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Relative Intelligence · Semiconductors

How NVIDIA (NVDA) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on NVDA alone. It places NVDA (NVIDIA Corporation) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where NVDA stands in the market, and of the alternatives worth a closer look.

Period covered: NVDA's full trading record, from January 1999 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 NVDA →Chart NVDA vs. 22 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in NVDA over the past 27 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NVDA over the same span and NVDA'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 1999 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. None of the 1,166 stocks and funds worth at least $500 million that traded the whole period ended ahead of NVDA. The other 8 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M$10M199920042009201420192024$1,000$10,000$100,000$1M$10M1999200620132020
  • NVDA$63M+625,071% total · +38.2% a year
  • TSM$782,499+7,725% total · +17.5% a year
  • AMD$712,161+7,022% total · +17.1% a year
  • AMZN$622,861+6,129% total · +16.5% a year
  • MU$328,486+3,185% total · +13.8% a year
  • ADI$254,955+2,450% total · +12.7% a year
  • MSFT$185,654+1,757% total · +11.4% a year
  • TXN$112,119+1,021% total · +9.4% a year
  • SPY (S&P 500)$95,018+850% total · +8.7% a year
  • INTC$56,981+470% total · +6.7% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 19 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of NVDA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$20,000$50,000$100,000$200,000202120222023202420252026
  • FIX$236,701+2,267% total · +88.3% a year
  • STRL$216,918+2,069% total · +85.0% a year
  • MU$153,675+1,437% total · +72.7% a year
  • CRS$125,806+1,158% total · +65.9% a year
  • ATI$113,890+1,039% total · +62.7% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • AMD$59,452+495% total · +42.8% a year
  • MRVL$44,627+346% total · +34.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • TXN$16,791+67.9% total · +10.9% a year
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NVDA 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
$5.2T
Industry
Semiconductors
Price history from
January 1999

Returns

Past 1 year
+18.8%total return
Past 3 years
+425%+73.7% a year
Past 5 years
+884%+58.0% a year
Past 10 years
+13,019%+62.9% a year
Best calendar year
+308%2001
Worst calendar year
−82.8%2002
Losing years
7 of 26full calendar years

Risk

Volatility
51.9%typical yearly swing, 5 years
Sharpe ratio
1.14return per unit of risk, 5 years
Worst decline ever
−89.7%Jan 2002 to Oct 2002
From its all-time high
−9.5%below the peak

NVDA against the whole market

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

How does NVDA rank among all stocks?

This section ranks NVDA 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 NVDA 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.

MeasureNVDARankStanding
1-year return+18.8%1,277 of 3,287top 39%
3-year return+425%135 of 3,017top 4%
5-year return+884%21 of 2,893top 1%
10-year return+13,019%1 of 2,202top 1%
Volatility, 5 years51.9%1,992 of 2,893bottom 32%
Sharpe ratio, 5 years1.1436 of 2,893top 1%
Worst decline, past 10 years−66.3%1,156 of 2,187bottom 48%

What has beaten NVDA 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). NVDA sits where the dashed lines cross. Anything in the green box above and to the left earned more than NVDA 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 NVDA. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NVDANVDA: +58.0% a year, volatility 51.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%FIX: +77.0% a year, volatility 46.7%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%STRL: +78.4% a year, volatility 60.0%INSW: +56.5% a year, volatility 40.5%BELFB: +78.0% a year, volatility 52.1%NVDASPY (S&P 500)MUFIXATICRSSTRLINSWBELFB10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%20.0%40.0%60.0%80.0%100%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than NVDANVDA: +58.0% a year, volatility 51.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%FIX: +77.0% a year, volatility 46.7%ATI: +61.8% a year, volatility 42.9%CRS: +63.9% a year, volatility 46.5%STRL: +78.4% a year, volatility 60.0%INSW: +56.5% a year, volatility 40.5%BELFB: +78.0% a year, volatility 52.1%NVDASPY (S&P 500)MUFIXATISTRLINSWBELFB
  • Popular alternatives
  • The whole market

Is there a better investment than NVDA?

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

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

Screen the whole market against NVDA for any period in BetterThanSPYOpen these 8 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 NVDA?lower diversifies moreExpenseper year
NVDANVIDIA Corporation · this page
+58.0%51.9%1.14−66.3%+13,019%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.690.09%
Popular alternativesbest 1 shownThe investments people most often weigh against NVDA. 1 of 20 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.35—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 6 of 3,481 passed at least one test.
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+77.0%46.7%1.46−49.7%+5,305%0.42—
ATIATI Inc. · Metals & Mining
On the frontierHigher return, lower volatility+61.8%42.9%1.34−82.4%+929%0.10—
CRSCarpenter Technology Corporation · Metals & Mining
On the frontierHigher return, lower volatility+63.9%46.5%1.30−74.7%+1,021%0.15—
STRLSterling Infrastructure, Inc. · Engineering & Construction
On the frontierHigher Sharpe, smaller worst decline+78.4%60.0%1.26−59.6%+5,213%0.42—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher Sharpe, smaller worst decline+56.5%40.5%1.31−57.4%—-0.13—
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
On the frontierHigher return, similar volatility+78.0%52.1%1.37−79.8%+872%0.28—
What these numbers mean for NVDA
Annual return
NVDA returned 58.0% 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 $98,400. 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
NVDA's volatility over the past 5 years was 51.9%, 3.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NVDA's return lands within 51.9% 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
NVDA's Sharpe ratio over the past 5 years was 1.14, against 0.79 for the S&P 500, so NVDA earned more 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
NVDA's worst fall from a peak to a low over the past 10 years was 66.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 66.3% fall takes a 197% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, NVDA's monthly returns had a correlation of 0.69 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 NVDA instead: the lower it is, the more that option would diversify a NVDA holding. Guide: Correlation and diversification →
Show all 3 stocks and funds worth at least $500 million that earned more than NVDA with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with NVDAExpense
1
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+5,305%0.42—
2
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+929%0.10—
3
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,021%0.15—

See everything that outperformed NVDA →

NVDA against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNVDA: 58.0% a year, volatility 51.9%SPY (S&P 500): 12.7% a year, volatility 17.1%MRVL: 29.5% a year, volatility 65.2%AMD: 35.7% a year, volatility 57.6%MPWR: 20.9% a year, volatility 55.4%ON: 10.7% a year, volatility 55.9%INTC: 12.4% a year, volatility 55.6%MU: 68.2% a year, volatility 57.1%TXN: 9.9% a year, volatility 33.7%ANET: 49.0% a year, volatility 49.0%TSM: 31.5% a year, volatility 38.5%MSFT: 12.5% a year, volatility 28.2%ADI: 19.5% a year, volatility 34.1%AMZN: 9.0% a year, volatility 36.6%GOOG: 19.0% a year, volatility 32.0%STM: 2.2% a year, volatility 47.7%MCHP: 2.5% a year, volatility 45.9%NXPI: 5.7% a year, volatility 42.3%META: 15.5% a year, volatility 45.4%QCOM: 8.2% a year, volatility 42.8%AVGO: 48.3% a year, volatility 44.5%CRUS: 6.5% a year, volatility 36.9%NVDASPY (S&P 500)MRVLAMDMPWRONINTCMUTXNANETTSMMSFTADIAMZNGOOGSTMMCHPNXPIMETAQCOMAVGOCRUS10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityNVDA: 58.0% a year, volatility 51.9%SPY (S&P 500): 12.7% a year, volatility 17.1%MRVL: 29.5% a year, volatility 65.2%AMD: 35.7% a year, volatility 57.6%MPWR: 20.9% a year, volatility 55.4%ON: 10.7% a year, volatility 55.9%INTC: 12.4% a year, volatility 55.6%MU: 68.2% a year, volatility 57.1%TXN: 9.9% a year, volatility 33.7%ANET: 49.0% a year, volatility 49.0%TSM: 31.5% a year, volatility 38.5%MSFT: 12.5% a year, volatility 28.2%ADI: 19.5% a year, volatility 34.1%AMZN: 9.0% a year, volatility 36.6%GOOG: 19.0% a year, volatility 32.0%STM: 2.2% a year, volatility 47.7%MCHP: 2.5% a year, volatility 45.9%NXPI: 5.7% a year, volatility 42.3%META: 15.5% a year, volatility 45.4%QCOM: 8.2% a year, volatility 42.8%AVGO: 48.3% a year, volatility 44.5%CRUS: 6.5% a year, volatility 36.9%NVDASPY (S&P 500)MRVLAMDMPWRONINTCMUANETTSMADIAMZNGOOGSTMMCHPMETAQCOMAVGOCRUS
All figures
InvestmentAnnual returnVolatility
MU Micron Technology, Inc.+68.2%57.1%
NVDA This pageNVIDIA Corporation+58.0%51.9%
ANET Arista Networks, Inc.+49.0%49.0%
AVGO Broadcom Inc.+48.3%44.5%
AMD Advanced Micro Devices, Inc.+35.7%57.6%
TSM Taiwan Semiconductor Manufacturing Company Limited+31.5%38.5%
MRVL Marvell Technology, Inc.+29.5%65.2%
MPWR Monolithic Power Systems, Inc.+20.9%55.4%
ADI Analog Devices, Inc.+19.5%34.1%
GOOG Alphabet Inc.+19.0%32.0%
META Meta Platforms, Inc.+15.5%45.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MSFT Microsoft Corporation+12.5%28.2%
INTC Intel Corp.+12.4%55.6%
ON ON Semiconductor Corporation+10.7%55.9%
TXN Texas Instruments Incorporated+9.9%33.7%
AMZN Amazon.com, Inc.+9.0%36.6%
QCOM QUALCOMM Incorporated+8.2%42.8%
CRUS Cirrus Logic, Inc.+6.5%36.9%
NXPI NXP Semiconductors N.V.+5.7%42.3%
MCHP Microchip Technology Incorporated+2.5%45.9%
STM STMicroelectronics N.V.+2.2%47.7%
Open these 22 in EasyCompare

Has NVDA consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than NVDA 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
NVDA NVIDIA Corporation (this page)—−4.8%+6.6%+7.4%+14.9%+18.8%+425%+884%+13,019%51.9%1.14−66.3%—$5.2T—
MU QualifiedMicron Technology, Inc.3/5 short2/3 long−14.2%+3.6%+99.9%+184%+334%+1,246%+1,244%+5,243%57.1%1.20−57.6%—$1.0T—
MRVL SemiconductorsMarvell Technology, Inc.4/5 short0/3 long−6.6%+23.4%+62.7%+169%+181%+390%+264%+1,874%65.2%0.72−61.9%—$211B—
TXN SemiconductorsTexas Instruments Incorporated4/5 short0/3 long+2.6%−1.7%+20.1%+59.1%+58.7%+105%+60.5%+424%33.7%0.45−33.4%—$254B—
AMD SemiconductorsAdvanced Micro Devices, Inc.3/5 short0/3 long−13.1%+6.2%+94.5%+139%+122%+425%+359%+7,583%57.6%0.82−65.5%—$873B—
ANET Computer HardwareArista Networks, Inc.3/5 short0/3 long−11.8%+7.0%+8.6%+35.6%+23.7%+289%+634%+3,439%49.0%1.06−52.2%—$229B—
MPWR SemiconductorsMonolithic Power Systems, Inc.3/5 short0/3 long−2.1%−5.9%−16.0%+34.0%+21.9%+204%+159%+1,659%55.4%0.62−51.6%—$61B—
TSM SemiconductorsTaiwan Semiconductor Manufacturing Company Limited3/5 short0/3 long−4.5%+5.9%+16.6%+34.0%+44.3%+382%+293%+1,505%38.5%0.91−56.6%—$2.2T—
MSFT Software - InfrastructureMicrosoft Corporation3/5 short0/3 long+6.0%+32.5%+27.7%+13.2%+3.8%+66.6%+80.3%+946%28.2%0.56−37.1%—$3.9T—
ADI SemiconductorsAnalog Devices, Inc.3/5 short0/3 long+3.7%+6.9%+4.8%+46.3%+63.3%+150%+144%+652%34.1%0.69−33.6%—$192B—
AMZN Specialty RetailAmazon.com, Inc.3/5 short0/3 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
ON SemiconductorsON Semiconductor Corporation3/5 short0/3 long+5.4%−12.8%−11.6%+33.4%+37.8%−10.9%+66.0%+540%55.9%0.46−70.4%—$29B—
INTC SemiconductorsIntel Corp.3/5 short0/3 long−24.7%−5.5%+39.6%+133%+141%+167%+79.8%+219%55.6%0.49−70.8%—$485B—
ARM SemiconductorsArm Holdings plc American Depositary Shares3/5 short0/3 long−31.5%−18.0%+26.2%+92.7%+28.9%+362%————−54.0%—$236B—
GFS SemiconductorsGLOBALFOUNDRIES Inc.3/5 short0/3 long−3.0%−17.0%−19.7%+28.0%+32.7%−13.2%————−61.5%—$26B—
GOOG Internet Content & InformationAlphabet Inc.2/5 short0/3 long−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%+752%32.0%0.71−44.6%—$4.1T—
STM SemiconductorsSTMicroelectronics N.V.2/5 short0/3 long−11.2%−25.8%+3.3%+68.2%+52.9%+18.8%+11.6%+525%47.7%0.28−66.6%—$41B—
MCHP SemiconductorsMicrochip Technology Incorporated2/5 short0/3 long+1.4%−5.2%−4.6%+18.6%+16.0%+8.5%+13.0%+207%45.9%0.28−63.8%—$41B—
NXPI SemiconductorsNXP Semiconductors N.V.2/5 short0/3 long+2.2%−10.7%+8.2%+8.8%+10.0%+34.9%+31.9%+159%42.3%0.34−53.3%—$60B—
META Internet Content & InformationMeta Platforms, Inc.1/5 short0/3 long−6.3%+7.6%+3.7%+7.0%−4.9%+127%+106%+439%45.4%0.55−76.7%—$1.8T—
QCOM SemiconductorsQUALCOMM Incorporated1/5 short0/3 long−9.5%+3.7%+28.9%+3.2%+7.4%+72.4%+48.3%+239%42.8%0.40−44.3%—$188B—
AVGO SemiconductorsBroadcom Inc.0/5 short0/3 long−7.8%−11.4%−16.0%−3.3%−3.5%+305%+617%+2,380%44.5%1.11−48.3%—$1.6T—
CRUS SemiconductorsCirrus Logic, Inc.0/5 short0/3 long−7.6%−19.0%−34.2%−7.4%−15.6%+63.6%+37.1%+106%36.9%0.35−55.9%—$5.6B—
Open these 23 in EasyCompare

How did NVDA do year by year?

This table shows each investment's total return in every full calendar year since 2000, along with where NVDA ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with NVDA 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 NVDA; gray means the two finished within a fraction of a point. The rank row places NVDA among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of NVDA20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000
NVDA This pageNVIDIA Corporation—+38.9%+171%+239%−50.2%+125%+122%+76.4%−30.8%+82.5%+228%+67.1%+27.4%+33.5%−11.0%−10.0%−17.6%+131%−76.3%+37.9%+102%+55.2%+1.6%+102%−82.8%+308%+39.6%
Rank among alternativesTop quarter in 13 of 268 of 231 of 231 of 2219 of 221 of 211 of 214 of 2118 of 214 of 212 of 212 of 219 of 2013 of 2016 of 1913 of 1916 of 187 of 1717 of 174 of 171 of 174 of 175 of 156 of 1515 of 151 of 152 of 13
SPY S&P 500State Street SPDR S&P 500 ETF8 of 26+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%
MU Micron Technology, Inc.10 of 26+240%−1.0%+71.9%−45.9%+24.2%+39.8%+69.5%−22.8%+87.6%+54.7%−59.5%+60.9%+243%+0.8%−21.6%−24.1%+301%−63.6%−48.0%+4.9%+7.8%−8.3%+38.2%−68.6%−12.7%−8.7%
MRVL Marvell Technology, Inc.8 of 25−22.8%+83.8%+63.7%−57.5%+84.6%+80.3%+65.7%−23.6%+56.9%+60.5%−37.8%+2.5%+102%−46.7%−25.3%−10.6%+211%−52.3%−27.1%−31.6%+58.1%+87.1%+101%−47.2%+63.5%—
TXN Texas Instruments Incorporated8 of 26−4.5%+13.1%+6.4%−9.9%+17.5%+31.7%+39.6%−7.2%+46.8%+36.7%+5.1%+25.1%+46.3%+7.9%−8.8%+27.0%+72.0%−52.8%+17.0%−9.8%+30.7%−15.9%+96.6%−46.2%−40.8%−1.8%
AMD Advanced Micro Devices, Inc.11 of 26+77.3%−18.1%+128%−55.0%+56.9%+100.0%+148%+79.6%−9.3%+295%+7.5%−31.0%+61.3%−55.6%−34.0%−15.5%+348%−71.2%−63.1%−33.5%+39.0%+47.8%+131%−59.3%+14.8%−4.6%
ANET Arista Networks, Inc.3 of 11+18.6%+87.7%+94.1%−15.6%+97.9%+42.9%−3.5%−10.5%+143%+24.2%+28.2%———————————————
MPWR Monolithic Power Systems, Inc.10 of 21+54.4%−5.5%+79.8%−27.8%+35.5%+107%+54.8%+4.5%+38.2%+30.1%+30.0%+44.9%+55.6%+54.9%−8.8%−31.1%+90.1%−41.3%+93.3%−25.9%+61.2%—————
TSM Taiwan Semiconductor Manufacturing Company Limited9 of 26+55.7%+92.0%+41.8%−37.0%+11.7%+91.6%+63.3%−4.3%+37.9%+31.2%+4.9%+31.1%+4.5%+37.7%+7.3%+14.9%+52.9%−16.1%−4.3%+18.9%+27.1%−4.2%+56.7%−54.8%+39.5%−51.0%
MSFT Microsoft Corporation9 of 26+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%+57.6%+20.8%+40.8%+15.1%+22.7%+27.5%+44.3%+5.8%−4.5%−6.5%+60.5%−44.4%+20.8%+15.8%−1.0%+9.2%+6.2%−22.0%+52.8%−62.9%
ADI Analog Devices, Inc.7 of 26+29.8%+8.8%+23.4%−4.9%+21.0%+26.9%+41.3%−1.6%+25.3%+35.0%+2.4%+12.2%+24.7%+21.2%−2.4%+22.7%+71.5%−38.0%−1.5%−6.7%−1.9%−18.7%+91.4%−46.2%−13.3%+10.1%
AMZN Amazon.com, Inc.11 of 26+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%+118%−22.2%+59.0%+45.0%−3.9%+33.7%+163%−44.7%+135%−16.5%+6.8%−16.0%+178%+74.6%−30.5%−79.6%
ON ON Semiconductor Corporation8 of 25−14.1%−24.5%+33.9%−8.2%+108%+34.3%+47.7%−21.1%+64.1%+30.2%−3.3%+22.9%+16.9%−8.7%−21.9%+12.0%+159%−61.7%+17.3%+36.9%+21.8%−29.9%+373%−33.8%−60.6%—
INTC Intel Corp.9 of 26+84.0%−59.6%+94.5%−46.6%+6.0%−14.7%+30.7%+4.2%+30.9%+8.7%−2.2%+44.3%+30.9%−12.0%+19.4%+6.3%+43.9%−43.5%+34.2%−17.2%+8.1%−26.6%+107%−50.3%+4.9%−26.9%
ARM Arm Holdings plc American Depositary Shares0 of 2−11.4%+64.1%————————————————————————
GFS GLOBALFOUNDRIES Inc.1 of 4−18.6%−29.2%+12.4%−17.1%——————————————————————
GOOG Alphabet Inc.10 of 21+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%+29.1%−1.0%+35.6%+1.7%+44.5%−6.0%+58.5%+9.5%+8.8%−4.2%+101%−55.5%+50.2%+11.1%+115%—————
STM STMicroelectronics N.V.7 of 26+5.3%−49.6%+41.6%−26.8%+32.4%+38.9%+96.4%−35.7%+95.1%+76.9%−6.7%−2.5%+15.2%+30.1%−40.6%+15.9%+43.9%−52.3%−21.1%+2.9%−6.1%−28.1%+39.0%−38.3%−26.0%−15.2%
MCHP Microchip Technology Incorporated8 of 26+14.6%−34.9%+30.9%−18.0%+27.5%+33.7%+48.1%−16.7%+39.5%+41.6%+6.3%+4.0%+42.4%−7.1%+10.3%+24.6%+57.8%−34.8%−0.7%+4.4%+22.6%−19.9%+36.8%−5.1%+76.5%−27.9%
NXPI NXP Semiconductors N.V.4 of 15+6.4%−8.0%+48.4%−29.2%+44.8%+26.6%+75.7%−37.0%+19.5%+16.3%+10.3%+66.3%+74.5%+71.2%−26.6%———————————
META Meta Platforms, Inc.3 of 13+13.1%+66.0%+194%−64.2%+23.1%+33.1%+56.6%−25.7%+53.4%+9.9%+34.2%+42.8%+105%—————————————
QCOM QUALCOMM Incorporated8 of 26+13.8%+8.3%+35.1%−38.6%+22.3%+77.1%+60.8%−7.6%+1.1%+35.1%−30.6%+2.3%+22.4%+14.9%+12.3%+9.0%+31.1%−7.6%+5.5%−11.3%+2.5%+58.3%+49.1%−28.0%−38.5%−53.3%
AVGO Broadcom Inc.8 of 16+50.6%+110%+104%−13.3%+56.5%+45.0%+29.0%+2.2%+48.2%+23.6%+46.1%+93.4%+70.0%+12.0%+3.0%+55.4%——————————
CRUS Cirrus Logic, Inc.10 of 26+19.0%+19.7%+11.7%−19.1%+11.9%−0.3%+148%−36.0%−8.3%+91.5%+25.3%+15.4%−29.5%+82.8%−0.8%+134%+154%−49.2%−23.3%+3.0%+21.2%−28.3%+167%−78.2%−29.5%+40.9%
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Risk and diversification

How NVDA 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 NVDA's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents NVDA's five deepest drawdowns since it began trading in 1999, 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 NVDA fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringNVDA fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−89.7%−32.4%Jan 2002Oct 20029 monthsNov 20064.1 years
2008 financial crisis−85.1%−50.0%Oct 2007Nov 200813 monthsApr 20167.4 years
Dot-com bust−67.8%−13.6%Jun 2000Dec 20006 monthsApr 20014 months
2022 bear market−66.3%−21.9%Nov 2021Oct 202211 monthsMay 20237 months
Late-2018 sell-off−55.9%−19.2%Oct 2018Dec 20182 monthsFeb 202014 months

How did NVDA do in stock market crashes?

This section measures how far NVDA, 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 NVDA.

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
NVDA This pageNVIDIA Corporation—−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
SPY S&P 500State Street SPDR S&P 500 ETF9 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MU Micron Technology, Inc.4 of 10−5.3%−49.6%−42.5%−36.6%−8.8%−49.4%−46.5%−2.0%−84.2%−87.8%
MRVL Marvell Technology, Inc.7 of 9−12.0%−56.8%−31.6%−26.1%−7.5%−37.6%−23.1%0.0%−74.3%—
TXN Texas Instruments Incorporated8 of 10−2.6%−21.7%−29.8%−19.5%−9.3%−18.4%−21.6%−1.3%−61.4%−85.4%
AMD Advanced Micro Devices, Inc.5 of 10−3.9%−60.1%−34.3%−48.9%−9.9%−40.0%−41.5%0.0%−87.6%−93.3%
ANET Arista Networks, Inc.5 of 6−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%————
MPWR Monolithic Power Systems, Inc.5 of 9−5.1%−39.7%−27.9%−21.4%−9.8%−18.1%−32.0%−5.4%−72.3%—
TSM Taiwan Semiconductor Manufacturing Company Limited9 of 10−3.9%−54.3%−23.3%−21.4%−9.3%−13.2%−15.7%0.0%−48.0%−82.4%
MSFT Microsoft Corporation9 of 10−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
ADI Analog Devices, Inc.9 of 10−2.6%−22.6%−33.6%−18.1%−7.2%−22.7%−18.6%−1.2%−55.0%−82.0%
AMZN Amazon.com, Inc.7 of 10−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
ON ON Semiconductor Corporation4 of 9−6.4%−34.0%−59.6%−23.7%−12.2%−39.2%−28.5%0.0%−80.0%—
INTC Intel Corp.10 of 10−1.0%−54.1%−33.5%−13.0%−6.7%−19.7%−16.2%−0.9%−55.2%−82.3%
GFS GLOBALFOUNDRIES Inc.1 of 2−5.1%−50.8%————————
GOOG Alphabet Inc.8 of 9−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
STM STMicroelectronics N.V.5 of 10−3.2%−40.6%−49.6%−31.0%−9.1%−31.6%−36.9%−3.2%−77.2%−83.5%
MCHP Microchip Technology Incorporated8 of 10−3.8%−35.3%−49.0%−25.9%−14.4%−18.6%−12.7%−0.4%−55.2%−58.7%
NXPI NXP Semiconductors N.V.4 of 7−4.2%−38.8%−52.0%−27.4%−4.0%−35.5%−39.8%———
META Meta Platforms, Inc.4 of 6−2.9%−62.1%−32.9%−26.5%−9.8%−13.9%————
QCOM QUALCOMM Incorporated8 of 10−5.6%−41.5%−32.2%−26.8%−6.6%−30.7%−19.2%−0.5%−48.0%−84.9%
AVGO Broadcom Inc.6 of 8−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
CRUS Cirrus Logic, Inc.5 of 10−4.1%−32.3%−37.4%−25.2%−13.9%−27.4%−21.4%−5.6%−70.5%−96.8%
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How closely does NVDA 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 NVDA 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 NVDA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
NVDA This pageNVIDIA Corporation248%140%1.771.83
ANET Arista Networks, Inc.174%91%1.921.40
AVGO Broadcom Inc.158%86%1.851.19
TSM Taiwan Semiconductor Manufacturing Company Limited138%75%1.841.15
MU Micron Technology, Inc.204%114%1.791.75
MPWR Monolithic Power Systems, Inc.156%107%1.461.31
MRVL Marvell Technology, Inc.167%116%1.441.68
AMD Advanced Micro Devices, Inc.254%179%1.422.25
MSFT Microsoft Corporation127%91%1.390.96
ADI Analog Devices, Inc.117%92%1.261.20
GOOG Alphabet Inc.132%110%1.201.12
STM STMicroelectronics N.V.122%104%1.171.72
TXN Texas Instruments Incorporated113%108%1.041.18
INTC Intel Corp.98%100%0.981.43
AMZN Amazon.com, Inc.134%139%0.961.31
META Meta Platforms, Inc.134%143%0.941.25
ON ON Semiconductor Corporation161%185%0.871.95
CRUS Cirrus Logic, Inc.71%85%0.841.02
QCOM QUALCOMM Incorporated115%139%0.831.51
MCHP Microchip Technology Incorporated127%170%0.751.72
NXPI NXP Semiconductors N.V.115%157%0.731.63
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What diversifies NVDA?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220182012201120102008200280/20 mix volatility80/20 mix annual return
NVDA NVIDIA Corporation (this page)1.00+884%1.14−50.2%−30.8%−11.0%−10.0%−17.6%−76.3%−82.8%50.1%+61.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.21+119%1.48+3.8%−5.2%—————40.5%+54.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.39+225%1.34+6.0%−19.8%+19.6%−16.1%−1.8%−20.8%—41.1%+56.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.24+101%1.04+10.4%−8.7%—————40.9%+54.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.19+83.3%1.00+7.1%−3.0%+9.6%————40.7%+53.1%
GLD CommoditiesSPDR Gold Shares0.05+126%0.96−0.8%−1.9%+6.6%+9.6%+29.3%+4.9%—40.4%+55.1%
XLE EnergyState Street Energy Select Sector SPDR ETF0.05+177%0.93+64.4%−18.2%+5.2%+2.8%+21.9%−39.0%−14.8%40.7%+56.6%
DFIV InternationalDimensional - International Value ETF0.30+99.4%0.93−3.7%——————41.1%+53.9%
VTV Broad MarketVanguard Morningstar Value ETF0.37+76.6%0.90−2.1%−5.5%+15.2%+1.1%+14.5%−35.9%—41.2%+52.9%

Stocks

InvestmentCorrelation5Y returnSharpe202220182012201120102008200280/20 mix volatility80/20 mix annual return
NVDA NVIDIA Corporation (this page)1.00+884%1.14−50.2%−30.8%−11.0%−10.0%−17.6%−76.3%−82.8%50.1%+61.8%
CAH Medical - DistributionCardinal Health, Inc.-0.02+479%1.55+54.1%−24.5%+3.8%+8.1%+21.4%−39.6%−8.3%40.3%+60.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.45+3,143%1.47+1.3%−16.3%+11.2%−24.4%+2.8%−20.5%−65.1%46.6%+74.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.42+1,636%1.46+17.0%+0.8%+15.7%−17.0%+8.7%−15.2%−9.4%44.6%+69.9%
MCK Medical - DistributionMcKesson Corporation0.01+413%1.44+51.8%−28.4%+25.6%+11.8%+13.8%−40.4%−27.2%40.4%+59.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.10+690%1.41+86.6%−8.2%+94.3%————41.2%+62.8%
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Common questions

What was NVDA's worst drawdown?

NVDA's deepest decline since it began trading in 1999 was 89.7%, from January to October 2002. It took about four years from the low to climb back to its old high.

What were NVDA's best and worst years?

Over 26 full calendar years, NVDA's best year was 2001, when it returned 308%. Its worst was 2002, with a return of -82.8%.

Is there a better investment than NVDA?

Among NVDA's popular alternatives, MU earned more than NVDA over the past 5 years with similar volatility: 68.1% a year at 57.1% volatility, against 58.0% a year at 51.9%. Few investments have done better on both counts: only three of the 3,633 stocks and funds worth at least $500 million earned more than NVDA with less volatility over the past 5 years, among them FIX, ATI and CRS.

Is NVDA more volatile than the S&P 500?

Yes. NVDA's volatility over the past 5 years was 51.9%, 3.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NVDA's return lands within 51.9% 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 NVDA's Sharpe ratio?

NVDA's Sharpe ratio over the past 5 years was 1.14, against 0.79 for the S&P 500, so NVDA earned more 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 NVDA with the S&P 500?

Over the past 5 years, NVDA's monthly returns had a correlation of 0.69 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 NVDA instead: the lower it is, the more that option would diversify a NVDA holding.

What are the best alternatives to NVDA?

Of the 22 popular alternatives we compared, one outperformed NVDA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MU.

Did NVDA outperform the S&P 500?

NVDA finished ahead of the S&P 500 (SPY) in 18 of 26 full calendar years. In 2025, it returned +38.9%, against +17.7% for the index.

How did NVDA do in stock market crashes?

NVDA fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in nine. The clearest case was the dot-com bust, when NVDA fell 89.7% and the S&P 500 fell 47.5%.

What diversifies NVDA?

These had a low correlation with NVDA over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.21), DXJ (correlation 0.39) and EMLP (correlation 0.24); among large stocks, CAH (correlation -0.02), CLS (correlation 0.45) and FIX (correlation 0.42). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to NVDA