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Relative Intelligence · E-Commerce

How MercadoLibre (MELI) compares with the whole market and its popular alternatives

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

Period covered: MELI's full trading record, from August 2007 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 MELI →Chart MELI vs. 21 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in MELI over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MELI over the same span and MELI'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: MELI began trading on August 10, 2007, so the chart cannot reach back to the dot-com bust. It covers the most recent 19 years of MELI's record, starting at the end of September 2007.

Choose a period

From the end of September 2007 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. 20 of the 1,798 stocks and funds worth at least $500 million that traded the whole period ended ahead of MELI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M2007201020132016201920222025$10,000$100,000$1M2007201220172022
  • NVDA$3M+27,574% total · +34.4% a year
  • MU$984,249+9,742% total · +27.3% a year
  • TSM$751,568+7,416% total · +25.5% a year
  • AAPL$725,525+7,155% total · +25.3% a year
  • AMZN$534,633+5,246% total · +23.3% a year
  • MELI$491,887+4,819% total · +22.8% a year
  • MA$410,321+4,003% total · +21.6% a year
  • WMT$104,757+948% total · +13.2% a year
  • EBAY$73,236+632% total · +11.0% a year
  • SPY (S&P 500)$70,725+607% total · +10.8% 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. 2,470 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MELI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000202120222023202420252026$2,000$5,000$10,000$20,000202120222023202420252026
  • WMT$23,813+138% total · +18.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • V$16,755+67.5% total · +10.9% a year
  • EBAY$16,622+66.2% total · +10.7% a year
  • MA$16,338+63.4% total · +10.3% a year
  • AMZN$15,169+51.7% total · +8.7% a year
  • SHOP$10,938+9.4% total · +1.8% a year
  • MELI$10,293+2.9% total · +0.6% a year
  • W$4,014−59.9% total · −16.7% a year
  • PAGS$1,916−80.8% total · −28.1% a year
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MELI 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: MELI began trading on August 10, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$95B
Industry
Specialty Retail
Price history from
August 2007

Returns

Past 1 year
−10.6%total return
Past 3 years
+60.7%+17.1% a year
Past 5 years
+17.2%+3.2% a year
Past 10 years
+1,002%+27.1% a year
Best calendar year
+216%2009
Worst calendar year
−77.8%2008
Losing years
6 of 18full calendar years

Risk

Volatility
49.5%typical yearly swing, 5 years
Sharpe ratio
0.31return per unit of risk, 5 years
Worst decline ever
−89.5%Dec 2007 to Nov 2008
From its all-time high
−28.1%below the peak

MELI against the whole market

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

How does MELI rank among all stocks?

This section ranks MELI 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 MELI 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.

MeasureMELIRankStanding
1-year return−10.6%2,359 of 3,287bottom 29%
3-year return+60.7%1,387 of 3,017top 46%
5-year return+17.2%1,492 of 2,893bottom 49%
10-year return+1,002%109 of 2,202top 5%
Volatility, 5 years49.5%1,902 of 2,893bottom 35%
Sharpe ratio, 5 years0.311,509 of 2,893bottom 49%
Worst decline, past 10 years−69.1%1,263 of 2,187bottom 43%

What has beaten MELI 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). MELI sits where the dashed lines cross. Anything in the green box above and to the left earned more than MELI 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 MELI; faint dots are 92 more of the 1,697 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%0.0%10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MELITSM: +31.5% a year, volatility 38.5%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%PSI: +24.3% a year, volatility 41.6%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%WELL: +26.0% a year, volatility 23.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%BHP: +16.6% a year, volatility 31.4%ADI: +19.5% a year, volatility 34.1%ASX: +48.8% a year, volatility 43.0%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%VO: +6.8% a year, volatility 17.6%DE: +14.4% a year, volatility 29.9%VIG: +10.4% a year, volatility 14.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%EPD: +16.4% a year, volatility 17.1%AEM: +29.5% a year, volatility 38.4%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%BMO: +13.6% a year, volatility 21.4%T: +9.8% a year, volatility 25.2%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%NEM: +18.6% a year, volatility 39.1%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%HPE: +32.9% a year, volatility 42.2%KMI: +18.7% a year, volatility 22.5%VT: +10.3% a year, volatility 16.2%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%JCI: +17.4% a year, volatility 29.1%HCA: +14.1% a year, volatility 30.1%RSG: +13.9% a year, volatility 18.5%RSP: +8.2% a year, volatility 16.1%WAB: +25.6% a year, volatility 26.2%MSI: +14.8% a year, volatility 23.6%WPM: +27.5% a year, volatility 36.9%LNG: +23.4% a year, volatility 30.2%EMR: +12.7% a year, volatility 27.7%URI: +24.3% a year, volatility 39.1%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%B: +18.9% a year, volatility 37.3%FAST: +15.8% a year, volatility 24.6%NUE: +21.7% a year, volatility 37.4%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%ARGX: +24.1% a year, volatility 39.9%DYNF: +14.7% a year, volatility 17.5%BAP: +30.8% a year, volatility 30.3%TRP: +10.8% a year, volatility 21.9%MET: +12.0% a year, volatility 25.4%KB: +25.3% a year, volatility 34.4%GRMN: +14.8% a year, volatility 31.6%VBR: +8.2% a year, volatility 19.4%MELI: +3.2% a year, volatility 49.5%SPY (S&P 500): +12.7% a year, volatility 17.1%WMT: +20.8% a year, volatility 22.6%AMZN: +9.0% a year, volatility 36.6%V: +12.8% a year, volatility 22.9%MA: +12.4% a year, volatility 23.8%EBAY: +11.7% a year, volatility 32.9%FMX: +14.0% a year, volatility 25.7%AAPL: +18.5% a year, volatility 28.0%MSFT: +12.5% a year, volatility 28.2%PANW: +31.9% a year, volatility 43.4%CDNS: +14.8% a year, volatility 37.2%CRWD: +26.3% a year, volatility 52.7%JBHT: +4.0% a year, volatility 32.8%LLY: +40.7% a year, volatility 32.8%ASML: +17.4% a year, volatility 43.4%SMH: +33.4% a year, volatility 36.9%RY: +17.3% a year, volatility 18.2%CAH: +42.1% a year, volatility 24.7%COKE: +41.2% a year, volatility 38.0%DELL: +55.2% a year, volatility 54.4%SGOV: +3.8% a year, volatility 0.3%FIX: +77.0% a year, volatility 46.7%MELISPY (S&P 500)WMTAMZNEBAYAAPLMSFTPANWCDNSCRWDJBHTLLYASMLSMHRYCAHCOKEDELLSGOVFIX−20.0%0.0%20.0%40.0%60.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MELITSM: +31.5% a year, volatility 38.5%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%PSI: +24.3% a year, volatility 41.6%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%WELL: +26.0% a year, volatility 23.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%BHP: +16.6% a year, volatility 31.4%ADI: +19.5% a year, volatility 34.1%ASX: +48.8% a year, volatility 43.0%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%VO: +6.8% a year, volatility 17.6%DE: +14.4% a year, volatility 29.9%VIG: +10.4% a year, volatility 14.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%EPD: +16.4% a year, volatility 17.1%AEM: +29.5% a year, volatility 38.4%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%BMO: +13.6% a year, volatility 21.4%T: +9.8% a year, volatility 25.2%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%NEM: +18.6% a year, volatility 39.1%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%HPE: +32.9% a year, volatility 42.2%KMI: +18.7% a year, volatility 22.5%VT: +10.3% a year, volatility 16.2%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%JCI: +17.4% a year, volatility 29.1%HCA: +14.1% a year, volatility 30.1%RSG: +13.9% a year, volatility 18.5%RSP: +8.2% a year, volatility 16.1%WAB: +25.6% a year, volatility 26.2%MSI: +14.8% a year, volatility 23.6%WPM: +27.5% a year, volatility 36.9%LNG: +23.4% a year, volatility 30.2%EMR: +12.7% a year, volatility 27.7%URI: +24.3% a year, volatility 39.1%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%B: +18.9% a year, volatility 37.3%FAST: +15.8% a year, volatility 24.6%NUE: +21.7% a year, volatility 37.4%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%ARGX: +24.1% a year, volatility 39.9%DYNF: +14.7% a year, volatility 17.5%BAP: +30.8% a year, volatility 30.3%TRP: +10.8% a year, volatility 21.9%MET: +12.0% a year, volatility 25.4%KB: +25.3% a year, volatility 34.4%GRMN: +14.8% a year, volatility 31.6%VBR: +8.2% a year, volatility 19.4%MELI: +3.2% a year, volatility 49.5%SPY (S&P 500): +12.7% a year, volatility 17.1%WMT: +20.8% a year, volatility 22.6%AMZN: +9.0% a year, volatility 36.6%V: +12.8% a year, volatility 22.9%MA: +12.4% a year, volatility 23.8%EBAY: +11.7% a year, volatility 32.9%FMX: +14.0% a year, volatility 25.7%AAPL: +18.5% a year, volatility 28.0%MSFT: +12.5% a year, volatility 28.2%PANW: +31.9% a year, volatility 43.4%CDNS: +14.8% a year, volatility 37.2%CRWD: +26.3% a year, volatility 52.7%JBHT: +4.0% a year, volatility 32.8%LLY: +40.7% a year, volatility 32.8%ASML: +17.4% a year, volatility 43.4%SMH: +33.4% a year, volatility 36.9%RY: +17.3% a year, volatility 18.2%CAH: +42.1% a year, volatility 24.7%COKE: +41.2% a year, volatility 38.0%DELL: +55.2% a year, volatility 54.4%SGOV: +3.8% a year, volatility 0.3%FIX: +77.0% a year, volatility 46.7%MELISPY (S&P 500)WMTAMZNPANWCRWDJBHTLLYASMLSMHRYCAHDELLSGOVFIX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than MELI?

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

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

Screen the whole market against MELI for any period in BetterThanSPYOpen these 21 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 MELI?lower diversifies moreExpenseper year
MELIMercadoLibre, Inc. · this page
+3.2%49.5%0.31−69.1%+1,002%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.480.09%
Popular alternativesbest 6 shownThe investments people most often weigh against MELI. 7 of 20 passed at least one test.
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.8%22.6%0.96−25.7%+508%0.37—
AMZNAmazon.com, Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+9.0%36.6%0.42−56.1%+548%0.43—
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%22.9%0.64−36.4%+429%0.55—
MAMastercard Incorporated · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.4%23.8%0.61−41.0%+541%0.50—
EBAYeBay Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.7%32.9%0.50−53.6%+374%0.37—
FMXFomento Económico Mexicano, S.A.B. de C.V. · Convenience Stores
Higher return, lower volatilityHigher Sharpe, smaller worst decline+14.0%25.7%0.64−45.5%+79.7%0.38—
Same and neighboring categories, and shared themesbest 6 shownEverything else in E-Commerce and the categories next to it (Specialty Retail, Software, Internet Services, Freight & Logistics), plus MELI's specific themes. 66 of 150 passed at least one test.
AAPLApple Inc. · Computer Hardware · Digital Payments theme
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.5%28.0%0.75−38.5%+1,168%0.34—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.5%28.2%0.56−37.1%+946%0.32—
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.9%43.4%0.86−48.0%+1,274%0.33—
CDNSCadence Design Systems, Inc. · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+14.8%37.2%0.56−34.2%+1,139%0.32—
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Higher return, similar volatilityHigher return in most periods+26.3%52.7%0.71−67.7%—0.30—
JBHTJ.B. Hunt Transport Services, Inc. · Freight & Logistics
Similar return, lower volatility+4.0%32.8%0.28−42.4%+220%0.22—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,037 of 3,463 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.09—
ASMLASML Holding N.V. · Semiconductor Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.4%43.4%0.59−56.9%+1,628%0.35—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.4%36.9%0.97−45.3%+1,665%0.280.35%
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.38—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.32—
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+41.2%38.0%1.10−51.7%+1,569%-0.08—
DELLDell Technologies Inc. · Computer Hardware
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+55.2%54.4%1.08−59.6%+3,701%-0.06—
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—0.300.09%
What these numbers mean for MELI
Annual return
MELI returned 3.2% 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 $11,700. 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
MELI's volatility over the past 5 years was 49.5%, 2.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MELI's return lands within 49.5% 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
MELI's Sharpe ratio over the past 5 years was 0.31, against 0.79 for the S&P 500, so MELI 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
MELI's worst fall from a peak to a low over the past 10 years was 69.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 69.1% fall takes a 224% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MELI's monthly returns had a correlation of 0.48 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 MELI instead: the lower it is, the more that option would diversify a MELI holding. Guide: Correlation and diversification →
Show all 1,697 stocks and funds worth at least $500 million that earned more than MELI with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with MELIExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.09—
2
ASMLASML Holding N.V. · Semiconductor Equipment
Whole market+17.4%43.4%0.59−56.9%+1,628%0.35—
3
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+33.4%36.9%0.97−45.3%+1,665%0.280.35%
4
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.38—
5
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.32—
6
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+1,569%-0.08—
7
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.5%38.5%0.91−56.6%+1,505%0.20—
8
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.490.03%
9
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.480.03%
10
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.02—
11
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.36—
12
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%-0.01—
13
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.14—
14
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.02—
15
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.140.48%
16
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.300.40%
17
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.21—
18
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.49—
19
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.440.18%
20
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.11—
21
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.24—
22
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.26—
23
PSIInvesco Semiconductors ETF · Technology
Whole market+24.3%41.6%0.73−44.9%+1,134%0.210.55%
24
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.03—
25
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.25—
26
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—0.08—
27
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.37—
28
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.370.03%
29
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.34—
30
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.19—
31
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.06—
32
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.490.03%
33
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.22—
34
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.33—
35
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.15—
36
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+1,017%0.18—
37
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.400.09%
38
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+374%0.45—
39
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.07—
40
BHPBHP Group Limited · Metals & Mining
Whole market+16.6%31.4%0.65−44.3%+398%0.15—
41
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+652%0.26—
42
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+48.8%43.0%1.15−52.5%+967%0.18—
43
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.03—
44
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.16—
45
TXNTexas Instruments Incorporated · Semiconductors
Whole market+9.9%33.7%0.45−33.4%+424%0.31—
46
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.21—
47
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.38—
48
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.38—
49
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.47−39.4%+198%0.490.03%
50
DEDeere & Company · Industrial Machinery
Whole market+14.4%29.9%0.60−37.9%+755%0.17—
51
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.440.04%
52
ITUBItaú Unibanco Holding S.A. · Banks
Whole market+26.3%33.8%0.86−62.1%+190%0.26—
53
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.18—
54
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+544%0.41—
55
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.12—
56
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.21—
57
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+29.5%38.4%0.87−54.2%+352%0.19—
58
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.28—
59
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.310.06%
60
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+295%0.26—
61
TAT&T Inc. · Integrated Telecommunications
Whole market+9.8%25.2%0.50−39.4%+60.7%0.23—
62
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.42—
63
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.31—
64
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.37—
65
NEMNewmont Corporation · Gold Mining
Whole market+18.6%39.1%0.63−62.4%+304%0.14—
66
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.49—
67
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.10—
68
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.9%42.2%0.89−56.9%+483%0.10—
69
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.20—
70
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.500.06%
71
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.39—
72
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.33—
73
JCIJohnson Controls International plc · Building Products
Whole market+17.4%29.1%0.70−46.4%+426%0.28—
74
HCAHCA Healthcare, Inc. · Health Care Facilities
Whole market+14.1%30.1%0.59−54.7%+513%0.47—
75
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.23—
76
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.480.20%
77
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.32—
78
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.37—
79
AAPLApple Inc. · Computer Hardware · Digital Payments theme
Same or nearby category+18.5%28.0%0.75−38.5%+1,168%0.34—
80
WPMWheaton Precious Metals Corp. · Metals & Mining
Whole market+27.5%36.9%0.85−46.7%+510%0.24—
81
LNGCheniere Energy, Inc. · Oil & Gas
Whole market+23.4%30.2%0.85−57.5%+616%0.18—
82
EMREmerson Electric Co. · Industrial Machinery
Whole market+12.7%27.7%0.57−50.8%+309%0.15—
83
URIUnited Rentals, Inc. · Equipment Rental
Whole market+24.3%39.1%0.75−63.3%+1,270%0.39—
84
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.16—
85
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.09—
86
BBarrick Mining Corporation · Gold Mining
Whole market+18.9%37.3%0.65−53.9%+194%0.13—
87
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.25—
88
NUENucor Corporation · Metals & Mining
Whole market+21.7%37.4%0.72−57.2%+569%0.47—
89
CSXCSX Corporation · Railroads
Whole market+8.3%23.3%0.46−40.5%+446%0.23—
90
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.490.04%
91
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.32—
92
ARGXargenx SE · Biotechnology
Whole market+24.1%39.9%0.74−38.2%—0.07—
93
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.490.26%
94
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.17—
95
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+10.8%21.9%0.58−41.6%+160%0.23—
96
METMetLife, Inc. · Life Insurance
Whole market+12.0%25.4%0.58−55.2%+240%0.26—
97
KBKB Financial Group Inc. · Banks
Whole market+25.3%34.4%0.83−64.1%+390%0.33—
98
MSFTMicrosoft Corporation · Software
Same or nearby category+12.5%28.2%0.56−37.1%+946%0.32—
99
GRMNGarmin Ltd. · Computer Hardware
Whole market+14.8%31.6%0.59−54.6%+670%0.29—
100
VBRVanguard Morningstar Small-Cap Value ETF · US Small-Cap Equity
Whole market+8.2%19.4%0.51−45.3%+169%0.420.05%

MELI against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMELI: 3.2% a year, volatility 49.5%SPY (S&P 500): 12.7% a year, volatility 17.1%SHOP: 3.1% a year, volatility 66.9%MA: 12.4% a year, volatility 23.8%V: 12.8% a year, volatility 22.9%EBAY: 11.7% a year, volatility 32.9%AMZN: 9.0% a year, volatility 36.6%WMT: 20.8% a year, volatility 22.6%W: −14.5% a year, volatility 81.8%PAGS: −19.8% a year, volatility 60.6%FMX: 14.1% a year, volatility 25.7%SE: −25.9% a year, volatility 64.6%ETSY: −17.8% a year, volatility 55.4%DLO: −21.1% a year, volatility 70.3%STNE: −18.0% a year, volatility 65.1%GLOB: −33.0% a year, volatility 53.1%CHWY: −20.1% a year, volatility 61.0%JD: −18.6% a year, volatility 52.6%BABA: −8.2% a year, volatility 51.3%VIPS: 2.8% a year, volatility 50.9%CPNG: −13.1% a year, volatility 52.0%PDD: −3.9% a year, volatility 66.0%MELISPY (S&P 500)SHOPEBAYAMZNWMTWPAGSSEETSYDLOSTNEGLOBJDBABAVIPSCPNGPDD0.0%20.0%40.0%60.0%80.0%100%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMELI: 3.2% a year, volatility 49.5%SPY (S&P 500): 12.7% a year, volatility 17.1%SHOP: 3.1% a year, volatility 66.9%MA: 12.4% a year, volatility 23.8%V: 12.8% a year, volatility 22.9%EBAY: 11.7% a year, volatility 32.9%AMZN: 9.0% a year, volatility 36.6%WMT: 20.8% a year, volatility 22.6%W: −14.5% a year, volatility 81.8%PAGS: −19.8% a year, volatility 60.6%FMX: 14.1% a year, volatility 25.7%SE: −25.9% a year, volatility 64.6%ETSY: −17.8% a year, volatility 55.4%DLO: −21.1% a year, volatility 70.3%STNE: −18.0% a year, volatility 65.1%GLOB: −33.0% a year, volatility 53.1%CHWY: −20.1% a year, volatility 61.0%JD: −18.6% a year, volatility 52.6%BABA: −8.2% a year, volatility 51.3%VIPS: 2.8% a year, volatility 50.9%CPNG: −13.1% a year, volatility 52.0%PDD: −3.9% a year, volatility 66.0%MELISPY (S&P 500)SHOPAMZNWMTWPAGSSEETSYDLOSTNEGLOBBABAVIPSCPNGPDD
All figures
InvestmentAnnual returnVolatility
WMT Walmart Inc.+20.8%22.6%
FMX Fomento Económico Mexicano, S.A.B. de C.V.+14.1%25.7%
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%
EBAY eBay Inc.+11.7%32.9%
AMZN Amazon.com, Inc.+9.0%36.6%
MELI This pageMercadoLibre, Inc.+3.2%49.5%
SHOP Shopify Inc.+3.1%66.9%
VIPS Vipshop Holdings Limited+2.8%50.9%
PDD PDD Holdings Inc.−3.9%66.0%
BABA Alibaba Group Holding Limited−8.2%51.3%
CPNG Coupang, Inc.−13.1%52.0%
W Wayfair Inc.−14.5%81.8%
ETSY Etsy, Inc.−17.8%55.4%
STNE StoneCo Ltd.−18.0%65.1%
JD JD.com, Inc.−18.6%52.6%
PAGS PagSeguro Digital Ltd.−19.8%60.6%
CHWY Chewy, Inc.−20.1%61.0%
DLO Dlocal Limited−21.1%70.3%
SE Sea Limited−25.9%64.6%
GLOB Globant S.A.−33.0%53.1%
Open these 22 in EasyCompare

Has MELI consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than MELI 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
MELI MercadoLibre, Inc. (this page)—+3.2%+2.6%+0.5%−4.8%−10.6%+60.7%+17.2%+1,002%49.5%0.31−69.1%—$95B—
SHOP QualifiedShopify Inc.5/5 short2/3 long+25.8%+39.4%+28.4%+10.4%+5.3%+239%+16.6%+3,916%66.9%0.38−84.8%—$225B—
MA QualifiedMastercard Incorporated5/5 short2/3 long+9.5%+13.5%+20.5%+10.9%+10.3%+64.3%+79.2%+541%23.8%0.61−41.0%—$543B—
V QualifiedVisa Inc.5/5 short2/3 long+9.9%+13.0%+30.0%+18.0%+19.0%+78.2%+82.5%+429%22.9%0.64−36.4%—$759B—
EBAY QualifiedeBay Inc.5/5 short2/3 long+11.9%+6.5%+13.8%+40.5%+28.3%+213%+74.2%+374%32.9%0.50−53.6%—$54B—
AMZN QualifiedAmazon.com, Inc.4/5 short2/3 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
WMT QualifiedWalmart Inc.4/5 short2/3 long+9.7%+5.3%−7.5%+5.2%+11.0%+130%+158%+508%22.6%0.96−25.7%—$938B—
W Specialty RetailWayfair Inc.5/5 short1/3 long+8.2%+29.4%+40.0%+6.6%+36.6%+159%−54.2%+213%81.8%0.21−93.0%—$16B—
PAGS Specialty Business ServicesPagSeguro Digital Ltd.5/5 short1/3 long+23.8%+29.9%+9.2%+29.2%+38.4%+73.1%−66.9%—60.6%-0.07−90.0%—$3.2B—
FMX Beverages - Non-AlcoholicFomento Económico Mexicano, S.A.B. de C.V.4/5 short1/3 long+9.3%+0.8%+15.1%+36.5%+44.0%+53.7%+92.9%+79.7%25.7%0.64−45.5%—$44B—
NU Banks - RegionalNu Holdings Ltd.3/5 short1/3 long+7.3%+7.9%−0.1%−11.3%−2.1%+84.7%————−72.1%—$73B—
SE Specialty RetailSea Limited0/5 short1/3 long−21.6%−23.9%−10.0%−38.8%−51.5%+80.3%−77.7%—64.6%-0.14−90.5%—$49B—
ETSY Specialty RetailEtsy, Inc.5/5 short0/3 long+19.0%+4.0%+36.2%+52.6%+22.5%+34.7%−62.5%+511%55.4%-0.08−86.3%—$8.0B—
DLO Software - InfrastructureDlocal Limited5/5 short0/3 long+6.1%+3.2%+14.1%+9.7%+2.5%−10.3%−69.4%—70.3%0.04−90.0%—$4.5B—
STNE Software - InfrastructureStoneCo Ltd.3/5 short0/3 long+24.3%+8.5%−5.1%−0.6%−21.7%+46.8%−63.0%—65.1%0.02−92.3%—$2.8B—
GLOB Information Technology ServicesGlobant S.A.2/5 short0/3 long+16.2%+29.0%−17.7%−34.0%−28.3%−76.9%−86.5%−5.9%53.1%-0.48−92.2%—$1.8B—
CHWY Specialty RetailChewy, Inc.1/5 short0/3 long+5.0%−2.1%−25.4%−35.7%−42.5%+28.2%−67.3%—61.0%-0.07−87.4%—$8.7B—
JD Specialty RetailJD.com, Inc.0/5 short0/3 long−1.9%−12.5%−14.7%−6.2%−18.0%+20.2%−64.3%+14.4%52.6%-0.14−79.1%—$36B—
BABA Specialty RetailAlibaba Group Holding Limited0/5 short0/3 long−6.1%−9.7%−21.7%−29.6%−36.8%+44.5%−34.8%+11.2%51.3%0.08−80.1%—$270B—
VIPS Specialty RetailVipshop Holdings Limited0/5 short0/3 long+3.7%−11.2%−15.4%−23.9%−29.1%−2.1%+14.8%+3.7%50.9%0.31−86.7%—$6.2B—
CPNG Specialty RetailCoupang, Inc.0/5 short0/3 long−2.1%−12.9%−33.4%−38.7%−54.8%−18.9%−50.3%—52.0%-0.01−81.5%—$26B—
PDD Specialty RetailPDD Holdings Inc.0/5 short0/3 long+2.9%−5.1%−21.7%−29.5%−38.0%−20.6%−17.9%—66.0%0.26−87.4%—$116B—
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How did MELI do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where MELI ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MELI and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: MELI began trading on August 10, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.

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

InvestmentYears ahead of MELI202520242023202220212020201920182017201620152014201320122011201020092008
MELI This pageMercadoLibre, Inc.—+18.4%+8.2%+85.7%−37.2%−19.5%+193%+95.3%−6.9%+102%+37.1%−10.1%+19.2%+38.0%−0.7%+19.9%+28.5%+216%−77.8%
Rank among alternativesTop quarter in 8 of 1813 of 2213 of 225 of 2211 of 2212 of 195 of 195 of 1810 of 153 of 143 of 149 of 122 of 85 of 87 of 74 of 72 of 71 of 76 of 6
SPY S&P 500State Street SPDR S&P 500 ETF7 of 18+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%
SHOP Shopify Inc.8 of 10+51.4%+36.5%+124%−74.8%+21.7%+185%+187%+37.1%+135%+66.3%————————
MA Mastercard Incorporated9 of 18+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%
V Visa Inc.8 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%—
EBAY eBay Inc.6 of 18+42.7%+44.8%+7.7%−36.5%+33.8%+41.2%+30.6%−25.6%+27.1%+8.1%+16.3%+2.3%+7.6%+68.0%+9.0%+18.3%+68.2%−57.9%
AMZN Amazon.com, Inc.8 of 18+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%+118%−22.2%+59.0%+45.0%−3.9%+33.7%+163%−44.7%
WMT Walmart Inc.7 of 18+24.5%+74.0%+12.9%−0.5%+1.9%+23.4%+30.1%−3.4%+46.6%+16.1%−26.6%+11.8%+18.2%+17.1%+13.8%+3.1%−2.5%+20.0%
W Wayfair Inc.5 of 11+127%−28.2%+87.6%−82.7%−15.9%+150%+0.3%+12.2%+129%−26.4%+140%———————
PAGS PagSeguro Digital Ltd.1 of 7+61.0%−49.8%+42.7%−66.7%−53.9%+66.5%+82.3%———————————
FMX Fomento Económico Mexicano, S.A.B. de C.V.7 of 18+26.8%−32.0%+70.1%+2.9%+4.0%−17.8%+11.7%−6.9%+25.1%−16.2%+6.5%−10.1%+0.4%+46.8%+26.9%+18.3%+60.6%−20.2%
NU Nu Holdings Ltd.3 of 4+61.6%+24.4%+105%−56.6%——————————————
SE Sea Limited5 of 8+20.2%+162%−22.2%−76.7%+12.4%+395%+255%−15.1%——————————
ETSY Etsy, Inc.4 of 10+4.8%−34.7%−32.3%−45.3%+23.1%+302%−6.9%+133%+73.6%+42.6%————————
DLO Dlocal Limited1 of 4+31.5%−36.3%+13.6%−56.4%——————————————
STNE StoneCo Ltd.3 of 7+85.7%−55.8%+90.9%−44.0%−79.9%+110%+116%———————————
GLOB Globant S.A.3 of 11−69.5%−9.9%+41.5%−46.5%+44.3%+105%+88.3%+21.2%+39.3%−11.1%+140%———————
CHWY Chewy, Inc.2 of 6−1.3%+41.7%−36.3%−37.1%−34.4%+210%————————————
JD JD.com, Inc.3 of 11−14.9%+23.5%−47.8%−17.9%−20.3%+149%+68.3%−49.5%+62.9%−21.2%+39.4%———————
BABA Alibaba Group Holding Limited3 of 11+75.8%+11.8%−10.8%−25.9%−49.0%+9.7%+54.7%−20.5%+96.4%+8.1%−21.8%———————
VIPS Vipshop Holdings Limited5 of 13+36.3%−22.2%+30.3%+62.3%−70.1%+98.4%+160%−53.4%+6.4%−27.9%−21.9%+134%+370%—————
CPNG Coupang, Inc.1 of 4+7.3%+35.8%+10.1%−49.9%——————————————
PDD PDD Holdings Inc.2 of 7+16.9%−33.7%+79.4%+39.9%−67.2%+370%+68.5%———————————
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Risk and diversification

How MELI 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 MELI's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MELI's five deepest drawdowns since it began trading in 2007, 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: MELI began trading on August 10, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringMELI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−89.5%−48.0%Dec 2007Nov 200811 monthsMar 20112.3 years
2022 bear market−69.1%−2.9%Jan 2021Jun 202217 monthsAug 20242.2 years
2011 euro debt crisis−46.2%−18.5%May 2011Oct 20115 monthsDec 20112 months
2015 China and oil sell-off−43.5%−10.8%May 2015Feb 20169 monthsJul 20165 months
No named crash−43.5%+8.6%Oct 2013May 20147 monthsApr 201511 months

How did MELI do in stock market crashes?

This section measures how far MELI, 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: MELI began trading on August 10, 2007, so its row reads "Not yet trading" for the dot-com bust. 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 MELI.

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
MELI This pageMercadoLibre, Inc.—−7.2%−51.6%−39.1%−30.3%−8.8%−31.9%−39.5%0.0%−89.5%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF8 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
SHOP Shopify Inc.3 of 6−5.1%−79.0%−40.7%−27.6%−5.4%−49.2%————
MA Mastercard Incorporated7 of 9−4.0%−28.2%−41.0%−21.9%−5.8%−20.4%−13.8%−3.1%−62.7%—
V Visa Inc.7 of 8−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%——
EBAY eBay Inc.8 of 9−6.6%−44.2%−31.6%−23.2%−7.4%−25.6%−21.8%−3.5%−74.7%−77.1%
AMZN Amazon.com, Inc.7 of 9−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
WMT Walmart Inc.8 of 9−0.8%−25.7%−13.1%−18.3%−4.9%−22.3%−10.5%−1.5%−26.2%−31.8%
W Wayfair Inc.1 of 6−15.8%−83.8%−71.4%−45.5%−3.3%−40.5%————
PAGS PagSeguro Digital Ltd.1 of 5−12.8%−60.9%−59.7%−44.9%−0.7%—————
FMX Fomento Económico Mexicano, S.A.B. de C.V.7 of 9−3.9%−28.7%−39.6%−18.2%−8.2%−16.4%−16.0%−0.5%−61.0%−48.5%
NU Nu Holdings Ltd.0 of 2−10.0%−67.5%————————
SE Sea Limited2 of 5−8.0%−73.3%−27.7%−26.4%−8.8%—————
ETSY Etsy, Inc.2 of 6−8.4%−65.7%−49.3%−25.1%−5.6%−63.3%————
DLO Dlocal Limited0 of 2−8.8%−54.0%————————
STNE StoneCo Ltd.0 of 3−10.2%−59.0%−55.2%———————
GLOB Globant S.A.3 of 6−9.3%−40.5%−45.5%−20.4%−4.9%−38.5%————
CHWY Chewy, Inc.2 of 3−3.7%−57.1%−26.2%———————
JD JD.com, Inc.5 of 6−14.6%−45.1%−21.0%−27.3%−8.2%−29.9%————
BABA Alibaba Group Holding Limited6 of 6−4.7%−45.1%−20.6%−20.7%−7.3%−29.1%————
VIPS Vipshop Holdings Limited4 of 6−2.7%−42.0%−22.7%−31.3%−4.2%−51.2%————
CPNG Coupang, Inc.0 of 2−7.3%−64.7%————————
PDD PDD Holdings Inc.1 of 4−7.9%−61.4%−15.7%−38.1%——————
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How closely does MELI 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 MELI 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 MELI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MELI This pageMercadoLibre, Inc.135%111%1.211.44
WMT Walmart Inc.74%36%2.080.53
MA Mastercard Incorporated105%88%1.200.95
V Visa Inc.93%79%1.180.87
SHOP Shopify Inc.233%203%1.152.09
AMZN Amazon.com, Inc.134%139%0.961.31
ETSY Etsy, Inc.133%148%0.901.76
EBAY eBay Inc.113%133%0.851.23
FMX Fomento Económico Mexicano, S.A.B. de C.V.50%63%0.800.72
W Wayfair Inc.230%356%0.653.06
JD JD.com, Inc.51%92%0.560.57
BABA Alibaba Group Holding Limited74%140%0.530.65
GLOB Globant S.A.91%188%0.481.16
VIPS Vipshop Holdings Limited39%81%0.480.63
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What diversifies MELI?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222021201820152012200880/20 mix volatility80/20 mix annual return
MELI MercadoLibre, Inc. (this page)1.00+17.2%0.31−37.2%−19.5%−6.9%−10.1%−0.7%−77.8%42.5%+0.6%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.30+119%1.48+3.8%+17.8%−5.2%———34.6%+4.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.14+225%1.34+6.0%+18.0%−19.8%+7.7%+19.6%−20.8%34.4%+6.8%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.29+101%1.04+10.4%+23.1%−8.7%−25.3%——34.9%+4.7%
HDV Dividend & IncomeiShares Core High Dividend ETF0.29+83.3%1.00+7.1%+19.6%−3.0%−0.3%+9.6%—34.9%+4.0%
SMH TechnologyVanEck Semiconductor ETF0.28+323%0.97−33.5%+42.1%−9.1%−0.3%+8.6%−44.7%36.6%+8.9%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.46+85.0%0.96−5.1%+19.6%−9.5%+4.1%+20.9%—35.1%+4.2%
GLD CommoditiesSPDR Gold Shares0.15+126%0.96−0.8%−4.2%−1.9%−10.7%+6.6%+4.9%34.7%+5.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.30+136%0.93−10.4%+22.7%−0.9%———35.5%+5.8%

Stocks

InvestmentCorrelation5Y returnSharpe20222021201820152012200880/20 mix volatility80/20 mix annual return
MELI MercadoLibre, Inc. (this page)1.00+17.2%0.31−37.2%−19.5%−6.9%−10.1%−0.7%−77.8%42.5%+0.6%
CAH Medical - DistributionCardinal Health, Inc.0.32+479%1.55+54.1%−0.4%−24.5%+12.6%+3.8%−39.6%36.0%+8.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.20+3,143%1.47+1.3%+37.9%−16.3%−6.0%+11.2%−20.5%38.1%+20.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.14+1,636%1.46+17.0%+89.0%+0.8%+67.7%+15.7%−15.2%36.3%+17.0%
MCK Medical - DistributionMcKesson Corporation0.03+413%1.44+51.8%+44.2%−28.4%−4.5%+25.6%−40.4%34.5%+8.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.20+690%1.41+86.6%+61.0%−8.2%+17.4%+94.3%—35.8%+10.7%
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Common questions

What was MELI's worst drawdown?

MELI's deepest decline since it began trading in 2007 was 89.5%, from December 2007 to November 2008. It took 28 months from the low to climb back to its old high. Because MELI launched in August 2007, that record does not include the dot-com bust.

What were MELI's best and worst years?

Over 18 full calendar years, MELI's best year was 2009, when it returned 216%. Its worst was 2008, with a return of -77.8%.

Is there a better investment than MELI?

Among MELI's popular alternatives, WMT, AMZN and V earned more than MELI with less volatility over the past 5 years. WMT returned 20.8% a year at 22.6% volatility, against 3.2% a year at 49.5%. Looking beyond its popular alternatives, AAPL (digital payments theme) and MSFT (software) earned more than MELI with less volatility over the past 5 years. AAPL returned 18.5% a year at 28.0% volatility, against 3.2% a year at 49.5%.

Is MELI more volatile than the S&P 500?

Yes. MELI's volatility over the past 5 years was 49.5%, 2.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MELI's return lands within 49.5% 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 MELI's Sharpe ratio?

MELI's Sharpe ratio over the past 5 years was 0.31, against 0.79 for the S&P 500, so MELI 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 MELI with the S&P 500?

Over the past 5 years, MELI's monthly returns had a correlation of 0.48 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 MELI instead: the lower it is, the more that option would diversify a MELI holding.

What are the best alternatives to MELI?

Of the 21 popular alternatives we compared, six outperformed MELI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SHOP, MA and V.

Did MELI outperform the S&P 500?

MELI finished ahead of the S&P 500 (SPY) in 11 of 18 full calendar years. In 2025, it returned +18.5%, against +17.7% for the index.

How did MELI do in stock market crashes?

MELI fell less than the S&P 500 (SPY) in one of the nine major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when MELI fell 89.5% and the S&P 500 fell 55.2%.

What diversifies MELI?

These had a low correlation with MELI over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.30), DXJ (correlation 0.14) and EMLP (correlation 0.29); among large stocks, CAH (correlation 0.32), CLS (correlation 0.20) and FIX (correlation 0.14). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MELI

Other stocks and ETFs