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Relative Intelligence · Aerospace & Defense

How HEICO (HEI) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on HEI alone. It places HEI (HEICO Corporation) 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 HEI stands in the market, and of the alternatives worth a closer look.

Period covered: HEI's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

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

Rank the market against HEI →Chart HEI vs. 22 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in HEI over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of HEI over the same span and HEI's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 25 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of HEI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • AMZN$11M+114,749% total · +27.5% a year
  • LRCX$2M+24,786% total · +21.0% a year
  • ESLT$2M+16,428% total · +19.3% a year
  • GILD$2M+15,614% total · +19.1% a year
  • HEI$1M+13,374% total · +18.4% a year
  • MOG-A$350,288+3,403% total · +13.0% a year
  • RTX$288,741+2,787% total · +12.3% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • DCO$71,300+613% total · +7.0% a year
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From the end of September 2021 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. 599 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of HEI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000202120222023202420252026$10,000$20,000$50,000$100,000202120222023202420252026
  • ATI$113,890+1,039% total · +62.7% a year
  • HWM$73,554+636% total · +49.0% a year
  • MOG-A$52,115+421% total · +39.1% a year
  • GE$49,841+398% total · +37.9% a year
  • CW$43,818+338% total · +34.4% a year
  • DCO$34,070+241% total · +27.8% a year
  • WWD$29,913+199% total · +24.5% a year
  • RTX$24,048+140% total · +19.2% a year
  • HEI$23,110+131% total · +18.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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HEI 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
$43B
Industry
Aerospace & Defense
Price history from
October 1986

Returns

Past 1 year
−2.4%total return
Past 3 years
+93.4%+24.6% a year
Past 5 years
+122%+17.3% a year
Past 10 years
+809%+24.7% a year
Best calendar year
+78.9%1997
Worst calendar year
−30.8%1999
Losing years
5 of 29full calendar years

Risk

Volatility
27.8%typical yearly swing, 5 years
Sharpe ratio
0.71return per unit of risk, 5 years
Worst decline ever
−75.4%May 1998 to Apr 2003
From its all-time high
−18.5%below the peak

HEI against the whole market

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

How does HEI rank among all stocks?

This section ranks HEI 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 HEI 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.

MeasureHEIRankStanding
1-year return−2.4%2,084 of 3,287bottom 38%
3-year return+93.4%975 of 3,017top 32%
5-year return+122%565 of 2,893top 20%
10-year return+809%151 of 2,202top 7%
Volatility, 5 years27.8%534 of 2,893top 18%
Sharpe ratio, 5 years0.71437 of 2,893top 15%
Worst decline, past 10 years−57.7%794 of 2,187top 36%

What has beaten HEI 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). HEI sits where the dashed lines cross. Anything in the green box above and to the left earned more than HEI 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 HEI; faint dots are 46 more of the 65 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%20.0%25.0%30.0%35.0%40.0%45.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HEIMCK: +38.7% a year, volatility 25.0%GILD: +22.8% a year, volatility 24.9%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%GWW: +26.3% a year, volatility 24.9%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%CBOE: +21.5% a year, volatility 25.1%SPMO: +18.7% a year, volatility 20.8%EWT: +20.4% a year, volatility 24.2%FLTW: +21.8% a year, volatility 24.3%MPLX: +23.5% a year, volatility 18.8%EWP: +19.2% a year, volatility 20.3%DBJP: +20.9% a year, volatility 19.2%EPU: +29.5% a year, volatility 24.9%HSBC: +33.1% a year, volatility 25.9%WELL: +26.0% a year, volatility 23.8%BTI: +18.7% a year, volatility 22.0%WMB: +24.6% a year, volatility 24.0%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%KMI: +18.7% a year, volatility 22.5%AMGN: +19.6% a year, volatility 24.9%TJX: +19.9% a year, volatility 22.3%PGR: +21.3% a year, volatility 25.6%PAA: +27.0% a year, volatility 25.6%COR: +24.2% a year, volatility 22.8%MSGS: +18.4% a year, volatility 25.6%PAGP: +26.8% a year, volatility 26.1%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%EUFN: +18.5% a year, volatility 21.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%ACT: +20.5% a year, volatility 24.3%CRAK: +19.8% a year, volatility 20.9%ENFR: +18.4% a year, volatility 19.1%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%AFL: +19.0% a year, volatility 20.8%XLE: +22.6% a year, volatility 25.5%ACGL: +20.1% a year, volatility 24.5%KOF: +22.3% a year, volatility 24.7%AM: +20.0% a year, volatility 25.9%AIRR: +18.3% a year, volatility 25.9%HEI: +17.3% a year, volatility 27.8%SPY (S&P 500): +12.7% a year, volatility 17.1%RTX: +18.6% a year, volatility 24.3%ATI: +61.8% a year, volatility 42.9%CW: +30.8% a year, volatility 28.7%MOG-A: +36.6% a year, volatility 32.0%DCO: +27.5% a year, volatility 34.5%WAB: +25.6% a year, volatility 26.2%ESLT: +39.8% a year, volatility 34.6%WPM: +27.5% a year, volatility 36.9%PH: +27.4% a year, volatility 28.8%RS: +24.8% a year, volatility 28.1%PPA: +16.3% a year, volatility 18.9%CAH: +42.1% a year, volatility 24.7%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%XLK: +19.4% a year, volatility 26.0%SMFG: +33.7% a year, volatility 29.4%RY: +17.3% a year, volatility 18.2%HEISPY (S&P 500)RTXATICWMOG-ADCOWABESLTWPMPHRSPPACAHWMTABBVDXJXLKSMFGRY10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HEIMCK: +38.7% a year, volatility 25.0%GILD: +22.8% a year, volatility 24.9%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%GWW: +26.3% a year, volatility 24.9%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%CBOE: +21.5% a year, volatility 25.1%SPMO: +18.7% a year, volatility 20.8%EWT: +20.4% a year, volatility 24.2%FLTW: +21.8% a year, volatility 24.3%MPLX: +23.5% a year, volatility 18.8%EWP: +19.2% a year, volatility 20.3%DBJP: +20.9% a year, volatility 19.2%EPU: +29.5% a year, volatility 24.9%HSBC: +33.1% a year, volatility 25.9%WELL: +26.0% a year, volatility 23.8%BTI: +18.7% a year, volatility 22.0%WMB: +24.6% a year, volatility 24.0%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%KMI: +18.7% a year, volatility 22.5%AMGN: +19.6% a year, volatility 24.9%TJX: +19.9% a year, volatility 22.3%PGR: +21.3% a year, volatility 25.6%PAA: +27.0% a year, volatility 25.6%COR: +24.2% a year, volatility 22.8%MSGS: +18.4% a year, volatility 25.6%PAGP: +26.8% a year, volatility 26.1%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%EUFN: +18.5% a year, volatility 21.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%ACT: +20.5% a year, volatility 24.3%CRAK: +19.8% a year, volatility 20.9%ENFR: +18.4% a year, volatility 19.1%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%AFL: +19.0% a year, volatility 20.8%XLE: +22.6% a year, volatility 25.5%ACGL: +20.1% a year, volatility 24.5%KOF: +22.3% a year, volatility 24.7%AM: +20.0% a year, volatility 25.9%AIRR: +18.3% a year, volatility 25.9%HEI: +17.3% a year, volatility 27.8%SPY (S&P 500): +12.7% a year, volatility 17.1%RTX: +18.6% a year, volatility 24.3%ATI: +61.8% a year, volatility 42.9%CW: +30.8% a year, volatility 28.7%MOG-A: +36.6% a year, volatility 32.0%DCO: +27.5% a year, volatility 34.5%WAB: +25.6% a year, volatility 26.2%ESLT: +39.8% a year, volatility 34.6%WPM: +27.5% a year, volatility 36.9%PH: +27.4% a year, volatility 28.8%RS: +24.8% a year, volatility 28.1%PPA: +16.3% a year, volatility 18.9%CAH: +42.1% a year, volatility 24.7%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%XLK: +19.4% a year, volatility 26.0%SMFG: +33.7% a year, volatility 29.4%RY: +17.3% a year, volatility 18.2%HEISPY (S&P 500)RTXATICWMOG-ADCOWABESLTRSPPACAHWMTABBVDXJXLKSMFGRY
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than HEI?

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

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

Screen the whole market against HEI for any period in BetterThanSPYOpen these 20 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 HEI?lower diversifies moreExpenseper year
HEIHEICO Corporation · this page
+17.3%27.8%0.71−57.7%+809%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.610.09%
Popular alternativesbest 5 shownThe investments people most often weigh against HEI. 5 of 20 passed at least one test.
RTXRTX Corporation · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.6%24.3%0.83−52.0%+317%0.40—
ATIATI Inc. · Metals & Mining
On the frontierHigher return in most periods+61.8%42.9%1.34−82.4%+929%0.53—
CWCurtiss-Wright Corporation · Aerospace & Defense
Higher return, similar volatilityHigher Sharpe, smaller worst decline+30.8%28.7%1.08−48.7%+512%0.55—
MOG-AMoog Inc. · Aerospace & Defense
Higher return in most periods+36.6%32.0%1.14−63.7%+595%0.57—
DCODucommun Incorporated · Aerospace & Defense
Higher return in most periods+27.5%34.5%0.88−70.8%+706%0.51—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Aerospace & Defense and the categories next to it (Business Services, Airlines, Metals & Mining, Industrial Machinery), plus HEI's specific themes. 18 of 130 passed at least one test.
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Higher return, lower volatilityHigher return in most periods+25.6%26.2%1.00−64.1%+264%0.48—
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher Sharpe, smaller worst declineHigher return in most periods+39.8%34.6%1.15−35.4%+765%0.15—
WPMWheaton Precious Metals Corp. · Metals & Mining
Higher Sharpe, smaller worst declineHigher return in most periods+27.5%36.9%0.85−46.7%+510%0.19—
PHParker-Hannifin Corporation · Industrial Machinery
Higher return, similar volatilityHigher return in most periods+27.4%28.8%0.99−54.7%+789%0.49—
RSReliance Steel & Aluminum Co. · Metals & Mining
Higher return, similar volatilityHigher Sharpe, smaller worst decline+24.8%28.1%0.93−40.8%+626%0.49—
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Similar return, lower volatilityHigher Sharpe, smaller worst decline+16.3%18.9%0.90−43.9%+344%0.680.58%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 249 of 3,483 passed at least one test.
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%0.38—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.8%22.6%0.96−25.7%+508%0.17—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.10—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.320.48%
PMPhilip Morris International Inc. · Tobacco
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.0%23.4%0.94−42.9%+242%0.40—
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.4%26.0%0.82−33.6%+767%0.530.08%
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%0.25—
RYRoyal Bank of Canada · Banks
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+17.3%18.2%0.97−40.0%+352%0.39—
What these numbers mean for HEI
Annual return
HEI returned 17.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $22,200. 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
HEI's volatility over the past 5 years was 27.8%, 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, HEI's return lands within 27.8% 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
HEI's Sharpe ratio over the past 5 years was 0.71, against 0.79 for the S&P 500, so HEI 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
HEI's worst fall from a peak to a low over the past 10 years was 57.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 57.7% fall takes a 137% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, HEI's monthly returns had a correlation of 0.61 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against HEI instead: the lower it is, the more that option would diversify a HEI holding. Guide: Correlation and diversification →
Show all 65 stocks and funds worth at least $500 million that earned more than HEI with less volatility

Out of 3,633 tested over 5 years. The strongest 54 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with HEIExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.38—
2
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.17—
3
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.10—
4
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.320.48%
5
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.40—
6
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.21—
7
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.13—
8
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.45—
9
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Whole market+19.4%26.0%0.82−33.6%+767%0.530.08%
10
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.31—
11
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.25—
12
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.54—
13
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.11—
14
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.26—
15
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.33—
16
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.560.13%
17
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.290.59%
18
RTXRTX Corporation · Aerospace & Defense
Popular alternative+18.6%24.3%0.83−52.0%+317%0.40—
19
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.300.19%
20
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.42—
21
EWPiShares MSCI Spain ETF · Broad Market
Whole market+19.2%20.3%0.97−46.4%+196%0.410.50%
22
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.350.45%
23
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.420.59%
24
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.25—
25
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.27—
26
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.25—
27
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.32—
28
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.12—
29
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.37—
30
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.40—
31
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.15—
32
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.29—
33
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.24—
34
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.29—
35
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.26—
36
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.32—
37
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Same or nearby category+25.6%26.2%1.00−64.1%+264%0.48—
38
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+56.3%0.29—
39
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—-0.070.80%
40
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.22—
41
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.400.49%
42
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.39—
43
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.33—
44
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.25—
45
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.130.61%
46
ENFRAlerian Energy Infrastructure ETF · Broad Market
Whole market+18.4%19.1%0.98−62.6%+183%0.440.35%
47
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.30—
48
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.07—
49
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.36—
50
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.250.08%
51
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.25—
52
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.40—
53
AMAntero Midstream Corporation · Oil & Gas Midstream
Whole market+20.0%25.9%0.84−92.9%—0.48—
54
AIRRFirst Trust RBA American Industrial RenaissanceTM ETF · US Industrials
Whole market+18.3%25.9%0.78−42.4%+407%0.560.69%

HEI against its popular alternatives

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

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

Green points earned more than HEI 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%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityHEI: 17.3% a year, volatility 27.8%SPY (S&P 500): 12.7% a year, volatility 17.1%RTX: 18.6% a year, volatility 24.3%DAL: 14.6% a year, volatility 40.8%UAL: 16.3% a year, volatility 49.0%HXL: 10.2% a year, volatility 32.2%TDG: 16.4% a year, volatility 28.0%BA: −2.5% a year, volatility 36.8%ATI: 61.8% a year, volatility 42.9%DCO: 27.5% a year, volatility 34.5%MOG-A: 36.6% a year, volatility 32.0%HWM: 47.3% a year, volatility 32.5%WWD: 23.8% a year, volatility 32.3%GE: 36.0% a year, volatility 31.0%CW: 30.8% a year, volatility 28.7%CR: 17.6% a year, volatility 35.2%AIR: 24.2% a year, volatility 36.6%BWXT: 19.6% a year, volatility 34.1%LMT: 11.1% a year, volatility 24.2%HON: 1.5% a year, volatility 22.8%NOC: 7.6% a year, volatility 26.1%LHX: 2.5% a year, volatility 24.9%HEISPY (S&P 500)RTXDALUALHXLTDGBAATIDCOMOG-AHWMWWDGECWCRAIRBWXTLMTHONNOCLHX10.0%20.0%30.0%40.0%50.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityHEI: 17.3% a year, volatility 27.8%SPY (S&P 500): 12.7% a year, volatility 17.1%RTX: 18.6% a year, volatility 24.3%DAL: 14.6% a year, volatility 40.8%UAL: 16.3% a year, volatility 49.0%HXL: 10.2% a year, volatility 32.2%TDG: 16.4% a year, volatility 28.0%BA: −2.5% a year, volatility 36.8%ATI: 61.8% a year, volatility 42.9%DCO: 27.5% a year, volatility 34.5%MOG-A: 36.6% a year, volatility 32.0%HWM: 47.3% a year, volatility 32.5%WWD: 23.8% a year, volatility 32.3%GE: 36.0% a year, volatility 31.0%CW: 30.8% a year, volatility 28.7%CR: 17.6% a year, volatility 35.2%AIR: 24.2% a year, volatility 36.6%BWXT: 19.6% a year, volatility 34.1%LMT: 11.1% a year, volatility 24.2%HON: 1.5% a year, volatility 22.8%NOC: 7.6% a year, volatility 26.1%LHX: 2.5% a year, volatility 24.9%HEISPY (S&P 500)RTXDALUALHXLBAATIDCOMOG-AHWMWWDGECWCRHONNOC
All figures
InvestmentAnnual returnVolatility
ATI ATI Inc.+61.8%42.9%
HWM Howmet Aerospace Inc.+47.3%32.5%
MOG-A Moog Inc.+36.6%32.0%
GE GE Aerospace+36.0%31.0%
CW Curtiss-Wright Corporation+30.8%28.7%
DCO Ducommun Incorporated+27.5%34.5%
AIR AAR Corp.+24.2%36.6%
WWD Woodward, Inc.+23.8%32.3%
BWXT BWX Technologies, Inc.+19.6%34.1%
RTX RTX Corporation+18.6%24.3%
CR Crane Company+17.6%35.2%
HEI This pageHEICO Corporation+17.3%27.8%
TDG TransDigm Group Incorporated+16.4%28.0%
UAL United Airlines Holdings, Inc.+16.3%49.0%
DAL Delta Air Lines, Inc.+14.6%40.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
LMT Lockheed Martin Corporation+11.1%24.2%
HXL Hexcel Corporation+10.2%32.2%
NOC Northrop Grumman Corporation+7.6%26.1%
LHX L3Harris Technologies, Inc.+2.5%24.9%
HON Honeywell International Inc.+1.5%22.8%
BA The Boeing Company−2.5%36.8%
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Has HEI consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than HEI 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
HEI HEICO Corporation (this page)—+0.7%−10.3%+4.5%−7.3%−2.4%+93.4%+122%+809%27.8%0.71−57.7%—$43B—
ATI QualifiedATI Inc.4/5 short3/3 longAll-weather−3.2%−1.7%+11.6%+53.6%+125%+415%+1,008%+929%42.9%1.34−82.4%—$25B—
DCO QualifiedDucommun Incorporated4/5 short2/3 long−1.0%−1.3%+17.2%+71.9%+74.1%+261%+236%+706%34.5%0.88−70.8%—$2.5B—
MOG-A QualifiedMoog Inc.4/5 short2/3 long−1.4%−7.9%+14.8%+46.2%+77.4%+228%+375%+595%32.0%1.14−63.7%—$12B—
RTX QualifiedRTX Corporation3/5 short2/3 long−0.5%−0.2%−0.5%+4.4%+22.1%+183%+135%+317%24.3%0.83−52.0%—$261B—
HWM Aerospace & DefenseHowmet Aerospace Inc.2/5 short3/3 long−6.9%−22.1%−17.1%+0.1%+10.2%+391%+594%+1,028%32.5%1.36−68.9%—$84B—
WWD Aerospace & DefenseWoodward, Inc.2/5 short2/3 long−0.3%−17.0%−17.6%+4.5%+29.1%+165%+191%+488%32.3%0.82−60.6%—$19B—
GE Aerospace & DefenseGE Aerospace2/5 short2/3 long−5.9%−12.0%−1.0%−6.1%−0.4%+261%+366%+139%31.0%1.15−80.9%—$311B—
CW Aerospace & DefenseCurtiss-Wright Corporation0/5 short2/3 long−12.8%−30.1%−32.1%−13.4%−11.6%+148%+283%+512%28.7%1.08−48.7%—$18B—
DAL Airlines, Airports & Air ServicesDelta Air Lines, Inc.4/5 short1/3 long−6.8%−9.1%+8.5%+12.2%+25.5%+146%+97.6%+109%40.8%0.54−69.2%—$50B—
CR Industrial - MachineryCrane Company3/5 short1/3 long+1.2%−7.4%+4.6%+7.7%+7.9%+143%+125%+283%35.2%0.65−60.1%—$12B—
AIR Aerospace & DefenseAAR Corp.2/5 short1/3 long−14.2%−26.5%−18.2%+18.2%+18.8%+71.7%+196%+224%36.6%0.78−81.8%—$4.0B—
BWXT Aerospace & DefenseBWX Technologies, Inc.0/5 short1/3 long−9.0%−20.7%−41.0%−25.9%−35.0%+79.8%+145%+289%34.1%0.70−47.7%—$12B—
UAL Airlines, Airports & Air ServicesUnited Airlines Holdings, Inc.0/5 short1/3 long−14.5%−16.8%−1.2%−13.5%−3.5%+179%+113%+72.8%49.0%0.55−79.4%—$32B—
LMT Aerospace & DefenseLockheed Martin Corporation4/5 short0/3 long+2.5%+8.4%−4.4%+12.4%+11.3%+33.8%+69.0%+204%24.2%0.56−36.7%—$127B—
HON ConglomeratesHoneywell International Inc.4/5 short0/3 long+3.3%−5.4%−10.7%+5.2%+6.8%+27.0%+7.5%+160%22.8%0.18−43.0%—$68B—
HXL Aerospace & DefenseHexcel Corporation3/5 short0/3 long+5.0%−13.5%+2.4%+19.5%+45.6%+44.9%+62.4%+122%32.2%0.46−68.5%—$6.9B—
TDG Aerospace & DefenseTransDigm Group Incorporated2/5 short0/3 long+3.0%−5.1%−10.3%−15.9%−12.2%+62.5%+114%+543%28.0%0.69−62.6%—$63B—
NOC Aerospace & DefenseNorthrop Grumman Corporation2/5 short0/3 long+1.4%+2.4%−18.0%−7.7%−9.8%+15.6%+44.5%+188%26.1%0.41−37.8%—$76B—
BA Aerospace & DefenseThe Boeing Company1/5 short0/3 long−5.3%−9.1%−15.4%−16.4%−12.2%+5.8%−11.9%+52.4%36.8%0.12−77.9%—$151B—
LHX Aerospace & DefenseL3Harris Technologies, Inc.0/5 short0/3 long+0.7%−10.9%−28.0%−17.3%−13.0%+49.6%+13.0%+229%24.9%0.22−38.2%—$46B—
KRMN Aerospace & DefenseKarman Holdings Inc.0/5 short0/3 long−0.5%−21.9%−57.6%−54.4%−55.2%—————−73.9%—$4.6B—
LOAR Aerospace & DefenseLoar Holdings Inc.0/5 short0/3 long−3.9%−11.0%−9.3%−11.4%−23.9%—————−46.0%—$5.8B—
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How did HEI do year by year?

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

InvestmentYears ahead of HEI20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
HEI This pageHEICO Corporation—+36.2%+33.1%+16.6%+6.7%+9.1%+16.2%+47.5%+28.6%+53.0%+42.3%−9.7%+4.5%+63.2%+1.1%+43.6%+44.3%+14.5%−28.6%+40.7%+50.4%+14.9%+38.1%+73.2%−29.5%+6.7%−28.3%−30.8%+66.7%+78.9%
Rank among alternativesTop quarter in 12 of 2910 of 229 of 2114 of 2112 of 218 of 212 of 218 of 211 of 213 of 215 of 2114 of 2112 of 219 of 2116 of 211 of 214 of 2013 of 206 of 204 of 192 of 179 of 174 of 175 of 1713 of 177 of 1717 of 1713 of 161 of 161 of 16
SPY S&P 500State Street SPDR S&P 500 ETF10 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
ATI ATI Inc.11 of 26+109%+21.1%+52.3%+87.5%−5.0%−18.8%−5.1%−9.8%+51.5%+43.9%−66.7%−0.5%+20.2%−35.1%−12.2%+25.0%+79.8%−70.0%−4.2%+153%+68.2%+66.5%+122%−60.8%+10.3%−26.5%———
DCO Ducommun Incorporated8 of 29+49.4%+22.3%+4.2%+6.8%−12.9%+6.3%+39.1%+27.7%+11.3%+57.6%−35.8%−15.2%+84.4%+26.8%−41.3%+18.3%+13.9%−55.7%+66.1%+7.1%+2.5%−6.7%+41.0%+42.8%+0.3%+1.7%−21.2%−40.7%+61.6%
MOG-A Moog Inc.9 of 29+24.4%+36.8%+66.6%+9.8%+3.4%−6.2%+11.4%−10.0%+32.2%+8.4%−18.1%+9.0%+65.6%−6.6%+10.4%+36.2%−20.1%−20.2%+20.0%+34.6%−6.1%+37.7%+59.2%+42.4%+12.9%+7.3%−31.0%+11.9%+49.5%
RTX RTX Corporation9 of 29+61.4%+40.8%−14.4%+20.0%+23.3%−16.7%+44.1%−14.5%+19.3%+17.3%−14.3%+3.4%+42.0%+15.3%−4.8%+16.4%+33.4%−28.4%+24.6%+13.8%+10.2%+10.9%+55.5%−2.6%−16.8%+22.7%+21.1%+51.8%+11.7%
HWM Howmet Aerospace Inc.12 of 29+87.9%+103%+37.8%+24.2%+11.7%−7.2%+83.6%−37.5%+48.4%−11.5%−36.3%+50.9%+25.6%+2.9%−42.9%−2.8%+51.3%−67.4%+26.4%+5.5%−1.8%−14.1%+75.3%−33.1%+9.8%−15.9%+133%+7.0%+11.8%
WWD Woodward, Inc.12 of 29+82.6%+23.0%+42.0%−11.1%−9.4%+3.2%+60.4%−2.2%+11.6%+40.2%+1.7%+8.7%+20.6%−6.1%+9.9%+46.9%+13.2%−31.9%+72.5%+40.3%+21.8%+28.1%+33.8%−23.9%+31.9%+68.9%+28.5%−29.3%+0.3%
GE GE Aerospace9 of 29+85.7%+64.9%+95.8%−10.9%+9.7%−2.7%+54.0%−55.4%−42.9%+4.6%+27.5%−6.7%+37.9%+21.3%+1.3%+24.3%−1.9%−53.9%+2.7%+9.3%−1.4%+20.7%+30.7%−37.7%−15.1%−6.0%+53.6%+41.0%+51.0%
CW Curtiss-Wright Corporation12 of 29+55.7%+59.7%+34.0%+21.0%+19.9%−16.8%+38.7%−15.8%+24.5%+44.4%−2.2%+14.3%+91.4%−6.0%+7.5%+7.1%−5.2%−32.9%+36.2%+36.9%−4.3%+28.4%+42.3%+34.9%+3.9%+27.8%−1.8%+6.3%+46.4%
DAL Delta Air Lines, Inc.7 of 18+16.1%+52.0%+23.0%−15.9%−2.8%−30.8%+20.4%−8.7%+16.2%−1.4%+4.1%+80.5%+133%+46.7%−35.8%+10.7%−0.7%−23.0%———————————
CR Crane Company8 of 29+22.2%+29.1%+18.8%+0.6%+33.4%−7.7%+22.0%−17.8%+25.9%+54.1%−16.6%−11.1%+48.3%+1.7%+16.3%+37.6%+84.2%−58.6%+18.9%+5.3%+24.3%−4.9%+57.2%−20.9%−8.5%+45.4%−29.9%+5.5%+51.5%
AIR AAR Corp.7 of 29+35.1%−1.8%+39.0%+15.0%+7.8%−19.6%+21.7%−4.3%+19.9%+27.2%−4.3%+0.3%+52.0%−0.7%−29.6%+19.6%+24.8%−51.6%+30.3%+21.9%+75.9%−8.9%+191%−42.4%−27.0%−27.8%−23.5%−6.1%+30.1%
BWXT BWX Technologies, Inc.7 of 15+56.4%+46.5%+33.9%+23.3%−19.4%−1.5%+64.5%−36.1%+53.6%+26.2%+48.2%−10.2%+32.0%+8.9%−5.6%——————————————
UAL United Airlines Holdings, Inc.5 of 19+15.2%+135%+9.4%−13.9%+1.2%−50.9%+5.2%+24.2%−7.5%+27.2%−14.3%+76.8%+61.8%+23.9%−20.8%+84.5%+17.2%−64.3%−18.9%——————————
LMT Lockheed Martin Corporation11 of 29+2.5%+10.0%−4.3%+40.5%+3.1%−6.5%+52.5%−16.4%+30.0%+18.4%+16.2%+33.8%+68.1%+19.5%+20.7%−3.9%−7.6%−18.6%+16.0%+47.0%+16.5%+10.0%−10.0%+24.7%+39.0%+57.9%−46.9%−12.6%+9.5%
HON Honeywell International Inc.8 of 29−6.3%+10.2%+0.1%+5.0%−0.2%+23.1%+36.9%−7.5%+35.2%+14.3%+4.9%+10.6%+45.8%+18.5%+3.8%+37.8%+21.9%−45.9%+37.5%+23.1%+6.6%+7.3%+41.6%−28.0%−27.7%−17.2%+31.0%+15.1%+16.7%
HXL Hexcel Corporation11 of 29+19.2%−14.2%+26.2%+14.4%+6.8%−33.7%+28.9%−6.5%+21.1%+11.9%+12.9%−7.1%+65.8%+11.3%+33.9%+39.4%+75.5%−69.5%+39.5%−3.6%+24.5%+95.6%+147%−2.5%−65.5%+60.7%−33.6%−66.4%+53.5%
TDG TransDigm Group Incorporated9 of 19+12.2%+32.3%+66.6%+1.8%+2.8%+10.5%+84.4%+23.8%+19.8%+19.1%+16.4%+39.9%+36.8%+56.1%+32.9%+51.6%+67.3%−25.7%+70.4%——————————
NOC Northrop Grumman Corporation11 of 29+23.6%+1.9%−12.8%+43.0%+29.3%−9.9%+42.7%−18.9%+33.9%+25.2%+30.5%+31.4%+74.4%+19.6%+2.9%+19.7%+28.5%−41.2%+18.4%+14.6%+12.6%+15.7%+0.3%−2.4%+23.7%+57.3%−24.2%−35.3%+41.5%
BA The Boeing Company10 of 29+22.7%−32.1%+36.8%−5.4%−5.9%−33.9%+3.3%+11.5%+94.7%+11.3%+14.1%−2.5%+84.7%+5.2%+15.2%+23.6%+31.8%−50.1%−0.1%+28.4%+37.9%+24.9%+30.4%−13.4%−40.4%+61.2%+28.7%−32.5%−7.1%
LHX L3Harris Technologies, Inc.12 of 29+42.3%+1.9%+3.7%−0.5%+15.0%−2.8%+49.2%−3.4%+40.8%+20.7%+24.0%+5.5%+46.7%+40.3%−18.4%−2.7%+31.5%−38.4%+38.0%+7.5%+40.3%+64.0%+46.1%−13.0%+0.2%+15.4%+4.6%−18.1%+36.6%
LOAR Loar Holdings Inc.0 of 1−8.0%————————————————————————————
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Risk and diversification

How HEI 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 HEI's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents HEI's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

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

DuringHEI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−75.4%−12.2%May 1998Apr 20034.9 yearsFeb 20062.8 years
No named crash−69.3%—Feb 1987Aug 19903.5 yearsMar 19965.6 years
2008 financial crisis−61.4%−51.7%Dec 2007Mar 200915 monthsSep 201018 months
Covid crash−57.7%−17.2%Aug 2019Mar 20207 monthsJun 202115 months
No named crash−40.8%+2.1%Jul 1996Aug 19961 monthDec 19964 months

How did HEI do in stock market crashes?

This section measures how far HEI, 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 HEI.

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
HEI This pageHEICO Corporation—−3.7%−18.8%−52.4%−22.6%−7.3%−14.6%−27.3%−3.0%−61.4%−53.9%
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%
ATI ATI Inc.2 of 10−8.7%−30.9%−74.4%−28.7%−4.5%−65.6%−48.4%0.0%−86.7%−73.7%
DCO Ducommun Incorporated1 of 10−6.6%−30.7%−70.8%−23.5%−7.4%−49.3%−38.0%−5.1%−72.2%−44.1%
MOG-A Moog Inc.2 of 10−6.4%−21.3%−61.7%−20.0%−9.2%−42.3%−29.1%−4.3%−62.9%−38.2%
RTX RTX Corporation6 of 10−1.5%−21.9%−50.5%−27.7%−7.1%−15.4%−23.1%−2.5%−52.0%−52.1%
HWM Howmet Aerospace Inc.1 of 10−8.5%−20.2%−64.8%−30.8%−16.0%−38.4%−43.5%0.0%−87.3%−58.3%
WWD Woodward, Inc.2 of 10−5.3%−37.3%−58.5%−18.2%−13.6%−18.7%−30.3%−4.3%−83.2%−48.6%
GE GE Aerospace4 of 10−2.8%−40.7%−51.5%−50.7%−7.6%−12.3%−22.1%−2.5%−82.7%−61.9%
CW Curtiss-Wright Corporation6 of 10−4.4%−20.5%−47.8%−29.6%−9.6%−12.9%−19.3%−1.7%−59.2%−33.7%
DAL Delta Air Lines, Inc.3 of 9−10.2%−37.4%−63.5%−21.0%−7.6%−22.0%−21.3%−0.2%−81.1%—
CR Crane Company1 of 10−7.4%−23.5%−54.8%−32.0%−7.9%−20.3%−32.0%−4.2%−77.3%−39.5%
AIR AAR Corp.1 of 10−5.2%−33.2%−79.4%−30.1%−4.7%−31.4%−51.6%−5.8%−73.1%−85.7%
BWXT BWX Technologies, Inc.4 of 7−3.1%−18.1%−40.1%−41.6%−6.2%−16.0%−31.1%———
UAL United Airlines Holdings, Inc.4 of 9−10.0%−38.5%−73.4%−18.2%−4.1%−26.7%−20.2%−0.4%−93.0%—
LMT Lockheed Martin Corporation9 of 10−0.8%−16.9%−35.9%−29.4%−5.2%−8.5%−17.3%−1.9%−50.5%−24.5%
HON Honeywell International Inc.4 of 10−1.4%−22.7%−42.2%−22.1%−6.8%−14.4%−25.3%−1.8%−62.2%−65.8%
HXL Hexcel Corporation3 of 10−6.2%−19.6%−61.3%−21.0%−6.0%−29.2%−25.1%−3.5%−82.8%−86.7%
TDG TransDigm Group Incorporated3 of 9−8.1%−24.9%−61.7%−16.3%−8.1%−23.4%−20.6%−3.2%−51.7%—
NOC Northrop Grumman Corporation8 of 10−1.6%−11.2%−26.1%−29.0%−4.3%−9.1%−24.7%−2.7%−58.7%−27.6%
BA The Boeing Company4 of 10−2.9%−48.7%−71.9%−24.7%−5.7%−26.8%−20.5%−1.8%−70.0%−57.1%
LHX L3Harris Technologies, Inc.6 of 10−2.6%−22.2%−33.2%−26.3%−4.9%−19.9%−22.8%−2.9%−56.1%−45.2%
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How closely does HEI 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 HEI 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 HEI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
HEI This pageHEICO Corporation118%85%1.391.15
NOC Northrop Grumman Corporation49%32%1.550.35
CW Curtiss-Wright Corporation103%77%1.331.20
HWM Howmet Aerospace Inc.142%115%1.231.41
ATI ATI Inc.141%116%1.221.37
LMT Lockheed Martin Corporation58%48%1.220.52
BWXT BWX Technologies, Inc.82%68%1.210.87
MOG-A Moog Inc.119%101%1.181.20
TDG TransDigm Group Incorporated112%97%1.151.25
DCO Ducommun Incorporated128%112%1.141.32
WWD Woodward, Inc.111%100%1.111.27
LHX L3Harris Technologies, Inc.72%65%1.110.70
RTX RTX Corporation94%91%1.020.89
CR Crane Company104%115%0.911.34
AIR AAR Corp.105%124%0.851.43
GE GE Aerospace85%106%0.801.21
HON Honeywell International Inc.90%118%0.771.00
DAL Delta Air Lines, Inc.107%149%0.721.34
HXL Hexcel Corporation94%135%0.691.27
UAL United Airlines Holdings, Inc.107%158%0.681.41
BA The Boeing Company93%152%0.611.42
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What diversifies HEI?

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

ETFs

InvestmentCorrelation5Y returnSharpe2015200820022000199980/20 mix volatility80/20 mix annual return
HEI HEICO Corporation (this page)1.00+122%0.71−9.7%−28.6%−29.5%−28.3%−30.8%27.8%+18.2%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.35+119%1.48—————23.0%+18.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.32+225%1.34+7.7%−20.8%———23.2%+20.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.46+101%1.04−25.3%————23.8%+18.2%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.44+62.9%0.99+4.7%————23.1%+17.3%
EWP Broad MarketiShares MSCI Spain ETF0.41+140%0.97−15.6%−36.8%−13.6%−11.8%−1.5%24.1%+19.3%
SMH TechnologyVanEck Semiconductor ETF0.40+323%0.97−0.3%−44.7%−47.0%——25.9%+23.0%
GLD CommoditiesSPDR Gold Shares0.06+126%0.96−10.7%+4.9%———22.8%+19.1%
XLE EnergyState Street Energy Select Sector SPDR ETF0.25+177%0.93−21.5%−39.0%−14.8%+24.4%+18.1%24.1%+20.1%

Stocks

InvestmentCorrelation5Y returnSharpe2015200820022000199980/20 mix volatility80/20 mix annual return
HEI HEICO Corporation (this page)1.00+122%0.71−9.7%−28.6%−29.5%−28.3%−30.8%27.8%+18.2%
CAH Medical - DistributionCardinal Health, Inc.0.38+479%1.55+12.6%−39.6%−8.3%+108%−36.8%24.8%+22.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.14+3,143%1.47−6.0%−20.5%−65.1%−2.3%+350%26.5%+36.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.33+1,636%1.46+67.7%−15.2%−9.4%−71.1%−58.7%26.6%+31.7%
MCK Medical - DistributionMcKesson Corporation0.21+413%1.44−4.5%−40.4%−27.2%+61.2%−71.3%23.9%+22.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.18+690%1.41+17.4%————24.3%+25.1%
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Common questions

What was HEI's worst drawdown?

HEI's deepest decline since it began trading in 1986 was 75.4%, from May 1998 to April 2003. It took about three years from the low to climb back to its old high.

What were HEI's best and worst years?

Over 29 full calendar years, HEI's best year was 1997, when it returned 78.9%. Its worst was 1999, with a return of -30.8%.

Is there a better investment than HEI?

Among HEI's popular alternatives, RTX earned more than HEI with less volatility over the past 5 years: 18.6% a year at 24.3% volatility, against 17.3% a year at 27.8%. Looking beyond its popular alternatives, WAB (industrial machinery) earned more than HEI with less volatility over the past 5 years: 25.6% a year at 26.2% volatility, against 17.3% a year at 27.8%.

Is HEI more volatile than the S&P 500?

Yes. HEI's volatility over the past 5 years was 27.8%, 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, HEI's return lands within 27.8% 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 HEI's Sharpe ratio?

HEI's Sharpe ratio over the past 5 years was 0.71, against 0.79 for the S&P 500, so HEI 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 HEI with the S&P 500?

Over the past 5 years, HEI's monthly returns had a correlation of 0.61 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against HEI instead: the lower it is, the more that option would diversify a HEI holding.

What are the best alternatives to HEI?

Of the 22 popular alternatives we compared, four outperformed HEI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: ATI, DCO and MOG-A.

Did HEI outperform the S&P 500?

HEI finished ahead of the S&P 500 (SPY) in 19 of 29 full calendar years. In 2025, it returned +36.2%, against +17.7% for the index.

How did HEI do in stock market crashes?

HEI fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in eight. The clearest case was the Covid crash, when HEI fell 52.4% and the S&P 500 fell 33.7%.

What diversifies HEI?

These had a low correlation with HEI over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.35), DXJ (correlation 0.32) and EMLP (correlation 0.46); among large stocks, CAH (correlation 0.38), CLS (correlation 0.14) and FIX (correlation 0.33). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to HEI

Other stocks and ETFs