# How Nokia Oyj (NOK) compares with the whole market and its popular alternatives

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on NOK alone. It places NOK (Nokia Oyj) against 17 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 NOK stands in the market, and of the alternatives worth a closer look.

Period covered: NOK's full trading record, from July 1994 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** NOK has gone against the market, falling 14.3% over the past 6 months while the S&P 500 rose 9.1%. NOK is 69.2% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record.
- **Stock or market?:** The weakness is NOK's own: it fell 10.2% over the past 3 months while the communications equipment ETF IYZ (iShares U.S. Telecommunications ETF) fell 1.4%. The S&P 500 rose 3.9%. Its communications equipment peers did not move as one over the past 3 months: MSI (Motorola Solutions) rose 13.2%, while ADTN (ADTRAN) fell 43.3%.
- **Past 1 to 3 years:** Over the past year, NOK rose 60.8% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (211% against 89.3%). The past 3 years (ahead of 88% of the stocks worth at least $300 million) have been far stronger than the record over 10 years (behind 55% of them).
- **Long term:** NOK turned $10,000 into $22,300 over the past decade, against $42,100 in the S&P 500. NOK finished ahead of the S&P 500 in ten of its 29 calendar years.
- **In a crash:** Across seven sell-offs, NOK has typically fallen 1.3 times as far as the S&P 500.
- **Diversification:** Against the S&P 500, NOK has a correlation of 0.41 over 5 years, more closely than 53% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge.
- **Better options**
  - **Popular alternatives:** CSCO (Cisco Systems) and MSI (Motorola Solutions) earned more than NOK with less volatility over the past 5 years. CSCO returned 16.8% a year at 26.1% volatility, against 11.6% a year at 40.1%.
  - **Nearby categories and themes:** AAPL (Apple, computer hardware) and APH (Amphenol, electronic components) earned more than NOK with less volatility over the past 5 years. AAPL returned 18.5% a year at 28.0% volatility, against 11.6% a year at 40.1%.
  - **Whole market:** 562 of the 3,633 stocks and funds worth at least $500 million earned more than NOK with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and VOO (Vanguard S&P 500 ETF).

## How much would $10,000 in NOK have grown?

This chart tracks a hypothetical $10,000 investment in NOK over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NOK over the same span and NOK's popular alternatives, among those that traded for the entire period.

- $10,000 invested in NOK at the end of September 1997 would have grown to $36,874 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of NOK, and QCOM finished highest, at $779,813.

## NOK 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.

- NOK is still 69.2% below its all-time high.
- NOK's deepest decline since it began trading in 1994 was 96.0%, from June 2000 to July 2012. It has not yet climbed back to that peak.
- Over 29 full calendar years, NOK's best was 1998, when it returned 251%, and its worst was 2008, when it lost 58.2%. It lost money in 15 of those years.

- Type: Stock, Technology (Communication Equipment)
- Trading since: July 1, 1994
- Market value: $49B
- Volatility (5 years): 40.1%; Sharpe ratio: 0.47
- Worst decline ever: −96.0%, from June 19, 2000 to July 17, 2012; not yet back at its high

| Period | NOK total return |
| --- | --- |
| 1 month | −17.5% |
| 3 months | −10.2% |
| 6 months | −14.3% |
| year to date | +40.3% |
| 1 year | +60.8% |
| 3 years | +211% |
| 5 years | +72.8% |
| 10 years | +123% |

## NOK against the whole market

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

### How does NOK rank among all stocks?

This section ranks NOK on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- NOK's 3-year return ranks in the top 12% of the 3,017 stocks worth at least $300 million with 3 years of history.

| Measure | NOK | Rank |
| --- | --- | --- |
| 1-year return | +60.8% | 410 of 3,287 (top 13%) |
| 3-year return | +211% | 368 of 3,017 (top 13%) |
| 5-year return | +72.8% | 877 of 2,893 (top 31%) |
| 10-year return | +123% | 1,220 of 2,202 (top 56%) |
| Volatility, 5 years | 40.1% | 1,468 of 2,893 (top 51%) |
| Sharpe ratio, 5 years | 0.47 | 1,002 of 2,893 (top 35%) |
| Worst decline, past 10 years | −62.6% | 986 of 2,187 (top 46%) |

### What has beaten NOK 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).

- 378 stocks and 184 ETFs worth at least $500 million sit in the green region: each earned more than NOK over the past 5 years with smaller price swings. That is 15% of the 3,633 screened.
- Among those with at least half NOK's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 38% less than NOK's 40.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.47 for NOK. PBR-A earned the most, 51.8% a year, while still swinging less than NOK (37.5% against 40.1%).
- Among NOK's popular alternatives, CSCO and MSI are in the region. CSCO earned 16.8% a year against 11.6% a year for NOK, at 26.1% volatility, 35% less than NOK's 40.1%.

### Is there a better investment than NOK?

The table below lists investments that beat NOK over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among NOK's popular alternatives, CSCO and MSI earned more than NOK with less volatility over the past 5 years. CSCO returned 16.8% a year at 26.1% volatility, against 11.6% a year at 40.1%.
- Looking beyond its popular alternatives, AAPL (computer hardware) and APH (electronic components) earned more than NOK with less volatility over the past 5 years. AAPL returned 18.5% a year at 28.0% volatility, against 11.6% a year at 40.1%.
- Across the whole market, 562 of the 3,633 stocks and funds worth at least $500 million earned more than NOK with less volatility over the past 5 years, among them AAPL, GOOG and VOO.

The 15 strongest of 562 investments that beat NOK over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with NOK | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NOK: Nokia Oyj (this page) |  | +11.6% | 40.1% | 0.47 | −62.6% | +123% |  |  |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | Electric Utilities | +19.2% | 22.4% | 0.90 | −42.0% | +311% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GOOG](https://easycompare.io/research/goog): Alphabet Inc. | Internet Services | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | Banks | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | -0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [V](https://easycompare.io/research/v): Visa Inc. | Payment Processing | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## NOK against its popular alternatives

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

### How do NOK's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Only CSCO and MSI were both more rewarding and calmer than NOK over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, NOK returned 11.6% a year, less than the S&P 500's 12.7%, with higher volatility (40.1% against 17.1%).

### Has NOK consistently beaten its popular alternatives?

This section compares NOK with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Five of the 17 popular alternatives, led by ANET, VIAV and DGII, outperformed NOK in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- ANET, CIEN and CSCO earned more for the risk they took than NOK (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of NOK | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NOK: Nokia Oyj (this page) | +60.8% | +211% | +72.8% | +123% |  |  | 0.47 |
| [ANET](https://easycompare.io/research/anet): Arista Networks, Inc. | +23.7% | +289% | +634% | +3,439% | 3/5 short-term, 3/3 long-term | consistent | 1.06 |
| VIAV: Viavi Solutions Inc. | +164% | +359% | +127% | +376% | 3/5 short-term, 3/3 long-term | consistent | 0.58 |
| DGII: Digi International Inc. | +91.3% | +196% | +243% | +587% | 5/5 short-term, 2/3 long-term | consistent | 0.79 |
| [CSCO](https://easycompare.io/research/csco): Cisco Systems, Inc. | +53.8% | +118% | +118% | +374% | 4/5 short-term, 2/3 long-term | consistent | 0.73 |
| [MSI](https://easycompare.io/research/msi): Motorola Solutions, Inc. | +4.5% | +70.1% | +99.4% | +625% | 3/5 short-term, 2/3 long-term | consistent | 0.71 |
| [CIEN](https://easycompare.io/research/cien): Ciena Corporation | +97.5% | +721% | +546% | +1,600% | 2/5 short-term, 3/3 long-term |  | 0.97 |
| UI: Ubiquiti Inc. | −17.3% | +434% | +95.9% | +1,194% | 2/5 short-term, 3/3 long-term |  | 0.52 |
| EXTR: Extreme Networks, Inc. | +8.7% | +6.4% | +117% | +445% | 2/5 short-term, 2/3 long-term |  | 0.56 |
| [QCOM](https://easycompare.io/research/qcom): QUALCOMM Incorporated | +7.4% | +72.4% | +48.3% | +239% | 3/5 short-term, 1/3 long-term |  | 0.40 |
| ERIC: Telefonaktiebolaget LM Ericsson (publ) | +15.6% | +164% | +8.9% | +161% | 3/5 short-term, 1/3 long-term |  | 0.23 |
| CALX: Calix, Inc. | −40.0% | −16.6% | −35.1% | +435% | 2/5 short-term, 1/3 long-term |  | 0.07 |
| AVNW: Aviat Networks, Inc. | −16.9% | −26.3% | −36.1% | +334% | 2/5 short-term, 1/3 long-term |  | 0.09 |
| [TMUS](https://easycompare.io/research/tmus): T-Mobile US, Inc. | −30.0% | +21.1% | +36.1% | +253% | 1/5 short-term, 1/3 long-term |  | 0.37 |
| [AMT](https://easycompare.io/research/amt): American Tower Corporation | −1.1% | +27.5% | −21.8% | +107% | 3/5 short-term, 0/3 long-term |  | -0.04 |
| [T](https://easycompare.io/research/t): AT&T Inc. | −5.9% | +77.2% | +59.7% | +60.7% | 3/5 short-term, 0/3 long-term |  | 0.50 |
| [VZ](https://easycompare.io/research/vz): Verizon Communications Inc. | +16.4% | +71.5% | +14.4% | +55.8% | 3/5 short-term, 0/3 long-term |  | 0.23 |
| ADTN: ADTRAN Holdings Inc. | −28.3% | −8.7% | −61.3% | −59.8% | 1/5 short-term, 0/3 long-term |  | -0.05 |

### How did NOK do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where NOK ranked among its popular alternatives each year.

- Among its popular alternatives, ANET came out ahead of NOK most often, in nine of the 11 years both traded.
- NOK finished ahead of the S&P 500 in ten of its 29 full calendar years, and ahead of it in each of the last two.
- Ranked against its popular alternatives each year, NOK finished in the top quarter in six of 29 years and in the bottom quarter in seven. In 2025, it ranked 5 of 18.

| Year | NOK | SPY |
| --- | --- | --- |
| 2025 | +50.7% | +17.7% |
| 2024 | +34.6% | +24.9% |
| 2023 | −23.9% | +26.2% |
| 2022 | −24.4% | −18.2% |
| 2021 | +59.3% | +28.7% |
| 2020 | +5.2% | +18.3% |
| 2019 | −34.9% | +31.2% |
| 2018 | +29.7% | −4.6% |
| 2017 | −0.3% | +21.7% |
| 2016 | −27.8% | +12.0% |

## Risk and diversification

How NOK 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 NOK's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of NOK's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: NOK fell 96.0% from June 2000 to July 2012, while the S&P 500 rose 14.4%.
- The longest climb back to a previous high took 14 months, after NOK fell 57.6% from September 1995 to April 1996.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −96.0% | June 19, 2000 | July 17, 2012 | not yet | +14.4% | dot-com bust |
| −57.6% | September 14, 1995 | April 3, 1996 | June 24, 1997 | +13.3% |  |
| −36.6% | October 22, 1997 | December 23, 1997 | March 12, 1998 | −2.9% |  |
| −31.9% | July 24, 1998 | October 8, 1998 | October 30, 1998 | −15.0% |  |
| −23.0% | May 1, 2000 | May 23, 2000 | June 19, 2000 | −6.2% | dot-com bust |

### How did NOK do in stock market crashes?

This section measures how far NOK, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- Among its popular alternatives, T held up best, falling less than NOK in six of the ten crashes they both traded through.
- NOK fell further than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the dot-com bust, when NOK fell 82.1% and the S&P 500 fell 47.5%.

| Crash | Dates | NOK fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −82.1% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −78.1% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −21.1% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −23.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −2.8% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −9.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −42.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −32.1% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.1% | −3.4% |

### How closely does NOK 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.

- Over the past 10 years, NOK captured 63% of the S&P 500's gains in rising months and 72% of its losses in falling months, with a beta of 1.01. Its share of the market's losses was slightly larger than its share of the gains.
- Ten of the 17 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than NOK's 0.87, led by CIEN, ANET and TMUS.
- TMUS took just 37% of the S&P 500's losses, against 72% for NOK, while still keeping 63% of its gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| NOK: Nokia Oyj (this page) | 63.0% | 72.0% | 1.01 |
| [ANET](https://easycompare.io/research/anet): Arista Networks, Inc. | 174% | 91.0% | 1.40 |
| VIAV: Viavi Solutions Inc. | 98.0% | 76.0% | 0.97 |
| DGII: Digi International Inc. | 137% | 137% | 1.29 |
| [CSCO](https://easycompare.io/research/csco): Cisco Systems, Inc. | 101% | 96.0% | 0.97 |
| [MSI](https://easycompare.io/research/msi): Motorola Solutions, Inc. | 97.0% | 62.0% | 0.84 |
| [CIEN](https://easycompare.io/research/cien): Ciena Corporation | 129% | 64.0% | 1.07 |
| UI: Ubiquiti Inc. | 150% | 125% | 1.35 |
| EXTR: Extreme Networks, Inc. | 144% | 172% | 1.88 |
| [QCOM](https://easycompare.io/research/qcom): QUALCOMM Incorporated | 115% | 139% | 1.51 |
| ERIC: Telefonaktiebolaget LM Ericsson (publ) | 73.0% | 108% | 0.71 |
| CALX: Calix, Inc. | 96.0% | 85.0% | 1.40 |
| AVNW: Aviat Networks, Inc. | 86.0% | 70.0% | 1.41 |
| [TMUS](https://easycompare.io/research/tmus): T-Mobile US, Inc. | 63.0% | 37.0% | 0.46 |
| [AMT](https://easycompare.io/research/amt): American Tower Corporation | 61.0% | 79.0% | 0.60 |
| [T](https://easycompare.io/research/t): AT&T Inc. | 47.0% | 62.0% | 0.50 |
| [VZ](https://easycompare.io/research/vz): Verizon Communications Inc. | 44.0% | 60.0% | 0.36 |
| ADTN: ADTRAN Holdings Inc. | 47.0% | 150% | 1.46 |

### What diversifies NOK?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in NOK into MCK would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+16.1% for NOK alone, +22.1% for the mix).
- FIX made money in 11 of the 15 calendar years in which NOK lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of NOK over the past 5 years, with correlations of 0.29 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with NOK | 5Y return | Volatility | Sharpe | Rose in NOK's 15 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.18 | +119% | 11.1% | 1.48 | 4 of 15 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.29 | +225% | 19.1% | 1.34 | 8 of 15 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.14 | +101% | 14.5% | 1.04 | 5 of 15 |
| HDV: iShares Core High Dividend ETF | 0.13 | +83.3% | 13.0% | 1.00 | 6 of 15 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.39 | +85.0% | 13.8% | 0.96 | 6 of 15 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.18 | +126% | 18.9% | 0.96 | 9 of 15 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.45 | +136% | 20.8% | 0.93 | 4 of 15 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | -0.02 | +177% | 25.5% | 0.93 | 9 of 15 |

## Common questions

### What was NOK's worst drawdown?

NOK's deepest decline since it began trading in 1994 was 96.0%, from June 2000 to July 2012. It has not yet climbed back to that peak.

### What were NOK's best and worst years?

Over 29 full calendar years, NOK's best year was 1998, when it returned 251%. Its worst was 2008, with a return of -58.2%.

### Is there a better investment than NOK?

Among NOK's popular alternatives, CSCO and MSI earned more than NOK with less volatility over the past 5 years. CSCO returned 16.8% a year at 26.1% volatility, against 11.6% a year at 40.1%. Looking beyond its popular alternatives, AAPL (computer hardware) and APH (electronic components) earned more than NOK with less volatility over the past 5 years. AAPL returned 18.5% a year at 28.0% volatility, against 11.6% a year at 40.1%.

### Is NOK more volatile than the S&P 500?

Yes. NOK's volatility over the past 5 years was 40.1%, 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, NOK's return lands within 40.1% 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 NOK's Sharpe ratio?

NOK's Sharpe ratio over the past 5 years was 0.47, against 0.79 for the S&P 500, so NOK 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 NOK with the S&P 500?

Over the past 5 years, NOK's monthly returns had a correlation of 0.41 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 NOK instead: the lower it is, the more that option would diversify a NOK holding.

### What are the best alternatives to NOK?

Of the 17 popular alternatives we compared, five outperformed NOK in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: ANET, VIAV and DGII.

### Did NOK outperform the S&P 500?

NOK finished ahead of the S&P 500 (SPY) in ten of 29 full calendar years. In 2025, it returned +50.7%, against +17.7% for the index.

### How did NOK do in stock market crashes?

NOK 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 NOK fell 82.1% and the S&P 500 fell 47.5%.

### What diversifies NOK?

These had a low correlation with NOK over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.18), DXJ (correlation 0.29) and EMLP (correlation 0.14); among large stocks, CAH (correlation 0.13), CLS (correlation 0.34) and FIX (correlation 0.27). A correlation near zero means the two have moved largely independently.

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## Explore further

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