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Relative Intelligence · Exploration & Production

How Diamondback Energy (FANG) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on FANG alone. It places FANG (Diamondback Energy, Inc.) against 20+ 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 FANG stands in the market, and of the alternatives worth a closer look.

Period covered: FANG's full trading record, from October 2012 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 FANG →Chart FANG vs. 20 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in FANG over the past 13 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of FANG over the same span and FANG'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.

Note: FANG began trading on October 12, 2012, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 13 years of FANG's record, starting at the end of September 2013.

Choose a period

From the end of September 2013 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. 426 of the 2,311 stocks and funds worth at least $500 million that traded the whole period ended ahead of FANG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,0002013201520172019202120232025$1,000$10,000$100,00020132016201920222025
  • LLY$293,821+2,838% total · +29.7% a year
  • MPC$178,765+1,688% total · +24.8% a year
  • XLK$143,096+1,331% total · +22.7% a year
  • PSX$69,438+594% total · +16.1% a year
  • CAH$59,308+493% total · +14.7% a year
  • FANG$56,695+467% total · +14.3% a year
  • SPY (S&P 500)$56,474+465% total · +14.2% a year
  • COP$27,682+177% total · +8.1% a year
  • EPD$27,457+175% total · +8.1% a year
  • REPX$10,395+4.0% total · +0.3% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 552 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of FANG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • MPC$71,516+615% total · +48.2% a year
  • PR$36,604+266% total · +29.6% a year
  • XOM$32,965+230% total · +26.9% a year
  • VNOM$24,994+150% total · +20.1% a year
  • CVX$24,595+146% total · +19.7% a year
  • FANG$23,999+140% total · +19.1% a year
  • EPD$23,444+134% total · +18.6% a year
  • COP$22,182+122% total · +17.3% a year
  • REPX$21,791+118% total · +16.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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FANG 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.

Note: FANG began trading on October 12, 2012, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The company

Market value
$57B
Industry
Oil & Gas Exploration & Production
Price history from
October 2012

Returns

Past 1 year
+46.8%total return
Past 3 years
+35.7%+10.7% a year
Past 5 years
+125%+17.6% a year
Past 10 years
+160%+10.0% a year
Best calendar year
+177%2013
Worst calendar year
−46.0%2020
Losing years
3 of 13full calendar years

Risk

Volatility
36.6%typical yearly swing, 5 years
Sharpe ratio
0.63return per unit of risk, 5 years
Worst decline ever
−88.7%Oct 2018 to Mar 2020
From its all-time high
−4.3%below the peak

FANG against the whole market

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

How does FANG rank among all stocks?

This section ranks FANG 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 FANG 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.

MeasureFANGRankStanding
1-year return+46.8%602 of 3,287top 18%
3-year return+35.7%1,759 of 3,017bottom 43%
5-year return+125%551 of 2,893top 19%
10-year return+160%1,026 of 2,202top 47%
Volatility, 5 years36.6%1,245 of 2,893top 43%
Sharpe ratio, 5 years0.63615 of 2,893top 21%
Worst decline, past 10 years−88.7%1,901 of 2,187bottom 14%

What has beaten FANG 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). FANG sits where the dashed lines cross. Anything in the green box above and to the left earned more than FANG 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 FANG; faint dots are 90 more of the 177 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%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 FANGCCEP: +19.7% a year, volatility 23.2%XLE: +22.6% a year, volatility 25.5%RS: +24.8% a year, volatility 28.1%SNX: +20.3% a year, volatility 30.4%RGA: +19.7% a year, volatility 27.3%RNR: +20.1% a year, volatility 27.8%NEU: +21.0% a year, volatility 26.8%AVT: +22.1% a year, volatility 30.7%NHC: +32.0% a year, volatility 28.5%ABBV: +26.1% a year, volatility 23.4%IXC: +20.7% a year, volatility 23.2%MCK: +38.7% a year, volatility 25.0%GILD: +22.8% a year, volatility 24.9%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%VRTX: +22.6% a year, volatility 29.1%MFC: +22.6% a year, volatility 24.0%FBIZ: +23.1% a year, volatility 29.4%ACNB: +22.1% a year, volatility 34.4%BWFG: +20.1% a year, volatility 28.5%BAP: +30.8% a year, volatility 30.3%WMT: +20.8% a year, volatility 22.6%SDCI: +20.6% a year, volatility 18.4%CIB: +32.9% a year, volatility 32.9%KOF: +22.3% a year, volatility 24.7%ADI: +19.5% a year, volatility 34.1%IHG: +21.4% a year, volatility 26.6%UNM: +30.6% a year, volatility 29.3%SHEL: +21.0% a year, volatility 24.8%MOG-A: +36.6% a year, volatility 32.0%CAT: +31.1% a year, volatility 31.9%PM: +21.0% a year, volatility 23.4%SU: +33.1% a year, volatility 32.5%EWT: +20.4% a year, volatility 24.2%IMO: +34.3% a year, volatility 32.0%CNQ: +26.5% a year, volatility 32.5%E: +23.0% a year, volatility 25.6%APH: +33.8% a year, volatility 32.2%LAUR: +37.5% a year, volatility 32.8%LNG: +23.4% a year, volatility 30.2%TJX: +19.9% a year, volatility 22.3%ACA: +23.1% a year, volatility 34.0%FLTW: +21.8% a year, volatility 24.3%PH: +27.4% a year, volatility 28.8%PGR: +21.3% a year, volatility 25.6%ETN: +20.4% a year, volatility 32.1%VIRT: +20.8% a year, volatility 33.8%COR: +24.2% a year, volatility 22.8%GWW: +26.3% a year, volatility 24.9%DCO: +27.5% a year, volatility 34.5%AFL: +19.0% a year, volatility 20.8%ESLT: +39.8% a year, volatility 34.6%ETR: +19.2% a year, volatility 22.4%OFG: +19.5% a year, volatility 28.7%HWM: +47.3% a year, volatility 32.5%DMLP: +21.1% a year, volatility 29.1%CBOE: +21.5% a year, volatility 25.1%ACGL: +20.1% a year, volatility 24.5%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%HBT: +18.9% a year, volatility 28.7%SHG: +21.0% a year, volatility 31.1%WRB: +18.9% a year, volatility 22.9%CW: +30.8% a year, volatility 28.7%CRAK: +19.8% a year, volatility 20.9%BCH: +25.2% a year, volatility 28.2%IEO: +21.5% a year, volatility 29.9%HUBB: +21.0% a year, volatility 30.0%MLI: +38.9% a year, volatility 33.4%CLH: +23.1% a year, volatility 28.6%AIT: +28.5% a year, volatility 30.3%FNGS: +19.5% a year, volatility 30.3%BSVN: +21.1% a year, volatility 33.5%ALSN: +27.3% a year, volatility 29.9%MUSA: +26.1% a year, volatility 31.2%ENSG: +19.8% a year, volatility 26.8%FSS: +23.3% a year, volatility 31.7%ESE: +24.2% a year, volatility 31.1%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%NIC: +19.0% a year, volatility 30.1%BLX: +31.4% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%MPLX: +23.5% a year, volatility 18.8%WELL: +26.0% a year, volatility 23.8%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%GS: +19.6% a year, volatility 28.6%BFC: +19.0% a year, volatility 27.3%FANG: +17.6% a year, volatility 36.6%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%COP: +18.2% a year, volatility 32.6%PR: +33.1% a year, volatility 47.1%EPD: +16.4% a year, volatility 17.1%REPX: +18.4% a year, volatility 57.5%VNOM: +20.8% a year, volatility 35.4%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%PSX: +33.2% a year, volatility 32.9%TTE: +18.0% a year, volatility 25.8%PBR-A: +51.8% a year, volatility 37.5%TRP: +10.8% a year, volatility 21.9%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%AMGN: +19.6% a year, volatility 24.9%XLK: +19.4% a year, volatility 26.0%TRV: +22.4% a year, volatility 22.3%MAR: +22.0% a year, volatility 28.6%STLD: +32.2% a year, volatility 38.0%RSPT: +16.9% a year, volatility 25.1%FANGSPY (S&P 500)MPCCOPPREPDREPXVNOMXOMCVXPSXTTEPBR-ACAHLLYTRVMARSTLDRSPT10.0%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 FANGCCEP: +19.7% a year, volatility 23.2%XLE: +22.6% a year, volatility 25.5%RS: +24.8% a year, volatility 28.1%SNX: +20.3% a year, volatility 30.4%RGA: +19.7% a year, volatility 27.3%RNR: +20.1% a year, volatility 27.8%NEU: +21.0% a year, volatility 26.8%AVT: +22.1% a year, volatility 30.7%NHC: +32.0% a year, volatility 28.5%ABBV: +26.1% a year, volatility 23.4%IXC: +20.7% a year, volatility 23.2%MCK: +38.7% a year, volatility 25.0%GILD: +22.8% a year, volatility 24.9%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%VRTX: +22.6% a year, volatility 29.1%MFC: +22.6% a year, volatility 24.0%FBIZ: +23.1% a year, volatility 29.4%ACNB: +22.1% a year, volatility 34.4%BWFG: +20.1% a year, volatility 28.5%BAP: +30.8% a year, volatility 30.3%WMT: +20.8% a year, volatility 22.6%SDCI: +20.6% a year, volatility 18.4%CIB: +32.9% a year, volatility 32.9%KOF: +22.3% a year, volatility 24.7%ADI: +19.5% a year, volatility 34.1%IHG: +21.4% a year, volatility 26.6%UNM: +30.6% a year, volatility 29.3%SHEL: +21.0% a year, volatility 24.8%MOG-A: +36.6% a year, volatility 32.0%CAT: +31.1% a year, volatility 31.9%PM: +21.0% a year, volatility 23.4%SU: +33.1% a year, volatility 32.5%EWT: +20.4% a year, volatility 24.2%IMO: +34.3% a year, volatility 32.0%CNQ: +26.5% a year, volatility 32.5%E: +23.0% a year, volatility 25.6%APH: +33.8% a year, volatility 32.2%LAUR: +37.5% a year, volatility 32.8%LNG: +23.4% a year, volatility 30.2%TJX: +19.9% a year, volatility 22.3%ACA: +23.1% a year, volatility 34.0%FLTW: +21.8% a year, volatility 24.3%PH: +27.4% a year, volatility 28.8%PGR: +21.3% a year, volatility 25.6%ETN: +20.4% a year, volatility 32.1%VIRT: +20.8% a year, volatility 33.8%COR: +24.2% a year, volatility 22.8%GWW: +26.3% a year, volatility 24.9%DCO: +27.5% a year, volatility 34.5%AFL: +19.0% a year, volatility 20.8%ESLT: +39.8% a year, volatility 34.6%ETR: +19.2% a year, volatility 22.4%OFG: +19.5% a year, volatility 28.7%HWM: +47.3% a year, volatility 32.5%DMLP: +21.1% a year, volatility 29.1%CBOE: +21.5% a year, volatility 25.1%ACGL: +20.1% a year, volatility 24.5%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%HBT: +18.9% a year, volatility 28.7%SHG: +21.0% a year, volatility 31.1%WRB: +18.9% a year, volatility 22.9%CW: +30.8% a year, volatility 28.7%CRAK: +19.8% a year, volatility 20.9%BCH: +25.2% a year, volatility 28.2%IEO: +21.5% a year, volatility 29.9%HUBB: +21.0% a year, volatility 30.0%MLI: +38.9% a year, volatility 33.4%CLH: +23.1% a year, volatility 28.6%AIT: +28.5% a year, volatility 30.3%FNGS: +19.5% a year, volatility 30.3%BSVN: +21.1% a year, volatility 33.5%ALSN: +27.3% a year, volatility 29.9%MUSA: +26.1% a year, volatility 31.2%ENSG: +19.8% a year, volatility 26.8%FSS: +23.3% a year, volatility 31.7%ESE: +24.2% a year, volatility 31.1%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%NIC: +19.0% a year, volatility 30.1%BLX: +31.4% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%MPLX: +23.5% a year, volatility 18.8%WELL: +26.0% a year, volatility 23.8%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%GS: +19.6% a year, volatility 28.6%BFC: +19.0% a year, volatility 27.3%FANG: +17.6% a year, volatility 36.6%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%COP: +18.2% a year, volatility 32.6%PR: +33.1% a year, volatility 47.1%EPD: +16.4% a year, volatility 17.1%REPX: +18.4% a year, volatility 57.5%VNOM: +20.8% a year, volatility 35.4%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%PSX: +33.2% a year, volatility 32.9%TTE: +18.0% a year, volatility 25.8%PBR-A: +51.8% a year, volatility 37.5%TRP: +10.8% a year, volatility 21.9%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%AMGN: +19.6% a year, volatility 24.9%XLK: +19.4% a year, volatility 26.0%TRV: +22.4% a year, volatility 22.3%MAR: +22.0% a year, volatility 28.6%STLD: +32.2% a year, volatility 38.0%RSPT: +16.9% a year, volatility 25.1%FANGSPY (S&P 500)MPCCOPPREPDREPXXOMCVXPSXPBR-ACAHLLYAMGNTRVSTLD
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than FANG?

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

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

Screen the whole market against FANG for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with FANG?lower diversifies moreExpenseper year
FANGDiamondback Energy, Inc. · this page
+17.6%36.6%0.63−88.7%+160%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.280.09%
Popular alternativesbest 6 shownThe investments people most often weigh against FANG. 6 of 20 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.61—
COPConocoPhillips · Exploration & Production
Higher return in most periods+18.2%32.6%0.68−70.7%+379%0.85—
PRPermian Resources Corporation · Exploration & Production
Higher return in most periods+33.1%47.1%0.85−98.9%+99.2%0.80—
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Higher Sharpe, smaller worst decline+16.4%17.1%0.98−58.1%+178%0.64—
REPXRiley Exploration Permian, Inc. · Oil & Gas Exploration & Production
Higher return in most periods+18.4%57.5%0.58−72.4%+403%0.64—
VNOMViper Energy, Inc. · Oil & Gas
Higher return, similar volatility+20.8%35.4%0.71−87.0%+413%0.74—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Exploration & Production and Oil & Gas and the categories next to it (Oilfield Services, Oil & Gas Midstream, Integrated Oil & Gas), plus FANG's specific themes. 41 of 66 passed at least one test.
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+27.1%26.5%1.04−61.0%+214%0.76—
CVXChevron Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.5%25.2%0.84−55.8%+238%0.75—
PSXPhillips 66 · Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.2%32.9%1.04−64.2%+430%0.70—
TTETotalEnergies SE · Integrated Oil & Gas
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+18.0%25.8%0.78−59.6%+234%0.66—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.8%37.5%1.31−71.7%+768%0.52—
TRPTC Energy Corporation · Oil & Gas Midstream
Smaller losses in recent crashes+10.8%21.9%0.58−41.6%+160%0.37—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 870 of 3,547 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+42.1%24.7%1.55−46.1%+349%0.06—
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%-0.04—
AMGNAmgen Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.6%24.9%0.85−24.9%+266%0.33—
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.4%26.0%0.82−33.6%+767%0.030.08%
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.4%22.3%1.02−46.3%+347%0.42—
MARMarriott International, Inc. · Hotels & Resorts
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.0%28.6%0.84−61.3%+544%0.35—
STLDSteel Dynamics, Inc. · Metals & Mining
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.2%38.0%0.93−68.5%+1,018%0.41—
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+16.9%25.1%0.75−33.7%+572%0.100.40%
What these numbers mean for FANG
Annual return
FANG returned 17.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $22,500. 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
FANG's volatility over the past 5 years was 36.6%, 2.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FANG's return lands within 36.6% 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
FANG's Sharpe ratio over the past 5 years was 0.63, against 0.79 for the S&P 500, so FANG 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
FANG's worst fall from a peak to a low over the past 10 years was 88.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 88.7% fall takes a 786% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, FANG's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against FANG instead: the lower it is, the more that option would diversify a FANG holding. Guide: Correlation and diversification →
Show all 177 stocks and funds worth at least $500 million that earned more than FANG 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 FANGExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.06—
2
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%-0.04—
3
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.33—
4
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Whole market+19.4%26.0%0.82−33.6%+767%0.030.08%
5
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.42—
6
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+544%0.35—
7
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.08—
8
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.860.08%
9
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Same or nearby category+27.1%26.5%1.04−61.0%+214%0.76—
10
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.35—
11
CVXChevron Corporation · Integrated Oil & Gas
Same or nearby category+19.5%25.2%0.84−55.8%+238%0.75—
12
SNXTD Synnex Corp · Technology Distribution
Whole market+20.3%30.4%0.76−55.8%+430%0.18—
13
RGAReinsurance Group of America, Incorporated · Insurance
Whole market+19.7%27.3%0.80−65.8%+199%0.47—
14
PSXPhillips 66 · Oil & Gas
Same or nearby category+33.2%32.9%1.04−64.2%+430%0.70—
15
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.06—
16
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.08—
17
AVTAvnet, Inc. · Technology Distribution
Whole market+22.1%30.7%0.81−58.4%+173%0.25—
18
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.02—
19
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.09—
20
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%0.860.37%
21
MPCMarathon Petroleum Corporation · Oil & Gas
Popular alternative+51.2%33.4%1.41−79.7%+1,387%0.61—
22
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.27—
23
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.19—
24
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.09—
25
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.15—
26
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.01—
27
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.25—
28
FBIZFirst Business Financial Services, Inc. · Banks - Regional
Whole market+23.1%29.4%0.85−50.2%+307%0.28—
29
ACNBACNB Corporation · Banks - Regional
Whole market+22.1%34.4%0.75−49.7%+237%0.28—
30
BWFGBankwell Financial Group, Inc. · Banks - Regional
Whole market+20.1%28.5%0.79−64.7%+240%0.21—
31
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.39—
32
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.05—
33
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.490.80%
34
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.35—
35
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.12—
36
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+652%0.10—
37
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.26—
38
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%0.33—
39
SHELShell plc · Integrated Oil & Gas
Same or nearby category+21.0%24.8%0.90−67.2%+233%0.73—
40
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.12—
41
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.27—
42
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.17—
43
SUSuncor Energy Inc. · Integrated Oil & Gas
Same or nearby category+33.1%32.5%1.05−73.5%+295%0.75—
44
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.000.59%
45
IMOImperial Oil Limited · Integrated Oil & Gas
Same or nearby category+34.3%32.0%1.09−77.1%+430%0.77—
46
CNQCanadian Natural Resources Limited · Oil & Gas
Same or nearby category+26.5%32.5%0.89−77.5%+433%0.84—
47
EEni S.p.A. · Integrated Oil & Gas
Same or nearby category+23.0%25.6%0.94−61.4%+278%0.74—
48
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.01—
49
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%—0.27—
50
LNGCheniere Energy, Inc. · Oil & Gas
Same or nearby category+23.4%30.2%0.85−57.5%+616%0.41—
51
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.27—
52
ACAArcosa, Inc. · Construction Materials
Whole market+23.1%34.0%0.78−36.8%—0.23—
53
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—-0.010.19%
54
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.30—
55
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.22—
56
ETNEaton Corporation plc · Electrical Equipment
Whole market+20.4%32.1%0.74−44.5%+657%0.16—
57
VIRTVirtu Financial, Inc. · Capital Markets
Whole market+20.8%33.8%0.73−56.2%+545%0.31—
58
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.28—
59
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.28—
60
DCODucommun Incorporated · Aerospace & Defense
Whole market+27.5%34.5%0.88−70.8%+706%0.20—
61
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.41—
62
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%0.11—
63
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.23—
64
OFGOFG Bancorp · Banks - Regional
Whole market+19.5%28.7%0.77−61.2%+580%0.35—
65
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.20—
66
DMLPDorchester Minerals, L.P. · Oil & Gas Exploration & Production
Whole market+21.1%29.1%0.81−56.8%+435%0.58—
67
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.25—
68
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.43—
69
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.25—
70
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.44—
71
HBTHBT Financial, Inc. · Banks - Regional
Whole market+18.9%28.7%0.75−54.0%—0.20—
72
SHGShinhan Financial Group Co., Ltd. · Banks
Whole market+21.0%31.1%0.77−64.1%+175%0.32—
73
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.26—
74
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+512%0.25—
75
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.590.61%
76
BCHBanco de Chile · Banks
Whole market+25.2%28.2%0.94−58.4%+180%0.18—
77
IEOiShares U.S. Oil & Gas Exploration & Production ETF · Broad Market
Whole market+21.5%29.9%0.80−75.0%+217%0.870.37%
78
HUBBHubbell Incorporated · Electrical Equipment
Whole market+21.0%30.0%0.79−41.6%+442%-0.01—
79
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.17—
80
CLHClean Harbors, Inc. · Environmental Services
Whole market+23.1%28.6%0.88−64.5%+588%0.27—
81
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.27—
82
FNGSMicroSectors FANG+ ETN · Technology
Whole market+19.5%30.3%0.74−49.0%—-0.040.58%
83
BSVNBank7 Corp. · Banks - Regional
Whole market+21.1%33.5%0.74−69.6%—0.27—
84
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Whole market+27.3%29.9%0.96−48.7%+367%0.44—
85
MUSAMurphy USA Inc. · Convenience Stores
Whole market+26.1%31.2%0.90−35.5%+706%0.33—
86
ENSGThe Ensign Group, Inc. · Health Care Facilities
Whole market+19.8%26.8%0.81−55.5%+896%0.37—
87
FSSFederal Signal Corporation · Industrial Machinery
Whole market+23.3%31.7%0.82−33.0%+882%0.16—
88
ESEESCO Technologies Inc. · Electronic Instruments
Whole market+24.2%31.1%0.85−46.0%+473%0.15—
89
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.22—
90
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.30—
91
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.220.48%
92
NICNicolet Bankshares, Inc. · Banks - Regional
Whole market+19.0%30.1%0.73−44.3%+344%0.21—
93
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.30—
94
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.18—
95
MPLXMPLX Lp · Oil & Gas Midstream
Same or nearby category+23.5%18.8%1.22−75.2%+350%0.57—
96
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.12—
97
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+332%0.24—
98
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.31—
99
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+521%0.36—
100
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%0.09—

FANG against its popular alternatives

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

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

Green points earned more than FANG 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%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityFANG: 17.6% a year, volatility 36.6%SPY (S&P 500): 12.7% a year, volatility 17.1%MPC: 51.2% a year, volatility 33.4%COP: 18.2% a year, volatility 32.6%VNOM: 20.8% a year, volatility 35.4%OVV: 14.8% a year, volatility 44.8%MTDR: 6.9% a year, volatility 46.3%CRC: 6.8% a year, volatility 39.1%SM: 6.9% a year, volatility 52.8%MUR: 11.8% a year, volatility 45.0%OXY: 15.2% a year, volatility 37.9%APA: 16.2% a year, volatility 47.6%CHRD: 16.7% a year, volatility 39.1%DVN: 9.3% a year, volatility 39.9%NOG: 7.1% a year, volatility 48.2%SLB: 10.0% a year, volatility 37.5%HAL: 6.9% a year, volatility 39.4%MGY: 6.3% a year, volatility 38.9%REPX: 18.4% a year, volatility 57.5%PR: 33.1% a year, volatility 47.1%EPD: 16.4% a year, volatility 17.1%EOG: 16.6% a year, volatility 32.3%FANGSPY (S&P 500)MPCCOPVNOMOVVMTDRCRCSMMUROXYAPADVNSLBHALREPXPREPDEOG10.0%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 yearsHigher return, lower volatilityLower return, higher volatilityFANG: 17.6% a year, volatility 36.6%SPY (S&P 500): 12.7% a year, volatility 17.1%MPC: 51.2% a year, volatility 33.4%COP: 18.2% a year, volatility 32.6%VNOM: 20.8% a year, volatility 35.4%OVV: 14.8% a year, volatility 44.8%MTDR: 6.9% a year, volatility 46.3%CRC: 6.8% a year, volatility 39.1%SM: 6.9% a year, volatility 52.8%MUR: 11.8% a year, volatility 45.0%OXY: 15.2% a year, volatility 37.9%APA: 16.2% a year, volatility 47.6%CHRD: 16.7% a year, volatility 39.1%DVN: 9.3% a year, volatility 39.9%NOG: 7.1% a year, volatility 48.2%SLB: 10.0% a year, volatility 37.5%HAL: 6.9% a year, volatility 39.4%MGY: 6.3% a year, volatility 38.9%REPX: 18.4% a year, volatility 57.5%PR: 33.1% a year, volatility 47.1%EPD: 16.4% a year, volatility 17.1%EOG: 16.6% a year, volatility 32.3%FANGSPY (S&P 500)MPCCOPVNOMOVVMTDRCRCSMMUROXYDVNSLBMGYREPXPREPDEOG
All figures
InvestmentAnnual returnVolatility
MPC Marathon Petroleum Corporation+51.2%33.4%
PR Permian Resources Corporation+33.1%47.1%
VNOM Viper Energy, Inc.+20.8%35.4%
REPX Riley Exploration Permian, Inc.+18.4%57.5%
COP ConocoPhillips+18.2%32.6%
FANG This pageDiamondback Energy, Inc.+17.6%36.6%
CHRD Chord Energy Corporation+16.7%39.1%
EOG EOG Resources, Inc.+16.6%32.3%
EPD Enterprise Products Partners L.P.+16.4%17.1%
APA APA Corporation+16.2%47.6%
OXY Occidental Petroleum Corporation+15.2%37.9%
OVV Ovintiv Inc.+14.8%44.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MUR Murphy Oil Corporation+11.8%45.0%
SLB Slb N.V.+10.0%37.5%
DVN Devon Energy Corporation+9.3%39.9%
NOG Northern Oil and Gas, Inc.+7.1%48.2%
HAL Halliburton Company+6.9%39.4%
MTDR Matador Resources Company+6.9%46.3%
SM SM Energy Company+6.9%52.8%
CRC California Resources Corp+6.8%39.1%
MGY Magnolia Oil & Gas Corporation+6.3%38.9%
Open these 22 in EasyCompare

Has FANG consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than FANG 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
FANG Diamondback Energy, Inc. (this page)—+6.9%+4.2%+11.6%+35.1%+46.8%+35.7%+125%+160%36.6%0.63−88.7%—$57B—
MPC QualifiedMarathon Petroleum Corporation5/5 short3/3 longAll-weather+18.1%+51.1%+123%+191%+159%+234%+690%+1,387%33.4%1.41−79.7%—$133B—
REPX QualifiedRiley Exploration Permian, Inc.5/5 short3/3 longAll-weather+20.5%+41.5%+48.0%+91.1%+86.4%+79.5%+133%+403%57.5%0.58−72.4%—$1.1B—
COP QualifiedConocoPhillips5/5 short2/3 long+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
PR QualifiedPermian Resources Corporation5/5 short2/3 long+13.1%+23.3%+28.6%+76.5%+108%+86.6%+317%+99.2%47.1%0.85−98.9%—$21B—
VNOM Oil & Gas MidstreamViper Energy, Inc.2/5 short3/3 long+9.9%+5.0%+1.7%+23.3%+32.1%+85.3%+158%+413%35.4%0.71−87.0%—$16B—
EPD Oil & Gas MidstreamEnterprise Products Partners L.P.0/5 short2/3 long−3.9%−3.2%+3.2%+20.3%+28.4%+65.2%+113%+178%17.1%0.98−58.1%—$80B—
OVV Oil & Gas Exploration & ProductionOvintiv Inc.5/5 short1/3 long+16.8%+22.2%+32.8%+76.3%+98.3%+52.5%+99.6%+56.0%44.8%0.54−96.8%—$19B—
MTDR Oil & Gas Exploration & ProductionMatador Resources Company1/5 short1/3 long+6.2%+8.3%+3.2%+35.4%+36.6%−5.3%+39.7%+168%46.3%0.38−96.5%—$7.1B—
CRC Oil & Gas Exploration & ProductionCalifornia Resources Corp0/5 short1/3 long+2.9%+4.6%−11.5%+19.5%+18.9%+9.2%+38.7%+397%39.1%0.36−98.1%—$4.8B—
EOG Oil & Gas Exploration & ProductionEOG Resources, Inc.5/5 short0/3 long+12.4%+12.7%+24.0%+51.9%+53.1%+31.9%+115%+131%32.3%0.64−77.1%—$83B—
SM Oil & Gas Exploration & ProductionSM Energy Company5/5 short0/3 long+11.8%+24.9%+46.1%+108%+88.7%−1.4%+39.5%+123%52.8%0.39−94.7%—$9.2B—
MUR Oil & Gas Exploration & ProductionMurphy Oil Corporation5/5 short0/3 long+19.1%+18.2%+18.3%+36.6%+62.7%+2.9%+74.9%+109%45.0%0.48−86.1%—$6.2B—
OXY Oil & Gas Exploration & ProductionOccidental Petroleum Corporation5/5 short0/3 long+9.9%+14.5%+16.6%+50.6%+56.4%+2.0%+103%+11.6%37.9%0.56−88.4%—$63B—
APA Oil & Gas Exploration & ProductionAPA Corporation5/5 short0/3 long+13.9%+44.2%+40.6%+101%+130%+31.9%+111%+0.9%47.6%0.56−93.5%—$17B—
CHRD Oil & Gas Exploration & ProductionChord Energy Corporation5/5 short0/3 long+9.2%+19.2%+21.9%+65.3%+77.0%+4.9%+117%—39.1%0.59−53.9%—$8.3B—
DVN Oil & Gas Exploration & ProductionDevon Energy Corporation3/5 short0/3 long+5.9%+15.8%+13.6%+35.6%+61.8%+15.0%+56.0%+69.6%39.9%0.42−88.5%—$55B—
NOG Oil & Gas Exploration & ProductionNorthern Oil and Gas, Inc.3/5 short0/3 long+18.1%+32.3%+16.3%+32.6%+39.8%−16.6%+40.8%+41.7%48.2%0.38−92.2%—$2.9B—
SLB Oil & Gas Equipment & ServicesSlb N.V.2/5 short0/3 long−3.4%+8.3%−3.3%+26.4%+53.2%−7.2%+60.7%−21.3%37.5%0.44−84.5%—$74B—
HAL Oil & Gas Equipment & ServicesHalliburton Company1/5 short0/3 long+0.6%−3.9%−7.6%+15.0%+51.5%−14.7%+39.8%−17.1%39.4%0.37−91.5%—$28B—
MGY Oil & Gas Exploration & ProductionMagnolia Oil & Gas Corporation0/5 short0/3 long+4.9%+0.4%−7.8%+15.5%+14.0%+18.4%+35.9%—38.9%0.35−77.8%—$6.0B—
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How did FANG do year by year?

This table shows each investment's total return in every full calendar year since 2013, along with where FANG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with FANG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: FANG began trading on October 12, 2012, so the table starts with 2013, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of FANG; gray means the two finished within a fraction of a point. The rank row places FANG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of FANG2025202420232022202120202019201820172016201520142013
FANG This pageDiamondback Energy, Inc.—−5.6%+10.3%+19.7%+35.4%+127%−46.0%+0.9%−26.4%+24.9%+51.1%+11.9%+13.0%+177%
Rank among alternativesTop quarter in 7 of 1312 of 216 of 216 of 2116 of 219 of 2114 of 1911 of 2012 of 203 of 194 of 182 of 182 of 161 of 16
SPY S&P 500State Street SPDR S&P 500 ETF6 of 13+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%
MPC Marathon Petroleum Corporation8 of 13+19.2%−4.0%+30.4%+86.6%+61.0%−27.4%+6.0%−8.2%+34.8%+0.7%+17.4%+0.4%+48.6%
REPX Riley Exploration Permian, Inc.4 of 13−12.7%+23.8%−3.8%+60.1%+34.4%+153%−48.4%+18.7%+14.3%−41.7%−53.5%−33.9%−35.0%
COP ConocoPhillips5 of 13−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%
PR Permian Resources Corporation4 of 9+1.9%+10.8%+49.5%+57.7%+299%−67.6%−58.0%−44.4%+0.4%————
VNOM Viper Energy, Inc.4 of 11−16.6%+65.5%+4.9%+61.8%+94.1%−50.7%+0.7%+19.7%+56.1%+20.6%−18.9%——
EPD Enterprise Products Partners L.P.5 of 13+9.4%+28.0%+17.7%+18.3%+21.4%−23.6%+21.9%−1.4%+4.3%+12.5%−25.5%+13.3%+38.5%
OVV Ovintiv Inc.5 of 13−0.3%−5.2%−10.9%+53.3%+138%−34.8%−17.6%−56.4%+14.2%+132%−62.1%−22.0%−5.2%
MTDR Matador Resources Company4 of 13−22.3%+0.4%+0.5%+55.8%+207%−32.9%+15.7%−50.1%+20.9%+30.3%−2.3%+8.5%+127%
CRC California Resources Corp2 of 10−10.8%−2.6%+28.9%+3.7%+81.8%—−47.0%−12.3%−8.7%−8.6%−57.7%——
EOG EOG Resources, Inc.3 of 13−11.4%+4.3%−2.0%+56.9%+88.6%−38.6%−2.8%−18.7%+7.5%+44.0%−22.5%+10.3%+39.7%
SM SM Energy Company3 of 13−49.7%+1.8%+13.1%+18.6%+382%+10.2%−26.1%−29.3%−35.3%+76.5%−48.8%−53.5%+59.6%
MUR Murphy Oil Corporation4 of 13+8.7%−26.8%+2.0%+68.6%+121%−52.8%+19.5%−22.1%+3.4%+46.0%−53.9%−20.3%+29.1%
OXY Occidental Petroleum Corporation2 of 13−14.9%−15.9%−4.1%+119%+67.7%−56.6%−28.3%−13.1%+8.5%+9.8%−12.7%−8.9%+27.8%
APA APA Corporation3 of 13+11.5%−33.5%−21.2%+76.4%+90.7%−43.7%+1.1%−36.4%−32.2%+45.7%−27.7%−26.3%+10.5%
CHRD Chord Energy Corporation2 of 5−16.4%−25.0%+31.8%+34.1%+261%————————
DVN Devon Energy Corporation5 of 13+15.0%−25.2%−21.8%+50.9%+196%−35.2%+16.7%−45.1%−8.8%+45.0%−46.6%+0.4%+20.7%
NOG Northern Oil and Gas, Inc.5 of 13−38.2%+4.9%+25.6%+54.5%+137%−62.6%+3.6%+10.2%−25.5%−28.8%−31.7%−62.5%−10.4%
SLB Slb N.V.4 of 13+3.3%−24.5%−0.8%+81.1%+39.6%−43.8%+17.8%−44.7%−18.5%+23.5%−16.3%−3.6%+32.1%
HAL Halliburton Company4 of 13+7.0%−23.2%−6.5%+74.5%+22.0%−21.2%−4.9%−44.6%−8.9%+61.7%−11.9%−21.6%+47.9%
MGY Magnolia Oil & Gas Corporation6 of 8−3.8%+12.2%−7.3%+26.5%+169%−43.9%+12.3%+15.0%—————
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Risk and diversification

How FANG 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 FANG's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents FANG's five deepest drawdowns since it began trading in 2012, 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.

Note: FANG began trading on October 12, 2012, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringFANG fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Late-2018 sell-off−88.7%−15.7%Oct 2018Mar 202017 monthsFeb 202223 months
No named crash−42.6%+3.0%Jun 2014Dec 20146 monthsMay 201617 months
No named crash−42.1%−10.0%Jul 2024Apr 20259 monthsMar 202611 months
2022 bear market−33.5%−8.7%Jun 2022Jul 20221 monthOct 20223 months
No named crash−24.1%+4.2%Feb 2017Jun 20174 monthsNov 20175 months

How did FANG do in stock market crashes?

This section measures how far FANG, 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.

Note: FANG began trading on October 12, 2012, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than FANG.

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
FANG This pageDiamondback Energy, Inc.—−7.7%−33.5%−80.3%−38.7%−9.8%−29.3%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF6 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MPC Marathon Petroleum Corporation5 of 6−3.7%−30.2%−72.4%−36.7%−6.9%−48.2%−39.5%———
REPX Riley Exploration Permian, Inc.2 of 6−2.1%−53.0%−33.4%−48.8%−9.8%−82.1%−25.7%−5.4%−86.6%−85.4%
COP ConocoPhillips3 of 6−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
PR Permian Resources Corporation1 of 5−8.2%−44.3%−90.1%−55.9%−7.9%—————
VNOM Viper Energy, Inc.5 of 6−4.8%−32.5%−77.6%−46.7%−7.8%−23.8%————
EPD Enterprise Products Partners L.P.5 of 6−2.4%−18.0%−53.2%−18.6%−4.1%−31.3%−13.0%0.0%−44.4%−34.6%
OVV Ovintiv Inc.0 of 6−9.6%−36.5%−86.4%−62.0%−11.9%−63.3%−38.5%−0.1%−63.9%—
MTDR Matador Resources Company0 of 6−9.5%−34.6%−90.8%−58.7%−10.3%−54.8%————
CRC California Resources Corp2 of 6−8.3%−28.5%−66.3%−72.2%−14.1%−87.6%————
EOG EOG Resources, Inc.2 of 6−7.4%−33.4%−61.5%−37.3%−11.3%−31.7%−35.8%−1.5%−68.0%−52.7%
SM SM Energy Company2 of 6−3.6%−44.1%−77.1%−59.5%−11.8%−76.4%−31.1%−3.4%−82.0%−57.0%
MUR Murphy Oil Corporation2 of 6−7.9%−40.4%−79.1%−37.6%−10.7%−52.4%−39.3%−2.5%−63.0%−34.3%
OXY Occidental Petroleum Corporation6 of 6−4.6%−22.9%−76.8%−30.5%−7.3%−21.4%−36.1%0.0%−58.1%−28.4%
APA APA Corporation0 of 6−10.3%−40.1%−84.9%−48.2%−13.1%−36.1%−40.5%−2.5%−64.8%−47.1%
CHRD Chord Energy Corporation1 of 2−5.9%−35.8%————————
DVN Devon Energy Corporation1 of 6−8.3%−33.6%−75.9%−49.4%−13.4%−55.2%−36.6%−2.3%−68.6%−52.9%
NOG Northern Oil and Gas, Inc.1 of 6−8.3%−39.0%−65.5%−55.0%−26.7%−57.7%−45.7%−4.8%−86.7%—
SLB Slb N.V.2 of 6−8.8%−36.8%−64.9%−43.6%−10.9%−27.1%−38.9%−3.8%−68.0%−59.8%
HAL Halliburton Company1 of 6−10.2%−45.5%−79.1%−40.0%−10.5%−32.7%−49.8%−4.3%−75.0%−82.8%
MGY Magnolia Oil & Gas Corporation4 of 5−6.6%−38.1%−63.6%−33.6%−0.6%—————
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How closely does FANG 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 FANG 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 FANG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
FANG This pageDiamondback Energy, Inc.108%148%0.731.54
MPC Marathon Petroleum Corporation138%95%1.451.29
REPX Riley Exploration Permian, Inc.89%85%1.041.14
COP ConocoPhillips94%92%1.020.91
VNOM Viper Energy, Inc.128%145%0.881.54
EPD Enterprise Products Partners L.P.81%94%0.860.93
EOG EOG Resources, Inc.92%135%0.691.17
MTDR Matador Resources Company156%239%0.652.70
SM SM Energy Company154%244%0.633.21
MUR Murphy Oil Corporation138%225%0.611.79
PR Permian Resources Corporation139%234%0.593.38
DVN Devon Energy Corporation118%199%0.591.80
OVV Ovintiv Inc.131%228%0.582.14
NOG Northern Oil and Gas, Inc.123%228%0.541.68
OXY Occidental Petroleum Corporation80%155%0.511.24
APA APA Corporation124%246%0.502.54
HAL Halliburton Company113%225%0.501.75
SLB Slb N.V.104%212%0.491.54
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What diversifies FANG?

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

ETFs

InvestmentCorrelation5Y returnSharpe20252020201880/20 mix volatility80/20 mix annual return
FANG Diamondback Energy, Inc. (this page)1.00+125%0.63−5.6%−46.0%−26.4%31.3%+19.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.44+119%1.48+27.1%−9.0%−5.2%25.9%+19.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.22+225%1.34+32.8%+3.9%−19.8%25.7%+21.5%
SMH TechnologyVanEck Semiconductor ETF0.04+323%0.97+49.2%+55.5%−9.1%26.3%+24.5%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.26+85.0%0.96+23.1%+2.1%−9.5%25.7%+18.8%
GLD CommoditiesSPDR Gold Shares-0.01+126%0.96+63.7%+24.8%−1.9%25.2%+20.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.18+136%0.93+26.6%+28.2%−0.9%26.1%+20.7%
DFIV InternationalDimensional - International Value ETF0.43+99.4%0.93+45.4%——26.5%+19.1%
VTV Broad MarketVanguard Morningstar Value ETF0.46+76.6%0.90+15.3%+2.3%−5.5%26.4%+18.4%

Stocks

InvestmentCorrelation5Y returnSharpe20252020201880/20 mix volatility80/20 mix annual return
FANG Diamondback Energy, Inc. (this page)1.00+125%0.63−5.6%−46.0%−26.4%31.3%+19.1%
CAH Medical - DistributionCardinal Health, Inc.0.06+479%1.55+76.3%+10.1%−24.5%25.9%+24.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.22+3,143%1.47+220%−2.4%−16.3%29.9%+37.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.26+1,636%1.46+121%+6.7%+0.8%28.7%+32.9%
MCK Medical - DistributionMcKesson Corporation0.27+413%1.44+44.5%+27.1%−28.4%26.9%+23.2%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.20+594%1.36+87.9%−7.2%−37.5%27.3%+26.2%
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Common questions

What was FANG's worst drawdown?

FANG's deepest decline since it began trading in 2012 was 88.7%, from October 2018 to March 2020. It took 23 months from the low to climb back to its old high. Because FANG launched in October 2012, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were FANG's best and worst years?

Over 13 full calendar years, FANG's best year was 2013, when it returned 177%. Its worst was 2020, with a return of -46.0%.

Is there a better investment than FANG?

Among FANG's popular alternatives, MPC earned more than FANG with less volatility over the past 5 years: 51.2% a year at 33.4% volatility, against 17.6% a year at 36.6%. Looking beyond its popular alternatives, XOM (integrated oil & gas) and CVX (integrated oil & gas) earned more than FANG with less volatility over the past 5 years. XOM returned 27.1% a year at 26.5% volatility, against 17.6% a year at 36.6%.

Is FANG more volatile than the S&P 500?

Yes. FANG's volatility over the past 5 years was 36.6%, 2.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FANG's return lands within 36.6% 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 FANG's Sharpe ratio?

FANG's Sharpe ratio over the past 5 years was 0.63, against 0.79 for the S&P 500, so FANG 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 FANG with the S&P 500?

Over the past 5 years, FANG's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against FANG instead: the lower it is, the more that option would diversify a FANG holding.

What are the best alternatives to FANG?

Of the 20 popular alternatives we compared, four outperformed FANG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MPC, REPX and COP.

Did FANG outperform the S&P 500?

FANG finished ahead of the S&P 500 (SPY) in six of 13 full calendar years. In 2025, it returned -5.6%, against +17.7% for the index.

How did FANG do in stock market crashes?

FANG fell less than the S&P 500 (SPY) in none of the six major crashes it has traded through, and further in six. The clearest case was the Covid crash, when FANG fell 80.2% and the S&P 500 fell 33.7%.

What diversifies FANG?

These had a low correlation with FANG over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.44), DXJ (correlation 0.22) and SMH (correlation 0.04); among large stocks, CAH (correlation 0.06), CLS (correlation 0.22) and FIX (correlation 0.26). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to FANG

Other stocks and ETFs