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Relative Intelligence · Integrated Oil & Gas

How Imperial Oil (IMO) compares with the whole market and its popular alternatives

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

Period covered: IMO'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 IMO →Chart IMO vs. 24 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in IMO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IMO over the same span and IMO'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. 170 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of IMO; 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
  • DINO$2M+17,275% total · +19.5% a year
  • EME$2M+16,257% total · +19.2% a year
  • VLO$1M+10,099% total · +17.3% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • IMO$350,553+3,406% total · +13.0% a year
  • SU$282,795+2,728% total · +12.2% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • E$101,879+919% total · +8.3% a year
  • YPF$45,576+356% total · +5.4% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 164 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of IMO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • YPF$107,580+976% total · +60.8% a year
  • MPC$71,516+615% total · +48.2% a year
  • PBR-A$67,821+578% total · +46.6% a year
  • PBR$64,214+542% total · +45.1% a year
  • VLO$64,131+541% total · +45.0% a year
  • IMO$44,071+341% total · +34.5% a year
  • PSX$43,718+337% total · +34.3% a year
  • SU$40,398+304% total · +32.2% a year
  • CNQ$33,008+230% total · +27.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

IMO 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
$65B
Industry
Oil & Gas Integrated
Price history from
October 1986

Returns

Past 1 year
+59.7%total return
Past 3 years
+143%+34.4% a year
Past 5 years
+337%+34.3% a year
Past 10 years
+430%+18.1% a year
Best calendar year
+95.3%2021
Worst calendar year
−38.0%2008
Losing years
8 of 29full calendar years

Risk

Volatility
32.0%typical yearly swing, 5 years
Sharpe ratio
1.09return per unit of risk, 5 years
Worst decline ever
−85.0%May 2008 to Mar 2020
From its all-time high
−1.8%below the peak

IMO against the whole market

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

How does IMO rank among all stocks?

This section ranks IMO 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 IMO 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.

MeasureIMORankStanding
1-year return+59.7%422 of 3,287top 13%
3-year return+143%643 of 3,017top 21%
5-year return+337%134 of 2,893top 5%
10-year return+430%376 of 2,202top 17%
Volatility, 5 years32.0%904 of 2,893top 31%
Sharpe ratio, 5 years1.0953 of 2,893top 2%
Worst decline, past 10 years−77.1%1,532 of 2,187bottom 31%

What has beaten IMO 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). IMO sits where the dashed lines cross. Anything in the green box above and to the left earned more than IMO 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 IMO. 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%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than IMOIMO: +34.3% a year, volatility 32.0%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%PBR: +50.3% a year, volatility 37.5%VLO: +44.2% a year, volatility 36.9%PBR-A: +51.8% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%TRGP: +41.8% a year, volatility 31.7%DINO: +31.8% a year, volatility 38.8%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%HWM: +47.3% a year, volatility 32.5%LPG: +54.6% a year, volatility 43.6%EME: +43.0% a year, volatility 35.3%SOXX: +27.5% a year, volatility 38.9%EWT: +20.4% a year, volatility 24.2%IMOSPY (S&P 500)MPCPBRVLOPBR-AINSWTRGPDINOCAHMCKHWMLPGEMESOXXEWT10.0%20.0%30.0%40.0%50.0%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 IMOIMO: +34.3% a year, volatility 32.0%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%PBR: +50.3% a year, volatility 37.5%VLO: +44.2% a year, volatility 36.9%PBR-A: +51.8% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%TRGP: +41.8% a year, volatility 31.7%DINO: +31.8% a year, volatility 38.8%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%HWM: +47.3% a year, volatility 32.5%LPG: +54.6% a year, volatility 43.6%EME: +43.0% a year, volatility 35.3%SOXX: +27.5% a year, volatility 38.9%EWT: +20.4% a year, volatility 24.2%IMOSPY (S&P 500)MPCPBRVLOINSWTRGPDINOCAHLLYMCKHWMSOXXEWT
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • 1 with more than 1.6× IMO's volatility is in the table only

Is there a better investment than IMO?

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

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

Screen the whole market against IMO for any period in BetterThanSPYOpen these 17 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 IMO?lower diversifies moreExpenseper year
IMOImperial Oil Limited · this page
+34.3%32.0%1.09−77.1%+430%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.290.09%
Popular alternativesbest 4 shownThe investments people most often weigh against IMO. 4 of 24 passed at least one test.
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%0.68—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return in most periods+50.3%37.5%1.28−75.3%+674%0.57—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.73—
YPFYPF Sociedad Anónima · Integrated Oil & Gas
Higher return in most periods+60.7%54.1%1.14−90.1%+173%0.17—
Same and neighboring categories, and shared themesbest 4 shownEverything else in Integrated Oil & Gas and Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Oilfield Services), plus IMO's specific themes. 4 of 61 passed at least one test.
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+51.8%37.5%1.31−71.7%+768%0.56—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+56.5%40.5%1.31−57.4%—0.32—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return, similar volatilityHigher return in most periods+41.8%31.7%1.27−90.8%+829%0.60—
DINOHF Sinclair Corporation · Oil & Gas
Higher return in most periods+31.8%38.8%0.91−77.3%+649%0.57—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 79 of 3,548 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%0.20—
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%0.00—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.42—
HWMHowmet Aerospace Inc. · Aerospace & Defense
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+47.3%32.5%1.36−68.9%+1,028%0.30—
LPGDorian LPG Ltd. · Oil & Gas Midstream
Higher Sharpe, smaller worst declineHigher return in most periods+54.6%43.6%1.22−62.9%+1,821%0.38—
EMEEMCOR Group, Inc. · Engineering & Construction
Higher Sharpe, smaller worst declineSmaller losses in recent crashes+43.0%35.3%1.20−48.0%+1,202%0.28—
SOXXiShares Semiconductor ETF · Semiconductors
Higher return in most periods+27.5%38.9%0.82−45.8%+1,392%0.010.33%
EWTiShares MSCI Taiwan ETF · International Equity
Higher return in most periods+20.4%24.2%0.89−38.9%+468%0.070.59%
What these numbers mean for IMO
Annual return
IMO returned 34.3% 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 $43,700. 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
IMO's volatility over the past 5 years was 32.0%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IMO's return lands within 32.0% 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
IMO's Sharpe ratio over the past 5 years was 1.09, against 0.79 for the S&P 500, so IMO earned more 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
IMO's worst fall from a peak to a low over the past 10 years was 77.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 77.1% fall takes a 336% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, IMO's monthly returns had a correlation of 0.29 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 IMO instead: the lower it is, the more that option would diversify a IMO holding. Guide: Correlation and diversification →
Show all 2 stocks and funds worth at least $500 million that earned more than IMO with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with IMOExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.20—
2
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.42—

IMO against its popular alternatives

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

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

Green points earned more than IMO 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%55.0%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 volatilityIMO: 34.3% a year, volatility 32.0%SPY (S&P 500): 12.7% a year, volatility 17.1%PSX: 33.2% a year, volatility 32.9%SU: 33.1% a year, volatility 32.5%CNQ: 26.5% a year, volatility 32.5%EQNR: 19.2% a year, volatility 34.4%OVV: 14.8% a year, volatility 44.8%COP: 18.2% a year, volatility 32.6%CVE: 26.6% a year, volatility 39.4%EC: 18.0% a year, volatility 37.9%OXY: 15.2% a year, volatility 37.9%SLB: 10.0% a year, volatility 37.5%OIH: 12.7% a year, volatility 35.9%MPC: 51.2% a year, volatility 33.4%VLO: 44.2% a year, volatility 36.9%PBR: 50.3% a year, volatility 37.5%YPF: 60.7% a year, volatility 54.1%E: 23.0% a year, volatility 25.6%XOM: 27.1% a year, volatility 26.5%CVX: 19.5% a year, volatility 25.2%SHEL: 21.0% a year, volatility 24.8%BP: 16.0% a year, volatility 28.7%PBA: 13.8% a year, volatility 21.5%TTE: 18.0% a year, volatility 25.8%TRP: 10.8% a year, volatility 21.9%ENB: 9.1% a year, volatility 18.9%IMOSPY (S&P 500)PSXCNQEQNROVVCOPCVEECOXYSLBOIHMPCVLOPBRYPFEXOMCVXSHELBPTTEENB10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityIMO: 34.3% a year, volatility 32.0%SPY (S&P 500): 12.7% a year, volatility 17.1%PSX: 33.2% a year, volatility 32.9%SU: 33.1% a year, volatility 32.5%CNQ: 26.5% a year, volatility 32.5%EQNR: 19.2% a year, volatility 34.4%OVV: 14.8% a year, volatility 44.8%COP: 18.2% a year, volatility 32.6%CVE: 26.6% a year, volatility 39.4%EC: 18.0% a year, volatility 37.9%OXY: 15.2% a year, volatility 37.9%SLB: 10.0% a year, volatility 37.5%OIH: 12.7% a year, volatility 35.9%MPC: 51.2% a year, volatility 33.4%VLO: 44.2% a year, volatility 36.9%PBR: 50.3% a year, volatility 37.5%YPF: 60.7% a year, volatility 54.1%E: 23.0% a year, volatility 25.6%XOM: 27.1% a year, volatility 26.5%CVX: 19.5% a year, volatility 25.2%SHEL: 21.0% a year, volatility 24.8%BP: 16.0% a year, volatility 28.7%PBA: 13.8% a year, volatility 21.5%TTE: 18.0% a year, volatility 25.8%TRP: 10.8% a year, volatility 21.9%ENB: 9.1% a year, volatility 18.9%IMOSPY (S&P 500)PSXCNQEQNROVVCOPCVEOXYSLBMPCVLOPBRYPFEXOMCVXBPENB
All figures
InvestmentAnnual returnVolatility
YPF YPF Sociedad Anónima+60.7%54.1%
MPC Marathon Petroleum Corporation+51.2%33.4%
PBR Petróleo Brasileiro S.A. - Petrobras+50.3%37.5%
VLO Valero Energy Corporation+44.2%36.9%
IMO This pageImperial Oil Limited+34.3%32.0%
PSX Phillips 66+33.2%32.9%
SU Suncor Energy Inc.+33.1%32.5%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
CVE Cenovus Energy Inc.+26.6%39.4%
CNQ Canadian Natural Resources Limited+26.5%32.5%
E Eni S.p.A.+23.0%25.6%
SHEL Shell plc+21.0%24.8%
CVX Chevron Corporation+19.5%25.2%
EQNR Equinor ASA+19.2%34.4%
COP ConocoPhillips+18.2%32.6%
TTE TotalEnergies SE+18.0%25.8%
EC Ecopetrol S.A.+18.0%37.9%
BP BP p.l.c.+16.0%28.7%
OXY Occidental Petroleum Corporation+15.2%37.9%
OVV Ovintiv Inc.+14.8%44.8%
PBA Pembina Pipeline Corporation+13.8%21.5%
OIH VanEck Oil Services ETF+12.7%35.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
TRP TC Energy Corporation+10.8%21.9%
SLB Slb N.V.+10.0%37.5%
ENB Enbridge Inc.+9.1%18.9%
Open these 26 in EasyCompare

Has IMO consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than IMO 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
IMO Imperial Oil Limited (this page)—+7.0%+10.5%+11.0%+53.8%+59.7%+143%+337%+430%32.0%1.09−77.1%—$65B—
MPC QualifiedMarathon Petroleum Corporation5/5 short3/3 longAll-weather+18.1%+51.1%+123%+191%+159%+234%+690%+1,387%33.4%1.41−79.7%—$133B—
VLO QualifiedValero Energy Corporation5/5 short3/3 longAll-weather+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
PBR QualifiedPetróleo Brasileiro S.A. - Petrobras5/5 short2/3 long+24.6%+45.4%+31.0%+128%+140%+132%+667%+674%37.5%1.28−75.3%—$166B—
YPF Oil & Gas IntegratedYPF Sociedad Anónima2/5 short2/3 long−4.5%+0.7%+23.9%+39.9%+102%+313%+971%+173%54.1%1.14−90.1%—$20B—
PSX Oil & Gas Refining & MarketingPhillips 665/5 short1/3 long+11.2%+40.1%+89.2%+128%+130%+183%+319%+430%32.9%1.04−64.2%—$117B—
SU Oil & Gas IntegratedSuncor Energy Inc.5/5 short1/3 long+16.7%+26.8%+28.9%+75.6%+111%+161%+318%+295%32.5%1.05−73.5%—$93B—
CNQ Oil & Gas Exploration & ProductionCanadian Natural Resources Limited5/5 short0/3 long+12.2%+24.4%+27.6%+62.5%+87.7%+90.4%+224%+433%32.5%0.89−77.5%—$112B—
EQNR Oil & Gas IntegratedEquinor ASA5/5 short0/3 long+7.7%+23.4%+29.6%+92.7%+107%+73.2%+141%+416%34.4%0.69−66.8%—$109B—
E Oil & Gas IntegratedEni S.p.A.5/5 short0/3 long+10.2%+20.3%+14.6%+56.0%+77.9%+120%+181%+278%25.6%0.94−61.4%—$86B—
OVV Oil & Gas Exploration & ProductionOvintiv Inc.5/5 short0/3 long+16.8%+22.2%+32.8%+76.3%+98.3%+52.5%+99.6%+56.0%44.8%0.54−96.8%—$19B—
COP Oil & Gas Exploration & ProductionConocoPhillips4/5 short0/3 long+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
XOM Oil & Gas IntegratedExxonmobil Holdings Corporation4/5 short0/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
CVE Oil & Gas IntegratedCenovus Energy Inc.4/5 short0/3 long+5.1%+18.0%+34.6%+92.4%+101%+76.2%+225%+163%39.4%0.80−89.2%—$61B—
EC Oil & Gas IntegratedEcopetrol S.A.3/5 short0/3 long+5.0%+10.3%+35.7%+81.5%+112%+116%+129%+401%37.9%0.63−73.3%—$36B—
CVX Oil & Gas IntegratedChevron Corporation3/5 short0/3 long+10.8%+20.0%+25.4%+48.8%+51.9%+53.4%+144%+238%25.2%0.84−55.8%—$446B—
SHEL Oil & Gas IntegratedShell plc3/5 short0/3 long+13.2%+23.5%+22.1%+43.7%+50.3%+77.1%+159%+233%24.8%0.90−67.2%—$301B—
BP Oil & Gas IntegratedBP p.l.c.3/5 short0/3 long+14.4%+19.0%+12.1%+43.0%+56.3%+46.5%+110%+141%28.7%0.66−63.9%—$130B—
OXY Oil & Gas Exploration & ProductionOccidental Petroleum Corporation3/5 short0/3 long+9.9%+14.5%+16.6%+50.6%+56.4%+2.0%+103%+11.6%37.9%0.56−88.4%—$63B—
PBA Oil & Gas MidstreamPembina Pipeline Corporation2/5 short0/3 long+8.0%−0.1%+20.5%+34.4%+39.3%+91.3%+90.5%+172%21.5%0.71−70.9%—$29B—
TTE Oil & Gas IntegratedTotalEnergies SE1/5 short0/3 long+1.2%+12.8%+5.7%+40.3%+55.2%+60.5%+129%+234%25.8%0.78−59.6%—$201B—
TRP Oil & Gas MidstreamTC Energy Corporation0/5 short0/3 long+3.3%−8.8%+3.6%+13.8%+24.9%+136%+66.7%+160%21.9%0.58−41.6%—$64B—
ENB Oil & Gas MidstreamEnbridge Inc.0/5 short0/3 long−0.6%−12.9%−4.6%+5.0%+8.5%+84.0%+54.3%+103%18.9%0.56−44.1%—$107B—
SLB Oil & Gas Equipment & ServicesSlb N.V.0/5 short0/3 long−3.4%+8.3%−3.3%+26.4%+53.2%−7.2%+60.7%−21.3%37.5%0.44−84.5%—$74B—
OIH EnergyVanEck Oil Services ETF0/5 short0/3 long−3.0%+2.6%−3.5%+30.0%+52.5%+19.0%+81.9%−25.3%35.9%0.52−89.6%0.35%$1.8B—
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How did IMO do year by year?

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

InvestmentYears ahead of IMO20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
IMO This pageImperial Oil Limited—+43.8%+10.5%+20.6%+38.0%+95.3%−25.4%+7.2%−17.2%−8.8%+8.5%−23.5%−1.7%+4.0%−2.3%+10.9%+6.0%+15.8%−38.0%+49.9%+11.9%+69.7%+36.1%+58.5%+6.2%+9.3%+25.5%+40.3%−21.1%+41.9%
Rank among alternativesTop quarter in 9 of 293 of 257 of 258 of 2516 of 253 of 256 of 2516 of 2517 of 2522 of 2522 of 2513 of 258 of 2518 of 2520 of 249 of 2316 of 2215 of 2112 of 205 of 2014 of 205 of 2010 of 205 of 207 of 205 of 175 of 153 of 1512 of 155 of 15
SPY S&P 500State Street SPDR S&P 500 ETF16 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%
MPC Marathon Petroleum Corporation8 of 14+19.2%−4.0%+30.4%+86.6%+61.0%−27.4%+6.0%−8.2%+34.8%+0.7%+17.4%+0.4%+48.6%+94.3%———————————————
VLO Valero Energy Corporation13 of 29+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%+66.3%−7.8%+39.6%−20.3%−68.5%+37.9%−0.4%+128%+97.9%+26.6%−2.1%+3.6%+88.6%−4.8%−31.5%+209%
PBR Petróleo Brasileiro S.A. - Petrobras12 of 25+2.3%−2.9%+89.6%+55.4%+19.3%−29.0%+24.2%+27.7%+1.8%+135%−41.1%−45.1%−28.3%−20.0%−32.1%−18.1%+101%−55.6%+132%+51.1%+85.0%+43.9%+111%−32.0%−1.9%————
YPF YPF Sociedad Anónima9 of 29−14.9%+147%+87.1%+141%−18.7%−59.4%−12.9%−41.2%+39.5%+5.8%−40.3%−19.3%+128%−57.4%−24.8%+23.2%+5.2%+26.5%−5.7%−4.0%+27.4%+32.8%+246%−31.6%−25.3%−16.8%+35.4%−15.8%+39.3%
PSX Phillips 668 of 13+17.5%−11.6%+33.1%+49.6%+8.4%−33.9%+34.0%−12.3%+20.9%+9.0%+17.1%−4.7%+48.3%————————————————
SU Suncor Energy Inc.17 of 29+29.7%+16.2%+6.0%+32.3%+55.0%−46.6%+22.1%−21.3%+15.8%+31.2%−16.3%−7.0%+8.6%+16.2%−23.8%+9.9%+82.6%−64.0%+38.4%+25.4%+79.0%+42.3%+61.2%−3.9%+29.7%+25.1%+42.2%−11.2%+68.4%
CNQ Canadian Natural Resources Limited13 of 25+15.5%−1.3%+23.7%+39.9%+83.3%−19.1%+39.6%−28.9%+15.0%+51.6%−27.4%−6.8%+19.1%−21.7%−15.2%+24.4%+81.4%−44.9%+38.1%+7.6%+133%+71.3%+72.2%+24.3%−10.9%————
EQNR Equinor ASA12 of 24+7.7%−16.0%−0.8%+42.9%+64.6%−13.6%−1.0%+3.4%+23.4%+38.3%−16.6%−22.5%+1.4%+2.1%+12.7%−0.1%+57.8%−43.2%+22.8%+22.0%+51.4%+45.6%+43.8%+31.8%—————
E Eni S.p.A.13 of 29+49.0%−13.6%+27.5%+11.0%+44.9%−28.1%+4.8%+0.6%+9.2%+15.9%−8.8%−23.6%+4.8%+26.6%+1.0%−7.2%+13.4%−29.9%+12.9%+20.6%+10.8%+39.6%+28.8%+32.9%−1.5%+20.1%−16.4%+21.9%+13.9%
OVV Ovintiv Inc.10 of 24−0.3%−5.2%−10.9%+53.3%+138%−34.8%−17.6%−56.4%+14.2%+132%−62.1%−22.0%−5.2%+10.8%−34.3%−7.8%+697%−28.6%+51.8%+3.3%+60.1%+47.1%+29.4%+22.0%—————
COP ConocoPhillips10 of 29−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%+8.0%+11.0%+38.6%+2.8%−39.9%+25.4%+26.5%+36.9%+35.6%+39.8%−17.5%+8.6%+24.2%+13.6%−9.8%+13.1%
XOM Exxonmobil Holdings Corporation13 of 29+16.0%+11.3%−6.3%+87.4%+57.6%−36.2%+7.2%−15.1%−3.8%+19.9%−12.8%−6.0%+20.1%+4.7%+18.7%+10.1%−12.6%−13.1%+24.3%+39.1%+11.8%+28.1%+20.7%−8.9%−7.5%+10.2%+12.7%+22.5%+28.3%
CVE Cenovus Energy Inc.6 of 16+15.8%−5.9%−12.3%+61.1%+105%−39.6%+47.2%−21.6%−38.6%+21.1%−36.1%−25.3%−11.9%+3.6%+2.3%+35.6%—————————————
EC Ecopetrol S.A.9 of 17+48.5%−24.6%+40.1%−5.0%+0.8%−29.3%+38.7%+13.5%+64.4%+28.9%−55.7%−52.3%−31.5%+41.5%+6.1%+85.1%+41.2%————————————
CVX Chevron Corporation13 of 29+10.1%+1.3%−13.6%+58.5%+46.2%−25.9%+15.3%−9.7%+10.6%+36.7%−16.2%−7.0%+19.3%+5.1%+20.3%+22.9%+8.1%−18.3%+30.5%+33.7%+11.5%+25.6%+35.4%−23.2%+9.4%+0.6%+7.2%+11.1%+22.1%
SHEL Shell plc11 of 29+22.2%−0.9%+20.2%+36.0%+28.4%−37.4%+7.7%−7.5%+31.0%+28.2%−27.1%−1.3%+9.0%−0.9%+14.8%+17.6%+20.9%−34.2%+23.5%+19.3%+12.8%+14.4%+24.5%−7.3%−17.1%+2.4%+29.8%−9.0%+30.7%
BP BP p.l.c.9 of 29+24.5%−11.9%+6.0%+37.0%+36.4%−41.3%+5.9%−4.6%+20.0%+28.8%−12.8%−17.6%+22.8%+2.0%+0.5%−22.7%+32.9%−32.5%+13.2%+8.0%+13.6%+22.2%+26.4%−9.5%−0.1%−17.1%+33.8%+17.8%+16.5%
OXY Occidental Petroleum Corporation14 of 29−14.9%−15.9%−4.1%+119%+67.7%−56.6%−28.3%−13.1%+8.5%+9.8%−12.7%−8.9%+27.8%−16.1%−2.6%+22.7%+38.4%−20.7%+60.2%+24.2%+39.2%+41.3%+53.1%+11.0%+13.4%+17.7%+35.7%−39.8%+30.3%
PBA Pembina Pipeline Corporation9 of 15+8.6%+13.1%+7.8%+17.8%+36.8%−31.0%+31.1%−14.0%+20.4%+51.6%−37.1%+8.0%+29.6%+4.0%+43.0%——————————————
TTE TotalEnergies SE13 of 29+27.6%−14.7%+14.1%+34.9%+26.0%−16.6%+10.3%−0.8%+14.3%+20.0%−7.0%−12.1%+25.0%+8.0%+1.7%−11.3%+22.6%−29.8%+18.9%+21.3%+18.8%+22.6%+33.4%+4.0%−1.3%+6.5%+41.6%−9.2%+41.4%
TRP TC Energy Corporation16 of 29+24.0%+39.9%+6.1%−8.8%+21.7%−18.7%+57.0%−22.2%+12.9%+46.1%−29.0%+12.3%+1.0%+13.2%+20.0%+16.2%+34.2%−30.6%+21.9%+16.2%+32.9%+21.2%+55.8%+21.9%+14.8%+41.4%−36.3%−16.2%+35.6%
ENB Enbridge Inc.16 of 29+19.5%+26.3%−1.1%+6.5%+30.9%−13.6%+36.0%−15.5%−3.7%+32.4%−33.3%+21.0%+3.7%+19.2%+37.0%+26.2%+47.3%−17.0%+21.4%+13.5%+29.5%+24.8%+57.5%+3.1%−1.3%+48.7%−8.9%+7.6%+66.2%
SLB Slb N.V.12 of 29+3.3%−24.5%−0.8%+81.1%+39.6%−43.8%+17.8%−44.7%−18.5%+23.5%−16.3%−3.6%+32.1%+3.0%−17.2%+30.0%+56.2%−56.5%+57.1%+31.1%+46.6%+23.8%+32.0%−22.2%−30.3%+43.9%+34.9%−41.6%+63.2%
OIH VanEck Oil Services ETF7 of 24+6.8%−10.5%+3.2%+66.2%+21.2%−41.2%−3.4%−45.0%−19.7%+27.8%−24.6%−23.5%+25.9%+4.3%−17.3%+19.5%+62.7%−60.7%+36.2%+8.8%+52.0%+37.9%+8.8%−5.5%—————
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Risk and diversification

How IMO 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 IMO's worst declines?

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

DuringIMO fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−85.0%+115%May 2008Mar 202011.8 yearsApr 20222.1 years
No named crash−41.9%—Sep 1990Mar 199218 monthsApr 19964.1 years
No named crash−38.1%—Aug 1987Nov 19873 monthsJan 19902.2 years
No named crash−34.2%+2.9%Oct 1997Sep 199811 monthsApr 19997 months
2022 bear market−29.7%−10.7%Jun 2022Sep 20223 monthsNov 20222 months

How did IMO do in stock market crashes?

This section measures how far IMO, 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 IMO.

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
IMO This pageImperial Oil Limited—−5.1%−29.7%−67.5%−27.3%−6.9%−29.0%−28.8%0.0%−60.8%−20.8%
SPY S&P 500State Street SPDR S&P 500 ETF7 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MPC Marathon Petroleum Corporation1 of 7−3.7%−30.2%−72.4%−36.7%−6.9%−48.2%−39.5%———
VLO Valero Energy Corporation3 of 10−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
PBR Petróleo Brasileiro S.A. - Petrobras2 of 9−7.6%−26.6%−71.2%−26.3%−8.4%−54.9%−37.6%−1.6%−80.1%—
YPF YPF Sociedad Anónima1 of 10−17.8%−45.2%−73.5%−27.3%−8.9%−48.7%−22.0%−1.6%−65.2%−75.8%
PSX Phillips 663 of 6−5.6%−32.0%−53.3%−33.2%−4.7%−21.1%————
SU Suncor Energy Inc.1 of 10−6.4%−36.6%−65.3%−34.0%−7.0%−34.7%−42.2%−0.2%−79.9%−25.4%
CNQ Canadian Natural Resources Limited0 of 9−5.8%−32.2%−74.4%−32.1%−11.7%−38.1%−36.9%−0.2%−74.8%—
EQNR Equinor ASA5 of 9−2.8%−24.5%−49.0%−29.1%−4.4%−34.9%−19.9%−1.0%−68.4%—
E Eni S.p.A.4 of 10−2.5%−33.7%−49.7%−23.2%−6.9%−30.6%−25.1%−1.1%−61.8%−22.9%
OVV Ovintiv Inc.0 of 9−9.6%−36.5%−86.4%−62.0%−11.9%−63.3%−38.5%−0.1%−63.9%—
COP ConocoPhillips2 of 10−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
XOM Exxonmobil Holdings Corporation7 of 10−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
CVE Cenovus Energy Inc.1 of 8−7.1%−40.4%−82.3%−37.9%−16.4%−42.5%−26.3%−0.9%——
EC Ecopetrol S.A.1 of 8−8.4%−48.6%−67.3%−44.6%−12.6%−49.1%−15.5%−0.3%——
CVX Chevron Corporation8 of 10−2.6%−24.9%−51.0%−19.6%−5.3%−18.5%−17.2%−0.1%−43.8%−29.5%
SHEL Shell plc7 of 10−3.7%−25.0%−57.0%−19.1%−6.3%−35.9%−19.6%−2.6%−53.7%−36.2%
BP BP p.l.c.8 of 10−4.2%−23.9%−55.5%−20.9%−5.0%−22.9%−23.9%−2.5%−53.4%−31.1%
OXY Occidental Petroleum Corporation4 of 10−4.6%−22.9%−76.8%−30.5%−7.3%−21.4%−36.1%0.0%−58.1%−28.4%
PBA Pembina Pipeline Corporation5 of 7−4.0%−27.4%−70.9%−17.6%−5.8%−34.3%−12.0%———
TTE TotalEnergies SE8 of 10−4.5%−24.6%−49.3%−22.2%−5.4%−21.5%−26.0%−2.1%−50.8%−25.1%
TRP TC Energy Corporation8 of 10−4.0%−30.7%−41.6%−15.3%−5.2%−18.5%−12.8%−0.6%−45.4%−13.7%
ENB Enbridge Inc.7 of 10−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
SLB Slb N.V.2 of 10−8.8%−36.8%−64.9%−43.6%−10.9%−27.1%−38.9%−3.8%−68.0%−59.8%
OIH VanEck Oil Services ETF0 of 9−11.2%−36.4%−69.8%−47.8%−11.1%−32.8%−38.3%−3.8%−70.5%—
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How closely does IMO 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 IMO 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 IMO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
IMO This pageImperial Oil Limited110%105%1.041.18
PBR Petróleo Brasileiro S.A. - Petrobras104%63%1.660.99
EQNR Equinor ASA79%52%1.510.62
MPC Marathon Petroleum Corporation138%95%1.451.29
SHEL Shell plc60%43%1.400.45
VLO Valero Energy Corporation142%114%1.241.31
TTE TotalEnergies SE69%57%1.220.51
E Eni S.p.A.79%69%1.150.70
COP ConocoPhillips94%92%1.020.91
CNQ Canadian Natural Resources Limited110%109%1.011.13
SU Suncor Energy Inc.90%90%1.000.96
PSX Phillips 66116%122%0.951.16
XOM Exxonmobil Holdings Corporation78%83%0.940.76
BP BP p.l.c.58%62%0.940.51
TRP TC Energy Corporation67%73%0.920.72
EC Ecopetrol S.A.127%139%0.911.13
CVX Chevron Corporation86%94%0.910.89
PBA Pembina Pipeline Corporation79%92%0.851.02
ENB Enbridge Inc.60%74%0.820.73
CVE Cenovus Energy Inc.124%173%0.721.69
YPF YPF Sociedad Anónima144%206%0.701.58
OVV Ovintiv Inc.131%228%0.582.14
OXY Occidental Petroleum Corporation80%155%0.511.24
SLB Slb N.V.104%212%0.491.54
OIH VanEck Oil Services ETF109%226%0.481.73
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What diversifies IMO?

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

ETFs

InvestmentCorrelation5Y returnSharpe2020201820172015201420122008199880/20 mix volatility80/20 mix annual return
IMO Imperial Oil Limited (this page)1.00+337%1.09−25.4%−17.2%−8.8%−23.5%−1.7%−2.3%−38.0%−21.1%30.6%+34.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.32+225%1.34+3.9%−19.8%+22.8%+7.7%+8.1%+19.6%−20.8%—25.4%+33.9%
SMH TechnologyVanEck Semiconductor ETF0.02+323%0.97+55.5%−9.1%+38.5%−0.3%+30.2%+8.6%−44.7%—25.6%+37.2%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.38+85.0%0.96+2.1%−9.5%+16.7%+4.1%+3.4%+20.9%——25.4%+30.9%
GLD CommoditiesSPDR Gold Shares0.20+126%0.96+24.8%−1.9%+12.8%−10.7%−2.2%+6.6%+4.9%—25.4%+32.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.14+136%0.93+28.2%−0.9%+27.8%—————25.4%+33.0%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.36+109%0.90−0.2%−11.1%+21.9%−4.1%+12.8%———26.2%+31.9%
EWT TechnologyiShares MSCI Taiwan ETF0.07+153%0.89+31.5%−9.9%+26.9%−12.9%+7.0%+18.6%−45.3%—25.4%+33.4%
EUFN InternationaliShares MSCI Europe Financials ETF0.33+133%0.89−8.5%−23.1%+27.0%−4.7%−9.7%+35.4%——26.1%+32.6%

Stocks

InvestmentCorrelation5Y returnSharpe2020201820172015201420122008199880/20 mix volatility80/20 mix annual return
IMO Imperial Oil Limited (this page)1.00+337%1.09−25.4%−17.2%−8.8%−23.5%−1.7%−2.3%−38.0%−21.1%30.6%+34.5%
CAH Medical - DistributionCardinal Health, Inc.0.20+479%1.55+10.1%−24.5%−12.7%+12.6%+23.0%+3.8%−39.6%+51.7%26.1%+36.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.20+3,143%1.47−2.4%−16.3%−11.6%−6.0%+12.9%+11.2%−20.5%—29.1%+50.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.22+1,636%1.46+6.7%+0.8%+32.1%+67.7%−10.4%+15.7%−15.2%−9.5%27.9%+46.4%
MCK Medical - DistributionMcKesson Corporation0.42+413%1.44+27.1%−28.4%+12.0%−4.5%+29.3%+25.6%−40.4%+46.9%27.0%+35.5%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.30+594%1.36−7.2%−37.5%+48.4%−36.3%+50.9%+2.9%−67.4%+7.0%27.4%+38.8%
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Common questions

What was IMO's worst drawdown?

IMO's deepest decline since it began trading in 1986 was 85.0%, from May 2008 to March 2020. It took 25 months from the low to climb back to its old high.

What were IMO's best and worst years?

Over 29 full calendar years, IMO's best year was 2021, when it returned 95.3%. Its worst was 2008, with a return of -38.0%.

Is there a better investment than IMO?

Among IMO's popular alternatives, MPC earned more than IMO over the past 5 years with similar volatility: 51.2% a year at 33.4% volatility, against 34.3% a year at 32.0%. Looking beyond its popular alternatives, PBR-A (integrated oil & gas) earned more for the risk it took than IMO over the past 5 years, and its worst fall in 10 years was 71.7%, against 77.1% for IMO.

Is IMO more volatile than the S&P 500?

Yes. IMO's volatility over the past 5 years was 32.0%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IMO's return lands within 32.0% 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 IMO's Sharpe ratio?

IMO's Sharpe ratio over the past 5 years was 1.09, against 0.79 for the S&P 500, so IMO earned more 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 IMO with the S&P 500?

Over the past 5 years, IMO's monthly returns had a correlation of 0.29 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 IMO instead: the lower it is, the more that option would diversify a IMO holding.

What are the best alternatives to IMO?

Of the 24 popular alternatives we compared, three outperformed IMO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MPC, VLO and PBR.

Did IMO outperform the S&P 500?

IMO finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +43.8%, against +17.7% for the index.

How did IMO do in stock market crashes?

IMO fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when IMO fell 67.5% and the S&P 500 fell 33.7%.

What diversifies IMO?

These had a low correlation with IMO over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.32), SMH (correlation 0.02) and DBEF (correlation 0.38); among large stocks, CAH (correlation 0.20), CLS (correlation 0.20) and FIX (correlation 0.22). A correlation near zero means the two have moved largely independently.

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