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Relative Intelligence · Railroads

How Norfolk Southern (NSC) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on NSC alone. It places NSC (Norfolk Southern Corporation) against 9 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 NSC stands in the market, and of the alternatives worth a closer look.

Period covered: NSC'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 NSC →Chart NSC vs. 9 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in NSC over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NSC over the same span and NSC'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. 347 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of NSC; 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$100,000$200,000$500,000199720022007201220172022$10,000$100,00019972004201120182025
  • JBHT$749,311+7,393% total · +16.0% a year
  • CNI$468,127+4,581% total · +14.2% a year
  • CP$436,454+4,265% total · +13.9% a year
  • UNP$306,095+2,961% total · +12.5% a year
  • WAB$275,358+2,654% total · +12.1% a year
  • CSX$247,386+2,374% total · +11.7% a year
  • NSC$171,092+1,611% total · +10.3% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • GATX$115,106+1,051% total · +8.8% a year
  • TRN$40,975+310% 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. 1,679 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of NSC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • WAB$34,242+242% total · +27.9% a year
  • PGR$25,636+156% total · +20.7% a year
  • GATX$20,714+107% total · +15.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • CSX$16,737+67.4% total · +10.8% a year
  • UNP$15,540+55.4% total · +9.2% a year
  • NSC$14,343+43.4% total · +7.5% a year
  • JBHT$14,029+40.3% total · +7.0% a year
  • CP$13,597+36.0% total · +6.3% a year
  • CNI$11,429+14.3% total · +2.7% a year
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NSC 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
$73B
Industry
Railroads
Price history from
October 1986

Returns

Past 1 year
+13.8%total return
Past 3 years
+72.0%+19.8% a year
Past 5 years
+29.5%+5.3% a year
Past 10 years
+328%+15.6% a year
Best calendar year
+55.3%2004
Worst calendar year
−33.5%1999
Losing years
7 of 29full calendar years

Risk

Volatility
24.8%typical yearly swing, 5 years
Sharpe ratio
0.33return per unit of risk, 5 years
Worst decline ever
−67.7%Mar 1998 to Oct 2000
From its all-time high
−7.8%below the peak

NSC against the whole market

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

How does NSC rank among all stocks?

This section ranks NSC 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 NSC 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.

MeasureNSCRankStanding
1-year return+13.8%1,454 of 3,287top 44%
3-year return+72.0%1,219 of 3,017top 40%
5-year return+29.5%1,345 of 2,893top 46%
10-year return+328%523 of 2,202top 24%
Volatility, 5 years24.8%310 of 2,893top 11%
Sharpe ratio, 5 years0.331,450 of 2,893top 50%
Worst decline, past 10 years−44.4%275 of 2,187top 13%

What has beaten NSC 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). NSC sits where the dashed lines cross. Anything in the green box above and to the left earned more than NSC 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 NSC; faint dots are 91 more of the 640 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.

0.0%5.0%10.0%15.0%20.0%25.0%30.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NSCJNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%VEA: +9.3% a year, volatility 16.9%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%VT: +10.3% a year, volatility 16.2%IEMG: +6.8% a year, volatility 19.4%SCHG: +13.1% a year, volatility 22.4%DYNF: +14.7% a year, volatility 17.5%DGRO: +10.9% a year, volatility 13.7%WMT: +20.8% a year, volatility 22.6%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%DGX: +12.3% a year, volatility 22.5%SPHQ: +12.0% a year, volatility 16.7%EWJ: +9.2% a year, volatility 18.8%RWL: +13.7% a year, volatility 14.4%DBEF: +13.1% a year, volatility 13.8%JQUA: +13.6% a year, volatility 15.7%AME: +14.4% a year, volatility 22.1%LIN: +11.5% a year, volatility 20.9%USMC: +14.1% a year, volatility 16.4%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%IDMO: +13.3% a year, volatility 18.2%RDVY: +11.3% a year, volatility 18.8%SPUS: +15.0% a year, volatility 19.5%NWE: +10.3% a year, volatility 21.6%DIVI: +13.4% a year, volatility 15.5%EQWL: +11.6% a year, volatility 15.0%DIVB: +13.9% a year, volatility 15.4%FV: +9.7% a year, volatility 21.1%FLQL: +13.8% a year, volatility 16.3%JMOM: +12.9% a year, volatility 19.1%WM: +9.3% a year, volatility 19.2%HFXI: +11.4% a year, volatility 15.3%FBT: +10.8% a year, volatility 22.2%IPAC: +8.2% a year, volatility 16.9%RODM: +10.6% a year, volatility 13.5%INFL: +11.8% a year, volatility 17.8%FVAL: +12.4% a year, volatility 16.4%DUSA: +11.3% a year, volatility 18.4%HLAL: +14.0% a year, volatility 18.0%ROUS: +12.3% a year, volatility 14.4%IDHQ: +10.0% a year, volatility 17.9%DGT: +13.8% a year, volatility 15.1%SIXA: +12.8% a year, volatility 12.7%IDOG: +14.1% a year, volatility 15.6%QDEF: +12.7% a year, volatility 13.7%SFY: +13.9% a year, volatility 19.4%VSLU: +13.7% a year, volatility 16.2%NXTG: +16.2% a year, volatility 19.1%DJD: +11.8% a year, volatility 13.3%PM: +21.0% a year, volatility 23.4%PJP: +11.2% a year, volatility 16.6%FDEM: +9.2% a year, volatility 17.0%TD: +15.8% a year, volatility 20.0%MO: +17.8% a year, volatility 21.4%BMO: +13.6% a year, volatility 21.4%BNS: +12.9% a year, volatility 19.9%COST: +17.4% a year, volatility 22.9%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%CCEP: +19.7% a year, volatility 23.2%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%EQL: +13.5% a year, volatility 14.5%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%AVDV: +13.9% a year, volatility 17.4%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%SO: +11.3% a year, volatility 18.8%CME: +11.2% a year, volatility 20.8%PJUL: +10.5% a year, volatility 8.6%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%VLUE: +15.9% a year, volatility 18.4%BBCA: +11.4% a year, volatility 16.7%SEIC: +12.7% a year, volatility 22.3%NSC: +5.3% a year, volatility 24.8%SPY (S&P 500): +12.7% a year, volatility 17.1%CSX: +8.3% a year, volatility 23.3%WAB: +25.6% a year, volatility 26.2%GATX: +12.4% a year, volatility 25.1%UNP: +7.1% a year, volatility 22.9%PGR: +21.3% a year, volatility 25.6%TRV: +22.4% a year, volatility 22.3%EXPD: +12.0% a year, volatility 27.1%ACT: +20.5% a year, volatility 24.3%CB: +15.7% a year, volatility 20.4%AJG: +10.9% a year, volatility 24.2%VOO: +12.8% a year, volatility 16.9%V: +12.8% a year, volatility 22.9%RSG: +13.9% a year, volatility 18.5%VTI: +11.5% a year, volatility 17.5%RY: +17.3% a year, volatility 18.2%IOO: +15.7% a year, volatility 17.2%FAST: +15.8% a year, volatility 24.6%JAAA: +5.1% a year, volatility 1.7%DXJ: +26.6% a year, volatility 19.1%NSCSPY (S&P 500)CSXWABGATXUNPPGRTRVEXPDACTCBAJGVOOVRSGVTIRYIOOFASTJAAADXJ0.0%10.0%20.0%30.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NSCJNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%VEA: +9.3% a year, volatility 16.9%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%VT: +10.3% a year, volatility 16.2%IEMG: +6.8% a year, volatility 19.4%SCHG: +13.1% a year, volatility 22.4%DYNF: +14.7% a year, volatility 17.5%DGRO: +10.9% a year, volatility 13.7%WMT: +20.8% a year, volatility 22.6%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%DGX: +12.3% a year, volatility 22.5%SPHQ: +12.0% a year, volatility 16.7%EWJ: +9.2% a year, volatility 18.8%RWL: +13.7% a year, volatility 14.4%DBEF: +13.1% a year, volatility 13.8%JQUA: +13.6% a year, volatility 15.7%AME: +14.4% a year, volatility 22.1%LIN: +11.5% a year, volatility 20.9%USMC: +14.1% a year, volatility 16.4%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%IDMO: +13.3% a year, volatility 18.2%RDVY: +11.3% a year, volatility 18.8%SPUS: +15.0% a year, volatility 19.5%NWE: +10.3% a year, volatility 21.6%DIVI: +13.4% a year, volatility 15.5%EQWL: +11.6% a year, volatility 15.0%DIVB: +13.9% a year, volatility 15.4%FV: +9.7% a year, volatility 21.1%FLQL: +13.8% a year, volatility 16.3%JMOM: +12.9% a year, volatility 19.1%WM: +9.3% a year, volatility 19.2%HFXI: +11.4% a year, volatility 15.3%FBT: +10.8% a year, volatility 22.2%IPAC: +8.2% a year, volatility 16.9%RODM: +10.6% a year, volatility 13.5%INFL: +11.8% a year, volatility 17.8%FVAL: +12.4% a year, volatility 16.4%DUSA: +11.3% a year, volatility 18.4%HLAL: +14.0% a year, volatility 18.0%ROUS: +12.3% a year, volatility 14.4%IDHQ: +10.0% a year, volatility 17.9%DGT: +13.8% a year, volatility 15.1%SIXA: +12.8% a year, volatility 12.7%IDOG: +14.1% a year, volatility 15.6%QDEF: +12.7% a year, volatility 13.7%SFY: +13.9% a year, volatility 19.4%VSLU: +13.7% a year, volatility 16.2%NXTG: +16.2% a year, volatility 19.1%DJD: +11.8% a year, volatility 13.3%PM: +21.0% a year, volatility 23.4%PJP: +11.2% a year, volatility 16.6%FDEM: +9.2% a year, volatility 17.0%TD: +15.8% a year, volatility 20.0%MO: +17.8% a year, volatility 21.4%BMO: +13.6% a year, volatility 21.4%BNS: +12.9% a year, volatility 19.9%COST: +17.4% a year, volatility 22.9%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%CCEP: +19.7% a year, volatility 23.2%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%EQL: +13.5% a year, volatility 14.5%PBA: +13.8% a year, volatility 21.5%PVAL: +16.1% a year, volatility 15.1%AVDV: +13.9% a year, volatility 17.4%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%SO: +11.3% a year, volatility 18.8%CME: +11.2% a year, volatility 20.8%PJUL: +10.5% a year, volatility 8.6%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%VLUE: +15.9% a year, volatility 18.4%BBCA: +11.4% a year, volatility 16.7%SEIC: +12.7% a year, volatility 22.3%NSC: +5.3% a year, volatility 24.8%SPY (S&P 500): +12.7% a year, volatility 17.1%CSX: +8.3% a year, volatility 23.3%WAB: +25.6% a year, volatility 26.2%GATX: +12.4% a year, volatility 25.1%UNP: +7.1% a year, volatility 22.9%PGR: +21.3% a year, volatility 25.6%TRV: +22.4% a year, volatility 22.3%EXPD: +12.0% a year, volatility 27.1%ACT: +20.5% a year, volatility 24.3%CB: +15.7% a year, volatility 20.4%AJG: +10.9% a year, volatility 24.2%VOO: +12.8% a year, volatility 16.9%V: +12.8% a year, volatility 22.9%RSG: +13.9% a year, volatility 18.5%VTI: +11.5% a year, volatility 17.5%RY: +17.3% a year, volatility 18.2%IOO: +15.7% a year, volatility 17.2%FAST: +15.8% a year, volatility 24.6%JAAA: +5.1% a year, volatility 1.7%DXJ: +26.6% a year, volatility 19.1%NSCSPY (S&P 500)CSXWABUNPPGRTRVACTCBAJGVOORYIOOFASTJAAADXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than NSC?

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

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

Screen the whole market against NSC for any period in BetterThanSPYOpen these 19 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 NSC?lower diversifies moreExpenseper year
NSCNorfolk Southern Corporation · this page
+5.3%24.8%0.33−44.4%+328%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.710.09%
Popular alternativesbest 4 shownThe investments people most often weigh against NSC. 4 of 9 passed at least one test.
CSXCSX Corporation · Railroads
Higher return, lower volatilityHigher return in most periods+8.3%23.3%0.46−40.5%+446%0.88—
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Higher return, similar volatilityHigher return in most periods+25.6%26.2%1.00−64.1%+264%0.58—
GATXGATX Corporation · Equipment Rental
Higher return, similar volatilityHigher Sharpe, smaller worst decline+12.4%25.1%0.59−38.3%+329%0.64—
UNPUnion Pacific Corporation · Railroads
Higher return, lower volatility+7.1%22.9%0.42−38.7%+295%0.84—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Railroads and the categories next to it (Freight & Logistics, Industrial Machinery, Insurance, Equipment Rental), plus NSC's specific themes. 51 of 114 passed at least one test.
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+21.3%25.6%0.89−30.3%+816%0.28—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+22.4%22.3%1.02−46.3%+347%0.56—
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.0%27.1%0.56−35.6%+349%0.50—
ACTEnact Holdings Inc. · Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.5%24.3%0.89−20.2%—0.46—
CBChubb Limited · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+15.7%20.4%0.82−42.6%+248%0.50—
AJGArthur J. Gallagher & Co. · Insurance
Higher return, similar volatilityHigher return in most periodsSmaller losses in recent crashes+10.9%24.2%0.55−44.4%+516%0.49—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,052 of 3,510 passed at least one test.
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.8%16.9%0.80−34.0%+324%0.710.03%
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.8%22.9%0.64−36.4%+429%0.49—
RSGRepublic Services, Inc. · Environmental Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.53—
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.5%17.5%0.71−35.0%+302%0.730.03%
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+17.3%18.2%0.97−40.0%+352%0.50—
IOOiShares Global 100 ETF · Global Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+15.7%17.2%0.94−31.4%+361%0.610.40%
FASTFastenal Company · Industrial Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+15.8%24.6%0.72−30.7%+576%0.63—
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+5.1%1.7%2.98−2.6%—0.250.20%
What these numbers mean for NSC
Annual return
NSC returned 5.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $12,900. 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
NSC's volatility over the past 5 years was 24.8%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NSC's return lands within 24.8% 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
NSC's Sharpe ratio over the past 5 years was 0.33, against 0.79 for the S&P 500, so NSC 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
NSC's worst fall from a peak to a low over the past 10 years was 44.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 44.4% fall takes a 79.9% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, NSC's monthly returns had a correlation of 0.71 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 NSC instead: the lower it is, the more that option would diversify a NSC holding. Guide: Correlation and diversification →
Show all 640 stocks and funds worth at least $500 million that earned more than NSC 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 NSCExpense
1
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.710.03%
2
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.49—
3
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.53—
4
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.730.03%
5
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.50—
6
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.610.40%
7
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.45—
8
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.360.48%
9
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.600.40%
10
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.42—
11
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.630.05%
12
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.510.18%
13
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.38—
14
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.790.03%
15
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.650.03%
16
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.35—
17
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.390.45%
18
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.720.06%
19
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.8%19.4%0.44−38.7%+122%0.470.09%
20
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.580.04%
21
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.680.26%
22
DGROiShares Core Dividend Growth ETF · US Dividend Equity
Whole market+10.9%13.7%0.83−35.1%+267%0.810.08%
23
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.45—
24
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.520.13%
25
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.600.27%
26
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.740.15%
27
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.46—
28
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.650.20%
29
EWJiShares MSCI Japan ETF · International Equity
Whole market+9.2%18.8%0.57−33.1%+132%0.530.49%
30
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.790.39%
31
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.650.35%
32
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.740.12%
33
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.67—
34
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.61—
35
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.650.12%
36
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.510.50%
37
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.43—
38
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.780.20%
39
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.690.25%
40
RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity
Whole market+11.3%18.8%0.67−40.6%+322%0.740.47%
41
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.610.45%
42
NWENorthwestern Energy Group Inc · Electric Utilities
Whole market+10.3%21.6%0.57−39.3%+104%0.34—
43
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.620.09%
44
EQWLInvesco S&P 100 Equal Weight ETF · Broad Market
Whole market+11.6%15.0%0.81−34.3%+291%0.760.30%
45
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.770.05%
46
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Same or nearby category+22.4%22.3%1.02−46.3%+347%0.56—
47
FVFirst Trust Dorsey Wright Focus 5 ETF · Broad Market
Whole market+9.7%21.1%0.55−34.0%+247%0.610.30%
48
FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market
Whole market+13.8%16.3%0.88−33.6%—0.700.15%
49
JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market
Whole market+12.9%19.1%0.73−34.3%—0.690.12%
50
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.54—
51
HFXINYLI FTSE International Equity Currency Neutral ETF · International
Whole market+11.4%15.3%0.79−32.4%+180%0.620.19%
52
FBTFirst Trust NYSE Arca Biotechnology Index Fund · Healthcare
Whole market+10.8%22.2%0.58−33.3%+203%0.520.55%
53
IPACiShares Core MSCI Pacific ETF · International
Whole market+8.2%16.9%0.55−31.0%+126%0.610.09%
54
RODMHartford Multifactor Developed Markets (ex-US) ETF · International
Whole market+10.6%13.5%0.82−36.0%+141%0.640.29%
55
INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market
Whole market+11.8%17.8%0.72−21.3%—0.700.85%
56
FVALFidelity Value Factor ETF · Broad Market
Whole market+12.4%16.4%0.80−37.3%+291%0.710.15%
57
DUSADavis Select U.S. Equity ETF · Broad Market
Whole market+11.3%18.4%0.68−36.7%—0.690.59%
58
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.620.50%
59
ROUSHartford Multifactor US Equity ETF · Broad Market
Whole market+12.3%14.4%0.88−35.5%+238%0.790.19%
60
IDHQInvesco S&P International Developed Quality ETF · International
Whole market+10.0%17.9%0.63−33.6%+183%0.630.29%
61
DGTState Street SPDR Global Dow ETF · International
Whole market+13.8%15.1%0.94−34.4%+261%0.690.50%
62
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%—0.710.31%
63
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+180%0.500.50%
64
QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income
Whole market+12.7%13.7%0.94−35.7%+228%0.770.40%
65
SFYSoFi Select 500 ETF · Broad Market
Whole market+13.9%19.4%0.77−33.3%—0.640.19%
66
VSLUApplied Finance Valuation Large Cap ETF · Broad Market
Whole market+13.7%16.2%0.88−23.8%—0.710.49%
67
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.460.70%
68
DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income
Whole market+11.8%13.3%0.91−34.7%+227%0.700.07%
69
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.30—
70
PJPInvesco Pharmaceuticals ETF · Healthcare
Whole market+11.2%16.6%0.72−34.0%+135%0.510.58%
71
FDEMFidelity Emerging Markets Multifactor ETF · International
Whole market+9.2%17.0%0.61−33.7%—0.440.25%
72
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.54—
73
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.38—
74
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+295%0.57—
75
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.62—
76
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.51—
77
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.50—
78
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.73—
79
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.39—
80
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.220.80%
81
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.220.40%
82
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.600.25%
83
VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity
Whole market+9.4%15.8%0.65−43.2%+182%0.800.05%
84
EQLALPS Equal Sector Weight ETF · Broad Market
Whole market+13.5%14.5%0.94−34.2%+387%0.800.19%
85
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.5%0.71−70.9%+172%0.53—
86
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.780.56%
87
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.600.36%
88
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.56—
89
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.730.06%
90
SOThe Southern Company · Electric Utilities
Whole market+11.3%18.8%0.67−38.4%+170%0.39—
91
CMECME Group Inc. · Capital Markets
Whole market+11.2%20.8%0.62−37.4%+319%0.35—
92
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.690.79%
93
CBChubb Limited · Property & Casualty Insurance
Same or nearby category+15.7%20.4%0.82−42.6%+248%0.50—
94
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.55—
95
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.610.85%
96
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.5%18.0%0.50−37.4%+132%0.56—
97
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.57—
98
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.580.15%
99
BBCAJPMorgan BetaBuilders Canada ETF · International Equity
Whole market+11.4%16.7%0.73−42.8%—0.750.19%
100
SEICSEI Investments Company · Asset Management
Whole market+12.7%22.3%0.65−51.8%+168%0.64—

NSC against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNSC: 5.3% a year, volatility 24.8%SPY (S&P 500): 12.7% a year, volatility 17.1%CSX: 8.3% a year, volatility 23.3%UNP: 7.1% a year, volatility 22.9%JBHT: 4.0% a year, volatility 32.8%TRN: 0.5% a year, volatility 35.7%GBX: −2.0% a year, volatility 42.2%WAB: 25.6% a year, volatility 26.2%GATX: 12.4% a year, volatility 25.1%CNI: 0.6% a year, volatility 21.9%CP: 4.0% a year, volatility 24.1%NSCSPY (S&P 500)CSXUNPJBHTTRNGBXWABGATXCNICP10.0%20.0%30.0%40.0%50.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNSC: 5.3% a year, volatility 24.8%SPY (S&P 500): 12.7% a year, volatility 17.1%CSX: 8.3% a year, volatility 23.3%UNP: 7.1% a year, volatility 22.9%JBHT: 4.0% a year, volatility 32.8%TRN: 0.5% a year, volatility 35.7%GBX: −2.0% a year, volatility 42.2%WAB: 25.6% a year, volatility 26.2%GATX: 12.4% a year, volatility 25.1%CNI: 0.6% a year, volatility 21.9%CP: 4.0% a year, volatility 24.1%NSCSPY (S&P 500)CSXUNPJBHTTRNGBXWABCNICP
All figures
InvestmentAnnual returnVolatility
WAB Westinghouse Air Brake Technologies Corporation+25.6%26.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
GATX GATX Corporation+12.4%25.1%
CSX CSX Corporation+8.3%23.3%
UNP Union Pacific Corporation+7.1%22.9%
NSC This pageNorfolk Southern Corporation+5.3%24.8%
CP Canadian Pacific Kansas City Ltd.+4.0%24.1%
JBHT J.B. Hunt Transport Services, Inc.+4.0%32.8%
CNI Canadian National Railway Company+0.6%21.9%
TRN Trinity Industries, Inc.+0.5%35.7%
GBX The Greenbrier Companies, Inc.−2.0%42.2%
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Has NSC consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than NSC 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
NSC Norfolk Southern Corporation (this page)—+5.3%−2.4%+7.9%+14.6%+13.8%+72.0%+29.5%+328%24.8%0.33−44.4%—$73B—
CSX QualifiedCSX Corporation3/5 short2/3 long+4.5%−3.8%+10.6%+33.7%+32.8%+63.0%+49.3%+446%23.3%0.46−40.5%—$89B—
WAB QualifiedWestinghouse Air Brake Technologies Corporation3/5 short2/3 long+0.1%+10.1%+7.6%+31.6%+45.3%+189%+212%+264%26.2%1.00−64.1%—$48B—
UNP RailroadsUnion Pacific Corporation4/5 short1/3 long+6.7%−2.5%+15.2%+25.9%+29.2%+45.4%+41.2%+295%22.9%0.42−38.7%—$171B—
GATX Rental & Leasing ServicesGATX Corporation0/5 short1/3 long−10.4%−8.9%−18.9%−4.3%−5.1%+59.5%+79.2%+329%25.1%0.59−38.3%—$5.7B—
CNI RailroadsCanadian National Railway Company3/5 short0/3 long+3.2%−3.8%+10.2%+23.0%+30.2%+21.9%+3.1%+124%21.9%0.14−29.1%—$73B—
CP RailroadsCanadian Pacific Kansas City Ltd.2/5 short0/3 long+0.8%−4.5%+7.4%+18.1%+15.1%+25.6%+21.6%+227%24.1%0.28−33.7%—$77B—
JBHT Integrated Freight & LogisticsJ.B. Hunt Transport Services, Inc.2/5 short0/3 long−4.1%−22.0%−9.7%+15.7%+37.9%+32.2%+21.6%+220%32.8%0.28−42.4%—$21B—
TRN RailroadsTrinity Industries, Inc.0/5 short0/3 long−9.9%−31.1%−20.6%−4.1%−8.8%+29.7%+2.5%+107%35.7%0.19−45.2%—$2.0B—
GBX RailroadsThe Greenbrier Companies, Inc.0/5 short0/3 long−10.4%−24.1%−23.3%−18.8%−15.7%−0.7%−9.4%+38.6%42.2%0.16−78.7%—$1.2B—
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How did NSC do year by year?

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

InvestmentYears ahead of NSC20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
NSC This pageNorfolk Southern Corporation—+25.7%+1.6%−1.6%−15.6%+27.3%+24.8%+32.4%+5.2%+36.8%+31.5%−20.3%+20.8%+54.2%−12.7%+18.8%+22.8%+15.2%−4.8%+2.2%+13.8%+25.6%+55.3%+20.2%+10.4%+39.5%−31.8%−33.5%+6.6%+6.6%
Rank among alternativesTop quarter in 9 of 291 of 105 of 109 of 107 of 104 of 103 of 103 of 104 of 103 of 106 of 105 of 106 of 103 of 109 of 104 of 109 of 107 of 103 of 107 of 106 of 105 of 103 of 109 of 103 of 103 of 109 of 108 of 104 of 109 of 10
SPY S&P 500State Street SPDR S&P 500 ETF13 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
CSX CSX Corporation16 of 29+14.2%−5.6%+13.5%−16.6%+25.7%+27.1%+18.0%+14.5%+55.5%+42.1%−26.7%+28.4%+49.3%−3.9%−0.2%+35.7%+53.2%−24.9%+29.6%+37.0%+27.9%+12.4%+30.5%−18.6%+38.2%−12.8%−22.5%−21.1%+30.6%
WAB Westinghouse Air Brake Technologies Corporation15 of 29+13.2%+50.1%+28.0%+9.1%+26.5%−5.2%+11.5%−13.3%−1.4%+17.3%−17.9%+17.3%+70.1%+25.4%+32.4%+29.7%+2.8%+15.6%+13.5%+13.1%+26.5%+25.4%+21.8%+14.6%+4.9%−33.5%−27.2%−4.5%+104%
UNP Union Pacific Corporation11 of 29+3.9%−5.1%+21.6%−15.9%+23.3%+17.6%+33.7%+5.3%+32.3%+36.0%−32.9%+44.5%+36.3%+21.2%+16.7%+47.6%+36.6%−22.7%+38.3%+15.8%+21.8%−1.3%+17.9%+6.5%+14.0%+18.7%−1.5%−26.8%+7.0%
GATX GATX Corporation14 of 29+11.1%+31.1%+15.2%+4.2%+27.9%+3.2%+19.7%+16.6%+3.8%+49.8%−23.8%+12.7%+23.6%+2.0%+27.7%+27.4%−3.0%−13.1%−13.4%+22.7%+24.9%+8.9%+31.0%−26.5%−32.6%+52.6%−8.1%+7.3%+54.3%
CNI Canadian National Railway Company16 of 29−0.1%−17.5%+7.8%−1.4%+13.7%+23.6%+24.3%−8.6%+24.4%+22.8%−17.6%+22.6%+27.3%+17.9%+20.3%+24.4%+51.4%−20.1%+10.9%+9.2%+32.6%+47.4%+55.3%−12.3%+65.5%+14.8%+4.3%+11.6%+26.8%
CP Canadian Pacific Kansas City Ltd.12 of 29+2.6%−7.8%+6.8%+4.5%+4.7%+37.4%+45.1%−1.8%+29.4%+13.0%−33.3%+28.3%+50.5%+52.7%+6.5%+22.2%+64.1%−47.1%+24.2%+27.5%+23.9%+24.6%+45.2%+3.5%+40.6%+35.6%+17.3%−29.0%+4.1%
JBHT J.B. Hunt Transport Services, Inc.16 of 29+15.2%−13.8%+15.6%−13.9%+50.6%+18.1%+26.8%−18.4%+19.6%+33.8%−12.0%+10.1%+30.2%+34.2%+11.8%+28.2%+24.8%−3.4%+34.4%−6.9%+2.1%+66.5%+84.3%+26.4%+38.0%+21.6%−38.9%+23.8%+35.7%
TRN Trinity Industries, Inc.11 of 29−21.5%+37.2%−6.2%+1.5%+17.9%+23.8%+11.1%−22.4%+37.1%+18.0%−12.9%+3.7%+54.1%+20.9%+14.2%+55.1%+13.3%−42.6%−20.6%+20.6%+30.2%+11.5%+64.6%−29.0%+12.2%−9.0%−24.7%−12.2%+21.4%
GBX The Greenbrier Companies, Inc.11 of 29−21.3%+41.3%+36.3%−24.8%+29.4%+17.7%−15.5%−24.3%+30.8%+31.9%−38.4%+64.4%+103%−33.4%+15.6%+102%+51.8%−68.3%−24.9%+6.7%−15.3%+103%+135%−1.6%−8.8%−0.2%−36.6%−17.1%+69.8%
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Risk and diversification

How NSC 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 NSC's worst declines?

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

DuringNSC fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−67.7%+31.6%Mar 1998Oct 20002.6 yearsNov 20044.1 years
2008 financial crisis−62.9%−46.3%Jul 2008Mar 20098 monthsMar 20112 years
Covid crash−44.4%−31.3%Jan 2020Mar 20202 monthsAug 20205 months
No named crash−42.8%—Aug 1987Oct 19872 monthsMay 198919 months
2015 China and oil sell-off−41.3%−6.0%Nov 2014Feb 201615 monthsDec 201610 months

How did NSC do in stock market crashes?

This section measures how far NSC, 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 NSC.

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
NSC This pageNorfolk Southern Corporation—−4.0%−28.4%−43.6%−23.8%−5.6%−31.7%−21.1%−2.1%−62.9%−39.9%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CSX CSX Corporation5 of 10−4.0%−29.4%−40.5%−21.4%−8.7%−26.5%−27.4%−0.9%−69.2%−37.5%
WAB Westinghouse Air Brake Technologies Corporation4 of 10−6.4%−18.9%−48.3%−37.9%−2.9%−40.5%−26.1%−2.4%−60.8%−33.7%
UNP Union Pacific Corporation7 of 10−4.2%−29.8%−37.5%−21.9%−4.8%−28.7%−23.4%−1.5%−59.5%−25.6%
GATX GATX Corporation4 of 10−5.8%−31.9%−31.7%−22.7%−5.1%−29.1%−24.0%−2.3%−72.1%−64.7%
CNI Canadian National Railway Company9 of 10−1.3%−21.0%−27.3%−22.1%−5.1%−23.9%−19.3%−0.5%−46.7%−30.6%
CP Canadian Pacific Kansas City Ltd.6 of 10−3.0%−19.9%−32.9%−24.4%−4.3%−35.1%−29.8%−0.4%−65.4%−35.7%
JBHT J.B. Hunt Transport Services, Inc.4 of 10−5.5%−28.8%−31.5%−26.6%−3.0%−18.8%−24.8%−2.4%−53.1%−50.9%
TRN Trinity Industries, Inc.1 of 10−11.7%−38.5%−34.4%−30.8%−5.4%−32.8%−43.3%−4.6%−83.9%−45.9%
GBX The Greenbrier Companies, Inc.0 of 10−12.0%−53.9%−50.1%−41.2%−5.9%−53.6%−51.5%−8.0%−93.5%−56.9%
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How closely does NSC 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 NSC 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 NSC's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
NSC This pageNorfolk Southern Corporation123%147%0.841.30
GATX GATX Corporation109%107%1.011.08
CSX CSX Corporation118%117%1.001.19
WAB Westinghouse Air Brake Technologies Corporation111%127%0.871.28
UNP Union Pacific Corporation104%119%0.871.05
CP Canadian Pacific Kansas City Ltd.96%113%0.851.00
JBHT J.B. Hunt Transport Services, Inc.109%137%0.791.18
CNI Canadian National Railway Company80%105%0.770.89
TRN Trinity Industries, Inc.110%165%0.671.38
GBX The Greenbrier Companies, Inc.124%211%0.591.50
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What diversifies NSC?

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

ETFs

InvestmentCorrelation5Y returnSharpe202320222015201220082000199980/20 mix volatility80/20 mix annual return
NSC Norfolk Southern Corporation (this page)1.00+29.5%0.33−1.6%−15.6%−20.3%−12.7%−4.8%−31.8%−33.5%28.5%+7.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.36+225%1.34+42.0%+6.0%+7.7%+19.6%−20.8%——23.8%+11.7%
EWP Broad MarketiShares MSCI Spain ETF0.48+140%0.97+30.3%−5.2%−15.6%+5.4%−36.8%−11.8%−1.5%24.8%+10.6%
SMH TechnologyVanEck Semiconductor ETF0.38+323%0.97+73.4%−33.5%−0.3%+8.6%−44.7%——26.2%+14.0%
GLD CommoditiesSPDR Gold Shares0.22+126%0.96+12.7%−0.8%−10.7%+6.6%+4.9%——23.8%+10.3%
XLE EnergyState Street Energy Select Sector SPDR ETF0.34+177%0.93−0.6%+64.4%−21.5%+5.2%−39.0%+24.4%+18.1%25.0%+11.3%
EWT TechnologyiShares MSCI Taiwan ETF0.40+153%0.89+29.0%−28.9%−12.9%+18.6%−45.3%——25.3%+10.9%
AMLP EnergyAlerian MLP ETF0.44+111%0.89+21.4%+25.5%−25.7%+1.9%———24.6%+10.2%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.42+69.9%0.84+41.9%−15.3%−27.4%+6.3%———24.0%+8.8%

Stocks

InvestmentCorrelation5Y returnSharpe202320222015201220082000199980/20 mix volatility80/20 mix annual return
NSC Norfolk Southern Corporation (this page)1.00+29.5%0.33−1.6%−15.6%−20.3%−12.7%−4.8%−31.8%−33.5%28.5%+7.5%
CAH Medical - DistributionCardinal Health, Inc.0.35+479%1.55+34.1%+54.1%+12.6%+3.8%−39.6%+108%−36.8%25.1%+13.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.33+3,143%1.47+160%+1.3%−6.0%+11.2%−20.5%−2.3%+350%28.8%+25.9%
MCK Medical - DistributionMcKesson Corporation0.39+413%1.44+24.1%+51.8%−4.5%+25.6%−40.4%+61.2%−71.3%25.2%+13.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.27+690%1.41+30.4%+86.6%+17.4%+94.3%———25.3%+15.9%
ATI Manufacturing - Metal FabricationATI Inc.0.32+1,008%1.34+52.3%+87.5%−66.7%−35.1%−70.0%−26.5%—27.4%+18.7%
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Common questions

What was NSC's worst drawdown?

NSC's deepest decline since it began trading in 1986 was 67.7%, from March 1998 to October 2000. It took about four years from the low to climb back to its old high.

What were NSC's best and worst years?

Over 29 full calendar years, NSC's best year was 2004, when it returned 55.3%. Its worst was 1999, with a return of -33.5%.

Is there a better investment than NSC?

Among NSC's popular alternatives, CSX and UNP earned more than NSC with less volatility over the past 5 years. CSX returned 8.3% a year at 23.3% volatility, against 5.3% a year at 24.8%. Looking beyond its popular alternatives, TRV (property & casualty insurance) and CB (property & casualty insurance) earned more than NSC with less volatility over the past 5 years. TRV returned 22.4% a year at 22.3% volatility, against 5.3% a year at 24.8%.

Is NSC more volatile than the S&P 500?

Yes. NSC's volatility over the past 5 years was 24.8%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NSC's return lands within 24.8% 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 NSC's Sharpe ratio?

NSC's Sharpe ratio over the past 5 years was 0.33, against 0.79 for the S&P 500, so NSC 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 NSC with the S&P 500?

Over the past 5 years, NSC's monthly returns had a correlation of 0.71 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 NSC instead: the lower it is, the more that option would diversify a NSC holding.

What are the best alternatives to NSC?

Of the nine popular alternatives we compared, two outperformed NSC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CSX and WAB.

Did NSC outperform the S&P 500?

NSC finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +25.7%, against +17.7% for the index.

How did NSC do in stock market crashes?

NSC fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the 2015 China and oil sell-off, when NSC fell 31.7% and the S&P 500 fell 12.8%.

What diversifies NSC?

These had a low correlation with NSC over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.36), EWP (correlation 0.48) and SMH (correlation 0.38); among large stocks, CAH (correlation 0.35), CLS (correlation 0.33) and MCK (correlation 0.39). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to NSC

Other stocks and ETFs