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Relative Intelligence · Software

How Microsoft (MSFT) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MSFT alone. It places MSFT (Microsoft Corporation) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where MSFT stands in the market, and of the alternatives worth a closer look.

Period covered: MSFT'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 MSFT →Chart MSFT vs. 22 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in MSFT over the past 27 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MSFT over the same span and MSFT's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 27 years rather than MSFT's full 29 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 1999 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. 361 of the 1,166 stocks and funds worth at least $500 million that traded the whole period ended ahead of MSFT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M$10M199920042009201420192024$1,000$10,000$100,000$1M$10M1999200620132020
  • NVDA$63M+625,071% total · +38.2% a year
  • AMZN$622,861+6,129% total · +16.5% a year
  • CACI$571,383+5,614% total · +16.2% a year
  • TRV$250,538+2,405% total · +12.7% a year
  • INTU$215,744+2,057% total · +12.0% a year
  • MSFT$185,654+1,757% total · +11.4% a year
  • ORCL$151,984+1,420% total · +10.6% a year
  • SPY (S&P 500)$95,018+850% total · +8.7% a year
  • SAP$78,616+686% total · +7.9% a year
  • IBM$37,218+272% total · +5.0% 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. 908 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MSFT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • DELL$112,363+1,024% total · +62.2% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • ANET$94,783+848% total · +56.8% a year
  • AVGO$79,117+691% total · +51.2% a year
  • PANW$49,770+398% total · +37.8% a year
  • FFIV$22,395+124% total · +17.5% a year
  • CIBR$21,643+116% total · +16.7% a year
  • IBM$20,049+100% total · +14.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • MSFT$18,958+89.6% total · +13.6% a year
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MSFT 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
$3.9T
Industry
Software - Infrastructure
Price history from
October 1986

Returns

Past 1 year
+3.8%total return
Past 3 years
+66.6%+18.6% a year
Past 5 years
+80.3%+12.5% a year
Past 10 years
+946%+26.5% a year
Best calendar year
+115%1998
Worst calendar year
−62.9%2000
Losing years
7 of 29full calendar years

Risk

Volatility
28.2%typical yearly swing, 5 years
Sharpe ratio
0.56return per unit of risk, 5 years
Worst decline ever
−69.5%Dec 1999 to Mar 2009
From its all-time high
−2.1%below the peak

MSFT against the whole market

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

How does MSFT rank among all stocks?

This section ranks MSFT 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 MSFT 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.

MeasureMSFTRankStanding
1-year return+3.8%1,820 of 3,287bottom 46%
3-year return+66.6%1,306 of 3,017top 43%
5-year return+80.3%811 of 2,893top 28%
10-year return+946%118 of 2,202top 5%
Volatility, 5 years28.2%566 of 2,893top 20%
Sharpe ratio, 5 years0.56780 of 2,893top 27%
Worst decline, past 10 years−37.1%89 of 2,187top 4%

What has beaten MSFT 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). MSFT sits where the dashed lines cross. Anything in the green box above and to the left earned more than MSFT 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 MSFT; faint dots are 91 more of the 188 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%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%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 MSFTCOST: +17.4% a year, volatility 22.9%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%PGR: +21.3% a year, volatility 25.6%MNST: +17.2% a year, volatility 24.9%FAST: +15.8% a year, volatility 24.6%THG: +14.4% a year, volatility 22.9%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%OEF: +14.3% a year, volatility 17.8%NI: +15.1% a year, volatility 20.3%DTM: +24.5% a year, volatility 25.2%RY: +17.3% a year, volatility 18.2%IOO: +15.7% a year, volatility 17.2%ACT: +20.5% a year, volatility 24.3%CRAK: +19.8% a year, volatility 20.9%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%GARP: +17.5% a year, volatility 22.5%SPUS: +15.0% a year, volatility 19.5%FFLC: +15.7% a year, volatility 16.8%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%DBJP: +20.9% a year, volatility 19.2%HSBC: +33.1% a year, volatility 25.9%EWJV: +14.9% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%CVX: +19.5% a year, volatility 25.2%VSLU: +13.7% a year, volatility 16.2%QQQ: +14.5% a year, volatility 23.0%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%TJX: +19.9% a year, volatility 22.3%TTE: +18.0% a year, volatility 25.8%VGT: +18.4% a year, volatility 26.0%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%CM: +19.2% a year, volatility 21.6%E: +23.0% a year, volatility 25.6%EPD: +16.4% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%BMO: +13.6% a year, volatility 21.4%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%ORLY: +15.9% a year, volatility 23.4%WAB: +25.6% a year, volatility 26.2%MSI: +14.8% a year, volatility 23.6%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%PCAR: +17.9% a year, volatility 26.1%XLE: +22.6% a year, volatility 25.5%AME: +14.4% a year, volatility 22.1%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%ACGL: +20.1% a year, volatility 24.5%SDCI: +20.6% a year, volatility 18.4%HIG: +15.6% a year, volatility 22.0%FMX: +14.0% a year, volatility 25.7%KOF: +22.3% a year, volatility 24.7%ATO: +14.9% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%PKG: +15.4% a year, volatility 25.8%AMLP: +16.1% a year, volatility 18.9%EWT: +20.4% a year, volatility 24.2%RWL: +13.7% a year, volatility 14.4%OHI: +16.4% a year, volatility 24.2%PAVE: +14.9% a year, volatility 21.6%ITA: +14.6% a year, volatility 20.4%MSFT: +12.5% a year, volatility 28.2%SPY (S&P 500): +12.7% a year, volatility 17.1%PANW: +31.9% a year, volatility 43.4%IBM: +16.6% a year, volatility 30.5%CIBR: +14.1% a year, volatility 26.1%FFIV: +17.1% a year, volatility 30.8%CACI: +16.6% a year, volatility 29.9%CSCO: +16.8% a year, volatility 26.1%IYW: +19.0% a year, volatility 26.6%SNX: +20.3% a year, volatility 30.4%ABBV: +26.1% a year, volatility 23.4%PM: +21.0% a year, volatility 23.4%WMT: +20.8% a year, volatility 22.6%TRV: +22.4% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%FLTW: +21.8% a year, volatility 24.3%BRK-B: +13.4% a year, volatility 17.1%NEU: +21.0% a year, volatility 26.8%CAH: +42.1% a year, volatility 24.7%FTEC: +18.6% a year, volatility 26.1%MSFTSPY (S&P 500)PANWIBMCIBRFFIVCSCOIYWSNXABBVPMWMTTRVGLDBRK-BNEUCAHFTEC0.0%10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than MSFTCOST: +17.4% a year, volatility 22.9%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%PGR: +21.3% a year, volatility 25.6%MNST: +17.2% a year, volatility 24.9%FAST: +15.8% a year, volatility 24.6%THG: +14.4% a year, volatility 22.9%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%OEF: +14.3% a year, volatility 17.8%NI: +15.1% a year, volatility 20.3%DTM: +24.5% a year, volatility 25.2%RY: +17.3% a year, volatility 18.2%IOO: +15.7% a year, volatility 17.2%ACT: +20.5% a year, volatility 24.3%CRAK: +19.8% a year, volatility 20.9%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%GARP: +17.5% a year, volatility 22.5%SPUS: +15.0% a year, volatility 19.5%FFLC: +15.7% a year, volatility 16.8%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%DBJP: +20.9% a year, volatility 19.2%HSBC: +33.1% a year, volatility 25.9%EWJV: +14.9% a year, volatility 18.2%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%CVX: +19.5% a year, volatility 25.2%VSLU: +13.7% a year, volatility 16.2%QQQ: +14.5% a year, volatility 23.0%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%TJX: +19.9% a year, volatility 22.3%TTE: +18.0% a year, volatility 25.8%VGT: +18.4% a year, volatility 26.0%BTI: +18.7% a year, volatility 22.0%CB: +15.7% a year, volatility 20.4%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%CM: +19.2% a year, volatility 21.6%E: +23.0% a year, volatility 25.6%EPD: +16.4% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%BMO: +13.6% a year, volatility 21.4%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%ORLY: +15.9% a year, volatility 23.4%WAB: +25.6% a year, volatility 26.2%MSI: +14.8% a year, volatility 23.6%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%PCAR: +17.9% a year, volatility 26.1%XLE: +22.6% a year, volatility 25.5%AME: +14.4% a year, volatility 22.1%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%ACGL: +20.1% a year, volatility 24.5%SDCI: +20.6% a year, volatility 18.4%HIG: +15.6% a year, volatility 22.0%FMX: +14.0% a year, volatility 25.7%KOF: +22.3% a year, volatility 24.7%ATO: +14.9% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%PKG: +15.4% a year, volatility 25.8%AMLP: +16.1% a year, volatility 18.9%EWT: +20.4% a year, volatility 24.2%RWL: +13.7% a year, volatility 14.4%OHI: +16.4% a year, volatility 24.2%PAVE: +14.9% a year, volatility 21.6%ITA: +14.6% a year, volatility 20.4%MSFT: +12.5% a year, volatility 28.2%SPY (S&P 500): +12.7% a year, volatility 17.1%PANW: +31.9% a year, volatility 43.4%IBM: +16.6% a year, volatility 30.5%CIBR: +14.1% a year, volatility 26.1%FFIV: +17.1% a year, volatility 30.8%CACI: +16.6% a year, volatility 29.9%CSCO: +16.8% a year, volatility 26.1%IYW: +19.0% a year, volatility 26.6%SNX: +20.3% a year, volatility 30.4%ABBV: +26.1% a year, volatility 23.4%PM: +21.0% a year, volatility 23.4%WMT: +20.8% a year, volatility 22.6%TRV: +22.4% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%FLTW: +21.8% a year, volatility 24.3%BRK-B: +13.4% a year, volatility 17.1%NEU: +21.0% a year, volatility 26.8%CAH: +42.1% a year, volatility 24.7%FTEC: +18.6% a year, volatility 26.1%MSFTSPY (S&P 500)PANWIBMFFIVIYWSNXABBVPMWMTGLDBRK-BCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× MSFT's volatility is in the table only

Is there a better investment than MSFT?

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

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

Screen the whole market against MSFT 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 MSFT?lower diversifies moreExpenseper year
MSFTMicrosoft Corporation · this page
+12.5%28.2%0.56−37.1%+946%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.630.09%
Popular alternativesbest 3 shownThe investments people most often weigh against MSFT. 3 of 22 passed at least one test.
DELLDell Technologies Inc. · Computer Hardware
Higher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.32—
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return in most periods+31.9%43.4%0.86−48.0%+1,274%0.28—
IBMInternational Business Machines Corporation · IT Services
Higher return, similar volatility+16.6%30.5%0.66−41.1%+151%0.12—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Software and the categories next to it (Application Software, Enterprise Software, Payment Processing, Semiconductors), plus MSFT's specific themes. 8 of 138 passed at least one test.
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Higher return, lower volatilityHigher return in most periods+14.1%26.1%0.64−33.9%+454%0.540.58%
FFIVF5, Inc. · Cybersecurity
Higher return, similar volatilityHigher return in most periods+17.1%30.8%0.67−54.6%+287%0.30—
CACICACI International Inc · Business Services · Cybersecurity theme
Higher return, similar volatilityHigher return in most periods+16.6%29.9%0.66−42.9%+499%0.22—
CSCOCisco Systems, Inc. · Communications Equipment · Cybersecurity theme
Higher return, lower volatility+16.8%26.1%0.73−42.0%+374%0.35—
IYWiShares U.S. Technology ETF · Technology Equity · Cloud Computing theme
Higher return, lower volatility+19.0%26.6%0.79−39.4%+805%0.680.37%
SNXTD Synnex Corp · Technology Distribution · Cloud Computing theme
Higher return, similar volatility+20.3%30.4%0.76−55.8%+430%0.29—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 452 of 3,473 passed at least one test.
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%-0.10—
PMPhilip Morris International Inc. · Tobacco
Higher return, lower volatilityHigher return in most periods+21.0%23.4%0.94−42.9%+242%-0.06—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.15—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.05—
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.7%18.9%0.96−26.4%+213%0.110.40%
FLTWFranklin FTSE Taiwan ETF · Technology
Higher return, lower volatilityHigher return in most periods+21.8%24.3%0.94−38.0%—0.350.19%
BRK-BBerkshire Hathaway Inc. · Insurance
Similar return, lower volatilityHigher Sharpe, smaller worst decline+13.4%17.1%0.82−29.6%+274%0.15—
NEUNewMarket Corporation · Specialty Chemicals
Higher return, similar volatilityHigher return in most periods+21.0%26.8%0.85−40.7%+165%0.33—
What these numbers mean for MSFT
Annual return
MSFT returned 12.5% 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 $18,000. 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
MSFT's volatility over the past 5 years was 28.2%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MSFT's return lands within 28.2% 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
MSFT's Sharpe ratio over the past 5 years was 0.56, against 0.79 for the S&P 500, so MSFT 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
MSFT's worst fall from a peak to a low over the past 10 years was 37.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 37.1% fall takes a 59.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MSFT's monthly returns had a correlation of 0.63 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 MSFT instead: the lower it is, the more that option would diversify a MSFT holding. Guide: Correlation and diversification →
Show all 188 stocks and funds worth at least $500 million that earned more than MSFT 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 MSFTExpense
1
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%-0.10—
2
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%-0.06—
3
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.15—
4
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.05—
5
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.32—
6
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.04—
7
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%-0.01—
8
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%-0.02—
9
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.110.40%
10
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%-0.08—
11
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.09—
12
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.20—
13
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%-0.05—
14
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.350.19%
15
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.400.13%
16
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.300.27%
17
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.360.15%
18
OEFiShares S&P 100 ETF · US Large-Cap Equity
Whole market+14.3%17.8%0.84−31.4%+367%0.710.20%
19
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.04—
20
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.00—
21
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Same or nearby category+14.1%26.1%0.64−33.9%+454%0.540.58%
22
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.18—
23
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.710.40%
24
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%-0.01—
25
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.00—
26
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.290.61%
27
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.620.50%
28
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.13—
29
GARPiShares MSCI USA Quality GARP ETF · Broad Market
Whole market+17.5%22.5%0.83−31.4%—0.640.15%
30
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.690.45%
31
FFLCFidelity Fundamental Large Cap Core ETF · Broad Market
Whole market+15.7%16.8%0.95−19.7%—0.510.38%
32
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%-0.06—
33
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.30—
34
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.280.45%
35
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.17—
36
EWJViShares MSCI Japan Value ETF · International
Whole market+14.9%18.2%0.86−30.1%—0.290.15%
37
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.230.48%
38
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.210.40%
39
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.13—
40
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.10—
41
VSLUApplied Finance Valuation Large Cap ETF · Broad Market
Whole market+13.7%16.2%0.88−23.8%—0.680.49%
42
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.630.18%
43
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.05—
44
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.08—
45
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.00—
46
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.15—
47
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.10—
48
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.16—
49
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.12—
50
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+234%-0.02—
51
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.670.09%
52
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%-0.08—
53
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%-0.05—
54
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%-0.13—
55
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.35—
56
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.03—
57
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.23—
58
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.13—
59
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.11—
60
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.14—
61
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+295%0.20—
62
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.29—
63
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.29—
64
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.04—
65
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.52—
66
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.09—
67
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.20—
68
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.09—
69
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.21—
70
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.33—
71
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%-0.03—
72
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.14—
73
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%-0.04—
74
PCARPACCAR Inc · Commercial Vehicles
Whole market+17.9%26.1%0.76−37.9%+314%0.23—
75
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.030.08%
76
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.25—
77
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.47—
78
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.28—
79
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.02—
80
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.110.80%
81
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.6%22.0%0.77−57.6%+294%0.08—
82
FMXFomento Económico Mexicano, S.A.B. de C.V. · Convenience Stores
Whole market+14.0%25.7%0.64−45.5%+79.7%0.04—
83
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.11—
84
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.11—
85
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%-0.05—
86
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.340.25%
87
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.25—
88
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.11—
89
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.5%0.71−70.9%+172%0.17—
90
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.430.56%
91
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.00—
92
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.360.36%
93
CSCOCisco Systems, Inc. · Communications Equipment · Cybersecurity theme
Same or nearby category+16.8%26.1%0.73−42.0%+374%0.35—
94
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.11—
95
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.151.01%
96
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.360.59%
97
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.440.39%
98
OHIOmega Healthcare Investors, Inc. · Healthcare REITs
Whole market+16.4%24.2%0.75−66.9%+202%0.09—
99
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.9%21.6%0.75−44.1%—0.290.47%
100
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Whole market+14.6%20.4%0.78−51.0%+258%0.220.37%

See everything that outperformed MSFT →

MSFT against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMSFT: 12.5% a year, volatility 28.2%SPY (S&P 500): 12.7% a year, volatility 17.1%BOX: 10.1% a year, volatility 33.3%SAP: 11.5% a year, volatility 30.0%DDOG: 10.1% a year, volatility 59.7%SNOW: −0.9% a year, volatility 62.6%AMZN: 9.0% a year, volatility 36.6%DOCN: 1.9% a year, volatility 72.9%TEAM: −11.6% a year, volatility 63.9%NOW: 1.9% a year, volatility 45.5%ZM: −18.8% a year, volatility 44.3%CRM: −3.2% a year, volatility 39.4%WDAY: −5.9% a year, volatility 41.7%MDB: −6.2% a year, volatility 71.1%INTU: −9.4% a year, volatility 39.1%ORCL: 7.7% a year, volatility 44.3%ADBE: −16.5% a year, volatility 38.1%DELL: 55.2% a year, volatility 54.4%PANW: 31.9% a year, volatility 43.4%NVDA: 58.0% a year, volatility 51.9%ANET: 49.0% a year, volatility 49.0%AVGO: 48.3% a year, volatility 44.5%GOOG: 19.0% a year, volatility 32.0%IBM: 16.6% a year, volatility 30.5%MSFTSPY (S&P 500)BOXDDOGSNOWAMZNDOCNTEAMNOWZMCRMWDAYMDBINTUORCLADBEDELLPANWNVDAANETAVGOGOOGIBM0.0%20.0%40.0%60.0%80.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMSFT: 12.5% a year, volatility 28.2%SPY (S&P 500): 12.7% a year, volatility 17.1%BOX: 10.1% a year, volatility 33.3%SAP: 11.5% a year, volatility 30.0%DDOG: 10.1% a year, volatility 59.7%SNOW: −0.9% a year, volatility 62.6%AMZN: 9.0% a year, volatility 36.6%DOCN: 1.9% a year, volatility 72.9%TEAM: −11.6% a year, volatility 63.9%NOW: 1.9% a year, volatility 45.5%ZM: −18.8% a year, volatility 44.3%CRM: −3.2% a year, volatility 39.4%WDAY: −5.9% a year, volatility 41.7%MDB: −6.2% a year, volatility 71.1%INTU: −9.4% a year, volatility 39.1%ORCL: 7.7% a year, volatility 44.3%ADBE: −16.5% a year, volatility 38.1%DELL: 55.2% a year, volatility 54.4%PANW: 31.9% a year, volatility 43.4%NVDA: 58.0% a year, volatility 51.9%ANET: 49.0% a year, volatility 49.0%AVGO: 48.3% a year, volatility 44.5%GOOG: 19.0% a year, volatility 32.0%IBM: 16.6% a year, volatility 30.5%MSFTSPY (S&P 500)DDOGSNOWAMZNTEAMNOWZMCRMWDAYMDBINTUORCLADBEDELLPANWNVDAANETAVGOGOOGIBM
All figures
InvestmentAnnual returnVolatility
NVDA NVIDIA Corporation+58.0%51.9%
DELL Dell Technologies Inc.+55.2%54.4%
ANET Arista Networks, Inc.+49.0%49.0%
AVGO Broadcom Inc.+48.3%44.5%
PANW Palo Alto Networks, Inc.+31.9%43.4%
GOOG Alphabet Inc.+19.0%32.0%
IBM International Business Machines Corporation+16.6%30.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MSFT This pageMicrosoft Corporation+12.5%28.2%
SAP SAP SE+11.5%30.0%
BOX Box, Inc.+10.1%33.3%
DDOG Datadog, Inc.+10.1%59.7%
AMZN Amazon.com, Inc.+9.0%36.6%
ORCL Oracle Corporation+7.7%44.3%
DOCN DigitalOcean Holdings, Inc.+1.9%72.9%
NOW ServiceNow, Inc.+1.9%45.5%
SNOW Snowflake Inc.−0.9%62.6%
CRM Salesforce, Inc.−3.2%39.4%
WDAY Workday, Inc.−5.9%41.7%
MDB MongoDB, Inc.−6.2%71.1%
INTU Intuit Inc.−9.4%39.1%
TEAM Atlassian Corporation−11.6%63.9%
ADBE Adobe Inc.−16.5%38.1%
ZM Zoom Communications, Inc.−18.8%44.3%
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Has MSFT consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than MSFT 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
MSFT Microsoft Corporation (this page)—+6.0%+32.5%+27.7%+13.2%+3.8%+66.6%+80.3%+946%28.2%0.56−37.1%—$3.9T—
DELL QualifiedDell Technologies Inc.3/5 short3/3 long−19.6%+21.3%+127%+265%+217%+636%+800%+3,701%54.4%1.08−59.6%—$294B—
PANW QualifiedPalo Alto Networks, Inc.3/5 short3/3 long−8.5%−2.4%+101%+89.7%+60.6%+180%+299%+1,274%43.4%0.86−48.0%—$278B—
NVDA SemiconductorsNVIDIA Corporation2/5 short3/3 long−4.8%+6.6%+7.4%+14.9%+18.8%+425%+884%+13,019%51.9%1.14−66.3%—$5.2T—
ANET Computer HardwareArista Networks, Inc.2/5 short3/3 long−11.8%+7.0%+8.6%+35.6%+23.7%+289%+634%+3,439%49.0%1.06−52.2%—$229B—
AVGO SemiconductorsBroadcom Inc.0/5 short3/3 long−7.8%−11.4%−16.0%−3.3%−3.5%+305%+617%+2,380%44.5%1.11−48.3%—$1.6T—
GOOG Internet Content & InformationAlphabet Inc.1/5 short2/3 long−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%+752%32.0%0.71−44.6%—$4.1T—
IBM Information Technology ServicesInternational Business Machines Corporation0/5 short2/3 long+4.3%+14.4%−3.3%−15.3%−12.5%+93.5%+116%+151%30.5%0.66−41.1%—$228B—
BOX Software - InfrastructureBox, Inc.5/5 short1/3 long+24.2%+35.3%+74.4%+44.8%+26.2%+73.6%+61.5%+176%33.3%0.46−68.6%—$5.7B—
SAP Software - ApplicationSAP SE3/5 short1/3 long+9.4%+44.6%+29.6%−2.1%−16.6%+81.3%+72.6%+205%30.0%0.52−52.5%—$267B—
DDOG Software - ApplicationDatadog, Inc.3/5 short1/3 long+4.6%−2.6%+97.6%+91.7%+64.1%+198%+61.4%—59.7%0.45−68.1%—$92B—
SNOW Software - ApplicationSnowflake Inc.3/5 short1/3 long−5.8%+16.5%+112%+47.5%+30.1%+116%−4.3%—62.6%0.29−73.0%—$113B—
AMZN Specialty RetailAmazon.com, Inc.2/5 short1/3 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
DOCN Software - InfrastructureDigitalOcean Holdings, Inc.2/5 short1/3 long−31.9%−16.5%+11.1%+103%+142%+362%+10.1%—72.9%0.39−84.8%—$12B—
TEAM Software - ApplicationAtlassian Corporation5/5 short0/3 long+13.0%+129%+209%+42.9%+39.2%+18.2%−46.0%+670%63.9%0.12−87.5%—$56B—
NOW Software - ApplicationServiceNow, Inc.3/5 short0/3 long+8.6%+42.8%+50.0%+1.4%−18.5%+37.8%+9.8%+848%45.5%0.27−64.5%—$155B—
ZM Software - ApplicationZoom Communications, Inc.3/5 short0/3 long+7.2%+7.2%+7.6%+17.0%+19.0%+57.9%−64.7%—44.3%-0.25−90.3%—$28B—
CRM Software - ApplicationSalesforce, Inc.2/5 short0/3 long+2.5%+39.7%+30.7%−3.8%−3.9%+21.3%−14.8%+240%39.4%0.12−58.7%—$200B—
WDAY Software - ApplicationWorkday, Inc.2/5 short0/3 long+6.3%+38.6%+59.4%−0.9%−15.4%−3.4%−26.4%+132%41.7%0.06−63.4%—$49B—
MDB Software - InfrastructureMongoDB, Inc.2/5 short0/3 long−10.1%+13.2%+38.6%−8.4%+11.8%+5.7%−27.4%—71.1%0.26−76.5%—$29B—
INTU Software - ApplicationIntuit Inc.1/5 short0/3 long+10.8%+14.6%−16.4%−46.0%−48.9%−32.1%−38.8%+237%39.1%-0.06−68.2%—$90B—
ORCL Software - InfrastructureOracle Corporation0/5 short0/3 long−11.4%+8.4%−25.6%−32.1%−52.1%+33.3%+45.1%+300%44.3%0.38−64.6%—$396B—
ADBE Software - ApplicationAdobe Inc.0/5 short0/3 long+2.9%+9.4%+3.3%−23.0%−25.2%−52.5%−59.4%+135%38.1%-0.28−71.9%—$100B—
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How did MSFT do year by year?

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

InvestmentYears ahead of MSFT20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
MSFT This pageMicrosoft Corporation—+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%+57.6%+20.8%+40.8%+15.1%+22.7%+27.5%+44.3%+5.8%−4.5%−6.5%+60.5%−44.4%+20.8%+15.8%−1.0%+9.2%+6.2%−22.0%+52.8%−62.9%+68.4%+115%+56.5%
Rank among alternativesTop quarter in 6 of 2910 of 2316 of 2316 of 239 of 239 of 2215 of 213 of 1910 of 1912 of 186 of 1710 of 153 of 147 of 1410 of 117 of 119 of 116 of 105 of 106 of 105 of 108 of 102 of 88 of 85 of 82 of 87 of 84 of 72 of 72 of 6
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%
DELL Dell Technologies Inc.4 of 9+11.2%+53.0%+95.9%−26.6%+51.3%+42.6%+5.1%+8.6%+47.8%————————————————————
PANW Palo Alto Networks, Inc.8 of 13+1.2%+23.4%+111%−24.8%+56.7%+53.7%+22.8%+29.9%+15.9%−29.0%+43.7%+113%+7.4%————————————————
NVDA NVIDIA Corporation16 of 26+38.9%+171%+239%−50.2%+125%+122%+76.4%−30.8%+82.5%+228%+67.1%+27.4%+33.5%−11.0%−10.0%−17.6%+131%−76.3%+37.9%+102%+55.2%+1.6%+102%−82.8%+308%+39.6%———
ANET Arista Networks, Inc.8 of 11+18.6%+87.7%+94.1%−15.6%+97.9%+42.9%−3.5%−10.5%+143%+24.2%+28.2%——————————————————
AVGO Broadcom Inc.14 of 16+50.6%+110%+104%−13.3%+56.5%+45.0%+29.0%+2.2%+48.2%+23.6%+46.1%+93.4%+70.0%+12.0%+3.0%+55.4%—————————————
GOOG Alphabet Inc.11 of 21+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%+29.1%−1.0%+35.6%+1.7%+44.5%−6.0%+58.5%+9.5%+8.8%−4.2%+101%−55.5%+50.2%+11.1%+115%————————
IBM International Business Machines Corporation10 of 29+38.2%+39.3%+21.9%+10.6%+16.6%−1.2%+23.6%−22.6%−4.9%+25.2%−11.4%−12.4%−0.2%+5.9%+27.4%+14.2%+58.7%−20.8%+12.8%+19.8%−15.8%+7.2%+20.5%−35.4%+43.1%−20.8%+17.6%+77.5%+39.3%
BOX Box, Inc.3 of 10−5.3%+23.4%−17.7%+18.9%+45.1%+7.6%−0.6%−20.1%+52.4%−0.7%———————————————————
SAP SAP SE11 of 29−0.4%+61.3%+52.3%−24.2%+9.2%−1.3%+36.4%−10.0%+31.7%+11.1%+15.3%−18.6%+10.0%+55.8%+6.0%+9.8%+31.4%−28.0%−2.6%+18.7%+2.8%+7.0%+114%−38.7%−4.9%−35.1%+45.1%+38.0%+138%
DDOG Datadog, Inc.4 of 6−4.8%+17.7%+65.1%−58.7%+80.9%+161%———————————————————————
SNOW Snowflake Inc.1 of 5+42.1%−22.4%+38.6%−57.6%+20.4%————————————————————————
AMZN Amazon.com, Inc.16 of 28+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%+118%−22.2%+59.0%+45.0%−3.9%+33.7%+163%−44.7%+135%−16.5%+6.8%−16.0%+178%+74.6%−30.5%−79.6%+42.2%+968%—
DOCN DigitalOcean Holdings, Inc.1 of 4+41.2%−7.1%+44.0%−68.3%—————————————————————————
TEAM Atlassian Corporation5 of 10−33.4%+2.3%+84.8%−66.3%+63.0%+94.3%+35.2%+95.5%+89.0%−20.0%———————————————————
NOW ServiceNow, Inc.7 of 13−27.8%+50.0%+82.0%−40.2%+17.9%+95.0%+58.6%+36.5%+75.4%−14.1%+27.6%+21.2%+86.4%————————————————
ZM Zoom Communications, Inc.2 of 6+5.7%+13.5%+6.2%−63.2%−45.5%+396%———————————————————————
CRM Salesforce, Inc.10 of 21−20.2%+27.8%+98.5%−47.8%+14.2%+36.8%+18.7%+34.0%+49.3%−12.7%+32.2%+7.5%+31.3%+65.8%−23.2%+79.0%+130%−49.0%+72.0%+13.7%+88.9%————————
WDAY Workday, Inc.5 of 13−16.8%−6.5%+65.0%−38.8%+14.0%+45.7%+3.0%+57.0%+53.9%−17.1%−2.4%−1.9%+52.6%————————————————
MDB MongoDB, Inc.4 of 8+80.3%−43.1%+108%−62.8%+47.4%+173%+57.2%+182%—————————————————————
INTU Intuit Inc.14 of 29+6.1%+1.2%+61.8%−39.1%+70.3%+46.1%+34.1%+25.9%+39.2%+20.2%+5.9%+22.1%+29.7%+14.3%+7.0%+60.4%+29.2%−24.7%+3.6%+14.5%+21.1%−16.7%+12.6%+9.7%+8.5%−34.2%+148%+75.8%+30.9%
ORCL Oracle Corporation11 of 29+18.1%+60.0%+30.9%−4.7%+36.9%+24.3%+19.4%−3.0%+24.9%+6.9%−17.6%+19.0%+15.7%+31.8%−17.5%+28.6%+39.4%−21.4%+31.7%+40.4%−11.0%+3.6%+22.6%−21.8%−52.5%+3.7%+290%+93.5%−19.9%
ADBE Adobe Inc.14 of 29−21.3%−25.5%+77.3%−40.6%+13.4%+51.6%+45.8%+29.1%+70.2%+9.6%+29.2%+21.4%+58.9%+33.3%−8.2%−16.3%+72.8%−50.2%+3.9%+11.3%+17.9%+60.7%+57.9%−20.0%−46.6%+73.2%+188%+13.8%+11.1%
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Risk and diversification

How MSFT 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 MSFT's worst declines?

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

DuringMSFT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−69.5%−45.8%Dec 1999Mar 20099.3 yearsJul 20145.3 years
No named crash−50.3%—Oct 1987Oct 1987Under a monthOct 19892 years
2022 bear market−37.1%−19.7%Nov 2021Nov 202212 monthsJun 20237 months
No named crash−34.7%—Jul 1990Aug 19901 monthJan 19915 months
No named crash−34.5%+7.8%Oct 2025Jun 20268 monthsOct 20264 months

How did MSFT do in stock market crashes?

This section measures how far MSFT, 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 MSFT.

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
MSFT This pageMicrosoft Corporation—−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
SPY S&P 500State Street SPDR S&P 500 ETF6 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
DELL Dell Technologies Inc.0 of 5−5.7%−43.6%−45.9%−28.6%−7.4%—————
PANW Palo Alto Networks, Inc.1 of 6−2.1%−30.6%−46.8%−29.1%−3.3%−40.2%————
NVDA NVIDIA Corporation1 of 10−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
ANET Arista Networks, Inc.2 of 6−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%————
AVGO Broadcom Inc.3 of 8−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
GOOG Alphabet Inc.2 of 9−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
IBM International Business Machines Corporation5 of 10−2.0%−16.7%−37.3%−29.1%−6.3%−23.3%−14.6%−1.5%−44.3%−58.3%
BOX Box, Inc.1 of 6−5.7%−29.9%−46.0%−34.3%−8.9%−40.3%————
SAP SAP SE4 of 10−2.0%−41.9%−32.6%−25.0%−6.9%−13.3%−25.0%−1.4%−49.6%−87.9%
DDOG Datadog, Inc.0 of 3−9.5%−53.0%−38.8%———————
SNOW Snowflake Inc.0 of 2−7.8%−64.1%————————
AMZN Amazon.com, Inc.1 of 10−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
DOCN DigitalOcean Holdings, Inc.0 of 2−10.3%−58.0%————————
TEAM Atlassian Corporation1 of 5−12.4%−53.1%−21.4%−30.2%−7.3%—————
NOW ServiceNow, Inc.0 of 6−7.2%−39.9%−28.8%−20.6%−8.5%−47.6%————
ZM Zoom Communications, Inc.1 of 3−2.6%−59.2%−14.0%———————
CRM Salesforce, Inc.1 of 9−5.3%−42.7%−35.7%−24.8%−6.1%−34.2%−26.9%−4.2%−70.5%—
WDAY Workday, Inc.2 of 6−2.8%−47.0%−42.4%−17.3%−5.8%−42.3%————
MDB MongoDB, Inc.1 of 5−15.1%−61.3%−45.0%−24.9%−2.8%—————
INTU Intuit Inc.2 of 10−6.0%−42.7%−36.3%−20.8%−6.5%−24.8%−18.0%−3.4%−38.3%−66.0%
ORCL Oracle Corporation4 of 10−5.0%−31.0%−28.3%−17.2%−6.6%−16.1%−23.9%−2.1%−41.1%−84.2%
ADBE Adobe Inc.3 of 10−6.2%−50.3%−25.6%−25.5%−5.4%−22.7%−23.6%−0.2%−66.7%−79.9%
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How closely does MSFT 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 MSFT 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 MSFT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MSFT This pageMicrosoft Corporation127%91%1.390.96
DELL Dell Technologies Inc.154%43%3.591.13
PANW Palo Alto Networks, Inc.118%49%2.441.14
ANET Arista Networks, Inc.174%91%1.921.40
AVGO Broadcom Inc.158%86%1.851.19
NVDA NVIDIA Corporation248%140%1.771.83
NOW ServiceNow, Inc.114%79%1.450.97
GOOG Alphabet Inc.132%110%1.201.12
TEAM Atlassian Corporation130%132%0.991.03
AMZN Amazon.com, Inc.134%139%0.961.31
ORCL Oracle Corporation131%159%0.821.30
CRM Salesforce, Inc.115%143%0.801.16
INTU Intuit Inc.99%126%0.791.03
SAP SAP SE112%152%0.741.10
IBM International Business Machines Corporation89%121%0.730.95
BOX Box, Inc.98%141%0.701.01
WDAY Workday, Inc.96%139%0.701.19
ADBE Adobe Inc.123%184%0.671.24
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What diversifies MSFT?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220112010200820052002200080/20 mix volatility80/20 mix annual return
MSFT Microsoft Corporation (this page)1.00+80.3%0.56−28.0%−4.5%−6.5%−44.4%−1.0%−22.0%−62.9%27.3%+13.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.21+119%1.48+3.8%——————22.3%+14.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.23+225%1.34+6.0%−16.1%−1.8%−20.8%———22.6%+16.9%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.17+101%1.04+10.4%——————22.5%+14.7%
HDV Dividend & IncomeiShares Core High Dividend ETF0.16+83.3%1.00+7.1%——————22.5%+14.1%
SMH TechnologyVanEck Semiconductor ETF0.43+323%0.97−33.5%+6.8%+19.0%−44.7%+10.8%−47.0%—25.6%+19.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.38+85.0%0.96−5.1%——————22.8%+14.2%
GLD CommoditiesSPDR Gold Shares0.11+126%0.96−0.8%+9.6%+29.3%+4.9%+17.8%——22.5%+15.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.40+136%0.93−10.4%——————23.8%+15.8%

Stocks

InvestmentCorrelation5Y returnSharpe202220112010200820052002200080/20 mix volatility80/20 mix annual return
MSFT Microsoft Corporation (this page)1.00+80.3%0.56−28.0%−4.5%−6.5%−44.4%−1.0%−22.0%−62.9%27.3%+13.7%
CAH Medical - DistributionCardinal Health, Inc.-0.01+479%1.55+54.1%+8.1%+21.4%−39.6%+18.7%−8.3%+108%22.4%+19.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.27+3,143%1.47+1.3%−24.4%+2.8%−20.5%−25.2%−65.1%−2.3%27.4%+31.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.23+1,636%1.46+17.0%−17.0%+8.7%−15.2%+20.1%−9.4%−71.1%25.5%+27.9%
MCK Medical - DistributionMcKesson Corporation0.08+413%1.44+51.8%+11.8%+13.8%−40.4%+64.9%−27.2%+61.2%22.8%+18.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.20+690%1.41+86.6%——————24.0%+21.3%
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Common questions

What was MSFT's worst drawdown?

MSFT's deepest decline since it began trading in 1986 was 69.5%, from December 1999 to March 2009. It took about five years from the low to climb back to its old high.

What were MSFT's best and worst years?

Over 29 full calendar years, MSFT's best year was 1998, when it returned 115%. Its worst was 2000, with a return of -62.9%.

Is there a better investment than MSFT?

Among MSFT's popular alternatives, IBM earned more than MSFT over the past 5 years with similar volatility: 16.6% a year at 30.5% volatility, against 12.5% a year at 28.2%. Looking beyond its popular alternatives, CIBR (cybersecurity) and CSCO (cybersecurity theme) earned more than MSFT with less volatility over the past 5 years. CIBR returned 14.1% a year at 26.1% volatility, against 12.5% a year at 28.2%.

Is MSFT more volatile than the S&P 500?

Yes. MSFT's volatility over the past 5 years was 28.2%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MSFT's return lands within 28.2% 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 MSFT's Sharpe ratio?

MSFT's Sharpe ratio over the past 5 years was 0.56, against 0.79 for the S&P 500, so MSFT 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 MSFT with the S&P 500?

Over the past 5 years, MSFT's monthly returns had a correlation of 0.63 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 MSFT instead: the lower it is, the more that option would diversify a MSFT holding.

What are the best alternatives to MSFT?

Of the 22 popular alternatives we compared, two outperformed MSFT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: DELL and PANW.

Did MSFT outperform the S&P 500?

MSFT finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +15.6%, against +17.7% for the index.

How did MSFT do in stock market crashes?

MSFT fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in six. The clearest case was the dot-com bust, when MSFT fell 62.9% and the S&P 500 fell 47.5%.

What diversifies MSFT?

These had a low correlation with MSFT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.21), DXJ (correlation 0.23) and EMLP (correlation 0.17); among large stocks, CAH (correlation -0.01), CLS (correlation 0.27) and FIX (correlation 0.23). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MSFT