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Relative Intelligence · Integrated Oil & Gas

How Chevron (CVX) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CVX alone. It places CVX (Chevron Corporation) against 16 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 CVX stands in the market, and of the alternatives worth a closer look.

Period covered: CVX'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 CVX →Chart CVX vs. 16 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CVX over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CVX over the same span and CVX'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. 412 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CVX; 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
  • VLO$1M+10,099% total · +17.3% a year
  • WMB$472,016+4,620% total · +14.2% a year
  • EOG$380,118+3,701% total · +13.4% a year
  • SU$282,795+2,728% total · +12.2% a year
  • COP$156,444+1,464% total · +9.9% a year
  • CVX$142,109+1,321% total · +9.6% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • XOM$124,235+1,142% total · +9.1% a year
  • E$101,879+919% total · +8.3% a year
  • SHEL$63,537+535% total · +6.6% 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. 526 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CVX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • MPC$71,516+615% total · +48.2% a year
  • PBR$64,214+542% total · +45.1% a year
  • SU$40,398+304% total · +32.2% a year
  • CVE$35,159+252% total · +28.6% a year
  • XOM$32,965+230% total · +26.9% a year
  • WMB$32,631+226% total · +26.7% a year
  • CVX$24,595+146% total · +19.7% a year
  • EQNR$24,243+142% total · +19.4% a year
  • EC$23,114+131% total · +18.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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CVX 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
$446B
Industry
Oil & Gas Integrated
Price history from
October 1986

Returns

Past 1 year
+51.9%total return
Past 3 years
+53.4%+15.3% a year
Past 5 years
+144%+19.5% a year
Past 10 years
+238%+12.9% a year
Best calendar year
+58.5%2022
Worst calendar year
−25.9%2020
Losing years
7 of 29full calendar years

Risk

Volatility
25.2%typical yearly swing, 5 years
Sharpe ratio
0.84return per unit of risk, 5 years
Worst decline ever
−55.8%Jul 2019 to Mar 2020
From its all-time high
At its highwithin 1%

CVX against the whole market

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

How does CVX rank among all stocks?

This section ranks CVX 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 CVX 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.

MeasureCVXRankStanding
1-year return+51.9%531 of 3,287top 16%
3-year return+53.4%1,492 of 3,017top 49%
5-year return+144%476 of 2,893top 16%
10-year return+238%750 of 2,202top 34%
Volatility, 5 years25.2%343 of 2,893top 12%
Sharpe ratio, 5 years0.84245 of 2,893top 8%
Worst decline, past 10 years−55.8%705 of 2,187top 32%

What has beaten CVX 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). CVX sits where the dashed lines cross. Anything in the green box above and to the left earned more than CVX 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 CVX; faint dots are 7 more of the 13 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CVXCOR: +24.2% a year, volatility 22.8%SDCI: +20.6% a year, volatility 18.4%DBJP: +20.9% a year, volatility 19.2%PM: +21.0% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%IXC: +20.7% a year, volatility 23.2%ATMP: +21.2% a year, volatility 21.5%CVX: +19.5% a year, volatility 25.2%SPY (S&P 500): +12.7% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%MPC: +51.2% a year, volatility 33.4%PBR: +50.3% a year, volatility 37.5%SU: +33.1% a year, volatility 32.5%EQNR: +19.2% a year, volatility 34.4%WMB: +24.6% a year, volatility 24.0%MPLX: +23.5% a year, volatility 18.8%PBR-A: +51.8% a year, volatility 37.5%DTM: +24.5% a year, volatility 25.2%VLO: +44.2% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%PAA: +27.0% a year, volatility 25.6%TRV: +22.4% a year, volatility 22.3%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%CAH: +42.1% a year, volatility 24.7%UMI: +18.7% a year, volatility 19.2%CVXSPY (S&P 500)XOMMPCPBRSUEQNRWMBMPLXPBR-ADTMVLOTRGPPAATRVWMTABBVDXJNHCCAHUMI15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CVXCOR: +24.2% a year, volatility 22.8%SDCI: +20.6% a year, volatility 18.4%DBJP: +20.9% a year, volatility 19.2%PM: +21.0% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%IXC: +20.7% a year, volatility 23.2%ATMP: +21.2% a year, volatility 21.5%CVX: +19.5% a year, volatility 25.2%SPY (S&P 500): +12.7% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%MPC: +51.2% a year, volatility 33.4%PBR: +50.3% a year, volatility 37.5%SU: +33.1% a year, volatility 32.5%EQNR: +19.2% a year, volatility 34.4%WMB: +24.6% a year, volatility 24.0%MPLX: +23.5% a year, volatility 18.8%PBR-A: +51.8% a year, volatility 37.5%DTM: +24.5% a year, volatility 25.2%VLO: +44.2% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%PAA: +27.0% a year, volatility 25.6%TRV: +22.4% a year, volatility 22.3%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%CAH: +42.1% a year, volatility 24.7%UMI: +18.7% a year, volatility 19.2%CVXSPY (S&P 500)XOMMPCPBRSUEQNRWMBMPLXDTMVLOTRGPPAAWMTDXJLLYNHCCAHUMI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CVX?

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

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

Screen the whole market against CVX 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 CVX?lower diversifies moreExpenseper year
CVXChevron Corporation · this page
+19.5%25.2%0.84−55.8%+238%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.290.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CVX. 9 of 16 passed at least one test.
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, similar volatilityHigher return in most periods+27.1%26.5%1.04−61.0%+214%0.87—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.61—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return in most periods+50.3%37.5%1.28−75.3%+674%0.52—
SUSuncor Energy Inc. · Integrated Oil & Gas
Higher return in most periods+33.1%32.5%1.05−73.5%+295%0.74—
EQNREquinor ASA · Integrated Oil & Gas
Higher return in most periods+19.2%34.4%0.69−66.8%+416%0.66—
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Higher return, similar volatility+24.6%24.0%1.04−68.1%+288%0.51—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Integrated Oil & Gas and Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Oilfield Services), plus CVX's specific themes. 10 of 69 passed at least one test.
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.58—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return in most periods+51.8%37.5%1.31−71.7%+768%0.52—
DTMDT Midstream, Inc. · Oil & Gas Midstream
Higher return, similar volatilityHigher Sharpe, smaller worst decline+24.5%25.2%1.00−23.6%—0.38—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.66—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return in most periods+41.8%31.7%1.27−90.8%+829%0.59—
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Higher return, similar volatility+27.0%25.6%1.06−87.9%+64.0%0.63—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 109 of 3,548 passed at least one test.
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+22.4%22.3%1.02−46.3%+347%0.39—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.09—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+26.1%23.4%1.11−45.1%+603%0.18—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+428%0.170.48%
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%-0.12—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.03—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+42.1%24.7%1.55−46.1%+349%0.09—
UMIUSCF Midstream Energy Income Fund · Energy
Similar return, lower volatilityHigher Sharpe, smaller worst decline+18.7%19.2%0.99−48.1%—0.670.85%
What these numbers mean for CVX
Annual return
CVX returned 19.5% 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 $24,400. 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
CVX's volatility over the past 5 years was 25.2%, 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, CVX's return lands within 25.2% 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
CVX's Sharpe ratio over the past 5 years was 0.84, against 0.79 for the S&P 500, so CVX earned more 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
CVX's worst fall from a peak to a low over the past 10 years was 55.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 55.8% fall takes a 126% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CVX's monthly returns had a correlation of 0.29 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 CVX instead: the lower it is, the more that option would diversify a CVX holding. Guide: Correlation and diversification →
Show all 13 stocks and funds worth at least $500 million that earned more than CVX with less volatility

Out of 3,633 tested over 5 years. The strongest 12 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CVXExpense
1
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.39—
2
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.09—
3
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.18—
4
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.170.48%
5
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.37—
6
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.620.80%
7
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.080.45%
8
MPLXMPLX Lp · Oil & Gas Midstream
Same or nearby category+23.5%18.8%1.22−75.2%+350%0.58—
9
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.26—
10
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.15—
11
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%0.910.37%
12
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.690.95%

CVX against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCVX: 19.5% a year, volatility 25.2%SPY (S&P 500): 12.7% a year, volatility 17.1%EQNR: 19.2% a year, volatility 34.4%EC: 18.0% a year, volatility 37.9%WMB: 24.6% a year, volatility 24.0%SHEL: 21.0% a year, volatility 24.8%COP: 18.2% a year, volatility 32.6%TTE: 18.0% a year, volatility 25.8%BP: 16.0% a year, volatility 28.7%EOG: 16.6% a year, volatility 32.3%SLB: 10.0% a year, volatility 37.5%MPC: 51.2% a year, volatility 33.4%PBR: 50.3% a year, volatility 37.5%SU: 33.1% a year, volatility 32.5%XOM: 27.1% a year, volatility 26.5%CVE: 26.6% a year, volatility 39.4%E: 23.0% a year, volatility 25.6%YPF: 60.7% a year, volatility 54.1%CVXSPY (S&P 500)EQNRECWMBSHELCOPTTEBPEOGSLBMPCPBRSUXOMCVEEYPF10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCVX: 19.5% a year, volatility 25.2%SPY (S&P 500): 12.7% a year, volatility 17.1%EQNR: 19.2% a year, volatility 34.4%EC: 18.0% a year, volatility 37.9%WMB: 24.6% a year, volatility 24.0%SHEL: 21.0% a year, volatility 24.8%COP: 18.2% a year, volatility 32.6%TTE: 18.0% a year, volatility 25.8%BP: 16.0% a year, volatility 28.7%EOG: 16.6% a year, volatility 32.3%SLB: 10.0% a year, volatility 37.5%MPC: 51.2% a year, volatility 33.4%PBR: 50.3% a year, volatility 37.5%SU: 33.1% a year, volatility 32.5%XOM: 27.1% a year, volatility 26.5%CVE: 26.6% a year, volatility 39.4%E: 23.0% a year, volatility 25.6%YPF: 60.7% a year, volatility 54.1%CVXSPY (S&P 500)EQNRWMBSHELBPSLBMPCPBRSUCVEYPF
All figures
InvestmentAnnual returnVolatility
YPF YPF Sociedad Anónima+60.7%54.1%
MPC Marathon Petroleum Corporation+51.2%33.4%
PBR Petróleo Brasileiro S.A. - Petrobras+50.3%37.5%
SU Suncor Energy Inc.+33.1%32.5%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
CVE Cenovus Energy Inc.+26.6%39.4%
WMB The Williams Companies, Inc.+24.6%24.0%
E Eni S.p.A.+23.0%25.6%
SHEL Shell plc+21.0%24.8%
CVX This pageChevron Corporation+19.5%25.2%
EQNR Equinor ASA+19.2%34.4%
COP ConocoPhillips+18.2%32.6%
TTE TotalEnergies SE+18.0%25.8%
EC Ecopetrol S.A.+18.0%37.9%
EOG EOG Resources, Inc.+16.6%32.3%
BP BP p.l.c.+16.0%28.7%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
SLB Slb N.V.+10.0%37.5%
Open these 18 in EasyCompare

Has CVX consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CVX 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
CVX Chevron Corporation (this page)—+10.8%+20.0%+25.4%+48.8%+51.9%+53.4%+144%+238%25.2%0.84−55.8%—$446B—
MPC QualifiedMarathon Petroleum Corporation5/5 short3/3 longAll-weather+18.1%+51.1%+123%+191%+159%+234%+690%+1,387%33.4%1.41−79.7%—$133B—
PBR QualifiedPetróleo Brasileiro S.A. - Petrobras5/5 short3/3 longAll-weather+24.6%+45.4%+31.0%+128%+140%+132%+667%+674%37.5%1.28−75.3%—$166B—
SU QualifiedSuncor Energy Inc.5/5 short3/3 longAll-weather+16.7%+26.8%+28.9%+75.6%+111%+161%+318%+295%32.5%1.05−73.5%—$93B—
EQNR QualifiedEquinor ASA4/5 short2/3 long+7.7%+23.4%+29.6%+92.7%+107%+73.2%+141%+416%34.4%0.69−66.8%—$109B—
EC QualifiedEcopetrol S.A.3/5 short2/3 long+5.0%+10.3%+35.7%+81.5%+112%+116%+129%+401%37.9%0.63−73.3%—$36B—
XOM QualifiedExxonmobil Holdings Corporation3/5 short2/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
CVE QualifiedCenovus Energy Inc.3/5 short2/3 long+5.1%+18.0%+34.6%+92.4%+101%+76.2%+225%+163%39.4%0.80−89.2%—$61B—
E Oil & Gas IntegratedEni S.p.A.2/5 short3/3 long+10.2%+20.3%+14.6%+56.0%+77.9%+120%+181%+278%25.6%0.94−61.4%—$86B—
WMB Oil & Gas MidstreamThe Williams Companies, Inc.0/5 short3/3 long−1.8%−4.5%+0.6%+18.1%+14.9%+125%+200%+288%24.0%1.04−68.1%—$86B—
SHEL Oil & Gas IntegratedShell plc2/5 short2/3 long+13.2%+23.5%+22.1%+43.7%+50.3%+77.1%+159%+233%24.8%0.90−67.2%—$301B—
YPF Oil & Gas IntegratedYPF Sociedad Anónima1/5 short2/3 long−4.5%+0.7%+23.9%+39.9%+102%+313%+971%+173%54.1%1.14−90.1%—$20B—
COP Oil & Gas Exploration & ProductionConocoPhillips5/5 short1/3 long+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
TTE Oil & Gas IntegratedTotalEnergies SE1/5 short1/3 long+1.2%+12.8%+5.7%+40.3%+55.2%+60.5%+129%+234%25.8%0.78−59.6%—$201B—
BP Oil & Gas IntegratedBP p.l.c.2/5 short0/3 long+14.4%+19.0%+12.1%+43.0%+56.3%+46.5%+110%+141%28.7%0.66−63.9%—$130B—
EOG Oil & Gas Exploration & ProductionEOG Resources, Inc.2/5 short0/3 long+12.4%+12.7%+24.0%+51.9%+53.1%+31.9%+115%+131%32.3%0.64−77.1%—$83B—
SLB Oil & Gas Equipment & ServicesSlb N.V.0/5 short0/3 long−3.4%+8.3%−3.3%+26.4%+53.2%−7.2%+60.7%−21.3%37.5%0.44−84.5%—$74B—
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How did CVX do year by year?

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

InvestmentYears ahead of CVX20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
CVX This pageChevron Corporation—+10.1%+1.3%−13.6%+58.5%+46.2%−25.9%+15.3%−9.7%+10.6%+36.7%−16.2%−7.0%+19.3%+5.1%+20.3%+22.9%+8.1%−18.3%+30.5%+33.7%+11.5%+25.6%+35.4%−23.2%+9.4%+0.6%+7.2%+11.1%+22.1%
Rank among alternativesTop quarter in 6 of 2911 of 176 of 1717 of 177 of 178 of 174 of 176 of 1710 of 1710 of 174 of 176 of 179 of 1710 of 179 of 172 of 166 of 1612 of 153 of 146 of 143 of 1413 of 1410 of 147 of 1411 of 142 of 1310 of 129 of 125 of 128 of 12
SPY S&P 500State Street SPDR S&P 500 ETF16 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%
MPC Marathon Petroleum Corporation10 of 14+19.2%−4.0%+30.4%+86.6%+61.0%−27.4%+6.0%−8.2%+34.8%+0.7%+17.4%+0.4%+48.6%+94.3%———————————————
PBR Petróleo Brasileiro S.A. - Petrobras10 of 25+2.3%−2.9%+89.6%+55.4%+19.3%−29.0%+24.2%+27.7%+1.8%+135%−41.1%−45.1%−28.3%−20.0%−32.1%−18.1%+101%−55.6%+132%+51.1%+85.0%+43.9%+111%−32.0%−1.9%————
SU Suncor Energy Inc.17 of 29+29.7%+16.2%+6.0%+32.3%+55.0%−46.6%+22.1%−21.3%+15.8%+31.2%−16.3%−7.0%+8.6%+16.2%−23.8%+9.9%+82.6%−64.0%+38.4%+25.4%+79.0%+42.3%+61.2%−3.9%+29.7%+25.1%+42.2%−11.2%+68.4%
EQNR Equinor ASA11 of 24+7.7%−16.0%−0.8%+42.9%+64.6%−13.6%−1.0%+3.4%+23.4%+38.3%−16.6%−22.5%+1.4%+2.1%+12.7%−0.1%+57.8%−43.2%+22.8%+22.0%+51.4%+45.6%+43.8%+31.8%—————
EC Ecopetrol S.A.8 of 17+48.5%−24.6%+40.1%−5.0%+0.8%−29.3%+38.7%+13.5%+64.4%+28.9%−55.7%−52.3%−31.5%+41.5%+6.1%+85.1%+41.2%————————————
XOM Exxonmobil Holdings Corporation16 of 29+16.0%+11.3%−6.3%+87.4%+57.6%−36.2%+7.2%−15.1%−3.8%+19.9%−12.8%−6.0%+20.1%+4.7%+18.7%+10.1%−12.6%−13.1%+24.3%+39.1%+11.8%+28.1%+20.7%−8.9%−7.5%+10.2%+12.7%+22.5%+28.3%
CVE Cenovus Energy Inc.6 of 16+15.8%−5.9%−12.3%+61.1%+105%−39.6%+47.2%−21.6%−38.6%+21.1%−36.1%−25.3%−11.9%+3.6%+2.3%+35.6%—————————————
E Eni S.p.A.10 of 29+49.0%−13.6%+27.5%+11.0%+44.9%−28.1%+4.8%+0.6%+9.2%+15.9%−8.8%−23.6%+4.8%+26.6%+1.0%−7.2%+13.4%−29.9%+12.9%+20.6%+10.8%+39.6%+28.8%+32.9%−1.5%+20.1%−16.4%+21.9%+13.9%
WMB The Williams Companies, Inc.15 of 29+14.9%+62.4%+11.8%+32.9%+38.4%−8.2%+14.2%−23.9%+2.0%+31.2%−39.2%+21.3%+22.8%+29.9%+37.3%+20.2%+49.6%−58.8%+38.8%+14.3%+49.2%+106%+457%−75.2%−31.0%+32.3%−0.5%+11.4%+54.4%
SHEL Shell plc11 of 29+22.2%−0.9%+20.2%+36.0%+28.4%−37.4%+7.7%−7.5%+31.0%+28.2%−27.1%−1.3%+9.0%−0.9%+14.8%+17.6%+20.9%−34.2%+23.5%+19.3%+12.8%+14.4%+24.5%−7.3%−17.1%+2.4%+29.8%−9.0%+30.7%
YPF YPF Sociedad Anónima11 of 29−14.9%+147%+87.1%+141%−18.7%−59.4%−12.9%−41.2%+39.5%+5.8%−40.3%−19.3%+128%−57.4%−24.8%+23.2%+5.2%+26.5%−5.7%−4.0%+27.4%+32.8%+246%−31.6%−25.3%−16.8%+35.4%−15.8%+39.3%
COP ConocoPhillips15 of 29−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%+8.0%+11.0%+38.6%+2.8%−39.9%+25.4%+26.5%+36.9%+35.6%+39.8%−17.5%+8.6%+24.2%+13.6%−9.8%+13.1%
TTE TotalEnergies SE14 of 29+27.6%−14.7%+14.1%+34.9%+26.0%−16.6%+10.3%−0.8%+14.3%+20.0%−7.0%−12.1%+25.0%+8.0%+1.7%−11.3%+22.6%−29.8%+18.9%+21.3%+18.8%+22.6%+33.4%+4.0%−1.3%+6.5%+41.6%−9.2%+41.4%
BP BP p.l.c.11 of 29+24.5%−11.9%+6.0%+37.0%+36.4%−41.3%+5.9%−4.6%+20.0%+28.8%−12.8%−17.6%+22.8%+2.0%+0.5%−22.7%+32.9%−32.5%+13.2%+8.0%+13.6%+22.2%+26.4%−9.5%−0.1%−17.1%+33.8%+17.8%+16.5%
EOG EOG Resources, Inc.13 of 29−11.4%+4.3%−2.0%+56.9%+88.6%−38.6%−2.8%−18.7%+7.5%+44.0%−22.5%+10.3%+39.7%+23.4%+8.5%−5.5%+47.4%−25.0%+43.6%−14.6%+106%+55.3%+16.1%+2.5%−28.1%+212%+2.5%−18.0%−15.5%
SLB Slb N.V.13 of 29+3.3%−24.5%−0.8%+81.1%+39.6%−43.8%+17.8%−44.7%−18.5%+23.5%−16.3%−3.6%+32.1%+3.0%−17.2%+30.0%+56.2%−56.5%+57.1%+31.1%+46.6%+23.8%+32.0%−22.2%−30.3%+43.9%+34.9%−41.6%+63.2%
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Risk and diversification

How CVX 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 CVX's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CVX'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 CVX fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCVX fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Covid crash−55.8%−24.9%Jul 2019Mar 20208 monthsOct 202119 months
2015 China and oil sell-off−45.4%−3.9%Jul 2014Aug 201513 monthsSep 20172.1 years
2008 financial crisis−43.8%−50.6%May 2008Mar 200910 monthsJan 201122 months
No named crash−41.6%—Jul 1987Nov 19874 monthsSep 198922 months
Dot-com bust−33.6%−31.3%Jun 2001Jan 200319 monthsMar 200414 months

How did CVX do in stock market crashes?

This section measures how far CVX, 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 CVX.

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
CVX This pageChevron Corporation—−2.6%−24.9%−51.0%−19.6%−5.3%−18.5%−17.2%−0.1%−43.8%−29.5%
SPY S&P 500State Street SPDR S&P 500 ETF2 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MPC Marathon Petroleum Corporation0 of 7−3.7%−30.2%−72.4%−36.7%−6.9%−48.2%−39.5%———
PBR Petróleo Brasileiro S.A. - Petrobras0 of 9−7.6%−26.6%−71.2%−26.3%−8.4%−54.9%−37.6%−1.6%−80.1%—
SU Suncor Energy Inc.1 of 10−6.4%−36.6%−65.3%−34.0%−7.0%−34.7%−42.2%−0.2%−79.9%−25.4%
EQNR Equinor ASA2 of 9−2.8%−24.5%−49.0%−29.1%−4.4%−34.9%−19.9%−1.0%−68.4%—
EC Ecopetrol S.A.1 of 8−8.4%−48.6%−67.3%−44.6%−12.6%−49.1%−15.5%−0.3%——
XOM Exxonmobil Holdings Corporation4 of 10−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
CVE Cenovus Energy Inc.0 of 8−7.1%−40.4%−82.3%−37.9%−16.4%−42.5%−26.3%−0.9%——
E Eni S.p.A.2 of 10−2.5%−33.7%−49.7%−23.2%−6.9%−30.6%−25.1%−1.1%−61.8%−22.9%
WMB The Williams Companies, Inc.1 of 10−3.4%−23.0%−57.0%−25.4%−7.0%−78.9%−26.7%−3.4%−75.3%−98.0%
SHEL Shell plc0 of 10−3.7%−25.0%−57.0%−19.1%−6.3%−35.9%−19.6%−2.6%−53.7%−36.2%
YPF YPF Sociedad Anónima0 of 10−17.8%−45.2%−73.5%−27.3%−8.9%−48.7%−22.0%−1.6%−65.2%−75.8%
COP ConocoPhillips0 of 10−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
TTE TotalEnergies SE2 of 10−4.5%−24.6%−49.3%−22.2%−5.4%−21.5%−26.0%−2.1%−50.8%−25.1%
BP BP p.l.c.1 of 10−4.2%−23.9%−55.5%−20.9%−5.0%−22.9%−23.9%−2.5%−53.4%−31.1%
EOG EOG Resources, Inc.0 of 10−7.4%−33.4%−61.5%−37.3%−11.3%−31.7%−35.8%−1.5%−68.0%−52.7%
SLB Slb N.V.0 of 10−8.8%−36.8%−64.9%−43.6%−10.9%−27.1%−38.9%−3.8%−68.0%−59.8%
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How closely does CVX 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 CVX 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 CVX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CVX This pageChevron Corporation86%94%0.910.89
PBR Petróleo Brasileiro S.A. - Petrobras104%63%1.660.99
EQNR Equinor ASA79%52%1.510.62
MPC Marathon Petroleum Corporation138%95%1.451.29
SHEL Shell plc60%43%1.400.45
TTE TotalEnergies SE69%57%1.220.51
E Eni S.p.A.79%69%1.150.70
WMB The Williams Companies, Inc.85%78%1.081.02
COP ConocoPhillips94%92%1.020.91
SU Suncor Energy Inc.90%90%1.000.96
XOM Exxonmobil Holdings Corporation78%83%0.940.76
BP BP p.l.c.58%62%0.940.51
EC Ecopetrol S.A.127%139%0.911.13
CVE Cenovus Energy Inc.124%173%0.721.69
YPF YPF Sociedad Anónima144%206%0.701.58
EOG EOG Resources, Inc.92%135%0.691.17
SLB Slb N.V.104%212%0.491.54
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What diversifies CVX?

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

ETFs

InvestmentCorrelation5Y returnSharpe202320202018201520142008200280/20 mix volatility80/20 mix annual return
CVX Chevron Corporation (this page)1.00+144%0.84−13.6%−25.9%−9.7%−16.2%−7.0%−18.3%−23.2%28.8%+19.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.17+225%1.34+42.0%+3.9%−19.8%+7.7%+8.1%−20.8%—23.6%+21.9%
SMH TechnologyVanEck Semiconductor ETF-0.02+323%0.97+73.4%+55.5%−9.1%−0.3%+30.2%−44.7%−47.0%23.9%+25.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.30+85.0%0.96+20.1%+2.1%−9.5%+4.1%+3.4%——23.8%+19.2%
GLD CommoditiesSPDR Gold Shares0.06+126%0.96+12.7%+24.8%−1.9%−10.7%−2.2%+4.9%—23.5%+20.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.11+136%0.93+17.6%+28.2%−0.9%————23.9%+21.1%
DFIV InternationalDimensional - International Value ETF0.48+99.4%0.93+17.7%——————24.7%+19.5%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.32+109%0.90+14.2%−0.2%−11.1%−4.1%+12.8%——24.6%+20.0%
EWT TechnologyiShares MSCI Taiwan ETF-0.06+153%0.89+29.0%+31.5%−9.9%−12.9%+7.0%−45.3%−24.4%23.3%+21.5%

Stocks

InvestmentCorrelation5Y returnSharpe202320202018201520142008200280/20 mix volatility80/20 mix annual return
CVX Chevron Corporation (this page)1.00+144%0.84−13.6%−25.9%−9.7%−16.2%−7.0%−18.3%−23.2%28.8%+19.7%
CAH Medical - DistributionCardinal Health, Inc.0.09+479%1.55+34.1%+10.1%−24.5%+12.6%+23.0%−39.6%−8.3%24.1%+24.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.08+3,143%1.47+160%−2.4%−16.3%−6.0%+12.9%−20.5%−65.1%26.6%+38.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.14+1,636%1.46+79.6%+6.7%+0.8%+67.7%−10.4%−15.2%−9.4%25.8%+33.7%
MCK Medical - DistributionMcKesson Corporation0.36+413%1.44+24.1%+27.1%−28.4%−4.5%+29.3%−40.4%−27.2%25.3%+23.4%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.27+594%1.36+37.8%−7.2%−37.5%−36.3%+50.9%−67.4%−33.1%25.8%+26.5%
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Common questions

What was CVX's worst drawdown?

CVX's deepest decline since it began trading in 1986 was 55.8%, from July 2019 to March 2020. It took 19 months from the low to climb back to its old high.

What were CVX's best and worst years?

Over 29 full calendar years, CVX's best year was 2022, when it returned 58.5%. Its worst was 2020, with a return of -25.9%.

Is there a better investment than CVX?

Among CVX's popular alternatives, XOM and WMB earned more than CVX over the past 5 years with similar volatility: XOM returned 27.1% a year at 26.5% volatility, against 19.5% a year at 25.2%. Looking beyond its popular alternatives, MPLX (oil & gas midstream) earned more than CVX with less volatility over the past 5 years: 23.5% a year at 18.8% volatility, against 19.5% a year at 25.2%.

Is CVX more volatile than the S&P 500?

Yes. CVX's volatility over the past 5 years was 25.2%, 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, CVX's return lands within 25.2% 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 CVX's Sharpe ratio?

CVX's Sharpe ratio over the past 5 years was 0.84, against 0.79 for the S&P 500, so CVX earned more 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 CVX with the S&P 500?

Over the past 5 years, CVX's monthly returns had a correlation of 0.29 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 CVX instead: the lower it is, the more that option would diversify a CVX holding.

What are the best alternatives to CVX?

Of the 16 popular alternatives we compared, seven outperformed CVX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MPC, PBR and SU.

Did CVX outperform the S&P 500?

CVX finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +10.1%, against +17.7% for the index.

How did CVX do in stock market crashes?

CVX fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in two. The clearest case was the dot-com bust, when CVX fell 29.5% and the S&P 500 fell 47.5%.

What diversifies CVX?

These had a low correlation with CVX over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.17), SMH (correlation -0.02) and DBEF (correlation 0.30); among large stocks, CAH (correlation 0.09), CLS (correlation 0.08) and FIX (correlation 0.14). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CVX