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Relative Intelligence · Tobacco

How Altria Group (MO) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MO alone. It places MO (Altria Group, Inc.) against 9 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 MO stands in the market, and of the alternatives worth a closer look.

Period covered: MO's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

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

Rank the market against MO →Chart MO vs. 9 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in MO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MO over the same span and MO's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 157 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of MO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • AMZN$11M+114,749% total · +27.5% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • BTI$388,024+3,780% total · +13.4% a year
  • MO$372,045+3,620% total · +13.3% a year
  • STZ$228,856+2,189% total · +11.4% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • PEP$64,589+546% total · +6.6% a year
  • KO$60,026+500% total · +6.4% 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. 671 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • DXJ$32,976+230% total · +27.0% a year
  • MPLX$30,642+206% total · +25.1% a year
  • ABBV$29,134+191% total · +23.8% a year
  • DBJP$26,428+164% total · +21.5% a year
  • PM$25,119+151% total · +20.2% a year
  • BTI$22,055+121% total · +17.1% a year
  • MO$21,729+117% total · +16.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • KO$18,994+89.9% total · +13.7% a year
  • TPB$12,750+27.5% total · +5.0% a year
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MO at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$125B
Industry
Tobacco
Price history from
October 1986

Returns

Past 1 year
+23.7%total return
Past 3 years
+118%+29.7% a year
Past 5 years
+126%+17.8% a year
Past 10 years
+140%+9.2% a year
Best calendar year
+105%2000
Worst calendar year
−54.5%1999
Losing years
6 of 29full calendar years

Risk

Volatility
21.4%typical yearly swing, 5 years
Sharpe ratio
0.88return per unit of risk, 5 years
Worst decline ever
−65.4%Nov 1998 to Feb 2000
From its all-time high
At its highwithin 1%

MO against the whole market

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

How does MO rank among all stocks?

This section ranks MO 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 MO 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.

MeasureMORankStanding
1-year return+23.7%1,144 of 3,287top 35%
3-year return+118%783 of 3,017top 26%
5-year return+126%546 of 2,893top 19%
10-year return+140%1,126 of 2,202bottom 50%
Volatility, 5 years21.4%130 of 2,893top 4%
Sharpe ratio, 5 years0.88198 of 2,893top 7%
Worst decline, past 10 years−53.7%605 of 2,187top 28%

What has beaten MO 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). MO sits where the dashed lines cross. Anything in the green box above and to the left earned more than MO 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 MO; faint dots are 2 more of the 6 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%12.0%14.0%16.0%18.0%20.0%22.0%24.0%26.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MOSDCI: +20.6% a year, volatility 18.4%EWP: +19.2% a year, volatility 20.3%MO: +17.8% a year, volatility 21.4%SPY (S&P 500): +12.7% a year, volatility 17.1%PM: +21.0% a year, volatility 23.4%CCEP: +19.7% a year, volatility 23.2%DXJ: +26.6% a year, volatility 19.1%ABBV: +26.1% a year, volatility 23.4%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%LVHI: +17.0% a year, volatility 11.1%WM: +9.3% a year, volatility 19.2%MOSPY (S&P 500)PMCCEPDXJABBVMPLXDBJPTRVCAHLVHIWM10.0%15.0%20.0%25.0%30.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MOSDCI: +20.6% a year, volatility 18.4%EWP: +19.2% a year, volatility 20.3%MO: +17.8% a year, volatility 21.4%SPY (S&P 500): +12.7% a year, volatility 17.1%PM: +21.0% a year, volatility 23.4%CCEP: +19.7% a year, volatility 23.2%DXJ: +26.6% a year, volatility 19.1%ABBV: +26.1% a year, volatility 23.4%MPLX: +23.5% a year, volatility 18.8%DBJP: +20.9% a year, volatility 19.2%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%LVHI: +17.0% a year, volatility 11.1%WM: +9.3% a year, volatility 19.2%MOSPY (S&P 500)PMDXJABBVMPLXDBJPCAHLVHIWM
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than MO?

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

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

Screen the whole market against MO for any period in BetterThanSPYOpen these 11 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 MO?lower diversifies moreExpenseper year
MOAltria Group, Inc. · this page
+17.8%21.4%0.88−53.7%+140%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.300.09%
Popular alternativesbest 1 shownThe investments people most often weigh against MO. 1 of 9 passed at least one test.
PMPhilip Morris International Inc. · Tobacco
Higher return, similar volatilityHigher return in most periods+21.0%23.4%0.94−42.9%+242%0.57—
Same and neighboring categories, and shared themesbest 1 shownEverything else in Tobacco and the categories next to it (Alcoholic Beverages, Food & Beverages), plus MO's specific themes. 1 of 25 passed at least one test.
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Higher return in most periods+19.7%23.2%0.90−48.8%+292%0.42—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 105 of 3,599 passed at least one test.
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.270.48%
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.27—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatilityHigher return in most periods+23.5%18.8%1.22−75.2%+350%0.48—
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.9%19.2%1.09−31.3%+348%0.210.45%
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.51—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.28—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+17.0%11.1%1.48−32.4%+194%0.570.40%
WMWaste Management, Inc. · Environmental Services
Smaller losses in recent crashes+9.3%19.2%0.56−30.1%+344%0.37—
What these numbers mean for MO
Annual return
MO returned 17.8% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $22,600. 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
MO's volatility over the past 5 years was 21.4%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MO's return lands within 21.4% 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
MO's Sharpe ratio over the past 5 years was 0.88, against 0.79 for the S&P 500, so MO 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
MO's worst fall from a peak to a low over the past 10 years was 53.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 53.7% fall takes a 116% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MO's monthly returns had a correlation of 0.30 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 MO instead: the lower it is, the more that option would diversify a MO holding. Guide: Correlation and diversification →
Show all 6 stocks and funds worth at least $500 million that earned more than MO with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with MOExpense
1
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.270.48%
2
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.48—
3
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.210.45%
4
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.350.80%
5
EWPiShares MSCI Spain ETF · Broad Market
Whole market+19.2%20.3%0.97−46.4%+196%0.450.50%

MO against its popular alternatives

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

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

Green points earned more than MO 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%45.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMO: 17.8% a year, volatility 21.4%SPY (S&P 500): 12.7% a year, volatility 17.1%TPB: 7.4% a year, volatility 43.1%BUD: 9.7% a year, volatility 25.0%STZ: −7.8% a year, volatility 25.4%UVV: 2.0% a year, volatility 24.8%TAP: 0.9% a year, volatility 26.0%PM: 21.0% a year, volatility 23.4%BTI: 18.7% a year, volatility 22.0%KO: 14.7% a year, volatility 16.8%PEP: −0.5% a year, volatility 19.1%MOSPY (S&P 500)TPBBUDSTZUVVTAPPMBTIKOPEP10.0%20.0%30.0%40.0%50.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMO: 17.8% a year, volatility 21.4%SPY (S&P 500): 12.7% a year, volatility 17.1%TPB: 7.4% a year, volatility 43.1%BUD: 9.7% a year, volatility 25.0%STZ: −7.8% a year, volatility 25.4%UVV: 2.0% a year, volatility 24.8%TAP: 0.9% a year, volatility 26.0%PM: 21.0% a year, volatility 23.4%BTI: 18.7% a year, volatility 22.0%KO: 14.7% a year, volatility 16.8%PEP: −0.5% a year, volatility 19.1%MOSPY (S&P 500)TPBBUDSTZUVVTAPPMBTIKOPEP
All figures
InvestmentAnnual returnVolatility
PM Philip Morris International Inc.+21.0%23.4%
BTI British American Tobacco p.l.c.+18.7%22.0%
MO This pageAltria Group, Inc.+17.8%21.4%
KO The Coca-Cola Company+14.7%16.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BUD Anheuser-Busch InBev SA/NV+9.7%25.0%
TPB Turning Point Brands, Inc.+7.4%43.1%
UVV Universal Corporation+2.0%24.8%
TAP Molson Coors Beverage Company+0.9%26.0%
PEP PepsiCo, Inc.−0.5%19.1%
STZ Constellation Brands, Inc.−7.8%25.4%
Open these 11 in EasyCompare

Has MO consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than MO 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
MO Altria Group, Inc. (this page)—+8.9%+1.6%+19.1%+36.6%+23.7%+118%+126%+140%21.4%0.88−53.7%—$125B—
PM QualifiedPhilip Morris International Inc.3/5 short3/3 long+7.5%+4.6%+29.0%+27.9%+30.9%+144%+159%+242%23.4%0.94−42.9%—$312B—
TPB TobaccoTurning Point Brands, Inc.0/5 short2/3 long+5.1%−20.0%−23.6%−41.4%−26.2%+206%+43.2%+441%43.1%0.39−72.8%—$1.3B—
BTI TobaccoBritish American Tobacco p.l.c.0/5 short2/3 long+7.7%−3.9%+6.7%+9.2%+22.5%+148%+136%+98.2%22.0%0.90−56.1%—$128B—
KO Beverages - Non-AlcoholicThe Coca-Cola Company4/5 short1/3 long+7.3%+14.5%+25.4%+37.9%+40.2%+86.8%+98.2%+204%16.8%0.91−37.0%—$402B—
BUD Beverages - AlcoholicAnheuser-Busch InBev SA/NV2/5 short0/3 long+6.9%+3.1%+12.3%+32.7%+36.7%+66.6%+58.7%−20.0%25.0%0.50−69.8%—$166B—
STZ Beverages - AlcoholicConstellation Brands, Inc.1/5 short0/3 long+12.1%−0.4%−15.7%−4.0%−3.3%−38.5%−33.2%−6.6%25.4%-0.19−56.0%—$22B—
PEP Beverages - Non-AlcoholicPepsiCo, Inc.0/5 short0/3 long+3.4%0.0%−12.8%−2.9%−9.2%−6.7%−2.3%+72.6%19.1%0.07−30.3%—$183B—
UVV TobaccoUniversal Corporation0/5 short0/3 long−6.7%−24.1%−20.5%−19.4%−20.6%+4.0%+10.5%+25.6%24.8%0.21−45.7%—$987M—
TAP Beverages - AlcoholicMolson Coors Beverage Company0/5 short0/3 long+7.0%−2.3%−7.1%−12.3%−9.9%−23.7%+4.6%−51.6%26.0%0.17−67.0%—$7.5B—
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How did MO do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where MO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of MO20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
MO This pageAltria Group, Inc.—+18.2%+40.8%−3.7%+4.4%+24.2%−10.2%+7.9%−27.1%+9.4%+20.4%+23.1%+34.5%+28.4%+11.8%+27.7%+34.0%+40.3%−31.6%+22.3%+19.7%+27.7%+18.2%+42.9%−6.9%+9.3%+105%−54.5%+22.6%+23.6%
Rank among alternativesTop quarter in 11 of 295 of 102 of 108 of 106 of 101 of 108 of 108 of 105 of 108 of 101 of 94 of 93 of 93 of 94 of 93 of 92 of 92 of 85 of 75 of 73 of 72 of 74 of 72 of 76 of 73 of 71 of 77 of 73 of 76 of 7
SPY S&P 500State Street SPDR S&P 500 ETF11 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
PM Philip Morris International Inc.7 of 17+38.0%+34.3%−1.8%+12.3%+20.8%+3.7%+35.0%−33.3%+19.9%+8.6%+13.4%−2.1%+8.5%+9.5%+39.8%+27.2%+16.5%————————————
TPB Turning Point Brands, Inc.6 of 9+81.0%+130%+23.0%−42.2%−14.8%+57.1%+5.6%+29.5%+72.9%————————————————————
BTI British American Tobacco p.l.c.15 of 29+66.4%+35.5%−19.9%+14.2%+7.8%−4.7%+42.8%−49.5%+24.5%+5.8%+6.8%+4.9%+10.5%+11.3%+27.9%+26.0%+28.4%−30.0%+44.1%+30.3%+35.7%+31.2%+49.6%+22.2%+13.9%+70.2%−38.0%+26.9%+22.9%
KO The Coca-Cola Company11 of 29+15.6%+8.9%−4.4%+10.6%+11.4%+2.5%+20.6%+6.8%+14.3%−0.3%+5.2%+5.3%+17.2%+6.5%+9.5%+19.0%+30.4%−24.0%+30.4%+23.2%−0.8%−16.2%+18.2%−5.5%−21.9%+6.1%−12.2%+1.3%+27.9%
BUD Anheuser-Busch InBev SA/NV4 of 16+30.5%−21.3%+9.0%+0.1%−12.7%−14.0%+27.7%−38.8%+9.6%−12.7%+14.9%+8.4%+25.6%+46.5%+8.8%+10.9%—————————————
STZ Constellation Brands, Inc.14 of 29−36.0%−7.1%+5.8%−6.4%+16.1%+17.4%+19.8%−28.7%+50.7%+8.7%+46.2%+39.5%+98.9%+71.2%−6.7%+39.0%+1.1%−33.3%−18.5%+10.6%+12.8%+41.3%+38.8%+10.7%+46.0%+14.9%−11.7%+4.5%+94.0%
PEP PepsiCo, Inc.9 of 29−1.8%−7.6%−3.3%+6.8%+20.5%+11.7%+27.4%−4.8%+17.8%+7.8%+8.8%+17.3%+24.6%+6.4%+4.8%+10.7%+14.6%−26.0%+23.8%+7.9%+15.3%+13.8%+12.1%−12.2%−0.6%+42.6%−12.4%+14.3%+25.7%
UVV Universal Corporation10 of 29+2.3%−13.4%+35.8%+1.8%+19.6%−9.0%+11.1%+7.8%−14.8%+18.0%+33.1%−16.2%+13.6%+13.2%+18.4%−7.0%+61.0%−39.5%+7.8%+18.2%−5.8%+11.9%+23.8%+5.4%+7.8%+62.5%−32.2%−12.1%+32.2%
TAP Molson Coors Beverage Company12 of 29−15.5%−3.4%+22.1%+14.4%+4.1%−15.2%−0.4%−29.9%−14.1%+5.4%+28.7%+35.7%+34.6%+1.3%−10.7%+13.9%−5.7%−3.8%+37.0%+16.4%−9.7%+36.6%−7.0%+16.3%−32.5%+54.9%−5.8%+72.5%+78.4%
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Risk and diversification

How MO 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 MO's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MO's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

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

DuringMO fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−65.4%+18.5%Nov 1998Feb 200015 monthsMar 200113 months
Late-2018 sell-off−53.7%−3.9%Jun 2017Mar 20202.8 yearsJul 20244.3 years
Dot-com bust−48.4%−16.4%Jun 2002Apr 200310 monthsDec 20038 months
No named crash−46.3%—Sep 1992Apr 19937 monthsJun 19952.2 years
2008 financial crisis−38.6%−45.4%Jan 2008Nov 200810 monthsApr 201017 months

How did MO do in stock market crashes?

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

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

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
MO This pageAltria Group, Inc.—−0.4%−25.8%−31.6%−26.6%−7.7%−8.5%−7.6%0.0%−38.6%−35.8%
SPY S&P 500State Street SPDR S&P 500 ETF3 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
PM Philip Morris International Inc.3 of 8−2.4%−22.8%−31.9%−26.1%−4.6%−10.0%−13.6%−1.2%——
TPB Turning Point Brands, Inc.1 of 5−9.1%−47.9%−43.2%−37.8%−6.9%—————
BTI British American Tobacco p.l.c.2 of 10−2.3%−21.0%−36.6%−33.0%−8.2%−14.5%−11.6%−2.0%−41.7%−20.5%
KO The Coca-Cola Company3 of 10−1.4%−16.7%−37.0%−8.8%−7.8%−8.8%−8.3%0.0%−40.6%−31.3%
BUD Anheuser-Busch InBev SA/NV0 of 8−1.3%−33.1%−52.2%−28.1%−7.7%−14.8%−16.2%−2.2%——
STZ Constellation Brands, Inc.3 of 10−3.8%−16.3%−49.3%−31.1%−3.3%−12.4%−22.5%−5.5%−58.4%−30.2%
PEP PepsiCo, Inc.5 of 10−0.8%−11.9%−28.3%−12.3%−7.2%−10.2%−8.3%−0.2%−40.4%−33.0%
UVV Universal Corporation4 of 10−1.6%−28.8%−24.1%−21.8%−2.7%−9.9%−13.8%−6.7%−59.9%−25.5%
TAP Molson Coors Beverage Company2 of 10−4.2%−20.7%−36.9%−16.6%−8.5%−12.1%−17.0%−2.0%−43.6%−45.4%
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How closely does MO 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 MO 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 MO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MO This pageAltria Group, Inc.51%51%1.010.53
KO The Coca-Cola Company57%44%1.290.47
PM Philip Morris International Inc.70%60%1.170.58
TPB Turning Point Brands, Inc.102%89%1.150.78
BTI British American Tobacco p.l.c.51%67%0.760.55
PEP PepsiCo, Inc.48%65%0.750.48
UVV Universal Corporation51%86%0.590.66
STZ Constellation Brands, Inc.48%111%0.440.79
BUD Anheuser-Busch InBev SA/NV51%125%0.401.04
TAP Molson Coors Beverage Company23%103%0.230.75
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What diversifies MO?

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

ETFs

InvestmentCorrelation5Y returnSharpe20232020201820082002199980/20 mix volatility80/20 mix annual return
MO Altria Group, Inc. (this page)1.00+126%0.88−3.7%−10.2%−27.1%−31.6%−6.9%−54.5%22.1%+16.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.27+225%1.34+42.0%+3.9%−19.8%−20.8%——18.5%+19.3%
SMH TechnologyVanEck Semiconductor ETF0.08+323%0.97+73.4%+55.5%−9.1%−44.7%−47.0%—19.5%+22.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.39+85.0%0.96+20.1%+2.1%−9.5%———18.6%+16.6%
GLD CommoditiesSPDR Gold Shares0.15+126%0.96+12.7%+24.8%−1.9%+4.9%——18.5%+17.7%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.32+136%0.93+17.6%+28.2%−0.9%———19.4%+18.3%
FDVV Dividend & IncomeFidelity High Dividend ETF0.49+85.9%0.92+18.0%+2.8%−1.2%———19.3%+16.6%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.41+109%0.90+14.2%−0.2%−11.1%———19.7%+17.4%
EWT TechnologyiShares MSCI Taiwan ETF0.20+153%0.89+29.0%+31.5%−9.9%−45.3%−24.4%—19.4%+18.6%

Stocks

InvestmentCorrelation5Y returnSharpe20232020201820082002199980/20 mix volatility80/20 mix annual return
MO Altria Group, Inc. (this page)1.00+126%0.88−3.7%−10.2%−27.1%−31.6%−6.9%−54.5%22.1%+16.8%
CAH Medical - DistributionCardinal Health, Inc.0.28+479%1.55+34.1%+10.1%−24.5%−39.6%−8.3%−36.8%19.8%+21.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.05+3,143%1.47+160%−2.4%−16.3%−20.5%−65.1%+350%21.7%+35.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.25+1,636%1.46+79.6%+6.7%+0.8%−15.2%−9.4%−58.7%21.7%+30.5%
MCK Medical - DistributionMcKesson Corporation0.28+413%1.44+24.1%+27.1%−28.4%−40.4%−27.2%−71.3%19.7%+20.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.27+690%1.41+30.4%−27.4%−8.2%———20.4%+23.6%
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Common questions

What was MO's worst drawdown?

MO's deepest decline since it began trading in 1986 was 65.4%, from November 1998 to February 2000. It took 13 months from the low to climb back to its old high.

What were MO's best and worst years?

Over 29 full calendar years, MO's best year was 2000, when it returned 105%. Its worst was 1999, with a return of -54.5%.

Is there a better investment than MO?

Among MO's popular alternatives, PM earned more than MO over the past 5 years with similar volatility: 21.0% a year at 23.4% volatility, against 17.8% a year at 21.4%. Looking beyond its popular alternatives, CCEP (food & beverages) was ahead of MO in most short and long periods.

Is MO more volatile than the S&P 500?

Yes. MO's volatility over the past 5 years was 21.4%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MO's return lands within 21.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is MO's Sharpe ratio?

MO's Sharpe ratio over the past 5 years was 0.88, against 0.79 for the S&P 500, so MO 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 MO with the S&P 500?

Over the past 5 years, MO's monthly returns had a correlation of 0.30 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 MO instead: the lower it is, the more that option would diversify a MO holding.

What are the best alternatives to MO?

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

Did MO outperform the S&P 500?

MO finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +18.2%, against +17.7% for the index.

How did MO do in stock market crashes?

MO fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in three. The clearest case was the 2008 financial crisis, when MO fell 38.6% and the S&P 500 fell 55.2%.

What diversifies MO?

These had a low correlation with MO over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.27), SMH (correlation 0.08) and DBEF (correlation 0.39); among large stocks, CAH (correlation 0.28), CLS (correlation 0.05) and FIX (correlation 0.25). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MO

Other stocks and ETFs