# How NU compares with the whole market and its popular alternatives

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on 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.

## Key findings

- **Right now:** NU has gone against the market, falling 0.1% over the past 6 months while the S&P 500 rose 9.1%. Not every peer went the same way. Over the past 6 months, ITUB (Itaú Unibanco Holding) rose 5.8% and GGAL (Grupo Financiero Galicia) fell 24.7%.
- **Stock or market?:** NU held up far better than its industry: it rose 7.9% over the past 3 months while the financials sector ETF XLF (State Street Financial Select Sector SPDR ETF) fell 0.2%. The S&P 500 rose 3.9%. NU rose 7.3% last month as the S&P 500 fell 0.6% and the Nasdaq 100 fell 3.2%.
- **Past 1 to 3 years:** Over the past year, NU fell 2.1% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (84.7% against 89.3%). NU led its bank peers in 2023, then fell behind ITUB (Itaú Unibanco Holding) and BBD (Banco Bradesco) in 2025.
- **Long term:** NU turned $10,000 into $18,500 over the past 3 years, against $18,900 in the S&P 500.
- **In a crash:** The 2022 bear market took 67.5% off NU, against 24.5% for the S&P 500, and more than bank peers such as ITUB (Itaú Unibanco Holding, 31.5%).
- **Diversification:** Over 3 years, NU's beta versus the S&P 500 was 0.66: in the S&P 500's rising months it gained 1.2 times as much as the index, and in falling months it lost 1.8 times as much. That said, against the S&P 500, NU has a correlation of 0.19 over 3 years, less closely than 74% of stocks worth at least $300 million. Next to an index fund it is a real diversifier.
- **Better options**
  - **Popular alternatives:** BAP (Credicorp), ITUB (Itaú Unibanco Holding) and CIB (Grupo Cibest) 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%.
  - **Nearby categories and themes:** RY (Royal Bank of Canada, banks) and CM (Canadian Imperial Bank of Commerce, 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%.
  - **Whole market:** 664 of the 3,928 stocks and funds worth at least $500 million earned more than NU with less volatility over the past 3 years, among them AAPL (Apple), GOOG (Alphabet) and AMZN (Amazon.com).

## 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.

- $10,000 invested in NU at the end of September 2022 would have grown to $28,771 by September 2026, more than the $22,487 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of NU, and HOOD finished highest, at $111,384.

## 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.

- 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.
- Over four full calendar years, NU's best was 2023, when it returned 105%, and its worst was 2022, when it lost 56.6%. It lost money in one of those years.
- NU is 19.6% below its all-time high.

- Type: Stock, Financials (Banks - Regional)
- Trading since: December 9, 2021
- Market value: $73B
- Volatility (3 years): 42.4%; Sharpe ratio: 0.70
- Worst decline ever: −72.1%, from December 10, 2021 to June 16, 2022; back at its high by March 19, 2024

| Period | NU total return |
| --- | --- |
| 1 month | +7.3% |
| 3 months | +7.9% |
| 6 months | −0.1% |
| year to date | −11.3% |
| 1 year | −2.1% |
| 3 years | +84.7% |

## 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.

- NU lands in the broad middle of the market on every measure here. NU's 3-year return ranks in the top 36% of the 3,017 stocks worth at least $300 million with 3 years of history.

| Measure | NU | Rank |
| --- | --- | --- |
| 1-year return | −2.1% | 2,066 of 3,287 (top 63%) |
| 3-year return | +84.7% | 1,075 of 3,017 (top 36%) |
| Volatility, 3 years | 42.4% | 1,679 of 3,017 (top 56%) |
| Sharpe ratio, 3 years | 0.70 | 1,289 of 3,017 (top 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).

- 430 stocks and 234 ETFs worth at least $500 million sit in the green region: each earned more than NU over the past 3 years with smaller price swings. That is 17% of the 3,928 screened.
- Among those with at least half NU's swings, TIGO has the best return for its risk: 85.7% a year at 34.4% volatility, 19% less than NU's 42.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.99 against 0.70 for NU.
- Among NU's popular alternatives, CIB, BAP and ITUB are in the region. CIB earned 70.7% a year against 22.7% a year for NU, at 29.9% volatility, 29% less than NU's 42.4%.

### Is there a better investment than NU?

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.

- 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%.
- Across the whole market, 664 of the 3,928 stocks and funds worth at least $500 million earned more than NU with less volatility over the past 3 years, among them AAPL, GOOG and AMZN.

The 15 strongest of 664 investments that beat NU over the past 3 years, out of 3,928 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (3 years) | Volatility | Sharpe | Worst decline (10 years) | 3Y return | Correlation with NU | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NU: Nu Holdings Ltd. (this page) |  | +22.7% | 42.4% | 0.70 | −72.1% | +84.7% |  |  |
| [GOOG](https://easycompare.io/research/goog): Alphabet Inc. | Internet Services | +35.4% | 30.3% | 1.16 | −44.6% | +148% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [TSM](https://easycompare.io/research/tsm): Taiwan Semiconductor Manufacturing Company Limited | Semiconductors | +68.9% | 40.1% | 1.52 | −56.6% | +382% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +25.8% | 26.8% | 0.99 | −38.5% | +99.0% | -0.12 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +23.8% | 14.8% | 1.52 | −34.0% | +89.7% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +39.7% | 16.9% | 2.08 | −40.0% | +173% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [AMZN](https://easycompare.io/research/amzn): Amazon.com, Inc. | E-Commerce | +28.0% | 32.2% | 0.93 | −56.1% | +110% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [CM](https://easycompare.io/research/cm): Canadian Imperial Bank of Commerce | Banks | +53.4% | 19.8% | 2.27 | −47.3% | +261% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [BNY](https://easycompare.io/research/bny): Bank of New York Mellon Corp | Banks | +55.0% | 21.2% | 2.19 | −50.5% | +272% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +32.0% | 23.3% | 1.31 | −25.7% | +130% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| PVAL: Putnam Focused Large Cap Value ETF | US Large-Cap Value | +25.6% | 13.2% | 1.80 | −41.3% | +98.1% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +30.9% | 35.5% | 0.94 | −34.5% | +124% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +24.4% | 10.6% | 2.12 | −32.4% | +92.3% | 0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [QQQ](https://easycompare.io/research/qqq): Invesco QQQ Trust, Series 1 | US Large-Cap Growth | +27.2% | 20.5% | 1.28 | −35.1% | +106% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [WELL](https://easycompare.io/research/well): Welltower Inc. | Healthcare REITs | +44.4% | 21.1% | 1.86 | −63.3% | +201% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +29.7% | 24.9% | 1.18 | −45.1% | +118% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## 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.

- Four of the 19 popular alternatives, led by CIB, BAP and ITUB, were both more rewarding and calmer than NU over the past 3 years, earning a higher annual return with lower volatility.
- Over the past 3 years, NU returned 22.7% a year, less than the S&P 500's 23.7%, with higher volatility (42.4% against 15.2%).

### 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.

- Four of the 19 popular alternatives, led by ITUB, BBD and CIB, outperformed NU in at least 3 of 5 short-term and 1 of 1 long-term timeframes.
- ITUB, BBD and CIB outperformed NU in every long-term period and in all but one short-term period, the most consistent record in the group.
- CIB, BAP and ITUB earned more for the risk they took than NU (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | Periods ahead of NU | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- |
| NU: Nu Holdings Ltd. (this page) | −2.1% | +84.7% |  |  | 0.70 |
| [ITUB](https://easycompare.io/research/itub): Itaú Unibanco Holding S.A. | +46.3% | +147% | 5/5 short-term, 1/1 long-term | all-weather | 1.12 |
| [BBD](https://easycompare.io/research/bbd): Banco Bradesco S.A. | +31.6% | +90.7% | 5/5 short-term, 1/1 long-term | all-weather | 0.77 |
| CIB: Grupo Cibest S.A. | +81.1% | +398% | 4/5 short-term, 1/1 long-term | all-weather | 1.95 |
| BAP: Credicorp Ltd. | +61.4% | +275% | 3/5 short-term, 1/1 long-term | consistent | 1.72 |
| [HOOD](https://easycompare.io/research/hood): Robinhood Markets, Inc. | −27.7% | +976% | 1/5 short-term, 1/1 long-term |  | 1.50 |
| BMA: Banco Macro S.A. | +25.7% | +297% | 1/5 short-term, 1/1 long-term |  | 1.03 |
| BBAR: Banco BBVA Argentina S.A. | +35.7% | +283% | 1/5 short-term, 1/1 long-term |  | 0.98 |
| SUPV: Grupo Supervielle S.A. | +16.3% | +274% | 1/5 short-term, 1/1 long-term |  | 0.93 |
| GGAL: Grupo Financiero Galicia S.A. | +14.1% | +254% | 1/5 short-term, 1/1 long-term |  | 0.98 |
| SOFI: SoFi Technologies, Inc. | −48.8% | +99.2% | 0/5 short-term, 1/1 long-term |  | 0.69 |
| [V](https://easycompare.io/research/v): Visa Inc. | +19.0% | +78.2% | 5/5 short-term, 0/1 long-term |  | 1.05 |
| PAGS: PagSeguro Digital Ltd. | +38.4% | +73.1% | 5/5 short-term, 0/1 long-term |  | 0.63 |
| XP: XP Inc. | +83.7% | +64.5% | 5/5 short-term, 0/1 long-term |  | 0.59 |
| [MA](https://easycompare.io/research/ma): Mastercard Incorporated | +10.3% | +64.3% | 5/5 short-term, 0/1 long-term |  | 0.91 |
| STNE: StoneCo Ltd. | −21.7% | +46.8% | 3/5 short-term, 0/1 long-term |  | 0.51 |
| [PYPL](https://easycompare.io/research/pypl): PayPal Holdings, Inc. | −16.5% | +8.2% | 3/5 short-term, 0/1 long-term |  | 0.27 |
| INTR: Inter & Co, Inc. | −21.3% | +80.1% | 2/5 short-term, 0/1 long-term |  | 0.65 |
| [MELI](https://easycompare.io/research/meli): MercadoLibre, Inc. | −10.6% | +60.7% | 2/5 short-term, 0/1 long-term |  | 0.61 |
| [BSBR](https://easycompare.io/research/bsbr): Banco Santander (Brasil) S.A. | +6.6% | +18.6% | 2/5 short-term, 0/1 long-term |  | 0.34 |

### 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.

- NU finished ahead of the S&P 500 in two of its four full calendar years.
- Among its popular alternatives, BAP came out ahead of NU most often, in three of the four years both traded.
- Ranked against its popular alternatives each year, NU finished in the top quarter in one of four years and in the bottom quarter in one. In 2025, it ranked 10 of 20.

| Year | NU | SPY |
| --- | --- | --- |
| 2025 | +61.6% | +17.7% |
| 2024 | +24.4% | +24.9% |
| 2023 | +105% | +26.2% |
| 2022 | −56.6% | −18.2% |

## 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.

- In all five of NU's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: NU fell 38.2% from January to June 2026, while the S&P 500 rose 6.6%.
- The longest climb back to a previous high took 21 months, after NU fell 72.1% from December 2021 to June 2022.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −72.1% | December 10, 2021 | June 16, 2022 | March 19, 2024 | −21.6% | 2022 bear market |
| −39.6% | November 11, 2024 | April 4, 2025 | September 15, 2025 | −15.1% |  |
| −38.2% | January 28, 2026 | June 8, 2026 | not yet | +6.6% |  |
| −21.1% | July 16, 2024 | August 5, 2024 | August 15, 2024 | −8.4% |  |
| −14.4% | March 22, 2024 | April 19, 2024 | June 21, 2024 | −5.0% |  |

### 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.

- NU fell further than the S&P 500 in all two crashes it has traded through. The clearest case was the 2022 bear market, when NU fell 67.5% and the S&P 500 fell 24.5%.
- Among its popular alternatives, ITUB held up best, falling less than NU in all two crashes they both traded through.
- NU began trading after the 2008 financial crisis, but nine of its popular alternatives lived through it. The mildest fall among them was MA's 62.7%, against 55.2% for the S&P 500.

| Crash | Dates | NU fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | not trading | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | not trading | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | not trading | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | not trading | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −67.5% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −10.0% | −3.4% |

### 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.

- Eight of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than NU's 0.65, led by GGAL, V and BMA.
- BAP took just -71% of the S&P 500's losses, against 182% for NU, while still keeping 127% of its gains.
- Over the past 3 years, NU captured 118% of the S&P 500's gains in rising months and 182% of its losses in falling months, with a beta of 0.66. It amplified the market's moves in both directions.

Measured over the past 3 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| NU: Nu Holdings Ltd. (this page) | 118% | 182% | 0.66 |
| [ITUB](https://easycompare.io/research/itub): Itaú Unibanco Holding S.A. | 81.0% | −28.0% | 0.42 |
| [BBD](https://easycompare.io/research/bbd): Banco Bradesco S.A. | 67.0% | 43.0% | 0.52 |
| CIB: Grupo Cibest S.A. | 170% | −30.0% | 0.14 |
| BAP: Credicorp Ltd. | 127% | −71.0% | 0.28 |
| [HOOD](https://easycompare.io/research/hood): Robinhood Markets, Inc. | 363% | 223% | 3.60 |
| BMA: Banco Macro S.A. | 177% | 55.0% | 1.25 |
| BBAR: Banco BBVA Argentina S.A. | 145% | −35.0% | 0.62 |
| SUPV: Grupo Supervielle S.A. | 163% | 77.0% | 1.70 |
| GGAL: Grupo Financiero Galicia S.A. | 140% | 11.0% | 0.71 |
| SOFI: SoFi Technologies, Inc. | 147% | 231% | 1.93 |
| [V](https://easycompare.io/research/v): Visa Inc. | 55.0% | 5.0% | 0.55 |
| PAGS: PagSeguro Digital Ltd. | 62.0% | 159% | 1.13 |
| XP: XP Inc. | 25.0% | 84.0% | 0.71 |
| [MA](https://easycompare.io/research/ma): Mastercard Incorporated | 66.0% | 91.0% | 0.52 |
| STNE: StoneCo Ltd. | 21.0% | 50.0% | 1.01 |
| [PYPL](https://easycompare.io/research/pypl): PayPal Holdings, Inc. | 56.0% | 233% | 0.87 |
| INTR: Inter & Co, Inc. | 55.0% | 63.0% | 0.47 |
| [MELI](https://easycompare.io/research/meli): MercadoLibre, Inc. | 77.0% | 143% | 1.00 |
| [BSBR](https://easycompare.io/research/bsbr): Banco Santander (Brasil) S.A. | 43.0% | 86.0% | 0.25 |

### 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).

- Moving a fifth of the money in NU into LVHI would have cut the portfolio's volatility by 20% over the past 3 years and raised its annual return (+20.4% for NU alone, +22.5% for the mix).
- Among large ETFs, LVHI, CLSE and SEIV have moved largely independently of NU over the past 3 years, with correlations of 0.27 or lower, and each still earned a positive 3-year return.
- In 2022, the one year NU lost money (-56.6%), LVHI returned +3.8%.

| Investment | Correlation with NU | 3Y return | Volatility | Sharpe | Rose in NU's 1 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.03 | +92.3% | 10.6% | 2.12 | 1 of 1 |
| CLSE: Convergence Long/Short Equity ETF | 0.27 | +115% | 13.8% | 1.93 | 0 of 1 |
| SEIV: SEI QiM U.S. Large Cap Value Active ETF | 0.16 | +114% | 14.7% | 1.81 | 0 of 1 |
| INCM: Franklin Income Focus ETF | 0.09 | +44.3% | 7.2% | 1.74 | 0 of 1 |
| [CGDV](https://easycompare.io/research/cgdv): Capital Group Dividend Value ETF | 0.18 | +97.2% | 13.7% | 1.73 | 0 of 1 |
| FMAR: FT Vest U.S. Equity Buffer ETF - March | 0.08 | +54.4% | 8.7% | 1.72 | 0 of 1 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.03 | +136% | 17.8% | 1.71 | 0 of 1 |
| AVDV: Avantis International Small Cap Value ETF | 0.09 | +118% | 16.2% | 1.70 | 0 of 1 |

## 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.

## More research

- [Itaú Unibanco Holding (ITUB) Performance, Alternatives and Market Rank](https://easycompare.io/research/itub)
- [Banco Bradesco (BBD) Performance, Alternatives and Market Rank](https://easycompare.io/research/bbd)
- [Robinhood Markets (HOOD) Performance, Alternatives and Market Rank](https://easycompare.io/research/hood)
- [Visa (V) Performance, Alternatives and Market Rank](https://easycompare.io/research/v)
- [Mastercard (MA) Performance, Alternatives and Market Rank](https://easycompare.io/research/ma)
- [PayPal (PYPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/pypl)
- [MercadoLibre (MELI) Performance, Alternatives and Market Rank](https://easycompare.io/research/meli)
- [Banco Santander (Brasil) (BSBR) Performance, Alternatives and Market Rank](https://easycompare.io/research/bsbr)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)

## Explore further

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