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Relative Intelligence · Diversified Financials

How ORIX (IX) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on IX alone. It places IX (ORIX Corporation) against 19 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 IX stands in the market, and of the alternatives worth a closer look.

Period covered: IX's full trading record, from September 1998 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against IX →Chart IX vs. 19 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in IX over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of IX over the same span and IX'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 1998 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. 550 of the 1,106 stocks and funds worth at least $500 million that traded the whole period ended ahead of IX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000199820032008201320182023$10,000$100,00019982005201220192026
  • RY$529,885+5,199% total · +15.2% a year
  • TD$523,409+5,134% total · +15.2% a year
  • CM$457,207+4,472% total · +14.6% a year
  • URI$434,165+4,242% total · +14.4% a year
  • R$183,325+1,733% total · +10.9% a year
  • SPY (S&P 500)$121,630+1,116% total · +9.3% a year
  • IX$115,318+1,053% total · +9.1% a year
  • GATX$114,410+1,044% total · +9.1% a year
  • COF$78,737+687% total · +7.6% a year
  • MUFG$65,916+559% total · +7.0% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 560 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of IX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • MFG$46,041+360% total · +35.7% a year
  • SMFG$44,827+348% total · +35.0% a year
  • MUFG$44,537+345% total · +34.8% a year
  • R$31,061+211% total · +25.4% a year
  • URI$29,622+196% total · +24.3% a year
  • AER$25,474+155% total · +20.6% a year
  • CM$25,433+154% total · +20.5% a year
  • IX$23,867+139% total · +19.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • COF$13,015+30.2% total · +5.4% a year
Change the dates or add tickers to this chart in EasyCompare

IX 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
$41B
Industry
Financial - Credit Services
Price history from
September 1998

Returns

Past 1 year
+50.8%total return
Past 3 years
+128%+31.6% a year
Past 5 years
+128%+17.9% a year
Past 10 years
+284%+14.4% a year
Best calendar year
+199%1999
Worst calendar year
−66.0%2008
Losing years
10 of 27full calendar years

Risk

Volatility
25.4%typical yearly swing, 5 years
Sharpe ratio
0.78return per unit of risk, 5 years
Worst decline ever
−93.8%Apr 2006 to Feb 2009
From its all-time high
−10.0%below the peak

IX against the whole market

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

How does IX rank among all stocks?

This section ranks IX 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 IX 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.

MeasureIXRankStanding
1-year return+50.8%543 of 3,287top 17%
3-year return+128%716 of 3,017top 24%
5-year return+128%540 of 2,893top 19%
10-year return+284%626 of 2,202top 28%
Volatility, 5 years25.4%360 of 2,893top 12%
Sharpe ratio, 5 years0.78314 of 2,893top 11%
Worst decline, past 10 years−42.5%213 of 2,187top 10%

What has beaten IX 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). IX sits where the dashed lines cross. Anything in the green box above and to the left earned more than IX 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 IX; faint dots are 17 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.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%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 IXWMT: +20.8% a year, volatility 22.6%TRV: +22.4% a year, volatility 22.3%MFC: +22.6% a year, volatility 24.0%COR: +24.2% a year, volatility 22.8%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%WELL: +26.0% a year, volatility 23.8%TJX: +19.9% a year, volatility 22.3%WMB: +24.6% a year, volatility 24.0%AFL: +19.0% a year, volatility 20.8%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%IXC: +20.7% a year, volatility 23.2%EWP: +19.2% a year, volatility 20.3%ATMP: +21.2% a year, volatility 21.5%IX: +17.9% a year, volatility 25.4%SPY (S&P 500): +12.7% a year, volatility 17.1%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%URI: +24.3% a year, volatility 39.1%CM: +19.2% a year, volatility 21.6%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%BAP: +30.8% a year, volatility 30.3%CIB: +32.9% a year, volatility 32.9%HSBC: +33.1% a year, volatility 25.9%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%PM: +21.0% a year, volatility 23.4%ESLT: +39.8% a year, volatility 34.6%CAH: +42.1% a year, volatility 24.7%NHC: +32.0% a year, volatility 28.5%CRAK: +19.8% a year, volatility 20.9%LVHI: +17.0% a year, volatility 11.1%DXJ: +26.6% a year, volatility 19.1%IXSPY (S&P 500)MUFGSMFGURICMRYTDBAPCIBHSBCLLYABBVPMESLTCAHNHCCRAKLVHIDXJ0.0%10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than IXWMT: +20.8% a year, volatility 22.6%TRV: +22.4% a year, volatility 22.3%MFC: +22.6% a year, volatility 24.0%COR: +24.2% a year, volatility 22.8%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%WELL: +26.0% a year, volatility 23.8%TJX: +19.9% a year, volatility 22.3%WMB: +24.6% a year, volatility 24.0%AFL: +19.0% a year, volatility 20.8%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%IXC: +20.7% a year, volatility 23.2%EWP: +19.2% a year, volatility 20.3%ATMP: +21.2% a year, volatility 21.5%IX: +17.9% a year, volatility 25.4%SPY (S&P 500): +12.7% a year, volatility 17.1%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%URI: +24.3% a year, volatility 39.1%CM: +19.2% a year, volatility 21.6%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%BAP: +30.8% a year, volatility 30.3%CIB: +32.9% a year, volatility 32.9%HSBC: +33.1% a year, volatility 25.9%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%PM: +21.0% a year, volatility 23.4%ESLT: +39.8% a year, volatility 34.6%CAH: +42.1% a year, volatility 24.7%NHC: +32.0% a year, volatility 28.5%CRAK: +19.8% a year, volatility 20.9%LVHI: +17.0% a year, volatility 11.1%DXJ: +26.6% a year, volatility 19.1%IXSPY (S&P 500)MUFGMFGURICMRYTDBAPHSBCLLYABBVPMESLTCAHLVHIDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than IX?

Investments that beat IX 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 IX 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 IX'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 IX 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 IX'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× IX's volatility counts as better.

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

Screen the whole market against IX for any period in BetterThanSPYOpen these 19 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 IX?lower diversifies moreExpenseper year
IXORIX Corporation · this page
+17.9%25.4%0.78−42.5%+284%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.590.09%
Popular alternativesbest 4 shownThe investments people most often weigh against IX. 4 of 18 passed at least one test.
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return in most periods+33.2%29.4%1.13−54.9%+483%0.57—
MFGMizuho Financial Group, Inc. · Banks
Higher return in most periods+33.6%30.6%1.10−45.7%+345%0.54—
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Higher return in most periods+33.7%29.4%1.14−47.6%+474%0.63—
URIUnited Rentals, Inc. · Equipment Rental
Higher return in most periods+24.3%39.1%0.75−63.3%+1,270%0.54—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Diversified Financials and the categories next to it (Banks, Equipment Rental, Consumer Finance, Alternative Asset Management), plus IX's specific themes. 8 of 100 passed at least one test.
CMCanadian Imperial Bank of Commerce · Banks
Higher return, lower volatility+19.2%21.6%0.93−47.3%+395%0.52—
RYRoyal Bank of Canada · Banks
On the frontierSimilar return, lower volatility+17.3%18.2%0.97−40.0%+352%0.59—
TDThe Toronto-Dominion Bank · Banks
Higher return in most periods+15.8%20.0%0.84−42.0%+310%0.54—
BAPCredicorp Ltd. · Banks
Higher return in most periods+30.8%30.3%1.04−59.2%+298%0.39—
CIBGrupo Cibest S.A. · Banks
Higher return in most periods+32.9%32.9%1.03−70.4%+345%0.25—
HSBCHSBC Holdings plc · Banks
Higher return, similar volatility+33.1%25.9%1.24−62.3%+319%0.52—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 155 of 3,515 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.13—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.24—
PMPhilip Morris International Inc. · Tobacco
Higher return, lower volatilityHigher return in most periods+21.0%23.4%0.94−42.9%+242%0.39—
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+39.8%34.6%1.15−35.4%+765%0.10—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.13—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.50—
CRAKVanEck Oil Refiners ETF · Energy
Higher return, lower volatilityHigher return in most periods+19.8%20.9%0.97−58.8%+336%0.380.61%
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+17.0%11.1%1.48−32.4%+194%0.690.40%
What these numbers mean for IX
Annual return
IX returned 17.9% 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 $22,800. 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
IX's volatility over the past 5 years was 25.4%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IX's return lands within 25.4% 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
IX's Sharpe ratio over the past 5 years was 0.78, against 0.79 for the S&P 500, so IX earned less 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
IX's worst fall from a peak to a low over the past 10 years was 42.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 42.5% fall takes a 73.9% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, IX's monthly returns had a correlation of 0.59 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against IX instead: the lower it is, the more that option would diversify a IX holding. Guide: Correlation and diversification →
Show all 23 stocks and funds worth at least $500 million that earned more than IX with less volatility

Out of 3,633 tested over 5 years. The strongest 22 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with IXExpense
1
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.24—
2
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.39—
3
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.22—
4
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.41—
5
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.50—
6
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.30—
7
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.380.61%
8
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.41—
9
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.510.45%
10
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.580.48%
11
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.46—
12
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.46—
13
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.36—
14
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.52—
15
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.11—
16
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.41—
17
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.130.80%
18
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.31—
19
CMCanadian Imperial Bank of Commerce · Banks
Same or nearby category+19.2%21.6%0.93−47.3%+395%0.52—
20
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%0.350.37%
21
EWPiShares MSCI Spain ETF · Broad Market
Whole market+19.2%20.3%0.97−46.4%+196%0.510.50%
22
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.440.95%

IX against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityIX: 17.9% a year, volatility 25.4%SPY (S&P 500): 12.7% a year, volatility 17.1%COF: 4.9% a year, volatility 35.2%KKR: 5.7% a year, volatility 39.8%HRI: −6.0% a year, volatility 52.4%C: 15.1% a year, volatility 29.4%NMR: 17.1% a year, volatility 29.9%PRU: 5.2% a year, volatility 25.5%ALLY: −4.3% a year, volatility 38.2%FNF: 0.7% a year, volatility 26.5%BAC: 4.0% a year, volatility 26.6%TRN: 0.5% a year, volatility 35.7%URI: 24.3% a year, volatility 39.1%MUFG: 33.2% a year, volatility 29.4%MFG: 33.6% a year, volatility 30.6%SMFG: 33.7% a year, volatility 29.4%R: 25.1% a year, volatility 32.6%AER: 18.4% a year, volatility 31.5%GATX: 12.4% a year, volatility 25.1%EWJ: 9.3% a year, volatility 18.8%IXSPY (S&P 500)COFKKRHRICNMRPRUALLYFNFTRNURIMUFGSMFGRAERGATXEWJ10.0%20.0%30.0%40.0%50.0%60.0%−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 volatilityIX: 17.9% a year, volatility 25.4%SPY (S&P 500): 12.7% a year, volatility 17.1%COF: 4.9% a year, volatility 35.2%KKR: 5.7% a year, volatility 39.8%HRI: −6.0% a year, volatility 52.4%C: 15.1% a year, volatility 29.4%NMR: 17.1% a year, volatility 29.9%PRU: 5.2% a year, volatility 25.5%ALLY: −4.3% a year, volatility 38.2%FNF: 0.7% a year, volatility 26.5%BAC: 4.0% a year, volatility 26.6%TRN: 0.5% a year, volatility 35.7%URI: 24.3% a year, volatility 39.1%MUFG: 33.2% a year, volatility 29.4%MFG: 33.6% a year, volatility 30.6%SMFG: 33.7% a year, volatility 29.4%R: 25.1% a year, volatility 32.6%AER: 18.4% a year, volatility 31.5%GATX: 12.4% a year, volatility 25.1%EWJ: 9.3% a year, volatility 18.8%IXSPY (S&P 500)COFKKRHRICPRUALLYFNFBACTRNURIMUFGMFGRAEREWJ
All figures
InvestmentAnnual returnVolatility
SMFG Sumitomo Mitsui Financial Group, Inc.+33.7%29.4%
MFG Mizuho Financial Group, Inc.+33.6%30.6%
MUFG Mitsubishi UFJ Financial Group, Inc.+33.2%29.4%
R Ryder System, Inc.+25.1%32.6%
URI United Rentals, Inc.+24.3%39.1%
AER AerCap Holdings N.V.+18.4%31.5%
IX This pageORIX Corporation+17.9%25.4%
NMR Nomura Holdings, Inc.+17.1%29.9%
C Citigroup Inc.+15.1%29.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
GATX GATX Corporation+12.4%25.1%
EWJ iShares MSCI Japan ETF+9.3%18.8%
KKR KKR & Co. Inc.+5.7%39.8%
PRU Prudential Financial, Inc.+5.2%25.5%
COF Capital One Financial Corporation+4.9%35.2%
BAC Bank of America Corporation+4.0%26.6%
FNF Fidelity National Financial, Inc.+0.7%26.5%
TRN Trinity Industries, Inc.+0.5%35.7%
ALLY Ally Financial Inc.−4.3%38.2%
HRI Herc Holdings Inc.−6.0%52.4%
Open these 20 in EasyCompare

Has IX consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than IX 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
IX ORIX Corporation (this page)—−6.2%−2.9%+16.7%+27.9%+50.8%+128%+128%+284%25.4%0.78−42.5%—$41B—
URI QualifiedUnited Rentals, Inc.3/5 short3/3 long+1.4%+3.3%+29.0%+24.3%+5.2%+164%+196%+1,270%39.1%0.75−63.3%—$65B—
MUFG QualifiedMitsubishi UFJ Financial Group, Inc.3/5 short3/3 long−6.9%+1.8%+19.6%+36.5%+41.3%+184%+319%+483%29.4%1.13−54.9%—$244B—
MFG QualifiedMizuho Financial Group, Inc.3/5 short3/3 long−10.6%+0.7%+15.2%+33.7%+53.1%+216%+326%+345%30.6%1.10−45.7%—$121B—
SMFG Banks - DiversifiedSumitomo Mitsui Financial Group, Inc.2/5 short3/3 long−7.9%−1.3%+15.9%+28.3%+53.5%+181%+327%+474%29.4%1.14−47.6%—$94B—
R Rental & Leasing ServicesRyder System, Inc.1/5 short3/3 long+0.1%−11.0%+4.0%+23.8%+31.6%+149%+206%+407%32.6%0.85−72.3%—$9.1B—
AER Rental & Leasing ServicesAerCap Holdings N.V.1/5 short2/3 long+1.0%−2.4%−0.8%+0.7%+20.6%+155%+133%+263%31.5%0.70−75.9%—$23B—
COF Financial - Credit ServicesCapital One Financial Corporation2/5 short1/3 long−1.6%−2.2%−1.2%−17.8%−4.7%+134%+27.0%+222%35.2%0.31−60.3%—$124B—
KKR Asset ManagementKKR & Co. Inc.0/5 short1/3 long−11.5%−7.8%−13.8%−30.4%−25.2%+65.7%+31.8%+653%39.8%0.34−49.4%—$80B—
HRI Rental & Leasing ServicesHerc Holdings Inc.0/5 short1/3 long−10.9%−14.5%+13.9%−16.5%−0.4%+23.5%−26.7%+365%52.4%0.14−82.2%—$4.2B—
GATX Rental & Leasing ServicesGATX Corporation0/5 short1/3 long−10.4%−8.9%−18.9%−4.3%−5.1%+59.5%+79.2%+329%25.1%0.59−38.3%—$5.7B—
C Banks - DiversifiedCitigroup Inc.0/5 short1/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
NMR Financial - Capital MarketsNomura Holdings, Inc.0/5 short1/3 long−10.0%−2.8%+7.5%+8.0%+28.2%+162%+120%+179%29.9%0.68−54.0%—$27B—
EWJ InternationaliShares MSCI Japan ETF2/5 short0/3 long−2.6%+5.5%+7.4%+18.0%+19.2%+79.1%+55.6%+132%18.8%0.57−33.1%0.49%$23B—
PRU Insurance - LifePrudential Financial, Inc.2/5 short0/3 long−2.8%−1.2%+15.2%+5.2%+19.6%+47.5%+29.0%+117%25.5%0.33−65.9%—$40B—
BAM Asset ManagementBrookfield Asset Management Ltd.2/5 short0/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
ALLY Financial - Credit ServicesAlly Financial Inc.1/5 short0/3 long−4.8%−16.0%−16.9%−15.3%−3.5%+73.9%−19.6%+159%38.2%0.08−66.2%—$12B—
FNF Insurance - SpecialtyFidelity National Financial, Inc.1/5 short0/3 long−4.6%−19.4%−17.8%−22.8%−24.7%+20.0%+3.6%+124%26.5%0.16−56.2%—$11B—
BAC Banks - DiversifiedBank of America Corporation0/5 short0/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
TRN RailroadsTrinity Industries, Inc.0/5 short0/3 long−9.9%−31.1%−20.6%−4.1%−8.8%+29.7%+2.5%+107%35.7%0.19−45.2%—$2.0B—
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How did IX do year by year?

This table shows each investment's total return in every full calendar year since 1999, along with where IX ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with IX 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 IX; gray means the two finished within a fraction of a point. The rank row places IX among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of IX202520242023202220212020201920182017201620152014201320122011201020092008200720062005200420032002200120001999
IX This pageORIX Corporation—+43.4%+17.6%+20.1%−17.8%+36.9%−1.9%+22.4%−12.5%+12.1%+14.1%+16.4%−28.6%+58.9%+39.6%−14.8%+43.7%+22.8%−66.0%−42.0%+15.7%+86.0%+68.7%+27.3%−28.0%−7.3%−48.9%+199%
Rank among alternativesTop quarter in 7 of 275 of 2017 of 2014 of 2013 of 1910 of 1910 of 1911 of 193 of 1916 of 199 of 192 of 1917 of 186 of 187 of 189 of 185 of 186 of 1813 of 1816 of 177 of 131 of 121 of 1211 of 129 of 127 of 1111 of 111 of 11
SPY S&P 500State Street SPDR S&P 500 ETF14 of 27+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%
URI United Rentals, Inc.18 of 27+15.9%+24.0%+63.6%+7.0%+43.3%+39.1%+62.6%−40.4%+62.8%+45.6%−28.9%+30.9%+71.3%+54.0%+29.9%+132%+7.5%−50.3%−27.8%+8.7%+23.8%−1.9%+79.0%−52.6%+68.9%−21.5%−48.3%
MUFG Mitsubishi UFJ Financial Group, Inc.10 of 27+40.0%+39.7%+32.7%+26.2%+27.9%−13.7%+15.8%−31.3%+20.7%+2.5%+15.2%−14.6%+26.0%+33.1%−19.9%+13.3%−19.1%−32.3%−24.2%−8.6%+35.4%+31.3%+47.6%−16.0%−33.1%−30.0%+33.4%
MFG Mizuho Financial Group, Inc.9 of 19+54.5%+47.8%+26.2%+17.2%+4.9%−12.8%+7.3%−14.1%+4.9%−7.2%+23.0%−19.3%+22.2%+43.0%−23.4%+10.1%−35.1%−38.1%−33.1%————————
SMFG Sumitomo Mitsui Financial Group, Inc.6 of 19+38.0%+54.8%+25.7%+24.5%+18.6%−10.9%+19.4%−22.2%+18.0%+5.2%+7.7%−28.7%+47.2%+38.4%−19.2%+30.0%−28.6%−43.6%−27.1%————————
R Ryder System, Inc.15 of 27+24.5%+39.5%+41.6%+4.4%+37.6%+20.2%+17.4%−41.0%+15.9%+34.4%−37.6%+28.0%+50.9%−3.5%+3.2%+31.2%+9.3%−16.1%−6.4%+26.3%−12.7%+41.9%+55.6%+3.5%+37.0%−29.7%−3.6%
AER AerCap Holdings N.V.12 of 19+51.7%+29.8%+27.4%−10.9%+43.5%−25.8%+55.2%−24.7%+26.4%−3.6%+11.2%+1.2%+180%+21.6%−20.1%+55.8%+201%−85.6%−10.0%————————
COF Capital One Financial Corporation13 of 27+37.6%+38.3%+44.3%−34.6%+49.3%−2.7%+38.6%−22.8%+16.3%+23.8%−10.9%+9.4%+34.2%+37.5%−0.1%+11.6%+24.1%−30.3%−38.4%−11.0%+2.7%+37.6%+107%−44.8%−17.8%+36.9%+26.0%
KKR KKR & Co. Inc.12 of 18−13.3%+79.6%+80.5%−37.0%+85.8%+41.1%+51.5%−4.3%+41.8%+3.4%−28.0%+4.0%+73.8%+25.6%−5.3%+70.4%+153%−81.3%—————————
HRI Herc Holdings Inc.10 of 19−20.1%+29.4%+15.5%−14.4%+136%+35.7%+88.3%−58.5%+55.9%−5.9%−42.9%−12.9%+75.9%+38.9%−19.1%+21.6%+135%−68.1%−8.6%————————
GATX GATX Corporation13 of 27+11.1%+31.1%+15.2%+4.2%+27.9%+3.2%+19.7%+16.6%+3.8%+49.8%−23.8%+12.7%+23.6%+2.0%+27.7%+27.4%−3.0%−13.1%−13.4%+22.7%+24.9%+8.9%+31.0%−26.5%−32.6%+52.6%−8.1%
C Citigroup Inc.12 of 27+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%+70.2%
NMR Nomura Holdings, Inc.14 of 27+53.9%+33.9%+24.9%−10.4%−15.5%+8.8%+44.5%−34.4%+1.5%+9.3%+1.1%−26.0%+35.1%+99.5%−52.2%−12.5%−10.6%−49.0%−9.7%+1.1%+33.8%−13.0%+58.3%−10.4%+6.7%+11.5%+158%
EWJ iShares MSCI Japan ETF8 of 27+25.8%+7.0%+20.3%−17.7%+1.1%+15.4%+19.3%−14.1%+24.2%+2.8%+9.2%−6.2%+26.0%+9.2%−14.8%+13.6%+3.1%−27.0%−5.5%+5.9%+24.3%+13.7%+38.7%−9.9%−30.3%−26.3%+60.9%
PRU Prudential Financial, Inc.13 of 24+0.2%+19.4%+10.1%−3.9%+45.3%−11.4%+20.1%−26.5%+13.6%+32.5%−7.4%+0.7%+77.1%+9.9%−12.1%+20.5%+66.8%−66.3%+9.7%+18.7%+34.5%+33.3%+33.4%−3.1%———
BAM Brookfield Asset Management Ltd.2 of 3−0.3%+39.7%+45.6%————————————————————————
ALLY Ally Financial Inc.4 of 11+29.9%+6.4%+49.2%−46.9%+36.0%+20.6%+37.9%−20.7%+56.1%+2.9%−21.1%————————————————
FNF Fidelity National Financial, Inc.9 of 20+0.6%+14.0%+42.2%−21.6%+38.0%−10.3%+48.8%−17.3%+60.5%+0.4%+2.9%+32.1%+41.4%+52.0%+20.0%+6.9%−21.1%+30.0%−35.3%+3.5%———————
BAC Bank of America Corporation13 of 27+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%−14.0%
TRN Trinity Industries, Inc.14 of 27−21.5%+37.2%−6.2%+1.5%+17.9%+23.8%+11.1%−22.4%+37.1%+18.0%−12.9%+3.7%+54.1%+20.9%+14.2%+55.1%+13.3%−42.6%−20.6%+20.6%+30.2%+11.5%+64.6%−29.0%+12.2%−9.0%−24.7%
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Risk and diversification

How IX 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 IX's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents IX's five deepest drawdowns since it began trading in 1998, 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 IX fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringIX fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−93.8%−37.7%Apr 2006Feb 20092.8 yearsJan 202212.9 years
Dot-com bust−79.7%−38.0%Dec 1999Apr 20033.3 yearsNov 20052.6 years
2022 bear market−36.6%−17.3%Jan 2022Nov 202210 monthsFeb 202415 months
No named crash−24.4%−11.1%Aug 2024Apr 20258 monthsAug 20254 months
No named crash−22.0%+1.6%Jan 1999Mar 19992 monthsApr 19991 month

How did IX do in stock market crashes?

This section measures how far IX, 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.

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

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
IX This pageORIX Corporation—−5.1%−35.0%−39.1%−19.6%−7.2%−20.7%−31.9%−3.0%−91.8%−66.0%
SPY S&P 500State Street SPDR S&P 500 ETF9 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
URI United Rentals, Inc.1 of 10−14.5%−35.4%−55.3%−43.3%−6.7%−45.7%−50.5%−3.6%−91.2%−77.3%
MUFG Mitsubishi UFJ Financial Group, Inc.6 of 10−9.5%−33.4%−33.0%−27.0%−6.7%−45.1%−20.7%−0.3%−65.5%−65.1%
MFG Mizuho Financial Group, Inc.7 of 9−9.7%−24.1%−29.6%−18.1%−4.2%−34.9%−17.7%−1.0%−72.2%—
SMFG Sumitomo Mitsui Financial Group, Inc.6 of 9−9.2%−24.7%−32.2%−23.2%−4.5%−44.2%−19.8%−2.2%−70.9%—
R Ryder System, Inc.4 of 10−9.7%−25.3%−38.9%−38.4%−5.2%−47.4%−39.2%−6.1%−74.0%−36.9%
AER AerCap Holdings N.V.2 of 9−8.3%−44.6%−75.9%−36.0%−4.0%−47.3%−30.0%−3.3%−93.6%—
COF Capital One Financial Corporation3 of 10−11.1%−42.6%−58.8%−28.2%−9.6%−28.5%−24.2%−2.1%−87.7%−65.6%
KKR KKR & Co. Inc.2 of 9−12.6%−41.7%−45.5%−33.5%−10.2%−51.3%−37.8%−2.2%−90.1%—
HRI Herc Holdings Inc.0 of 9−21.3%−49.9%−71.3%−52.0%−12.2%−64.2%−48.3%−3.0%−93.8%—
GATX GATX Corporation7 of 10−5.8%−31.9%−31.7%−22.7%−5.1%−29.1%−24.0%−2.3%−72.1%−64.7%
C Citigroup Inc.2 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
NMR Nomura Holdings, Inc.6 of 10−6.2%−31.1%−29.2%−28.0%−7.7%−40.5%−30.3%0.0%−77.6%−56.9%
EWJ iShares MSCI Japan ETF9 of 10−2.3%−27.6%−24.8%−18.4%−6.2%−20.8%−15.2%−0.8%−51.6%−56.7%
PRU Prudential Financial, Inc.3 of 9−13.3%−27.4%−58.2%−26.8%−11.9%−35.8%−27.9%−3.1%−88.3%—
BAM Brookfield Asset Management Ltd.0 of 1−7.1%—————————
ALLY Ally Financial Inc.1 of 6−21.7%−46.0%−60.2%−24.3%−5.8%−32.3%————
FNF Fidelity National Financial, Inc.4 of 9−9.0%−36.4%−51.0%−24.6%−3.6%−24.2%−15.8%−1.6%−63.4%—
BAC Bank of America Corporation2 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
TRN Trinity Industries, Inc.4 of 10−11.7%−38.5%−34.4%−30.8%−5.4%−32.8%−43.3%−4.6%−83.9%−45.9%
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How closely does IX 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 IX 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 IX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
IX This pageORIX Corporation84%75%1.110.86
MUFG Mitsubishi UFJ Financial Group, Inc.84%42%2.010.66
SMFG Sumitomo Mitsui Financial Group, Inc.84%43%1.940.65
MFG Mizuho Financial Group, Inc.75%42%1.810.54
URI United Rentals, Inc.177%165%1.071.90
GATX GATX Corporation109%107%1.011.08
NMR Nomura Holdings, Inc.81%82%0.990.76
R Ryder System, Inc.120%129%0.931.47
EWJ iShares MSCI Japan ETF65%71%0.920.67
KKR KKR & Co. Inc.171%191%0.891.62
BAC Bank of America Corporation127%146%0.871.36
AER AerCap Holdings N.V.132%164%0.801.63
C Citigroup Inc.131%165%0.801.49
COF Capital One Financial Corporation115%146%0.791.39
HRI Herc Holdings Inc.196%272%0.722.46
ALLY Ally Financial Inc.114%158%0.721.35
PRU Prudential Financial, Inc.102%146%0.701.25
FNF Fidelity National Financial, Inc.96%136%0.701.17
TRN Trinity Industries, Inc.110%165%0.671.38
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What diversifies IX?

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 IX's. Because such investments tend not to fall at the same time, pairing IX 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 IX lost money. The last two columns show a portfolio that is 80% IX and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202220202018201420112008200720022001200080/20 mix volatility80/20 mix annual return
IX ORIX Corporation (this page)1.00+128%0.78−17.8%−1.9%−12.5%−28.6%−14.8%−66.0%−42.0%−28.0%−7.3%−48.9%23.9%+19.0%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.47+135%0.97+21.5%−20.3%−15.5%+16.2%——————21.1%+19.7%
SMH TechnologyVanEck Semiconductor ETF0.45+323%0.97−33.5%+55.5%−9.1%+30.2%+6.8%−44.7%+6.0%−47.0%−14.6%—23.1%+23.4%
GLD CommoditiesSPDR Gold Shares0.23+126%0.96−0.8%+24.8%−1.9%−2.2%+9.6%+4.9%+30.4%———20.2%+19.5%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.47+136%0.93−10.4%+28.2%−0.9%———————21.3%+20.0%
XLE EnergyState Street Energy Select Sector SPDR ETF0.33+177%0.93+64.4%−32.7%−18.2%−8.7%+2.8%−39.0%+36.8%−14.8%−18.2%+24.4%21.4%+20.5%
AMLP EnergyAlerian MLP ETF0.38+111%0.89+25.5%−32.3%−12.6%+4.8%+10.2%—————20.8%+19.4%
PTLC Broad MarketPacer Trendpilot US Large Cap ETF0.43+57.4%0.83−8.6%−1.2%+1.5%———————20.2%+17.7%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF0.00+59.7%0.82+21.6%+1.8%————————19.3%+17.8%

Stocks

InvestmentCorrelation5Y returnSharpe202220202018201420112008200720022001200080/20 mix volatility80/20 mix annual return
IX ORIX Corporation (this page)1.00+128%0.78−17.8%−1.9%−12.5%−28.6%−14.8%−66.0%−42.0%−28.0%−7.3%−48.9%23.9%+19.0%
CAH Medical - DistributionCardinal Health, Inc.0.13+479%1.55+54.1%+10.1%−24.5%+23.0%+8.1%−39.6%−9.8%−8.3%−2.5%+108%20.5%+23.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.16+3,143%1.47+1.3%−2.4%−16.3%+12.9%−24.4%−20.5%−25.7%−65.1%−25.6%−2.3%23.9%+36.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.37+1,636%1.46+17.0%+6.7%+0.8%−10.4%−17.0%−15.2%+2.1%−9.4%+73.7%−71.1%23.9%+32.3%
MCK Medical - DistributionMcKesson Corporation0.25+413%1.44+51.8%+27.1%−28.4%+29.3%+11.8%−40.4%+29.7%−27.2%+4.9%+61.2%20.9%+22.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.23+690%1.41+86.6%−27.4%−8.2%+0.4%——————21.6%+25.6%
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Common questions

What was IX's worst drawdown?

IX's deepest decline since it began trading in 1998 was 93.8%, from April 2006 to February 2009. It took about 13 years from the low to climb back to its old high.

What were IX's best and worst years?

Over 27 full calendar years, IX's best year was 1999, when it returned 199%. Its worst was 2008, with a return of -66.0%.

Is there a better investment than IX?

Among IX's popular alternatives, MUFG, MFG and SMFG were ahead of IX in most short and long periods. Looking beyond its popular alternatives, CM (banks) earned more than IX with less volatility over the past 5 years: 19.2% a year at 21.6% volatility, against 17.9% a year at 25.4%.

Is IX more volatile than the S&P 500?

Yes. IX's volatility over the past 5 years was 25.4%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, IX's return lands within 25.4% 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 IX's Sharpe ratio?

IX's Sharpe ratio over the past 5 years was 0.78, against 0.79 for the S&P 500, so IX earned less 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 IX with the S&P 500?

Over the past 5 years, IX's monthly returns had a correlation of 0.59 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against IX instead: the lower it is, the more that option would diversify a IX holding.

What are the best alternatives to IX?

Of the 19 popular alternatives we compared, three outperformed IX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: URI, MUFG and MFG.

Did IX outperform the S&P 500?

IX finished ahead of the S&P 500 (SPY) in 11 of 27 full calendar years. In 2025, it returned +43.4%, against +17.7% for the index.

How did IX do in stock market crashes?

IX fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in nine. The clearest case was the 2008 financial crisis, when IX fell 91.8% and the S&P 500 fell 55.2%.

What diversifies IX?

These had a low correlation with IX over the past 5 years and still earned a positive 5-year return: among large ETFs, MLPX (correlation 0.47), SMH (correlation 0.45) and GLD (correlation 0.23); among large stocks, CAH (correlation 0.13), CLS (correlation 0.16) and FIX (correlation 0.37). A correlation near zero means the two have moved largely independently.

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