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Relative Intelligence · Enterprise Software

How Palantir Technologies (PLTR) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PLTR alone. It places PLTR (Palantir Technologies 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 PLTR stands in the market, and of the alternatives worth a closer look.

Period covered: PLTR's full trading record, from September 2020 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 PLTR →Chart PLTR vs. 17 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in PLTR over the past 6 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PLTR over the same span and PLTR's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: PLTR began trading on September 30, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 6 years of PLTR's record, starting at the end of September 2020.

From the end of September 2020 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. 26 of the 3,321 stocks and funds worth at least $500 million that traded the whole period ended ahead of PLTR; 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$100,000$200,0002020202120222023202420252026$10,000$100,0002020202220242026
  • FIX$329,952+3,200% total · +79.1% a year
  • POWL$310,025+3,000% total · +77.2% a year
  • CRS$233,400+2,234% total · +69.1% a year
  • MU$232,577+2,226% total · +69.0% a year
  • STX$223,378+2,134% total · +67.8% a year
  • PLTR$196,893+1,869% total · +64.3% a year
  • NVDA$169,929+1,599% total · +60.3% a year
  • SPY (S&P 500)$24,691+147% total · +16.3% a year
  • DT$14,076+40.8% total · +5.9% a year
  • ESTC$8,499−15.0% total · −2.7% a year
Change the dates or add tickers to this chart in EasyCompare

PLTR 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: PLTR began trading on September 30, 2020, 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 six other sell-offs.

The company

Market value
$443B
Industry
Software - Infrastructure
Price history from
September 2020

Returns

Past 1 year
+6.1%total return
Past 3 years
+1,096%+129% a year
Past 5 years
+695%+51.4% a year
Best calendar year
+340%2024
Worst calendar year
−64.7%2022
Losing years
2 of 5full calendar years

Risk

Volatility
67.0%typical yearly swing, 5 years
Sharpe ratio
0.95return per unit of risk, 5 years
Worst decline ever
−84.6%Jan 2021 to Dec 2022
From its all-time high
−7.9%below the peak

PLTR against the whole market

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

How does PLTR rank among all stocks?

This section ranks PLTR 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 PLTR 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.

MeasurePLTRRankStanding
1-year return+6.1%1,739 of 3,287bottom 48%
3-year return+1,096%22 of 3,017top 1%
5-year return+695%42 of 2,893top 1%
Volatility, 5 years67.0%2,457 of 2,893bottom 16%
Sharpe ratio, 5 years0.95131 of 2,893top 5%

What has beaten PLTR 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). PLTR sits where the dashed lines cross. Anything in the green box above and to the left earned more than PLTR 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 PLTR; faint dots are 19 more of the 25 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%20.0%30.0%40.0%50.0%60.0%70.0%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 PLTRINSW: +56.5% a year, volatility 40.5%STX: +57.4% a year, volatility 48.7%WDC: +53.7% a year, volatility 53.5%VST: +53.4% a year, volatility 48.6%STRL: +78.4% a year, volatility 60.0%FRO: +52.6% a year, volatility 49.7%IESC: +58.5% a year, volatility 58.0%AGX: +53.5% a year, volatility 54.1%TRMD: +54.3% a year, volatility 45.9%BWLP: +60.3% a year, volatility 50.9%CECO: +52.5% a year, volatility 53.9%LPG: +54.6% a year, volatility 43.6%ATI: +61.8% a year, volatility 42.9%BELFB: +78.0% a year, volatility 52.1%FTI: +54.1% a year, volatility 41.3%YPF: +60.7% a year, volatility 54.1%VIST: +59.1% a year, volatility 50.7%MOD: +65.1% a year, volatility 61.7%ADMA: +58.9% a year, volatility 59.2%PLTR: +51.4% a year, volatility 67.0%SPY (S&P 500): +12.7% a year, volatility 17.1%NVDA: +58.0% a year, volatility 51.9%MU: +68.1% a year, volatility 57.1%FIX: +77.0% a year, volatility 46.7%CRS: +63.9% a year, volatility 46.5%DELL: +55.2% a year, volatility 54.4%PBR-A: +51.8% a year, volatility 37.5%POWL: +87.9% a year, volatility 65.8%ETON: +55.6% a year, volatility 66.1%CLS: +101% a year, volatility 59.7%PLTRSPY (S&P 500)NVDAMUFIXCRSPBR-APOWLETONCLS0.0%20.0%40.0%60.0%80.0%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 PLTRINSW: +56.5% a year, volatility 40.5%STX: +57.4% a year, volatility 48.7%WDC: +53.7% a year, volatility 53.5%VST: +53.4% a year, volatility 48.6%STRL: +78.4% a year, volatility 60.0%FRO: +52.6% a year, volatility 49.7%IESC: +58.5% a year, volatility 58.0%AGX: +53.5% a year, volatility 54.1%TRMD: +54.3% a year, volatility 45.9%BWLP: +60.3% a year, volatility 50.9%CECO: +52.5% a year, volatility 53.9%LPG: +54.6% a year, volatility 43.6%ATI: +61.8% a year, volatility 42.9%BELFB: +78.0% a year, volatility 52.1%FTI: +54.1% a year, volatility 41.3%YPF: +60.7% a year, volatility 54.1%VIST: +59.1% a year, volatility 50.7%MOD: +65.1% a year, volatility 61.7%ADMA: +58.9% a year, volatility 59.2%PLTR: +51.4% a year, volatility 67.0%SPY (S&P 500): +12.7% a year, volatility 17.1%NVDA: +58.0% a year, volatility 51.9%MU: +68.1% a year, volatility 57.1%FIX: +77.0% a year, volatility 46.7%CRS: +63.9% a year, volatility 46.5%DELL: +55.2% a year, volatility 54.4%PBR-A: +51.8% a year, volatility 37.5%POWL: +87.9% a year, volatility 65.8%ETON: +55.6% a year, volatility 66.1%CLS: +101% a year, volatility 59.7%PLTRSPY (S&P 500)NVDAMUFIXCRSDELLPBR-APOWLCLS
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than PLTR?

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

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

Screen the whole market against PLTR for any period in BetterThanSPYOpen these 9 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 PLTR?lower diversifies moreExpenseper year
PLTRPalantir Technologies Inc. · this page
+51.4%67.0%0.95−84.6%+695%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.330.09%
Popular alternativesbest 1 shownThe investments people most often weigh against PLTR. 1 of 17 passed at least one test.
NVDANVIDIA Corporation · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+58.0%51.9%1.14−66.3%+884%0.43—
Same and neighboring categories, and shared themesbest 1 shownEverything else in Enterprise Software and Software and the categories next to it (Application Software, IT Services, Cybersecurity, Payment Processing, Semiconductors), plus PLTR's specific themes. 1 of 133 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+68.1%57.1%1.20−57.6%+1,244%0.01—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 31 of 3,483 passed at least one test.
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+77.0%46.7%1.46−49.7%+1,636%0.22—
CRSCarpenter Technology Corporation · Metals & Mining
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+63.9%46.5%1.30−74.7%+1,082%0.01—
DELLDell Technologies Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst decline+55.2%54.4%1.08−59.6%+800%0.13—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+51.8%37.5%1.31−71.7%+705%-0.12—
POWLPowell Industries, Inc. · Electrical Equipment
Higher return, similar volatilityHigher Sharpe, smaller worst decline+87.9%65.8%1.27−68.3%+2,240%0.11—
ETONEton Pharmaceuticals, Inc. · Drug Manufacturers - Specialty & Generic
Higher return, similar volatilityHigher return in most periods+55.6%66.1%0.99−79.9%+811%0.28—
What these numbers mean for PLTR
Annual return
PLTR returned 51.4% 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 $79,500. 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
PLTR's volatility over the past 5 years was 67.0%, 3.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PLTR's return lands within 67.0% 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
PLTR's Sharpe ratio over the past 5 years was 0.95, against 0.79 for the S&P 500, so PLTR earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
PLTR's worst fall from a peak to a low over the past 10 years was 84.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 84.6% fall takes a 550% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, PLTR's monthly returns had a correlation of 0.33 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 PLTR instead: the lower it is, the more that option would diversify a PLTR holding. Guide: Correlation and diversification →
Show all 25 stocks and funds worth at least $500 million that earned more than PLTR with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with PLTRExpense
1
MUMicron Technology, Inc. · Semiconductors
Same or nearby category+68.1%57.1%1.20−57.6%+1,244%0.01—
2
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+1,636%0.22—
3
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,082%0.01—
4
DELLDell Technologies Inc. · Computer Hardware
Whole market+55.2%54.4%1.08−59.6%+800%0.13—
5
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%+839%-0.29—
6
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+57.4%48.7%1.18−57.0%+866%0.01—
7
WDCWestern Digital Corporation · Computer Hardware
Whole market+53.7%53.5%1.07−70.5%+759%0.06—
8
VSTVistra Corp. · Independent Power Producers
Whole market+53.4%48.6%1.13−53.3%+748%0.18—
9
NVDANVIDIA Corporation · Semiconductors
Popular alternative+58.0%51.9%1.14−66.3%+884%0.43—
10
STRLSterling Infrastructure, Inc. · Engineering & Construction
Whole market+78.4%60.0%1.26−59.6%+1,708%0.17—
11
FROFrontline Plc · Oil & Gas
Whole market+52.6%49.7%1.10−52.0%+726%-0.20—
12
IESCIES Holdings, Inc. · Engineering & Construction
Whole market+58.5%58.0%1.09−54.3%+900%0.24—
13
AGXArgan, Inc. · Engineering & Construction
Whole market+53.5%54.1%1.06−56.7%+751%-0.02—
14
TRMDTORM plc · Marine Shipping
Whole market+54.3%45.9%1.18−60.6%+776%-0.36—
15
BWLPBW LPG Limited · Marine Shipping
Whole market+60.3%50.9%1.19−68.8%+958%0.00—
16
CECOCECO Environmental Corp. · Industrial - Pollution & Treatment Controls
Whole market+52.5%53.9%1.05−74.1%+725%0.11—
17
LPGDorian LPG Ltd. · Oil & Gas Midstream
Whole market+54.6%43.6%1.22−62.9%+783%-0.04—
18
CLSCelestica Inc. · Electronics Manufacturing
Whole market+101%59.7%1.47−80.6%+3,143%0.29—
19
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+1,008%0.00—
20
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
Whole market+78.0%52.1%1.37−79.8%+1,688%-0.07—
21
FTITechnipFMC plc · Oilfield Services
Whole market+54.1%41.3%1.26−85.8%+769%0.02—
22
YPFYPF Sociedad Anónima · Integrated Oil & Gas
Whole market+60.7%54.1%1.14−90.1%+971%0.19—
23
VISTVista Energy, S.A.B. de C.V. · Exploration & Production
Whole market+59.1%50.7%1.17−81.2%+920%0.02—
24
MODModine Manufacturing Company · Electrical Equipment
Whole market+65.1%61.7%1.13−88.1%+1,127%0.15—
25
ADMAADMA Biologics, Inc. · Biotechnology
Whole market+58.9%59.2%1.08−84.1%+912%0.08—

PLTR against its popular alternatives

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

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

Green points earned more than PLTR 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%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPLTR: 51.4% a year, volatility 67.0%SPY (S&P 500): 12.7% a year, volatility 17.1%NVDA: 58.0% a year, volatility 51.9%GTLB: −12.2% a year, volatility 73.1%MDB: −6.2% a year, volatility 71.1%ESTC: −10.7% a year, volatility 60.4%DT: −3.6% a year, volatility 41.6%DDOG: 10.1% a year, volatility 59.7%SNOW: −0.9% a year, volatility 62.6%S: −18.9% a year, volatility 62.9%AMZN: 9.0% a year, volatility 36.6%NOW: 1.9% a year, volatility 45.5%GOOG: 19.0% a year, volatility 32.0%MSFT: 12.5% a year, volatility 28.2%ORCL: 7.7% a year, volatility 44.3%LDOS: 6.3% a year, volatility 27.8%BAH: 0.4% a year, volatility 32.6%CRM: −3.2% a year, volatility 39.4%PATH: −23.6% a year, volatility 64.7%PLTRSPY (S&P 500)NVDAGTLBMDBESTCDTDDOGSNOWSAMZNNOWGOOGMSFTORCLLDOSBAHCRMPATH0.0%20.0%40.0%60.0%80.0%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPLTR: 51.4% a year, volatility 67.0%SPY (S&P 500): 12.7% a year, volatility 17.1%NVDA: 58.0% a year, volatility 51.9%GTLB: −12.2% a year, volatility 73.1%MDB: −6.2% a year, volatility 71.1%ESTC: −10.7% a year, volatility 60.4%DT: −3.6% a year, volatility 41.6%DDOG: 10.1% a year, volatility 59.7%SNOW: −0.9% a year, volatility 62.6%S: −18.9% a year, volatility 62.9%AMZN: 9.0% a year, volatility 36.6%NOW: 1.9% a year, volatility 45.5%GOOG: 19.0% a year, volatility 32.0%MSFT: 12.5% a year, volatility 28.2%ORCL: 7.7% a year, volatility 44.3%LDOS: 6.3% a year, volatility 27.8%BAH: 0.4% a year, volatility 32.6%CRM: −3.2% a year, volatility 39.4%PATH: −23.6% a year, volatility 64.7%PLTRSPY (S&P 500)NVDAGTLBMDBESTCDTDDOGSNOWSNOWGOOGORCLLDOSBAHPATH
All figures
InvestmentAnnual returnVolatility
NVDA NVIDIA Corporation+58.0%51.9%
PLTR This pagePalantir Technologies Inc.+51.4%67.0%
GOOG Alphabet Inc.+19.0%32.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MSFT Microsoft Corporation+12.5%28.2%
DDOG Datadog, Inc.+10.1%59.7%
AMZN Amazon.com, Inc.+9.0%36.6%
ORCL Oracle Corporation+7.7%44.3%
LDOS Leidos Holdings, Inc.+6.3%27.8%
NOW ServiceNow, Inc.+1.9%45.5%
BAH Booz Allen Hamilton Holding Corporation+0.4%32.6%
SNOW Snowflake Inc.−0.9%62.6%
CRM Salesforce, Inc.−3.2%39.4%
DT Dynatrace, Inc.−3.6%41.6%
MDB MongoDB, Inc.−6.2%71.1%
ESTC Elastic N.V.−10.7%60.4%
GTLB GitLab Inc.−12.2%73.1%
S SentinelOne, Inc.−18.9%62.9%
PATH UiPath Inc.−23.6%64.7%
Open these 19 in EasyCompare

Has PLTR consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than PLTR 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
PLTR Palantir Technologies Inc. (this page)—+5.2%+42.8%+32.0%+14.7%+6.1%+1,096%+695%67.0%0.95−84.6%—$443B—
NVDA SemiconductorsNVIDIA Corporation1/5 short1/2 long−4.8%+6.6%+7.4%+14.9%+18.8%+425%+884%51.9%1.14−66.3%—$5.2T—
ESTC Software - ApplicationElastic N.V.5/5 short0/2 long+6.6%+52.4%+95.3%+31.8%+14.1%+20.1%−43.3%60.4%0.11−76.8%—$10B—
GTLB Software - ApplicationGitLab Inc.5/5 short0/2 long+10.5%+61.4%+154%+52.0%+16.8%+24.1%−47.9%73.1%0.18−85.2%—$9.2B—
DT Software - ApplicationDynatrace, Inc.4/5 short0/2 long+12.8%+42.3%+79.6%+50.3%+27.0%+37.4%−16.9%41.6%0.12−61.8%—$18B—
DDOG Software - ApplicationDatadog, Inc.3/5 short0/2 long+4.6%−2.6%+97.6%+91.7%+64.1%+198%+61.4%59.7%0.45−68.1%—$92B—
SNOW Software - ApplicationSnowflake Inc.3/5 short0/2 long−5.8%+16.5%+112%+47.5%+30.1%+116%−4.3%62.6%0.29−73.0%—$113B—
S Software - InfrastructureSentinelOne, Inc.3/5 short0/2 long−7.6%+13.1%+53.6%+50.3%+28.4%+37.7%−64.8%62.9%-0.01−84.4%—$7.5B—
AMZN Specialty RetailAmazon.com, Inc.2/5 short0/2 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%36.6%0.42−56.1%—$2.8T—
NOW Software - ApplicationServiceNow, Inc.2/5 short0/2 long+8.6%+42.8%+50.0%+1.4%−18.5%+37.8%+9.8%45.5%0.27−64.5%—$155B—
MDB Software - InfrastructureMongoDB, Inc.2/5 short0/2 long−10.1%+13.2%+38.6%−8.4%+11.8%+5.7%−27.4%71.1%0.26−76.5%—$29B—
GOOG Internet Content & InformationAlphabet Inc.1/5 short0/2 long−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%32.0%0.71−44.6%—$4.1T—
MSFT Software - InfrastructureMicrosoft Corporation1/5 short0/2 long+6.0%+32.5%+27.7%+13.2%+3.8%+66.6%+80.3%28.2%0.56−37.1%—$3.9T—
ORCL Software - InfrastructureOracle Corporation0/5 short0/2 long−11.4%+8.4%−25.6%−32.1%−52.1%+33.3%+45.1%44.3%0.38−64.6%—$396B—
LDOS Information Technology ServicesLeidos Holdings, Inc.0/5 short0/2 long−0.4%+19.7%−17.0%−29.8%−32.2%+42.4%+35.6%27.8%0.36−49.5%—$16B—
BAH Consulting ServicesBooz Allen Hamilton Holding Corporation0/5 short0/2 long−3.1%+17.1%−5.7%−9.7%−23.5%−34.5%+2.0%32.6%0.18−66.6%—$9.0B—
CRM Software - ApplicationSalesforce, Inc.0/5 short0/2 long+2.5%+39.7%+30.7%−3.8%−3.9%+21.3%−14.8%39.4%0.12−58.7%—$200B—
PATH Software - InfrastructureUiPath Inc.0/5 short0/2 long−1.2%+10.4%+27.2%−15.4%−15.7%−13.5%−74.0%64.7%-0.09−89.0%—$7.0B—
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How did PLTR do year by year?

This table shows each investment's total return in every full calendar year since 2021, along with where PLTR ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PLTR and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: PLTR began trading on September 30, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

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

InvestmentYears ahead of PLTR20252024202320222021
PLTR This pagePalantir Technologies Inc.—+135%+340%+167%−64.7%−22.7%
Rank among alternativesTop quarter in 3 of 51 of 181 of 182 of 1816 of 1815 of 15
SPY S&P 500State Street SPDR S&P 500 ETF2 of 5+17.7%+24.9%+26.2%−18.2%+28.7%
NVDA NVIDIA Corporation3 of 5+38.9%+171%+239%−50.2%+125%
ESTC Elastic N.V.2 of 5−23.9%−12.1%+119%−58.2%−15.8%
GTLB GitLab Inc.1 of 4−33.4%−10.5%+38.6%−47.8%—
DT Dynatrace, Inc.2 of 5−20.3%−0.6%+42.8%−36.5%+39.5%
DDOG Datadog, Inc.2 of 5−4.8%+17.7%+65.1%−58.7%+80.9%
SNOW Snowflake Inc.2 of 5+42.1%−22.4%+38.6%−57.6%+20.4%
S SentinelOne, Inc.0 of 4−32.4%−19.1%+88.1%−71.1%—
AMZN Amazon.com, Inc.2 of 5+5.2%+44.4%+80.9%−49.6%+2.4%
NOW ServiceNow, Inc.2 of 5−27.8%+50.0%+82.0%−40.2%+17.9%
MDB MongoDB, Inc.1 of 5+80.3%−43.1%+108%−62.8%+47.4%
GOOG Alphabet Inc.2 of 5+65.4%+35.6%+58.8%−38.7%+65.2%
MSFT Microsoft Corporation2 of 5+15.6%+12.9%+58.2%−28.0%+52.5%
ORCL Oracle Corporation2 of 5+18.1%+60.0%+30.9%−4.7%+36.9%
LDOS Leidos Holdings, Inc.2 of 5+26.5%+34.5%+4.5%+20.0%−14.2%
BAH Booz Allen Hamilton Holding Corporation2 of 5−33.0%+2.0%+24.5%+25.7%−1.0%
CRM Salesforce, Inc.2 of 5−20.2%+27.8%+98.5%−47.8%+14.2%
PATH UiPath Inc.0 of 4+28.9%−48.8%+95.4%−70.5%—
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Risk and diversification

How PLTR 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 PLTR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents PLTR's five deepest drawdowns since it began trading in 2020, 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: PLTR began trading on September 30, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringPLTR fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−84.6%+4.9%Jan 2021Dec 202223 monthsOct 202422 months
No named crash−48.2%+8.3%Nov 2025Jun 20267 monthsOct 20264 months
No named crash−40.6%−17.1%Feb 2025Apr 20252 monthsMay 20251 month
No named crash−22.5%+1.1%Nov 2020Dec 20201 monthJan 20211 month
No named crash−21.1%−3.3%Dec 2024Jan 20251 monthJan 2025Under a month

How did PLTR do in stock market crashes?

This section measures how far PLTR, 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: PLTR began trading on September 30, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six 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 PLTR.

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
PLTR This pagePalantir Technologies Inc.—−9.6%−63.1%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
NVDA NVIDIA Corporation2 of 2−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
ESTC Elastic N.V.1 of 2−11.5%−54.4%−40.3%———————
GTLB GitLab Inc.1 of 2−11.3%−57.9%————————
DT Dynatrace, Inc.1 of 2−9.2%−46.9%−45.3%———————
DDOG Datadog, Inc.1 of 2−9.5%−53.0%−38.8%———————
SNOW Snowflake Inc.1 of 2−7.8%−64.1%————————
S SentinelOne, Inc.1 of 2−10.4%−59.8%————————
AMZN Amazon.com, Inc.2 of 2−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
NOW ServiceNow, Inc.2 of 2−7.2%−39.9%−28.8%−20.6%−8.5%−47.6%————
MDB MongoDB, Inc.1 of 2−15.1%−61.3%−45.0%−24.9%−2.8%—————
GOOG Alphabet Inc.2 of 2−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
MSFT Microsoft Corporation2 of 2−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
ORCL Oracle Corporation2 of 2−5.0%−31.0%−28.3%−17.2%−6.6%−16.1%−23.9%−2.1%−41.1%−84.2%
LDOS Leidos Holdings, Inc.2 of 2−1.9%−19.8%−40.9%−27.2%−6.4%−30.5%−31.7%0.0%−20.9%—
BAH Booz Allen Hamilton Holding Corporation2 of 2−3.0%−21.5%−25.5%−17.6%−7.1%−17.1%−29.0%———
CRM Salesforce, Inc.2 of 2−5.3%−42.7%−35.7%−24.8%−6.1%−34.2%−26.9%−4.2%−70.5%—
PATH UiPath Inc.0 of 2−10.1%−72.3%————————
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How closely does PLTR 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 PLTR 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 PLTR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
PLTR This pagePalantir Technologies Inc.239%161%1.481.60
NVDA NVIDIA Corporation259%152%1.702.21
GOOG Alphabet Inc.140%132%1.071.20
DDOG Datadog, Inc.112%119%0.941.51
MSFT Microsoft Corporation115%126%0.911.10
LDOS Leidos Holdings, Inc.69%88%0.790.58
ORCL Oracle Corporation159%213%0.751.77
AMZN Amazon.com, Inc.125%170%0.741.45
SNOW Snowflake Inc.83%134%0.621.35
NOW ServiceNow, Inc.85%142%0.600.99
BAH Booz Allen Hamilton Holding Corporation46%88%0.520.36
CRM Salesforce, Inc.106%205%0.521.25
MDB MongoDB, Inc.145%285%0.511.74
DT Dynatrace, Inc.57%127%0.440.77
ESTC Elastic N.V.66%177%0.371.04
PATH UiPath Inc.40%242%0.171.00
S SentinelOne, Inc.16%129%0.120.70
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What diversifies PLTR?

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

ETFs

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
PLTR Palantir Technologies Inc. (this page)1.00+695%0.95−64.7%−22.7%76.4%+50.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF-0.04+119%1.48+3.8%+17.8%61.1%+48.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.14+225%1.34+6.0%+18.0%61.5%+50.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.07+101%1.04+10.4%+23.1%61.4%+48.0%
HDV Dividend & IncomeiShares Core High Dividend ETF-0.08+83.3%1.00+7.1%+19.6%61.0%+47.4%
SMH TechnologyVanEck Semiconductor ETF0.25+323%0.97−33.5%+42.1%63.2%+53.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.12+85.0%0.96−5.1%+19.6%61.4%+47.4%
GLD CommoditiesSPDR Gold Shares0.05+126%0.96−0.8%−4.2%61.4%+48.8%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.18+136%0.93−10.4%+22.7%62.0%+49.3%

Stocks

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
PLTR Palantir Technologies Inc. (this page)1.00+695%0.95−64.7%−22.7%76.4%+50.7%
CAH Medical - DistributionCardinal Health, Inc.0.01+479%1.55+54.1%−0.4%61.4%+54.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.29+3,143%1.47+1.3%+37.9%65.5%+68.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.22+1,636%1.46+17.0%+89.0%63.7%+63.9%
MCK Medical - DistributionMcKesson Corporation0.10+413%1.44+51.8%+44.2%61.8%+53.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.11+690%1.41+86.6%+61.0%60.8%+57.3%
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Common questions

What was PLTR's worst drawdown?

PLTR's deepest decline since it began trading in 2020 was 84.6%, from January 2021 to December 2022. It took 22 months from the low to climb back to its old high. Because PLTR launched in September 2020, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were PLTR's best and worst years?

Over five full calendar years, PLTR's best year was 2024, when it returned 340%. Its worst was 2022, with a return of -64.7%.

Is there a better investment than PLTR?

Among PLTR's popular alternatives, NVDA earned more than PLTR with less volatility over the past 5 years: 58.0% a year at 51.9% volatility, against 51.4% a year at 67.0%. Looking beyond its popular alternatives, MU (semiconductors) earned more than PLTR with less volatility over the past 5 years: 68.1% a year at 57.1% volatility, against 51.4% a year at 67.0%.

Is PLTR more volatile than the S&P 500?

Yes. PLTR's volatility over the past 5 years was 67.0%, 3.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PLTR's return lands within 67.0% 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 PLTR's Sharpe ratio?

PLTR's Sharpe ratio over the past 5 years was 0.95, against 0.79 for the S&P 500, so PLTR 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 PLTR with the S&P 500?

Over the past 5 years, PLTR's monthly returns had a correlation of 0.33 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 PLTR instead: the lower it is, the more that option would diversify a PLTR holding.

What are the best alternatives to PLTR?

None of the 17 popular alternatives we compared outperformed PLTR in at least 3 of 5 short-term and 2 of 2 long-term timeframes, which says more about PLTR's strength than about its alternatives.

Did PLTR outperform the S&P 500?

PLTR finished ahead of the S&P 500 (SPY) in three of five full calendar years. In 2025, it returned +135%, against +17.7% for the index.

How did PLTR do in stock market crashes?

PLTR fell less than the S&P 500 (SPY) in none of the two major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when PLTR fell 63.1% and the S&P 500 fell 24.5%.

What diversifies PLTR?

These had a low correlation with PLTR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.04), DXJ (correlation 0.14) and EMLP (correlation 0.07); among large stocks, CAH (correlation 0.01), CLS (correlation 0.29) and FIX (correlation 0.22). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to PLTR

Other stocks and ETFs