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Relative Intelligence · Integrated Oil & Gas

How Shell (SHEL) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SHEL alone. It places SHEL (Shell plc) against 17 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where SHEL stands in the market, and of the alternatives worth a closer look.

Period covered: SHEL's full trading record, from October 1986 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 SHEL →Chart SHEL vs. 17 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in SHEL over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SHEL over the same span and SHEL'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. 684 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of SHEL; 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
  • VLO$1M+10,099% total · +17.3% a year
  • WMB$472,016+4,620% total · +14.2% a year
  • LNG$451,390+4,414% total · +14.0% a year
  • IMO$350,553+3,406% total · +13.0% a year
  • SU$282,795+2,728% total · +12.2% a year
  • COP$156,444+1,464% total · +9.9% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • E$101,879+919% total · +8.3% a year
  • SHEL$63,537+535% total · +6.6% a year
  • YPF$45,576+356% total · +5.4% 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. 468 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SHEL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • YPF$107,580+976% total · +60.8% a year
  • PBR$64,214+542% total · +45.1% a year
  • VLO$64,131+541% total · +45.0% a year
  • IMO$44,071+341% total · +34.5% a year
  • SU$40,398+304% total · +32.2% a year
  • XOM$32,965+230% total · +26.9% a year
  • E$27,904+179% total · +22.8% a year
  • SHEL$25,892+159% total · +21.0% a year
  • EC$23,114+131% total · +18.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

SHEL 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
$301B
Industry
Oil & Gas Integrated
Price history from
October 1986

Returns

Past 1 year
+50.3%total return
Past 3 years
+77.1%+21.0% a year
Past 5 years
+159%+21.0% a year
Past 10 years
+233%+12.8% a year
Best calendar year
+36.0%2022
Worst calendar year
−37.4%2020
Losing years
10 of 29full calendar years

Risk

Volatility
24.8%typical yearly swing, 5 years
Sharpe ratio
0.90return per unit of risk, 5 years
Worst decline ever
−67.2%May 2018 to Mar 2020
From its all-time high
−1.1%below the peak

SHEL against the whole market

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

How does SHEL rank among all stocks?

This section ranks SHEL 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 SHEL 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.

MeasureSHELRankStanding
1-year return+50.3%547 of 3,287top 17%
3-year return+77.1%1,165 of 3,017top 39%
5-year return+159%419 of 2,893top 14%
10-year return+233%765 of 2,202top 35%
Volatility, 5 years24.8%310 of 2,893top 11%
Sharpe ratio, 5 years0.90176 of 2,893top 6%
Worst decline, past 10 years−67.2%1,191 of 2,187bottom 47%

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

15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SHELSHEL: +21.0% a year, volatility 24.8%SPY (S&P 500): +12.7% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%PBR: +50.3% a year, volatility 37.5%VLO: +44.2% a year, volatility 36.9%SU: +33.1% a year, volatility 32.5%WMB: +24.6% a year, volatility 24.0%MPLX: +23.5% a year, volatility 18.8%PAA: +27.0% a year, volatility 25.6%MPC: +51.2% a year, volatility 33.4%PAGP: +26.8% a year, volatility 26.1%DTM: +24.5% a year, volatility 25.2%TRGP: +41.8% a year, volatility 31.7%ABBV: +26.1% a year, volatility 23.4%LLY: +40.7% a year, volatility 32.8%TRV: +22.4% a year, volatility 22.3%DXJ: +26.6% a year, volatility 19.1%NHC: +32.0% a year, volatility 28.5%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%SDCI: +20.6% a year, volatility 18.4%SHELSPY (S&P 500)XOMPBRVLOSUWMBMPLXPAAMPCPAGPDTMTRGPABBVTRVDXJNHCCORCAHSDCI15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SHELSHEL: +21.0% a year, volatility 24.8%SPY (S&P 500): +12.7% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%PBR: +50.3% a year, volatility 37.5%VLO: +44.2% a year, volatility 36.9%SU: +33.1% a year, volatility 32.5%WMB: +24.6% a year, volatility 24.0%MPLX: +23.5% a year, volatility 18.8%PAA: +27.0% a year, volatility 25.6%MPC: +51.2% a year, volatility 33.4%PAGP: +26.8% a year, volatility 26.1%DTM: +24.5% a year, volatility 25.2%TRGP: +41.8% a year, volatility 31.7%ABBV: +26.1% a year, volatility 23.4%LLY: +40.7% a year, volatility 32.8%TRV: +22.4% a year, volatility 22.3%DXJ: +26.6% a year, volatility 19.1%NHC: +32.0% a year, volatility 28.5%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%SDCI: +20.6% a year, volatility 18.4%SHELSPY (S&P 500)XOMPBRVLOSUWMBMPLXPAAMPCDTMTRGPLLYDXJNHCCAHSDCI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • 1 with more than 1.6× SHEL's volatility is in the table only

Is there a better investment than SHEL?

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

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

Screen the whole market against SHEL for any period in BetterThanSPYOpen these 21 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 SHEL?lower diversifies moreExpenseper year
SHELShell plc · this page
+21.0%24.8%0.90−67.2%+233%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.070.09%
Popular alternativesbest 6 shownThe investments people most often weigh against SHEL. 7 of 17 passed at least one test.
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, similar volatilityHigher Sharpe, smaller worst decline+27.1%26.5%1.04−61.0%+214%0.78—
YPFYPF Sociedad Anónima · Integrated Oil & Gas
On the frontierHigher return in most periods+60.7%54.1%1.14−90.1%+173%0.28—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return in most periods+50.3%37.5%1.28−75.3%+674%0.59—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.56—
SUSuncor Energy Inc. · Integrated Oil & Gas
Higher return in most periods+33.1%32.5%1.05−73.5%+295%0.71—
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Higher return, similar volatility+24.6%24.0%1.04−68.1%+288%0.40—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Integrated Oil & Gas and Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Oilfield Services), plus SHEL's specific themes. 8 of 68 passed at least one test.
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.40—
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Higher return, similar volatilityHigher return in most periods+27.0%25.6%1.06−87.9%+64.0%0.65—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.56—
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Higher return, similar volatilityHigher return in most periods+26.8%26.1%1.05−88.0%+56.3%0.62—
DTMDT Midstream, Inc. · Oil & Gas Midstream
Higher return, similar volatilityHigher Sharpe, smaller worst decline+24.5%25.2%1.00−23.6%—0.27—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return in most periods+41.8%31.7%1.27−90.8%+829%0.45—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 100 of 3,548 passed at least one test.
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+26.1%23.4%1.11−45.1%+603%0.03—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.21—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+22.4%22.3%1.02−46.3%+347%0.34—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+428%0.200.48%
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%-0.01—
CORCencora, Inc. · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst decline+24.2%22.8%1.07−32.4%+406%0.28—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+42.1%24.7%1.55−46.1%+349%0.05—
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+20.6%18.4%1.12−45.7%—0.610.80%
What these numbers mean for SHEL
Annual return
SHEL returned 21.0% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $25,900. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
SHEL's volatility over the past 5 years was 24.8%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SHEL's return lands within 24.8% 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
SHEL's Sharpe ratio over the past 5 years was 0.90, against 0.79 for the S&P 500, so SHEL 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
SHEL's worst fall from a peak to a low over the past 10 years was 67.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 67.2% fall takes a 205% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, SHEL's monthly returns had a correlation of 0.07 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against SHEL instead: the lower it is, the more that option would diversify a SHEL holding. Guide: Correlation and diversification →
Show all 5 stocks and funds worth at least $500 million that earned more than SHEL with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with SHELExpense
1
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.03—
2
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.34—
3
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.200.48%
4
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.28—
5
MPLXMPLX Lp · Oil & Gas Midstream
Same or nearby category+23.5%18.8%1.22−75.2%+350%0.40—

SHEL against its popular alternatives

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

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

Green points earned more than SHEL 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%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySHEL: 21.0% a year, volatility 24.8%SPY (S&P 500): 12.7% a year, volatility 17.1%EC: 18.0% a year, volatility 37.9%WMB: 24.6% a year, volatility 24.0%COP: 18.2% a year, volatility 32.6%EQNR: 19.2% a year, volatility 34.4%CVX: 19.5% a year, volatility 25.2%BP: 16.0% a year, volatility 28.7%TTE: 18.0% a year, volatility 25.8%SLB: 10.0% a year, volatility 37.5%PBR: 50.3% a year, volatility 37.5%SU: 33.1% a year, volatility 32.5%VLO: 44.2% a year, volatility 36.9%IMO: 34.3% a year, volatility 32.0%E: 23.0% a year, volatility 25.6%YPF: 60.7% a year, volatility 54.1%LNG: 23.4% a year, volatility 30.2%CVE: 26.6% a year, volatility 39.4%XOM: 27.1% a year, volatility 26.5%SHELSPY (S&P 500)ECWMBCOPEQNRCVXBPTTESLBPBRSUVLOIMOYPFLNGCVEXOM10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySHEL: 21.0% a year, volatility 24.8%SPY (S&P 500): 12.7% a year, volatility 17.1%EC: 18.0% a year, volatility 37.9%WMB: 24.6% a year, volatility 24.0%COP: 18.2% a year, volatility 32.6%EQNR: 19.2% a year, volatility 34.4%CVX: 19.5% a year, volatility 25.2%BP: 16.0% a year, volatility 28.7%TTE: 18.0% a year, volatility 25.8%SLB: 10.0% a year, volatility 37.5%PBR: 50.3% a year, volatility 37.5%SU: 33.1% a year, volatility 32.5%VLO: 44.2% a year, volatility 36.9%IMO: 34.3% a year, volatility 32.0%E: 23.0% a year, volatility 25.6%YPF: 60.7% a year, volatility 54.1%LNG: 23.4% a year, volatility 30.2%CVE: 26.6% a year, volatility 39.4%XOM: 27.1% a year, volatility 26.5%SHELSPY (S&P 500)ECWMBCOPCVXBPSLBPBRSUVLOIMOEYPFLNGCVE
All figures
InvestmentAnnual returnVolatility
YPF YPF Sociedad Anónima+60.7%54.1%
PBR Petróleo Brasileiro S.A. - Petrobras+50.3%37.5%
VLO Valero Energy Corporation+44.2%36.9%
IMO Imperial Oil Limited+34.3%32.0%
SU Suncor Energy Inc.+33.1%32.5%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
CVE Cenovus Energy Inc.+26.6%39.4%
WMB The Williams Companies, Inc.+24.6%24.0%
LNG Cheniere Energy, Inc.+23.4%30.2%
E Eni S.p.A.+23.0%25.6%
SHEL This pageShell plc+21.0%24.8%
CVX Chevron Corporation+19.5%25.2%
EQNR Equinor ASA+19.2%34.4%
COP ConocoPhillips+18.2%32.6%
TTE TotalEnergies SE+18.0%25.8%
EC Ecopetrol S.A.+18.0%37.9%
BP BP p.l.c.+16.0%28.7%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
SLB Slb N.V.+10.0%37.5%
Open these 19 in EasyCompare

Has SHEL consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than SHEL 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
SHEL Shell plc (this page)—+13.2%+23.5%+22.1%+43.7%+50.3%+77.1%+159%+233%24.8%0.90−67.2%—$301B—
PBR QualifiedPetróleo Brasileiro S.A. - Petrobras5/5 short3/3 longAll-weather+24.6%+45.4%+31.0%+128%+140%+132%+667%+674%37.5%1.28−75.3%—$166B—
SU QualifiedSuncor Energy Inc.5/5 short3/3 longAll-weather+16.7%+26.8%+28.9%+75.6%+111%+161%+318%+295%32.5%1.05−73.5%—$93B—
VLO QualifiedValero Energy Corporation4/5 short3/3 longAll-weather+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
EC QualifiedEcopetrol S.A.3/5 short2/3 long+5.0%+10.3%+35.7%+81.5%+112%+116%+129%+401%37.9%0.63−73.3%—$36B—
IMO Oil & Gas IntegratedImperial Oil Limited2/5 short3/3 long+7.0%+10.5%+11.0%+53.8%+59.7%+143%+337%+430%32.0%1.09−77.1%—$65B—
E Oil & Gas IntegratedEni S.p.A.2/5 short3/3 long+10.2%+20.3%+14.6%+56.0%+77.9%+120%+181%+278%25.6%0.94−61.4%—$86B—
WMB Oil & Gas MidstreamThe Williams Companies, Inc.0/5 short3/3 long−1.8%−4.5%+0.6%+18.1%+14.9%+125%+200%+288%24.0%1.04−68.1%—$86B—
YPF Oil & Gas IntegratedYPF Sociedad Anónima2/5 short2/3 long−4.5%+0.7%+23.9%+39.9%+102%+313%+971%+173%54.1%1.14−90.1%—$20B—
LNG Oil & Gas MidstreamCheniere Energy, Inc.0/5 short2/3 long+3.0%+7.2%+12.8%+44.3%+29.3%+69.8%+186%+616%30.2%0.85−57.5%—$59B—
COP Oil & Gas Exploration & ProductionConocoPhillips5/5 short1/3 long+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
EQNR Oil & Gas IntegratedEquinor ASA3/5 short1/3 long+7.7%+23.4%+29.6%+92.7%+107%+73.2%+141%+416%34.4%0.69−66.8%—$109B—
CVE Oil & Gas IntegratedCenovus Energy Inc.3/5 short1/3 long+5.1%+18.0%+34.6%+92.4%+101%+76.2%+225%+163%39.4%0.80−89.2%—$61B—
XOM Oil & Gas IntegratedExxonmobil Holdings Corporation2/5 short1/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
CVX Oil & Gas IntegratedChevron Corporation3/5 short0/3 long+10.8%+20.0%+25.4%+48.8%+51.9%+53.4%+144%+238%25.2%0.84−55.8%—$446B—
BP Oil & Gas IntegratedBP p.l.c.2/5 short0/3 long+14.4%+19.0%+12.1%+43.0%+56.3%+46.5%+110%+141%28.7%0.66−63.9%—$130B—
TTE Oil & Gas IntegratedTotalEnergies SE1/5 short0/3 long+1.2%+12.8%+5.7%+40.3%+55.2%+60.5%+129%+234%25.8%0.78−59.6%—$201B—
SLB Oil & Gas Equipment & ServicesSlb N.V.1/5 short0/3 long−3.4%+8.3%−3.3%+26.4%+53.2%−7.2%+60.7%−21.3%37.5%0.44−84.5%—$74B—
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How did SHEL do year by year?

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

InvestmentYears ahead of SHEL20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
SHEL This pageShell plc—+22.2%−0.9%+20.2%+36.0%+28.4%−37.4%+7.7%−7.5%+31.0%+28.2%−27.1%−1.3%+9.0%−0.9%+14.8%+17.6%+20.9%−34.2%+23.5%+19.3%+12.8%+14.4%+24.5%−7.3%−17.1%+2.4%+29.8%−9.0%+30.7%
Rank among alternativesTop quarter in 3 of 298 of 188 of 186 of 1813 of 1814 of 1813 of 1810 of 189 of 184 of 188 of 1811 of 185 of 1811 of 1815 of 185 of 1810 of 189 of 177 of 1610 of 1610 of 1613 of 1616 of 1615 of 168 of 1611 of 1510 of 147 of 146 of 148 of 14
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%
PBR Petróleo Brasileiro S.A. - Petrobras13 of 25+2.3%−2.9%+89.6%+55.4%+19.3%−29.0%+24.2%+27.7%+1.8%+135%−41.1%−45.1%−28.3%−20.0%−32.1%−18.1%+101%−55.6%+132%+51.1%+85.0%+43.9%+111%−32.0%−1.9%————
SU Suncor Energy Inc.18 of 29+29.7%+16.2%+6.0%+32.3%+55.0%−46.6%+22.1%−21.3%+15.8%+31.2%−16.3%−7.0%+8.6%+16.2%−23.8%+9.9%+82.6%−64.0%+38.4%+25.4%+79.0%+42.3%+61.2%−3.9%+29.7%+25.1%+42.2%−11.2%+68.4%
VLO Valero Energy Corporation19 of 29+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%+66.3%−7.8%+39.6%−20.3%−68.5%+37.9%−0.4%+128%+97.9%+26.6%−2.1%+3.6%+88.6%−4.8%−31.5%+209%
EC Ecopetrol S.A.9 of 17+48.5%−24.6%+40.1%−5.0%+0.8%−29.3%+38.7%+13.5%+64.4%+28.9%−55.7%−52.3%−31.5%+41.5%+6.1%+85.1%+41.2%————————————
IMO Imperial Oil Limited15 of 29+43.8%+10.5%+20.6%+38.0%+95.3%−25.4%+7.2%−17.2%−8.8%+8.5%−23.5%−1.7%+4.0%−2.3%+10.9%+6.0%+15.8%−38.0%+49.9%+11.9%+69.7%+36.1%+58.5%+6.2%+9.3%+25.5%+40.3%−21.1%+41.9%
E Eni S.p.A.15 of 29+49.0%−13.6%+27.5%+11.0%+44.9%−28.1%+4.8%+0.6%+9.2%+15.9%−8.8%−23.6%+4.8%+26.6%+1.0%−7.2%+13.4%−29.9%+12.9%+20.6%+10.8%+39.6%+28.8%+32.9%−1.5%+20.1%−16.4%+21.9%+13.9%
WMB The Williams Companies, Inc.18 of 29+14.9%+62.4%+11.8%+32.9%+38.4%−8.2%+14.2%−23.9%+2.0%+31.2%−39.2%+21.3%+22.8%+29.9%+37.3%+20.2%+49.6%−58.8%+38.8%+14.3%+49.2%+106%+457%−75.2%−31.0%+32.3%−0.5%+11.4%+54.4%
YPF YPF Sociedad Anónima12 of 29−14.9%+147%+87.1%+141%−18.7%−59.4%−12.9%−41.2%+39.5%+5.8%−40.3%−19.3%+128%−57.4%−24.8%+23.2%+5.2%+26.5%−5.7%−4.0%+27.4%+32.8%+246%−31.6%−25.3%−16.8%+35.4%−15.8%+39.3%
LNG Cheniere Energy, Inc.14 of 29−8.7%+27.2%+15.0%+49.3%+69.5%−1.7%+3.2%+9.9%+29.9%+11.2%−47.1%+63.3%+130%+116%+57.5%+128%−15.1%−91.3%+13.0%−22.4%+16.9%+444%+815%+28.0%−58.6%−16.1%−27.9%−51.5%−48.1%
COP ConocoPhillips15 of 29−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%+8.0%+11.0%+38.6%+2.8%−39.9%+25.4%+26.5%+36.9%+35.6%+39.8%−17.5%+8.6%+24.2%+13.6%−9.8%+13.1%
EQNR Equinor ASA13 of 24+7.7%−16.0%−0.8%+42.9%+64.6%−13.6%−1.0%+3.4%+23.4%+38.3%−16.6%−22.5%+1.4%+2.1%+12.7%−0.1%+57.8%−43.2%+22.8%+22.0%+51.4%+45.6%+43.8%+31.8%—————
CVE Cenovus Energy Inc.5 of 16+15.8%−5.9%−12.3%+61.1%+105%−39.6%+47.2%−21.6%−38.6%+21.1%−36.1%−25.3%−11.9%+3.6%+2.3%+35.6%—————————————
XOM Exxonmobil Holdings Corporation15 of 29+16.0%+11.3%−6.3%+87.4%+57.6%−36.2%+7.2%−15.1%−3.8%+19.9%−12.8%−6.0%+20.1%+4.7%+18.7%+10.1%−12.6%−13.1%+24.3%+39.1%+11.8%+28.1%+20.7%−8.9%−7.5%+10.2%+12.7%+22.5%+28.3%
CVX Chevron Corporation18 of 29+10.1%+1.3%−13.6%+58.5%+46.2%−25.9%+15.3%−9.7%+10.6%+36.7%−16.2%−7.0%+19.3%+5.1%+20.3%+22.9%+8.1%−18.3%+30.5%+33.7%+11.5%+25.6%+35.4%−23.2%+9.4%+0.6%+7.2%+11.1%+22.1%
BP BP p.l.c.14 of 29+24.5%−11.9%+6.0%+37.0%+36.4%−41.3%+5.9%−4.6%+20.0%+28.8%−12.8%−17.6%+22.8%+2.0%+0.5%−22.7%+32.9%−32.5%+13.2%+8.0%+13.6%+22.2%+26.4%−9.5%−0.1%−17.1%+33.8%+17.8%+16.5%
TTE TotalEnergies SE18 of 29+27.6%−14.7%+14.1%+34.9%+26.0%−16.6%+10.3%−0.8%+14.3%+20.0%−7.0%−12.1%+25.0%+8.0%+1.7%−11.3%+22.6%−29.8%+18.9%+21.3%+18.8%+22.6%+33.4%+4.0%−1.3%+6.5%+41.6%−9.2%+41.4%
SLB Slb N.V.16 of 29+3.3%−24.5%−0.8%+81.1%+39.6%−43.8%+17.8%−44.7%−18.5%+23.5%−16.3%−3.6%+32.1%+3.0%−17.2%+30.0%+56.2%−56.5%+57.1%+31.1%+46.6%+23.8%+32.0%−22.2%−30.3%+43.9%+34.9%−41.6%+63.2%
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Risk and diversification

How SHEL 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 SHEL's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents SHEL's five deepest drawdowns since it began trading in 1986, 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 SHEL fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringSHEL fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Late-2018 sell-off−67.2%−9.2%May 2018Mar 202022 monthsJun 20222.3 years
2008 financial crisis−53.7%−48.8%May 2008Mar 200910 monthsApr 20112.1 years
2015 China and oil sell-off−51.5%−2.9%Jul 2014Jan 201618 monthsDec 201723 months
Dot-com bust−39.0%−37.2%Oct 2000Mar 20032.4 yearsNov 200420 months
No named crash−32.8%—Nov 1986Dec 19861 monthDec 1986Under a month

How did SHEL do in stock market crashes?

This section measures how far SHEL, 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 SHEL.

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
SHEL This pageShell plc—−3.7%−25.0%−57.0%−19.1%−6.3%−35.9%−19.6%−2.6%−53.7%−36.2%
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%
PBR Petróleo Brasileiro S.A. - Petrobras1 of 9−7.6%−26.6%−71.2%−26.3%−8.4%−54.9%−37.6%−1.6%−80.1%—
SU Suncor Energy Inc.3 of 10−6.4%−36.6%−65.3%−34.0%−7.0%−34.7%−42.2%−0.2%−79.9%−25.4%
VLO Valero Energy Corporation1 of 10−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
EC Ecopetrol S.A.2 of 8−8.4%−48.6%−67.3%−44.6%−12.6%−49.1%−15.5%−0.3%——
IMO Imperial Oil Limited3 of 10−5.1%−29.7%−67.5%−27.3%−6.9%−29.0%−28.8%0.0%−60.8%−20.8%
E Eni S.p.A.5 of 10−2.5%−33.7%−49.7%−23.2%−6.9%−30.6%−25.1%−1.1%−61.8%−22.9%
WMB The Williams Companies, Inc.1 of 10−3.4%−23.0%−57.0%−25.4%−7.0%−78.9%−26.7%−3.4%−75.3%−98.0%
YPF YPF Sociedad Anónima1 of 10−17.8%−45.2%−73.5%−27.3%−8.9%−48.7%−22.0%−1.6%−65.2%−75.8%
LNG Cheniere Energy, Inc.5 of 10−1.3%−17.8%−46.1%−21.3%−5.1%−66.5%−62.4%0.0%−97.7%−84.4%
COP ConocoPhillips3 of 10−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
EQNR Equinor ASA6 of 9−2.8%−24.5%−49.0%−29.1%−4.4%−34.9%−19.9%−1.0%−68.4%—
CVE Cenovus Energy Inc.1 of 8−7.1%−40.4%−82.3%−37.9%−16.4%−42.5%−26.3%−0.9%——
XOM Exxonmobil Holdings Corporation7 of 10−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
CVX Chevron Corporation8 of 10−2.6%−24.9%−51.0%−19.6%−5.3%−18.5%−17.2%−0.1%−43.8%−29.5%
BP BP p.l.c.5 of 10−4.2%−23.9%−55.5%−20.9%−5.0%−22.9%−23.9%−2.5%−53.4%−31.1%
TTE TotalEnergies SE6 of 10−4.5%−24.6%−49.3%−22.2%−5.4%−21.5%−26.0%−2.1%−50.8%−25.1%
SLB Slb N.V.1 of 10−8.8%−36.8%−64.9%−43.6%−10.9%−27.1%−38.9%−3.8%−68.0%−59.8%
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How closely does SHEL 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 SHEL 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 SHEL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
SHEL This pageShell plc60%43%1.400.45
LNG Cheniere Energy, Inc.79%30%2.650.77
PBR Petróleo Brasileiro S.A. - Petrobras104%63%1.660.99
EQNR Equinor ASA79%52%1.510.62
VLO Valero Energy Corporation142%114%1.241.31
TTE TotalEnergies SE69%57%1.220.51
E Eni S.p.A.79%69%1.150.70
WMB The Williams Companies, Inc.85%78%1.081.02
IMO Imperial Oil Limited110%105%1.041.18
COP ConocoPhillips94%92%1.020.91
SU Suncor Energy Inc.90%90%1.000.96
XOM Exxonmobil Holdings Corporation78%83%0.940.76
BP BP p.l.c.58%62%0.940.51
EC Ecopetrol S.A.127%139%0.911.13
CVX Chevron Corporation86%94%0.910.89
CVE Cenovus Energy Inc.124%173%0.721.69
YPF YPF Sociedad Anónima144%206%0.701.58
SLB Slb N.V.104%212%0.491.54
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What diversifies SHEL?

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

ETFs

InvestmentCorrelation5Y returnSharpe202420202018201520142012200820022001199880/20 mix volatility80/20 mix annual return
SHEL Shell plc (this page)1.00+159%0.90−0.9%−37.4%−7.5%−27.1%−1.3%−0.9%−34.2%−7.3%−17.1%−9.0%21.8%+21.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.20+225%1.34+29.8%+3.9%−19.8%+7.7%+8.1%+19.6%−20.8%———18.1%+22.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.43+101%1.04+33.4%−13.4%−8.7%−25.3%+23.8%—————18.9%+20.2%
SMH TechnologyVanEck Semiconductor ETF-0.16+323%0.97+39.1%+55.5%−9.1%−0.3%+30.2%+8.6%−44.7%−47.0%−14.6%—17.7%+25.9%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.22+85.0%0.96+13.4%+2.1%−9.5%+4.1%+3.4%+20.9%————18.0%+19.9%
GLD CommoditiesSPDR Gold Shares0.04+126%0.96+26.7%+24.8%−1.9%−10.7%−2.2%+6.6%+4.9%———17.9%+21.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF-0.10+136%0.93+45.8%+28.2%−0.9%———————17.5%+22.0%
DFIV InternationalDimensional - International Value ETF0.49+99.4%0.93+7.2%—————————19.2%+20.2%
VTV Broad MarketVanguard Morningstar Value ETF0.30+76.6%0.90+16.0%+2.3%−5.5%−1.0%+13.2%+15.2%−35.9%———18.5%+19.6%

Stocks

InvestmentCorrelation5Y returnSharpe202420202018201520142012200820022001199880/20 mix volatility80/20 mix annual return
SHEL Shell plc (this page)1.00+159%0.90−0.9%−37.4%−7.5%−27.1%−1.3%−0.9%−34.2%−7.3%−17.1%−9.0%21.8%+21.0%
CAH Medical - DistributionCardinal Health, Inc.0.05+479%1.55+19.0%+10.1%−24.5%+12.6%+23.0%+3.8%−39.6%−8.3%−2.5%+51.7%18.4%+25.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.04+3,143%1.47+215%−2.4%−16.3%−6.0%+12.9%+11.2%−20.5%−65.1%−25.6%—21.4%+38.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.04+1,636%1.46+107%+6.7%+0.8%+67.7%−10.4%+15.7%−15.2%−9.4%+73.7%−9.5%19.2%+34.7%
MCK Medical - DistributionMcKesson Corporation0.22+413%1.44+23.7%+27.1%−28.4%−4.5%+29.3%+25.6%−40.4%−27.2%+4.9%+46.9%19.2%+24.4%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.17+594%1.36+103%−7.2%−37.5%−36.3%+50.9%+2.9%−67.4%−33.1%+9.8%+7.0%19.8%+27.4%
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Common questions

What was SHEL's worst drawdown?

SHEL's deepest decline since it began trading in 1986 was 67.2%, from May 2018 to March 2020. It took 27 months from the low to climb back to its old high.

What were SHEL's best and worst years?

Over 29 full calendar years, SHEL's best year was 2022, when it returned 36.0%. Its worst was 2020, with a return of -37.4%.

Is there a better investment than SHEL?

Among SHEL's popular alternatives, XOM earned more for the risk it took than SHEL over the past 5 years, and its worst fall in 10 years was 61.0%, against 67.2% for SHEL. Looking beyond its popular alternatives, MPLX (oil & gas midstream) earned more than SHEL with less volatility over the past 5 years: 23.5% a year at 18.8% volatility, against 21.0% a year at 24.8%.

Is SHEL more volatile than the S&P 500?

Yes. SHEL's volatility over the past 5 years was 24.8%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SHEL's return lands within 24.8% 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 SHEL's Sharpe ratio?

SHEL's Sharpe ratio over the past 5 years was 0.90, against 0.79 for the S&P 500, so SHEL 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 SHEL with the S&P 500?

Over the past 5 years, SHEL's monthly returns had a correlation of 0.07 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against SHEL instead: the lower it is, the more that option would diversify a SHEL holding.

What are the best alternatives to SHEL?

Of the 17 popular alternatives we compared, four outperformed SHEL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PBR, SU and VLO.

Did SHEL outperform the S&P 500?

SHEL finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +22.2%, against +17.7% for the index.

How did SHEL do in stock market crashes?

SHEL fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in five. The clearest case was the Covid crash, when SHEL fell 57.0% and the S&P 500 fell 33.7%.

What diversifies SHEL?

These had a low correlation with SHEL over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.20), EMLP (correlation 0.43) and SMH (correlation -0.16); among large stocks, CAH (correlation 0.05), CLS (correlation 0.04) and FIX (correlation -0.04). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to SHEL