# How Thermo Fisher Scientific (TMO) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/tmo
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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

Period covered: TMO's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** TMO has run far ahead of the market, rising 30.7% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. Its life sciences tool peers were far apart over the past 3 months, from RVTY (Revvity, up 46.6%) to DHR (Danaher, up 11.6%).
- **Stock or market?:** More than an industry move: TMO rose 30.7% over the past 3 months, against 7.5% for the life sciences tools ETF IHI (iShares U.S. Medical Devices ETF). The S&P 500 rose 3.9%. Its life sciences tool peers did not move as one over the past 3 months: RVTY (Revvity) rose 46.6%, while DHR (Danaher) rose 11.6%.
- **Past 1 to 3 years:** Over the past year, TMO rose 26.8% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. TMO's 40.9% fall from December 2021 to June 2025 took 15 months to heal. the S&P 500 fell 31.9% over those same dates.
- **Long term:** TMO turned $10,000 into $46,600 over the past decade, against $42,100 in the S&P 500. On the flip side, the past 5 years only trailed the S&P 500 (15.1% against 81.7%), after a much stronger decade (366% against 321%).
- **In a crash:** In the 2022 bear market, TMO held up better than its life sciences tool peers, including DHR (Danaher), A and IQV. TMO fell less than the S&P 500 in three of the last four sell-offs, including the Covid crash (24.8% against 33.7%).
- **Diversification:** TMO is some diversification, but not a hedge: a correlation of 0.52 with the S&P 500 over 5 years and 0.52 with the total US market, more closely than 77% of stocks worth at least $300 million. When the S&P 500 had a down month, TMO usually fell with it (19 of 22 months).
- **Better options**
  - **Popular alternatives:** AMGN (Amgen) and MRK (Merck & Co., Inc.) earned more than TMO with less volatility over the past 5 years. AMGN returned 19.6% a year at 24.9% volatility, against 2.9% a year at 27.8%.
  - **Nearby categories and themes:** ABBV (AbbVie, pharmaceuticals) and JNJ (Johnson & Johnson, pharmaceuticals) earned more than TMO with less volatility over the past 5 years. ABBV returned 26.1% a year at 23.4% volatility, against 2.9% a year at 27.8%.
  - **Whole market:** 910 of the 3,633 stocks and funds worth at least $500 million earned more than TMO with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).

## How much would $10,000 in TMO have grown?

This chart tracks a hypothetical $10,000 investment in TMO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TMO over the same span and TMO's popular alternatives, among those that traded for the entire period.

- $10,000 invested in TMO at the end of September 1997 would have grown to $235,386 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of TMO, and REGN finished highest, at $683,800.

## TMO 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.

- TMO's deepest decline since it began trading in 1986 was 71.2%, from December 1997 to April 1999. It took about seven years from the low to climb back to its old high.
- Over 29 full calendar years, TMO's best was 2000, when it returned 98.2%, and its worst was 1998, when it lost 61.5%. It lost money in ten of those years.
- TMO is 1.3% below its all-time high.

- Type: Stock, Healthcare (Medical - Diagnostics & Research)
- Trading since: October 17, 1986
- Market value: $254B
- Volatility (5 years): 27.8%; Sharpe ratio: 0.24
- Worst decline ever: −71.2%, from December 30, 1997 to April 15, 1999; back at its high by January 31, 2006

| Period | TMO total return |
| --- | --- |
| 1 month | +4.3% |
| 3 months | +30.7% |
| 6 months | +30.9% |
| year to date | +16.3% |
| 1 year | +26.8% |
| 3 years | +49.5% |
| 5 years | +15.1% |
| 10 years | +366% |

## TMO against the whole market

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

### How does TMO rank among all stocks?

This section ranks TMO on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- TMO's worst decline of the past 10 years ranks in the top 8% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | TMO | Rank |
| --- | --- | --- |
| 1-year return | +26.8% | 1,059 of 3,287 (top 33%) |
| 3-year return | +49.5% | 1,550 of 3,017 (top 52%) |
| 5-year return | +15.1% | 1,523 of 2,893 (top 53%) |
| 10-year return | +366% | 463 of 2,202 (top 22%) |
| Volatility, 5 years | 27.8% | 537 of 2,893 (top 19%) |
| Sharpe ratio, 5 years | 0.24 | 1,732 of 2,893 (top 60%) |
| Worst decline, past 10 years | −40.9% | 176 of 2,187 (top 9%) |

### What has beaten TMO 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).

- 247 stocks and 663 ETFs worth at least $500 million sit in the green region: each earned more than TMO over the past 5 years with smaller price swings. That is 25% of the 3,633 screened.
- Among those with at least half TMO's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 11% less than TMO's 27.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.24 for TMO.
- Among TMO's popular alternatives, AMGN and MRK are in the region. AMGN earned 19.6% a year against 2.9% a year for TMO, at 24.9% volatility, 10% less than TMO's 27.8%.

### Is there a better investment than TMO?

The table below lists investments that beat TMO 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.

- Among TMO's popular alternatives, AMGN and MRK earned more than TMO with less volatility over the past 5 years. AMGN returned 19.6% a year at 24.9% volatility, against 2.9% a year at 27.8%.
- Looking beyond its popular alternatives, ABBV (pharmaceuticals) and JNJ (pharmaceuticals) earned more than TMO with less volatility over the past 5 years. ABBV returned 26.1% a year at 23.4% volatility, against 2.9% a year at 27.8%.
- Across the whole market, 910 of the 3,633 stocks and funds worth at least $500 million earned more than TMO with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 910 investments that beat TMO over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with TMO | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TMO: Thermo Fisher Scientific Inc. (this page) |  | +2.9% | 27.8% | 0.24 | −40.9% | +366% |  |  |
| CIBR: First Trust Nasdaq Cybersecurity ETF | Cybersecurity | +14.1% | 26.1% | 0.64 | −33.9% | +454% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| JAAA: Janus Henderson AAA CLO ETF | CLO Bonds | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| USFR: WisdomTree Floating Rate Treasury Fund | Treasury Bonds | +4.0% | 0.4% | 9.69 | −0.8% | +28.2% | -0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| IHAK: iShares Cybersecurity and Tech ETF | Technology | +8.3% | 25.0% | 0.44 | −34.4% | — | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.52 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.52 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.09 | Higher return, lower volatility; Higher return in most periods |
| VRIG: Invesco Variable Rate Investment Grade ETF | Bonds | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.06 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| BALT: Innovator Defined Wealth Shield ETF | Crypto | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [COST](https://easycompare.io/research/cost): Costco Wholesale Corporation | Discount Retail | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [QQQ](https://easycompare.io/research/qqq): Invesco QQQ Trust, Series 1 | US Large-Cap Growth | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| FLRT: Pacer Aristotle Pacific Floating Rate High Income ETF | Financials | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## TMO against its popular alternatives

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

### How do TMO'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.

- Only AMGN and MRK were both more rewarding and calmer than TMO over the past 5 years, earning a higher annual return with lower volatility.
- 14 of the 22 popular alternatives earned less than TMO over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, TMO returned 2.9% a year, less than the S&P 500's 12.7%, with higher volatility (27.8% against 17.1%).

### Has TMO consistently beaten its popular alternatives?

This section compares TMO with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- LLY outperformed TMO in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the 22 popular alternatives, LLY and AMGN, outperformed TMO in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- LLY and AMGN earned more for the risk they took than TMO (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of TMO | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| TMO: Thermo Fisher Scientific Inc. (this page) | +26.8% | +49.5% | +15.1% | +366% |  |  | 0.24 |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | +59.7% | +124% | +451% | +1,807% | 4/5 short-term, 3/3 long-term | all-weather | 1.21 |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | +48.7% | +72.2% | +145% | +266% | 3/5 short-term, 2/3 long-term | consistent | 0.85 |
| MEDP: Medpace Holdings, Inc. | +14.3% | +172% | +231% | +1,914% | 0/5 short-term, 3/3 long-term |  | 0.70 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | +76.8% | +58.3% | +113% | +241% | 2/5 short-term, 2/3 long-term |  | 0.74 |
| [WAT](https://easycompare.io/research/wat): Waters Corporation | +29.0% | +74.6% | +24.4% | +182% | 2/5 short-term, 2/3 long-term |  | 0.30 |
| [VRTX](https://easycompare.io/research/vrtx): Vertex Pharmaceuticals Incorporated | +22.8% | +42.2% | +177% | +521% | 0/5 short-term, 2/3 long-term |  | 0.85 |
| CRL: Charles River Laboratories International, Inc. | +71.3% | +70.1% | −25.1% | +280% | 5/5 short-term, 1/3 long-term |  | 0.09 |
| RVTY: Revvity, Inc. | +64.0% | +54.6% | −10.6% | +203% | 5/5 short-term, 1/3 long-term |  | 0.11 |
| [ILMN](https://easycompare.io/research/ilmn): Illumina, Inc. | +169% | +130% | −33.3% | +93.0% | 5/5 short-term, 1/3 long-term |  | 0.06 |
| [A](https://easycompare.io/research/a): Agilent Technologies, Inc. | +22.0% | +62.1% | +13.8% | +306% | 4/5 short-term, 1/3 long-term |  | 0.24 |
| TXG: 10x Genomics, Inc. | +444% | +81.2% | −55.8% | — | 4/5 short-term, 1/3 long-term |  | 0.12 |
| SOPH: SOPHiA GENETICS S.A. | +65.4% | +128% | −60.9% | — | 3/5 short-term, 1/3 long-term |  | 0.17 |
| MTD: Mettler-Toledo International Inc. | +20.4% | +60.2% | +13.7% | +298% | 1/5 short-term, 1/3 long-term |  | 0.24 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | +40.7% | +0.8% | +44.9% | +120% | 1/5 short-term, 1/3 long-term |  | 0.40 |
| AVTR: Avantor, Inc. | +9.5% | −19.1% | −56.9% | — | 4/5 short-term, 0/3 long-term |  | -0.20 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | +26.3% | +45.3% | +6.5% | +260% | 2/5 short-term, 0/3 long-term |  | 0.21 |
| BRKR: Bruker Corporation | +47.4% | −5.0% | −27.7% | +171% | 2/5 short-term, 0/3 long-term |  | 0.08 |
| PACB: Pacific Biosciences of California, Inc. | −1.0% | −73.5% | −92.2% | −77.9% | 2/5 short-term, 0/3 long-term |  | -0.04 |
| TECH: Bio-Techne Corporation | +16.7% | +15.1% | −41.4% | +191% | 1/5 short-term, 0/3 long-term |  | -0.08 |
| QGEN: Qiagen N.V. | +6.3% | +45.9% | +3.0% | +111% | 1/5 short-term, 0/3 long-term |  | 0.15 |
| [DHR](https://easycompare.io/research/dhr): Danaher Corporation | +8.3% | +10.8% | −17.6% | +232% | 0/5 short-term, 0/3 long-term |  | 0.01 |
| BIO: Bio-Rad Laboratories, Inc. | +10.1% | +14.1% | −52.5% | +115% | 0/5 short-term, 0/3 long-term |  | -0.21 |

### How did TMO do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where TMO ranked among its popular alternatives each year.

- TMO finished ahead of the S&P 500 in 17 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, MEDP came out ahead of TMO most often, in eight of the nine years both traded.
- Ranked against its popular alternatives each year, TMO finished in the top quarter in four of 29 years and in the bottom quarter in three. In 2025, it ranked 10 of 23.

| Year | TMO | SPY |
| --- | --- | --- |
| 2025 | +11.8% | +17.7% |
| 2024 | −1.7% | +24.9% |
| 2023 | −3.4% | +26.2% |
| 2022 | −17.3% | −18.2% |
| 2021 | +43.5% | +28.7% |
| 2020 | +43.7% | +18.3% |
| 2019 | +45.6% | +31.2% |
| 2018 | +18.2% | −4.6% |
| 2017 | +35.0% | +21.7% |
| 2016 | −0.1% | +12.0% |

## Risk and diversification

How TMO 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 TMO's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all three of TMO's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: TMO fell 71.2% from December 1997 to April 1999, while the S&P 500 rose 38.7%.
- The slowest recovery came after TMO fell 71.2% from December 1997 to April 1999; it did not regain that peak until January 2006, seven years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −71.2% | December 30, 1997 | April 15, 1999 | January 31, 2006 | +38.7% |  |
| −60.4% | March 5, 1987 | October 28, 1987 | June 7, 1989 | — |  |
| −53.9% | August 15, 2008 | November 20, 2008 | May 18, 2011 | −41.7% | 2008 financial crisis |
| −42.1% | October 3, 1989 | October 11, 1990 | May 8, 1991 | — |  |
| −40.9% | December 31, 2021 | June 17, 2025 | September 17, 2026 | +31.9% | 2022 bear market |

### How did TMO do in stock market crashes?

This section measures how far TMO, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- Among its popular alternatives, AMGN held up best, falling less than TMO in eight of the ten crashes they both traded through.
- TMO fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the Covid crash, when TMO fell 24.8% and the S&P 500 fell 33.7%.

| Crash | Dates | TMO fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −41.8% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −53.9% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −3.6% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −24.4% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −14.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −8.7% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −17.2% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −24.8% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −19.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.4% | −3.4% |

### How closely does TMO 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.

- LLY took just 6% of the S&P 500's losses, against 104% for TMO, while still keeping 101% of its gains.
- Over the past 10 years, TMO captured 104% of the S&P 500's gains in rising months and 104% of its losses in falling months, with a beta of 0.81. It amplified the market's moves in both directions.
- Six of the 19 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than TMO's 1.00, led by LLY, VRTX and MEDP.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| TMO: Thermo Fisher Scientific Inc. (this page) | 104% | 104% | 0.81 |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | 101% | 6.0% | 0.37 |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | 74.0% | 64.0% | 0.54 |
| MEDP: Medpace Holdings, Inc. | 168% | 118% | 1.24 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | 64.0% | 46.0% | 0.30 |
| [WAT](https://easycompare.io/research/wat): Waters Corporation | 107% | 139% | 1.01 |
| [VRTX](https://easycompare.io/research/vrtx): Vertex Pharmaceuticals Incorporated | 87.0% | 50.0% | 0.46 |
| CRL: Charles River Laboratories International, Inc. | 135% | 175% | 1.30 |
| RVTY: Revvity, Inc. | 111% | 146% | 1.10 |
| [ILMN](https://easycompare.io/research/ilmn): Illumina, Inc. | 120% | 200% | 1.19 |
| [A](https://easycompare.io/research/a): Agilent Technologies, Inc. | 120% | 141% | 1.13 |
| MTD: Mettler-Toledo International Inc. | 118% | 143% | 1.13 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | 55.0% | 66.0% | 0.19 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | 128% | 167% | 1.31 |
| BRKR: Bruker Corporation | 121% | 160% | 1.27 |
| PACB: Pacific Biosciences of California, Inc. | 76.0% | 234% | 1.70 |
| TECH: Bio-Techne Corporation | 120% | 162% | 1.23 |
| QGEN: Qiagen N.V. | 62.0% | 83.0% | 0.45 |
| [DHR](https://easycompare.io/research/dhr): Danaher Corporation | 84.0% | 84.0% | 0.75 |
| BIO: Bio-Rad Laboratories, Inc. | 104% | 146% | 0.99 |

### What diversifies TMO?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in TMO into MCK would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+3.7% for TMO alone, +10.4% for the mix).
- Among large ETFs, LVHI, DXJ and PJUL have moved largely independently of TMO over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.
- MCK made money in six of the ten calendar years in which TMO lost money.

| Investment | Correlation with TMO | 5Y return | Volatility | Sharpe | Rose in TMO's 10 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.37 | +119% | 11.1% | 1.48 | 3 of 10 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.23 | +225% | 19.1% | 1.34 | 4 of 10 |
| PJUL: Innovator U.S. Equity Power Buffer ETF | 0.48 | +64.4% | 8.6% | 1.20 | 2 of 10 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.25 | +101% | 14.5% | 1.04 | 4 of 10 |
| HDV: iShares Core High Dividend ETF | 0.38 | +83.3% | 13.0% | 1.00 | 4 of 10 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.32 | +323% | 36.9% | 0.97 | 5 of 10 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.49 | +85.0% | 13.8% | 0.96 | 3 of 10 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.10 | +126% | 18.9% | 0.96 | 6 of 10 |

## Common questions

### What was TMO's worst drawdown?

TMO's deepest decline since it began trading in 1986 was 71.2%, from December 1997 to April 1999. It took about seven years from the low to climb back to its old high.

### What were TMO's best and worst years?

Over 29 full calendar years, TMO's best year was 2000, when it returned 98.2%. Its worst was 1998, with a return of -61.5%.

### Is there a better investment than TMO?

Among TMO's popular alternatives, AMGN and MRK earned more than TMO with less volatility over the past 5 years. AMGN returned 19.6% a year at 24.9% volatility, against 2.9% a year at 27.8%. Looking beyond its popular alternatives, ABBV (pharmaceuticals) and JNJ (pharmaceuticals) earned more than TMO with less volatility over the past 5 years. ABBV returned 26.1% a year at 23.4% volatility, against 2.9% a year at 27.8%.

### Is TMO more volatile than the S&P 500?

Yes. TMO's volatility over the past 5 years was 27.8%, 1.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TMO's return lands within 27.8% 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 TMO's Sharpe ratio?

TMO's Sharpe ratio over the past 5 years was 0.24, against 0.79 for the S&P 500, so TMO 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 TMO with the S&P 500?

Over the past 5 years, TMO's monthly returns had a correlation of 0.52 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 TMO instead: the lower it is, the more that option would diversify a TMO holding.

### What are the best alternatives to TMO?

Of the 22 popular alternatives we compared, two outperformed TMO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LLY and AMGN.

### Did TMO outperform the S&P 500?

TMO finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +11.8%, against +17.7% for the index.

### How did TMO do in stock market crashes?

TMO fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in four. The clearest case was the Covid crash, when TMO fell 24.8% and the S&P 500 fell 33.7%.

### What diversifies TMO?

These had a low correlation with TMO over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.37), DXJ (correlation 0.23) and PJUL (correlation 0.48); among large stocks, CAH (correlation 0.10), CLS (correlation 0.23) and FIX (correlation 0.23). A correlation near zero means the two have moved largely independently.

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## Explore further

- Full page with charts: https://easycompare.io/research/tmo
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against TMO live: https://betterthanspy.com/?b=TMO&utm_source=easycompare&utm_medium=research