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

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on 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.

## Key findings

- **Right now:** CVX has run far ahead of the market, rising 25.4% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Its integrated oil & gas peers were far apart over the past 6 months, from PBR (Petróleo Brasileiro S.A. - Petrobras, up 31.0%) to TTE (TotalEnergies, up 5.7%).
- **Stock or market?:** Not a move of its own: the integrated oil & gas ETF XLE (State Street Energy Select Sector SPDR ETF) rose 18.0% over the past 3 months, with XOM (Exxonmobil, up 20.7%) and SHEL (Shell, up 23.5%), against 3.9% for the S&P 500. Last month cut against the tape: CVX rose 10.8% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** Over the past year, CVX rose 51.9% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. That said, the last two calendar years both went the same way: CVX rose 10.1% in 2025, against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** CVX turned $10,000 into $33,800 over the past decade, against $42,100 in the S&P 500. That said, the past 5 years have been the better stretch: CVX rose 144% against 81.7% for the S&P 500, after trailing over the decade.
- **In a crash:** In the 2022 bear market, CVX held up better than PBR (Petróleo Brasileiro S.A. - Petrobras), SU and E; only XOM (Exxonmobil) and BP fell less.
- **Diversification:** CVX is a real diversifier: a correlation of 0.29 with the S&P 500 over 5 years and 0.29 with the total US market, less closely than 71% of stocks worth at least $300 million. CVX moves far less with the S&P 500 than it used to, with a correlation of 0.29 over the past 5 years against 0.68 in the 5 years before.
- **Better options**
  - **Nearby categories and themes:** 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%.
  - **Whole market:** Few investments have done better on both counts: only 13 of the 3,633 stocks and funds worth at least $500 million earned more than CVX with less volatility over the past 5 years, among them WMT (Walmart), ABBV (AbbVie) and PM (Philip Morris International).

## 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.

- $10,000 invested in CVX at the end of September 1997 would have grown to $142,109 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CVX, and VLO finished highest, at $1,019,941.

## 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.

- 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.
- CVX is trading within 1% of its all-time high.
- Over 29 full calendar years, CVX's best was 2022, when it returned 58.5%, and its worst was 2020, when it lost 25.9%. It lost money in seven of those years.

- Type: Stock, Energy (Oil & Gas Integrated)
- Trading since: October 17, 1986
- Market value: $446B
- Volatility (5 years): 25.2%; Sharpe ratio: 0.84
- Worst decline ever: −55.8%, from July 24, 2019 to March 23, 2020; back at its high by October 20, 2021

| Period | CVX total return |
| --- | --- |
| 1 month | +10.8% |
| 3 months | +20.0% |
| 6 months | +25.4% |
| year to date | +48.8% |
| 1 year | +51.9% |
| 3 years | +53.4% |
| 5 years | +144% |
| 10 years | +238% |

## 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.

- On return for the risk taken (the Sharpe ratio), CVX ranks in the top 8% of the 2,893 stocks worth at least $300 million.

| Measure | CVX | Rank |
| --- | --- | --- |
| 1-year return | +51.9% | 531 of 3,287 (top 17%) |
| 3-year return | +53.4% | 1,492 of 3,017 (top 50%) |
| 5-year return | +144% | 476 of 2,893 (top 17%) |
| 10-year return | +238% | 750 of 2,202 (top 35%) |
| Volatility, 5 years | 25.2% | 343 of 2,893 (top 12%) |
| Sharpe ratio, 5 years | 0.84 | 245 of 2,893 (top 9%) |
| Worst decline, past 10 years | −55.8% | 705 of 2,187 (top 33%) |

### 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).

- Seven stocks and six ETFs worth at least $500 million sit in the green region: each earned more than CVX over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half CVX's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 24% less than CVX's 25.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.84 for CVX.
- None of CVX's popular alternatives made it, but MPLX (oil & gas midstream) did: 23.5% a year at 18.8% volatility, 25% less than CVX's 25.2%.

### Is there a better investment than CVX?

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.

- 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%.
- Few investments have done better on both counts: only 13 of the 3,633 stocks and funds worth at least $500 million earned more than CVX with less volatility over the past 5 years, among them WMT, ABBV and PM.

The 12 strongest of 13 investments that beat CVX over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with CVX | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CVX: Chevron Corporation (this page) |  | +19.5% | 25.2% | 0.84 | −55.8% | +238% |  |  |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | Health Care Distribution | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| SDCI: USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | Bonds | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.62 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| DBJP: Xtrackers MSCI Japan Hedged Equity ETF | International | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | Oil & Gas Midstream | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.58 | Higher return, lower volatility |
| [PM](https://easycompare.io/research/pm): Philip Morris International Inc. | Tobacco | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.26 | Higher return, lower volatility |
| [WELL](https://easycompare.io/research/well): Welltower Inc. | Healthcare REITs | +26.0% | 23.8% | 1.09 | −63.3% | +379% | 0.15 | Higher return, lower volatility |
| IXC: iShares Global Energy ETF | International | +20.7% | 23.2% | 0.93 | −64.2% | +183% | 0.91 | Higher return, lower volatility |
| ATMP: Barclays ETN+ Select MLP ETN | Broad Market | +21.2% | 21.5% | 1.01 | −70.3% | +172% | 0.69 | Higher return, lower volatility |

## 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.

- Only WMB and SHEL were both more rewarding and calmer than CVX over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, CVX returned 19.5% a year, more than the S&P 500's 12.7%, with higher volatility (25.2% against 17.1%).

### 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.

- Seven of the 16 popular alternatives, led by MPC, PBR and SU, outperformed CVX in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- MPC, PBR and SU outperformed CVX in every long-term period and in all but one short-term period, the most consistent record in the group.
- WMB outperformed CVX over all three long-term periods but in none of the five short-term ones, so CVX has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of CVX | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CVX: Chevron Corporation (this page) | +51.9% | +53.4% | +144% | +238% |  |  | 0.84 |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | +159% | +234% | +690% | +1,387% | 5/5 short-term, 3/3 long-term | all-weather | 1.41 |
| [PBR](https://easycompare.io/research/pbr): Petróleo Brasileiro S.A. - Petrobras | +140% | +132% | +667% | +674% | 5/5 short-term, 3/3 long-term | all-weather | 1.28 |
| [SU](https://easycompare.io/research/su): Suncor Energy Inc. | +111% | +161% | +318% | +295% | 5/5 short-term, 3/3 long-term | all-weather | 1.05 |
| [EQNR](https://easycompare.io/research/eqnr): Equinor ASA | +107% | +73.2% | +141% | +416% | 4/5 short-term, 2/3 long-term | consistent | 0.69 |
| EC: Ecopetrol S.A. | +112% | +116% | +129% | +401% | 3/5 short-term, 2/3 long-term | consistent | 0.63 |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | +62.4% | +76.7% | +232% | +214% | 3/5 short-term, 2/3 long-term | consistent | 1.04 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | +101% | +76.2% | +225% | +163% | 3/5 short-term, 2/3 long-term | consistent | 0.80 |
| [E](https://easycompare.io/research/e): Eni S.p.A. | +77.9% | +120% | +181% | +278% | 2/5 short-term, 3/3 long-term |  | 0.94 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | +14.9% | +125% | +200% | +288% | 0/5 short-term, 3/3 long-term |  | 1.04 |
| [SHEL](https://easycompare.io/research/shel): Shell plc | +50.3% | +77.1% | +159% | +233% | 2/5 short-term, 2/3 long-term |  | 0.90 |
| YPF: YPF Sociedad Anónima | +102% | +313% | +971% | +173% | 1/5 short-term, 2/3 long-term |  | 1.14 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | +72.9% | +28.5% | +131% | +379% | 5/5 short-term, 1/3 long-term |  | 0.68 |
| [TTE](https://easycompare.io/research/tte): TotalEnergies SE | +55.2% | +60.5% | +129% | +234% | 1/5 short-term, 1/3 long-term |  | 0.78 |
| [BP](https://easycompare.io/research/bp): BP p.l.c. | +56.3% | +46.5% | +110% | +141% | 2/5 short-term, 0/3 long-term |  | 0.66 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | +53.1% | +31.9% | +115% | +131% | 2/5 short-term, 0/3 long-term |  | 0.64 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | +53.2% | −7.2% | +60.7% | −21.3% | 0/5 short-term, 0/3 long-term |  | 0.44 |

### 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.

- CVX finished ahead of the S&P 500 in 13 of its 29 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, CVX finished in the top quarter in six of 29 years and in the bottom quarter in three. In 2025, it ranked 11 of 17.
- Among its popular alternatives, MPC came out ahead of CVX most often, in ten of the 14 years both traded.

| Year | CVX | SPY |
| --- | --- | --- |
| 2025 | +10.1% | +17.7% |
| 2024 | +1.3% | +24.9% |
| 2023 | −13.6% | +26.2% |
| 2022 | +58.5% | −18.2% |
| 2021 | +46.2% | +28.7% |
| 2020 | −25.9% | +18.3% |
| 2019 | +15.3% | +31.2% |
| 2018 | −9.7% | −4.6% |
| 2017 | +10.6% | +21.7% |
| 2016 | +36.7% | +12.0% |

## 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.

- Not every decline was the market's doing: CVX fell 45.4% from July 2014 to August 2015, while the S&P 500 slipped only 3.9%.
- The slowest recovery came after CVX fell 45.4% from July 2014 to August 2015; it did not regain that peak until September 2017, two years later.
- In three of CVX's four worst declines, the S&P 500 held up better over the same dates.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −55.8% | July 24, 2019 | March 23, 2020 | October 20, 2021 | −24.9% | Covid crash |
| −45.4% | July 24, 2014 | August 25, 2015 | September 25, 2017 | −3.9% | 2015 China and oil sell-off |
| −43.8% | May 20, 2008 | March 5, 2009 | January 26, 2011 | −50.6% | 2008 financial crisis |
| −41.6% | July 17, 1987 | November 30, 1987 | September 1, 1989 | — |  |
| −33.6% | June 4, 2001 | January 27, 2003 | March 1, 2004 | −31.3% | dot-com bust |

### 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.

- None of its popular alternatives fell less than CVX in most of the crashes they both traded through.
- CVX fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the dot-com bust, when CVX fell 29.5% and the S&P 500 fell 47.5%.

| Crash | Dates | CVX fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −29.5% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −43.8% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.1% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −17.2% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −18.5% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.3% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −19.6% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −51.0% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −24.9% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.6% | −3.4% |

### 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.

- 11 of the 16 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CVX's 0.91, led by PBR, EQNR and MPC.
- EQNR took just 52% of the S&P 500's losses, against 94% for CVX, while still keeping 79% of its gains.
- Over the past 10 years, CVX captured 86% of the S&P 500's gains in rising months and 94% of its losses in falling months, with a beta of 0.89. Its share of the market's losses was slightly larger than its share of the gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| CVX: Chevron Corporation (this page) | 86.0% | 94.0% | 0.89 |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | 138% | 95.0% | 1.29 |
| [PBR](https://easycompare.io/research/pbr): Petróleo Brasileiro S.A. - Petrobras | 104% | 63.0% | 0.99 |
| [SU](https://easycompare.io/research/su): Suncor Energy Inc. | 90.0% | 90.0% | 0.96 |
| [EQNR](https://easycompare.io/research/eqnr): Equinor ASA | 79.0% | 52.0% | 0.62 |
| EC: Ecopetrol S.A. | 127% | 139% | 1.13 |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | 78.0% | 83.0% | 0.76 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | 124% | 173% | 1.69 |
| [E](https://easycompare.io/research/e): Eni S.p.A. | 79.0% | 69.0% | 0.70 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | 85.0% | 78.0% | 1.02 |
| [SHEL](https://easycompare.io/research/shel): Shell plc | 60.0% | 43.0% | 0.45 |
| YPF: YPF Sociedad Anónima | 144% | 206% | 1.58 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | 94.0% | 92.0% | 0.91 |
| [TTE](https://easycompare.io/research/tte): TotalEnergies SE | 69.0% | 57.0% | 0.51 |
| [BP](https://easycompare.io/research/bp): BP p.l.c. | 58.0% | 62.0% | 0.51 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | 92.0% | 135% | 1.17 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | 104% | 212% | 1.54 |

### 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).

- Moving a fifth of the money in CVX into EWT would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+19.7% for CVX alone, +21.5% for the mix).
- Among large ETFs, DXJ, SMH and DBEF have moved largely independently of CVX over the past 5 years, with correlations of 0.30 or lower, and each still earned a positive 5-year return.
- CAH made money in four of the seven calendar years in which CVX lost money.

| Investment | Correlation with CVX | 5Y return | Volatility | Sharpe | Rose in CVX's 7 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.17 | +225% | 19.1% | 1.34 | 4 of 7 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.02 | +323% | 36.9% | 0.97 | 3 of 7 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.30 | +85.0% | 13.8% | 0.96 | 4 of 7 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.06 | +126% | 18.9% | 0.96 | 3 of 7 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.11 | +136% | 20.8% | 0.93 | 2 of 7 |
| DFIV: Dimensional - International Value ETF | 0.48 | +99.4% | 16.4% | 0.93 | 1 of 7 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.32 | +109% | 18.4% | 0.90 | 2 of 7 |
| EWT: iShares MSCI Taiwan ETF | -0.06 | +153% | 24.2% | 0.89 | 3 of 7 |

## 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.

## More research

- [Marathon Petroleum (MPC) Performance, Alternatives and Market Rank](https://easycompare.io/research/mpc)
- [Petróleo Brasileiro S.A. - Petrobras (PBR) Performance, Alternatives and Market Rank](https://easycompare.io/research/pbr)
- [Suncor Energy (SU) Performance, Alternatives and Market Rank](https://easycompare.io/research/su)
- [Equinor ASA (EQNR) Performance, Alternatives and Market Rank](https://easycompare.io/research/eqnr)
- [Exxonmobil (XOM) Performance, Alternatives and Market Rank](https://easycompare.io/research/xom)
- [Cenovus Energy (CVE) Performance, Alternatives and Market Rank](https://easycompare.io/research/cve)
- [Eni S.p.A. (E) Performance, Alternatives and Market Rank](https://easycompare.io/research/e)
- [Williams Companies (WMB) Performance, Alternatives and Market Rank](https://easycompare.io/research/wmb)
- [Shell (SHEL) Performance, Alternatives and Market Rank](https://easycompare.io/research/shel)
- [ConocoPhillips (COP) Performance, Alternatives and Market Rank](https://easycompare.io/research/cop)
- [TotalEnergies (TTE) Performance, Alternatives and Market Rank](https://easycompare.io/research/tte)
- [BP p.l.c. (BP) Performance, Alternatives and Market Rank](https://easycompare.io/research/bp)

## Explore further

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