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Relative Intelligence · Banks

How Itaú Unibanco Holding (ITUB) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ITUB alone. It places ITUB (Itaú Unibanco Holding S.A.) against 18 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 ITUB stands in the market, and of the alternatives worth a closer look.

Period covered: ITUB's full trading record, from February 2002 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.

Rank the market against ITUB →Chart ITUB vs. 18 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in ITUB over the past 24 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ITUB over the same span and ITUB's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 2002 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. 78 of the 1,370 stocks and funds worth at least $500 million that traded the whole period ended ahead of ITUB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000$500,000$1M2002200620102014201820222026$10,000$100,000$1M20022008201420202026
  • CIB$2M+19,238% total · +24.5% a year
  • BAP$1M+11,517% total · +21.9% a year
  • BLX$1M+11,011% total · +21.7% a year
  • BBD$836,693+8,267% total · +20.3% a year
  • GGAL$798,025+7,880% total · +20.0% a year
  • ITUB$760,624+7,506% total · +19.8% a year
  • BCH$292,044+2,820% total · +15.1% a year
  • BBAR$171,794+1,618% total · +12.6% a year
  • EWZ$152,031+1,420% total · +12.0% a year
  • SPY (S&P 500)$144,215+1,342% total · +11.8% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 364 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ITUB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000202120222023202420252026$0$20,000$40,000$60,000$80,000$100,000202120222023202420252026
  • BMA$52,536+425% total · +39.3% a year
  • GGAL$47,440+374% total · +36.5% a year
  • BBAR$46,390+364% total · +35.9% a year
  • MFG$46,041+360% total · +35.7% a year
  • SMFG$44,827+348% total · +35.0% a year
  • BAP$44,181+342% total · +34.6% a year
  • BLX$42,192+322% total · +33.4% a year
  • CIB$41,844+318% total · +33.1% a year
  • ITUB$29,014+190% total · +23.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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ITUB at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$107B
Industry
Banks
Price history from
February 2002

Returns

Past 1 year
+46.3%total return
Past 3 years
+147%+35.1% a year
Past 5 years
+221%+26.3% a year
Past 10 years
+190%+11.3% a year
Best calendar year
+126%2003
Worst calendar year
−44.0%2015
Losing years
8 of 23full calendar years

Risk

Volatility
33.8%typical yearly swing, 5 years
Sharpe ratio
0.86return per unit of risk, 5 years
Worst decline ever
−69.2%May 2008 to Oct 2008
From its all-time high
−4.5%below the peak

ITUB against the whole market

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

How does ITUB rank among all stocks?

This section ranks ITUB 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 ITUB stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureITUBRankStanding
1-year return+46.3%609 of 3,287top 19%
3-year return+147%618 of 3,017top 20%
5-year return+221%272 of 2,893top 9%
10-year return+190%904 of 2,202top 41%
Volatility, 5 years33.8%1,043 of 2,893top 36%
Sharpe ratio, 5 years0.86212 of 2,893top 7%
Worst decline, past 10 years−62.1%964 of 2,187top 44%

What has beaten ITUB 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). ITUB sits where the dashed lines cross. Anything in the green box above and to the left earned more than ITUB with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to ITUB; faint dots are 13 more of the 23 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ITUBIMO: +34.3% a year, volatility 32.0%CAT: +31.1% a year, volatility 31.9%PH: +27.4% a year, volatility 28.8%MOG-A: +36.6% a year, volatility 32.0%CASY: +29.9% a year, volatility 29.3%CW: +30.8% a year, volatility 28.7%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%EPU: +29.5% a year, volatility 24.9%GE: +36.0% a year, volatility 31.0%UNM: +30.6% a year, volatility 29.3%AIT: +28.5% a year, volatility 30.3%ARLP: +29.4% a year, volatility 31.6%ITUB: +26.3% a year, volatility 33.8%SPY (S&P 500): +12.7% a year, volatility 17.1%BAP: +30.8% a year, volatility 30.3%CIB: +32.9% a year, volatility 32.9%BLX: +31.4% a year, volatility 25.9%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%MUFG: +33.2% a year, volatility 29.4%IBKR: +35.4% a year, volatility 35.4%HSBC: +33.1% a year, volatility 25.9%KB: +25.3% a year, volatility 34.4%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%SMH: +33.4% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%XOM: +27.1% a year, volatility 26.5%SGOL: +18.0% a year, volatility 18.8%ITUBSPY (S&P 500)BAPCIBBLXMFGSMFGMUFGIBKRHSBCCAHMCKLLYSMHTRGPXOMSGOL15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ITUBIMO: +34.3% a year, volatility 32.0%CAT: +31.1% a year, volatility 31.9%PH: +27.4% a year, volatility 28.8%MOG-A: +36.6% a year, volatility 32.0%CASY: +29.9% a year, volatility 29.3%CW: +30.8% a year, volatility 28.7%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%EPU: +29.5% a year, volatility 24.9%GE: +36.0% a year, volatility 31.0%UNM: +30.6% a year, volatility 29.3%AIT: +28.5% a year, volatility 30.3%ARLP: +29.4% a year, volatility 31.6%ITUB: +26.3% a year, volatility 33.8%SPY (S&P 500): +12.7% a year, volatility 17.1%BAP: +30.8% a year, volatility 30.3%CIB: +32.9% a year, volatility 32.9%BLX: +31.4% a year, volatility 25.9%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%MUFG: +33.2% a year, volatility 29.4%IBKR: +35.4% a year, volatility 35.4%HSBC: +33.1% a year, volatility 25.9%KB: +25.3% a year, volatility 34.4%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%SMH: +33.4% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%XOM: +27.1% a year, volatility 26.5%SGOL: +18.0% a year, volatility 18.8%ITUBSPY (S&P 500)BAPCIBBLXMFGSMFGIBKRHSBCKBCAHMCKLLYSMHTRGPXOMSGOL
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than ITUB?

Investments that beat ITUB over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat ITUB 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 ITUB'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 ITUB 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 ITUB'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× ITUB's volatility counts as better.

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

Screen the whole market against ITUB for any period in BetterThanSPYOpen these 18 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with ITUB?lower diversifies moreExpenseper year
ITUBItaú Unibanco Holding S.A. · this page
+26.3%33.8%0.86−62.1%+190%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.220.09%
Popular alternativesbest 3 shownThe investments people most often weigh against ITUB. 3 of 17 passed at least one test.
BAPCredicorp Ltd. · Banks
Higher return, lower volatilityHigher return in most periods+30.8%30.3%1.04−59.2%+298%0.55—
CIBGrupo Cibest S.A. · Banks
Higher return, similar volatilityHigher return in most periods+32.9%32.9%1.03−70.4%+345%0.56—
BLXBladex, Inc. · Banks - Regional
Higher return, lower volatility+31.4%25.9%1.19−68.5%+290%0.35—
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 ITUB's specific themes. 11 of 131 passed at least one test.
MFGMizuho Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.6%30.6%1.10−45.7%+345%0.11—
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%-0.01—
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst decline+33.2%29.4%1.13−54.9%+483%0.17—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return, similar volatilityHigher Sharpe, smaller worst decline+35.4%35.4%1.04−55.1%+935%0.02—
HSBCHSBC Holdings plc · Banks
Higher return, lower volatility+33.1%25.9%1.24−62.3%+319%0.19—
KBKB Financial Group Inc. · Banks
Higher return in most periods+25.3%34.4%0.83−64.1%+390%0.35—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 132 of 3,485 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.31—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.16—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.01—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.24—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.4%36.9%0.97−45.3%+1,665%0.110.35%
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return, lower volatilityHigher return in most periods+41.8%31.7%1.27−90.8%+829%0.21—
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Similar return, lower volatilityHigher return in most periods+27.1%26.5%1.04−61.0%+214%0.33—
SGOLabrdn Physical Gold Shares ETF · Gold
On the frontierSmaller losses in recent crashes+18.0%18.8%0.98−26.3%+218%0.110.17%
What these numbers mean for ITUB
Annual return
ITUB returned 26.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $32,100. 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
ITUB's volatility over the past 5 years was 33.8%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ITUB's return lands within 33.8% 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
ITUB's Sharpe ratio over the past 5 years was 0.86, against 0.79 for the S&P 500, so ITUB 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
ITUB's worst fall from a peak to a low over the past 10 years was 62.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 62.1% fall takes a 164% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ITUB's monthly returns had a correlation of 0.22 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against ITUB instead: the lower it is, the more that option would diversify a ITUB holding. Guide: Correlation and diversification →
Show all 23 stocks and funds worth at least $500 million that earned more than ITUB with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with ITUBExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.31—
2
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.16—
3
MFGMizuho Financial Group, Inc. · Banks
Same or nearby category+33.6%30.6%1.10−45.7%+345%0.11—
4
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Same or nearby category+33.7%29.4%1.14−47.6%+474%-0.01—
5
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.24—
6
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.21—
7
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%0.40—
8
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.31—
9
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.33—
10
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.18—
11
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.23—
12
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+512%0.26—
13
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Same or nearby category+33.2%29.4%1.13−54.9%+483%0.17—
14
BAPCredicorp Ltd. · Banks
Popular alternative+30.8%30.3%1.04−59.2%+298%0.55—
15
ESQEsquire Financial Holdings, Inc. · Banks - Regional
Whole market+31.7%31.7%1.03−56.5%—0.30—
16
IGICInternational General Insurance Holdings Ltd. · Insurance - Diversified
Whole market+30.8%30.9%1.03−50.6%—-0.10—
17
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.400.59%
18
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.30—
19
HSBCHSBC Holdings plc · Banks
Same or nearby category+33.1%25.9%1.24−62.3%+319%0.19—
20
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%0.16—
21
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.14—
22
ARLPAlliance Resource Partners, L.P. · Coal
Whole market+29.4%31.6%0.98−85.3%+173%0.08—
23
BLXBladex, Inc. · Banks - Regional
Popular alternative+31.4%25.9%1.19−68.5%+290%0.35—

ITUB against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityITUB: 26.3% a year, volatility 33.8%SPY (S&P 500): 12.7% a year, volatility 17.1%CIB: 32.9% a year, volatility 32.9%BAP: 30.8% a year, volatility 30.3%BLX: 31.4% a year, volatility 25.9%MELI: 3.2% a year, volatility 49.5%SUPV: 24.1% a year, volatility 71.2%XP: −0.2% a year, volatility 51.5%PAGS: −19.8% a year, volatility 60.6%BBD: 11.1% a year, volatility 39.3%STNE: −18.0% a year, volatility 65.1%AVAL: 8.7% a year, volatility 43.2%BSBR: −0.5% a year, volatility 34.4%GGAL: 31.2% a year, volatility 58.3%BMA: 35.7% a year, volatility 59.3%BBAR: 32.5% a year, volatility 64.8%EWZ: 14.9% a year, volatility 27.7%BCH: 25.2% a year, volatility 28.2%BSAC: 19.5% a year, volatility 29.0%ITUBSPY (S&P 500)CIBBAPBLXMELISUPVXPPAGSBBDSTNEAVALBSBRGGALBMABBAREWZBCHBSAC0.0%20.0%40.0%60.0%80.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityITUB: 26.3% a year, volatility 33.8%SPY (S&P 500): 12.7% a year, volatility 17.1%CIB: 32.9% a year, volatility 32.9%BAP: 30.8% a year, volatility 30.3%BLX: 31.4% a year, volatility 25.9%MELI: 3.2% a year, volatility 49.5%SUPV: 24.1% a year, volatility 71.2%XP: −0.2% a year, volatility 51.5%PAGS: −19.8% a year, volatility 60.6%BBD: 11.1% a year, volatility 39.3%STNE: −18.0% a year, volatility 65.1%AVAL: 8.7% a year, volatility 43.2%BSBR: −0.5% a year, volatility 34.4%GGAL: 31.2% a year, volatility 58.3%BMA: 35.7% a year, volatility 59.3%BBAR: 32.5% a year, volatility 64.8%EWZ: 14.9% a year, volatility 27.7%BCH: 25.2% a year, volatility 28.2%BSAC: 19.5% a year, volatility 29.0%ITUBSPY (S&P 500)CIBBAPMELISUPVXPPAGSAVALBSBRGGALBMABCHBSAC
All figures
InvestmentAnnual returnVolatility
BMA Banco Macro S.A.+35.7%59.3%
CIB Grupo Cibest S.A.+32.9%32.9%
BBAR Banco BBVA Argentina S.A.+32.5%64.8%
BLX Bladex, Inc.+31.4%25.9%
GGAL Grupo Financiero Galicia S.A.+31.2%58.3%
BAP Credicorp Ltd.+30.8%30.3%
ITUB This pageItaú Unibanco Holding S.A.+26.3%33.8%
BCH Banco de Chile+25.2%28.2%
SUPV Grupo Supervielle S.A.+24.1%71.2%
BSAC Banco Santander-Chile+19.5%29.0%
EWZ iShares MSCI Brazil ETF+14.9%27.7%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BBD Banco Bradesco S.A.+11.1%39.3%
AVAL Grupo Aval Acciones y Valores S.A.+8.7%43.2%
MELI MercadoLibre, Inc.+3.2%49.5%
XP XP Inc.−0.2%51.5%
BSBR Banco Santander (Brasil) S.A.−0.5%34.4%
STNE StoneCo Ltd.−18.0%65.1%
PAGS PagSeguro Digital Ltd.−19.8%60.6%
Open these 19 in EasyCompare

Has ITUB consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than ITUB over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
ITUB Itaú Unibanco Holding S.A. (this page)—+14.8%+16.7%+5.8%+37.2%+46.3%+147%+221%+190%33.8%0.86−62.1%—$107B—
CIB QualifiedGrupo Cibest S.A.4/5 short3/3 longAll-weather0.0%+20.5%+32.5%+59.5%+81.1%+398%+314%+345%32.9%1.03−70.4%—$23B—
BAP QualifiedCredicorp Ltd.3/5 short3/3 long+0.1%+1.0%+21.9%+42.9%+61.4%+275%+283%+298%30.3%1.04−59.2%—$31B—
BLX Banks - RegionalBladex, Inc.0/5 short3/3 long+1.8%−4.2%−0.3%+32.2%+29.9%+201%+292%+290%25.9%1.19−68.5%—$1.6B—
GGAL Banks - RegionalGrupo Financiero Galicia S.A.0/5 short2/3 long−15.0%−28.7%−24.7%−31.9%+14.1%+254%+288%+48.4%58.3%0.75−91.7%—$6.0B—
BMA Banks - RegionalBanco Macro S.A.0/5 short2/3 long−15.8%−30.1%−22.1%−25.9%+25.7%+297%+360%+14.9%59.3%0.81−91.7%—$4.0B—
BBAR Banks - RegionalBanco BBVA Argentina S.A.0/5 short2/3 long−12.5%−35.9%−24.8%−29.0%+35.7%+283%+309%−13.5%64.8%0.75−91.6%—$2.6B—
MELI Specialty RetailMercadoLibre, Inc.0/5 short1/3 long+3.2%+2.6%+0.5%−4.8%−10.6%+60.7%+17.2%+1,002%49.5%0.31−69.1%—$95B—
SUPV Banks - RegionalGrupo Supervielle S.A.0/5 short1/3 long−10.5%−25.9%−27.9%−37.9%+16.3%+274%+194%−48.9%71.2%0.65−96.0%—$676M—
XP Financial - Capital MarketsXP Inc.5/5 short0/3 long+50.8%+86.5%+52.5%+96.2%+83.7%+64.5%−0.9%—51.5%0.25−79.2%—$16B—
PAGS Specialty Business ServicesPagSeguro Digital Ltd.3/5 short0/3 long+23.8%+29.9%+9.2%+29.2%+38.4%+73.1%−66.9%—60.6%-0.07−90.0%—$3.2B—
EWZ InternationaliShares MSCI Brazil ETF2/5 short0/3 long+12.8%+21.0%+5.0%+34.6%+48.5%+70.8%+100%+90.3%27.7%0.64−57.0%0.59%$14B—
BBD Banks - RegionalBanco Bradesco S.A.1/5 short0/3 long+18.3%+15.9%+1.7%+29.1%+31.6%+90.7%+69.3%+35.5%39.3%0.47−67.7%—$43B—
STNE Software - InfrastructureStoneCo Ltd.1/5 short0/3 long+24.3%+8.5%−5.1%−0.6%−21.7%+46.8%−63.0%—65.1%0.02−92.3%—$2.8B—
BCH Banks - RegionalBanco de Chile0/5 short0/3 long−4.6%−1.0%−3.7%+8.6%+25.2%+138%+208%+180%28.2%0.94−58.4%—$20B—
BSAC Banks - RegionalBanco Santander-Chile0/5 short0/3 long−4.1%+0.2%−2.0%+11.4%+24.0%+124%+144%+154%29.0%0.76−63.9%—$16B—
AVAL Banks - RegionalGrupo Aval Acciones y Valores S.A.0/5 short0/3 long−4.3%−1.0%+3.0%+23.8%+34.4%+138%+51.7%+34.8%43.2%0.40−62.1%—$5.7B—
BSBR Banks - RegionalBanco Santander (Brasil) S.A.0/5 short0/3 long−4.4%+6.0%−10.8%−6.8%+6.6%+18.6%−2.6%−1.2%34.4%0.16−70.6%—$42B—
NU Banks - RegionalNu Holdings Ltd.0/5 short0/3 long+7.3%+7.9%−0.1%−11.3%−2.1%+84.7%————−72.1%—$73B—
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How did ITUB do year by year?

This table shows each investment's total return in every full calendar year since 2003, along with where ITUB ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ITUB and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of ITUB; gray means the two finished within a fraction of a point. The rank row places ITUB among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of ITUB20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003
ITUB This pageItaú Unibanco Holding S.A.—+79.3%−24.2%+54.5%+30.0%−22.8%−30.5%+8.1%+13.6%+31.3%+76.8%−44.0%+9.9%−5.2%−6.8%−19.1%+8.8%+125%−38.8%+50.9%+57.9%+65.1%+61.5%+126%
Rank among alternativesTop quarter in 7 of 235 of 1913 of 199 of 193 of 1912 of 1813 of 1810 of 172 of 1510 of 153 of 1413 of 147 of 137 of 1311 of 138 of 1311 of 135 of 126 of 124 of 112 of 103 of 103 of 105 of 10
SPY S&P 500State Street SPDR S&P 500 ETF11 of 23+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%
CIB Grupo Cibest S.A.13 of 23+122%+13.6%+20.6%−2.0%−20.8%−22.6%+47.2%−0.8%+11.4%+41.9%−42.2%+0.4%−24.2%+14.7%−1.5%+39.4%+102%−28.9%+12.8%+10.9%+109%+176%+138%
BAP Credicorp Ltd.11 of 23+65.4%+31.4%+16.3%+14.6%−24.7%−17.7%−0.3%+9.0%+37.8%+64.9%−38.4%+22.3%−7.9%+36.3%−6.0%+57.5%+58.9%−33.2%+91.0%+86.8%+50.5%+22.0%+51.8%
BLX Bladex, Inc.13 of 23+33.1%+53.7%+60.6%+4.3%+11.6%−19.4%+33.0%−31.3%−3.4%+20.6%−10.3%+14.2%+36.5%+41.6%−9.1%+38.7%+2.5%−7.3%−0.5%+3.0%+3.7%+12.3%+324%
GGAL Grupo Financiero Galicia S.A.11 of 23−11.4%+289%+92.3%+7.3%+9.5%−45.6%−40.4%−57.9%+145%−0.3%+70.8%+52.5%+58.8%+12.4%−61.1%+166%+155%−70.2%−20.7%+38.3%−19.4%+27.3%+234%
BMA Banco Macro S.A.9 of 19−3.6%+266%+84.9%+26.5%−10.0%−57.0%−14.1%−60.7%+81.5%+12.2%+32.9%+86.4%+33.8%−7.0%−58.8%+74.0%+183%−54.5%−19.6%————
BBAR Banco BBVA Argentina S.A.11 of 23−4.1%+316%+47.3%+34.2%−1.8%−42.3%−49.2%−54.5%+47.0%−6.5%+38.3%+98.7%+38.3%+3.1%−53.6%+106%+141%−58.3%−19.1%+34.1%−0.3%−20.7%+209%
MELI MercadoLibre, Inc.13 of 18+18.4%+8.2%+85.7%−37.2%−19.5%+193%+95.3%−6.9%+102%+37.1%−10.1%+19.2%+38.0%−0.7%+19.9%+28.5%+216%−77.8%—————
SUPV Grupo Supervielle S.A.4 of 9−20.8%+281%+87.6%+11.2%−7.4%−41.7%−57.1%−70.2%+124%——————————————
XP XP Inc.2 of 6+39.6%−52.3%+79.6%−46.6%−27.6%+3.0%—————————————————
PAGS PagSeguro Digital Ltd.2 of 7+61.0%−49.8%+42.7%−66.7%−53.9%+66.5%+82.3%————————————————
EWZ iShares MSCI Brazil ETF6 of 23+48.8%−30.4%+32.6%+12.1%−17.3%−20.3%+27.7%−2.5%+23.6%+64.5%−41.8%−15.5%−17.5%+0.3%−24.1%+7.8%+122%−56.0%+74.8%+43.3%+52.7%+33.6%+117%
BBD Banco Bradesco S.A.10 of 23+96.9%−42.2%+34.8%−5.1%−25.4%−33.6%+15.7%+9.7%+33.6%+108%−55.3%+9.1%−19.5%+6.1%−16.2%+13.9%+124%−52.7%+58.7%+39.4%+133%+445%+78.3%
STNE StoneCo Ltd.4 of 7+85.7%−55.8%+90.9%−44.0%−79.9%+110%+116%————————————————
BCH Banco de Chile11 of 23+77.6%+3.9%+20.3%+39.2%−21.6%+1.1%−24.7%−6.9%+45.0%+25.9%−8.2%−16.5%−3.7%+24.0%−2.5%+72.4%+79.1%−25.6%−3.3%+37.0%+9.5%+43.4%+81.3%
BSAC Banco Santander-Chile9 of 23+74.3%+0.9%+31.6%+3.0%−11.0%−13.0%−19.9%−0.1%+49.4%+30.8%−5.8%−12.7%−13.9%+1.4%−16.0%+50.3%+96.2%−27.7%+9.8%+12.0%+39.6%+53.0%+35.1%
AVAL Grupo Aval Acciones y Valores S.A.5 of 11+109%−11.3%+4.4%−25.9%−22.2%−16.6%+53.4%−27.4%+11.8%+27.0%−31.4%————————————
BSBR Banco Santander (Brasil) S.A.5 of 16+62.5%−39.7%+23.0%+2.9%−34.2%−27.0%+14.0%+21.3%+12.2%+143%−20.0%−12.2%−15.3%−7.3%−37.5%+2.1%———————
NU Nu Holdings Ltd.2 of 4+61.6%+24.4%+105%−56.6%———————————————————
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Risk and diversification

How ITUB 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 ITUB's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ITUB's five deepest drawdowns since it began trading in 2002, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means ITUB fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringITUB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−69.2%−37.3%May 2008Oct 20085 monthsOct 200912 months
2015 China and oil sell-off−66.3%−4.0%Sep 2014Jan 201616 monthsOct 201721 months
Dot-com bust−65.7%−26.5%Apr 2002Sep 20025 monthsSep 200312 months
Covid crash−62.1%+6.6%Feb 2019Apr 202014 monthsDec 20233.7 years
2011 euro debt crisis−46.9%+11.9%Nov 2010Jun 201219 monthsSep 20142.3 years

How did ITUB do in stock market crashes?

This section measures how far ITUB, 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: ITUB began trading on February 21, 2002, 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.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than ITUB.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
ITUB This pageItaú Unibanco Holding S.A.—−8.1%−31.5%−46.3%−7.5%−5.8%−32.4%−30.1%−0.7%−69.2%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF6 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CIB Grupo Cibest S.A.3 of 9−9.8%−44.6%−70.1%−15.3%−4.8%−38.7%−17.7%−1.7%−63.4%−75.1%
BAP Credicorp Ltd.4 of 9−4.7%−33.3%−38.3%−7.3%−6.7%−33.9%−16.0%−2.8%−64.9%−55.6%
BLX Bladex, Inc.6 of 9−3.8%−23.9%−48.4%−26.7%−4.6%−27.8%−19.7%−2.5%−63.2%−94.3%
GGAL Grupo Financiero Galicia S.A.1 of 9−14.5%−44.7%−58.1%−27.3%−8.5%−22.1%−47.8%−1.5%−82.4%—
BMA Banco Macro S.A.1 of 9−11.1%−41.2%−55.7%−26.4%−6.3%−27.9%−48.1%−0.5%−77.5%—
BBAR Banco BBVA Argentina S.A.2 of 9−16.6%−41.8%−50.5%−23.9%−8.5%−30.1%−47.1%0.0%−80.2%−95.7%
MELI MercadoLibre, Inc.3 of 9−7.2%−51.6%−39.1%−30.3%−8.8%−31.9%−39.5%0.0%−89.5%—
SUPV Grupo Supervielle S.A.0 of 5−12.1%−39.8%−54.4%−29.4%−7.0%—————
XP XP Inc.0 of 3−15.3%−52.4%−60.6%———————
PAGS PagSeguro Digital Ltd.1 of 5−12.8%−60.9%−59.7%−44.9%−0.7%—————
EWZ iShares MSCI Brazil ETF2 of 9−5.6%−32.2%−52.6%−10.6%−6.3%−36.9%−29.1%−0.7%−73.0%—
BBD Banco Bradesco S.A.3 of 9−6.9%−30.2%−54.5%−7.6%−6.3%−44.3%−25.1%−0.8%−69.0%—
STNE StoneCo Ltd.0 of 3−10.2%−59.0%−55.2%———————
BCH Banco de Chile7 of 9−2.1%−27.0%−29.8%−10.5%−2.7%−15.2%−25.4%−1.4%−57.6%−37.3%
BSAC Banco Santander-Chile6 of 9−6.0%−37.0%−38.1%−12.4%−4.5%−22.6%−29.0%−1.2%−48.4%−28.0%
AVAL Grupo Aval Acciones y Valores S.A.3 of 6−4.2%−53.4%−61.9%−28.0%−4.5%−29.1%————
BSBR Banco Santander (Brasil) S.A.1 of 8−8.6%−37.6%−50.4%−13.9%−6.2%−31.4%−30.5%−4.0%——
NU Nu Holdings Ltd.0 of 2−10.0%−67.5%————————
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How closely does ITUB 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 ITUB with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than ITUB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ITUB This pageItaú Unibanco Holding S.A.66%58%1.150.65
BCH Banco de Chile45%19%2.410.36
MELI MercadoLibre, Inc.135%111%1.211.44
BAP Credicorp Ltd.88%82%1.070.88
BLX Bladex, Inc.91%90%1.011.07
BSAC Banco Santander-Chile66%65%1.010.66
CIB Grupo Cibest S.A.119%133%0.900.99
EWZ iShares MSCI Brazil ETF69%95%0.730.83
GGAL Grupo Financiero Galicia S.A.140%234%0.601.52
BBD Banco Bradesco S.A.62%103%0.600.72
AVAL Grupo Aval Acciones y Valores S.A.89%156%0.571.03
BMA Banco Macro S.A.113%202%0.561.36
BSBR Banco Santander (Brasil) S.A.56%102%0.550.74
BBAR Banco BBVA Argentina S.A.98%191%0.511.14
SUPV Grupo Supervielle S.A.95%224%0.421.51
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What diversifies ITUB?

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 ITUB's. Because such investments tend not to fall at the same time, pairing ITUB with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which ITUB lost money. The last two columns show a portfolio that is 80% ITUB and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2024202120202015201320122011200880/20 mix volatility80/20 mix annual return
ITUB Itaú Unibanco Holding S.A. (this page)1.00+221%0.86−24.2%−22.8%−30.5%−44.0%−5.2%−6.8%−19.1%−38.8%33.8%+23.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.32+119%1.48+15.9%+17.8%−9.0%—————27.7%+23.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.14+225%1.34+29.8%+18.0%+3.9%+7.7%+41.3%+19.6%−16.1%−20.8%27.5%+25.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.30+101%1.04+33.4%+23.1%−13.4%−25.3%+16.6%———28.1%+23.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.36+83.3%1.00+14.1%+19.6%−6.5%−0.3%+23.8%+9.6%——28.2%+22.3%
SMH TechnologyVanEck Semiconductor ETF0.11+323%0.97+39.1%+42.1%+55.5%−0.3%+33.4%+8.6%+6.8%−44.7%28.7%+28.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.24+85.0%0.96+13.4%+19.6%+2.1%+4.1%+26.4%+20.9%——27.7%+22.7%
GLD CommoditiesSPDR Gold Shares0.11+126%0.96+26.7%−4.2%+24.8%−10.7%−28.3%+6.6%+9.6%+4.9%27.6%+23.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.19+136%0.93+45.8%+22.7%+28.2%—————28.1%+24.5%

Stocks

InvestmentCorrelation5Y returnSharpe2024202120202015201320122011200880/20 mix volatility80/20 mix annual return
ITUB Itaú Unibanco Holding S.A. (this page)1.00+221%0.86−24.2%−22.8%−30.5%−44.0%−5.2%−6.8%−19.1%−38.8%33.8%+23.7%
CAH Medical - DistributionCardinal Health, Inc.0.31+479%1.55+19.0%−0.4%+10.1%+12.6%+66.0%+3.8%+8.1%−39.6%29.1%+27.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.09+3,143%1.47+215%+37.9%−2.4%−6.0%+27.6%+11.2%−24.4%−20.5%30.4%+41.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.16+1,636%1.46+107%+89.0%+6.7%+67.7%+61.7%+15.7%−17.0%−15.2%29.8%+37.3%
MCK Medical - DistributionMcKesson Corporation0.16+413%1.44+23.7%+44.2%+27.1%−4.5%+67.7%+25.6%+11.8%−40.4%28.3%+27.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.28+690%1.41−4.0%+61.0%−27.4%+17.4%+48.6%+94.3%——29.5%+29.8%
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Common questions

What was ITUB's worst drawdown?

ITUB's deepest decline since it began trading in 2002 was 69.2%, from May to October 2008. It took 12 months from the low to climb back to its old high.

What were ITUB's best and worst years?

Over 23 full calendar years, ITUB's best year was 2003, when it returned 126%. Its worst was 2015, with a return of -44.0%.

Is there a better investment than ITUB?

Among ITUB's popular alternatives, BAP and BLX earned more than ITUB with less volatility over the past 5 years. BAP returned 30.8% a year at 30.2% volatility, against 26.3% a year at 33.8%. Looking beyond its popular alternatives, MFG (banks) and SMFG (banks) earned more than ITUB with less volatility over the past 5 years. MFG returned 33.6% a year at 30.6% volatility, against 26.3% a year at 33.8%.

Is ITUB more volatile than the S&P 500?

Yes. ITUB's volatility over the past 5 years was 33.8%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ITUB's return lands within 33.8% 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 ITUB's Sharpe ratio?

ITUB's Sharpe ratio over the past 5 years was 0.86, against 0.79 for the S&P 500, so ITUB 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 ITUB with the S&P 500?

Over the past 5 years, ITUB's monthly returns had a correlation of 0.22 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against ITUB instead: the lower it is, the more that option would diversify a ITUB holding.

What are the best alternatives to ITUB?

Of the 18 popular alternatives we compared, two outperformed ITUB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CIB and BAP.

Did ITUB outperform the S&P 500?

ITUB finished ahead of the S&P 500 (SPY) in 12 of 23 full calendar years. In 2025, it returned +79.3%, against +17.7% for the index.

How did ITUB do in stock market crashes?

ITUB fell less than the S&P 500 (SPY) in three of the nine major crashes it has traded through, and further in six. The clearest case was the 2015 China and oil sell-off, when ITUB fell 32.4% and the S&P 500 fell 12.8%.

What diversifies ITUB?

These had a low correlation with ITUB over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.32), DXJ (correlation 0.14) and EMLP (correlation 0.30); among large stocks, CAH (correlation 0.31), CLS (correlation 0.09) and FIX (correlation 0.16). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ITUB

Other stocks and ETFs