Relative Intelligence · Business Services
How Paychex (PAYX) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PAYX alone. It places PAYX (Paychex, Inc.) against 16 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 PAYX stands in the market, and of the alternatives worth a closer look.
Period covered: PAYX's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowPAYX is 25.9% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. That said, it has outpaced the market, rising 23.8% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. At a glance ↓
- Stock or market?PAYX fell 1.2% over the past 3 months, 4.9 points ahead of the business services ETF XLI (State Street Industrial Select Sector SPDR ETF), which fell 6.1%. The S&P 500 rose 3.9%. Its business services peers did not move as one over the past 3 months: PAYC (Paycom Software) rose 75.5%, while MAN (ManpowerGroup) fell 19.1%.
- Past 1 to 3 yearsOver the past year, PAYX fell 7.1% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (7.5% against 89.3%). PAYX finished behind the S&P 500 in both 2024 and 2025. By year ↓
- Long termPAYX turned $10,000 into $27,300 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashIn the 2022 bear market, PAYX held up better than WDAY (Workday), PAYC and PCTY; only ADP (Automatic Data Processing) and BBSI fell less. Crash tests ↓
- DiversificationAgainst the S&P 500, PAYX has a correlation of 0.52 over 5 years, more closely than 77% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Market capture ↓
- Better options
- Popular alternatives
- V (Visa) and ADP (Automatic Data Processing) earned more than PAYX with less volatility over the past 5 years. V returned 12.8% a year at 22.9% volatility, against 1.5% a year at 25.0%.
- Nearby categories and themes
- CTAS (Cintas, business services) and GD (General Dynamics, aerospace & defense) earned more than PAYX with less volatility over the past 5 years. CTAS returned 16.5% a year at 23.1% volatility, against 1.5% a year at 25.0%.
- Whole market
- 837 of the 3,633 stocks and funds worth at least $500 million earned more than PAYX with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in PAYX have grown?
This chart tracks a hypothetical $10,000 investment in PAYX over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PAYX over the same span and PAYX'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.
- $10,000 invested in PAYX at the end of September 1997 would have grown to $208,673 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of PAYX, and INTU finished highest, at $591,451.
Choose a period
From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 289 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of PAYX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- INTU$591,451+5,815% total · +15.1% a year
- CTAS$440,279+4,303% total · +13.9% a year
- NSP$293,024+2,830% total · +12.4% a year
- RTX$288,741+2,787% total · +12.3% a year
- ADP$235,442+2,254% total · +11.5% a year
- PAYX$208,673+1,987% total · +11.0% a year
- BBSI$154,380+1,444% total · +9.9% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- KFRC$35,280+253% total · +4.4% a year
- RHI$29,397+194% total · +3.8% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,479 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of PAYX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- RTX$24,048+140% total · +19.2% a year
- CTAS$21,474+115% total · +16.5% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- LMT$16,868+68.7% total · +11.0% a year
- BBSI$16,792+67.9% total · +10.9% a year
- V$16,755+67.5% total · +10.9% a year
- ADP$14,432+44.3% total · +7.6% a year
- KFY$10,936+9.4% total · +1.8% a year
- PAYX$10,228+2.3% total · +0.5% a year
- CRM$8,626−13.7% total · −2.9% a year
PAYX 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.
- PAYX is still 25.9% below its all-time high.
- PAYX's deepest decline since it began trading in 1986 was 64.9%, from November 2000 to August 2002. It took about 11 years from the low to climb back to its old high.
- Over 29 full calendar years, PAYX's best was 2000, when it returned 83.5%, and its worst was 2001, when it lost 27.6%. It lost money in eight of those years.
The company
- Market value
- $40B
- Industry
- Staffing & Employment Services
- Price history from
- October 1986
Returns
- Past 1 year
- −7.1%total return
- Past 3 years
- +7.5%+2.4% a year
- Past 5 years
- +7.9%+1.5% a year
- Past 10 years
- +173%+10.6% a year
- Best calendar year
- +83.5%2000
- Worst calendar year
- −27.6%2001
- Losing years
- 8 of 29full calendar years
Risk
- Volatility
- 25.0%typical yearly swing, 5 years
- Sharpe ratio
- 0.19return per unit of risk, 5 years
- Worst decline ever
- −64.9%Nov 2000 to Aug 2002
- From its all-time high
- −25.9%below the peak
PAYX against the whole market
Where PAYX ranks among every stock and fund, and what across the market has done better.
How does PAYX rank among all stocks?
This section ranks PAYX 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 PAYX stacks up against its peers, these rankings show where it stands in the market as a whole.
- PAYX is among the steadier stocks: its price swings rank in the top 11% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
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.
| Measure | PAYX | Rank | Standing |
|---|---|---|---|
| 1-year return | −7.1% | 2,253 of 3,287 | bottom 32% |
| 3-year return | +7.5% | 2,203 of 3,017 | bottom 28% |
| 5-year return | +7.9% | 1,619 of 2,893 | bottom 45% |
| 10-year return | +173% | 978 of 2,202 | top 44% |
| Volatility, 5 years | 25.0% | 325 of 2,893 | top 11% |
| Sharpe ratio, 5 years | 0.19 | 1,882 of 2,893 | bottom 36% |
| Worst decline, past 10 years | −45.0% | 287 of 2,187 | top 13% |
What has beaten PAYX 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). PAYX sits where the dashed lines cross. Anything in the green box above and to the left earned more than PAYX 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.
- 150 stocks and 687 ETFs worth at least $500 million sit in the green region: each earned more than PAYX over the past 5 years with smaller price swings. That is 23% of the 3,633 screened.
- Among those with at least half PAYX's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 24% less than PAYX's 25.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.19 for PAYX.
- Among PAYX's popular alternatives, V and ADP are in the region. V earned 12.8% a year against 1.5% a year for PAYX, at 22.9% volatility, 9% less than PAYX's 25.0%.
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 PAYX; faint dots are 92 more of the 837 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than PAYX?
Investments that beat PAYX over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among PAYX's popular alternatives, V and ADP earned more than PAYX with less volatility over the past 5 years. V returned 12.8% a year at 22.9% volatility, against 1.5% a year at 25.0%.
- Looking beyond its popular alternatives, CTAS (business services) and GD (aerospace & defense) earned more than PAYX with less volatility over the past 5 years. CTAS returned 16.5% a year at 23.1% volatility, against 1.5% a year at 25.0%.
- Across the whole market, 837 of the 3,633 stocks and funds worth at least $500 million earned more than PAYX with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat PAYX 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 PAYX'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 PAYX 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 PAYX'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× PAYX's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than PAYX's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with PAYX?lower diversifies more | Expenseper year | |||
| PAYXPaychex, Inc. · this page | +1.5% | 25.0% | 0.19 | −45.0% | +173% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.52 | 0.09% | ||
| Popular alternativesbest 3 shownThe investments people most often weigh against PAYX. 3 of 16 passed at least one test. | |||||||||
 VVisa Inc. · Payment Processing | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.57 | — | |
 ADPAutomatic Data Processing, Inc. · Business Services | Higher return, lower volatilityHigher return in most periods | +9.0% | 22.9% | 0.49 | −40.8% | +320% | 0.89 | — | |
 CRMSalesforce, Inc. · Enterprise Software | Higher return in most periods | −3.2% | 39.4% | 0.12 | −58.7% | +240% | 0.44 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Business Services and the categories next to it (IT Services, Aerospace & Defense, Financial Data, Application Software), plus PAYX's specific themes. 18 of 95 passed at least one test. | |||||||||
 LMTLockheed Martin Corporation · Aerospace & Defense | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +11.1% | 24.2% | 0.56 | −36.7% | +204% | 0.10 | — | |
 CTASCintas Corporation · Business Services | Higher return, lower volatilityHigher return in most periods | +16.5% | 23.1% | 0.78 | −48.4% | +808% | 0.65 | — | |
 RTXRTX Corporation · Aerospace & Defense | Higher return, similar volatilityHigher return in most periods | +18.6% | 24.3% | 0.83 | −52.0% | +317% | 0.27 | — | |
 NOCNorthrop Grumman Corporation · Aerospace & Defense | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +7.6% | 26.1% | 0.41 | −37.8% | +188% | 0.16 | — | |
 GDGeneral Dynamics Corporation · Aerospace & Defense | Higher return, lower volatility | +12.9% | 20.8% | 0.69 | −51.6% | +184% | 0.40 | — | |
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense | Higher return, lower volatility | +14.6% | 20.4% | 0.78 | −51.0% | +258% | 0.37 | 0.37% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,400 of 3,523 passed at least one test. | |||||||||
 KOThe Coca-Cola Company · Food & Beverages | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.35 | — | |
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.10 | 0.09% | |
 GLDSPDR Gold Shares · Gold | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.11 | 0.40% | |
 VYMVanguard High Dividend Yield ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 0.55 | 0.04% | |
 RSGRepublic Services, Inc. · Environmental Services | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.46 | — | |
JAAAJanus Henderson AAA CLO ETF · CLO Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.17 | 0.20% | |
 MCKMcKesson Corporation · Health Care Distribution | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.21 | — | |
 BSVVanguard Short-Term Bond ETF · Short-Term Bonds | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +1.7% | 2.8% | 0.63 | −8.5% | +20.5% | 0.21 | 0.03% | |
What these numbers mean for PAYX
- Annual return
- PAYX returned 1.5% 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 $10,800. 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
- PAYX's volatility over the past 5 years was 25.0%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PAYX's return lands within 25.0% 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
- PAYX's Sharpe ratio over the past 5 years was 0.19, against 0.79 for the S&P 500, so PAYX 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
- PAYX's worst fall from a peak to a low over the past 10 years was 45.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 45.0% fall takes a 81.7% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, PAYX's monthly returns had a correlation of 0.52 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 PAYX instead: the lower it is, the more that option would diversify a PAYX holding. Guide: Correlation and diversification →
Show all 837 stocks and funds worth at least $500 million that earned more than PAYX with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with PAYX | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.35 | — |
| 2 | SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.10 | 0.09% |
| 3 | GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.11 | 0.40% |
| 4 | VYMVanguard High Dividend Yield ETF · US Dividend Equity | Whole market | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 0.55 | 0.04% |
| 5 | RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.46 | — |
| 6 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.17 | 0.20% |
| 7 |  MRSHMarsh & McLennan Companies, Inc. · Insurance | Whole market | +4.4% | 20.9% | 0.31 | −35.8% | +245% | 0.71 | — |
| 8 |  WCNWaste Connections, Inc. · Environmental Services | Whole market | +6.1% | 20.0% | 0.40 | −31.6% | +270% | 0.49 | — |
| 9 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.54 | 0.08% |
| 10 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.67 | 0.15% |
| 11 |  VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.52 | 0.03% |
| 12 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.52 | 0.03% |
| 13 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.20 | — |
| 14 |  BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.49 | — |
| 15 | NOBLProShares - S&P 500 Dividend Aristocrats ETF · US Dividend Equity | Whole market | +6.5% | 14.5% | 0.51 | −35.4% | +172% | 0.59 | 0.35% |
| 16 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.21 | — |
| 17 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.18 | 0.48% |
| 18 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.39 | 0.40% |
| 19 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.05 | 0.30% |
| 20 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.36 | 0.60% |
| 21 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.38 | 0.69% |
| 22 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.42 | — |
| 23 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.37 | 0.05% |
| 24 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.35 | 0.18% |
| 25 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.25 | — |
| 26 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.54 | 0.03% |
| 27 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.31 | 0.60% |
| 28 | ILCViShares Morningstar Value ETF · Broad Market | Whole market | +12.7% | 14.1% | 0.92 | −35.5% | +220% | 0.58 | 0.04% |
| 29 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.41 | 0.03% |
| 30 |  PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.25 | — |
| 31 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.60 | 0.19% |
| 32 |  VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.8% | 17.6% | 0.47 | −39.4% | +198% | 0.58 | 0.03% |
| 33 | LGLVState Street SPDR US Large Cap Low Volatility Index ETF · Broad Market | Whole market | +7.6% | 13.0% | 0.63 | −36.6% | +199% | 0.66 | 0.12% |
| 34 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | 0.04 | 0.15% |
| 35 | PFMInvesco Dividend Achievers ETF · Dividend & Income | Whole market | +10.4% | 13.4% | 0.81 | −32.2% | +213% | 0.59 | 0.52% |
| 36 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.37 | — |
| 37 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.58 | 0.06% |
| 38 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +186% | 0.64 | 0.48% |
| 39 |  VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Whole market | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.30 | 0.03% |
| 40 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +223% | 0.49 | 0.06% |
| 41 |  IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity | Whole market | +6.8% | 19.4% | 0.44 | −38.7% | +122% | 0.16 | 0.09% |
| 42 |  VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity | Whole market | +5.2% | 17.5% | 0.38 | −36.4% | +102% | 0.21 | 0.06% |
| 43 |  EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Whole market | +5.2% | 8.9% | 0.61 | −25.4% | +37.8% | 0.18 | — |
| 44 |  CMECME Group Inc. · Capital Markets | Whole market | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.41 | — |
| 45 |  ULUnilever PLC · Household & Personal Products | Whole market | +5.5% | 21.5% | 0.36 | −30.1% | +89.8% | 0.28 | — |
| 46 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.47 | 0.79% |
| 47 |  RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Whole market | +8.2% | 16.1% | 0.57 | −39.0% | +211% | 0.59 | 0.20% |
| 48 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +14.8% | 23.6% | 0.71 | −32.8% | +625% | 0.49 | — |
| 49 | CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · Dividend & Income | Whole market | +6.0% | 12.5% | 0.53 | −21.4% | +168% | 0.49 | 0.38% |
| 50 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | — | 0.43 | 0.85% |
| 51 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +13.1% | 22.4% | 0.67 | −34.5% | +451% | 0.47 | 0.04% |
| 52 | NEARiShares Short Duration Bond Active ETF · Short-Term Bonds | Whole market | +3.9% | 1.4% | 2.71 | −9.6% | +31.8% | 0.16 | 0.25% |
| 53 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.49 | 0.26% |
| 54 |  CLColgate-Palmolive Company · Household & Personal Products | Whole market | +7.2% | 19.2% | 0.46 | −29.0% | +68.8% | 0.21 | — |
| 55 |  ICEIntercontinental Exchange, Inc. · Capital Markets | Whole market | +5.4% | 21.8% | 0.35 | −34.3% | +240% | 0.62 | — |
| 56 |  ITWIllinois Tool Works Inc. · Industrial Machinery | Whole market | +6.7% | 21.4% | 0.41 | −37.9% | +208% | 0.48 | — |
| 57 |  JEPIJPMorgan Equity Premium Income ETF · Equity Income | Whole market | +7.5% | 11.0% | 0.71 | −13.7% | — | 0.58 | 0.35% |
| 58 |  DIAState Street SPDR Dow Jones Industrial Average ETF Trust · US Large-Cap Equity | Whole market | +9.9% | 14.8% | 0.72 | −36.7% | +250% | 0.56 | 0.16% |
| 59 |  MDLZMondelez International, Inc. · Packaged Foods | Whole market | +4.0% | 20.2% | 0.29 | −29.8% | +93.4% | 0.35 | — |
| 60 | VNLAJanus Henderson Short Duration Income ETF · Bonds | Whole market | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.23 | 0.25% |
| 61 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.36 | — |
| 62 | FLTRVanEck IG Floating Rate ETF · Multi-Asset | Whole market | +4.8% | 2.1% | 2.20 | −17.8% | +41.8% | -0.03 | 0.14% |
| 63 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.43 | 0.08% |
| 64 | FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds | Whole market | +4.5% | 1.7% | 2.58 | −14.7% | +35.9% | 0.06 | 0.15% |
| 65 | SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds | Whole market | +2.8% | 2.0% | 1.38 | −11.8% | +29.2% | 0.28 | 0.04% |
| 66 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.04 | — |
| 67 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.34 | — |
| 68 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.41 | 0.27% |
| 69 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.52 | 0.15% |
| 70 | FLDRFidelity Low Duration Bond Factor ETF · Bonds | Whole market | +3.9% | 1.2% | 3.09 | −12.2% | — | 0.17 | 0.15% |
| 71 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.35 | — |
| 72 | HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds | Whole market | +6.6% | 7.1% | 0.94 | −23.9% | +74.5% | 0.55 | 1.12% |
| 73 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.37 | — |
| 74 | DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Whole market | +11.8% | 14.0% | 0.87 | −32.0% | +276% | 0.55 | 0.28% |
| 75 | TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Whole market | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.15 | 0.17% |
| 76 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.44 | 0.20% |
| 77 | COWZPacer US Cash Cows 100 ETF · US Large-Cap Value | Whole market | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.60 | 0.49% |
| 78 | EWJiShares MSCI Japan ETF · International Equity | Whole market | +9.2% | 18.8% | 0.57 | −33.1% | +132% | 0.26 | 0.49% |
| 79 | RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds | Whole market | +3.8% | 1.4% | 2.61 | −3.7% | +30.8% | 0.05 | 0.26% |
| 80 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | — | 0.52 | 0.10% |
| 81 | CHDChurch & Dwight Co., Inc. · Household & Personal Products | Whole market | +6.1% | 21.1% | 0.39 | −31.7% | +154% | 0.28 | — |
| 82 | USTBVictoryShares Short-Term Bond ETF · Bonds | Whole market | +3.6% | 2.0% | 1.73 | −5.3% | — | 0.31 | 0.34% |
| 83 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.44 | 0.35% |
| 84 | BKLNInvesco Senior Loan ETF · Bank Loans | Whole market | +5.4% | 4.5% | 1.19 | −24.1% | +50.7% | 0.45 | 0.67% |
| 85 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.46 | 0.40% |
| 86 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.59 | 0.12% |
| 87 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.35 | 0.15% |
| 88 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | — | 0.59 | 0.56% |
| 89 | SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Whole market | +4.7% | 3.9% | 1.18 | −22.3% | +54.2% | 0.45 | 0.70% |
| 90 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +121% | 0.45 | 0.08% |
| 91 | VVisa Inc. · Payment Processing | Popular alternative | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.57 | — |
| 92 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.22 | 0.39% |
| 93 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.59 | 0.46% |
| 94 | FTSLFirst Trust Senior Loan Fund · Bonds | Whole market | +5.0% | 3.4% | 1.49 | −22.7% | +52.1% | 0.43 | 0.70% |
| 95 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.34 | 0.60% |
| 96 | BBEUJPMorgan BetaBuilders Europe ETF · International Equity | Whole market | +8.9% | 17.5% | 0.57 | −36.3% | — | 0.45 | 0.09% |
| 97 | FLUDFranklin Ultra Short Bond ETF · Bonds | Whole market | +3.9% | 1.4% | 2.74 | −1.7% | — | 0.02 | 0.15% |
| 98 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | — | -0.34 | 0.85% |
| 99 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | — | 0.50 | 0.12% |
| 100 | GCOWPacer Global Cash Cows Dividend ETF · International | Whole market | +14.1% | 13.6% | 1.04 | −37.6% | +168% | 0.43 | 0.60% |
PAYX against its popular alternatives
The investments people most often weigh against PAYX, compared period by period and year by year.
How do PAYX'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 PAYX, which divides the map into what did better or worse on each measure.
- Only V and ADP were both more rewarding and calmer than PAYX over the past 5 years, earning a higher annual return with lower volatility.
- 12 of the 16 popular alternatives earned less than PAYX over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, PAYX returned 1.5% a year, less than the S&P 500's 12.7%, with higher volatility (25.0% against 17.1%).
Green points earned more than PAYX with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| V Visa Inc. | +12.8% | 22.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| BBSI Barrett Business Services, Inc. | +10.6% | 29.1% |
| ADP Automatic Data Processing, Inc. | +9.0% | 22.9% |
| KFY Korn Ferry | +1.8% | 29.7% |
| PAYX This pagePaychex, Inc. | +1.5% | 25.0% |
| KFRC Kforce Inc. | −2.0% | 42.2% |
| CRM Salesforce, Inc. | −3.2% | 39.4% |
| ASUR Asure Software, Inc. | −4.5% | 48.3% |
| TNET TriNet Group, Inc. | −5.2% | 38.1% |
| WDAY Workday, Inc. | −5.9% | 41.7% |
| INTU Intuit Inc. | −9.4% | 39.1% |
| PCTY Paylocity Holding Corporation | −10.1% | 41.1% |
| PAYC Paycom Software, Inc. | −12.1% | 46.3% |
| NSP Insperity, Inc. | −12.7% | 45.2% |
| MAN ManpowerGroup Inc. | −12.9% | 41.5% |
| RHI Robert Half Inc. | −17.7% | 38.4% |
| HUBS HubSpot, Inc. | −20.6% | 57.6% |
Has PAYX consistently beaten its popular alternatives?
This section compares PAYX 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 PAYX helps separate lasting outperformance from a single strong stretch.
- Three of the 16 popular alternatives, V, ADP and CRM, outperformed PAYX in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- V and ADP outperformed PAYX in every long-term period and in all but one short-term period, the most consistent record in the group.
- V and ADP earned more for the risk they took than PAYX (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than PAYX 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| PAYX Paychex, Inc. (this page) | — | −2.1% | −1.2% | +23.8% | +7.2% | −7.1% | +7.5% | +7.9% | +173% | 25.0% | 0.19 | −45.0% | — | $40B | — |
| V QualifiedVisa Inc. | 5/5 short3/3 longAll-weather | +9.9% | +13.0% | +30.0% | +18.0% | +19.0% | +78.2% | +82.5% | +429% | 22.9% | 0.64 | −36.4% | — | $759B | — |
| ADP QualifiedAutomatic Data Processing, Inc. | 5/5 short3/3 longAll-weather | +8.5% | +15.4% | +46.7% | +18.4% | +6.4% | +30.2% | +53.6% | +320% | 22.9% | 0.49 | −40.8% | — | $116B | — |
| CRM QualifiedSalesforce, Inc. | 4/5 short2/3 long | +2.5% | +39.7% | +30.7% | −3.8% | −3.9% | +21.3% | −14.8% | +240% | 39.4% | 0.12 | −58.7% | — | $200B | — |
| KFY Staffing & Employment ServicesKorn Ferry | 2/5 short3/3 long | −4.2% | −5.7% | +11.3% | +12.6% | +9.2% | +68.7% | +9.3% | +312% | 29.7% | 0.21 | −67.1% | — | $4.0B | — |
| BBSI Staffing & Employment ServicesBarrett Business Services, Inc. | 0/5 short3/3 long | −2.4% | −19.7% | +7.8% | −11.2% | −22.2% | +46.9% | +65.4% | +227% | 29.1% | 0.49 | −69.6% | — | $777M | — |
| PAYC Software - ApplicationPaycom Software, Inc. | 5/5 short1/3 long | +15.9% | +75.5% | +98.1% | +73.3% | +31.7% | +3.8% | −47.4% | +453% | 46.3% | -0.04 | −79.0% | — | $12B | — |
| PCTY Software - ApplicationPaylocity Holding Corporation | 5/5 short1/3 long | +17.8% | +33.6% | +64.9% | +16.7% | +12.1% | −10.2% | −41.4% | +288% | 41.1% | -0.06 | −68.9% | — | $9.0B | — |
| TNET Staffing & Employment ServicesTriNet Group, Inc. | 5/5 short1/3 long | +6.8% | +17.2% | +78.4% | +26.2% | +18.5% | −34.7% | −23.6% | +277% | 38.1% | 0.05 | −74.0% | — | $3.3B | — |
| KFRC Staffing & Employment ServicesKforce Inc. | 3/5 short1/3 long | −1.6% | −11.7% | +66.7% | +66.9% | +91.1% | −1.7% | −9.7% | +234% | 42.2% | 0.15 | −66.4% | — | $909M | — |
| HUBS Software - ApplicationHubSpot, Inc. | 2/5 short1/3 long | +17.2% | +8.4% | +9.1% | −34.4% | −44.5% | −41.6% | −68.5% | +377% | 57.6% | -0.11 | −80.0% | — | $13B | — |
| INTU Software - ApplicationIntuit Inc. | 2/5 short1/3 long | +10.8% | +14.6% | −16.4% | −46.0% | −48.9% | −32.1% | −38.8% | +237% | 39.1% | -0.06 | −68.2% | — | $90B | — |
| NSP Staffing & Employment ServicesInsperity, Inc. | 4/5 short0/3 long | −0.5% | −2.1% | +64.1% | +37.2% | +13.3% | −41.8% | −49.3% | +81.0% | 45.2% | -0.07 | −83.1% | — | $1.9B | — |
| WDAY Software - ApplicationWorkday, Inc. | 3/5 short0/3 long | +6.3% | +38.6% | +59.4% | −0.9% | −15.4% | −3.4% | −26.4% | +132% | 41.7% | 0.06 | −63.4% | — | $49B | — |
| RHI Staffing & Employment ServicesRobert Half Inc. | 3/5 short0/3 long | −8.4% | −18.0% | +25.1% | +31.6% | +19.3% | −46.2% | −62.2% | +19.6% | 38.4% | -0.32 | −79.4% | — | $3.5B | — |
| MAN Staffing & Employment ServicesManpowerGroup Inc. | 3/5 short0/3 long | −24.0% | −19.1% | +38.0% | +46.3% | +32.9% | −30.1% | −49.8% | −19.8% | 41.5% | -0.13 | −75.5% | — | $2.0B | — |
| ASUR Software - ApplicationAsure Software, Inc. | 0/5 short0/3 long | −12.5% | −9.7% | −21.5% | −21.6% | −17.1% | −15.7% | −20.8% | +4.1% | 48.3% | 0.15 | −77.0% | — | $206M | — |
How did PAYX do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where PAYX ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PAYX and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- PAYX finished ahead of the S&P 500 in 14 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, V came out ahead of PAYX most often, in 13 of the 17 years both traded.
- Ranked against its popular alternatives each year, PAYX finished in the top quarter in three of 29 years and in the bottom quarter in four. In 2025, it ranked 8 of 17.
Newest year first. Green marks a year in which the fund came out ahead of PAYX; gray means the two finished within a fraction of a point. The rank row places PAYX among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of PAYX | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PAYX This pagePaychex, Inc. | — | −17.5% | +21.3% | +6.2% | −13.2% | +50.1% | +13.3% | +34.5% | −1.1% | +15.4% | +18.9% | +18.4% | +5.0% | +48.9% | +9.7% | +1.4% | +5.3% | +22.1% | −24.6% | −6.0% | +5.7% | +13.7% | −7.1% | +35.3% | −18.8% | −27.6% | +83.5% | +17.6% | +53.4% | +48.7% |
| Rank among alternatives | Top quarter in 3 of 29 | 8 of 17 | 5 of 17 | 11 of 17 | 7 of 17 | 6 of 17 | 9 of 17 | 8 of 17 | 12 of 17 | 15 of 17 | 8 of 17 | 9 of 17 | 8 of 13 | 5 of 13 | 10 of 12 | 6 of 12 | 10 of 12 | 9 of 12 | 5 of 11 | 4 of 11 | 7 of 11 | 7 of 11 | 7 of 10 | 8 of 10 | 4 of 10 | 9 of 10 | 2 of 10 | 6 of 9 | 2 of 9 | 3 of 8 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 15 of 29 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| V Visa Inc. | 13 of 17 | +11.8% | +22.3% | +26.3% | −3.4% | −0.3% | +17.1% | +43.3% | +16.5% | +47.2% | +1.4% | +19.1% | +18.7% | +48.0% | +50.5% | +45.4% | −18.9% | +68.0% | — | — | — | — | — | — | — | — | — | — | — | — |
| ADP Automatic Data Processing, Inc. | 15 of 29 | −10.2% | +28.4% | −0.3% | −1.3% | +42.6% | +5.9% | +32.7% | +14.3% | +16.5% | +24.3% | +4.1% | +20.5% | +45.6% | +8.5% | +20.2% | +11.7% | +12.7% | −9.0% | +2.8% | +9.1% | +5.1% | +13.5% | +2.4% | −32.7% | −6.4% | +18.3% | +35.3% | +31.7% | +44.6% |
| CRM Salesforce, Inc. | 13 of 21 | −20.2% | +27.8% | +98.5% | −47.8% | +14.2% | +36.8% | +18.7% | +34.0% | +49.3% | −12.7% | +32.2% | +7.5% | +31.3% | +65.8% | −23.2% | +79.0% | +130% | −49.0% | +72.0% | +13.7% | +88.9% | — | — | — | — | — | — | — | — |
| KFY Korn Ferry | 11 of 26 | +0.6% | +16.1% | +19.1% | −32.4% | +75.3% | +4.0% | +8.3% | −3.7% | +42.6% | −9.9% | +16.7% | +10.1% | +64.7% | −7.1% | −26.2% | +40.0% | +44.5% | −39.3% | −18.0% | +22.8% | −10.0% | +55.6% | +78.3% | −29.7% | −49.9% | −41.6% | — | — | — |
| BBSI Barrett Business Services, Inc. | 16 of 29 | −16.0% | +51.4% | +25.7% | +37.1% | +2.9% | −23.0% | +60.2% | −10.1% | +2.3% | +50.4% | +62.8% | −69.9% | +146% | +95.0% | +31.9% | +30.3% | +15.5% | −37.7% | −22.3% | −5.9% | +171% | +6.6% | +319% | −16.2% | +3.9% | −46.0% | −22.5% | −27.7% | −22.9% |
| PAYC Paycom Software, Inc. | 6 of 11 | −21.7% | 0.0% | −33.1% | −25.3% | −8.2% | +70.8% | +116% | +52.4% | +76.6% | +20.9% | +42.9% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| PCTY Paylocity Holding Corporation | 5 of 11 | −23.5% | +21.0% | −15.1% | −17.7% | +14.7% | +70.4% | +101% | +27.7% | +57.1% | −26.0% | +55.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| TNET TriNet Group, Inc. | 4 of 11 | −33.9% | −23.1% | +75.4% | −28.8% | +18.2% | +42.4% | +35.0% | −5.4% | +73.1% | +32.4% | −38.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| KFRC Kforce Inc. | 13 of 29 | −43.1% | −14.0% | +26.2% | −25.7% | +81.5% | +8.5% | +31.1% | +24.7% | +11.8% | −6.4% | +6.8% | +20.2% | +43.5% | +25.4% | −23.8% | +29.5% | +62.6% | −21.2% | −19.9% | +9.1% | +0.5% | +18.8% | +121% | −32.9% | +105% | −77.2% | −39.6% | −8.9% | +122% |
| HUBS HubSpot, Inc. | 6 of 11 | −42.4% | +20.0% | +101% | −56.1% | +66.3% | +150% | +26.1% | +42.2% | +88.1% | −16.5% | +67.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| INTU Intuit Inc. | 19 of 29 | +6.1% | +1.2% | +61.8% | −39.1% | +70.3% | +46.1% | +34.1% | +25.9% | +39.2% | +20.2% | +5.9% | +22.1% | +29.7% | +14.3% | +7.0% | +60.4% | +29.2% | −24.7% | +3.6% | +14.5% | +21.1% | −16.7% | +12.6% | +9.7% | +8.5% | −34.2% | +148% | +75.8% | +30.9% |
| NSP Insperity, Inc. | 12 of 28 | −47.8% | −32.1% | +5.2% | −1.9% | +50.1% | −3.1% | −6.8% | +64.2% | +66.6% | +49.6% | +44.7% | +2.1% | +13.3% | +36.1% | −11.3% | +27.0% | +11.5% | −21.6% | −33.1% | +2.7% | +238% | −27.4% | +190% | −78.1% | +0.8% | +79.7% | +142% | −3.4% | — |
| WDAY Workday, Inc. | 6 of 13 | −16.8% | −6.5% | +65.0% | −38.8% | +14.0% | +45.7% | +3.0% | +57.0% | +53.9% | −17.1% | −2.4% | −1.9% | +52.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| RHI Robert Half Inc. | 14 of 29 | −59.1% | −17.4% | +22.1% | −32.5% | +81.3% | +1.4% | +12.8% | +4.8% | +16.2% | +5.8% | −18.1% | +41.2% | +34.3% | +14.1% | −5.0% | +16.9% | +31.2% | −21.6% | −26.3% | −1.2% | +30.0% | +27.0% | +44.9% | −39.7% | +0.8% | +85.5% | −35.8% | +11.3% | +75.7% |
| MAN ManpowerGroup Inc. | 14 of 29 | −46.3% | −24.0% | −0.6% | −11.8% | +10.5% | −4.5% | +53.5% | −47.4% | +44.2% | +7.7% | +25.9% | −19.6% | +105% | +21.5% | −42.0% | +16.7% | +63.2% | −39.2% | −23.3% | +62.6% | −2.7% | +3.3% | +48.4% | −4.9% | −10.8% | +1.6% | +50.5% | −28.1% | +9.0% |
| ASUR Asure Software, Inc. | 12 of 29 | +0.1% | −1.2% | +1.9% | +19.3% | +10.3% | −13.2% | +61.0% | −64.0% | +65.9% | +88.7% | −19.9% | +0.4% | −4.4% | +38.1% | +118% | +1.0% | +93.0% | −80.3% | −51.8% | −39.2% | +22.0% | −13.8% | +48.0% | −61.2% | +392% | −73.4% | +28.1% | −58.2% | −38.8% |
Risk and diversification
How PAYX 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 PAYX's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents PAYX's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all three of PAYX's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: PAYX fell 45.0% from June 2025 to April 2026, while the S&P 500 rose 14.7%.
- The slowest recovery came after PAYX fell 64.9% from November 2000 to August 2002; it did not regain that peak until October 2013, 11 years later.
Green means PAYX fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | PAYX fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −64.9% | −31.6% | Nov 2000 | Aug 2002 | 21 months | Oct 2013 | 11.2 years |
| No named crash | −54.5% | — | Jun 1989 | Aug 1990 | 14 months | Sep 1991 | 13 months |
| No named crash | −45.0% | +14.7% | Jun 2025 | Apr 2026 | 10 months | Not yet | — |
| Covid crash | −44.1% | −33.4% | Feb 2020 | Mar 2020 | 1 month | Nov 2020 | 8 months |
| No named crash | −41.5% | — | Oct 1987 | Oct 1987 | Under a month | Jan 1989 | 15 months |
How did PAYX do in stock market crashes?
This section measures how far PAYX, 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.
- Among its popular alternatives, ADP held up best, falling less than PAYX in seven of the ten crashes they both traded through.
- PAYX fell further than the S&P 500 in five of the ten crashes it has traded through. The clearest case was the dot-com bust, when PAYX fell 64.9% and the S&P 500 fell 47.5%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than PAYX.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PAYX This pagePaychex, Inc. | — | −4.3% | −22.6% | −44.1% | −17.4% | −7.1% | −14.8% | −14.6% | −1.0% | −49.5% | −64.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 5 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| V Visa Inc. | 4 of 8 | −3.5% | −24.1% | −36.4% | −19.1% | −5.8% | −15.8% | −11.5% | −0.8% | — | — |
| ADP Automatic Data Processing, Inc. | 7 of 10 | −3.3% | −19.9% | −39.5% | −19.2% | −8.7% | −14.1% | −15.8% | 0.0% | −35.7% | −53.6% |
| CRM Salesforce, Inc. | 2 of 9 | −5.3% | −42.7% | −35.7% | −24.8% | −6.1% | −34.2% | −26.9% | −4.2% | −70.5% | — |
| KFY Korn Ferry | 0 of 10 | −10.0% | −39.4% | −47.7% | −23.3% | −7.9% | −29.9% | −48.8% | −3.0% | −59.6% | −85.4% |
| BBSI Barrett Business Services, Inc. | 2 of 10 | −4.9% | −14.9% | −65.3% | −29.4% | −9.0% | −40.1% | −15.8% | −3.5% | −67.3% | −62.7% |
| PAYC Paycom Software, Inc. | 1 of 6 | −5.4% | −33.7% | −44.9% | −29.9% | −6.4% | −50.8% | — | — | — | — |
| PCTY Paylocity Holding Corporation | 0 of 6 | −6.3% | −30.6% | −47.6% | −33.1% | −13.0% | −45.6% | — | — | — | — |
| TNET TriNet Group, Inc. | 0 of 6 | −10.7% | −31.8% | −52.3% | −30.1% | −10.0% | −37.1% | — | — | — | — |
| KFRC Kforce Inc. | 3 of 10 | −1.7% | −27.5% | −35.3% | −26.0% | −4.1% | −46.7% | −43.5% | −4.1% | −58.4% | −85.4% |
| HUBS HubSpot, Inc. | 0 of 6 | −8.4% | −53.8% | −47.3% | −24.8% | −6.8% | −53.8% | — | — | — | — |
| INTU Intuit Inc. | 3 of 10 | −6.0% | −42.7% | −36.3% | −20.8% | −6.5% | −24.8% | −18.0% | −3.4% | −38.3% | −66.0% |
| NSP Insperity, Inc. | 2 of 10 | −4.2% | −27.4% | −63.9% | −26.2% | −6.5% | −13.6% | −33.7% | −2.7% | −64.5% | −95.4% |
| WDAY Workday, Inc. | 3 of 6 | −2.8% | −47.0% | −42.4% | −17.3% | −5.8% | −42.3% | — | — | — | — |
| RHI Robert Half Inc. | 1 of 10 | −4.0% | −40.4% | −42.2% | −25.8% | −7.1% | −36.2% | −31.2% | −3.1% | −54.4% | −67.9% |
| MAN ManpowerGroup Inc. | 1 of 10 | −5.9% | −43.2% | −44.2% | −26.3% | −7.2% | −26.5% | −39.9% | −3.4% | −68.1% | −41.7% |
| ASUR Asure Software, Inc. | 1 of 10 | −7.6% | −34.8% | −42.7% | −65.9% | −6.8% | −29.9% | −19.6% | −5.1% | −90.7% | −92.8% |
How closely does PAYX 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 PAYX with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Ten of the 16 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than PAYX's 0.77, led by V, ADP and PAYC.
- V took just 79% of the S&P 500's losses, against 114% for PAYX, while still keeping 93% of its gains.
- Over the past 10 years, PAYX captured 87% of the S&P 500's gains in rising months and 114% of its losses in falling months, with a beta of 0.89. Its share of the market's losses was larger than its share of the gains.
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 PAYX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| PAYX This pagePaychex, Inc. | 87% | 114% | 0.77 | 0.89 |
| V Visa Inc. | 93% | 79% | 1.18 | 0.87 |
| ADP Automatic Data Processing, Inc. | 89% | 88% | 1.01 | 0.79 |
| PAYC Paycom Software, Inc. | 110% | 114% | 0.97 | 1.12 |
| PCTY Paylocity Holding Corporation | 94% | 106% | 0.89 | 0.88 |
| KFRC Kforce Inc. | 101% | 117% | 0.86 | 1.10 |
| KFY Korn Ferry | 129% | 157% | 0.82 | 1.41 |
| HUBS HubSpot, Inc. | 121% | 149% | 0.81 | 1.46 |
| CRM Salesforce, Inc. | 115% | 143% | 0.80 | 1.16 |
| INTU Intuit Inc. | 99% | 126% | 0.79 | 1.03 |
| BBSI Barrett Business Services, Inc. | 106% | 136% | 0.78 | 1.25 |
| TNET TriNet Group, Inc. | 122% | 161% | 0.76 | 1.20 |
| WDAY Workday, Inc. | 96% | 139% | 0.70 | 1.19 |
| NSP Insperity, Inc. | 83% | 126% | 0.66 | 1.01 |
| RHI Robert Half Inc. | 92% | 160% | 0.57 | 1.21 |
| ASUR Asure Software, Inc. | 71% | 128% | 0.55 | 0.86 |
| MAN ManpowerGroup Inc. | 101% | 191% | 0.53 | 1.39 |
What diversifies PAYX?
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 PAYX's. Because such investments tend not to fall at the same time, pairing PAYX with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in PAYX into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+0.4% for PAYX alone, +5.9% for the mix).
- FIX made money in six of the eight calendar years in which PAYX lost money.
- Among large ETFs, LVHI, DXJ and PJUL have moved largely independently of PAYX over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
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 PAYX lost money. The last two columns show a portfolio that is 80% PAYX and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2018 | 2008 | 2007 | 2004 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PAYX Paychex, Inc. (this page) | 1.00 | +7.9% | 0.19 | −17.5% | −13.2% | −1.1% | −24.6% | −6.0% | −7.1% | −18.8% | −27.6% | 25.9% | +0.4% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.39 | +119% | 1.48 | +27.1% | +3.8% | −5.2% | — | — | — | — | — | 21.6% | +4.0% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.18 | +225% | 1.34 | +32.8% | +6.0% | −19.8% | −20.8% | −7.4% | — | — | — | 21.4% | +5.9% |
| PJUL Broad MarketInnovator U.S. Equity Power Buffer ETF | 0.47 | +64.4% | 1.20 | +12.8% | −2.1% | — | — | — | — | — | — | 21.5% | +2.9% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.44 | +135% | 0.97 | +4.9% | +21.5% | −15.5% | — | — | — | — | — | 22.7% | +4.6% |
| SMH TechnologyVanEck Semiconductor ETF | 0.12 | +323% | 0.97 | +49.2% | −33.5% | −9.1% | −44.7% | +6.0% | −19.3% | −47.0% | −14.6% | 22.7% | +8.4% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.44 | +85.0% | 0.96 | +23.1% | −5.1% | −9.5% | — | — | — | — | — | 21.8% | +3.4% |
| GLD CommoditiesSPDR Gold Shares | 0.11 | +126% | 0.96 | +63.7% | −0.8% | −1.9% | +4.9% | +30.4% | — | — | — | 21.4% | +4.5% |
| IOO InternationaliShares Global 100 ETF | 0.46 | +107% | 0.94 | +27.0% | −16.3% | −6.3% | −36.1% | +11.1% | +9.0% | −24.0% | −14.3% | 22.4% | +4.0% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2025 | 2022 | 2018 | 2008 | 2007 | 2004 | 2002 | 2001 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PAYX Paychex, Inc. (this page) | 1.00 | +7.9% | 0.19 | −17.5% | −13.2% | −1.1% | −24.6% | −6.0% | −7.1% | −18.8% | −27.6% | 25.9% | +0.4% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.23 | +479% | 1.55 | +76.3% | +54.1% | −24.5% | −39.6% | −9.8% | −4.7% | −8.3% | −2.5% | 22.5% | +8.0% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.06 | +3,143% | 1.47 | +220% | +1.3% | −16.3% | −20.5% | −25.7% | −6.4% | −65.1% | −25.6% | 24.4% | +20.1% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.07 | +1,636% | 1.46 | +121% | +17.0% | +0.8% | −15.2% | +2.1% | +40.0% | −9.4% | +73.7% | 23.1% | +16.3% |
| MCK Medical - DistributionMcKesson Corporation | 0.21 | +413% | 1.44 | +44.5% | +51.8% | −28.4% | −40.4% | +29.7% | −1.4% | −27.2% | +4.9% | 22.4% | +7.4% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.31 | +690% | 1.41 | +19.2% | +86.6% | −8.2% | — | — | — | — | — | 23.6% | +9.8% |
Common questions
What was PAYX's worst drawdown?
PAYX's deepest decline since it began trading in 1986 was 64.9%, from November 2000 to August 2002. It took about 11 years from the low to climb back to its old high.
What were PAYX's best and worst years?
Over 29 full calendar years, PAYX's best year was 2000, when it returned 83.5%. Its worst was 2001, with a return of -27.6%.
Is there a better investment than PAYX?
Among PAYX's popular alternatives, V and ADP earned more than PAYX with less volatility over the past 5 years. V returned 12.8% a year at 22.9% volatility, against 1.5% a year at 25.0%. Looking beyond its popular alternatives, CTAS (business services) and GD (aerospace & defense) earned more than PAYX with less volatility over the past 5 years. CTAS returned 16.5% a year at 23.1% volatility, against 1.5% a year at 25.0%.
Is PAYX more volatile than the S&P 500?
Yes. PAYX's volatility over the past 5 years was 25.0%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PAYX's return lands within 25.0% 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 PAYX's Sharpe ratio?
PAYX's Sharpe ratio over the past 5 years was 0.19, against 0.79 for the S&P 500, so PAYX 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 PAYX with the S&P 500?
Over the past 5 years, PAYX's monthly returns had a correlation of 0.52 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 PAYX instead: the lower it is, the more that option would diversify a PAYX holding.
What are the best alternatives to PAYX?
Of the 16 popular alternatives we compared, three outperformed PAYX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: V, ADP and CRM.
Did PAYX outperform the S&P 500?
PAYX finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned -17.5%, against +17.7% for the index.
How did PAYX do in stock market crashes?
PAYX fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in five. The clearest case was the dot-com bust, when PAYX fell 64.9% and the S&P 500 fell 47.5%.
What diversifies PAYX?
These had a low correlation with PAYX over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.39), DXJ (correlation 0.18) and PJUL (correlation 0.47); among large stocks, CAH (correlation 0.23), CLS (correlation 0.06) and FIX (correlation 0.07). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than PAYX's. Returns within 0.5 points or 3% of PAYX's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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