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

> Source: EasyCompare research, https://easycompare.io/research/ix
> 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 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.

## Key findings

- **Right now:** IX has outpaced the market, rising 16.7% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Not every peer went the same way. Over the past 6 months, URI (United Rentals) rose 29.0% and C (Citigroup) fell 7.0%.
- **Stock or market?:** IX fell 2.9% over the past 3 months, 2.6 points behind the diversified financials ETF IXG (iShares Global Financials ETF), which fell 0.2%. The S&P 500 rose 3.9%. Its diversified financial peers did not move as one over the past 3 months: MUFG (Mitsubishi UFJ Financial Group) rose 1.8%, while ALLY (Ally Financial) fell 16.0%.
- **Past 1 to 3 years:** Over the past year, IX rose 50.8% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (128% against 89.3%). IX lagged its diversified financial peers in 2023, then moved up the pack in 2025.
- **Long term:** IX turned $10,000 into $38,400 over the past decade, against $42,100 in the S&P 500. On the flip side, the past 5 years have been the better stretch: IX rose 128% against 81.7% for the S&P 500, after trailing over the decade.
- **In a crash:** Across seven sell-offs, IX has typically fallen 1.4 times as far as the S&P 500. In the 2022 bear market, IX fell 35.0%, against 24.5% for the S&P 500. That was more than MUFG (Mitsubishi UFJ Financial Group, 33.4%) but less than BAC (Bank of America, 38.7%).
- **Diversification:** IX is some diversification, but not a hedge: a correlation of 0.59 with the S&P 500 over 5 years and 0.59 with the total US market, more closely than 88% of stocks worth at least $300 million. When the S&P 500 had a down month, IX usually fell with it (17 of 22 months).
- **Better options**
  - **Nearby categories and themes:** CM (Canadian Imperial Bank of Commerce, 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%.
  - **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 IX with less volatility over the past 5 years, among them WMT (Walmart), ABBV (AbbVie) and PM (Philip Morris International).

## 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.

- $10,000 invested in IX at the end of September 1998 would have grown to $115,318 by September 2026, less than the $121,630 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of IX, and RY finished highest, at $529,885.

## 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.

- 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.
- Over 27 full calendar years, IX's best was 1999, when it returned 199%, and its worst was 2008, when it lost 66.0%. It lost money in ten of those years.
- IX is 10.0% below its all-time high.

- Type: Stock, Financials (Financial - Credit Services)
- Trading since: September 16, 1998
- Market value: $41B
- Volatility (5 years): 25.4%; Sharpe ratio: 0.78
- Worst decline ever: −93.8%, from April 4, 2006 to February 25, 2009; back at its high by January 13, 2022

| Period | IX total return |
| --- | --- |
| 1 month | −6.2% |
| 3 months | −2.9% |
| 6 months | +16.7% |
| year to date | +27.9% |
| 1 year | +50.8% |
| 3 years | +128% |
| 5 years | +128% |
| 10 years | +284% |

## 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.

- IX's worst decline of the past 10 years ranks in the top 10% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | IX | Rank |
| --- | --- | --- |
| 1-year return | +50.8% | 543 of 3,287 (top 17%) |
| 3-year return | +128% | 716 of 3,017 (top 24%) |
| 5-year return | +128% | 540 of 2,893 (top 19%) |
| 10-year return | +284% | 626 of 2,202 (top 29%) |
| Volatility, 5 years | 25.4% | 360 of 2,893 (top 13%) |
| Sharpe ratio, 5 years | 0.78 | 314 of 2,893 (top 11%) |
| Worst decline, past 10 years | −42.5% | 213 of 2,187 (top 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).

- 15 stocks and eight ETFs worth at least $500 million sit in the green region: each earned more than IX 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 IX's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 25% less than IX's 25.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.78 for IX.
- None of IX's popular alternatives made it, but CM (banks) did: 19.2% a year at 21.6% volatility, 15% less than IX's 25.4%.

### Is there a better investment than IX?

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.

- 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%.
- 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 IX with less volatility over the past 5 years, among them WMT, ABBV and PM.

The 15 strongest of 23 investments that beat IX 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 IX | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| IX: ORIX Corporation (this page) |  | +17.9% | 25.4% | 0.78 | −42.5% | +284% |  |  |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.24 | Higher return, lower volatility; Higher return in most periods |
| [PM](https://easycompare.io/research/pm): Philip Morris International Inc. | Tobacco | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.39 | Higher return, lower volatility; Higher return in most periods |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.41 | Higher return, lower volatility; Higher return in most periods |
| [MFC](https://easycompare.io/research/mfc): Manulife Financial Corporation | Life Insurance | +22.6% | 24.0% | 0.97 | −57.5% | +373% | 0.50 | Higher return, lower volatility; Higher return in most periods |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | Health Care Distribution | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| CRAK: VanEck Oil Refiners ETF | Energy | +19.8% | 20.9% | 0.97 | −58.8% | +336% | 0.38 | Higher return, lower volatility; Higher return in most periods |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | Oil & Gas Midstream | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.41 | Higher return, lower volatility |
| DBJP: Xtrackers MSCI Japan Hedged Equity ETF | International | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.51 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.58 | Higher return, lower volatility |
| [WELL](https://easycompare.io/research/well): Welltower Inc. | Healthcare REITs | +26.0% | 23.8% | 1.09 | −63.3% | +379% | 0.46 | Higher return, lower volatility |
| [TJX](https://easycompare.io/research/tjx): The TJX Companies, Inc. | Specialty Retail | +19.9% | 22.3% | 0.93 | −42.5% | +361% | 0.46 | Higher return, lower volatility |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | Oil & Gas Midstream | +24.6% | 24.0% | 1.04 | −68.1% | +288% | 0.36 | Higher return, lower volatility |
| [AFL](https://easycompare.io/research/afl): Aflac Incorporated | Life Insurance | +19.0% | 20.8% | 0.95 | −54.9% | +335% | 0.52 | Higher return, lower volatility |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | Electric Utilities | +19.2% | 22.4% | 0.90 | −42.0% | +311% | 0.11 | Higher return, lower volatility |

## 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.

- None of the 18 popular alternatives earned more than IX over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Ten of the 18 popular alternatives earned less than IX over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, IX returned 17.9% a year, more than the S&P 500's 12.7%, with higher volatility (25.4% against 17.1%).

### 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.

- Three of the 19 popular alternatives, URI, MUFG and MFG, outperformed IX in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- R outperformed IX over all three long-term periods but in only one of the five short-term ones, so IX has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of IX | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| IX: ORIX Corporation (this page) | +50.8% | +128% | +128% | +284% |  |  | 0.78 |
| [URI](https://easycompare.io/research/uri): United Rentals, Inc. | +5.2% | +164% | +196% | +1,270% | 3/5 short-term, 3/3 long-term | consistent | 0.75 |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | +41.3% | +184% | +319% | +483% | 3/5 short-term, 3/3 long-term | consistent | 1.13 |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | +53.1% | +216% | +326% | +345% | 3/5 short-term, 3/3 long-term | consistent | 1.10 |
| [SMFG](https://easycompare.io/research/smfg): Sumitomo Mitsui Financial Group, Inc. | +53.5% | +181% | +327% | +474% | 2/5 short-term, 3/3 long-term |  | 1.14 |
| R: Ryder System, Inc. | +31.6% | +149% | +206% | +407% | 1/5 short-term, 3/3 long-term |  | 0.85 |
| AER: AerCap Holdings N.V. | +20.6% | +155% | +133% | +263% | 1/5 short-term, 2/3 long-term |  | 0.70 |
| [COF](https://easycompare.io/research/cof): Capital One Financial Corporation | −4.7% | +134% | +27.0% | +222% | 2/5 short-term, 1/3 long-term |  | 0.31 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | −25.2% | +65.7% | +31.8% | +653% | 0/5 short-term, 1/3 long-term |  | 0.34 |
| HRI: Herc Holdings Inc. | −0.4% | +23.5% | −26.7% | +365% | 0/5 short-term, 1/3 long-term |  | 0.14 |
| GATX: GATX Corporation | −5.1% | +59.5% | +79.2% | +329% | 0/5 short-term, 1/3 long-term |  | 0.59 |
| [C](https://easycompare.io/research/c): Citigroup Inc. | +26.0% | +238% | +102% | +234% | 0/5 short-term, 1/3 long-term |  | 0.63 |
| NMR: Nomura Holdings, Inc. | +28.2% | +162% | +120% | +179% | 0/5 short-term, 1/3 long-term |  | 0.68 |
| EWJ: iShares MSCI Japan ETF | +19.2% | +79.1% | +55.6% | +132% | 2/5 short-term, 0/3 long-term |  | 0.57 |
| [PRU](https://easycompare.io/research/pru): Prudential Financial, Inc. | +19.6% | +47.5% | +29.0% | +117% | 2/5 short-term, 0/3 long-term |  | 0.33 |
| [BAM](https://easycompare.io/research/bam): Brookfield Asset Management Ltd. | −12.5% | +67.9% | — | — | 2/5 short-term, 0/3 long-term |  | — |
| ALLY: Ally Financial Inc. | −3.5% | +73.9% | −19.6% | +159% | 1/5 short-term, 0/3 long-term |  | 0.08 |
| FNF: Fidelity National Financial, Inc. | −24.7% | +20.0% | +3.6% | +124% | 1/5 short-term, 0/3 long-term |  | 0.16 |
| [BAC](https://easycompare.io/research/bac): Bank of America Corporation | −0.6% | +107% | +21.6% | +282% | 0/5 short-term, 0/3 long-term |  | 0.28 |
| TRN: Trinity Industries, Inc. | −8.8% | +29.7% | +2.5% | +107% | 0/5 short-term, 0/3 long-term |  | 0.19 |

### 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.

- IX finished ahead of the S&P 500 in 11 of its 27 full calendar years.
- Among its popular alternatives, URI came out ahead of IX most often, in 18 of the 27 years both traded.
- Ranked against its popular alternatives each year, IX finished in the top quarter in seven of 27 years and in the bottom quarter in six. In 2025, it ranked 5 of 20.

| Year | IX | SPY |
| --- | --- | --- |
| 2025 | +43.4% | +17.7% |
| 2024 | +17.6% | +24.9% |
| 2023 | +20.1% | +26.2% |
| 2022 | −17.8% | −18.2% |
| 2021 | +36.9% | +28.7% |
| 2020 | −1.9% | +18.3% |
| 2019 | +22.4% | +31.2% |
| 2018 | −12.5% | −4.6% |
| 2017 | +12.1% | +21.7% |
| 2016 | +14.1% | +12.0% |

## 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.

- In all five of IX's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: IX fell 22.0% from January to March 1999, while the S&P 500 rose 1.6%.
- The slowest recovery came after IX fell 93.8% from April 2006 to February 2009; it did not regain that peak until January 2022, 13 years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −93.8% | April 4, 2006 | February 25, 2009 | January 13, 2022 | −37.7% | 2008 financial crisis |
| −79.7% | December 29, 1999 | April 11, 2003 | November 4, 2005 | −38.0% | dot-com bust |
| −36.6% | January 14, 2022 | November 7, 2022 | February 27, 2024 | −17.3% | 2022 bear market |
| −24.4% | August 30, 2024 | April 8, 2025 | August 7, 2025 | −11.1% |  |
| −22.0% | January 4, 1999 | March 4, 1999 | April 20, 1999 | +1.6% |  |

### 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.

- IX fell further than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when IX fell 91.8% and the S&P 500 fell 55.2%.
- Among its popular alternatives, EWJ held up best, falling less than IX in nine of the ten crashes they both traded through.

| Crash | Dates | IX fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −66.0% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −91.8% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −3.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −31.9% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −20.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −19.6% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −39.1% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −35.0% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −5.1% | −3.4% |

### 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.

- Only MUFG, SMFG and MFG had a higher capture ratio (upside capture divided by downside capture) than IX's 1.11, out of 18 popular alternatives with the same record.
- MUFG took just 42% of the S&P 500's losses, against 75% for IX, while still keeping 84% of its gains.
- Over the past 10 years, IX captured 84% of the S&P 500's gains in rising months and 75% of its losses in falling months, with a beta of 0.86. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| IX: ORIX Corporation (this page) | 84.0% | 75.0% | 0.86 |
| [URI](https://easycompare.io/research/uri): United Rentals, Inc. | 177% | 165% | 1.90 |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | 84.0% | 42.0% | 0.66 |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | 75.0% | 42.0% | 0.54 |
| [SMFG](https://easycompare.io/research/smfg): Sumitomo Mitsui Financial Group, Inc. | 84.0% | 43.0% | 0.65 |
| R: Ryder System, Inc. | 120% | 129% | 1.47 |
| AER: AerCap Holdings N.V. | 132% | 164% | 1.63 |
| [COF](https://easycompare.io/research/cof): Capital One Financial Corporation | 115% | 146% | 1.39 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | 171% | 191% | 1.62 |
| HRI: Herc Holdings Inc. | 196% | 272% | 2.46 |
| GATX: GATX Corporation | 109% | 107% | 1.08 |
| [C](https://easycompare.io/research/c): Citigroup Inc. | 131% | 165% | 1.49 |
| NMR: Nomura Holdings, Inc. | 81.0% | 82.0% | 0.76 |
| EWJ: iShares MSCI Japan ETF | 65.0% | 71.0% | 0.67 |
| [PRU](https://easycompare.io/research/pru): Prudential Financial, Inc. | 102% | 146% | 1.25 |
| ALLY: Ally Financial Inc. | 114% | 158% | 1.35 |
| FNF: Fidelity National Financial, Inc. | 96.0% | 136% | 1.17 |
| [BAC](https://easycompare.io/research/bac): Bank of America Corporation | 127% | 146% | 1.36 |
| TRN: Trinity Industries, Inc. | 110% | 165% | 1.38 |

### 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).

- Moving a fifth of the money in IX into GLD would have cut the portfolio's volatility by 15% over the past 5 years and raised its annual return (+19.0% for IX alone, +19.5% for the mix).
- Among large ETFs, MLPX, SMH and GLD have moved largely independently of IX over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- MCK made money in seven of the ten calendar years in which IX lost money.

| Investment | Correlation with IX | 5Y return | Volatility | Sharpe | Rose in IX's 10 down years |
| --- | --- | --- | --- | --- | --- |
| MLPX: Global X - MLP & Energy Infrastructure ETF | 0.47 | +135% | 19.7% | 0.97 | 2 of 10 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.45 | +323% | 36.9% | 0.97 | 4 of 10 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.23 | +126% | 18.9% | 0.96 | 4 of 10 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.47 | +136% | 20.8% | 0.93 | 1 of 10 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.33 | +177% | 25.5% | 0.93 | 4 of 10 |
| AMLP: Alerian MLP ETF | 0.38 | +111% | 18.9% | 0.89 | 3 of 10 |
| PTLC: Pacer Trendpilot US Large Cap ETF | 0.43 | +57.4% | 11.8% | 0.83 | 1 of 10 |
| DBMF: iMGP DBi Managed Futures Strategy ETF | 0.00 | +59.7% | 12.4% | 0.82 | 2 of 10 |

## 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.

## More research

- [United Rentals (URI) Performance, Alternatives and Market Rank](https://easycompare.io/research/uri)
- [Mitsubishi UFJ Financial Group (MUFG) Performance, Alternatives and Market Rank](https://easycompare.io/research/mufg)
- [Mizuho Financial Group (MFG) Performance, Alternatives and Market Rank](https://easycompare.io/research/mfg)
- [Sumitomo Mitsui Financial Group (SMFG) Performance, Alternatives and Market Rank](https://easycompare.io/research/smfg)
- [Capital One Financial (COF) Performance, Alternatives and Market Rank](https://easycompare.io/research/cof)
- [KKR & Co. Inc. (KKR) Performance, Alternatives and Market Rank](https://easycompare.io/research/kkr)
- [Citigroup (C) Performance, Alternatives and Market Rank](https://easycompare.io/research/c)
- [Prudential Financial (PRU) Performance, Alternatives and Market Rank](https://easycompare.io/research/pru)
- [Brookfield Asset Management (BAM) Performance, Alternatives and Market Rank](https://easycompare.io/research/bam)
- [Bank of America (BAC) Performance, Alternatives and Market Rank](https://easycompare.io/research/bac)
- [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)

## Explore further

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