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Relative Intelligence · Banks

How Royal Bank of Canada (RY) compares with the whole market and its popular alternatives

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

Period covered: RY's full trading record, from October 1995 through September 2026. 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 RY →Chart RY vs. 23 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in RY over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of RY over the same span and RY'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.

Choose a period

From the end of September 1997 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. 126 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of RY; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • AMZN$11M+114,749% total · +27.5% a year
  • BN$725,095+7,151% total · +15.9% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • WELL$467,035+4,570% total · +14.2% a year
  • RY$442,765+4,328% total · +14.0% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • SAN$81,349+713% total · +7.5% a year
  • ING$45,632+356% total · +5.4% a year
  • MUFG$22,774+128% total · +2.9% 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. 569 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of RY; 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
  • HSBC$51,297+413% total · +38.7% a year
  • SAN$45,493+355% total · +35.4% a year
  • SMFG$44,827+348% total · +35.0% a year
  • MUFG$44,537+345% total · +34.8% a year
  • ING$35,607+256% total · +28.9% a year
  • UBS$34,575+246% total · +28.2% a year
  • MFC$28,001+180% total · +22.9% a year
  • CM$25,433+154% total · +20.5% a year
  • RY$23,646+136% total · +18.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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RY 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.

The company

Market value
$276B
Industry
Banks - Diversified
Price history from
October 1995

Returns

Past 1 year
+39.2%total return
Past 3 years
+173%+39.7% a year
Past 5 years
+122%+17.3% a year
Past 10 years
+352%+16.3% a year
Best calendar year
+89.3%2009
Worst calendar year
−39.4%2008
Losing years
7 of 29full calendar years

Risk

Volatility
18.2%typical yearly swing, 5 years
Sharpe ratio
0.97return per unit of risk, 5 years
Worst decline ever
−63.1%Oct 2007 to Feb 2009
From its all-time high
−8.1%below the peak

RY against the whole market

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

How does RY rank among all stocks?

This section ranks RY 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 RY 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.

MeasureRYRankStanding
1-year return+39.2%748 of 3,287top 23%
3-year return+173%482 of 3,017top 16%
5-year return+122%562 of 2,893top 19%
10-year return+352%477 of 2,202top 22%
Volatility, 5 years18.2%49 of 2,893top 2%
Sharpe ratio, 5 years0.97117 of 2,893top 4%
Worst decline, past 10 years−40.0%154 of 2,187top 7%

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

10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%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 RYRY: +17.3% a year, volatility 18.2%SPY (S&P 500): +12.7% a year, volatility 17.1%CM: +19.2% a year, volatility 21.6%MFC: +22.6% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%MCK: +38.7% a year, volatility 25.0%WELL: +26.0% a year, volatility 23.8%VGT: +18.4% a year, volatility 26.0%MPLX: +23.5% a year, volatility 18.8%LIN: +11.5% a year, volatility 20.9%RYSPY (S&P 500)CMMFCLVHICAHABBVMCKVGTMPLXLIN10.0%15.0%20.0%25.0%30.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than RYRY: +17.3% a year, volatility 18.2%SPY (S&P 500): +12.7% a year, volatility 17.1%CM: +19.2% a year, volatility 21.6%MFC: +22.6% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%MCK: +38.7% a year, volatility 25.0%WELL: +26.0% a year, volatility 23.8%VGT: +18.4% a year, volatility 26.0%MPLX: +23.5% a year, volatility 18.8%LIN: +11.5% a year, volatility 20.9%RYSPY (S&P 500)CMMFCLVHICAHABBVMCKWELLVGTMPLX
  • Popular alternatives
  • The whole market
  • 3 with more than 1.6× RY's volatility are in the table only

Is there a better investment than RY?

Investments that beat RY 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 RY 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 RY'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.

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 RY'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× RY's volatility counts as better.

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

Screen the whole market against RY for any period in BetterThanSPYOpen these 14 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 RY?lower diversifies moreExpenseper year
RYRoyal Bank of Canada · this page
+17.3%18.2%0.97−40.0%+352%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.590.09%
Popular alternativesbest 5 shownThe investments people most often weigh against RY. 5 of 22 passed at least one test.
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return in most periods+33.2%29.4%1.13−54.9%+483%0.26—
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Higher return in most periods+33.7%29.4%1.14−47.6%+474%0.36—
CMCanadian Imperial Bank of Commerce · Banks
Higher return in most periods+19.2%21.6%0.93−47.3%+395%0.85—
MFCManulife Financial Corporation · Life Insurance
Higher return in most periods+22.6%24.0%0.97−57.5%+373%0.73—
INGING Groep N.V. · Banks
Higher return in most periods+24.7%31.1%0.87−74.4%+339%0.58—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 27 of 3,489 passed at least one test.
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+17.0%11.1%1.48−32.4%+194%0.610.40%
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.19—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return in most periods+26.1%23.4%1.11−45.1%+603%0.26—
MCKMcKesson Corporation · Health Care Distribution
Higher return in most periods+38.7%25.0%1.44−38.1%+586%-0.02—
WELLWelltower Inc. · Healthcare REITs
Higher return in most periods+26.0%23.8%1.09−63.3%+379%0.44—
VGTVanguard Information Technology ETF · Technology Equity
Higher return in most periods+18.4%26.0%0.78−35.1%+779%0.420.09%
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, similar volatility+23.5%18.8%1.22−75.2%+350%0.27—
LINLinde plc · Chemicals
Smaller losses in recent crashes+11.5%20.9%0.63−32.6%+394%0.38—
What these numbers mean for RY
Annual return
RY returned 17.3% 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 $22,200. 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
RY's volatility over the past 5 years was 18.2%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, RY's return lands within 18.2% 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
RY's Sharpe ratio over the past 5 years was 0.97, against 0.79 for the S&P 500, so RY 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
RY's worst fall from a peak to a low over the past 10 years was 40.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 40.0% fall takes a 66.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, RY's monthly returns had a correlation of 0.59 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against RY instead: the lower it is, the more that option would diversify a RY holding. Guide: Correlation and diversification →

RY against its popular alternatives

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

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

Green points earned more than RY 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%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityRY: 17.3% a year, volatility 18.2%SPY (S&P 500): 12.7% a year, volatility 17.1%C: 15.1% a year, volatility 29.4%TD: 15.8% a year, volatility 20.0%BNS: 12.8% a year, volatility 19.9%SLF: 11.7% a year, volatility 19.4%BMO: 13.6% a year, volatility 21.4%BN: 3.9% a year, volatility 31.1%WFC: 13.1% a year, volatility 29.5%USB: 3.3% a year, volatility 29.6%BAC: 4.0% a year, volatility 26.6%PNC: 4.6% a year, volatility 26.8%MFC: 22.6% a year, volatility 24.0%MUFG: 33.2% a year, volatility 29.4%SMFG: 33.7% a year, volatility 29.4%CM: 19.2% a year, volatility 21.6%ING: 24.7% a year, volatility 31.1%HSBC: 33.1% a year, volatility 25.9%SAN: 31.6% a year, volatility 33.9%UBS: 25.4% a year, volatility 30.4%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%JPM: 17.3% a year, volatility 24.3%EWC: 11.2% a year, volatility 17.2%RYSPY (S&P 500)CTDBMOBNWFCUSBBACPNCMFCMUFGSMFGCMINGHSBCSANUBSBCSDBJPMEWC15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityRY: 17.3% a year, volatility 18.2%SPY (S&P 500): 12.7% a year, volatility 17.1%C: 15.1% a year, volatility 29.4%TD: 15.8% a year, volatility 20.0%BNS: 12.8% a year, volatility 19.9%SLF: 11.7% a year, volatility 19.4%BMO: 13.6% a year, volatility 21.4%BN: 3.9% a year, volatility 31.1%WFC: 13.1% a year, volatility 29.5%USB: 3.3% a year, volatility 29.6%BAC: 4.0% a year, volatility 26.6%PNC: 4.6% a year, volatility 26.8%MFC: 22.6% a year, volatility 24.0%MUFG: 33.2% a year, volatility 29.4%SMFG: 33.7% a year, volatility 29.4%CM: 19.2% a year, volatility 21.6%ING: 24.7% a year, volatility 31.1%HSBC: 33.1% a year, volatility 25.9%SAN: 31.6% a year, volatility 33.9%UBS: 25.4% a year, volatility 30.4%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%JPM: 17.3% a year, volatility 24.3%EWC: 11.2% a year, volatility 17.2%RYSPY (S&P 500)CTDBNWFCUSBBACMFCMUFGSMFGCMINGHSBCSANUBSBCSDBJPM
All figures
InvestmentAnnual returnVolatility
SMFG Sumitomo Mitsui Financial Group, Inc.+33.7%29.4%
MUFG Mitsubishi UFJ Financial Group, Inc.+33.2%29.4%
HSBC HSBC Holdings plc+33.1%25.9%
SAN Banco Santander, S.A.+31.6%33.9%
UBS UBS Group AG+25.4%30.4%
ING ING Groep N.V.+24.7%31.1%
MFC Manulife Financial Corporation+22.6%24.0%
DB Deutsche Bank AG+22.1%37.4%
CM Canadian Imperial Bank of Commerce+19.2%21.6%
BCS Barclays PLC+18.5%34.1%
JPM JPMorgan Chase & Co.+17.3%24.3%
RY This pageRoyal Bank of Canada+17.3%18.2%
TD The Toronto-Dominion Bank+15.8%20.0%
C Citigroup Inc.+15.1%29.4%
BMO Bank of Montreal+13.6%21.4%
WFC Wells Fargo & Company+13.1%29.5%
BNS The Bank of Nova Scotia+12.8%19.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
SLF Sun Life Financial Inc.+11.7%19.4%
EWC iShares MSCI Canada ETF+11.2%17.2%
PNC The PNC Financial Services Group, Inc.+4.6%26.8%
BAC Bank of America Corporation+4.0%26.6%
BN Brookfield Corporation+3.9%31.1%
USB U.S. Bancorp+3.3%29.6%
Open these 24 in EasyCompare

Has RY consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than RY 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
RY Royal Bank of Canada (this page)—−3.5%−4.8%+12.0%+18.9%+39.2%+173%+122%+352%18.2%0.97−40.0%—$276B—
MFC QualifiedManulife Financial Corporation5/5 short3/3 longAll-weather−0.2%+5.5%+17.4%+26.1%+44.8%+189%+177%+373%24.0%0.97−57.5%—$74B—
MUFG QualifiedMitsubishi UFJ Financial Group, Inc.4/5 short3/3 longAll-weather−6.9%+1.8%+19.6%+36.5%+41.3%+184%+319%+483%29.4%1.13−54.9%—$244B—
SMFG QualifiedSumitomo Mitsui Financial Group, Inc.4/5 short3/3 longAll-weather−7.9%−1.3%+15.9%+28.3%+53.5%+181%+327%+474%29.4%1.14−47.6%—$94B—
CM QualifiedCanadian Imperial Bank of Commerce4/5 short3/3 longAll-weather−2.0%−3.3%+4.3%+25.8%+44.4%+261%+141%+395%21.6%0.93−47.3%—$103B—
ING QualifiedING Groep N.V.3/5 short2/3 long−10.7%+2.4%+14.0%+18.9%+42.5%+209%+201%+339%31.1%0.87−74.4%—$94B—
HSBC Banks - DiversifiedHSBC Holdings plc2/5 short2/3 long−10.1%−5.9%+2.3%+19.8%+47.7%+201%+318%+319%25.9%1.24−62.3%—$324B—
SAN Banks - DiversifiedBanco Santander, S.A.1/5 short2/3 long−10.2%−1.4%+4.5%+9.8%+35.9%+305%+295%+332%33.9%0.99−73.8%—$194B—
UBS Banks - DiversifiedUBS Group AG0/5 short2/3 long−7.5%−8.3%+10.6%+2.9%+26.3%+116%+210%+374%30.4%0.90−59.8%—$145B—
BCS Banks - DiversifiedBarclays PLC0/5 short2/3 long−11.7%−17.1%−6.2%−13.3%+15.1%+242%+134%+238%34.1%0.67−66.0%—$75B—
DB Banks - RegionalDeutsche Bank AG0/5 short2/3 long−17.1%−8.6%−1.6%−17.0%−3.1%+244%+171%+165%37.4%0.72−72.7%—$60B—
JPM Banks - DiversifiedJPMorgan Chase & Co.1/5 short1/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
C Banks - DiversifiedCitigroup Inc.0/5 short1/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
TD Banks - DiversifiedThe Toronto-Dominion Bank5/5 short0/3 long−0.9%+2.1%+16.3%+33.1%+57.5%+141%+109%+310%20.0%0.84−42.0%—$206B—
BNS Banks - DiversifiedThe Bank of Nova Scotia5/5 short0/3 long−2.3%+6.9%+22.4%+28.9%+50.0%+162%+83.1%+187%19.9%0.71−46.9%—$112B—
SLF Insurance - DiversifiedSun Life Financial Inc.4/5 short0/3 long−2.2%−0.4%+15.2%+30.4%+35.5%+96.3%+74.1%+255%19.4%0.67−50.8%—$44B—
EWC InternationaliShares MSCI Canada ETF2/5 short0/3 long+0.7%+3.8%+4.1%+12.9%+21.7%+98.3%+69.8%+191%17.2%0.70−42.6%0.50%$7.4B—
BAM Asset ManagementBrookfield Asset Management Ltd.2/5 short0/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
BMO Banks - DiversifiedBank of Montreal1/5 short0/3 long−5.5%−5.3%+10.8%+29.7%+37.6%+146%+89.4%+295%21.4%0.71−51.0%—$116B—
BN Asset ManagementBrookfield Corporation1/5 short0/3 long−1.7%−11.8%−19.8%−19.6%−16.8%+85.9%+20.8%+226%31.1%0.28−51.4%—$83B—
WFC Banks - DiversifiedWells Fargo & Company1/5 short0/3 long−5.0%−4.3%+1.4%−12.3%−2.4%+119%+85.0%+141%29.5%0.57−64.5%—$248B—
USB Banks - RegionalU.S. Bancorp1/5 short0/3 long−1.3%−5.5%+5.5%+12.7%+30.3%+117%+17.6%+94.6%29.6%0.26−52.1%—$92B—
BAC Banks - DiversifiedBank of America Corporation0/5 short0/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
PNC Banks - RegionalThe PNC Financial Services Group, Inc.0/5 short0/3 long−4.4%−10.8%−1.0%+7.9%+25.3%+120%+25.1%+230%26.8%0.30−49.6%—$88B—
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How did RY do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where RY ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with RY and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of RY20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
RY This pageRoyal Bank of Canada—+46.3%+23.8%+12.2%−8.0%+34.1%+8.4%+20.2%−12.9%+23.9%+31.8%−19.3%+6.7%+16.0%+23.3%+1.2%+1.4%+89.3%−39.4%+10.7%+26.0%+50.7%+15.9%+33.6%+15.8%−0.9%+58.5%−9.5%−3.5%+54.8%
Rank among alternativesTop quarter in 8 of 2910 of 2415 of 2418 of 249 of 2310 of 235 of 2315 of 235 of 239 of 235 of 2319 of 238 of 2316 of 2314 of 233 of 2316 of 233 of 238 of 238 of 239 of 221 of 2214 of 2220 of 224 of 227 of 224 of 2013 of 179 of 176 of 17
SPY S&P 500State Street SPDR S&P 500 ETF13 of 29+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%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
MFC Manulife Financial Corporation10 of 26+22.9%+45.2%+31.0%−1.3%+12.1%−7.1%+49.2%−29.3%+20.9%+23.6%−19.0%−0.6%+49.7%+33.5%−36.0%−3.3%+12.5%−56.9%+23.2%+17.2%+29.8%+45.7%+51.7%−15.4%−16.0%+152%———
MUFG Mitsubishi UFJ Financial Group, Inc.11 of 29+40.0%+39.7%+32.7%+26.2%+27.9%−13.7%+15.8%−31.3%+20.7%+2.5%+15.2%−14.6%+26.0%+33.1%−19.9%+13.3%−19.1%−32.3%−24.2%−8.6%+35.4%+31.3%+47.6%−16.0%−33.1%−30.0%+33.4%−24.8%−24.2%
SMFG Sumitomo Mitsui Financial Group, Inc.7 of 19+38.0%+54.8%+25.7%+24.5%+18.6%−10.9%+19.4%−22.2%+18.0%+5.2%+7.7%−28.7%+47.2%+38.4%−19.2%+30.0%−28.6%−43.6%−27.1%——————————
CM Canadian Imperial Bank of Commerce12 of 28+49.0%+37.9%+26.5%−26.8%+44.7%+9.3%+20.3%−19.8%+23.5%+29.8%−19.6%+4.8%+11.0%+16.8%−3.3%+27.1%+64.3%−37.9%−12.0%+32.5%+13.7%+26.0%+87.9%−14.9%+14.2%+38.0%+1.2%−17.2%—
ING ING Groep N.V.13 of 29+91.3%+12.2%+32.0%−4.4%+55.4%−21.6%+20.6%−39.4%+36.7%+11.1%+6.4%−7.4%+47.6%+32.5%−26.8%−0.2%−11.7%−69.6%−8.2%+31.9%+20.8%+36.1%+48.7%−31.3%−34.4%+35.1%+0.4%+49.9%+25.1%
HSBC HSBC Holdings plc9 of 27+67.9%+34.5%+39.3%+7.8%+20.8%−31.7%+1.5%−16.1%+35.9%+9.9%−11.5%−10.2%+8.5%+45.9%−22.2%−7.5%+22.2%−38.0%−4.0%+18.9%−1.5%+12.6%+52.3%−5.2%−15.3%+6.5%——+15.8%
SAN Banco Santander, S.A.10 of 29+165%+14.9%+46.4%−6.8%+10.2%−19.6%−2.2%−28.5%+33.3%+12.3%−37.9%−0.4%+27.4%+22.8%−20.2%−30.2%+91.8%−52.3%+20.2%+47.1%+10.5%+6.8%+77.6%−11.3%−19.8%−7.6%+20.1%+23.7%+53.6%
UBS UBS Group AG11 of 25+57.6%+0.7%+69.8%+7.4%+29.4%+19.5%+7.1%−29.9%+17.4%−14.4%+18.1%−10.2%+23.3%+34.3%−28.2%+6.2%+8.5%−68.9%−21.5%+32.5%+18.2%+27.9%+50.4%+1.7%−8.0%————
BCS Barclays PLC11 of 29+96.5%+76.2%+6.0%−21.9%+31.6%−12.8%+31.9%−29.3%+0.5%−12.8%−11.4%−14.9%+16.1%+61.7%−31.9%−4.7%+80.0%−73.6%−27.2%+44.2%−4.0%+31.1%+55.0%−23.6%+7.7%+16.0%+30.3%−16.6%+62.3%
DB Deutsche Bank AG9 of 29+133%+29.4%+21.4%−5.9%+14.7%+40.1%−2.9%−56.7%+6.4%−25.0%−17.7%−36.4%+10.9%+19.7%−26.1%−20.1%+75.4%−65.5%−0.6%+42.0%+12.3%+9.8%+83.6%−34.3%−22.1%0.0%+58.2%−16.7%+54.6%
JPM JPMorgan Chase & Co.15 of 29+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
C Citigroup Inc.13 of 29+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%+70.2%−6.8%+79.9%
TD The Toronto-Dominion Bank11 of 29+85.3%−13.4%+4.5%−12.2%+41.3%+5.6%+17.5%−12.1%+22.9%+30.9%−14.9%+5.0%+16.1%+16.8%+4.1%+22.7%+85.4%−46.8%+20.4%+16.1%+30.7%+29.7%+61.4%−11.7%−7.2%+11.2%+58.4%−2.9%+52.7%
BNS The Bank of Nova Scotia8 of 26+45.1%+17.5%+6.0%−28.8%+40.6%+1.7%+17.5%−19.2%+20.5%+43.7%−25.1%−4.2%+11.5%+21.0%−9.6%+27.1%+82.6%−44.4%+16.6%+16.8%+21.4%+40.4%+59.9%+232%+17.5%+25.4%———
SLF Sun Life Financial Inc.9 of 25+9.7%+19.5%+16.9%−12.9%+29.7%+2.0%+42.7%−16.6%+10.3%+27.6%−10.2%+5.9%+39.3%+52.5%−34.9%+10.2%+31.1%−57.0%+35.5%+8.2%+22.7%+38.3%+51.6%−18.9%−17.2%————
EWC iShares MSCI Canada ETF7 of 29+35.9%+12.4%+14.7%−12.9%+27.0%+5.5%+27.6%−17.2%+15.7%+23.8%−23.9%+1.1%+5.3%+9.1%−12.4%+19.7%+53.1%−44.5%+28.5%+16.9%+27.6%+22.8%+51.1%−10.8%−20.1%+8.2%+48.9%−7.9%+10.6%
BAM Brookfield Asset Management Ltd.2 of 3−0.3%+39.7%+45.6%——————————————————————————
BMO Bank of Montreal12 of 29+39.6%+3.0%+14.6%−12.4%+46.9%+3.3%+23.9%−14.9%+15.4%+32.9%−16.8%+10.4%+13.7%+17.3%−0.3%+13.7%+121%−51.9%−0.4%+9.4%+20.4%+21.0%+62.9%+23.0%−9.6%+62.5%−10.8%−6.1%+44.8%
BN Brookfield Corporation17 of 29+20.6%+44.1%+29.1%−35.0%+48.9%+8.5%+52.3%−10.7%+34.2%+8.0%−4.4%+31.1%+11.5%+53.5%−16.3%+53.6%+49.6%−56.5%+12.3%+45.8%+42.7%+81.4%+54.9%+19.6%+32.2%+16.8%+4.1%−18.2%+28.5%
WFC Wells Fargo & Company13 of 29+35.6%+46.5%+22.9%−11.9%+61.1%−41.6%+21.4%−21.8%+13.2%+4.7%+1.8%+24.1%+36.7%+27.3%−9.6%+15.7%−6.3%+1.7%−12.1%+16.9%+4.5%+9.0%+29.5%+10.3%−20.2%+40.5%+3.3%+5.1%+81.9%
USB U.S. Bancorp11 of 29+16.4%+15.6%+4.8%−19.1%+24.3%−17.9%+33.6%−12.4%+6.6%+23.4%−2.8%+13.8%+29.6%+20.9%+2.3%+20.7%−9.0%−16.6%−8.0%+26.3%−0.5%+10.6%+45.3%+5.3%−6.8%+13.2%−30.5%+64.5%+90.1%
BAC Bank of America Corporation12 of 29+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%−14.0%+1.2%+27.3%
PNC The PNC Financial Services Group, Inc.13 of 29+12.2%+29.4%+2.7%−18.6%+38.2%−2.8%+40.9%−17.0%+26.0%+25.8%+6.8%+20.3%+36.4%+3.6%−3.1%+15.8%+10.2%−22.2%−8.3%+23.6%+11.7%+8.9%+36.2%−22.5%−20.7%+70.4%−15.0%−2.2%+56.7%
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Risk and diversification

How RY 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 RY's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents RY's five deepest drawdowns since it began trading in 1995, 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.

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

DuringRY fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−63.1%−50.3%Oct 2007Feb 200916 monthsOct 20098 months
No named crash−40.2%−13.9%Apr 1998Aug 19984 monthsAug 20002 years
Covid crash−40.0%−32.8%Feb 2020Mar 20201 monthNov 20208 months
2015 China and oil sell-off−37.3%−5.1%Sep 2014Jan 201616 monthsDec 201611 months
2011 euro debt crisis−32.8%−13.9%Apr 2011Nov 20117 monthsDec 201213 months

How did RY do in stock market crashes?

This section measures how far RY, 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.

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

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
RY This pageRoyal Bank of Canada—−3.8%−26.0%−40.0%−17.1%−5.7%−23.1%−21.8%0.0%−63.1%−21.6%
SPY S&P 500State Street SPDR S&P 500 ETF5 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MFC Manulife Financial Corporation1 of 10−6.1%−27.1%−55.1%−25.9%−2.6%−35.4%−35.3%0.0%−83.8%−42.9%
MUFG Mitsubishi UFJ Financial Group, Inc.2 of 10−9.5%−33.4%−33.0%−27.0%−6.7%−45.1%−20.7%−0.3%−65.5%−65.1%
SMFG Sumitomo Mitsui Financial Group, Inc.4 of 9−9.2%−24.7%−32.2%−23.2%−4.5%−44.2%−19.8%−2.2%−70.9%—
CM Canadian Imperial Bank of Commerce1 of 10−7.0%−36.2%−43.6%−22.2%−5.9%−25.3%−12.9%0.0%−71.8%−39.8%
ING ING Groep N.V.0 of 10−10.7%−43.4%−56.9%−24.1%−5.8%−35.4%−47.4%−3.6%−93.0%−66.4%
HSBC HSBC Holdings plc3 of 10−7.3%−31.8%−20.5%−13.1%−4.6%−30.8%−25.1%0.0%−73.8%−41.4%
SAN Banco Santander, S.A.0 of 10−11.4%−41.0%−48.1%−19.0%−6.0%−44.7%−33.2%−0.9%−76.1%−58.4%
UBS UBS Group AG0 of 9−9.5%−32.5%−42.3%−28.5%−8.2%−36.7%−39.7%−0.9%−87.5%—
BCS Barclays PLC1 of 10−10.2%−48.1%−57.1%−22.9%−4.1%−50.6%−44.9%−4.8%−93.9%−38.4%
DB Deutsche Bank AG0 of 10−11.6%−54.2%−48.6%−36.3%−9.3%−54.8%−46.8%0.0%−82.7%−64.9%
JPM JPMorgan Chase & Co.1 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
C Citigroup Inc.0 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
TD The Toronto-Dominion Bank2 of 10−6.7%−29.0%−41.0%−20.9%−5.5%−18.1%−19.6%0.0%−63.4%−44.1%
BNS The Bank of Nova Scotia1 of 10−4.6%−35.4%−43.0%−17.7%−6.1%−24.3%−19.8%0.0%−63.8%−23.6%
SLF Sun Life Financial Inc.2 of 9−5.5%−30.8%−50.2%−20.3%−4.5%−23.8%−20.3%−1.4%−78.8%—
EWC iShares MSCI Canada ETF2 of 10−3.4%−24.8%−42.6%−19.4%−5.3%−26.4%−24.7%−0.1%−60.8%−51.7%
BAM Brookfield Asset Management Ltd.0 of 1−7.1%—————————
BMO Bank of Montreal2 of 10−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
BN Brookfield Corporation2 of 10−10.5%−36.2%−51.4%−18.1%−5.2%−22.7%−18.7%0.0%−70.9%−20.7%
WFC Wells Fargo & Company2 of 10−12.4%−36.3%−47.1%−20.1%−13.5%−20.9%−21.1%−1.2%−79.0%−29.2%
USB U.S. Bancorp1 of 10−19.7%−36.8%−47.2%−20.4%−7.5%−17.7%−24.7%−1.2%−76.1%−42.8%
BAC Bank of America Corporation0 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
PNC The PNC Financial Services Group, Inc.1 of 10−10.4%−34.0%−47.8%−23.2%−5.4%−20.8%−24.1%−0.4%−76.7%−49.6%
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How closely does RY 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 RY 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 RY's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
RY This pageRoyal Bank of Canada97%88%1.110.88
MUFG Mitsubishi UFJ Financial Group, Inc.84%42%2.010.66
SMFG Sumitomo Mitsui Financial Group, Inc.84%43%1.940.65
HSBC HSBC Holdings plc79%53%1.490.58
JPM JPMorgan Chase & Co.117%103%1.141.09
SAN Banco Santander, S.A.101%92%1.101.02
TD The Toronto-Dominion Bank89%80%1.100.88
CM Canadian Imperial Bank of Commerce108%106%1.021.07
SLF Sun Life Financial Inc.87%85%1.020.96
MFC Manulife Financial Corporation110%110%1.001.10
UBS UBS Group AG116%120%0.971.18
BMO Bank of Montreal104%112%0.931.12
ING ING Groep N.V.136%155%0.881.36
BAC Bank of America Corporation127%146%0.871.36
BCS Barclays PLC113%131%0.861.26
DB Deutsche Bank AG102%118%0.861.21
EWC iShares MSCI Canada ETF88%102%0.860.95
PNC The PNC Financial Services Group, Inc.108%127%0.851.15
BNS The Bank of Nova Scotia97%120%0.811.05
C Citigroup Inc.131%165%0.801.49
BN Brookfield Corporation125%162%0.771.42
WFC Wells Fargo & Company96%129%0.751.13
USB U.S. Bancorp89%130%0.691.05
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What diversifies RY?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220182015200820011999199880/20 mix volatility80/20 mix annual return
RY Royal Bank of Canada (this page)1.00+122%0.97−8.0%−12.9%−19.3%−39.4%−0.9%−9.5%−3.5%21.1%+18.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.26+225%1.34+6.0%−19.8%+7.7%−20.8%———17.7%+20.8%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.44+101%1.04+10.4%−8.7%−25.3%————18.3%+18.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.48+83.3%1.00+7.1%−3.0%−0.3%————18.4%+17.7%
SMH TechnologyVanEck Semiconductor ETF0.39+323%0.97−33.5%−9.1%−0.3%−44.7%−14.6%——20.6%+23.3%
GLD CommoditiesSPDR Gold Shares0.06+126%0.96−0.8%−1.9%−10.7%+4.9%———17.4%+19.3%
XLE EnergyState Street Energy Select Sector SPDR ETF0.20+177%0.93+64.4%−18.2%−21.5%−39.0%−18.2%+18.1%—18.6%+20.4%
EWT TechnologyiShares MSCI Taiwan ETF0.47+153%0.89−28.9%−9.9%−12.9%−45.3%+2.1%——19.8%+19.9%
AMLP EnergyAlerian MLP ETF0.27+111%0.89+25.5%−12.6%−25.7%————18.2%+19.2%

Stocks

InvestmentCorrelation5Y returnSharpe202220182015200820011999199880/20 mix volatility80/20 mix annual return
RY Royal Bank of Canada (this page)1.00+122%0.97−8.0%−12.9%−19.3%−39.4%−0.9%−9.5%−3.5%21.1%+18.8%
CAH Medical - DistributionCardinal Health, Inc.0.19+479%1.55+54.1%−24.5%+12.6%−39.6%−2.5%−36.8%+51.7%18.6%+23.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.24+3,143%1.47+1.3%−16.3%−6.0%−20.5%−25.6%+350%—22.7%+36.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.28+1,636%1.46+17.0%+0.8%+67.7%−15.2%+73.7%−58.7%−9.5%21.2%+32.1%
MCK Medical - DistributionMcKesson Corporation-0.02+413%1.44+51.8%−28.4%−4.5%−40.4%+4.9%−71.3%+46.9%17.5%+22.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.11+690%1.41+86.6%−8.2%+17.4%————18.7%+25.4%
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Common questions

What was RY's worst drawdown?

RY's deepest decline since it began trading in 1995 was 63.1%, from October 2007 to February 2009. It took eight months from the low to climb back to its old high.

What were RY's best and worst years?

Over 29 full calendar years, RY's best year was 2009, when it returned 89.3%. Its worst was 2008, with a return of -39.4%.

Is there a better investment than RY?

Among RY's popular alternatives, MUFG, SMFG and CM were ahead of RY in most short and long periods. Nothing in the whole market did better on both counts: none of the 3,633 stocks and funds worth at least $500 million earned more than RY with less volatility over the past 5 years.

Is RY more volatile than the S&P 500?

Yes. RY's volatility over the past 5 years was 18.2%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, RY's return lands within 18.2% 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 RY's Sharpe ratio?

RY's Sharpe ratio over the past 5 years was 0.97, against 0.79 for the S&P 500, so RY 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 RY with the S&P 500?

Over the past 5 years, RY's monthly returns had a correlation of 0.59 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against RY instead: the lower it is, the more that option would diversify a RY holding.

What are the best alternatives to RY?

Of the 23 popular alternatives we compared, five outperformed RY in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MFC, MUFG and SMFG.

Did RY outperform the S&P 500?

RY finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +46.3%, against +17.7% for the index.

How did RY do in stock market crashes?

RY fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in five. The clearest case was the 2015 China and oil sell-off, when RY fell 23.1% and the S&P 500 fell 12.8%.

What diversifies RY?

These had a low correlation with RY over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.26), EMLP (correlation 0.44) and HDV (correlation 0.48); among large stocks, CAH (correlation 0.19), CLS (correlation 0.24) and FIX (correlation 0.28). A correlation near zero means the two have moved largely independently.

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