Relative Intelligence · Specialty Chemicals
How Ecolab (ECL) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ECL alone. It places ECL (Ecolab Inc.) against 19 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where ECL stands in the market, and of the alternatives worth a closer look.
Period covered: ECL'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.
On this page12 sections
Key findings
- Right nowNot every peer went the same way. Over the past 6 months, NEU (NewMarket) rose 37.8% and DOW fell 14.7%. ECL has trailed the market, rising 5.1% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Consistency ↓
- Stock or market?ECL rose 7.5% over the past 3 months, 4.7 points ahead of the specialty chemicals ETF XLB (State Street Materials Select Sector SPDR ETF), which rose 2.9%. The S&P 500 rose 3.9%. Its specialty chemical peers did not move as one over the past 3 months: SXT (Sensient Technologies) rose 23.7%, while PPG (PPG Industries) fell 5.5%.
- Past 1 to 3 yearsOver the past year, ECL rose 4.0% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (85.8% against 89.3%). ECL finished behind the S&P 500 in both 2024 and 2025. By year ↓
- Long termECL turned $10,000 into $27,600 over the past decade, against $42,100 in the S&P 500. That said, over the past decade, only SHW (Sherwin-Williams) and HWKN (Hawkins) of its specialty chemical peers outpaced ECL. Growth of $10,000 ↓
- In a crashIn the 2022 bear market, ECL fell 39.2%, against 24.5% for the S&P 500. That was more than PPG (PPG Industries, 36.8%) but less than AVNT (Avient, 46.6%). ECL fell further than the S&P 500 in three of the last four sell-offs, including the 2022 bear market (39.2% against 24.5%). Crash tests ↓
- DiversificationAgainst the S&P 500, ECL has a correlation of 0.61 over 5 years, more closely than 91% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. When the S&P 500 had a down month, ECL usually fell with it (17 of 22 months). By year ↓
- Better options
- Popular alternatives
- CTAS (Cintas) earned more than ECL over the past 5 years with similar volatility: 16.5% a year at 23.1% volatility, against 6.7% a year at 24.1%.
- Nearby categories and themes
- LIN (Linde, chemicals) earned more than ECL with less volatility over the past 5 years: 11.5% a year at 20.9% volatility, against 6.7% a year at 24.1%.
- Versus the S&P 500
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 6.7% at 24.1% for ECL.
How much would $10,000 in ECL have grown?
This chart tracks a hypothetical $10,000 investment in ECL over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ECL over the same span and ECL'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.
- $10,000 invested in ECL at the end of September 1997 would have grown to $316,339 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 ECL, and SXT finished highest, at $619,532.
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. 193 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of ECL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SXT$619,532+6,095% total · +15.3% a year
- SHW$512,273+5,023% total · +14.5% a year
- HWKN$482,780+4,728% total · +14.3% a year
- CTAS$440,279+4,303% total · +13.9% a year
- NEU$344,538+3,345% total · +13.0% a year
- ECL$316,339+3,063% total · +12.6% a year
- KWR$182,193+1,722% total · +10.5% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- ASH$81,831+718% total · +7.5% a year
- DD$46,604+366% total · +5.5% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,767 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ECL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- HWKN$37,839+278% total · +30.5% a year
- NEU$29,325+193% total · +24.0% a year
- CTAS$21,474+115% total · +16.5% a year
- DE$21,391+114% total · +16.4% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- LIN$17,312+73.1% total · +11.6% a year
- DD$16,760+67.6% total · +10.9% a year
- SXT$15,886+58.9% total · +9.7% a year
- ECL$13,921+39.2% total · +6.8% a year
- SHW$12,093+20.9% total · +3.9% a year
ECL 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.
- ECL's deepest decline since it began trading in 1986 was 47.1%, from September 1989 to October 1990. It took 11 months from the low to climb back to its old high.
- Over 29 full calendar years, ECL's best was 1997, when it returned 49.7%, and its worst was 2022, when it lost 37.1%. It lost money in three of those years.
- ECL is 5.8% below its all-time high.
The company
- Market value
- $81B
- Industry
- Chemicals - Specialty
- Price history from
- October 1986
Returns
- Past 1 year
- +4.0%total return
- Past 3 years
- +85.8%+22.9% a year
- Past 5 years
- +38.1%+6.7% a year
- Past 10 years
- +176%+10.7% a year
- Best calendar year
- +49.7%1997
- Worst calendar year
- −37.1%2022
- Losing years
- 3 of 29full calendar years
Risk
- Volatility
- 24.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.39return per unit of risk, 5 years
- Worst decline ever
- −47.1%Sep 1989 to Oct 1990
- From its all-time high
- −5.8%below the peak
ECL against the whole market
Where ECL ranks among every stock and fund, and what across the market has done better.
How does ECL rank among all stocks?
This section ranks ECL 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 ECL stacks up against its peers, these rankings show where it stands in the market as a whole.
- ECL is among the steadier stocks: its price swings rank in the top 9% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
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.
| Measure | ECL | Rank | Standing |
|---|---|---|---|
| 1-year return | +4.0% | 1,812 of 3,287 | bottom 46% |
| 3-year return | +85.8% | 1,064 of 3,017 | top 35% |
| 5-year return | +38.1% | 1,241 of 2,893 | top 43% |
| 10-year return | +176% | 968 of 2,202 | top 44% |
| Volatility, 5 years | 24.1% | 269 of 2,893 | top 9% |
| Sharpe ratio, 5 years | 0.39 | 1,260 of 2,893 | top 44% |
| Worst decline, past 10 years | −43.7% | 249 of 2,187 | top 11% |
What has beaten ECL 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). ECL sits where the dashed lines cross. Anything in the green box above and to the left earned more than ECL 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.
- 75 stocks and 433 ETFs worth at least $500 million sit in the green region: each earned more than ECL over the past 5 years with smaller price swings. That is 14% of the 3,633 screened.
- Among those with at least half ECL's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 21% less than ECL's 24.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.39 for ECL.
- None of ECL's popular alternatives made it, but TJX (specialty retail) did: 19.9% a year at 22.3% volatility, 7% less than ECL's 24.1%.
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 ECL; faint dots are 94 more of the 508 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than ECL?
Investments that beat ECL over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among ECL's popular alternatives, CTAS earned more than ECL over the past 5 years with similar volatility: 16.5% a year at 23.1% volatility, against 6.7% a year at 24.1%.
- Looking beyond its popular alternatives, LIN (chemicals) earned more than ECL with less volatility over the past 5 years: 11.5% a year at 20.9% volatility, against 6.7% a year at 24.1%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 6.7% at 24.1% for ECL.
How this works
The table below lists investments that beat ECL 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 ECL'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 ECL 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 ECL'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× ECL's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than ECL's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with ECL?lower diversifies more | Expenseper year | |||
| ECLEcolab Inc. · this page | +6.7% | 24.1% | 0.39 | −43.7% | +176% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.61 | 0.09% | ||
| Popular alternativesbest 3 shownThe investments people most often weigh against ECL. 3 of 18 passed at least one test. | |||||||||
 CTASCintas Corporation · Business Services | Higher return, similar volatilityHigher return in most periods | +16.5% | 23.1% | 0.78 | −48.4% | +808% | 0.58 | — | |
NEUNewMarket Corporation · Specialty Chemicals | Higher return in most periods | +21.0% | 26.8% | 0.85 | −40.7% | +165% | 0.30 | — | |
SXTSensient Technologies Corporation · Specialty Chemicals | Higher return in most periods | +9.3% | 30.3% | 0.44 | −50.6% | +133% | 0.37 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Specialty Chemicals and Chemicals and the categories next to it (Specialty Retail, Building Products, Automobiles, Industrial Machinery, Agricultural Products, Integrated Oil & Gas), plus ECL's specific themes. 20 of 133 passed at least one test. | |||||||||
 LINLinde plc · Chemicals | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.67 | — | |
 DEDeere & Company · Industrial Machinery | Higher Sharpe, smaller worst declineHigher return in most periods | +14.4% | 29.9% | 0.60 | −37.9% | +755% | 0.40 | — | |
 CVXChevron Corporation · Integrated Oil & Gas | Higher return, similar volatilityHigher return in most periods | +19.5% | 25.2% | 0.84 | −55.8% | +238% | 0.11 | — | |
 SHELShell plc · Integrated Oil & Gas | Higher return, similar volatilityHigher return in most periods | +21.0% | 24.8% | 0.90 | −67.2% | +233% | -0.05 | — | |
 AZOAutoZone, Inc. · Specialty Retail | Higher return, similar volatilitySmaller losses in recent crashes | +12.3% | 25.3% | 0.59 | −42.1% | +323% | 0.47 | — | |
FSSFederal Signal Corporation · Industrial Machinery | Higher Sharpe, smaller worst decline | +23.3% | 31.7% | 0.82 | −33.0% | +882% | 0.47 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 901 of 3,482 passed at least one test. | |||||||||
 KOThe Coca-Cola Company · Food & Beverages | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.45 | — | |
 RSGRepublic Services, Inc. · Environmental Services | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.66 | — | |
 VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.62 | 0.03% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.48 | — | |
RECSColumbia Research Enhanced Core ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.4% | 16.4% | 0.85 | −34.3% | +237% | 0.61 | 0.15% | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.43 | — | |
 QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.50 | 0.18% | |
VHTVanguard Health Care ETF · Health Care Equity | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +7.3% | 15.4% | 0.53 | −28.9% | +200% | 0.65 | 0.09% | |
What these numbers mean for ECL
- Annual return
- ECL returned 6.7% 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 $13,800. 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
- ECL's volatility over the past 5 years was 24.1%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ECL's return lands within 24.1% 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
- ECL's Sharpe ratio over the past 5 years was 0.39, against 0.79 for the S&P 500, so ECL 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
- ECL's worst fall from a peak to a low over the past 10 years was 43.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 43.7% fall takes a 77.6% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, ECL's monthly returns had a correlation of 0.61 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 ECL instead: the lower it is, the more that option would diversify a ECL holding. Guide: Correlation and diversification →
Show all 508 stocks and funds worth at least $500 million that earned more than ECL 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.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with ECL | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.45 | — |
| 2 | RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.66 | — |
| 3 | VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.62 | 0.03% |
| 4 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.61 | 0.03% |
| 5 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.48 | — |
| 6 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.43 | — |
| 7 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.45 | — |
| 8 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.49 | 0.40% |
| 9 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.53 | 0.60% |
| 10 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.64 | 0.03% |
| 11 |  VUGVanguard Morningstar Growth ETF · US Large-Cap Growth | Whole market | +12.3% | 22.5% | 0.63 | −35.6% | +419% | 0.52 | 0.03% |
| 12 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.37 | 0.65% |
| 13 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.70 | 0.04% |
| 14 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.41 | — |
| 15 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.57 | 0.06% |
| 16 |  CMECME Group Inc. · Capital Markets | Whole market | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.28 | — |
| 17 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.64 | 0.26% |
| 18 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.63 | 0.08% |
| 19 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.53 | 0.13% |
| 20 | ACWIiShares MSCI ACWI ETF · Global Equity | Whole market | +10.6% | 16.2% | 0.70 | −33.5% | +227% | 0.62 | 0.32% |
| 21 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.60 | 0.15% |
| 22 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.63 | — |
| 23 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.32 | — |
| 24 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.63 | 0.39% |
| 25 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.59 | 0.46% |
| 26 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.18 | 0.40% |
| 27 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.44 | 0.50% |
| 28 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.36 | — |
| 29 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.59 | 0.20% |
| 30 | XMHQInvesco S&P MidCap Quality ETF · US Mid-Cap Equity | Whole market | +9.7% | 20.5% | 0.56 | −36.9% | +240% | 0.62 | 0.30% |
| 31 | SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology | Whole market | +15.0% | 19.5% | 0.82 | −30.8% | — | 0.55 | 0.45% |
| 32 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +291% | 0.63 | 0.30% |
| 33 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.58 | 0.05% |
| 34 | FVFirst Trust Dorsey Wright Focus 5 ETF · Broad Market | Whole market | +9.7% | 21.1% | 0.55 | −34.0% | +247% | 0.58 | 0.30% |
| 35 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | — | 0.66 | 0.15% |
| 36 | JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market | Whole market | +12.9% | 19.1% | 0.73 | −34.3% | — | 0.65 | 0.12% |
| 37 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.64 | — |
| 38 | NULGNuveen ESG Large-Cap Growth · Broad Market | Whole market | +11.4% | 21.9% | 0.60 | −36.2% | — | 0.58 | 0.26% |
| 39 |  AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.39 | — |
| 40 | FBTFirst Trust NYSE Arca Biotechnology Index Fund · Healthcare | Whole market | +10.8% | 22.2% | 0.58 | −33.3% | +203% | 0.43 | 0.55% |
| 41 | TMFCMotley Fool 100 Index ETF · Broad Market | Whole market | +13.9% | 20.5% | 0.74 | −33.1% | — | 0.55 | 0.50% |
| 42 | CHCOCity Holding Company · Banks - Regional | Whole market | +15.9% | 22.8% | 0.77 | −32.3% | +286% | 0.26 | — |
| 43 | FDLOFidelity Low Volatility Factor ETF · Broad Market | Whole market | +9.8% | 13.0% | 0.79 | −34.4% | +249% | 0.67 | 0.15% |
| 44 | DBJPXtrackers MSCI Japan Hedged Equity ETF · International | Whole market | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.51 | 0.45% |
| 45 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.36 | — |
| 46 | DUSADavis Select U.S. Equity ETF · Broad Market | Whole market | +11.3% | 18.4% | 0.68 | −36.7% | — | 0.52 | 0.59% |
| 47 | ROUSHartford Multifactor US Equity ETF · Broad Market | Whole market | +12.3% | 14.4% | 0.88 | −35.5% | +238% | 0.69 | 0.19% |
| 48 | IDHQInvesco S&P International Developed Quality ETF · International | Whole market | +10.0% | 17.9% | 0.63 | −33.6% | +183% | 0.62 | 0.29% |
| 49 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.55 | 0.15% |
| 50 | EWJViShares MSCI Japan Value ETF · International | Whole market | +14.9% | 18.2% | 0.86 | −30.1% | — | 0.40 | 0.15% |
| 51 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.57 | 0.50% |
| 52 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.46 | 0.48% |
| 53 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.68 | 0.40% |
| 54 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +186% | 0.69 | 0.48% |
| 55 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.60 | 0.49% |
| 56 | NXTGFirst Trust Indxx NextG ETF · Technology | Whole market | +16.2% | 19.1% | 0.89 | −33.6% | +330% | 0.42 | 0.70% |
| 57 | DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income | Whole market | +11.8% | 13.3% | 0.91 | −34.7% | +227% | 0.57 | 0.07% |
| 58 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.44 | — |
| 59 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.29 | — |
| 60 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +18.7% | 22.0% | 0.90 | −56.1% | +98.2% | 0.16 | — |
| 61 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.35 | — |
| 62 |  MOAltria Group, Inc. · Tobacco | Whole market | +17.8% | 21.4% | 0.88 | −53.7% | +140% | 0.39 | — |
| 63 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.36 | — |
| 64 |  BMOBank of Montreal · Banks | Whole market | +13.6% | 21.4% | 0.71 | −51.0% | +295% | 0.36 | — |
| 65 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.46 | — |
| 66 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.55 | 0.05% |
| 67 |  KMIKinder Morgan, Inc. · Oil & Gas Midstream | Whole market | +18.7% | 22.5% | 0.88 | −55.1% | +163% | 0.30 | — |
| 68 |  AFLAflac Incorporated · Life Insurance | Whole market | +19.0% | 20.8% | 0.95 | −54.9% | +335% | 0.32 | — |
| 69 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.46 | — |
| 70 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.59 | 0.03% |
| 71 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | -0.12 | 0.80% |
| 72 |  SLFSun Life Financial Inc. · Life Insurance | Whole market | +11.7% | 19.4% | 0.67 | −50.8% | +255% | 0.41 | — |
| 73 |  XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity | Whole market | +8.6% | 18.3% | 0.54 | −42.9% | +241% | 0.50 | 0.08% |
| 74 | VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity | Whole market | +9.4% | 15.8% | 0.65 | −43.2% | +182% | 0.64 | 0.05% |
| 75 | PBAPembina Pipeline Corporation · Oil & Gas Midstream | Whole market | +13.8% | 21.5% | 0.71 | −70.9% | +172% | 0.33 | — |
| 76 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.61 | 0.56% |
| 77 | RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity | Whole market | +11.3% | 18.8% | 0.67 | −40.6% | +322% | 0.57 | 0.47% |
| 78 | EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity | Whole market | +11.1% | 19.5% | 0.64 | −42.8% | — | 0.40 | 0.25% |
| 79 |  SOThe Southern Company · Electric Utilities | Whole market | +11.3% | 18.8% | 0.67 | −38.4% | +170% | 0.31 | — |
| 80 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.63 | 0.79% |
| 81 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.55 | 0.15% |
| 82 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.53 | 0.85% |
| 83 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.46 | 0.15% |
| 84 | SEICSEI Investments Company · Asset Management | Whole market | +12.7% | 22.3% | 0.65 | −51.8% | +168% | 0.33 | — |
| 85 | AFGAmerican Financial Group, Inc. · Property & Casualty Insurance | Whole market | +9.8% | 22.6% | 0.53 | −59.0% | +321% | 0.40 | — |
| 86 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +14.4% | 22.9% | 0.70 | −40.1% | +291% | 0.23 | — |
| 87 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.24 | — |
| 88 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.26 | — |
| 89 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.47 | 0.27% |
| 90 | MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy | Whole market | +18.6% | 19.7% | 0.97 | −64.6% | +186% | 0.39 | 0.45% |
| 91 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.53 | 0.08% |
| 92 | NINiSource Inc · Gas Utilities | Whole market | +15.1% | 20.3% | 0.80 | −30.9% | +158% | 0.36 | — |
| 93 | DFATDimensional - US Targeted Value ETF · US Small-Cap Equity | Whole market | +9.6% | 21.0% | 0.54 | −26.1% | — | 0.54 | 0.33% |
| 94 | FTSFortis Inc. · Electric Utilities | Whole market | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.43 | — |
| 95 | AVEMAvantis Emerging Markets Equity ETF · Emerging Markets Equity | Whole market | +9.3% | 19.5% | 0.56 | −36.0% | — | 0.37 | 0.33% |
| 96 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.68 | 0.20% |
| 97 | WTVWisdomTree U.S. Value Fund · Broad Market | Whole market | +13.4% | 17.0% | 0.83 | −42.2% | +303% | 0.60 | 0.12% |
| 98 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.47 | 0.49% |
| 99 | EWJiShares MSCI Japan ETF · International Equity | Whole market | +9.2% | 18.8% | 0.57 | −33.1% | +132% | 0.53 | 0.49% |
| 100 | XLUState Street Utilities Select Sector SPDR ETF · Utilities Equity | Whole market | +7.8% | 17.4% | 0.52 | −36.0% | +138% | 0.45 | 0.08% |
ECL against its popular alternatives
The investments people most often weigh against ECL, compared period by period and year by year.
How do ECL'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 ECL, which divides the map into what did better or worse on each measure.
- Only CTAS was both more rewarding and calmer than ECL over the past 5 years, earning a higher annual return with lower volatility.
- 11 of the 18 popular alternatives earned less than ECL over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, ECL returned 6.7% a year, less than the S&P 500's 12.7%, with higher volatility (24.1% against 17.1%).
Green points earned more than ECL with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| HWKN Hawkins, Inc. | +29.1% | 36.5% |
| NEU NewMarket Corporation | +21.0% | 26.8% |
| CTAS Cintas Corporation | +16.5% | 23.1% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| DD DuPont de Nemours, Inc. | +9.8% | 30.0% |
| SXT Sensient Technologies Corporation | +9.3% | 30.3% |
| ECL This pageEcolab Inc. | +6.7% | 24.1% |
| RPM RPM International Inc. | +5.1% | 27.2% |
| IOSP Innospec Inc. | +4.4% | 26.5% |
| SHW The Sherwin-Williams Company | +3.1% | 27.1% |
| BCPC Balchem Corp | +2.7% | 24.1% |
| MTX Minerals Technologies Inc. | −1.9% | 30.2% |
| XYL Xylem Inc. | −2.5% | 26.5% |
| AVNT Avient Corporation | −2.6% | 37.8% |
| AWK American Water Works Company, Inc. | −2.8% | 23.1% |
| ASH Ashland Inc. | −3.9% | 31.8% |
| PNR Pentair plc | −5.2% | 29.9% |
| PPG PPG Industries, Inc. | −5.5% | 28.1% |
| KWR Quaker Houghton | −6.6% | 39.6% |
| DOW Dow Inc. | −7.6% | 34.1% |
Has ECL consistently beaten its popular alternatives?
This section compares ECL 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 ECL helps separate lasting outperformance from a single strong stretch.
- Three of the 19 popular alternatives, CTAS, NEU and SXT, outperformed ECL in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- NEU earned more for the risk it took than ECL (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
- HWKN outperformed ECL over all three long-term periods but in none of the five short-term ones, so ECL has had the better of it lately.
A green cell means the alternative earned more than ECL 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| ECL Ecolab Inc. (this page) | — | +6.7% | +7.5% | +5.1% | +10.6% | +4.0% | +85.8% | +38.1% | +176% | 24.1% | 0.39 | −43.7% | — | $81B | — |
| CTAS QualifiedCintas Corporation | 4/5 short2/3 long | +10.2% | +7.8% | +22.1% | +18.3% | +14.0% | +78.9% | +115% | +808% | 23.1% | 0.78 | −48.4% | — | $86B | — |
| NEU QualifiedNewMarket Corporation | 4/5 short2/3 long | −0.6% | +13.2% | +37.8% | +29.5% | +19.2% | +107% | +159% | +165% | 26.8% | 0.85 | −40.7% | — | $8.1B | — |
| SXT QualifiedSensient Technologies Corporation | 4/5 short2/3 long | +4.3% | +23.7% | +36.4% | +46.3% | +41.9% | +149% | +56.2% | +133% | 30.3% | 0.44 | −50.6% | — | $5.8B | — |
| HWKN Chemicals - SpecialtyHawkins, Inc. | 0/5 short3/3 long | +4.5% | −9.7% | −17.2% | −9.5% | −19.3% | +138% | +259% | +627% | 36.5% | 0.89 | −44.8% | — | $2.7B | — |
| DD ChemicalsDuPont de Nemours, Inc. | 1/5 short1/3 long | +2.4% | −1.6% | −4.9% | +9.8% | +33.2% | +53.7% | +59.2% | +65.8% | 30.0% | 0.46 | −73.0% | — | $18B | — |
| SHW Chemicals - SpecialtyThe Sherwin-Williams Company | 0/5 short1/3 long | +4.6% | +4.1% | −1.8% | +3.2% | +2.4% | +45.2% | +16.5% | +300% | 27.1% | 0.25 | −42.5% | — | $82B | — |
| IOSP Chemicals - SpecialtyInnospec Inc. | 4/5 short0/3 long | +7.1% | +18.1% | +32.9% | +31.5% | +36.5% | +6.6% | +24.0% | +85.1% | 26.5% | 0.29 | −48.4% | — | $2.4B | — |
| AVNT Chemicals - SpecialtyAvient Corporation | 4/5 short0/3 long | −0.2% | +12.5% | +6.3% | +30.1% | +30.3% | +36.9% | −12.1% | +64.2% | 37.8% | 0.12 | −76.9% | — | $3.7B | — |
| KWR Chemicals - SpecialtyQuaker Houghton | 3/5 short0/3 long | +2.0% | +7.1% | +12.3% | +15.2% | +21.1% | +14.1% | −29.0% | +65.5% | 39.6% | 0.02 | −66.1% | — | $2.7B | — |
| ASH Chemicals - SpecialtyAshland Inc. | 3/5 short0/3 long | +3.8% | +6.5% | +25.3% | +22.2% | +47.6% | +0.5% | −18.2% | +53.4% | 31.8% | 0.03 | −57.3% | — | $3.3B | — |
| DOW ChemicalsDow Inc. | 3/5 short0/3 long | +8.6% | +2.2% | −14.7% | +30.8% | +48.8% | −25.6% | −32.7% | — | 34.1% | -0.06 | −64.4% | — | $22B | — |
| BCPC Chemicals - SpecialtyBalchem Corp | 2/5 short0/3 long | +2.6% | +5.3% | −3.3% | +11.4% | +14.5% | +42.5% | +14.3% | +140% | 24.1% | 0.23 | −36.7% | — | $5.5B | — |
| VLTO Industrial - Pollution & Treatment ControlsVeralto Corporation | 2/5 short0/3 long | +6.6% | +9.0% | +12.6% | +3.3% | −2.0% | +46.9% | — | — | — | — | −27.1% | — | $25B | — |
| PPG Chemicals - SpecialtyPPG Industries, Inc. | 1/5 short0/3 long | +3.5% | −5.5% | −4.1% | +6.0% | +9.1% | −6.6% | −24.7% | +41.7% | 28.1% | -0.06 | −46.0% | — | $24B | — |
| RPM Chemicals - SpecialtyRPM International Inc. | 0/5 short0/3 long | +1.7% | −0.9% | −7.7% | −1.5% | −8.7% | +13.5% | +28.5% | +153% | 27.2% | 0.32 | −38.7% | — | $13B | — |
| XYL Industrial - MachineryXylem Inc. | 0/5 short0/3 long | −2.1% | −12.6% | −12.1% | −22.5% | −27.4% | +18.7% | −11.7% | +143% | 26.5% | 0.04 | −46.7% | — | $25B | — |
| AWK Regulated WaterAmerican Water Works Company, Inc. | 0/5 short0/3 long | +1.4% | +2.3% | +3.3% | +6.4% | −4.1% | +26.2% | −13.1% | +131% | 23.1% | -0.01 | −37.1% | — | $27B | — |
| PNR Industrial - MachineryPentair plc | 0/5 short0/3 long | −5.2% | −14.5% | −41.3% | −49.4% | −51.0% | −12.3% | −23.3% | +57.3% | 29.9% | -0.03 | −53.2% | — | $8.4B | — |
| MTX Chemicals - SpecialtyMinerals Technologies Inc. | 0/5 short0/3 long | −6.2% | −14.1% | −12.9% | +2.8% | +3.7% | +21.3% | −9.2% | −4.5% | 30.2% | 0.09 | −65.1% | — | $1.9B | — |
How did ECL do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where ECL ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ECL and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- Ranked against its popular alternatives each year, ECL finished in the top quarter in nine of 29 years and in the bottom quarter in six. In 2025, it ranked 6 of 20.
- ECL finished ahead of the S&P 500 in 17 of its 29 full calendar years, and behind it in each of the last two.
- Among its popular alternatives, BCPC came out ahead of ECL most often, in 18 of the 29 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of ECL; gray means the two finished within a fraction of a point. The rank row places ECL among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of ECL | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ECL This pageEcolab Inc. | — | +13.2% | +19.3% | +37.9% | −37.1% | +9.4% | +13.2% | +32.3% | +11.1% | +15.8% | +3.7% | +10.7% | +1.3% | +46.6% | +25.9% | +16.3% | +14.6% | +28.7% | −30.5% | +14.5% | +25.9% | +4.4% | +29.7% | +11.9% | +24.4% | −5.5% | +11.9% | +9.3% | +32.3% | +49.7% |
| Rank among alternatives | Top quarter in 9 of 29 | 6 of 20 | 5 of 20 | 4 of 19 | 17 of 19 | 15 of 19 | 12 of 19 | 7 of 18 | 4 of 18 | 11 of 18 | 16 of 18 | 5 of 18 | 16 of 18 | 6 of 18 | 10 of 18 | 6 of 17 | 14 of 17 | 13 of 17 | 7 of 16 | 3 of 16 | 7 of 16 | 5 of 16 | 6 of 16 | 13 of 16 | 2 of 16 | 13 of 16 | 7 of 16 | 4 of 15 | 3 of 14 | 4 of 14 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 10 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% |
| CTAS Cintas Corporation | 12 of 29 | +3.8% | +22.2% | +34.8% | +3.0% | +26.5% | +32.7% | +61.7% | +9.0% | +36.3% | +28.6% | +17.4% | +34.8% | +47.9% | +19.3% | +26.7% | +11.2% | +14.8% | −29.9% | −14.6% | −2.6% | −5.6% | −11.9% | +10.3% | −4.2% | −9.3% | +51.2% | −24.4% | +81.5% | +33.6% |
| NEU NewMarket Corporation | 12 of 29 | +32.3% | −1.5% | +79.1% | −6.7% | −11.9% | −16.5% | +20.0% | +5.5% | −4.7% | +13.1% | −4.3% | +22.2% | +29.1% | +47.6% | +63.0% | +9.0% | +234% | −36.4% | −4.6% | +144% | +22.9% | −9.0% | +237% | +40.9% | −35.9% | −57.2% | −34.3% | −23.7% | −15.0% |
| SXT Sensient Technologies Corporation | 12 of 29 | +34.2% | +10.5% | −7.2% | −25.6% | +38.3% | +14.9% | +21.0% | −22.1% | −5.4% | +27.2% | +5.8% | +26.7% | +39.4% | −3.9% | +5.6% | +43.4% | +13.7% | −13.3% | +18.0% | +41.6% | −23.1% | +24.9% | −9.5% | +10.7% | −5.9% | +423% | −20.1% | +33.0% | +57.8% |
| HWKN Hawkins, Inc. | 16 of 29 | +16.4% | +75.5% | +84.7% | −0.8% | +53.1% | +16.4% | +14.3% | +19.3% | −33.5% | +54.1% | −15.7% | +18.8% | −1.9% | +6.7% | −15.5% | +107% | +47.5% | +5.3% | +8.3% | +5.1% | +21.9% | −11.9% | +59.3% | +4.6% | +9.7% | +0.4% | −12.2% | −12.9% | +73.2% |
| DD DuPont de Nemours, Inc. | 11 of 29 | +28.7% | +1.0% | +14.3% | −13.3% | +15.4% | +13.3% | −14.3% | −23.7% | +26.2% | +13.9% | +15.8% | +4.9% | +40.7% | +15.4% | −14.0% | +25.4% | +88.0% | −60.2% | +1.4% | −6.5% | −9.6% | +21.8% | +44.0% | −9.4% | −5.2% | −15.6% | +50.2% | −8.0% | +33.0% |
| SHW The Sherwin-Williams Company | 15 of 29 | −3.8% | +9.9% | +32.7% | −32.0% | +44.9% | +27.1% | +49.7% | −3.2% | +54.1% | +4.8% | −0.4% | +44.9% | +20.7% | +74.5% | +8.5% | +38.7% | +5.9% | +5.6% | −6.9% | +42.7% | +3.8% | +30.7% | +25.7% | +5.0% | +7.3% | +28.5% | −27.0% | +7.2% | +0.3% |
| IOSP Innospec Inc. | 11 of 27 | −28.9% | −9.6% | +21.5% | +15.2% | +0.8% | −11.0% | +69.4% | −11.5% | +4.3% | +27.7% | +28.7% | −6.4% | +35.5% | +30.9% | +37.6% | +102% | +74.0% | −65.5% | −26.1% | +189% | −21.2% | +6.1% | +25.2% | −11.9% | +56.3% | +10.9% | −25.3% | — | — |
| AVNT Avient Corporation | 10 of 26 | −21.2% | +0.7% | +26.4% | −38.3% | +41.3% | +12.9% | +31.9% | −33.0% | +37.9% | +2.5% | −15.2% | +8.2% | +74.8% | +79.2% | −6.3% | +67.0% | +138% | −52.2% | −12.3% | +16.7% | −29.0% | +41.8% | +63.0% | −59.0% | +71.7% | −45.7% | — | — | — |
| KWR Quaker Houghton | 13 of 29 | −0.8% | −33.4% | +29.1% | −26.9% | −8.3% | +55.4% | −6.7% | +18.9% | +19.0% | +68.2% | −14.8% | +21.2% | +45.3% | +41.7% | −4.4% | +109% | +34.2% | −22.0% | +3.3% | +20.0% | −19.1% | −16.5% | +37.3% | +17.0% | +14.5% | +38.5% | −17.0% | −0.8% | +20.4% |
| ASH Ashland Inc. | 14 of 29 | −15.4% | −13.7% | −20.2% | +1.2% | +37.7% | +5.1% | +9.4% | +0.9% | +34.1% | +8.0% | −13.2% | +25.0% | +22.4% | +42.4% | +13.8% | +29.7% | +284% | −77.3% | −30.1% | +74.8% | +22.9% | +35.5% | +59.7% | −36.0% | +31.7% | +18.9% | −29.9% | −7.9% | +25.4% |
| DOW Dow Inc. | 1 of 6 | −37.4% | −22.8% | +14.7% | −6.6% | +6.8% | +7.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BCPC Balchem Corp | 18 of 29 | −5.3% | +10.2% | +22.5% | −27.2% | +46.9% | +14.0% | +30.4% | −2.2% | −3.5% | +38.7% | −8.3% | +14.0% | +61.8% | −9.6% | +20.4% | +52.0% | +34.9% | +11.8% | +31.5% | +29.6% | +29.2% | +52.8% | −6.0% | +14.0% | +61.5% | +67.1% | +50.1% | −54.1% | +108% |
| VLTO Veralto Corporation | 1 of 2 | −1.6% | +24.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| PPG PPG Industries, Inc. | 10 of 29 | −11.9% | −18.5% | +21.2% | −25.7% | +21.3% | +10.1% | +32.8% | −11.0% | +25.2% | −2.6% | −13.4% | +23.5% | +42.3% | +65.7% | +2.0% | +48.2% | +44.5% | −37.4% | +12.4% | +14.3% | −12.6% | +9.6% | +32.2% | +0.1% | +15.2% | −23.5% | +10.3% | +4.2% | +4.2% |
| RPM RPM International Inc. | 9 of 29 | −13.9% | +12.1% | +16.8% | −1.7% | +13.2% | +20.6% | +33.7% | +14.8% | −0.3% | +25.1% | −11.1% | +25.0% | +44.4% | +24.7% | +15.3% | +13.1% | +61.6% | −31.8% | +0.3% | +24.7% | −8.6% | +23.7% | +12.1% | +9.4% | +78.0% | −11.8% | −34.1% | +7.9% | +15.6% |
| XYL Xylem Inc. | 7 of 14 | +18.8% | +2.6% | +4.8% | −6.6% | +18.9% | +30.9% | +19.6% | −1.0% | +39.5% | +37.6% | −2.6% | +11.6% | +29.8% | +7.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| AWK American Water Works Company, Inc. | 10 of 17 | +7.4% | −3.5% | −11.7% | −17.9% | +24.8% | +26.9% | +37.8% | +1.3% | +29.0% | +23.6% | +14.9% | +29.4% | +16.1% | +20.5% | +30.1% | +17.2% | +11.9% | — | — | — | — | — | — | — | — | — | — | — | — |
| PNR Pentair plc | 13 of 29 | +4.5% | +40.0% | +64.1% | −37.4% | +39.2% | +17.9% | +23.7% | −18.9% | +28.6% | +16.0% | −23.8% | −13.2% | +60.7% | +50.9% | −6.9% | +15.7% | +40.1% | −30.6% | +12.9% | −7.5% | −19.7% | +93.4% | +35.2% | −3.5% | +54.4% | −35.9% | −1.7% | +12.6% | +13.3% |
| MTX Minerals Technologies Inc. | 10 of 29 | −19.4% | +7.4% | +18.0% | −16.7% | +18.1% | +8.2% | +12.7% | −25.2% | −10.6% | +69.0% | −33.8% | +16.0% | +51.1% | +41.7% | −13.3% | +20.5% | +33.9% | −38.8% | +14.3% | +5.5% | −15.9% | +13.0% | +37.6% | −7.3% | +36.8% | −14.5% | −1.9% | −9.7% | +11.1% |
Risk and diversification
How ECL 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 ECL's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents ECL'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.
- In two of ECL's three worst declines, the S&P 500 held up better over the same dates.
- The longest climb back to a previous high took 20 months, after ECL fell 43.9% from August to December 1987.
Green means ECL fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | ECL fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| No named crash | −47.1% | — | Sep 1989 | Oct 1990 | 13 months | Sep 1991 | 11 months |
| No named crash | −43.9% | — | Aug 1987 | Dec 1987 | 4 months | Aug 1989 | 20 months |
| 2022 bear market | −43.7% | −21.4% | Dec 2021 | Nov 2022 | 11 months | Mar 2024 | 16 months |
| 2008 financial crisis | −41.9% | −53.3% | Dec 2007 | Mar 2009 | 15 months | Sep 2010 | 18 months |
| Covid crash | −40.3% | −33.7% | Feb 2020 | Mar 2020 | 1 month | May 2020 | 2 months |
How did ECL do in stock market crashes?
This section measures how far ECL, 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.
- Among its popular alternatives, AWK held up best, falling less than ECL in six of the eight crashes they both traded through.
- ECL 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 ECL fell 30.0% and the S&P 500 fell 47.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than ECL.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ECL This pageEcolab Inc. | — | −1.3% | −39.2% | −40.3% | −13.8% | −6.8% | −16.3% | −16.1% | 0.0% | −41.9% | −30.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 3 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| CTAS Cintas Corporation | 2 of 10 | −2.5% | −19.8% | −48.4% | −25.9% | −7.8% | −13.8% | −21.7% | −2.3% | −49.5% | −36.3% |
| NEU NewMarket Corporation | 4 of 10 | −3.6% | −20.1% | −20.1% | −11.3% | −2.9% | −21.3% | −21.1% | 0.0% | −73.2% | −83.7% |
| SXT Sensient Technologies Corporation | 3 of 10 | −4.9% | −29.6% | −28.4% | −31.8% | −5.0% | −20.7% | −21.2% | −3.5% | −42.0% | −33.1% |
| HWKN Hawkins, Inc. | 4 of 10 | −4.9% | −29.2% | −33.1% | −22.3% | −7.1% | −21.5% | −19.9% | −2.5% | −28.7% | −28.5% |
| DD DuPont de Nemours, Inc. | 1 of 10 | −4.0% | −40.2% | −46.4% | −29.2% | −5.1% | −27.0% | −39.8% | −4.5% | −85.7% | −40.6% |
| SHW The Sherwin-Williams Company | 4 of 10 | −2.9% | −39.7% | −32.5% | −22.1% | −4.3% | −23.2% | −12.4% | −0.5% | −33.3% | −32.4% |
| IOSP Innospec Inc. | 1 of 10 | −6.7% | −20.4% | −41.1% | −24.8% | −8.4% | −19.5% | −36.8% | 0.0% | −88.9% | −30.5% |
| AVNT Avient Corporation | 1 of 10 | −7.8% | −46.6% | −67.0% | −40.7% | −6.0% | −32.3% | −38.6% | −5.1% | −84.2% | −66.0% |
| KWR Quaker Houghton | 3 of 10 | −6.4% | −44.6% | −34.8% | −19.2% | −5.4% | −23.9% | −43.5% | −9.0% | −85.4% | −26.2% |
| ASH Ashland Inc. | 2 of 10 | −5.5% | −19.8% | −50.9% | −23.8% | −5.5% | −22.7% | −34.2% | −2.6% | −91.4% | −48.1% |
| DOW Dow Inc. | 1 of 3 | −6.9% | −37.1% | −54.1% | — | — | — | — | — | — | — |
| BCPC Balchem Corp | 4 of 10 | −3.7% | −32.2% | −27.3% | −36.4% | −9.0% | −23.0% | −22.7% | −0.8% | −35.6% | −20.0% |
| PPG PPG Industries, Inc. | 3 of 10 | −5.0% | −36.8% | −39.3% | −18.0% | −4.6% | −20.7% | −22.2% | −1.5% | −61.8% | −35.8% |
| RPM RPM International Inc. | 3 of 10 | −4.5% | −22.1% | −37.0% | −17.1% | −5.9% | −20.6% | −23.8% | −2.4% | −61.7% | −31.3% |
| XYL Xylem Inc. | 3 of 6 | −3.8% | −37.9% | −35.9% | −24.2% | −7.2% | −12.9% | — | — | — | — |
| AWK American Water Works Company, Inc. | 6 of 8 | −3.3% | −28.9% | −31.1% | −11.8% | −5.9% | −6.8% | −13.4% | −3.2% | — | — |
| PNR Pentair plc | 0 of 10 | −6.4% | −42.9% | −48.7% | −19.9% | −6.4% | −30.9% | −25.8% | −2.9% | −54.8% | −51.7% |
| MTX Minerals Technologies Inc. | 1 of 10 | −6.0% | −33.2% | −48.2% | −30.4% | −7.5% | −40.0% | −30.4% | −1.9% | −62.9% | −44.8% |
How closely does ECL 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 ECL with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- HWKN took just 47% of the S&P 500's losses, against 86% for ECL, while still keeping 89% of its gains.
- Over the past 10 years, ECL captured 75% of the S&P 500's gains in rising months and 86% of its losses in falling months, with a beta of 0.94. Its share of the market's losses was larger than its share of the gains.
- Four of the 17 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than ECL's 0.87, led by HWKN, NEU and CTAS.
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 ECL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| ECL This pageEcolab Inc. | 75% | 86% | 0.87 | 0.94 |
| HWKN Hawkins, Inc. | 89% | 47% | 1.91 | 0.81 |
| NEU NewMarket Corporation | 52% | 40% | 1.30 | 0.44 |
| CTAS Cintas Corporation | 128% | 110% | 1.16 | 1.20 |
| AWK American Water Works Company, Inc. | 48% | 45% | 1.07 | 0.44 |
| SHW The Sherwin-Williams Company | 114% | 132% | 0.87 | 1.09 |
| SXT Sensient Technologies Corporation | 65% | 78% | 0.83 | 0.87 |
| BCPC Balchem Corp | 78% | 98% | 0.79 | 0.72 |
| RPM RPM International Inc. | 90% | 122% | 0.74 | 1.01 |
| XYL Xylem Inc. | 90% | 123% | 0.73 | 1.03 |
| IOSP Innospec Inc. | 96% | 147% | 0.65 | 1.13 |
| DD DuPont de Nemours, Inc. | 96% | 151% | 0.63 | 1.28 |
| KWR Quaker Houghton | 112% | 182% | 0.61 | 1.45 |
| ASH Ashland Inc. | 70% | 114% | 0.61 | 0.82 |
| AVNT Avient Corporation | 107% | 179% | 0.60 | 1.46 |
| PNR Pentair plc | 89% | 148% | 0.60 | 1.11 |
| PPG PPG Industries, Inc. | 80% | 143% | 0.56 | 1.11 |
| MTX Minerals Technologies Inc. | 89% | 175% | 0.51 | 1.30 |
What diversifies ECL?
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 ECL's. Because such investments tend not to fall at the same time, pairing ECL with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in ECL into GLD would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+6.8% for ECL alone, +9.6% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of ECL over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- MCK made money in two of the three calendar years in which ECL lost money.
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 ECL lost money. The last two columns show a portfolio that is 80% ECL and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2008 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| ECL Ecolab Inc. (this page) | 1.00 | +38.1% | 0.39 | −37.1% | −30.5% | −5.5% | 22.4% | +6.8% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.49 | +119% | 1.48 | +3.8% | — | — | 18.9% | +9.1% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.46 | +225% | 1.34 | +6.0% | −20.8% | — | 19.2% | +11.0% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.49 | +101% | 1.04 | +10.4% | — | — | 19.5% | +8.9% |
| FDL Dividend & IncomeFirst Trust Morningstar Dividend Leaders Index Fund | 0.48 | +91.8% | 0.98 | +6.7% | −31.1% | — | 19.6% | +8.5% |
| EWP Broad MarketiShares MSCI Spain ETF | 0.49 | +140% | 0.97 | −5.2% | −36.8% | −9.2% | 20.0% | +9.9% |
| SMH TechnologyVanEck Semiconductor ETF | 0.37 | +323% | 0.97 | −33.5% | −44.7% | −14.6% | 21.5% | +13.4% |
| GLD CommoditiesSPDR Gold Shares | 0.18 | +126% | 0.96 | −0.8% | +4.9% | — | 18.8% | +9.6% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.13 | +177% | 0.93 | +64.4% | −39.0% | −18.2% | 19.3% | +10.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2008 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| ECL Ecolab Inc. (this page) | 1.00 | +38.1% | 0.39 | −37.1% | −30.5% | −5.5% | 22.4% | +6.8% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.44 | +479% | 1.55 | +54.1% | −39.6% | −2.5% | 20.8% | +13.1% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.12 | +3,143% | 1.47 | +1.3% | −20.5% | −25.6% | 22.6% | +25.7% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.42 | +1,636% | 1.46 | +17.0% | −15.2% | +73.7% | 23.2% | +21.3% |
| MCK Medical - DistributionMcKesson Corporation | 0.29 | +413% | 1.44 | +51.8% | −40.4% | +4.9% | 20.0% | +12.6% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.11 | +690% | 1.41 | +86.6% | — | — | 19.7% | +15.4% |
Common questions
What was ECL's worst drawdown?
ECL's deepest decline since it began trading in 1986 was 47.1%, from September 1989 to October 1990. It took 11 months from the low to climb back to its old high.
What were ECL's best and worst years?
Over 29 full calendar years, ECL's best year was 1997, when it returned 49.7%. Its worst was 2022, with a return of -37.1%.
Is there a better investment than ECL?
Among ECL's popular alternatives, CTAS earned more than ECL over the past 5 years with similar volatility: 16.5% a year at 23.1% volatility, against 6.7% a year at 24.1%. Looking beyond its popular alternatives, LIN (chemicals) earned more than ECL with less volatility over the past 5 years: 11.5% a year at 20.9% volatility, against 6.7% a year at 24.1%.
Is ECL more volatile than the S&P 500?
Yes. ECL's volatility over the past 5 years was 24.1%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ECL's return lands within 24.1% 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 ECL's Sharpe ratio?
ECL's Sharpe ratio over the past 5 years was 0.39, against 0.79 for the S&P 500, so ECL 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 ECL with the S&P 500?
Over the past 5 years, ECL's monthly returns had a correlation of 0.61 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 ECL instead: the lower it is, the more that option would diversify a ECL holding.
What are the best alternatives to ECL?
Of the 19 popular alternatives we compared, three outperformed ECL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CTAS, NEU and SXT.
Did ECL outperform the S&P 500?
ECL finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +13.2%, against +17.7% for the index.
How did ECL do in stock market crashes?
ECL fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in three. The clearest case was the dot-com bust, when ECL fell 30.0% and the S&P 500 fell 47.5%.
What diversifies ECL?
These had a low correlation with ECL over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.49), DXJ (correlation 0.46) and EMLP (correlation 0.49); among large stocks, CAH (correlation 0.44), CLS (correlation 0.12) and FIX (correlation 0.42). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than ECL's. Returns within 0.5 points or 3% of ECL's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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