Relative Intelligence · US Total Market
How iShares Core S&P Total U.S. Stock Market ETF (ITOT) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ITOT alone. It places ITOT (iShares Core S&P Total U.S. Stock Market ETF) 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 ITOT stands in the market, and of the alternatives worth a closer look.
Period covered: ITOT's full trading record, from January 2004 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 nowBoth ITOT and the total US stock market are within a few percent of a record high. At a glance ↓
- Fund or market?ITOT rose 3.2% over the past 3 months, in line with the total US stock market, which rose 3.2%: a market move, not its own.
- Long termOver the past decade, ITOT returned 301%, ahead of 90% of the ETFs with at least $100 million in assets. The total US stock market returned 302%. ITOT outpaced every one of its similar funds over the past decade, including RSP (Invesco S&P 500 Equal Weight ETF) and FNDX (Schwab Fundamental U.S. Large Company ETF). Market rank ↓
- In a crashIn the 2022 bear market, ITOT fell harder than most of its similar funds, including RSP (Invesco S&P 500 Equal Weight ETF), FNDX and PRF. Crash tests ↓
- DiversificationITOT is more of the same, not a cushion: a correlation of 1.00 with the total US stock market over 5 years, more closely than 99% of ETFs with at least $100 million in assets. ITOT fell in 24 of the 25 months the total US stock market fell over the past 5 years: it usually fell with it. By year ↓
- Better options
- Nearby categories and themes
- MGV (Vanguard Morningstar Mega Cap Value ETF, US large-cap value) earned more than ITOT with less volatility over the past 5 years: 12.6% a year at 13.4% volatility, against 11.5% a year at 17.4%.
- Whole market
- Few investments have done better on both counts: only 43 of the 3,633 stocks and funds worth at least $500 million earned more than ITOT with less volatility over the past 5 years, among them EFV (iShares MSCI EAFE Value ETF), FNDX (Schwab Fundamental U.S. Large Company ETF) and FNDF (Schwab Fundamental International Large Company Index ETF).
How much would $10,000 in ITOT have grown?
This chart tracks a hypothetical $10,000 investment in ITOT over the past 22 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ITOT over the same span and ITOT'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.
Note: ITOT began trading on January 23, 2004, so the chart cannot reach back to the dot-com bust. It covers the most recent 22 years of ITOT's record, starting at the end of September 2004.
- $10,000 invested in ITOT at the end of September 2004 would have grown to $99,443 by September 2026, less than the $102,174 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of ITOT, and QQQ finished highest, at $249,744.
Choose a period
From the end of September 2004 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. 464 of the 1,487 stocks and funds worth at least $500 million that traded the whole period ended ahead of ITOT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- QQQ$249,744+2,397% total · +15.8% a year
- RY$189,945+1,799% total · +14.3% a year
- VV$107,334+973% total · +11.4% a year
- VTI$103,071+931% total · +11.2% a year
- SPTM$102,728+927% total · +11.2% a year
- SPY (S&P 500)$102,174+922% total · +11.1% a year
- ITOT$99,443+894% total · +11.0% a year
- RSP$88,595+786% total · +10.4% a year
- IWM$65,295+553% total · +8.9% a year
- AGG$18,581+85.8% total · +2.9% 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. 1,047 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ITOT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- VLUE$22,395+124% total · +17.5% a year
- QQQ$21,295+113% total · +16.3% a year
- SCHG$19,862+98.6% total · +14.7% a year
- FNDX$19,177+91.8% total · +13.9% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- VV$18,747+87.5% total · +13.4% a year
- SPTM$18,634+86.3% total · +13.3% a year
- MGV$18,512+85.1% total · +13.1% a year
- VONE$18,367+83.7% total · +12.9% a year
- ITOT$18,086+80.9% total · +12.6% a year
ITOT at a glance
This section summarizes the key facts about the fund, 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.
Note: ITOT began trading on January 23, 2004, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- ITOT's deepest decline since it began trading in 2004 was 55.2%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high.
- Over 21 full calendar years, ITOT's best was 2013, when it returned 33.3%, and its worst was 2008, when it lost 36.4%. It lost money in three of those years.
- ITOT is 1.7% below its all-time high.
The fund
- Issuer
- IShares
- Began trading
- January 2004
- Expense ratio
- 0.03%per year
- Assets
- $96B
- Category
- Broad Market
Returns
- Past 1 year
- +15.2%total return
- Past 3 years
- +88.0%+23.4% a year
- Past 5 years
- +72.7%+11.5% a year
- Past 10 years
- +301%+14.9% a year
- Best calendar year
- +33.3%2013
- Worst calendar year
- −36.4%2008
- Losing years
- 3 of 21full calendar years
Risk
- Volatility
- 17.4%typical yearly swing, 5 years
- Sharpe ratio
- 0.72return per unit of risk, 5 years
- Worst decline ever
- −55.2%Oct 2007 to Mar 2009
- From its all-time high
- −1.7%below the peak
ITOT against the whole market
Where ITOT ranks among every stock and fund, and what across the market has done better.
How does ITOT rank among all ETFs?
This section ranks ITOT on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how ITOT stacks up against its peers, these rankings show where it stands in the market as a whole.
- ITOT's 10-year return ranks in the top 10% of the 958 ETFs with at least $100 million in assets with 10 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | ITOT | Rank | Standing |
|---|---|---|---|
| 1-year return | +15.2% | 797 of 2,485 | top 32% |
| 3-year return | +88.0% | 391 of 1,949 | top 20% |
| 5-year return | +72.7% | 339 of 1,560 | top 22% |
| 10-year return | +301% | 97 of 958 | top 10% |
| Volatility, 5 years | 17.4% | 906 of 1,560 | bottom 43% |
| Sharpe ratio, 5 years | 0.72 | 489 of 1,560 | top 31% |
| Worst decline, past 10 years | −35.0% | 350 of 951 | top 37% |
What has beaten ITOT 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). ITOT sits where the dashed lines cross. Anything in the green box above and to the left earned more than ITOT 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.
- 43 ETFs worth at least $500 million sit in the green region: each earned more than ITOT over the past 5 years with smaller price swings. That is 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half ITOT's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 36% less than ITOT's 17.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.72 for ITOT.
- Among ITOT's popular alternatives, FNDX and PRF are in the region. FNDX earned 13.5% a year against 11.5% a year for ITOT, at 14.9% volatility, 14% less than ITOT's 17.4%.
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 ITOT; faint dots are 27 more of the 43 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 ITOT?
Investments that beat ITOT over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among ITOT's popular alternatives, FNDX earned more than ITOT with less volatility over the past 5 years: 13.5% a year at 14.9% volatility, against 11.5% a year at 17.4%.
- Looking beyond its popular alternatives, MGV (US large-cap value) earned more than ITOT with less volatility over the past 5 years: 12.6% a year at 13.4% volatility, against 11.5% a year at 17.4%.
- Few investments have done better on both counts: only 43 of the 3,633 stocks and funds worth at least $500 million earned more than ITOT with less volatility over the past 5 years, among them EFV, FNDX and FNDF.
How this works
The table below lists investments that beat ITOT 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, and, for funds, the same exposure at a lower expense ratio. It checks ITOT'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 ITOT 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 ITOT'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× ITOT's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than ITOT'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 ITOT?lower diversifies more | Expenseper year | |||
| ITOTiShares Core S&P Total U.S. Stock Market ETF · this page | +11.5% | 17.4% | 0.72 | −35.0% | +301% | 1.00 | 0.03% | ||
 VTIVanguard Morningstar Total Stock Market ETF · S&P 500 | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 1.00 | 0.03% | ||
| Popular alternativesbest 2 shownThe investments people most often weigh against ITOT. 7 of 22 passed at least one test. | |||||||||
FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value | Higher return, lower volatility | +13.5% | 14.9% | 0.93 | −37.7% | +291% | 0.92 | 0.25% | |
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 1.00 | 0.03% | |
| Same and neighboring categories, and shared themesbest 4 shownEverything else in US Total Market and the categories next to it (US Large-Cap Equity, US Large-Cap Value, US Small-Cap Equity, Investment Grade Bonds), plus ITOT's specific themes. 19 of 79 passed at least one test. | |||||||||
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Higher return, similar volatilityHigher return in most periods | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.84 | 0.15% | |
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Higher return, lower volatility | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.83 | 0.05% | |
 QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Higher return in most periods | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.91 | 0.18% | |
 SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Higher return in most periods | +13.1% | 22.4% | 0.67 | −34.5% | +451% | 0.93 | 0.04% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 167 of 3,532 passed at least one test. | |||||||||
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.55 | 0.40% | |
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, similar volatilityHigher return in most periods | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.61 | — | |
 MPLXMPLX Lp · Oil & Gas Midstream | On the frontierHigher return, similar volatilityHigher return in most periods | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.46 | — | |
DFIVDimensional - International Value ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.66 | 0.27% | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return, similar volatilityHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.52 | 0.48% | |
DIVBiShares Core Dividend ETF · Dividend & Income | Higher return, lower volatilityHigher return in most periods | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.87 | 0.05% | |
 RSGRepublic Services, Inc. · Environmental Services | Higher return in most periodsSmaller losses in recent crashes | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.33 | — | |
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.93 | 0.85% | |
What these numbers mean for ITOT
- Annual return
- ITOT returned 11.5% a year over the past 5 years with dividends reinvested, against 11.5% a year for the S&P 500. At that pace, $10,000 became about $17,300. 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
- ITOT's volatility over the past 5 years was 17.4%, 1.0 times the S&P 500's 17.5%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ITOT's return lands within 17.4% 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
- ITOT's Sharpe ratio over the past 5 years was 0.72, against 0.71 for the S&P 500, so ITOT 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
- ITOT's worst fall from a peak to a low over the past 10 years was 35.0%, against 35.0% for the S&P 500. Losses and gains are not symmetric: climbing back from a 35.0% fall takes a 53.9% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, ITOT's monthly returns had a correlation of 1.00 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against ITOT instead: the lower it is, the more that option would diversify a ITOT holding. Guide: Correlation and diversification →
Show all 43 stocks and funds worth at least $500 million that earned more than ITOT with less volatility
Out of 3,633 tested over 5 years. The strongest 31 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with ITOT | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.55 | 0.40% |
| 2 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Same or nearby category | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.89 | 0.56% |
| 3 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.66 | 0.27% |
| 4 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.87 | 0.05% |
| 5 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.96 | 0.12% |
| 6 | FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income | Whole market | +13.1% | 16.0% | 0.85 | −44.6% | +203% | 0.60 | 0.59% |
| 7 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +184% | 0.73 | 0.09% |
| 8 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +12.8% | 12.7% | 1.01 | −18.4% | — | 0.83 | 0.31% |
| 9 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | — | 0.97 | 0.49% |
| 10 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.72 | 0.25% |
| 11 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.59 | 0.08% |
| 12 | FDVVFidelity High Dividend ETF · US Dividend Equity | Whole market | +13.2% | 14.6% | 0.92 | −40.2% | +253% | 0.90 | 0.15% |
| 13 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.82 | 0.35% |
| 14 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.58 | 0.43% |
| 15 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.97 | 0.12% |
| 16 | IDViShares International Select Dividend ETF · International Equity | Whole market | +12.8% | 15.5% | 0.86 | −42.5% | +159% | 0.58 | 0.50% |
| 17 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.62 | 0.95% |
| 18 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.52 | 0.60% |
| 19 | MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Same or nearby category | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.83 | 0.05% |
| 20 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.87 | 0.20% |
| 21 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Same or nearby category | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.92 | 0.39% |
| 22 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.16 | 0.98% |
| 23 | HDEFXtrackers MSCI EAFE High Dividend Yield Equity ETF · International | Whole market | +12.8% | 14.2% | 0.92 | −36.4% | +134% | 0.57 | 0.09% |
| 24 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | — | 0.98 | 0.15% |
| 25 | PWVInvesco Large Cap Value ETF · Broad Market | Whole market | +13.5% | 14.2% | 0.97 | −37.6% | +223% | 0.78 | 0.55% |
| 26 | AUSFGlobal X - Adaptive U.S. Factor ETF · International | Whole market | +13.2% | 13.6% | 0.99 | −44.2% | — | 0.75 | 0.27% |
| 27 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.91 | 0.19% |
| 28 | FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income | Whole market | +12.6% | 15.0% | 0.87 | −36.5% | +265% | 0.93 | 0.15% |
| 29 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.85 | 0.50% |
| 30 | IDOGALPS International Sector Dividend Dogs ETF · International | Whole market | +14.1% | 15.6% | 0.93 | −37.3% | +180% | 0.59 | 0.50% |
| 31 | QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income | Whole market | +12.7% | 13.7% | 0.94 | −35.7% | +228% | 0.94 | 0.40% |
ITOT against its popular alternatives
The investments people most often weigh against ITOT, compared period by period and year by year.
How do ITOT'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 ITOT, which divides the map into what did better or worse on each measure.
- Seven of the 14 popular alternatives, led by FNDX, PRF and VV, were both more rewarding and calmer than ITOT over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, ITOT returned 11.6% a year, less than the S&P 500's 12.7%, with higher volatility (17.4% against 17.1%).
Green points earned more than ITOT 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 |
|---|---|---|
| FNDX Schwab Fundamental U.S. Large Company ETF | +13.5% | 14.9% |
| PRF Invesco RAFI US 1000 ETF | +13.0% | 15.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| VV Vanguard Morningstar Large-Cap ETF | +12.3% | 17.3% |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | +12.3% | 16.9% |
| VONE Vanguard Russell 1000 ETF | +12.0% | 17.2% |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | +11.6% | 16.7% |
| SCHB Schwab U.S. Broad Market ETF | +11.6% | 17.3% |
| ITOT This pageiShares Core S&P Total U.S. Stock Market ETF | +11.6% | 17.4% |
| VTI Vanguard Morningstar Total Stock Market ETF | +11.5% | 17.5% |
| VT Vanguard Total World Stock ETF | +10.3% | 16.2% |
| VXUS Vanguard Total International Stock ETF | +8.3% | 16.4% |
| RSP Invesco S&P 500 Equal Weight ETF | +8.2% | 16.1% |
| EQAL Invesco Russell 1000 Equal Weight ETF | +6.4% | 17.2% |
| IWM iShares Russell 2000 ETF | +5.2% | 22.4% |
| AGG iShares Core U.S. Aggregate Bond ETF | −0.3% | 6.1% |
Has ITOT consistently beaten its popular alternatives?
This section compares ITOT 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 ITOT helps separate lasting outperformance from a single strong stretch.
- Four of the 22 popular alternatives, led by SPYM, VOO and IVV, outperformed ITOT in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- SPYM, VOO and IVV earned more for the risk they took than ITOT (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than ITOT 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 | ||
| ITOT iShares Core S&P Total U.S. Stock Market ETF (this page) | — | −0.8% | +3.2% | +8.2% | +13.1% | +15.2% | +88.0% | +72.7% | +301% | 17.4% | 0.72 | −35.0% | 0.03% | $96B | — |
| SPYM QualifiedState Street SPDR Portfolio S&P 500 ETF | 3/5 short2/3 long | −0.5% | +3.9% | +9.1% | +13.5% | +15.9% | +89.8% | +82.5% | +324% | 16.9% | 0.80 | −33.9% | 0.02% | $184B | 98% |
| VOO QualifiedVanguard S&P 500 ETF | 3/5 short2/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 16.9% | 0.80 | −34.0% | 0.03% | $1.7T | 97% |
| IVV QualifiediShares Core S&P 500 ETF | 3/5 short2/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.7% | +82.3% | +324% | 17.0% | 0.80 | −33.9% | 0.03% | $880B | 98% |
| SPY QualifiedState Street SPDR S&P 500 ETF | 3/5 short2/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1% | 0.79 | −33.7% | 0.09% | $823B | 98% |
| VV Broad MarketVanguard Morningstar Large-Cap ETF | 2/5 short3/3 long | −0.7% | +3.9% | +9.4% | +13.4% | +15.4% | +90.6% | +78.8% | +324% | 17.3% | 0.76 | −34.3% | 0.03% | $76B | 97% |
| VONE Broad MarketVanguard Russell 1000 ETF | 1/5 short2/3 long | −0.6% | +3.7% | +8.6% | +13.0% | +15.2% | +88.5% | +75.9% | +312% | 17.2% | 0.75 | −34.7% | 0.06% | $12B | 99% |
| SCHX Broad MarketSchwab U.S. Large-Cap ETF | 0/5 short2/3 long | −0.8% | +3.6% | +8.7% | +13.0% | +15.1% | +89.1% | +76.6% | +317% | 17.2% | 0.75 | −34.3% | 0.03% | $74B | 98% |
| SPTM Broad MarketState Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 0/5 short2/3 long | −0.6% | +3.4% | +8.4% | +13.3% | +15.7% | +87.2% | +78.6% | +310% | 16.9% | 0.77 | −34.7% | 0.03% | $14B | 98% |
| FNDX Broad MarketSchwab Fundamental U.S. Large Company ETF | 5/5 short1/3 long | +1.6% | +4.7% | +11.9% | +20.5% | +25.4% | +88.2% | +88.6% | +291% | 14.9% | 0.93 | −37.7% | 0.25% | $28B | 81% |
| PRF Broad MarketInvesco RAFI US 1000 ETF | 5/5 short1/3 long | +1.2% | +4.2% | +11.7% | +20.2% | +25.5% | +90.1% | +84.3% | +270% | 15.0% | 0.90 | −38.1% | 0.34% | $10B | 84% |
| IWB Broad MarketiShares Russell 1000 ETF | 0/5 short1/3 long | −0.6% | +3.7% | +8.6% | +12.9% | +15.1% | +87.7% | +75.1% | +309% | 17.2% | 0.74 | −34.6% | 0.15% | $49B | 98% |
| GSLC Broad MarketGoldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 2/5 short0/3 long | 0.0% | +4.2% | +8.5% | +11.9% | +14.0% | +83.5% | +73.1% | +297% | 16.7% | 0.74 | −33.7% | 0.09% | $15B | 95% |
| RSP Broad MarketInvesco S&P 500 Equal Weight ETF | 1/5 short0/3 long | +1.5% | +2.0% | +6.7% | +13.3% | +15.5% | +65.4% | +48.6% | +211% | 16.1% | 0.57 | −39.0% | 0.20% | $98B | 76% |
| EQAL Broad MarketInvesco Russell 1000 Equal Weight ETF | 1/5 short0/3 long | −0.2% | +0.4% | +1.1% | +12.1% | +14.3% | +61.4% | +36.4% | +171% | 17.2% | 0.45 | −40.4% | 0.20% | $802M | 71% |
| VTI Broad MarketVanguard Morningstar Total Stock Market ETF | 0/5 short0/3 long | −0.8% | +3.2% | +8.3% | +13.1% | +15.2% | +87.9% | +72.6% | +302% | 17.5% | 0.71 | −35.0% | 0.03% | $2.3T | 99% |
| VTHR Broad MarketVanguard Russell 3000 ETF | 0/5 short0/3 long | −0.7% | +3.4% | +8.4% | +13.2% | +15.2% | +87.6% | +73.1% | +300% | 17.4% | 0.72 | −34.6% | 0.06% | $6.5B | 98% |
| IWV Broad MarketiShares Russell 3000 ETF | 0/5 short0/3 long | −0.7% | +3.3% | +8.2% | +12.9% | +15.0% | +86.9% | +72.0% | +297% | 17.3% | 0.72 | −35.2% | 0.20% | $20B | 98% |
| SCHB Broad MarketSchwab U.S. Broad Market ETF | 0/5 short0/3 long | −0.9% | +3.2% | +8.3% | +13.1% | +15.2% | +88.0% | +72.9% | +286% | 17.3% | 0.72 | −35.3% | 0.03% | $44B | 99% |
| VT InternationalVanguard Total World Stock ETF | 0/5 short0/3 long | −1.9% | +2.5% | +5.5% | +12.0% | +15.0% | +83.8% | +63.3% | +223% | 16.2% | 0.69 | −34.2% | 0.06% | $101B | 90% |
| IWM Broad MarketiShares Russell 2000 ETF | 0/5 short0/3 long | −3.4% | −5.4% | −0.1% | +11.6% | +12.3% | +71.3% | +29.0% | +158% | 22.4% | 0.34 | −41.1% | 0.19% | $75B | 67% |
| VXUS InternationalVanguard Total International Stock ETF | 0/5 short0/3 long | −3.9% | +1.0% | +0.9% | +10.2% | +14.6% | +77.2% | +48.6% | +140% | 16.4% | 0.57 | −36.0% | 0.05% | $666B | 73% |
| AGG BondsiShares Core U.S. Aggregate Bond ETF | 0/5 short0/3 long | −0.6% | −1.7% | −2.6% | −1.7% | −1.9% | +16.2% | −1.5% | +13.3% | 6.1% | -0.02 | −18.4% | 0.03% | $139B | — |
How did ITOT do year by year?
This table shows each investment's total return in every full calendar year since 2005, along with where ITOT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ITOT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: ITOT began trading on January 23, 2004, so the table starts with 2005, its first full calendar year, and cannot show how it fared during the dot-com bust.
- None of the 14 popular alternatives came out ahead of ITOT in most of the years they have in common.
- Ranked against its popular alternatives each year, ITOT finished in the top quarter in five of 21 years and in the bottom quarter in one. In 2025, it ranked 7 of 15.
- ITOT finished ahead of the S&P 500 in five of its 21 full calendar years, and behind it in each of the last two.
Newest year first. Green marks a year in which the fund came out ahead of ITOT; gray means the two finished within a fraction of a point. The rank row places ITOT among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of ITOT | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ITOT This pageiShares Core S&P Total U.S. Stock Market ETF | — | +17.0% | +23.8% | +26.1% | −19.5% | +25.7% | +20.7% | +30.7% | −5.3% | +21.4% | +12.6% | +0.4% | +13.5% | +33.3% | +15.8% | +1.7% | +16.3% | +26.6% | −36.4% | +5.1% | +15.1% | +5.3% |
| Rank among alternatives | Top quarter in 5 of 21 | 7 of 15 | 7 of 15 | 3 of 15 | 12 of 15 | 9 of 15 | 4 of 15 | 5 of 15 | 7 of 15 | 6 of 15 | 8 of 15 | 4 of 14 | 2 of 13 | 6 of 12 | 9 of 12 | 2 of 11 | 6 of 10 | 8 of 9 | 3 of 8 | 5 of 8 | 6 of 8 | 5 of 7 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 7 of 21 | +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% |
| VV Vanguard Morningstar Large-Cap ETF | 8 of 21 | +18.1% | +25.3% | +27.2% | −19.9% | +27.4% | +21.0% | +31.3% | −4.5% | +22.0% | +11.8% | +1.0% | +13.4% | +32.7% | +16.2% | +1.4% | +15.9% | +27.3% | −36.7% | +6.2% | +15.5% | +6.0% |
| VONE Vanguard Russell 1000 ETF | 2 of 15 | +17.2% | +24.5% | +26.4% | −19.1% | +26.5% | +20.9% | +31.1% | −4.8% | +21.5% | +11.8% | +0.7% | +13.3% | +33.0% | +16.2% | +1.5% | — | — | — | — | — | — |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 5 of 21 | +16.9% | +23.9% | +25.6% | −17.8% | +28.5% | +18.0% | +31.4% | −5.3% | +21.1% | +12.3% | +0.2% | +13.4% | +33.6% | +15.8% | +0.8% | +17.3% | +28.1% | −36.6% | +5.2% | +14.8% | +6.7% |
| FNDX Schwab Fundamental U.S. Large Company ETF | 3 of 12 | +16.9% | +16.7% | +18.3% | −7.0% | +31.7% | +9.2% | +28.7% | −7.3% | +16.5% | +16.4% | −3.0% | +12.6% | — | — | — | — | — | — | — | — | — |
| PRF Invesco RAFI US 1000 ETF | 9 of 20 | +18.4% | +16.7% | +15.7% | −7.8% | +31.2% | +7.8% | +27.4% | −8.7% | +16.0% | +17.3% | −2.9% | +12.2% | +35.0% | +16.9% | −0.5% | +19.8% | +41.6% | −40.1% | +1.8% | +19.0% | — |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 4 of 10 | +16.2% | +24.2% | +25.1% | −18.7% | +27.2% | +19.0% | +30.7% | −4.1% | +22.5% | +8.7% | — | — | — | — | — | — | — | — | — | — | — |
| RSP Invesco S&P 500 Equal Weight ETF | 9 of 21 | +11.2% | +12.8% | +13.7% | −11.6% | +29.4% | +12.7% | +28.9% | −7.8% | +18.5% | +14.5% | −1.7% | +15.1% | +36.7% | +18.6% | +0.2% | +21.5% | +44.7% | −40.0% | +0.9% | +15.5% | +7.4% |
| EQAL Invesco Russell 1000 Equal Weight ETF | 2 of 11 | +11.1% | +11.4% | +12.0% | −13.5% | +23.1% | +16.6% | +24.6% | −9.2% | +17.4% | +15.6% | −4.8% | — | — | — | — | — | — | — | — | — | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 5 of 21 | +17.1% | +23.8% | +26.0% | −19.5% | +25.7% | +21.1% | +30.7% | −5.2% | +21.2% | +12.8% | +0.4% | +12.5% | +33.4% | +16.4% | +1.0% | +17.4% | +28.9% | −37.0% | +5.3% | +15.7% | +6.3% |
| SCHB Schwab U.S. Broad Market ETF | 1 of 16 | +16.9% | +23.9% | +26.1% | −19.4% | +25.8% | +19.6% | +29.5% | −6.1% | +20.0% | +14.7% | −0.7% | +11.5% | +31.8% | +14.8% | +1.0% | +16.3% | — | — | — | — | — |
| VT Vanguard Total World Stock ETF | 5 of 17 | +22.4% | +16.5% | +22.0% | −18.0% | +18.3% | +16.6% | +26.8% | −9.8% | +24.5% | +8.5% | −1.9% | +3.7% | +22.9% | +17.2% | −7.5% | +13.1% | +32.6% | — | — | — | — |
| IWM iShares Russell 2000 ETF | 7 of 21 | +12.7% | +11.4% | +16.8% | −20.5% | +14.5% | +20.0% | +25.4% | −11.1% | +14.6% | +21.6% | −4.5% | +5.0% | +38.7% | +16.7% | −4.4% | +26.9% | +28.5% | −34.2% | −1.8% | +18.3% | +4.5% |
| VXUS Vanguard Total International Stock ETF | 4 of 14 | +32.3% | +5.1% | +15.9% | −16.1% | +9.0% | +10.7% | +21.7% | −14.4% | +27.5% | +4.8% | −4.2% | −4.7% | +14.6% | +18.6% | — | — | — | — | — | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 5 of 21 | +7.2% | +1.3% | +5.7% | −13.0% | −1.8% | +7.5% | +8.5% | +0.1% | +3.6% | +2.4% | +0.5% | +6.0% | −2.0% | +3.8% | +7.7% | +6.3% | +3.0% | +7.9% | +6.6% | +3.9% | +2.3% |
Risk and diversification
How ITOT 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 ITOT's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents ITOT's five deepest drawdowns since it began trading in 2004, 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.
Note: ITOT began trading on January 23, 2004, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of ITOT's worst declines, the S&P 500 held up better over the same dates.
- The slowest recovery came after ITOT fell 55.2% from October 2007 to March 2009; it did not regain that peak until March 2012, three years later.
Green means ITOT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | ITOT fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −55.2% | −55.2% | Oct 2007 | Mar 2009 | 17 months | Mar 2012 | 3 years |
| Covid crash | −35.0% | −33.7% | Feb 2020 | Mar 2020 | 1 month | Aug 2020 | 5 months |
| 2022 bear market | −25.4% | −24.5% | Jan 2022 | Oct 2022 | 9 months | Dec 2023 | 14 months |
| Late-2018 sell-off | −20.1% | −19.4% | Sep 2018 | Dec 2018 | 3 months | Apr 2019 | 4 months |
| No named crash | −19.4% | −18.8% | Feb 2025 | Apr 2025 | 2 months | Jun 2025 | 2 months |
How did ITOT do in stock market crashes?
This section measures how far ITOT, 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.
Note: ITOT began trading on January 23, 2004, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- ITOT fell further than the S&P 500 in seven of the nine crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when ITOT fell 14.4% and the S&P 500 fell 12.8%.
- Among its popular alternatives, AGG held up best, falling less than ITOT in all nine 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 ITOT.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ITOT This pageiShares Core S&P Total U.S. Stock Market ETF | — | −3.9% | −25.3% | −35.0% | −20.1% | −6.3% | −14.4% | −18.7% | −2.0% | −55.2% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 7 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VV Vanguard Morningstar Large-Cap ETF | 3 of 9 | −3.5% | −25.5% | −34.3% | −19.3% | −6.4% | −13.3% | −18.6% | −1.7% | −54.8% | — |
| VONE Vanguard Russell 1000 ETF | 1 of 7 | −3.8% | −24.9% | −34.7% | −19.7% | −6.3% | −13.5% | −18.8% | — | — | — |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 2 of 9 | −3.8% | −24.1% | −34.7% | −20.2% | −6.3% | −13.5% | −18.8% | −2.0% | −54.7% | — |
| FNDX Schwab Fundamental U.S. Large Company ETF | 2 of 6 | −4.2% | −19.1% | −37.4% | −19.6% | −6.2% | −12.4% | — | — | — | — |
| PRF Invesco RAFI US 1000 ETF | 2 of 9 | −4.6% | −19.7% | −38.0% | −19.7% | −6.4% | −13.6% | −19.4% | −1.5% | −60.1% | — |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 2 of 5 | −3.4% | −24.6% | −33.7% | −19.6% | −6.1% | — | — | — | — | — |
| RSP Invesco S&P 500 Equal Weight ETF | 1 of 9 | −5.4% | −21.4% | −39.0% | −19.8% | −6.1% | −14.8% | −21.3% | −1.6% | −59.1% | — |
| EQAL Invesco Russell 1000 Equal Weight ETF | 1 of 6 | −5.7% | −21.4% | −40.2% | −21.0% | −6.3% | −17.5% | — | — | — | — |
| VTI Vanguard Morningstar Total Stock Market ETF | 0 of 9 | −4.0% | −25.2% | −35.0% | −20.0% | −6.3% | −14.1% | −19.5% | −1.9% | −55.5% | — |
| SCHB Schwab U.S. Broad Market ETF | 0 of 8 | −4.0% | −25.3% | −35.3% | −20.5% | −6.2% | −14.5% | −19.0% | −1.6% | — | — |
| VT Vanguard Total World Stock ETF | 4 of 8 | −3.3% | −26.2% | −34.1% | −17.8% | −6.2% | −17.2% | −21.8% | −0.7% | — | — |
| IWM iShares Russell 2000 ETF | 1 of 9 | −7.1% | −26.8% | −40.8% | −25.7% | −5.5% | −21.5% | −27.2% | −2.9% | −58.4% | — |
| VXUS Vanguard Total International Stock ETF | 3 of 7 | −2.5% | −28.4% | −33.4% | −15.1% | −6.1% | −20.2% | −24.2% | — | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 9 of 9 | 0.0% | −14.5% | −9.6% | −1.1% | −0.8% | −1.5% | −1.3% | −0.4% | −12.8% | — |
How closely does ITOT 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 ITOT with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, ITOT captured 100% of the S&P 500's gains in rising months and 103% of its losses in falling months, with a beta of 1.02. Its share of the market's losses was slightly larger than its share of the gains.
- Four of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than ITOT's 0.97, led by VV, VONE and SPTM.
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 ITOT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| ITOT This pageiShares Core S&P Total U.S. Stock Market ETF | 100% | 103% | 0.97 | 1.02 |
| VV Vanguard Morningstar Large-Cap ETF | 101% | 101% | 1.00 | 1.01 |
| VONE Vanguard Russell 1000 ETF | 100% | 102% | 0.98 | 1.02 |
| SPTM State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 99% | 101% | 0.98 | 1.01 |
| GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF | 97% | 99% | 0.98 | 0.98 |
| FNDX Schwab Fundamental U.S. Large Company ETF | 95% | 98% | 0.97 | 0.97 |
| VTI Vanguard Morningstar Total Stock Market ETF | 100% | 103% | 0.97 | 1.02 |
| PRF Invesco RAFI US 1000 ETF | 93% | 98% | 0.95 | 0.97 |
| SCHB Schwab U.S. Broad Market ETF | 99% | 104% | 0.95 | 1.03 |
| VT Vanguard Total World Stock ETF | 90% | 98% | 0.92 | 0.94 |
| RSP Invesco S&P 500 Equal Weight ETF | 92% | 107% | 0.86 | 1.01 |
| VXUS Vanguard Total International Stock ETF | 76% | 91% | 0.84 | 0.82 |
| EQAL Invesco Russell 1000 Equal Weight ETF | 90% | 113% | 0.80 | 1.04 |
| IWM iShares Russell 2000 ETF | 98% | 129% | 0.76 | 1.17 |
| AGG iShares Core U.S. Aggregate Bond ETF | 12% | 17% | 0.71 | 0.14 |
What diversifies ITOT?
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 ITOT's. Because such investments tend not to fall at the same time, pairing ITOT with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in ITOT into DBMF would have cut the portfolio's volatility by 23% over the past 5 years while keeping its annual return (+12.6% for ITOT alone, +12.5% for the mix).
- Among large ETFs, GLD, XLE and AMLP have moved largely independently of ITOT over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.
- Among large stocks, CAH, MCK and MPC have moved largely independently of ITOT over the past 5 years, with correlations of 0.30 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 ITOT lost money. The last two columns show a portfolio that is 80% ITOT and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| ITOT iShares Core S&P Total U.S. Stock Market ETF (this page) | 1.00 | +72.7% | 0.72 | −19.5% | −5.3% | −36.4% | 15.9% | +12.6% |
| GLD CommoditiesSPDR Gold Shares | 0.16 | +126% | 0.96 | −0.8% | −1.9% | +4.9% | 13.7% | +14.1% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.29 | +177% | 0.93 | +64.4% | −18.2% | −39.0% | 15.1% | +15.2% |
| AMLP EnergyAlerian MLP ETF | 0.46 | +111% | 0.89 | +25.5% | −12.6% | — | 14.8% | +14.0% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.26 | +59.7% | 0.82 | +21.6% | — | — | 12.3% | +12.5% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.17 | +66.4% | 0.81 | +2.5% | −8.7% | −19.1% | 13.3% | +12.5% |
| IHE Broad MarketiShares U.S. Pharmaceuticals ETF | 0.48 | +81.2% | 0.80 | −4.9% | −7.8% | −14.8% | 14.5% | +12.8% |
| PPH HealthcareVanEck Pharmaceutical ETF | 0.49 | +72.8% | 0.78 | +2.6% | −5.9% | −19.9% | 14.3% | +12.4% |
| GDX MaterialsVanEck Gold Miners ETF | 0.28 | +181% | 0.73 | −9.0% | −8.8% | −26.1% | 16.6% | +16.3% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|
| ITOT iShares Core S&P Total U.S. Stock Market ETF (this page) | 1.00 | +72.7% | 0.72 | −19.5% | −5.3% | −36.4% | 15.9% | +12.6% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.30 | +479% | 1.55 | +54.1% | −24.5% | −39.6% | 15.2% | +17.9% |
| MCK Medical - DistributionMcKesson Corporation | 0.18 | +413% | 1.44 | +51.8% | −28.4% | −40.4% | 14.5% | +17.3% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.26 | +690% | 1.41 | +86.6% | −8.2% | — | 15.7% | +19.9% |
| ATI Manufacturing - Metal FabricationATI Inc. | 0.36 | +1,008% | 1.34 | +87.5% | −9.8% | −70.0% | 18.4% | +22.9% |
| CRS SteelCarpenter Technology Corporation | 0.44 | +1,082% | 1.30 | +29.5% | −29.2% | −72.1% | 19.3% | +23.5% |
Common questions
What was ITOT's worst drawdown?
ITOT's deepest decline since it began trading in 2004 was 55.2%, from October 2007 to March 2009. It took about three years from the low to climb back to its old high. Because ITOT launched in January 2004, that record does not include the dot-com bust.
What were ITOT's best and worst years?
Over 21 full calendar years, ITOT's best year was 2013, when it returned 33.3%. Its worst was 2008, with a return of -36.4%.
Is there a better investment than ITOT?
Among ITOT's popular alternatives, FNDX earned more than ITOT with less volatility over the past 5 years: 13.5% a year at 14.9% volatility, against 11.5% a year at 17.4%. Looking beyond its popular alternatives, MGV (US large-cap value) earned more than ITOT with less volatility over the past 5 years: 12.6% a year at 13.4% volatility, against 11.5% a year at 17.4%.
Is ITOT more volatile than the S&P 500?
No. ITOT's volatility over the past 5 years was 17.4%, 1.0 times the S&P 500's 17.5%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ITOT's return lands within 17.4% 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 ITOT's Sharpe ratio?
ITOT's Sharpe ratio over the past 5 years was 0.72, against 0.71 for the S&P 500, so ITOT 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 ITOT with the S&P 500?
Over the past 5 years, ITOT's monthly returns had a correlation of 1.00 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against ITOT instead: the lower it is, the more that option would diversify a ITOT holding.
What are the best alternatives to ITOT?
Of the 22 popular alternatives we compared, four outperformed ITOT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SPYM, VOO and IVV.
Did ITOT outperform the S&P 500?
ITOT finished ahead of the S&P 500 (SPY) in five of 21 full calendar years. In 2025, it returned +17.0%, against +17.7% for the index.
How did ITOT do in stock market crashes?
ITOT fell less than the S&P 500 (SPY) in none of the nine major crashes it has traded through, and further in seven. The clearest case was the 2015 China and oil sell-off, when ITOT fell 14.4% and the S&P 500 fell 12.8%.
What diversifies ITOT?
These had a low correlation with ITOT over the past 5 years and still earned a positive 5-year return: among large ETFs, GLD (correlation 0.16), XLE (correlation 0.29) and AMLP (correlation 0.46); among large stocks, CAH (correlation 0.30), MCK (correlation 0.18) and MPC (correlation 0.26). 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 ITOT's. Returns within 0.5 points or 3% of ITOT'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.
More research
Popular alternatives to ITOT
SPYMState Street SPDR Portfolio S&P 500 ETF- VOOVanguard S&P 500 ETF
IVViShares Core S&P 500 ETF
SPYState Street SPDR S&P 500 ETF
VVVanguard Morningstar Large-Cap ETF
SCHXSchwab U.S. Large-Cap ETF
IWBiShares Russell 1000 ETF
RSPInvesco S&P 500 Equal Weight ETF- VTIVanguard Morningstar Total Stock Market ETF
SCHBSchwab U.S. Broad Market ETF
VTVanguard Total World Stock ETF
IWMiShares Russell 2000 ETF