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Relative Intelligence · E-Commerce

How PDD compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PDD alone. It places PDD (PDD Holdings Inc.) against 17 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 PDD stands in the market, and of the alternatives worth a closer look.

Period covered: PDD's full trading record, from July 2018 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against PDD →Chart PDD vs. 17 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in PDD over the past 8 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PDD over the same span and PDD'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.

Note: PDD began trading on July 26, 2018, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or four other sell-offs. It covers the most recent 8 years of PDD's record, starting at the end of September 2018.

Choose a period

From the end of September 2018 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. 618 of the 3,000 stocks and funds worth at least $500 million that traded the whole period ended ahead of PDD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000201820192020202120222023202420252026$5,000$10,000$20,000$50,000$100,00020182020202220242026
  • SHOP$90,152+802% total · +31.6% a year
  • GOOG$57,644+476% total · +24.5% a year
  • MELI$50,769+408% total · +22.5% a year
  • META$44,513+345% total · +20.5% a year
  • EBAY$36,419+264% total · +17.5% a year
  • PDD$29,647+196% total · +14.6% a year
  • SPY (S&P 500)$29,568+196% total · +14.5% a year
  • AMZN$24,877+149% total · +12.1% a year
  • ETSY$13,914+39.1% total · +4.2% a year
  • W$6,945−30.6% total · −4.5% 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. 2,819 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of PDD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000202120222023202420252026$2,000$5,000$10,000$20,000202120222023202420252026
  • GOOG$25,811+158% total · +20.9% a year
  • META$21,571+116% total · +16.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • EBAY$16,622+66.2% total · +10.7% a year
  • AMZN$15,169+51.7% total · +8.7% a year
  • SHOP$10,938+9.4% total · +1.8% a year
  • MELI$10,293+2.9% total · +0.6% a year
  • PDD$8,596−14.0% total · −3.0% a year
  • YMM$5,703−43.0% total · −10.6% a year
  • W$4,014−59.9% total · −16.7% a year
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PDD at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: PDD began trading on July 26, 2018, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or four other sell-offs.

The company

Market value
$116B
Industry
Specialty Retail
Price history from
July 2018

Returns

Past 1 year
−38.0%total return
Past 3 years
−20.6%−7.4% a year
Past 5 years
−17.9%−3.9% a year
Best calendar year
+370%2020
Worst calendar year
−67.2%2021
Losing years
2 of 7full calendar years

Risk

Volatility
66.0%typical yearly swing, 5 years
Sharpe ratio
0.26return per unit of risk, 5 years
Worst decline ever
−87.4%Feb 2021 to Mar 2022
From its all-time high
−59.8%below the peak

PDD against the whole market

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

How does PDD rank among all stocks?

This section ranks PDD 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 PDD 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.

MeasurePDDRankStanding
1-year return−38.0%2,980 of 3,287bottom 10%
3-year return−20.6%2,600 of 3,017bottom 15%
5-year return−17.9%1,976 of 2,893bottom 33%
Volatility, 5 years66.0%2,432 of 2,893bottom 17%
Sharpe ratio, 5 years0.261,671 of 2,893bottom 43%

What has beaten PDD 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). PDD sits where the dashed lines cross. Anything in the green box above and to the left earned more than PDD 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 PDD; faint dots are 92 more of the 2,608 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.

−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−20.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PDDVTIP: +2.7% a year, volatility 2.9%RY: +17.3% a year, volatility 18.2%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%JAAA: +5.1% a year, volatility 1.7%NVDA: +58.0% a year, volatility 51.9%NEAR: +3.9% a year, volatility 1.4%VCSH: +2.3% a year, volatility 2.9%REGN: +7.7% a year, volatility 31.1%HWM: +47.3% a year, volatility 32.5%VNLA: +4.0% a year, volatility 1.1%CAH: +42.1% a year, volatility 24.7%FLRN: +4.5% a year, volatility 1.7%AAPL: +18.5% a year, volatility 28.0%SHY: +1.8% a year, volatility 2.0%FIX: +77.0% a year, volatility 46.7%CHT: +7.7% a year, volatility 13.3%FLDR: +3.9% a year, volatility 1.2%KR: +12.3% a year, volatility 27.3%MPLX: +23.5% a year, volatility 18.8%AVGO: +48.3% a year, volatility 44.5%TSM: +31.5% a year, volatility 38.5%RAVI: +3.8% a year, volatility 1.4%LLY: +40.7% a year, volatility 32.8%MEAR: +2.4% a year, volatility 1.0%VTI: +11.5% a year, volatility 17.5%MU: +68.1% a year, volatility 57.1%SUB: +1.4% a year, volatility 1.7%USTB: +3.6% a year, volatility 2.0%VOO: +12.8% a year, volatility 16.9%LMBS: +3.0% a year, volatility 2.6%BRK-B: +13.4% a year, volatility 17.1%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%AMD: +35.7% a year, volatility 57.6%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%TSLA: +5.3% a year, volatility 60.0%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%VXUS: +8.2% a year, volatility 16.4%ASML: +17.4% a year, volatility 43.4%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%LRCX: +37.4% a year, volatility 49.9%CSCO: +16.8% a year, volatility 26.1%PBR: +50.3% a year, volatility 37.5%ANET: +49.0% a year, volatility 49.0%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%LDUR: +2.4% a year, volatility 2.1%FLRT: +6.0% a year, volatility 2.3%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%INTC: +12.4% a year, volatility 55.6%STX: +57.4% a year, volatility 48.7%AMAT: +25.8% a year, volatility 47.4%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%KLAC: +38.7% a year, volatility 46.7%SAN: +31.7% a year, volatility 33.9%AMGN: +19.6% a year, volatility 24.9%BBVA: +38.7% a year, volatility 33.3%GS: +19.6% a year, volatility 28.6%JPIB: +2.5% a year, volatility 4.2%VLO: +44.2% a year, volatility 36.9%VEA: +9.3% a year, volatility 16.9%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%WDC: +53.7% a year, volatility 53.5%TR: +7.8% a year, volatility 25.2%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%TTE: +18.0% a year, volatility 25.8%IBM: +16.6% a year, volatility 30.5%PG: +5.1% a year, volatility 18.3%BELFB: +78.0% a year, volatility 52.1%PDD: −3.9% a year, volatility 66.0%SPY (S&P 500): +12.7% a year, volatility 17.1%GOOG: +19.0% a year, volatility 32.0%META: +15.5% a year, volatility 45.4%AMZN: +9.0% a year, volatility 36.6%EBAY: +11.7% a year, volatility 32.9%MELI: +3.2% a year, volatility 49.5%SHOP: +3.1% a year, volatility 66.9%WMT: +20.8% a year, volatility 22.6%MSFT: +12.5% a year, volatility 28.2%PANW: +31.9% a year, volatility 43.4%TJX: +19.9% a year, volatility 22.3%ZETA: +33.2% a year, volatility 70.5%CRM: −3.2% a year, volatility 39.4%BIL: +3.7% a year, volatility 0.3%VRIG: +4.7% a year, volatility 1.3%COST: +17.4% a year, volatility 22.9%GILD: +22.8% a year, volatility 24.9%GLD: +17.7% a year, volatility 18.9%FLOT: +4.5% a year, volatility 1.8%MRVL: +29.5% a year, volatility 65.2%ALC: −3.2% a year, volatility 27.0%CLS: +101% a year, volatility 59.7%PDDSPY (S&P 500)GOOGMETAAMZNMELISHOPWMTPANWTJXZETACRMBILVRIGGLDMRVLALCCLS−20.0%0.0%20.0%40.0%60.0%80.0%−20.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PDDVTIP: +2.7% a year, volatility 2.9%RY: +17.3% a year, volatility 18.2%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%JAAA: +5.1% a year, volatility 1.7%NVDA: +58.0% a year, volatility 51.9%NEAR: +3.9% a year, volatility 1.4%VCSH: +2.3% a year, volatility 2.9%REGN: +7.7% a year, volatility 31.1%HWM: +47.3% a year, volatility 32.5%VNLA: +4.0% a year, volatility 1.1%CAH: +42.1% a year, volatility 24.7%FLRN: +4.5% a year, volatility 1.7%AAPL: +18.5% a year, volatility 28.0%SHY: +1.8% a year, volatility 2.0%FIX: +77.0% a year, volatility 46.7%CHT: +7.7% a year, volatility 13.3%FLDR: +3.9% a year, volatility 1.2%KR: +12.3% a year, volatility 27.3%MPLX: +23.5% a year, volatility 18.8%AVGO: +48.3% a year, volatility 44.5%TSM: +31.5% a year, volatility 38.5%RAVI: +3.8% a year, volatility 1.4%LLY: +40.7% a year, volatility 32.8%MEAR: +2.4% a year, volatility 1.0%VTI: +11.5% a year, volatility 17.5%MU: +68.1% a year, volatility 57.1%SUB: +1.4% a year, volatility 1.7%USTB: +3.6% a year, volatility 2.0%VOO: +12.8% a year, volatility 16.9%LMBS: +3.0% a year, volatility 2.6%BRK-B: +13.4% a year, volatility 17.1%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%AMD: +35.7% a year, volatility 57.6%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%TSLA: +5.3% a year, volatility 60.0%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%GE: +36.0% a year, volatility 31.0%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%DELL: +55.2% a year, volatility 54.4%VXUS: +8.2% a year, volatility 16.4%ASML: +17.4% a year, volatility 43.4%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%LRCX: +37.4% a year, volatility 49.9%CSCO: +16.8% a year, volatility 26.1%PBR: +50.3% a year, volatility 37.5%ANET: +49.0% a year, volatility 49.0%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%LDUR: +2.4% a year, volatility 2.1%FLRT: +6.0% a year, volatility 2.3%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%INTC: +12.4% a year, volatility 55.6%STX: +57.4% a year, volatility 48.7%AMAT: +25.8% a year, volatility 47.4%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%KLAC: +38.7% a year, volatility 46.7%SAN: +31.7% a year, volatility 33.9%AMGN: +19.6% a year, volatility 24.9%BBVA: +38.7% a year, volatility 33.3%GS: +19.6% a year, volatility 28.6%JPIB: +2.5% a year, volatility 4.2%VLO: +44.2% a year, volatility 36.9%VEA: +9.3% a year, volatility 16.9%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%WDC: +53.7% a year, volatility 53.5%TR: +7.8% a year, volatility 25.2%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%TTE: +18.0% a year, volatility 25.8%IBM: +16.6% a year, volatility 30.5%PG: +5.1% a year, volatility 18.3%BELFB: +78.0% a year, volatility 52.1%PDD: −3.9% a year, volatility 66.0%SPY (S&P 500): +12.7% a year, volatility 17.1%GOOG: +19.0% a year, volatility 32.0%META: +15.5% a year, volatility 45.4%AMZN: +9.0% a year, volatility 36.6%EBAY: +11.7% a year, volatility 32.9%MELI: +3.2% a year, volatility 49.5%SHOP: +3.1% a year, volatility 66.9%WMT: +20.8% a year, volatility 22.6%MSFT: +12.5% a year, volatility 28.2%PANW: +31.9% a year, volatility 43.4%TJX: +19.9% a year, volatility 22.3%ZETA: +33.2% a year, volatility 70.5%CRM: −3.2% a year, volatility 39.4%BIL: +3.7% a year, volatility 0.3%VRIG: +4.7% a year, volatility 1.3%COST: +17.4% a year, volatility 22.9%GILD: +22.8% a year, volatility 24.9%GLD: +17.7% a year, volatility 18.9%FLOT: +4.5% a year, volatility 1.8%MRVL: +29.5% a year, volatility 65.2%ALC: −3.2% a year, volatility 27.0%CLS: +101% a year, volatility 59.7%PDDSPY (S&P 500)METAMELISHOPWMTPANWTJXZETACRMBILVRIGALCCLS
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than PDD?

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

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

Screen the whole market against PDD for any period in BetterThanSPYOpen these 21 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 years5Y returntotalCorr. with PDD?lower diversifies moreExpenseper year
PDDPDD Holdings Inc. · this page
−3.9%66.0%0.26−87.4%−17.9%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%-0.010.09%
Popular alternativesbest 6 shownThe investments people most often weigh against PDD. 6 of 17 passed at least one test.
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.0%32.0%0.71−44.6%+138%0.07—
METAMeta Platforms, Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.5%45.4%0.55−76.7%+106%0.17—
AMZNAmazon.com, Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+9.0%36.6%0.42−56.1%+53.8%-0.05—
EBAYeBay Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.7%32.9%0.50−53.6%+74.2%0.09—
MELIMercadoLibre, Inc. · E-Commerce
Higher return, lower volatilityHigher return in most periods+3.2%49.5%0.31−69.1%+17.2%0.10—
SHOPShopify Inc. · Software
Higher return, similar volatilityHigher return in most periods+3.1%66.9%0.38−84.8%+16.6%0.11—
Same and neighboring categories, and shared themesbest 6 shownEverything else in E-Commerce and the categories next to it (Specialty Retail, Software, Internet Services, Freight & Logistics), plus PDD's specific themes. 82 of 133 passed at least one test.
WMTWalmart Inc. · Discount Retail · E-Commerce theme
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+20.8%22.6%0.96−25.7%+158%-0.15—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.5%28.2%0.56−37.1%+80.3%0.05—
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.9%43.4%0.86−48.0%+299%-0.13—
TJXThe TJX Companies, Inc. · Specialty Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.9%22.3%0.93−42.5%+147%0.04—
ZETAZeta Global Holdings Corp. · Software
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.2%70.5%0.77−70.0%+320%-0.02—
CRMSalesforce, Inc. · Enterprise Software
Similar return, lower volatilityHigher return in most periods−3.2%39.4%0.12−58.7%−14.8%0.04—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,755 of 3,484 passed at least one test.
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+3.7%0.3%14.05−0.2%+19.9%0.180.14%
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+4.7%1.3%3.51−13.1%+25.6%0.220.30%
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.4%22.9%0.82−31.4%+123%-0.09—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.8%24.9%0.95−30.5%+180%0.02—
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%+126%0.140.40%
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+4.5%1.8%2.48−13.5%+24.5%0.110.15%
MRVLMarvell Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+29.5%65.2%0.72−61.9%+264%-0.15—
ALCAlcon Inc. · Medical Devices
Similar return, lower volatilityHigher return in most periods−3.2%27.0%0.01−37.9%−15.2%0.11—
What these numbers mean for PDD
Annual return
PDD lost 3.9% 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 $8,210. 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
PDD's volatility over the past 5 years was 66.0%, 3.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PDD's return lands within 66.0% 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
PDD's Sharpe ratio over the past 5 years was 0.26, against 0.79 for the S&P 500, so PDD 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
PDD's worst fall from a peak to a low over the past 10 years was 87.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 87.4% fall takes a 694% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, PDD's monthly returns had a correlation of -0.01 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against PDD instead: the lower it is, the more that option would diversify a PDD holding. Guide: Correlation and diversification →
Show all 2,608 stocks and funds worth at least $500 million that earned more than PDD with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with PDDExpense
1
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds
Whole market+3.7%0.3%14.05−0.2%+19.9%0.180.14%
2
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+25.6%0.220.30%
3
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+123%-0.09—
4
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+180%0.02—
5
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+126%0.140.40%
6
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+24.5%0.110.15%
7
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Whole market+2.7%2.9%0.94−6.3%+14.0%-0.030.03%
8
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+122%0.13—
9
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+690%0.02—
10
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+705%0.07—
11
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%+28.0%0.230.20%
12
NVDANVIDIA Corporation · Semiconductors
Whole market+58.0%51.9%1.14−66.3%+884%-0.07—
13
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds
Whole market+3.9%1.4%2.71−9.6%+20.9%0.250.25%
14
VCSHVanguard Short-Term Corporate Bond ETF · Investment Grade Bonds
Whole market+2.3%2.9%0.80−12.9%+12.1%0.230.03%
15
REGNRegeneron Pharmaceuticals, Inc. · Biotechnology
Whole market+7.7%31.1%0.40−59.7%+44.9%-0.02—
16
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+594%0.04—
17
VNLAJanus Henderson Short Duration Income ETF · Bonds
Whole market+4.0%1.1%3.77−4.5%+21.8%0.240.25%
18
WMTWalmart Inc. · Discount Retail · E-Commerce theme
Same or nearby category+20.8%22.6%0.96−25.7%+158%-0.15—
19
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+479%-0.05—
20
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Bonds
Whole market+4.5%1.7%2.58−14.7%+24.4%0.140.15%
21
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+133%-0.11—
22
SHYiShares 1-3 Year Treasury Bond ETF · Treasury Bonds
Whole market+1.8%2.0%0.89−5.7%+9.3%0.180.15%
23
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+1,636%-0.15—
24
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+45.1%0.13—
25
FLDRFidelity Low Duration Bond Factor ETF · Bonds
Whole market+3.9%1.2%3.09−12.2%+20.9%0.260.15%
26
KRThe Kroger Co. · Grocery Stores
Whole market+12.3%27.3%0.56−43.8%+78.5%-0.10—
27
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+187%-0.07—
28
CLSCelestica Inc. · Electronics Manufacturing
Whole market+101%59.7%1.47−80.6%+3,143%0.11—
29
AVGOBroadcom Inc. · Semiconductors
Whole market+48.3%44.5%1.11−48.3%+617%-0.04—
30
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.5%38.5%0.91−56.6%+293%0.16—
31
RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds
Whole market+3.8%1.4%2.61−3.7%+20.2%0.280.26%
32
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+451%-0.24—
33
MEARiShares Short Maturity Municipal Bond Active ETF · Bonds
Whole market+2.4%1.0%2.37−2.7%+12.8%0.160.26%
34
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+72.6%0.000.03%
35
MUMicron Technology, Inc. · Semiconductors
Whole market+68.1%57.1%1.20−57.6%+1,244%-0.10—
36
SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds
Whole market+1.4%1.7%0.85−9.4%+7.3%0.250.07%
37
USTBVictoryShares Short-Term Bond ETF · Bonds
Whole market+3.6%2.0%1.73−5.3%+19.1%0.220.34%
38
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+82.3%-0.010.03%
39
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.0%2.6%1.14−6.5%+15.8%0.290.66%
40
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+87.8%-0.20—
41
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,082%0.04—
42
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+232%-0.04—
43
AMDAdvanced Micro Devices, Inc. · Semiconductors
Whole market+35.7%57.6%0.82−65.5%+359%-0.01—
44
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+122%0.10—
45
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+218%-0.07—
46
TSLATesla, Inc. · Automobiles
Whole market+5.3%60.0%0.39−73.6%+29.5%-0.06—
47
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+318%0.33—
48
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+82.1%-0.11—
49
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+82.5%0.02—
50
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+366%0.10—
51
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+225%0.040.48%
52
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+119%0.180.40%
53
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+98.2%0.00—
54
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%+35.7%0.120.69%
55
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+144%-0.06—
56
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+288%-0.04—
57
DELLDell Technologies Inc. · Computer Hardware
Whole market+55.2%54.4%1.08−59.6%+800%-0.06—
58
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+48.6%0.230.05%
59
ASMLASML Holding N.V. · Semiconductor Equipment
Whole market+17.4%43.4%0.59−56.9%+123%-0.03—
60
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+97.2%-0.060.18%
61
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+319%0.09—
62
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+79.2%0.01—
63
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+159%0.06—
64
LRCXLam Research Corporation · Semiconductor Equipment
Whole market+37.4%49.9%0.89−56.4%+390%-0.04—
65
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+118%-0.16—
66
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+667%0.06—
67
ANETArista Networks, Inc. · Communications Equipment
Whole market+49.0%49.0%1.06−52.2%+634%-0.06—
68
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+159%0.14—
69
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+413%-0.13—
70
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+113%-0.11—
71
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+121%-0.04—
72
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%+839%0.16—
73
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds
Whole market+2.4%2.1%1.13−8.7%+12.3%0.210.54%
74
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+33.9%0.230.60%
75
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+329%-0.11—
76
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+76.6%0.020.03%
77
INTCIntel Corp. · Semiconductors
Whole market+12.4%55.6%0.49−70.8%+79.8%0.00—
78
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+57.4%48.7%1.18−57.0%+866%-0.01—
79
AMATApplied Materials, Inc. · Semiconductor Equipment
Whole market+25.8%47.4%0.72−55.1%+215%-0.03—
80
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+217%0.10—
81
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+135%0.02—
82
KLACKLA Corporation · Semiconductor Equipment
Whole market+38.7%46.7%0.94−46.3%+413%-0.02—
83
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+295%0.27—
84
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+145%0.05—
85
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+413%0.23—
86
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+145%0.12—
87
JPIBJPMorgan International Bond Opportunities ETF · Bonds
Whole market+2.5%4.2%0.62−13.1%+13.3%0.170.50%
88
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+524%0.04—
89
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+55.9%0.150.03%
90
MSMorgan Stanley · Capital Markets
Whole market+16.0%28.8%0.66−51.3%+110%0.19—
91
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+109%0.13—
92
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+355%-0.09—
93
WDCWestern Digital Corporation · Computer Hardware
Whole market+53.7%53.5%1.07−70.5%+759%0.02—
94
TRTootsie Roll Industries, Inc. · Food Confectioners
Whole market+7.8%25.2%0.42−36.4%+45.6%0.04—
95
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+326%0.09—
96
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+301%0.20—
97
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+129%0.23—
98
IBMInternational Business Machines Corporation · IT Services
Whole market+16.6%30.5%0.66−41.1%+116%0.04—
99
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.1%18.3%0.37−23.8%+28.3%-0.02—
100
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
Whole market+78.0%52.1%1.37−79.8%+1,688%-0.02—

PDD against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPDD: −3.9% a year, volatility 66.0%SPY (S&P 500): 12.7% a year, volatility 17.1%EBAY: 11.7% a year, volatility 32.9%GOOG: 19.0% a year, volatility 32.0%META: 15.5% a year, volatility 45.4%AMZN: 9.0% a year, volatility 36.6%MELI: 3.2% a year, volatility 49.5%W: −14.5% a year, volatility 81.8%BZUN: −29.0% a year, volatility 73.6%BILI: −29.9% a year, volatility 77.4%SHOP: 3.1% a year, volatility 66.9%YMM: −10.9% a year, volatility 65.7%ETSY: −17.8% a year, volatility 55.4%ZTO: −6.3% a year, volatility 38.2%GXO: −10.9% a year, volatility 42.2%JD: −18.6% a year, volatility 52.6%BABA: −8.2% a year, volatility 51.3%SE: −25.9% a year, volatility 64.6%CPNG: −13.1% a year, volatility 52.0%PDDSPY (S&P 500)EBAYGOOGMETAAMZNMELIWBZUNBILISHOPYMMETSYZTOGXOJDBABASECPNG0.0%20.0%40.0%60.0%80.0%100%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPDD: −3.9% a year, volatility 66.0%SPY (S&P 500): 12.7% a year, volatility 17.1%EBAY: 11.7% a year, volatility 32.9%GOOG: 19.0% a year, volatility 32.0%META: 15.5% a year, volatility 45.4%AMZN: 9.0% a year, volatility 36.6%MELI: 3.2% a year, volatility 49.5%W: −14.5% a year, volatility 81.8%BZUN: −29.0% a year, volatility 73.6%BILI: −29.9% a year, volatility 77.4%SHOP: 3.1% a year, volatility 66.9%YMM: −10.9% a year, volatility 65.7%ETSY: −17.8% a year, volatility 55.4%ZTO: −6.3% a year, volatility 38.2%GXO: −10.9% a year, volatility 42.2%JD: −18.6% a year, volatility 52.6%BABA: −8.2% a year, volatility 51.3%SE: −25.9% a year, volatility 64.6%CPNG: −13.1% a year, volatility 52.0%PDDSPY (S&P 500)GOOGMETAAMZNMELIWBZUNBILISHOPYMMETSYZTOGXOJDBABASECPNG
All figures
InvestmentAnnual returnVolatility
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%
EBAY eBay Inc.+11.7%32.9%
AMZN Amazon.com, Inc.+9.0%36.6%
MELI MercadoLibre, Inc.+3.2%49.5%
SHOP Shopify Inc.+3.1%66.9%
PDD This pagePDD Holdings Inc.−3.9%66.0%
ZTO ZTO Express (Cayman) Inc.−6.3%38.2%
BABA Alibaba Group Holding Limited−8.2%51.3%
GXO GXO Logistics, Inc.−10.9%42.2%
YMM Full Truck Alliance Co. Ltd.−10.9%65.7%
CPNG Coupang, Inc.−13.1%52.0%
W Wayfair Inc.−14.5%81.8%
ETSY Etsy, Inc.−17.8%55.4%
JD JD.com, Inc.−18.6%52.6%
SE Sea Limited−25.9%64.6%
BZUN Baozun Inc.−29.0%73.6%
BILI Bilibili Inc.−29.9%77.4%
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Has PDD consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than PDD over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
PDD PDD Holdings Inc. (this page)—+2.9%−5.1%−21.7%−29.5%−38.0%−20.6%−17.9%66.0%0.26−87.4%—$116B—
EBAY QualifiedeBay Inc.5/5 short2/2 longAll-weather+11.9%+6.5%+13.8%+40.5%+28.3%+213%+74.2%32.9%0.50−53.6%—$54B—
SHOP QualifiedShopify Inc.5/5 short2/2 longAll-weather+25.8%+39.4%+28.4%+10.4%+5.3%+239%+16.6%66.9%0.38−84.8%—$225B—
GOOG QualifiedAlphabet Inc.4/5 short2/2 longAll-weather−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%32.0%0.71−44.6%—$4.1T—
META QualifiedMeta Platforms, Inc.4/5 short2/2 longAll-weather−6.3%+7.6%+3.7%+7.0%−4.9%+127%+106%45.4%0.55−76.7%—$1.8T—
AMZN QualifiedAmazon.com, Inc.4/5 short2/2 longAll-weather+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%36.6%0.42−56.1%—$2.8T—
MELI QualifiedMercadoLibre, Inc.4/5 short2/2 longAll-weather+3.2%+2.6%+0.5%−4.8%−10.6%+60.7%+17.2%49.5%0.31−69.1%—$95B—
YMM Software - ApplicationFull Truck Alliance Co. Ltd.5/5 short1/2 long+8.9%−3.5%+1.4%−19.0%−28.1%+38.1%−44.0%65.7%0.14−78.3%—$9.2B—
W Specialty RetailWayfair Inc.5/5 short1/2 long+8.2%+29.4%+40.0%+6.6%+36.6%+159%−54.2%81.8%0.21−93.0%—$16B—
ETSY Specialty RetailEtsy, Inc.5/5 short1/2 long+19.0%+4.0%+36.2%+52.6%+22.5%+34.7%−62.5%55.4%-0.08−86.3%—$8.0B—
BZUN Specialty RetailBaozun Inc.5/5 short1/2 long+25.9%+47.4%+18.2%+31.7%+1.1%+35.5%−82.0%73.6%-0.11−97.0%—$215M—
ZTO Integrated Freight & LogisticsZTO Express (Cayman) Inc.4/5 short1/2 long+4.0%−16.3%−20.0%−4.3%+7.5%−5.6%−27.7%38.2%0.02−57.1%—$15B—
GXO Integrated Freight & LogisticsGXO Logistics, Inc.4/5 short1/2 long+5.9%−8.9%−18.8%−11.4%−12.3%−8.0%−43.8%42.2%-0.06−69.6%—$5.5B—
JD Specialty RetailJD.com, Inc.3/5 short1/2 long−1.9%−12.5%−14.7%−6.2%−18.0%+20.2%−64.3%52.6%-0.14−79.1%—$36B—
BABA Specialty RetailAlibaba Group Holding Limited1/5 short1/2 long−6.1%−9.7%−21.7%−29.6%−36.8%+44.5%−34.8%51.3%0.08−80.1%—$270B—
SE Specialty RetailSea Limited1/5 short1/2 long−21.6%−23.9%−10.0%−38.8%−51.5%+80.3%−77.7%64.6%-0.14−90.5%—$49B—
CPNG Specialty RetailCoupang, Inc.0/5 short1/2 long−2.1%−12.9%−33.4%−38.7%−54.8%−18.9%−50.3%52.0%-0.01−81.5%—$26B—
BILI Internet Content & InformationBilibili Inc.0/5 short1/2 long−8.3%−24.4%−44.3%−47.2%−49.5%+11.3%−83.1%77.4%-0.09−94.3%—$5.9B—
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How did PDD do year by year?

This table shows each investment's total return in every full calendar year since 2019, along with where PDD ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PDD and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: PDD began trading on July 26, 2018, so the table starts with 2019, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or four other sell-offs.

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

InvestmentYears ahead of PDD2025202420232022202120202019
PDD This pagePDD Holdings Inc.—+16.9%−33.7%+79.4%+39.9%−67.2%+370%+68.5%
Rank among alternativesTop quarter in 3 of 710 of 1817 of 186 of 181 of 1815 of 152 of 154 of 15
SPY S&P 500State Street SPDR S&P 500 ETF3 of 7+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%
EBAY eBay Inc.3 of 7+42.7%+44.8%+7.7%−36.5%+33.8%+41.2%+30.6%
SHOP Shopify Inc.5 of 7+51.4%+36.5%+124%−74.8%+21.7%+185%+187%
GOOG Alphabet Inc.3 of 7+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%+29.1%
META Meta Platforms, Inc.3 of 7+13.1%+66.0%+194%−64.2%+23.1%+33.1%+56.6%
AMZN Amazon.com, Inc.2 of 7+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%
MELI MercadoLibre, Inc.5 of 7+18.4%+8.2%+85.7%−37.2%−19.5%+193%+95.3%
YMM Full Truck Alliance Co. Ltd.1 of 4+0.8%+57.4%−12.3%−4.5%———
W Wayfair Inc.4 of 7+127%−28.2%+87.6%−82.7%−15.9%+150%+0.3%
ETSY Etsy, Inc.1 of 7+4.8%−34.7%−32.3%−45.3%+23.1%+302%−6.9%
BZUN Baozun Inc.2 of 7−2.2%−0.7%−48.3%−61.9%−59.5%+3.7%+13.4%
ZTO ZTO Express (Cayman) Inc.2 of 7+10.7%−3.7%−19.8%−3.8%−2.4%+26.2%+49.5%
GXO GXO Logistics, Inc.2 of 4+21.0%−28.9%+43.3%−53.0%———
JD JD.com, Inc.2 of 7−14.9%+23.5%−47.8%−17.9%−20.3%+149%+68.3%
BABA Alibaba Group Holding Limited3 of 7+75.8%+11.8%−10.8%−25.9%−49.0%+9.7%+54.7%
SE Sea Limited5 of 7+20.2%+162%−22.2%−76.7%+12.4%+395%+255%
CPNG Coupang, Inc.1 of 4+7.3%+35.8%+10.1%−49.9%———
BILI Bilibili Inc.3 of 7+35.8%+48.8%−48.6%−48.9%−45.9%+360%+27.6%
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Risk and diversification

How PDD 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 PDD's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents PDD's five deepest drawdowns since it began trading in 2018, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: PDD began trading on July 26, 2018, so this list cannot include the dot-com bust, the 2008 financial crisis or four other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringPDD fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−87.4%+7.7%Feb 2021Mar 202213 monthsNot yet—
Late-2018 sell-off−42.8%−6.0%Sep 2018Nov 20182 monthsJan 20192 months
No named crash−38.9%−1.3%Mar 2019Jun 20193 monthsAug 20192 months
No named crash−35.5%+1.5%Jul 2018Aug 20181 monthSep 20181 month
No named crash−27.9%+1.2%Nov 2019Nov 2019Under a monthApr 20205 months

How did PDD do in stock market crashes?

This section measures how far PDD, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: PDD began trading on July 26, 2018, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or four other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

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

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
PDD This pagePDD Holdings Inc.—−7.9%−61.4%−15.7%−38.1%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF3 of 4−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
EBAY eBay Inc.3 of 4−6.6%−44.2%−31.6%−23.2%−7.4%−25.6%−21.8%−3.5%−74.7%−77.1%
SHOP Shopify Inc.2 of 4−5.1%−79.0%−40.7%−27.6%−5.4%−49.2%————
GOOG Alphabet Inc.3 of 4−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
META Meta Platforms, Inc.2 of 4−2.9%−62.1%−32.9%−26.5%−9.8%−13.9%————
AMZN Amazon.com, Inc.3 of 4−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
MELI MercadoLibre, Inc.3 of 4−7.2%−51.6%−39.1%−30.3%−8.8%−31.9%−39.5%0.0%−89.5%—
YMM Full Truck Alliance Co. Ltd.2 of 2−7.1%−52.8%————————
W Wayfair Inc.0 of 4−15.8%−83.8%−71.4%−45.5%−3.3%−40.5%————
ETSY Etsy, Inc.1 of 4−8.4%−65.7%−49.3%−25.1%−5.6%−63.3%————
BZUN Baozun Inc.0 of 4−9.4%−63.0%−30.8%−41.9%−8.1%−46.5%————
ZTO ZTO Express (Cayman) Inc.4 of 4−2.4%−33.6%−14.7%−16.8%−4.5%—————
GXO GXO Logistics, Inc.0 of 2−11.4%−62.5%————————
JD JD.com, Inc.2 of 4−14.6%−45.1%−21.0%−27.3%−8.2%−29.9%————
BABA Alibaba Group Holding Limited3 of 4−4.7%−45.1%−20.6%−20.7%−7.3%−29.1%————
SE Sea Limited1 of 4−8.0%−73.3%−27.7%−26.4%−8.8%—————
CPNG Coupang, Inc.1 of 2−7.3%−64.7%————————
BILI Bilibili Inc.1 of 4−8.0%−70.2%−28.2%−17.6%——————
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How closely does PDD 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 PDD with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 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 PDD's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
PDD This pagePDD Holdings Inc.-1%17%-0.05-0.04
GOOG Alphabet Inc.140%132%1.071.20
META Meta Platforms, Inc.139%150%0.921.18
EBAY eBay Inc.121%153%0.801.33
AMZN Amazon.com, Inc.125%170%0.741.45
SHOP Shopify Inc.203%331%0.612.62
MELI MercadoLibre, Inc.84%146%0.571.31
W Wayfair Inc.198%433%0.463.01
BABA Alibaba Group Holding Limited76%167%0.450.48
GXO GXO Logistics, Inc.85%219%0.391.57
SE Sea Limited81%283%0.291.54
ETSY Etsy, Inc.52%221%0.231.85
CPNG Coupang, Inc.27%135%0.201.16
JD JD.com, Inc.8%122%0.070.33
BILI Bilibili Inc.9%197%0.050.65
YMM Full Truck Alliance Co. Ltd.-6%58%-0.110.22
BZUN Baozun Inc.-24%170%-0.140.39
ZTO ZTO Express (Cayman) Inc.-21%2%-8.76-0.20
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What diversifies PDD?

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

ETFs

InvestmentCorrelation5Y returnSharpe2024202180/20 mix volatility80/20 mix annual return
PDD PDD Holdings Inc. (this page)1.00−17.9%0.26−33.7%−67.2%58.4%−3.0%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.18+119%1.48+15.9%+17.8%47.1%+3.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.04+225%1.34+29.8%+18.0%46.9%+4.9%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.02+101%1.04+33.4%+23.1%46.9%+3.0%
HDV Dividend & IncomeiShares Core High Dividend ETF0.00+83.3%1.00+14.1%+19.6%46.8%+2.4%
SMH TechnologyVanEck Semiconductor ETF-0.02+323%0.97+39.1%+42.1%47.1%+7.7%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.10+85.0%0.96+13.4%+19.6%47.0%+2.5%
GLD CommoditiesSPDR Gold Shares0.14+126%0.96+26.7%−4.2%47.3%+3.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF-0.13+136%0.93+45.8%+22.7%46.4%+4.5%

Stocks

InvestmentCorrelation5Y returnSharpe2024202180/20 mix volatility80/20 mix annual return
PDD PDD Holdings Inc. (this page)1.00−17.9%0.26−33.7%−67.2%58.4%−3.0%
CAH Medical - DistributionCardinal Health, Inc.-0.05+479%1.55+19.0%−0.4%46.8%+7.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.11+3,143%1.47+215%+37.9%49.4%+18.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.15+1,636%1.46+107%+89.0%46.3%+16.0%
MCK Medical - DistributionMcKesson Corporation-0.13+413%1.44+23.7%+44.2%46.3%+6.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.02+690%1.41−4.0%+61.0%47.3%+9.1%
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Common questions

What was PDD's worst drawdown?

PDD's deepest decline since it began trading in 2018 was 87.4%, from February 2021 to March 2022. It has not yet climbed back to that peak. Because PDD launched in July 2018, that record does not include the dot-com bust, the 2008 financial crisis or four other sell-offs.

What were PDD's best and worst years?

Over seven full calendar years, PDD's best year was 2020, when it returned 370%. Its worst was 2021, with a return of -67.2%.

Is there a better investment than PDD?

Among PDD's popular alternatives, GOOG, META and AMZN earned more than PDD with less volatility over the past 5 years. GOOG returned 19.0% a year at 32.0% volatility, against a loss of 3.9% a year at 66.0%. Looking beyond its popular alternatives, WMT (e-commerce theme) and MSFT (software) earned more than PDD with less volatility over the past 5 years. WMT returned 20.8% a year at 22.6% volatility, against a loss of 3.9% a year at 66.0%.

Is PDD more volatile than the S&P 500?

Yes. PDD's volatility over the past 5 years was 66.0%, 3.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PDD's return lands within 66.0% 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 PDD's Sharpe ratio?

PDD's Sharpe ratio over the past 5 years was 0.26, against 0.79 for the S&P 500, so PDD 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 PDD with the S&P 500?

Over the past 5 years, PDD's monthly returns had a correlation of -0.01 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against PDD instead: the lower it is, the more that option would diversify a PDD holding.

What are the best alternatives to PDD?

Of the 17 popular alternatives we compared, six outperformed PDD in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: EBAY, SHOP and GOOG.

Did PDD outperform the S&P 500?

PDD finished ahead of the S&P 500 (SPY) in four of seven full calendar years. In 2025, it returned +16.9%, against +17.7% for the index.

How did PDD do in stock market crashes?

PDD fell less than the S&P 500 (SPY) in one of the four major crashes it has traded through, and further in three. The clearest case was the 2022 bear market, when PDD fell 61.4% and the S&P 500 fell 24.5%.

What diversifies PDD?

These had a low correlation with PDD over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.18), DXJ (correlation 0.04) and EMLP (correlation 0.02); among large stocks, CAH (correlation -0.05), CLS (correlation 0.11) and FIX (correlation -0.15). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to PDD

Other stocks and ETFs