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Relative Intelligence · Capital Markets

How Goldman Sachs Group (GS) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on GS alone. It places GS (The Goldman Sachs Group, 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 GS stands in the market, and of the alternatives worth a closer look.

Period covered: GS's full trading record, from May 1999 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against GS →Chart GS vs. 21 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in GS over the past 27 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of GS over the same span and GS's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1999 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. 317 of the 1,166 stocks and funds worth at least $500 million that traded the whole period ended ahead of GS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000$500,000199920042009201420192024$10,000$100,0001999200620132020
  • BAP$829,404+8,194% total · +17.8% a year
  • SF$673,462+6,635% total · +16.9% a year
  • PGR$593,751+5,838% total · +16.3% a year
  • CM$408,092+3,981% total · +14.7% a year
  • RJF$390,746+3,807% total · +14.5% a year
  • GS$215,124+2,051% total · +12.0% a year
  • JPM$141,770+1,318% total · +10.3% a year
  • OPY$135,582+1,256% total · +10.1% a year
  • SPY (S&P 500)$95,018+850% total · +8.7% a year
  • MS$87,725+777% total · +8.4% 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. 425 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of GS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • HSBC$51,297+413% total · +38.7% a year
  • MUFG$44,537+345% total · +34.8% a year
  • BAP$44,181+342% total · +34.6% a year
  • GWW$33,303+233% total · +27.2% a year
  • BNY$31,954+220% total · +26.2% a year
  • OPY$28,799+188% total · +23.6% a year
  • VIRT$26,921+169% total · +21.9% a year
  • GS$26,885+169% total · +21.9% a year
  • JPM$22,905+129% total · +18.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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GS at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$258B
Industry
Financial - Capital Markets
Price history from
May 1999

Returns

Past 1 year
+18.2%total return
Past 3 years
+215%+46.6% a year
Past 5 years
+145%+19.6% a year
Past 10 years
+521%+20.0% a year
Best calendar year
+103%2009
Worst calendar year
−60.4%2008
Losing years
7 of 26full calendar years

Risk

Volatility
28.6%typical yearly swing, 5 years
Sharpe ratio
0.77return per unit of risk, 5 years
Worst decline ever
−78.8%Oct 2007 to Nov 2008
From its all-time high
−22.8%below the peak

GS against the whole market

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

How does GS rank among all stocks?

This section ranks GS 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 GS 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.

MeasureGSRankStanding
1-year return+18.2%1,303 of 3,287top 40%
3-year return+215%358 of 3,017top 12%
5-year return+145%468 of 2,893top 16%
10-year return+521%289 of 2,202top 13%
Volatility, 5 years28.6%603 of 2,893top 21%
Sharpe ratio, 5 years0.77325 of 2,893top 11%
Worst decline, past 10 years−48.8%415 of 2,187top 19%

What has beaten GS 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). GS sits where the dashed lines cross. Anything in the green box above and to the left earned more than GS 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 GS; faint dots are 27 more of the 41 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GSWMT: +20.8% a year, volatility 22.6%HLT: +21.0% a year, volatility 26.8%PM: +21.0% a year, volatility 23.4%GILD: +22.8% a year, volatility 24.9%COR: +24.2% a year, volatility 22.8%DTM: +24.5% a year, volatility 25.2%EPU: +29.5% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%XOM: +27.1% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.2%SHEL: +21.0% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%WMB: +24.6% a year, volatility 24.0%TRV: +22.4% a year, volatility 22.3%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%WAB: +25.6% a year, volatility 26.2%XLE: +22.6% a year, volatility 25.5%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%PAGP: +26.8% a year, volatility 26.1%BLX: +31.4% a year, volatility 25.9%IYE: +21.1% a year, volatility 25.2%ATMP: +21.2% a year, volatility 21.5%GS: +19.6% a year, volatility 28.6%SPY (S&P 500): +12.7% a year, volatility 17.1%VIRT: +20.8% a year, volatility 33.8%BNY: +22.7% a year, volatility 24.4%CBOE: +21.5% a year, volatility 25.1%BAP: +30.8% a year, volatility 30.3%HSBC: +33.1% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%CM: +19.2% a year, volatility 21.6%PGR: +21.3% a year, volatility 25.6%GWW: +26.3% a year, volatility 24.9%MCK: +38.7% a year, volatility 25.0%ABBV: +26.1% a year, volatility 23.4%RS: +24.8% a year, volatility 28.1%DXJ: +26.6% a year, volatility 19.1%FLTW: +21.8% a year, volatility 24.3%TJX: +19.9% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%GSSPY (S&P 500)VIRTBNYCBOEBAPHSBCMUFGCMGWWMCKABBVRSDXJFLTWTJXCAH15.0%20.0%25.0%30.0%35.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GSWMT: +20.8% a year, volatility 22.6%HLT: +21.0% a year, volatility 26.8%PM: +21.0% a year, volatility 23.4%GILD: +22.8% a year, volatility 24.9%COR: +24.2% a year, volatility 22.8%DTM: +24.5% a year, volatility 25.2%EPU: +29.5% a year, volatility 24.9%MPLX: +23.5% a year, volatility 18.8%XOM: +27.1% a year, volatility 26.5%DBJP: +20.9% a year, volatility 19.2%SHEL: +21.0% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%WMB: +24.6% a year, volatility 24.0%TRV: +22.4% a year, volatility 22.3%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%WAB: +25.6% a year, volatility 26.2%XLE: +22.6% a year, volatility 25.5%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%PAGP: +26.8% a year, volatility 26.1%BLX: +31.4% a year, volatility 25.9%IYE: +21.1% a year, volatility 25.2%ATMP: +21.2% a year, volatility 21.5%GS: +19.6% a year, volatility 28.6%SPY (S&P 500): +12.7% a year, volatility 17.1%VIRT: +20.8% a year, volatility 33.8%BNY: +22.7% a year, volatility 24.4%CBOE: +21.5% a year, volatility 25.1%BAP: +30.8% a year, volatility 30.3%HSBC: +33.1% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%CM: +19.2% a year, volatility 21.6%PGR: +21.3% a year, volatility 25.6%GWW: +26.3% a year, volatility 24.9%MCK: +38.7% a year, volatility 25.0%ABBV: +26.1% a year, volatility 23.4%RS: +24.8% a year, volatility 28.1%DXJ: +26.6% a year, volatility 19.1%FLTW: +21.8% a year, volatility 24.3%TJX: +19.9% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%GSSPY (S&P 500)VIRTBNYCBOEBAPHSBCMUFGCMGWWMCKABBVRSDXJTJXCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than GS?

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

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

Screen the whole market against GS for any period in BetterThanSPYOpen these 16 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 GS?lower diversifies moreExpenseper year
GSThe Goldman Sachs Group, Inc. · this page
+19.6%28.6%0.77−48.8%+521%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.730.09%
Popular alternativesbest 1 shownThe investments people most often weigh against GS. 1 of 21 passed at least one test.
VIRTVirtu Financial, Inc. · Capital Markets
Higher return in most periods+20.8%33.8%0.73−56.2%+545%0.39—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Capital Markets and the categories next to it (Investment Banking & Brokerage, Financial Data, Banks, Asset Management), plus GS's specific themes. 19 of 119 passed at least one test.
BNYBank of New York Mellon Corp · Banks
Higher return, lower volatilityHigher return in most periods+22.7%24.4%0.97−50.5%+341%0.71—
CBOECboe Global Markets, Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst decline+21.5%25.1%0.91−43.2%+463%0.21—
BAPCredicorp Ltd. · Banks
Higher return, similar volatilityHigher return in most periods+30.8%30.3%1.04−59.2%+298%0.45—
HSBCHSBC Holdings plc · Banks
Higher return, lower volatility+33.1%25.9%1.24−62.3%+319%0.43—
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return, similar volatility+33.2%29.4%1.13−54.9%+483%0.24—
CMCanadian Imperial Bank of Commerce · Banks
Similar return, lower volatility+19.2%21.6%0.93−47.3%+395%0.58—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 155 of 3,493 passed at least one test.
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+21.3%25.6%0.89−30.3%+816%0.13—
GWWW.W. Grainger, Inc. · Industrial Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+26.3%24.9%1.07−41.6%+654%0.42—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.14—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+26.1%23.4%1.11−45.1%+603%0.10—
RSReliance Steel & Aluminum Co. · Metals & Mining
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+24.8%28.1%0.93−40.8%+626%0.46—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+428%0.270.48%
FLTWFranklin FTSE Taiwan ETF · Technology
Higher return, lower volatilityHigher Sharpe, smaller worst decline+21.8%24.3%0.94−38.0%—0.440.19%
TJXThe TJX Companies, Inc. · Specialty Retail
Similar return, lower volatilityHigher Sharpe, smaller worst decline+19.9%22.3%0.93−42.5%+361%0.37—
What these numbers mean for GS
Annual return
GS returned 19.6% 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 $24,500. 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
GS's volatility over the past 5 years was 28.6%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GS's return lands within 28.6% 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
GS's Sharpe ratio over the past 5 years was 0.77, against 0.79 for the S&P 500, so GS 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
GS's worst fall from a peak to a low over the past 10 years was 48.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 48.8% fall takes a 95.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, GS's monthly returns had a correlation of 0.73 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 GS instead: the lower it is, the more that option would diversify a GS holding. Guide: Correlation and diversification →
Show all 41 stocks and funds worth at least $500 million that earned more than GS with less volatility

Out of 3,633 tested over 5 years. The strongest 37 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with GSExpense
1
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.13—
2
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.42—
3
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.14—
4
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.10—
5
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.32—
6
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.270.48%
7
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.59—
8
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.36—
9
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.25—
10
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.32—
11
BNYBank of New York Mellon Corp · Banks
Same or nearby category+22.7%24.4%0.97−50.5%+341%0.71—
12
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.54—
13
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.24—
14
CBOECboe Global Markets, Inc. · Capital Markets
Same or nearby category+21.5%25.1%0.91−43.2%+463%0.21—
15
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.440.19%
16
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.450.59%
17
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.49—
18
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.23—
19
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.350.45%
20
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.17—
21
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.30—
22
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.42—
23
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.36—
24
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.34—
25
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.53—
26
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.54—
27
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.370.08%
28
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.140.80%
29
HSBCHSBC Holdings plc · Banks
Same or nearby category+33.1%25.9%1.24−62.3%+319%0.43—
30
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.33—
31
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.58—
32
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.49—
33
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.24—
34
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+56.3%0.50—
35
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.48—
36
IYEiShares U.S. Energy ETF · Broad Market
Whole market+21.1%25.2%0.89−68.6%+159%0.390.37%
37
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.530.95%

GS against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGS: 19.6% a year, volatility 28.6%SPY (S&P 500): 12.7% a year, volatility 17.1%OPY: 17.2% a year, volatility 33.4%MS: 16.0% a year, volatility 28.8%C: 15.1% a year, volatility 29.4%HLI: 6.6% a year, volatility 28.7%KKR: 5.7% a year, volatility 39.8%BX: 0.4% a year, volatility 39.8%PIPR: 13.5% a year, volatility 35.5%JEF: 5.4% a year, volatility 36.5%LAZ: −2.0% a year, volatility 38.2%EVR: 11.0% a year, volatility 36.3%SF: 8.4% a year, volatility 31.0%PWP: 0.3% a year, volatility 45.2%PJT: 10.2% a year, volatility 31.1%MC: −0.5% a year, volatility 37.6%VIRT: 20.8% a year, volatility 33.8%JPM: 17.3% a year, volatility 24.3%CME: 11.2% a year, volatility 20.8%BLK: 7.1% a year, volatility 27.1%ICE: 5.4% a year, volatility 21.8%RJF: 10.4% a year, volatility 27.9%BAC: 4.0% a year, volatility 26.6%GSSPY (S&P 500)OPYMSCHLIKKRBXPIPRJEFLAZEVRSFPWPPJTMCVIRTJPMCMEBLKICERJFBAC10.0%20.0%30.0%40.0%50.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGS: 19.6% a year, volatility 28.6%SPY (S&P 500): 12.7% a year, volatility 17.1%OPY: 17.2% a year, volatility 33.4%MS: 16.0% a year, volatility 28.8%C: 15.1% a year, volatility 29.4%HLI: 6.6% a year, volatility 28.7%KKR: 5.7% a year, volatility 39.8%BX: 0.4% a year, volatility 39.8%PIPR: 13.5% a year, volatility 35.5%JEF: 5.4% a year, volatility 36.5%LAZ: −2.0% a year, volatility 38.2%EVR: 11.0% a year, volatility 36.3%SF: 8.4% a year, volatility 31.0%PWP: 0.3% a year, volatility 45.2%PJT: 10.2% a year, volatility 31.1%MC: −0.5% a year, volatility 37.6%VIRT: 20.8% a year, volatility 33.8%JPM: 17.3% a year, volatility 24.3%CME: 11.2% a year, volatility 20.8%BLK: 7.1% a year, volatility 27.1%ICE: 5.4% a year, volatility 21.8%RJF: 10.4% a year, volatility 27.9%BAC: 4.0% a year, volatility 26.6%GSSPY (S&P 500)OPYMSCHLIKKRBXPIPRJEFLAZEVRSFPWPPJTMCVIRTJPMCMEBLKICERJFBAC
All figures
InvestmentAnnual returnVolatility
VIRT Virtu Financial, Inc.+20.8%33.8%
GS This pageThe Goldman Sachs Group, Inc.+19.6%28.6%
JPM JPMorgan Chase & Co.+17.3%24.3%
OPY Oppenheimer Holdings Inc.+17.2%33.4%
MS Morgan Stanley+16.0%28.8%
C Citigroup Inc.+15.1%29.4%
PIPR Piper Sandler Companies+13.5%35.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CME CME Group Inc.+11.2%20.8%
EVR Evercore Inc.+11.0%36.3%
RJF Raymond James Financial, Inc.+10.4%27.9%
PJT PJT Partners Inc.+10.2%31.1%
SF Stifel Financial Corp+8.4%31.0%
BLK BlackRock, Inc.+7.1%27.1%
HLI Houlihan Lokey, Inc.+6.6%28.7%
KKR KKR & Co. Inc.+5.7%39.8%
JEF Jefferies Financial Group Inc.+5.4%36.5%
ICE Intercontinental Exchange, Inc.+5.4%21.8%
BAC Bank of America Corporation+4.0%26.6%
BX Blackstone Inc.+0.4%39.8%
PWP Perella Weinberg Partners+0.3%45.2%
MC Moelis & Company−0.5%37.6%
LAZ Lazard Inc−2.0%38.2%
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Has GS consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than GS 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
GS The Goldman Sachs Group, Inc. (this page)—−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
VIRT QualifiedVirtu Financial, Inc.5/5 short3/3 longAll-weather−1.5%+1.1%+13.8%+77.5%+76.5%+243%+158%+545%33.8%0.73−56.2%—$5.0B—
JPM Banks - DiversifiedJPMorgan Chase & Co.4/5 short1/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
OPY Financial - Capital MarketsOppenheimer Holdings Inc.3/5 short1/3 long−15.5%−6.8%−11.0%+39.4%+50.8%+201%+121%+743%33.4%0.64−54.9%—$1.1B—
MS Financial - Capital MarketsMorgan Stanley3/5 short1/3 long−12.5%−14.0%−4.4%+0.8%+13.9%+170%+110%+627%28.8%0.66−51.3%—$285B—
C Banks - DiversifiedCitigroup Inc.3/5 short1/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
HLI Investment - Banking & Investment ServicesHoulihan Lokey, Inc.2/5 short1/3 long−1.7%−6.3%−18.2%−25.1%−31.2%+35.0%+37.8%+549%28.7%0.37−40.3%—$9.1B—
KKR Asset ManagementKKR & Co. Inc.1/5 short1/3 long−11.5%−7.8%−13.8%−30.4%−25.2%+65.7%+31.8%+653%39.8%0.34−49.4%—$80B—
BX Asset ManagementBlackstone Inc.1/5 short1/3 long−12.7%−9.8%−12.8%−28.3%−28.4%+28.6%+2.1%+628%39.8%0.21−49.3%—$127B—
PIPR Investment - Banking & Investment ServicesPiper Sandler Companies0/5 short1/3 long−13.2%−15.5%−29.3%−24.9%−20.5%+103%+88.4%+762%35.5%0.54−60.0%—$4.5B—
CME Financial - Data & Stock ExchangesCME Group Inc.4/5 short0/3 long+7.2%+21.0%+3.8%+13.2%+14.6%+57.7%+70.1%+319%20.8%0.62−37.4%—$106B—
BLK Asset ManagementBlackRock, Inc.4/5 short0/3 long+3.5%+7.6%+8.8%+5.7%−0.6%+96.3%+41.1%+313%27.1%0.39−43.9%—$175B—
ICE Financial - Data & Stock ExchangesIntercontinental Exchange, Inc.4/5 short0/3 long+2.1%+12.4%−0.6%+0.1%+3.5%+52.4%+30.0%+240%21.8%0.35−34.3%—$89B—
RJF Asset ManagementRaymond James Financial, Inc.3/5 short0/3 long−5.7%−7.4%+2.7%−4.1%−4.5%+69.5%+64.2%+358%27.9%0.50−45.6%—$30B—
JEF Financial - Capital MarketsJefferies Financial Group Inc.2/5 short0/3 long−5.9%−17.8%−3.9%−27.5%−14.2%+51.7%+30.3%+249%36.5%0.33−54.4%—$8.5B—
LAZ Financial - Capital MarketsLazard Inc2/5 short0/3 long+0.5%−11.9%−22.4%−24.0%−23.6%+47.7%−9.7%+73.5%38.2%0.14−60.0%—$3.6B—
EVR Financial - Capital MarketsEvercore Inc.1/5 short0/3 long−6.3%−24.2%−29.2%−27.6%−20.6%+102%+68.8%+499%36.3%0.47−67.4%—$9.7B—
SF Financial - Capital MarketsStifel Financial Corp1/5 short0/3 long−11.7%−13.4%−17.4%−20.8%−9.0%+86.5%+49.5%+374%31.0%0.41−51.8%—$10B—
PWP Financial - Capital MarketsPerella Weinberg Partners1/5 short0/3 long−5.4%−18.8%−40.3%−26.7%−33.5%+40.2%+1.7%—45.2%0.23−60.5%—$1.4B—
PJT Investment - Banking & Investment ServicesPJT Partners Inc.0/5 short0/3 long−9.5%−16.6%−13.2%−18.9%−22.5%+88.7%+62.6%+477%31.1%0.47−58.4%—$3.5B—
MC Financial - Capital MarketsMoelis & Company0/5 short0/3 long−11.1%−18.9%−20.0%−22.1%−18.4%+49.4%−2.3%+343%37.6%0.17−58.3%—$4.0B—
BAC Banks - DiversifiedBank of America Corporation0/5 short0/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
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How did GS do year by year?

This table shows each investment's total return in every full calendar year since 2000, along with where GS ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with GS and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of GS20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000
GS This pageThe Goldman Sachs Group, Inc.—+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%+8.6%+57.4%+23.9%+6.5%+46.3%−26.0%−12.8%+14.1%
Rank among alternativesTop quarter in 6 of 262 of 2211 of 2216 of 224 of 2210 of 2215 of 217 of 2121 of 2121 of 214 of 2111 of 189 of 1711 of 174 of 1716 of 1711 of 175 of 1710 of 178 of 154 of 144 of 129 of 125 of 118 of 107 of 107 of 10
SPY S&P 500State Street SPDR S&P 500 ETF12 of 26+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%
VIRT Virtu Financial, Inc.4 of 10−4.2%+83.0%+4.6%−26.5%+18.6%+64.3%−34.8%+46.0%+21.4%−25.4%————————————————
JPM JPMorgan Chase & Co.10 of 26+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%
OPY Oppenheimer Holdings Inc.14 of 26+15.5%+57.3%−0.9%−7.2%+52.7%+20.4%+9.4%−3.3%+47.6%+10.2%−23.7%−4.5%+47.0%+10.3%−37.3%−19.8%+164%−69.0%+28.1%+69.7%−20.3%−23.7%+36.0%−9.4%+19.2%+64.2%
MS Morgan Stanley8 of 26+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%−22.1%+46.3%+4.6%−2.0%+48.4%−27.0%−28.1%+12.3%
C Citigroup Inc.11 of 26+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%
HLI Houlihan Lokey, Inc.5 of 10+1.6%+47.0%+40.7%−13.9%+57.0%+40.6%+36.4%−17.2%+49.2%+21.9%————————————————
KKR KKR & Co. Inc.11 of 18−13.3%+79.6%+80.5%−37.0%+85.8%+41.1%+51.5%−4.3%+41.8%+3.4%−28.0%+4.0%+73.8%+25.6%−5.3%+70.4%+153%−81.3%————————
BX Blackstone Inc.12 of 18−7.8%+35.1%+82.8%−40.0%+107%+19.8%+96.3%+0.1%+27.4%−1.5%−5.0%+13.9%+114%+15.7%+3.4%+12.7%+117%−67.4%————————
PIPR Piper Sandler Companies13 of 22+15.5%+74.3%+37.8%−23.4%+85.3%+29.7%+33.6%−10.7%+28.2%+79.7%−30.5%+46.8%+23.2%+58.8%−42.2%−30.9%+27.3%−14.2%−28.9%+61.4%−15.8%+15.5%————
CME CME Group Inc.11 of 23+19.8%+15.4%+31.3%−22.9%+29.5%−6.3%+9.7%+32.1%+32.4%+33.9%+4.4%+18.3%+64.0%+11.4%−22.7%−2.7%+64.3%−68.8%+35.3%+39.5%+61.8%+219%+67.5%———
BLK BlackRock, Inc.15 of 26+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%+45.1%+41.8%+42.4%+47.6%+35.9%−5.5%−0.7%+144%
ICE Intercontinental Exchange, Inc.11 of 20+9.9%+17.5%+27.1%−23.9%+19.9%+26.2%+24.5%+8.1%+26.6%+11.5%+18.3%−1.3%+82.2%+2.7%+1.2%+6.1%+36.2%−57.2%+78.4%+197%——————
RJF Raymond James Financial, Inc.12 of 26+4.7%+40.8%+6.1%+8.3%+59.5%+8.7%+22.8%−15.7%+30.0%+21.3%+2.5%+11.1%+37.2%+26.3%−3.7%+39.8%+41.8%−46.4%+8.7%+22.1%+22.9%+24.7%+28.9%−15.8%+3.1%+89.7%
JEF Jefferies Financial Group Inc.12 of 26−18.8%+98.9%+27.8%−8.5%+61.9%+18.9%+35.1%−33.2%+15.5%+35.5%−21.5%−20.1%+23.5%+5.8%−21.2%+23.8%+20.1%−58.0%+67.9%+19.9%+3.0%+51.6%+24.4%+32.2%−17.9%+54.6%
LAZ Lazard Inc8 of 20−1.6%+54.9%+6.9%−16.2%+7.4%+12.1%+13.8%−25.4%+36.2%−1.1%−5.8%+13.2%+56.0%+19.0%−32.7%+5.5%+29.4%−26.1%−13.4%+49.6%——————
EVR Evercore Inc.11 of 19+24.3%+64.3%+60.6%−17.6%+26.3%+51.7%+7.4%−18.9%+33.4%+30.2%+5.6%−10.7%+102%+17.0%−19.6%+14.3%+150%−39.7%−40.5%———————
SF Stifel Financial Corp17 of 26+20.9%+57.2%+22.7%−14.8%+41.4%+27.1%+48.8%−29.5%+20.0%+17.9%−16.9%+6.4%+49.9%−0.3%−22.5%+4.8%+29.1%+30.7%+34.2%+4.2%+79.5%+43.1%+75.7%+7.1%−5.9%+17.4%
PWP Perella Weinberg Partners2 of 5−26.4%+98.1%+28.4%−21.2%+15.1%—————————————————————
PJT PJT Partners Inc.6 of 10+6.6%+56.2%+40.0%+0.9%+2.6%+67.3%+17.0%−14.6%+48.4%+10.0%————————————————
MC Moelis & Company5 of 11−3.1%+37.1%+54.9%−35.2%+49.1%+62.8%+0.8%−22.5%+51.1%+30.5%−13.5%———————————————
BAC Bank of America Corporation10 of 26+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%
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Risk and diversification

How GS 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 GS's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents GS's five deepest drawdowns since it began trading in 1999, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

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

DuringGS fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−78.8%−50.2%Oct 2007Nov 200813 monthsDec 20168.1 years
Dot-com bust−54.7%−46.2%Sep 2000Oct 20022.1 yearsNov 20053.1 years
Late-2018 sell-off−48.8%−16.4%Mar 2018Mar 20202 yearsDec 20209 months
Dot-com bust−42.4%−10.1%Mar 2000May 20002 monthsAug 20003 months
2022 bear market−32.8%−19.9%Nov 2021Jun 20227 monthsMar 202421 months

How did GS do in stock market crashes?

This section measures how far GS, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

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

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
GS This pageThe Goldman Sachs Group, Inc.—−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VIRT Virtu Financial, Inc.5 of 6−8.7%−44.4%−21.7%−9.6%−3.4%−20.9%————
JPM JPMorgan Chase & Co.5 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
OPY Oppenheimer Holdings Inc.2 of 10−9.9%−41.4%−46.3%−28.1%−7.4%−35.6%−47.9%−5.4%−85.3%−30.3%
MS Morgan Stanley2 of 10−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
C Citigroup Inc.1 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
HLI Houlihan Lokey, Inc.3 of 5−7.9%−36.6%−19.4%−24.9%−4.8%—————
KKR KKR & Co. Inc.0 of 9−12.6%−41.7%−45.5%−33.5%−10.2%−51.3%−37.8%−2.2%−90.1%—
BX Blackstone Inc.2 of 9−12.3%−38.5%−42.6%−29.1%−4.2%−37.7%−35.6%−3.5%−84.9%—
PIPR Piper Sandler Companies3 of 9−12.4%−41.5%−59.6%−20.0%−5.6%−27.8%−46.7%−2.8%−67.7%—
CME CME Group Inc.7 of 9−3.4%−31.7%−37.4%−9.4%−4.3%−17.3%−18.0%−1.9%−77.5%—
BLK BlackRock, Inc.6 of 10−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
ICE Intercontinental Exchange, Inc.6 of 9−7.0%−33.8%−33.0%−13.3%−9.4%−12.7%−19.3%−2.0%−73.9%—
RJF Raymond James Financial, Inc.5 of 10−16.2%−25.8%−45.6%−26.5%−8.8%−31.6%−29.3%−0.3%−69.7%−40.7%
JEF Jefferies Financial Group Inc.2 of 10−15.2%−35.3%−48.3%−29.9%−9.3%−37.0%−39.3%−3.3%−80.7%−28.6%
LAZ Lazard Inc2 of 9−11.2%−31.3%−50.4%−29.9%−6.7%−41.7%−46.1%−6.5%−59.6%—
EVR Evercore Inc.3 of 9−12.8%−41.4%−55.8%−36.5%−8.7%−27.5%−33.8%−3.9%−74.2%—
SF Stifel Financial Corp3 of 10−17.1%−34.9%−51.8%−28.7%−8.3%−47.4%−39.6%−4.2%−41.5%−31.3%
PWP Perella Weinberg Partners0 of 2−9.7%−56.3%————————
PJT PJT Partners Inc.3 of 5−5.3%−27.7%−52.5%−33.3%−4.2%—————
MC Moelis & Company3 of 6−9.2%−44.4%−37.1%−41.8%−2.8%−22.1%————
BAC Bank of America Corporation2 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
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How closely does GS 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 GS 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 GS's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
GS This pageThe Goldman Sachs Group, Inc.136%133%1.021.39
CME CME Group Inc.50%11%4.480.33
OPY Oppenheimer Holdings Inc.119%74%1.601.12
HLI Houlihan Lokey, Inc.101%74%1.360.84
JPM JPMorgan Chase & Co.117%103%1.141.09
PJT PJT Partners Inc.111%97%1.140.91
PIPR Piper Sandler Companies152%142%1.071.39
RJF Raymond James Financial, Inc.103%97%1.061.07
MS Morgan Stanley142%137%1.041.39
SF Stifel Financial Corp120%125%0.961.25
ICE Intercontinental Exchange, Inc.88%94%0.940.84
BX Blackstone Inc.156%170%0.921.48
EVR Evercore Inc.147%162%0.911.58
KKR KKR & Co. Inc.171%191%0.891.62
BAC Bank of America Corporation127%146%0.871.36
BLK BlackRock, Inc.127%157%0.811.30
C Citigroup Inc.131%165%0.801.49
MC Moelis & Company154%196%0.791.58
JEF Jefferies Financial Group Inc.147%197%0.751.52
LAZ Lazard Inc128%209%0.611.50
VIRT Virtu Financial, Inc.45%-28%—0.20
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What diversifies GS?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220182015201120082002200180/20 mix volatility80/20 mix annual return
GS The Goldman Sachs Group, Inc. (this page)1.00+145%0.77−7.9%−33.5%−5.8%−45.6%−60.4%−26.0%−12.8%27.5%+21.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.27+225%1.34+6.0%−19.8%+7.7%−16.1%−20.8%——22.8%+23.5%
GCOW InternationalPacer Global Cash Cows Dividend ETF0.49+93.4%1.04+5.5%−8.0%—————23.6%+20.7%
SMH TechnologyVanEck Semiconductor ETF0.49+323%0.97−33.5%−9.1%−0.3%+6.8%−44.7%−47.0%−14.6%26.1%+25.8%
GLD CommoditiesSPDR Gold Shares0.10+126%0.96−0.8%−1.9%−10.7%+9.6%+4.9%——22.6%+22.0%
XLE EnergyState Street Energy Select Sector SPDR ETF0.37+177%0.93+64.4%−18.2%−21.5%+2.8%−39.0%−14.8%−18.2%24.4%+22.9%
EWT TechnologyiShares MSCI Taiwan ETF0.45+153%0.89−28.9%−9.9%−12.9%−21.8%−45.3%−24.4%+2.1%24.8%+22.6%
AMLP EnergyAlerian MLP ETF0.48+111%0.89+25.5%−12.6%−25.7%+10.2%———24.0%+21.7%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.40+69.9%0.84−15.3%−6.2%−27.4%————23.2%+20.2%

Stocks

InvestmentCorrelation5Y returnSharpe202220182015201120082002200180/20 mix volatility80/20 mix annual return
GS The Goldman Sachs Group, Inc. (this page)1.00+145%0.77−7.9%−33.5%−5.8%−45.6%−60.4%−26.0%−12.8%27.5%+21.9%
CAH Medical - DistributionCardinal Health, Inc.0.24+479%1.55+54.1%−24.5%+12.6%+8.1%−39.6%−8.3%−2.5%23.9%+25.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.45+3,143%1.47+1.3%−16.3%−6.0%−24.4%−20.5%−65.1%−25.6%29.2%+38.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.42+1,636%1.46+17.0%+0.8%+67.7%−17.0%−15.2%−9.4%+73.7%27.0%+34.7%
MCK Medical - DistributionMcKesson Corporation0.14+413%1.44+51.8%−28.4%−4.5%+11.8%−40.4%−27.2%+4.9%23.3%+25.4%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.22+690%1.41+86.6%−8.2%+17.4%————24.3%+28.1%
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Common questions

What was GS's worst drawdown?

GS's deepest decline since it began trading in 1999 was 78.8%, from October 2007 to November 2008. It took about eight years from the low to climb back to its old high.

What were GS's best and worst years?

Over 26 full calendar years, GS's best year was 2009, when it returned 103%. Its worst was 2008, with a return of -60.4%.

Is there a better investment than GS?

Among GS's popular alternatives, VIRT was ahead of GS in most short and long periods. Looking beyond its popular alternatives, BNY (banks) and CBOE (capital markets) earned more than GS with less volatility over the past 5 years. BNY returned 22.7% a year at 24.4% volatility, against 19.6% a year at 28.6%.

Is GS more volatile than the S&P 500?

Yes. GS's volatility over the past 5 years was 28.6%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GS's return lands within 28.6% 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 GS's Sharpe ratio?

GS's Sharpe ratio over the past 5 years was 0.77, against 0.79 for the S&P 500, so GS 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 GS with the S&P 500?

Over the past 5 years, GS's monthly returns had a correlation of 0.73 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 GS instead: the lower it is, the more that option would diversify a GS holding.

What are the best alternatives to GS?

Of the 21 popular alternatives we compared, one outperformed GS in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VIRT.

Did GS outperform the S&P 500?

GS finished ahead of the S&P 500 (SPY) in 14 of 26 full calendar years. In 2025, it returned +56.6%, against +17.7% for the index.

How did GS do in stock market crashes?

GS fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when GS fell 78.8% and the S&P 500 fell 55.2%.

What diversifies GS?

These had a low correlation with GS over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.27), GCOW (correlation 0.49) and SMH (correlation 0.49); among large stocks, CAH (correlation 0.24), CLS (correlation 0.45) and FIX (correlation 0.42). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to GS

Other stocks and ETFs