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

> Source: EasyCompare research, https://easycompare.io/research/imo
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** IMO has outpaced the market, rising 10.5% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. Its integrated oil & gas peers were far apart over the past 3 months, from SHEL (Shell, up 23.5%) to YPF (YPF Sociedad Anónima, up 0.7%).
- **Stock or market?:** Not a move of its own: the integrated oil & gas ETF XLE (State Street Energy Select Sector SPDR ETF) rose 18.0% over the past 3 months, with XOM (Exxonmobil, up 20.7%) and CVX (Chevron, up 20.0%), against 3.9% for the S&P 500. Its integrated oil & gas peers did not move as one over the past 3 months: SHEL (Shell) rose 23.5%, while YPF (YPF Sociedad Anónima) rose 0.7%.
- **Past 1 to 3 years:** Over the past year, IMO rose 59.7% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (143% against 89.3%).
- **Long term:** IMO turned $10,000 into $53,000 over the past decade, against $42,100 in the S&P 500. IMO's 10-year return of 430% puts it ahead of 83% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across seven sell-offs, IMO has typically fallen 1.4 times as far as the S&P 500. The Covid crash took 67.5% off IMO, against 33.7% for the S&P 500. That was more than XOM (Exxonmobil, 47.9%) but less than PBR (Petróleo Brasileiro S.A. - Petrobras, 71.2%).
- **Diversification:** IMO is a real diversifier: a correlation of 0.29 with the S&P 500 over 5 years and 0.30 with the total US market, less closely than 71% of stocks worth at least $300 million. IMO moves far less with the S&P 500 than it used to, with a correlation of 0.29 over the past 5 years against 0.64 in the 5 years before.
- **Better options**
  - **Popular alternatives:** MPC (Marathon Petroleum) 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%.
  - **Nearby categories and themes:** PBR-A (Petróleo Brasileiro S.A. - Petrobras, 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.
  - **Whole market:** Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than IMO with less volatility over the past 5 years, among them MCK (McKesson) and CAH (Cardinal Health).

## 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.

- $10,000 invested in IMO at the end of September 1997 would have grown to $350,553 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of IMO, and AAPL finished highest, at $20,534,853.

## 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.

- 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.
- Over 29 full calendar years, IMO's best was 2021, when it returned 95.3%, and its worst was 2008, when it lost 38.0%. It lost money in eight of those years.
- IMO is 1.8% below its all-time high.

- Type: Stock, Energy (Oil & Gas Integrated)
- Trading since: October 17, 1986
- Market value: $65B
- Volatility (5 years): 32.0%; Sharpe ratio: 1.09
- Worst decline ever: −85.0%, from May 20, 2008 to March 18, 2020; back at its high by April 1, 2022

| Period | IMO total return |
| --- | --- |
| 1 month | +7.0% |
| 3 months | +10.5% |
| 6 months | +11.0% |
| year to date | +53.8% |
| 1 year | +59.7% |
| 3 years | +143% |
| 5 years | +337% |
| 10 years | +430% |

## 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.

- On return for the risk taken (the Sharpe ratio), IMO ranks in the top 2% of the 2,893 stocks worth at least $300 million.

| Measure | IMO | Rank |
| --- | --- | --- |
| 1-year return | +59.7% | 422 of 3,287 (top 13%) |
| 3-year return | +143% | 643 of 3,017 (top 22%) |
| 5-year return | +337% | 134 of 2,893 (top 5%) |
| 10-year return | +430% | 376 of 2,202 (top 18%) |
| Volatility, 5 years | 32.0% | 904 of 2,893 (top 32%) |
| Sharpe ratio, 5 years | 1.09 | 53 of 2,893 (top 2%) |
| Worst decline, past 10 years | −77.1% | 1,532 of 2,187 (top 71%) |

### 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).

- Two stocks worth at least $500 million sit in the green region: each earned more than IMO over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half IMO's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 23% less than IMO's 32.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 1.09 for IMO.

### Is there a better investment than IMO?

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.

- 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.
- Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than IMO with less volatility over the past 5 years, among them MCK and CAH.

The 2 strongest of 2 investments that beat IMO over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with IMO | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IMO: Imperial Oil Limited (this page) |  | +34.3% | 32.0% | 1.09 | −77.1% | +430% |  |  |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- None of the 24 popular alternatives earned more than IMO over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Over the past 5 years, IMO returned 34.3% a year, more than the S&P 500's 12.7%, with higher volatility (32.0% against 17.1%).

### 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.

- Three of the 24 popular alternatives, MPC, VLO and PBR, outperformed IMO in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- MPC and VLO outperformed IMO in every long-term period and in all but one short-term period, the most consistent record in the group.
- PBR and VLO earned more for the risk they took than IMO (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of IMO | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| IMO: Imperial Oil Limited (this page) | +59.7% | +143% | +337% | +430% |  |  | 1.09 |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | +159% | +234% | +690% | +1,387% | 5/5 short-term, 3/3 long-term | all-weather | 1.41 |
| [VLO](https://easycompare.io/research/vlo): Valero Energy Corporation | +176% | +259% | +524% | +1,061% | 5/5 short-term, 3/3 long-term | all-weather | 1.18 |
| [PBR](https://easycompare.io/research/pbr): Petróleo Brasileiro S.A. - Petrobras | +140% | +132% | +667% | +674% | 5/5 short-term, 2/3 long-term | consistent | 1.28 |
| YPF: YPF Sociedad Anónima | +102% | +313% | +971% | +173% | 2/5 short-term, 2/3 long-term |  | 1.14 |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | +130% | +183% | +319% | +430% | 5/5 short-term, 1/3 long-term |  | 1.04 |
| [SU](https://easycompare.io/research/su): Suncor Energy Inc. | +111% | +161% | +318% | +295% | 5/5 short-term, 1/3 long-term |  | 1.05 |
| [CNQ](https://easycompare.io/research/cnq): Canadian Natural Resources Limited | +87.7% | +90.4% | +224% | +433% | 5/5 short-term, 0/3 long-term |  | 0.89 |
| [EQNR](https://easycompare.io/research/eqnr): Equinor ASA | +107% | +73.2% | +141% | +416% | 5/5 short-term, 0/3 long-term |  | 0.69 |
| [E](https://easycompare.io/research/e): Eni S.p.A. | +77.9% | +120% | +181% | +278% | 5/5 short-term, 0/3 long-term |  | 0.94 |
| OVV: Ovintiv Inc. | +98.3% | +52.5% | +99.6% | +56.0% | 5/5 short-term, 0/3 long-term |  | 0.54 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | +72.9% | +28.5% | +131% | +379% | 4/5 short-term, 0/3 long-term |  | 0.68 |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | +62.4% | +76.7% | +232% | +214% | 4/5 short-term, 0/3 long-term |  | 1.04 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | +101% | +76.2% | +225% | +163% | 4/5 short-term, 0/3 long-term |  | 0.80 |
| EC: Ecopetrol S.A. | +112% | +116% | +129% | +401% | 3/5 short-term, 0/3 long-term |  | 0.63 |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | +51.9% | +53.4% | +144% | +238% | 3/5 short-term, 0/3 long-term |  | 0.84 |
| [SHEL](https://easycompare.io/research/shel): Shell plc | +50.3% | +77.1% | +159% | +233% | 3/5 short-term, 0/3 long-term |  | 0.90 |
| [BP](https://easycompare.io/research/bp): BP p.l.c. | +56.3% | +46.5% | +110% | +141% | 3/5 short-term, 0/3 long-term |  | 0.66 |
| [OXY](https://easycompare.io/research/oxy): Occidental Petroleum Corporation | +56.4% | +2.0% | +103% | +11.6% | 3/5 short-term, 0/3 long-term |  | 0.56 |
| PBA: Pembina Pipeline Corporation | +39.3% | +91.3% | +90.5% | +172% | 2/5 short-term, 0/3 long-term |  | 0.71 |
| [TTE](https://easycompare.io/research/tte): TotalEnergies SE | +55.2% | +60.5% | +129% | +234% | 1/5 short-term, 0/3 long-term |  | 0.78 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | +24.9% | +136% | +66.7% | +160% | 0/5 short-term, 0/3 long-term |  | 0.58 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | +8.5% | +84.0% | +54.3% | +103% | 0/5 short-term, 0/3 long-term |  | 0.56 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | +53.2% | −7.2% | +60.7% | −21.3% | 0/5 short-term, 0/3 long-term |  | 0.44 |
| OIH: VanEck Oil Services ETF | +52.5% | +19.0% | +81.9% | −25.3% | 0/5 short-term, 0/3 long-term |  | 0.52 |

### 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.

- Ranked against its popular alternatives each year, IMO finished in the top quarter in nine of 29 years and in the bottom quarter in three. In 2025, it ranked 3 of 25.
- IMO finished ahead of the S&P 500 in 13 of its 29 full calendar years.
- Among its popular alternatives, PSX came out ahead of IMO most often, in eight of the 13 years both traded.

| Year | IMO | SPY |
| --- | --- | --- |
| 2025 | +43.8% | +17.7% |
| 2024 | +10.5% | +24.9% |
| 2023 | +20.6% | +26.2% |
| 2022 | +38.0% | −18.2% |
| 2021 | +95.3% | +28.7% |
| 2020 | −25.4% | +18.3% |
| 2019 | +7.2% | +31.2% |
| 2018 | −17.2% | −4.6% |
| 2017 | −8.8% | +21.7% |
| 2016 | +8.5% | +12.0% |

## 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.

- In all three of IMO's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: IMO fell 85.0% from May 2008 to March 2020, while the S&P 500 rose 115%.
- The slowest recovery came after IMO fell 41.9% from September 1990 to March 1992; it did not regain that peak until April 1996, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −85.0% | May 20, 2008 | March 18, 2020 | April 1, 2022 | +115% | 2008 financial crisis |
| −41.9% | September 25, 1990 | March 30, 1992 | April 11, 1996 | — |  |
| −38.1% | August 3, 1987 | November 19, 1987 | January 2, 1990 | — |  |
| −34.2% | October 7, 1997 | September 1, 1998 | April 21, 1999 | +2.9% |  |
| −29.7% | June 8, 2022 | September 26, 2022 | November 11, 2022 | −10.7% | 2022 bear market |

### 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.

- IMO fell further than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the Covid crash, when IMO fell 67.5% and the S&P 500 fell 33.7%.
- Among its popular alternatives, CVX held up best, falling less than IMO in eight of the ten crashes they both traded through.

| Crash | Dates | IMO fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −20.8% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −60.8% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −28.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −29.0% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.9% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −27.3% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −67.5% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −29.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −5.1% | −3.4% |

### 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.

- PBR took just 63% of the S&P 500's losses, against 105% for IMO, while still keeping 104% of its gains.
- Over the past 10 years, IMO captured 110% of the S&P 500's gains in rising months and 105% of its losses in falling months, with a beta of 1.18. It amplified the market's moves in both directions.
- Seven of the 24 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than IMO's 1.04, led by PBR, EQNR and MPC.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| IMO: Imperial Oil Limited (this page) | 110% | 105% | 1.18 |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | 138% | 95.0% | 1.29 |
| [VLO](https://easycompare.io/research/vlo): Valero Energy Corporation | 142% | 114% | 1.31 |
| [PBR](https://easycompare.io/research/pbr): Petróleo Brasileiro S.A. - Petrobras | 104% | 63.0% | 0.99 |
| YPF: YPF Sociedad Anónima | 144% | 206% | 1.58 |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | 116% | 122% | 1.16 |
| [SU](https://easycompare.io/research/su): Suncor Energy Inc. | 90.0% | 90.0% | 0.96 |
| [CNQ](https://easycompare.io/research/cnq): Canadian Natural Resources Limited | 110% | 109% | 1.13 |
| [EQNR](https://easycompare.io/research/eqnr): Equinor ASA | 79.0% | 52.0% | 0.62 |
| [E](https://easycompare.io/research/e): Eni S.p.A. | 79.0% | 69.0% | 0.70 |
| OVV: Ovintiv Inc. | 131% | 228% | 2.14 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | 94.0% | 92.0% | 0.91 |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | 78.0% | 83.0% | 0.76 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | 124% | 173% | 1.69 |
| EC: Ecopetrol S.A. | 127% | 139% | 1.13 |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | 86.0% | 94.0% | 0.89 |
| [SHEL](https://easycompare.io/research/shel): Shell plc | 60.0% | 43.0% | 0.45 |
| [BP](https://easycompare.io/research/bp): BP p.l.c. | 58.0% | 62.0% | 0.51 |
| [OXY](https://easycompare.io/research/oxy): Occidental Petroleum Corporation | 80.0% | 155% | 1.24 |
| PBA: Pembina Pipeline Corporation | 79.0% | 92.0% | 1.02 |
| [TTE](https://easycompare.io/research/tte): TotalEnergies SE | 69.0% | 57.0% | 0.51 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | 67.0% | 73.0% | 0.72 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | 60.0% | 74.0% | 0.73 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | 104% | 212% | 1.54 |
| OIH: VanEck Oil Services ETF | 109% | 226% | 1.73 |

### 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).

- Moving a fifth of the money in IMO into DXJ would have cut the portfolio's volatility by 17% over the past 5 years for a small cut in its annual return (+34.5% for IMO alone, +33.9% for the mix).
- Among large ETFs, DXJ, SMH and DBEF have moved largely independently of IMO over the past 5 years, with correlations of 0.38 or lower, and each still earned a positive 5-year return.
- CAH made money in five of the eight calendar years in which IMO lost money.

| Investment | Correlation with IMO | 5Y return | Volatility | Sharpe | Rose in IMO's 8 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.32 | +225% | 19.1% | 1.34 | 5 of 8 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.02 | +323% | 36.9% | 0.97 | 4 of 8 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.38 | +85.0% | 13.8% | 0.96 | 5 of 8 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.20 | +126% | 18.9% | 0.96 | 4 of 8 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.14 | +136% | 20.8% | 0.93 | 2 of 8 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.36 | +109% | 18.4% | 0.90 | 2 of 8 |
| EWT: iShares MSCI Taiwan ETF | 0.07 | +153% | 24.2% | 0.89 | 4 of 8 |
| EUFN: iShares MSCI Europe Financials ETF | 0.33 | +133% | 21.8% | 0.89 | 2 of 8 |

## 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.

## More research

- [Marathon Petroleum (MPC) Performance, Alternatives and Market Rank](https://easycompare.io/research/mpc)
- [Valero Energy (VLO) Performance, Alternatives and Market Rank](https://easycompare.io/research/vlo)
- [Petróleo Brasileiro S.A. - Petrobras (PBR) Performance, Alternatives and Market Rank](https://easycompare.io/research/pbr)
- [Phillips 66 (PSX) Performance, Alternatives and Market Rank](https://easycompare.io/research/psx)
- [Suncor Energy (SU) Performance, Alternatives and Market Rank](https://easycompare.io/research/su)
- [Canadian Natural Resources (CNQ) Performance, Alternatives and Market Rank](https://easycompare.io/research/cnq)
- [Equinor ASA (EQNR) Performance, Alternatives and Market Rank](https://easycompare.io/research/eqnr)
- [Eni S.p.A. (E) Performance, Alternatives and Market Rank](https://easycompare.io/research/e)
- [ConocoPhillips (COP) Performance, Alternatives and Market Rank](https://easycompare.io/research/cop)
- [Exxonmobil (XOM) Performance, Alternatives and Market Rank](https://easycompare.io/research/xom)
- [Cenovus Energy (CVE) Performance, Alternatives and Market Rank](https://easycompare.io/research/cve)
- [Chevron (CVX) Performance, Alternatives and Market Rank](https://easycompare.io/research/cvx)

## Explore further

- Full page with charts: https://easycompare.io/research/imo
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against IMO live: https://betterthanspy.com/?b=IMO&utm_source=easycompare&utm_medium=research