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Relative Intelligence · Enterprise Software

How SAP compares with the whole market and its popular alternatives

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

Period covered: SAP's full trading record, from September 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 SAP →Chart SAP vs. 20 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in SAP over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SAP over the same span and SAP'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. 426 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of SAP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • INTU$591,451+5,815% total · +15.1% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • ORCL$284,972+2,750% total · +12.2% a year
  • ADP$235,442+2,254% total · +11.5% a year
  • PAYX$208,673+1,987% total · +11.0% a year
  • OTEX$172,469+1,625% total · +10.3% a year
  • SAP$136,626+1,266% total · +9.4% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • IBM$86,041+760% total · +7.7% a year
  • PEGA$48,258+383% total · +5.6% 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. 1,249 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SAP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • FTNT$30,603+206% total · +25.1% a year
  • IYW$26,551+166% total · +21.6% a year
  • GOOG$25,811+158% total · +20.9% a year
  • CIBR$21,643+116% total · +16.7% a year
  • IBM$20,049+100% total · +14.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • MSFT$18,958+89.6% total · +13.6% a year
  • SAP$16,715+67.2% total · +10.8% a year
  • MANH$12,984+29.8% total · +5.4% a year
  • PAYC$4,511−54.9% total · −14.7% a year
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SAP 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
$267B
Industry
Software - Application
Price history from
September 1995

Returns

Past 1 year
−16.6%total return
Past 3 years
+81.3%+21.9% a year
Past 5 years
+72.6%+11.5% a year
Past 10 years
+205%+11.8% a year
Best calendar year
+138%1997
Worst calendar year
−38.7%2002
Losing years
10 of 29full calendar years

Risk

Volatility
30.0%typical yearly swing, 5 years
Sharpe ratio
0.52return per unit of risk, 5 years
Worst decline ever
−87.9%Mar 2000 to Oct 2002
From its all-time high
−25.7%below the peak

SAP against the whole market

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

How does SAP rank among all stocks?

This section ranks SAP 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 SAP 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.

MeasureSAPRankStanding
1-year return−16.6%2,549 of 3,287bottom 23%
3-year return+81.3%1,117 of 3,017top 37%
5-year return+72.6%879 of 2,893top 30%
10-year return+205%843 of 2,202top 38%
Volatility, 5 years30.0%720 of 2,893top 25%
Sharpe ratio, 5 years0.52887 of 2,893top 31%
Worst decline, past 10 years−52.5%554 of 2,187top 25%

What has beaten SAP 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). SAP sits where the dashed lines cross. Anything in the green box above and to the left earned more than SAP 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 SAP; faint dots are 92 more of the 305 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%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 SAPRY: +17.3% a year, volatility 18.2%AAPL: +18.5% a year, volatility 28.0%OEF: +14.3% a year, volatility 17.8%RCBC: +14.6% a year, volatility 27.2%IWY: +12.9% a year, volatility 21.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%BFC: +19.0% a year, volatility 27.3%TJX: +19.9% a year, volatility 22.3%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%CM: +19.2% a year, volatility 21.6%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%MNST: +17.2% a year, volatility 24.9%RSG: +13.9% a year, volatility 18.5%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%ETR: +19.2% a year, volatility 22.4%ALL: +17.0% a year, volatility 26.2%PCAR: +17.9% a year, volatility 26.1%FAST: +15.8% a year, volatility 24.6%SEIC: +12.7% a year, volatility 22.3%AME: +14.4% a year, volatility 22.1%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%EFV: +13.6% a year, volatility 15.9%FNDX: +13.5% a year, volatility 14.9%FMX: +14.0% a year, volatility 25.7%ATO: +14.9% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%NI: +15.1% a year, volatility 20.3%PKG: +15.4% a year, volatility 25.8%MGV: +12.6% a year, volatility 13.4%DTM: +24.5% a year, volatility 25.2%RNR: +20.1% a year, volatility 27.8%SNA: +12.9% a year, volatility 23.6%PAVE: +14.9% a year, volatility 21.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%HACK: +12.6% a year, volatility 25.8%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%PNW: +13.4% a year, volatility 19.9%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%LECO: +14.1% a year, volatility 27.5%AIZ: +13.3% a year, volatility 25.3%MSGS: +18.4% a year, volatility 25.6%WTS: +15.3% a year, volatility 28.4%PPA: +16.3% a year, volatility 18.9%AIRR: +18.3% a year, volatility 25.9%AIQ: +14.8% a year, volatility 26.7%ACT: +20.5% a year, volatility 24.3%THG: +14.4% a year, volatility 22.9%EMLP: +14.9% a year, volatility 14.5%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%RSPT: +16.9% a year, volatility 25.1%CRAK: +19.8% a year, volatility 20.9%GCOW: +14.1% a year, volatility 13.6%WTM: +15.4% a year, volatility 23.6%TSPA: +13.1% a year, volatility 17.1%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%XAR: +13.0% a year, volatility 24.1%IDMO: +13.3% a year, volatility 18.2%SAP: +11.5% a year, volatility 30.0%SPY (S&P 500): +12.7% a year, volatility 17.1%IBM: +16.6% a year, volatility 30.5%CIBR: +14.1% a year, volatility 26.1%V: +12.8% a year, volatility 22.9%IYW: +19.0% a year, volatility 26.6%FTNT: +20.7% a year, volatility 44.8%GOOG: +19.0% a year, volatility 32.0%MA: +12.4% a year, volatility 23.8%ABBV: +26.1% a year, volatility 23.4%TRV: +22.4% a year, volatility 22.3%LLY: +40.7% a year, volatility 32.8%NEU: +21.0% a year, volatility 26.8%GLD: +17.7% a year, volatility 18.9%NHC: +32.0% a year, volatility 28.5%CNXN: +15.8% a year, volatility 29.2%SPHQ: +12.0% a year, volatility 16.7%CAH: +42.1% a year, volatility 24.7%SAPSPY (S&P 500)IBMCIBRIYWFTNTGOOGMAABBVTRVLLYNEUGLDNHCCNXNSPHQCAH0.0%10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SAPRY: +17.3% a year, volatility 18.2%AAPL: +18.5% a year, volatility 28.0%OEF: +14.3% a year, volatility 17.8%RCBC: +14.6% a year, volatility 27.2%IWY: +12.9% a year, volatility 21.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%BFC: +19.0% a year, volatility 27.3%TJX: +19.9% a year, volatility 22.3%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%CM: +19.2% a year, volatility 21.6%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%MNST: +17.2% a year, volatility 24.9%RSG: +13.9% a year, volatility 18.5%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%ETR: +19.2% a year, volatility 22.4%ALL: +17.0% a year, volatility 26.2%PCAR: +17.9% a year, volatility 26.1%FAST: +15.8% a year, volatility 24.6%SEIC: +12.7% a year, volatility 22.3%AME: +14.4% a year, volatility 22.1%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%EFV: +13.6% a year, volatility 15.9%FNDX: +13.5% a year, volatility 14.9%FMX: +14.0% a year, volatility 25.7%ATO: +14.9% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%FNDF: +13.6% a year, volatility 16.3%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%NI: +15.1% a year, volatility 20.3%PKG: +15.4% a year, volatility 25.8%MGV: +12.6% a year, volatility 13.4%DTM: +24.5% a year, volatility 25.2%RNR: +20.1% a year, volatility 27.8%SNA: +12.9% a year, volatility 23.6%PAVE: +14.9% a year, volatility 21.6%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%HACK: +12.6% a year, volatility 25.8%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%PNW: +13.4% a year, volatility 19.9%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%LECO: +14.1% a year, volatility 27.5%AIZ: +13.3% a year, volatility 25.3%MSGS: +18.4% a year, volatility 25.6%WTS: +15.3% a year, volatility 28.4%PPA: +16.3% a year, volatility 18.9%AIRR: +18.3% a year, volatility 25.9%AIQ: +14.8% a year, volatility 26.7%ACT: +20.5% a year, volatility 24.3%THG: +14.4% a year, volatility 22.9%EMLP: +14.9% a year, volatility 14.5%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%RSPT: +16.9% a year, volatility 25.1%CRAK: +19.8% a year, volatility 20.9%GCOW: +14.1% a year, volatility 13.6%WTM: +15.4% a year, volatility 23.6%TSPA: +13.1% a year, volatility 17.1%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%XAR: +13.0% a year, volatility 24.1%IDMO: +13.3% a year, volatility 18.2%SAP: +11.5% a year, volatility 30.0%SPY (S&P 500): +12.7% a year, volatility 17.1%IBM: +16.6% a year, volatility 30.5%CIBR: +14.1% a year, volatility 26.1%V: +12.8% a year, volatility 22.9%IYW: +19.0% a year, volatility 26.6%FTNT: +20.7% a year, volatility 44.8%GOOG: +19.0% a year, volatility 32.0%MA: +12.4% a year, volatility 23.8%ABBV: +26.1% a year, volatility 23.4%TRV: +22.4% a year, volatility 22.3%LLY: +40.7% a year, volatility 32.8%NEU: +21.0% a year, volatility 26.8%GLD: +17.7% a year, volatility 18.9%NHC: +32.0% a year, volatility 28.5%CNXN: +15.8% a year, volatility 29.2%SPHQ: +12.0% a year, volatility 16.7%CAH: +42.1% a year, volatility 24.7%SAPSPY (S&P 500)IBMIYWFTNTGOOGABBVTRVLLYNEUGLDNHCCNXNSPHQCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than SAP?

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

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

Screen the whole market against SAP for any period in BetterThanSPYOpen these 16 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 SAP?lower diversifies moreExpenseper year
SAPSAP SE · this page
+11.5%30.0%0.52−52.5%+205%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.570.09%
Popular alternativesbest 1 shownThe investments people most often weigh against SAP. 1 of 20 passed at least one test.
IBMInternational Business Machines Corporation · IT Services
Higher return, similar volatilityHigher Sharpe, smaller worst decline+16.6%30.5%0.66−41.1%+151%0.29—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Enterprise Software and Software and the categories next to it (Application Software, IT Services, Cybersecurity, Payment Processing, Semiconductors), plus SAP's specific themes. 15 of 134 passed at least one test.
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.1%26.1%0.64−33.9%+454%0.440.58%
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst decline+12.8%22.9%0.64−36.4%+429%0.63—
IYWiShares U.S. Technology ETF · Technology Equity · Cloud Computing theme
Higher return, lower volatilityHigher Sharpe, smaller worst decline+19.0%26.6%0.79−39.4%+805%0.460.37%
FTNTFortinet, Inc. · Cybersecurity
Higher Sharpe, smaller worst declineHigher return in most periods+20.7%44.8%0.65−38.3%+2,626%0.26—
GOOGAlphabet Inc. · Internet Services · Cloud Computing theme
Higher return, similar volatilityHigher Sharpe, smaller worst decline+19.0%32.0%0.71−44.6%+752%0.20—
MAMastercard Incorporated · Payment Processing
Similar return, lower volatility+12.4%23.8%0.61−41.0%+541%0.60—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 683 of 3,479 passed at least one test.
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.11—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.29—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.25—
NEUNewMarket Corporation · Specialty Chemicals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+21.0%26.8%0.85−40.7%+165%0.37—
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+17.7%18.9%0.96−26.4%+213%0.300.40%
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.06—
CNXNPC Connection, Inc. · Technology Distributors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.8%29.2%0.65−41.8%+277%0.24—
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+12.0%16.7%0.76−31.6%+300%0.490.20%
What these numbers mean for SAP
Annual return
SAP returned 11.5% 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 $17,300. 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
SAP's volatility over the past 5 years was 30.0%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SAP's return lands within 30.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
SAP's Sharpe ratio over the past 5 years was 0.52, against 0.79 for the S&P 500, so SAP earned less 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
SAP's worst fall from a peak to a low over the past 10 years was 52.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 52.5% fall takes a 110% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, SAP's monthly returns had a correlation of 0.57 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 SAP instead: the lower it is, the more that option would diversify a SAP holding. Guide: Correlation and diversification →
Show all 305 stocks and funds worth at least $500 million that earned more than SAP with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with SAPExpense
1
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.11—
2
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.29—
3
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.37—
4
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.300.40%
5
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.06—
6
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Same or nearby category+14.1%26.1%0.64−33.9%+454%0.440.58%
7
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.27—
8
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.17—
9
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.39—
10
OEFiShares S&P 100 ETF · US Large-Cap Equity
Whole market+14.3%17.8%0.84−31.4%+367%0.590.20%
11
RCBCRiver City Bank · Banks - Regional
Whole market+14.6%27.2%0.64−45.5%+345%0.17—
12
IWYiShares Russell Top 200 Growth ETF · US Large-Cap Growth
Whole market+12.9%21.9%0.67−32.7%+466%0.530.20%
13
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.21—
14
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.39—
15
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.47—
16
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.03—
17
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.370.48%
18
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.410.40%
19
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.29—
20
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.30—
21
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.26—
22
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.29—
23
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.20—
24
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.19—
25
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.27—
26
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.28—
27
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.29—
28
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.23—
29
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%-0.05—
30
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.29—
31
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.480.09%
32
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.20—
33
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.24—
34
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.27—
35
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.30—
36
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.40—
37
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.32—
38
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.38—
39
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.22—
40
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.33—
41
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.22—
42
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.49—
43
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.12—
44
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.11—
45
PCARPACCAR Inc · Commercial Vehicles
Whole market+17.9%26.1%0.76−37.9%+314%0.31—
46
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.27—
47
SEICSEI Investments Company · Asset Management
Whole market+12.7%22.3%0.65−51.8%+168%0.51—
48
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.31—
49
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.45—
50
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.28—
51
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.050.80%
52
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+13.6%15.9%0.88−43.2%+157%0.490.31%
53
FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value
Whole market+13.5%14.9%0.93−37.7%+291%0.500.25%
54
FMXFomento Económico Mexicano, S.A.B. de C.V. · Convenience Stores
Whole market+14.0%25.7%0.64−45.5%+79.7%0.29—
55
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.27—
56
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.14—
57
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.500.25%
58
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.390.13%
59
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.23—
60
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.370.08%
61
VVisa Inc. · Payment Processing
Same or nearby category+12.8%22.9%0.64−36.4%+429%0.63—
62
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.490.36%
63
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.08—
64
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.22—
65
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Whole market+12.6%13.4%0.95−35.4%+244%0.450.05%
66
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.13—
67
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.15—
68
SNASnap-on Incorporated · Industrial Machinery
Whole market+12.9%23.6%0.63−47.4%+195%0.22—
69
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.9%21.6%0.75−44.1%—0.320.47%
70
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.530.15%
71
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.550.35%
72
HACKAmplify Cybersecurity ETF · Technology
Whole market+12.6%25.8%0.59−38.7%+373%0.460.60%
73
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.590.40%
74
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.53—
75
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+13.4%19.9%0.73−39.3%+103%0.08—
76
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.370.43%
77
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.610.12%
78
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.370.15%
79
LECOLincoln Electric Holdings, Inc. · Industrial Machinery
Whole market+14.1%27.5%0.62−38.9%+389%0.35—
80
AIZAssurant, Inc. · Property & Casualty Insurance
Whole market+13.3%25.3%0.62−44.6%+312%0.12—
81
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.08—
82
WTSWatts Water Technologies, Inc. · Industrial Machinery
Whole market+15.3%28.4%0.65−44.1%+539%0.23—
83
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Whole market+16.3%18.9%0.90−43.9%+344%0.350.58%
84
AIRRFirst Trust RBA American Industrial RenaissanceTM ETF · US Industrials
Whole market+18.3%25.9%0.78−42.4%+407%0.160.69%
85
AIQGlobal X - Artificial Intelligence & Technology ETF · Artificial Intelligence
Whole market+14.8%26.7%0.65−44.6%—0.480.68%
86
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.21—
87
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.12—
88
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.260.95%
89
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.270.19%
90
QTUMDefiance Quantum ETF · Technology
Whole market+22.8%28.1%0.87−38.5%—0.310.40%
91
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.9%25.1%0.75−33.7%+572%0.460.40%
92
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.300.61%
93
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.420.60%
94
WTMWhite Mountains Insurance Group, Ltd. · Insurance
Whole market+15.4%23.6%0.73−40.2%+169%0.12—
95
TSPAT. Rowe Price U.S. Equity Research ETF · Broad Market
Whole market+13.1%17.1%0.81−24.7%—0.560.34%
96
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.540.50%
97
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.25—
98
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.520.20%
99
XARState Street SPDR S&P Aerospace & Defense ETF · Broad Market
Whole market+13.0%24.1%0.63−46.4%+320%0.310.35%
100
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.580.25%

SAP against its popular alternatives

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

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

Green points earned more than SAP 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%50.0%55.0%−20.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySAP: 11.5% a year, volatility 30.0%SPY (S&P 500): 12.7% a year, volatility 17.1%MSFT: 12.5% a year, volatility 28.2%PAYC: −12.1% a year, volatility 46.3%MANH: 6.5% a year, volatility 40.2%PCTY: −10.1% a year, volatility 41.1%APPF: 11.3% a year, volatility 44.2%NOW: 1.9% a year, volatility 45.5%CRM: −3.2% a year, volatility 39.4%INTU: −9.4% a year, volatility 39.1%ORCL: 7.7% a year, volatility 44.3%PEGA: −10.9% a year, volatility 53.0%ACN: −5.2% a year, volatility 32.7%WDAY: −5.9% a year, volatility 41.7%BSY: −7.5% a year, volatility 37.1%WIT: −14.8% a year, volatility 33.2%OTEX: −9.2% a year, volatility 32.6%ADBE: −16.5% a year, volatility 38.1%IBM: 16.6% a year, volatility 30.5%ADP: 9.0% a year, volatility 22.9%PAYX: 1.5% a year, volatility 25.0%INFY: −9.6% a year, volatility 29.8%SAPSPY (S&P 500)MSFTPAYCMANHPCTYAPPFNOWCRMINTUORCLPEGAACNWDAYBSYWITOTEXADBEIBMADPPAYXINFY10.0%20.0%30.0%40.0%50.0%60.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySAP: 11.5% a year, volatility 30.0%SPY (S&P 500): 12.7% a year, volatility 17.1%MSFT: 12.5% a year, volatility 28.2%PAYC: −12.1% a year, volatility 46.3%MANH: 6.5% a year, volatility 40.2%PCTY: −10.1% a year, volatility 41.1%APPF: 11.3% a year, volatility 44.2%NOW: 1.9% a year, volatility 45.5%CRM: −3.2% a year, volatility 39.4%INTU: −9.4% a year, volatility 39.1%ORCL: 7.7% a year, volatility 44.3%PEGA: −10.9% a year, volatility 53.0%ACN: −5.2% a year, volatility 32.7%WDAY: −5.9% a year, volatility 41.7%BSY: −7.5% a year, volatility 37.1%WIT: −14.8% a year, volatility 33.2%OTEX: −9.2% a year, volatility 32.6%ADBE: −16.5% a year, volatility 38.1%IBM: 16.6% a year, volatility 30.5%ADP: 9.0% a year, volatility 22.9%PAYX: 1.5% a year, volatility 25.0%INFY: −9.6% a year, volatility 29.8%SAPSPY (S&P 500)PAYCMANHPCTYAPPFNOWCRMINTUPEGAACNWDAYBSYWITOTEXADBEIBMADPPAYX
All figures
InvestmentAnnual returnVolatility
IBM International Business Machines Corporation+16.6%30.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MSFT Microsoft Corporation+12.5%28.2%
SAP This pageSAP SE+11.5%30.0%
APPF AppFolio Inc.+11.3%44.2%
ADP Automatic Data Processing, Inc.+9.0%22.9%
ORCL Oracle Corporation+7.7%44.3%
MANH Manhattan Associates, Inc.+6.5%40.2%
NOW ServiceNow, Inc.+1.9%45.5%
PAYX Paychex, Inc.+1.5%25.0%
CRM Salesforce, Inc.−3.2%39.4%
ACN Accenture plc−5.2%32.7%
WDAY Workday, Inc.−5.9%41.7%
BSY Bentley Systems, Incorporated−7.5%37.1%
OTEX Open Text Corporation−9.2%32.6%
INTU Intuit Inc.−9.4%39.1%
INFY Infosys Limited−9.6%29.8%
PCTY Paylocity Holding Corporation−10.1%41.1%
PEGA Pegasystems Inc.−10.9%53.0%
PAYC Paycom Software, Inc.−12.1%46.3%
WIT Wipro Limited−14.8%33.2%
ADBE Adobe Inc.−16.5%38.1%
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Has SAP consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than SAP 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
SAP SAP SE (this page)—+9.4%+44.6%+29.6%−2.1%−16.6%+81.3%+72.6%+205%30.0%0.52−52.5%—$267B—
MSFT Software - InfrastructureMicrosoft Corporation2/5 short2/3 long+6.0%+32.5%+27.7%+13.2%+3.8%+66.6%+80.3%+946%28.2%0.56−37.1%—$3.9T—
IBM Information Technology ServicesInternational Business Machines Corporation1/5 short2/3 long+4.3%+14.4%−3.3%−15.3%−12.5%+93.5%+116%+151%30.5%0.66−41.1%—$228B—
PAYC Software - ApplicationPaycom Software, Inc.5/5 short1/3 long+15.9%+75.5%+98.1%+73.3%+31.7%+3.8%−47.4%+453%46.3%-0.04−79.0%—$12B—
MANH Software - ApplicationManhattan Associates, Inc.4/5 short1/3 long+11.2%+40.7%+74.0%+39.2%+16.4%+22.3%+37.1%+344%40.2%0.36−61.0%—$14B—
PCTY Software - ApplicationPaylocity Holding Corporation4/5 short1/3 long+17.8%+33.6%+64.9%+16.7%+12.1%−10.2%−41.4%+288%41.1%-0.06−68.9%—$9.0B—
ADP Software - ApplicationAutomatic Data Processing, Inc.3/5 short1/3 long+8.5%+15.4%+46.7%+18.4%+6.4%+30.2%+53.6%+320%22.9%0.49−40.8%—$116B—
APPF Software - ApplicationAppFolio Inc.2/5 short1/3 long+6.6%+24.9%+41.0%−2.9%−6.9%+25.6%+70.6%+1,072%44.2%0.46−55.4%—$7.9B—
NOW Software - ApplicationServiceNow, Inc.2/5 short1/3 long+8.6%+42.8%+50.0%+1.4%−18.5%+37.8%+9.8%+848%45.5%0.27−64.5%—$155B—
CRM Software - ApplicationSalesforce, Inc.2/5 short1/3 long+2.5%+39.7%+30.7%−3.8%−3.9%+21.3%−14.8%+240%39.4%0.12−58.7%—$200B—
INTU Software - ApplicationIntuit Inc.1/5 short1/3 long+10.8%+14.6%−16.4%−46.0%−48.9%−32.1%−38.8%+237%39.1%-0.06−68.2%—$90B—
ORCL Software - InfrastructureOracle Corporation0/5 short1/3 long−11.4%+8.4%−25.6%−32.1%−52.1%+33.3%+45.1%+300%44.3%0.38−64.6%—$396B—
PEGA Software - ApplicationPegasystems Inc.0/5 short1/3 long+3.7%+14.7%−16.9%−35.0%−33.5%+85.1%−43.7%+140%53.0%0.04−79.2%—$6.0B—
ACN Information Technology ServicesAccenture plc3/5 short0/3 long+29.5%+66.5%+25.1%−4.8%+2.2%−13.6%−23.6%+146%32.7%0.00−67.8%—$146B—
WDAY Software - ApplicationWorkday, Inc.3/5 short0/3 long+6.3%+38.6%+59.4%−0.9%−15.4%−3.4%−26.4%+132%41.7%0.06−63.4%—$49B—
PAYX Staffing & Employment ServicesPaychex, Inc.2/5 short0/3 long−2.1%−1.2%+23.8%+7.2%−7.1%+7.5%+7.9%+173%25.0%0.19−45.0%—$40B—
BSY Software - ApplicationBentley Systems, Incorporated2/5 short0/3 long+19.6%+18.1%+8.8%+0.6%−25.6%−22.4%−32.4%—37.1%-0.03−61.0%—$11B—
INFY Information Technology ServicesInfosys Limited1/5 short0/3 long+16.3%+11.9%−9.0%−28.7%−22.4%−18.0%−39.8%+110%29.8%-0.19−54.4%—$52B—
WIT Information Technology ServicesWipro Limited1/5 short0/3 long+22.8%+12.0%−3.3%−29.1%−21.5%−6.4%−55.1%+19.9%33.2%-0.32−65.4%—$20B—
OTEX Software - ApplicationOpen Text Corporation1/5 short0/3 long+14.8%+14.9%+16.1%−13.6%−29.4%−11.2%−38.4%+4.7%32.6%-0.13−57.8%—$6.4B—
ADBE Software - ApplicationAdobe Inc.0/5 short0/3 long+2.9%+9.4%+3.3%−23.0%−25.2%−52.5%−59.4%+135%38.1%-0.28−71.9%—$100B—
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How did SAP do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where SAP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SAP 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 SAP; gray means the two finished within a fraction of a point. The rank row places SAP among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of SAP20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
SAP This pageSAP SE—−0.4%+61.3%+52.3%−24.2%+9.2%−1.3%+36.4%−10.0%+31.7%+11.1%+15.3%−18.6%+10.0%+55.8%+6.0%+9.8%+31.4%−28.0%−2.6%+18.7%+2.8%+7.0%+114%−38.7%−4.9%−35.1%+45.1%+38.0%+138%
Rank among alternativesTop quarter in 4 of 297 of 212 of 219 of 219 of 2117 of 2120 of 2011 of 2018 of 2011 of 2011 of 2011 of 1917 of 1716 of 172 of 157 of 1511 of 1511 of 159 of 1512 of 159 of 158 of 157 of 141 of 1414 of 146 of 139 of 126 of 117 of 101 of 10
SPY S&P 500State Street SPDR S&P 500 ETF14 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%
MSFT Microsoft Corporation18 of 29+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%+57.6%+20.8%+40.8%+15.1%+22.7%+27.5%+44.3%+5.8%−4.5%−6.5%+60.5%−44.4%+20.8%+15.8%−1.0%+9.2%+6.2%−22.0%+52.8%−62.9%+68.4%+115%+56.5%
IBM International Business Machines Corporation15 of 29+38.2%+39.3%+21.9%+10.6%+16.6%−1.2%+23.6%−22.6%−4.9%+25.2%−11.4%−12.4%−0.2%+5.9%+27.4%+14.2%+58.7%−20.8%+12.8%+19.8%−15.8%+7.2%+20.5%−35.4%+43.1%−20.8%+17.6%+77.5%+39.3%
PAYC Paycom Software, Inc.6 of 11−21.7%0.0%−33.1%−25.3%−8.2%+70.8%+116%+52.4%+76.6%+20.9%+42.9%——————————————————
MANH Manhattan Associates, Inc.14 of 27−35.9%+25.5%+77.4%−21.9%+47.8%+31.9%+88.2%−14.5%−6.6%−19.9%+62.5%+38.6%+94.6%+49.1%+32.5%+27.1%+52.1%−40.1%−12.4%+46.9%−14.2%−13.6%+16.7%−18.8%−31.6%+479%−73.0%——
PCTY Paylocity Holding Corporation7 of 11−23.5%+21.0%−15.1%−17.7%+14.7%+70.4%+101%+27.7%+57.1%−26.0%+55.3%——————————————————
ADP Automatic Data Processing, Inc.15 of 29−10.2%+28.4%−0.3%−1.3%+42.6%+5.9%+32.7%+14.3%+16.5%+24.3%+4.1%+20.5%+45.6%+8.5%+20.2%+11.7%+12.7%−9.0%+2.8%+9.1%+5.1%+13.5%+2.4%−32.7%−6.4%+18.3%+35.3%+31.7%+44.6%
APPF AppFolio Inc.7 of 10−5.7%+42.4%+64.4%−13.0%−32.8%+63.7%+85.7%+42.7%+74.0%+63.4%———————————————————
NOW ServiceNow, Inc.9 of 13−27.8%+50.0%+82.0%−40.2%+17.9%+95.0%+58.6%+36.5%+75.4%−14.1%+27.6%+21.2%+86.4%————————————————
CRM Salesforce, Inc.13 of 21−20.2%+27.8%+98.5%−47.8%+14.2%+36.8%+18.7%+34.0%+49.3%−12.7%+32.2%+7.5%+31.3%+65.8%−23.2%+79.0%+130%−49.0%+72.0%+13.7%+88.9%————————
INTU Intuit Inc.18 of 29+6.1%+1.2%+61.8%−39.1%+70.3%+46.1%+34.1%+25.9%+39.2%+20.2%+5.9%+22.1%+29.7%+14.3%+7.0%+60.4%+29.2%−24.7%+3.6%+14.5%+21.1%−16.7%+12.6%+9.7%+8.5%−34.2%+148%+75.8%+30.9%
ORCL Oracle Corporation16 of 29+18.1%+60.0%+30.9%−4.7%+36.9%+24.3%+19.4%−3.0%+24.9%+6.9%−17.6%+19.0%+15.7%+31.8%−17.5%+28.6%+39.4%−21.4%+31.7%+40.4%−11.0%+3.6%+22.6%−21.8%−52.5%+3.7%+290%+93.5%−19.9%
PEGA Pegasystems Inc.16 of 29+28.4%+91.0%+43.1%−69.3%−16.0%+67.5%+66.8%+1.8%+31.6%+31.5%+33.0%−15.1%+118%−22.5%−19.5%+8.2%+177%+4.3%+22.9%+36.8%−14.0%−1.5%+69.0%+17.3%+87.9%−79.5%+171%−79.4%−32.9%
ACN Accenture plc16 of 24−22.1%+1.9%+33.6%−34.8%+60.7%+26.0%+51.2%−6.2%+33.3%+14.3%+20.8%+11.4%+26.6%+27.7%+12.0%+19.1%+29.0%−7.5%−1.4%+29.3%+8.3%+2.6%+46.3%−33.2%—————
WDAY Workday, Inc.7 of 13−16.8%−6.5%+65.0%−38.8%+14.0%+45.7%+3.0%+57.0%+53.9%−17.1%−2.4%−1.9%+52.6%————————————————
PAYX Paychex, Inc.13 of 29−17.5%+21.3%+6.2%−13.2%+50.1%+13.3%+34.5%−1.1%+15.4%+18.9%+18.4%+5.0%+48.9%+9.7%+1.4%+5.3%+22.1%−24.6%−6.0%+5.7%+13.7%−7.1%+35.3%−18.8%−27.6%+83.5%+17.6%+53.4%+48.7%
BSY Bentley Systems, Incorporated2 of 5−17.8%−10.1%+41.8%−23.3%+19.6%————————————————————————
INFY Infosys Limited11 of 26−16.4%+23.1%+4.8%−27.3%+51.9%+68.3%+11.8%+21.8%+12.3%−9.6%+9.0%+13.6%+36.3%−15.8%−31.7%+40.4%+128%−45.0%−16.2%+36.9%+17.2%+47.6%+38.1%+11.7%−31.8%−44.3%———
WIT Wipro Limited11 of 25−16.6%+27.7%+20.0%−51.9%+73.1%+50.9%−1.7%−5.8%+13.2%−15.2%+3.7%−9.5%+68.0%−3.9%−26.1%+23.9%+195%−40.5%+2.9%+49.3%+2.8%+77.0%+45.3%−7.7%−27.0%————
OTEX Open Text Corporation16 of 29+19.2%−30.4%+45.4%−35.9%+6.3%+4.9%+37.5%−7.1%+17.2%+30.9%−16.3%+28.4%+66.5%+9.2%+11.1%+13.3%+35.1%−4.3%+54.6%+44.1%−29.7%+4.8%+66.8%−22.5%+40.8%+16.7%−26.0%+81.6%+95.1%
ADBE Adobe Inc.16 of 29−21.3%−25.5%+77.3%−40.6%+13.4%+51.6%+45.8%+29.1%+70.2%+9.6%+29.2%+21.4%+58.9%+33.3%−8.2%−16.3%+72.8%−50.2%+3.9%+11.3%+17.9%+60.7%+57.9%−20.0%−46.6%+73.2%+188%+13.8%+11.1%
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Risk and diversification

How SAP 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 SAP's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents SAP'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 SAP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringSAP fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−87.9%−41.6%Mar 2000Oct 20022.6 yearsNov 201210.1 years
No named crash−61.3%+13.9%Jul 1998Mar 19998 monthsJan 200010 months
No named crash−52.5%+19.6%Jul 2025Jul 202612 monthsNot yet—
2022 bear market−51.0%+5.0%Sep 2020Sep 20222 yearsNov 202314 months
Covid crash−32.9%−18.7%Jul 2019Mar 20208 monthsJun 20203 months

How did SAP do in stock market crashes?

This section measures how far SAP, 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 SAP.

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
SAP This pageSAP SE—−2.0%−41.9%−32.6%−25.0%−6.9%−13.3%−25.0%−1.4%−49.6%−87.9%
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MSFT Microsoft Corporation5 of 10−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
IBM International Business Machines Corporation5 of 10−2.0%−16.7%−37.3%−29.1%−6.3%−23.3%−14.6%−1.5%−44.3%−58.3%
PAYC Paycom Software, Inc.1 of 6−5.4%−33.7%−44.9%−29.9%−6.4%−50.8%————
MANH Manhattan Associates, Inc.3 of 10−4.2%−26.5%−54.1%−30.4%−21.1%−40.5%−16.4%−2.5%−54.1%−84.7%
PCTY Paylocity Holding Corporation1 of 6−6.3%−30.6%−47.6%−33.1%−13.0%−45.6%————
ADP Automatic Data Processing, Inc.6 of 10−3.3%−19.9%−39.5%−19.2%−8.7%−14.1%−15.8%0.0%−35.7%−53.6%
APPF AppFolio Inc.2 of 6−8.7%−34.2%−41.3%−34.0%−4.5%−35.1%————
NOW ServiceNow, Inc.3 of 6−7.2%−39.9%−28.8%−20.6%−8.5%−47.6%————
CRM Salesforce, Inc.1 of 9−5.3%−42.7%−35.7%−24.8%−6.1%−34.2%−26.9%−4.2%−70.5%—
INTU Intuit Inc.4 of 10−6.0%−42.7%−36.3%−20.8%−6.5%−24.8%−18.0%−3.4%−38.3%−66.0%
ORCL Oracle Corporation6 of 10−5.0%−31.0%−28.3%−17.2%−6.6%−16.1%−23.9%−2.1%−41.1%−84.2%
PEGA Pegasystems Inc.2 of 10−6.6%−72.2%−38.3%−30.3%−7.7%−31.1%−35.7%−0.8%−32.6%−91.7%
ACN Accenture plc5 of 9−4.7%−37.3%−33.5%−22.6%−4.1%−14.9%−22.7%−1.9%−35.7%—
WDAY Workday, Inc.2 of 6−2.8%−47.0%−42.4%−17.3%−5.8%−42.3%————
PAYX Paychex, Inc.4 of 10−4.3%−22.6%−44.1%−17.4%−7.1%−14.8%−14.6%−1.0%−49.5%−64.9%
BSY Bentley Systems, Incorporated1 of 2−4.3%−39.8%————————
INFY Infosys Limited4 of 10−4.9%−35.9%−39.1%−12.7%−3.6%−17.3%−25.9%−0.6%−60.9%−90.0%
WIT Wipro Limited1 of 9−2.6%−52.6%−33.0%−8.6%−6.8%−14.6%−29.6%−1.5%−66.0%—
OTEX Open Text Corporation5 of 10−2.5%−45.8%−38.2%−18.0%−6.0%−13.3%−29.9%0.0%−40.8%−67.8%
ADBE Adobe Inc.5 of 10−6.2%−50.3%−25.6%−25.5%−5.4%−22.7%−23.6%−0.2%−66.7%−79.9%
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How closely does SAP 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 SAP 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 SAP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
SAP This pageSAP SE112%152%0.741.10
NOW ServiceNow, Inc.114%79%1.450.97
MSFT Microsoft Corporation127%91%1.390.96
APPF AppFolio Inc.137%108%1.270.97
ADP Automatic Data Processing, Inc.89%88%1.010.79
PAYC Paycom Software, Inc.110%114%0.971.12
PCTY Paylocity Holding Corporation94%106%0.890.88
ORCL Oracle Corporation131%159%0.821.30
CRM Salesforce, Inc.115%143%0.801.16
INTU Intuit Inc.99%126%0.791.03
MANH Manhattan Associates, Inc.129%166%0.781.44
PEGA Pegasystems Inc.87%113%0.771.05
PAYX Paychex, Inc.87%114%0.770.89
IBM International Business Machines Corporation89%121%0.730.95
WDAY Workday, Inc.96%139%0.701.19
INFY Infosys Limited85%126%0.670.90
ADBE Adobe Inc.123%184%0.671.24
ACN Accenture plc117%186%0.631.12
WIT Wipro Limited62%122%0.510.82
OTEX Open Text Corporation76%157%0.491.00
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What diversifies SAP?

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

ETFs

InvestmentCorrelation5Y returnSharpe202520222020201820142008200720022001200080/20 mix volatility80/20 mix annual return
SAP SAP SE (this page)1.00+72.6%0.52−0.4%−24.2%−1.3%−10.0%−18.6%−28.0%−2.6%−38.7%−4.9%−35.1%30.7%+10.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.41+119%1.48+27.1%+3.8%−9.0%−5.2%——————25.4%+12.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.37+225%1.34+32.8%+6.0%+3.9%−19.8%+8.1%−20.8%−7.4%———25.6%+14.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.26+101%1.04+9.7%+10.4%−13.4%−8.7%+23.8%—————25.5%+12.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.37+83.3%1.00+11.9%+7.1%−6.5%−3.0%+12.6%—————25.7%+11.8%
EWP Broad MarketiShares MSCI Spain ETF0.47+140%0.97+78.0%−5.2%−4.0%−15.3%−6.3%−36.8%+20.9%−13.6%−9.2%−11.8%26.6%+13.4%
SMH TechnologyVanEck Semiconductor ETF0.24+323%0.97+49.2%−33.5%+55.5%−9.1%+30.2%−44.7%+6.0%−47.0%−14.6%—27.1%+17.2%
GLD CommoditiesSPDR Gold Shares0.30+126%0.96+63.7%−0.8%+24.8%−1.9%−2.2%+4.9%+30.4%———25.8%+13.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.39+136%0.93+26.6%−10.4%+28.2%−0.9%——————26.5%+13.7%

Stocks

InvestmentCorrelation5Y returnSharpe202520222020201820142008200720022001200080/20 mix volatility80/20 mix annual return
SAP SAP SE (this page)1.00+72.6%0.52−0.4%−24.2%−1.3%−10.0%−18.6%−28.0%−2.6%−38.7%−4.9%−35.1%30.7%+10.8%
CAH Medical - DistributionCardinal Health, Inc.0.17+479%1.55+76.3%+54.1%+10.1%−24.5%+23.0%−39.6%−9.8%−8.3%−2.5%+108%26.0%+17.0%
CLS Hardware, Equipment & PartsCelestica Inc.0.15+3,143%1.47+220%+1.3%−2.4%−16.3%+12.9%−20.5%−25.7%−65.1%−25.6%−2.3%28.8%+29.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.09+1,636%1.46+121%+17.0%+6.7%+0.8%−10.4%−15.2%+2.1%−9.4%+73.7%−71.1%26.9%+25.8%
MCK Medical - DistributionMcKesson Corporation0.20+413%1.44+44.5%+51.8%+27.1%−28.4%+29.3%−40.4%+29.7%−27.2%+4.9%+61.2%26.1%+16.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.19+690%1.41+19.2%+86.6%−27.4%−8.2%+0.4%—————26.6%+19.0%
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Common questions

What was SAP's worst drawdown?

SAP's deepest decline since it began trading in 1995 was 87.9%, from March 2000 to October 2002. It took about ten years from the low to climb back to its old high.

What were SAP's best and worst years?

Over 29 full calendar years, SAP's best year was 1997, when it returned 138%. Its worst was 2002, with a return of -38.7%.

Is there a better investment than SAP?

Among SAP's popular alternatives, IBM earned more for the risk it took than SAP over the past 5 years, and its worst fall in 10 years was 41.1%, against 52.5% for SAP. Looking beyond its popular alternatives, CIBR (cybersecurity) and V (payment processing) earned more than SAP with less volatility over the past 5 years. CIBR returned 14.1% a year at 26.1% volatility, against 11.5% a year at 30.0%.

Is SAP more volatile than the S&P 500?

Yes. SAP's volatility over the past 5 years was 30.0%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SAP's return lands within 30.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is SAP's Sharpe ratio?

SAP's Sharpe ratio over the past 5 years was 0.52, against 0.79 for the S&P 500, so SAP earned less 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 SAP with the S&P 500?

Over the past 5 years, SAP's monthly returns had a correlation of 0.57 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 SAP instead: the lower it is, the more that option would diversify a SAP holding.

What are the best alternatives to SAP?

None of the 20 popular alternatives we compared outperformed SAP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about SAP's strength than about its alternatives.

Did SAP outperform the S&P 500?

SAP finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned -0.4%, against +17.7% for the index.

How did SAP do in stock market crashes?

SAP fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in four. The clearest case was the dot-com bust, when SAP fell 87.9% and the S&P 500 fell 47.5%.

What diversifies SAP?

These had a low correlation with SAP over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.41), DXJ (correlation 0.37) and EMLP (correlation 0.26); among large stocks, CAH (correlation 0.17), CLS (correlation 0.15) and FIX (correlation 0.09). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to SAP