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

> Source: EasyCompare research, https://easycompare.io/research/mrsh
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Its insurance peers split over the past 3 months: CRVL (CorVel) rose 32.6%, while AON fell 18.0%. MRSH has edged past the market, rising 5.6% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100.
- **Stock or market?:** MRSH held up far better than its industry: it rose 5.6% over the past 3 months while the insurance ETF KIE (State Street SPDR S&P Insurance ETF) fell 1.2%. The S&P 500 rose 3.9%. MRSH rose 11.4% last month as the S&P 500 fell 0.6% and the Nasdaq 100 fell 3.2%.
- **Past 1 to 3 years:** The long record (ahead of 67% of the stocks worth at least $300 million over 10 years) has not carried into the past 3 years (behind 74% of them). Over the past year, MRSH rose 2.3% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (6.7% against 89.3%).
- **Long term:** MRSH turned $10,000 into $34,500 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** The 2022 bear market took 19.2% off MRSH, against 24.5% for the S&P 500. That was more than RYAN (Ryan Specialty, 17.7%) but less than AON (25.4%). MRSH fell less than the S&P 500 in two of the last three sell-offs, including the 2022 bear market (19.2% against 24.5%).
- **Diversification:** MRSH is some diversification, but not a hedge: a correlation of 0.46 with the S&P 500 over 5 years and 0.45 with the total US market, more closely than 64% of stocks worth at least $300 million. MRSH moves far less with the S&P 500 than it used to, with a correlation of 0.46 over the past 5 years against 0.76 in the 5 years before.
- **Better options**
  - **Popular alternatives:** TRV (Travelers Companies) and CB (Chubb) 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%.
  - **Nearby categories and themes:** BRK-B (Berkshire Hathaway, insurance) and SLF (Sun Life Financial, 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%.
  - **Whole market:** 479 of the 3,633 stocks and funds worth at least $500 million earned more than MRSH with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).

## 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.

- $10,000 invested in MRSH at the end of September 1997 would have grown to $128,394 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the seven other investments on the chart ended ahead of MRSH, and AJG finished highest, at $566,042.

## 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.

- 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.
- Over 29 full calendar years, MRSH's best was 1999, when it returned 67.8%, and its worst was 2004, when it lost 29.8%. It lost money in 12 of those years.
- MRSH is 19.7% below its all-time high.

- Type: Stock, Financials (Insurance - Brokers)
- Trading since: October 17, 1986
- Market value: $91B
- Volatility (5 years): 20.9%; Sharpe ratio: 0.31
- Worst decline ever: −67.5%, from October 5, 2000 to March 2, 2009; back at its high by November 15, 2013

| Period | MRSH total return |
| --- | --- |
| 1 month | +11.4% |
| 3 months | +5.6% |
| 6 months | +10.2% |
| year to date | +6.5% |
| 1 year | +2.3% |
| 3 years | +6.7% |
| 5 years | +24.3% |
| 10 years | +245% |

## 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.

- MRSH's worst decline of the past 10 years ranks in the top 3% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | MRSH | Rank |
| --- | --- | --- |
| 1-year return | +2.3% | 1,888 of 3,287 (top 58%) |
| 3-year return | +6.7% | 2,218 of 3,017 (top 74%) |
| 5-year return | +24.3% | 1,399 of 2,893 (top 49%) |
| 10-year return | +245% | 718 of 2,202 (top 33%) |
| Volatility, 5 years | 20.9% | 122 of 2,893 (top 5%) |
| Sharpe ratio, 5 years | 0.31 | 1,504 of 2,893 (top 52%) |
| Worst decline, past 10 years | −35.8% | 73 of 2,187 (top 4%) |

### 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).

- 34 stocks and 445 ETFs worth at least $500 million sit in the green region: each earned more than MRSH over the past 5 years with smaller price swings. That is 13% of the 3,633 screened.
- Among those with at least half MRSH's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 47% less than MRSH's 20.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.31 for MRSH. DXJ earned the most, 26.6% a year, while still swinging less than MRSH (19.1% against 20.9%).
- None of MRSH's popular alternatives made it, but BRK-B (insurance) did: 13.4% a year at 17.1% volatility, 18% less than MRSH's 20.9%.

### Is there a better investment than MRSH?

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.

- 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%.
- Across the whole market, 479 of the 3,633 stocks and funds worth at least $500 million earned more than MRSH with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 479 investments that beat MRSH over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with MRSH | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MRSH: Marsh & McLennan Companies, Inc. (this page) |  | +4.4% | 20.9% | 0.31 | −35.8% | +245% |  |  |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CL](https://easycompare.io/research/cl): Colgate-Palmolive Company | Household & Personal Products | +7.2% | 19.2% | 0.46 | −29.0% | +68.8% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.67 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [XLV](https://easycompare.io/research/xlv): State Street Health Care Select Sector SPDR ETF | Health Care Equity | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.58 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CHT: Chunghwa Telecom Co., Ltd. | Integrated Telecommunications | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.12 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.65 | Higher return, lower volatility; Higher return in most periods; Smaller losses in recent crashes |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.27 | Higher return, lower volatility; Higher return in most periods |
| QYLD: Global X - Nasdaq 100 Covered Call ETF | Equity Income | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DBMF: iMGP DBi Managed Futures Strategy ETF | Alternatives | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| USMC: Principal U.S. Mega-Cap ETF | Broad Market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WM](https://easycompare.io/research/wm): Waste Management, Inc. | Environmental Services | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.61 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| FHLC: Fidelity MSCI Health Care Index ETF | Healthcare | +7.3% | 15.4% | 0.53 | −28.8% | +199% | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| IHE: iShares U.S. Pharmaceuticals ETF | Broad Market | +12.6% | 16.8% | 0.80 | −29.6% | +151% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| PPH: VanEck Pharmaceutical ETF | Healthcare | +11.6% | 15.8% | 0.78 | −29.7% | +153% | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| PTNQ: Pacer Trendpilot 100 ETF | Technology | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.06 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Only CB was both more rewarding and calmer than MRSH over the past 5 years, earning a higher annual return with lower volatility.
- Six of the 12 popular alternatives earned less than MRSH over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, MRSH returned 4.4% a year, less than the S&P 500's 12.7%, with higher volatility (20.9% against 17.1%).

### 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.

- CRVL and TRV outperformed MRSH in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the 14 popular alternatives, CRVL and TRV, outperformed MRSH in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- WTW earned more for the risk it took than MRSH (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of MRSH | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| MRSH: Marsh & McLennan Companies, Inc. (this page) | +2.3% | +6.7% | +24.3% | +245% |  |  | 0.31 |
| CRVL: CorVel Corporation | +10.1% | +22.7% | +40.1% | +594% | 5/5 short-term, 3/3 long-term | all-weather | 0.37 |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | +51.5% | +158% | +174% | +347% | 4/5 short-term, 3/3 long-term | all-weather | 1.02 |
| [AJG](https://easycompare.io/research/ajg): Arthur J. Gallagher & Co. | −6.1% | +17.3% | +68.0% | +516% | 1/5 short-term, 3/3 long-term |  | 0.55 |
| [CB](https://easycompare.io/research/cb): Chubb Limited | +35.0% | +78.9% | +107% | +248% | 2/5 short-term, 2/3 long-term |  | 0.82 |
| WTW: Willis Towers Watson Public Limited Company | −2.2% | +60.7% | +39.6% | +187% | 1/5 short-term, 2/3 long-term |  | 0.40 |
| [AIG](https://easycompare.io/research/aig): American International Group, Inc. | +8.0% | +47.1% | +54.1% | +75.5% | 1/5 short-term, 2/3 long-term |  | 0.47 |
| BRO: Brown & Brown, Inc. | −18.2% | +7.9% | +13.8% | +317% | 0/5 short-term, 2/3 long-term |  | 0.23 |
| BWIN: The Baldwin Insurance Group, Inc. | +39.9% | — | — | — | 4/5 short-term, 0/3 long-term |  | — |
| [ACN](https://easycompare.io/research/acn): Accenture plc | +2.2% | −13.6% | −23.6% | +146% | 3/5 short-term, 0/3 long-term |  | 0.00 |
| RYAN: Ryan Specialty Holdings, Inc. | −17.3% | −2.3% | +18.3% | — | 1/5 short-term, 0/3 long-term |  | 0.28 |
| TWFG: TWFG, Inc. Common Stock | +1.7% | — | — | — | 1/5 short-term, 0/3 long-term |  | — |
| [AON](https://easycompare.io/research/aon): Aon plc | −13.0% | −3.1% | −1.6% | +195% | 0/5 short-term, 0/3 long-term |  | 0.11 |
| VRSK: Verisk Analytics, Inc. | −18.1% | −16.8% | −6.7% | +151% | 0/5 short-term, 0/3 long-term |  | 0.08 |
| GSHD: Goosehead Insurance, Inc | −28.1% | −30.2% | −71.7% | — | 0/5 short-term, 0/3 long-term |  | -0.12 |

### 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.

- MRSH finished ahead of the S&P 500 in 16 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, AJG came out ahead of MRSH most often, in 17 of the 29 years both traded.
- Ranked against its popular alternatives each year, MRSH finished in the top quarter in four of 29 years and in the bottom quarter in four. In 2025, it ranked 8 of 15.

| Year | MRSH | SPY |
| --- | --- | --- |
| 2025 | −11.3% | +17.7% |
| 2024 | +13.8% | +24.9% |
| 2023 | +16.1% | +26.2% |
| 2022 | −3.5% | −18.2% |
| 2021 | +50.8% | +28.7% |
| 2020 | +6.9% | +18.3% |
| 2019 | +42.3% | +31.2% |
| 2018 | −0.1% | −4.6% |
| 2017 | +22.7% | +21.7% |
| 2016 | +24.6% | +12.0% |

## 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.

- In all four of MRSH's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: MRSH fell 34.4% from April 2025 to June 2026, while the S&P 500 rose 42.1%.
- The slowest recovery came after MRSH fell 67.5% from October 2000 to March 2009; it did not regain that peak until November 2013, five years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −67.5% | October 5, 2000 | March 2, 2009 | November 15, 2013 | −43.4% | dot-com bust |
| −38.0% | August 14, 1987 | December 10, 1987 | July 10, 1989 | — |  |
| −35.8% | February 18, 2020 | March 23, 2020 | August 5, 2020 | −33.4% | Covid crash |
| −34.4% | April 3, 2025 | June 3, 2026 | not yet | +42.1% |  |
| −30.4% | July 16, 1998 | October 5, 1998 | February 1, 1999 | −16.4% |  |

### 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.

- Among its popular alternatives, BRO held up best, falling less than MRSH in six of the ten crashes they both traded through.
- MRSH fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when MRSH fell 46.2% and the S&P 500 fell 55.2%.

| Crash | Dates | MRSH fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −45.2% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −46.2% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.1% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −13.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −12.0% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −15.2% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −35.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −19.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −4.3% | −3.4% |

### 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.

- Five of the ten popular alternatives had a higher capture ratio (upside capture divided by downside capture) than MRSH's 0.96, led by AJG, TRV and CB.
- AJG took just 46% of the S&P 500's losses, against 83% for MRSH, while still keeping 80% of its gains.
- Over the past 10 years, MRSH captured 80% of the S&P 500's gains in rising months and 83% of its losses in falling months, with a beta of 0.77. Its share of the market's losses was slightly larger than its share of the gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| MRSH: Marsh & McLennan Companies, Inc. (this page) | 80.0% | 83.0% | 0.77 |
| CRVL: CorVel Corporation | 120% | 115% | 0.98 |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | 70.0% | 48.0% | 0.59 |
| [AJG](https://easycompare.io/research/ajg): Arthur J. Gallagher & Co. | 80.0% | 46.0% | 0.61 |
| [CB](https://easycompare.io/research/cb): Chubb Limited | 63.0% | 48.0% | 0.54 |
| WTW: Willis Towers Watson Public Limited Company | 68.0% | 73.0% | 0.61 |
| [AIG](https://easycompare.io/research/aig): American International Group, Inc. | 64.0% | 93.0% | 0.91 |
| BRO: Brown & Brown, Inc. | 78.0% | 69.0% | 0.66 |
| [ACN](https://easycompare.io/research/acn): Accenture plc | 117% | 186% | 1.12 |
| [AON](https://easycompare.io/research/aon): Aon plc | 79.0% | 89.0% | 0.78 |
| VRSK: Verisk Analytics, Inc. | 63.0% | 73.0% | 0.73 |

### 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).

- Moving a fifth of the money in MRSH into DXJ would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+3.9% for MRSH alone, +8.6% for the mix).
- FIX made money in ten of the 12 calendar years in which MRSH lost money.
- Among large ETFs, DXJ, SMH and GLD have moved largely independently of MRSH over the past 5 years, with correlations of 0.27 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with MRSH | 5Y return | Volatility | Sharpe | Rose in MRSH's 12 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.27 | +225% | 19.1% | 1.34 | 4 of 12 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.04 | +323% | 36.9% | 0.97 | 4 of 12 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.20 | +126% | 18.9% | 0.96 | 6 of 12 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.26 | +136% | 20.8% | 0.93 | 1 of 12 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.40 | +177% | 25.5% | 0.93 | 7 of 12 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.29 | +109% | 18.4% | 0.90 | 1 of 12 |
| EWT: iShares MSCI Taiwan ETF | 0.02 | +153% | 24.2% | 0.89 | 7 of 12 |
| EUFN: iShares MSCI Europe Financials ETF | 0.48 | +133% | 21.8% | 0.89 | 1 of 12 |

## 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.

## More research

- [Travelers Companies (TRV) Performance, Alternatives and Market Rank](https://easycompare.io/research/trv)
- [Arthur J. Gallagher & Co. (AJG) Performance, Alternatives and Market Rank](https://easycompare.io/research/ajg)
- [Chubb (CB) Performance, Alternatives and Market Rank](https://easycompare.io/research/cb)
- [American International Group (AIG) Performance, Alternatives and Market Rank](https://easycompare.io/research/aig)
- [Accenture (ACN) Performance, Alternatives and Market Rank](https://easycompare.io/research/acn)
- [AON Performance, Alternatives and Market Rank](https://easycompare.io/research/aon)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)

## Explore further

- Full page with charts: https://easycompare.io/research/mrsh
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against MRSH live: https://betterthanspy.com/?b=MRSH&utm_source=easycompare&utm_medium=research