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Relative Intelligence · Banks

How HDFC Bank (HDB) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on HDB alone. It places HDB (HDFC Bank Limited) against 6 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 HDB stands in the market, and of the alternatives worth a closer look.

Period covered: HDB's full trading record, from July 2001 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 HDB →Chart HDB vs. 6 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in HDB over the past 25 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of HDB over the same span and HDB'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 2001 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. 123 of the 1,326 stocks and funds worth at least $500 million that traded the whole period ended ahead of HDB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M2001200520092013201720212025$10,000$100,000$1M$10M20012007201320192025
  • MNST$23M+228,221% total · +36.3% a year
  • AAPL$14M+143,470% total · +33.7% a year
  • ORLY$894,377+8,844% total · +19.7% a year
  • IBN$718,396+7,084% total · +18.6% a year
  • GILD$621,036+6,110% total · +18.0% a year
  • HDB$527,665+5,177% total · +17.2% a year
  • INFY$165,015+1,550% total · +11.9% a year
  • WIT$132,039+1,220% total · +10.9% a year
  • SPY (S&P 500)$114,557+1,046% total · +10.2% a year
  • RDY$73,375+634% total · +8.3% 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. 3,065 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of HDB; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000202120222023202420252026$0$10,000$20,000$30,000202120222023202420252026
  • RY$23,646+136% total · +18.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • IBN$15,171+51.7% total · +8.7% a year
  • EPI$11,724+17.2% total · +3.2% a year
  • INDA$10,291+2.9% total · +0.6% a year
  • RDY$10,048+0.5% total · +0.1% a year
  • HDB$6,717−32.8% total · −7.7% a year
  • INFY$5,552−44.5% total · −11.1% a year
  • WIT$3,986−60.1% total · −16.8% a year
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HDB 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
$118B
Industry
Banks - Regional
Price history from
July 2001

Returns

Past 1 year
−35.0%total return
Past 3 years
−13.3%−4.7% a year
Past 5 years
−34.6%−8.2% a year
Past 10 years
+49.4%+4.1% a year
Best calendar year
+129%2003
Worst calendar year
−45.0%2008
Losing years
7 of 24full calendar years

Risk

Volatility
27.7%typical yearly swing, 5 years
Sharpe ratio
-0.17return per unit of risk, 5 years
Worst decline ever
−67.9%Dec 2007 to Nov 2008
From its all-time high
−39.3%below the peak

HDB against the whole market

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

How does HDB rank among all stocks?

This section ranks HDB 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 HDB 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.

MeasureHDBRankStanding
1-year return−35.0%2,930 of 3,287bottom 12%
3-year return−13.3%2,507 of 3,017bottom 18%
5-year return−34.6%2,223 of 2,893bottom 24%
10-year return+49.4%1,580 of 2,202bottom 29%
Volatility, 5 years27.7%530 of 2,893top 18%
Sharpe ratio, 5 years-0.172,642 of 2,893bottom 10%
Worst decline, past 10 years−54.3%636 of 2,187top 29%

What has beaten HDB 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). HDB sits where the dashed lines cross. Anything in the green box above and to the left earned more than HDB 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 HDB; faint dots are 93 more of the 1,322 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.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HDBCHT: +7.7% a year, volatility 13.3%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%BKLN: +5.4% a year, volatility 4.5%SRLN: +4.7% a year, volatility 3.9%HYG: +3.1% a year, volatility 7.5%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%FTSL: +5.0% a year, volatility 3.4%ABBV: +26.1% a year, volatility 23.4%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%FPE: +2.0% a year, volatility 6.7%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%GLTR: +14.9% a year, volatility 24.6%VRIG: +4.7% a year, volatility 1.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%HYS: +4.5% a year, volatility 6.3%TJX: +19.9% a year, volatility 22.3%DBA: +10.7% a year, volatility 13.8%AOM: +4.4% a year, volatility 8.3%PG: +5.1% a year, volatility 18.3%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%LQDH: +5.3% a year, volatility 4.4%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%TRV: +22.4% a year, volatility 22.3%HD: 0.0% a year, volatility 24.7%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%BND: −0.4% a year, volatility 6.1%T: +9.8% a year, volatility 25.2%GWW: +26.3% a year, volatility 24.9%VTIP: +2.7% a year, volatility 2.9%UNP: +7.1% a year, volatility 22.9%VB: +6.2% a year, volatility 20.6%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%CTAS: +16.5% a year, volatility 23.1%IEMG: +6.8% a year, volatility 19.4%VWO: +5.2% a year, volatility 17.5%EP-PC: +5.2% a year, volatility 8.9%VZ: +2.7% a year, volatility 22.9%ENB: +9.1% a year, volatility 18.9%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%YLD: +4.2% a year, volatility 6.4%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%FLOT: +4.5% a year, volatility 1.8%GSK: +9.5% a year, volatility 24.5%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%ETR: +19.2% a year, volatility 22.4%BMY: +5.5% a year, volatility 24.9%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%PEP: −0.5% a year, volatility 19.1%BSV: +1.7% a year, volatility 2.8%FAST: +15.8% a year, volatility 24.6%ABT: −1.7% a year, volatility 23.1%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%SYK: +3.2% a year, volatility 25.7%DYNF: +14.7% a year, volatility 17.5%SPGI: +0.7% a year, volatility 25.6%TRP: +10.8% a year, volatility 21.9%AJG: +10.9% a year, volatility 24.2%CL: +7.2% a year, volatility 19.2%HDB: −8.2% a year, volatility 27.7%SPY (S&P 500): +12.7% a year, volatility 17.1%RDY: +1.7% a year, volatility 23.7%INDA: +0.4% a year, volatility 15.5%IBN: +9.2% a year, volatility 23.5%EPI: +2.9% a year, volatility 16.3%RY: +17.3% a year, volatility 18.2%JPM: +17.3% a year, volatility 24.3%V: +12.8% a year, volatility 22.9%MA: +12.4% a year, volatility 23.8%TD: +15.8% a year, volatility 20.0%SMFG: +33.7% a year, volatility 29.4%GLD: +17.7% a year, volatility 18.9%FLRT: +6.0% a year, volatility 2.3%SGOV: +3.8% a year, volatility 0.3%CCEP: +19.7% a year, volatility 23.2%CAH: +42.1% a year, volatility 24.7%JAAA: +5.1% a year, volatility 1.7%AAPL: +18.5% a year, volatility 28.0%CTA-PA: −8.1% a year, volatility 20.3%HDBSPY (S&P 500)RDYINDAIBNEPIRYJPMVMATDSMFGGLDFLRTSGOVCCEPCAHAAPLCTA-PA−10.0%0.0%10.0%20.0%30.0%40.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HDBCHT: +7.7% a year, volatility 13.3%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%BKLN: +5.4% a year, volatility 4.5%SRLN: +4.7% a year, volatility 3.9%HYG: +3.1% a year, volatility 7.5%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%FTSL: +5.0% a year, volatility 3.4%ABBV: +26.1% a year, volatility 23.4%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%FPE: +2.0% a year, volatility 6.7%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%GLTR: +14.9% a year, volatility 24.6%VRIG: +4.7% a year, volatility 1.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%HYS: +4.5% a year, volatility 6.3%TJX: +19.9% a year, volatility 22.3%DBA: +10.7% a year, volatility 13.8%AOM: +4.4% a year, volatility 8.3%PG: +5.1% a year, volatility 18.3%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%LQDH: +5.3% a year, volatility 4.4%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%TRV: +22.4% a year, volatility 22.3%HD: 0.0% a year, volatility 24.7%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%BND: −0.4% a year, volatility 6.1%T: +9.8% a year, volatility 25.2%GWW: +26.3% a year, volatility 24.9%VTIP: +2.7% a year, volatility 2.9%UNP: +7.1% a year, volatility 22.9%VB: +6.2% a year, volatility 20.6%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%CTAS: +16.5% a year, volatility 23.1%IEMG: +6.8% a year, volatility 19.4%VWO: +5.2% a year, volatility 17.5%EP-PC: +5.2% a year, volatility 8.9%VZ: +2.7% a year, volatility 22.9%ENB: +9.1% a year, volatility 18.9%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%YLD: +4.2% a year, volatility 6.4%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%FLOT: +4.5% a year, volatility 1.8%GSK: +9.5% a year, volatility 24.5%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%ETR: +19.2% a year, volatility 22.4%BMY: +5.5% a year, volatility 24.9%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%PEP: −0.5% a year, volatility 19.1%BSV: +1.7% a year, volatility 2.8%FAST: +15.8% a year, volatility 24.6%ABT: −1.7% a year, volatility 23.1%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%SYK: +3.2% a year, volatility 25.7%DYNF: +14.7% a year, volatility 17.5%SPGI: +0.7% a year, volatility 25.6%TRP: +10.8% a year, volatility 21.9%AJG: +10.9% a year, volatility 24.2%CL: +7.2% a year, volatility 19.2%HDB: −8.2% a year, volatility 27.7%SPY (S&P 500): +12.7% a year, volatility 17.1%RDY: +1.7% a year, volatility 23.7%INDA: +0.4% a year, volatility 15.5%IBN: +9.2% a year, volatility 23.5%EPI: +2.9% a year, volatility 16.3%RY: +17.3% a year, volatility 18.2%JPM: +17.3% a year, volatility 24.3%V: +12.8% a year, volatility 22.9%MA: +12.4% a year, volatility 23.8%TD: +15.8% a year, volatility 20.0%SMFG: +33.7% a year, volatility 29.4%GLD: +17.7% a year, volatility 18.9%FLRT: +6.0% a year, volatility 2.3%SGOV: +3.8% a year, volatility 0.3%CCEP: +19.7% a year, volatility 23.2%CAH: +42.1% a year, volatility 24.7%JAAA: +5.1% a year, volatility 1.7%AAPL: +18.5% a year, volatility 28.0%CTA-PA: −8.1% a year, volatility 20.3%HDBSPY (S&P 500)RDYINDAIBNEPIRYJPMSMFGGLDFLRTSGOVCAHAAPLCTA-PA
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than HDB?

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

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

Screen the whole market against HDB for any period in BetterThanSPYOpen these 19 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with HDB?lower diversifies moreExpenseper year
HDBHDFC Bank Limited · this page
−8.2%27.7%-0.17−54.3%+49.4%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.390.09%
Popular alternativesbest 4 shownThe investments people most often weigh against HDB. 4 of 6 passed at least one test.
RDYDr. Reddy's Laboratories Limited · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.7%23.7%0.19−40.5%+59.4%0.23—
INDAiShares MSCI India ETF · International Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+0.4%15.5%0.11−45.1%+80.6%0.610.61%
IBNICICI Bank Limited · Banks
Higher return, lower volatilityHigher return in most periods+9.2%23.5%0.49−55.0%+318%0.64—
EPIWisdomTree India Earnings Fund · International
Higher return, lower volatilityHigher return in most periods+2.9%16.3%0.26−50.3%+114%0.560.84%
Same and neighboring categories, and shared themesbest 6 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus HDB's specific themes. 110 of 140 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.45—
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%24.3%0.78−43.6%+537%0.40—
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%22.9%0.64−36.4%+429%0.35—
MAMastercard Incorporated · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.4%23.8%0.61−41.0%+541%0.32—
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.8%20.0%0.84−42.0%+310%0.37—
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.7%29.4%1.14−47.6%+474%0.20—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,094 of 3,487 passed at least one test.
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.7%18.9%0.96−26.4%+213%0.040.40%
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+6.0%2.3%2.55−21.0%+58.0%0.190.60%
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.8%0.3%13.25−0.3%—0.060.09%
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.7%23.2%0.90−48.8%+292%0.50—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.36—
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+5.1%1.7%2.98−2.6%—0.110.20%
AAPLApple Inc. · Computer Hardware
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.5%28.0%0.75−38.5%+1,168%0.20—
CTA-PAEIDP, Inc. · Chemicals
Similar return, lower volatility−8.1%20.3%-0.32−40.3%−19.5%-0.04—
What these numbers mean for HDB
Annual return
HDB lost 8.2% 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 $6,540. 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
HDB's volatility over the past 5 years was 27.7%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, HDB's return lands within 27.7% 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
HDB's Sharpe ratio over the past 5 years was -0.17, against 0.79 for the S&P 500, so HDB 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
HDB's worst fall from a peak to a low over the past 10 years was 54.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 54.3% fall takes a 119% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, HDB's monthly returns had a correlation of 0.39 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 HDB instead: the lower it is, the more that option would diversify a HDB holding. Guide: Correlation and diversification →
Show all 1,322 stocks and funds worth at least $500 million that earned more than HDB 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 HDBExpense
1
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.040.40%
2
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.190.60%
3
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%—0.060.09%
4
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.50—
5
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.36—
6
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—0.110.20%
7
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.21—
8
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.390.03%
9
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.390.03%
10
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.4%4.5%1.19−24.1%+50.7%0.330.67%
11
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.7%3.9%1.18−22.3%+54.2%0.250.70%
12
HYGiShares iBoxx $ High Yield Corporate Bond ETF · High Yield Bonds
Whole market+3.1%7.5%0.45−22.0%+49.5%0.430.49%
13
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.19—
14
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.29—
15
FTSLFirst Trust Senior Loan Fund · Bonds
Whole market+5.0%3.4%1.49−22.7%+52.1%0.220.70%
16
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.07—
17
RYRoyal Bank of Canada · Banks
Same or nearby category+17.3%18.2%0.97−40.0%+352%0.45—
18
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.09—
19
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.200.48%
20
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.290.40%
21
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.25—
22
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.380.69%
23
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.16—
24
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.450.05%
25
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.330.18%
26
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.30—
27
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Whole market+2.0%6.7%0.34−33.3%+51.3%0.340.83%
28
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.12—
29
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.12—
30
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.10—
31
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.26—
32
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.390.03%
33
GLTRabrdn Physical Precious Metals Basket Shares ETF · Alternatives
Whole market+14.9%24.6%0.69−37.9%+191%0.090.60%
34
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+40.5%0.110.30%
35
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.17—
36
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.16—
37
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.450.03%
38
HYSPIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund · Bonds
Whole market+4.5%6.3%0.74−20.9%+57.5%0.410.56%
39
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.28—
40
DBAInvesco DB Agriculture Fund · Alternatives
Whole market+10.7%13.8%0.81−35.3%+62.2%-0.170.90%
41
AOMiShares Core 40/60 Moderate Allocation ETF · Multi-Asset
Whole market+4.4%8.3%0.56−20.0%+77.8%0.460.20%
42
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.1%18.3%0.37−23.8%+145%0.18—
43
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.25—
44
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.290.09%
45
LQDHiShares Interest Rate Hedged Corporate Bond ETF · Bonds
Whole market+5.3%4.4%1.21−24.6%+55.5%0.300.44%
46
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.15—
47
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.13—
48
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.47−39.4%+198%0.440.03%
49
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.410.04%
50
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.22—
51
HDThe Home Depot, Inc. · Specialty Retail
Whole market0.0%24.7%0.12−38.0%+217%0.32—
52
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.29—
53
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.230.06%
54
BNDVanguard Total Bond Market ETF · Investment Grade Bonds
Whole market−0.4%6.1%-0.03−18.6%+13.2%0.400.03%
55
TAT&T Inc. · Integrated Telecommunications
Whole market+9.8%25.2%0.50−39.4%+60.7%-0.02—
56
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.31—
57
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Whole market+2.7%2.9%0.94−6.3%+32.7%0.240.03%
58
UNPUnion Pacific Corporation · Railroads
Whole market+7.1%22.9%0.42−38.7%+295%0.20—
59
VBVanguard Morningstar Small-Cap ETF · US Small-Cap Equity
Whole market+6.2%20.6%0.40−42.0%+179%0.380.03%
60
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.29—
61
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+11.1%24.2%0.56−36.7%+204%-0.04—
62
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.440.06%
63
SOThe Southern Company · Electric Utilities
Whole market+11.3%18.8%0.67−38.4%+170%0.25—
64
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.33—
65
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.8%19.4%0.44−38.7%+122%0.410.09%
66
VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity
Whole market+5.2%17.5%0.38−36.4%+102%0.410.06%
67
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.61−25.4%+37.8%0.08—
68
VZVerizon Communications Inc. · Integrated Telecommunications
Whole market+2.7%22.9%0.23−41.2%+55.8%-0.07—
69
ENBEnbridge Inc. · Oil & Gas Midstream
Whole market+9.1%18.9%0.56−44.1%+103%0.35—
70
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.28—
71
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.0%22.9%0.49−40.8%+320%0.12—
72
YLDPrincipal Active High Yield ETF · Bonds
Whole market+4.2%6.4%0.67−28.3%+62.1%0.380.39%
73
ULUnilever PLC · Household & Personal Products
Whole market+5.5%21.5%0.36−30.1%+89.8%0.46—
74
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.420.79%
75
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.430.20%
76
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.20—
77
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.28—
78
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.23—
79
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+35.9%0.170.15%
80
GSKGSK plc · Pharmaceuticals
Whole market+9.5%24.5%0.49−37.6%+95.1%0.07—
81
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.40—
82
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.430.85%
83
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.18—
84
BMYBristol-Myers Squibb Company · Pharmaceuticals
Whole market+5.5%24.9%0.34−47.7%+74.8%-0.02—
85
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.5%18.0%0.50−37.4%+132%0.30—
86
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.32—
87
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.14—
88
PEPPepsiCo, Inc. · Food & Beverages
Whole market−0.5%19.1%0.07−30.3%+72.6%0.18—
89
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.7%2.8%0.63−8.5%+20.5%0.330.03%
90
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.08—
91
ABTAbbott Laboratories · Medical Devices
Whole market−1.7%23.1%0.04−39.6%+204%0.28—
92
CSXCSX Corporation · Railroads
Whole market+8.3%23.3%0.46−40.5%+446%0.26—
93
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.320.04%
94
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.38—
95
SYKStryker Corporation · Medical Devices
Whole market+3.2%25.7%0.25−43.8%+197%0.30—
96
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.390.26%
97
SPGIS&P Global Inc. · Financial Data
Whole market+0.7%25.6%0.16−39.8%+293%0.28—
98
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+10.8%21.9%0.58−41.6%+160%0.27—
99
AJGArthur J. Gallagher & Co. · Insurance
Whole market+10.9%24.2%0.55−44.4%+516%0.11—
100
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.23—

HDB against its popular alternatives

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

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

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

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityHDB: −8.2% a year, volatility 27.7%SPY (S&P 500): 12.7% a year, volatility 17.1%IBN: 9.2% a year, volatility 23.5%RDY: 1.8% a year, volatility 23.7%EPI: 2.9% a year, volatility 16.3%INDA: 0.4% a year, volatility 15.5%INFY: −9.6% a year, volatility 29.8%WIT: −14.8% a year, volatility 33.2%HDBSPY (S&P 500)IBNRDYEPIINDAINFYWIT15.0%20.0%25.0%30.0%35.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityHDB: −8.2% a year, volatility 27.7%SPY (S&P 500): 12.7% a year, volatility 17.1%IBN: 9.2% a year, volatility 23.5%RDY: 1.8% a year, volatility 23.7%EPI: 2.9% a year, volatility 16.3%INDA: 0.4% a year, volatility 15.5%INFY: −9.6% a year, volatility 29.8%WIT: −14.8% a year, volatility 33.2%HDBSPY (S&P 500)IBNRDYEPIINDAINFYWIT
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
IBN ICICI Bank Limited+9.2%23.5%
EPI WisdomTree India Earnings Fund+2.9%16.3%
RDY Dr. Reddy's Laboratories Limited+1.8%23.7%
INDA iShares MSCI India ETF+0.4%15.5%
HDB This pageHDFC Bank Limited−8.2%27.7%
INFY Infosys Limited−9.6%29.8%
WIT Wipro Limited−14.8%33.2%
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Has HDB consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than HDB 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
HDB HDFC Bank Limited (this page)—−2.5%−0.9%−10.4%−34.7%−35.0%−13.3%−34.6%+49.4%27.7%-0.17−54.3%—$118B—
IBN QualifiedICICI Bank Limited5/5 short3/3 longAll-weather+5.5%+1.1%+4.8%+0.5%−2.8%+37.6%+55.5%+318%23.5%0.49−55.0%—$106B—
RDY QualifiedDr. Reddy's Laboratories Limited5/5 short3/3 longAll-weather+6.9%+6.4%+2.3%−3.4%−9.2%+2.3%+9.0%+59.4%23.7%0.19−40.5%—$11B—
EPI QualifiedWisdomTree India Earnings Fund4/5 short3/3 longAll-weather−1.5%−1.7%−6.2%−11.4%−10.8%+13.8%+15.5%+114%16.3%0.26−50.3%0.84%$1.8B—
INDA QualifiediShares MSCI India ETF4/5 short3/3 longAll-weather−1.5%−1.6%−5.4%−12.4%−12.7%+9.4%+2.2%+80.6%15.5%0.11−45.1%0.61%$5.9B—
INFY Information Technology ServicesInfosys Limited5/5 short1/3 long+16.3%+11.9%−9.0%−28.7%−22.4%−18.0%−39.8%+110%29.8%-0.19−54.4%—$52B—
WIT Information Technology ServicesWipro Limited5/5 short1/3 long+22.8%+12.0%−3.3%−29.1%−21.5%−6.4%−55.1%+19.9%33.2%-0.32−65.4%—$20B—
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How did HDB do year by year?

This table shows each investment's total return in every full calendar year since 2002, along with where HDB ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with HDB 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 HDB; gray means the two finished within a fraction of a point. The rank row places HDB among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of HDB202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002
HDB This pageHDFC Bank Limited—+17.9%−3.8%−0.9%+6.3%−9.6%+14.0%+25.0%+4.0%+71.4%+1.0%+24.4%+48.5%−13.1%+59.4%−19.3%+29.3%+83.5%−45.0%+73.9%+67.9%+13.3%+49.0%+129%−6.6%
Rank among alternativesTop quarter in 13 of 241 of 77 of 77 of 72 of 77 of 76 of 72 of 73 of 71 of 72 of 71 of 72 of 76 of 72 of 62 of 64 of 66 of 63 of 51 of 52 of 53 of 52 of 52 of 54 of 5
SPY S&P 500State Street SPDR S&P 500 ETF9 of 24+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%
IBN ICICI Bank Limited13 of 24+0.5%+26.4%+9.8%+11.2%+33.7%−1.6%+47.0%+6.3%+42.8%−2.3%−31.1%+57.8%−13.3%+68.3%−47.0%+36.1%+99.0%−68.1%+48.9%+46.8%+45.5%+18.5%+175%+38.5%
RDY Dr. Reddy's Laboratories Limited9 of 24−10.5%+14.0%+35.5%−20.3%−7.8%+76.8%+8.6%+1.4%−14.1%−1.7%−7.8%+23.9%+24.0%+17.9%−18.2%+53.8%+149%−45.7%+0.7%+69.2%+9.6%−37.0%+63.8%+3.4%
EPI WisdomTree India Earnings Fund7 of 17+2.3%+10.7%+26.0%−4.7%+26.4%+18.6%+1.5%−9.9%+39.2%+2.8%−8.9%+27.9%−9.3%+25.3%−40.4%+20.3%+95.0%———————
INDA iShares MSCI India ETF5 of 13+2.7%+8.6%+17.2%−8.9%+21.3%+14.8%+6.5%−6.7%+36.1%−1.7%−7.1%+21.7%−5.0%———————————
INFY Infosys Limited10 of 24−16.4%+23.1%+4.8%−27.3%+51.9%+68.3%+11.8%+21.8%+12.3%−9.6%+9.0%+13.6%+36.3%−15.8%−31.7%+40.4%+128%−45.0%−16.2%+36.9%+17.2%+47.6%+38.1%+11.7%
WIT Wipro Limited8 of 24−16.6%+27.7%+20.0%−51.9%+73.1%+50.9%−1.7%−5.8%+13.2%−15.2%+3.7%−9.5%+68.0%−3.9%−26.1%+23.9%+195%−40.5%+2.9%+49.3%+2.8%+77.0%+45.3%−7.7%
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Risk and diversification

How HDB 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 HDB's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents HDB's five deepest drawdowns since it began trading in 2001, 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 HDB fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringHDB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−67.9%−48.9%Dec 2007Nov 200811 monthsApr 201017 months
Covid crash−54.3%−23.6%Jul 2019Mar 20208 monthsNov 20208 months
2022 bear market−42.5%+107%Mar 2021Sep 20265.5 yearsNot yet—
No named crash−35.0%+0.5%May 2013Aug 20133 monthsMay 20149 months
2011 euro debt crisis−32.9%+6.4%Oct 2010Dec 201114 monthsAug 20128 months

How did HDB do in stock market crashes?

This section measures how far HDB, 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: HDB began trading on July 20, 2001, so its row reads "Not yet trading" for the dot-com bust. 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 HDB.

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
HDB This pageHDFC Bank Limited—−6.3%−29.3%−48.7%−8.4%−5.5%−17.0%−23.4%0.0%−67.9%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF6 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
IBN ICICI Bank Limited3 of 9−5.6%−26.2%−54.5%−10.4%−5.0%−45.5%−30.5%−0.3%−86.1%—
RDY Dr. Reddy's Laboratories Limited6 of 9−1.4%−25.4%−23.9%−10.4%−2.1%−39.2%−18.1%−2.6%−59.3%—
EPI WisdomTree India Earnings Fund4 of 8−3.3%−20.0%−41.9%−13.8%−3.4%−24.5%−24.6%0.0%——
INDA iShares MSCI India ETF4 of 6−3.8%−20.1%−41.9%−12.6%−4.3%−23.4%————
INFY Infosys Limited4 of 9−4.9%−35.9%−39.1%−12.7%−3.6%−17.3%−25.9%−0.6%−60.9%−90.0%
WIT Wipro Limited4 of 9−2.6%−52.6%−33.0%−8.6%−6.8%−14.6%−29.6%−1.5%−66.0%—
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How closely does HDB 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 HDB 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 HDB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
HDB This pageHDFC Bank Limited52%77%0.670.71
IBN ICICI Bank Limited83%66%1.270.74
RDY Dr. Reddy's Laboratories Limited27%26%1.040.38
EPI WisdomTree India Earnings Fund62%72%0.860.65
INDA iShares MSCI India ETF57%74%0.770.62
INFY Infosys Limited85%126%0.670.90
WIT Wipro Limited62%122%0.510.82
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What diversifies HDB?

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

ETFs

InvestmentCorrelation5Y returnSharpe202420232021201320112008200280/20 mix volatility80/20 mix annual return
HDB HDFC Bank Limited (this page)1.00−34.6%-0.17−3.8%−0.9%−9.6%−13.1%−19.3%−45.0%−6.6%24.6%−7.6%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.29+119%1.48+15.9%+17.4%+17.8%————20.3%−2.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.20+225%1.34+29.8%+42.0%+18.0%+41.3%−16.1%−20.8%—20.4%−1.0%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.36+101%1.04+33.4%+8.0%+23.1%+16.6%———20.9%−2.9%
HDV Dividend & IncomeiShares Core High Dividend ETF0.25+83.3%1.00+14.1%+1.8%+19.6%+23.8%———20.6%−3.5%
SMH TechnologyVanEck Semiconductor ETF0.26+323%0.97+39.1%+73.4%+42.1%+33.4%+6.8%−44.7%−47.0%22.6%+1.2%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.40+85.0%0.96+13.4%+20.1%+19.6%+26.4%———20.7%−3.3%
GLD CommoditiesSPDR Gold Shares0.04+126%0.96+26.7%+12.7%−4.2%−28.3%+9.6%+4.9%—20.2%−2.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.38+136%0.93+45.8%+17.6%+22.7%————21.6%−1.9%

Stocks

InvestmentCorrelation5Y returnSharpe202420232021201320112008200280/20 mix volatility80/20 mix annual return
HDB HDFC Bank Limited (this page)1.00−34.6%-0.17−3.8%−0.9%−9.6%−13.1%−19.3%−45.0%−6.6%24.6%−7.6%
CAH Medical - DistributionCardinal Health, Inc.0.36+479%1.55+19.0%+34.1%−0.4%+66.0%+8.1%−39.6%−8.3%22.1%+0.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.12+3,143%1.47+215%+160%+37.9%+27.6%−24.4%−20.5%−65.1%24.1%+12.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.23+1,636%1.46+107%+79.6%+89.0%+61.7%−17.0%−15.2%−9.4%23.4%+8.5%
MCK Medical - DistributionMcKesson Corporation0.12+413%1.44+23.7%+24.1%+44.2%+67.7%+11.8%−40.4%−27.2%20.9%+0.5%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.11+690%1.41−4.0%+30.4%+61.0%+48.6%———20.1%+3.2%
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Common questions

What was HDB's worst drawdown?

HDB's deepest decline since it began trading in 2001 was 67.9%, from December 2007 to November 2008. It took 17 months from the low to climb back to its old high.

What were HDB's best and worst years?

Over 24 full calendar years, HDB's best year was 2003, when it returned 129%. Its worst was 2008, with a return of -45.0%.

Is there a better investment than HDB?

Among HDB's popular alternatives, RDY, INDA and IBN earned more than HDB with less volatility over the past 5 years. RDY returned 1.7% a year at 23.7% volatility, against a loss of 8.2% a year at 27.7%. Looking beyond its popular alternatives, RY (banks) and JPM (banks) earned more than HDB with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against a loss of 8.2% a year at 27.7%.

Is HDB more volatile than the S&P 500?

Yes. HDB's volatility over the past 5 years was 27.7%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, HDB's return lands within 27.7% 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 HDB's Sharpe ratio?

HDB's Sharpe ratio over the past 5 years was -0.17, against 0.79 for the S&P 500, so HDB 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 HDB with the S&P 500?

Over the past 5 years, HDB's monthly returns had a correlation of 0.39 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 HDB instead: the lower it is, the more that option would diversify a HDB holding.

What are the best alternatives to HDB?

Of the six popular alternatives we compared, four outperformed HDB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: IBN, RDY and EPI.

Did HDB outperform the S&P 500?

HDB finished ahead of the S&P 500 (SPY) in 14 of 24 full calendar years. In 2025, it returned +17.9%, against +17.7% for the index.

How did HDB do in stock market crashes?

HDB fell less than the S&P 500 (SPY) in three of the nine major crashes it has traded through, and further in six. The clearest case was the Covid crash, when HDB fell 48.7% and the S&P 500 fell 33.7%.

What diversifies HDB?

These had a low correlation with HDB over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.29), DXJ (correlation 0.20) and EMLP (correlation 0.36); among large stocks, CAH (correlation 0.36), CLS (correlation 0.12) and FIX (correlation 0.23). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to HDB

Other stocks and ETFs