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Relative Intelligence · Communications Equipment

How Lumentum (LITE) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on LITE alone. It places LITE (Lumentum Holdings Inc.) against 18 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where LITE stands in the market, and of the alternatives worth a closer look.

Period covered: LITE's full trading record, from July 2015 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

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

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

Key findings

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

This chart tracks a hypothetical $10,000 investment in LITE over the past 11 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of LITE over the same span and LITE'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.

Note: LITE began trading on July 23, 2015, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 11 years of LITE's record, starting at the end of September 2015.

Choose a period

From the end of September 2015 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. 10 of the 2,591 stocks and funds worth at least $500 million that traded the whole period ended ahead of LITE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M201520172019202120232025$1,000$10,000$100,000$1M2015201820212024
  • NVDA$4M+38,276% total · +71.8% a year
  • STRL$1M+11,865% total · +54.5% a year
  • IESC$831,791+8,218% total · +49.5% a year
  • MU$728,938+7,189% total · +47.7% a year
  • FIX$650,440+6,404% total · +46.2% a year
  • LITE$572,995+5,630% total · +44.5% a year
  • ANET$532,964+5,230% total · +43.5% a year
  • AVGO$365,843+3,558% total · +38.7% a year
  • AAOI$52,851+429% total · +16.3% a year
  • SPY (S&P 500)$47,605+376% total · +15.2% a year
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From the end of September 2021 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. 14 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of LITE; 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$200,000202120222023202420252026$10,000$100,000202120222023202420252026
  • CLS$407,013+3,970% total · +110% a year
  • FIX$236,701+2,267% total · +88.3% a year
  • STRL$216,918+2,069% total · +85.0% a year
  • MU$153,675+1,437% total · +72.7% a year
  • STX$128,799+1,188% total · +66.7% a year
  • LITE$116,261+1,063% total · +63.3% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • ANET$94,783+848% total · +56.8% a year
  • AVGO$79,117+691% total · +51.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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LITE 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.

Note: LITE began trading on July 23, 2015, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The company

Market value
$75B
Industry
Communication Equipment
Price history from
July 2015

Returns

Past 1 year
+411%total return
Past 3 years
+2,029%+177% a year
Past 5 years
+863%+57.3% a year
Past 10 years
+1,904%+35.0% a year
Best calendar year
+339%2025
Worst calendar year
−50.7%2022
Losing years
2 of 10full calendar years

Risk

Volatility
64.5%typical yearly swing, 5 years
Sharpe ratio
1.03return per unit of risk, 5 years
Worst decline ever
−66.9%Jan 2021 to Oct 2023
From its all-time high
−27.4%below the peak

LITE against the whole market

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

How does LITE rank among all stocks?

This section ranks LITE 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 LITE 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.

MeasureLITERankStanding
1-year return+411%9 of 3,287top 1%
3-year return+2,029%3 of 3,017top 1%
5-year return+863%23 of 2,893top 1%
10-year return+1,904%40 of 2,202top 2%
Volatility, 5 years64.5%2,392 of 2,893bottom 18%
Sharpe ratio, 5 years1.0384 of 2,893top 3%
Worst decline, past 10 years−66.9%1,175 of 2,187bottom 47%

What has beaten LITE 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). LITE sits where the dashed lines cross. Anything in the green box above and to the left earned more than LITE 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 LITE; faint dots are 6 more of the 12 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%20.0%30.0%40.0%50.0%60.0%70.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than LITECRS: +63.9% a year, volatility 46.5%BELFB: +78.0% a year, volatility 52.1%YPF: +60.7% a year, volatility 54.1%IESC: +58.5% a year, volatility 58.0%VIST: +59.1% a year, volatility 50.7%ADMA: +58.9% a year, volatility 59.2%LITE: +57.3% a year, volatility 64.5%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%CLS: +101% a year, volatility 59.7%STX: +57.4% a year, volatility 48.7%FIX: +77.0% a year, volatility 46.7%BWLP: +60.3% a year, volatility 50.9%STRL: +78.4% a year, volatility 60.0%INSW: +56.5% a year, volatility 40.5%ATI: +61.8% a year, volatility 42.9%MOD: +65.1% a year, volatility 61.7%LITESPY (S&P 500)MUCLSSTXFIXBWLPSTRLINSWATIMOD0.0%20.0%40.0%60.0%80.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than LITECRS: +63.9% a year, volatility 46.5%BELFB: +78.0% a year, volatility 52.1%YPF: +60.7% a year, volatility 54.1%IESC: +58.5% a year, volatility 58.0%VIST: +59.1% a year, volatility 50.7%ADMA: +58.9% a year, volatility 59.2%LITE: +57.3% a year, volatility 64.5%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%CLS: +101% a year, volatility 59.7%STX: +57.4% a year, volatility 48.7%FIX: +77.0% a year, volatility 46.7%BWLP: +60.3% a year, volatility 50.9%STRL: +78.4% a year, volatility 60.0%INSW: +56.5% a year, volatility 40.5%ATI: +61.8% a year, volatility 42.9%MOD: +65.1% a year, volatility 61.7%LITESPY (S&P 500)MUCLSSTXFIXBWLPSTRLINSWMOD
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than LITE?

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

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

Screen the whole market against LITE for any period in BetterThanSPYOpen these 10 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 LITE?lower diversifies moreExpenseper year
LITELumentum Holdings Inc. · this page
+57.3%64.5%1.03−66.9%+1,904%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.370.09%
Same and neighboring categories, and shared themesbest 3 shownEverything else in Communications Equipment and the categories next to it (Semiconductors, Electronic Components, Electronics Manufacturing, Computer Hardware), plus LITE's specific themes. 3 of 69 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+68.1%57.1%1.20−57.6%+5,243%0.28—
CLSCelestica Inc. · Electronics Manufacturing
On the frontierHigher return, lower volatility+101%59.7%1.47−80.6%+2,771%0.28—
STXSeagate Technology Holdings plc · Computer Hardware
Similar return, lower volatilityHigher Sharpe, smaller worst decline+57.4%48.7%1.18−57.0%+2,698%0.37—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 13 of 3,546 passed at least one test.
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+77.0%46.7%1.46−49.7%+5,305%0.37—
BWLPBW LPG Limited · Marine Shipping
Higher return, lower volatilityHigher return in most periods+60.3%50.9%1.19−68.8%+2,672%0.06—
STRLSterling Infrastructure, Inc. · Engineering & Construction
Higher return, lower volatilityHigher Sharpe, smaller worst decline+78.4%60.0%1.26−59.6%+5,213%0.22—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+56.5%40.5%1.31−57.4%—0.06—
ATIATI Inc. · Metals & Mining
On the frontierHigher return, lower volatility+61.8%42.9%1.34−82.4%+929%0.32—
MODModine Manufacturing Company · Electrical Equipment
Higher return, similar volatility+65.1%61.7%1.13−88.1%+1,187%0.31—
What these numbers mean for LITE
Annual return
LITE returned 57.3% 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 $96,300. 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
LITE's volatility over the past 5 years was 64.5%, 3.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LITE's return lands within 64.5% 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
LITE's Sharpe ratio over the past 5 years was 1.03, against 0.79 for the S&P 500, so LITE earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
LITE's worst fall from a peak to a low over the past 10 years was 66.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 66.9% fall takes a 202% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, LITE's monthly returns had a correlation of 0.37 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against LITE instead: the lower it is, the more that option would diversify a LITE holding. Guide: Correlation and diversification →
Show all 12 stocks and funds worth at least $500 million that earned more than LITE with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with LITEExpense
1
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+5,305%0.37—
2
MUMicron Technology, Inc. · Semiconductors
Same or nearby category+68.1%57.1%1.20−57.6%+5,243%0.28—
3
BWLPBW LPG Limited · Marine Shipping
Whole market+60.3%50.9%1.19−68.8%+2,672%0.06—
4
STRLSterling Infrastructure, Inc. · Engineering & Construction
Whole market+78.4%60.0%1.26−59.6%+5,213%0.22—
5
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+929%0.32—
6
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,021%0.24—
7
CLSCelestica Inc. · Electronics Manufacturing
Same or nearby category+101%59.7%1.47−80.6%+2,771%0.28—
8
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
Whole market+78.0%52.1%1.37−79.8%+872%0.34—
9
YPFYPF Sociedad Anónima · Integrated Oil & Gas
Whole market+60.7%54.1%1.14−90.1%+173%0.09—
10
IESCIES Holdings, Inc. · Engineering & Construction
Whole market+58.5%58.0%1.09−54.3%+2,943%0.43—
11
VISTVista Energy, S.A.B. de C.V. · Exploration & Production
Whole market+59.1%50.7%1.17−81.2%—-0.08—
12
ADMAADMA Biologics, Inc. · Biotechnology
Whole market+58.9%59.2%1.08−84.1%+81.1%0.04—

LITE against its popular alternatives

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

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

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

0.0%20.0%40.0%60.0%80.0%100%120%140%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityLITE: 57.3% a year, volatility 64.5%SPY (S&P 500): 12.7% a year, volatility 17.1%NVDA: 58.0% a year, volatility 51.9%MRVL: 29.5% a year, volatility 65.2%COHR: 31.6% a year, volatility 66.3%POET: −8.3% a year, volatility 108%ANET: 49.0% a year, volatility 49.0%AVGO: 48.3% a year, volatility 44.5%AAOI: 59.6% a year, volatility 123%MTSI: 32.0% a year, volatility 47.3%CSCO: 16.8% a year, volatility 26.1%CIEN: 45.2% a year, volatility 52.6%FN: 29.2% a year, volatility 57.1%CALX: −8.3% a year, volatility 48.5%VIAV: 17.9% a year, volatility 47.9%EQIX: 6.6% a year, volatility 27.8%IPGP: −15.1% a year, volatility 48.5%ADTN: −17.3% a year, volatility 56.4%GLW: 31.4% a year, volatility 42.1%NOK: 11.6% a year, volatility 40.1%LITESPY (S&P 500)NVDAMRVLCOHRPOETANETAVGOAAOIMTSICSCOCIENFNCALXVIAVEQIXIPGPADTNGLWNOK0.0%50.0%100%150%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityLITE: 57.3% a year, volatility 64.5%SPY (S&P 500): 12.7% a year, volatility 17.1%NVDA: 58.0% a year, volatility 51.9%MRVL: 29.5% a year, volatility 65.2%COHR: 31.6% a year, volatility 66.3%POET: −8.3% a year, volatility 108%ANET: 49.0% a year, volatility 49.0%AVGO: 48.3% a year, volatility 44.5%AAOI: 59.6% a year, volatility 123%MTSI: 32.0% a year, volatility 47.3%CSCO: 16.8% a year, volatility 26.1%CIEN: 45.2% a year, volatility 52.6%FN: 29.2% a year, volatility 57.1%CALX: −8.3% a year, volatility 48.5%VIAV: 17.9% a year, volatility 47.9%EQIX: 6.6% a year, volatility 27.8%IPGP: −15.1% a year, volatility 48.5%ADTN: −17.3% a year, volatility 56.4%GLW: 31.4% a year, volatility 42.1%NOK: 11.6% a year, volatility 40.1%LITESPY (S&P 500)NVDAMRVLCOHRPOETANETAVGOAAOIMTSICSCOCIENCALXVIAVEQIXIPGP
All figures
InvestmentAnnual returnVolatility
AAOI Applied Optoelectronics, Inc.+59.6%123%
NVDA NVIDIA Corporation+58.0%51.9%
LITE This pageLumentum Holdings Inc.+57.3%64.5%
ANET Arista Networks, Inc.+49.0%49.0%
AVGO Broadcom Inc.+48.3%44.5%
CIEN Ciena Corporation+45.2%52.6%
MTSI MACOM Technology Solutions Holdings, Inc.+32.0%47.3%
COHR Coherent, Inc.+31.6%66.3%
GLW Corning Inc+31.4%42.1%
MRVL Marvell Technology, Inc.+29.5%65.2%
FN Fabrinet+29.2%57.1%
VIAV Viavi Solutions Inc.+17.9%47.9%
CSCO Cisco Systems, Inc.+16.8%26.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
NOK Nokia Oyj+11.6%40.1%
EQIX Equinix, Inc.+6.6%27.8%
CALX Calix, Inc.−8.3%48.5%
POET POET Technologies Inc.−8.3%108%
IPGP IPG Photonics Corporation−15.1%48.5%
ADTN ADTRAN Holdings Inc.−17.3%56.4%
Open these 20 in EasyCompare

Has LITE consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than LITE 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
LITE Lumentum Holdings Inc. (this page)—−13.8%+7.4%−8.1%+113%+411%+2,029%+863%+1,904%64.5%1.03−66.9%—$75B—
NVDA SemiconductorsNVIDIA Corporation2/5 short1/3 long−4.8%+6.6%+7.4%+14.9%+18.8%+425%+884%+13,019%51.9%1.14−66.3%—$5.2T—
ANET Computer HardwareArista Networks, Inc.2/5 short1/3 long−11.8%+7.0%+8.6%+35.6%+23.7%+289%+634%+3,439%49.0%1.06−52.2%—$229B—
AVGO SemiconductorsBroadcom Inc.1/5 short1/3 long−7.8%−11.4%−16.0%−3.3%−3.5%+305%+617%+2,380%44.5%1.11−48.3%—$1.6T—
AAOI Communication EquipmentApplied Optoelectronics, Inc.0/5 short1/3 long−29.4%−25.5%−53.1%+93.8%+125%+1,011%+936%+270%123%0.97−98.5%—$6.5B—
MRVL SemiconductorsMarvell Technology, Inc.4/5 short0/3 long−6.6%+23.4%+62.7%+169%+181%+390%+264%+1,874%65.2%0.72−61.9%—$211B—
MTSI SemiconductorsMACOM Technology Solutions Holdings, Inc.2/5 short0/3 long−5.8%−2.5%−6.5%+50.3%+87.4%+249%+302%+588%47.3%0.83−80.8%—$20B—
CSCO Communication EquipmentCisco Systems, Inc.2/5 short0/3 long−3.9%−3.2%+22.6%+42.2%+53.8%+118%+118%+374%26.1%0.73−42.0%—$421B—
CIEN Communication EquipmentCiena Corporation1/5 short0/3 long−6.6%−9.7%−32.1%+39.0%+97.5%+721%+546%+1,600%52.6%0.97−49.5%—$48B—
FN Hardware, Equipment & PartsFabrinet1/5 short0/3 long−11.5%−28.1%−49.2%−25.9%−12.8%+121%+260%+732%57.1%0.74−52.4%—$13B—
CALX Communication EquipmentCalix, Inc.1/5 short0/3 long+1.9%−5.9%−30.0%−32.7%−40.0%−16.6%−35.1%+435%48.5%0.07−65.3%—$2.3B—
VIAV Communication EquipmentViavi Solutions Inc.1/5 short0/3 long−4.1%−11.9%−22.2%+91.3%+164%+359%+127%+376%47.9%0.58−62.9%—$8.5B—
EQIX REIT - SpecialtyEquinix, Inc.1/5 short0/3 long−6.6%−2.5%−9.7%+31.2%+22.2%+49.1%+37.4%+226%27.8%0.37−41.8%—$97B—
IPGP SemiconductorsIPG Photonics Corporation1/5 short0/3 long−6.8%−26.0%−42.4%−3.1%−16.9%−21.8%−55.8%−12.8%48.5%-0.10−81.1%—$3.1B—
ADTN Communication EquipmentADTRAN Holdings Inc.1/5 short0/3 long−8.7%−43.3%−62.7%−24.2%−28.3%−8.7%−61.3%−59.8%56.4%-0.05−82.0%—$536M—
COHR Hardware, Equipment & PartsCoherent, Inc.0/5 short0/3 long−27.9%−18.8%−33.3%+19.3%+92.8%+648%+295%+795%66.3%0.75−72.2%—$46B—
GLW Hardware, Equipment & PartsCorning Inc0/5 short0/3 long−16.7%−13.3%−19.7%+46.8%+56.6%+419%+292%+616%42.1%0.86−51.5%—$114B—
NOK Communication EquipmentNokia Oyj0/5 short0/3 long−17.5%−10.2%−14.3%+40.3%+60.8%+211%+72.8%+123%40.1%0.47−62.6%—$49B—
POET SemiconductorsPOET Technologies Inc.0/5 short0/3 long−33.9%−25.6%−35.3%−22.3%−26.7%+89.8%−35.3%+29.3%108%0.44−93.5%—$734M—
Open these 19 in EasyCompare

How did LITE do year by year?

This table shows each investment's total return in every full calendar year since 2016, along with where LITE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with LITE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: LITE began trading on July 23, 2015, so the table starts with 2016, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

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

InvestmentYears ahead of LITE2025202420232022202120202019201820172016
LITE This pageLumentum Holdings Inc.—+339%+60.2%+0.5%−50.7%+11.6%+19.6%+88.8%−14.1%+26.5%+75.5%
Rank among alternativesTop quarter in 3 of 101 of 1910 of 1912 of 1916 of 1914 of 1915 of 191 of 1911 of 1911 of 192 of 19
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%
NVDA NVIDIA Corporation6 of 10+38.9%+171%+239%−50.2%+125%+122%+76.4%−30.8%+82.5%+228%
ANET Arista Networks, Inc.7 of 10+18.6%+87.7%+94.1%−15.6%+97.9%+42.9%−3.5%−10.5%+143%+24.2%
AVGO Broadcom Inc.7 of 10+50.6%+110%+104%−13.3%+56.5%+45.0%+29.0%+2.2%+48.2%+23.6%
AAOI Applied Optoelectronics, Inc.3 of 10−5.4%+90.8%+922%−63.2%−39.6%−28.4%−23.0%−59.2%+61.4%+36.6%
MRVL Marvell Technology, Inc.5 of 10−22.8%+83.8%+63.7%−57.5%+84.6%+80.3%+65.7%−23.6%+56.9%+60.5%
MTSI MACOM Technology Solutions Holdings, Inc.4 of 10+31.8%+39.8%+47.6%−19.6%+42.3%+107%+83.3%−55.4%−29.7%+13.2%
CSCO Cisco Systems, Inc.5 of 10+33.5%+21.0%+9.3%−22.5%+45.8%−3.5%+13.8%+16.6%+31.3%+15.1%
CIEN Ciena Corporation5 of 10+176%+88.4%−11.7%−33.8%+45.6%+23.8%+25.9%+62.0%−14.3%+18.0%
FN Fabrinet4 of 10+107%+15.5%+48.4%+8.2%+52.7%+19.7%+26.4%+78.8%−28.8%+69.2%
CALX Calix, Inc.4 of 10+51.8%−20.2%−36.1%−14.4%+169%+272%−17.9%+63.9%−22.7%−2.2%
VIAV Viavi Solutions Inc.3 of 10+76.4%+0.3%−4.2%−40.4%+17.6%−0.1%+49.3%+15.0%+6.9%+34.3%
EQIX Equinix, Inc.5 of 10−16.9%+19.4%+25.4%−21.1%+20.3%+24.2%+68.9%−20.4%+29.2%+20.7%
IPGP IPG Photonics Corporation4 of 10−1.5%−33.0%+14.6%−45.0%−23.1%+54.4%+27.9%−47.1%+117%+10.7%
ADTN ADTRAN Holdings Inc.3 of 10+4.3%+13.5%−59.9%−16.3%+57.4%+54.4%−5.2%−43.2%−12.0%+32.4%
COHR Coherent, Inc.5 of 10+94.8%+118%+24.0%−48.6%−10.1%+126%+3.7%−30.9%+58.4%+59.8%
GLW Corning Inc4 of 10+87.8%+60.7%−1.2%−11.6%+5.9%+27.6%−1.0%−3.3%+34.6%+36.3%
NOK Nokia Oyj3 of 10+50.7%+34.6%−23.9%−24.4%+59.3%+5.2%−34.9%+29.7%−0.3%−27.8%
POET POET Technologies Inc.3 of 10+6.4%+536%−69.0%−57.5%+9.2%+132%+40.0%+17.6%−29.2%−67.6%
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Risk and diversification

How LITE 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 LITE's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents LITE's five deepest drawdowns since it began trading in 2015, 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.

Note: LITE began trading on July 23, 2015, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringLITE fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−66.9%+12.9%Jan 2021Oct 20232.8 yearsJul 202521 months
Late-2018 sell-off−48.8%+0.3%Mar 2018Nov 20188 monthsNov 201912 months
No named crash−42.8%−1.1%May 2026Jul 20262 monthsOct 20263 months
2015 China and oil sell-off−39.8%−2.6%Aug 2015Oct 20152 monthsFeb 20164 months
February 2018 volatility shock−37.3%+8.0%Jul 2017Feb 20187 monthsMar 20181 month

How did LITE do in stock market crashes?

This section measures how far LITE, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: LITE began trading on July 23, 2015, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

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

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
LITE This pageLumentum Holdings Inc.—−6.5%−36.3%−28.7%−40.1%−5.0%−34.1%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
NVDA NVIDIA Corporation2 of 6−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
ANET Arista Networks, Inc.2 of 6−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%————
AVGO Broadcom Inc.5 of 6−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
AAOI Applied Optoelectronics, Inc.1 of 6−5.7%−71.6%−54.5%−58.8%−8.1%−45.1%————
MRVL Marvell Technology, Inc.1 of 6−12.0%−56.8%−31.6%−26.1%−7.5%−37.6%−23.1%0.0%−74.3%—
MTSI MACOM Technology Solutions Holdings, Inc.3 of 6−4.8%−43.9%−48.1%−37.0%−41.5%−22.4%————
CSCO Cisco Systems, Inc.4 of 6−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
CIEN Ciena Corporation4 of 6−2.9%−48.4%−22.4%−11.8%−4.7%−31.7%−41.8%−5.1%−89.5%−98.4%
FN Fabrinet5 of 6−4.7%−38.7%−25.0%−12.0%−3.8%−10.5%−30.8%———
CALX Calix, Inc.2 of 6−7.8%−56.1%−44.0%−21.9%−2.4%−34.3%−64.5%−10.3%——
VIAV Viavi Solutions Inc.5 of 6−3.0%−27.2%−37.5%−26.5%−3.0%−27.6%−41.5%−4.5%−86.0%−98.8%
EQIX Equinix, Inc.4 of 6−4.1%−36.3%−25.1%−22.8%−6.3%−15.8%−22.5%−1.1%−69.9%—
IPGP IPG Photonics Corporation4 of 6−4.7%−52.4%−26.8%−37.6%−8.0%−23.9%−38.1%−2.1%−69.1%—
ADTN ADTRAN Holdings Inc.3 of 6−8.6%−28.9%−45.4%−43.5%−2.5%−13.2%−26.6%−0.1%−52.3%−81.1%
COHR Coherent, Inc.2 of 6−10.7%−56.3%−43.0%−39.5%−9.8%−15.0%−40.4%−2.1%−68.2%−61.4%
GLW Corning Inc4 of 6−3.8%−30.9%−36.7%−21.7%−9.0%−13.5%−31.1%0.0%−71.6%−99.0%
NOK Nokia Oyj5 of 6−2.1%−32.1%−42.4%−9.7%−2.8%−23.3%−21.1%0.0%−78.1%−82.1%
POET POET Technologies Inc.2 of 6−17.8%−73.9%−59.5%−38.7%0.0%−46.7%−56.5%0.0%——
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How closely does LITE 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 LITE 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 LITE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
LITE This pageLumentum Holdings Inc.162%101%1.611.24
CIEN Ciena Corporation129%64%2.021.07
ANET Arista Networks, Inc.174%91%1.921.40
AVGO Broadcom Inc.158%86%1.851.19
NVDA NVIDIA Corporation248%140%1.771.83
GLW Corning Inc107%67%1.611.14
FN Fabrinet115%72%1.601.12
MRVL Marvell Technology, Inc.167%116%1.441.68
VIAV Viavi Solutions Inc.98%76%1.300.97
CALX Calix, Inc.96%85%1.141.40
EQIX Equinix, Inc.76%66%1.140.67
COHR Coherent, Inc.162%146%1.111.80
CSCO Cisco Systems, Inc.101%96%1.060.97
MTSI MACOM Technology Solutions Holdings, Inc.148%157%0.941.93
NOK Nokia Oyj63%72%0.871.01
AAOI Applied Optoelectronics, Inc.169%221%0.772.83
POET POET Technologies Inc.62%108%0.580.81
IPGP IPG Photonics Corporation65%130%0.501.15
ADTN ADTRAN Holdings Inc.47%150%0.311.46
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What diversifies LITE?

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

ETFs

InvestmentCorrelation5Y returnSharpe2022201880/20 mix volatility80/20 mix annual return
LITE Lumentum Holdings Inc. (this page)1.00+863%1.03−50.7%−14.1%63.8%+63.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.32+119%1.48+3.8%−5.2%51.7%+56.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.35+225%1.34+6.0%−19.8%52.0%+58.8%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.40+101%1.04+10.4%−8.7%52.3%+55.7%
HDV Dividend & IncomeiShares Core High Dividend ETF0.30+83.3%1.00+7.1%−3.0%52.0%+55.0%
SMH TechnologyVanEck Semiconductor ETF0.32+323%0.97−33.5%−9.1%53.7%+61.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.30+85.0%0.96−5.1%−9.5%51.8%+55.4%
GLD CommoditiesSPDR Gold Shares0.18+126%0.96−0.8%−1.9%51.8%+57.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.30+136%0.93−10.4%−0.9%52.5%+57.3%

Stocks

InvestmentCorrelation5Y returnSharpe2022201880/20 mix volatility80/20 mix annual return
LITE Lumentum Holdings Inc. (this page)1.00+863%1.03−50.7%−14.1%63.8%+63.3%
CAH Medical - DistributionCardinal Health, Inc.0.22+479%1.55+54.1%−24.5%52.5%+61.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.28+3,143%1.47+1.3%−16.3%55.5%+77.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.37+1,636%1.46+17.0%+0.8%55.0%+72.2%
MCK Medical - DistributionMcKesson Corporation0.30+413%1.44+51.8%−28.4%52.8%+60.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.12+690%1.41+86.6%−8.2%52.3%+64.9%
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Common questions

What was LITE's worst drawdown?

LITE's deepest decline since it began trading in 2015 was 66.9%, from January 2021 to October 2023. It took 21 months from the low to climb back to its old high. Because LITE launched in July 2015, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were LITE's best and worst years?

Over ten full calendar years, LITE's best year was 2025, when it returned 339%. Its worst was 2022, with a return of -50.7%.

Is there a better investment than LITE?

Looking beyond its popular alternatives, MU (semiconductors) and CLS (electronics manufacturing) earned more than LITE with less volatility over the past 5 years. MU returned 68.1% a year at 57.1% volatility, against 57.3% a year at 64.5%. Few investments have done better on both counts: only 12 of the 3,633 stocks and funds worth at least $500 million earned more than LITE with less volatility over the past 5 years, among them MU, FIX and CLS.

Is LITE more volatile than the S&P 500?

Yes. LITE's volatility over the past 5 years was 64.5%, 3.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LITE's return lands within 64.5% 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 LITE's Sharpe ratio?

LITE's Sharpe ratio over the past 5 years was 1.03, against 0.79 for the S&P 500, so LITE earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is LITE with the S&P 500?

Over the past 5 years, LITE's monthly returns had a correlation of 0.37 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against LITE instead: the lower it is, the more that option would diversify a LITE holding.

What are the best alternatives to LITE?

None of the 18 popular alternatives we compared outperformed LITE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about LITE's strength than about its alternatives.

Did LITE outperform the S&P 500?

LITE finished ahead of the S&P 500 (SPY) in six of ten full calendar years. In 2025, it returned +339%, against +17.7% for the index.

How did LITE do in stock market crashes?

LITE fell less than the S&P 500 (SPY) in two of the six major crashes it has traded through, and further in four. The clearest case was the 2015 China and oil sell-off, when LITE fell 34.1% and the S&P 500 fell 12.8%.

What diversifies LITE?

These had a low correlation with LITE over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.32), DXJ (correlation 0.35) and EMLP (correlation 0.40); among large stocks, CAH (correlation 0.22), CLS (correlation 0.28) and FIX (correlation 0.37). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to LITE

Other stocks and ETFs