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Relative Intelligence · Banks

How JPMorgan Chase & Co. (JPM) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on JPM alone. It places JPM (JPMorgan Chase & Co.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where JPM stands in the market, and of the alternatives worth a closer look.

Period covered: JPM's full trading record, from October 1986 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 JPM →Chart JPM vs. 25 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in JPM over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of JPM over the same span and JPM'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 1997 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. 311 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of JPM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000$500,000199720022007201220172022$10,000$100,00019972004201120182025
  • RY$442,765+4,328% total · +14.0% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • SPGI$384,837+3,748% total · +13.4% a year
  • BMO$282,977+2,730% total · +12.2% a year
  • MCK$208,304+1,983% total · +11.0% a year
  • JPM$189,407+1,794% total · +10.7% a year
  • MS$148,562+1,386% total · +9.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • BNY$121,131+1,111% total · +9.0% a year
  • STT$96,326+863% total · +8.1% 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. 611 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of JPM; 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$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • HSBC$51,297+413% total · +38.7% a year
  • MUFG$44,537+345% total · +34.8% a year
  • BNY$31,954+220% total · +26.2% a year
  • GS$26,885+169% total · +21.9% a year
  • CM$25,433+154% total · +20.5% a year
  • STT$23,984+140% total · +19.1% a year
  • RY$23,646+136% total · +18.8% a year
  • JPM$22,905+129% total · +18.0% a year
  • MS$22,663+127% total · +17.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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JPM 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
$891B
Industry
Banks - Diversified
Price history from
October 1986

Returns

Past 1 year
+13.0%total return
Past 3 years
+150%+35.7% a year
Past 5 years
+122%+17.3% a year
Past 10 years
+537%+20.3% a year
Best calendar year
+60.5%2003
Worst calendar year
−30.7%2002
Losing years
9 of 29full calendar years

Risk

Volatility
24.3%typical yearly swing, 5 years
Sharpe ratio
0.78return per unit of risk, 5 years
Worst decline ever
−74.0%Mar 2000 to Oct 2002
From its all-time high
−7.7%below the peak

JPM against the whole market

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

How does JPM rank among all stocks?

This section ranks JPM 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 JPM 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.

MeasureJPMRankStanding
1-year return+13.0%1,471 of 3,287top 45%
3-year return+150%595 of 3,017top 20%
5-year return+122%561 of 2,893top 19%
10-year return+537%279 of 2,202top 13%
Volatility, 5 years24.3%279 of 2,893top 10%
Sharpe ratio, 5 years0.78307 of 2,893top 11%
Worst decline, past 10 years−43.6%246 of 2,187top 11%

What has beaten JPM 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). JPM sits where the dashed lines cross. Anything in the green box above and to the left earned more than JPM 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 JPM; faint dots are 15 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.

10.0%15.0%20.0%25.0%30.0%35.0%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 JPMCOR: +24.2% a year, volatility 22.8%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%KMI: +18.7% a year, volatility 22.5%AFL: +19.0% a year, volatility 20.8%ETR: +19.2% a year, volatility 22.4%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%MLPX: +18.6% a year, volatility 19.7%EUFN: +18.5% a year, volatility 21.8%EWP: +19.2% a year, volatility 20.3%CRAK: +19.8% a year, volatility 20.9%ATMP: +21.2% a year, volatility 21.5%JPM: +17.3% a year, volatility 24.3%SPY (S&P 500): +12.7% a year, volatility 17.1%BNY: +22.7% a year, volatility 24.4%HSBC: +33.1% a year, volatility 25.9%CM: +19.2% a year, volatility 21.6%MUFG: +33.2% a year, volatility 29.4%RY: +17.3% a year, volatility 18.2%BBVA: +38.7% a year, volatility 33.3%MFG: +33.6% a year, volatility 30.6%CBOE: +21.5% a year, volatility 25.1%SPMO: +18.7% a year, volatility 20.8%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%PGR: +21.3% a year, volatility 25.6%WMT: +20.8% a year, volatility 22.6%TRV: +22.4% a year, volatility 22.3%MUSA: +26.1% a year, volatility 31.2%LVHI: +17.0% a year, volatility 11.1%DXJ: +26.6% a year, volatility 19.1%JPMSPY (S&P 500)BNYHSBCCMMUFGRYBBVAMFGSPMOLLYMCKPGRWMTTRVMUSALVHIDXJ10.0%15.0%20.0%25.0%30.0%35.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than JPMCOR: +24.2% a year, volatility 22.8%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%TJX: +19.9% a year, volatility 22.3%BTI: +18.7% a year, volatility 22.0%KMI: +18.7% a year, volatility 22.5%AFL: +19.0% a year, volatility 20.8%ETR: +19.2% a year, volatility 22.4%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%MLPX: +18.6% a year, volatility 19.7%EUFN: +18.5% a year, volatility 21.8%EWP: +19.2% a year, volatility 20.3%CRAK: +19.8% a year, volatility 20.9%ATMP: +21.2% a year, volatility 21.5%JPM: +17.3% a year, volatility 24.3%SPY (S&P 500): +12.7% a year, volatility 17.1%BNY: +22.7% a year, volatility 24.4%HSBC: +33.1% a year, volatility 25.9%CM: +19.2% a year, volatility 21.6%MUFG: +33.2% a year, volatility 29.4%RY: +17.3% a year, volatility 18.2%BBVA: +38.7% a year, volatility 33.3%MFG: +33.6% a year, volatility 30.6%CBOE: +21.5% a year, volatility 25.1%SPMO: +18.7% a year, volatility 20.8%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%PGR: +21.3% a year, volatility 25.6%WMT: +20.8% a year, volatility 22.6%TRV: +22.4% a year, volatility 22.3%MUSA: +26.1% a year, volatility 31.2%LVHI: +17.0% a year, volatility 11.1%DXJ: +26.6% a year, volatility 19.1%JPMSPY (S&P 500)BNYHSBCCMMUFGRYBBVACBOELLYMCKWMTMUSALVHIDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than JPM?

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

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

Screen the whole market against JPM for any period in BetterThanSPYOpen these 17 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 JPM?lower diversifies moreExpenseper year
JPMJPMorgan Chase & Co. · this page
+17.3%24.3%0.78−43.6%+537%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.660.09%
Popular alternativesbest 2 shownThe investments people most often weigh against JPM. 2 of 25 passed at least one test.
BNYBank of New York Mellon Corp · Banks
Higher return, similar volatilityHigher return in most periods+22.7%24.4%0.97−50.5%+341%0.75—
HSBCHSBC Holdings plc · Banks
Higher return, similar volatility+33.1%25.9%1.24−62.3%+319%0.41—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus JPM's specific themes. 19 of 119 passed at least one test.
CMCanadian Imperial Bank of Commerce · Banks
Higher return, lower volatility+19.2%21.6%0.93−47.3%+395%0.59—
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return in most periods+33.2%29.4%1.13−54.9%+483%0.34—
RYRoyal Bank of Canada · Banks
On the frontierSimilar return, lower volatility+17.3%18.2%0.97−40.0%+352%0.62—
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Higher return in most periods+38.7%33.3%1.16−69.6%+542%0.58—
MFGMizuho Financial Group, Inc. · Banks
Higher return in most periods+33.6%30.6%1.10−45.7%+345%0.36—
CBOECboe Global Markets, Inc. · Capital Markets
Higher return, similar volatility+21.5%25.1%0.91−43.2%+463%0.15—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 120 of 3,489 passed at least one test.
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.7%20.8%0.93−30.9%+499%0.580.13%
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%0.04—
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.25—
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.3%25.6%0.89−30.3%+816%0.31—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.31—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.61—
MUSAMurphy USA Inc. · Convenience Stores
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+26.1%31.2%0.90−35.5%+706%0.19—
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%0.560.40%
What these numbers mean for JPM
Annual return
JPM returned 17.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $22,200. 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
JPM's volatility over the past 5 years was 24.3%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, JPM's return lands within 24.3% 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
JPM's Sharpe ratio over the past 5 years was 0.78, against 0.79 for the S&P 500, so JPM 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
JPM's worst fall from a peak to a low over the past 10 years was 43.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 43.6% fall takes a 77.4% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, JPM's monthly returns had a correlation of 0.66 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 JPM instead: the lower it is, the more that option would diversify a JPM holding. Guide: Correlation and diversification →
Show all 23 stocks and funds worth at least $500 million that earned more than JPM with less volatility

Out of 3,633 tested over 5 years. The strongest 20 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with JPMExpense
1
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.580.13%
2
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.31—
3
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.61—
4
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.47—
5
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.52—
6
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.370.45%
7
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.310.48%
8
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.45—
9
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.34—
10
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.50—
11
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.56—
12
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.35—
13
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.110.80%
14
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.37—
15
CMCanadian Imperial Bank of Commerce · Banks
Same or nearby category+19.2%21.6%0.93−47.3%+395%0.59—
16
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.590.45%
17
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.700.49%
18
EWPiShares MSCI Spain ETF · Broad Market
Whole market+19.2%20.3%0.97−46.4%+196%0.590.50%
19
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.440.61%
20
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.580.95%

JPM against its popular alternatives

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

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

Green points earned more than JPM 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%−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 volatilityJPM: 17.3% a year, volatility 24.3%SPY (S&P 500): 12.7% a year, volatility 17.1%MS: 16.0% a year, volatility 28.8%STT: 14.4% a year, volatility 29.9%CFG: 9.2% a year, volatility 33.6%NTRS: 8.9% a year, volatility 29.3%C: 15.1% a year, volatility 29.4%BLK: 7.1% a year, volatility 27.1%FITB: 6.8% a year, volatility 31.4%USB: 3.3% a year, volatility 29.6%RF: 7.8% a year, volatility 30.9%PNC: 4.6% a year, volatility 26.8%MTB: 9.8% a year, volatility 29.7%KEY: 2.3% a year, volatility 37.6%TFC: −1.2% a year, volatility 31.6%AXP: 13.5% a year, volatility 29.3%SPGI: 0.7% a year, volatility 25.6%COF: 4.9% a year, volatility 35.2%HBAN: 3.0% a year, volatility 31.2%BAC: 4.0% a year, volatility 26.6%WFC: 13.1% a year, volatility 29.5%BNY: 22.7% a year, volatility 24.4%HSBC: 33.1% a year, volatility 25.9%GS: 19.6% a year, volatility 28.6%V: 12.8% a year, volatility 22.9%MA: 12.4% a year, volatility 23.8%BMO: 13.6% a year, volatility 21.4%JPMSPY (S&P 500)MSSTTCFGNTRSCBLKFITBUSBPNCMTBKEYTFCAXPSPGICOFHBANBACBNYHSBCGSVMABMO15.0%20.0%25.0%30.0%35.0%40.0%−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 volatilityJPM: 17.3% a year, volatility 24.3%SPY (S&P 500): 12.7% a year, volatility 17.1%MS: 16.0% a year, volatility 28.8%STT: 14.4% a year, volatility 29.9%CFG: 9.2% a year, volatility 33.6%NTRS: 8.9% a year, volatility 29.3%C: 15.1% a year, volatility 29.4%BLK: 7.1% a year, volatility 27.1%FITB: 6.8% a year, volatility 31.4%USB: 3.3% a year, volatility 29.6%RF: 7.8% a year, volatility 30.9%PNC: 4.6% a year, volatility 26.8%MTB: 9.8% a year, volatility 29.7%KEY: 2.3% a year, volatility 37.6%TFC: −1.2% a year, volatility 31.6%AXP: 13.5% a year, volatility 29.3%SPGI: 0.7% a year, volatility 25.6%COF: 4.9% a year, volatility 35.2%HBAN: 3.0% a year, volatility 31.2%BAC: 4.0% a year, volatility 26.6%WFC: 13.1% a year, volatility 29.5%BNY: 22.7% a year, volatility 24.4%HSBC: 33.1% a year, volatility 25.9%GS: 19.6% a year, volatility 28.6%V: 12.8% a year, volatility 22.9%MA: 12.4% a year, volatility 23.8%BMO: 13.6% a year, volatility 21.4%JPMSPY (S&P 500)MSSTTCFGNTRSBLKUSBPNCMTBKEYTFCAXPSPGICOFBACBNYHSBCGS
All figures
InvestmentAnnual returnVolatility
HSBC HSBC Holdings plc+33.1%25.9%
BNY Bank of New York Mellon Corp+22.7%24.4%
GS The Goldman Sachs Group, Inc.+19.6%28.6%
JPM This pageJPMorgan Chase & Co.+17.3%24.3%
MS Morgan Stanley+16.0%28.8%
C Citigroup Inc.+15.1%29.4%
STT State Street Corporation+14.4%29.9%
BMO Bank of Montreal+13.6%21.4%
AXP American Express Company+13.5%29.3%
WFC Wells Fargo & Company+13.1%29.5%
V Visa Inc.+12.8%22.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MA Mastercard Incorporated+12.4%23.8%
MTB M&T Bank Corporation+9.8%29.7%
CFG Citizens Financial Group, Inc.+9.2%33.6%
NTRS Northern Trust Corporation+8.9%29.3%
RF Regions Financial Corporation+7.8%30.9%
BLK BlackRock, Inc.+7.1%27.1%
FITB Fifth Third Bancorp+6.8%31.4%
COF Capital One Financial Corporation+4.9%35.2%
PNC The PNC Financial Services Group, Inc.+4.6%26.8%
BAC Bank of America Corporation+4.0%26.6%
USB U.S. Bancorp+3.3%29.6%
HBAN Huntington Bancshares Incorporated+3.0%31.2%
KEY KeyCorp+2.3%37.6%
SPGI S&P Global Inc.+0.7%25.6%
TFC Truist Financial Corporation−1.2%31.6%
Open these 27 in EasyCompare

Has JPM consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than JPM 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
JPM JPMorgan Chase & Co. (this page)—−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
BNY QualifiedBank of New York Mellon Corp3/5 short2/3 long−6.3%−7.7%+7.4%+24.8%+35.3%+272%+179%+341%24.4%0.97−50.5%—$98B—
HSBC Banks - DiversifiedHSBC Holdings plc2/5 short2/3 long−10.1%−5.9%+2.3%+19.8%+47.7%+201%+318%+319%25.9%1.24−62.3%—$324B—
MS Financial - Capital MarketsMorgan Stanley1/5 short2/3 long−12.5%−14.0%−4.4%+0.8%+13.9%+170%+110%+627%28.8%0.66−51.3%—$285B—
GS Financial - Capital MarketsThe Goldman Sachs Group, Inc.1/5 short2/3 long−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
STT Asset ManagementState Street Corporation3/5 short1/3 long−9.2%−8.3%+12.1%+31.3%+47.9%+181%+96.2%+212%29.9%0.60−59.6%—$46B—
CFG Banks - RegionalCitizens Financial Group, Inc.2/5 short1/3 long−4.7%−9.6%−1.0%+10.4%+31.5%+205%+55.0%+266%33.6%0.43−65.6%—$27B—
NTRS Asset ManagementNorthern Trust Corporation2/5 short1/3 long−7.5%−9.1%+5.0%+20.6%+31.1%+180%+52.9%+205%29.3%0.44−50.0%—$30B—
C Banks - DiversifiedCitigroup Inc.1/5 short1/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
V Financial - Credit ServicesVisa Inc.5/5 short0/3 long+9.9%+13.0%+30.0%+18.0%+19.0%+78.2%+82.5%+429%22.9%0.64−36.4%—$759B—
MA Financial - Credit ServicesMastercard Incorporated4/5 short0/3 long+9.5%+13.5%+20.5%+10.9%+10.3%+64.3%+79.2%+541%23.8%0.61−41.0%—$543B—
BLK Asset ManagementBlackRock, Inc.4/5 short0/3 long+3.5%+7.6%+8.8%+5.7%−0.6%+96.3%+41.1%+313%27.1%0.39−43.9%—$175B—
BMO Banks - DiversifiedBank of Montreal3/5 short0/3 long−5.5%−5.3%+10.8%+29.7%+37.6%+146%+89.4%+295%21.4%0.71−51.0%—$116B—
FITB Banks - RegionalFifth Third Bancorp3/5 short0/3 long−0.9%−7.9%+4.4%+12.5%+29.6%+151%+38.9%+255%31.4%0.37−64.0%—$48B—
USB Banks - RegionalU.S. Bancorp3/5 short0/3 long−1.3%−5.5%+5.5%+12.7%+30.3%+117%+17.6%+94.6%29.6%0.26−52.1%—$92B—
RF Banks - RegionalRegions Financial Corporation2/5 short0/3 long−2.5%−9.6%+0.3%+4.0%+20.5%+120%+45.7%+278%30.9%0.40−60.8%—$24B—
PNC Banks - RegionalThe PNC Financial Services Group, Inc.2/5 short0/3 long−4.4%−10.8%−1.0%+7.9%+25.3%+120%+25.1%+230%26.8%0.30−49.6%—$88B—
MTB Banks - RegionalM&T Bank Corporation2/5 short0/3 long−3.8%−11.9%+0.7%+9.2%+23.4%+111%+59.3%+143%29.7%0.46−53.0%—$32B—
KEY Banks - RegionalKeyCorp2/5 short0/3 long−0.3%−9.9%−4.4%+2.1%+24.6%+143%+11.9%+143%37.6%0.25−65.2%—$22B—
TFC Banks - RegionalTruist Financial Corporation2/5 short0/3 long−3.4%−6.3%−5.0%−1.9%+13.6%+102%−5.7%+82.7%31.6%0.12−59.1%—$58B—
AXP Financial - Credit ServicesAmerican Express Company1/5 short0/3 long+1.8%−9.3%−2.9%−13.8%−7.9%+133%+88.5%+446%29.3%0.58−49.6%—$215B—
SPGI Financial - Data & Stock ExchangesS&P Global Inc.1/5 short0/3 long+8.3%−2.1%−0.6%−13.9%−7.4%+28.2%+3.7%+293%25.6%0.16−39.8%—$129B—
COF Financial - Credit ServicesCapital One Financial Corporation1/5 short0/3 long−1.6%−2.2%−1.2%−17.8%−4.7%+134%+27.0%+222%35.2%0.31−60.3%—$124B—
HBAN Banks - RegionalHuntington Bancshares Incorporated1/5 short0/3 long−3.1%−13.1%−7.2%−8.5%+1.9%+82.4%+16.1%+132%31.2%0.25−55.0%—$31B—
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—
WFC Banks - DiversifiedWells Fargo & Company0/5 short0/3 long−5.0%−4.3%+1.4%−12.3%−2.4%+119%+85.0%+141%29.5%0.57−64.5%—$248B—
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How did JPM do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where JPM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with JPM 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 JPM; gray means the two finished within a fraction of a point. The rank row places JPM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of JPM20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
JPM This pageJPMorgan Chase & Co.—+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
Rank among alternativesTop quarter in 9 of 299 of 265 of 264 of 2612 of 2618 of 2614 of 264 of 265 of 2610 of 267 of 265 of 2615 of 2514 of 258 of 2517 of 2518 of 259 of 255 of 249 of 247 of 238 of 2314 of 233 of 2320 of 2316 of 2322 of 237 of 205 of 2020 of 21
SPY S&P 500State Street SPDR S&P 500 ETF12 of 29+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%+28.7%+33.5%
BNY Bank of New York Mellon Corp11 of 29+54.4%+51.9%+18.5%−19.1%+40.6%−12.9%+9.6%−10.8%+15.7%+17.1%+3.3%+18.3%+38.6%+32.1%−32.8%+9.3%+0.9%−40.4%+20.0%+26.8%−1.2%+4.8%+45.2%−38.9%−23.4%+42.7%+1.6%+41.6%+75.3%
HSBC HSBC Holdings plc10 of 27+67.9%+34.5%+39.3%+7.8%+20.8%−31.7%+1.5%−16.1%+35.9%+9.9%−11.5%−10.2%+8.5%+45.9%−22.2%−7.5%+22.2%−38.0%−4.0%+18.9%−1.5%+12.6%+52.3%−5.2%−15.3%+6.5%——+15.8%
MS Morgan Stanley13 of 29+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%−22.1%+46.3%+4.6%−2.0%+48.4%−27.0%−28.1%+12.3%+103%+21.9%+80.3%
GS The Goldman Sachs Group, Inc.15 of 26+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%+8.6%+57.4%+23.9%+6.5%+46.3%−26.0%−12.8%+14.1%———
STT State Street Corporation12 of 29+35.5%+30.2%+3.5%−13.8%+31.0%−4.8%+29.3%−34.0%+27.8%+19.8%−13.9%+8.7%+58.6%+19.2%−11.4%+6.6%+10.8%−50.7%+21.9%+23.2%+14.5%−4.4%+35.4%−24.5%−15.2%+71.1%+5.0%+21.5%+81.6%
CFG Citizens Financial Group, Inc.3 of 11+38.6%+38.0%−11.0%−13.4%+37.1%−6.7%+41.9%−27.5%+19.9%+38.7%+7.1%——————————————————
NTRS Northern Trust Corporation9 of 29+36.9%+25.6%−1.0%−23.8%+31.6%−9.3%+30.6%−14.7%+14.2%+26.1%+9.1%+11.1%+26.1%+29.9%−26.5%+8.1%+2.7%−30.8%+28.2%+19.1%+8.6%+6.7%+34.5%−40.9%−25.4%+55.1%+22.5%+26.7%+95.2%
C Citigroup Inc.9 of 29+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%−6.8%+79.9%
V Visa Inc.10 of 17+11.8%+22.3%+26.3%−3.4%−0.3%+17.1%+43.3%+16.5%+47.2%+1.4%+19.1%+18.7%+48.0%+50.5%+45.4%−18.9%+68.0%————————————
MA Mastercard Incorporated10 of 19+9.0%+24.2%+23.4%−2.7%+1.2%+20.2%+59.2%+25.3%+47.7%+6.9%+13.8%+3.7%+70.7%+32.1%+66.7%−12.2%+79.8%−33.4%+119%——————————
BLK BlackRock, Inc.14 of 26+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%+45.1%+41.8%+42.4%+47.6%+35.9%−5.5%−0.7%+144%———
BMO Bank of Montreal15 of 29+39.6%+3.0%+14.6%−12.4%+46.9%+3.3%+23.9%−14.9%+15.4%+32.9%−16.8%+10.4%+13.7%+17.3%−0.3%+13.7%+121%−51.9%−0.4%+9.4%+20.4%+21.0%+62.9%+23.0%−9.6%+62.5%−10.8%−6.1%+44.8%
FITB Fifth Third Bancorp9 of 29+14.8%+27.2%+10.4%−21.9%+62.4%−5.4%+35.2%−20.3%+15.1%+37.9%+1.3%−0.8%+41.9%+22.5%−11.3%+51.2%+18.9%−65.6%−35.5%+13.0%−17.3%−17.9%+3.0%−3.0%+4.1%+23.8%+4.3%+32.4%+97.8%
USB U.S. Bancorp10 of 29+16.4%+15.6%+4.8%−19.1%+24.3%−17.9%+33.6%−12.4%+6.6%+23.4%−2.8%+13.8%+29.6%+20.9%+2.3%+20.7%−9.0%−16.6%−8.0%+26.3%−0.5%+10.6%+45.3%+5.3%−6.8%+13.2%−30.5%+64.5%+90.1%
RF Regions Financial Corporation12 of 29+20.2%+27.0%−5.7%+2.4%+39.4%−1.6%+33.3%−20.6%+22.9%+53.7%−7.0%+8.7%+40.2%+66.7%−38.1%+32.7%−31.6%−64.0%−33.7%+15.0%0.0%+26.8%+21.3%+21.3%+20.5%+23.2%−32.4%+2.0%+71.9%
PNC The PNC Financial Services Group, Inc.10 of 29+12.2%+29.4%+2.7%−18.6%+38.2%−2.8%+40.9%−17.0%+26.0%+25.8%+6.8%+20.3%+36.4%+3.6%−3.1%+15.8%+10.2%−22.2%−8.3%+23.6%+11.7%+8.9%+36.2%−22.5%−20.7%+70.4%−15.0%−2.2%+56.7%
MTB M&T Bank Corporation9 of 29+10.4%+41.7%−1.7%−2.9%+24.3%−22.2%+21.6%−14.6%+10.8%+32.2%−1.3%+10.4%+21.3%+33.2%−9.1%+34.8%+23.1%−27.0%−31.5%+14.2%+2.8%+11.6%+25.6%+10.4%+8.6%+66.3%−19.4%+12.5%+62.8%
KEY KeyCorp10 of 29+26.2%+25.4%−11.6%−21.6%+45.9%−14.5%+42.7%−24.6%+12.7%+42.1%−3.2%+5.5%+62.4%+12.0%−11.6%+60.4%−34.0%−61.6%−35.5%+19.9%+0.9%+20.1%+22.1%+8.1%−8.8%+33.9%−28.4%−7.1%+44.5%
TFC Truist Financial Corporation8 of 29+19.1%+23.7%−8.6%−23.5%+26.1%−11.1%+34.6%−10.2%+8.7%+28.4%−0.1%+6.9%+32.7%+18.6%−1.9%+5.9%−2.0%−4.5%−27.2%+8.9%+3.4%+12.8%+8.1%+5.6%−0.4%+40.6%−30.6%+28.5%+81.3%
AXP American Express Company15 of 29+26.0%+60.3%+28.7%−8.5%+36.9%−1.1%+32.5%−2.6%+36.2%+8.6%−24.2%+3.7%+59.8%+23.6%+11.6%+7.8%+126%−63.7%−13.4%+19.1%+4.3%+17.6%+37.7%+0.2%−34.5%−0.3%+63.3%+15.7%+59.9%
SPGI S&P Global Inc.21 of 29+5.7%+13.9%+32.8%−28.4%+44.7%+21.4%+62.3%+1.4%+59.3%+10.5%+12.3%+15.5%+45.9%+30.1%+26.6%+12.0%+49.3%−45.5%−34.7%+33.5%+14.2%+33.0%+17.8%+0.8%+5.7%−3.2%+22.8%+41.1%+64.4%
COF Capital One Financial Corporation12 of 29+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%+113%+51.5%
HBAN Huntington Bancshares Incorporated9 of 29+10.8%+33.7%−4.6%−4.5%+27.1%−11.2%+31.8%−15.2%+12.9%+23.0%+7.5%+11.6%+54.1%+19.5%−18.4%+89.5%−51.5%−44.2%−34.3%+4.3%−0.4%+13.4%+24.3%+12.5%+11.0%−22.1%−10.1%−5.8%+54.1%
BAC Bank of America Corporation9 of 29+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%+1.2%+27.3%
WFC Wells Fargo & Company10 of 29+35.6%+46.5%+22.9%−11.9%+61.1%−41.6%+21.4%−21.8%+13.2%+4.7%+1.8%+24.1%+36.7%+27.3%−9.6%+15.7%−6.3%+1.7%−12.1%+16.9%+4.5%+9.0%+29.5%+10.3%−20.2%+40.5%+3.3%+5.1%+81.9%
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Risk and diversification

How JPM 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 JPM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents JPM's five deepest drawdowns since it began trading in 1986, 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 JPM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringJPM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−74.0%−47.2%Mar 2000Oct 20022.6 yearsJan 20074.3 years
No named crash−72.7%—Oct 1989Oct 199012 monthsMar 199217 months
2008 financial crisis−68.1%−53.2%May 2007Mar 200922 monthsJan 20133.8 years
No named crash−56.2%—Feb 1987Jan 198811 monthsSep 198920 months
No named crash−47.3%−16.0%Jul 1998Oct 19983 monthsJan 19993 months

How did JPM do in stock market crashes?

This section measures how far JPM, 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 JPM.

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
JPM This pageJPMorgan Chase & Co.—−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
BNY Bank of New York Mellon Corp5 of 10−11.4%−40.5%−40.1%−16.2%−5.4%−27.0%−30.9%−0.5%−62.4%−62.6%
HSBC HSBC Holdings plc6 of 10−7.3%−31.8%−20.5%−13.1%−4.6%−30.8%−25.1%0.0%−73.8%−41.4%
MS Morgan Stanley2 of 10−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
GS The Goldman Sachs Group, Inc.2 of 10−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
STT State Street Corporation2 of 10−14.6%−41.4%−45.1%−32.3%−8.3%−34.1%−28.3%−1.9%−82.3%−50.7%
CFG Citizens Financial Group, Inc.0 of 6−19.5%−39.7%−60.5%−31.3%−8.3%−32.8%————
NTRS Northern Trust Corporation5 of 10−10.7%−36.0%−39.0%−27.2%−8.1%−29.9%−25.4%0.0%−60.5%−65.2%
C Citigroup Inc.1 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
V Visa Inc.6 of 8−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%——
MA Mastercard Incorporated6 of 9−4.0%−28.2%−41.0%−21.9%−5.8%−20.4%−13.8%−3.1%−62.7%—
BLK BlackRock, Inc.4 of 10−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
BMO Bank of Montreal4 of 10−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
FITB Fifth Third Bancorp3 of 10−22.1%−36.5%−60.9%−23.8%−6.1%−34.9%−28.9%−2.3%−96.9%−22.0%
USB U.S. Bancorp5 of 10−19.7%−36.8%−47.2%−20.4%−7.5%−17.7%−24.7%−1.2%−76.1%−42.8%
RF Regions Financial Corporation2 of 10−12.6%−27.1%−55.1%−34.8%−7.0%−33.7%−52.9%−2.7%−91.3%−24.4%
PNC The PNC Financial Services Group, Inc.4 of 10−10.4%−34.0%−47.8%−23.2%−5.4%−20.8%−24.1%−0.4%−76.7%−49.6%
MTB M&T Bank Corporation3 of 10−9.4%−18.0%−47.6%−21.1%−5.7%−23.2%−23.1%−0.2%−69.6%−23.9%
KEY KeyCorp1 of 10−34.2%−40.6%−58.8%−32.9%−7.7%−32.5%−31.7%−1.1%−82.9%−25.5%
TFC Truist Financial Corporation5 of 10−26.3%−35.8%−53.5%−20.1%−6.8%−24.4%−27.2%0.0%−66.6%−24.8%
AXP American Express Company4 of 10−9.8%−31.6%−49.6%−20.7%−8.6%−36.6%−18.1%−4.5%−83.4%−59.1%
SPGI S&P Global Inc.7 of 10−4.2%−36.3%−38.1%−24.6%−6.2%−21.3%−20.8%−0.4%−66.4%−29.5%
COF Capital One Financial Corporation2 of 10−11.1%−42.6%−58.8%−28.2%−9.6%−28.5%−24.2%−2.1%−87.7%−65.6%
HBAN Huntington Bancshares Incorporated3 of 10−23.0%−31.3%−49.6%−28.3%−6.1%−31.7%−26.2%−3.6%−93.9%−37.2%
BAC Bank of America Corporation1 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
WFC Wells Fargo & Company5 of 10−12.4%−36.3%−47.1%−20.1%−13.5%−20.9%−21.1%−1.2%−79.0%−29.2%
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How closely does JPM 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 JPM 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 JPM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
JPM This pageJPMorgan Chase & Co.117%103%1.141.09
HSBC HSBC Holdings plc79%53%1.490.58
MA Mastercard Incorporated105%88%1.200.95
V Visa Inc.93%79%1.180.87
MS Morgan Stanley142%137%1.041.39
AXP American Express Company117%113%1.031.16
GS The Goldman Sachs Group, Inc.136%133%1.021.39
BNY Bank of New York Mellon Corp115%120%0.961.08
BMO Bank of Montreal104%112%0.931.12
FITB Fifth Third Bancorp102%114%0.891.22
RF Regions Financial Corporation113%127%0.891.26
MTB M&T Bank Corporation75%86%0.870.86
BAC Bank of America Corporation127%146%0.871.36
PNC The PNC Financial Services Group, Inc.108%127%0.851.15
SPGI S&P Global Inc.107%125%0.851.04
CFG Citizens Financial Group, Inc.118%140%0.841.37
NTRS Northern Trust Corporation111%136%0.821.18
BLK BlackRock, Inc.127%157%0.811.30
C Citigroup Inc.131%165%0.801.49
COF Capital One Financial Corporation115%146%0.791.39
STT State Street Corporation128%166%0.771.48
HBAN Huntington Bancshares Incorporated89%116%0.761.13
KEY KeyCorp100%132%0.751.28
WFC Wells Fargo & Company96%129%0.751.13
USB U.S. Bancorp89%130%0.691.05
TFC Truist Financial Corporation86%126%0.681.11
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What diversifies JPM?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222020201820112008200720022001200080/20 mix volatility80/20 mix annual return
JPM JPMorgan Chase & Co. (this page)1.00+122%0.78−12.6%−5.5%−6.6%−19.9%−25.1%−6.9%−30.7%−17.4%−10.1%24.1%+18.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.31+225%1.34+6.0%+3.9%−19.8%−16.1%−20.8%−7.4%———20.3%+20.3%
SMH TechnologyVanEck Semiconductor ETF0.38+323%0.97−33.5%+55.5%−9.1%+6.8%−44.7%+6.0%−47.0%−14.6%—22.9%+22.7%
GLD CommoditiesSPDR Gold Shares-0.03+126%0.96−0.8%+24.8%−1.9%+9.6%+4.9%+30.4%———19.5%+18.9%
XLE EnergyState Street Energy Select Sector SPDR ETF0.42+177%0.93+64.4%−32.7%−18.2%+2.8%−39.0%+36.8%−14.8%−18.2%+24.4%22.0%+19.7%
EWT TechnologyiShares MSCI Taiwan ETF0.35+153%0.89−28.9%+31.5%−9.9%−21.8%−45.3%+6.4%−24.4%+2.1%—21.6%+19.5%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.37+69.9%0.84−15.3%−10.0%−6.2%——————20.4%+17.1%
PTLC Broad MarketPacer Trendpilot US Large Cap ETF0.44+57.4%0.83−8.6%−1.2%+1.5%——————20.4%+16.9%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.27+59.7%0.82+21.6%+1.8%———————18.8%+17.2%

Stocks

InvestmentCorrelation5Y returnSharpe20222020201820112008200720022001200080/20 mix volatility80/20 mix annual return
JPM JPMorgan Chase & Co. (this page)1.00+122%0.78−12.6%−5.5%−6.6%−19.9%−25.1%−6.9%−30.7%−17.4%−10.1%24.1%+18.0%
CAH Medical - DistributionCardinal Health, Inc.0.33+479%1.55+54.1%+10.1%−24.5%+8.1%−39.6%−9.8%−8.3%−2.5%+108%21.6%+22.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.48+3,143%1.47+1.3%−2.4%−16.3%−24.4%−20.5%−25.7%−65.1%−25.6%−2.3%27.0%+35.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.41+1,636%1.46+17.0%+6.7%+0.8%−17.0%−15.2%+2.1%−9.4%+73.7%−71.1%24.4%+31.3%
MCK Medical - DistributionMcKesson Corporation0.25+413%1.44+51.8%+27.1%−28.4%+11.8%−40.4%+29.7%−27.2%+4.9%+61.2%21.2%+22.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.31+690%1.41+86.6%−27.4%−8.2%——————22.2%+24.6%
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Common questions

What was JPM's worst drawdown?

JPM's deepest decline since it began trading in 1986 was 74.0%, from March 2000 to October 2002. It took about four years from the low to climb back to its old high.

What were JPM's best and worst years?

Over 29 full calendar years, JPM's best year was 2003, when it returned 60.5%. Its worst was 2002, with a return of -30.7%.

Is there a better investment than JPM?

Among JPM's popular alternatives, BNY and HSBC earned more than JPM over the past 5 years with similar volatility: BNY returned 22.7% a year at 24.4% volatility, against 17.3% a year at 24.3%. Looking beyond its popular alternatives, CM (banks) earned more than JPM with less volatility over the past 5 years: 19.2% a year at 21.6% volatility, against 17.3% a year at 24.3%.

Is JPM more volatile than the S&P 500?

Yes. JPM's volatility over the past 5 years was 24.3%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, JPM's return lands within 24.3% 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 JPM's Sharpe ratio?

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

Over the past 5 years, JPM's monthly returns had a correlation of 0.66 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 JPM instead: the lower it is, the more that option would diversify a JPM holding.

What are the best alternatives to JPM?

Of the 25 popular alternatives we compared, one outperformed JPM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: BNY.

Did JPM outperform the S&P 500?

JPM finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +37.3%, against +17.7% for the index.

How did JPM do in stock market crashes?

JPM fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the dot-com bust, when JPM fell 74.0% and the S&P 500 fell 47.5%.

What diversifies JPM?

These had a low correlation with JPM over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.31), SMH (correlation 0.38) and GLD (correlation -0.03); among large stocks, CAH (correlation 0.33), CLS (correlation 0.48) and FIX (correlation 0.41). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to JPM