Relative Intelligence · Banks
How ING Groep (ING) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ING alone. It places ING (ING Groep N.V.) 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 ING stands in the market, and of the alternatives worth a closer look.
Period covered: ING's full trading record, from May 1994 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.
On this page12 sections
Key findings
- Right nowING has outpaced the market, rising 14.0% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Its bank peers were far apart over the past 6 months, from MUFG (Mitsubishi UFJ Financial Group, up 19.6%) to HSBC (up 2.3%). Consistency ↓
- Stock or market?ING rose 2.4% over the past 3 months, 5.5 points ahead of the banks ETF EUFN (iShares MSCI Europe Financials ETF), which fell 3.1%. The S&P 500 rose 3.9%. Its bank peers did not move as one over the past 3 months: BNS (Bank of Nova Scotia) rose 6.9%, while HSBC fell 5.9%.
- Past 1 to 3 yearsOver the past year, ING rose 42.5% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (209% against 89.3%). By year ↓
- Long termING turned $10,000 into $43,900 over the past decade, against $42,100 in the S&P 500. ING's 10-year return of 339% puts it ahead of 77% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, ING has typically fallen 1.9 times as far as the S&P 500. The Covid crash took 56.9% off ING, against 33.7% for the S&P 500, and more than bank peers such as HSBC (20.5%). Crash tests ↓
- DiversificationAgainst the S&P 500, ING has a correlation of 0.43 over 5 years, more closely than 59% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Market capture ↓
- Better options
- Popular alternatives
- SMFG (Sumitomo Mitsui Financial Group), HSBC and MUFG (Mitsubishi UFJ Financial Group) earned more than ING with less volatility over the past 5 years. SMFG returned 33.7% a year at 29.4% volatility, against 24.7% a year at 31.1%.
- Nearby categories and themes
- BAP (Credicorp, banks) earned more for the risk it took than ING over the past 5 years, and its worst fall in 10 years was 59.2%, against 74.4% for ING.
- Whole market
- Few investments have done better on both counts: only 19 of the 3,633 stocks and funds worth at least $500 million earned more than ING with less volatility over the past 5 years, among them XOM (Exxonmobil), ABBV (AbbVie) and HSBC.
How much would $10,000 in ING have grown?
This chart tracks a hypothetical $10,000 investment in ING over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ING over the same span and ING'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.
- $10,000 invested in ING at the end of September 1997 would have grown to $45,632 by September 2026, less 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 ING, and RY finished highest, at $442,765.
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. 774 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of ING; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- RY$442,765+4,328% total · +14.0% a year
- TD$422,896+4,129% total · +13.8% a year
- JPM$189,407+1,794% total · +10.7% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- BBVA$107,161+972% total · +8.5% a year
- SAN$81,349+713% total · +7.5% a year
- ING$45,632+356% total · +5.4% a year
- BCS$24,345+143% total · +3.1% a year
- MUFG$22,774+128% total · +2.9% a year
- DB$9,567−4.3% total · −0.2% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 257 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ING; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- BBVA$57,750+478% total · +42.0% a year
- HSBC$51,297+413% total · +38.7% a year
- MFG$46,041+360% total · +35.7% a year
- SMFG$44,827+348% total · +35.0% a year
- MUFG$44,537+345% total · +34.8% a year
- NWG$38,050+281% total · +30.6% a year
- ING$35,607+256% total · +28.9% a year
- UBS$34,575+246% total · +28.2% a year
- CM$25,433+154% total · +20.5% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
ING 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.
- ING's deepest decline since it began trading in 1994 was 93.0%, from October 2007 to March 2009. It took about 16 years from the low to climb back to its old high.
- Over 29 full calendar years, ING's best was 2025, when it returned 91.3%, and its worst was 2008, when it lost 69.6%. It lost money in 11 of those years.
- ING is 11.6% below its all-time high.
The company
- Market value
- $94B
- Industry
- Banks - Diversified
- Price history from
- May 1994
Returns
- Past 1 year
- +42.5%total return
- Past 3 years
- +209%+45.6% a year
- Past 5 years
- +201%+24.7% a year
- Past 10 years
- +339%+15.9% a year
- Best calendar year
- +91.3%2025
- Worst calendar year
- −69.6%2008
- Losing years
- 11 of 29full calendar years
Risk
- Volatility
- 31.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.87return per unit of risk, 5 years
- Worst decline ever
- −93.0%Oct 2007 to Mar 2009
- From its all-time high
- −11.6%below the peak
ING against the whole market
Where ING ranks among every stock and fund, and what across the market has done better.
How does ING rank among all stocks?
This section ranks ING 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 ING stacks up against its peers, these rankings show where it stands in the market as a whole.
- On return for the risk taken (the Sharpe ratio), ING ranks in the top 7% of the 2,893 stocks worth at least $300 million.
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.
| Measure | ING | Rank | Standing |
|---|---|---|---|
| 1-year return | +42.5% | 686 of 3,287 | top 21% |
| 3-year return | +209% | 371 of 3,017 | top 12% |
| 5-year return | +201% | 311 of 2,893 | top 11% |
| 10-year return | +339% | 505 of 2,202 | top 23% |
| Volatility, 5 years | 31.1% | 837 of 2,893 | top 29% |
| Sharpe ratio, 5 years | 0.87 | 209 of 2,893 | top 7% |
| Worst decline, past 10 years | −74.4% | 1,443 of 2,187 | bottom 35% |
What has beaten ING 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). ING sits where the dashed lines cross. Anything in the green box above and to the left earned more than ING 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.
- 17 stocks and two ETFs worth at least $500 million sit in the green region: each earned more than ING 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 ING's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 21% less than ING's 31.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.87 for ING.
- Among ING's popular alternatives, HSBC, SMFG and MUFG are in the region. HSBC earned 33.1% a year against 24.7% a year for ING, at 25.9% volatility, 17% less than ING's 31.1%.
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 ING; faint dots are 11 more of the 19 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than ING?
Investments that beat ING over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among ING's popular alternatives, SMFG, HSBC and MUFG earned more than ING with less volatility over the past 5 years. SMFG returned 33.7% a year at 29.4% volatility, against 24.7% a year at 31.1%.
- Looking beyond its popular alternatives, BAP (banks) earned more for the risk it took than ING over the past 5 years, and its worst fall in 10 years was 59.2%, against 74.4% for ING.
- Few investments have done better on both counts: only 19 of the 3,633 stocks and funds worth at least $500 million earned more than ING with less volatility over the past 5 years, among them XOM, ABBV and HSBC.
How this works
The table below lists investments that beat ING 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 ING'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 ING 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 ING'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× ING's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than ING's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with ING?lower diversifies more | Expenseper year | |||
| INGING Groep N.V. · this page | +24.7% | 31.1% | 0.87 | −74.4% | +339% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.43 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against ING. 11 of 21 passed at least one test. | |||||||||
 SMFGSumitomo Mitsui Financial Group, Inc. · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +33.7% | 29.4% | 1.14 | −47.6% | +474% | 0.42 | — | |
 MFGMizuho Financial Group, Inc. · Banks | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.35 | — | |
 HSBCHSBC Holdings plc · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +33.1% | 25.9% | 1.24 | −62.3% | +319% | 0.63 | — | |
 MUFGMitsubishi UFJ Financial Group, Inc. · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.36 | — | |
 RYRoyal Bank of Canada · Banks | On the frontierSmaller losses in recent crashes | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.58 | — | |
 BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks | Higher return, similar volatility | +38.7% | 33.3% | 1.16 | −69.6% | +542% | 0.72 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus ING's specific themes. 9 of 122 passed at least one test. | |||||||||
BAPCredicorp Ltd. · Banks | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +30.8% | 30.3% | 1.04 | −59.2% | +298% | 0.31 | — | |
CIBGrupo Cibest S.A. · Banks | Higher return, similar volatilityHigher return in most periods | +32.9% | 32.9% | 1.03 | −70.4% | +345% | 0.36 | — | |
 IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage | Higher Sharpe, smaller worst declineSmaller losses in recent crashes | +35.4% | 35.4% | 1.04 | −55.1% | +935% | 0.21 | — | |
 KBKB Financial Group Inc. · Banks | Higher return in most periods | +25.3% | 34.4% | 0.83 | −64.1% | +390% | 0.51 | — | |
VCTRVictory Capital Holdings, Inc. · Asset Management | Higher return in most periods | +28.1% | 35.0% | 0.89 | −45.2% | — | 0.39 | — | |
 BNYBank of New York Mellon Corp · Banks | Smaller losses in recent crashes | +22.7% | 24.4% | 0.97 | −50.5% | +341% | 0.65 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 188 of 3,490 passed at least one test. | |||||||||
 ABBVAbbVie Inc. · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.09 | — | |
 MCKMcKesson Corporation · Health Care Distribution | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +38.7% | 25.0% | 1.44 | −38.1% | +586% | -0.05 | — | |
 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 | — | |
NHCNational HealthCare Corporation · Medical - Care Facilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.13 | — | |
 PSXPhillips 66 · Oil & Gas | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +33.2% | 32.9% | 1.04 | −64.2% | +430% | 0.33 | — | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.30 | 0.48% | |
 SMHVanEck Semiconductor ETF · Semiconductors | Higher Sharpe, smaller worst declineHigher return in most periods | +33.4% | 36.9% | 0.97 | −45.3% | +1,665% | 0.34 | 0.35% | |
 WMBThe Williams Companies, Inc. · Oil & Gas Midstream | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +24.6% | 24.0% | 1.04 | −68.1% | +288% | 0.29 | — | |
What these numbers mean for ING
- Annual return
- ING returned 24.7% 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 $30,100. 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
- ING's volatility over the past 5 years was 31.1%, 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, ING's return lands within 31.1% 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
- ING's Sharpe ratio over the past 5 years was 0.87, against 0.79 for the S&P 500, so ING 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
- ING's worst fall from a peak to a low over the past 10 years was 74.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 74.4% fall takes a 291% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, ING's monthly returns had a correlation of 0.43 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against ING instead: the lower it is, the more that option would diversify a ING holding. Guide: Correlation and diversification →
Show all 19 stocks and funds worth at least $500 million that earned more than ING with less volatility
Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with ING | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | ABBVAbbVie Inc. · Pharmaceuticals | Whole market | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.09 | — |
| 2 | MCKMcKesson Corporation · Health Care Distribution | Whole market | +38.7% | 25.0% | 1.44 | −38.1% | +586% | -0.05 | — |
| 3 | NHCNational HealthCare Corporation · Medical - Care Facilities | Whole market | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.13 | — |
| 4 | SMFGSumitomo Mitsui Financial Group, Inc. · Banks | Popular alternative | +33.7% | 29.4% | 1.14 | −47.6% | +474% | 0.42 | — |
| 5 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.1% | 24.7% | 1.55 | −46.1% | +349% | -0.02 | — |
| 6 | CASYCasey's General Stores, Inc. · Convenience Stores | Whole market | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.16 | — |
| 7 |  XOMExxonmobil Holdings Corporation · Integrated Oil & Gas | Whole market | +27.1% | 26.5% | 1.04 | −61.0% | +214% | 0.27 | — |
| 8 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.30 | 0.48% |
| 9 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +26.0% | 23.8% | 1.09 | −63.3% | +379% | 0.34 | — |
| 10 |  PHParker-Hannifin Corporation · Industrial Machinery | Whole market | +27.4% | 28.8% | 0.99 | −54.7% | +789% | 0.34 | — |
| 11 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.14 | — |
| 12 | CWCurtiss-Wright Corporation · Aerospace & Defense | Whole market | +30.8% | 28.7% | 1.08 | −48.7% | +512% | 0.19 | — |
| 13 | HSBCHSBC Holdings plc · Banks | Popular alternative | +33.1% | 25.9% | 1.24 | −62.3% | +319% | 0.63 | — |
| 14 | MUFGMitsubishi UFJ Financial Group, Inc. · Banks | Popular alternative | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.36 | — |
| 15 | BLXBladex, Inc. · Banks - Regional | Whole market | +31.4% | 25.9% | 1.19 | −68.5% | +290% | 0.40 | — |
| 16 | EPUiShares MSCI Peru and Global Exposure ETF · International | Whole market | +29.5% | 24.9% | 1.17 | −51.0% | +275% | 0.48 | 0.59% |
| 17 | PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream | Whole market | +27.0% | 25.6% | 1.06 | −87.9% | +64.0% | 0.32 | — |
| 18 | UNMUnum Group · Life Insurance | Whole market | +30.6% | 29.3% | 1.06 | −81.0% | +256% | 0.15 | — |
| 19 | PAGPPlains GP Holdings LP · Oil & Gas Midstream | Whole market | +26.8% | 26.1% | 1.05 | −88.0% | +56.3% | 0.30 | — |
ING against its popular alternatives
The investments people most often weigh against ING, compared period by period and year by year.
How do ING'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 ING, which divides the map into what did better or worse on each measure.
- Five of the 21 popular alternatives, led by SMFG, MFG and MUFG, were both more rewarding and calmer than ING over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, ING returned 24.7% a year, more than the S&P 500's 12.7%, with higher volatility (31.1% against 17.1%).
Green points earned more than ING with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| BBVA Banco Bilbao Vizcaya Argentaria, S.A. | +38.7% | 33.3% |
| SMFG Sumitomo Mitsui Financial Group, Inc. | +33.7% | 29.4% |
| MFG Mizuho Financial Group, Inc. | +33.6% | 30.6% |
| MUFG Mitsubishi UFJ Financial Group, Inc. | +33.2% | 29.4% |
| HSBC HSBC Holdings plc | +33.1% | 25.9% |
| SAN Banco Santander, S.A. | +31.6% | 33.9% |
| NWG NatWest Group plc | +27.7% | 34.1% |
| UBS UBS Group AG | +25.4% | 30.4% |
| ING This pageING Groep N.V. | +24.7% | 31.1% |
| DB Deutsche Bank AG | +22.1% | 37.4% |
| LYG Lloyds Banking Group plc | +20.3% | 32.1% |
| CM Canadian Imperial Bank of Commerce | +19.2% | 21.6% |
| BCS Barclays PLC | +18.5% | 34.1% |
| JPM JPMorgan Chase & Co. | +17.3% | 24.3% |
| RY Royal Bank of Canada | +17.3% | 18.2% |
| TD The Toronto-Dominion Bank | +15.8% | 20.0% |
| BMO Bank of Montreal | +13.6% | 21.4% |
| BNS The Bank of Nova Scotia | +12.8% | 19.9% |
| V Visa Inc. | +12.8% | 22.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| MA Mastercard Incorporated | +12.4% | 23.8% |
| IXG iShares Global Financials ETF | +12.2% | 17.2% |
| EFA iShares MSCI EAFE ETF | +8.6% | 16.6% |
Has ING consistently beaten its popular alternatives?
This section compares ING 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 ING helps separate lasting outperformance from a single strong stretch.
- Four of the 21 popular alternatives, led by SMFG, MUFG and CM, outperformed ING in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- HSBC, BBVA and SMFG earned more for the risk they took than ING (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- BBVA outperformed ING over all three long-term periods but in only one of the five short-term ones, so ING has had the better of it lately.
A green cell means the alternative earned more than ING 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| ING ING Groep N.V. (this page) | — | −10.7% | +2.4% | +14.0% | +18.9% | +42.5% | +209% | +201% | +339% | 31.1% | 0.87 | −74.4% | — | $94B | — |
| SMFG QualifiedSumitomo Mitsui Financial Group, Inc. | 4/5 short2/3 long | −7.9% | −1.3% | +15.9% | +28.3% | +53.5% | +181% | +327% | +474% | 29.4% | 1.14 | −47.6% | — | $94B | — |
| MUFG QualifiedMitsubishi UFJ Financial Group, Inc. | 3/5 short2/3 long | −6.9% | +1.8% | +19.6% | +36.5% | +41.3% | +184% | +319% | +483% | 29.4% | 1.13 | −54.9% | — | $244B | — |
| CM QualifiedCanadian Imperial Bank of Commerce | 3/5 short2/3 long | −2.0% | −3.3% | +4.3% | +25.8% | +44.4% | +261% | +141% | +395% | 21.6% | 0.93 | −47.3% | — | $103B | — |
| MFG QualifiedMizuho Financial Group, Inc. | 3/5 short2/3 long | −10.6% | +0.7% | +15.2% | +33.7% | +53.1% | +216% | +326% | +345% | 30.6% | 1.10 | −45.7% | — | $121B | — |
| BBVA Banks - DiversifiedBanco Bilbao Vizcaya Argentaria, S.A. | 1/5 short3/3 long | −10.4% | +3.1% | +11.7% | +11.3% | +35.2% | +281% | +413% | +542% | 33.3% | 1.16 | −69.6% | — | $142B | — |
| NWG Banks - RegionalNatWest Group plc | 1/5 short3/3 long | −9.5% | −1.4% | +5.5% | −2.1% | +20.7% | +273% | +239% | +495% | 34.1% | 0.89 | −67.4% | — | $35B | — |
| UBS Banks - DiversifiedUBS Group AG | 1/5 short2/3 long | −7.5% | −8.3% | +10.6% | +2.9% | +26.3% | +116% | +210% | +374% | 30.4% | 0.90 | −59.8% | — | $145B | — |
| SAN Banks - DiversifiedBanco Santander, S.A. | 1/5 short2/3 long | −10.2% | −1.4% | +4.5% | +9.8% | +35.9% | +305% | +295% | +332% | 33.9% | 0.99 | −73.8% | — | $194B | — |
| MA Financial - Credit ServicesMastercard Incorporated | 3/5 short1/3 long | +9.5% | +13.5% | +20.5% | +10.9% | +10.3% | +64.3% | +79.2% | +541% | 23.8% | 0.61 | −41.0% | — | $543B | — |
| V Financial - Credit ServicesVisa Inc. | 3/5 short1/3 long | +9.9% | +13.0% | +30.0% | +18.0% | +19.0% | +78.2% | +82.5% | +429% | 22.9% | 0.64 | −36.4% | — | $759B | — |
| HSBC Banks - DiversifiedHSBC Holdings plc | 3/5 short1/3 long | −10.1% | −5.9% | +2.3% | +19.8% | +47.7% | +201% | +318% | +319% | 25.9% | 1.24 | −62.3% | — | $324B | — |
| JPM Banks - DiversifiedJPMorgan Chase & Co. | 1/5 short1/3 long | −4.3% | −0.6% | +6.8% | +5.0% | +13.0% | +150% | +122% | +537% | 24.3% | 0.78 | −43.6% | — | $891B | — |
| RY Banks - DiversifiedRoyal Bank of Canada | 1/5 short1/3 long | −3.5% | −4.8% | +12.0% | +18.9% | +39.2% | +173% | +122% | +352% | 18.2% | 0.97 | −40.0% | — | $276B | — |
| BCS Banks - DiversifiedBarclays PLC | 0/5 short1/3 long | −11.7% | −17.1% | −6.2% | −13.3% | +15.1% | +242% | +134% | +238% | 34.1% | 0.67 | −66.0% | — | $75B | — |
| DB Banks - RegionalDeutsche Bank AG | 0/5 short1/3 long | −17.1% | −8.6% | −1.6% | −17.0% | −3.1% | +244% | +171% | +165% | 37.4% | 0.72 | −72.7% | — | $60B | — |
| BNS Banks - DiversifiedThe Bank of Nova Scotia | 5/5 short0/3 long | −2.3% | +6.9% | +22.4% | +28.9% | +50.0% | +162% | +83.1% | +187% | 19.9% | 0.71 | −46.9% | — | $112B | — |
| TD Banks - DiversifiedThe Toronto-Dominion Bank | 4/5 short0/3 long | −0.9% | +2.1% | +16.3% | +33.1% | +57.5% | +141% | +109% | +310% | 20.0% | 0.84 | −42.0% | — | $206B | — |
| BMO Banks - DiversifiedBank of Montreal | 2/5 short0/3 long | −5.5% | −5.3% | +10.8% | +29.7% | +37.6% | +146% | +89.4% | +295% | 21.4% | 0.71 | −51.0% | — | $116B | — |
| IXG InternationaliShares Global Financials ETF | 1/5 short0/3 long | −2.8% | −0.2% | +6.5% | +7.4% | +15.4% | +103% | +78.1% | +220% | 17.2% | 0.76 | −43.5% | 0.38% | $695M | — |
| LYG Banks - RegionalLloyds Banking Group plc | 1/5 short0/3 long | −8.1% | −6.7% | −2.5% | +1.7% | +22.4% | +207% | +152% | +213% | 32.1% | 0.74 | −66.5% | — | $80B | — |
| EFA InternationaliShares MSCI EAFE ETF | 1/5 short0/3 long | −2.3% | +1.1% | +1.4% | +8.6% | +12.5% | +71.2% | +51.0% | +139% | 16.6% | 0.58 | −34.2% | 0.32% | $77B | — |
How did ING do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where ING ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ING and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- ING finished ahead of the S&P 500 in 14 of its 29 full calendar years.
- Among its popular alternatives, MA came out ahead of ING most often, in 13 of the 19 years both traded.
- Ranked against its popular alternatives each year, ING finished in the top quarter in nine of 29 years and in the bottom quarter in seven. In 2025, it ranked 6 of 22.
Newest year first. Green marks a year in which the fund came out ahead of ING; gray means the two finished within a fraction of a point. The rank row places ING among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of ING | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ING This pageING Groep N.V. | — | +91.3% | +12.2% | +32.0% | −4.4% | +55.4% | −21.6% | +20.6% | −39.4% | +36.7% | +11.1% | +6.4% | −7.4% | +47.6% | +32.5% | −26.8% | −0.2% | −11.7% | −69.6% | −8.2% | +31.9% | +20.8% | +36.1% | +48.7% | −31.3% | −34.4% | +35.1% | +0.4% | +49.9% | +25.1% |
| Rank among alternatives | Top quarter in 9 of 29 | 6 of 22 | 18 of 22 | 6 of 22 | 10 of 22 | 1 of 22 | 19 of 22 | 10 of 22 | 21 of 22 | 4 of 22 | 9 of 22 | 8 of 22 | 13 of 22 | 4 of 22 | 11 of 22 | 18 of 22 | 15 of 22 | 17 of 22 | 18 of 21 | 12 of 20 | 8 of 17 | 5 of 17 | 2 of 17 | 11 of 17 | 15 of 17 | 14 of 14 | 4 of 13 | 8 of 11 | 2 of 11 | 9 of 11 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 15 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% |
| SMFG Sumitomo Mitsui Financial Group, Inc. | 9 of 19 | +38.0% | +54.8% | +25.7% | +24.5% | +18.6% | −10.9% | +19.4% | −22.2% | +18.0% | +5.2% | +7.7% | −28.7% | +47.2% | +38.4% | −19.2% | +30.0% | −28.6% | −43.6% | −27.1% | — | — | — | — | — | — | — | — | — | — |
| MUFG Mitsubishi UFJ Financial Group, Inc. | 12 of 29 | +40.0% | +39.7% | +32.7% | +26.2% | +27.9% | −13.7% | +15.8% | −31.3% | +20.7% | +2.5% | +15.2% | −14.6% | +26.0% | +33.1% | −19.9% | +13.3% | −19.1% | −32.3% | −24.2% | −8.6% | +35.4% | +31.3% | +47.6% | −16.0% | −33.1% | −30.0% | +33.4% | −24.8% | −24.2% |
| CM Canadian Imperial Bank of Commerce | 14 of 28 | +49.0% | +37.9% | +26.5% | −26.8% | +44.7% | +9.3% | +20.3% | −19.8% | +23.5% | +29.8% | −19.6% | +4.8% | +11.0% | +16.8% | −3.3% | +27.1% | +64.3% | −37.9% | −12.0% | +32.5% | +13.7% | +26.0% | +87.9% | −14.9% | +14.2% | +38.0% | +1.2% | −17.2% | — |
| MFG Mizuho Financial Group, Inc. | 9 of 19 | +54.5% | +47.8% | +26.2% | +17.2% | +4.9% | −12.8% | +7.3% | −14.1% | +4.9% | −7.2% | +23.0% | −19.3% | +22.2% | +43.0% | −23.4% | +10.1% | −35.1% | −38.1% | −33.1% | — | — | — | — | — | — | — | — | — | — |
| BBVA Banco Bilbao Vizcaya Argentaria, S.A. | 15 of 29 | +154% | +14.2% | +62.5% | +10.0% | +22.2% | −6.4% | +10.9% | −35.0% | +31.3% | −1.5% | −19.3% | −20.6% | +39.6% | +18.2% | −10.8% | −39.7% | +53.1% | −45.6% | +4.6% | +39.4% | +4.1% | +32.9% | +47.9% | −19.3% | −13.1% | +8.9% | −9.5% | +51.7% | +85.6% |
| NWG NatWest Group plc | 8 of 18 | +81.0% | +92.5% | −4.8% | +8.6% | +39.4% | −24.9% | +29.1% | −26.1% | +38.0% | −37.6% | −26.8% | +6.9% | +5.0% | +69.3% | −48.3% | +31.2% | −38.1% | −90.0% | — | — | — | — | — | — | — | — | — | — | — |
| UBS UBS Group AG | 11 of 25 | +57.6% | +0.7% | +69.8% | +7.4% | +29.4% | +19.5% | +7.1% | −29.9% | +17.4% | −14.4% | +18.1% | −10.2% | +23.3% | +34.3% | −28.2% | +6.2% | +8.5% | −68.9% | −21.5% | +32.5% | +18.2% | +27.9% | +50.4% | +1.7% | −8.0% | — | — | — | — |
| SAN Banco Santander, S.A. | 17 of 29 | +165% | +14.9% | +46.4% | −6.8% | +10.2% | −19.6% | −2.2% | −28.5% | +33.3% | +12.3% | −37.9% | −0.4% | +27.4% | +22.8% | −20.2% | −30.2% | +91.8% | −52.3% | +20.2% | +47.1% | +10.5% | +6.8% | +77.6% | −11.3% | −19.8% | −7.6% | +20.1% | +23.7% | +53.6% |
| MA Mastercard Incorporated | 13 of 19 | +9.0% | +24.2% | +23.4% | −2.7% | +1.2% | +20.2% | +59.2% | +25.3% | +47.7% | +6.9% | +13.8% | +3.7% | +70.7% | +32.1% | +66.7% | −12.2% | +79.8% | −33.4% | +119% | — | — | — | — | — | — | — | — | — | — |
| V Visa Inc. | 11 of 17 | +11.8% | +22.3% | +26.3% | −3.4% | −0.3% | +17.1% | +43.3% | +16.5% | +47.2% | +1.4% | +19.1% | +18.7% | +48.0% | +50.5% | +45.4% | −18.9% | +68.0% | — | — | — | — | — | — | — | — | — | — | — | — |
| HSBC HSBC Holdings plc | 12 of 27 | +67.9% | +34.5% | +39.3% | +7.8% | +20.8% | −31.7% | +1.5% | −16.1% | +35.9% | +9.9% | −11.5% | −10.2% | +8.5% | +45.9% | −22.2% | −7.5% | +22.2% | −38.0% | −4.0% | +18.9% | −1.5% | +12.6% | +52.3% | −5.2% | −15.3% | +6.5% | — | — | +15.8% |
| JPM JPMorgan Chase & Co. | 16 of 29 | +37.3% | +44.3% | +30.6% | −12.6% | +27.8% | −5.5% | +47.3% | −6.6% | +26.8% | +34.5% | +8.4% | +9.9% | +36.7% | +36.2% | −19.9% | +2.3% | +34.4% | −25.1% | −6.9% | +25.7% | +5.7% | +10.0% | +60.5% | −30.7% | −17.4% | −10.1% | +11.7% | +32.9% | +25.5% |
| RY Royal Bank of Canada | 15 of 29 | +46.3% | +23.8% | +12.2% | −8.0% | +34.1% | +8.4% | +20.2% | −12.9% | +23.9% | +31.8% | −19.3% | +6.7% | +16.0% | +23.3% | +1.2% | +1.4% | +89.3% | −39.4% | +10.7% | +26.0% | +50.7% | +15.9% | +33.6% | +15.8% | −0.9% | +58.5% | −9.5% | −3.5% | +54.8% |
| BCS Barclays PLC | 13 of 29 | +96.5% | +76.2% | +6.0% | −21.9% | +31.6% | −12.8% | +31.9% | −29.3% | +0.5% | −12.8% | −11.4% | −14.9% | +16.1% | +61.7% | −31.9% | −4.7% | +80.0% | −73.6% | −27.2% | +44.2% | −4.0% | +31.1% | +55.0% | −23.6% | +7.7% | +16.0% | +30.3% | −16.6% | +62.3% |
| DB Deutsche Bank AG | 11 of 29 | +133% | +29.4% | +21.4% | −5.9% | +14.7% | +40.1% | −2.9% | −56.7% | +6.4% | −25.0% | −17.7% | −36.4% | +10.9% | +19.7% | −26.1% | −20.1% | +75.4% | −65.5% | −0.6% | +42.0% | +12.3% | +9.8% | +83.6% | −34.3% | −22.1% | 0.0% | +58.2% | −16.7% | +54.6% |
| BNS The Bank of Nova Scotia | 15 of 26 | +45.1% | +17.5% | +6.0% | −28.8% | +40.6% | +1.7% | +17.5% | −19.2% | +20.5% | +43.7% | −25.1% | −4.2% | +11.5% | +21.0% | −9.6% | +27.1% | +82.6% | −44.4% | +16.6% | +16.8% | +21.4% | +40.4% | +59.9% | +232% | +17.5% | +25.4% | — | — | — |
| TD The Toronto-Dominion Bank | 15 of 29 | +85.3% | −13.4% | +4.5% | −12.2% | +41.3% | +5.6% | +17.5% | −12.1% | +22.9% | +30.9% | −14.9% | +5.0% | +16.1% | +16.8% | +4.1% | +22.7% | +85.4% | −46.8% | +20.4% | +16.1% | +30.7% | +29.7% | +61.4% | −11.7% | −7.2% | +11.2% | +58.4% | −2.9% | +52.7% |
| BMO Bank of Montreal | 15 of 29 | +39.6% | +3.0% | +14.6% | −12.4% | +46.9% | +3.3% | +23.9% | −14.9% | +15.4% | +32.9% | −16.8% | +10.4% | +13.7% | +17.3% | −0.3% | +13.7% | +121% | −51.9% | −0.4% | +9.4% | +20.4% | +21.0% | +62.9% | +23.0% | −9.6% | +62.5% | −10.8% | −6.1% | +44.8% |
| IXG iShares Global Financials ETF | 11 of 24 | +28.5% | +25.7% | +15.0% | −9.0% | +25.1% | −3.0% | +24.6% | −16.3% | +23.8% | +11.7% | −3.7% | +2.9% | +26.1% | +31.2% | −20.1% | +3.9% | +31.8% | −54.1% | −8.8% | +24.8% | +11.6% | +16.3% | +36.4% | −17.0% | — | — | — | — | — |
| LYG Lloyds Banking Group plc | 8 of 24 | +104% | +20.2% | +14.5% | −9.7% | +34.6% | −36.5% | +36.9% | −28.4% | +26.8% | −25.9% | −4.4% | −12.7% | +66.1% | +104% | −61.7% | +25.4% | −27.5% | −77.5% | −11.6% | +42.9% | −1.5% | +22.5% | +25.3% | −33.0% | — | — | — | — | — |
| EFA iShares MSCI EAFE ETF | 10 of 24 | +31.6% | +3.5% | +18.4% | −14.4% | +11.5% | +7.6% | +22.0% | −13.8% | +25.1% | +1.4% | −1.0% | −6.2% | +21.4% | +18.8% | −12.2% | +8.2% | +27.0% | −41.0% | +10.0% | +25.8% | +13.3% | +19.0% | +38.7% | −15.4% | — | — | — | — | — |
Risk and diversification
How ING 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 ING's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents ING's five deepest drawdowns since it began trading in 1994, 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.
- In all five of ING's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: ING fell 49.6% from September to October 1995, while the S&P 500 rose 0.1%.
- The slowest recovery came after ING fell 93.0% from October 2007 to March 2009; it did not regain that peak until August 2025, 16 years later.
Green means ING fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | ING fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −93.0% | −54.7% | Oct 2007 | Mar 2009 | 17 months | Aug 2025 | 16.4 years |
| Dot-com bust | −74.4% | −38.2% | Jan 2001 | Mar 2003 | 2.2 years | Dec 2005 | 2.8 years |
| No named crash | −50.7% | −16.4% | Jul 1998 | Oct 1998 | 3 months | Nov 2000 | 2.1 years |
| No named crash | −49.6% | +0.1% | Sep 1995 | Oct 1995 | 1 month | May 1997 | 19 months |
| No named crash | −22.5% | +5.3% | Jul 1997 | Nov 1997 | 4 months | Feb 1998 | 3 months |
How did ING do in stock market crashes?
This section measures how far ING, 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.
- ING fell further than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when ING fell 93.0% and the S&P 500 fell 55.2%.
- Among its popular alternatives, HSBC held up best, falling less than ING in all ten crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than ING.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ING This pageING Groep N.V. | — | −10.7% | −43.4% | −56.9% | −24.1% | −5.8% | −35.4% | −47.4% | −3.6% | −93.0% | −66.4% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 9 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| SMFG Sumitomo Mitsui Financial Group, Inc. | 8 of 9 | −9.2% | −24.7% | −32.2% | −23.2% | −4.5% | −44.2% | −19.8% | −2.2% | −70.9% | — |
| MUFG Mitsubishi UFJ Financial Group, Inc. | 7 of 10 | −9.5% | −33.4% | −33.0% | −27.0% | −6.7% | −45.1% | −20.7% | −0.3% | −65.5% | −65.1% |
| CM Canadian Imperial Bank of Commerce | 9 of 10 | −7.0% | −36.2% | −43.6% | −22.2% | −5.9% | −25.3% | −12.9% | 0.0% | −71.8% | −39.8% |
| MFG Mizuho Financial Group, Inc. | 8 of 9 | −9.7% | −24.1% | −29.6% | −18.1% | −4.2% | −34.9% | −17.7% | −1.0% | −72.2% | — |
| BBVA Banco Bilbao Vizcaya Argentaria, S.A. | 7 of 10 | −10.9% | −39.6% | −47.9% | −22.7% | −5.4% | −41.0% | −32.7% | 0.0% | −75.7% | −55.9% |
| NWG NatWest Group plc | 5 of 8 | −5.2% | −30.4% | −52.6% | −28.1% | −4.9% | −39.8% | −46.5% | −4.3% | — | — |
| UBS UBS Group AG | 6 of 9 | −9.5% | −32.5% | −42.3% | −28.5% | −8.2% | −36.7% | −39.7% | −0.9% | −87.5% | — |
| SAN Banco Santander, S.A. | 7 of 10 | −11.4% | −41.0% | −48.1% | −19.0% | −6.0% | −44.7% | −33.2% | −0.9% | −76.1% | −58.4% |
| MA Mastercard Incorporated | 7 of 9 | −4.0% | −28.2% | −41.0% | −21.9% | −5.8% | −20.4% | −13.8% | −3.1% | −62.7% | — |
| V Visa Inc. | 7 of 8 | −3.5% | −24.1% | −36.4% | −19.1% | −5.8% | −15.8% | −11.5% | −0.8% | — | — |
| HSBC HSBC Holdings plc | 10 of 10 | −7.3% | −31.8% | −20.5% | −13.1% | −4.6% | −30.8% | −25.1% | 0.0% | −73.8% | −41.4% |
| JPM JPMorgan Chase & Co. | 8 of 10 | −5.4% | −37.9% | −42.5% | −21.3% | −5.6% | −22.0% | −32.1% | −0.1% | −67.7% | −74.0% |
| RY Royal Bank of Canada | 9 of 10 | −3.8% | −26.0% | −40.0% | −17.1% | −5.7% | −23.1% | −21.8% | 0.0% | −63.1% | −21.6% |
| BCS Barclays PLC | 5 of 10 | −10.2% | −48.1% | −57.1% | −22.9% | −4.1% | −50.6% | −44.9% | −4.8% | −93.9% | −38.4% |
| DB Deutsche Bank AG | 5 of 10 | −11.6% | −54.2% | −48.6% | −36.3% | −9.3% | −54.8% | −46.8% | 0.0% | −82.7% | −64.9% |
| BNS The Bank of Nova Scotia | 9 of 10 | −4.6% | −35.4% | −43.0% | −17.7% | −6.1% | −24.3% | −19.8% | 0.0% | −63.8% | −23.6% |
| TD The Toronto-Dominion Bank | 9 of 10 | −6.7% | −29.0% | −41.0% | −20.9% | −5.5% | −18.1% | −19.6% | 0.0% | −63.4% | −44.1% |
| BMO Bank of Montreal | 9 of 10 | −5.5% | −30.5% | −49.4% | −23.5% | −6.2% | −18.9% | −16.4% | 0.0% | −68.5% | −26.5% |
| IXG iShares Global Financials ETF | 8 of 9 | −7.8% | −27.2% | −41.2% | −19.4% | −6.6% | −26.1% | −27.2% | 0.0% | −78.1% | — |
| LYG Lloyds Banking Group plc | 7 of 9 | −7.8% | −40.5% | −53.4% | −23.3% | −4.3% | −34.6% | −41.6% | −4.5% | −94.8% | — |
| EFA iShares MSCI EAFE ETF | 8 of 9 | −2.5% | −28.7% | −32.6% | −16.3% | −5.9% | −20.7% | −22.7% | −0.2% | −61.0% | — |
How closely does ING 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 ING with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- 16 of the 21 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than ING's 0.88, led by MUFG, SMFG and MFG.
- BBVA took just 97% of the S&P 500's losses, against 155% for ING, while still keeping 121% of its gains.
- Over the past 10 years, ING captured 136% of the S&P 500's gains in rising months and 155% of its losses in falling months, with a beta of 1.36. It amplified the market's moves in both directions.
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 ING's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| ING This pageING Groep N.V. | 136% | 155% | 0.88 | 1.36 |
| MUFG Mitsubishi UFJ Financial Group, Inc. | 84% | 42% | 2.01 | 0.66 |
| SMFG Sumitomo Mitsui Financial Group, Inc. | 84% | 43% | 1.94 | 0.65 |
| MFG Mizuho Financial Group, Inc. | 75% | 42% | 1.81 | 0.54 |
| HSBC HSBC Holdings plc | 79% | 53% | 1.49 | 0.58 |
| BBVA Banco Bilbao Vizcaya Argentaria, S.A. | 121% | 97% | 1.25 | 1.11 |
| MA Mastercard Incorporated | 105% | 88% | 1.20 | 0.95 |
| V Visa Inc. | 93% | 79% | 1.18 | 0.87 |
| JPM JPMorgan Chase & Co. | 117% | 103% | 1.14 | 1.09 |
| RY Royal Bank of Canada | 97% | 88% | 1.11 | 0.88 |
| SAN Banco Santander, S.A. | 101% | 92% | 1.10 | 1.02 |
| TD The Toronto-Dominion Bank | 89% | 80% | 1.10 | 0.88 |
| CM Canadian Imperial Bank of Commerce | 108% | 106% | 1.02 | 1.07 |
| NWG NatWest Group plc | 128% | 124% | 1.02 | 1.13 |
| UBS UBS Group AG | 116% | 120% | 0.97 | 1.18 |
| BMO Bank of Montreal | 104% | 112% | 0.93 | 1.12 |
| IXG iShares Global Financials ETF | 92% | 102% | 0.90 | 0.95 |
| BCS Barclays PLC | 113% | 131% | 0.86 | 1.26 |
| DB Deutsche Bank AG | 102% | 118% | 0.86 | 1.21 |
| EFA iShares MSCI EAFE ETF | 76% | 92% | 0.83 | 0.81 |
| LYG Lloyds Banking Group plc | 106% | 130% | 0.82 | 1.20 |
| BNS The Bank of Nova Scotia | 97% | 120% | 0.81 | 1.05 |
What diversifies ING?
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 ING's. Because such investments tend not to fall at the same time, pairing ING with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in ING into MCK would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+28.9% for ING alone, +31.7% for the mix).
- MCK made money in eight of the 11 calendar years in which ING lost money.
- Among large ETFs, DXJ, EMLP and SMH have moved largely independently of ING over the past 5 years, with correlations of 0.34 or lower, and each still earned a positive 5-year return.
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 ING lost money. The last two columns show a portfolio that is 80% ING and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2020 | 2018 | 2014 | 2011 | 2010 | 2009 | 2008 | 2007 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ING ING Groep N.V. (this page) | 1.00 | +201% | 0.87 | −4.4% | −21.6% | −39.4% | −7.4% | −26.8% | −0.2% | −11.7% | −69.6% | −8.2% | −31.3% | −34.4% | 31.7% | +28.9% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.30 | +225% | 1.34 | +6.0% | +3.9% | −19.8% | +8.1% | −16.1% | −1.8% | +2.0% | −20.8% | −7.4% | — | — | 26.2% | +29.4% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.31 | +101% | 1.04 | +10.4% | −13.4% | −8.7% | +23.8% | — | — | — | — | — | — | — | 26.4% | +27.0% |
| SMH TechnologyVanEck Semiconductor ETF | 0.34 | +323% | 0.97 | −33.5% | +55.5% | −9.1% | +30.2% | +6.8% | +19.0% | +60.5% | −44.7% | +6.0% | −47.0% | −14.6% | 28.5% | +32.0% |
| GLD CommoditiesSPDR Gold Shares | 0.21 | +126% | 0.96 | −0.8% | +24.8% | −1.9% | −2.2% | +9.6% | +29.3% | +24.0% | +4.9% | +30.4% | — | — | 26.3% | +27.8% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.32 | +136% | 0.93 | −10.4% | +28.2% | −0.9% | — | — | — | — | — | — | — | — | 26.9% | +28.4% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.30 | +177% | 0.93 | +64.4% | −32.7% | −18.2% | −8.7% | +2.8% | +21.9% | +21.8% | −39.0% | +36.8% | −14.8% | −18.2% | 27.3% | +28.9% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.42 | +153% | 0.89 | −28.9% | +31.5% | −9.9% | +7.0% | −21.8% | +22.8% | +73.7% | −45.3% | +6.4% | −24.4% | +2.1% | 27.9% | +28.4% |
| AMLP EnergyAlerian MLP ETF | 0.23 | +111% | 0.89 | +25.5% | −32.3% | −12.6% | +4.8% | +10.2% | — | — | — | — | — | — | 26.4% | +27.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2020 | 2018 | 2014 | 2011 | 2010 | 2009 | 2008 | 2007 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ING ING Groep N.V. (this page) | 1.00 | +201% | 0.87 | −4.4% | −21.6% | −39.4% | −7.4% | −26.8% | −0.2% | −11.7% | −69.6% | −8.2% | −31.3% | −34.4% | 31.7% | +28.9% |
| CAH Medical - DistributionCardinal Health, Inc. | -0.02 | +479% | 1.55 | +54.1% | +10.1% | −24.5% | +23.0% | +8.1% | +21.4% | −4.4% | −39.6% | −9.8% | −8.3% | −2.5% | 25.8% | +32.4% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.17 | +3,143% | 1.47 | +1.3% | −2.4% | −16.3% | +12.9% | −24.4% | +2.8% | +105% | −20.5% | −25.7% | −65.1% | −25.6% | 29.6% | +46.1% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.15 | +1,636% | 1.46 | +17.0% | +6.7% | +0.8% | −10.4% | −17.0% | +8.7% | +17.8% | −15.2% | +2.1% | −9.4% | +73.7% | 28.1% | +41.8% |
| MCK Medical - DistributionMcKesson Corporation | -0.05 | +413% | 1.44 | +51.8% | +27.1% | −28.4% | +29.3% | +11.8% | +13.8% | +62.9% | −40.4% | +29.7% | −27.2% | +4.9% | 25.6% | +31.7% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.20 | +690% | 1.41 | +86.6% | −27.4% | −8.2% | +0.4% | — | — | — | — | — | — | — | 27.4% | +34.3% |
Common questions
What was ING's worst drawdown?
ING's deepest decline since it began trading in 1994 was 93.0%, from October 2007 to March 2009. It took about 16 years from the low to climb back to its old high.
What were ING's best and worst years?
Over 29 full calendar years, ING's best year was 2025, when it returned 91.3%. Its worst was 2008, with a return of -69.6%.
Is there a better investment than ING?
Among ING's popular alternatives, SMFG, HSBC and MUFG earned more than ING with less volatility over the past 5 years. SMFG returned 33.7% a year at 29.4% volatility, against 24.7% a year at 31.1%. Looking beyond its popular alternatives, BAP (banks) earned more for the risk it took than ING over the past 5 years, and its worst fall in 10 years was 59.2%, against 74.4% for ING.
Is ING more volatile than the S&P 500?
Yes. ING's volatility over the past 5 years was 31.1%, 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, ING's return lands within 31.1% 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 ING's Sharpe ratio?
ING's Sharpe ratio over the past 5 years was 0.87, against 0.79 for the S&P 500, so ING 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 ING with the S&P 500?
Over the past 5 years, ING's monthly returns had a correlation of 0.43 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against ING instead: the lower it is, the more that option would diversify a ING holding.
What are the best alternatives to ING?
Of the 21 popular alternatives we compared, four outperformed ING in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SMFG, MUFG and CM.
Did ING outperform the S&P 500?
ING finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +91.3%, against +17.7% for the index.
How did ING do in stock market crashes?
ING fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in nine. The clearest case was the 2008 financial crisis, when ING fell 93.0% and the S&P 500 fell 55.2%.
What diversifies ING?
These had a low correlation with ING over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.30), EMLP (correlation 0.31) and SMH (correlation 0.34); among large stocks, CAH (correlation -0.02), CLS (correlation 0.17) and FIX (correlation 0.15). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than ING's. Returns within 0.5 points or 3% of ING's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
CM
UBS
SAN
MA
V
JPM