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Relative Intelligence · Insurance

How Marsh & McLennan Companies (MRSH) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MRSH alone. It places MRSH (Marsh & McLennan Companies, Inc.) against 14 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 MRSH stands in the market, and of the alternatives worth a closer look.

Period covered: MRSH'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 MRSH →Chart MRSH vs. 14 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in MRSH over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MRSH over the same span and MRSH'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. 447 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of MRSH; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$1,000$10,000$100,000199720022007201220172022$1,000$10,000$100,00019972004201120182025
  • AJG$566,042+5,560% total · +14.9% a year
  • CRVL$524,989+5,150% total · +14.6% a year
  • BRO$475,780+4,658% total · +14.2% a year
  • CB$184,681+1,747% total · +10.6% a year
  • TRV$178,972+1,690% total · +10.5% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • MRSH$128,394+1,184% total · +9.2% a year
  • AON$121,759+1,118% total · +9.0% a year
  • AIG$2,068−79.3% total · −5.3% 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. 2,108 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MRSH; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000202120222023202420252026$5,000$10,000$15,000$20,000$25,000$30,000202120222023202420252026
  • TRV$25,788+158% total · +20.9% a year
  • CB$20,160+102% total · +15.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • SLF$18,746+87.5% total · +13.4% a year
  • THG$18,550+85.5% total · +13.2% a year
  • BRK-B$18,244+82.4% total · +12.8% a year
  • AJG$16,159+61.6% total · +10.1% a year
  • WTW$13,256+32.6% total · +5.8% a year
  • MRSH$12,121+21.2% total · +3.9% a year
  • CRVL$12,010+20.1% total · +3.7% a year
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MRSH 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
$91B
Industry
Insurance - Brokers
Price history from
October 1986

Returns

Past 1 year
+2.3%total return
Past 3 years
+6.7%+2.2% a year
Past 5 years
+24.3%+4.4% a year
Past 10 years
+245%+13.2% a year
Best calendar year
+67.8%1999
Worst calendar year
−29.8%2004
Losing years
12 of 29full calendar years

Risk

Volatility
20.9%typical yearly swing, 5 years
Sharpe ratio
0.31return per unit of risk, 5 years
Worst decline ever
−67.5%Oct 2000 to Mar 2009
From its all-time high
−19.7%below the peak

MRSH against the whole market

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

How does MRSH rank among all stocks?

This section ranks MRSH 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 MRSH 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.

MeasureMRSHRankStanding
1-year return+2.3%1,888 of 3,287bottom 44%
3-year return+6.7%2,218 of 3,017bottom 27%
5-year return+24.3%1,399 of 2,893top 48%
10-year return+245%718 of 2,202top 33%
Volatility, 5 years20.9%122 of 2,893top 4%
Sharpe ratio, 5 years0.311,504 of 2,893bottom 49%
Worst decline, past 10 years−35.8%73 of 2,187top 3%

What has beaten MRSH 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). MRSH sits where the dashed lines cross. Anything in the green box above and to the left earned more than MRSH 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 MRSH; faint dots are 90 more of the 479 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.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MRSHQYLD: +8.4% a year, volatility 15.0%DBMF: +9.8% a year, volatility 12.4%USMC: +14.1% a year, volatility 16.4%WM: +9.3% a year, volatility 19.2%FHLC: +7.3% a year, volatility 15.4%IHE: +12.6% a year, volatility 16.8%PPH: +11.6% a year, volatility 15.8%PTNQ: +9.7% a year, volatility 14.1%FTQI: +11.5% a year, volatility 14.8%GSPY: +13.2% a year, volatility 16.6%KO: +14.7% a year, volatility 16.8%RSPH: +6.1% a year, volatility 16.8%LGH: +9.4% a year, volatility 16.7%VTV: +12.1% a year, volatility 13.7%SCHD: +9.7% a year, volatility 14.3%BALT: +6.3% a year, volatility 3.3%FLRT: +6.0% a year, volatility 2.3%TAK: +11.9% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%USMV: +7.6% a year, volatility 12.3%COWZ: +11.4% a year, volatility 17.7%DFAC: +11.4% a year, volatility 17.0%RWL: +13.7% a year, volatility 14.4%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%JEPI: +7.5% a year, volatility 11.0%PDBC: +11.7% a year, volatility 19.3%DFIV: +14.8% a year, volatility 16.4%GUNR: +10.1% a year, volatility 18.8%DSI: +12.0% a year, volatility 18.1%AVLV: +14.0% a year, volatility 16.9%HYGH: +6.6% a year, volatility 7.1%FTGC: +12.9% a year, volatility 15.6%AEE: +7.9% a year, volatility 19.4%SPUS: +15.0% a year, volatility 19.5%DFAI: +9.7% a year, volatility 16.0%BUFR: +9.9% a year, volatility 10.5%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%NULV: +9.2% a year, volatility 14.2%DIVO: +11.1% a year, volatility 11.9%XLP: +7.2% a year, volatility 13.8%DSTL: +11.3% a year, volatility 16.1%FDLO: +9.8% a year, volatility 13.0%VFMF: +14.3% a year, volatility 17.6%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%JVAL: +12.0% a year, volatility 17.2%IDHQ: +10.0% a year, volatility 17.9%EFAV: +7.6% a year, volatility 11.9%MPLX: +23.5% a year, volatility 18.8%DJP: +11.2% a year, volatility 18.9%FYLD: +13.1% a year, volatility 16.0%EYLD: +11.9% a year, volatility 18.4%FTLS: +10.2% a year, volatility 10.4%PTLC: +9.5% a year, volatility 11.8%DVYE: +5.8% a year, volatility 17.1%NXTG: +16.2% a year, volatility 19.1%DJD: +11.8% a year, volatility 13.3%DIVI: +13.4% a year, volatility 15.5%AOR: +6.4% a year, volatility 10.7%ACIO: +9.3% a year, volatility 11.1%FEM: +8.0% a year, volatility 18.7%SCHY: +9.5% a year, volatility 13.3%IHDG: +7.6% a year, volatility 14.9%INFL: +11.8% a year, volatility 17.8%TDVG: +9.6% a year, volatility 13.8%AVES: +8.0% a year, volatility 17.4%FLSP: +8.4% a year, volatility 13.4%SMIG: +6.5% a year, volatility 16.0%SIXH: +10.2% a year, volatility 10.2%VXUS: +8.2% a year, volatility 16.4%WTPI: +9.1% a year, volatility 12.2%CDC: +6.0% a year, volatility 12.5%BKMC: +7.0% a year, volatility 18.9%KMLM: +5.8% a year, volatility 14.6%IDUB: +5.9% a year, volatility 14.9%VIG: +10.4% a year, volatility 14.1%EPD: +16.4% a year, volatility 17.1%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%ENB: +9.1% a year, volatility 18.9%DUK: +7.5% a year, volatility 18.0%DYNF: +14.7% a year, volatility 17.5%MRSH: +4.4% a year, volatility 20.9%SPY (S&P 500): +12.7% a year, volatility 17.1%TRV: +22.4% a year, volatility 22.3%CRVL: +7.0% a year, volatility 33.2%CB: +15.7% a year, volatility 20.4%BRK-B: +13.4% a year, volatility 17.1%SLF: +11.7% a year, volatility 19.4%THG: +14.4% a year, volatility 22.9%AFG: +9.8% a year, volatility 22.6%L: +14.3% a year, volatility 19.2%PGR: +21.3% a year, volatility 25.6%JNJ: +12.7% a year, volatility 17.9%CL: +7.2% a year, volatility 19.2%XLV: +8.4% a year, volatility 15.3%CHT: +7.7% a year, volatility 13.3%RSG: +13.9% a year, volatility 18.5%RY: +17.3% a year, volatility 18.2%SGOV: +3.8% a year, volatility 0.3%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%MRSHSPY (S&P 500)TRVCRVLCBBRK-BTHGAFGLPGRCLXLVCHTRSGRYSGOVVDXJLVHI−10.0%0.0%10.0%20.0%30.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MRSHQYLD: +8.4% a year, volatility 15.0%DBMF: +9.8% a year, volatility 12.4%USMC: +14.1% a year, volatility 16.4%WM: +9.3% a year, volatility 19.2%FHLC: +7.3% a year, volatility 15.4%IHE: +12.6% a year, volatility 16.8%PPH: +11.6% a year, volatility 15.8%PTNQ: +9.7% a year, volatility 14.1%FTQI: +11.5% a year, volatility 14.8%GSPY: +13.2% a year, volatility 16.6%KO: +14.7% a year, volatility 16.8%RSPH: +6.1% a year, volatility 16.8%LGH: +9.4% a year, volatility 16.7%VTV: +12.1% a year, volatility 13.7%SCHD: +9.7% a year, volatility 14.3%BALT: +6.3% a year, volatility 3.3%FLRT: +6.0% a year, volatility 2.3%TAK: +11.9% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%USMV: +7.6% a year, volatility 12.3%COWZ: +11.4% a year, volatility 17.7%DFAC: +11.4% a year, volatility 17.0%RWL: +13.7% a year, volatility 14.4%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%JEPI: +7.5% a year, volatility 11.0%PDBC: +11.7% a year, volatility 19.3%DFIV: +14.8% a year, volatility 16.4%GUNR: +10.1% a year, volatility 18.8%DSI: +12.0% a year, volatility 18.1%AVLV: +14.0% a year, volatility 16.9%HYGH: +6.6% a year, volatility 7.1%FTGC: +12.9% a year, volatility 15.6%AEE: +7.9% a year, volatility 19.4%SPUS: +15.0% a year, volatility 19.5%DFAI: +9.7% a year, volatility 16.0%BUFR: +9.9% a year, volatility 10.5%DIVB: +13.9% a year, volatility 15.4%PWV: +13.5% a year, volatility 14.2%NULV: +9.2% a year, volatility 14.2%DIVO: +11.1% a year, volatility 11.9%XLP: +7.2% a year, volatility 13.8%DSTL: +11.3% a year, volatility 16.1%FDLO: +9.8% a year, volatility 13.0%VFMF: +14.3% a year, volatility 17.6%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%JVAL: +12.0% a year, volatility 17.2%IDHQ: +10.0% a year, volatility 17.9%EFAV: +7.6% a year, volatility 11.9%MPLX: +23.5% a year, volatility 18.8%DJP: +11.2% a year, volatility 18.9%FYLD: +13.1% a year, volatility 16.0%EYLD: +11.9% a year, volatility 18.4%FTLS: +10.2% a year, volatility 10.4%PTLC: +9.5% a year, volatility 11.8%DVYE: +5.8% a year, volatility 17.1%NXTG: +16.2% a year, volatility 19.1%DJD: +11.8% a year, volatility 13.3%DIVI: +13.4% a year, volatility 15.5%AOR: +6.4% a year, volatility 10.7%ACIO: +9.3% a year, volatility 11.1%FEM: +8.0% a year, volatility 18.7%SCHY: +9.5% a year, volatility 13.3%IHDG: +7.6% a year, volatility 14.9%INFL: +11.8% a year, volatility 17.8%TDVG: +9.6% a year, volatility 13.8%AVES: +8.0% a year, volatility 17.4%FLSP: +8.4% a year, volatility 13.4%SMIG: +6.5% a year, volatility 16.0%SIXH: +10.2% a year, volatility 10.2%VXUS: +8.2% a year, volatility 16.4%WTPI: +9.1% a year, volatility 12.2%CDC: +6.0% a year, volatility 12.5%BKMC: +7.0% a year, volatility 18.9%KMLM: +5.8% a year, volatility 14.6%IDUB: +5.9% a year, volatility 14.9%VIG: +10.4% a year, volatility 14.1%EPD: +16.4% a year, volatility 17.1%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%ENB: +9.1% a year, volatility 18.9%DUK: +7.5% a year, volatility 18.0%DYNF: +14.7% a year, volatility 17.5%MRSH: +4.4% a year, volatility 20.9%SPY (S&P 500): +12.7% a year, volatility 17.1%TRV: +22.4% a year, volatility 22.3%CRVL: +7.0% a year, volatility 33.2%CB: +15.7% a year, volatility 20.4%BRK-B: +13.4% a year, volatility 17.1%SLF: +11.7% a year, volatility 19.4%THG: +14.4% a year, volatility 22.9%AFG: +9.8% a year, volatility 22.6%L: +14.3% a year, volatility 19.2%PGR: +21.3% a year, volatility 25.6%JNJ: +12.7% a year, volatility 17.9%CL: +7.2% a year, volatility 19.2%XLV: +8.4% a year, volatility 15.3%CHT: +7.7% a year, volatility 13.3%RSG: +13.9% a year, volatility 18.5%RY: +17.3% a year, volatility 18.2%SGOV: +3.8% a year, volatility 0.3%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%MRSHSPY (S&P 500)TRVCRVLCBBRK-BSLFAFGLCLXLVCHTRYSGOVDXJLVHI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than MRSH?

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

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

Screen the whole market against MRSH for any period in BetterThanSPYOpen these 18 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 MRSH?lower diversifies moreExpenseper year
MRSHMarsh & McLennan Companies, Inc. · this page
+4.4%20.9%0.31−35.8%+245%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.460.09%
Popular alternativesbest 3 shownThe investments people most often weigh against MRSH. 3 of 12 passed at least one test.
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.55—
CRVLCorVel Corporation · Insurance
Higher return in most periods+7.0%33.2%0.37−64.2%+594%0.38—
CBChubb Limited · Property & Casualty Insurance
Higher return, similar volatility+15.7%20.4%0.82−42.6%+248%0.60—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Insurance and the categories next to it (Property & Casualty Insurance, Life Insurance), plus MRSH's specific themes. 25 of 50 passed at least one test.
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.67—
SLFSun Life Financial Inc. · Life Insurance
Higher return, lower volatilityHigher return in most periods+11.7%19.4%0.67−50.8%+255%0.46—
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher return in most periods+14.4%22.9%0.70−40.1%+291%0.41—
AFGAmerican Financial Group, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher return in most periods+9.8%22.6%0.53−59.0%+321%0.52—
LLoews Corporation · Property & Casualty Insurance
Higher return, lower volatility+14.3%19.2%0.80−48.5%+180%0.53—
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher Sharpe, smaller worst decline+21.3%25.6%0.89−30.3%+816%0.52—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 885 of 3,571 passed at least one test.
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.40—
CLColgate-Palmolive Company · Household & Personal Products
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+7.2%19.2%0.46−29.0%+68.8%0.46—
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+8.4%15.3%0.60−28.4%+202%0.580.08%
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+7.7%13.3%0.63−23.8%+101%0.12—
RSGRepublic Services, Inc. · Environmental Services
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.65—
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.27—
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%—0.060.09%
VVisa Inc. · Payment Processing
Higher return, similar volatilityHigher return in most periods+12.8%22.9%0.64−36.4%+429%0.54—
What these numbers mean for MRSH
Annual return
MRSH returned 4.4% 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 $12,400. 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
MRSH's volatility over the past 5 years was 20.9%, 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, MRSH's return lands within 20.9% 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
MRSH's Sharpe ratio over the past 5 years was 0.31, against 0.79 for the S&P 500, so MRSH 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
MRSH's worst fall from a peak to a low over the past 10 years was 35.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 35.8% fall takes a 55.8% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MRSH's monthly returns had a correlation of 0.46 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 MRSH instead: the lower it is, the more that option would diversify a MRSH holding. Guide: Correlation and diversification →
Show all 479 stocks and funds worth at least $500 million that earned more than MRSH 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 MRSHExpense
1
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.40—
2
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.46—
3
BRK-BBerkshire Hathaway Inc. · Insurance
Same or nearby category+13.4%17.1%0.82−29.6%+274%0.67—
4
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.580.08%
5
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.12—
6
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.65—
7
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.27—
8
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+156%0.300.60%
9
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%—-0.170.85%
10
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.420.12%
11
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.61—
12
FHLCFidelity MSCI Health Care Index ETF · Healthcare
Whole market+7.3%15.4%0.53−28.8%+199%0.570.08%
13
IHEiShares U.S. Pharmaceuticals ETF · Broad Market
Whole market+12.6%16.8%0.80−29.6%+151%0.490.37%
14
PPHVanEck Pharmaceutical ETF · Healthcare
Whole market+11.6%15.8%0.78−29.7%+153%0.570.36%
15
PTNQPacer Trendpilot 100 ETF · Technology
Whole market+9.7%14.1%0.73−28.1%+305%0.060.65%
16
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Whole market+11.5%14.8%0.82−19.4%+121%0.280.75%
17
GSPYGotham Enhanced 500 ETF · Broad Market
Whole market+13.2%16.6%0.83−23.3%—0.480.65%
18
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.50—
19
RSPHInvesco S&P 500 Equal Weight Health Care ETF · Healthcare
Whole market+6.1%16.8%0.44−30.4%+177%0.580.40%
20
LGHHCM Defender 500 Index ETF · Broad Market
Whole market+9.4%16.7%0.63−29.6%—0.401.00%
21
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.600.03%
22
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.630.06%
23
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.390.69%
24
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.310.60%
25
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%0.24—
26
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.190.80%
27
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.200.40%
28
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.610.56%
29
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.660.08%
30
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.6%12.3%0.66−33.1%+176%0.750.15%
31
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.570.49%
32
DFACDimensional - US Core Equity 2 ETF · US Total Market
Whole market+11.4%17.0%0.72−23.1%—0.500.21%
33
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.600.39%
34
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.460.79%
35
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.370.85%
36
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.550.12%
37
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.290.15%
38
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%—0.710.35%
39
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities
Whole market+11.7%19.3%0.67−40.7%+153%0.120.74%
40
SLFSun Life Financial Inc. · Life Insurance
Same or nearby category+11.7%19.4%0.67−50.8%+255%0.46—
41
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.500.27%
42
GUNRNorthern Trust Morningstar Global Upstream Natural Resources ETF · Natural Resources Equity
Whole market+10.1%18.8%0.60−43.0%+173%0.460.47%
43
DSIiShares ESG MSCI KLD 400 ETF · US ESG Equity
Whole market+12.0%18.1%0.72−34.1%+322%0.420.25%
44
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.530.15%
45
HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds
Whole market+6.6%7.1%0.94−23.9%+74.5%0.431.12%
46
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%0.170.98%
47
AEEAmeren Corporation · Electric Utilities
Whole market+7.9%19.4%0.49−29.1%+192%0.46—
48
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.320.45%
49
DFAIDimensional - International Core Equity Market ETF · Developed International Equity
Whole market+9.7%16.0%0.66−27.4%—0.520.18%
50
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%—0.460.10%
51
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.610.05%
52
PWVInvesco Large Cap Value ETF · Broad Market
Whole market+13.5%14.2%0.97−37.6%+223%0.650.55%
53
NULVNuveen ESG Large-Cap Value · Broad Market
Whole market+9.2%14.2%0.69−37.0%—0.590.26%
54
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income
Whole market+11.1%11.9%0.95−30.0%—0.610.56%
55
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.2%13.8%0.57−24.5%+121%0.620.08%
56
DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market
Whole market+11.3%16.1%0.75−33.1%—0.670.39%
57
FDLOFidelity Low Volatility Factor ETF · Broad Market
Whole market+9.8%13.0%0.79−34.4%+249%0.670.15%
58
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.550.18%
59
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare
Whole market+11.9%16.9%0.75−32.1%+153%0.450.60%
60
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.330.50%
61
JVALJPMorgan U.S. Value Factor ETF · Broad Market
Whole market+12.0%17.2%0.75−40.4%—0.430.12%
62
IDHQInvesco S&P International Developed Quality ETF · International
Whole market+10.0%17.9%0.63−33.6%+183%0.510.29%
63
EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity
Whole market+7.6%11.9%0.68−27.6%+97.7%0.600.20%
64
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.45—
65
DJPiPath Bloomberg Commodity Index Total Return(SM) ETN · Commodities
Whole market+11.2%18.9%0.66−38.4%+120%0.160.70%
66
FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income
Whole market+13.1%16.0%0.85−44.6%+203%0.460.59%
67
EYLDCambria Emerging Shareholder Yield ETF · International
Whole market+11.9%18.4%0.70−41.8%+199%0.230.63%
68
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Whole market+10.2%10.4%0.99−20.6%+158%0.500.95%
69
PTLCPacer Trendpilot US Large Cap ETF · Broad Market
Whole market+9.5%11.8%0.83−26.6%+188%0.320.60%
70
DVYEiShares Emerging Markets Dividend ETF · International
Whole market+5.8%17.1%0.42−40.9%+96.4%0.280.49%
71
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.150.70%
72
DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income
Whole market+11.8%13.3%0.91−34.7%+227%0.580.07%
73
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.510.09%
74
AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset
Whole market+6.4%10.7%0.64−23.0%+118%0.460.20%
75
ACIOAptus Collared Income Opportunity ETF · Dividend & Income
Whole market+9.3%11.1%0.86−14.2%—0.430.79%
76
FEMFirst Trust Emerging Markets AlphaDEX Fund · International
Whole market+8.0%18.7%0.51−46.2%+121%0.220.80%
77
SCHYSchwab International Dividend Equity ETF · International
Whole market+9.5%13.3%0.75−24.0%—0.510.08%
78
IHDGWisdomTree International Hedged Quality Dividend Growth Fund · International
Whole market+7.6%14.9%0.57−29.2%+163%0.540.58%
79
INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market
Whole market+11.8%17.8%0.72−21.3%—0.620.85%
80
TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income
Whole market+9.6%13.8%0.73−19.2%—0.650.50%
81
AVESAvantis Emerging Markets Value ETF · International
Whole market+8.0%17.4%0.53−27.4%—0.240.36%
82
FLSPFranklin Systematic Style Premia ETF · Alternatives
Whole market+8.4%13.4%0.68−22.9%—0.220.65%
83
SMIGBahl & Gaynor Small/Mid Cap Income Growth ETF · Dividend & Income
Whole market+6.5%16.0%0.48−19.7%—0.590.60%
84
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market
Whole market+10.2%10.2%1.00−11.7%—0.600.31%
85
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.270.48%
86
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.520.40%
87
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.420.05%
88
WTPIWisdomTree Equity Premium Income Fund · Alternatives
Whole market+9.1%12.2%0.78−28.4%+121%0.460.44%
89
CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · Dividend & Income
Whole market+6.0%12.5%0.53−21.4%+168%0.610.38%
90
BKMCBNY Mellon US Mid Cap Core Equity ETF · Broad Market
Whole market+7.0%18.9%0.46−25.0%—0.490.04%
91
KMLMKraneShares Mount Lucas Managed Futures Index Strategy ETF · Broad Market
Whole market+5.8%14.6%0.46−27.5%—-0.130.90%
92
IDUBAptus International Enhanced Yield ETF · International
Whole market+5.9%14.9%0.46−29.2%—0.380.44%
93
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.620.04%
94
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.50—
95
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.460.06%
96
SOThe Southern Company · Electric Utilities
Whole market+11.3%18.8%0.67−38.4%+170%0.36—
97
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.8%19.4%0.44−38.7%+122%0.160.09%
98
ENBEnbridge Inc. · Oil & Gas Midstream
Whole market+9.1%18.9%0.56−44.1%+103%0.49—
99
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.5%18.0%0.50−37.4%+132%0.46—
100
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.440.26%

MRSH against its popular alternatives

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

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

Green points earned more than MRSH 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%−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 volatilityMRSH: 4.4% a year, volatility 20.9%SPY (S&P 500): 12.7% a year, volatility 17.1%CB: 15.7% a year, volatility 20.4%BRO: 2.6% a year, volatility 26.0%ACN: −5.2% a year, volatility 32.7%RYAN: 3.4% a year, volatility 35.2%AON: −0.3% a year, volatility 23.8%VRSK: −1.4% a year, volatility 25.9%GSHD: −22.3% a year, volatility 60.0%CRVL: 7.0% a year, volatility 33.2%TRV: 22.4% a year, volatility 22.3%AJG: 10.9% a year, volatility 24.2%WTW: 6.9% a year, volatility 23.9%AIG: 9.0% a year, volatility 25.9%MRSHSPY (S&P 500)CBBROACNRYANAONVRSKGSHDCRVLTRVAJGWTW10.0%20.0%30.0%40.0%50.0%60.0%−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 volatilityMRSH: 4.4% a year, volatility 20.9%SPY (S&P 500): 12.7% a year, volatility 17.1%CB: 15.7% a year, volatility 20.4%BRO: 2.6% a year, volatility 26.0%ACN: −5.2% a year, volatility 32.7%RYAN: 3.4% a year, volatility 35.2%AON: −0.3% a year, volatility 23.8%VRSK: −1.4% a year, volatility 25.9%GSHD: −22.3% a year, volatility 60.0%CRVL: 7.0% a year, volatility 33.2%TRV: 22.4% a year, volatility 22.3%AJG: 10.9% a year, volatility 24.2%WTW: 6.9% a year, volatility 23.9%AIG: 9.0% a year, volatility 25.9%MRSHSPY (S&P 500)CBBROACNRYANAONVRSKGSHDCRVLTRVAIG
All figures
InvestmentAnnual returnVolatility
TRV The Travelers Companies, Inc.+22.4%22.3%
CB Chubb Limited+15.7%20.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
AJG Arthur J. Gallagher & Co.+10.9%24.2%
AIG American International Group, Inc.+9.0%25.9%
CRVL CorVel Corporation+7.0%33.2%
WTW Willis Towers Watson Public Limited Company+6.9%23.9%
MRSH This pageMarsh & McLennan Companies, Inc.+4.4%20.9%
RYAN Ryan Specialty Holdings, Inc.+3.4%35.2%
BRO Brown & Brown, Inc.+2.6%26.0%
AON Aon plc−0.3%23.8%
VRSK Verisk Analytics, Inc.−1.4%25.9%
ACN Accenture plc−5.2%32.7%
GSHD Goosehead Insurance, Inc−22.3%60.0%
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Has MRSH consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than MRSH 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
MRSH Marsh & McLennan Companies, Inc. (this page)—+11.4%+5.6%+10.2%+6.5%+2.3%+6.7%+24.3%+245%20.9%0.31−35.8%—$91B—
CRVL QualifiedCorVel Corporation5/5 short3/3 longAll-weather+13.2%+32.6%+48.6%+23.7%+10.1%+22.7%+40.1%+594%33.2%0.37−64.2%—$4.1B—
TRV QualifiedThe Travelers Companies, Inc.4/5 short3/3 longAll-weather+6.6%+7.8%+32.6%+40.3%+51.5%+158%+174%+347%22.3%1.02−46.3%—$83B—
AJG Insurance - BrokersArthur J. Gallagher & Co.1/5 short3/3 long+9.6%+2.5%+16.9%+2.2%−6.1%+17.3%+68.0%+516%24.2%0.55−44.4%—$66B—
CB Insurance - Property & CasualtyChubb Limited2/5 short2/3 long+6.1%+1.8%+9.1%+16.4%+35.0%+78.9%+107%+248%20.4%0.82−42.6%—$138B—
WTW Insurance - BrokersWillis Towers Watson Public Limited Company1/5 short2/3 long+4.2%+9.0%+8.2%−1.3%−2.2%+60.7%+39.6%+187%23.9%0.40−32.9%—$30B—
AIG Insurance - DiversifiedAmerican International Group, Inc.1/5 short2/3 long+9.8%+3.3%+5.6%−1.0%+8.0%+47.1%+54.1%+75.5%25.9%0.47−69.6%—$43B—
BRO Insurance - BrokersBrown & Brown, Inc.0/5 short2/3 long+10.3%+3.1%+5.2%−8.0%−18.2%+7.9%+13.8%+317%26.0%0.23−55.8%—$24B—
BWIN Insurance - BrokersThe Baldwin Insurance Group, Inc.4/5 short0/3 long0.0%+18.3%+23.5%+34.1%+39.9%—————−70.2%—$2.6B—
ACN Information Technology ServicesAccenture plc3/5 short0/3 long+29.5%+66.5%+25.1%−4.8%+2.2%−13.6%−23.6%+146%32.7%0.00−67.8%—$146B—
RYAN Insurance - BrokersRyan Specialty Holdings, Inc.1/5 short0/3 long+7.1%+2.5%+14.0%−14.3%−17.3%−2.3%+18.3%—35.2%0.28−60.9%—$5.2B—
TWFG Insurance - BrokersTWFG, Inc. Common Stock1/5 short0/3 long+0.1%−6.0%+30.3%−8.1%+1.7%—————−52.7%—$332M—
AON Insurance - BrokersAon plc0/5 short0/3 long+2.0%−18.0%−10.2%−13.2%−13.0%−3.1%−1.6%+195%23.8%0.11−38.7%—$63B—
VRSK Software - ServicesVerisk Analytics, Inc.0/5 short0/3 long+11.0%−5.2%+6.8%−13.0%−18.1%−16.8%−6.7%+151%25.9%0.08−50.8%—$25B—
GSHD Insurance - BrokersGoosehead Insurance, Inc0/5 short0/3 long−9.1%−17.9%+5.3%−33.0%−28.1%−30.2%−71.7%—60.0%-0.12−83.4%—$1.7B—
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How did MRSH do year by year?

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

InvestmentYears ahead of MRSH20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
MRSH This pageMarsh & McLennan Companies, Inc.—−11.3%+13.8%+16.1%−3.5%+50.8%+6.9%+42.3%−0.1%+22.7%+24.6%−1.1%+20.9%+43.8%+12.1%+19.1%+28.2%−5.4%−5.5%−11.4%−1.1%−1.2%−29.8%+6.9%−12.0%−6.3%+24.5%+67.8%+20.9%+47.5%
Rank among alternativesTop quarter in 4 of 298 of 1511 of 137 of 138 of 134 of 127 of 125 of 127 of 115 of 113 of 118 of 111 of 114 of 118 of 112 of 116 of 117 of 104 of 106 of 109 of 108 of 1010 of 108 of 104 of 106 of 87 of 81 of 83 of 84 of 8
SPY S&P 500State Street SPDR S&P 500 ETF13 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%
CRVL CorVel Corporation16 of 29−39.2%+35.0%+70.1%−30.1%+96.2%+21.3%+41.6%+16.7%+44.5%−16.7%+18.0%−20.3%+108%−13.3%+7.0%+44.2%+52.7%−4.7%−51.6%+276%−29.2%−28.7%+5.3%+9.1%+42.2%+47.1%+32.8%−6.4%+30.8%
TRV The Travelers Companies, Inc.12 of 29+22.4%+28.8%+3.9%+22.4%+14.0%+5.3%+17.0%−9.7%+13.4%+11.0%+9.1%+19.6%+29.1%+24.8%+9.3%+14.8%+13.5%−13.8%+2.4%+22.9%+23.2%−3.6%+20.3%−20.1%−16.9%+65.7%0.0%−12.9%+43.6%
AJG Arthur J. Gallagher & Co.17 of 29−8.0%+27.4%+20.5%+12.4%+39.0%+32.1%+31.8%+19.2%+25.1%+31.1%−10.1%+3.5%+40.0%+7.6%+20.3%+35.6%−7.8%+12.7%−14.3%−0.1%−1.2%+3.3%+13.4%−13.1%+10.4%+100%+51.8%+32.5%+15.3%
CB Chubb Limited14 of 29+14.5%+23.9%+4.2%+16.0%+27.9%+1.4%+22.9%−9.6%+12.8%+15.6%+5.3%+14.4%+31.9%+17.6%+14.5%+26.4%−1.8%−13.0%+3.8%+15.4%+27.5%+5.3%+44.3%−25.4%−3.7%+159%−50.6%+7.8%+62.3%
WTW Willis Towers Watson Public Limited Company13 of 24+6.1%+31.5%+0.1%+4.5%+14.2%+5.8%+34.8%+2.4%+25.0%−3.4%+11.5%+2.8%+37.3%−10.9%+15.1%+35.6%+10.4%−32.1%−2.0%+10.4%−8.1%+23.3%+21.1%+21.8%—————
AIG American International Group, Inc.15 of 29+20.0%+9.8%+9.8%+13.8%+53.9%−23.1%+33.6%−32.1%−6.9%+7.8%+12.1%+10.7%+45.2%+52.1%−43.6%+92.2%−4.6%−97.2%−17.6%+6.2%+5.0%−0.5%+15.1%−26.9%−19.3%+37.0%+40.2%+33.7%+51.2%
BRO Brown & Brown, Inc.14 of 29−21.4%+44.3%+25.7%−18.4%+49.3%+21.1%+44.7%+8.3%+16.2%+41.8%−1.1%+6.1%+24.8%+14.1%−4.1%+35.3%−12.5%−9.8%−16.0%−6.9%+41.2%+34.5%+1.8%+19.1%+57.1%+84.6%+11.0%+18.8%+71.1%
BWIN The Baldwin Insurance Group, Inc.0 of 1−38.0%————————————————————————————
ACN Accenture plc13 of 24−22.1%+1.9%+33.6%−34.8%+60.7%+26.0%+51.2%−6.2%+33.3%+14.3%+20.8%+11.4%+26.6%+27.7%+12.0%+19.1%+29.0%−7.5%−1.4%+29.3%+8.3%+2.6%+46.3%−33.2%—————
RYAN Ryan Specialty Holdings, Inc.2 of 4−18.9%+50.9%+3.6%+2.9%—————————————————————————
TWFG TWFG, Inc. Common Stock1 of 1−6.6%————————————————————————————
AON Aon plc14 of 29−0.9%+24.4%−2.3%+0.6%+43.4%+2.4%+44.7%+9.9%+21.1%+22.5%−1.6%+14.3%+52.4%+20.3%+2.9%+21.8%−14.8%−2.9%+37.0%−0.1%+54.3%+2.2%+30.3%−45.2%+6.3%−11.9%+10.7%−3.8%+44.6%
VRSK Verisk Analytics, Inc.6 of 16−18.2%+16.0%+36.2%−22.3%+10.8%+39.9%+37.9%+13.6%+18.3%+5.6%+20.0%−2.5%+28.9%+27.0%+17.8%+12.5%—————————————
GSHD Goosehead Insurance, Inc4 of 7−27.4%+41.4%+121%−73.6%+5.7%+197%+64.0%——————————————————————
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Risk and diversification

How MRSH 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 MRSH's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MRSH'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 MRSH fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringMRSH fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−67.5%−43.4%Oct 2000Mar 20098.4 yearsNov 20134.7 years
No named crash−38.0%—Aug 1987Dec 19874 monthsJul 198919 months
Covid crash−35.8%−33.4%Feb 2020Mar 20201 monthAug 20205 months
No named crash−34.4%+42.1%Apr 2025Jun 202614 monthsNot yet—
No named crash−30.4%−16.4%Jul 1998Oct 19983 monthsFeb 19994 months

How did MRSH do in stock market crashes?

This section measures how far MRSH, 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 MRSH.

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
MRSH This pageMarsh & McLennan Companies, Inc.—−4.3%−19.2%−35.3%−15.2%−6.4%−12.0%−13.8%−1.1%−46.2%−45.2%
SPY S&P 500State Street SPDR S&P 500 ETF2 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CRVL CorVel Corporation4 of 10−1.3%−36.0%−34.6%−15.3%−6.4%−11.4%−22.0%−2.6%−57.2%−20.8%
TRV The Travelers Companies, Inc.3 of 10−2.6%−18.9%−39.2%−15.7%−8.8%−11.4%−18.1%−1.1%−43.7%−55.1%
AJG Arthur J. Gallagher & Co.2 of 10−4.8%−18.8%−37.0%−11.5%−6.1%−23.1%−13.4%−1.1%−46.0%−41.2%
CB Chubb Limited3 of 10−5.6%−19.1%−42.2%−13.6%−8.4%−9.7%−13.7%−0.2%−51.2%−52.4%
WTW Willis Towers Watson Public Limited Company2 of 9−4.9%−21.4%−30.3%−9.0%−5.9%−17.8%−18.3%−2.4%−54.2%—
AIG American International Group, Inc.1 of 10−12.7%−25.5%−61.8%−32.5%−7.6%−21.1%−30.6%0.0%−99.5%−50.5%
BRO Brown & Brown, Inc.6 of 10−4.9%−27.3%−34.8%−13.6%−5.4%−15.9%−22.9%0.0%−42.1%−31.4%
ACN Accenture plc3 of 9−4.7%−37.3%−33.5%−22.6%−4.1%−14.9%−22.7%−1.9%−35.7%—
RYAN Ryan Specialty Holdings, Inc.1 of 2−9.4%−17.7%————————
AON Aon plc4 of 10−2.4%−25.4%−38.7%−17.0%−5.3%−17.4%−20.7%0.0%−30.3%−66.5%
VRSK Verisk Analytics, Inc.3 of 8−2.6%−28.4%−28.5%−17.4%−6.6%−19.1%−8.0%−1.0%——
GSHD Goosehead Insurance, Inc0 of 4−6.5%−74.3%−36.7%−39.3%——————
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How closely does MRSH 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 MRSH 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 MRSH's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MRSH This pageMarsh & McLennan Companies, Inc.80%83%0.960.77
AJG Arthur J. Gallagher & Co.80%46%1.740.61
TRV The Travelers Companies, Inc.70%48%1.480.59
CB Chubb Limited63%48%1.320.54
BRO Brown & Brown, Inc.78%69%1.130.66
CRVL CorVel Corporation120%115%1.050.98
WTW Willis Towers Watson Public Limited Company68%73%0.930.61
AON Aon plc79%89%0.890.78
VRSK Verisk Analytics, Inc.63%73%0.870.73
AIG American International Group, Inc.64%93%0.680.91
ACN Accenture plc117%186%0.631.12
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What diversifies MRSH?

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

ETFs

InvestmentCorrelation5Y returnSharpe20252022201820152009200820072006200520042002200180/20 mix volatility80/20 mix annual return
MRSH Marsh & McLennan Companies, Inc. (this page)1.00+24.3%0.31−11.3%−3.5%−0.1%−1.1%−5.4%−5.5%−11.4%−1.1%−1.2%−29.8%−12.0%−6.3%20.3%+3.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.27+225%1.34+32.8%+6.0%−19.8%+7.7%+2.0%−20.8%−7.4%—————17.1%+8.6%
SMH TechnologyVanEck Semiconductor ETF0.04+323%0.97+49.2%−33.5%−9.1%−0.3%+60.5%−44.7%+6.0%−6.7%+10.8%−19.3%−47.0%−14.6%17.9%+11.3%
GLD CommoditiesSPDR Gold Shares0.20+126%0.96+63.7%−0.8%−1.9%−10.7%+24.0%+4.9%+30.4%+22.6%+17.8%———17.3%+7.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.26+136%0.93+26.6%−10.4%−0.9%—————————17.7%+7.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.40+177%0.93+7.9%+64.4%−18.2%−21.5%+21.8%−39.0%+36.8%+18.0%+40.1%+33.8%−14.8%−18.2%18.9%+8.1%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.29+109%0.90+32.7%−14.2%−11.1%−4.1%————————17.8%+7.0%
EWT TechnologyiShares MSCI Taiwan ETF0.02+153%0.89+28.4%−28.9%−9.9%−12.9%+73.7%−45.3%+6.4%+18.8%+4.7%+8.0%−24.4%+2.1%17.1%+8.1%
EUFN InternationaliShares MSCI Europe Financials ETF0.48+133%0.89+65.8%−8.8%−23.1%−4.7%————————18.5%+7.5%

Stocks

InvestmentCorrelation5Y returnSharpe20252022201820152009200820072006200520042002200180/20 mix volatility80/20 mix annual return
MRSH Marsh & McLennan Companies, Inc. (this page)1.00+24.3%0.31−11.3%−3.5%−0.1%−1.1%−5.4%−5.5%−11.4%−1.1%−1.2%−29.8%−12.0%−6.3%20.3%+3.9%
CAH Medical - DistributionCardinal Health, Inc.0.32+479%1.55+76.3%+54.1%−24.5%+12.6%−4.4%−39.6%−9.8%−5.8%+18.7%−4.7%−8.3%−2.5%18.6%+10.6%
CLS Hardware, Equipment & PartsCelestica Inc.-0.14+3,143%1.47+220%+1.3%−16.3%−6.0%+105%−20.5%−25.7%−26.0%−25.2%−6.4%−65.1%−25.6%18.6%+23.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.07+1,636%1.46+121%+17.0%+0.8%+67.7%+17.8%−15.2%+2.1%+38.9%+20.1%+40.0%−9.4%+73.7%19.1%+19.2%
MCK Medical - DistributionMcKesson Corporation0.48+413%1.44+44.5%+51.8%−28.4%−4.5%+62.9%−40.4%+29.7%−1.2%+64.9%−1.4%−27.2%+4.9%19.2%+9.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.29+690%1.41+19.2%+86.6%−8.2%+17.4%————————19.1%+12.6%
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Common questions

What was MRSH's worst drawdown?

MRSH's deepest decline since it began trading in 1986 was 67.5%, from October 2000 to March 2009. It took about five years from the low to climb back to its old high.

What were MRSH's best and worst years?

Over 29 full calendar years, MRSH's best year was 1999, when it returned 67.8%. Its worst was 2004, with a return of -29.8%.

Is there a better investment than MRSH?

Among MRSH's popular alternatives, TRV and CB earned more than MRSH over the past 5 years with similar volatility: TRV returned 22.4% a year at 22.3% volatility, against 4.4% a year at 20.9%. Looking beyond its popular alternatives, BRK-B (insurance) and SLF (life insurance) earned more than MRSH with less volatility over the past 5 years. BRK-B returned 13.4% a year at 17.1% volatility, against 4.4% a year at 20.9%.

Is MRSH more volatile than the S&P 500?

Yes. MRSH's volatility over the past 5 years was 20.9%, 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, MRSH's return lands within 20.9% 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 MRSH's Sharpe ratio?

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

Over the past 5 years, MRSH's monthly returns had a correlation of 0.46 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 MRSH instead: the lower it is, the more that option would diversify a MRSH holding.

What are the best alternatives to MRSH?

Of the 14 popular alternatives we compared, two outperformed MRSH in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CRVL and TRV.

Did MRSH outperform the S&P 500?

MRSH finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned -11.3%, against +17.7% for the index.

How did MRSH do in stock market crashes?

MRSH fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in two. The clearest case was the 2008 financial crisis, when MRSH fell 46.2% and the S&P 500 fell 55.2%.

What diversifies MRSH?

These had a low correlation with MRSH over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.27), SMH (correlation 0.04) and GLD (correlation 0.20); among large stocks, CAH (correlation 0.32), CLS (correlation -0.14) and FIX (correlation 0.07). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MRSH

Other stocks and ETFs