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Relative Intelligence · Oil & Gas

How Phillips 66 (PSX) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PSX alone. It places PSX (Phillips 66) against 18 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 PSX stands in the market, and of the alternatives worth a closer look.

Period covered: PSX's full trading record, from April 2012 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 PSX →Chart PSX vs. 18 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in PSX over the past 14 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PSX over the same span and PSX'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: PSX began trading on April 12, 2012, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 14 years of PSX's record, starting at the end of September 2012.

Choose a period

From the end of September 2012 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. 314 of the 2,213 stocks and funds worth at least $500 million that traded the whole period ended ahead of PSX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,00020122014201620182020202220242026$1,000$10,000$100,0002012201620202024
  • LLY$323,653+3,137% total · +28.2% a year
  • VLO$218,484+2,085% total · +24.6% a year
  • MPC$215,024+2,050% total · +24.5% a year
  • TRGP$98,723+887% total · +17.8% a year
  • CVI$89,459+795% total · +16.9% a year
  • PSX$88,378+784% total · +16.8% a year
  • SPY (S&P 500)$67,346+573% total · +14.6% a year
  • DK$43,227+332% total · +11.0% a year
  • PBR$34,552+246% total · +9.3% a year
  • CLMT$22,852+129% total · +6.1% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 166 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of PSX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • INSW$102,075+921% total · +59.1% a year
  • MPC$71,516+615% total · +48.2% a year
  • CLMT$66,220+562% total · +45.9% a year
  • PBR$64,214+542% total · +45.1% a year
  • VLO$64,131+541% total · +45.0% a year
  • TRGP$61,030+510% total · +43.6% a year
  • PARR$51,921+419% total · +39.0% a year
  • DK$47,140+371% total · +36.4% a year
  • PSX$43,718+337% total · +34.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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PSX 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: PSX began trading on April 12, 2012, 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 two other sell-offs.

The company

Market value
$117B
Industry
Oil & Gas Refining & Marketing
Price history from
April 2012

Returns

Past 1 year
+130%total return
Past 3 years
+183%+41.4% a year
Past 5 years
+319%+33.2% a year
Past 10 years
+430%+18.1% a year
Best calendar year
+49.6%2022
Worst calendar year
−33.9%2020
Losing years
4 of 13full calendar years

Risk

Volatility
32.9%typical yearly swing, 5 years
Sharpe ratio
1.04return per unit of risk, 5 years
Worst decline ever
−64.2%Nov 2019 to Mar 2020
From its all-time high
−2.1%below the peak

PSX against the whole market

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

How does PSX rank among all stocks?

This section ranks PSX 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 PSX 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.

MeasurePSXRankStanding
1-year return+130%106 of 3,287top 3%
3-year return+183%457 of 3,017top 15%
5-year return+319%148 of 2,893top 5%
10-year return+430%377 of 2,202top 17%
Volatility, 5 years32.9%989 of 2,893top 34%
Sharpe ratio, 5 years1.0476 of 2,893top 3%
Worst decline, past 10 years−64.2%1,055 of 2,187top 48%

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PSXMCK: +38.7% a year, volatility 25.0%GE: +36.0% a year, volatility 31.0%PSX: +33.2% a year, volatility 32.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%PBR: +50.3% a year, volatility 37.5%VLO: +44.2% a year, volatility 36.9%INSW: +56.5% a year, volatility 40.5%TRGP: +41.8% a year, volatility 31.7%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%HPE: +32.9% a year, volatility 42.2%HSBC: +33.1% a year, volatility 25.9%PSXSPY (S&P 500)MPCPBRVLOINSWTRGPCAHESLTEMEHPEHSBC10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PSXMCK: +38.7% a year, volatility 25.0%GE: +36.0% a year, volatility 31.0%PSX: +33.2% a year, volatility 32.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%PBR: +50.3% a year, volatility 37.5%VLO: +44.2% a year, volatility 36.9%INSW: +56.5% a year, volatility 40.5%TRGP: +41.8% a year, volatility 31.7%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%HPE: +32.9% a year, volatility 42.2%HSBC: +33.1% a year, volatility 25.9%PSXSPY (S&P 500)MPCPBRVLOINSWTRGPCAHLLYHPEHSBC
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than PSX?

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

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

Screen the whole market against PSX for any period in BetterThanSPYOpen these 12 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 PSX?lower diversifies moreExpenseper year
PSXPhillips 66 · this page
+33.2%32.9%1.04−64.2%+430%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.340.09%
Popular alternativesbest 3 shownThe investments people most often weigh against PSX. 3 of 18 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.82—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return in most periods+50.3%37.5%1.28−75.3%+674%0.45—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.78—
Same and neighboring categories, and shared themesbest 2 shownEverything else in Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Integrated Oil & Gas, Oilfield Services), plus PSX's specific themes. 2 of 69 passed at least one test.
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher Sharpe, smaller worst decline+56.5%40.5%1.31−57.4%—0.34—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return, similar volatility+41.8%31.7%1.27−90.8%+829%0.49—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 41 of 3,546 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+42.1%24.7%1.55−46.1%+349%0.17—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.10—
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+39.8%34.6%1.15−35.4%+765%-0.04—
EMEEMCOR Group, Inc. · Engineering & Construction
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+43.0%35.3%1.20−48.0%+1,202%0.22—
HPEHewlett Packard Enterprise Company · Computer Hardware
Higher return in most periods+32.9%42.2%0.89−56.9%+483%0.29—
HSBCHSBC Holdings plc · Banks
Similar return, lower volatility+33.1%25.9%1.24−62.3%+319%0.23—
What these numbers mean for PSX
Annual return
PSX returned 33.2% 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 $41,900. 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
PSX's volatility over the past 5 years was 32.9%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PSX's return lands within 32.9% 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
PSX's Sharpe ratio over the past 5 years was 1.04, against 0.79 for the S&P 500, so PSX 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
PSX's worst fall from a peak to a low over the past 10 years was 64.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 64.2% fall takes a 179% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, PSX's monthly returns had a correlation of 0.34 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 PSX instead: the lower it is, the more that option would diversify a PSX holding. Guide: Correlation and diversification →
Show all 3 stocks and funds worth at least $500 million that earned more than PSX 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 PSXExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.17—
2
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.32—
3
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.23—

PSX against its popular alternatives

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

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

Green points earned more than PSX 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%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPSX: 33.2% a year, volatility 32.9%SPY (S&P 500): 12.7% a year, volatility 17.1%CVI: 32.2% a year, volatility 52.3%DINO: 31.8% a year, volatility 38.8%EC: 18.0% a year, volatility 37.9%LYB: −2.0% a year, volatility 33.1%UGP: 29.5% a year, volatility 41.5%DOW: −7.6% a year, volatility 34.1%MPC: 51.2% a year, volatility 33.4%VLO: 44.2% a year, volatility 36.9%PBR: 50.3% a year, volatility 37.5%CLMT: 39.4% a year, volatility 56.5%DK: 34.0% a year, volatility 52.7%PARR: 38.9% a year, volatility 50.6%YPF: 60.7% a year, volatility 54.1%PBF: 42.9% a year, volatility 59.1%COP: 18.2% a year, volatility 32.6%XOM: 27.1% a year, volatility 26.5%CVX: 19.5% a year, volatility 25.2%EPD: 16.4% a year, volatility 17.1%PSXSPY (S&P 500)CVIDINOECLYBUGPDOWMPCVLOPBRCLMTDKPARRYPFPBFCOPXOMCVXEPD10.0%20.0%30.0%40.0%50.0%60.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPSX: 33.2% a year, volatility 32.9%SPY (S&P 500): 12.7% a year, volatility 17.1%CVI: 32.2% a year, volatility 52.3%DINO: 31.8% a year, volatility 38.8%EC: 18.0% a year, volatility 37.9%LYB: −2.0% a year, volatility 33.1%UGP: 29.5% a year, volatility 41.5%DOW: −7.6% a year, volatility 34.1%MPC: 51.2% a year, volatility 33.4%VLO: 44.2% a year, volatility 36.9%PBR: 50.3% a year, volatility 37.5%CLMT: 39.4% a year, volatility 56.5%DK: 34.0% a year, volatility 52.7%PARR: 38.9% a year, volatility 50.6%YPF: 60.7% a year, volatility 54.1%PBF: 42.9% a year, volatility 59.1%COP: 18.2% a year, volatility 32.6%XOM: 27.1% a year, volatility 26.5%CVX: 19.5% a year, volatility 25.2%EPD: 16.4% a year, volatility 17.1%PSXSPY (S&P 500)CVIDINOECLYBDOWMPCVLOPBRCLMTDKPARRYPFCOPXOMCVXEPD
All figures
InvestmentAnnual returnVolatility
YPF YPF Sociedad Anónima+60.7%54.1%
MPC Marathon Petroleum Corporation+51.2%33.4%
PBR Petróleo Brasileiro S.A. - Petrobras+50.3%37.5%
VLO Valero Energy Corporation+44.2%36.9%
PBF PBF Energy Inc.+42.9%59.1%
CLMT Calumet Inc.+39.4%56.5%
PARR Par Pacific Holdings, Inc.+38.9%50.6%
DK Delek US Holdings, Inc.+34.0%52.7%
PSX This pagePhillips 66+33.2%32.9%
CVI CVR Energy, Inc.+32.2%52.3%
DINO HF Sinclair Corporation+31.8%38.8%
UGP Ultrapar Participações S.A.+29.5%41.5%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
CVX Chevron Corporation+19.5%25.2%
COP ConocoPhillips+18.2%32.6%
EC Ecopetrol S.A.+18.0%37.9%
EPD Enterprise Products Partners L.P.+16.4%17.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
LYB LyondellBasell Industries N.V.−2.0%33.1%
DOW Dow Inc.−7.6%34.1%
Open these 20 in EasyCompare

Has PSX consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than PSX 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
PSX Phillips 66 (this page)—+11.2%+40.1%+89.2%+128%+130%+183%+319%+430%32.9%1.04−64.2%—$117B—
MPC QualifiedMarathon Petroleum Corporation5/5 short3/3 longAll-weather+18.1%+51.1%+123%+191%+159%+234%+690%+1,387%33.4%1.41−79.7%—$133B—
VLO QualifiedValero Energy Corporation3/5 short3/3 long+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
PBR QualifiedPetróleo Brasileiro S.A. - Petrobras3/5 short2/3 long+24.6%+45.4%+31.0%+128%+140%+132%+667%+674%37.5%1.28−75.3%—$166B—
CLMT Chemicals - SpecialtyCalumet Inc.2/5 short3/3 long−3.6%+29.0%+74.8%+187%+198%+235%+427%+1,319%56.5%0.87−90.4%—$4.9B—
DK Oil & Gas Refining & MarketingDelek US Holdings, Inc.2/5 short3/3 long+4.4%+20.5%+106%+165%+132%+226%+332%+524%52.7%0.82−84.3%—$4.8B—
PARR Oil & Gas Refining & MarketingPar Pacific Holdings, Inc.2/5 short2/3 long+3.8%+9.7%+43.9%+138%+138%+161%+417%+504%50.6%0.91−76.4%—$4.3B—
YPF Oil & Gas IntegratedYPF Sociedad Anónima0/5 short2/3 long−4.5%+0.7%+23.9%+39.9%+102%+313%+971%+173%54.1%1.14−90.1%—$20B—
CVI Oil & Gas Refining & MarketingCVR Energy, Inc.4/5 short1/3 long+16.4%+79.1%+106%+147%+78.5%+115%+304%+1,424%52.3%0.80−79.9%—$6.2B—
DINO Oil & Gas Refining & MarketingHF Sinclair Corporation4/5 short1/3 long+14.7%+39.5%+119%+174%+146%+152%+298%+649%38.8%0.91−77.3%—$22B—
PBF Oil & Gas Refining & MarketingPBF Energy Inc.4/5 short1/3 long+14.5%+30.5%+122%+196%+189%+89.0%+495%+427%59.1%0.90−91.5%—$9.8B—
COP Oil & Gas Exploration & ProductionConocoPhillips1/5 short0/3 long+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
XOM Oil & Gas IntegratedExxonmobil Holdings Corporation1/5 short0/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
EC Oil & Gas IntegratedEcopetrol S.A.0/5 short0/3 long+5.0%+10.3%+35.7%+81.5%+112%+116%+129%+401%37.9%0.63−73.3%—$36B—
CVX Oil & Gas IntegratedChevron Corporation0/5 short0/3 long+10.8%+20.0%+25.4%+48.8%+51.9%+53.4%+144%+238%25.2%0.84−55.8%—$446B—
EPD Oil & Gas MidstreamEnterprise Products Partners L.P.0/5 short0/3 long−3.9%−3.2%+3.2%+20.3%+28.4%+65.2%+113%+178%17.1%0.98−58.1%—$80B—
LYB Chemicals - SpecialtyLyondellBasell Industries N.V.0/5 short0/3 long+6.2%+6.4%−4.8%+48.9%+49.0%−15.5%−9.4%+38.3%33.1%0.11−68.2%—$21B—
UGP Oil & Gas Refining & MarketingUltrapar Participações S.A.0/5 short0/3 long+4.5%+31.2%+37.6%+114%+119%+134%+264%−4.0%41.5%0.83−83.3%—$8.6B—
DOW ChemicalsDow Inc.0/5 short0/3 long+8.6%+2.2%−14.7%+30.8%+48.8%−25.6%−32.7%—34.1%-0.06−64.4%—$22B—
Open these 19 in EasyCompare

How did PSX do year by year?

This table shows each investment's total return in every full calendar year since 2013, along with where PSX ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PSX and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: PSX began trading on April 12, 2012, so the table starts with 2013, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

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

InvestmentYears ahead of PSX2025202420232022202120202019201820172016201520142013
PSX This pagePhillips 66—+17.5%−11.6%+33.1%+49.6%+8.4%−33.9%+34.0%−12.3%+20.9%+9.0%+17.1%−4.7%+48.3%
Rank among alternativesTop quarter in 3 of 139 of 199 of 196 of 1912 of 1913 of 1910 of 194 of 1811 of 1812 of 188 of 185 of 187 of 185 of 18
SPY S&P 500State Street SPDR S&P 500 ETF7 of 13+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%
MPC Marathon Petroleum Corporation8 of 13+19.2%−4.0%+30.4%+86.6%+61.0%−27.4%+6.0%−8.2%+34.8%+0.7%+17.4%+0.4%+48.6%
VLO Valero Energy Corporation8 of 13+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%
PBR Petróleo Brasileiro S.A. - Petrobras7 of 13+2.3%−2.9%+89.6%+55.4%+19.3%−29.0%+24.2%+27.7%+1.8%+135%−41.1%−45.1%−28.3%
CLMT Calumet Inc.5 of 13−9.8%+23.2%+5.9%+27.9%+322%−14.2%+65.2%−71.3%+92.5%−79.1%−1.6%−5.5%−7.2%
DK Delek US Holdings, Inc.4 of 13+68.7%−25.0%−0.8%+84.0%−6.7%−49.5%+6.6%−4.9%+48.8%+1.6%−7.8%−18.2%+40.5%
PARR Par Pacific Holdings, Inc.7 of 13+114%−54.9%+56.4%+41.0%+17.9%−39.9%+63.9%−26.5%+32.6%−38.2%+44.9%−27.1%+85.8%
YPF YPF Sociedad Anónima5 of 13−14.9%+147%+87.1%+141%−18.7%−59.4%−12.9%−41.2%+39.5%+5.8%−40.3%−19.3%+128%
CVI CVR Energy, Inc.6 of 13+35.8%−34.9%+11.6%+115%+93.5%−60.9%+27.6%+1.1%+63.5%−25.1%+8.0%+1.3%+20.1%
DINO HF Sinclair Corporation5 of 13+38.2%−34.4%+11.0%+62.0%+28.0%−46.5%+1.9%+2.0%+63.2%−14.1%+9.6%−19.9%+14.0%
PBF PBF Energy Inc.5 of 13+6.7%−38.0%+10.0%+216%+82.7%−77.1%+0.1%−4.9%+33.6%−20.5%+43.7%−11.5%+12.7%
COP ConocoPhillips5 of 13−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%
XOM Exxonmobil Holdings Corporation4 of 13+16.0%+11.3%−6.3%+87.4%+57.6%−36.2%+7.2%−15.1%−3.8%+19.9%−12.8%−6.0%+20.1%
EC Ecopetrol S.A.7 of 13+48.5%−24.6%+40.1%−5.0%+0.8%−29.3%+38.7%+13.5%+64.4%+28.9%−55.7%−52.3%−31.5%
CVX Chevron Corporation6 of 13+10.1%+1.3%−13.6%+58.5%+46.2%−25.9%+15.3%−9.7%+10.6%+36.7%−16.2%−7.0%+19.3%
EPD Enterprise Products Partners L.P.6 of 13+9.4%+28.0%+17.7%+18.3%+21.4%−23.6%+21.9%−1.4%+4.3%+12.5%−25.5%+13.3%+38.5%
LYB LyondellBasell Industries N.V.3 of 13−36.0%−17.4%+20.7%−1.0%+5.1%+2.6%+19.4%−21.7%+33.8%+2.9%+13.2%+1.8%+44.7%
UGP Ultrapar Participações S.A.4 of 13+56.4%−50.2%+128%−4.6%−39.5%−26.5%−5.5%−38.9%+12.4%+39.3%−18.0%−17.2%+8.9%
DOW Dow Inc.1 of 6−37.4%−22.8%+14.7%−6.6%+6.8%+7.9%———————
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Risk and diversification

How PSX 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 PSX's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents PSX's five deepest drawdowns since it began trading in 2012, 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: PSX began trading on April 12, 2012, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringPSX fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Covid crash−64.2%−27.1%Nov 2019Mar 20204 monthsJun 20222.3 years
No named crash−44.4%−3.2%Apr 2024Apr 202512 monthsMar 202611 months
Late-2018 sell-off−35.4%−15.8%Jul 2018Dec 20185 monthsOct 201910 months
No named crash−32.0%0.0%Sep 2014Jan 20154 monthsOct 20159 months
2022 bear market−32.0%−10.7%Jun 2022Sep 20223 monthsNov 20222 months

How did PSX do in stock market crashes?

This section measures how far PSX, 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: PSX began trading on April 12, 2012, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two 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 PSX.

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
PSX This pagePhillips 66—−5.6%−32.0%−53.3%−33.2%−4.7%−21.1%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF5 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MPC Marathon Petroleum Corporation2 of 6−3.7%−30.2%−72.4%−36.7%−6.9%−48.2%−39.5%———
VLO Valero Energy Corporation1 of 6−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
PBR Petróleo Brasileiro S.A. - Petrobras2 of 6−7.6%−26.6%−71.2%−26.3%−8.4%−54.9%−37.6%−1.6%−80.1%—
CLMT Calumet Inc.0 of 6−7.0%−48.5%−77.7%−69.6%−4.3%−52.2%−30.9%0.0%−84.4%—
DK Delek US Holdings, Inc.0 of 6−8.9%−35.8%−68.1%−33.6%−6.2%−63.6%−37.0%−2.0%−84.7%—
PARR Par Pacific Holdings, Inc.1 of 6−7.5%−33.1%−70.3%−32.7%−0.8%−22.7%————
YPF YPF Sociedad Anónima1 of 6−17.8%−45.2%−73.5%−27.3%−8.9%−48.7%−22.0%−1.6%−65.2%−75.8%
CVI CVR Energy, Inc.1 of 6−10.2%−34.8%−55.0%−27.7%−4.8%−45.9%−31.9%−2.5%——
DINO HF Sinclair Corporation1 of 6−7.2%−26.0%−56.6%−34.1%−4.5%−43.6%−32.6%−2.5%−83.0%−40.3%
PBF PBF Energy Inc.0 of 6−9.2%−39.6%−78.8%−44.0%−6.5%−34.0%————
COP ConocoPhillips1 of 6−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
XOM Exxonmobil Holdings Corporation5 of 6−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
EC Ecopetrol S.A.0 of 6−8.4%−48.6%−67.3%−44.6%−12.6%−49.1%−15.5%−0.3%——
CVX Chevron Corporation5 of 6−2.6%−24.9%−51.0%−19.6%−5.3%−18.5%−17.2%−0.1%−43.8%−29.5%
EPD Enterprise Products Partners L.P.4 of 6−2.4%−18.0%−53.2%−18.6%−4.1%−31.3%−13.0%0.0%−44.4%−34.6%
LYB LyondellBasell Industries N.V.1 of 6−7.5%−34.8%−57.5%−24.9%−7.0%−25.5%−39.9%−4.3%——
UGP Ultrapar Participações S.A.2 of 6−6.1%−29.7%−62.6%−16.2%−6.0%−31.8%−18.2%0.0%−62.8%−57.8%
DOW Dow Inc.0 of 3−6.9%−37.1%−54.1%———————
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How closely does PSX 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 PSX 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 PSX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
PSX This pagePhillips 66116%122%0.951.16
PBR Petróleo Brasileiro S.A. - Petrobras104%63%1.660.99
CLMT Calumet Inc.127%81%1.561.67
MPC Marathon Petroleum Corporation138%95%1.451.29
VLO Valero Energy Corporation142%114%1.241.31
CVI CVR Energy, Inc.169%150%1.121.37
COP ConocoPhillips94%92%1.020.91
DINO HF Sinclair Corporation135%140%0.971.21
DK Delek US Holdings, Inc.130%136%0.961.31
PARR Par Pacific Holdings, Inc.142%150%0.941.64
XOM Exxonmobil Holdings Corporation78%83%0.940.76
EC Ecopetrol S.A.127%139%0.911.13
CVX Chevron Corporation86%94%0.910.89
EPD Enterprise Products Partners L.P.81%94%0.860.93
PBF PBF Energy Inc.137%164%0.831.44
YPF YPF Sociedad Anónima144%206%0.701.58
LYB LyondellBasell Industries N.V.80%141%0.570.91
UGP Ultrapar Participações S.A.58%119%0.490.98
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What diversifies PSX?

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

ETFs

InvestmentCorrelation5Y returnSharpe202420202018201480/20 mix volatility80/20 mix annual return
PSX Phillips 66 (this page)1.00+319%1.04−11.6%−33.9%−12.3%−4.7%32.8%+34.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.21+225%1.34+29.8%+3.9%−19.8%+8.1%26.9%+33.8%
SMH TechnologyVanEck Semiconductor ETF0.05+323%0.97+39.1%+55.5%−9.1%+30.2%27.5%+37.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.35+85.0%0.96+13.4%+2.1%−9.5%+3.4%27.1%+30.8%
GLD CommoditiesSPDR Gold Shares-0.05+126%0.96+26.7%+24.8%−1.9%−2.2%26.3%+32.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.20+136%0.93+45.8%+28.2%−0.9%—27.4%+32.9%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.41+109%0.90+7.2%−0.2%−11.1%+12.8%28.2%+31.6%
EWT TechnologyiShares MSCI Taiwan ETF0.08+153%0.89+16.1%+31.5%−9.9%+7.0%27.2%+33.2%
EUFN InternationaliShares MSCI Europe Financials ETF0.34+133%0.89+17.2%−8.5%−23.1%−9.7%27.9%+32.5%

Stocks

InvestmentCorrelation5Y returnSharpe202420202018201480/20 mix volatility80/20 mix annual return
PSX Phillips 66 (this page)1.00+319%1.04−11.6%−33.9%−12.3%−4.7%32.8%+34.3%
CAH Medical - DistributionCardinal Health, Inc.0.17+479%1.55+19.0%+10.1%−24.5%+23.0%27.7%+36.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.19+3,143%1.47+215%−2.4%−16.3%+12.9%30.8%+50.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.12+1,636%1.46+107%+6.7%+0.8%−10.4%28.8%+46.6%
MCK Medical - DistributionMcKesson Corporation0.32+413%1.44+23.7%+27.1%−28.4%+29.3%28.3%+35.5%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.26+594%1.36+103%−7.2%−37.5%+50.9%28.8%+38.8%
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Common questions

What was PSX's worst drawdown?

PSX's deepest decline since it began trading in 2012 was 64.2%, from November 2019 to March 2020. It took 27 months from the low to climb back to its old high. Because PSX launched in April 2012, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were PSX's best and worst years?

Over 13 full calendar years, PSX's best year was 2022, when it returned 49.6%. Its worst was 2020, with a return of -33.9%.

Is there a better investment than PSX?

Among PSX's popular alternatives, MPC earned more than PSX over the past 5 years with similar volatility: 51.2% a year at 33.4% volatility, against 33.2% a year at 32.9%. Looking beyond its popular alternatives, INSW (oil & gas) earned more for the risk it took than PSX over the past 5 years, and its worst fall in 10 years was 57.4%, against 64.2% for PSX.

Is PSX more volatile than the S&P 500?

Yes. PSX's volatility over the past 5 years was 32.9%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PSX's return lands within 32.9% 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 PSX's Sharpe ratio?

PSX's Sharpe ratio over the past 5 years was 1.04, against 0.79 for the S&P 500, so PSX 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 PSX with the S&P 500?

Over the past 5 years, PSX's monthly returns had a correlation of 0.34 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 PSX instead: the lower it is, the more that option would diversify a PSX holding.

What are the best alternatives to PSX?

Of the 18 popular alternatives we compared, three outperformed PSX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MPC, VLO and PBR.

Did PSX outperform the S&P 500?

PSX finished ahead of the S&P 500 (SPY) in five of 13 full calendar years. In 2025, it returned +17.5%, against +17.7% for the index.

How did PSX do in stock market crashes?

PSX fell less than the S&P 500 (SPY) in one of the six major crashes it has traded through, and further in five. The clearest case was the Covid crash, when PSX fell 53.3% and the S&P 500 fell 33.7%.

What diversifies PSX?

These had a low correlation with PSX over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.21), SMH (correlation 0.05) and DBEF (correlation 0.35); among large stocks, CAH (correlation 0.17), CLS (correlation 0.19) and FIX (correlation 0.12). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to PSX

Other stocks and ETFs