EasyCompare

Relative Intelligence · Tobacco

How Philip Morris International (PM) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PM alone. It places PM (Philip Morris International Inc.) against 9 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 PM stands in the market, and of the alternatives worth a closer look.

Period covered: PM's full trading record, from March 2008 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 PM →Chart PM vs. 9 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in PM over the past 18 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PM over the same span and PM'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: PM began trading on March 17, 2008, so the chart cannot reach back to the dot-com bust. It covers the most recent 18 years of PM's record, starting at the end of September 2008.

Choose a period

From the end of September 2008 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. 482 of the 1,883 stocks and funds worth at least $500 million that traded the whole period ended ahead of PM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M2008201120142017202020232026$10,000$100,000$1M2008201320182023
  • NVDA$9M+93,544% total · +46.2% a year
  • AAPL$979,453+9,695% total · +29.0% a year
  • LLY$431,739+4,217% total · +23.3% a year
  • MO$104,562+946% total · +13.9% a year
  • WM$103,353+934% total · +13.9% a year
  • SPY (S&P 500)$91,104+811% total · +13.1% a year
  • PM$90,824+808% total · +13.0% a year
  • STZ$62,845+528% total · +10.8% a year
  • KO$56,706+467% total · +10.1% a year
  • DEO$20,363+104% total · +4.0% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 506 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of PM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • LLY$52,411+424% total · +39.3% a year
  • CAH$49,682+397% total · +37.8% a year
  • NHC$35,792+258% total · +29.0% a year
  • MPLX$30,642+206% total · +25.1% a year
  • ABBV$29,134+191% total · +23.8% a year
  • PM$25,119+151% total · +20.2% a year
  • MO$21,729+117% total · +16.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • KO$18,994+89.9% total · +13.7% a year
  • TPB$12,750+27.5% total · +5.0% a year
Change the dates or add tickers to this chart in EasyCompare

PM 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: PM began trading on March 17, 2008, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$312B
Industry
Tobacco
Price history from
March 2008

Returns

Past 1 year
+30.9%total return
Past 3 years
+144%+34.7% a year
Past 5 years
+159%+21.0% a year
Past 10 years
+242%+13.1% a year
Best calendar year
+39.8%2011
Worst calendar year
−33.3%2018
Losing years
3 of 17full calendar years

Risk

Volatility
23.4%typical yearly swing, 5 years
Sharpe ratio
0.94return per unit of risk, 5 years
Worst decline ever
−42.9%Jun 2017 to Mar 2020
From its all-time high
−2.8%below the peak

PM against the whole market

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

How does PM rank among all stocks?

This section ranks PM 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 PM 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.

MeasurePMRankStanding
1-year return+30.9%950 of 3,287top 29%
3-year return+144%634 of 3,017top 21%
5-year return+159%417 of 2,893top 14%
10-year return+242%731 of 2,202top 33%
Volatility, 5 years23.4%227 of 2,893top 8%
Sharpe ratio, 5 years0.94142 of 2,893top 5%
Worst decline, past 10 years−42.9%223 of 2,187top 10%

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

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PMPM: +21.0% a year, volatility 23.4%SPY (S&P 500): +12.7% a year, volatility 17.1%LLY: +40.7% a year, volatility 32.8%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%MPLX: +23.5% a year, volatility 18.8%NHC: +32.0% a year, volatility 28.5%DXJ: +26.6% a year, volatility 19.1%WM: +9.3% a year, volatility 19.2%SDCI: +20.6% a year, volatility 18.4%PMSPY (S&P 500)LLYCAHABBVMPLXNHCDXJWMSDCI15.0%20.0%25.0%30.0%35.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PMPM: +21.0% a year, volatility 23.4%SPY (S&P 500): +12.7% a year, volatility 17.1%LLY: +40.7% a year, volatility 32.8%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%MPLX: +23.5% a year, volatility 18.8%NHC: +32.0% a year, volatility 28.5%DXJ: +26.6% a year, volatility 19.1%WM: +9.3% a year, volatility 19.2%SDCI: +20.6% a year, volatility 18.4%PMSPY (S&P 500)LLYCAHABBVMPLXNHCDXJWMSDCI
  • The whole market

Is there a better investment than PM?

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

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

Screen the whole market against PM 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 years10Y returntotalCorr. with PM?lower diversifies moreExpenseper year
PMPhilip Morris International Inc. · this page
+21.0%23.4%0.94−42.9%+242%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.230.09%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 48 of 3,599 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.10—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.25—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.29—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.34—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.26—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatility+26.6%19.1%1.34−39.1%+428%0.160.48%
WMWaste Management, Inc. · Environmental Services
Smaller losses in recent crashes+9.3%19.2%0.56−30.1%+344%0.27—
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
On the frontierSimilar return, lower volatility+20.6%18.4%1.12−45.7%—0.200.80%
What these numbers mean for PM
Annual return
PM returned 21.0% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $25,900. 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
PM's volatility over the past 5 years was 23.4%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PM's return lands within 23.4% 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
PM's Sharpe ratio over the past 5 years was 0.94, against 0.79 for the S&P 500, so PM 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
PM's worst fall from a peak to a low over the past 10 years was 42.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 42.9% fall takes a 75.0% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, PM's monthly returns had a correlation of 0.23 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 PM instead: the lower it is, the more that option would diversify a PM holding. Guide: Correlation and diversification →
Show all 2 stocks and funds worth at least $500 million that earned more than PM with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with PMExpense
1
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.34—
2
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.160.48%

PM against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPM: 21.0% a year, volatility 23.4%SPY (S&P 500): 12.7% a year, volatility 17.1%TPB: 7.4% a year, volatility 43.1%DEO: −11.9% a year, volatility 25.6%BUD: 9.7% a year, volatility 25.0%STZ: −7.8% a year, volatility 25.4%UVV: 2.0% a year, volatility 24.8%KO: 14.7% a year, volatility 16.8%MO: 17.8% a year, volatility 21.4%BTI: 18.7% a year, volatility 22.0%PEP: −0.5% a year, volatility 19.1%PMSPY (S&P 500)TPBDEOBUDSTZUVVKOMOBTIPEP10.0%20.0%30.0%40.0%50.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPM: 21.0% a year, volatility 23.4%SPY (S&P 500): 12.7% a year, volatility 17.1%TPB: 7.4% a year, volatility 43.1%DEO: −11.9% a year, volatility 25.6%BUD: 9.7% a year, volatility 25.0%STZ: −7.8% a year, volatility 25.4%UVV: 2.0% a year, volatility 24.8%KO: 14.7% a year, volatility 16.8%MO: 17.8% a year, volatility 21.4%BTI: 18.7% a year, volatility 22.0%PEP: −0.5% a year, volatility 19.1%PMSPY (S&P 500)TPBDEOBUDSTZUVVKOMOBTIPEP
All figures
InvestmentAnnual returnVolatility
PM This pagePhilip Morris International Inc.+21.0%23.4%
BTI British American Tobacco p.l.c.+18.7%22.0%
MO Altria Group, Inc.+17.8%21.4%
KO The Coca-Cola Company+14.7%16.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BUD Anheuser-Busch InBev SA/NV+9.7%25.0%
TPB Turning Point Brands, Inc.+7.4%43.1%
UVV Universal Corporation+2.0%24.8%
PEP PepsiCo, Inc.−0.5%19.1%
STZ Constellation Brands, Inc.−7.8%25.4%
DEO Diageo plc−11.9%25.6%
Open these 11 in EasyCompare

Has PM consistently beaten its popular alternatives?

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

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

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
PM Philip Morris International Inc. (this page)—+7.5%+4.6%+29.0%+27.9%+30.9%+144%+159%+242%23.4%0.94−42.9%—$312B—
TPB TobaccoTurning Point Brands, Inc.0/5 short2/3 long+5.1%−20.0%−23.6%−41.4%−26.2%+206%+43.2%+441%43.1%0.39−72.8%—$1.3B—
KO Beverages - Non-AlcoholicThe Coca-Cola Company3/5 short0/3 long+7.3%+14.5%+25.4%+37.9%+40.2%+86.8%+98.2%+204%16.8%0.91−37.0%—$402B—
MO TobaccoAltria Group, Inc.2/5 short0/3 long+8.9%+1.6%+19.1%+36.6%+23.7%+118%+126%+140%21.4%0.88−53.7%—$125B—
DEO Beverages - AlcoholicDiageo plc2/5 short0/3 long+9.0%+11.5%+15.2%+9.7%−2.4%−32.5%−46.8%+11.7%25.6%-0.37−63.4%—$52B—
BUD Beverages - AlcoholicAnheuser-Busch InBev SA/NV2/5 short0/3 long+6.9%+3.1%+12.3%+32.7%+36.7%+66.6%+58.7%−20.0%25.0%0.50−69.8%—$166B—
STZ Beverages - AlcoholicConstellation Brands, Inc.1/5 short0/3 long+12.1%−0.4%−15.7%−4.0%−3.3%−38.5%−33.2%−6.6%25.4%-0.19−56.0%—$22B—
BTI TobaccoBritish American Tobacco p.l.c.0/5 short0/3 long+7.7%−3.9%+6.7%+9.2%+22.5%+148%+136%+98.2%22.0%0.90−56.1%—$128B—
PEP Beverages - Non-AlcoholicPepsiCo, Inc.0/5 short0/3 long+3.4%0.0%−12.8%−2.9%−9.2%−6.7%−2.3%+72.6%19.1%0.07−30.3%—$183B—
UVV TobaccoUniversal Corporation0/5 short0/3 long−6.7%−24.1%−20.5%−19.4%−20.6%+4.0%+10.5%+25.6%24.8%0.21−45.7%—$987M—
Open these 10 in EasyCompare

How did PM do year by year?

This table shows each investment's total return in every full calendar year since 2009, along with where PM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: PM began trading on March 17, 2008, so the table starts with 2009, its first full calendar year, and cannot show how it fared during the dot-com bust.

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

InvestmentYears ahead of PM20252024202320222021202020192018201720162015201420132012201120102009
PM This pagePhilip Morris International Inc.—+38.0%+34.3%−1.8%+12.3%+20.8%+3.7%+35.0%−33.3%+19.9%+8.6%+13.4%−2.1%+8.5%+9.5%+39.8%+27.2%+16.5%
Rank among alternativesTop quarter in 6 of 173 of 104 of 105 of 102 of 103 of 104 of 102 of 108 of 105 of 104 of 95 of 97 of 99 of 97 of 91 of 93 of 96 of 8
SPY S&P 500State Street SPDR S&P 500 ETF10 of 17+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%
TPB Turning Point Brands, Inc.6 of 9+81.0%+130%+23.0%−42.2%−14.8%+57.1%+5.6%+29.5%+72.9%————————
KO The Coca-Cola Company4 of 17+15.6%+8.9%−4.4%+10.6%+11.4%+2.5%+20.6%+6.8%+14.3%−0.3%+5.2%+5.3%+17.2%+6.5%+9.5%+19.0%+30.4%
MO Altria Group, Inc.10 of 17+18.2%+40.8%−3.7%+4.4%+24.2%−10.2%+7.9%−27.1%+9.4%+20.4%+23.1%+34.5%+28.4%+11.8%+27.7%+34.0%+40.3%
DEO Diageo plc6 of 17−29.3%−10.1%−16.3%−17.4%+41.7%−3.3%+21.4%−0.4%+44.2%−1.9%−1.4%−11.4%+16.3%+37.0%+21.6%+11.0%+27.5%
BUD Anheuser-Busch InBev SA/NV5 of 16+30.5%−21.3%+9.0%+0.1%−12.7%−14.0%+27.7%−38.8%+9.6%−12.7%+14.9%+8.4%+25.6%+46.5%+8.8%+10.9%—
STZ Constellation Brands, Inc.9 of 17−36.0%−7.1%+5.8%−6.4%+16.1%+17.4%+19.8%−28.7%+50.7%+8.7%+46.2%+39.5%+98.9%+71.2%−6.7%+39.0%+1.1%
BTI British American Tobacco p.l.c.9 of 17+66.4%+35.5%−19.9%+14.2%+7.8%−4.7%+42.8%−49.5%+24.5%+5.8%+6.8%+4.9%+10.5%+11.3%+27.9%+26.0%+28.4%
PEP PepsiCo, Inc.4 of 17−1.8%−7.6%−3.3%+6.8%+20.5%+11.7%+27.4%−4.8%+17.8%+7.8%+8.8%+17.3%+24.6%+6.4%+4.8%+10.7%+14.6%
UVV Universal Corporation7 of 17+2.3%−13.4%+35.8%+1.8%+19.6%−9.0%+11.1%+7.8%−14.8%+18.0%+33.1%−16.2%+13.6%+13.2%+18.4%−7.0%+61.0%
Open these 11 in EasyCompare

Risk and diversification

How PM 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 PM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents PM's five deepest drawdowns since it began trading in 2008, 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: PM began trading on March 17, 2008, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringPM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Late-2018 sell-off−42.9%−3.9%Jun 2017Mar 20202.8 yearsJun 202115 months
2008 financial crisis−40.8%−45.1%Aug 2008Mar 20097 monthsMar 201012 months
2022 bear market−22.8%−17.3%Feb 2022Sep 20227 monthsMay 202420 months
No named crash−20.6%+14.0%Jun 2025Oct 20254 monthsFeb 20264 months
No named crash−19.3%+11.4%Apr 2013Feb 201410 monthsOct 201520 months

How did PM do in stock market crashes?

This section measures how far PM, 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: PM began trading on March 17, 2008, so its row reads "Not yet trading" for the dot-com bust or the 2008 financial crisis. 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 PM.

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
PM This pagePhilip Morris International Inc.—−2.4%−22.8%−31.9%−26.1%−4.6%−10.0%−13.6%−1.2%Not yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF1 of 8−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
TPB Turning Point Brands, Inc.0 of 5−9.1%−47.9%−43.2%−37.8%−6.9%—————
KO The Coca-Cola Company6 of 8−1.4%−16.7%−37.0%−8.8%−7.8%−8.8%−8.3%0.0%−40.6%−31.3%
MO Altria Group, Inc.4 of 8−0.4%−25.8%−31.6%−26.6%−7.7%−8.5%−7.6%0.0%−38.6%−35.8%
DEO Diageo plc3 of 8−0.5%−24.7%−36.2%−8.3%−4.9%−12.9%−12.9%−0.8%−53.2%−22.3%
BUD Anheuser-Busch InBev SA/NV1 of 8−1.3%−33.1%−52.2%−28.1%−7.7%−14.8%−16.2%−2.2%——
STZ Constellation Brands, Inc.2 of 8−3.8%−16.3%−49.3%−31.1%−3.3%−12.4%−22.5%−5.5%−58.4%−30.2%
BTI British American Tobacco p.l.c.2 of 8−2.3%−21.0%−36.6%−33.0%−8.2%−14.5%−11.6%−2.0%−41.7%−20.5%
PEP PepsiCo, Inc.6 of 8−0.8%−11.9%−28.3%−12.3%−7.2%−10.2%−8.3%−0.2%−40.4%−33.0%
UVV Universal Corporation4 of 8−1.6%−28.8%−24.1%−21.8%−2.7%−9.9%−13.8%−6.7%−59.9%−25.5%
Open these 11 in EasyCompare

How closely does PM 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 PM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than PM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
PM This pagePhilip Morris International Inc.70%60%1.170.58
KO The Coca-Cola Company57%44%1.290.47
TPB Turning Point Brands, Inc.102%89%1.150.78
MO Altria Group, Inc.51%51%1.010.53
BTI British American Tobacco p.l.c.51%67%0.760.55
PEP PepsiCo, Inc.48%65%0.750.48
UVV Universal Corporation51%86%0.590.66
DEO Diageo plc46%94%0.480.61
STZ Constellation Brands, Inc.48%111%0.440.79
BUD Anheuser-Busch InBev SA/NV51%125%0.401.04
Open these 10 in EasyCompare

What diversifies PM?

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

ETFs

InvestmentCorrelation5Y returnSharpe20232018201480/20 mix volatility80/20 mix annual return
PM Philip Morris International Inc. (this page)1.00+159%0.94−1.8%−33.3%−2.1%23.1%+20.2%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.16+225%1.34+42.0%−19.8%+8.1%19.1%+22.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.43+101%1.04+8.0%−8.7%+23.8%19.9%+19.7%
SMH TechnologyVanEck Semiconductor ETF-0.01+323%0.97+73.4%−9.1%+30.2%19.7%+25.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.40+85.0%0.96+20.1%−9.5%+3.4%19.5%+19.3%
GLD CommoditiesSPDR Gold Shares0.30+126%0.96+12.7%−1.9%−2.2%19.8%+20.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.20+136%0.93+17.6%−0.9%—19.7%+21.2%
XLE EnergyState Street Energy Select Sector SPDR ETF0.34+177%0.93−0.6%−18.2%−8.7%20.8%+21.5%
FDVV Dividend & IncomeFidelity High Dividend ETF0.46+85.9%0.92+18.0%−1.2%—20.0%+19.4%

Stocks

InvestmentCorrelation5Y returnSharpe20232018201480/20 mix volatility80/20 mix annual return
PM Philip Morris International Inc. (this page)1.00+159%0.94−1.8%−33.3%−2.1%23.1%+20.2%
CAH Medical - DistributionCardinal Health, Inc.0.25+479%1.55+34.1%−24.5%+23.0%20.4%+24.4%
CLS Hardware, Equipment & PartsCelestica Inc.-0.05+3,143%1.47+160%−16.3%+12.9%21.4%+38.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.05+1,636%1.46+79.6%+0.8%−10.4%20.1%+34.2%
MCK Medical - DistributionMcKesson Corporation0.25+413%1.44+24.1%−28.4%+29.3%20.4%+23.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.14+690%1.41+30.4%−8.2%+0.4%20.4%+26.7%
Open these 14 in EasyCompare

Common questions

What was PM's worst drawdown?

PM's deepest decline since it began trading in 2008 was 42.9%, from June 2017 to March 2020. It took 15 months from the low to climb back to its old high. Because PM launched in March 2008, that record does not include the dot-com bust.

What were PM's best and worst years?

Over 17 full calendar years, PM's best year was 2011, when it returned 39.8%. Its worst was 2018, with a return of -33.3%.

Is there a better investment than PM?

Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than PM with less volatility over the past 5 years, among them MPLX and DXJ.

Is PM more volatile than the S&P 500?

Yes. PM's volatility over the past 5 years was 23.4%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PM's return lands within 23.4% 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 PM's Sharpe ratio?

PM's Sharpe ratio over the past 5 years was 0.94, against 0.79 for the S&P 500, so PM 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 PM with the S&P 500?

Over the past 5 years, PM's monthly returns had a correlation of 0.23 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 PM instead: the lower it is, the more that option would diversify a PM holding.

What are the best alternatives to PM?

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

Did PM outperform the S&P 500?

PM finished ahead of the S&P 500 (SPY) in seven of 17 full calendar years. In 2025, it returned +38.0%, against +17.7% for the index.

How did PM do in stock market crashes?

PM fell less than the S&P 500 (SPY) in six of the eight major crashes it has traded through, and further in one. The clearest case was the 2011 euro debt crisis, when PM fell 13.6% and the S&P 500 fell 17.9%.

What diversifies PM?

These had a low correlation with PM over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.16), EMLP (correlation 0.43) and SMH (correlation -0.01); among large stocks, CAH (correlation 0.25), CLS (correlation -0.05) and FIX (correlation -0.05). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to PM

Other stocks and ETFs