EasyCompare

Relative Intelligence · Semiconductors

How Taiwan Semiconductor Manufacturing (TSM) compares with the whole market and its popular alternatives

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

Period covered: TSM's full trading record, from October 1997 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 TSM →Chart TSM vs. 20 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in TSM over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TSM over the same span and TSM'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 1998 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. 17 of the 1,106 stocks and funds worth at least $500 million that traded the whole period ended ahead of TSM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199820032008201320182023$10,000$100,000$1M$10M19982005201220192026
  • AAPL$12M+116,713% total · +28.7% a year
  • LRCX$12M+115,321% total · +28.6% a year
  • APH$4M+37,029% total · +23.5% a year
  • ASML$3M+30,869% total · +22.7% a year
  • KLAC$3M+30,075% total · +22.6% a year
  • TSM$2M+23,057% total · +21.5% a year
  • ADI$814,605+8,046% total · +17.0% a year
  • MU$717,611+7,076% total · +16.5% a year
  • AMD$659,204+6,492% total · +16.1% a year
  • SPY (S&P 500)$121,630+1,116% total · +9.3% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. 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. 167 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of TSM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000202120222023202420252026$10,000$20,000$50,000$100,000202120222023202420252026
  • MU$153,675+1,437% total · +72.7% a year
  • DELL$112,363+1,024% total · +62.2% a year
  • NVDA$110,811+1,008% total · +61.8% a year
  • AVGO$79,117+691% total · +51.2% a year
  • ASX$70,798+608% total · +47.9% a year
  • KLAC$61,203+512% total · +43.7% a year
  • LRCX$60,701+507% total · +43.4% a year
  • AMD$59,452+495% total · +42.8% a year
  • TSM$43,622+336% total · +34.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

TSM 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
$2.2T
Industry
Semiconductors
Price history from
October 1997

Returns

Past 1 year
+44.3%total return
Past 3 years
+382%+68.9% a year
Past 5 years
+293%+31.5% a year
Past 10 years
+1,505%+32.0% a year
Best calendar year
+290%1999
Worst calendar year
−54.8%2002
Losing years
7 of 28full calendar years

Risk

Volatility
38.5%typical yearly swing, 5 years
Sharpe ratio
0.91return per unit of risk, 5 years
Worst decline ever
−84.6%Feb 2000 to Oct 2002
From its all-time high
−12.5%below the peak

TSM against the whole market

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

How does TSM rank among all stocks?

This section ranks TSM 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 TSM 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.

MeasureTSMRankStanding
1-year return+44.3%643 of 3,287top 20%
3-year return+382%164 of 3,017top 5%
5-year return+293%178 of 2,893top 6%
10-year return+1,505%61 of 2,202top 3%
Volatility, 5 years38.5%1,367 of 2,893top 47%
Sharpe ratio, 5 years0.91160 of 2,893top 6%
Worst decline, past 10 years−56.6%745 of 2,187top 34%

What has beaten TSM 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). TSM sits where the dashed lines cross. Anything in the green box above and to the left earned more than TSM 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 TSM; faint dots are 24 more of the 29 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%20.0%30.0%40.0%50.0%60.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TSMAPH: +33.8% a year, volatility 32.2%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%HWM: +47.3% a year, volatility 32.5%USLM: +35.6% a year, volatility 36.1%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%MUFG: +33.2% a year, volatility 29.4%BBVA: +38.7% a year, volatility 33.3%IBKR: +35.4% a year, volatility 35.4%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%TRGP: +41.8% a year, volatility 31.7%IMO: +34.3% a year, volatility 32.0%MLI: +38.9% a year, volatility 33.4%MOG-A: +36.6% a year, volatility 32.0%LAUR: +37.5% a year, volatility 32.8%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%EZPW: +33.2% a year, volatility 35.4%NRP: +37.4% a year, volatility 33.9%NWPX: +32.5% a year, volatility 36.2%TSM: +31.5% a year, volatility 38.5%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%AMD: +35.7% a year, volatility 57.6%ASX: +48.8% a year, volatility 43.0%AVGO: +48.3% a year, volatility 44.5%DELL: +55.2% a year, volatility 54.4%STX: +57.4% a year, volatility 48.7%SMH: +33.4% a year, volatility 36.9%LLY: +40.7% a year, volatility 32.8%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%CIB: +32.9% a year, volatility 32.9%PWR: +39.3% a year, volatility 37.2%CW: +30.8% a year, volatility 28.7%EPU: +29.5% a year, volatility 24.9%MPC: +51.2% a year, volatility 33.4%TSMSPY (S&P 500)MUAMDASXDELLSTXSMHLLYCAHMCKCIBPWRCWEPUMPC10.0%20.0%30.0%40.0%50.0%60.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TSMAPH: +33.8% a year, volatility 32.2%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%HWM: +47.3% a year, volatility 32.5%USLM: +35.6% a year, volatility 36.1%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%MUFG: +33.2% a year, volatility 29.4%BBVA: +38.7% a year, volatility 33.3%IBKR: +35.4% a year, volatility 35.4%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%TRGP: +41.8% a year, volatility 31.7%IMO: +34.3% a year, volatility 32.0%MLI: +38.9% a year, volatility 33.4%MOG-A: +36.6% a year, volatility 32.0%LAUR: +37.5% a year, volatility 32.8%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%EZPW: +33.2% a year, volatility 35.4%NRP: +37.4% a year, volatility 33.9%NWPX: +32.5% a year, volatility 36.2%TSM: +31.5% a year, volatility 38.5%SPY (S&P 500): +12.7% a year, volatility 17.1%MU: +68.1% a year, volatility 57.1%AMD: +35.7% a year, volatility 57.6%ASX: +48.8% a year, volatility 43.0%AVGO: +48.3% a year, volatility 44.5%DELL: +55.2% a year, volatility 54.4%STX: +57.4% a year, volatility 48.7%SMH: +33.4% a year, volatility 36.9%LLY: +40.7% a year, volatility 32.8%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%CIB: +32.9% a year, volatility 32.9%PWR: +39.3% a year, volatility 37.2%CW: +30.8% a year, volatility 28.7%EPU: +29.5% a year, volatility 24.9%MPC: +51.2% a year, volatility 33.4%TSMSPY (S&P 500)MUAMDASXAVGODELLSTXSMHLLYCAHMCKCIBPWRCWEPUMPC
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than TSM?

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

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

Screen the whole market against TSM for any period in BetterThanSPYOpen these 15 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 TSM?lower diversifies moreExpenseper year
TSMTaiwan Semiconductor Manufacturing Company Limited · this page
+31.5%38.5%0.91−56.6%+1,505%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.580.09%
Popular alternativesbest 4 shownThe investments people most often weigh against TSM. 4 of 19 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
Higher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.50—
AMDAdvanced Micro Devices, Inc. · Semiconductors
Higher return in most periods+35.7%57.6%0.82−65.5%+7,583%0.57—
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return in most periods+48.8%43.0%1.15−52.5%+967%0.71—
AVGOBroadcom Inc. · Semiconductors
Higher Sharpe, smaller worst decline+48.3%44.5%1.11−48.3%+2,380%0.50—
Same and neighboring categories, and shared themesbest 3 shownEverything else in Semiconductors and the categories next to it (Semiconductor Equipment, Computer Hardware, Communications Equipment, Software), plus TSM's specific themes. 3 of 125 passed at least one test.
DELLDell Technologies Inc. · Computer Hardware
Higher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.34—
STXSeagate Technology Holdings plc · Computer Hardware
Higher return in most periods+57.4%48.7%1.18−57.0%+2,698%0.59—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return in most periods+33.4%36.9%0.97−45.3%+1,665%0.820.35%
The whole marketbest 7 shownEvery other stock and fund worth at least $500 million. 64 of 3,489 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.02—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+42.1%24.7%1.55−46.1%+349%0.14—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst decline+38.7%25.0%1.44−38.1%+586%-0.04—
CIBGrupo Cibest S.A. · Banks
Higher return, lower volatilityHigher return in most periods+32.9%32.9%1.03−70.4%+345%0.13—
PWRQuanta Services, Inc. · Engineering & Construction
Higher return, similar volatilityHigher Sharpe, smaller worst decline+39.3%37.2%1.08−45.5%+2,045%0.40—
CWCurtiss-Wright Corporation · Aerospace & Defense
Similar return, lower volatilityHigher Sharpe, smaller worst decline+30.8%28.7%1.08−48.7%+512%0.27—
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher Sharpe, smaller worst decline+29.5%24.9%1.17−51.0%+275%0.360.59%
What these numbers mean for TSM
Annual return
TSM returned 31.5% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $39,300. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
TSM's volatility over the past 5 years was 38.5%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TSM's return lands within 38.5% 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
TSM's Sharpe ratio over the past 5 years was 0.91, against 0.79 for the S&P 500, so TSM 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
TSM's worst fall from a peak to a low over the past 10 years was 56.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 56.6% fall takes a 131% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, TSM's monthly returns had a correlation of 0.58 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 TSM instead: the lower it is, the more that option would diversify a TSM holding. Guide: Correlation and diversification →
Show all 29 stocks and funds worth at least $500 million that earned more than TSM 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 TSMExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.02—
2
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.14—
3
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%-0.04—
4
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.60—
5
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.26—
6
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.13—
7
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.28—
8
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%-0.10—
9
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%0.30—
10
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.01—
11
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.26—
12
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Whole market+35.6%36.1%1.03−45.9%+803%0.01—
13
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.37—
14
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.47—
15
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.27—
16
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.13—
17
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.30—
18
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%-0.08—
19
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+295%-0.17—
20
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.13—
21
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%0.02—
22
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.23—
23
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.27—
24
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%—-0.06—
25
AROCArchrock, Inc. · Oilfield Services
Whole market+33.1%36.4%0.97−84.9%+288%0.31—
26
CAAPCorporacion America Airports S.A. · Infrastructure
Whole market+35.1%35.9%1.02−89.9%—0.06—
27
EZPWEZCORP, Inc. · Financial - Credit Services
Whole market+33.2%35.4%0.99−76.6%+202%0.18—
28
NRPNatural Resource Partners L.P. · Coal
Whole market+37.4%33.9%1.11−78.8%+632%-0.13—
29
NWPXNWPX Infrastructure, Inc. · Construction Materials
Whole market+32.5%36.2%0.96−46.5%+682%0.27—

TSM against its popular alternatives

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

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

Green points earned more than TSM 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%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTSM: 31.5% a year, volatility 38.5%SPY (S&P 500): 12.7% a year, volatility 17.1%MRVL: 29.5% a year, volatility 65.2%UMC: 19.9% a year, volatility 43.2%ASML: 17.3% a year, volatility 43.4%INTC: 12.4% a year, volatility 55.6%AMAT: 25.8% a year, volatility 47.4%STM: 2.2% a year, volatility 47.7%ON: 10.7% a year, volatility 55.9%QCOM: 8.2% a year, volatility 42.8%MCHP: 2.5% a year, volatility 45.9%NXPI: 5.7% a year, volatility 42.3%AMD: 35.7% a year, volatility 57.6%MU: 68.2% a year, volatility 57.1%ASX: 48.9% a year, volatility 43.0%NVDA: 58.0% a year, volatility 51.9%LRCX: 37.4% a year, volatility 49.9%KLAC: 38.7% a year, volatility 46.7%AVGO: 48.3% a year, volatility 44.5%ADI: 19.5% a year, volatility 34.1%TXN: 9.9% a year, volatility 33.7%TSMSPY (S&P 500)MRVLUMCASMLINTCAMATSTMONQCOMMCHPNXPIAMDMUASXNVDALRCXKLACADITXN10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTSM: 31.5% a year, volatility 38.5%SPY (S&P 500): 12.7% a year, volatility 17.1%MRVL: 29.5% a year, volatility 65.2%UMC: 19.9% a year, volatility 43.2%ASML: 17.3% a year, volatility 43.4%INTC: 12.4% a year, volatility 55.6%AMAT: 25.8% a year, volatility 47.4%STM: 2.2% a year, volatility 47.7%ON: 10.7% a year, volatility 55.9%QCOM: 8.2% a year, volatility 42.8%MCHP: 2.5% a year, volatility 45.9%NXPI: 5.7% a year, volatility 42.3%AMD: 35.7% a year, volatility 57.6%MU: 68.2% a year, volatility 57.1%ASX: 48.9% a year, volatility 43.0%NVDA: 58.0% a year, volatility 51.9%LRCX: 37.4% a year, volatility 49.9%KLAC: 38.7% a year, volatility 46.7%AVGO: 48.3% a year, volatility 44.5%ADI: 19.5% a year, volatility 34.1%TXN: 9.9% a year, volatility 33.7%TSMSPY (S&P 500)MRVLUMCASMLINTCAMATSTMONQCOMMCHPAMDMUASXNVDALRCXKLACAVGOADI
All figures
InvestmentAnnual returnVolatility
MU Micron Technology, Inc.+68.2%57.1%
NVDA NVIDIA Corporation+58.0%51.9%
ASX ASE Technology Holding Co., Ltd.+48.9%43.0%
AVGO Broadcom Inc.+48.3%44.5%
KLAC KLA Corporation+38.7%46.7%
LRCX Lam Research Corporation+37.4%49.9%
AMD Advanced Micro Devices, Inc.+35.7%57.6%
TSM This pageTaiwan Semiconductor Manufacturing Company Limited+31.5%38.5%
MRVL Marvell Technology, Inc.+29.5%65.2%
AMAT Applied Materials, Inc.+25.8%47.4%
UMC United Microelectronics Corporation+19.9%43.2%
ADI Analog Devices, Inc.+19.5%34.1%
ASML ASML Holding N.V.+17.3%43.4%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
INTC Intel Corp.+12.4%55.6%
ON ON Semiconductor Corporation+10.7%55.9%
TXN Texas Instruments Incorporated+9.9%33.7%
QCOM QUALCOMM Incorporated+8.2%42.8%
NXPI NXP Semiconductors N.V.+5.7%42.3%
MCHP Microchip Technology Incorporated+2.5%45.9%
STM STMicroelectronics N.V.+2.2%47.7%
Open these 21 in EasyCompare

Has TSM consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than TSM 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
TSM Taiwan Semiconductor Manufacturing Company Limited (this page)—−4.5%+5.9%+16.6%+34.0%+44.3%+382%+293%+1,505%38.5%0.91−56.6%—$2.2T—
AMD QualifiedAdvanced Micro Devices, Inc.3/5 short3/3 long−13.1%+6.2%+94.5%+139%+122%+425%+359%+7,583%57.6%0.82−65.5%—$873B—
MU QualifiedMicron Technology, Inc.3/5 short3/3 long−14.2%+3.6%+99.9%+184%+334%+1,246%+1,244%+5,243%57.1%1.20−57.6%—$1.0T—
ASX QualifiedASE Technology Holding Co., Ltd.4/5 short2/3 long−6.8%+10.5%+40.6%+144%+217%+469%+631%+967%43.0%1.15−52.5%—$90B—
NVDA SemiconductorsNVIDIA Corporation1/5 short3/3 long−4.8%+6.6%+7.4%+14.9%+18.8%+425%+884%+13,019%51.9%1.14−66.3%—$5.2T—
LRCX SemiconductorsLam Research Corporation2/5 short2/3 long−12.8%−14.0%+0.3%+42.8%+83.7%+350%+390%+2,989%49.9%0.89−56.4%—$330B—
KLAC SemiconductorsKLA Corporation0/5 short2/3 long−12.1%−22.0%−10.2%+27.4%+41.0%+258%+413%+2,534%46.7%0.94−46.3%—$211B—
AVGO SemiconductorsBroadcom Inc.0/5 short2/3 long−7.8%−11.4%−16.0%−3.3%−3.5%+305%+617%+2,380%44.5%1.11−48.3%—$1.6T—
MRVL SemiconductorsMarvell Technology, Inc.4/5 short1/3 long−6.6%+23.4%+62.7%+169%+181%+390%+264%+1,874%65.2%0.72−61.9%—$211B—
UMC SemiconductorsUnited Microelectronics Corporation3/5 short1/3 long−22.7%−3.1%+58.4%+155%+166%+202%+147%+1,610%43.2%0.63−54.3%—$49B—
ASML SemiconductorsASML Holding N.V.2/5 short1/3 long−4.7%−6.1%+10.8%+40.8%+57.5%+188%+123%+1,628%43.4%0.59−56.9%—$630B—
ADI SemiconductorsAnalog Devices, Inc.4/5 short0/3 long+3.7%+6.9%+4.8%+46.3%+63.3%+150%+144%+652%34.1%0.69−33.6%—$192B—
TXN SemiconductorsTexas Instruments Incorporated4/5 short0/3 long+2.6%−1.7%+20.1%+59.1%+58.7%+105%+60.5%+424%33.7%0.45−33.4%—$254B—
INTC SemiconductorsIntel Corp.3/5 short0/3 long−24.7%−5.5%+39.6%+133%+141%+167%+79.8%+219%55.6%0.49−70.8%—$485B—
AMAT SemiconductorsApplied Materials, Inc.2/5 short0/3 long−12.8%−22.9%+3.7%+51.2%+78.5%+209%+215%+1,488%47.4%0.72−55.1%—$321B—
STM SemiconductorsSTMicroelectronics N.V.2/5 short0/3 long−11.2%−25.8%+3.3%+68.2%+52.9%+18.8%+11.6%+525%47.7%0.28−66.6%—$41B—
ON SemiconductorsON Semiconductor Corporation1/5 short0/3 long+5.4%−12.8%−11.6%+33.4%+37.8%−10.9%+66.0%+540%55.9%0.46−70.4%—$29B—
QCOM SemiconductorsQUALCOMM Incorporated1/5 short0/3 long−9.5%+3.7%+28.9%+3.2%+7.4%+72.4%+48.3%+239%42.8%0.40−44.3%—$188B—
MCHP SemiconductorsMicrochip Technology Incorporated1/5 short0/3 long+1.4%−5.2%−4.6%+18.6%+16.0%+8.5%+13.0%+207%45.9%0.28−63.8%—$41B—
NXPI SemiconductorsNXP Semiconductors N.V.1/5 short0/3 long+2.2%−10.7%+8.2%+8.8%+10.0%+34.9%+31.9%+159%42.3%0.34−53.3%—$60B—
GFS SemiconductorsGLOBALFOUNDRIES Inc.1/5 short0/3 long−3.0%−17.0%−19.7%+28.0%+32.7%−13.2%————−61.5%—$26B—
Open these 21 in EasyCompare

How did TSM do year by year?

This table shows each investment's total return in every full calendar year since 1998, along with where TSM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with TSM 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 TSM; gray means the two finished within a fraction of a point. The rank row places TSM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of TSM2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022001200019991998
TSM This pageTaiwan Semiconductor Manufacturing Company Limited—+55.7%+92.0%+41.8%−37.0%+11.7%+91.6%+63.3%−4.3%+37.9%+31.2%+4.9%+31.1%+4.5%+37.7%+7.3%+14.9%+52.9%−16.1%−4.3%+18.9%+27.1%−4.2%+56.7%−54.8%+39.5%−51.0%+290%+13.4%
Rank among alternativesTop quarter in 8 of 289 of 213 of 2112 of 2112 of 2119 of 204 of 2011 of 205 of 2013 of 2012 of 207 of 209 of 2020 of 202 of 206 of 208 of 1914 of 182 of 1811 of 186 of 185 of 185 of 1813 of 1814 of 187 of 1812 of 143 of 138 of 13
SPY S&P 500State Street SPDR S&P 500 ETF8 of 28+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%
AMD Advanced Micro Devices, Inc.15 of 28+77.3%−18.1%+128%−55.0%+56.9%+100.0%+148%+79.6%−9.3%+295%+7.5%−31.0%+61.3%−55.6%−34.0%−15.5%+348%−71.2%−63.1%−33.5%+39.0%+47.8%+131%−59.3%+14.8%−4.6%−0.2%+63.3%
MU Micron Technology, Inc.11 of 28+240%−1.0%+71.9%−45.9%+24.2%+39.8%+69.5%−22.8%+87.6%+54.7%−59.5%+60.9%+243%+0.8%−21.6%−24.1%+301%−63.6%−48.0%+4.9%+7.8%−8.3%+38.2%−68.6%−12.7%−8.7%+53.8%+94.9%
ASX ASE Technology Holding Co., Ltd.12 of 25+65.7%+10.1%+60.7%−13.0%+38.3%+8.1%+53.7%−37.2%+33.6%−7.4%−1.4%+32.5%+17.0%+1.3%−23.4%+31.1%+156%−63.2%−9.1%+25.8%+20.1%−25.6%+73.3%−33.5%+43.0%———
NVDA NVIDIA Corporation17 of 26+38.9%+171%+239%−50.2%+125%+122%+76.4%−30.8%+82.5%+228%+67.1%+27.4%+33.5%−11.0%−10.0%−17.6%+131%−76.3%+37.9%+102%+55.2%+1.6%+102%−82.8%+308%+39.6%——
LRCX Lam Research Corporation14 of 28+139%−6.9%+88.6%−40.7%+53.7%+64.2%+119%−24.4%+75.1%+35.3%+1.5%+46.5%+51.0%−2.5%−28.5%+31.9%+84.1%−50.7%−14.6%+41.6%+23.5%−10.5%+199%−53.4%+59.7%−61.0%+527%−39.1%
KLAC KLA Corporation14 of 28+94.5%+9.4%+56.0%−11.2%+68.1%+47.9%+104%−12.4%+36.7%+17.0%+2.1%+39.4%+39.0%+2.1%+28.8%+9.9%+69.8%−53.5%−2.7%+1.9%+6.2%−20.3%+65.8%−28.7%+46.6%−39.3%+157%+11.9%
AVGO Broadcom Inc.10 of 16+50.6%+110%+104%−13.3%+56.5%+45.0%+29.0%+2.2%+48.2%+23.6%+46.1%+93.4%+70.0%+12.0%+3.0%+55.4%————————————
MRVL Marvell Technology, Inc.12 of 25−22.8%+83.8%+63.7%−57.5%+84.6%+80.3%+65.7%−23.6%+56.9%+60.5%−37.8%+2.5%+102%−46.7%−25.3%−10.6%+211%−52.3%−27.1%−31.6%+58.1%+87.1%+101%−47.2%+63.5%———
UMC United Microelectronics Corporation5 of 25+28.7%−19.0%+39.0%−40.3%+43.1%+232%+55.4%−21.9%+42.2%−2.7%−13.2%+15.2%+5.7%−2.8%−26.9%−16.8%+98.2%−37.7%−28.9%+15.3%−2.2%−23.6%+52.9%−58.0%+33.7%———
ASML ASML Holding N.V.12 of 28+55.8%−7.7%+39.9%−30.5%+64.1%+66.3%+93.2%−9.7%+56.5%+27.9%−17.1%+16.2%+46.9%+19.7%+10.4%+13.2%+90.9%−41.4%+22.3%+22.7%+26.1%−20.6%+140%−51.0%−24.4%−40.5%+273%−9.7%
ADI Analog Devices, Inc.11 of 28+29.8%+8.8%+23.4%−4.9%+21.0%+26.9%+41.3%−1.6%+25.3%+35.0%+2.4%+12.2%+24.7%+21.2%−2.4%+22.7%+71.5%−38.0%−1.5%−6.7%−1.9%−18.7%+91.4%−46.2%−13.3%+10.1%+197%+13.3%
TXN Texas Instruments Incorporated13 of 28−4.5%+13.1%+6.4%−9.9%+17.5%+31.7%+39.6%−7.2%+46.8%+36.7%+5.1%+25.1%+46.3%+7.9%−8.8%+27.0%+72.0%−52.8%+17.0%−9.8%+30.7%−15.9%+96.6%−46.2%−40.8%−1.8%+126%+90.7%
INTC Intel Corp.11 of 28+84.0%−59.6%+94.5%−46.6%+6.0%−14.7%+30.7%+4.2%+30.9%+8.7%−2.2%+44.3%+30.9%−12.0%+19.4%+6.3%+43.9%−43.5%+34.2%−17.2%+8.1%−26.6%+107%−50.3%+4.9%−26.9%+39.1%+69.0%
AMAT Applied Materials, Inc.13 of 28+59.6%+1.1%+68.0%−37.5%+83.6%+43.3%+89.9%−34.9%+59.8%+75.7%−23.5%+43.7%+58.6%+10.2%−21.9%+3.0%+40.4%−42.1%−2.6%+3.8%+5.4%−23.8%+72.3%−35.0%+5.0%−39.7%+197%+41.7%
STM STMicroelectronics N.V.10 of 28+5.3%−49.6%+41.6%−26.8%+32.4%+38.9%+96.4%−35.7%+95.1%+76.9%−6.7%−2.5%+15.2%+30.1%−40.6%+15.9%+43.9%−52.3%−21.1%+2.9%−6.1%−28.1%+39.0%−38.3%−26.0%−15.2%+288%+27.8%
ON ON Semiconductor Corporation9 of 25−14.1%−24.5%+33.9%−8.2%+108%+34.3%+47.7%−21.1%+64.1%+30.2%−3.3%+22.9%+16.9%−8.7%−21.9%+12.0%+159%−61.7%+17.3%+36.9%+21.8%−29.9%+373%−33.8%−60.6%———
QCOM QUALCOMM Incorporated9 of 28+13.8%+8.3%+35.1%−38.6%+22.3%+77.1%+60.8%−7.6%+1.1%+35.1%−30.6%+2.3%+22.4%+14.9%+12.3%+9.0%+31.1%−7.6%+5.5%−11.3%+2.5%+58.3%+49.1%−28.0%−38.5%−53.3%+2,621%+6.4%
MCHP Microchip Technology Incorporated14 of 28+14.6%−34.9%+30.9%−18.0%+27.5%+33.7%+48.1%−16.7%+39.5%+41.6%+6.3%+4.0%+42.4%−7.1%+10.3%+24.6%+57.8%−34.8%−0.7%+4.4%+22.6%−19.9%+36.8%−5.1%+76.5%−27.9%+85.0%+23.6%
NXPI NXP Semiconductors N.V.8 of 15+6.4%−8.0%+48.4%−29.2%+44.8%+26.6%+75.7%−37.0%+19.5%+16.3%+10.3%+66.3%+74.5%+71.2%−26.6%—————————————
GFS GLOBALFOUNDRIES Inc.1 of 4−18.6%−29.2%+12.4%−17.1%————————————————————————
Open these 22 in EasyCompare

Risk and diversification

How TSM 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 TSM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents TSM's five deepest drawdowns since it began trading in 1997, 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 TSM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringTSM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−84.6%−43.6%Feb 2000Oct 20022.7 yearsJan 201310.3 years
2022 bear market−56.6%−19.2%Jan 2022Nov 202210 monthsMar 202416 months
No named crash−53.3%−4.3%Oct 1997Jan 19983 monthsJan 199912 months
No named crash−36.9%−18.3%Jan 2025Apr 20253 monthsJun 20252 months
Covid crash−26.7%−26.6%Jan 2020Mar 20202 monthsJul 20204 months

How did TSM do in stock market crashes?

This section measures how far TSM, 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 TSM.

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
TSM This pageTaiwan Semiconductor Manufacturing Company Limited—−3.9%−54.3%−23.3%−21.4%−9.3%−13.2%−15.7%0.0%−48.0%−82.4%
SPY S&P 500State Street SPDR S&P 500 ETF5 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
AMD Advanced Micro Devices, Inc.0 of 10−3.9%−60.1%−34.3%−48.9%−9.9%−40.0%−41.5%0.0%−87.6%−93.3%
MU Micron Technology, Inc.1 of 10−5.3%−49.6%−42.5%−36.6%−8.8%−49.4%−46.5%−2.0%−84.2%−87.8%
ASX ASE Technology Holding Co., Ltd.2 of 9−4.7%−37.4%−36.5%−25.1%−8.0%−19.3%−26.2%0.0%−75.3%—
NVDA NVIDIA Corporation1 of 10−5.0%−60.7%−37.5%−55.9%−8.5%−25.3%−23.8%−1.7%−85.1%−89.7%
LRCX Lam Research Corporation1 of 10−3.3%−55.1%−43.7%−22.9%−9.5%−20.5%−20.1%−2.2%−73.3%−87.9%
KLAC KLA Corporation3 of 10−5.9%−37.6%−33.8%−21.6%−7.5%−13.5%−23.0%−2.8%−71.8%−73.2%
AVGO Broadcom Inc.4 of 8−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
MRVL Marvell Technology, Inc.1 of 9−12.0%−56.8%−31.6%−26.1%−7.5%−37.6%−23.1%0.0%−74.3%—
UMC United Microelectronics Corporation4 of 9−2.0%−51.0%−17.1%−36.2%−4.4%−16.6%−24.9%0.0%−63.0%—
ASML ASML Holding N.V.3 of 10−2.9%−48.4%−37.9%−24.4%−7.5%−22.1%−17.7%−2.7%−64.1%−90.0%
ADI Analog Devices, Inc.4 of 10−2.6%−22.6%−33.6%−18.1%−7.2%−22.7%−18.6%−1.2%−55.0%−82.0%
TXN Texas Instruments Incorporated3 of 10−2.6%−21.7%−29.8%−19.5%−9.3%−18.4%−21.6%−1.3%−61.4%−85.4%
INTC Intel Corp.3 of 10−1.0%−54.1%−33.5%−13.0%−6.7%−19.7%−16.2%−0.9%−55.2%−82.3%
AMAT Applied Materials, Inc.0 of 10−3.6%−54.2%−43.6%−26.4%−9.7%−18.8%−24.5%−1.6%−61.7%−82.0%
STM STMicroelectronics N.V.2 of 10−3.2%−40.6%−49.6%−31.0%−9.1%−31.6%−36.9%−3.2%−77.2%−83.5%
ON ON Semiconductor Corporation1 of 9−6.4%−34.0%−59.6%−23.7%−12.2%−39.2%−28.5%0.0%−80.0%—
QCOM QUALCOMM Incorporated2 of 10−5.6%−41.5%−32.2%−26.8%−6.6%−30.7%−19.2%−0.5%−48.0%−84.9%
MCHP Microchip Technology Incorporated3 of 10−3.8%−35.3%−49.0%−25.9%−14.4%−18.6%−12.7%−0.4%−55.2%−58.7%
NXPI NXP Semiconductors N.V.2 of 7−4.2%−38.8%−52.0%−27.4%−4.0%−35.5%−39.8%———
GFS GLOBALFOUNDRIES Inc.1 of 2−5.1%−50.8%————————
Open these 22 in EasyCompare

How closely does TSM 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 TSM 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 TSM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
TSM This pageTaiwan Semiconductor Manufacturing Company Limited138%75%1.841.15
KLAC KLA Corporation152%59%2.571.32
UMC United Microelectronics Corporation133%52%2.561.33
AVGO Broadcom Inc.158%86%1.851.19
MU Micron Technology, Inc.204%114%1.791.75
NVDA NVIDIA Corporation248%140%1.771.83
LRCX Lam Research Corporation183%104%1.751.56
ASX ASE Technology Holding Co., Ltd.126%79%1.591.38
AMAT Applied Materials, Inc.152%97%1.581.51
MRVL Marvell Technology, Inc.167%116%1.441.68
AMD Advanced Micro Devices, Inc.254%179%1.422.25
ASML ASML Holding N.V.170%132%1.291.44
ADI Analog Devices, Inc.117%92%1.261.20
STM STMicroelectronics N.V.122%104%1.171.72
TXN Texas Instruments Incorporated113%108%1.041.18
INTC Intel Corp.98%100%0.981.43
ON ON Semiconductor Corporation161%185%0.871.95
QCOM QUALCOMM Incorporated115%139%0.831.51
MCHP Microchip Technology Incorporated127%170%0.751.72
NXPI NXP Semiconductors N.V.115%157%0.731.63
Open these 20 in EasyCompare

What diversifies TSM?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220182008200720042002200080/20 mix volatility80/20 mix annual return
TSM Taiwan Semiconductor Manufacturing Company Limited (this page)1.00+293%0.91−37.0%−4.3%−16.1%−4.3%−4.2%−54.8%−51.0%36.8%+34.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.33+119%1.48+3.8%−5.2%—————30.1%+31.8%
GCOW InternationalPacer Global Cash Cows Dividend ETF0.23+93.4%1.04+5.5%−8.0%—————30.3%+31.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.24+101%1.04+10.4%−8.7%—————30.3%+31.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.14+83.3%1.00+7.1%−3.0%—————30.0%+30.9%
GLD CommoditiesSPDR Gold Shares0.21+126%0.96−0.8%−1.9%+4.9%+30.4%———30.3%+32.3%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.09+177%0.93+64.4%−18.2%−39.0%+36.8%+33.8%−14.8%+24.4%29.5%+34.1%
VTV Broad MarketVanguard Morningstar Value ETF0.37+76.6%0.90−2.1%−5.5%−35.9%−0.1%———30.6%+30.7%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.46+109%0.90−14.2%−11.1%—————31.5%+31.7%

Stocks

InvestmentCorrelation5Y returnSharpe202220182008200720042002200080/20 mix volatility80/20 mix annual return
TSM Taiwan Semiconductor Manufacturing Company Limited (this page)1.00+293%0.91−37.0%−4.3%−16.1%−4.3%−4.2%−54.8%−51.0%36.8%+34.3%
CAH Medical - DistributionCardinal Health, Inc.0.14+479%1.55+54.1%−24.5%−39.6%−9.8%−4.7%−8.3%+108%30.6%+36.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.48+3,143%1.47+1.3%−16.3%−20.5%−25.7%−6.4%−65.1%−2.3%36.5%+49.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.37+1,636%1.46+17.0%+0.8%−15.2%+2.1%+40.0%−9.4%−71.1%33.8%+45.9%
MCK Medical - DistributionMcKesson Corporation-0.04+413%1.44+51.8%−28.4%−40.4%+29.7%−1.4%−27.2%+61.2%29.7%+36.4%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.01+690%1.41+86.6%−8.2%—————30.2%+39.4%
Open these 14 in EasyCompare

Common questions

What was TSM's worst drawdown?

TSM's deepest decline since it began trading in 1997 was 84.6%, from February 2000 to October 2002. It took about ten years from the low to climb back to its old high.

What were TSM's best and worst years?

Over 28 full calendar years, TSM's best year was 1999, when it returned 290%. Its worst was 2002, with a return of -54.8%.

Is there a better investment than TSM?

Among TSM's popular alternatives, AVGO earned more for the risk it took than TSM over the past 5 years, and its worst fall in 10 years was 48.3%, against 56.6% for TSM. Looking beyond its popular alternatives, DELL (computer hardware) and STX (computer hardware) were ahead of TSM in most short and long periods, though with much bigger swings (54.4% and 48.7% volatility against 38.5%).

Is TSM more volatile than the S&P 500?

Yes. TSM's volatility over the past 5 years was 38.5%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TSM's return lands within 38.5% 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 TSM's Sharpe ratio?

TSM's Sharpe ratio over the past 5 years was 0.91, against 0.79 for the S&P 500, so TSM 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 TSM with the S&P 500?

Over the past 5 years, TSM's monthly returns had a correlation of 0.58 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 TSM instead: the lower it is, the more that option would diversify a TSM holding.

What are the best alternatives to TSM?

Of the 20 popular alternatives we compared, three outperformed TSM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: AMD, MU and ASX.

Did TSM outperform the S&P 500?

TSM finished ahead of the S&P 500 (SPY) in 18 of 28 full calendar years. In 2025, it returned +55.7%, against +17.7% for the index.

How did TSM do in stock market crashes?

TSM fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in five. The clearest case was the dot-com bust, when TSM fell 82.4% and the S&P 500 fell 47.5%.

What diversifies TSM?

These had a low correlation with TSM over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.33), GCOW (correlation 0.23) and EMLP (correlation 0.24); among large stocks, CAH (correlation 0.14), CLS (correlation 0.48) and FIX (correlation 0.37). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to TSM