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Relative Intelligence · Property & Casualty Insurance

How Travelers Companies (TRV) compares with the whole market and its popular alternatives

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

Period covered: TRV'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 TRV →Chart TRV vs. 24 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in TRV over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TRV over the same span and TRV'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. 334 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of TRV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000199720022007201220172022$10,000$100,00019972004201120182025
  • AJG$566,042+5,560% total · +14.9% a year
  • PGR$454,424+4,444% total · +14.1% a year
  • WRB$427,501+4,175% total · +13.8% a year
  • ACGL$380,068+3,701% total · +13.4% a year
  • CB$184,681+1,747% total · +10.6% a year
  • TRV$178,972+1,690% total · +10.5% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • THG$82,769+728% total · +7.6% a year
  • MCY$72,420+624% total · +7.1% a year
  • KMPR$22,564+126% total · +2.8% a year
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From the end of September 2021 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. 470 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of TRV; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000202120222023202420252026$5,000$10,000$20,000$50,000202120222023202420252026
  • MPC$71,516+615% total · +48.2% a year
  • LLY$52,411+424% total · +39.3% a year
  • DXJ$32,976+230% total · +27.0% a year
  • MPLX$30,642+206% total · +25.1% a year
  • ABBV$29,134+191% total · +23.8% a year
  • TRV$25,788+158% total · +20.9% a year
  • PGR$25,636+156% total · +20.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • HCI$17,223+72.2% total · +11.5% a year
  • AJG$16,159+61.6% total · +10.1% a year
Change the dates or add tickers to this chart in EasyCompare

TRV 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
$83B
Industry
Insurance - Property & Casualty
Price history from
October 1986

Returns

Past 1 year
+51.5%total return
Past 3 years
+158%+37.1% a year
Past 5 years
+174%+22.4% a year
Past 10 years
+347%+16.2% a year
Best calendar year
+65.7%2000
Worst calendar year
−20.1%2002
Losing years
7 of 29full calendar years

Risk

Volatility
22.3%typical yearly swing, 5 years
Sharpe ratio
1.02return per unit of risk, 5 years
Worst decline ever
−55.1%Dec 2000 to Jul 2002
From its all-time high
At its highwithin 1%

TRV against the whole market

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

How does TRV rank among all stocks?

This section ranks TRV 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 TRV 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.

MeasureTRVRankStanding
1-year return+51.5%537 of 3,287top 16%
3-year return+158%558 of 3,017top 18%
5-year return+174%379 of 2,893top 13%
10-year return+347%485 of 2,202top 22%
Volatility, 5 years22.3%162 of 2,893top 6%
Sharpe ratio, 5 years1.0290 of 2,893top 3%
Worst decline, past 10 years−46.3%330 of 2,187top 15%

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

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%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 TRVTRV: +22.4% a year, volatility 22.3%SPY (S&P 500): +12.7% a year, volatility 17.1%DXJ: +26.6% a year, volatility 19.1%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%MPLX: +23.5% a year, volatility 18.8%MPC: +51.2% a year, volatility 33.4%NHC: +32.0% a year, volatility 28.5%RSG: +13.9% a year, volatility 18.5%EWT: +20.4% a year, volatility 24.2%TRVSPY (S&P 500)DXJLLYABBVMPLXMPCNHCEWT15.0%20.0%25.0%30.0%35.0%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 TRVTRV: +22.4% a year, volatility 22.3%SPY (S&P 500): +12.7% a year, volatility 17.1%DXJ: +26.6% a year, volatility 19.1%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%MPLX: +23.5% a year, volatility 18.8%MPC: +51.2% a year, volatility 33.4%NHC: +32.0% a year, volatility 28.5%RSG: +13.9% a year, volatility 18.5%EWT: +20.4% a year, volatility 24.2%TRVSPY (S&P 500)DXJLLYABBVMPLXMPCNHCEWT
  • The whole market

Is there a better investment than TRV?

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

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

Screen the whole market against TRV for any period in BetterThanSPYOpen these 9 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 TRV?lower diversifies moreExpenseper year
TRVThe Travelers Companies, Inc. · this page
+22.4%22.3%1.02−46.3%+347%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.320.09%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 17 of 3,573 passed at least one test.
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%0.250.48%
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.10—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.46—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.50—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.35—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.36—
RSGRepublic Services, Inc. · Environmental Services
On the frontierSmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.36—
EWTiShares MSCI Taiwan ETF · International Equity
Higher return in most periods+20.4%24.2%0.89−38.9%+468%0.030.59%
What these numbers mean for TRV
Annual return
TRV returned 22.4% 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 $27,400. 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
TRV's volatility over the past 5 years was 22.3%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TRV's return lands within 22.3% 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
TRV's Sharpe ratio over the past 5 years was 1.02, against 0.79 for the S&P 500, so TRV 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
TRV's worst fall from a peak to a low over the past 10 years was 46.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 46.3% fall takes a 86.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, TRV's monthly returns had a correlation of 0.32 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 TRV instead: the lower it is, the more that option would diversify a TRV holding. Guide: Correlation and diversification →
Show all 2 stocks and funds worth at least $500 million that earned more than TRV 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 TRVExpense
1
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.250.48%
2
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.50—

TRV against its popular alternatives

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

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

Green points earned more than TRV 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%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTRV: 22.4% a year, volatility 22.3%SPY (S&P 500): 12.7% a year, volatility 17.1%HCI: 11.7% a year, volatility 42.0%AJG: 10.9% a year, volatility 24.2%PGR: 21.3% a year, volatility 25.6%WRB: 18.9% a year, volatility 22.9%MCY: 17.0% a year, volatility 34.3%SAFT: 10.6% a year, volatility 28.5%THG: 14.4% a year, volatility 22.9%MET: 12.0% a year, volatility 25.4%KMPR: −12.3% a year, volatility 37.3%ALL: 17.0% a year, volatility 26.2%AFG: 9.8% a year, volatility 22.6%ACGL: 20.1% a year, volatility 24.5%RLI: 8.1% a year, volatility 23.9%CINF: 10.2% a year, volatility 25.7%AON: −0.3% a year, volatility 23.8%SIGI: 4.4% a year, volatility 27.4%EG: 9.4% a year, volatility 25.7%AXS: 16.7% a year, volatility 25.2%ORI: 17.0% a year, volatility 22.2%HIG: 15.6% a year, volatility 22.0%CB: 15.7% a year, volatility 20.4%CNA: 9.2% a year, volatility 21.6%L: 14.3% a year, volatility 19.2%TRVSPY (S&P 500)HCIAJGPGRWRBMCYSAFTTHGMETKMPRALLAFGRLICINFAONSIGIEGAXSORIHIGCBCNAL15.0%20.0%25.0%30.0%35.0%40.0%45.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTRV: 22.4% a year, volatility 22.3%SPY (S&P 500): 12.7% a year, volatility 17.1%HCI: 11.7% a year, volatility 42.0%AJG: 10.9% a year, volatility 24.2%PGR: 21.3% a year, volatility 25.6%WRB: 18.9% a year, volatility 22.9%MCY: 17.0% a year, volatility 34.3%SAFT: 10.6% a year, volatility 28.5%THG: 14.4% a year, volatility 22.9%MET: 12.0% a year, volatility 25.4%KMPR: −12.3% a year, volatility 37.3%ALL: 17.0% a year, volatility 26.2%AFG: 9.8% a year, volatility 22.6%ACGL: 20.1% a year, volatility 24.5%RLI: 8.1% a year, volatility 23.9%CINF: 10.2% a year, volatility 25.7%AON: −0.3% a year, volatility 23.8%SIGI: 4.4% a year, volatility 27.4%EG: 9.4% a year, volatility 25.7%AXS: 16.7% a year, volatility 25.2%ORI: 17.0% a year, volatility 22.2%HIG: 15.6% a year, volatility 22.0%CB: 15.7% a year, volatility 20.4%CNA: 9.2% a year, volatility 21.6%L: 14.3% a year, volatility 19.2%TRVSPY (S&P 500)HCIPGRWRBMCYSAFTKMPRALLAFGRLICINFAONSIGIAXSORICNA
All figures
InvestmentAnnual returnVolatility
TRV This pageThe Travelers Companies, Inc.+22.4%22.3%
PGR The Progressive Corporation+21.3%25.6%
ACGL Arch Capital Group Ltd.+20.1%24.5%
WRB W. R. Berkley Corporation+18.9%22.9%
ORI Old Republic International Corporation+17.0%22.2%
MCY Mercury General Corporation+17.0%34.3%
ALL The Allstate Corporation+17.0%26.2%
AXS AXIS Capital Holdings Limited+16.7%25.2%
CB Chubb Limited+15.7%20.4%
HIG The Hartford Insurance Group, Inc.+15.6%22.0%
THG The Hanover Insurance Group, Inc.+14.4%22.9%
L Loews Corporation+14.3%19.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MET MetLife, Inc.+12.0%25.4%
HCI HCI Group, Inc.+11.7%42.0%
AJG Arthur J. Gallagher & Co.+10.9%24.2%
SAFT Safety Insurance Group, Inc.+10.6%28.5%
CINF Cincinnati Financial Corporation+10.2%25.7%
AFG American Financial Group, Inc.+9.8%22.6%
EG Everest Group, Ltd.+9.4%25.7%
CNA CNA Financial Corporation+9.2%21.6%
RLI RLI Corp.+8.1%23.9%
SIGI Selective Insurance Group, Inc.+4.4%27.4%
AON Aon plc−0.3%23.8%
KMPR Kemper Corporation−12.3%37.3%
Open these 25 in EasyCompare

Has TRV consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than TRV 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
TRV The Travelers Companies, Inc. (this page)—+6.6%+7.8%+32.6%+40.3%+51.5%+158%+174%+347%22.3%1.02−46.3%—$83B—
HCI Insurance - Property & CasualtyHCI Group, Inc.2/5 short2/3 long+10.9%+13.9%+32.8%+11.9%+5.3%+267%+73.5%+829%42.0%0.47−78.8%—$2.5B—
AJG Insurance - BrokersArthur J. Gallagher & Co.1/5 short1/3 long+9.6%+2.5%+16.9%+2.2%−6.1%+17.3%+68.0%+516%24.2%0.55−44.4%—$66B—
PGR Insurance - Property & CasualtyThe Progressive Corporation0/5 short1/3 long+4.6%+4.6%+9.0%+4.8%+7.7%+56.8%+162%+816%25.6%0.89−30.3%—$129B—
WRB Insurance - Property & CasualtyW. R. Berkley Corporation0/5 short1/3 long+6.3%+0.7%+11.7%+6.7%+2.3%+87.3%+138%+443%22.9%0.87−45.3%—$27B—
MCY Insurance - Property & CasualtyMercury General Corporation0/5 short1/3 long+4.7%−0.9%+11.4%+15.6%+33.9%+268%+119%+198%34.3%0.63−55.3%—$5.8B—
SAFT Insurance - Property & CasualtySafety Insurance Group, Inc.4/5 short0/3 long+0.5%+42.3%+39.8%+42.3%+56.4%+63.8%+65.8%+138%28.5%0.49−32.8%—$1.5B—
THG Insurance - Property & CasualtyThe Hanover Insurance Group, Inc.1/5 short0/3 long+3.9%+8.7%+30.1%+31.4%+37.7%+115%+95.9%+291%22.9%0.70−40.1%—$8.1B—
MET Insurance - LifeMetLife, Inc.1/5 short0/3 long+4.7%+9.5%+32.0%+28.6%+32.2%+84.0%+76.5%+240%25.4%0.58−55.2%—$64B—
KMPR Insurance - Property & CasualtyKemper Corporation1/5 short0/3 long+12.1%+6.1%−9.3%−22.2%−37.4%−24.1%−48.0%−3.1%37.3%-0.16−70.3%—$1.8B—
SKWD Insurance - Property & CasualtySkyward Specialty Insurance Group, Inc.1/5 short0/3 long+9.5%+1.6%+32.6%+26.8%+32.8%+122%————−36.5%—$2.7B—
ALL Insurance - Property & CasualtyThe Allstate Corporation0/5 short0/3 long+2.9%−1.1%+17.3%+24.4%+31.5%+116%+119%+356%26.2%0.73−41.4%—$63B—
ORI Insurance - Property & CasualtyOld Republic International Corporation0/5 short0/3 long+1.2%−5.3%−5.2%−6.1%+3.6%+81.5%+119%+349%22.2%0.82−47.8%—$9.6B—
AFG Insurance - Property & CasualtyAmerican Financial Group, Inc.0/5 short0/3 long+6.4%+5.6%+16.3%+15.0%+20.4%+66.9%+59.7%+321%22.6%0.53−59.0%—$12B—
ACGL Insurance - DiversifiedArch Capital Group Ltd.0/5 short0/3 long+5.8%−0.5%+3.9%+7.9%+16.5%+28.7%+150%+309%24.5%0.87−53.8%—$35B—
HIG Insurance - DiversifiedThe Hartford Insurance Group, Inc.0/5 short0/3 long+4.3%−2.5%−0.9%+0.8%+12.1%+105%+106%+294%22.0%0.77−57.6%—$37B—
CB Insurance - Property & CasualtyChubb Limited0/5 short0/3 long+6.1%+1.8%+9.1%+16.4%+35.0%+78.9%+107%+248%20.4%0.82−42.6%—$138B—
RLI Insurance - Property & CasualtyRLI Corp.0/5 short0/3 long+6.2%+1.9%+13.5%+5.4%+14.2%+8.4%+47.7%+206%23.9%0.45−43.5%—$5.8B—
CINF Insurance - Property & CasualtyCincinnati Financial Corporation0/5 short0/3 long+3.7%−4.1%+4.8%+8.4%+13.6%+87.6%+62.7%+203%25.7%0.51−58.1%—$26B—
AON Insurance - BrokersAon plc0/5 short0/3 long+2.0%−18.0%−10.2%−13.2%−13.0%−3.1%−1.6%+195%23.8%0.11−38.7%—$63B—
CNA Insurance - Property & CasualtyCNA Financial Corporation0/5 short0/3 long+1.3%−7.7%+3.6%+10.9%+15.2%+56.4%+55.2%+183%21.6%0.52−45.9%—$13B—
L Insurance - Property & CasualtyLoews Corporation0/5 short0/3 long+4.3%−2.8%+0.4%+6.6%+12.5%+78.4%+94.9%+180%19.2%0.80−48.5%—$23B—
SIGI Insurance - Property & CasualtySelective Insurance Group, Inc.0/5 short0/3 long+1.9%−7.1%+10.3%+8.6%+9.1%−9.1%+24.1%+160%27.4%0.30−48.4%—$5.3B—
EG Insurance - ReinsuranceEverest Group, Ltd.0/5 short0/3 long+6.4%+4.3%+13.4%+19.6%+14.8%+6.0%+57.0%+155%25.7%0.48−44.2%—$15B—
AXS Insurance - DiversifiedAXIS Capital Holdings Limited0/5 short0/3 long+3.1%−12.2%−0.4%−2.3%+11.1%+90.4%+116%+137%25.2%0.74−49.3%—$7.3B—
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How did TRV do year by year?

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

InvestmentYears ahead of TRV20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
TRV This pageThe Travelers Companies, Inc.—+22.4%+28.8%+3.9%+22.4%+14.0%+5.3%+17.0%−9.7%+13.4%+11.0%+9.1%+19.6%+29.1%+24.8%+9.3%+14.8%+13.5%−13.8%+2.4%+22.9%+23.2%−3.6%+20.3%−20.1%−16.9%+65.7%0.0%−12.9%+43.6%
Rank among alternativesTop quarter in 5 of 298 of 2512 of 2516 of 246 of 2418 of 246 of 2419 of 2418 of 2413 of 2422 of 2411 of 245 of 2421 of 246 of 249 of 2415 of 248 of 2411 of 238 of 237 of 2311 of 2322 of 2316 of 2215 of 2118 of 219 of 205 of 2014 of 2011 of 20
SPY S&P 500State Street SPDR S&P 500 ETF15 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%
HCI HCI Group, Inc.10 of 17+66.3%+35.5%+127%−51.2%+62.8%+18.5%−6.8%+76.0%−21.5%+17.6%−17.1%−17.0%+168%+174%+6.2%+7.2%+45.4%————————————
AJG Arthur J. Gallagher & Co.17 of 29−8.0%+27.4%+20.5%+12.4%+39.0%+32.1%+31.8%+19.2%+25.1%+31.1%−10.1%+3.5%+40.0%+7.6%+20.3%+35.6%−7.8%+12.7%−14.3%−0.1%−1.2%+3.3%+13.4%−13.1%+10.4%+100%+51.8%+32.5%+15.3%
PGR The Progressive Corporation19 of 29−3.0%+51.4%+23.2%+26.8%+10.8%+41.5%+25.1%+9.4%+61.6%+14.9%+21.1%+5.3%+30.9%+15.5%+0.2%+17.2%+21.5%−22.1%−13.2%−16.9%+37.8%+1.7%+68.5%0.0%+44.3%+42.2%−56.6%+41.6%+78.3%
WRB W. R. Berkley Corporation14 of 29+23.0%+27.9%+0.3%+33.9%+27.4%−3.1%+43.8%+5.7%+9.9%+23.7%+7.8%+21.8%+16.1%+13.6%+27.1%+12.3%−19.9%+5.2%−13.1%+9.2%+52.6%+36.1%+33.2%+10.8%+15.2%+131%−37.4%−21.1%+32.0%
MCY Mercury General Corporation16 of 29+44.1%+82.2%+13.6%−32.6%+6.2%+13.5%−1.2%+1.7%−7.2%+35.2%−13.8%+19.8%+32.6%−7.8%+12.6%+15.9%−8.1%−3.0%−1.8%−6.1%+0.1%+32.4%+27.8%−11.5%+1.6%+104%−47.8%−19.6%+114%
SAFT Safety Insurance Group, Inc.8 of 23−0.8%+13.2%−5.3%+3.1%+14.1%−11.8%+17.2%+5.7%+13.7%+36.7%−7.4%+19.1%+27.8%+19.9%−11.1%+37.8%−0.1%+8.4%−25.3%+27.8%+31.0%+86.7%+21.9%——————
THG The Hanover Insurance Group, Inc.15 of 29+20.7%+30.6%−7.6%+5.4%+14.5%−12.3%+26.7%+10.1%+21.4%+14.4%+16.6%+22.4%+58.3%+14.4%−23.0%+7.6%+5.2%−5.0%−5.2%+17.5%+28.1%+6.7%+205%−77.3%−38.1%+30.8%−3.4%+16.3%+49.8%
MET MetLife, Inc.10 of 25−0.8%+27.7%−5.5%+19.2%+37.5%−3.4%+28.8%−15.8%+8.4%+15.9%−8.3%+3.0%+67.5%+7.9%−28.3%+27.9%+3.7%−42.2%+5.6%+21.7%+22.2%+21.8%+25.4%−13.9%−8.8%————
KMPR Kemper Corporation13 of 29−37.5%+39.2%+1.5%−14.2%−22.1%+0.8%+18.3%−2.3%+58.7%+22.6%+5.8%−9.3%+42.5%+4.3%+23.2%+15.2%+48.2%−64.4%−0.3%+15.7%+2.7%+14.1%+50.1%−22.5%+9.2%+13.5%+9.4%+15.5%+21.2%
SKWD Skyward Specialty Insurance Group, Inc.1 of 2+1.1%+49.2%———————————————————————————
ALL The Allstate Corporation12 of 29+10.1%+40.6%+6.4%+18.4%+9.9%−0.1%+38.8%−19.5%+43.6%+21.7%−9.9%+31.2%+38.6%+50.2%−11.4%+9.1%−5.1%−34.5%−17.6%+23.4%+6.9%+23.1%+19.4%+12.3%−21.0%+85.6%−36.4%−13.8%+58.5%
ORI Old Republic International Corporation15 of 29+37.4%+27.2%+26.4%+6.7%+44.9%−7.6%+17.7%+4.9%+17.0%+6.3%+33.4%−11.2%+70.5%+23.5%−27.3%+43.3%−10.2%−18.2%−31.5%+13.9%+10.4%+1.9%+42.5%+1.9%−10.1%+141%−37.0%−8.1%+41.1%
AFG American Financial Group, Inc.14 of 29+5.4%+23.8%−7.6%+10.9%+93.8%−16.2%+27.1%−13.0%+29.2%+25.8%+22.2%+8.7%+51.2%+9.9%+16.5%+32.2%+11.7%−19.1%−18.6%+42.4%+24.4%+20.2%+17.4%−4.1%−3.8%+5.0%−38.0%+11.6%+9.5%
ACGL Arch Capital Group Ltd.18 of 29+3.9%+30.8%+18.3%+41.2%+23.2%−15.9%+60.5%−11.7%+5.2%+23.7%+18.1%−1.0%+35.6%+18.2%+26.9%+23.0%+2.0%−0.3%+4.1%+23.5%+41.3%−2.9%+28.0%+21.0%+72.2%+18.8%−42.2%−2.1%+14.6%
HIG The Hartford Insurance Group, Inc.15 of 29+28.1%+38.5%+8.6%+12.3%+44.3%−17.0%+39.8%−19.2%+20.3%+11.8%+6.1%+17.1%+64.1%+40.9%−37.5%+14.8%+43.8%−79.8%−4.6%+10.8%+25.8%+19.5%+33.0%−26.3%−9.6%+51.9%−12.1%+19.3%+41.5%
CB Chubb Limited15 of 29+14.5%+23.9%+4.2%+16.0%+27.9%+1.4%+22.9%−9.6%+12.8%+15.6%+5.3%+14.4%+31.9%+17.6%+14.5%+26.4%−1.8%−13.0%+3.8%+15.4%+27.5%+5.3%+44.3%−25.4%−3.7%+159%−50.6%+7.8%+62.3%
RLI RLI Corp.14 of 29−19.1%+27.6%+3.8%+24.8%+10.7%+18.1%+33.2%+16.7%+0.4%+6.8%+31.1%+9.6%+57.9%−2.7%+52.1%+13.7%−11.0%+9.6%+2.2%+14.5%+21.8%+12.5%+36.0%+24.6%+2.5%+33.8%+4.1%−15.2%+50.0%
CINF Cincinnati Financial Corporation13 of 29+16.3%+42.5%+4.0%−7.9%+33.3%−14.1%+38.9%+6.3%+1.0%+31.5%+19.0%+2.6%+38.4%+34.2%+1.5%+27.5%−3.6%−22.8%−9.8%+4.4%+9.1%+14.2%+14.0%+0.7%−1.4%+29.5%−13.2%−20.7%+121%
AON Aon plc15 of 29−0.9%+24.4%−2.3%+0.6%+43.4%+2.4%+44.7%+9.9%+21.1%+22.5%−1.6%+14.3%+52.4%+20.3%+2.9%+21.8%−14.8%−2.9%+37.0%−0.1%+54.3%+2.2%+30.3%−45.2%+6.3%−11.9%+10.7%−3.8%+44.6%
CNA CNA Financial Corporation9 of 29+7.0%+24.0%+7.1%+3.8%+19.0%−5.4%+9.5%−11.1%+37.1%+30.0%−2.3%−5.3%+56.5%+6.9%+0.3%+12.7%+45.9%−50.4%−15.8%+23.2%+22.4%+11.0%−5.9%−12.2%−24.7%−0.5%−3.3%−5.5%+19.4%
L Loews Corporation14 of 29+24.7%+22.1%+19.8%+1.4%+28.9%−13.7%+15.9%−8.6%+7.2%+22.7%−8.1%−12.4%+19.0%+8.9%−2.6%+7.8%+29.8%−43.5%+22.0%+32.0%+36.0%+43.6%+12.8%−18.8%+8.1%+73.3%−37.5%−6.4%+13.7%
SIGI Selective Insurance Group, Inc.13 of 29−8.8%−4.6%+13.7%+9.7%+24.0%+4.5%+8.2%+5.1%+38.2%+30.3%+26.0%+2.7%+43.6%+12.0%+0.7%+14.0%−25.7%+2.1%−18.1%+9.7%+22.0%+39.1%+31.8%+18.7%−8.0%+45.7%−11.9%−23.7%+45.4%
EG Everest Group, Ltd.16 of 29−4.1%+4.6%+8.7%+23.7%+19.8%−13.0%+30.2%+0.7%+3.9%+21.1%+9.9%+11.4%+44.0%+33.3%+1.4%+1.4%+15.5%−22.3%+4.3%−1.6%+12.6%+6.4%+53.8%−21.4%−0.8%+223%−42.2%−5.1%+44.2%
AXS AXIS Capital Holdings Limited9 of 22+23.0%+63.9%+5.5%+2.6%+11.8%−11.9%+18.3%+5.7%−21.0%+19.1%+12.5%+10.0%+40.5%+11.6%−8.1%+29.7%+0.6%−23.4%+18.9%+8.8%+16.7%−4.8%———————
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Risk and diversification

How TRV 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 TRV's worst declines?

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

DuringTRV fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−55.1%−35.9%Dec 2000Jul 200219 monthsOct 20064.3 years
No named crash−51.0%+28.3%Mar 1998Mar 20002 yearsJul 20004 months
Covid crash−46.3%−19.4%Jul 2019Mar 20208 monthsFeb 202111 months
2008 financial crisis−44.3%−39.6%May 2007Oct 200817 monthsNov 200913 months
No named crash−31.1%—Oct 1987Apr 19886 monthsJun 198914 months

How did TRV do in stock market crashes?

This section measures how far TRV, 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 TRV.

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
TRV This pageThe Travelers Companies, Inc.—−2.6%−18.9%−39.2%−15.7%−8.8%−11.4%−18.1%−1.1%−43.7%−55.1%
SPY S&P 500State Street SPDR S&P 500 ETF3 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
HCI HCI Group, Inc.5 of 8−4.5%−58.8%−28.3%−12.5%−4.0%−33.5%−10.8%0.0%——
AJG Arthur J. Gallagher & Co.5 of 10−4.8%−18.8%−37.0%−11.5%−6.1%−23.1%−13.4%−1.1%−46.0%−41.2%
PGR The Progressive Corporation5 of 10−2.9%−10.5%−18.3%−22.3%−4.3%−12.3%−16.6%−1.2%−52.9%−36.2%
WRB W. R. Berkley Corporation6 of 10−7.5%−14.7%−45.3%−12.2%−7.5%−17.6%−15.5%−0.9%−42.0%−25.9%
MCY Mercury General Corporation3 of 10−6.2%−48.3%−32.2%−19.6%−13.6%−20.2%−12.5%−0.9%−62.9%−26.1%
SAFT Safety Insurance Group, Inc.5 of 9−6.5%−21.2%−26.9%−13.9%−6.7%−13.0%−11.3%−2.3%−33.8%—
THG The Hanover Insurance Group, Inc.6 of 10−5.2%−18.6%−38.8%−14.2%−7.3%−10.7%−15.9%0.0%−42.9%−90.1%
MET MetLife, Inc.1 of 9−12.6%−19.5%−55.0%−20.9%−6.9%−36.5%−36.3%−3.4%−82.3%—
KMPR Kemper Corporation2 of 10−9.1%−34.3%−28.9%−23.6%−10.1%−42.0%−21.8%−3.4%−82.5%−32.5%
SKWD Skyward Specialty Insurance Group, Inc.0 of 1−8.2%—————————
ALL The Allstate Corporation3 of 10−6.7%−20.3%−40.8%−23.7%−8.0%−10.8%−20.3%−0.8%−74.8%−30.6%
ORI Old Republic International Corporation4 of 10−5.3%−20.4%−46.3%−14.0%−7.7%−10.7%−21.9%−3.0%−60.0%−27.9%
AFG American Financial Group, Inc.5 of 10−7.4%−16.2%−58.2%−23.5%−6.6%−11.8%−13.8%−0.5%−58.7%−38.0%
ACGL Arch Capital Group Ltd.4 of 10−7.3%−16.6%−51.7%−17.9%−5.5%−16.4%−12.6%−0.6%−43.9%−21.9%
HIG The Hartford Insurance Group, Inc.2 of 10−9.0%−18.6%−54.5%−19.4%−8.1%−23.3%−37.2%−2.9%−96.0%−51.5%
CB Chubb Limited5 of 10−5.6%−19.1%−42.2%−13.6%−8.4%−9.7%−13.7%−0.2%−51.2%−52.4%
RLI RLI Corp.7 of 10−4.3%−15.7%−27.0%−16.9%−6.1%−8.2%−14.7%−2.2%−34.8%−21.3%
CINF Cincinnati Financial Corporation4 of 10−7.0%−35.8%−40.5%−12.1%−7.9%−11.3%−15.4%−1.5%−57.1%−29.8%
AON Aon plc3 of 10−2.4%−25.4%−38.7%−17.0%−5.3%−17.4%−20.7%0.0%−30.3%−66.5%
CNA CNA Financial Corporation2 of 10−8.7%−25.7%−43.3%−12.3%−8.9%−24.6%−22.7%−1.8%−83.9%−46.2%
L Loews Corporation1 of 10−5.6%−26.1%−44.8%−17.7%−9.4%−12.1%−18.0%−1.0%−64.2%−45.9%
SIGI Selective Insurance Group, Inc.5 of 10−5.7%−17.4%−38.4%−14.9%−5.5%−20.3%−25.4%−4.0%−61.3%−34.8%
EG Everest Group, Ltd.6 of 10−9.4%−19.0%−40.4%−12.0%−2.8%−10.3%−11.9%0.0%−46.7%−44.7%
AXS AXIS Capital Holdings Limited2 of 9−6.4%−19.0%−43.6%−15.5%−2.5%−10.7%−21.5%−0.9%−55.9%—
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How closely does TRV 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 TRV 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 TRV's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
TRV This pageThe Travelers Companies, Inc.70%48%1.480.59
WRB W. R. Berkley Corporation68%26%2.580.55
AJG Arthur J. Gallagher & Co.80%46%1.740.61
THG The Hanover Insurance Group, Inc.64%37%1.720.60
ALL The Allstate Corporation68%41%1.660.49
EG Everest Group, Ltd.46%32%1.430.46
HCI HCI Group, Inc.110%80%1.370.90
ORI Old Republic International Corporation82%61%1.340.70
CB Chubb Limited63%48%1.320.54
ACGL Arch Capital Group Ltd.74%57%1.280.57
CNA CNA Financial Corporation57%45%1.260.54
SAFT Safety Insurance Group, Inc.50%41%1.210.23
AFG American Financial Group, Inc.84%75%1.120.78
SIGI Selective Insurance Group, Inc.56%51%1.100.56
MCY Mercury General Corporation63%59%1.070.65
HIG The Hartford Insurance Group, Inc.83%77%1.070.78
RLI RLI Corp.57%54%1.050.39
CINF Cincinnati Financial Corporation66%63%1.050.60
AXS AXIS Capital Holdings Limited55%53%1.040.67
L Loews Corporation66%64%1.030.71
MET MetLife, Inc.91%97%0.941.03
AON Aon plc79%89%0.890.78
KMPR Kemper Corporation80%171%0.470.93
PGR The Progressive Corporation72%-5%—0.36
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What diversifies TRV?

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

ETFs

InvestmentCorrelation5Y returnSharpe201820082004200220011999199880/20 mix volatility80/20 mix annual return
TRV The Travelers Companies, Inc. (this page)1.00+174%1.02−9.7%−13.8%−3.6%−20.1%−16.9%0.0%−12.9%21.0%+20.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.25+225%1.34−19.8%−20.8%—————17.6%+22.5%
SMH TechnologyVanEck Semiconductor ETF-0.05+323%0.97−9.1%−44.7%−19.3%−47.0%−14.6%——17.9%+25.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.42+85.0%0.96−9.5%——————17.8%+19.7%
GLD CommoditiesSPDR Gold Shares0.06+126%0.96−1.9%+4.9%—————17.3%+21.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.31+136%0.93−0.9%——————18.5%+21.6%
XLE EnergyState Street Energy Select Sector SPDR ETF0.48+177%0.93−18.2%−39.0%+33.8%−14.8%−18.2%+18.1%—19.8%+21.8%
MLPA EnergyGlobal X - MLP ETF0.49+103%0.91−15.7%——————18.7%+20.5%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.36+109%0.90−11.1%——————18.6%+20.7%

Stocks

InvestmentCorrelation5Y returnSharpe201820082004200220011999199880/20 mix volatility80/20 mix annual return
TRV The Travelers Companies, Inc. (this page)1.00+174%1.02−9.7%−13.8%−3.6%−20.1%−16.9%0.0%−12.9%21.0%+20.9%
CAH Medical - DistributionCardinal Health, Inc.0.42+479%1.55−24.5%−39.6%−4.7%−8.3%−2.5%−36.8%+51.7%19.6%+24.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.09+3,143%1.47−16.3%−20.5%−6.4%−65.1%−25.6%+350%—21.3%+38.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.21+1,636%1.46+0.8%−15.2%+40.0%−9.4%+73.7%−58.7%−9.5%20.6%+34.1%
MCK Medical - DistributionMcKesson Corporation0.49+413%1.44−28.4%−40.4%−1.4%−27.2%+4.9%−71.3%+46.9%19.8%+24.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.35+690%1.41−8.2%——————20.0%+26.9%
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Common questions

What was TRV's worst drawdown?

TRV's deepest decline since it began trading in 1986 was 55.1%, from December 2000 to July 2002. It took about four years from the low to climb back to its old high.

What were TRV's best and worst years?

Over 29 full calendar years, TRV's best year was 2000, when it returned 65.7%. Its worst was 2002, with a return of -20.1%.

Is there a better investment than TRV?

Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than TRV with less volatility over the past 5 years, among them MPLX and DXJ.

Is TRV more volatile than the S&P 500?

Yes. TRV's volatility over the past 5 years was 22.3%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TRV's return lands within 22.3% 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 TRV's Sharpe ratio?

TRV's Sharpe ratio over the past 5 years was 1.02, against 0.79 for the S&P 500, so TRV 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 TRV with the S&P 500?

Over the past 5 years, TRV's monthly returns had a correlation of 0.32 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 TRV instead: the lower it is, the more that option would diversify a TRV holding.

What are the best alternatives to TRV?

None of the 24 popular alternatives we compared outperformed TRV in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about TRV's strength than about its alternatives.

Did TRV outperform the S&P 500?

TRV finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +22.4%, against +17.7% for the index.

How did TRV do in stock market crashes?

TRV fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in three. The clearest case was the 2008 financial crisis, when TRV fell 43.7% and the S&P 500 fell 55.2%.

What diversifies TRV?

These had a low correlation with TRV over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.25), SMH (correlation -0.05) and DBEF (correlation 0.42); among large stocks, CAH (correlation 0.42), CLS (correlation 0.09) and FIX (correlation 0.21). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to TRV

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