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Relative Intelligence · Banks

How Mizuho Financial Group (MFG) compares with the whole market and its popular alternatives

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

Period covered: MFG's full trading record, from November 2006 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 MFG →Chart MFG vs. 23 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in MFG over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MFG over the same span and MFG'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: MFG began trading on November 8, 2006, so the chart cannot reach back to the dot-com bust. It covers the most recent 19 years of MFG'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. 1,344 of the 1,798 stocks and funds worth at least $500 million that traded the whole period ended ahead of MFG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,0002007201020132016201920222025$1,000$10,000$100,0002007201220172022
  • JPM$116,856+1,069% total · +13.8% a year
  • SPY (S&P 500)$70,725+607% total · +10.8% a year
  • CM$57,150+472% total · +9.6% a year
  • GS$56,912+469% total · +9.6% a year
  • MUFG$44,282+343% total · +8.1% a year
  • SMFG$35,936+259% total · +7.0% a year
  • BBVA$34,077+241% total · +6.7% a year
  • MFG$20,887+109% total · +4.0% a year
  • UBS$14,044+40.4% total · +1.8% a year
  • C$4,067−59.3% total · −4.6% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 152 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MFG; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • MPC$71,516+615% total · +48.2% a year
  • TRGP$61,030+510% total · +43.6% a year
  • BBVA$57,750+478% total · +42.0% a year
  • LLY$52,411+424% total · +39.3% a year
  • CAH$49,682+397% total · +37.8% a year
  • MFG$46,041+360% total · +35.7% a year
  • MUFG$44,537+345% total · +34.8% a year
  • NWG$38,050+281% total · +30.6% a year
  • CM$25,433+154% total · +20.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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MFG 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: MFG began trading on November 8, 2006, 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
$121B
Industry
Banks - Regional
Price history from
November 2006

Returns

Past 1 year
+53.1%total return
Past 3 years
+216%+46.8% a year
Past 5 years
+326%+33.6% a year
Past 10 years
+345%+16.1% a year
Best calendar year
+54.5%2025
Worst calendar year
−38.1%2008
Losing years
8 of 19full calendar years

Risk

Volatility
30.6%typical yearly swing, 5 years
Sharpe ratio
1.10return per unit of risk, 5 years
Worst decline ever
−80.2%Jan 2007 to Nov 2011
From its all-time high
−13.5%below the peak

MFG against the whole market

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

How does MFG rank among all stocks?

This section ranks MFG 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 MFG 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.

MeasureMFGRankStanding
1-year return+53.1%509 of 3,287top 15%
3-year return+216%356 of 3,017top 12%
5-year return+326%142 of 2,893top 5%
10-year return+345%492 of 2,202top 22%
Volatility, 5 years30.6%788 of 2,893top 27%
Sharpe ratio, 5 years1.1049 of 2,893top 2%
Worst decline, past 10 years−45.7%314 of 2,187top 14%

What has beaten MFG 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). MFG sits where the dashed lines cross. Anything in the green box above and to the left earned more than MFG 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 MFG. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MFGMFG: +33.6% a year, volatility 30.6%SPY (S&P 500): +12.7% a year, volatility 17.1%BBVA: +38.7% a year, volatility 33.3%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%TRGP: +41.8% a year, volatility 31.7%SMH: +33.4% a year, volatility 36.9%FTXL: +27.4% a year, volatility 38.8%USLM: +35.6% a year, volatility 36.1%MFGSPY (S&P 500)BBVALLYMCKMPCCAHTRGPSMHFTXLUSLM15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MFGMFG: +33.6% a year, volatility 30.6%SPY (S&P 500): +12.7% a year, volatility 17.1%BBVA: +38.7% a year, volatility 33.3%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%TRGP: +41.8% a year, volatility 31.7%SMH: +33.4% a year, volatility 36.9%FTXL: +27.4% a year, volatility 38.8%USLM: +35.6% a year, volatility 36.1%MFGSPY (S&P 500)BBVALLYMCKMPCCAHTRGPSMHFTXLUSLM
  • Popular alternatives
  • The whole market

Is there a better investment than MFG?

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

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

Screen the whole market against MFG 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 MFG?lower diversifies moreExpenseper year
MFGMizuho Financial Group, Inc. · this page
+33.6%30.6%1.10−45.7%+345%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.320.09%
Popular alternativesbest 1 shownThe investments people most often weigh against MFG. 1 of 23 passed at least one test.
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Higher return, similar volatility+38.7%33.3%1.16−69.6%+542%0.40—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 41 of 3,490 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.24—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.17—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.20—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatility+42.1%24.7%1.55−46.1%+349%0.08—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return, similar volatilityHigher return in most periods+41.8%31.7%1.27−90.8%+829%0.31—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return in most periods+33.4%36.9%0.97−45.3%+1,665%0.230.35%
FTXLFirst Trust Nasdaq Semiconductor ETF · Technology
Higher return in most periods+27.4%38.8%0.82−43.9%+1,077%0.250.60%
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Smaller losses in recent crashes+35.6%36.1%1.03−45.9%+803%0.23—
What these numbers mean for MFG
Annual return
MFG returned 33.6% 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 $42,600. 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
MFG's volatility over the past 5 years was 30.6%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MFG's return lands within 30.6% 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
MFG's Sharpe ratio over the past 5 years was 1.10, against 0.79 for the S&P 500, so MFG 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
MFG's worst fall from a peak to a low over the past 10 years was 45.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 45.7% fall takes a 84.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MFG's monthly returns had a correlation of 0.32 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 MFG instead: the lower it is, the more that option would diversify a MFG holding. Guide: Correlation and diversification →
Show all 2 stocks and funds worth at least $500 million that earned more than MFG 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 MFGExpense
1
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.17—
2
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.08—

MFG against its popular alternatives

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

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

Green points earned more than MFG 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%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMFG: 33.6% a year, volatility 30.6%SPY (S&P 500): 12.7% a year, volatility 17.1%NWG: 27.7% a year, volatility 34.1%SMFG: 33.7% a year, volatility 29.4%SAN: 31.6% a year, volatility 33.9%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%ING: 24.7% a year, volatility 31.1%JEF: 5.4% a year, volatility 36.5%LYG: 20.3% a year, volatility 32.1%BBVA: 38.7% a year, volatility 33.3%CM: 19.2% a year, volatility 21.6%MUFG: 33.2% a year, volatility 29.4%JPM: 17.3% a year, volatility 24.3%GS: 19.6% a year, volatility 28.6%UBS: 25.4% a year, volatility 30.4%C: 15.1% a year, volatility 29.4%TD: 15.8% a year, volatility 20.0%BNS: 12.8% a year, volatility 19.9%IX: 17.9% a year, volatility 25.4%EWJ: 9.3% a year, volatility 18.8%RY: 17.3% a year, volatility 18.2%BMO: 13.6% a year, volatility 21.4%NMR: 17.1% a year, volatility 29.9%HSBC: 33.1% a year, volatility 25.9%MFGSPY (S&P 500)NWGSMFGSANBCSDBINGJEFLYGBBVACMMUFGJPMGSUBSCTDIXEWJRYBMONMRHSBC15.0%20.0%25.0%30.0%35.0%40.0%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 volatilityMFG: 33.6% a year, volatility 30.6%SPY (S&P 500): 12.7% a year, volatility 17.1%NWG: 27.7% a year, volatility 34.1%SMFG: 33.7% a year, volatility 29.4%SAN: 31.6% a year, volatility 33.9%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%ING: 24.7% a year, volatility 31.1%JEF: 5.4% a year, volatility 36.5%LYG: 20.3% a year, volatility 32.1%BBVA: 38.7% a year, volatility 33.3%CM: 19.2% a year, volatility 21.6%MUFG: 33.2% a year, volatility 29.4%JPM: 17.3% a year, volatility 24.3%GS: 19.6% a year, volatility 28.6%UBS: 25.4% a year, volatility 30.4%C: 15.1% a year, volatility 29.4%TD: 15.8% a year, volatility 20.0%BNS: 12.8% a year, volatility 19.9%IX: 17.9% a year, volatility 25.4%EWJ: 9.3% a year, volatility 18.8%RY: 17.3% a year, volatility 18.2%BMO: 13.6% a year, volatility 21.4%NMR: 17.1% a year, volatility 29.9%HSBC: 33.1% a year, volatility 25.9%MFGSPY (S&P 500)NWGSMFGSANBCSDBINGJEFLYGBBVACMJPMGSUBSCTDEWJRYNMRHSBC
All figures
InvestmentAnnual returnVolatility
BBVA Banco Bilbao Vizcaya Argentaria, S.A.+38.7%33.3%
SMFG Sumitomo Mitsui Financial Group, Inc.+33.7%29.4%
MFG This pageMizuho Financial Group, Inc.+33.6%30.6%
MUFG Mitsubishi UFJ Financial Group, Inc.+33.2%29.4%
HSBC HSBC Holdings plc+33.1%25.9%
SAN Banco Santander, S.A.+31.6%33.9%
NWG NatWest Group plc+27.7%34.1%
UBS UBS Group AG+25.4%30.4%
ING ING Groep N.V.+24.7%31.1%
DB Deutsche Bank AG+22.1%37.4%
LYG Lloyds Banking Group plc+20.3%32.1%
GS The Goldman Sachs Group, Inc.+19.6%28.6%
CM Canadian Imperial Bank of Commerce+19.2%21.6%
BCS Barclays PLC+18.5%34.1%
IX ORIX Corporation+17.9%25.4%
JPM JPMorgan Chase & Co.+17.3%24.3%
RY Royal Bank of Canada+17.3%18.2%
NMR Nomura Holdings, Inc.+17.1%29.9%
TD The Toronto-Dominion Bank+15.8%20.0%
C Citigroup Inc.+15.1%29.4%
BMO Bank of Montreal+13.6%21.4%
BNS The Bank of Nova Scotia+12.8%19.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
EWJ iShares MSCI Japan ETF+9.3%18.8%
JEF Jefferies Financial Group Inc.+5.4%36.5%
Open these 25 in EasyCompare

Has MFG consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than MFG 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
MFG Mizuho Financial Group, Inc. (this page)—−10.6%+0.7%+15.2%+33.7%+53.1%+216%+326%+345%30.6%1.10−45.7%—$121B—
BBVA Banks - DiversifiedBanco Bilbao Vizcaya Argentaria, S.A.1/5 short3/3 long−10.4%+3.1%+11.7%+11.3%+35.2%+281%+413%+542%33.3%1.16−69.6%—$142B—
NWG Banks - RegionalNatWest Group plc1/5 short2/3 long−9.5%−1.4%+5.5%−2.1%+20.7%+273%+239%+495%34.1%0.89−67.4%—$35B—
CM Banks - DiversifiedCanadian Imperial Bank of Commerce1/5 short2/3 long−2.0%−3.3%+4.3%+25.8%+44.4%+261%+141%+395%21.6%0.93−47.3%—$103B—
MUFG Banks - DiversifiedMitsubishi UFJ Financial Group, Inc.4/5 short1/3 long−6.9%+1.8%+19.6%+36.5%+41.3%+184%+319%+483%29.4%1.13−54.9%—$244B—
SMFG Banks - DiversifiedSumitomo Mitsui Financial Group, Inc.2/5 short1/3 long−7.9%−1.3%+15.9%+28.3%+53.5%+181%+327%+474%29.4%1.14−47.6%—$94B—
JPM Banks - DiversifiedJPMorgan Chase & Co.1/5 short1/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
GS Financial - Capital MarketsThe Goldman Sachs Group, Inc.1/5 short1/3 long−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
UBS Banks - DiversifiedUBS Group AG1/5 short1/3 long−7.5%−8.3%+10.6%+2.9%+26.3%+116%+210%+374%30.4%0.90−59.8%—$145B—
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—
SAN Banks - DiversifiedBanco Santander, S.A.0/5 short1/3 long−10.2%−1.4%+4.5%+9.8%+35.9%+305%+295%+332%33.9%0.99−73.8%—$194B—
BCS Banks - DiversifiedBarclays PLC0/5 short1/3 long−11.7%−17.1%−6.2%−13.3%+15.1%+242%+134%+238%34.1%0.67−66.0%—$75B—
DB Banks - RegionalDeutsche Bank AG0/5 short1/3 long−17.1%−8.6%−1.6%−17.0%−3.1%+244%+171%+165%37.4%0.72−72.7%—$60B—
TD Banks - DiversifiedThe Toronto-Dominion Bank4/5 short0/3 long−0.9%+2.1%+16.3%+33.1%+57.5%+141%+109%+310%20.0%0.84−42.0%—$206B—
BNS Banks - DiversifiedThe Bank of Nova Scotia3/5 short0/3 long−2.3%+6.9%+22.4%+28.9%+50.0%+162%+83.1%+187%19.9%0.71−46.9%—$112B—
IX Financial - Credit ServicesORIX Corporation2/5 short0/3 long−6.2%−2.9%+16.7%+27.9%+50.8%+128%+128%+284%25.4%0.78−42.5%—$41B—
EWJ InternationaliShares MSCI Japan ETF2/5 short0/3 long−2.6%+5.5%+7.4%+18.0%+19.2%+79.1%+55.6%+132%18.8%0.57−33.1%0.49%$23B—
RY Banks - DiversifiedRoyal Bank of Canada1/5 short0/3 long−3.5%−4.8%+12.0%+18.9%+39.2%+173%+122%+352%18.2%0.97−40.0%—$276B—
ING Banks - DiversifiedING Groep N.V.1/5 short0/3 long−10.7%+2.4%+14.0%+18.9%+42.5%+209%+201%+339%31.1%0.87−74.4%—$94B—
BMO Banks - DiversifiedBank of Montreal1/5 short0/3 long−5.5%−5.3%+10.8%+29.7%+37.6%+146%+89.4%+295%21.4%0.71−51.0%—$116B—
JEF Financial - Capital MarketsJefferies Financial Group Inc.1/5 short0/3 long−5.9%−17.8%−3.9%−27.5%−14.2%+51.7%+30.3%+249%36.5%0.33−54.4%—$8.5B—
LYG Banks - RegionalLloyds Banking Group plc1/5 short0/3 long−8.1%−6.7%−2.5%+1.7%+22.4%+207%+152%+213%32.1%0.74−66.5%—$80B—
NMR Financial - Capital MarketsNomura Holdings, Inc.1/5 short0/3 long−10.0%−2.8%+7.5%+8.0%+28.2%+162%+120%+179%29.9%0.68−54.0%—$27B—
HSBC Banks - DiversifiedHSBC Holdings plc0/5 short0/3 long−10.1%−5.9%+2.3%+19.8%+47.7%+201%+318%+319%25.9%1.24−62.3%—$324B—
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How did MFG do year by year?

This table shows each investment's total return in every full calendar year since 2007, along with where MFG ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MFG and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: MFG began trading on November 8, 2006, so the table starts with 2007, 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 MFG; gray means the two finished within a fraction of a point. The rank row places MFG among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of MFG2025202420232022202120202019201820172016201520142013201220112010200920082007
MFG This pageMizuho Financial Group, Inc.—+54.5%+47.8%+26.2%+17.2%+4.9%−12.8%+7.3%−14.1%+4.9%−7.2%+23.0%−19.3%+22.2%+43.0%−23.4%+10.1%−35.1%−38.1%−33.1%
Rank among alternativesTop quarter in 5 of 1913 of 246 of 2410 of 243 of 2421 of 2416 of 2420 of 246 of 2422 of 2419 of 241 of 2418 of 2415 of 248 of 2415 of 2413 of 2422 of 246 of 2421 of 23
SPY S&P 500State Street SPDR S&P 500 ETF13 of 19+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%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.11 of 19+154%+14.2%+62.5%+10.0%+22.2%−6.4%+10.9%−35.0%+31.3%−1.5%−19.3%−20.6%+39.6%+18.2%−10.8%−39.7%+53.1%−45.6%+4.6%
NWG NatWest Group plc8 of 18+81.0%+92.5%−4.8%+8.6%+39.4%−24.9%+29.1%−26.1%+38.0%−37.6%−26.8%+6.9%+5.0%+69.3%−48.3%+31.2%−38.1%−90.0%—
CM Canadian Imperial Bank of Commerce10 of 19+49.0%+37.9%+26.5%−26.8%+44.7%+9.3%+20.3%−19.8%+23.5%+29.8%−19.6%+4.8%+11.0%+16.8%−3.3%+27.1%+64.3%−37.9%−12.0%
MUFG Mitsubishi UFJ Financial Group, Inc.13 of 19+40.0%+39.7%+32.7%+26.2%+27.9%−13.7%+15.8%−31.3%+20.7%+2.5%+15.2%−14.6%+26.0%+33.1%−19.9%+13.3%−19.1%−32.3%−24.2%
SMFG Sumitomo Mitsui Financial Group, Inc.12 of 19+38.0%+54.8%+25.7%+24.5%+18.6%−10.9%+19.4%−22.2%+18.0%+5.2%+7.7%−28.7%+47.2%+38.4%−19.2%+30.0%−28.6%−43.6%−27.1%
JPM JPMorgan Chase & Co.13 of 19+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%
GS The Goldman Sachs Group, Inc.11 of 19+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%
UBS UBS Group AG9 of 19+57.6%+0.7%+69.8%+7.4%+29.4%+19.5%+7.1%−29.9%+17.4%−14.4%+18.1%−10.2%+23.3%+34.3%−28.2%+6.2%+8.5%−68.9%−21.5%
C Citigroup Inc.8 of 19+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%
SAN Banco Santander, S.A.10 of 19+165%+14.9%+46.4%−6.8%+10.2%−19.6%−2.2%−28.5%+33.3%+12.3%−37.9%−0.4%+27.4%+22.8%−20.2%−30.2%+91.8%−52.3%+20.2%
BCS Barclays PLC8 of 19+96.5%+76.2%+6.0%−21.9%+31.6%−12.8%+31.9%−29.3%+0.5%−12.8%−11.4%−14.9%+16.1%+61.7%−31.9%−4.7%+80.0%−73.6%−27.2%
DB Deutsche Bank AG6 of 19+133%+29.4%+21.4%−5.9%+14.7%+40.1%−2.9%−56.7%+6.4%−25.0%−17.7%−36.4%+10.9%+19.7%−26.1%−20.1%+75.4%−65.5%−0.6%
TD The Toronto-Dominion Bank12 of 19+85.3%−13.4%+4.5%−12.2%+41.3%+5.6%+17.5%−12.1%+22.9%+30.9%−14.9%+5.0%+16.1%+16.8%+4.1%+22.7%+85.4%−46.8%+20.4%
BNS The Bank of Nova Scotia10 of 19+45.1%+17.5%+6.0%−28.8%+40.6%+1.7%+17.5%−19.2%+20.5%+43.7%−25.1%−4.2%+11.5%+21.0%−9.6%+27.1%+82.6%−44.4%+16.6%
IX ORIX Corporation10 of 19+43.4%+17.6%+20.1%−17.8%+36.9%−1.9%+22.4%−12.5%+12.1%+14.1%+16.4%−28.6%+58.9%+39.6%−14.8%+43.7%+22.8%−66.0%−42.0%
EWJ iShares MSCI Japan ETF11 of 19+25.8%+7.0%+20.3%−17.7%+1.1%+15.4%+19.3%−14.1%+24.2%+2.8%+9.2%−6.2%+26.0%+9.2%−14.8%+13.6%+3.1%−27.0%−5.5%
RY Royal Bank of Canada10 of 19+46.3%+23.8%+12.2%−8.0%+34.1%+8.4%+20.2%−12.9%+23.9%+31.8%−19.3%+6.7%+16.0%+23.3%+1.2%+1.4%+89.3%−39.4%+10.7%
ING ING Groep N.V.10 of 19+91.3%+12.2%+32.0%−4.4%+55.4%−21.6%+20.6%−39.4%+36.7%+11.1%+6.4%−7.4%+47.6%+32.5%−26.8%−0.2%−11.7%−69.6%−8.2%
BMO Bank of Montreal10 of 19+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%
JEF Jefferies Financial Group Inc.12 of 19−18.8%+98.9%+27.8%−8.5%+61.9%+18.9%+35.1%−33.2%+15.5%+35.5%−21.5%−20.1%+23.5%+5.8%−21.2%+23.8%+20.1%−58.0%+67.9%
LYG Lloyds Banking Group plc10 of 19+104%+20.2%+14.5%−9.7%+34.6%−36.5%+36.9%−28.4%+26.8%−25.9%−4.4%−12.7%+66.1%+104%−61.7%+25.4%−27.5%−77.5%−11.6%
NMR Nomura Holdings, Inc.7 of 19+53.9%+33.9%+24.9%−10.4%−15.5%+8.8%+44.5%−34.4%+1.5%+9.3%+1.1%−26.0%+35.1%+99.5%−52.2%−12.5%−10.6%−49.0%−9.7%
HSBC HSBC Holdings plc10 of 19+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%
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Risk and diversification

How MFG 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 MFG's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MFG's five deepest drawdowns since it began trading in 2006, 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: MFG began trading on November 8, 2006, 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 MFG fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringMFG fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−80.2%−9.6%Jan 2007Nov 20114.8 yearsNov 202514 years
No named crash−24.8%−6.0%Feb 2026Mar 20261 monthJun 20263 months
No named crash−13.5%+0.9%Sep 2026Oct 20261 monthNot yet—
No named crash−8.6%−2.9%Nov 2025Nov 2025Under a monthNov 2025Under a month
No named crash−8.0%−3.4%Jul 2026Jul 2026Under a monthAug 20261 month

How did MFG do in stock market crashes?

This section measures how far MFG, 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: MFG began trading on November 8, 2006, 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 MFG.

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
MFG This pageMizuho Financial Group, Inc.—−9.7%−24.1%−29.6%−18.1%−4.2%−34.9%−17.7%−1.0%−72.2%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF3 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
BBVA Banco Bilbao Vizcaya Argentaria, S.A.1 of 9−10.9%−39.6%−47.9%−22.7%−5.4%−41.0%−32.7%0.0%−75.7%−55.9%
NWG NatWest Group plc1 of 8−5.2%−30.4%−52.6%−28.1%−4.9%−39.8%−46.5%−4.3%——
CM Canadian Imperial Bank of Commerce4 of 9−7.0%−36.2%−43.6%−22.2%−5.9%−25.3%−12.9%0.0%−71.8%−39.8%
MUFG Mitsubishi UFJ Financial Group, Inc.2 of 9−9.5%−33.4%−33.0%−27.0%−6.7%−45.1%−20.7%−0.3%−65.5%−65.1%
SMFG Sumitomo Mitsui Financial Group, Inc.2 of 9−9.2%−24.7%−32.2%−23.2%−4.5%−44.2%−19.8%−2.2%−70.9%—
JPM JPMorgan Chase & Co.4 of 9−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
GS The Goldman Sachs Group, Inc.2 of 9−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
UBS UBS Group AG0 of 9−9.5%−32.5%−42.3%−28.5%−8.2%−36.7%−39.7%−0.9%−87.5%—
C Citigroup Inc.0 of 9−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
SAN Banco Santander, S.A.0 of 9−11.4%−41.0%−48.1%−19.0%−6.0%−44.7%−33.2%−0.9%−76.1%−58.4%
BCS Barclays PLC0 of 9−10.2%−48.1%−57.1%−22.9%−4.1%−50.6%−44.9%−4.8%−93.9%−38.4%
DB Deutsche Bank AG1 of 9−11.6%−54.2%−48.6%−36.3%−9.3%−54.8%−46.8%0.0%−82.7%−64.9%
TD The Toronto-Dominion Bank4 of 9−6.7%−29.0%−41.0%−20.9%−5.5%−18.1%−19.6%0.0%−63.4%−44.1%
BNS The Bank of Nova Scotia4 of 9−4.6%−35.4%−43.0%−17.7%−6.1%−24.3%−19.8%0.0%−63.8%−23.6%
IX ORIX Corporation2 of 9−5.1%−35.0%−39.1%−19.6%−7.2%−20.7%−31.9%−3.0%−91.8%−66.0%
EWJ iShares MSCI Japan ETF5 of 9−2.3%−27.6%−24.8%−18.4%−6.2%−20.8%−15.2%−0.8%−51.6%−56.7%
RY Royal Bank of Canada5 of 9−3.8%−26.0%−40.0%−17.1%−5.7%−23.1%−21.8%0.0%−63.1%−21.6%
ING ING Groep N.V.0 of 9−10.7%−43.4%−56.9%−24.1%−5.8%−35.4%−47.4%−3.6%−93.0%−66.4%
BMO Bank of Montreal5 of 9−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
JEF Jefferies Financial Group Inc.0 of 9−15.2%−35.3%−48.3%−29.9%−9.3%−37.0%−39.3%−3.3%−80.7%−28.6%
LYG Lloyds Banking Group plc1 of 9−7.8%−40.5%−53.4%−23.3%−4.3%−34.6%−41.6%−4.5%−94.8%—
NMR Nomura Holdings, Inc.2 of 9−6.2%−31.1%−29.2%−28.0%−7.7%−40.5%−30.3%0.0%−77.6%−56.9%
HSBC HSBC Holdings plc5 of 9−7.3%−31.8%−20.5%−13.1%−4.6%−30.8%−25.1%0.0%−73.8%−41.4%
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How closely does MFG 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 MFG 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 MFG's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MFG This pageMizuho Financial Group, Inc.75%42%1.810.54
MUFG Mitsubishi UFJ Financial Group, Inc.84%42%2.010.66
SMFG Sumitomo Mitsui Financial Group, Inc.84%43%1.940.65
HSBC HSBC Holdings plc79%53%1.490.58
BBVA Banco Bilbao Vizcaya Argentaria, S.A.121%97%1.251.11
JPM JPMorgan Chase & Co.117%103%1.141.09
IX ORIX Corporation84%75%1.110.86
RY Royal Bank of Canada97%88%1.110.88
SAN Banco Santander, S.A.101%92%1.101.02
TD The Toronto-Dominion Bank89%80%1.100.88
NWG NatWest Group plc128%124%1.021.13
CM Canadian Imperial Bank of Commerce108%106%1.021.07
GS The Goldman Sachs Group, Inc.136%133%1.021.39
NMR Nomura Holdings, Inc.81%82%0.990.76
UBS UBS Group AG116%120%0.971.18
BMO Bank of Montreal104%112%0.931.12
EWJ iShares MSCI Japan ETF65%71%0.920.67
ING ING Groep N.V.136%155%0.881.36
BCS Barclays PLC113%131%0.861.26
DB Deutsche Bank AG102%118%0.861.21
LYG Lloyds Banking Group plc106%130%0.821.20
BNS The Bank of Nova Scotia97%120%0.811.05
C Citigroup Inc.131%165%0.801.49
JEF Jefferies Financial Group Inc.147%197%0.751.52
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What diversifies MFG?

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

ETFs

InvestmentCorrelation5Y returnSharpe2020201820162014201120092008200780/20 mix volatility80/20 mix annual return
MFG Mizuho Financial Group, Inc. (this page)1.00+326%1.10−12.8%−14.1%−7.2%−19.3%−23.4%−35.1%−38.1%−33.1%23.7%+35.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.46+119%1.48−9.0%−5.2%——————19.9%+32.2%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.34+225%1.34+3.9%−19.8%+1.1%+8.1%−16.1%+2.0%−20.8%−7.4%20.0%+34.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.35+101%1.04−13.4%−8.7%+29.8%+23.8%————20.2%+31.9%
HDV Dividend & IncomeiShares Core High Dividend ETF0.36+83.3%1.00−6.5%−3.0%+15.9%+12.6%————20.2%+31.2%
SMH TechnologyVanEck Semiconductor ETF0.23+323%0.97+55.5%−9.1%+35.6%+30.2%+6.8%+60.5%−44.7%+6.0%21.7%+37.5%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.42+85.0%0.96+2.1%−9.5%+6.3%+3.4%————20.0%+31.5%
GLD CommoditiesSPDR Gold Shares0.19+126%0.96+24.8%−1.9%+8.0%−2.2%+9.6%+24.0%+4.9%+30.4%19.9%+32.8%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.22+136%0.93+28.2%−0.9%+7.4%—————20.3%+33.5%

Stocks

InvestmentCorrelation5Y returnSharpe2020201820162014201120092008200780/20 mix volatility80/20 mix annual return
MFG Mizuho Financial Group, Inc. (this page)1.00+326%1.10−12.8%−14.1%−7.2%−19.3%−23.4%−35.1%−38.1%−33.1%23.7%+35.7%
CAH Medical - DistributionCardinal Health, Inc.0.08+479%1.55+10.1%−24.5%−17.5%+23.0%+8.1%−4.4%−39.6%−9.8%20.1%+37.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.25+3,143%1.47−2.4%−16.3%+7.4%+12.9%−24.4%+105%−20.5%−25.7%24.6%+51.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.15+1,636%1.46+6.7%+0.8%+18.3%−10.4%−17.0%+17.8%−15.2%+2.1%22.2%+47.3%
MCK Medical - DistributionMcKesson Corporation0.17+413%1.44+27.1%−28.4%−28.3%+29.3%+11.8%+62.9%−40.4%+29.7%20.5%+36.5%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.20+690%1.41−27.4%−8.2%+0.7%+0.4%————21.3%+39.5%
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Common questions

What was MFG's worst drawdown?

MFG's deepest decline since it began trading in 2006 was 80.2%, from January 2007 to November 2011. It took about 14 years from the low to climb back to its old high. Because MFG launched in November 2006, that record does not include the dot-com bust.

What were MFG's best and worst years?

Over 19 full calendar years, MFG's best year was 2025, when it returned 54.5%. Its worst was 2008, with a return of -38.1%.

Is there a better investment than MFG?

Among MFG's popular alternatives, BBVA earned more than MFG over the past 5 years with similar volatility: 38.7% a year at 33.3% volatility, against 33.6% a year at 30.6%. Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than MFG with less volatility over the past 5 years, among them MCK and CAH.

Is MFG more volatile than the S&P 500?

Yes. MFG's volatility over the past 5 years was 30.6%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MFG's return lands within 30.6% 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 MFG's Sharpe ratio?

MFG's Sharpe ratio over the past 5 years was 1.10, against 0.79 for the S&P 500, so MFG 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 MFG with the S&P 500?

Over the past 5 years, MFG's monthly returns had a correlation of 0.32 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 MFG instead: the lower it is, the more that option would diversify a MFG holding.

What are the best alternatives to MFG?

None of the 23 popular alternatives we compared outperformed MFG in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about MFG's strength than about its alternatives.

Did MFG outperform the S&P 500?

MFG finished ahead of the S&P 500 (SPY) in five of 19 full calendar years. In 2025, it returned +54.5%, against +17.7% for the index.

How did MFG do in stock market crashes?

MFG fell less than the S&P 500 (SPY) in three of the nine major crashes it has traded through, and further in three. The clearest case was the Covid crash, when MFG fell 29.6% and the S&P 500 fell 33.7%.

What diversifies MFG?

These had a low correlation with MFG over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.46), DXJ (correlation 0.34) and EMLP (correlation 0.35); among large stocks, CAH (correlation 0.08), CLS (correlation 0.25) and FIX (correlation 0.15). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MFG