatility 18.8%XLV: +8.4% a year, volatility 15.3%CP: +4.0% a year, volatility 24.1%ATO: +14.9% a year, volatility 18.4%CHT: +7.7% a year, volatility 13.3%SPMO: +18.7% a year, volatility 20.8%IUSG: +12.9% a year, volatility 21.2%DFIV: +14.8% a year, volatility 16.4%XEL: +6.5% a year, volatility 20.9%CNI: +0.6% a year, volatility 21.9%AVLV: +14.0% a year, volatility 16.9%WCN: +6.1% a year, volatility 20.0%NI: +15.1% a year, volatility 20.3%WEC: +7.2% a year, volatility 19.0%DFAT: +9.6% a year, volatility 21.0%FTS: +8.4% a year, volatility 16.4%VNLA: +4.0% a year, volatility 1.1%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%AEE: +7.9% a year, volatility 19.4%USHY: +3.6% a year, volatility 7.4%EWJ: +9.2% a year, volatility 18.8%WTW: +6.9% a year, volatility 23.9%BUFR: +9.9% a year, volatility 10.5%RY: +17.3% a year, volatility 18.2%CHD: +6.1% a year, volatility 21.1%FLDR: +3.9% a year, volatility 1.2%USTB: +3.6% a year, volatility 2.0%DBEF: +13.1% a year, volatility 13.8%BKLN: +5.4% a year, volatility 4.5%ELC: −1.1% a year, volatility 12.1%IOO: +15.7% a year, volatility 17.2%XLG: +13.8% a year, volatility 18.9%KMB: 0.0% a year, volatility 21.1%ESGV: +11.3% a year, volatility 18.5%CMS: +5.6% a year, volatility 19.0%JQUA: +13.6% a year, volatility 15.7%TBUX: +4.1% a year, volatility 1.1%DIVO: +11.1% a year, volatility 11.9%SRLN: +4.7% a year, volatility 3.9%LNT: +7.3% a year, volatility 19.8%XLP: +7.2% a year, volatility 13.8%VPL: +9.5% a year, volatility 18.6%MOAT: +9.1% a year, volatility 18.4%FTSL: +5.0% a year, volatility 3.4%CTA-PB: −7.6% a year, volatility 26.4%SPY (S&P 500): +12.7% a year, volatility 17.1%PFF: −0.2% a year, volatility 10.5%PGX: −2.3% a year, volatility 11.2%ADM: +7.4% a year, volatility 28.7%DE: +14.4% a year, volatility 29.9%CF: +16.7% a year, volatility 38.1%CTA-PA: −8.1% a year, volatility 20.3%LIN: +11.5% a year, volatility 20.9%GGG: +3.5% a year, volatility 22.9%SHEL: +21.0% a year, volatility 24.8%APD: +3.2% a year, volatility 26.4%ITW: +6.7% a year, volatility 21.4%FELE: +4.1% a year, volatility 27.1%BIL: +3.7% a year, volatility 0.3%BND: −0.4% a year, volatility 6.1%VTIP: +2.7% a year, volatility 2.9%FLOT: +4.5% a year, volatility 1.8%BSV: +1.7% a year, volatility 2.8%WMT: +20.8% a year, volatility 22.6%PGR: +21.3% a year, volatility 25.6%TLT: −7.7% a year, volatility 15.7%CAH: +42.1% a year, volatility 24.7%CTA-PBSPY (S&P 500)PFFPGXADMCFCTA-PAGGGSHELITWFELEBILBNDFLOTWMTCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CTA-PB?

Investments that beat CTA-PB 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 CTA-PB 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 CTA-PB'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 CTA-PB 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 CTA-PB'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× CTA-PB's volatility counts as better.

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

Screen the whole market against CTA-PB for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with CTA-PB?lower diversifies moreExpenseper year
CTA-PBEIDP, Inc. USD 4.50 Cum Pfd Registered Shs · this page
−7.6%26.4%-0.17−39.9%−13.7%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.130.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CTA-PB. 10 of 15 passed at least one test.
PFFiShares Preferred and Income Securities ETF · Preferred Securities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods−0.2%10.5%0.04−34.1%+29.6%0.460.45%
PGXInvesco Preferred ETF · Financials
Higher return, lower volatilityHigher return in most periods−2.3%11.2%-0.15−34.1%+16.8%0.560.50%
ADMArcher-Daniels-Midland Company · Agricultural Products
Higher return, similar volatilityHigher return in most periods+7.4%28.7%0.40−54.1%+156%-0.24—
DEDeere & Company · Industrial Machinery
Higher return in most periods+14.4%29.9%0.60−37.9%+755%-0.18—
CFCF Industries Holdings, Inc. · Chemicals
Higher return in most periods+16.7%38.1%0.60−60.7%+516%-0.08—
CTA-PAEIDP, Inc. · Chemicals
Similar return, lower volatility−8.1%20.3%-0.32−40.3%−19.5%0.66—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Chemicals and the categories next to it (Specialty Chemicals, Industrial Machinery, Agricultural Products, Integrated Oil & Gas), plus CTA-PB's specific themes. 58 of 71 passed at least one test.
LINLinde plc · Chemicals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.5%20.9%0.63−32.6%+394%0.03—
GGGGraco Inc. · Industrial Machinery
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.5%22.9%0.26−30.6%+263%0.04—
SHELShell plc · Integrated Oil & Gas
Higher return, lower volatilityHigher return in most periods+21.0%24.8%0.90−67.2%+233%-0.17—
APDAir Products and Chemicals, Inc. · Chemicals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.2%26.4%0.25−31.8%+188%0.02—
ITWIllinois Tool Works Inc. · Industrial Machinery
Higher return, lower volatilityHigher return in most periods+6.7%21.4%0.41−37.9%+208%0.05—
FELEFranklin Electric Co., Inc. · Industrial Machinery
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.1%27.1%0.28−32.0%+193%0.22—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,070 of 3,547 passed at least one test.
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+3.7%0.3%14.05−0.2%+25.8%0.020.14%
BNDVanguard Total Bond Market ETF · Investment Grade Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes−0.4%6.1%-0.03−18.6%+13.2%0.320.03%
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+2.7%2.9%0.94−6.3%+32.7%0.110.03%
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+4.5%1.8%2.48−13.5%+35.9%-0.170.15%
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+1.7%2.8%0.63−8.5%+20.5%0.250.03%
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.8%22.6%0.96−25.7%+508%0.00—
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.3%25.6%0.89−30.3%+816%0.08—
TLTiShares 20+ Year Treasury Bond ETF · Treasury Bonds
Similar return, lower volatility−7.7%15.7%-0.44−48.4%−20.1%0.350.15%
What these numbers mean for CTA-PB
Annual return
CTA-PB lost 7.6% 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 $6,740. 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
CTA-PB's volatility over the past 5 years was 26.4%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CTA-PB's return lands within 26.4% 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
CTA-PB's Sharpe ratio over the past 5 years was -0.17, against 0.79 for the S&P 500, so CTA-PB 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
CTA-PB's worst fall from a peak to a low over the past 10 years was 39.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 39.9% fall takes a 66.5% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CTA-PB's monthly returns had a correlation of 0.13 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against CTA-PB instead: the lower it is, the more that option would diversify a CTA-PB holding. Guide: Correlation and diversification →
Show all 1,206 stocks and funds worth at least $500 million that earned more than CTA-PB 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 CTA-PBExpense
1
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds
Whole market+3.7%0.3%14.05−0.2%+25.8%0.020.14%
2
BNDVanguard Total Bond Market ETF · Investment Grade Bonds
Whole market−0.4%6.1%-0.03−18.6%+13.2%0.320.03%
3
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Whole market+2.7%2.9%0.94−6.3%+32.7%0.110.03%
4
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+35.9%-0.170.15%
5
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.7%2.8%0.63−8.5%+20.5%0.250.03%
6
BNDXVanguard Total International Bond ETF · International Bonds
Whole market+0.2%4.9%0.06−16.2%+15.0%0.220.07%
7
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—-0.010.20%
8
SHYiShares 1-3 Year Treasury Bond ETF · Treasury Bonds
Whole market+1.8%2.0%0.89−5.7%+17.7%0.240.15%
9
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Whole market+2.8%2.0%1.38−11.8%+29.2%0.230.04%
10
FLTRVanEck IG Floating Rate ETF · Multi-Asset
Whole market+4.8%2.1%2.20−17.8%+41.8%-0.070.14%
11
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds
Whole market+4.5%1.7%2.58−14.7%+35.9%-0.130.15%
12
MUBiShares National Muni Bond ETF · Municipal Bonds
Whole market+0.3%4.2%0.09−13.7%+17.8%0.250.05%
13
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.130.03%
14
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.0%2.6%1.14−6.5%+25.6%0.320.66%
15
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.00—
16
RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds
Whole market+3.8%1.4%2.61−3.7%+30.8%0.100.26%
17
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%-0.04—
18
MEARiShares Short Maturity Municipal Bond Active ETF · Bonds
Whole market+2.4%1.0%2.37−2.7%+19.3%0.250.26%
19
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.05—
20
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.080.40%
21
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.170.69%
22
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.23—
23
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.02—
24
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds
Whole market+2.4%2.1%1.13−8.7%+26.7%0.150.54%
25
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+40.5%0.010.30%
26
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%-0.01—
27
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%-0.13—
28
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.110.40%
29
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.1%18.3%0.37−23.8%+145%-0.12—
30
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%-0.010.60%
31
IEFAiShares Core MSCI EAFE ETF · Developed International Equity
Whole market+8.3%16.6%0.56−34.8%+140%0.170.07%
32
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.080.04%
33
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%-0.10—
34
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.030.06%
35
IWFiShares Russell 1000 Growth ETF · US Large-Cap Growth
Whole market+11.7%21.8%0.62−32.7%+416%0.150.18%
36
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.13—
37
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.160.06%
38
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.61−25.4%+37.8%0.06—
39
DFACDimensional - US Core Equity 2 ETF · US Total Market
Whole market+11.4%17.0%0.72−23.1%—0.100.21%
40
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.02—
41
ULUnilever PLC · Household & Personal Products
Whole market+5.5%21.5%0.36−30.1%+89.8%0.06—
42
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.200.79%
43
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.14—
44
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.02—
45
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.130.85%
46
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.00—
47
PEPPepsiCo, Inc. · Food & Beverages
Whole market−0.5%19.1%0.07−30.3%+72.6%0.02—
48
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.06—
49
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.150.26%
50
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%-0.01—
51
ICEIntercontinental Exchange, Inc. · Capital Markets
Whole market+5.4%21.8%0.35−34.3%+240%0.02—
52
QUALiShares MSCI USA Quality Factor ETF · US Quality Equity
Whole market+11.4%17.3%0.71−34.1%+293%0.130.15%
53
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%—0.100.35%
54
MDLZMondelez International, Inc. · Packaged Foods
Whole market+4.0%20.2%0.29−29.8%+93.4%0.07—
55
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.02—
56
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.090.08%
57
CPCanadian Pacific Kansas City Ltd. · Railroads
Whole market+4.0%24.1%0.28−33.7%+227%0.11—
58
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.08—
59
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.11—
60
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.040.13%
61
IUSGiShares Core S&P U.S. Growth ETF · US Growth Equity
Whole market+12.9%21.2%0.68−32.4%+405%0.130.04%
62
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.080.27%
63
XELXcel Energy Inc. · Electric Utilities
Whole market+6.5%20.9%0.41−34.4%+156%0.00—
64
CNICanadian National Railway Company · Railroads
Whole market+0.6%21.9%0.14−29.1%+124%0.08—
65
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.030.15%
66
WCNWaste Connections, Inc. · Environmental Services
Whole market+6.1%20.0%0.40−31.6%+270%0.03—
67
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.00—
68
WECWEC Energy Group, Inc. · Electric Utilities
Whole market+7.2%19.0%0.46−32.3%+159%0.09—
69
DFATDimensional - US Targeted Value ETF · US Small-Cap Equity
Whole market+9.6%21.0%0.54−26.1%—0.030.33%
70
FTSFortis Inc. · Electric Utilities
Whole market+8.4%16.4%0.58−34.3%+154%0.07—
71
VNLAJanus Henderson Short Duration Income ETF · Bonds
Whole market+4.0%1.1%3.77−4.5%—0.110.25%
72
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.6%12.3%0.66−33.1%+176%0.130.15%
73
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.040.20%
74
AEEAmeren Corporation · Electric Utilities
Whole market+7.9%19.4%0.49−29.1%+192%0.02—
75
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds
Whole market+3.6%7.4%0.52−22.4%—0.120.08%
76
EWJiShares MSCI Japan ETF · International Equity
Whole market+9.2%18.8%0.57−33.1%+132%0.120.49%
77
WTWWillis Towers Watson Public Limited Company · Insurance
Whole market+6.9%23.9%0.40−32.9%+187%-0.01—
78
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%—0.140.10%
79
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.20—
80
CHDChurch & Dwight Co., Inc. · Household & Personal Products
Whole market+6.1%21.1%0.39−31.7%+154%0.10—
81
FLDRFidelity Low Duration Bond Factor ETF · Bonds
Whole market+3.9%1.2%3.09−12.2%—0.190.15%
82
USTBVictoryShares Short-Term Bond ETF · Bonds
Whole market+3.6%2.0%1.73−5.3%—0.230.34%
83
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.190.35%
84
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.4%4.5%1.19−24.1%+50.7%-0.020.67%
85
ELCEntergy Louisiana, LLC COLLATERAL TR MT · Investment Grade Bonds
Whole market−1.1%12.1%-0.03−21.1%+21.9%0.69—
86
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.120.40%
87
XLGInvesco S&P 500 Top 50 ETF · US Large-Cap Equity
Whole market+13.8%18.9%0.78−30.5%+379%0.150.20%
88
KMBKimberly-Clark Corporation · Household & Personal Products
Whole market0.0%21.1%0.11−34.1%+29.9%0.01—
89
LINLinde plc · Chemicals
Same or nearby category+11.5%20.9%0.63−32.6%+394%0.03—
90
ESGVVanguard ESG U.S. Stock ETF · US ESG Equity
Whole market+11.3%18.5%0.67−33.7%—0.160.09%
91
CMSCMS Energy Corporation · Electric Utilities
Whole market+5.6%19.0%0.38−29.6%+123%0.06—
92
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.110.12%
93
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds
Whole market+4.1%1.1%3.85−1.8%—0.120.17%
94
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income
Whole market+11.1%11.9%0.95−30.0%—-0.030.56%
95
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%3.9%1.18−22.3%+54.2%-0.020.70%
96
LNTAlliant Energy Corporation · Electric Utilities
Whole market+7.3%19.8%0.46−33.5%+150%0.01—
97
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.2%13.8%0.57−24.5%+121%0.040.08%
98
VPLVanguard FTSE Pacific ETF · International Equity
Whole market+9.5%18.6%0.58−33.9%+141%0.120.07%
99
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.1%18.4%0.57−33.3%+276%0.190.46%
100
FTSLFirst Trust Senior Loan Fund · Bonds
Whole market+5.0%3.4%1.49−22.7%+52.1%-0.030.70%

CTA-PB against its popular alternatives

The investments people most often weigh against CTA-PB, compared period by period and year by year.

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

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

10.0%20.0%30.0%40.0%50.0%60.0%−50.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCTA-PB: −7.6% a year, volatility 26.4%SPY (S&P 500): 12.7% a year, volatility 17.1%PFF: −0.2% a year, volatility 10.5%PGX: −2.3% a year, volatility 11.2%SMG: −14.4% a year, volatility 47.1%MOS: −13.8% a year, volatility 42.2%CTVA: −21.0% a year, volatility 47.6%FMC: −41.7% a year, volatility 51.5%DE: 14.4% a year, volatility 29.9%UAN: 28.1% a year, volatility 40.5%CF: 16.7% a year, volatility 38.1%ADM: 7.4% a year, volatility 28.7%LXU: 2.4% a year, volatility 56.3%BG: 6.1% a year, volatility 29.9%ICL: −5.2% a year, volatility 37.4%NTR: 2.6% a year, volatility 34.2%CTA-PA: −8.1% a year, volatility 20.3%CTA-PBSPY (S&P 500)PFFSMGMOSCTVAFMCDEUANCFADMLXUICLNTRCTA-PA10.0%20.0%30.0%40.0%50.0%60.0%−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 volatilityCTA-PB: −7.6% a year, volatility 26.4%SPY (S&P 500): 12.7% a year, volatility 17.1%PFF: −0.2% a year, volatility 10.5%PGX: −2.3% a year, volatility 11.2%SMG: −14.4% a year, volatility 47.1%MOS: −13.8% a year, volatility 42.2%CTVA: −21.0% a year, volatility 47.6%FMC: −41.7% a year, volatility 51.5%DE: 14.4% a year, volatility 29.9%UAN: 28.1% a year, volatility 40.5%CF: 16.7% a year, volatility 38.1%ADM: 7.4% a year, volatility 28.7%LXU: 2.4% a year, volatility 56.3%BG: 6.1% a year, volatility 29.9%ICL: −5.2% a year, volatility 37.4%NTR: 2.6% a year, volatility 34.2%CTA-PA: −8.1% a year, volatility 20.3%CTA-PBSPY (S&P 500)PFFSMGMOSCTVAFMCUANCFADMLXUBGICLNTRCTA-PA
All figures
InvestmentAnnual returnVolatility
UAN CVR Partners, LP+28.1%40.5%
CF CF Industries Holdings, Inc.+16.7%38.1%
DE Deere & Company+14.4%29.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
ADM Archer-Daniels-Midland Company+7.4%28.7%
BG Bunge Global S.A.+6.1%29.9%
NTR Nutrien Ltd.+2.6%34.2%
LXU LSB Industries, Inc.+2.4%56.3%
PFF iShares Preferred and Income Securities ETF−0.2%10.5%
PGX Invesco Preferred ETF−2.3%11.2%
ICL ICL Group Ltd−5.2%37.4%
CTA-PB This pageEIDP, Inc. USD 4.50 Cum Pfd Registered Shs−7.6%26.4%
CTA-PA EIDP, Inc.−8.1%20.3%
MOS The Mosaic Company−13.8%42.2%
SMG The Scotts Miracle-Gro Company−14.4%47.1%
CTVA Corteva, Inc.−21.0%47.6%
FMC FMC Corporation−41.7%51.5%
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Has CTA-PB consistently beaten its popular alternatives?

This section compares CTA-PB 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 CTA-PB helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than CTA-PB 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
CTA-PB EIDP, Inc. USD 4.50 Cum Pfd Registered Shs (this page)—−11.8%−12.6%−13.7%−10.9%−11.4%+4.9%−32.6%−13.7%26.4%-0.17−39.9%—$49B—
DE QualifiedDeere & Company5/5 short3/3 longAll-weather−7.5%+8.1%+6.9%+36.5%+38.3%+75.4%+96.1%+755%29.9%0.60−37.9%—$170B—
UAN QualifiedCVR Partners, LP5/5 short3/3 longAll-weather−1.7%+10.7%+12.1%+36.1%+57.8%+118%+245%+528%40.5%0.82−90.3%—$1.3B—
CF QualifiedCF Industries Holdings, Inc.5/5 short3/3 longAll-weather−4.3%−4.1%+2.7%+49.3%+43.4%+52.2%+117%+516%38.1%0.60−60.7%—$18B—
ADM QualifiedArcher-Daniels-Midland Company5/5 short3/3 longAll-weather−3.5%−5.5%+19.2%+39.1%+31.1%+22.1%+42.9%+156%28.7%0.40−54.1%—$39B—
PFF QualifiediShares Preferred and Income Securities ETF5/5 short3/3 longAll-weather−3.9%−3.3%−5.5%−3.9%−3.8%+21.6%−0.9%+29.6%10.5%0.04−34.1%0.45%$12B—
PGX QualifiedInvesco Preferred ETF5/5 short3/3 longAll-weather−3.9%−6.6%−8.1%−7.6%−8.7%+16.0%−11.0%+16.8%11.2%-0.15−34.1%0.50%$3.6B—
LXU QualifiedLSB Industries, Inc.4/5 short3/3 longAll-weather−1.3%−9.2%−27.0%+20.2%+20.8%+11.6%+12.3%+92.9%56.3%0.32−91.1%—$742M—
BG QualifiedBunge Global S.A.3/5 short3/3 long−8.5%−14.0%−14.9%+13.2%+8.6%+10.6%+34.5%+131%29.9%0.35−60.5%—$20B—
ICL QualifiedICL Group Ltd3/5 short3/3 long−8.8%−1.6%−4.7%−13.7%−19.2%+8.2%−23.4%+102%37.4%0.04−64.8%—$6.3B—
NTR QualifiedNutrien Ltd.5/5 short2/3 long−6.7%+4.4%−1.4%+11.9%+23.9%+30.4%+13.9%—34.2%0.25−58.2%—$33B—
SMG QualifiedThe Scotts Miracle-Gro Company3/5 short2/3 long+8.6%−18.5%−14.1%−3.0%+7.1%+36.6%−54.1%−12.3%47.1%-0.10−83.5%—$3.3B—
MOS Agricultural InputsThe Mosaic Company0/5 short1/3 long−25.8%−19.6%−24.5%−26.7%−37.4%−44.6%−52.3%−12.6%42.2%-0.14−80.8%—$5.7B—
CTA-PA Agricultural InputsEIDP, Inc.4/5 short0/3 long−11.7%−11.5%−13.1%−9.2%−10.0%−0.2%−34.4%−19.5%20.3%-0.32−40.3%—$45B—
CTVA Agricultural InputsCorteva, Inc.1/5 short0/3 long+8.7%−85.1%−83.9%−80.8%−79.0%−73.5%−69.2%—47.6%0.04−87.1%—$8.6B—
FMC Agricultural InputsFMC Corporation0/5 short0/3 long−47.9%−52.1%−68.9%−62.2%−81.5%−91.1%−93.3%−83.8%51.5%-0.76−95.6%—$665M—
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How did CTA-PB do year by year?

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

InvestmentYears ahead of CTA-PB20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
CTA-PB This pageEIDP, Inc. USD 4.50 Cum Pfd Registered Shs—+2.0%+8.6%−5.9%−25.0%−2.3%+9.1%+18.6%−7.1%+11.8%+6.8%−2.6%+27.7%−12.6%+3.5%+17.1%+14.5%+28.5%−2.1%−6.2%+10.1%−5.3%+3.1%+15.3%+20.9%+13.4%+3.6%−13.5%+10.7%+24.2%
Rank among alternativesTop quarter in 7 of 2912 of 164 of 168 of 1614 of 1614 of 167 of 163 of 159 of 145 of 149 of 145 of 141 of 1411 of 1412 of 142 of 139 of 138 of 132 of 1210 of 1110 of 116 of 99 of 98 of 92 of 93 of 86 of 85 of 82 of 83 of 8
SPY S&P 500State Street SPDR S&P 500 ETF22 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%
DE Deere & Company18 of 29+11.4%+7.6%−5.5%+26.6%+28.9%+58.0%+18.3%−2.9%+54.8%+39.0%−11.3%−0.5%+8.2%+14.3%−5.0%+56.3%+44.8%−58.1%+98.6%+42.3%−6.6%+16.3%+44.4%+7.1%−2.6%+8.1%+34.8%−42.3%+46.1%
UAN CVR Partners, LP6 of 14+54.1%+27.2%−13.8%+43.7%+453%−48.3%+1.5%+3.6%−45.2%−17.6%−9.6%−35.7%−29.6%+10.1%———————————————
CF CF Industries Holdings, Inc.12 of 20−7.2%+10.1%−4.7%+22.3%+87.2%−15.7%+12.7%+5.1%+40.3%−19.3%−23.5%+19.4%+15.9%+41.3%+8.0%+49.6%+85.8%−55.2%+330%+69.1%—————————
ADM Archer-Daniels-Midland Company13 of 29+18.2%−27.5%−20.4%+40.0%+37.3%+12.4%+17.1%+5.3%−9.5%+28.4%−27.7%+22.3%+61.8%−1.8%−2.9%−2.0%+10.8%−36.9%+47.2%+31.1%+12.2%+49.3%+24.9%−12.1%+1.9%+32.4%−24.6%−16.2%+6.6%
PFF iShares Preferred and Income Securities ETF9 of 18+4.9%+7.2%+9.3%−18.2%+7.2%+7.9%+15.9%−4.7%+8.1%+1.3%+4.3%+14.1%−1.0%+18.2%−2.0%+13.9%+38.4%−23.9%———————————
PGX Invesco Preferred ETF8 of 17+3.4%+6.6%+9.4%−21.1%+3.1%+7.1%+17.8%−4.1%+10.6%+0.9%+7.9%+16.4%−2.4%+14.4%+3.6%+11.5%+19.7%————————————
LXU LSB Industries, Inc.13 of 29+12.0%−18.5%−30.0%+20.4%+323%−19.2%−24.0%−36.9%+4.0%+16.1%−76.9%−23.4%+15.8%+26.4%+15.5%+72.0%+69.5%−70.5%+144%+88.4%−22.7%+24.6%+128%+7.5%+6.4%+74.1%−56.8%−17.8%−9.5%
BG Bunge Global S.A.13 of 24+18.6%−20.7%+3.8%+9.3%+45.9%+18.9%+11.8%−18.0%−4.8%+8.7%−23.5%+12.5%+14.7%+29.1%−11.4%+4.3%+25.1%−55.1%+61.8%+29.5%+0.3%+75.2%+39.0%+5.2%—————
ICL ICL Group Ltd9 of 20+18.8%+2.6%−27.0%−17.1%+97.4%+8.2%−11.5%+45.1%+1.8%+5.9%−41.6%−1.1%−16.6%+46.0%−21.9%+48.6%+127%−35.5%+122%+63.3%—————————
NTR Nutrien Ltd.3 of 7+43.3%−17.0%−20.2%−0.6%+60.8%+5.6%+5.6%——————————————————————
SMG The Scotts Miracle-Gro Company17 of 29−8.0%+8.3%+36.9%−68.8%−18.0%+96.2%+77.0%−41.0%+14.5%+51.9%+6.5%+5.9%+45.5%−2.9%−6.0%+31.3%+34.0%−19.2%−14.8%+15.4%+23.8%+24.2%+20.6%+3.1%+28.8%−8.2%+4.7%+27.0%+52.3%
MOS The Mosaic Company10 of 29+1.1%−29.1%−16.5%+12.8%+72.2%+7.6%−25.3%+14.2%−10.4%+10.7%−38.0%−1.4%−15.0%+13.7%−33.8%+28.3%+73.4%−63.3%+342%+46.0%−10.4%+64.4%−6.2%−17.4%−16.1%−2.8%−22.0%−33.9%−15.5%
CTA-PA EIDP, Inc.15 of 29+4.0%+5.2%−4.9%−30.9%+10.8%+5.5%+18.4%−14.9%+8.8%+15.7%−0.1%+16.8%−12.2%+7.8%+20.8%+18.6%+10.3%+3.5%−5.6%+9.3%−1.2%+3.9%+18.4%+14.6%+13.7%+4.5%−12.0%+8.7%+22.9%
CTVA Corteva, Inc.5 of 6+18.9%+20.2%−17.5%+25.6%+23.5%+33.5%———————————————————————
FMC FMC Corporation16 of 29−70.0%−19.7%−48.0%+15.7%−2.6%+17.3%+58.8%−21.0%+68.8%+46.6%−30.4%−23.7%+30.0%+37.0%+8.5%+44.3%+25.9%−17.4%+43.8%+45.5%+10.2%+41.4%+24.9%+842%−17.1%+25.0%+2.4%−16.7%−4.0%
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Risk and diversification

How CTA-PB 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 CTA-PB's worst declines?

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

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

DuringCTA-PB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−39.9%+2.1%Jul 2022Oct 202315 monthsNot yet—
Covid crash−31.4%−31.3%Jan 2020Mar 20202 monthsNov 20208 months
No named crash−24.7%—Mar 1987Apr 19892.1 yearsApr 19912 years
2022 bear market−24.2%−12.3%Nov 2021May 20226 monthsJul 20222 months
Dot-com bust−23.7%+42.0%Sep 1998Mar 200018 monthsOct 200119 months

How did CTA-PB do in stock market crashes?

This section measures how far CTA-PB, 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 CTA-PB.

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
CTA-PB This pageEIDP, Inc. USD 4.50 Cum Pfd Registered Shs—−4.4%−19.2%−26.9%−5.5%−2.5%−3.5%−6.1%−1.7%−15.7%−7.0%
SPY S&P 500State Street SPDR S&P 500 ETF1 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
DE Deere & Company1 of 10−6.7%−33.8%−37.4%−17.5%−6.9%−24.9%−24.2%0.0%−73.3%−37.3%
UAN CVR Partners, LP0 of 7−7.9%−49.2%−77.3%−24.2%−10.2%−58.7%−25.1%———
CF CF Industries Holdings, Inc.1 of 9−10.7%−26.4%−46.4%−28.0%−6.1%−56.0%−36.3%−1.2%−76.8%—
ADM Archer-Daniels-Midland Company1 of 10−4.1%−26.7%−33.7%−22.9%−2.0%−35.5%−24.4%0.0%−68.0%−31.0%
PFF iShares Preferred and Income Securities ETF3 of 9−7.0%−18.1%−33.9%−8.2%−0.7%−6.8%−14.4%0.0%−64.7%—
PGX Invesco Preferred ETF2 of 8−7.7%−19.3%−33.7%−6.7%−0.6%−6.0%−10.6%0.0%——
LXU LSB Industries, Inc.0 of 10−16.7%−56.2%−38.0%−46.8%−9.5%−84.0%−43.8%−2.2%−75.8%−52.4%
BG Bunge Global S.A.1 of 9−5.6%−34.7%−44.0%−25.8%−3.1%−39.5%−23.7%0.0%−77.3%—
ICL ICL Group Ltd1 of 9−8.3%−32.7%−26.8%−19.4%−4.7%−42.6%−34.9%0.0%−79.9%—
NTR Nutrien Ltd.0 of 5−8.9%−36.9%−41.9%−24.8%−10.9%—————
SMG The Scotts Miracle-Gro Company1 of 10−6.8%−75.1%−38.0%−25.2%−2.7%−11.1%−21.0%−0.9%−62.7%−31.2%
MOS The Mosaic Company1 of 10−12.4%−44.0%−63.8%−25.2%−7.3%−50.4%−35.6%0.0%−86.1%−52.7%
CTA-PA EIDP, Inc.5 of 10−1.5%−27.4%−14.8%−6.8%−3.5%−9.6%−2.7%0.0%−16.3%−6.2%
CTVA Corteva, Inc.0 of 3−5.8%−19.4%−34.0%———————
FMC FMC Corporation0 of 10−6.3%−27.9%−44.8%−23.8%−5.7%−32.8%−28.3%−1.8%−62.2%−44.0%
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How closely does CTA-PB 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 CTA-PB 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 CTA-PB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CTA-PB This pageEIDP, Inc. USD 4.50 Cum Pfd Registered Shs19%42%0.440.26
DE Deere & Company110%66%1.670.98
CF CF Industries Holdings, Inc.102%78%1.320.82
UAN CVR Partners, LP114%103%1.111.03
BG Bunge Global S.A.67%72%0.920.66
ADM Archer-Daniels-Midland Company72%79%0.910.75
ICL ICL Group Ltd88%126%0.701.10
PFF iShares Preferred and Income Securities ETF39%59%0.660.50
PGX Invesco Preferred ETF35%58%0.590.45
LXU LSB Industries, Inc.111%187%0.591.31
MOS The Mosaic Company82%154%0.531.32
SMG The Scotts Miracle-Gro Company90%185%0.481.52
CTA-PA EIDP, Inc.19%51%0.380.23
FMC FMC Corporation35%157%0.220.71
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What diversifies CTA-PB?

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

ETFs

InvestmentCorrelation5Y returnSharpe202320222021201820152013200820072005199980/20 mix volatility80/20 mix annual return
CTA-PB EIDP, Inc. USD 4.50 Cum Pfd Registered Shs (this page)1.00−32.6%-0.17−5.9%−25.0%−2.3%−7.1%−2.6%−12.6%−2.1%−6.2%−5.3%−13.5%21.1%−6.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.08+119%1.48+17.4%+3.8%+17.8%−5.2%——————17.1%−1.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.08+225%1.34+42.0%+6.0%+18.0%−19.8%+7.7%+41.3%−20.8%−7.4%——17.3%0.0%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.01+101%1.04+8.0%+10.4%+23.1%−8.7%−25.3%+16.6%————17.1%−1.9%
HDV Dividend & IncomeiShares Core High Dividend ETF0.01+83.3%1.00+1.8%+7.1%+19.6%−3.0%−0.3%+23.8%————17.1%−2.5%
SMH TechnologyVanEck Semiconductor ETF0.11+323%0.97+73.4%−33.5%+42.1%−9.1%−0.3%+33.4%−44.7%+6.0%+10.8%—18.9%+2.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.19+85.0%0.96+20.1%−5.1%+19.6%−9.5%+4.1%+26.4%————17.4%−2.3%
GLD CommoditiesSPDR Gold Shares0.11+126%0.96+12.7%−0.8%−4.2%−1.9%−10.7%−28.3%+4.9%+30.4%+17.8%—17.6%−1.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.04+136%0.93+17.6%−10.4%+22.7%−0.9%——————17.5%−0.7%

Stocks

InvestmentCorrelation5Y returnSharpe202320222021201820152013200820072005199980/20 mix volatility80/20 mix annual return
CTA-PB EIDP, Inc. USD 4.50 Cum Pfd Registered Shs (this page)1.00−32.6%-0.17−5.9%−25.0%−2.3%−7.1%−2.6%−12.6%−2.1%−6.2%−5.3%−13.5%21.1%−6.4%
CAH Medical - DistributionCardinal Health, Inc.-0.10+479%1.55+34.1%+54.1%−0.4%−24.5%+12.6%+66.0%−39.6%−9.8%+18.7%−36.8%17.1%+2.2%
CLS Hardware, Equipment & PartsCelestica Inc.-0.07+3,143%1.47+160%+1.3%+37.9%−16.3%−6.0%+27.6%−20.5%−25.7%−25.2%+350%19.9%+13.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.01+1,636%1.46+79.6%+17.0%+89.0%+0.8%+67.7%+61.7%−15.2%+2.1%+20.1%−58.7%19.2%+9.9%
MCK Medical - DistributionMcKesson Corporation-0.18+413%1.44+24.1%+51.8%+44.2%−28.4%−4.5%+67.7%−40.4%+29.7%+64.9%−71.3%16.7%+1.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.10+690%1.41+30.4%+86.6%+61.0%−8.2%+17.4%+48.6%————17.4%+4.1%
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Common questions

What was CTA-PB's worst drawdown?

CTA-PB's deepest decline since it began trading in 1986 was 39.9%, from July 2022 to October 2023. It has not yet climbed back to that peak.

What were CTA-PB's best and worst years?

Over 29 full calendar years, CTA-PB's best year was 2009, when it returned 28.5%. Its worst was 2022, with a return of -25.0%.

Is there a better investment than CTA-PB?

Among CTA-PB's popular alternatives, PFF and PGX earned more than CTA-PB with less volatility over the past 5 years. PFF returned a loss of 0.2% a year at 10.5% volatility, against a loss of 7.6% a year at 26.4%. Looking beyond its popular alternatives, LIN (chemicals) and GGG (industrial machinery) earned more than CTA-PB with less volatility over the past 5 years. LIN returned 11.5% a year at 20.9% volatility, against a loss of 7.6% a year at 26.4%.

Is CTA-PB more volatile than the S&P 500?

Yes. CTA-PB's volatility over the past 5 years was 26.4%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CTA-PB's return lands within 26.4% 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 CTA-PB's Sharpe ratio?

CTA-PB's Sharpe ratio over the past 5 years was -0.17, against 0.79 for the S&P 500, so CTA-PB 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 CTA-PB with the S&P 500?

Over the past 5 years, CTA-PB's monthly returns had a correlation of 0.13 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against CTA-PB instead: the lower it is, the more that option would diversify a CTA-PB holding.

What are the best alternatives to CTA-PB?

Of the 15 popular alternatives we compared, 11 outperformed CTA-PB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DE, UAN and CF.

Did CTA-PB outperform the S&P 500?

CTA-PB finished ahead of the S&P 500 (SPY) in seven of 29 full calendar years. In 2025, it returned +2.0%, against +17.7% for the index.

How did CTA-PB do in stock market crashes?

CTA-PB fell less than the S&P 500 (SPY) in eight of the ten major crashes it has traded through, and further in one. The clearest case was the dot-com bust, when CTA-PB fell 7.0% and the S&P 500 fell 47.5%.

What diversifies CTA-PB?

These had a low correlation with CTA-PB over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.08), DXJ (correlation 0.08) and EMLP (correlation 0.01); among large stocks, CAH (correlation -0.10), CLS (correlation -0.07) and FIX (correlation 0.01). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CTA-PB

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