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Relative Intelligence · Software

How Snowflake (SNOW) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SNOW alone. It places SNOW (Snowflake Inc.) against 18 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where SNOW stands in the market, and of the alternatives worth a closer look.

Period covered: SNOW's full trading record, from September 2020 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against SNOW →Chart SNOW vs. 18 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in SNOW over the past 6 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SNOW over the same span and SNOW's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: SNOW began trading on September 16, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 6 years of SNOW's record, starting at the end of September 2020.

From the end of September 2020 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. 2,273 of the 3,321 stocks and funds worth at least $500 million that traded the whole period ended ahead of SNOW; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,0002020202120222023202420252026$10,000$100,0002020202220242026
  • PLTR$196,893+1,869% total · +64.3% a year
  • NVDA$169,929+1,599% total · +60.3% a year
  • ANET$157,457+1,475% total · +58.3% a year
  • NET$84,579+746% total · +42.7% a year
  • AMD$74,614+646% total · +39.8% a year
  • GOOG$46,810+368% total · +29.3% a year
  • DDOG$26,805+168% total · +17.9% a year
  • MSFT$25,643+156% total · +17.0% a year
  • SPY (S&P 500)$24,691+147% total · +16.3% a year
  • SNOW$13,529+35.3% total · +5.2% a year
Change the dates or add tickers to this chart in EasyCompare

SNOW at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: SNOW began trading on September 16, 2020, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The company

Market value
$113B
Industry
Software - Application
Price history from
September 2020

Returns

Past 1 year
+30.1%total return
Past 3 years
+116%+29.4% a year
Past 5 years
−4.3%−0.9% a year
Best calendar year
+42.1%2025
Worst calendar year
−57.6%2022
Losing years
2 of 5full calendar years

Risk

Volatility
62.6%typical yearly swing, 5 years
Sharpe ratio
0.29return per unit of risk, 5 years
Worst decline ever
−73.0%Nov 2021 to Sep 2024
From its all-time high
−20.5%below the peak

SNOW against the whole market

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

How does SNOW rank among all stocks?

This section ranks SNOW 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 SNOW 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.

MeasureSNOWRankStanding
1-year return+30.1%975 of 3,287top 30%
3-year return+116%796 of 3,017top 26%
5-year return−4.3%1,778 of 2,893bottom 40%
Volatility, 5 years62.6%2,356 of 2,893bottom 20%
Sharpe ratio, 5 years0.291,585 of 2,893bottom 46%

What has beaten SNOW 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). SNOW sits where the dashed lines cross. Anything in the green box above and to the left earned more than SNOW 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 SNOW; faint dots are 93 more of the 2,336 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.

−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%0.0%20.0%40.0%60.0%80.0%100%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SNOWPSX: +33.2% a year, volatility 32.9%E: +23.0% a year, volatility 25.6%HPE: +32.9% a year, volatility 42.2%NTAP: +20.9% a year, volatility 35.3%COKE: +41.2% a year, volatility 38.0%FRO: +52.6% a year, volatility 49.7%HALO: +26.6% a year, volatility 40.4%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%HAS: +8.0% a year, volatility 33.3%TNK: +50.5% a year, volatility 45.1%DHT: +38.7% a year, volatility 39.0%LPG: +54.6% a year, volatility 43.6%SXT: +9.3% a year, volatility 30.3%RY: +17.3% a year, volatility 18.2%ERO: +9.8% a year, volatility 56.0%CAH: +42.1% a year, volatility 24.7%AAPL: +18.5% a year, volatility 28.0%CRAK: +19.8% a year, volatility 20.9%KRT: +25.4% a year, volatility 44.1%NPK: +16.3% a year, volatility 27.3%LLY: +40.7% a year, volatility 32.8%RCBC: +14.6% a year, volatility 27.2%VTI: +11.5% a year, volatility 17.5%PBR: +50.3% a year, volatility 37.5%VOO: +12.8% a year, volatility 16.9%VLO: +44.2% a year, volatility 36.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%SU: +33.1% a year, volatility 32.5%HSBC: +33.1% a year, volatility 25.9%VRIG: +4.7% a year, volatility 1.3%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%BALT: +6.3% a year, volatility 3.3%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%SHEL: +21.0% a year, volatility 24.8%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%FLRT: +6.0% a year, volatility 2.3%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%STX: +57.4% a year, volatility 48.7%WELL: +26.0% a year, volatility 23.8%NTRA: +29.3% a year, volatility 57.6%TEVA: +32.2% a year, volatility 42.8%RTX: +18.6% a year, volatility 24.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%P: +37.3% a year, volatility 55.0%VEA: +9.3% a year, volatility 16.9%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%TTE: +18.0% a year, volatility 25.8%GLD: +17.7% a year, volatility 18.9%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%CIB: +32.9% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%WFC: +13.1% a year, volatility 29.5%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%BHP: +16.6% a year, volatility 31.4%C: +15.1% a year, volatility 29.4%BTI: +18.7% a year, volatility 22.0%AXP: +13.5% a year, volatility 29.3%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%AZN: +8.7% a year, volatility 35.7%DINO: +31.8% a year, volatility 38.8%ETN: +20.4% a year, volatility 32.1%FLOT: +4.5% a year, volatility 1.8%BNY: +22.7% a year, volatility 24.4%GLW: +31.4% a year, volatility 42.1%SNOW: −0.9% a year, volatility 62.6%SPY (S&P 500): +12.7% a year, volatility 17.1%NVDA: +58.0% a year, volatility 51.9%GOOG: +19.0% a year, volatility 32.0%MSFT: +12.5% a year, volatility 28.2%AMD: +35.7% a year, volatility 57.6%ANET: +49.0% a year, volatility 49.0%PLTR: +51.4% a year, volatility 67.0%MRVL: +29.5% a year, volatility 65.2%AVGO: +48.3% a year, volatility 44.5%MU: +68.1% a year, volatility 57.1%TSM: +31.5% a year, volatility 38.5%ONTO: +24.6% a year, volatility 59.6%VEEV: −0.1% a year, volatility 39.6%DELL: +55.2% a year, volatility 54.4%MCK: +38.7% a year, volatility 25.0%INSW: +56.5% a year, volatility 40.5%SCCO: +32.0% a year, volatility 40.7%SGOV: +3.8% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%LITE: +57.3% a year, volatility 64.5%HD: 0.0% a year, volatility 24.7%FIX: +77.0% a year, volatility 46.7%BELFB: +78.0% a year, volatility 52.1%SNOWSPY (S&P 500)NVDAGOOGMSFTAMDANETPLTRMRVLAVGOMUTSMONTOVEEVMCKINSWSGOVJAAALITEHDFIXBELFB−20.0%0.0%20.0%40.0%60.0%80.0%−20.0%0.0%20.0%40.0%60.0%80.0%100%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SNOWPSX: +33.2% a year, volatility 32.9%E: +23.0% a year, volatility 25.6%HPE: +32.9% a year, volatility 42.2%NTAP: +20.9% a year, volatility 35.3%COKE: +41.2% a year, volatility 38.0%FRO: +52.6% a year, volatility 49.7%HALO: +26.6% a year, volatility 40.4%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%HAS: +8.0% a year, volatility 33.3%TNK: +50.5% a year, volatility 45.1%DHT: +38.7% a year, volatility 39.0%LPG: +54.6% a year, volatility 43.6%SXT: +9.3% a year, volatility 30.3%RY: +17.3% a year, volatility 18.2%ERO: +9.8% a year, volatility 56.0%CAH: +42.1% a year, volatility 24.7%AAPL: +18.5% a year, volatility 28.0%CRAK: +19.8% a year, volatility 20.9%KRT: +25.4% a year, volatility 44.1%NPK: +16.3% a year, volatility 27.3%LLY: +40.7% a year, volatility 32.8%RCBC: +14.6% a year, volatility 27.2%VTI: +11.5% a year, volatility 17.5%PBR: +50.3% a year, volatility 37.5%VOO: +12.8% a year, volatility 16.9%VLO: +44.2% a year, volatility 36.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%SU: +33.1% a year, volatility 32.5%HSBC: +33.1% a year, volatility 25.9%VRIG: +4.7% a year, volatility 1.3%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%BALT: +6.3% a year, volatility 3.3%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%SHEL: +21.0% a year, volatility 24.8%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%FLRT: +6.0% a year, volatility 2.3%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%STX: +57.4% a year, volatility 48.7%WELL: +26.0% a year, volatility 23.8%NTRA: +29.3% a year, volatility 57.6%TEVA: +32.2% a year, volatility 42.8%RTX: +18.6% a year, volatility 24.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%P: +37.3% a year, volatility 55.0%VEA: +9.3% a year, volatility 16.9%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%TTE: +18.0% a year, volatility 25.8%GLD: +17.7% a year, volatility 18.9%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%CIB: +32.9% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%WFC: +13.1% a year, volatility 29.5%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%BHP: +16.6% a year, volatility 31.4%C: +15.1% a year, volatility 29.4%BTI: +18.7% a year, volatility 22.0%AXP: +13.5% a year, volatility 29.3%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%AZN: +8.7% a year, volatility 35.7%DINO: +31.8% a year, volatility 38.8%ETN: +20.4% a year, volatility 32.1%FLOT: +4.5% a year, volatility 1.8%BNY: +22.7% a year, volatility 24.4%GLW: +31.4% a year, volatility 42.1%SNOW: −0.9% a year, volatility 62.6%SPY (S&P 500): +12.7% a year, volatility 17.1%NVDA: +58.0% a year, volatility 51.9%GOOG: +19.0% a year, volatility 32.0%MSFT: +12.5% a year, volatility 28.2%AMD: +35.7% a year, volatility 57.6%ANET: +49.0% a year, volatility 49.0%PLTR: +51.4% a year, volatility 67.0%MRVL: +29.5% a year, volatility 65.2%AVGO: +48.3% a year, volatility 44.5%MU: +68.1% a year, volatility 57.1%TSM: +31.5% a year, volatility 38.5%ONTO: +24.6% a year, volatility 59.6%VEEV: −0.1% a year, volatility 39.6%DELL: +55.2% a year, volatility 54.4%MCK: +38.7% a year, volatility 25.0%INSW: +56.5% a year, volatility 40.5%SCCO: +32.0% a year, volatility 40.7%SGOV: +3.8% a year, volatility 0.3%JAAA: +5.1% a year, volatility 1.7%LITE: +57.3% a year, volatility 64.5%HD: 0.0% a year, volatility 24.7%FIX: +77.0% a year, volatility 46.7%BELFB: +78.0% a year, volatility 52.1%SNOWSPY (S&P 500)NVDAGOOGAMDANETPLTRMRVLAVGOMUTSMONTOVEEVDELLMCKINSWSCCOSGOVJAAALITEHDFIX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than SNOW?

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

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

Screen the whole market against SNOW 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 years5Y returntotalCorr. with SNOW?lower diversifies moreExpenseper year
SNOWSnowflake Inc. · this page
−0.9%62.6%0.29−73.0%−4.3%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.350.09%
Popular alternativesbest 6 shownThe investments people most often weigh against SNOW. 13 of 18 passed at least one test.
NVDANVIDIA Corporation · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+58.0%51.9%1.14−66.3%+884%0.18—
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst decline+19.0%32.0%0.71−44.6%+138%0.11—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst decline+12.5%28.2%0.56−37.1%+80.3%0.41—
AMDAdvanced Micro Devices, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+35.7%57.6%0.82−65.5%+359%0.30—
ANETArista Networks, Inc. · Communications Equipment
Higher return, lower volatilityHigher Sharpe, smaller worst decline+49.0%49.0%1.06−52.2%+634%0.07—
PLTRPalantir Technologies Inc. · Enterprise Software
Higher return, similar volatility+51.4%67.0%0.95−84.6%+695%0.40—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Software and the categories next to it (Application Software, Enterprise Software, Payment Processing, Semiconductors), plus SNOW's specific themes. 73 of 123 passed at least one test.
MRVLMarvell Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+29.5%65.2%0.72−61.9%+264%0.20—
AVGOBroadcom Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+48.3%44.5%1.11−48.3%+617%0.13—
MUMicron Technology, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+68.1%57.1%1.20−57.6%+1,244%0.38—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst decline+31.5%38.5%0.91−56.6%+293%0.08—
ONTOOnto Innovation Inc. · Semiconductor Equipment
Higher return, similar volatilityHigher Sharpe, smaller worst decline+24.6%59.6%0.67−62.8%+200%-0.16—
VEEVVeeva Systems Inc. · Application Software
Similar return, lower volatility−0.1%39.6%0.19−55.7%−0.4%0.38—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,499 of 3,492 passed at least one test.
DELLDell Technologies Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+55.2%54.4%1.08−59.6%+800%0.50—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+413%0.08—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+56.5%40.5%1.31−57.4%+839%-0.16—
SCCOSouthern Copper Corporation · Metals & Mining
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%40.7%0.89−55.3%+301%0.04—
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%+20.3%0.120.09%
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+5.1%1.7%2.98−2.6%+28.0%0.210.20%
LITELumentum Holdings Inc. · Communications Equipment
Higher return, similar volatilityHigher Sharpe, smaller worst decline+57.3%64.5%1.03−66.9%+863%0.11—
HDThe Home Depot, Inc. · Specialty Retail
Similar return, lower volatility0.0%24.7%0.12−38.0%−0.2%0.16—
What these numbers mean for SNOW
Annual return
SNOW lost 0.9% 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 $9,570. 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
SNOW's volatility over the past 5 years was 62.6%, 3.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SNOW's return lands within 62.6% 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
SNOW's Sharpe ratio over the past 5 years was 0.29, against 0.79 for the S&P 500, so SNOW 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
SNOW's worst fall from a peak to a low over the past 10 years was 73.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 73.0% fall takes a 270% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, SNOW's monthly returns had a correlation of 0.35 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against SNOW instead: the lower it is, the more that option would diversify a SNOW holding. Guide: Correlation and diversification →
Show all 2,336 stocks and funds worth at least $500 million that earned more than SNOW 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 decline5Y returnCorr. with SNOWExpense
1
DELLDell Technologies Inc. · Computer Hardware
Whole market+55.2%54.4%1.08−59.6%+800%0.50—
2
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+413%0.08—
3
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%+839%-0.16—
4
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+301%0.04—
5
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+319%0.03—
6
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+181%-0.20—
7
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.9%42.2%0.89−56.9%+315%0.45—
8
NTAPNetApp, Inc. · Computer Hardware
Whole market+20.9%35.3%0.71−58.1%+159%0.63—
9
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+461%-0.14—
10
FROFrontline Plc · Oil & Gas
Whole market+52.6%49.7%1.10−52.0%+726%-0.10—
11
HALOHalozyme Therapeutics, Inc. · Biotechnology
Whole market+26.6%40.4%0.79−49.1%+226%-0.06—
12
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+690%0.01—
13
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+705%-0.15—
14
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%+20.3%0.120.09%
15
HASHasbro, Inc. · Toys & Games
Whole market+8.0%33.3%0.40−63.8%+47.2%-0.01—
16
TNKTeekay Tankers Ltd. · Marine Shipping
Whole market+50.5%45.1%1.14−63.4%+673%-0.16—
17
DHTDHT Holdings, Inc. · Marine Shipping
Whole market+38.7%39.0%1.04−39.7%+413%-0.07—
18
LPGDorian LPG Ltd. · Oil & Gas Midstream
Whole market+54.6%43.6%1.22−62.9%+783%-0.07—
19
SXTSensient Technologies Corporation · Specialty Chemicals
Whole market+9.3%30.3%0.44−50.6%+56.2%0.07—
20
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%+28.0%0.210.20%
21
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+122%0.15—
22
EROEro Copper Corp. · Copper
Whole market+9.8%56.0%0.45−67.2%+59.8%0.10—
23
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+479%0.25—
24
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+133%0.34—
25
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+146%-0.040.61%
26
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+1,636%0.11—
27
KRTKarat Packaging Inc. · Packaging & Containers
Whole market+25.4%44.1%0.74−48.4%+210%0.18—
28
NPKNational Presto Industries, Inc. · Aerospace & Defense
Whole market+16.3%27.3%0.69−45.5%+113%0.00—
29
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+451%0.04—
30
RCBCRiver City Bank · Banks - Regional
Whole market+14.6%27.2%0.64−45.5%+97.5%0.20—
31
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+72.6%0.370.03%
32
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+667%-0.16—
33
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+82.3%0.340.03%
34
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+524%-0.06—
35
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+158%-0.11—
36
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+87.8%-0.03—
37
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+232%-0.26—
38
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+122%0.16—
39
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+218%-0.15—
40
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+318%-0.21—
41
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+318%0.04—
42
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+25.6%0.170.30%
43
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+82.1%-0.13—
44
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+225%0.110.48%
45
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+119%-0.050.40%
46
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+98.2%-0.06—
47
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%+35.7%0.300.69%
48
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+144%-0.08—
49
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+288%0.01—
50
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+123%0.17—
51
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+48.6%0.160.05%
52
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+97.2%0.410.18%
53
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+319%0.10—
54
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+159%-0.01—
55
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+118%0.48—
56
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+159%-0.24—
57
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+113%-0.04—
58
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+121%-0.11—
59
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+33.9%0.260.60%
60
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+329%0.21—
61
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+76.6%0.160.03%
62
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+57.4%48.7%1.18−57.0%+866%0.20—
63
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+217%-0.11—
64
NTRANatera, Inc. · Medical Diagnostics
Whole market+29.3%57.6%0.74−77.7%+261%0.39—
65
TEVATeva Pharmaceutical Industries Limited · Pharmaceuticals
Whole market+32.2%42.8%0.86−85.5%+303%-0.17—
66
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+135%0.05—
67
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+145%-0.18—
68
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+180%0.01—
69
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+145%0.36—
70
PEverpure, Inc. · Computer Hardware
Whole market+37.3%55.0%0.85−69.4%+388%0.31—
71
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+55.9%0.170.03%
72
MSMorgan Stanley · Capital Markets
Whole market+16.0%28.8%0.66−51.3%+110%0.31—
73
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+109%0.19—
74
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+355%0.35—
75
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+326%0.20—
76
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+147%-0.01—
77
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+129%-0.30—
78
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+126%-0.100.40%
79
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+72.6%-0.09—
80
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+133%0.480.09%
81
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+314%0.03—
82
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+210%0.14—
83
WFCWells Fargo & Company · Banks
Whole market+13.1%29.5%0.57−64.5%+85.0%0.23—
84
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+327%0.07—
85
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+235%0.14—
86
BHPBHP Group Limited · Metals & Mining
Whole market+16.6%31.4%0.65−44.3%+115%0.05—
87
CCitigroup Inc. · Banks
Whole market+15.1%29.4%0.63−56.5%+102%0.15—
88
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+136%0.01—
89
AXPAmerican Express Company · Consumer Finance
Whole market+13.5%29.3%0.58−49.6%+88.5%0.27—
90
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+162%-0.14—
91
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+107%-0.14—
92
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+425%0.11—
93
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+177%-0.02—
94
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+126%-0.24—
95
AZNAstraZeneca PLC · Pharmaceuticals
Whole market+8.7%35.7%0.41−28.7%+52.1%-0.09—
96
DINOHF Sinclair Corporation · Oil & Gas
Whole market+31.8%38.8%0.91−77.3%+298%0.07—
97
ETNEaton Corporation plc · Electrical Equipment
Whole market+20.4%32.1%0.74−44.5%+153%0.09—
98
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+24.5%0.120.15%
99
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+179%0.24—
100
GLWCorning Inc · Electronic Components
Whole market+31.4%42.1%0.86−51.5%+292%0.00—

SNOW against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySNOW: −0.9% a year, volatility 62.6%SPY (S&P 500): 12.7% a year, volatility 17.1%DDOG: 10.1% a year, volatility 59.7%AMD: 35.7% a year, volatility 57.6%GOOG: 19.0% a year, volatility 32.0%NVDA: 58.0% a year, volatility 51.9%ANET: 49.0% a year, volatility 49.0%MSFT: 12.5% a year, volatility 28.2%SAP: 11.5% a year, volatility 30.0%DBX: 3.9% a year, volatility 34.4%NOW: 1.9% a year, volatility 45.5%IBM: 16.6% a year, volatility 30.5%AMZN: 9.0% a year, volatility 36.6%ORCL: 7.7% a year, volatility 44.3%MDB: −6.2% a year, volatility 71.1%PLTR: 51.4% a year, volatility 67.0%NET: 10.7% a year, volatility 69.1%DT: −3.6% a year, volatility 41.6%CRM: −3.2% a year, volatility 39.4%ESTC: −10.7% a year, volatility 60.4%SNOWSPY (S&P 500)DDOGAMDGOOGNVDAANETMSFTDBXNOWIBMAMZNORCLMDBPLTRNETDTCRMESTC0.0%20.0%40.0%60.0%80.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySNOW: −0.9% a year, volatility 62.6%SPY (S&P 500): 12.7% a year, volatility 17.1%DDOG: 10.1% a year, volatility 59.7%AMD: 35.7% a year, volatility 57.6%GOOG: 19.0% a year, volatility 32.0%NVDA: 58.0% a year, volatility 51.9%ANET: 49.0% a year, volatility 49.0%MSFT: 12.5% a year, volatility 28.2%SAP: 11.5% a year, volatility 30.0%DBX: 3.9% a year, volatility 34.4%NOW: 1.9% a year, volatility 45.5%IBM: 16.6% a year, volatility 30.5%AMZN: 9.0% a year, volatility 36.6%ORCL: 7.7% a year, volatility 44.3%MDB: −6.2% a year, volatility 71.1%PLTR: 51.4% a year, volatility 67.0%NET: 10.7% a year, volatility 69.1%DT: −3.6% a year, volatility 41.6%CRM: −3.2% a year, volatility 39.4%ESTC: −10.7% a year, volatility 60.4%SNOWSPY (S&P 500)DDOGAMDGOOGNVDAANETDBXNOWIBMAMZNORCLMDBPLTRNETDTCRMESTC
All figures
InvestmentAnnual returnVolatility
NVDA NVIDIA Corporation+58.0%51.9%
PLTR Palantir Technologies Inc.+51.4%67.0%
ANET Arista Networks, Inc.+49.0%49.0%
AMD Advanced Micro Devices, Inc.+35.7%57.6%
GOOG Alphabet Inc.+19.0%32.0%
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 SAP SE+11.5%30.0%
NET Cloudflare, Inc.+10.7%69.1%
DDOG Datadog, Inc.+10.1%59.7%
AMZN Amazon.com, Inc.+9.0%36.6%
ORCL Oracle Corporation+7.7%44.3%
DBX Dropbox, Inc.+3.9%34.4%
NOW ServiceNow, Inc.+1.9%45.5%
SNOW This pageSnowflake Inc.−0.9%62.6%
CRM Salesforce, Inc.−3.2%39.4%
DT Dynatrace, Inc.−3.6%41.6%
MDB MongoDB, Inc.−6.2%71.1%
ESTC Elastic N.V.−10.7%60.4%
Open these 20 in EasyCompare

Has SNOW consistently beaten its popular alternatives?

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

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

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
SNOW Snowflake Inc. (this page)—−5.8%+16.5%+112%+47.5%+30.1%+116%−4.3%62.6%0.29−73.0%—$113B—
DDOG QualifiedDatadog, Inc.3/5 short2/2 long+4.6%−2.6%+97.6%+91.7%+64.1%+198%+61.4%59.7%0.45−68.1%—$92B—
PLTR Software - InfrastructurePalantir Technologies Inc.2/5 short2/2 long+5.2%+42.8%+32.0%+14.7%+6.1%+1,096%+695%67.0%0.95−84.6%—$443B—
AMD SemiconductorsAdvanced Micro Devices, Inc.2/5 short2/2 long−13.1%+6.2%+94.5%+139%+122%+425%+359%57.6%0.82−65.5%—$873B—
GOOG Internet Content & InformationAlphabet Inc.2/5 short2/2 long−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%32.0%0.71−44.6%—$4.1T—
NVDA SemiconductorsNVIDIA Corporation1/5 short2/2 long−4.8%+6.6%+7.4%+14.9%+18.8%+425%+884%51.9%1.14−66.3%—$5.2T—
NET Software - InfrastructureCloudflare, Inc.1/5 short2/2 long−17.1%+7.0%+42.3%+48.7%+36.8%+391%+66.1%69.1%0.49−82.6%—$104B—
ANET Computer HardwareArista Networks, Inc.0/5 short2/2 long−11.8%+7.0%+8.6%+35.6%+23.7%+289%+634%49.0%1.06−52.2%—$229B—
MSFT Software - InfrastructureMicrosoft Corporation2/5 short1/2 long+6.0%+32.5%+27.7%+13.2%+3.8%+66.6%+80.3%28.2%0.56−37.1%—$3.9T—
SAP Software - ApplicationSAP SE2/5 short1/2 long+9.4%+44.6%+29.6%−2.1%−16.6%+81.3%+72.6%30.0%0.52−52.5%—$267B—
DBX Software - InfrastructureDropbox, Inc.2/5 short1/2 long+1.0%+19.1%+49.3%+35.0%+24.1%+36.2%+21.2%34.4%0.29−62.6%—$7.9B—
NOW Software - ApplicationServiceNow, Inc.2/5 short1/2 long+8.6%+42.8%+50.0%+1.4%−18.5%+37.8%+9.8%45.5%0.27−64.5%—$155B—
IBM Information Technology ServicesInternational Business Machines Corporation1/5 short1/2 long+4.3%+14.4%−3.3%−15.3%−12.5%+93.5%+116%30.5%0.66−41.1%—$228B—
AMZN Specialty RetailAmazon.com, Inc.1/5 short1/2 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%36.6%0.42−56.1%—$2.8T—
ORCL Software - InfrastructureOracle Corporation0/5 short1/2 long−11.4%+8.4%−25.6%−32.1%−52.1%+33.3%+45.1%44.3%0.38−64.6%—$396B—
DT Software - ApplicationDynatrace, Inc.3/5 short0/2 long+12.8%+42.3%+79.6%+50.3%+27.0%+37.4%−16.9%41.6%0.12−61.8%—$18B—
CRM Software - ApplicationSalesforce, Inc.2/5 short0/2 long+2.5%+39.7%+30.7%−3.8%−3.9%+21.3%−14.8%39.4%0.12−58.7%—$200B—
ESTC Software - ApplicationElastic N.V.2/5 short0/2 long+6.6%+52.4%+95.3%+31.8%+14.1%+20.1%−43.3%60.4%0.11−76.8%—$10B—
MDB Software - InfrastructureMongoDB, Inc.0/5 short0/2 long−10.1%+13.2%+38.6%−8.4%+11.8%+5.7%−27.4%71.1%0.26−76.5%—$29B—
Open these 19 in EasyCompare

How did SNOW do year by year?

This table shows each investment's total return in every full calendar year since 2021, along with where SNOW ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SNOW and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: SNOW began trading on September 16, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

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

InvestmentYears ahead of SNOW20252024202320222021
SNOW This pageSnowflake Inc.—+42.1%−22.4%+38.6%−57.6%+20.4%
Rank among alternativesTop quarter in 0 of 56 of 1918 of 1916 of 1914 of 1911 of 19
SPY S&P 500State Street SPDR S&P 500 ETF3 of 5+17.7%+24.9%+26.2%−18.2%+28.7%
DDOG Datadog, Inc.3 of 5−4.8%+17.7%+65.1%−58.7%+80.9%
PLTR Palantir Technologies Inc.3 of 5+135%+340%+167%−64.7%−22.7%
AMD Advanced Micro Devices, Inc.5 of 5+77.3%−18.1%+128%−55.0%+56.9%
GOOG Alphabet Inc.5 of 5+65.4%+35.6%+58.8%−38.7%+65.2%
NVDA NVIDIA Corporation4 of 5+38.9%+171%+239%−50.2%+125%
NET Cloudflare, Inc.4 of 5+83.1%+29.3%+84.2%−65.6%+73.0%
ANET Arista Networks, Inc.4 of 5+18.6%+87.7%+94.1%−15.6%+97.9%
MSFT Microsoft Corporation4 of 5+15.6%+12.9%+58.2%−28.0%+52.5%
SAP SAP SE3 of 5−0.4%+61.3%+52.3%−24.2%+9.2%
DBX Dropbox, Inc.2 of 5−7.5%+1.9%+31.7%−8.8%+10.6%
NOW ServiceNow, Inc.3 of 5−27.8%+50.0%+82.0%−40.2%+17.9%
IBM International Business Machines Corporation2 of 5+38.2%+39.3%+21.9%+10.6%+16.6%
AMZN Amazon.com, Inc.3 of 5+5.2%+44.4%+80.9%−49.6%+2.4%
ORCL Oracle Corporation3 of 5+18.1%+60.0%+30.9%−4.7%+36.9%
DT Dynatrace, Inc.4 of 5−20.3%−0.6%+42.8%−36.5%+39.5%
CRM Salesforce, Inc.3 of 5−20.2%+27.8%+98.5%−47.8%+14.2%
ESTC Elastic N.V.2 of 5−23.9%−12.1%+119%−58.2%−15.8%
MDB MongoDB, Inc.3 of 5+80.3%−43.1%+108%−62.8%+47.4%
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Risk and diversification

How SNOW 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 SNOW's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents SNOW's five deepest drawdowns since it began trading in 2020, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: SNOW began trading on September 16, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringSNOW fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−73.0%+20.0%Nov 2021Sep 20242.8 yearsNot yet—
No named crash−51.7%+11.7%Dec 2020May 20215 monthsNov 20216 months
No named crash−21.0%+3.9%Oct 2020Nov 20201 monthNov 2020Under a month
No named crash−14.4%−4.4%Sep 2020Sep 2020Under a monthSep 2020Under a month
No named crash−12.4%+0.4%Sep 2020Oct 20201 monthOct 2020Under a month

How did SNOW do in stock market crashes?

This section measures how far SNOW, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: SNOW began trading on September 16, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

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

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
SNOW This pageSnowflake Inc.—−7.8%−64.1%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
DDOG Datadog, Inc.1 of 2−9.5%−53.0%−38.8%———————
PLTR Palantir Technologies Inc.1 of 2−9.6%−63.1%————————
AMD Advanced Micro Devices, Inc.2 of 2−3.9%−60.1%−34.3%−48.9%−9.9%−40.0%−41.5%0.0%−87.6%−93.3%
GOOG Alphabet Inc.2 of 2−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
NVDA NVIDIA Corporation2 of 2−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
NET Cloudflare, Inc.0 of 2−11.1%−69.5%−31.8%———————
ANET Arista Networks, Inc.2 of 2−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%————
MSFT Microsoft Corporation2 of 2−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
SAP SAP SE2 of 2−2.0%−41.9%−32.6%−25.0%−6.9%−13.3%−25.0%−1.4%−49.6%−87.9%
DBX Dropbox, Inc.2 of 2−5.5%−24.0%−30.1%−28.6%——————
NOW ServiceNow, Inc.2 of 2−7.2%−39.9%−28.8%−20.6%−8.5%−47.6%————
IBM International Business Machines Corporation2 of 2−2.0%−16.7%−37.3%−29.1%−6.3%−23.3%−14.6%−1.5%−44.3%−58.3%
AMZN Amazon.com, Inc.2 of 2−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
ORCL Oracle Corporation2 of 2−5.0%−31.0%−28.3%−17.2%−6.6%−16.1%−23.9%−2.1%−41.1%−84.2%
DT Dynatrace, Inc.1 of 2−9.2%−46.9%−45.3%———————
CRM Salesforce, Inc.2 of 2−5.3%−42.7%−35.7%−24.8%−6.1%−34.2%−26.9%−4.2%−70.5%—
ESTC Elastic N.V.1 of 2−11.5%−54.4%−40.3%———————
MDB MongoDB, Inc.1 of 2−15.1%−61.3%−45.0%−24.9%−2.8%—————
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How closely does SNOW 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 SNOW with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 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 SNOW's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
SNOW This pageSnowflake Inc.83%134%0.621.35
ANET Arista Networks, Inc.191%58%3.281.60
NVDA NVIDIA Corporation259%152%1.702.21
NET Cloudflare, Inc.118%72%1.651.64
PLTR Palantir Technologies Inc.239%161%1.481.60
AMD Advanced Micro Devices, Inc.227%175%1.302.45
GOOG Alphabet Inc.140%132%1.071.20
IBM International Business Machines Corporation106%104%1.020.73
DDOG Datadog, Inc.112%119%0.941.51
MSFT Microsoft Corporation115%126%0.911.10
SAP SAP SE115%141%0.821.13
ORCL Oracle Corporation159%213%0.751.77
AMZN Amazon.com, Inc.125%170%0.741.45
DBX Dropbox, Inc.68%105%0.650.63
NOW ServiceNow, Inc.85%142%0.600.99
CRM Salesforce, Inc.106%205%0.521.25
MDB MongoDB, Inc.145%285%0.511.74
DT Dynatrace, Inc.57%127%0.440.77
ESTC Elastic N.V.66%177%0.371.04
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What diversifies SNOW?

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

ETFs

InvestmentCorrelation5Y returnSharpe2024202280/20 mix volatility80/20 mix annual return
SNOW Snowflake Inc. (this page)1.00−4.3%0.29−22.4%−57.6%61.3%+2.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF-0.05+119%1.48+15.9%+3.8%48.9%+7.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.11+225%1.34+29.8%+6.0%49.4%+9.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund-0.02+101%1.04+33.4%+10.4%49.0%+7.4%
HDV Dividend & IncomeiShares Core High Dividend ETF-0.07+83.3%1.00+14.1%+7.1%48.9%+6.8%
SMH TechnologyVanEck Semiconductor ETF0.23+323%0.97+39.1%−33.5%51.1%+11.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.18+85.0%0.96+13.4%−5.1%49.5%+6.8%
GLD CommoditiesSPDR Gold Shares-0.10+126%0.96+26.7%−0.8%48.8%+8.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.32+136%0.93+45.8%−10.4%50.5%+8.1%

Stocks

InvestmentCorrelation5Y returnSharpe2024202280/20 mix volatility80/20 mix annual return
SNOW Snowflake Inc. (this page)1.00−4.3%0.29−22.4%−57.6%61.3%+2.3%
CAH Medical - DistributionCardinal Health, Inc.0.25+479%1.55+19.0%+54.1%50.6%+11.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.19+3,143%1.47+215%+1.3%52.5%+22.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.11+1,636%1.46+107%+17.0%50.8%+19.6%
MCK Medical - DistributionMcKesson Corporation0.08+413%1.44+23.7%+51.8%49.7%+10.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.01+690%1.41−4.0%+86.6%49.5%+13.7%
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Common questions

What was SNOW's worst drawdown?

SNOW's deepest decline since it began trading in 2020 was 73.0%, from November 2021 to September 2024. It has not yet climbed back to that peak. Because SNOW launched in September 2020, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were SNOW's best and worst years?

Over five full calendar years, SNOW's best year was 2025, when it returned 42.1%. Its worst was 2022, with a return of -57.6%.

Is there a better investment than SNOW?

Among SNOW's popular alternatives, NVDA, GOOG and MSFT earned more than SNOW with less volatility over the past 5 years. NVDA returned 58.0% a year at 51.9% volatility, against a loss of 0.9% a year at 62.6%. Looking beyond its popular alternatives, AVGO (semiconductors) and MU (semiconductors) earned more than SNOW with less volatility over the past 5 years. AVGO returned 48.3% a year at 44.5% volatility, against a loss of 0.9% a year at 62.6%.

Is SNOW more volatile than the S&P 500?

Yes. SNOW's volatility over the past 5 years was 62.6%, 3.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SNOW's return lands within 62.6% 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 SNOW's Sharpe ratio?

SNOW's Sharpe ratio over the past 5 years was 0.29, against 0.79 for the S&P 500, so SNOW 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 SNOW with the S&P 500?

Over the past 5 years, SNOW's monthly returns had a correlation of 0.35 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against SNOW instead: the lower it is, the more that option would diversify a SNOW holding.

What are the best alternatives to SNOW?

Of the 18 popular alternatives we compared, one outperformed SNOW in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: DDOG.

Did SNOW outperform the S&P 500?

SNOW finished ahead of the S&P 500 (SPY) in two of five full calendar years. In 2025, it returned +42.1%, against +17.7% for the index.

How did SNOW do in stock market crashes?

SNOW fell less than the S&P 500 (SPY) in none of the two major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when SNOW fell 64.1% and the S&P 500 fell 24.5%.

What diversifies SNOW?

These had a low correlation with SNOW over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.05), DXJ (correlation 0.11) and EMLP (correlation -0.02); among large stocks, CAH (correlation 0.25), CLS (correlation 0.19) and FIX (correlation 0.11). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to SNOW