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Relative Intelligence · IT Services

How International Business Machines (IBM) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on IBM alone. It places IBM (International Business Machines Corporation) against 19 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where IBM stands in the market, and of the alternatives worth a closer look.

Period covered: IBM'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 IBM →Chart IBM vs. 19 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in IBM over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IBM over the same span and IBM'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. 587 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of IBM; the chart shows 5, closest alternatives first. The other 1 line is a popular alternative, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • AMZN$11M+114,749% total · +27.5% a year
  • CACI$609,098+5,991% total · +15.2% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • ORCL$284,972+2,750% total · +12.2% a year
  • SAP$136,626+1,266% total · +9.4% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • IBM$86,041+760% total · +7.7% a year
  • DXC$9,973−0.3% total · 0.0% 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. 779 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of IBM; 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
  • DELL$112,363+1,024% total · +62.2% a year
  • HPE$51,318+413% total · +38.7% a year
  • PANW$49,770+398% total · +37.8% a year
  • FTNT$30,603+206% total · +25.1% a year
  • CACI$23,239+132% total · +18.4% a year
  • FFIV$22,395+124% total · +17.5% a year
  • IBM$20,049+100% total · +14.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • MSFT$18,958+89.6% total · +13.6% a year
  • AMZN$15,169+51.7% total · +8.7% a year
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IBM 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
$228B
Industry
Information Technology Services
Price history from
October 1986

Returns

Past 1 year
−12.5%total return
Past 3 years
+93.5%+24.6% a year
Past 5 years
+116%+16.6% a year
Past 10 years
+151%+9.6% a year
Best calendar year
+77.5%1998
Worst calendar year
−35.4%2002
Losing years
10 of 29full calendar years

Risk

Volatility
30.5%typical yearly swing, 5 years
Sharpe ratio
0.66return per unit of risk, 5 years
Worst decline ever
−69.3%Aug 1987 to Aug 1993
From its all-time high
−26.0%below the peak

IBM against the whole market

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

How does IBM rank among all stocks?

This section ranks IBM 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 IBM 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.

MeasureIBMRankStanding
1-year return−12.5%2,415 of 3,287bottom 28%
3-year return+93.5%974 of 3,017top 32%
5-year return+116%600 of 2,893top 21%
10-year return+151%1,079 of 2,202top 49%
Volatility, 5 years30.5%776 of 2,893top 27%
Sharpe ratio, 5 years0.66538 of 2,893top 19%
Worst decline, past 10 years−41.1%179 of 2,187top 8%

What has beaten IBM 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). IBM sits where the dashed lines cross. Anything in the green box above and to the left earned more than IBM 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 IBM; faint dots are 84 more of the 110 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%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than IBMGILD: +22.8% a year, volatility 24.9%COR: +24.2% a year, volatility 22.8%NHC: +32.0% a year, volatility 28.5%AAPL: +18.5% a year, volatility 28.0%MPLX: +23.5% a year, volatility 18.8%XOM: +27.1% a year, volatility 26.5%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%HSBC: +33.1% a year, volatility 25.9%DXJ: +26.6% a year, volatility 19.1%CVX: +19.5% a year, volatility 25.2%PM: +21.0% a year, volatility 23.4%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%WMT: +20.8% a year, volatility 22.6%TTE: +18.0% a year, volatility 25.8%BTI: +18.7% a year, volatility 22.0%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%HLT: +21.0% a year, volatility 26.8%KMI: +18.7% a year, volatility 22.5%AFL: +19.0% a year, volatility 20.8%WAB: +25.6% a year, volatility 26.2%CCEP: +19.7% a year, volatility 23.2%XLE: +22.6% a year, volatility 25.5%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%ACGL: +20.1% a year, volatility 24.5%GLD: +17.7% a year, volatility 18.9%WRB: +18.9% a year, volatility 22.9%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%RS: +24.8% a year, volatility 28.1%WES: +23.5% a year, volatility 27.6%CLH: +23.1% a year, volatility 28.6%RGA: +19.7% a year, volatility 27.3%RNR: +20.1% a year, volatility 27.8%EWT: +20.4% a year, volatility 24.2%ARMK: +17.9% a year, volatility 28.5%EHC: +18.4% a year, volatility 26.8%MSGS: +18.4% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%PAGP: +26.8% a year, volatility 26.1%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%PSMT: +18.6% a year, volatility 28.2%CNO: +18.8% a year, volatility 28.1%MLPX: +18.6% a year, volatility 19.7%IXC: +20.7% a year, volatility 23.2%EUFN: +18.5% a year, volatility 21.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%EWP: +19.2% a year, volatility 20.3%OFG: +19.5% a year, volatility 28.7%ACT: +20.5% a year, volatility 24.3%HBT: +18.9% a year, volatility 28.7%CRAK: +19.8% a year, volatility 20.9%ATMP: +21.2% a year, volatility 21.5%RSPG: +21.6% a year, volatility 27.4%BWFG: +20.1% a year, volatility 28.5%GS: +19.6% a year, volatility 28.6%TJX: +19.9% a year, volatility 22.3%PH: +27.4% a year, volatility 28.8%TT: +22.7% a year, volatility 27.7%ETR: +19.2% a year, volatility 22.4%PCAR: +17.9% a year, volatility 26.1%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%CW: +30.8% a year, volatility 28.7%BCH: +25.2% a year, volatility 28.2%ENSG: +19.8% a year, volatility 26.8%AM: +20.0% a year, volatility 25.9%PSO: +18.5% a year, volatility 27.9%AIRR: +18.3% a year, volatility 25.9%VLGEA: +17.8% a year, volatility 28.3%IBM: +16.6% a year, volatility 30.5%SPY (S&P 500): +12.7% a year, volatility 17.1%AMZN: +9.0% a year, volatility 36.6%HPE: +32.9% a year, volatility 42.2%PANW: +31.9% a year, volatility 43.4%FTNT: +20.7% a year, volatility 44.8%EBAY: +11.7% a year, volatility 32.9%FFIV: +17.1% a year, volatility 30.8%CTAS: +16.5% a year, volatility 23.1%ROL: −1.5% a year, volatility 25.6%AMGN: +19.6% a year, volatility 24.9%PGR: +21.3% a year, volatility 25.6%LLY: +40.7% a year, volatility 32.8%VGT: +18.4% a year, volatility 26.0%SPMO: +18.7% a year, volatility 20.8%COST: +17.4% a year, volatility 22.9%BFC: +19.0% a year, volatility 27.3%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%IBMSPY (S&P 500)AMZNHPEFTNTEBAYFFIVCTASROLAMGNPGRLLYSPMOMPCCAH10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than IBMGILD: +22.8% a year, volatility 24.9%COR: +24.2% a year, volatility 22.8%NHC: +32.0% a year, volatility 28.5%AAPL: +18.5% a year, volatility 28.0%MPLX: +23.5% a year, volatility 18.8%XOM: +27.1% a year, volatility 26.5%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%HSBC: +33.1% a year, volatility 25.9%DXJ: +26.6% a year, volatility 19.1%CVX: +19.5% a year, volatility 25.2%PM: +21.0% a year, volatility 23.4%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%WMT: +20.8% a year, volatility 22.6%TTE: +18.0% a year, volatility 25.8%BTI: +18.7% a year, volatility 22.0%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%HLT: +21.0% a year, volatility 26.8%KMI: +18.7% a year, volatility 22.5%AFL: +19.0% a year, volatility 20.8%WAB: +25.6% a year, volatility 26.2%CCEP: +19.7% a year, volatility 23.2%XLE: +22.6% a year, volatility 25.5%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%ACGL: +20.1% a year, volatility 24.5%GLD: +17.7% a year, volatility 18.9%WRB: +18.9% a year, volatility 22.9%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%RS: +24.8% a year, volatility 28.1%WES: +23.5% a year, volatility 27.6%CLH: +23.1% a year, volatility 28.6%RGA: +19.7% a year, volatility 27.3%RNR: +20.1% a year, volatility 27.8%EWT: +20.4% a year, volatility 24.2%ARMK: +17.9% a year, volatility 28.5%EHC: +18.4% a year, volatility 26.8%MSGS: +18.4% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%PAGP: +26.8% a year, volatility 26.1%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%PSMT: +18.6% a year, volatility 28.2%CNO: +18.8% a year, volatility 28.1%MLPX: +18.6% a year, volatility 19.7%IXC: +20.7% a year, volatility 23.2%EUFN: +18.5% a year, volatility 21.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%EWP: +19.2% a year, volatility 20.3%OFG: +19.5% a year, volatility 28.7%ACT: +20.5% a year, volatility 24.3%HBT: +18.9% a year, volatility 28.7%CRAK: +19.8% a year, volatility 20.9%ATMP: +21.2% a year, volatility 21.5%RSPG: +21.6% a year, volatility 27.4%BWFG: +20.1% a year, volatility 28.5%GS: +19.6% a year, volatility 28.6%TJX: +19.9% a year, volatility 22.3%PH: +27.4% a year, volatility 28.8%TT: +22.7% a year, volatility 27.7%ETR: +19.2% a year, volatility 22.4%PCAR: +17.9% a year, volatility 26.1%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%CW: +30.8% a year, volatility 28.7%BCH: +25.2% a year, volatility 28.2%ENSG: +19.8% a year, volatility 26.8%AM: +20.0% a year, volatility 25.9%PSO: +18.5% a year, volatility 27.9%AIRR: +18.3% a year, volatility 25.9%VLGEA: +17.8% a year, volatility 28.3%IBM: +16.6% a year, volatility 30.5%SPY (S&P 500): +12.7% a year, volatility 17.1%AMZN: +9.0% a year, volatility 36.6%HPE: +32.9% a year, volatility 42.2%PANW: +31.9% a year, volatility 43.4%FTNT: +20.7% a year, volatility 44.8%EBAY: +11.7% a year, volatility 32.9%FFIV: +17.1% a year, volatility 30.8%CTAS: +16.5% a year, volatility 23.1%ROL: −1.5% a year, volatility 25.6%AMGN: +19.6% a year, volatility 24.9%PGR: +21.3% a year, volatility 25.6%LLY: +40.7% a year, volatility 32.8%VGT: +18.4% a year, volatility 26.0%SPMO: +18.7% a year, volatility 20.8%COST: +17.4% a year, volatility 22.9%BFC: +19.0% a year, volatility 27.3%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%IBMSPY (S&P 500)AMZNHPEPANWFTNTFFIVCTASROLPGRLLYMPCCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× IBM's volatility is in the table only

Is there a better investment than IBM?

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

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

Screen the whole market against IBM for any period in BetterThanSPYOpen these 18 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 IBM?lower diversifies moreExpenseper year
IBMInternational Business Machines Corporation · this page
+16.6%30.5%0.66−41.1%+151%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.360.09%
Popular alternativesbest 3 shownThe investments people most often weigh against IBM. 3 of 19 passed at least one test.
DELLDell Technologies Inc. · Computer Hardware
Higher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.32—
AMZNAmazon.com, Inc. · E-Commerce
Higher return in most periods+9.0%36.6%0.42−56.1%+548%0.04—
HPEHewlett Packard Enterprise Company · Computer Hardware
Higher return in most periods+32.9%42.2%0.89−56.9%+483%0.37—
Same and neighboring categories, and shared themesbest 6 shownEverything else in IT Services and the categories next to it (Business Services, Enterprise Software, Software, E-Commerce), plus IBM's specific themes. 10 of 100 passed at least one test.
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return in most periods+31.9%43.4%0.86−48.0%+1,274%0.42—
FTNTFortinet, Inc. · Cybersecurity
Higher return in most periods+20.7%44.8%0.65−38.3%+2,626%0.37—
EBAYeBay Inc. · E-Commerce
Higher return in most periods+11.7%32.9%0.50−53.6%+374%0.06—
FFIVF5, Inc. · Cybersecurity
Higher return in most periods+17.1%30.8%0.67−54.6%+287%0.33—
CTASCintas Corporation · Business Services
Similar return, lower volatility+16.5%23.1%0.78−48.4%+808%0.06—
ROLRollins, Inc. · Business Services
Smaller losses in recent crashes−1.5%25.6%0.07−54.2%+202%0.20—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 477 of 3,514 passed at least one test.
AMGNAmgen Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.6%24.9%0.85−24.9%+266%0.15—
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+21.3%25.6%0.89−30.3%+816%0.16—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.25—
VGTVanguard Information Technology ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.4%26.0%0.78−35.1%+779%0.380.09%
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.7%20.8%0.93−30.9%+499%0.410.13%
COSTCostco Wholesale Corporation · Discount Retail
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.4%22.9%0.82−31.4%+685%0.07—
BFCBank First Corporation · Banks - Regional
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+19.0%27.3%0.78−39.8%+496%0.22—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.06—
What these numbers mean for IBM
Annual return
IBM returned 16.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $21,600. 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
IBM's volatility over the past 5 years was 30.5%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IBM's return lands within 30.5% 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
IBM's Sharpe ratio over the past 5 years was 0.66, against 0.79 for the S&P 500, so IBM 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
IBM's worst fall from a peak to a low over the past 10 years was 41.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 41.1% fall takes a 69.9% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, IBM's monthly returns had a correlation of 0.36 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 IBM instead: the lower it is, the more that option would diversify a IBM holding. Guide: Correlation and diversification →
Show all 110 stocks and funds worth at least $500 million that earned more than IBM with less volatility

Out of 3,633 tested over 5 years. The strongest 90 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with IBMExpense
1
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.15—
2
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.16—
3
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.36—
4
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.380.09%
5
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.22—
6
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.410.13%
7
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.35—
8
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.14—
9
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.18—
10
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.13—
11
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%-0.06—
12
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.19—
13
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.230.45%
14
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%-0.03—
15
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.140.48%
16
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%-0.04—
17
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.20—
18
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%-0.18—
19
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.04—
20
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.02—
21
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.20—
22
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.04—
23
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%0.22—
24
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+234%0.03—
25
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.26—
26
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%-0.01—
27
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.21—
28
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.13—
29
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.05—
30
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.07—
31
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+544%0.16—
32
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%-0.07—
33
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.15—
34
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.13—
35
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.18—
36
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.15—
37
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.23—
38
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.08—
39
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%-0.01—
40
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.010.08%
41
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.00—
42
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.13—
43
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.08—
44
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.100.40%
45
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.23—
46
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.21—
47
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.13—
48
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.21—
49
WESWestern Midstream Partners, LP · Oil & Gas Midstream
Whole market+23.5%27.6%0.91−91.9%+128%0.17—
50
CLHClean Harbors, Inc. · Environmental Services
Whole market+23.1%28.6%0.88−64.5%+588%-0.12—
51
RGAReinsurance Group of America, Incorporated · Insurance
Whole market+19.7%27.3%0.80−65.8%+199%0.11—
52
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.11—
53
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.240.59%
54
ARMKAramark · Food Services
Whole market+17.9%28.5%0.72−72.3%+137%0.29—
55
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.16—
56
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.13—
57
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.24—
58
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+56.3%0.15—
59
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.260.19%
60
QTUMDefiance Quantum ETF · Technology
Whole market+22.8%28.1%0.87−38.5%—0.390.40%
61
PSMTPriceSmart, Inc. · Discount Retail
Whole market+18.6%28.2%0.75−53.2%+124%0.21—
62
CNOCNO Financial Group, Inc. · Life Insurance
Whole market+18.8%28.1%0.76−63.8%+342%0.25—
63
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.110.45%
64
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%-0.020.37%
65
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.200.49%
66
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.17—
67
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.24—
68
EWPiShares MSCI Spain ETF · Broad Market
Whole market+19.2%20.3%0.97−46.4%+196%0.220.50%
69
OFGOFG Bancorp · Banks - Regional
Whole market+19.5%28.7%0.77−61.2%+580%0.16—
70
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.20—
71
HBTHBT Financial, Inc. · Banks - Regional
Whole market+18.9%28.7%0.75−54.0%—0.05—
72
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.120.61%
73
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.080.95%
74
RSPGInvesco S&P 500 Equal Weight Energy ETF · Energy
Whole market+21.6%27.4%0.85−73.2%+158%0.040.40%
75
BWFGBankwell Financial Group, Inc. · Banks - Regional
Whole market+20.1%28.5%0.79−64.7%+240%0.09—
76
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+521%0.43—
77
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.15—
78
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.15—
79
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.12—
80
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.13—
81
PCARPACCAR Inc · Commercial Vehicles
Whole market+17.9%26.1%0.76−37.9%+314%0.06—
82
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.060.80%
83
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.19—
84
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+512%0.32—
85
BCHBanco de Chile · Banks
Whole market+25.2%28.2%0.94−58.4%+180%0.13—
86
ENSGThe Ensign Group, Inc. · Health Care Facilities
Whole market+19.8%26.8%0.81−55.5%+896%-0.04—
87
AMAntero Midstream Corporation · Oil & Gas Midstream
Whole market+20.0%25.9%0.84−92.9%—0.13—
88
PSOPearson plc · Education Services
Whole market+18.5%27.9%0.75−58.4%+155%0.19—
89
AIRRFirst Trust RBA American Industrial RenaissanceTM ETF · US Industrials
Whole market+18.3%25.9%0.78−42.4%+407%0.230.69%
90
VLGEAVillage Super Market, Inc. · Grocery Stores
Whole market+17.8%28.3%0.72−46.8%+96.3%0.26—

IBM against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityIBM: 16.6% a year, volatility 30.5%SPY (S&P 500): 12.7% a year, volatility 17.1%AMZN: 9.0% a year, volatility 36.6%BAH: 0.4% a year, volatility 32.6%ORCL: 7.7% a year, volatility 44.3%ACN: −5.2% a year, volatility 32.7%DXC: −15.9% a year, volatility 47.2%SAIC: 9.9% a year, volatility 30.7%EPAM: −26.9% a year, volatility 56.1%GLOB: −33.0% a year, volatility 53.1%WIT: −14.8% a year, volatility 33.2%KD: −19.4% a year, volatility 58.1%DELL: 55.2% a year, volatility 54.4%HPE: 32.9% a year, volatility 42.2%MSFT: 12.5% a year, volatility 28.2%CACI: 16.6% a year, volatility 29.9%SAP: 11.5% a year, volatility 30.0%LDOS: 6.3% a year, volatility 27.8%G: −3.9% a year, volatility 30.3%CTSH: −1.3% a year, volatility 30.2%INFY: −9.6% a year, volatility 29.8%IBMSPY (S&P 500)AMZNBAHORCLACNDXCSAICEPAMGLOBWITKDDELLHPEMSFTCACILDOSGCTSHINFY10.0%20.0%30.0%40.0%50.0%60.0%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityIBM: 16.6% a year, volatility 30.5%SPY (S&P 500): 12.7% a year, volatility 17.1%AMZN: 9.0% a year, volatility 36.6%BAH: 0.4% a year, volatility 32.6%ORCL: 7.7% a year, volatility 44.3%ACN: −5.2% a year, volatility 32.7%DXC: −15.9% a year, volatility 47.2%SAIC: 9.9% a year, volatility 30.7%EPAM: −26.9% a year, volatility 56.1%GLOB: −33.0% a year, volatility 53.1%WIT: −14.8% a year, volatility 33.2%KD: −19.4% a year, volatility 58.1%DELL: 55.2% a year, volatility 54.4%HPE: 32.9% a year, volatility 42.2%MSFT: 12.5% a year, volatility 28.2%CACI: 16.6% a year, volatility 29.9%SAP: 11.5% a year, volatility 30.0%LDOS: 6.3% a year, volatility 27.8%G: −3.9% a year, volatility 30.3%CTSH: −1.3% a year, volatility 30.2%INFY: −9.6% a year, volatility 29.8%IBMSPY (S&P 500)AMZNBAHORCLACNDXCEPAMGLOBWITKDDELLHPELDOSGCTSHINFY
All figures
InvestmentAnnual returnVolatility
DELL Dell Technologies Inc.+55.2%54.4%
HPE Hewlett Packard Enterprise Company+32.9%42.2%
IBM This pageInternational Business Machines Corporation+16.6%30.5%
CACI CACI International Inc+16.6%29.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MSFT Microsoft Corporation+12.5%28.2%
SAP SAP SE+11.5%30.0%
SAIC Science Applications International Corporation+9.9%30.7%
AMZN Amazon.com, Inc.+9.0%36.6%
ORCL Oracle Corporation+7.7%44.3%
LDOS Leidos Holdings, Inc.+6.3%27.8%
BAH Booz Allen Hamilton Holding Corporation+0.4%32.6%
CTSH Cognizant Technology Solutions Corporation−1.3%30.2%
G Genpact Limited−3.9%30.3%
ACN Accenture plc−5.2%32.7%
INFY Infosys Limited−9.6%29.8%
WIT Wipro Limited−14.8%33.2%
DXC DXC Technology Company−15.9%47.2%
KD Kyndryl Holdings, Inc.−19.4%58.1%
EPAM EPAM Systems, Inc.−26.9%56.1%
GLOB Globant S.A.−33.0%53.1%
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Has IBM consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than IBM 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
IBM International Business Machines Corporation (this page)—+4.3%+14.4%−3.3%−15.3%−12.5%+93.5%+116%+151%30.5%0.66−41.1%—$228B—
DELL QualifiedDell Technologies Inc.4/5 short3/3 longAll-weather−19.6%+21.3%+127%+265%+217%+636%+800%+3,701%54.4%1.08−59.6%—$294B—
HPE QualifiedHewlett Packard Enterprise Company4/5 short3/3 longAll-weather−9.1%+26.3%+103%+135%+150%+296%+315%+483%42.2%0.89−56.9%—$74B—
AMZN QualifiedAmazon.com, Inc.3/5 short2/3 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
MSFT Software - InfrastructureMicrosoft Corporation5/5 short1/3 long+6.0%+32.5%+27.7%+13.2%+3.8%+66.6%+80.3%+946%28.2%0.56−37.1%—$3.9T—
CACI Information Technology ServicesCACI International Inc4/5 short1/3 long−4.0%+34.7%+16.4%+13.1%+15.4%+85.8%+115%+499%29.9%0.66−42.9%—$13B—
SAP Software - ApplicationSAP SE4/5 short1/3 long+9.4%+44.6%+29.6%−2.1%−16.6%+81.3%+72.6%+205%30.0%0.52−52.5%—$267B—
BAH Consulting ServicesBooz Allen Hamilton Holding Corporation2/5 short1/3 long−3.1%+17.1%−5.7%−9.7%−23.5%−34.5%+2.0%+197%32.6%0.18−66.6%—$9.0B—
LDOS Information Technology ServicesLeidos Holdings, Inc.1/5 short1/3 long−0.4%+19.7%−17.0%−29.8%−32.2%+42.4%+35.6%+253%27.8%0.36−49.5%—$16B—
ORCL Software - InfrastructureOracle Corporation0/5 short1/3 long−11.4%+8.4%−25.6%−32.1%−52.1%+33.3%+45.1%+300%44.3%0.38−64.6%—$396B—
ACN Information Technology ServicesAccenture plc5/5 short0/3 long+29.5%+66.5%+25.1%−4.8%+2.2%−13.6%−23.6%+146%32.7%0.00−67.8%—$146B—
G Information Technology ServicesGenpact Limited5/5 short0/3 long+13.6%+27.0%+6.8%−14.3%−1.0%+15.5%−18.1%+85.4%30.3%0.02−49.5%—$6.6B—
CTSH Information Technology ServicesCognizant Technology Solutions Corporation5/5 short0/3 long+14.8%+53.6%+14.6%−14.6%+4.5%+9.5%−6.2%+56.3%30.2%0.11−56.1%—$31B—
DXC Information Technology ServicesDXC Technology Company5/5 short0/3 long+34.3%+56.8%+9.9%+3.9%+12.6%−28.0%−58.0%−67.7%47.2%-0.13−92.0%—$2.3B—
SAIC Information Technology ServicesScience Applications International Corporation4/5 short0/3 long+1.6%+20.3%+43.5%+35.3%+37.6%+27.6%+60.1%+135%30.7%0.46−45.9%—$5.7B—
EPAM Information Technology ServicesEPAM Systems, Inc.4/5 short0/3 long+15.5%+46.2%−0.9%−34.8%−9.9%−41.5%−79.2%+103%56.1%-0.26−89.4%—$6.7B—
GLOB Information Technology ServicesGlobant S.A.2/5 short0/3 long+16.2%+29.0%−17.7%−34.0%−28.3%−76.9%−86.5%−5.9%53.1%-0.48−92.2%—$1.8B—
INFY Information Technology ServicesInfosys Limited1/5 short0/3 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 Limited1/5 short0/3 long+22.8%+12.0%−3.3%−29.1%−21.5%−6.4%−55.1%+19.9%33.2%-0.32−65.4%—$20B—
KD Information Technology ServicesKyndryl Holdings, Inc.1/5 short0/3 long+13.9%+13.7%−5.1%−45.5%−50.3%−5.1%−65.9%—58.1%-0.05−79.8%—$3.0B—
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How did IBM do year by year?

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

InvestmentYears ahead of IBM20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
IBM This pageInternational Business Machines Corporation—+38.2%+39.3%+21.9%+10.6%+16.6%−1.2%+23.6%−22.6%−4.9%+25.2%−11.4%−12.4%−0.2%+5.9%+27.4%+14.2%+58.7%−20.8%+12.8%+19.8%−15.8%+7.2%+20.5%−35.4%+43.1%−20.8%+17.6%+77.5%+39.3%
Rank among alternativesTop quarter in 6 of 291 of 206 of 2011 of 205 of 2012 of 1916 of 1912 of 1918 of 1918 of 196 of 1816 of 1714 of 1615 of 159 of 141 of 147 of 138 of 134 of 135 of 126 of 1111 of 117 of 1110 of 1110 of 113 of 103 of 98 of 84 of 73 of 6
SPY S&P 500State Street SPDR S&P 500 ETF17 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%
DELL Dell Technologies Inc.6 of 9+11.2%+53.0%+95.9%−26.6%+51.3%+42.6%+5.1%+8.6%+47.8%————————————————————
HPE Hewlett Packard Enterprise Company4 of 10+15.5%+29.1%+9.7%+4.5%+37.4%−21.9%+23.7%−5.7%+8.6%+54.2%———————————————————
AMZN Amazon.com, Inc.16 of 28+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%+118%−22.2%+59.0%+45.0%−3.9%+33.7%+163%−44.7%+135%−16.5%+6.8%−16.0%+178%+74.6%−30.5%−79.6%+42.2%+968%—
MSFT Microsoft Corporation18 of 29+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%+57.6%+20.8%+40.8%+15.1%+22.7%+27.5%+44.3%+5.8%−4.5%−6.5%+60.5%−44.4%+20.8%+15.8%−1.0%+9.2%+6.2%−22.0%+52.8%−62.9%+68.4%+115%+56.5%
CACI CACI International Inc16 of 29+31.9%+24.8%+7.7%+11.7%+8.0%−0.3%+73.6%+8.8%+6.5%+34.0%+7.7%+17.7%+33.1%−1.6%+4.7%+9.3%+8.3%+0.7%−20.8%−1.5%−15.8%+40.1%+36.4%−9.8%+243%+1.8%+34.0%−14.8%−5.6%
SAP SAP SE12 of 29−0.4%+61.3%+52.3%−24.2%+9.2%−1.3%+36.4%−10.0%+31.7%+11.1%+15.3%−18.6%+10.0%+55.8%+6.0%+9.8%+31.4%−28.0%−2.6%+18.7%+2.8%+7.0%+114%−38.7%−4.9%−35.1%+45.1%+38.0%+138%
BAH Booz Allen Hamilton Holding Corporation10 of 15−33.0%+2.0%+24.5%+25.7%−1.0%+24.4%+60.2%+20.2%+7.8%+19.3%+18.5%+56.3%+49.0%+40.0%−11.3%——————————————
LDOS Leidos Holdings, Inc.10 of 19+26.5%+34.5%+4.5%+20.0%−14.2%+8.9%+88.8%−16.7%+28.4%+27.0%+35.0%−3.2%+64.2%−5.3%−22.5%−16.3%−2.8%−3.2%+13.1%——————————
ORCL Oracle Corporation18 of 29+18.1%+60.0%+30.9%−4.7%+36.9%+24.3%+19.4%−3.0%+24.9%+6.9%−17.6%+19.0%+15.7%+31.8%−17.5%+28.6%+39.4%−21.4%+31.7%+40.4%−11.0%+3.6%+22.6%−21.8%−52.5%+3.7%+290%+93.5%−19.9%
ACN Accenture plc16 of 24−22.1%+1.9%+33.6%−34.8%+60.7%+26.0%+51.2%−6.2%+33.3%+14.3%+20.8%+11.4%+26.6%+27.7%+12.0%+19.1%+29.0%−7.5%−1.4%+29.3%+8.3%+2.6%+46.3%−33.2%—————
G Genpact Limited9 of 18+10.5%+25.8%−24.0%−11.7%+29.5%−0.9%+57.6%−14.1%+31.6%−2.6%+32.0%+3.0%+18.6%+17.8%−1.6%+2.1%+81.4%−46.1%———————————
CTSH Cognizant Technology Solutions Corporation16 of 27+9.7%+3.5%+34.4%−34.5%+9.6%+33.9%−1.1%−9.7%+27.6%−6.7%+14.0%+4.3%+36.7%+14.8%−12.2%+61.7%+151%−46.8%−12.0%+53.4%+18.9%+85.3%+89.7%+75.8%+13.7%−34.2%+261%——
DXC DXC Technology Company13 of 29−26.7%−12.6%−13.7%−17.7%+25.0%−30.1%−27.9%−43.5%+85.7%+84.0%+24.9%+14.5%+41.7%+73.4%−51.1%−12.8%+63.7%−29.0%−7.3%+5.4%−10.2%+27.5%+28.4%−29.6%−18.5%−36.4%+47.2%+53.9%+1.7%
SAIC Science Applications International Corporation7 of 12−8.7%−9.0%+13.6%+34.9%−10.2%+10.8%+39.1%−15.5%−8.2%+89.5%−5.3%+54.0%—————————————————
EPAM EPAM Systems, Inc.8 of 13−12.4%−21.4%−9.3%−51.0%+86.5%+68.9%+82.9%+8.0%+67.0%−18.2%+64.6%+36.7%+93.0%————————————————
GLOB Globant S.A.7 of 11−69.5%−9.9%+41.5%−46.5%+44.3%+105%+88.3%+21.2%+39.3%−11.1%+140%——————————————————
INFY Infosys Limited14 of 26−16.4%+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%−31.8%−44.3%———
WIT Wipro Limited14 of 25−16.6%+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%−27.0%————
KD Kyndryl Holdings, Inc.2 of 4−23.2%+66.5%+86.9%−38.6%—————————————————————————
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Risk and diversification

How IBM 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 IBM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents IBM'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 IBM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringIBM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−69.3%—Aug 1987Aug 19936 yearsOct 19963.2 years
Dot-com bust−59.3%−41.7%Jul 1999Oct 20023.3 yearsMay 20085.6 years
2008 financial crisis−44.3%−39.5%Jul 2008Nov 20084 monthsOct 200911 months
2015 China and oil sell-off−44.3%+64.2%Mar 2013Mar 20207 yearsNov 20222.7 years
No named crash−37.5%−1.4%Jun 2026Jul 20261 monthNot yet—

How did IBM do in stock market crashes?

This section measures how far IBM, 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 IBM.

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
IBM This pageInternational Business Machines Corporation—−2.0%−16.7%−37.3%−29.1%−6.3%−23.3%−14.6%−1.5%−44.3%−58.3%
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
DELL Dell Technologies Inc.1 of 5−5.7%−43.6%−45.9%−28.6%−7.4%—————
HPE Hewlett Packard Enterprise Company1 of 5−7.2%−30.5%−45.3%−27.4%−9.6%—————
AMZN Amazon.com, Inc.1 of 10−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
MSFT Microsoft Corporation3 of 10−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
CACI CACI International Inc6 of 10−3.4%−18.9%−41.4%−26.0%−3.0%−21.9%−24.0%0.0%−30.0%−43.5%
SAP SAP SE3 of 10−2.0%−41.9%−32.6%−25.0%−6.9%−13.3%−25.0%−1.4%−49.6%−87.9%
BAH Booz Allen Hamilton Holding Corporation3 of 7−3.0%−21.5%−25.5%−17.6%−7.1%−17.1%−29.0%———
LDOS Leidos Holdings, Inc.3 of 9−1.9%−19.8%−40.9%−27.2%−6.4%−30.5%−31.7%0.0%−20.9%—
ORCL Oracle Corporation4 of 10−5.0%−31.0%−28.3%−17.2%−6.6%−16.1%−23.9%−2.1%−41.1%−84.2%
ACN Accenture plc5 of 9−4.7%−37.3%−33.5%−22.6%−4.1%−14.9%−22.7%−1.9%−35.7%—
G Genpact Limited3 of 9−4.9%−28.0%−48.4%−15.9%−5.6%−9.9%−22.3%−2.9%−61.7%—
CTSH Cognizant Technology Solutions Corporation2 of 10−5.8%−38.6%−40.6%−22.4%−3.2%−25.3%−26.7%−2.5%−65.5%−71.3%
DXC DXC Technology Company1 of 10−11.2%−39.9%−69.4%−47.9%−7.0%−18.1%−30.9%−1.4%−58.8%−74.6%
SAIC Science Applications International Corporation2 of 6−2.6%−15.4%−45.9%−27.7%−9.3%−24.1%————
EPAM EPAM Systems, Inc.2 of 6−8.5%−71.8%−33.3%−23.1%−7.8%−29.6%————
GLOB Globant S.A.2 of 6−9.3%−40.5%−45.5%−20.4%−4.9%−38.5%————
INFY Infosys Limited4 of 10−4.9%−35.9%−39.1%−12.7%−3.6%−17.3%−25.9%−0.6%−60.9%−90.0%
WIT Wipro Limited3 of 9−2.6%−52.6%−33.0%−8.6%−6.8%−14.6%−29.6%−1.5%−66.0%—
KD Kyndryl Holdings, Inc.0 of 2−7.1%−56.2%————————
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How closely does IBM 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 IBM 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 IBM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
IBM This pageInternational Business Machines Corporation89%121%0.730.95
DELL Dell Technologies Inc.154%43%3.591.13
CACI CACI International Inc94%62%1.500.79
MSFT Microsoft Corporation127%91%1.390.96
SAIC Science Applications International Corporation44%36%1.220.59
HPE Hewlett Packard Enterprise Company116%102%1.141.31
LDOS Leidos Holdings, Inc.78%73%1.060.73
BAH Booz Allen Hamilton Holding Corporation65%63%1.030.54
AMZN Amazon.com, Inc.134%139%0.961.31
ORCL Oracle Corporation131%159%0.821.30
SAP SAP SE112%152%0.741.10
INFY Infosys Limited85%126%0.670.90
ACN Accenture plc117%186%0.631.12
G Genpact Limited90%146%0.610.99
CTSH Cognizant Technology Solutions Corporation89%152%0.590.99
EPAM EPAM Systems, Inc.156%263%0.591.41
WIT Wipro Limited62%122%0.510.82
GLOB Globant S.A.91%188%0.481.16
DXC DXC Technology Company99%276%0.361.59
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What diversifies IBM?

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

ETFs

InvestmentCorrelation5Y returnSharpe202020182017201520142013200820052002200080/20 mix volatility80/20 mix annual return
IBM International Business Machines Corporation (this page)1.00+116%0.66−1.2%−22.6%−4.9%−11.4%−12.4%−0.2%−20.8%−15.8%−35.4%−20.8%31.3%+14.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.05+119%1.48−9.0%−5.2%+10.0%———————25.2%+16.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.14+225%1.34+3.9%−19.8%+22.8%+7.7%+8.1%+41.3%−20.8%———25.5%+18.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.13+101%1.04−13.4%−8.7%+1.1%−25.3%+23.8%+16.6%————25.6%+16.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.21+83.3%1.00−6.5%−3.0%+13.5%−0.3%+12.6%+23.8%————25.8%+15.3%
SMH TechnologyVanEck Semiconductor ETF0.31+323%0.97+55.5%−9.1%+38.5%−0.3%+30.2%+33.4%−44.7%+10.8%−47.0%—28.0%+20.5%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.25+85.0%0.96+2.1%−9.5%+16.7%+4.1%+3.4%+26.4%————25.7%+15.5%
GLD CommoditiesSPDR Gold Shares0.10+126%0.96+24.8%−1.9%+12.8%−10.7%−2.2%−28.3%+4.9%+17.8%——25.6%+16.7%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.41+136%0.93+28.2%−0.9%+27.8%———————27.0%+17.0%

Stocks

InvestmentCorrelation5Y returnSharpe202020182017201520142013200820052002200080/20 mix volatility80/20 mix annual return
IBM International Business Machines Corporation (this page)1.00+116%0.66−1.2%−22.6%−4.9%−11.4%−12.4%−0.2%−20.8%−15.8%−35.4%−20.8%31.3%+14.9%
CAH Medical - DistributionCardinal Health, Inc.0.35+479%1.55+10.1%−24.5%−12.7%+12.6%+23.0%+66.0%−39.6%+18.7%−8.3%+108%27.3%+20.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.25+3,143%1.47−2.4%−16.3%−11.6%−6.0%+12.9%+27.6%−20.5%−25.2%−65.1%−2.3%30.2%+33.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.05+1,636%1.46+6.7%+0.8%+32.1%+67.7%−10.4%+61.7%−15.2%+20.1%−9.4%−71.1%27.0%+29.7%
MCK Medical - DistributionMcKesson Corporation0.04+413%1.44+27.1%−28.4%+12.0%−4.5%+29.3%+67.7%−40.4%+64.9%−27.2%+61.2%25.7%+20.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.06+690%1.41−27.4%−8.2%+34.8%+17.4%+0.4%+48.6%————26.3%+22.8%
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Common questions

What was IBM's worst drawdown?

IBM's deepest decline since it began trading in 1986 was 69.3%, from August 1987 to August 1993. It took about three years from the low to climb back to its old high.

What were IBM's best and worst years?

Over 29 full calendar years, IBM's best year was 1998, when it returned 77.5%. Its worst was 2002, with a return of -35.4%.

Is there a better investment than IBM?

Among IBM's popular alternatives, DELL, AMZN and HPE were ahead of IBM in most short and long periods. Looking beyond its popular alternatives, CTAS (business services) matched IBM's return over the past 5 years (16.5% a year against 16.6%) with 24% less volatility.

Is IBM more volatile than the S&P 500?

Yes. IBM's volatility over the past 5 years was 30.5%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IBM's return lands within 30.5% 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 IBM's Sharpe ratio?

IBM's Sharpe ratio over the past 5 years was 0.66, against 0.79 for the S&P 500, so IBM 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 IBM with the S&P 500?

Over the past 5 years, IBM's monthly returns had a correlation of 0.36 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 IBM instead: the lower it is, the more that option would diversify a IBM holding.

What are the best alternatives to IBM?

Of the 19 popular alternatives we compared, three outperformed IBM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DELL, HPE and AMZN.

Did IBM outperform the S&P 500?

IBM finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +38.2%, against +17.7% for the index.

How did IBM do in stock market crashes?

IBM fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in four. The clearest case was the 2008 financial crisis, when IBM fell 44.3% and the S&P 500 fell 55.2%.

What diversifies IBM?

These had a low correlation with IBM over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.05), DXJ (correlation 0.14) and EMLP (correlation 0.13); among large stocks, CAH (correlation 0.35), CLS (correlation 0.25) and FIX (correlation 0.05). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to IBM

Other stocks and ETFs