EasyCompare

Relative Intelligence · Banks

How NU compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on NU alone. It places NU (Nu Holdings Ltd.) against 19 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 NU stands in the market, and of the alternatives worth a closer look.

Period covered: NU's full trading record, from December 2021 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 NU →Chart NU vs. 19 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in NU over the past 4 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NU over the same span and NU's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: NU began trading on December 9, 2021, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 4 years of NU's record, starting at the end of September 2022.

From the end of September 2022 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. 608 of the 3,774 stocks and funds worth at least $500 million that traded the whole period ended ahead of NU; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,00020222023202420252026$10,000$20,000$50,000$100,00020222023202420252026
  • HOOD$111,384+1,014% total · +82.7% a year
  • BMA$58,556+486% total · +55.6% a year
  • BBAR$56,114+461% total · +53.9% a year
  • CIB$55,767+458% total · +53.7% a year
  • SUPV$42,071+321% total · +43.2% a year
  • BAP$38,711+287% total · +40.3% a year
  • NU$28,771+188% total · +30.2% a year
  • ITUB$23,629+136% total · +24.0% a year
  • SPY (S&P 500)$22,487+125% total · +22.5% a year
  • BBD$13,269+32.7% total · +7.3% a year
Change the dates or add tickers to this chart in EasyCompare

NU 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.

Note: NU began trading on December 9, 2021, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The company

Market value
$73B
Industry
Banks - Regional
Price history from
December 2021

Returns

Past 1 year
−2.1%total return
Past 3 years
+84.7%+22.7% a year
Best calendar year
+105%2023
Worst calendar year
−56.6%2022
Losing years
1 of 4full calendar years

Risk

Volatility
42.4%typical yearly swing, 3 years
Sharpe ratio
0.70return per unit of risk, 3 years
Worst decline ever
−72.1%Dec 2021 to Jun 2022
From its all-time high
−19.6%below the peak

NU against the whole market

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

How does NU rank among all stocks?

This section ranks NU 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 NU 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.

MeasureNURankStanding
1-year return−2.1%2,066 of 3,287bottom 38%
3-year return+84.7%1,075 of 3,017top 36%
Volatility, 3 years42.4%1,679 of 3,017bottom 45%
Sharpe ratio, 3 years0.701,289 of 3,017top 43%

What has beaten NU on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 3 years (higher is better) and how much its price swung, its volatility (further left is calmer). NU sits where the dashed lines cross. Anything in the green box above and to the left earned more than NU 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 3 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to NU; faint dots are 89 more of the 664 in the green region (the strongest, one per fund family). 3,928 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than NUVOO: +23.8% a year, volatility 14.8%LLY: +30.9% a year, volatility 35.5%LVHI: +24.4% a year, volatility 10.6%QQQ: +27.2% a year, volatility 20.5%WELL: +44.4% a year, volatility 21.1%ABBV: +29.7% a year, volatility 24.9%RTX: +41.4% a year, volatility 23.9%CAT: +44.7% a year, volatility 32.6%PM: +34.7% a year, volatility 24.7%CSCO: +29.6% a year, volatility 26.9%APH: +60.2% a year, volatility 36.2%VGT: +33.6% a year, volatility 24.7%AXP: +32.5% a year, volatility 27.2%BTI: +35.3% a year, volatility 22.3%GILD: +30.3% a year, volatility 26.4%DIVB: +27.5% a year, volatility 13.7%MFC: +42.5% a year, volatility 23.0%MO: +29.7% a year, volatility 21.6%GLD: +27.2% a year, volatility 21.5%ADI: +35.7% a year, volatility 35.6%JCI: +47.3% a year, volatility 28.9%TRV: +37.1% a year, volatility 22.3%TXN: +27.0% a year, volatility 37.0%PH: +37.7% a year, volatility 28.2%PSX: +41.4% a year, volatility 31.0%AEM: +57.9% a year, volatility 38.7%TRP: +33.1% a year, volatility 18.9%IBM: +24.6% a year, volatility 35.4%FGD: +25.5% a year, volatility 13.0%HLT: +34.9% a year, volatility 22.9%MCK: +32.1% a year, volatility 26.8%TT: +36.4% a year, volatility 27.5%PWR: +53.7% a year, volatility 39.3%CAH: +42.8% a year, volatility 25.3%KMI: +31.7% a year, volatility 21.7%E: +30.1% a year, volatility 23.0%MAR: +29.5% a year, volatility 25.8%CGDV: +25.4% a year, volatility 13.7%SMH: +57.4% a year, volatility 37.2%CLSE: +29.1% a year, volatility 13.8%MMM: +37.3% a year, volatility 30.0%ETN: +26.9% a year, volatility 34.8%WAB: +42.4% a year, volatility 25.1%DYNF: +27.2% a year, volatility 15.7%ETR: +35.6% a year, volatility 22.1%AEP: +24.6% a year, volatility 19.1%CMI: +37.5% a year, volatility 30.5%SCHG: +25.8% a year, volatility 19.4%ROST: +28.3% a year, volatility 24.5%EBAY: +46.2% a year, volatility 32.1%HCA: +25.5% a year, volatility 27.8%CCEP: +29.3% a year, volatility 20.3%ALL: +29.2% a year, volatility 24.1%GM: +38.9% a year, volatility 34.7%EFV: +24.4% a year, volatility 14.4%GRMN: +43.6% a year, volatility 34.4%WPM: +46.2% a year, volatility 39.1%ESLT: +58.4% a year, volatility 35.1%GWW: +25.6% a year, volatility 22.9%SLF: +25.2% a year, volatility 18.6%URI: +38.2% a year, volatility 39.1%KEYS: +39.6% a year, volatility 36.5%B: +36.8% a year, volatility 39.4%FNDF: +25.1% a year, volatility 15.2%FAST: +24.4% a year, volatility 23.9%AVDV: +29.7% a year, volatility 16.2%HIG: +26.9% a year, volatility 20.3%IX: +31.6% a year, volatility 25.9%SPMO: +36.9% a year, volatility 22.1%AVLV: +23.7% a year, volatility 14.8%HSBC: +44.4% a year, volatility 24.4%TEL: +24.0% a year, volatility 29.1%NTAP: +44.0% a year, volatility 38.8%RPRX: +34.5% a year, volatility 23.7%EME: +54.3% a year, volatility 39.4%FFIV: +45.5% a year, volatility 30.6%IHG: +35.1% a year, volatility 23.8%TD: +34.1% a year, volatility 18.3%BNS: +37.9% a year, volatility 18.2%NUE: +24.5% a year, volatility 33.8%LYV: +29.8% a year, volatility 29.3%ERIC: +38.3% a year, volatility 34.4%CGGR: +25.4% a year, volatility 19.6%VFLO: +30.8% a year, volatility 16.4%RL: +50.5% a year, volatility 35.8%VOD: +28.0% a year, volatility 28.2%AVEM: +24.1% a year, volatility 19.8%EMXC: +27.2% a year, volatility 21.1%HEI: +24.6% a year, volatility 28.6%NU: +22.7% a year, volatility 42.4%SPY (S&P 500): +23.7% a year, volatility 15.2%BAP: +55.3% a year, volatility 28.1%ITUB: +35.1% a year, volatility 31.6%CIB: +70.7% a year, volatility 29.9%BBD: +24.0% a year, volatility 36.9%V: +21.2% a year, volatility 20.4%RY: +39.7% a year, volatility 16.9%CM: +53.4% a year, volatility 19.8%BNY: +55.0% a year, volatility 21.2%JPM: +35.7% a year, volatility 23.1%SCHW: +23.0% a year, volatility 26.5%QTWO: +28.1% a year, volatility 43.0%GOOG: +35.4% a year, volatility 30.3%TSM: +68.9% a year, volatility 40.1%AAPL: +25.8% a year, volatility 26.8%AMZN: +28.0% a year, volatility 32.2%WMT: +32.0% a year, volatility 23.3%PVAL: +25.6% a year, volatility 13.2%VTI: +23.4% a year, volatility 15.4%ASML: +42.3% a year, volatility 43.4%TIGO: +85.7% a year, volatility 34.4%NUSPY (S&P 500)BAPITUBCIBBBDRYCMBNYJPMSCHWQTWOGOOGTSMAAPLAMZNWMTPVALASMLTIGO0.0%10.0%20.0%30.0%40.0%50.0%0.0%20.0%40.0%60.0%80.0%100%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than NUVOO: +23.8% a year, volatility 14.8%LLY: +30.9% a year, volatility 35.5%LVHI: +24.4% a year, volatility 10.6%QQQ: +27.2% a year, volatility 20.5%WELL: +44.4% a year, volatility 21.1%ABBV: +29.7% a year, volatility 24.9%RTX: +41.4% a year, volatility 23.9%CAT: +44.7% a year, volatility 32.6%PM: +34.7% a year, volatility 24.7%CSCO: +29.6% a year, volatility 26.9%APH: +60.2% a year, volatility 36.2%VGT: +33.6% a year, volatility 24.7%AXP: +32.5% a year, volatility 27.2%BTI: +35.3% a year, volatility 22.3%GILD: +30.3% a year, volatility 26.4%DIVB: +27.5% a year, volatility 13.7%MFC: +42.5% a year, volatility 23.0%MO: +29.7% a year, volatility 21.6%GLD: +27.2% a year, volatility 21.5%ADI: +35.7% a year, volatility 35.6%JCI: +47.3% a year, volatility 28.9%TRV: +37.1% a year, volatility 22.3%TXN: +27.0% a year, volatility 37.0%PH: +37.7% a year, volatility 28.2%PSX: +41.4% a year, volatility 31.0%AEM: +57.9% a year, volatility 38.7%TRP: +33.1% a year, volatility 18.9%IBM: +24.6% a year, volatility 35.4%FGD: +25.5% a year, volatility 13.0%HLT: +34.9% a year, volatility 22.9%MCK: +32.1% a year, volatility 26.8%TT: +36.4% a year, volatility 27.5%PWR: +53.7% a year, volatility 39.3%CAH: +42.8% a year, volatility 25.3%KMI: +31.7% a year, volatility 21.7%E: +30.1% a year, volatility 23.0%MAR: +29.5% a year, volatility 25.8%CGDV: +25.4% a year, volatility 13.7%SMH: +57.4% a year, volatility 37.2%CLSE: +29.1% a year, volatility 13.8%MMM: +37.3% a year, volatility 30.0%ETN: +26.9% a year, volatility 34.8%WAB: +42.4% a year, volatility 25.1%DYNF: +27.2% a year, volatility 15.7%ETR: +35.6% a year, volatility 22.1%AEP: +24.6% a year, volatility 19.1%CMI: +37.5% a year, volatility 30.5%SCHG: +25.8% a year, volatility 19.4%ROST: +28.3% a year, volatility 24.5%EBAY: +46.2% a year, volatility 32.1%HCA: +25.5% a year, volatility 27.8%CCEP: +29.3% a year, volatility 20.3%ALL: +29.2% a year, volatility 24.1%GM: +38.9% a year, volatility 34.7%EFV: +24.4% a year, volatility 14.4%GRMN: +43.6% a year, volatility 34.4%WPM: +46.2% a year, volatility 39.1%ESLT: +58.4% a year, volatility 35.1%GWW: +25.6% a year, volatility 22.9%SLF: +25.2% a year, volatility 18.6%URI: +38.2% a year, volatility 39.1%KEYS: +39.6% a year, volatility 36.5%B: +36.8% a year, volatility 39.4%FNDF: +25.1% a year, volatility 15.2%FAST: +24.4% a year, volatility 23.9%AVDV: +29.7% a year, volatility 16.2%HIG: +26.9% a year, volatility 20.3%IX: +31.6% a year, volatility 25.9%SPMO: +36.9% a year, volatility 22.1%AVLV: +23.7% a year, volatility 14.8%HSBC: +44.4% a year, volatility 24.4%TEL: +24.0% a year, volatility 29.1%NTAP: +44.0% a year, volatility 38.8%RPRX: +34.5% a year, volatility 23.7%EME: +54.3% a year, volatility 39.4%FFIV: +45.5% a year, volatility 30.6%IHG: +35.1% a year, volatility 23.8%TD: +34.1% a year, volatility 18.3%BNS: +37.9% a year, volatility 18.2%NUE: +24.5% a year, volatility 33.8%LYV: +29.8% a year, volatility 29.3%ERIC: +38.3% a year, volatility 34.4%CGGR: +25.4% a year, volatility 19.6%VFLO: +30.8% a year, volatility 16.4%RL: +50.5% a year, volatility 35.8%VOD: +28.0% a year, volatility 28.2%AVEM: +24.1% a year, volatility 19.8%EMXC: +27.2% a year, volatility 21.1%HEI: +24.6% a year, volatility 28.6%NU: +22.7% a year, volatility 42.4%SPY (S&P 500): +23.7% a year, volatility 15.2%BAP: +55.3% a year, volatility 28.1%ITUB: +35.1% a year, volatility 31.6%CIB: +70.7% a year, volatility 29.9%BBD: +24.0% a year, volatility 36.9%V: +21.2% a year, volatility 20.4%RY: +39.7% a year, volatility 16.9%CM: +53.4% a year, volatility 19.8%BNY: +55.0% a year, volatility 21.2%JPM: +35.7% a year, volatility 23.1%SCHW: +23.0% a year, volatility 26.5%QTWO: +28.1% a year, volatility 43.0%GOOG: +35.4% a year, volatility 30.3%TSM: +68.9% a year, volatility 40.1%AAPL: +25.8% a year, volatility 26.8%AMZN: +28.0% a year, volatility 32.2%WMT: +32.0% a year, volatility 23.3%PVAL: +25.6% a year, volatility 13.2%VTI: +23.4% a year, volatility 15.4%ASML: +42.3% a year, volatility 43.4%TIGO: +85.7% a year, volatility 34.4%NUSPY (S&P 500)BAPITUBCIBBBDRYCMBNYJPMQTWOTSMAMZNWMTPVALASMLTIGO
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than NU?

Investments that beat NU over the past 3 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 NU over the past 3 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 NU'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 NU follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 3 years; the worst decline covers the past 10 years. Green marks a better figure than NU'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× NU's volatility counts as better.

These figures cover the past 3 years. Green marks a better figure than NU's.

Screen the whole market against NU for any period in BetterThanSPYOpen these 20 in EasyCompare
InvestmentWhy it is betterPast 3 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years3Y returntotalCorr. with NU?lower diversifies moreExpenseper year
NUNu Holdings Ltd. · this page
+22.7%42.4%0.70−72.1%+84.7%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+23.7%15.2%1.48−33.7%+89.3%0.190.09%
Popular alternativesbest 5 shownThe investments people most often weigh against NU. 5 of 19 passed at least one test.
BAPCredicorp Ltd. · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+55.3%28.1%1.72−59.2%+275%0.20—
ITUBItaú Unibanco Holding S.A. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst decline+35.1%31.6%1.12−62.1%+147%0.44—
CIBGrupo Cibest S.A. · Banks
On the frontierHigher return, lower volatility+70.7%29.9%1.95−70.4%+398%0.40—
BBDBanco Bradesco S.A. · Banks
Higher return, lower volatility+24.0%36.9%0.77−67.7%+90.7%0.40—
VVisa Inc. · Payment Processing
Higher Sharpe, smaller worst decline+21.2%20.4%1.05−36.4%+78.2%0.10—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus NU's specific themes. 84 of 138 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+39.7%16.9%2.08−40.0%+173%0.23—
CMCanadian Imperial Bank of Commerce · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+53.4%19.8%2.27−47.3%+261%0.22—
BNYBank of New York Mellon Corp · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+55.0%21.2%2.19−50.5%+272%0.14—
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst decline+35.7%23.1%1.45−43.6%+150%0.37—
SCHWThe Charles Schwab Corporation · Investment Banking & Brokerage
Similar return, lower volatilityHigher Sharpe, smaller worst decline+23.0%26.5%0.92−51.1%+86.2%0.25—
QTWOQ2 Holdings, Inc. · Application Software · Digital Banking theme
Higher return, similar volatility+28.1%43.0%0.79−85.8%+110%0.20—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,005 of 3,771 passed at least one test.
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst decline+35.4%30.3%1.16−44.6%+148%0.18—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+68.9%40.1%1.52−56.6%+382%0.17—
AAPLApple Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst decline+25.8%26.8%0.99−38.5%+99.0%-0.12—
AMZNAmazon.com, Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst decline+28.0%32.2%0.93−56.1%+110%0.17—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+32.0%23.3%1.31−25.7%+130%0.36—
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+25.6%13.2%1.80−41.3%+98.1%0.240.56%
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Similar return, lower volatilityHigher Sharpe, smaller worst decline+23.4%15.4%1.45−35.0%+87.9%0.190.03%
ASMLASML Holding N.V. · Semiconductor Equipment
Higher return, similar volatilityHigher Sharpe, smaller worst decline+42.3%43.4%1.04−56.9%+188%0.18—
What these numbers mean for NU
Annual return
NU returned 22.7% a year over the past 3 years with dividends reinvested, against 23.7% a year for the S&P 500. At that pace, $10,000 became about $18,500. 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
NU's volatility over the past 3 years was 42.4%, 2.8 times the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NU's return lands within 42.4% 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
NU's Sharpe ratio over the past 3 years was 0.70, against 1.48 for the S&P 500, so NU 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
NU's worst fall from a peak to a low over the past 10 years was 72.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 72.1% fall takes a 258% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 3 years, NU's monthly returns had a correlation of 0.19 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 NU instead: the lower it is, the more that option would diversify a NU holding. Guide: Correlation and diversification →
Show all 664 stocks and funds worth at least $500 million that earned more than NU with less volatility

Out of 3,928 tested over 3 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline3Y returnCorr. with NUExpense
1
GOOGAlphabet Inc. · Internet Services
Whole market+35.4%30.3%1.16−44.6%+148%0.18—
2
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+68.9%40.1%1.52−56.6%+382%0.17—
3
AAPLApple Inc. · Computer Hardware
Whole market+25.8%26.8%0.99−38.5%+99.0%-0.12—
4
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+23.8%14.8%1.52−34.0%+89.7%0.190.03%
5
RYRoyal Bank of Canada · Banks
Same or nearby category+39.7%16.9%2.08−40.0%+173%0.23—
6
AMZNAmazon.com, Inc. · E-Commerce
Whole market+28.0%32.2%0.93−56.1%+110%0.17—
7
CMCanadian Imperial Bank of Commerce · Banks
Same or nearby category+53.4%19.8%2.27−47.3%+261%0.22—
8
BNYBank of New York Mellon Corp · Banks
Same or nearby category+55.0%21.2%2.19−50.5%+272%0.14—
9
WMTWalmart Inc. · Discount Retail
Whole market+32.0%23.3%1.31−25.7%+130%0.36—
10
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+25.6%13.2%1.80−41.3%+98.1%0.240.56%
11
LLYEli Lilly and Company · Pharmaceuticals
Whole market+30.9%35.5%0.94−34.5%+124%0.35—
12
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+24.4%10.6%2.12−32.4%+92.3%0.030.40%
13
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+27.2%20.5%1.28−35.1%+106%0.080.18%
14
WELLWelltower Inc. · Healthcare REITs
Whole market+44.4%21.1%1.86−63.3%+201%0.18—
15
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+29.7%24.9%1.18−45.1%+118%0.19—
16
RTXRTX Corporation · Aerospace & Defense
Whole market+41.4%23.9%1.58−52.0%+183%0.18—
17
CATCaterpillar Inc. · Industrial Machinery
Whole market+44.7%32.6%1.30−43.4%+203%-0.03—
18
PMPhilip Morris International Inc. · Tobacco
Whole market+34.7%24.7%1.34−42.9%+144%0.10—
19
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+29.6%26.9%1.10−42.0%+118%-0.16—
20
APHAmphenol Corporation · Electronic Components
Whole market+60.2%36.2%1.50−37.5%+311%0.22—
21
BAPCredicorp Ltd. · Banks
Popular alternative+55.3%28.1%1.72−59.2%+275%0.20—
22
VGTVanguard Information Technology ETF · Technology Equity
Whole market+33.6%24.7%1.30−35.1%+138%0.000.09%
23
AXPAmerican Express Company · Consumer Finance
Whole market+32.5%27.2%1.18−49.6%+133%0.30—
24
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+35.3%22.3%1.48−56.1%+148%0.10—
25
GILDGilead Sciences, Inc. · Biotechnology
Whole market+30.3%26.4%1.14−30.5%+121%-0.16—
26
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+27.5%13.7%1.86−36.9%+107%0.170.05%
27
MFCManulife Financial Corporation · Life Insurance
Whole market+42.5%23.0%1.66−57.5%+189%0.11—
28
MOAltria Group, Inc. · Tobacco
Whole market+29.7%21.6%1.32−53.7%+118%0.02—
29
GLDSPDR Gold Shares · Gold
Whole market+27.2%21.5%1.23−26.4%+106%0.250.40%
30
ADIAnalog Devices, Inc. · Semiconductors
Whole market+35.7%35.6%1.04−33.6%+150%-0.02—
31
JCIJohnson Controls International plc · Building Products
Whole market+47.3%28.9%1.50−46.4%+220%-0.12—
32
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+37.1%22.3%1.54−46.3%+158%0.15—
33
TXNTexas Instruments Incorporated · Semiconductors
Whole market+27.0%37.0%0.83−33.4%+105%0.06—
34
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+37.7%28.2%1.28−54.7%+161%0.26—
35
PSXPhillips 66 · Oil & Gas
Whole market+41.4%31.0%1.28−64.2%+183%-0.06—
36
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+57.9%38.7%1.38−54.2%+293%0.16—
37
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+33.1%18.9%1.61−41.6%+136%0.20—
38
IBMInternational Business Machines Corporation · IT Services
Whole market+24.6%35.4%0.81−41.1%+93.5%0.17—
39
FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International
Whole market+25.5%13.0%1.83−44.8%+97.7%0.170.55%
40
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+34.9%22.9%1.43−50.8%+145%0.15—
41
MCKMcKesson Corporation · Health Care Distribution
Whole market+32.1%26.8%1.18−38.1%+131%0.02—
42
TTTrane Technologies plc · Building Products
Whole market+36.4%27.5%1.28−40.5%+154%0.08—
43
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+53.7%39.3%1.30−45.5%+263%0.09—
44
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.8%25.3%1.54−46.1%+191%0.11—
45
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+31.7%21.7%1.39−55.1%+129%-0.06—
46
EEni S.p.A. · Integrated Oil & Gas
Whole market+30.1%23.0%1.27−61.4%+120%-0.05—
47
MARMarriott International, Inc. · Hotels & Resorts
Whole market+29.5%25.8%1.14−61.3%+117%0.10—
48
CGDVCapital Group Dividend Value ETF · US Dividend Equity
Whole market+25.4%13.7%1.73−21.8%+97.2%0.180.33%
49
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+57.4%37.2%1.41−45.3%+290%0.080.35%
50
CLSEConvergence Long/Short Equity ETF · Broad Market
Whole market+29.1%13.8%1.93−16.4%+115%0.271.52%
51
MMM3M Company · Industrial Conglomerates
Whole market+37.3%30.0%1.21−57.4%+159%0.07—
52
ETNEaton Corporation plc · Electrical Equipment
Whole market+26.9%34.8%0.86−44.5%+104%0.13—
53
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+42.4%25.1%1.54−64.1%+189%0.23—
54
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+27.2%15.7%1.62−34.7%+106%0.200.26%
55
ETREntergy Corporation · Electric Utilities
Whole market+35.6%22.1%1.50−42.0%+149%0.00—
56
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+24.6%19.1%1.25−32.9%+93.3%0.03—
57
CMICummins Inc. · Industrial Machinery
Whole market+37.5%30.5%1.20−44.0%+160%0.13—
58
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+25.8%19.4%1.29−34.5%+99.2%0.180.04%
59
ROSTRoss Stores, Inc. · Specialty Retail
Whole market+28.3%24.5%1.15−51.4%+111%0.16—
60
EBAYeBay Inc. · E-Commerce
Whole market+46.2%32.1%1.35−53.6%+213%-0.01—
61
HCAHCA Healthcare, Inc. · Health Care Facilities
Whole market+25.5%27.8%0.96−54.7%+97.6%0.32—
62
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+29.3%20.3%1.38−48.8%+116%-0.11—
63
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+29.2%24.1%1.19−41.4%+116%0.11—
64
GMGeneral Motors Company · Automobiles
Whole market+38.9%34.7%1.13−59.9%+168%0.16—
65
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+24.4%14.4%1.60−43.2%+92.4%0.170.31%
66
GRMNGarmin Ltd. · Computer Hardware
Whole market+43.6%34.4%1.23−54.6%+196%0.06—
67
WPMWheaton Precious Metals Corp. · Metals & Mining
Whole market+46.2%39.1%1.18−46.7%+212%0.04—
68
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+58.4%35.1%1.49−35.4%+297%0.10—
69
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+25.6%22.9%1.12−41.6%+98.1%0.13—
70
SLFSun Life Financial Inc. · Life Insurance
Whole market+25.2%18.6%1.31−50.8%+96.3%0.00—
71
URIUnited Rentals, Inc. · Equipment Rental
Whole market+38.2%39.1%1.02−63.3%+164%0.11—
72
KEYSKeysight Technologies, Inc. · Electronic Equipment
Whole market+39.6%36.5%1.10−42.6%+172%-0.11—
73
BBarrick Mining Corporation · Gold Mining
Whole market+36.8%39.4%1.00−53.9%+156%0.23—
74
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+25.1%15.2%1.56−40.2%+95.8%0.130.25%
75
FASTFastenal Company · Industrial Distribution
Whole market+24.4%23.9%1.04−30.7%+92.7%0.13—
76
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+29.7%16.2%1.70−43.0%+118%0.090.36%
77
JPMJPMorgan Chase & Co. · Banks
Same or nearby category+35.7%23.1%1.45−43.6%+150%0.37—
78
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+26.9%20.3%1.28−57.6%+105%0.23—
79
IXORIX Corporation · Diversified Financials
Whole market+31.6%25.9%1.20−42.5%+128%0.12—
80
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+36.9%22.1%1.54−30.9%+156%0.160.13%
81
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+23.7%14.8%1.52−19.5%+89.4%0.160.15%
82
HSBCHSBC Holdings plc · Banks
Same or nearby category+44.4%24.4%1.64−62.3%+201%-0.16—
83
TELTE Connectivity plc · Electronic Components
Whole market+24.0%29.1%0.89−47.7%+90.6%-0.07—
84
NTAPNetApp, Inc. · Computer Hardware
Whole market+44.0%38.8%1.14−58.1%+198%0.01—
85
RPRXRoyalty Pharma plc · Pharmaceuticals
Whole market+34.5%23.7%1.38−49.7%+143%0.29—
86
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+54.3%39.4%1.31−48.0%+267%0.26—
87
FFIVF5, Inc. · Cybersecurity
Whole market+45.5%30.6%1.38−54.6%+208%-0.04—
88
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+35.1%23.8%1.39−59.3%+147%0.14—
89
TDThe Toronto-Dominion Bank · Banks
Same or nearby category+34.1%18.3%1.70−42.0%+141%-0.03—
90
BNSThe Bank of Nova Scotia · Banks
Same or nearby category+37.9%18.2%1.87−46.9%+162%0.13—
91
NUENucor Corporation · Metals & Mining
Whole market+24.5%33.8%0.82−57.2%+92.9%0.13—
92
LYVLive Nation Entertainment, Inc. · Entertainment
Whole market+29.8%29.3%1.04−61.2%+119%0.18—
93
ERICTelefonaktiebolaget LM Ericsson (publ) · Communications Equipment
Whole market+38.3%34.4%1.12−66.6%+164%0.06—
94
CGGRCapital Group Growth ETF · US Large-Cap Growth
Whole market+25.4%19.6%1.26−28.9%+97.0%0.220.39%
95
VFLOVictoryShares Free Cash Flow ETF · US Large-Cap Value
Whole market+30.8%16.4%1.73−17.8%+124%0.150.44%
96
RLRalph Lauren Corporation · Apparel & Footwear
Whole market+50.5%35.8%1.33−55.1%+241%0.08—
97
VODVodafone Group Public Limited Company · Telecommunications
Whole market+28.0%28.2%1.02−62.2%+109%0.21—
98
AVEMAvantis Emerging Markets Equity ETF · Emerging Markets Equity
Whole market+24.1%19.8%1.20−36.0%+91.0%0.020.33%
99
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity
Whole market+27.2%21.1%1.25−42.8%+106%0.040.25%
100
HEIHEICO Corporation · Aerospace & Defense
Whole market+24.6%28.6%0.92−57.7%+93.4%-0.09—

NU against its popular alternatives

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

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

This map plots each investment's annual return over the past 3 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 NU, which divides the map into what did better or worse on each measure.

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%0.0%20.0%40.0%60.0%80.0%100%120%140%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityNU: 22.7% a year, volatility 42.4%SPY (S&P 500): 23.7% a year, volatility 15.2%ITUB: 35.1% a year, volatility 31.6%BBD: 24.0% a year, volatility 36.9%CIB: 70.7% a year, volatility 29.9%BAP: 55.4% a year, volatility 28.1%PAGS: 20.1% a year, volatility 46.5%XP: 18.1% a year, volatility 46.6%STNE: 13.7% a year, volatility 48.4%INTR: 21.7% a year, volatility 49.5%HOOD: 121% a year, volatility 69.0%BMA: 58.3% a year, volatility 64.5%BBAR: 56.4% a year, volatility 70.6%SUPV: 55.3% a year, volatility 79.9%GGAL: 52.4% a year, volatility 62.8%SOFI: 25.8% a year, volatility 59.1%V: 21.2% a year, volatility 20.4%MA: 18.0% a year, volatility 20.5%PYPL: 2.7% a year, volatility 38.6%MELI: 17.1% a year, volatility 38.0%BSBR: 5.8% a year, volatility 32.1%NUSPY (S&P 500)ITUBBBDCIBBAPPAGSSTNEHOODBMABBARSUPVGGALSOFIMAPYPLMELIBSBR0.0%20.0%40.0%60.0%80.0%0.0%20.0%40.0%60.0%80.0%100%120%140%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityNU: 22.7% a year, volatility 42.4%SPY (S&P 500): 23.7% a year, volatility 15.2%ITUB: 35.1% a year, volatility 31.6%BBD: 24.0% a year, volatility 36.9%CIB: 70.7% a year, volatility 29.9%BAP: 55.4% a year, volatility 28.1%PAGS: 20.1% a year, volatility 46.5%XP: 18.1% a year, volatility 46.6%STNE: 13.7% a year, volatility 48.4%INTR: 21.7% a year, volatility 49.5%HOOD: 121% a year, volatility 69.0%BMA: 58.3% a year, volatility 64.5%BBAR: 56.4% a year, volatility 70.6%SUPV: 55.3% a year, volatility 79.9%GGAL: 52.4% a year, volatility 62.8%SOFI: 25.8% a year, volatility 59.1%V: 21.2% a year, volatility 20.4%MA: 18.0% a year, volatility 20.5%PYPL: 2.7% a year, volatility 38.6%MELI: 17.1% a year, volatility 38.0%BSBR: 5.8% a year, volatility 32.1%NUSPY (S&P 500)ITUBCIBBAPSTNEINTRHOODBMAGGALSOFIPYPLMELIBSBR
All figures
InvestmentAnnual returnVolatility
HOOD Robinhood Markets, Inc.+121%69.0%
CIB Grupo Cibest S.A.+70.7%29.9%
BMA Banco Macro S.A.+58.3%64.5%
BBAR Banco BBVA Argentina S.A.+56.4%70.6%
BAP Credicorp Ltd.+55.4%28.1%
SUPV Grupo Supervielle S.A.+55.3%79.9%
GGAL Grupo Financiero Galicia S.A.+52.4%62.8%
ITUB Itaú Unibanco Holding S.A.+35.1%31.6%
SOFI SoFi Technologies, Inc.+25.8%59.1%
BBD Banco Bradesco S.A.+24.0%36.9%
SPY S&P 500State Street SPDR S&P 500 ETF+23.7%15.2%
NU This pageNu Holdings Ltd.+22.7%42.4%
INTR Inter & Co, Inc.+21.7%49.5%
V Visa Inc.+21.2%20.4%
PAGS PagSeguro Digital Ltd.+20.1%46.5%
XP XP Inc.+18.1%46.6%
MA Mastercard Incorporated+18.0%20.5%
MELI MercadoLibre, Inc.+17.1%38.0%
STNE StoneCo Ltd.+13.7%48.4%
BSBR Banco Santander (Brasil) S.A.+5.8%32.1%
PYPL PayPal Holdings, Inc.+2.7%38.6%
Open these 21 in EasyCompare

Has NU consistently beaten its popular alternatives?

This section compares NU with the investments people most often weigh against it, checking each one over six periods from one month to three years. Counting how often an alternative earned more than NU helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than NU over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 1 of 1 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 3 yearsFund
1M3M6MYTD1Y3YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
NU Nu Holdings Ltd. (this page)—+7.3%+7.9%−0.1%−11.3%−2.1%+84.7%42.4%0.70−72.1%—$73B—
ITUB QualifiedItaú Unibanco Holding S.A.5/5 short1/1 longAll-weather+14.8%+16.7%+5.8%+37.2%+46.3%+147%31.6%1.12−62.1%—$107B—
BBD QualifiedBanco Bradesco S.A.5/5 short1/1 longAll-weather+18.3%+15.9%+1.7%+29.1%+31.6%+90.7%36.9%0.77−67.7%—$43B—
CIB QualifiedGrupo Cibest S.A.4/5 short1/1 longAll-weather0.0%+20.5%+32.5%+59.5%+81.1%+398%29.9%1.95−70.4%—$23B—
BAP QualifiedCredicorp Ltd.3/5 short1/1 long+0.1%+1.0%+21.9%+42.9%+61.4%+275%28.1%1.72−59.2%—$31B—
HOOD Financial - Capital MarketsRobinhood Markets, Inc.1/5 short1/1 long−20.3%−1.1%+7.6%−14.8%−27.7%+976%69.0%1.50−90.2%—$78B—
BMA Banks - RegionalBanco Macro S.A.1/5 short1/1 long−15.8%−30.1%−22.1%−25.9%+25.7%+297%64.5%1.03−91.7%—$4.0B—
BBAR Banks - RegionalBanco BBVA Argentina S.A.1/5 short1/1 long−12.5%−35.9%−24.8%−29.0%+35.7%+283%70.6%0.98−91.6%—$2.6B—
SUPV Banks - RegionalGrupo Supervielle S.A.1/5 short1/1 long−10.5%−25.9%−27.9%−37.9%+16.3%+274%79.9%0.93−96.0%—$676M—
GGAL Banks - RegionalGrupo Financiero Galicia S.A.1/5 short1/1 long−15.0%−28.7%−24.7%−31.9%+14.1%+254%62.8%0.98−91.7%—$6.0B—
SOFI Financial - Credit ServicesSoFi Technologies, Inc.0/5 short1/1 long−13.5%−13.7%−24.7%−46.5%−48.8%+99.2%59.1%0.69−83.3%—$19B—
V Financial - Credit ServicesVisa Inc.5/5 short0/1 long+9.9%+13.0%+30.0%+18.0%+19.0%+78.2%20.4%1.05−36.4%—$759B—
PAGS Specialty Business ServicesPagSeguro Digital Ltd.5/5 short0/1 long+23.8%+29.9%+9.2%+29.2%+38.4%+73.1%46.5%0.63−90.0%—$3.2B—
XP Financial - Capital MarketsXP Inc.5/5 short0/1 long+50.8%+86.5%+52.5%+96.2%+83.7%+64.5%46.6%0.59−79.2%—$16B—
MA Financial - Credit ServicesMastercard Incorporated5/5 short0/1 long+9.5%+13.5%+20.5%+10.9%+10.3%+64.3%20.5%0.91−41.0%—$543B—
STNE Software - InfrastructureStoneCo Ltd.3/5 short0/1 long+24.3%+8.5%−5.1%−0.6%−21.7%+46.8%48.4%0.51−92.3%—$2.8B—
PYPL Financial - Credit ServicesPayPal Holdings, Inc.3/5 short0/1 long+8.6%+0.8%+11.7%−0.9%−16.5%+8.2%38.6%0.27−87.3%—$49B—
INTR Banks - RegionalInter & Co, Inc.2/5 short0/1 long+30.3%+29.2%−11.8%−13.1%−21.3%+80.1%49.5%0.65−68.3%—$3.2B—
MELI Specialty RetailMercadoLibre, Inc.2/5 short0/1 long+3.2%+2.6%+0.5%−4.8%−10.6%+60.7%38.0%0.61−69.1%—$95B—
BSBR Banks - RegionalBanco Santander (Brasil) S.A.2/5 short0/1 long−4.4%+6.0%−10.8%−6.8%+6.6%+18.6%32.1%0.34−70.6%—$42B—
Open these 20 in EasyCompare

How did NU do year by year?

This table shows each investment's total return in every full calendar year since 2022, along with where NU ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with NU and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: NU began trading on December 9, 2021, so the table starts with 2022, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of NU; gray means the two finished within a fraction of a point. The rank row places NU among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of NU2025202420232022
NU This pageNu Holdings Ltd.—+61.6%+24.4%+105%−56.6%
Rank among alternativesTop quarter in 1 of 410 of 209 of 203 of 2016 of 19
SPY S&P 500State Street SPDR S&P 500 ETF1 of 4+17.7%+24.9%+26.2%−18.2%
ITUB Itaú Unibanco Holding S.A.2 of 4+79.3%−24.2%+54.5%+30.0%
BBD Banco Bradesco S.A.2 of 4+96.9%−42.2%+34.8%−5.1%
CIB Grupo Cibest S.A.2 of 4+122%+13.6%+20.6%−2.0%
BAP Credicorp Ltd.3 of 4+65.4%+31.4%+16.3%+14.6%
HOOD Robinhood Markets, Inc.3 of 4+204%+192%+56.5%−54.2%
BMA Banco Macro S.A.2 of 4−3.6%+266%+84.9%+26.5%
BBAR Banco BBVA Argentina S.A.2 of 4−4.1%+316%+47.3%+34.2%
SUPV Grupo Supervielle S.A.2 of 4−20.8%+281%+87.6%+11.2%
GGAL Grupo Financiero Galicia S.A.2 of 4−11.4%+289%+92.3%+7.3%
SOFI SoFi Technologies, Inc.3 of 4+70.0%+54.8%+116%−70.8%
V Visa Inc.1 of 4+11.8%+22.3%+26.3%−3.4%
PAGS PagSeguro Digital Ltd.0 of 4+61.0%−49.8%+42.7%−66.7%
XP XP Inc.1 of 4+39.6%−52.3%+79.6%−46.6%
MA Mastercard Incorporated1 of 4+9.0%+24.2%+23.4%−2.7%
STNE StoneCo Ltd.2 of 4+85.7%−55.8%+90.9%−44.0%
PYPL PayPal Holdings, Inc.1 of 4−31.4%+39.0%−13.8%−62.2%
INTR Inter & Co, Inc.2 of 3+104%−23.6%+134%—
MELI MercadoLibre, Inc.1 of 4+18.4%+8.2%+85.7%−37.2%
BSBR Banco Santander (Brasil) S.A.1 of 4+62.5%−39.7%+23.0%+2.9%
Open these 21 in EasyCompare

Risk and diversification

How NU 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 NU's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents NU's five deepest drawdowns since it began trading in 2021, 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.

Note: NU began trading on December 9, 2021, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means NU fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringNU fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−72.1%−21.6%Dec 2021Jun 20226 monthsMar 202421 months
No named crash−39.6%−15.1%Nov 2024Apr 20255 monthsSep 20255 months
No named crash−38.2%+6.6%Jan 2026Jun 20265 monthsNot yet—
No named crash−21.1%−8.4%Jul 2024Aug 20241 monthAug 2024Under a month
No named crash−14.4%−5.0%Mar 2024Apr 20241 monthJun 20242 months

How did NU do in stock market crashes?

This section measures how far NU, 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.

Note: NU began trading on December 9, 2021, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than NU.

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
NU This pageNu Holdings Ltd.—−10.0%−67.5%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
ITUB Itaú Unibanco Holding S.A.2 of 2−8.1%−31.5%−46.3%−7.5%−5.8%−32.4%−30.1%−0.7%−69.2%—
BBD Banco Bradesco S.A.2 of 2−6.9%−30.2%−54.5%−7.6%−6.3%−44.3%−25.1%−0.8%−69.0%—
CIB Grupo Cibest S.A.1 of 2−9.8%−44.6%−70.1%−15.3%−4.8%−38.7%−17.7%−1.7%−63.4%−75.1%
BAP Credicorp Ltd.2 of 2−4.7%−33.3%−38.3%−7.3%−6.7%−33.9%−16.0%−2.8%−64.9%−55.6%
HOOD Robinhood Markets, Inc.2 of 2−6.8%−60.4%————————
BMA Banco Macro S.A.1 of 2−11.1%−41.2%−55.7%−26.4%−6.3%−27.9%−48.1%−0.5%−77.5%—
BBAR Banco BBVA Argentina S.A.1 of 2−16.6%−41.8%−50.5%−23.9%−8.5%−30.1%−47.1%0.0%−80.2%−95.7%
SUPV Grupo Supervielle S.A.1 of 2−12.1%−39.8%−54.4%−29.4%−7.0%—————
GGAL Grupo Financiero Galicia S.A.1 of 2−14.5%−44.7%−58.1%−27.3%−8.5%−22.1%−47.8%−1.5%−82.4%—
SOFI SoFi Technologies, Inc.0 of 2−15.2%−67.8%————————
V Visa Inc.2 of 2−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%——
PAGS PagSeguro Digital Ltd.1 of 2−12.8%−60.9%−59.7%−44.9%−0.7%—————
XP XP Inc.1 of 2−15.3%−52.4%−60.6%———————
MA Mastercard Incorporated2 of 2−4.0%−28.2%−41.0%−21.9%−5.8%−20.4%−13.8%−3.1%−62.7%—
STNE StoneCo Ltd.1 of 2−10.2%−59.0%−55.2%———————
PYPL PayPal Holdings, Inc.2 of 2−4.4%−63.8%−31.2%−16.7%−5.6%−21.6%————
INTR Inter & Co, Inc.0 of 1−13.1%—————————
MELI MercadoLibre, Inc.2 of 2−7.2%−51.6%−39.1%−30.3%−8.8%−31.9%−39.5%0.0%−89.5%—
BSBR Banco Santander (Brasil) S.A.2 of 2−8.6%−37.6%−50.4%−13.9%−6.2%−31.4%−30.5%−4.0%——
Open these 21 in EasyCompare

How closely does NU 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 NU with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 3 years.

Monthly total returns over the past 3 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 NU's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
NU This pageNu Holdings Ltd.118%182%0.650.66
GGAL Grupo Financiero Galicia S.A.140%11%13.040.71
V Visa Inc.55%5%10.420.55
BMA Banco Macro S.A.177%55%3.251.25
SUPV Grupo Supervielle S.A.163%77%2.111.70
HOOD Robinhood Markets, Inc.363%223%1.633.60
BBD Banco Bradesco S.A.67%43%1.550.52
INTR Inter & Co, Inc.55%63%0.870.47
MA Mastercard Incorporated66%91%0.730.52
SOFI SoFi Technologies, Inc.147%231%0.641.93
MELI MercadoLibre, Inc.77%143%0.541.00
BSBR Banco Santander (Brasil) S.A.43%86%0.510.25
STNE StoneCo Ltd.21%50%0.421.01
PAGS PagSeguro Digital Ltd.62%159%0.391.13
XP XP Inc.25%84%0.300.71
PYPL PayPal Holdings, Inc.56%233%0.240.87
ITUB Itaú Unibanco Holding S.A.81%-28%—0.42
CIB Grupo Cibest S.A.170%-30%—0.14
BAP Credicorp Ltd.127%-71%—0.28
BBAR Banco BBVA Argentina S.A.145%-35%—0.62
Open these 20 in EasyCompare

What diversifies NU?

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 NU's. Because such investments tend not to fall at the same time, pairing NU 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 3 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 NU lost money. The last two columns show a portfolio that is 80% NU and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation3Y returnSharpe202280/20 mix volatility80/20 mix annual return
NU Nu Holdings Ltd. (this page)1.00+84.7%0.70−56.6%43.9%+20.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.03+92.3%2.12+3.8%35.2%+22.5%
CLSE Broad MarketConvergence Long/Short Equity ETF0.27+115%1.93—35.8%+23.8%
SEIV Broad MarketSEI QiM U.S. Large Cap Value Active ETF0.16+114%1.81—35.6%+23.4%
INCM Multi-AssetFranklin Income Focus ETF0.09+44.3%1.74—35.3%+20.2%
CGDV Dividend & IncomeCapital Group Dividend Value ETF0.18+97.2%1.73—35.6%+22.9%
FMAR Multi-AssetFT Vest U.S. Equity Buffer ETF - March0.08+54.4%1.72−5.5%35.3%+21.0%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.03+136%1.71−14.2%35.5%+24.8%
AVDV InternationalAvantis International Small Cap Value ETF0.09+118%1.70−11.5%35.5%+23.8%

Stocks

InvestmentCorrelation3Y returnSharpe202280/20 mix volatility80/20 mix annual return
NU Nu Holdings Ltd. (this page)1.00+84.7%0.70−56.6%43.9%+20.4%
CM Banks - DiversifiedCanadian Imperial Bank of Commerce0.22+261%2.27−26.8%36.5%+27.4%
BNY Investment - Banking & Investment ServicesBank of New York Mellon Corp0.14+272%2.19−19.1%35.8%+28.4%
RY Banks - DiversifiedRoyal Bank of Canada0.23+173%2.08−8.0%36.3%+25.1%
TIGO Telecommunications ServicesMillicom International Cellular S.A.0.35+540%1.99−55.6%37.3%+33.7%
CIB Banks - RegionalGrupo Cibest S.A.0.40+398%1.95−2.0%38.1%+30.2%
Open these 14 in EasyCompare

Common questions

What was NU's worst drawdown?

NU's deepest decline since it began trading in 2021 was 72.1%, from December 2021 to June 2022. It took 21 months from the low to climb back to its old high. Because NU launched in December 2021, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were NU's best and worst years?

Over four full calendar years, NU's best year was 2023, when it returned 105%. Its worst was 2022, with a return of -56.6%.

Is there a better investment than NU?

Among NU's popular alternatives, BAP, ITUB and CIB earned more than NU with less volatility over the past 3 years. BAP returned 55.3% a year at 28.1% volatility, against 22.7% a year at 42.4%. Looking beyond its popular alternatives, RY (banks) and CM (banks) earned more than NU with less volatility over the past 3 years. RY returned 39.7% a year at 16.9% volatility, against 22.7% a year at 42.4%.

Is NU more volatile than the S&P 500?

Yes. NU's volatility over the past 3 years was 42.4%, 2.8 times the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NU's return lands within 42.4% 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 NU's Sharpe ratio?

NU's Sharpe ratio over the past 3 years was 0.70, against 1.48 for the S&P 500, so NU 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 NU with the S&P 500?

Over the past 3 years, NU's monthly returns had a correlation of 0.19 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 NU instead: the lower it is, the more that option would diversify a NU holding.

What are the best alternatives to NU?

Of the 19 popular alternatives we compared, four outperformed NU in at least 3 of 5 short-term and 1 of 1 long-term timeframes, with dividends reinvested: ITUB, BBD and CIB.

Did NU outperform the S&P 500?

NU finished ahead of the S&P 500 (SPY) in two of four full calendar years. In 2025, it returned +61.6%, against +17.7% for the index.

How did NU do in stock market crashes?

NU fell less than the S&P 500 (SPY) in none of the two major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when NU fell 67.5% and the S&P 500 fell 24.5%.

What diversifies NU?

These had a low correlation with NU over the past 3 years and still earned a positive 3-year return: among large ETFs, LVHI (correlation 0.03), CLSE (correlation 0.27) and SEIV (correlation 0.16); among large stocks, CM (correlation 0.22), BNY (correlation 0.14) and RY (correlation 0.23). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to NU

Other stocks and ETFs