# How Progressive (PGR) compares with the whole market and its popular alternatives

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

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

Period covered: PGR's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** Not every peer went the same way. Over the past 3 months, THG (Hanover Insurance Group) rose 8.7% and ALL (Allstate) fell 1.1%.
- **Stock or market?:** PGR rose 4.6% over the past 3 months, 5.8 points ahead of the property & casualty insurance ETF KIE (State Street SPDR S&P Insurance ETF), which fell 1.2%. The S&P 500 rose 3.9%. Last month cut against the tape: PGR rose 4.6% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** A ahead of 93% of stocks worth at least $300 million over 10 years, but ahead of 52% of the stocks worth at least $300 million over 3 years. Over the past year, PGR rose 7.7% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (56.8% against 89.3%).
- **Long term:** PGR turned $10,000 into $91,600 over the past decade, against $42,100 in the S&P 500. PGR's 10-year return of 816% puts it ahead of 93% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** PGR fell less than the S&P 500 in five of seven sell-offs, but the late-2018 sell-off broke the pattern: it fell 22.3%, more than the S&P 500's 19.3%.
- **Diversification:** Against the S&P 500, PGR has a correlation of 0.16 over 5 years, less closely than 90% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. Over 10 years PGR kept more of the market's gains than of its losses: 72% of the S&P 500's gains in rising months and -5% of its losses in falling ones, with a beta of 0.36.
- **Better options**
  - **Popular alternatives:** TRV (Travelers Companies) earned more than PGR with less volatility over the past 5 years: 22.4% a year at 22.3% volatility, against 21.3% a year at 25.6%.
  - **Nearby categories and themes:** MFC (Manulife Financial, life insurance) earned more than PGR with less volatility over the past 5 years: 22.6% a year at 24.0% volatility, against 21.3% a year at 25.6%.
  - **Whole market:** Few investments have done better on both counts: only eight of the 3,633 stocks and funds worth at least $500 million earned more than PGR with less volatility over the past 5 years, among them ABBV (AbbVie), WELL (Welltower) and WMB (Williams Companies).

## How much would $10,000 in PGR have grown?

This chart tracks a hypothetical $10,000 investment in PGR over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PGR over the same span and PGR's popular alternatives, among those that traded for the entire period.

- $10,000 invested in PGR at the end of September 1997 would have grown to $454,424 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 PGR, and CPRT finished highest, at $1,486,047.

## PGR 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.

- PGR's deepest decline since it began trading in 1986 was 71.0%, from January 1999 to March 2000. It took 25 months from the low to climb back to its old high.
- Over 29 full calendar years, PGR's best was 1997, when it returned 78.3%, and its worst was 1999, when it lost 56.6%. It lost money in six of those years.
- PGR is 18.7% below its all-time high.

- Type: Stock, Financials (Insurance - Property & Casualty)
- Trading since: October 17, 1986
- Market value: $129B
- Volatility (5 years): 25.6%; Sharpe ratio: 0.89
- Worst decline ever: −71.0%, from January 11, 1999 to March 13, 2000; back at its high by April 2, 2002

| Period | PGR total return |
| --- | --- |
| 1 month | +4.6% |
| 3 months | +4.6% |
| 6 months | +9.0% |
| year to date | +4.8% |
| 1 year | +7.7% |
| 3 years | +56.8% |
| 5 years | +162% |
| 10 years | +816% |

## PGR against the whole market

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

### How does PGR rank among all stocks?

This section ranks PGR on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- PGR's worst decline of the past 10 years ranks in the top 1% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | PGR | Rank |
| --- | --- | --- |
| 1-year return | +7.7% | 1,672 of 3,287 (top 51%) |
| 3-year return | +56.8% | 1,446 of 3,017 (top 48%) |
| 5-year return | +162% | 406 of 2,893 (top 15%) |
| 10-year return | +816% | 150 of 2,202 (top 7%) |
| Volatility, 5 years | 25.6% | 375 of 2,893 (top 13%) |
| Sharpe ratio, 5 years | 0.89 | 185 of 2,893 (top 7%) |
| Worst decline, past 10 years | −30.3% | 23 of 2,187 (top 2%) |

### What has beaten PGR 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).

- Seven stocks and one ETF worth at least $500 million sit in the green region: each earned more than PGR over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half PGR's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 26% less than PGR's 25.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.89 for PGR.
- Among PGR's popular alternatives, TRV is in the region. TRV earned 22.4% a year against 21.3% a year for PGR, at 22.3% volatility, 13% less than PGR's 25.6%.

### Is there a better investment than PGR?

The table below lists investments that beat PGR 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.

- Among PGR's popular alternatives, TRV earned more than PGR with less volatility over the past 5 years: 22.4% a year at 22.3% volatility, against 21.3% a year at 25.6%.
- Looking beyond its popular alternatives, MFC (life insurance) earned more than PGR with less volatility over the past 5 years: 22.6% a year at 24.0% volatility, against 21.3% a year at 25.6%.
- Few investments have done better on both counts: only eight of the 3,633 stocks and funds worth at least $500 million earned more than PGR with less volatility over the past 5 years, among them ABBV, WELL and WMB.

The 8 strongest of 8 investments that beat PGR over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with PGR | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| PGR: The Progressive Corporation (this page) |  | +21.3% | 25.6% | 0.89 | −30.3% | +816% |  |  |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.36 | Higher return, lower volatility; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.11 | Higher return, lower volatility; Higher return in most periods |
| [WELL](https://easycompare.io/research/well): Welltower Inc. | Healthcare REITs | +26.0% | 23.8% | 1.09 | −63.3% | +379% | 0.37 | Higher return, lower volatility; Higher return in most periods |
| [MFC](https://easycompare.io/research/mfc): Manulife Financial Corporation | Life Insurance | +22.6% | 24.0% | 0.97 | −57.5% | +373% | 0.25 | Higher return, lower volatility; Higher return in most periods |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.60 | Higher return, lower volatility; Higher return in most periods |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | Oil & Gas Midstream | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.48 | Higher return, lower volatility |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | Oil & Gas Midstream | +24.6% | 24.0% | 1.04 | −68.1% | +288% | 0.43 | Higher return, lower volatility |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | Health Care Distribution | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.42 | Higher return, lower volatility |

## PGR against its popular alternatives

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

### How do PGR'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.

- Only TRV was both more rewarding and calmer than PGR over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, PGR returned 21.3% a year, more than the S&P 500's 12.7%, with higher volatility (25.6% against 17.1%).

### Has PGR consistently beaten its popular alternatives?

This section compares PGR with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Only one of the 24 popular alternatives, TRV, outperformed PGR in at least 3 of 5 short-term and 2 of 3 long-term timeframes.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of PGR | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| PGR: The Progressive Corporation (this page) | +7.7% | +56.8% | +162% | +816% |  |  | 0.89 |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | +51.5% | +158% | +174% | +347% | 5/5 short-term, 2/3 long-term | consistent | 1.02 |
| AFG: American Financial Group, Inc. | +20.4% | +66.9% | +59.7% | +321% | 5/5 short-term, 1/3 long-term |  | 0.53 |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | +9.3% | +60.7% | +87.8% | +274% | 5/5 short-term, 1/3 long-term |  | 0.82 |
| THG: The Hanover Insurance Group, Inc. | +37.7% | +115% | +95.9% | +291% | 4/5 short-term, 1/3 long-term |  | 0.70 |
| WRB: W. R. Berkley Corporation | +2.3% | +87.3% | +138% | +443% | 3/5 short-term, 1/3 long-term |  | 0.87 |
| [ALL](https://easycompare.io/research/all): The Allstate Corporation | +31.5% | +116% | +119% | +356% | 3/5 short-term, 1/3 long-term |  | 0.73 |
| [CB](https://easycompare.io/research/cb): Chubb Limited | +35.0% | +78.9% | +107% | +248% | 3/5 short-term, 1/3 long-term |  | 0.82 |
| MCY: Mercury General Corporation | +33.9% | +268% | +119% | +198% | 3/5 short-term, 1/3 long-term |  | 0.63 |
| CINF: Cincinnati Financial Corporation | +13.6% | +87.6% | +62.7% | +203% | 2/5 short-term, 1/3 long-term |  | 0.51 |
| HIG: The Hartford Insurance Group, Inc. | +12.1% | +105% | +106% | +294% | 1/5 short-term, 1/3 long-term |  | 0.77 |
| ROOT: Root, Inc. | −32.4% | +470% | −45.4% | — | 1/5 short-term, 1/3 long-term |  | 0.35 |
| ORI: Old Republic International Corporation | +3.6% | +81.5% | +119% | +349% | 0/5 short-term, 1/3 long-term |  | 0.82 |
| LMND: Lemonade, Inc. | −9.0% | +287% | −30.9% | — | 0/5 short-term, 1/3 long-term |  | 0.31 |
| RLI: RLI Corp. | +14.2% | +8.4% | +47.7% | +206% | 4/5 short-term, 0/3 long-term |  | 0.45 |
| ACGL: Arch Capital Group Ltd. | +16.5% | +28.7% | +150% | +309% | 3/5 short-term, 0/3 long-term |  | 0.87 |
| SIGI: Selective Insurance Group, Inc. | +9.1% | −9.1% | +24.1% | +160% | 3/5 short-term, 0/3 long-term |  | 0.30 |
| CCC: CCC Intelligent Solutions Holdings Inc. | −13.7% | −38.1% | −33.1% | — | 3/5 short-term, 0/3 long-term |  | -0.02 |
| [AJG](https://easycompare.io/research/ajg): Arthur J. Gallagher & Co. | −6.1% | +17.3% | +68.0% | +516% | 2/5 short-term, 0/3 long-term |  | 0.55 |
| CNA: CNA Financial Corporation | +15.2% | +56.4% | +55.2% | +183% | 2/5 short-term, 0/3 long-term |  | 0.52 |
| KMPR: Kemper Corporation | −37.4% | −24.1% | −48.0% | −3.1% | 2/5 short-term, 0/3 long-term |  | -0.16 |
| MKL: Markel Corporation | −1.2% | +29.8% | +42.3% | +110% | 1/5 short-term, 0/3 long-term |  | 0.43 |
| [AIG](https://easycompare.io/research/aig): American International Group, Inc. | +8.0% | +47.1% | +54.1% | +75.5% | 1/5 short-term, 0/3 long-term |  | 0.47 |
| CPRT: Copart, Inc. | −37.8% | −36.3% | −25.5% | +312% | 0/5 short-term, 0/3 long-term |  | -0.08 |
| [AON](https://easycompare.io/research/aon): Aon plc | −13.0% | −3.1% | −1.6% | +195% | 0/5 short-term, 0/3 long-term |  | 0.11 |

### How did PGR do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where PGR ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, PGR finished in the top quarter in 13 of 29 years and in the bottom quarter in four. In 2025, it ranked 19 of 25.
- PGR finished ahead of the S&P 500 in 16 of its 29 full calendar years.
- Among its popular alternatives, ROOT came out ahead of PGR most often, in three of the five years both traded.

| Year | PGR | SPY |
| --- | --- | --- |
| 2025 | −3.0% | +17.7% |
| 2024 | +51.4% | +24.9% |
| 2023 | +23.2% | +26.2% |
| 2022 | +26.8% | −18.2% |
| 2021 | +10.8% | +28.7% |
| 2020 | +41.5% | +18.3% |
| 2019 | +25.1% | +31.2% |
| 2018 | +9.4% | −4.6% |
| 2017 | +61.6% | +21.7% |
| 2016 | +14.9% | +12.0% |

## Risk and diversification

How PGR 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 PGR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all four of PGR's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: PGR fell 71.0% from January 1999 to March 2000, while the S&P 500 rose 10.7%.
- The slowest recovery came after PGR fell 64.6% from December 2005 to March 2009; it did not regain that peak until February 2013, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −71.0% | January 11, 1999 | March 13, 2000 | April 2, 2002 | +10.7% | dot-com bust |
| −64.6% | December 1, 2005 | March 9, 2009 | February 13, 2013 | −42.6% | 2008 financial crisis |
| −37.9% | July 14, 1998 | October 8, 1998 | December 23, 1998 | −17.7% |  |
| −37.5% | October 30, 1986 | December 16, 1988 | August 2, 1989 | — |  |
| −36.1% | October 29, 1993 | March 30, 1994 | September 5, 1995 | −3.8% |  |

### How did PGR do in stock market crashes?

This section measures how far PGR, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- None of its popular alternatives fell less than PGR in most of the crashes they both traded through.
- PGR fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the Covid crash, when PGR fell 18.3% and the S&P 500 fell 33.7%.

| Crash | Dates | PGR fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −36.2% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −52.9% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.2% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −16.6% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −12.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.3% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −22.3% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −18.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −10.5% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.9% | −3.4% |

### How closely does PGR 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.

- Over the past 10 years, PGR captured 72% of the S&P 500's gains in rising months and -5% of its losses in falling months, with a beta of 0.36. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| PGR: The Progressive Corporation (this page) | 72.0% | −5.0% | 0.36 |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | 70.0% | 48.0% | 0.59 |
| AFG: American Financial Group, Inc. | 84.0% | 75.0% | 0.78 |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | 78.0% | 69.0% | 0.74 |
| THG: The Hanover Insurance Group, Inc. | 64.0% | 37.0% | 0.60 |
| WRB: W. R. Berkley Corporation | 68.0% | 26.0% | 0.55 |
| [ALL](https://easycompare.io/research/all): The Allstate Corporation | 68.0% | 41.0% | 0.49 |
| [CB](https://easycompare.io/research/cb): Chubb Limited | 63.0% | 48.0% | 0.54 |
| MCY: Mercury General Corporation | 63.0% | 59.0% | 0.65 |
| CINF: Cincinnati Financial Corporation | 66.0% | 63.0% | 0.60 |
| HIG: The Hartford Insurance Group, Inc. | 83.0% | 77.0% | 0.78 |
| ORI: Old Republic International Corporation | 82.0% | 61.0% | 0.70 |
| RLI: RLI Corp. | 57.0% | 54.0% | 0.39 |
| ACGL: Arch Capital Group Ltd. | 74.0% | 57.0% | 0.57 |
| SIGI: Selective Insurance Group, Inc. | 56.0% | 51.0% | 0.56 |
| [AJG](https://easycompare.io/research/ajg): Arthur J. Gallagher & Co. | 80.0% | 46.0% | 0.61 |
| CNA: CNA Financial Corporation | 57.0% | 45.0% | 0.54 |
| KMPR: Kemper Corporation | 80.0% | 171% | 0.93 |
| MKL: Markel Corporation | 65.0% | 88.0% | 0.68 |
| [AIG](https://easycompare.io/research/aig): American International Group, Inc. | 64.0% | 93.0% | 0.91 |
| CPRT: Copart, Inc. | 108% | 115% | 1.06 |
| [AON](https://easycompare.io/research/aon): Aon plc | 79.0% | 89.0% | 0.78 |

### What diversifies PGR?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in PGR into GLD would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+20.7% for PGR alone, +21.0% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of PGR over the past 5 years, with correlations of 0.45 or lower, and each still earned a positive 5-year return.
- GLD made money in four of the six calendar years in which PGR lost money.

| Investment | Correlation with PGR | 5Y return | Volatility | Sharpe | Rose in PGR's 6 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.28 | +119% | 11.1% | 1.48 | 1 of 6 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.11 | +225% | 19.1% | 1.34 | 1 of 6 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.45 | +101% | 14.5% | 1.04 | 1 of 6 |
| HDV: iShares Core High Dividend ETF | 0.45 | +83.3% | 13.0% | 1.00 | 1 of 6 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.06 | +323% | 36.9% | 0.97 | 2 of 6 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.25 | +85.0% | 13.8% | 0.96 | 1 of 6 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.02 | +126% | 18.9% | 0.96 | 4 of 6 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.22 | +136% | 20.8% | 0.93 | 1 of 6 |

## Common questions

### What was PGR's worst drawdown?

PGR's deepest decline since it began trading in 1986 was 71.0%, from January 1999 to March 2000. It took 25 months from the low to climb back to its old high.

### What were PGR's best and worst years?

Over 29 full calendar years, PGR's best year was 1997, when it returned 78.3%. Its worst was 1999, with a return of -56.6%.

### Is there a better investment than PGR?

Among PGR's popular alternatives, TRV earned more than PGR with less volatility over the past 5 years: 22.4% a year at 22.3% volatility, against 21.3% a year at 25.6%. Looking beyond its popular alternatives, MFC (life insurance) earned more than PGR with less volatility over the past 5 years: 22.6% a year at 24.0% volatility, against 21.3% a year at 25.6%.

### Is PGR more volatile than the S&P 500?

Yes. PGR's volatility over the past 5 years was 25.6%, 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, PGR's return lands within 25.6% 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 PGR's Sharpe ratio?

PGR's Sharpe ratio over the past 5 years was 0.89, against 0.79 for the S&P 500, so PGR earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is PGR with the S&P 500?

Over the past 5 years, PGR's monthly returns had a correlation of 0.16 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against PGR instead: the lower it is, the more that option would diversify a PGR holding.

### What are the best alternatives to PGR?

Of the 24 popular alternatives we compared, one outperformed PGR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: TRV.

### Did PGR outperform the S&P 500?

PGR finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned -3.0%, against +17.7% for the index.

### How did PGR do in stock market crashes?

PGR fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in one. The clearest case was the Covid crash, when PGR fell 18.3% and the S&P 500 fell 33.7%.

### What diversifies PGR?

These had a low correlation with PGR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.28), DXJ (correlation 0.11) and EMLP (correlation 0.45); among large stocks, CAH (correlation 0.33), CLS (correlation -0.16) and FIX (correlation 0.08). A correlation near zero means the two have moved largely independently.

## More research

- [Travelers Companies (TRV) Performance, Alternatives and Market Rank](https://easycompare.io/research/trv)
- [Berkshire Hathaway (BRK-B) Performance, Alternatives and Market Rank](https://easycompare.io/research/brk-b)
- [Allstate (ALL) Performance, Alternatives and Market Rank](https://easycompare.io/research/all)
- [Chubb (CB) Performance, Alternatives and Market Rank](https://easycompare.io/research/cb)
- [Arthur J. Gallagher & Co. (AJG) Performance, Alternatives and Market Rank](https://easycompare.io/research/ajg)
- [American International Group (AIG) Performance, Alternatives and Market Rank](https://easycompare.io/research/aig)
- [AON Performance, Alternatives and Market Rank](https://easycompare.io/research/aon)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)

## Explore further

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