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

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on 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.

## Key findings

- **Right now:** Over the past 3 months, ITUB rose 16.7% against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. Both ITUB and the S&P 500 are within a few percent of a record high.
- **Stock or market?:** ITUB's 16.7% gain over the past 3 months is part of a broader banks rally: the banks ETF EWZ (iShares MSCI Brazil ETF) rose 21.0%, with BBD (Banco Bradesco, up 15.9%) and CIB (Grupo Cibest, up 20.5%). Last month cut against the tape: ITUB rose 14.8% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** ITUB has run far ahead of the market, rising 46.3% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (147% against 89.3%).
- **Long term:** ITUB turned $10,000 into $29,000 over the past decade, against $42,100 in the S&P 500. Even so, the past 5 years have been the better stretch: ITUB rose 221% against 81.7% for the S&P 500, after trailing over the decade.
- **In a crash:** Across six sell-offs, ITUB has typically fallen 1.4 times as far as the S&P 500.
- **Diversification:** ITUB is a real diversifier: a correlation of 0.22 with the S&P 500 over 5 years and 0.23 with the total US market, less closely than 83% of stocks worth at least $300 million. Over 10 years ITUB gave up some upside in exchange for smaller losses: 66% of the S&P 500's gains in rising months and 58% of its losses in falling ones, with a beta of 0.65.
- **Better options**
  - **Popular alternatives:** BAP (Credicorp) and BLX (Bladex) 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%.
  - **Nearby categories and themes:** MFG (Mizuho Financial Group, banks) and SMFG (Sumitomo Mitsui Financial Group, 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%.
  - **Whole market:** Few investments have done better on both counts: only 23 of the 3,633 stocks and funds worth at least $500 million earned more than ITUB with less volatility over the past 5 years, among them CAT (Caterpillar), HSBC and GE (GE Aerospace).

## 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.

- $10,000 invested in ITUB at the end of September 2002 would have grown to $760,624 by September 2026, more than the $144,215 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of ITUB, and CIB finished highest, at $1,933,846.

## 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.

- 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.
- Over 23 full calendar years, ITUB's best was 2003, when it returned 126%, and its worst was 2015, when it lost 44.0%. It lost money in eight of those years.
- ITUB is 4.5% below its all-time high.

- Type: Stock, Financials (Banks)
- Trading since: February 21, 2002
- Market value: $107B
- Volatility (5 years): 33.8%; Sharpe ratio: 0.86
- Worst decline ever: −69.2%, from May 30, 2008 to October 24, 2008; back at its high by October 5, 2009

| Period | ITUB total return |
| --- | --- |
| 1 month | +14.8% |
| 3 months | +16.7% |
| 6 months | +5.8% |
| year to date | +37.2% |
| 1 year | +46.3% |
| 3 years | +147% |
| 5 years | +221% |
| 10 years | +190% |

## 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.

- On return for the risk taken (the Sharpe ratio), ITUB ranks in the top 7% of the 2,893 stocks worth at least $300 million.

| Measure | ITUB | Rank |
| --- | --- | --- |
| 1-year return | +46.3% | 609 of 3,287 (top 19%) |
| 3-year return | +147% | 618 of 3,017 (top 21%) |
| 5-year return | +221% | 272 of 2,893 (top 10%) |
| 10-year return | +190% | 904 of 2,202 (top 42%) |
| Volatility, 5 years | 33.8% | 1,043 of 2,893 (top 37%) |
| Sharpe ratio, 5 years | 0.86 | 212 of 2,893 (top 8%) |
| Worst decline, past 10 years | −62.1% | 964 of 2,187 (top 45%) |

### 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).

- 22 stocks and one ETF worth at least $500 million sit in the green region: each earned more than ITUB 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 ITUB's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 27% less than ITUB's 33.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.86 for ITUB.
- Among ITUB's popular alternatives, BLX and BAP are in the region. BLX earned 31.4% a year against 26.3% a year for ITUB, at 25.9% volatility, 23% less than ITUB's 33.8%.

### Is there a better investment than ITUB?

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.

- 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%.
- Few investments have done better on both counts: only 23 of the 3,633 stocks and funds worth at least $500 million earned more than ITUB with less volatility over the past 5 years, among them CAT, HSBC and GE.

The 15 strongest of 23 investments that beat ITUB over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with ITUB | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ITUB: Itaú Unibanco Holding S.A. (this page) |  | +26.3% | 33.8% | 0.86 | −62.1% | +190% |  |  |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SMFG](https://easycompare.io/research/smfg): Sumitomo Mitsui Financial Group, Inc. | Banks | +33.7% | 29.4% | 1.14 | −47.6% | +474% | -0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| NHC: National HealthCare Corporation | Medical - Care Facilities | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [TRGP](https://easycompare.io/research/trgp): Targa Resources Corp. | Oil & Gas Midstream | +41.8% | 31.7% | 1.27 | −90.8% | +829% | 0.21 | Higher return, lower volatility; Higher return in most periods |
| [IMO](https://easycompare.io/research/imo): Imperial Oil Limited | Integrated Oil & Gas | +34.3% | 32.0% | 1.09 | −77.1% | +430% | 0.40 | Higher return, lower volatility; Higher return in most periods |
| [CAT](https://easycompare.io/research/cat): Caterpillar Inc. | Industrial Machinery | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [PH](https://easycompare.io/research/ph): Parker-Hannifin Corporation | Industrial Machinery | +27.4% | 28.8% | 0.99 | −54.7% | +789% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| MOG-A: Moog Inc. | Aerospace & Defense | +36.6% | 32.0% | 1.14 | −63.7% | +595% | 0.18 | Higher return, lower volatility; Higher return in most periods |
| CASY: Casey's General Stores, Inc. | Convenience Stores | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| CW: Curtiss-Wright Corporation | Aerospace & Defense | +30.8% | 28.7% | 1.08 | −48.7% | +512% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | Banks | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| BAP: Credicorp Ltd. | Banks | +30.8% | 30.3% | 1.04 | −59.2% | +298% | 0.55 | Higher return, lower volatility; Higher return in most periods |
| ESQ: Esquire Financial Holdings, Inc. | Banks - Regional | +31.7% | 31.7% | 1.03 | −56.5% | — | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## 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.

- CIB, BLX and BAP were both more rewarding and calmer than ITUB over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, ITUB returned 26.3% a year, more than the S&P 500's 12.7%, with higher volatility (33.8% against 17.1%).

### 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.

- CIB outperformed ITUB in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the 18 popular alternatives, CIB and BAP, outperformed ITUB in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- BAP and BCH earned more for the risk they took than ITUB (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of ITUB | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ITUB: Itaú Unibanco Holding S.A. (this page) | +46.3% | +147% | +221% | +190% |  |  | 0.86 |
| CIB: Grupo Cibest S.A. | +81.1% | +398% | +314% | +345% | 4/5 short-term, 3/3 long-term | all-weather | 1.03 |
| BAP: Credicorp Ltd. | +61.4% | +275% | +283% | +298% | 3/5 short-term, 3/3 long-term | consistent | 1.04 |
| BLX: Bladex, Inc. | +29.9% | +201% | +292% | +290% | 0/5 short-term, 3/3 long-term |  | 1.19 |
| GGAL: Grupo Financiero Galicia S.A. | +14.1% | +254% | +288% | +48.4% | 0/5 short-term, 2/3 long-term |  | 0.75 |
| BMA: Banco Macro S.A. | +25.7% | +297% | +360% | +14.9% | 0/5 short-term, 2/3 long-term |  | 0.81 |
| BBAR: Banco BBVA Argentina S.A. | +35.7% | +283% | +309% | −13.5% | 0/5 short-term, 2/3 long-term |  | 0.75 |
| [MELI](https://easycompare.io/research/meli): MercadoLibre, Inc. | −10.6% | +60.7% | +17.2% | +1,002% | 0/5 short-term, 1/3 long-term |  | 0.31 |
| SUPV: Grupo Supervielle S.A. | +16.3% | +274% | +194% | −48.9% | 0/5 short-term, 1/3 long-term |  | 0.65 |
| XP: XP Inc. | +83.7% | +64.5% | −0.9% | — | 5/5 short-term, 0/3 long-term |  | 0.25 |
| PAGS: PagSeguro Digital Ltd. | +38.4% | +73.1% | −66.9% | — | 3/5 short-term, 0/3 long-term |  | -0.07 |
| EWZ: iShares MSCI Brazil ETF | +48.5% | +70.8% | +100% | +90.3% | 2/5 short-term, 0/3 long-term |  | 0.64 |
| [BBD](https://easycompare.io/research/bbd): Banco Bradesco S.A. | +31.6% | +90.7% | +69.3% | +35.5% | 1/5 short-term, 0/3 long-term |  | 0.47 |
| STNE: StoneCo Ltd. | −21.7% | +46.8% | −63.0% | — | 1/5 short-term, 0/3 long-term |  | 0.02 |
| BCH: Banco de Chile | +25.2% | +138% | +208% | +180% | 0/5 short-term, 0/3 long-term |  | 0.94 |
| BSAC: Banco Santander-Chile | +24.0% | +124% | +144% | +154% | 0/5 short-term, 0/3 long-term |  | 0.76 |
| AVAL: Grupo Aval Acciones y Valores S.A. | +34.4% | +138% | +51.7% | +34.8% | 0/5 short-term, 0/3 long-term |  | 0.40 |
| [BSBR](https://easycompare.io/research/bsbr): Banco Santander (Brasil) S.A. | +6.6% | +18.6% | −2.6% | −1.2% | 0/5 short-term, 0/3 long-term |  | 0.16 |
| [NU](https://easycompare.io/research/nu): Nu Holdings Ltd. | −2.1% | +84.7% | — | — | 0/5 short-term, 0/3 long-term |  | — |

### 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.

- Ranked against its popular alternatives each year, ITUB finished in the top quarter in seven of 23 years and in the bottom quarter in three. In 2025, it ranked 5 of 19.
- ITUB finished ahead of the S&P 500 in 12 of its 23 full calendar years.
- Among its popular alternatives, MELI came out ahead of ITUB most often, in 13 of the 18 years both traded.

| Year | ITUB | SPY |
| --- | --- | --- |
| 2025 | +79.3% | +17.7% |
| 2024 | −24.2% | +24.9% |
| 2023 | +54.5% | +26.2% |
| 2022 | +30.0% | −18.2% |
| 2021 | −22.8% | +28.7% |
| 2020 | −30.5% | +18.3% |
| 2019 | +8.1% | +31.2% |
| 2018 | +13.6% | −4.6% |
| 2017 | +31.3% | +21.7% |
| 2016 | +76.8% | +12.0% |

## 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.

- In all five of ITUB's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: ITUB fell 66.3% from September 2014 to January 2016, while the S&P 500 slipped only 4.0%.
- The slowest recovery came after ITUB fell 62.1% from February 2019 to April 2020; it did not regain that peak until December 2023, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −69.2% | May 30, 2008 | October 24, 2008 | October 5, 2009 | −37.3% | 2008 financial crisis |
| −66.3% | September 2, 2014 | January 21, 2016 | October 3, 2017 | −4.0% | 2015 China and oil sell-off |
| −65.7% | April 10, 2002 | September 27, 2002 | September 4, 2003 | −26.5% | dot-com bust |
| −62.1% | February 4, 2019 | April 24, 2020 | December 27, 2023 | +6.6% | Covid crash |
| −46.9% | November 4, 2010 | June 26, 2012 | September 2, 2014 | +11.9% | 2011 euro debt crisis |

### 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.

- ITUB fell further than the S&P 500 in six of the nine crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when ITUB fell 32.4% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BCH held up best, falling less than ITUB in seven of the nine crashes they both traded through.
- ITUB began trading after the dot-com bust, but six of its popular alternatives lived through it. The mildest fall among them was BSAC's 28.0%, against 47.5% for the S&P 500.

| Crash | Dates | ITUB fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −69.2% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.7% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −30.1% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −32.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.8% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −7.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −46.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −31.5% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −8.1% | −3.4% |

### 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.

- Over the past 10 years, ITUB captured 66% of the S&P 500's gains in rising months and 58% of its losses in falling months, with a beta of 0.65. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Only BCH and MELI had a higher capture ratio (upside capture divided by downside capture) than ITUB's 1.15, out of 14 popular alternatives with the same record.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| ITUB: Itaú Unibanco Holding S.A. (this page) | 66.0% | 58.0% | 0.65 |
| CIB: Grupo Cibest S.A. | 119% | 133% | 0.99 |
| BAP: Credicorp Ltd. | 88.0% | 82.0% | 0.88 |
| BLX: Bladex, Inc. | 91.0% | 90.0% | 1.07 |
| GGAL: Grupo Financiero Galicia S.A. | 140% | 234% | 1.52 |
| BMA: Banco Macro S.A. | 113% | 202% | 1.36 |
| BBAR: Banco BBVA Argentina S.A. | 98.0% | 191% | 1.14 |
| [MELI](https://easycompare.io/research/meli): MercadoLibre, Inc. | 135% | 111% | 1.44 |
| SUPV: Grupo Supervielle S.A. | 95.0% | 224% | 1.51 |
| EWZ: iShares MSCI Brazil ETF | 69.0% | 95.0% | 0.83 |
| [BBD](https://easycompare.io/research/bbd): Banco Bradesco S.A. | 62.0% | 103% | 0.72 |
| BCH: Banco de Chile | 45.0% | 19.0% | 0.36 |
| BSAC: Banco Santander-Chile | 66.0% | 65.0% | 0.66 |
| AVAL: Grupo Aval Acciones y Valores S.A. | 89.0% | 156% | 1.03 |
| [BSBR](https://easycompare.io/research/bsbr): Banco Santander (Brasil) S.A. | 56.0% | 102% | 0.74 |

### 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).

- Moving a fifth of the money in ITUB into DXJ would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+23.7% for ITUB alone, +25.5% for the mix).
- SMH made money in six of the eight calendar years in which ITUB lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of ITUB over the past 5 years, with correlations of 0.32 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with ITUB | 5Y return | Volatility | Sharpe | Rose in ITUB's 8 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.32 | +119% | 11.1% | 1.48 | 2 of 8 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.14 | +225% | 19.1% | 1.34 | 6 of 8 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.30 | +101% | 14.5% | 1.04 | 3 of 8 |
| HDV: iShares Core High Dividend ETF | 0.36 | +83.3% | 13.0% | 1.00 | 4 of 8 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.11 | +323% | 36.9% | 0.97 | 6 of 8 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.24 | +85.0% | 13.8% | 0.96 | 6 of 8 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.11 | +126% | 18.9% | 0.96 | 5 of 8 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.19 | +136% | 20.8% | 0.93 | 3 of 8 |

## 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.

## More research

- [MercadoLibre (MELI) Performance, Alternatives and Market Rank](https://easycompare.io/research/meli)
- [Banco Bradesco (BBD) Performance, Alternatives and Market Rank](https://easycompare.io/research/bbd)
- [Banco Santander (Brasil) (BSBR) Performance, Alternatives and Market Rank](https://easycompare.io/research/bsbr)
- [NU Performance, Alternatives and Market Rank](https://easycompare.io/research/nu)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://easycompare.io/research/vti)
- [Taiwan Semiconductor Manufacturing (TSM) Performance, Alternatives and Market Rank](https://easycompare.io/research/tsm)

## Explore further

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