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Relative Intelligence · Homebuilders

How D.R. Horton (DHI) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on DHI alone. It places DHI (D.R. Horton, Inc.) against 17 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where DHI stands in the market, and of the alternatives worth a closer look.

Period covered: DHI's full trading record, from June 1992 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 DHI →Chart DHI vs. 17 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in DHI over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DHI over the same span and DHI'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. 125 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of DHI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • NVR$2M+23,569% total · +20.7% a year
  • ORLY$2M+22,426% total · +20.5% a year
  • TJX$958,745+9,487% total · +17.0% a year
  • JCI$864,263+8,543% total · +16.6% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • DHI$445,083+4,351% total · +14.0% a year
  • PHM$305,426+2,954% total · +12.5% a year
  • TOL$257,151+2,472% total · +11.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • BZH$10,521+5.2% total · +0.2% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,184 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of DHI; 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
  • GRBK$32,218+222% total · +26.4% a year
  • TT$27,878+179% total · +22.8% a year
  • PHM$26,498+165% total · +21.5% a year
  • TOL$25,696+157% total · +20.8% a year
  • MHO$23,379+134% total · +18.5% a year
  • IBP$19,514+95.1% total · +14.3% a year
  • BZH$19,333+93.3% total · +14.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • DHI$17,145+71.4% total · +11.4% a year
  • MAS$13,320+33.2% total · +5.9% a year
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DHI 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
$39B
Industry
Residential Construction
Price history from
June 1992

Returns

Past 1 year
−7.7%total return
Past 3 years
+43.7%+12.8% a year
Past 5 years
+65.0%+10.5% a year
Past 10 years
+434%+18.2% a year
Best calendar year
+152%2003
Worst calendar year
−48.6%2007
Losing years
9 of 29full calendar years

Risk

Volatility
35.9%typical yearly swing, 5 years
Sharpe ratio
0.46return per unit of risk, 5 years
Worst decline ever
−88.9%Jul 2005 to Nov 2008
From its all-time high
−27.2%below the peak

DHI against the whole market

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

How does DHI rank among all stocks?

This section ranks DHI 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 DHI 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.

MeasureDHIRankStanding
1-year return−7.7%2,270 of 3,287bottom 32%
3-year return+43.7%1,647 of 3,017bottom 46%
5-year return+65.0%947 of 2,893top 33%
10-year return+434%370 of 2,202top 17%
Volatility, 5 years35.9%1,203 of 2,893top 42%
Sharpe ratio, 5 years0.461,056 of 2,893top 37%
Worst decline, past 10 years−53.6%598 of 2,187top 27%

What has beaten DHI 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). DHI sits where the dashed lines cross. Anything in the green box above and to the left earned more than DHI 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 DHI; faint dots are 90 more of the 584 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.

0.0%10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DHIV: +12.8% a year, volatility 22.9%COST: +17.4% a year, volatility 22.9%MA: +12.4% a year, volatility 23.8%APH: +33.8% a year, volatility 32.2%ADI: +19.5% a year, volatility 34.1%DE: +14.4% a year, volatility 29.9%RSG: +13.9% a year, volatility 18.5%RY: +17.3% a year, volatility 18.2%MSI: +14.8% a year, volatility 23.6%FAST: +15.8% a year, volatility 24.6%CBOE: +21.5% a year, volatility 25.1%IRM: +24.6% a year, volatility 30.3%AAPL: +18.5% a year, volatility 28.0%WRB: +18.9% a year, volatility 22.9%RS: +24.8% a year, volatility 28.1%VTI: +11.5% a year, volatility 17.5%EWT: +20.4% a year, volatility 24.2%VOO: +12.8% a year, volatility 16.9%MUSA: +26.1% a year, volatility 31.2%BRK-B: +13.4% a year, volatility 17.1%ABBV: +26.1% a year, volatility 23.4%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%BFC: +19.0% a year, volatility 27.3%MFG: +33.6% a year, volatility 30.6%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%VGT: +18.4% a year, volatility 26.0%SMFG: +33.7% a year, volatility 29.4%BHP: +16.6% a year, volatility 31.4%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%ETN: +20.4% a year, volatility 32.1%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%COR: +24.2% a year, volatility 22.8%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%MNST: +17.2% a year, volatility 24.9%CTAS: +16.5% a year, volatility 23.1%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%AME: +14.4% a year, volatility 22.1%RACE: +13.3% a year, volatility 30.0%DYNF: +14.7% a year, volatility 17.5%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%FMX: +14.0% a year, volatility 25.7%FNDF: +13.6% a year, volatility 16.3%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%KR: +12.3% a year, volatility 27.3%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%DGX: +12.3% a year, volatility 22.5%DGRW: +11.8% a year, volatility 14.0%SPHQ: +12.0% a year, volatility 16.7%PKG: +15.4% a year, volatility 25.8%DTM: +24.5% a year, volatility 25.2%RNR: +20.1% a year, volatility 27.8%SNA: +12.9% a year, volatility 23.6%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%PAVE: +14.9% a year, volatility 21.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%PNW: +13.4% a year, volatility 19.9%FDL: +13.9% a year, volatility 14.4%CACI: +16.6% a year, volatility 29.9%JQUA: +13.6% a year, volatility 15.7%DHI: +10.5% a year, volatility 35.9%SPY (S&P 500): +12.7% a year, volatility 17.1%BZH: +13.4% a year, volatility 53.2%PHM: +19.1% a year, volatility 35.0%TOL: +18.6% a year, volatility 36.2%MHO: +14.9% a year, volatility 38.6%TT: +22.7% a year, volatility 27.7%TJX: +19.9% a year, volatility 22.3%JCI: +17.4% a year, volatility 29.1%ORLY: +15.9% a year, volatility 23.4%AWI: +12.5% a year, volatility 26.6%SPXC: +21.8% a year, volatility 36.3%GOOG: +19.0% a year, volatility 32.0%MSFT: +12.5% a year, volatility 28.2%LLY: +40.7% a year, volatility 32.8%WMT: +20.8% a year, volatility 22.6%JPM: +17.3% a year, volatility 24.3%SCHG: +13.1% a year, volatility 22.4%ESLT: +39.8% a year, volatility 34.6%VYM: +11.3% a year, volatility 13.8%CAH: +42.1% a year, volatility 24.7%MPC: +51.2% a year, volatility 33.4%DHISPY (S&P 500)BZHPHMTOLMHOTTTJXJCIORLYAWISPXCLLYWMTJPMVYMCAHMPC0.0%10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DHIV: +12.8% a year, volatility 22.9%COST: +17.4% a year, volatility 22.9%MA: +12.4% a year, volatility 23.8%APH: +33.8% a year, volatility 32.2%ADI: +19.5% a year, volatility 34.1%DE: +14.4% a year, volatility 29.9%RSG: +13.9% a year, volatility 18.5%RY: +17.3% a year, volatility 18.2%MSI: +14.8% a year, volatility 23.6%FAST: +15.8% a year, volatility 24.6%CBOE: +21.5% a year, volatility 25.1%IRM: +24.6% a year, volatility 30.3%AAPL: +18.5% a year, volatility 28.0%WRB: +18.9% a year, volatility 22.9%RS: +24.8% a year, volatility 28.1%VTI: +11.5% a year, volatility 17.5%EWT: +20.4% a year, volatility 24.2%VOO: +12.8% a year, volatility 16.9%MUSA: +26.1% a year, volatility 31.2%BRK-B: +13.4% a year, volatility 17.1%ABBV: +26.1% a year, volatility 23.4%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%BFC: +19.0% a year, volatility 27.3%MFG: +33.6% a year, volatility 30.6%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%VGT: +18.4% a year, volatility 26.0%SMFG: +33.7% a year, volatility 29.4%BHP: +16.6% a year, volatility 31.4%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%ETN: +20.4% a year, volatility 32.1%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%COR: +24.2% a year, volatility 22.8%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%MNST: +17.2% a year, volatility 24.9%CTAS: +16.5% a year, volatility 23.1%NGG: +11.8% a year, volatility 22.6%ETR: +19.2% a year, volatility 22.4%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%AME: +14.4% a year, volatility 22.1%RACE: +13.3% a year, volatility 30.0%DYNF: +14.7% a year, volatility 17.5%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%FMX: +14.0% a year, volatility 25.7%FNDF: +13.6% a year, volatility 16.3%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%KR: +12.3% a year, volatility 27.3%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%DGX: +12.3% a year, volatility 22.5%DGRW: +11.8% a year, volatility 14.0%SPHQ: +12.0% a year, volatility 16.7%PKG: +15.4% a year, volatility 25.8%DTM: +24.5% a year, volatility 25.2%RNR: +20.1% a year, volatility 27.8%SNA: +12.9% a year, volatility 23.6%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%PAVE: +14.9% a year, volatility 21.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%PNW: +13.4% a year, volatility 19.9%FDL: +13.9% a year, volatility 14.4%CACI: +16.6% a year, volatility 29.9%JQUA: +13.6% a year, volatility 15.7%DHI: +10.5% a year, volatility 35.9%SPY (S&P 500): +12.7% a year, volatility 17.1%BZH: +13.4% a year, volatility 53.2%PHM: +19.1% a year, volatility 35.0%TOL: +18.6% a year, volatility 36.2%MHO: +14.9% a year, volatility 38.6%TT: +22.7% a year, volatility 27.7%TJX: +19.9% a year, volatility 22.3%JCI: +17.4% a year, volatility 29.1%ORLY: +15.9% a year, volatility 23.4%AWI: +12.5% a year, volatility 26.6%SPXC: +21.8% a year, volatility 36.3%GOOG: +19.0% a year, volatility 32.0%MSFT: +12.5% a year, volatility 28.2%LLY: +40.7% a year, volatility 32.8%WMT: +20.8% a year, volatility 22.6%JPM: +17.3% a year, volatility 24.3%SCHG: +13.1% a year, volatility 22.4%ESLT: +39.8% a year, volatility 34.6%VYM: +11.3% a year, volatility 13.8%CAH: +42.1% a year, volatility 24.7%MPC: +51.2% a year, volatility 33.4%DHISPY (S&P 500)BZHPHMTOLMHOTTTJXORLYLLYWMTESLTVYMCAHMPC
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than DHI?

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

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

Screen the whole market against DHI for any period in BetterThanSPYOpen these 19 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 DHI?lower diversifies moreExpenseper year
DHID.R. Horton, Inc. · this page
+10.5%35.9%0.46−53.6%+434%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.580.09%
Popular alternativesbest 4 shownThe investments people most often weigh against DHI. 4 of 17 passed at least one test.
BZHBeazer Homes USA, Inc. · Residential Construction
Higher return in most periods+13.4%53.2%0.50−78.9%+193%0.73—
PHMPulteGroup, Inc. · Homebuilders
Higher return, similar volatility+19.1%35.0%0.68−62.1%+569%0.92—
TOLToll Brothers, Inc. · Homebuilders
Higher return, similar volatility+18.6%36.2%0.65−73.1%+424%0.88—
MHOM/I Homes, Inc. · Residential Construction
Higher return, similar volatility+14.9%38.6%0.56−79.6%+430%0.89—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Homebuilders and the categories next to it (Building Products, Specialty Retail), plus DHI's specific themes. 13 of 49 passed at least one test.
TTTrane Technologies plc · Building Products
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.7%27.7%0.88−40.5%+955%0.54—
TJXThe TJX Companies, Inc. · Specialty Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.9%22.3%0.93−42.5%+361%0.52—
JCIJohnson Controls International plc · Building Products
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.4%29.1%0.70−46.4%+426%0.53—
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.9%23.4%0.75−42.0%+393%0.50—
AWIArmstrong World Industries, Inc. · Building Products
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.5%26.6%0.58−46.4%+368%0.54—
SPXCSPX Technologies, Inc. · Building Products
Higher return, similar volatility+21.8%36.3%0.72−50.3%+728%0.49—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,100 of 3,568 passed at least one test.
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.0%32.0%0.71−44.6%+752%0.23—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.5%28.2%0.56−37.1%+946%0.14—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.12—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+20.8%22.6%0.96−25.7%+508%0.19—
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.3%24.3%0.78−43.6%+537%0.51—
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+13.1%22.4%0.67−34.5%+451%0.430.04%
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+39.8%34.6%1.15−35.4%+765%-0.02—
VYMVanguard High Dividend Yield ETF · US Dividend Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.3%13.8%0.85−35.2%+208%0.650.04%
What these numbers mean for DHI
Annual return
DHI returned 10.5% 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 $16,500. 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
DHI's volatility over the past 5 years was 35.9%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DHI's return lands within 35.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
DHI's Sharpe ratio over the past 5 years was 0.46, against 0.79 for the S&P 500, so DHI 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
DHI's worst fall from a peak to a low over the past 10 years was 53.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 53.6% fall takes a 116% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, DHI's monthly returns had a correlation of 0.58 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against DHI instead: the lower it is, the more that option would diversify a DHI holding. Guide: Correlation and diversification →
Show all 584 stocks and funds worth at least $500 million that earned more than DHI 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 DHIExpense
1
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+752%0.23—
2
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%0.14—
3
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.12—
4
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.19—
5
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.51—
6
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.31—
7
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.31—
8
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.40—
9
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.49—
10
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+652%0.51—
11
DEDeere & Company · Industrial Machinery
Whole market+14.4%29.9%0.60−37.9%+755%0.32—
12
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.30—
13
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.53—
14
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.55—
15
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.52—
16
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.430.04%
17
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.23—
18
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.15—
19
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.44—
20
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.36—
21
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.22—
22
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.43—
23
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.600.03%
24
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.400.59%
25
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.580.03%
26
MUSAMurphy USA Inc. · Convenience Stores
Whole market+26.1%31.2%0.90−35.5%+706%0.18—
27
TTTrane Technologies plc · Building Products
Same or nearby category+22.7%27.7%0.88−40.5%+955%0.54—
28
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.46—
29
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.27—
30
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.40—
31
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.230.48%
32
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.480.40%
33
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.31—
34
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.440.18%
35
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.29—
36
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.21—
37
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.12—
38
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.17—
39
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.50—
40
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.670.03%
41
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.30—
42
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.21—
43
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.46—
44
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%0.31—
45
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.27—
46
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.210.40%
47
IBMInternational Business Machines Corporation · IT Services
Whole market+16.6%30.5%0.66−41.1%+151%0.14—
48
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.410.09%
49
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.32—
50
BHPBHP Group Limited · Metals & Mining
Whole market+16.6%31.4%0.65−44.3%+398%0.32—
51
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.20—
52
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.31—
53
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.18—
54
ETNEaton Corporation plc · Electrical Equipment
Whole market+20.4%32.1%0.74−44.5%+657%0.45—
55
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.52—
56
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.31—
57
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.36—
58
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.44—
59
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.61—
60
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.42—
61
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.45—
62
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.59—
63
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.29—
64
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.47—
65
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.18—
66
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.53—
67
RACEFerrari N.V. · Automobiles
Whole market+13.3%30.0%0.57−39.2%+711%0.48—
68
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.580.26%
69
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.52—
70
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—-0.130.80%
71
FMXFomento Económico Mexicano, S.A.B. de C.V. · Convenience Stores
Whole market+14.0%25.7%0.64−45.5%+79.7%0.26—
72
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.570.25%
73
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.460.13%
74
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.530.27%
75
KRThe Kroger Co. · Grocery Stores
Whole market+12.3%27.3%0.56−43.8%+151%0.17—
76
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.620.15%
77
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.600.56%
78
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.46—
79
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.540.08%
80
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.590.36%
81
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.51—
82
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity
Whole market+11.8%14.0%0.87−32.0%+276%0.660.28%
83
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.630.20%
84
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.42—
85
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.35—
86
TJXThe TJX Companies, Inc. · Specialty Retail
Same or nearby category+19.9%22.3%0.93−42.5%+361%0.52—
87
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.15—
88
SNASnap-on Incorporated · Industrial Machinery
Whole market+12.9%23.6%0.63−47.4%+195%0.59—
89
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.11—
90
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.630.39%
91
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%0.120.58%
92
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.9%21.6%0.75−44.1%—0.680.47%
93
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.600.15%
94
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.540.35%
95
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.480.40%
96
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.41—
97
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+13.4%19.9%0.73−39.3%+103%0.42—
98
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.530.43%
99
CACICACI International Inc · Business Services
Whole market+16.6%29.9%0.66−42.9%+499%0.26—
100
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.620.12%

DHI against its popular alternatives

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

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

Green points earned more than DHI 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%70.0%−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 volatilityDHI: 10.5% a year, volatility 35.9%SPY (S&P 500): 12.7% a year, volatility 17.1%PHM: 19.1% a year, volatility 35.0%LGIH: −21.7% a year, volatility 50.4%CCS: −1.7% a year, volatility 42.0%BLDR: −1.6% a year, volatility 46.7%MTH: 4.3% a year, volatility 39.1%KBH: 2.8% a year, volatility 39.2%HOV: 0.9% a year, volatility 64.9%DFH: −10.1% a year, volatility 57.4%BZH: 13.4% a year, volatility 53.2%GRBK: 21.3% a year, volatility 42.4%IBP: 12.4% a year, volatility 46.6%TOL: 18.6% a year, volatility 36.2%MHO: 14.9% a year, volatility 38.6%MAS: 6.2% a year, volatility 31.1%HD: 0.0% a year, volatility 24.7%LEN: −3.5% a year, volatility 35.5%NVR: 3.4% a year, volatility 28.0%DHISPY (S&P 500)PHMLGIHCCSBLDRMTHKBHHOVDFHBZHGRBKIBPTOLMHOMASHDLENNVR10.0%20.0%30.0%40.0%50.0%60.0%70.0%−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 volatilityDHI: 10.5% a year, volatility 35.9%SPY (S&P 500): 12.7% a year, volatility 17.1%PHM: 19.1% a year, volatility 35.0%LGIH: −21.7% a year, volatility 50.4%CCS: −1.7% a year, volatility 42.0%BLDR: −1.6% a year, volatility 46.7%MTH: 4.3% a year, volatility 39.1%KBH: 2.8% a year, volatility 39.2%HOV: 0.9% a year, volatility 64.9%DFH: −10.1% a year, volatility 57.4%BZH: 13.4% a year, volatility 53.2%GRBK: 21.3% a year, volatility 42.4%IBP: 12.4% a year, volatility 46.6%TOL: 18.6% a year, volatility 36.2%MHO: 14.9% a year, volatility 38.6%MAS: 6.2% a year, volatility 31.1%HD: 0.0% a year, volatility 24.7%LEN: −3.5% a year, volatility 35.5%NVR: 3.4% a year, volatility 28.0%DHISPY (S&P 500)PHMLGIHCCSBLDRMTHKBHHOVDFHBZHGRBKIBPTOLMHOMASHDLENNVR
All figures
InvestmentAnnual returnVolatility
GRBK Green Brick Partners, Inc.+21.3%42.4%
PHM PulteGroup, Inc.+19.1%35.0%
TOL Toll Brothers, Inc.+18.6%36.2%
MHO M/I Homes, Inc.+14.9%38.6%
BZH Beazer Homes USA, Inc.+13.4%53.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
IBP Installed Building Products, Inc.+12.4%46.6%
DHI This pageD.R. Horton, Inc.+10.5%35.9%
MAS Masco Corporation+6.2%31.1%
MTH Meritage Homes Corporation+4.3%39.1%
NVR NVR, Inc.+3.4%28.0%
KBH KB Home+2.8%39.2%
HOV Hovnanian Enterprises, Inc.+0.9%64.9%
HD The Home Depot, Inc.0.0%24.7%
BLDR Builders FirstSource, Inc.−1.6%46.7%
CCS Century Communities, Inc.−1.7%42.0%
LEN Lennar Corporation−3.5%35.5%
DFH Dream Finders Homes, Inc.−10.1%57.4%
LGIH LGI Homes, Inc.−21.7%50.4%
Open these 19 in EasyCompare

Has DHI consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than DHI 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
DHI D.R. Horton, Inc. (this page)—+0.7%−2.9%−8.0%−3.0%−7.7%+43.7%+65.0%+434%35.9%0.46−53.6%—$39B—
BZH QualifiedBeazer Homes USA, Inc.4/5 short2/3 long+0.4%+3.0%+46.8%+65.3%+43.9%+48.3%+87.7%+193%53.2%0.50−78.9%—$893M—
GRBK Residential ConstructionGreen Brick Partners, Inc.1/5 short3/3 long−8.2%−12.1%−12.1%−1.9%−8.3%+62.3%+163%+651%42.4%0.67−54.3%—$2.7B—
PHM Residential ConstructionPulteGroup, Inc.1/5 short3/3 long−3.7%−6.8%−9.7%−3.2%−6.3%+68.3%+139%+569%35.0%0.68−62.1%—$22B—
IBP Residential ConstructionInstalled Building Products, Inc.0/5 short3/3 long−6.5%−15.4%−38.6%−28.3%−26.3%+78.6%+79.1%+524%46.6%0.49−61.8%—$5.0B—
TOL Residential ConstructionToll Brothers, Inc.2/5 short2/3 long+0.2%−7.6%−7.7%+0.7%+0.6%+102%+135%+424%36.2%0.65−73.1%—$12B—
MHO Residential ConstructionM/I Homes, Inc.1/5 short2/3 long−11.7%−15.5%−2.7%−3.1%−10.8%+65.2%+101%+430%38.6%0.56−79.6%—$3.1B—
MAS Construction MaterialsMasco Corporation4/5 short1/3 long+10.2%−3.2%+13.0%+17.4%+10.7%+57.7%+35.3%+162%31.1%0.35−44.7%—$15B—
LGIH Residential ConstructionLGI Homes, Inc.3/5 short0/3 long−13.6%−24.3%−6.6%+3.3%−5.4%−50.8%−70.6%+33.9%50.4%-0.24−81.3%—$1.0B—
HD Home ImprovementThe Home Depot, Inc.1/5 short0/3 long+6.0%−4.7%−8.9%−6.9%−16.7%+18.8%−0.2%+217%24.7%0.12−38.0%—$314B—
CCS Residential ConstructionCentury Communities, Inc.1/5 short0/3 long−10.0%−12.7%−11.5%−4.4%−5.5%−0.8%−8.2%+190%42.0%0.17−73.3%—$1.6B—
LEN Residential ConstructionLennar Corporation1/5 short0/3 long+1.4%−4.5%−14.9%−22.8%−36.1%−20.2%−16.5%+112%35.5%0.07−60.2%—$19B—
BLDR Construction MaterialsBuilders FirstSource, Inc.0/5 short0/3 long−7.9%−25.8%−41.0%−48.5%−56.0%−50.7%−7.5%+417%46.7%0.20−76.1%—$5.8B—
MTH Residential ConstructionMeritage Homes Corporation0/5 short0/3 long−6.4%−14.7%−12.0%−7.1%−12.1%+15.9%+23.2%+283%39.1%0.30−64.3%—$3.9B—
NVR Residential ConstructionNVR, Inc.0/5 short0/3 long−3.4%−7.3%−15.8%−17.9%−22.2%+8.9%+18.3%+279%28.0%0.26−46.1%—$16B—
KBH Residential ConstructionKB Home0/5 short0/3 long−9.4%−20.5%−20.7%−23.0%−28.7%+7.5%+14.9%+225%39.2%0.27−72.4%—$2.6B—
HOV Residential ConstructionHovnanian Enterprises, Inc.0/5 short0/3 long−17.4%−25.2%−21.0%−2.7%−25.5%+37.5%+4.6%+136%64.9%0.34−93.5%—$488M—
DFH Residential ConstructionDream Finders Homes, Inc.0/5 short0/3 long−15.9%−35.6%−39.0%−44.0%−57.6%−48.4%−41.4%—57.4%0.10−83.0%—$868M—
Open these 18 in EasyCompare

How did DHI do year by year?

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

InvestmentYears ahead of DHI20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
DHI This pageD.R. Horton, Inc.—+4.2%−7.2%+72.1%−16.8%+58.7%+32.2%+54.3%−31.3%+89.0%−13.7%+27.9%+14.3%+12.8%+59.5%+7.0%+11.1%+56.0%−44.9%−48.6%−24.4%+19.5%+41.4%+152%−19.0%+48.8%+94.5%−39.3%+32.7%+61.4%
Rank among alternativesTop quarter in 6 of 295 of 1810 of 1813 of 181 of 186 of 179 of 1711 of 176 of 175 of 1717 of 177 of 174 of 159 of 149 of 143 of 146 of 146 of 148 of 145 of 1310 of 134 of 127 of 122 of 1211 of 125 of 126 of 1212 of 124 of 126 of 12
SPY S&P 500State Street SPDR S&P 500 ETF10 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%
BZH Beazer Homes USA, Inc.10 of 29−26.2%−18.7%+165%−45.1%+53.3%+7.2%+49.0%−50.6%+44.4%+15.8%−40.6%−20.7%+44.6%+36.2%−54.0%+11.4%+206%−78.7%−84.0%−34.9%+50.4%+50.2%+61.3%−17.2%+82.9%+108%−23.0%+25.4%+7.8%
GRBK Green Brick Partners, Inc.8 of 18+10.9%+8.8%+114%−20.1%+32.1%+100%+58.6%−35.9%+12.4%+39.6%−12.2%+632%−53.3%−73.0%−60.9%−35.8%+674%−95.0%———————————
PHM PulteGroup, Inc.11 of 29+8.5%+6.2%+129%−19.2%+34.0%+12.6%+51.3%−20.8%+83.5%+5.2%−15.6%+6.6%+13.1%+188%−16.2%−24.8%−8.5%+5.0%−67.8%−15.4%+23.8%+36.8%+96.1%+7.5%+6.3%+88.5%−18.3%+33.7%+36.8%
IBP Installed Building Products, Inc.7 of 11+50.6%−2.9%+118%−37.3%+38.4%+48.0%+104%−55.6%+83.9%+66.3%+39.3%——————————————————
TOL Toll Brothers, Inc.13 of 29+8.3%+23.4%+109%−30.0%+68.4%+11.5%+21.4%−30.7%+55.9%−6.9%−2.8%−7.4%+14.4%+58.3%+7.5%+1.0%−12.2%+6.9%−37.8%−7.0%+1.0%+72.6%+96.8%−7.9%+7.3%+120%−17.5%−15.6%+37.1%
MHO M/I Homes, Inc.12 of 29−3.8%−3.5%+198%−25.7%+40.4%+12.6%+87.2%−38.9%+36.6%+14.9%−4.5%−9.8%−4.0%+176%−37.6%+48.0%−1.4%+0.7%−72.3%−5.7%−26.2%+41.5%+40.8%+12.1%+107%+57.0%−28.4%+18.5%+70.5%
MAS Masco Corporation10 of 29−10.9%+10.1%+46.6%−32.1%+29.6%+16.1%+66.3%−32.7%+40.6%+13.1%+29.6%+12.3%+38.7%+62.9%−14.9%−6.1%+29.5%−45.8%−25.1%+1.8%−15.4%+36.2%+33.7%−12.0%−2.4%+3.8%−10.3%+14.9%+43.3%
LGIH LGI Homes, Inc.5 of 12−51.9%−32.9%+43.8%−40.1%+45.9%+49.8%+56.2%−39.7%+161%+18.1%+63.1%−16.1%—————————————————
HD The Home Depot, Inc.13 of 29−9.3%+15.0%+12.8%−22.0%+59.5%+24.5%+30.6%−7.3%+43.8%+3.5%+28.5%+30.3%+35.9%+50.3%+23.5%+25.1%+30.5%−11.4%−31.1%+1.0%−4.3%+21.4%+49.1%−52.6%+12.1%−33.3%+69.1%+109%+76.9%
CCS Century Communities, Inc.5 of 11−17.6%−18.6%+84.8%−37.9%+87.9%+60.1%+58.4%−44.5%+48.1%+18.5%+2.5%——————————————————
LEN Lennar Corporation8 of 29−23.3%−7.4%+66.8%−20.7%+53.9%+37.9%+42.9%−37.9%+47.7%−11.9%+9.5%+13.7%+2.7%+97.9%+5.7%+48.3%+49.5%−49.9%−65.3%−13.0%+8.7%+19.4%+105%+10.4%+29.3%+124%−35.6%+17.5%+59.2%
BLDR Builders FirstSource, Inc.11 of 20−28.0%−14.4%+157%−24.3%+110%+60.6%+133%−49.9%+98.6%−1.0%+61.3%−3.6%+27.8%+174%+3.5%−48.7%+151%−78.8%−59.5%−16.6%—————————
MTH Meritage Homes Corporation14 of 29−12.3%−10.2%+90.0%−24.5%+47.4%+35.5%+66.4%−28.2%+47.1%+2.3%−5.5%−25.0%+28.5%+60.9%+4.5%+14.8%+58.8%−16.5%−69.5%−24.1%+11.6%+70.0%+97.1%+31.3%+37.5%+243%−10.6%−0.7%+63.4%
NVR NVR, Inc.16 of 29−10.8%+16.8%+51.8%−21.9%+44.8%+7.1%+56.3%−30.5%+110%+1.6%+28.8%+24.3%+11.5%+34.1%−0.7%−2.8%+55.8%−12.9%−18.8%−8.1%−8.8%+65.1%+42.7%+60.1%+65.0%+159%+0.1%+118%+68.3%
KBH KB Home13 of 29−12.7%+6.6%+99.1%−27.5%+35.3%−0.9%+81.0%−40.0%+103%+29.2%−24.9%−8.9%+16.3%+138%−48.8%+0.5%+2.1%−34.3%−56.7%−28.1%+40.8%+46.1%+70.3%+7.5%+20.6%+41.1%−14.8%+29.5%+77.4%
HOV Hovnanian Enterprises, Inc.10 of 29−27.1%−14.0%+270%−66.9%+287%+57.5%+22.8%−79.7%+22.7%+50.8%−56.2%−37.6%−5.4%+383%−64.5%+6.5%+123%−76.0%−78.8%−31.7%+0.2%+13.8%+175%+49.0%+127%+47.1%−26.1%+17.9%−2.5%
DFH Dream Finders Homes, Inc.1 of 4−26.5%−34.5%+310%−55.5%—————————————————————————
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Risk and diversification

How DHI 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 DHI's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents DHI's five deepest drawdowns since it began trading in 1992, 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 DHI fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringDHI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−88.9%−31.5%Jul 2005Nov 20083.3 yearsJul 20178.7 years
No named crash−57.4%+12.4%Jul 1998Oct 199915 monthsDec 200014 months
Covid crash−53.6%−28.8%Feb 2020Mar 20201 monthJul 20204 months
No named crash−51.2%−0.2%Jan 1994Dec 199411 monthsJan 199613 months
2022 bear market−44.4%−21.4%Dec 2021Jun 20226 monthsApr 202310 months

How did DHI do in stock market crashes?

This section measures how far DHI, 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 DHI.

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
DHI This pageD.R. Horton, Inc.—−0.9%−42.4%−53.6%−23.0%−4.9%−29.4%−29.8%−4.3%−74.6%−43.9%
SPY S&P 500State Street SPDR S&P 500 ETF7 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
BZH Beazer Homes USA, Inc.0 of 10−9.5%−57.7%−69.5%−26.2%−17.6%−65.3%−56.1%−5.7%−97.9%−46.0%
GRBK Green Brick Partners, Inc.3 of 9−6.8%−40.9%−54.3%−32.5%−4.1%−65.7%−55.0%0.0%−96.0%—
PHM PulteGroup, Inc.3 of 10−2.4%−36.1%−61.9%−20.5%−6.6%−29.6%−51.8%−6.1%−58.6%−45.4%
IBP Installed Building Products, Inc.0 of 6−4.5%−46.4%−61.7%−34.2%−7.8%−37.3%————
TOL Toll Brothers, Inc.4 of 10−3.6%−42.1%−71.3%−19.0%−6.4%−42.4%−35.0%−3.7%−46.9%−42.7%
MHO M/I Homes, Inc.4 of 10−6.6%−41.8%−77.4%−18.0%−2.7%−40.9%−55.1%−13.2%−79.3%−34.9%
MAS Masco Corporation4 of 10−2.4%−34.0%−39.2%−28.5%−5.1%−22.8%−39.7%−6.7%−83.8%−39.0%
LGIH LGI Homes, Inc.0 of 6−4.4%−49.5%−61.2%−25.2%−13.7%−45.2%————
HD The Home Depot, Inc.6 of 10−1.8%−34.2%−38.0%−25.1%−6.6%−16.9%−22.2%−1.6%−44.3%−64.9%
CCS Century Communities, Inc.0 of 6−4.8%−49.0%−73.3%−39.1%−8.3%−42.4%————
LEN Lennar Corporation2 of 10−1.7%−42.2%−58.7%−24.0%−3.9%−31.9%−31.7%−5.2%−85.0%−33.5%
BLDR Builders FirstSource, Inc.1 of 9−7.4%−41.4%−62.2%−34.8%−5.2%−59.9%−59.5%−5.0%−92.2%—
MTH Meritage Homes Corporation1 of 10−5.5%−45.6%−62.4%−25.0%−8.1%−41.2%−35.6%−3.3%−76.1%−51.1%
NVR NVR, Inc.8 of 10−1.9%−36.9%−46.1%−18.7%−9.2%−12.1%−18.3%−2.4%−52.7%−36.9%
KBH KB Home2 of 10−2.8%−47.8%−72.4%−30.9%−6.5%−41.3%−43.6%−6.1%−71.8%−32.6%
HOV Hovnanian Enterprises, Inc.0 of 10−10.3%−71.2%−81.8%−60.7%−6.3%−44.7%−53.9%−7.2%−95.4%−47.1%
DFH Dream Finders Homes, Inc.0 of 2−3.9%−57.4%————————
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How closely does DHI 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 DHI 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 DHI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
DHI This pageD.R. Horton, Inc.132%146%0.901.51
PHM PulteGroup, Inc.132%130%1.021.31
GRBK Green Brick Partners, Inc.160%168%0.951.58
NVR NVR, Inc.102%110%0.930.98
TOL Toll Brothers, Inc.131%145%0.901.45
MHO M/I Homes, Inc.153%176%0.871.85
IBP Installed Building Products, Inc.166%198%0.841.78
MTH Meritage Homes Corporation124%149%0.831.54
HD The Home Depot, Inc.96%117%0.811.00
BLDR Builders FirstSource, Inc.163%203%0.801.90
KBH KB Home128%168%0.761.58
CCS Century Communities, Inc.130%176%0.741.64
MAS Masco Corporation111%158%0.701.30
LEN Lennar Corporation106%155%0.691.46
BZH Beazer Homes USA, Inc.171%253%0.682.14
HOV Hovnanian Enterprises, Inc.164%244%0.672.28
LGIH LGI Homes, Inc.122%217%0.561.75
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What diversifies DHI?

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

ETFs

InvestmentCorrelation5Y returnSharpe20242022201820162008200720062002199980/20 mix volatility80/20 mix annual return
DHI D.R. Horton, Inc. (this page)1.00+65.0%0.46−7.2%−16.8%−31.3%−13.7%−44.9%−48.6%−24.4%−19.0%−39.3%36.5%+11.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.48+119%1.48+15.9%+3.8%−5.2%——————30.2%+13.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.23+225%1.34+29.8%+6.0%−19.8%+1.1%−20.8%−7.4%———29.9%+15.5%
GCOW InternationalPacer Global Cash Cows Dividend ETF0.49+93.4%1.04+3.5%+5.5%−8.0%——————30.8%+12.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.47+101%1.04+33.4%+10.4%−8.7%+29.8%—————30.7%+13.1%
SMH TechnologyVanEck Semiconductor ETF0.43+323%0.97+39.1%−33.5%−9.1%+35.6%−44.7%+6.0%−6.7%−47.0%—32.8%+17.4%
GLD CommoditiesSPDR Gold Shares0.21+126%0.96+26.7%−0.8%−1.9%+8.0%+4.9%+30.4%+22.6%——30.1%+13.9%
IOO InternationaliShares Global 100 ETF0.48+107%0.94+26.6%−16.3%−6.3%+8.3%−36.1%+11.1%+19.9%−24.0%—30.8%+13.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.46+136%0.93+45.8%−10.4%−0.9%+7.4%—————31.3%+14.3%

Stocks

InvestmentCorrelation5Y returnSharpe20242022201820162008200720062002199980/20 mix volatility80/20 mix annual return
DHI D.R. Horton, Inc. (this page)1.00+65.0%0.46−7.2%−16.8%−31.3%−13.7%−44.9%−48.6%−24.4%−19.0%−39.3%36.5%+11.4%
CAH Medical - DistributionCardinal Health, Inc.0.23+479%1.55+19.0%+54.1%−24.5%−17.5%−39.6%−9.8%−5.8%−8.3%−36.8%30.9%+17.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.11+3,143%1.47+215%+1.3%−16.3%+7.4%−20.5%−25.7%−26.0%−65.1%+350%32.6%+30.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.43+1,636%1.46+107%+17.0%+0.8%+18.3%−15.2%+2.1%+38.9%−9.4%−58.7%34.1%+25.6%
MCK Medical - DistributionMcKesson Corporation0.12+413%1.44+23.7%+51.8%−28.4%−28.3%−40.4%+29.7%−1.2%−27.2%−71.3%30.3%+17.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.11+690%1.41−4.0%+86.6%−8.2%+0.7%—————30.6%+19.9%
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Common questions

What was DHI's worst drawdown?

DHI's deepest decline since it began trading in 1992 was 88.9%, from July 2005 to November 2008. It took about nine years from the low to climb back to its old high.

What were DHI's best and worst years?

Over 29 full calendar years, DHI's best year was 2003, when it returned 152%. Its worst was 2007, with a return of -48.6%.

Is there a better investment than DHI?

Among DHI's popular alternatives, PHM, TOL and MHO earned more than DHI over the past 5 years with similar volatility: PHM returned 19.1% a year at 35.0% volatility, against 10.5% a year at 35.9%. Looking beyond its popular alternatives, TT (building products) and TJX (specialty retail) earned more than DHI with less volatility over the past 5 years. TT returned 22.7% a year at 27.7% volatility, against 10.5% a year at 35.9%.

Is DHI more volatile than the S&P 500?

Yes. DHI's volatility over the past 5 years was 35.9%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DHI's return lands within 35.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is DHI's Sharpe ratio?

DHI's Sharpe ratio over the past 5 years was 0.46, against 0.79 for the S&P 500, so DHI 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 DHI with the S&P 500?

Over the past 5 years, DHI's monthly returns had a correlation of 0.58 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against DHI instead: the lower it is, the more that option would diversify a DHI holding.

What are the best alternatives to DHI?

Of the 17 popular alternatives we compared, one outperformed DHI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: BZH.

Did DHI outperform the S&P 500?

DHI finished ahead of the S&P 500 (SPY) in 19 of 29 full calendar years. In 2025, it returned +4.2%, against +17.7% for the index.

How did DHI do in stock market crashes?

DHI fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when DHI fell 53.6% and the S&P 500 fell 33.7%.

What diversifies DHI?

These had a low correlation with DHI over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.23) and GCOW (correlation 0.49); among large stocks, CAH (correlation 0.23), CLS (correlation 0.11) and FIX (correlation 0.43). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to DHI

Other stocks and ETFs