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Relative Intelligence · Gold Mining

How Newmont (NEM) compares with the whole market and its popular alternatives

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

Period covered: NEM'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 NEM →Chart NEM vs. 20 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in NEM over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NEM over the same span and NEM'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. 797 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of NEM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000199720022007201220172022$1,000$10,000$100,00019972004201120182025
  • RGLD$370,307+3,603% total · +13.3% a year
  • AEM$246,326+2,363% total · +11.7% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • GFI$104,383+944% total · +8.4% a year
  • FCX$86,132+761% total · +7.7% a year
  • SSRM$78,965+690% total · +7.4% a year
  • HMY$57,466+475% total · +6.2% a year
  • NEM$39,676+297% total · +4.9% a year
  • KGC$17,226+72.3% total · +1.9% a year
  • CDE$1,080−89.2% total · −7.4% a year
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From the end of September 2021 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. 536 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of NEM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • IAG$81,461+715% total · +52.1% a year
  • AU$67,300+573% total · +46.4% a year
  • GFI$52,960+430% total · +39.6% a year
  • KGC$48,945+389% total · +37.4% a year
  • AGI$46,673+367% total · +36.1% a year
  • AEM$39,659+297% total · +31.7% a year
  • WPM$37,572+276% total · +30.3% a year
  • RGLD$26,119+161% total · +21.2% a year
  • NEM$24,375+144% total · +19.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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NEM 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
$123B
Industry
Gold
Price history from
October 1986

Returns

Past 1 year
+24.3%total return
Past 3 years
+219%+47.2% a year
Past 5 years
+135%+18.6% a year
Past 10 years
+304%+15.0% a year
Best calendar year
+173%2025
Worst calendar year
−48.5%2013
Losing years
15 of 29full calendar years

Risk

Volatility
39.1%typical yearly swing, 5 years
Sharpe ratio
0.63return per unit of risk, 5 years
Worst decline ever
−78.0%May 1996 to Oct 2000
From its all-time high
−13.4%below the peak

NEM against the whole market

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

How does NEM rank among all stocks?

This section ranks NEM 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 NEM 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.

MeasureNEMRankStanding
1-year return+24.3%1,129 of 3,287top 34%
3-year return+219%351 of 3,017top 12%
5-year return+135%510 of 2,893top 18%
10-year return+304%577 of 2,202top 26%
Volatility, 5 years39.1%1,403 of 2,893top 48%
Sharpe ratio, 5 years0.63600 of 2,893top 21%
Worst decline, past 10 years−62.4%976 of 2,187top 45%

What has beaten NEM 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). NEM sits where the dashed lines cross. Anything in the green box above and to the left earned more than NEM 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 NEM; faint dots are 90 more of the 178 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.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NEMAPH: +33.8% a year, volatility 32.2%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%BNY: +22.7% a year, volatility 24.4%TRV: +22.4% a year, volatility 22.3%GWW: +26.3% a year, volatility 24.9%HLT: +21.0% a year, volatility 26.8%SMH: +33.4% a year, volatility 36.9%CBOE: +21.5% a year, volatility 25.1%SNX: +20.3% a year, volatility 30.4%EXEL: +24.4% a year, volatility 35.8%EWT: +20.4% a year, volatility 24.2%MUSA: +26.1% a year, volatility 31.2%FCFS: +20.6% a year, volatility 30.5%VCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%MPLX: +23.5% a year, volatility 18.8%DMLP: +21.1% a year, volatility 29.1%NWPX: +32.5% a year, volatility 36.2%DBJP: +20.9% a year, volatility 19.2%SENEA: +25.2% a year, volatility 36.4%EPU: +29.5% a year, volatility 24.9%WELL: +26.0% a year, volatility 23.8%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%WMT: +20.8% a year, volatility 22.6%PSX: +33.2% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%TRGP: +41.8% a year, volatility 31.7%CNQ: +26.5% a year, volatility 32.5%MAR: +22.0% a year, volatility 28.6%ING: +24.7% a year, volatility 31.1%IMO: +34.3% a year, volatility 32.0%MFC: +22.6% a year, volatility 24.0%CAT: +31.1% a year, volatility 31.9%PM: +21.0% a year, volatility 23.4%LNG: +23.4% a year, volatility 30.2%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%BAP: +30.8% a year, volatility 30.3%KB: +25.3% a year, volatility 34.4%IBKR: +35.4% a year, volatility 35.4%TJX: +19.9% a year, volatility 22.3%NTAP: +20.9% a year, volatility 35.3%CIB: +32.9% a year, volatility 32.9%PH: +27.4% a year, volatility 28.8%PGR: +21.3% a year, volatility 25.6%IHG: +21.4% a year, volatility 26.6%VRTX: +22.6% a year, volatility 29.1%ETN: +20.4% a year, volatility 32.1%USFD: +22.7% a year, volatility 29.8%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%CLH: +23.1% a year, volatility 28.6%AIT: +28.5% a year, volatility 30.3%CMI: +19.9% a year, volatility 29.0%EME: +43.0% a year, volatility 35.3%CCEP: +19.7% a year, volatility 23.2%R: +25.1% a year, volatility 32.6%ACGL: +20.1% a year, volatility 24.5%IRM: +24.6% a year, volatility 30.3%SDCI: +20.6% a year, volatility 18.4%CASY: +29.9% a year, volatility 29.3%KOF: +22.3% a year, volatility 24.7%RL: +28.6% a year, volatility 36.9%HUBB: +21.0% a year, volatility 30.0%WT: +31.4% a year, volatility 32.8%VIRT: +20.8% a year, volatility 33.8%UTHR: +23.6% a year, volatility 35.1%MLI: +38.9% a year, volatility 33.4%AAMI: +29.0% a year, volatility 35.6%APG: +23.0% a year, volatility 31.9%DTM: +24.5% a year, volatility 25.2%DCO: +27.5% a year, volatility 34.5%RNR: +20.1% a year, volatility 27.8%EZPW: +33.2% a year, volatility 35.4%DAC: +20.6% a year, volatility 32.0%ALSN: +27.3% a year, volatility 29.9%ENSG: +19.8% a year, volatility 26.8%NEU: +21.0% a year, volatility 26.8%ACT: +20.5% a year, volatility 24.3%FSS: +23.3% a year, volatility 31.7%ACA: +23.1% a year, volatility 34.0%ESE: +24.2% a year, volatility 31.1%CW: +30.8% a year, volatility 28.7%GSL: +19.8% a year, volatility 34.7%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%NEM: +18.6% a year, volatility 39.1%SPY (S&P 500): +12.7% a year, volatility 17.1%WPM: +27.5% a year, volatility 36.9%RGLD: +20.6% a year, volatility 32.4%GLD: +17.7% a year, volatility 18.9%AEM: +29.5% a year, volatility 38.4%GFI: +35.5% a year, volatility 53.4%AGI: +32.6% a year, volatility 42.4%RS: +24.8% a year, volatility 28.1%SCCO: +32.0% a year, volatility 40.7%MOG-A: +36.6% a year, volatility 32.0%ATI: +61.8% a year, volatility 42.9%ESLT: +39.8% a year, volatility 34.6%RTX: +18.6% a year, volatility 24.3%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%MUFG: +33.2% a year, volatility 29.4%MCK: +38.7% a year, volatility 25.0%TSM: +31.5% a year, volatility 38.5%XLK: +19.4% a year, volatility 26.0%MPC: +51.2% a year, volatility 33.4%NEMSPY (S&P 500)WPMRGLDGLDAEMGFIAGIRSSCCOMOG-AATIESLTRTXCAHLLYABBVDXJMUFGMCKTSMXLKMPC10.0%20.0%30.0%40.0%50.0%60.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NEMAPH: +33.8% a year, volatility 32.2%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%BNY: +22.7% a year, volatility 24.4%TRV: +22.4% a year, volatility 22.3%GWW: +26.3% a year, volatility 24.9%HLT: +21.0% a year, volatility 26.8%SMH: +33.4% a year, volatility 36.9%CBOE: +21.5% a year, volatility 25.1%SNX: +20.3% a year, volatility 30.4%EXEL: +24.4% a year, volatility 35.8%EWT: +20.4% a year, volatility 24.2%MUSA: +26.1% a year, volatility 31.2%FCFS: +20.6% a year, volatility 30.5%VCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%MPLX: +23.5% a year, volatility 18.8%DMLP: +21.1% a year, volatility 29.1%NWPX: +32.5% a year, volatility 36.2%DBJP: +20.9% a year, volatility 19.2%SENEA: +25.2% a year, volatility 36.4%EPU: +29.5% a year, volatility 24.9%WELL: +26.0% a year, volatility 23.8%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%WMT: +20.8% a year, volatility 22.6%PSX: +33.2% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%TRGP: +41.8% a year, volatility 31.7%CNQ: +26.5% a year, volatility 32.5%MAR: +22.0% a year, volatility 28.6%ING: +24.7% a year, volatility 31.1%IMO: +34.3% a year, volatility 32.0%MFC: +22.6% a year, volatility 24.0%CAT: +31.1% a year, volatility 31.9%PM: +21.0% a year, volatility 23.4%LNG: +23.4% a year, volatility 30.2%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%BAP: +30.8% a year, volatility 30.3%KB: +25.3% a year, volatility 34.4%IBKR: +35.4% a year, volatility 35.4%TJX: +19.9% a year, volatility 22.3%NTAP: +20.9% a year, volatility 35.3%CIB: +32.9% a year, volatility 32.9%PH: +27.4% a year, volatility 28.8%PGR: +21.3% a year, volatility 25.6%IHG: +21.4% a year, volatility 26.6%VRTX: +22.6% a year, volatility 29.1%ETN: +20.4% a year, volatility 32.1%USFD: +22.7% a year, volatility 29.8%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%CLH: +23.1% a year, volatility 28.6%AIT: +28.5% a year, volatility 30.3%CMI: +19.9% a year, volatility 29.0%EME: +43.0% a year, volatility 35.3%CCEP: +19.7% a year, volatility 23.2%R: +25.1% a year, volatility 32.6%ACGL: +20.1% a year, volatility 24.5%IRM: +24.6% a year, volatility 30.3%SDCI: +20.6% a year, volatility 18.4%CASY: +29.9% a year, volatility 29.3%KOF: +22.3% a year, volatility 24.7%RL: +28.6% a year, volatility 36.9%HUBB: +21.0% a year, volatility 30.0%WT: +31.4% a year, volatility 32.8%VIRT: +20.8% a year, volatility 33.8%UTHR: +23.6% a year, volatility 35.1%MLI: +38.9% a year, volatility 33.4%AAMI: +29.0% a year, volatility 35.6%APG: +23.0% a year, volatility 31.9%DTM: +24.5% a year, volatility 25.2%DCO: +27.5% a year, volatility 34.5%RNR: +20.1% a year, volatility 27.8%EZPW: +33.2% a year, volatility 35.4%DAC: +20.6% a year, volatility 32.0%ALSN: +27.3% a year, volatility 29.9%ENSG: +19.8% a year, volatility 26.8%NEU: +21.0% a year, volatility 26.8%ACT: +20.5% a year, volatility 24.3%FSS: +23.3% a year, volatility 31.7%ACA: +23.1% a year, volatility 34.0%ESE: +24.2% a year, volatility 31.1%CW: +30.8% a year, volatility 28.7%GSL: +19.8% a year, volatility 34.7%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%NEM: +18.6% a year, volatility 39.1%SPY (S&P 500): +12.7% a year, volatility 17.1%WPM: +27.5% a year, volatility 36.9%RGLD: +20.6% a year, volatility 32.4%GLD: +17.7% a year, volatility 18.9%AEM: +29.5% a year, volatility 38.4%GFI: +35.5% a year, volatility 53.4%AGI: +32.6% a year, volatility 42.4%RS: +24.8% a year, volatility 28.1%SCCO: +32.0% a year, volatility 40.7%MOG-A: +36.6% a year, volatility 32.0%ATI: +61.8% a year, volatility 42.9%ESLT: +39.8% a year, volatility 34.6%RTX: +18.6% a year, volatility 24.3%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%MUFG: +33.2% a year, volatility 29.4%MCK: +38.7% a year, volatility 25.0%TSM: +31.5% a year, volatility 38.5%XLK: +19.4% a year, volatility 26.0%MPC: +51.2% a year, volatility 33.4%NEMSPY (S&P 500)WPMRGLDGLDAEMGFIAGIRSMOG-AATIESLTRTXCAHABBVMUFGMCKTSMMPC
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than NEM?

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

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

Screen the whole market against NEM for any period in BetterThanSPYOpen these 21 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 NEM?lower diversifies moreExpenseper year
NEMNewmont Corporation · this page
+18.6%39.1%0.63−62.4%+304%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.200.09%
Popular alternativesbest 6 shownThe investments people most often weigh against NEM. 6 of 20 passed at least one test.
WPMWheaton Precious Metals Corp. · Metals & Mining
Higher return, lower volatilityHigher Sharpe, smaller worst decline+27.5%36.9%0.85−46.7%+510%0.83—
RGLDRoyal Gold, Inc. · Gold Mining
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.6%32.4%0.74−49.5%+282%0.77—
GLDSPDR Gold Shares · Gold
Similar return, lower volatilityHigher Sharpe, smaller worst decline+17.7%18.9%0.96−26.4%+213%0.730.40%
AEMAgnico Eagle Mines Limited · Gold Mining
Higher return, similar volatilityHigher Sharpe, smaller worst decline+29.5%38.4%0.87−54.2%+352%0.84—
GFIGold Fields Limited · Gold Mining
Higher Sharpe, smaller worst decline+35.5%53.4%0.84−56.2%+1,008%0.66—
AGIAlamos Gold Inc. · Gold Mining
Higher return, similar volatility+32.6%42.4%0.88−66.1%+294%0.67—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Gold Mining and Metals & Mining and the categories next to it (Gold, Silver, Aerospace & Defense), plus NEM's specific themes. 22 of 71 passed at least one test.
RSReliance Steel & Aluminum Co. · Metals & Mining
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+24.8%28.1%0.93−40.8%+626%0.05—
SCCOSouthern Copper Corporation · Metals & Mining
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%40.7%0.89−55.3%+1,017%0.57—
MOG-AMoog Inc. · Aerospace & Defense
Higher return, lower volatilityHigher return in most periods+36.6%32.0%1.14−63.7%+595%0.20—
ATIATI Inc. · Metals & Mining
On the frontierHigher return, similar volatilityHigher return in most periods+61.8%42.9%1.34−82.4%+929%0.25—
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst decline+39.8%34.6%1.15−35.4%+765%0.12—
RTXRTX Corporation · Aerospace & Defense
Similar return, lower volatilityHigher Sharpe, smaller worst decline+18.6%24.3%0.83−52.0%+317%0.26—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 351 of 3,542 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.01—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.06—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.24—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.150.48%
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.2%29.4%1.13−54.9%+483%0.11—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.15—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.5%38.5%0.91−56.6%+1,505%0.11—
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.4%26.0%0.82−33.6%+767%0.050.08%
What these numbers mean for NEM
Annual return
NEM returned 18.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $23,500. 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
NEM's volatility over the past 5 years was 39.1%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NEM's return lands within 39.1% 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
NEM's Sharpe ratio over the past 5 years was 0.63, against 0.79 for the S&P 500, so NEM 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
NEM's worst fall from a peak to a low over the past 10 years was 62.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 62.4% fall takes a 166% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, NEM's monthly returns had a correlation of 0.20 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against NEM instead: the lower it is, the more that option would diversify a NEM holding. Guide: Correlation and diversification →
Show all 178 stocks and funds worth at least $500 million that earned more than NEM 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 NEMExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.01—
2
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.06—
3
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.24—
4
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.150.48%
5
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.11—
6
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.15—
7
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.07—
8
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.14—
9
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.07—
10
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.15—
11
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.14—
12
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%-0.10—
13
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.08—
14
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+33.4%36.9%0.97−45.3%+1,665%0.050.35%
15
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.16—
16
SNXTD Synnex Corp · Technology Distribution
Whole market+20.3%30.4%0.76−55.8%+430%0.16—
17
EXELExelixis, Inc. · Biotechnology
Whole market+24.4%35.8%0.79−57.2%+448%0.14—
18
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.14—
19
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.280.59%
20
MUSAMurphy USA Inc. · Convenience Stores
Whole market+26.1%31.2%0.90−35.5%+706%-0.22—
21
FCFSFirstCash Holdings, Inc · Consumer Finance
Whole market+20.6%30.5%0.77−50.2%+422%0.25—
22
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+28.1%35.0%0.89−45.2%—0.06—
23
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.22—
24
RSReliance Steel & Aluminum Co. · Metals & Mining
Same or nearby category+24.8%28.1%0.93−40.8%+626%0.05—
25
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.07—
26
DMLPDorchester Minerals, L.P. · Oil & Gas Exploration & Production
Whole market+21.1%29.1%0.81−56.8%+435%0.01—
27
NWPXNWPX Infrastructure, Inc. · Construction Materials
Whole market+32.5%36.2%0.96−46.5%+682%0.02—
28
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.130.45%
29
SENEASeneca Foods Corporation · Packaged Foods
Whole market+25.2%36.4%0.81−51.3%+455%0.10—
30
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.580.59%
31
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.32—
32
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+332%0.37—
33
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.25—
34
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+1,061%0.23—
35
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.13—
36
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%0.09—
37
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+374%0.27—
38
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.20—
39
CNQCanadian Natural Resources Limited · Oil & Gas
Whole market+26.5%32.5%0.89−77.5%+433%0.25—
40
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+544%0.00—
41
INGING Groep N.V. · Banks
Whole market+24.7%31.1%0.87−74.4%+339%0.28—
42
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%0.31—
43
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.07—
44
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.12—
45
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.31—
46
LNGCheniere Energy, Inc. · Oil & Gas
Whole market+23.4%30.2%0.85−57.5%+616%0.05—
47
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.34—
48
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.25—
49
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+521%0.15—
50
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.13—
51
KBKB Financial Group Inc. · Banks
Whole market+25.3%34.4%0.83−64.1%+390%0.40—
52
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.03—
53
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.02—
54
NTAPNetApp, Inc. · Computer Hardware
Whole market+20.9%35.3%0.71−58.1%+691%0.08—
55
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.29—
56
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.08—
57
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.12—
58
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.01—
59
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.31—
60
ETNEaton Corporation plc · Electrical Equipment
Whole market+20.4%32.1%0.74−44.5%+657%-0.08—
61
USFDUS Foods Holding Corp. · Food Distribution
Whole market+22.7%29.8%0.84−77.3%+347%0.14—
62
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.07—
63
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.34—
64
CLHClean Harbors, Inc. · Environmental Services
Whole market+23.1%28.6%0.88−64.5%+588%0.21—
65
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.05—
66
CMICummins Inc. · Industrial Machinery
Whole market+19.9%29.0%0.77−44.0%+444%0.06—
67
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%-0.13—
68
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.18—
69
RRyder System, Inc. · Freight & Logistics
Whole market+25.1%32.6%0.85−72.3%+407%0.16—
70
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.08—
71
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.22—
72
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.250.80%
73
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.10—
74
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.30—
75
MOG-AMoog Inc. · Aerospace & Defense
Same or nearby category+36.6%32.0%1.14−63.7%+595%0.20—
76
RLRalph Lauren Corporation · Apparel & Footwear
Whole market+28.6%36.9%0.87−55.1%+370%-0.02—
77
HUBBHubbell Incorporated · Electrical Equipment
Whole market+21.0%30.0%0.79−41.6%+442%-0.13—
78
WTWisdomTree, Inc. · Asset Management
Whole market+31.4%32.8%1.00−84.0%+174%0.30—
79
VIRTVirtu Financial, Inc. · Capital Markets
Whole market+20.8%33.8%0.73−56.2%+545%0.30—
80
UTHRUnited Therapeutics Corporation · Biotechnology
Whole market+23.6%35.1%0.78−55.6%+390%0.11—
81
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.02—
82
AAMIAcadian Asset Management · Asset Management
Whole market+29.0%35.6%0.90−78.1%+652%0.17—
83
APGAPi Group Corporation · Engineering & Construction
Whole market+23.0%31.9%0.81−49.6%—0.14—
84
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.11—
85
DCODucommun Incorporated · Aerospace & Defense
Whole market+27.5%34.5%0.88−70.8%+706%0.30—
86
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.16—
87
EZPWEZCORP, Inc. · Financial - Credit Services
Whole market+33.2%35.4%0.99−76.6%+202%0.18—
88
DACDanaos Corporation · Marine Shipping
Whole market+20.6%32.0%0.75−94.6%+449%0.21—
89
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Whole market+27.3%29.9%0.96−48.7%+367%0.12—
90
ENSGThe Ensign Group, Inc. · Health Care Facilities
Whole market+19.8%26.8%0.81−55.5%+896%0.30—
91
ESLTElbit Systems Ltd. · Aerospace & Defense
Same or nearby category+39.8%34.6%1.15−35.4%+765%0.12—
92
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.11—
93
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.23—
94
FSSFederal Signal Corporation · Industrial Machinery
Whole market+23.3%31.7%0.82−33.0%+882%0.00—
95
ACAArcosa, Inc. · Construction Materials
Whole market+23.1%34.0%0.78−36.8%—0.08—
96
ESEESCO Technologies Inc. · Electronic Instruments
Whole market+24.2%31.1%0.85−46.0%+473%0.05—
97
CWCurtiss-Wright Corporation · Aerospace & Defense
Same or nearby category+30.8%28.7%1.08−48.7%+512%0.03—
98
GSLGlobal Ship Lease, Inc. · Marine Shipping
Whole market+19.8%34.7%0.70−86.5%+442%0.23—
99
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.270.19%
100
QTUMDefiance Quantum ETF · Technology
Whole market+22.8%28.1%0.87−38.5%—0.070.40%

NEM against its popular alternatives

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

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

Green points earned more than NEM 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%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNEM: 18.6% a year, volatility 39.1%SPY (S&P 500): 12.7% a year, volatility 17.1%AEM: 29.5% a year, volatility 38.4%WPM: 27.5% a year, volatility 36.9%FCX: 13.7% a year, volatility 44.9%RGLD: 20.6% a year, volatility 32.4%CDE: 18.3% a year, volatility 69.4%BTG: 8.3% a year, volatility 46.3%SSRM: 15.2% a year, volatility 57.5%PAAS: 13.6% a year, volatility 48.9%B: 18.9% a year, volatility 37.3%AG: 4.8% a year, volatility 62.8%EQX: 7.3% a year, volatility 58.2%AU: 40.4% a year, volatility 49.9%IAG: 43.9% a year, volatility 60.9%KGC: 32.7% a year, volatility 45.6%HMY: 36.0% a year, volatility 59.3%EGO: 30.0% a year, volatility 47.7%GFI: 35.5% a year, volatility 53.4%AGI: 32.6% a year, volatility 42.4%FNV: 12.5% a year, volatility 31.3%GLD: 17.7% a year, volatility 18.9%NEMSPY (S&P 500)AEMWPMFCXRGLDCDEBTGSSRMPAASBAGEQXAUIAGKGCHMYEGOGFIAGIFNVGLD0.0%20.0%40.0%60.0%80.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNEM: 18.6% a year, volatility 39.1%SPY (S&P 500): 12.7% a year, volatility 17.1%AEM: 29.5% a year, volatility 38.4%WPM: 27.5% a year, volatility 36.9%FCX: 13.7% a year, volatility 44.9%RGLD: 20.6% a year, volatility 32.4%CDE: 18.3% a year, volatility 69.4%BTG: 8.3% a year, volatility 46.3%SSRM: 15.2% a year, volatility 57.5%PAAS: 13.6% a year, volatility 48.9%B: 18.9% a year, volatility 37.3%AG: 4.8% a year, volatility 62.8%EQX: 7.3% a year, volatility 58.2%AU: 40.4% a year, volatility 49.9%IAG: 43.9% a year, volatility 60.9%KGC: 32.7% a year, volatility 45.6%HMY: 36.0% a year, volatility 59.3%EGO: 30.0% a year, volatility 47.7%GFI: 35.5% a year, volatility 53.4%AGI: 32.6% a year, volatility 42.4%FNV: 12.5% a year, volatility 31.3%GLD: 17.7% a year, volatility 18.9%NEMSPY (S&P 500)AEMWPMFCXRGLDCDEBTGSSRMBAGEQXAUIAGKGCHMYEGOGFIAGIGLD
All figures
InvestmentAnnual returnVolatility
IAG Iamgold Corporation+43.9%60.9%
AU AngloGold Ashanti Plc+40.4%49.9%
HMY Harmony Gold Mining Company Limited+36.0%59.3%
GFI Gold Fields Limited+35.5%53.4%
KGC Kinross Gold Corporation+32.7%45.6%
AGI Alamos Gold Inc.+32.6%42.4%
EGO Eldorado Gold Corporation+30.0%47.7%
AEM Agnico Eagle Mines Limited+29.5%38.4%
WPM Wheaton Precious Metals Corp.+27.5%36.9%
RGLD Royal Gold, Inc.+20.6%32.4%
B Barrick Mining Corporation+18.9%37.3%
NEM This pageNewmont Corporation+18.6%39.1%
CDE Coeur Mining, Inc.+18.3%69.4%
GLD SPDR Gold Shares+17.7%18.9%
SSRM SSR Mining Inc.+15.2%57.5%
FCX Freeport-McMoRan Inc.+13.7%44.9%
PAAS Pan American Silver Corp.+13.6%48.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
FNV Franco-Nevada Corporation+12.5%31.3%
BTG B2Gold Corp.+8.3%46.3%
EQX Equinox Gold Corp.+7.3%58.2%
AG First Majestic Silver Corp.+4.8%62.8%
Open these 22 in EasyCompare

Has NEM consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than NEM 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
NEM Newmont Corporation (this page)—−5.1%+31.2%+2.2%+16.1%+24.3%+219%+135%+304%39.1%0.63−62.4%—$123B—
AU GoldAngloGold Ashanti Plc1/5 short3/3 long−10.9%+22.1%−13.1%+9.9%+26.2%+416%+445%+681%49.9%0.93−66.3%—$46B—
AEM GoldAgnico Eagle Mines Limited1/5 short3/3 long−5.7%+36.9%−13.5%+10.0%+5.3%+293%+264%+352%38.4%0.87−54.2%—$94B—
IAG GoldIamgold Corporation1/5 short3/3 long−11.8%+27.2%−4.1%+9.5%+29.9%+637%+517%+343%60.9%0.90−86.4%—$10B—
KGC GoldKinross Gold Corporation0/5 short3/3 long−14.9%+5.1%−31.7%−16.1%−8.3%+356%+311%+572%45.6%0.85−67.9%—$28B—
HMY GoldHarmony Gold Mining Company Limited0/5 short3/3 long−9.6%+19.9%−4.4%−10.4%−13.2%+265%+366%+504%59.3%0.82−71.1%—$11B—
WPM GoldWheaton Precious Metals Corp.1/5 short2/3 long−11.1%+27.0%−11.8%+11.8%+25.2%+212%+236%+510%36.9%0.85−46.7%—$60B—
EGO GoldEldorado Gold Corporation1/5 short2/3 long−17.0%+27.0%+5.2%−0.1%+23.1%+247%+271%+89.1%47.7%0.79−86.2%—$9.2B—
GFI GoldGold Fields Limited0/5 short2/3 long−13.7%+18.6%−24.0%−12.6%−13.0%+187%+356%+1,008%53.4%0.84−56.2%—$32B—
FCX CopperFreeport-McMoRan Inc.3/5 short1/3 long−4.3%+17.4%−1.4%+33.9%+64.8%+111%+89.6%+650%44.9%0.51−72.6%—$99B—
RGLD GoldRoyal Gold, Inc.1/5 short1/3 long−4.3%+27.7%−9.4%+8.7%+24.0%+124%+155%+282%32.4%0.74−49.5%—$20B—
AGI GoldAlamos Gold Inc.0/5 short1/3 long−9.6%+13.1%−34.8%−16.9%−9.3%+154%+310%+294%42.4%0.88−66.1%—$13B—
CDE GoldCoeur Mining, Inc.0/5 short1/3 long−22.5%+6.9%−23.4%−13.7%−31.3%+480%+131%+33.9%69.4%0.59−83.3%—$16B—
BTG GoldB2Gold Corp.4/5 short0/3 long−3.0%+42.9%+6.1%+16.9%−7.3%+72.8%+49.0%+139%46.3%0.40−63.2%—$6.9B—
SSRM GoldSSR Mining Inc.2/5 short0/3 long−14.6%+24.9%−1.9%+45.4%+28.2%+123%+103%+191%57.5%0.56−83.1%—$6.4B—
FNV GoldFranco-Nevada Corporation0/5 short0/3 long−7.9%+20.7%−6.2%+16.2%+18.4%+78.8%+79.9%+303%31.3%0.53−37.1%—$47B—
GLD CommoditiesSPDR Gold Shares0/5 short0/3 long−5.2%+2.7%−14.6%−5.2%−6.3%+106%+126%+213%18.9%0.96−26.4%0.40%$143B—
PAAS GoldPan American Silver Corp.0/5 short0/3 long−9.1%+5.3%−24.0%−12.4%+13.9%+205%+89.0%+202%48.9%0.51−66.7%—$18B—
B GoldBarrick Mining Corporation0/5 short0/3 long−5.3%+16.3%−5.1%−6.8%+18.8%+156%+138%+194%37.3%0.65−53.9%—$67B—
AG SilverFirst Majestic Silver Corp.0/5 short0/3 long−17.2%+0.9%−25.5%−0.2%+11.7%+189%+26.1%+93.8%62.8%0.39−80.8%—$7.9B—
EQX GoldEquinox Gold Corp.0/5 short0/3 long−9.0%+27.6%−27.9%−18.9%−9.0%+144%+42.2%—58.2%0.41−81.0%—$13B—
Open these 21 in EasyCompare

How did NEM do year by year?

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

InvestmentYears ahead of NEM20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
NEM This pageNewmont Corporation—+173%−7.8%−8.8%−20.8%+7.4%+40.3%+30.5%−6.2%+10.9%+90.1%−4.4%−17.2%−48.5%−20.4%−0.6%+31.0%+17.3%−15.9%+9.1%−14.8%+21.4%−8.1%+68.2%+52.6%+12.7%−29.9%+35.0%−37.7%−34.1%
Rank among alternativesTop quarter in 2 of 2910 of 2116 of 2118 of 2116 of 214 of 219 of 2118 of 219 of 2010 of 2010 of 203 of 208 of 2011 of 2016 of 206 of 2012 of 2015 of 2010 of 1910 of 1817 of 1711 of 168 of 155 of 129 of 1210 of 127 of 126 of 127 of 114 of 12
SPY S&P 500State Street SPDR S&P 500 ETF17 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%
AU AngloGold Ashanti Plc12 of 28+288%+25.5%−2.7%−5.1%−4.9%+1.9%+78.8%+24.1%−2.2%+48.1%−18.4%−25.8%−62.4%−24.9%−13.1%+23.1%+45.6%−32.0%−8.0%−3.7%+38.0%−20.6%+41.9%+99.8%+28.1%−38.2%+39.8%—−37.9%
AEM Agnico Eagle Mines Limited17 of 29+120%+46.0%+9.0%+1.1%−22.8%+16.2%+54.2%−11.5%+10.5%+61.2%+6.8%−4.7%−48.3%+47.1%−52.1%+42.5%+5.6%−5.8%+32.9%+109%+43.9%+14.2%−18.6%+50.8%+65.0%−19.2%+82.3%−23.1%−61.3%
IAG Iamgold Corporation9 of 22+220%+104%−1.9%−17.6%−14.7%−1.6%+1.4%−36.9%+51.4%+171%−47.4%−18.9%−70.1%−26.0%−9.8%+14.3%+157%−23.8%−7.3%+13.4%+18.6%−3.4%———————
KGC Kinross Gold Corporation14 of 29+206%+55.5%+51.8%−27.6%−19.3%+55.9%+46.4%−25.0%+39.1%+71.2%−35.6%−35.6%−54.6%−13.3%−39.5%+3.6%+0.4%+0.5%+54.9%+28.9%+31.0%−12.0%+8.7%+223%+51.2%−73.3%−18.8%−32.7%−51.7%
HMY Harmony Gold Mining Company Limited14 of 29+145%+35.3%+82.8%−16.5%−10.3%+29.0%+102%−4.2%−12.6%+140%−50.9%−25.0%−71.5%−22.1%−6.6%+24.0%−6.8%+6.5%−34.6%+20.7%+40.8%−42.5%−1.1%+168%+43.3%−23.5%+36.1%+111%−71.4%
WPM Wheaton Precious Metals Corp.13 of 20+111%+15.2%+27.9%−7.6%+4.2%+41.8%+54.7%−10.0%+16.1%+57.1%−38.2%+1.9%−43.0%+25.9%−25.4%+160%+131%−61.8%+61.9%+80.8%—————————
EGO Eldorado Gold Corporation11 of 22+142%+14.6%+55.2%−10.7%−29.5%+65.2%+179%−59.8%−55.4%+8.4%−51.0%+7.1%−55.3%−5.0%−25.7%+31.4%+78.3%+37.0%+7.4%+10.2%+66.0%−8.1%———————
GFI Gold Fields Limited18 of 29+240%−6.2%+44.8%−2.7%+23.4%+42.9%+89.8%−16.9%+46.3%+9.7%−38.6%+42.8%−70.0%−15.2%−14.6%+40.1%+33.4%−28.3%−23.7%+8.4%+42.9%−9.8%+2.3%+198%+44.8%−22.5%+16.2%−39.2%−32.5%
FCX Freeport-McMoRan Inc.18 of 29+35.4%−9.4%+13.7%−7.3%+61.4%+99.1%+29.6%−45.1%+43.8%+94.9%−70.2%−35.8%+19.9%−4.0%−36.9%+52.7%+228%−75.5%+86.9%+11.6%+49.1%−6.6%+154%+25.5%+56.5%−59.5%+102%−32.9%−45.6%
RGLD Royal Gold, Inc.17 of 29+70.4%+10.4%+8.7%+8.5%0.0%−12.1%+44.3%+5.5%+31.3%+76.7%−41.1%+37.8%−42.3%+21.6%+24.4%+16.7%−3.6%+62.9%−14.4%+4.3%+92.3%−12.2%−15.7%+384%+82.3%−19.1%0.0%−23.6%−64.5%
AGI Alamos Gold Inc.14 of 22+110%+37.8%+34.3%+32.9%−11.0%+46.6%+68.4%−44.5%−4.7%+109%−53.6%−39.9%−30.0%+4.5%−10.2%+60.1%+75.7%+23.4%−33.7%+50.7%+84.4%+44.8%———————
CDE Coeur Mining, Inc.11 of 29+212%+75.1%−3.0%−33.2%−51.3%+28.1%+80.9%−40.5%−17.5%+266%−51.4%−52.9%−55.9%+1.9%−11.7%+51.3%+105%−82.2%−0.2%+23.7%+1.8%−32.0%+201%+140%−14.6%−72.7%−25.7%−48.3%−40.4%
BTG B2Gold Corp.11 of 17+89.0%−18.1%−7.4%−5.2%−27.0%+42.5%+37.6%−5.8%+30.6%+133%−37.1%−19.6%−43.6%+16.2%+13.7%+131%+225%————————————
SSRM SSR Mining Inc.17 of 29+215%−35.4%−29.9%−10.0%−10.9%+4.4%+59.3%+37.6%−1.5%+72.2%+3.4%−28.0%−53.3%+7.8%−51.0%+29.0%+37.3%−56.4%+18.8%+100%+26.9%+8.3%+109%+102%+98.4%+1.6%+68.2%−84.4%+17.8%
FNV Franco-Nevada Corporation11 of 18+77.8%+7.4%−17.9%−0.4%+11.3%+22.3%+48.9%−11.0%+35.5%+32.4%−5.3%+22.6%−27.6%+51.8%+15.3%+24.9%+56.8%+15.5%———————————
GLD SPDR Gold Shares13 of 21+63.7%+26.7%+12.7%−0.8%−4.2%+24.8%+17.9%−1.9%+12.8%+8.0%−10.7%−2.2%−28.3%+6.6%+9.6%+29.3%+24.0%+4.9%+30.4%+22.6%+17.8%————————
PAAS Pan American Silver Corp.17 of 29+160%+26.6%+2.6%−33.0%−26.8%+46.8%+63.9%−5.2%+3.7%+133%−27.2%−18.2%−35.1%−13.3%−46.9%+73.7%+39.5%−51.1%+38.8%+33.6%+17.8%+11.7%+82.5%+87.2%+59.2%−50.5%+6.3%−51.2%+67.3%
B Barrick Mining Corporation13 of 29+187%−12.3%+7.9%−6.2%−13.4%+24.2%+40.1%−5.6%−8.6%+118%−30.6%−38.2%−48.5%−21.1%−14.0%+36.7%+8.9%−10.8%+38.2%+11.0%+16.0%+7.8%+49.0%−1.5%−1.5%−6.3%−8.4%+5.8%−34.8%
AG First Majestic Silver Corp.8 of 19+204%−10.6%−25.9%−24.7%−17.3%+9.7%+108%−12.6%−11.7%+133%−34.8%−48.8%−51.4%+19.9%+16.0%+268%+117%−61.0%+11.4%——————————
EQX Equinox Gold Corp.4 of 7+180%+2.7%+48.9%−51.4%−34.6%+34.2%+107%——————————————————————
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Risk and diversification

How NEM 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 NEM's worst declines?

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

DuringNEM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−78.0%+117%May 1996Oct 20004.4 yearsJan 20065.3 years
2015 China and oil sell-off−76.6%+66.5%Nov 2011Sep 20153.8 yearsApr 20204.6 years
2008 financial crisis−64.4%−31.1%Feb 2006Oct 20082.7 yearsJun 201020 months
2022 bear market−62.4%+19.0%Apr 2022Feb 202422 monthsSep 202519 months
No named crash−58.8%—Sep 1987Oct 19871 monthJan 19968.3 years

How did NEM do in stock market crashes?

This section measures how far NEM, 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 NEM.

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
NEM This pageNewmont Corporation—−1.0%−51.8%−24.5%−9.5%−6.0%−20.2%−12.0%−2.3%−61.5%−53.0%
SPY S&P 500State Street SPDR S&P 500 ETF5 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
AU AngloGold Ashanti Plc3 of 10−0.3%−51.7%−37.1%−10.7%−9.4%−36.9%−15.3%0.0%−71.5%−50.6%
AEM Agnico Eagle Mines Limited4 of 100.0%−42.0%−31.6%−11.6%−6.4%−20.2%−18.9%−0.4%−72.9%−42.4%
IAG Iamgold Corporation1 of 9−1.4%−73.6%−48.4%−28.6%−6.1%−45.5%−19.2%−0.5%−74.8%—
KGC Kinross Gold Corporation2 of 10−1.2%−49.9%−41.7%−18.4%−5.2%−40.7%−21.8%−2.1%−71.4%−75.8%
HMY Harmony Gold Mining Company Limited3 of 100.0%−62.6%−54.3%−29.1%−1.9%−54.3%−22.1%−2.0%−61.3%−48.2%
WPM Wheaton Precious Metals Corp.3 of 90.0%−43.3%−28.7%−14.8%−10.0%−29.0%−28.8%0.0%−86.8%—
EGO Eldorado Gold Corporation1 of 9−1.2%−57.7%−52.8%−40.5%−7.3%−49.9%−24.4%0.0%−69.3%—
GFI Gold Fields Limited2 of 100.0%−56.2%−46.8%−11.4%−9.8%−41.3%−14.3%−4.3%−73.7%−46.9%
FCX Freeport-McMoRan Inc.2 of 10−7.2%−51.3%−56.1%−32.8%−8.4%−72.2%−46.7%−2.1%−86.4%−51.4%
RGLD Royal Gold, Inc.4 of 100.0%−40.7%−36.8%−9.8%−7.5%−54.7%−22.8%−2.4%−41.7%−39.3%
AGI Alamos Gold Inc.2 of 9−0.7%−27.7%−44.2%−40.9%−9.4%−52.9%−29.8%−0.5%−62.2%—
CDE Coeur Mining, Inc.0 of 10−1.4%−51.7%−59.3%−34.4%−12.3%−56.0%−30.5%−1.9%−93.0%−83.2%
BTG B2Gold Corp.2 of 8−0.7%−41.4%−43.4%−10.3%−8.6%−55.2%−21.1%0.0%——
SSRM SSR Mining Inc.2 of 10−1.1%−46.2%−42.6%−10.8%−6.4%−50.3%−42.8%−0.7%−86.5%−54.2%
FNV Franco-Nevada Corporation3 of 8−1.8%−33.3%−26.9%−7.8%−7.0%−20.8%−24.4%−0.9%——
GLD SPDR Gold Shares8 of 90.0%−21.0%−12.5%−2.7%−1.5%−11.7%−15.4%−0.2%−29.4%—
PAAS Pan American Silver Corp.4 of 100.0%−51.0%−53.5%−18.9%−5.8%−34.2%−24.4%−1.1%−78.1%−46.0%
B Barrick Mining Corporation5 of 10−0.3%−43.6%−28.6%−8.7%−4.9%−27.8%−16.9%−1.9%−65.8%−40.3%
AG First Majestic Silver Corp.2 of 90.0%−54.1%−49.8%−24.1%−10.4%−40.4%−40.2%−0.9%−87.8%—
EQX Equinox Gold Corp.1 of 40.0%−65.9%−43.0%−16.9%——————
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How closely does NEM 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 NEM 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 NEM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
NEM This pageNewmont Corporation68%45%1.520.39
GLD SPDR Gold Shares40%3%12.410.14
SSRM SSR Mining Inc.39%5%7.650.46
GFI Gold Fields Limited102%46%2.220.69
AU AngloGold Ashanti Plc88%40%2.190.61
WPM Wheaton Precious Metals Corp.78%37%2.090.48
HMY Harmony Gold Mining Company Limited89%57%1.571.07
FNV Franco-Nevada Corporation69%47%1.480.49
AGI Alamos Gold Inc.76%52%1.450.80
KGC Kinross Gold Corporation100%70%1.420.83
AEM Agnico Eagle Mines Limited77%57%1.340.70
B Barrick Mining Corporation57%43%1.340.40
RGLD Royal Gold, Inc.69%54%1.280.56
BTG B2Gold Corp.63%61%1.020.78
IAG Iamgold Corporation120%131%0.911.17
FCX Freeport-McMoRan Inc.164%181%0.901.74
PAAS Pan American Silver Corp.95%111%0.851.00
EGO Eldorado Gold Corporation82%115%0.711.06
AG First Majestic Silver Corp.77%114%0.680.96
CDE Coeur Mining, Inc.126%213%0.591.56
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What diversifies NEM?

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

ETFs

InvestmentCorrelation5Y returnSharpe20242023202220182015201420132012201120082006200420001998199780/20 mix volatility80/20 mix annual return
NEM Newmont Corporation (this page)1.00+135%0.63−7.8%−8.8%−20.8%−6.2%−4.4%−17.2%−48.5%−20.4%−0.6%−15.9%−14.8%−8.1%−29.9%−37.7%−34.1%39.7%+19.5%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.39+119%1.48+15.9%+17.4%+3.8%−5.2%———————————32.5%+20.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.15+225%1.34+29.8%+42.0%+6.0%−19.8%+7.7%+8.1%+41.3%+19.6%−16.1%−20.8%—————32.3%+22.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.26+101%1.04+33.4%+8.0%+10.4%−8.7%−25.3%+23.8%+16.6%————————32.7%+20.1%
HDV Dividend & IncomeiShares Core High Dividend ETF0.40+83.3%1.00+14.1%+1.8%+7.1%−3.0%−0.3%+12.6%+23.8%+9.6%———————33.0%+19.2%
SMH TechnologyVanEck Semiconductor ETF0.05+323%0.97+39.1%+73.4%−33.5%−9.1%−0.3%+30.2%+33.4%+8.6%+6.8%−44.7%−6.7%−19.3%———32.8%+25.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.28+85.0%0.96+13.4%+20.1%−5.1%−9.5%+4.1%+3.4%+26.4%+20.9%———————32.5%+19.7%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.04+136%0.93+45.8%+17.6%−10.4%−0.9%———————————32.2%+21.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.19+177%0.93+5.6%−0.6%+64.4%−18.2%−21.5%−8.7%+26.3%+5.2%+2.8%−39.0%+18.0%+33.8%+24.4%——33.1%+21.9%

Stocks

InvestmentCorrelation5Y returnSharpe20242023202220182015201420132012201120082006200420001998199780/20 mix volatility80/20 mix annual return
NEM Newmont Corporation (this page)1.00+135%0.63−7.8%−8.8%−20.8%−6.2%−4.4%−17.2%−48.5%−20.4%−0.6%−15.9%−14.8%−8.1%−29.9%−37.7%−34.1%39.7%+19.5%
CAH Medical - DistributionCardinal Health, Inc.0.01+479%1.55+19.0%+34.1%+54.1%−24.5%+12.6%+23.0%+66.0%+3.8%+8.1%−39.6%−5.8%−4.7%+108%+51.7%+29.1%32.2%+25.1%
CLS Hardware, Equipment & PartsCelestica Inc.-0.14+3,143%1.47+215%+160%+1.3%−16.3%−6.0%+12.9%+27.6%+11.2%−24.4%−20.5%−26.0%−6.4%−2.3%——32.3%+39.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.08+1,636%1.46+107%+79.6%+17.0%+0.8%+67.7%−10.4%+61.7%+15.7%−17.0%−15.2%+38.9%+40.0%−71.1%−9.5%—32.3%+34.8%
MCK Medical - DistributionMcKesson Corporation0.15+413%1.44+23.7%+24.1%+51.8%−28.4%−4.5%+29.3%+67.7%+25.6%+11.8%−40.4%−1.2%−1.4%+61.2%+46.9%+96.3%32.9%+24.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.14+690%1.41−4.0%+30.4%+86.6%−8.2%+17.4%+0.4%+48.6%+94.3%———————33.3%+27.1%
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Common questions

What was NEM's worst drawdown?

NEM's deepest decline since it began trading in 1986 was 78.0%, from May 1996 to October 2000. It took about five years from the low to climb back to its old high.

What were NEM's best and worst years?

Over 29 full calendar years, NEM's best year was 2025, when it returned 173%. Its worst was 2013, with a return of -48.5%.

Is there a better investment than NEM?

Among NEM's popular alternatives, WPM and RGLD earned more than NEM with less volatility over the past 5 years. WPM returned 27.5% a year at 36.9% volatility, against 18.6% a year at 39.1%. Looking beyond its popular alternatives, RS (metals & mining) and MOG-A (aerospace & defense) earned more than NEM with less volatility over the past 5 years. RS returned 24.8% a year at 28.1% volatility, against 18.6% a year at 39.1%.

Is NEM more volatile than the S&P 500?

Yes. NEM's volatility over the past 5 years was 39.1%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NEM's return lands within 39.1% 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 NEM's Sharpe ratio?

NEM's Sharpe ratio over the past 5 years was 0.63, against 0.79 for the S&P 500, so NEM 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 NEM with the S&P 500?

Over the past 5 years, NEM's monthly returns had a correlation of 0.20 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against NEM instead: the lower it is, the more that option would diversify a NEM holding.

What are the best alternatives to NEM?

None of the 20 popular alternatives we compared outperformed NEM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about NEM's strength than about its alternatives.

Did NEM outperform the S&P 500?

NEM finished ahead of the S&P 500 (SPY) in 11 of 29 full calendar years. In 2025, it returned +173%, against +17.7% for the index.

How did NEM do in stock market crashes?

NEM fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in five. The clearest case was the 2022 bear market, when NEM fell 51.8% and the S&P 500 fell 24.5%.

What diversifies NEM?

These had a low correlation with NEM over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.39), DXJ (correlation 0.15) and EMLP (correlation 0.26); among large stocks, CAH (correlation 0.01), CLS (correlation -0.14) and FIX (correlation -0.08). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to NEM

Other stocks and ETFs