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Relative Intelligence · Building Products

How Trane Technologies (TT) compares with the whole market and its popular alternatives

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

Period covered: TT'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 TT →Chart TT vs. 17 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in TT over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TT over the same span and TT'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. 138 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of TT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • AAON$2M+19,509% total · +20.0% a year
  • EME$2M+16,257% total · +19.2% a year
  • FIX$1M+10,682% total · +17.5% a year
  • JCI$864,263+8,543% total · +16.6% a year
  • ETN$538,468+5,285% total · +14.7% a year
  • TT$405,736+3,957% total · +13.6% a year
  • SPXC$277,953+2,680% total · +12.1% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • EMR$115,655+1,057% total · +8.8% a year
  • MOD$71,784+618% total · +7.0% 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. 399 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of TT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$20,000$50,000$100,000$200,000202120222023202420252026
  • FIX$236,701+2,267% total · +88.3% a year
  • MOD$152,122+1,421% total · +72.4% a year
  • EME$66,450+565% total · +46.0% a year
  • NVT$53,086+431% total · +39.6% a year
  • LLY$52,411+424% total · +39.3% a year
  • CAH$49,682+397% total · +37.8% a year
  • PH$36,392+264% total · +29.5% a year
  • WAB$34,242+242% total · +27.9% a year
  • TT$27,878+179% total · +22.8% 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

TT 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
$102B
Industry
Industrial - Machinery
Price history from
October 1986

Returns

Past 1 year
+11.3%total return
Past 3 years
+154%+36.4% a year
Past 5 years
+178%+22.7% a year
Past 10 years
+955%+26.6% a year
Best calendar year
+110%2009
Worst calendar year
−62.0%2008
Losing years
6 of 29full calendar years

Risk

Volatility
27.7%typical yearly swing, 5 years
Sharpe ratio
0.88return per unit of risk, 5 years
Worst decline ever
−78.1%Jul 2007 to Mar 2009
From its all-time high
−8.1%below the peak

TT against the whole market

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

How does TT rank among all stocks?

This section ranks TT 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 TT 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.

MeasureTTRankStanding
1-year return+11.3%1,533 of 3,287top 47%
3-year return+154%578 of 3,017top 19%
5-year return+178%371 of 2,893top 13%
10-year return+955%117 of 2,202top 5%
Volatility, 5 years27.7%526 of 2,893top 18%
Sharpe ratio, 5 years0.88190 of 2,893top 7%
Worst decline, past 10 years−40.5%163 of 2,187top 7%

What has beaten TT 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). TT sits where the dashed lines cross. Anything in the green box above and to the left earned more than TT 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 TT; faint dots are 11 more of the 15 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.

15.0%20.0%25.0%30.0%35.0%40.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TTHSBC: +33.1% a year, volatility 25.9%WELL: +26.0% a year, volatility 23.8%COR: +24.2% a year, volatility 22.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%ABBV: +26.1% a year, volatility 23.4%MCK: +38.7% a year, volatility 25.0%WMB: +24.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%PAA: +27.0% a year, volatility 25.6%PAGP: +26.8% a year, volatility 26.1%TT: +22.7% a year, volatility 27.7%SPY (S&P 500): +12.7% a year, volatility 17.1%NVT: +35.4% a year, volatility 38.0%WAB: +25.6% a year, volatility 26.2%PH: +27.4% a year, volatility 28.8%LLY: +40.7% a year, volatility 32.8%CAH: +42.1% a year, volatility 24.7%NHC: +32.0% a year, volatility 28.5%MUFG: +33.2% a year, volatility 29.4%EPU: +29.5% a year, volatility 24.9%DXJ: +26.6% a year, volatility 19.1%MPLX: +23.5% a year, volatility 18.8%CDNS: +14.8% a year, volatility 37.2%TTSPY (S&P 500)NVTWABPHLLYCAHNHCMUFGEPUDXJMPLXCDNS15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TTHSBC: +33.1% a year, volatility 25.9%WELL: +26.0% a year, volatility 23.8%COR: +24.2% a year, volatility 22.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%ABBV: +26.1% a year, volatility 23.4%MCK: +38.7% a year, volatility 25.0%WMB: +24.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%PAA: +27.0% a year, volatility 25.6%PAGP: +26.8% a year, volatility 26.1%TT: +22.7% a year, volatility 27.7%SPY (S&P 500): +12.7% a year, volatility 17.1%NVT: +35.4% a year, volatility 38.0%WAB: +25.6% a year, volatility 26.2%PH: +27.4% a year, volatility 28.8%LLY: +40.7% a year, volatility 32.8%CAH: +42.1% a year, volatility 24.7%NHC: +32.0% a year, volatility 28.5%MUFG: +33.2% a year, volatility 29.4%EPU: +29.5% a year, volatility 24.9%DXJ: +26.6% a year, volatility 19.1%MPLX: +23.5% a year, volatility 18.8%CDNS: +14.8% a year, volatility 37.2%TTSPY (S&P 500)NVTWABPHLLYCAHNHCMUFGEPUDXJMPLXCDNS
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than TT?

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

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

Screen the whole market against TT for any period in BetterThanSPYOpen these 12 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 TT?lower diversifies moreExpenseper year
TTTrane Technologies plc · this page
+22.7%27.7%0.88−40.5%+955%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.650.09%
Popular alternativesbest 1 shownThe investments people most often weigh against TT. 1 of 17 passed at least one test.
NVTnVent Electric plc · Electrical Equipment
Higher return in most periods+35.4%38.0%0.99−56.2%—0.60—
Same and neighboring categories, and shared themesbest 2 shownEverything else in Building Products and the categories next to it (Electrical Equipment, Industrial Machinery, Homebuilders, Specialty Retail), plus TT's specific themes. 2 of 92 passed at least one test.
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Higher return, lower volatilityHigher return in most periods+25.6%26.2%1.00−64.1%+264%0.65—
PHParker-Hannifin Corporation · Industrial Machinery
Higher return, similar volatilityHigher return in most periods+27.4%28.8%0.99−54.7%+789%0.67—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 85 of 3,524 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.10—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.40—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.26—
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return, similar volatilityHigher return in most periods+33.2%29.4%1.13−54.9%+483%0.13—
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, lower volatilityHigher return in most periods+29.5%24.9%1.17−51.0%+275%0.260.59%
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatility+26.6%19.1%1.34−39.1%+428%0.390.48%
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierSimilar return, lower volatility+23.5%18.8%1.22−75.2%+350%0.32—
CDNSCadence Design Systems, Inc. · Software
Smaller losses in recent crashes+14.8%37.2%0.56−34.2%+1,139%0.43—
What these numbers mean for TT
Annual return
TT returned 22.7% 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 $27,800. 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
TT's volatility over the past 5 years was 27.7%, 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, TT's return lands within 27.7% 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
TT's Sharpe ratio over the past 5 years was 0.88, against 0.79 for the S&P 500, so TT 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
TT's worst fall from a peak to a low over the past 10 years was 40.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 40.5% fall takes a 68.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, TT's monthly returns had a correlation of 0.65 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 TT instead: the lower it is, the more that option would diversify a TT holding. Guide: Correlation and diversification →
Show all 15 stocks and funds worth at least $500 million that earned more than TT 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 TTExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.40—
2
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.18—
3
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.43—
4
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.36—
5
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Same or nearby category+25.6%26.2%1.00−64.1%+264%0.65—
6
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.46—
7
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.39—
8
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.260.59%
9
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.03—
10
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.390.48%
11
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.20—
12
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.33—
13
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.61—
14
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.16—
15
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+56.3%0.15—

TT against its popular alternatives

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

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

Green points earned more than TT 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%−10.0%0.0%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 yearsHigher return, lower volatilityLower return, higher volatilityTT: 22.7% a year, volatility 27.7%SPY (S&P 500): 12.7% a year, volatility 17.1%WCC: 22.5% a year, volatility 45.3%JCI: 17.4% a year, volatility 29.1%EMR: 12.7% a year, volatility 27.7%ETN: 20.4% a year, volatility 32.1%SPXC: 21.8% a year, volatility 36.3%HUBB: 21.0% a year, volatility 30.0%BLDR: −1.6% a year, volatility 46.7%AAON: 10.0% a year, volatility 47.5%WSO: 3.8% a year, volatility 31.4%LII: 4.4% a year, volatility 33.8%CARR: 2.2% a year, volatility 32.3%NVT: 35.4% a year, volatility 38.0%FIX: 77.0% a year, volatility 46.7%EME: 43.0% a year, volatility 35.3%MOD: 65.1% a year, volatility 61.7%VRT: 54.2% a year, volatility 64.2%HON: 1.5% a year, volatility 22.8%TTSPY (S&P 500)WCCJCIEMRETNSPXCBLDRAAONWSOLIICARRNVTFIXEMEMODVRTHON10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTT: 22.7% a year, volatility 27.7%SPY (S&P 500): 12.7% a year, volatility 17.1%WCC: 22.5% a year, volatility 45.3%JCI: 17.4% a year, volatility 29.1%EMR: 12.7% a year, volatility 27.7%ETN: 20.4% a year, volatility 32.1%SPXC: 21.8% a year, volatility 36.3%HUBB: 21.0% a year, volatility 30.0%BLDR: −1.6% a year, volatility 46.7%AAON: 10.0% a year, volatility 47.5%WSO: 3.8% a year, volatility 31.4%LII: 4.4% a year, volatility 33.8%CARR: 2.2% a year, volatility 32.3%NVT: 35.4% a year, volatility 38.0%FIX: 77.0% a year, volatility 46.7%EME: 43.0% a year, volatility 35.3%MOD: 65.1% a year, volatility 61.7%VRT: 54.2% a year, volatility 64.2%HON: 1.5% a year, volatility 22.8%TTSPY (S&P 500)WCCJCISPXCHUBBBLDRAAONWSOLIINVTFIXEMEMODVRTHON
All figures
InvestmentAnnual returnVolatility
FIX Comfort Systems USA, Inc.+77.0%46.7%
MOD Modine Manufacturing Company+65.1%61.7%
VRT Vertiv Holdings Co+54.2%64.2%
EME EMCOR Group, Inc.+43.0%35.3%
NVT nVent Electric plc+35.4%38.0%
TT This pageTrane Technologies plc+22.7%27.7%
WCC WESCO International, Inc.+22.5%45.3%
SPXC SPX Technologies, Inc.+21.8%36.3%
HUBB Hubbell Incorporated+21.0%30.0%
ETN Eaton Corporation plc+20.4%32.1%
JCI Johnson Controls International plc+17.4%29.1%
EMR Emerson Electric Co.+12.7%27.7%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
AAON AAON, Inc.+10.0%47.5%
LII Lennox International Inc.+4.4%33.8%
WSO Watsco, Inc.+3.8%31.4%
CARR Carrier Global Corporation+2.2%32.3%
HON Honeywell International Inc.+1.5%22.8%
BLDR Builders FirstSource, Inc.−1.6%46.7%
Open these 19 in EasyCompare

Has TT consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than TT 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
TT Trane Technologies plc (this page)—+6.5%−1.2%−2.9%+16.8%+11.3%+154%+178%+955%27.7%0.88−40.5%—$102B—
NVT QualifiednVent Electric plc3/5 short2/3 long−12.4%−9.6%+3.2%+31.4%+40.0%+203%+356%—38.0%0.99−56.2%—$23B—
FIX Engineering & ConstructionComfort Systems USA, Inc.2/5 short3/3 long−14.4%−18.4%−16.8%+39.4%+67.3%+819%+1,636%+5,305%46.7%1.46−49.7%—$49B—
EME Engineering & ConstructionEMCOR Group, Inc.0/5 short3/3 long−7.2%−5.5%−15.4%+10.2%+0.5%+267%+499%+1,202%35.3%1.20−48.0%—$31B—
MOD Industrial - MachineryModine Manufacturing Company0/5 short3/3 long−19.4%−35.6%−41.7%+4.2%−7.0%+260%+1,127%+1,187%61.7%1.13−88.1%—$7.8B—
VRT Electrical Equipment & PartsVertiv Holdings Co1/5 short2/3 long−18.9%−30.2%−35.2%+16.0%+16.0%+456%+772%—64.2%1.01−71.3%—$78B—
WCC Industrial - DistributionWESCO International, Inc.4/5 short1/3 long−3.9%+7.2%+6.1%+36.2%+57.1%+179%+176%+505%45.3%0.68−78.8%—$17B—
JCI Construction MaterialsJohnson Controls International plc4/5 short1/3 long+1.9%+6.4%+5.5%+22.0%+35.4%+220%+123%+426%29.1%0.70−46.4%—$90B—
EMR Industrial - MachineryEmerson Electric Co.4/5 short0/3 long+5.8%+17.9%+10.1%+19.5%+25.0%+84.9%+82.1%+309%27.7%0.57−50.8%—$90B—
ETN Electrical Equipment & PartsEaton Corporation plc1/5 short0/3 long−12.3%−4.6%−5.8%+17.7%+2.3%+104%+153%+657%32.1%0.74−44.5%—$148B—
SPXC Construction MaterialsSPX Technologies, Inc.0/5 short0/3 long−9.4%−22.8%−24.5%−19.2%−11.2%+108%+168%+728%36.3%0.72−50.3%—$8.2B—
HUBB Electrical Equipment & PartsHubbell Incorporated0/5 short0/3 long+0.4%−5.0%−15.4%+0.1%+7.7%+70.6%+159%+442%30.0%0.79−41.6%—$24B—
BLDR Construction MaterialsBuilders FirstSource, Inc.0/5 short0/3 long−7.9%−25.8%−41.0%−48.5%−56.0%−50.7%−7.5%+417%46.7%0.20−76.1%—$5.8B—
AAON Industrial - MachineryAAON, Inc.0/5 short0/3 long−3.2%−28.8%−24.3%−6.4%−26.5%+40.8%+61.2%+308%47.5%0.44−50.2%—$6.1B—
WSO Industrial - DistributionWatsco, Inc.0/5 short0/3 long−3.9%−17.7%−29.8%−10.0%−17.4%−5.5%+20.6%+196%31.4%0.28−48.2%—$12B—
LII Industrial - MachineryLennox International Inc.0/5 short0/3 long+0.4%−31.6%−25.8%−26.4%−31.2%+7.5%+24.2%+175%33.8%0.30−47.5%—$13B—
HON ConglomeratesHoneywell International Inc.0/5 short0/3 long+3.3%−5.4%−10.7%+5.2%+6.8%+27.0%+7.5%+160%22.8%0.18−43.0%—$68B—
CARR Industrial - MachineryCarrier Global Corporation0/5 short0/3 long+2.8%−15.8%−8.2%+6.2%−1.1%+21.2%+11.6%—32.3%0.23−40.8%—$46B—
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How did TT do year by year?

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

InvestmentYears ahead of TT20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
TT This pageTrane Technologies plc—+6.4%+53.0%+47.4%−15.3%+41.0%+43.4%+48.3%+4.4%+21.3%+38.5%−11.1%+4.6%+29.9%+59.3%−34.7%+32.6%+110%−62.0%+20.2%−1.7%+1.7%+19.6%+59.7%+4.3%+1.2%−23.0%+17.7%+17.9%+38.1%
Rank among alternativesTop quarter in 7 of 2911 of 186 of 1811 of 1812 of 189 of 184 of 174 of 172 of 159 of 157 of 159 of 158 of 1513 of 152 of 1514 of 158 of 153 of 1513 of 157 of 1512 of 1511 of 149 of 144 of 148 of 1411 of 1413 of 144 of 123 of 125 of 11
SPY S&P 500State Street SPDR S&P 500 ETF11 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%
NVT nVent Electric plc4 of 7+51.2%+16.6%+56.0%+3.3%+67.2%−5.7%+17.2%——————————————————————
FIX Comfort Systems USA, Inc.15 of 28+121%+107%+79.6%+17.0%+89.0%+6.7%+15.1%+0.8%+32.1%+18.3%+67.7%−10.4%+61.7%+15.7%−17.0%+8.7%+17.8%−15.2%+2.1%+38.9%+20.1%+40.0%+63.6%−9.4%+73.7%−71.1%−58.7%−9.5%—
EME EMCOR Group, Inc.14 of 29+35.0%+111%+46.0%+16.8%+39.9%+6.5%+45.2%−26.7%+16.1%+48.2%+8.8%+5.6%+23.2%+31.2%−7.3%+7.8%+19.9%−5.1%−16.9%+68.4%+49.5%+2.9%−17.2%+16.7%+77.9%+40.0%+13.2%−21.6%+58.2%
MOD Modine Manufacturing Company14 of 29+15.2%+94.2%+201%+96.8%−19.7%+63.1%−28.8%−46.5%+35.6%+64.6%−33.5%+6.1%+57.7%−14.1%−39.0%+30.9%+143%−69.2%−32.1%−20.9%+2.8%+27.7%+56.8%−22.6%+17.2%−13.6%−28.9%+8.8%+30.7%
VRT Vertiv Holdings Co4 of 7+42.8%+137%+252%−45.3%+33.8%+69.4%+12.5%——————————————————————
WCC WESCO International, Inc.13 of 26+36.4%+5.1%+40.2%−4.9%+67.6%+32.2%+23.7%−29.6%+2.4%+52.3%−42.7%−16.3%+35.1%+27.2%+0.4%+95.5%+40.5%−51.5%−32.6%+37.6%+44.1%+235%+61.2%+10.9%−31.7%−18.4%———
JCI Johnson Controls International plc15 of 29+54.0%+39.8%−7.6%−19.3%+77.4%+17.7%+40.8%−19.8%−6.3%+64.3%−23.3%+11.4%+46.9%+34.3%+19.3%+22.8%+76.7%−42.2%+61.6%+16.3%−11.9%+42.7%+75.4%−66.9%+9.3%+46.9%+7.9%+76.2%+89.2%
EMR Emerson Electric Co.11 of 29+8.9%+29.7%+3.8%+5.7%+18.2%+8.6%+31.6%−11.9%+29.1%+21.0%−19.7%−9.6%+36.1%+17.3%−16.3%+37.8%+20.7%−33.6%+31.5%+20.7%+9.2%+11.0%+31.4%−8.3%−25.7%+40.8%−3.0%+9.2%+19.1%
ETN Eaton Corporation plc13 of 29−2.8%+39.5%+56.2%−7.2%+46.7%+31.0%+42.8%−10.0%+21.5%+33.8%−20.7%−8.2%+44.2%+28.6%−11.8%+64.0%+33.3%−47.1%+31.6%+14.4%−5.4%+36.5%+41.1%+7.6%+40.8%+6.0%+5.3%−19.0%+30.7%
SPXC SPX Technologies, Inc.16 of 29+37.5%+44.1%+53.9%+10.0%+9.4%+7.2%+81.7%−10.8%+32.3%+154%−56.5%−12.4%+43.7%+18.0%−14.4%+32.8%+37.3%−60.0%+70.3%+36.1%+16.7%−30.1%+57.1%−45.3%+26.6%+33.9%+20.7%−2.9%+78.6%
HUBB Hubbell Incorporated12 of 29+7.4%+28.9%+42.4%+15.1%+35.6%+8.9%+52.9%−24.6%+18.8%+18.4%−3.3%−0.2%+31.1%+29.3%+14.1%+30.9%+50.5%−34.4%+17.0%+3.2%−11.3%+22.1%+30.2%+24.5%+16.3%+2.7%−25.7%−20.7%+16.8%
BLDR Builders FirstSource, Inc.9 of 20−28.0%−14.4%+157%−24.3%+110%+60.6%+133%−49.9%+98.6%−1.0%+61.3%−3.6%+27.8%+174%+3.5%−48.7%+151%−78.8%−59.5%−16.6%—————————
AAON AAON, Inc.17 of 29−34.9%+59.9%+47.9%−4.6%+19.8%+35.7%+41.9%−3.6%+11.9%+43.4%+4.6%+6.0%+132%+3.5%+10.1%+46.8%−5.1%+6.9%+14.8%+49.5%+10.9%−17.1%+5.5%+13.0%+107%+23.6%+54.4%+23.1%+55.1%
WSO Watsco, Inc.11 of 29−27.0%+13.2%+77.0%−17.7%+42.1%+30.6%+35.0%−15.5%+18.4%+30.0%+12.0%+13.8%+30.0%+26.3%+7.8%+33.6%+33.3%+9.2%−20.0%−19.8%+72.3%+57.2%+40.3%+16.2%+24.2%+0.6%−30.5%+2.4%−14.1%
LII Lennox International Inc.15 of 26−19.5%+37.3%+89.5%−24.9%+19.7%+13.8%+12.8%+6.3%+37.4%+24.0%+33.0%+13.2%+64.1%+58.2%−27.3%+22.8%+23.0%−20.7%+37.4%+10.3%+41.0%+24.4%+36.6%+32.8%+29.8%−12.4%———
HON Honeywell International Inc.13 of 29−6.3%+10.2%+0.1%+5.0%−0.2%+23.1%+36.9%−7.5%+35.2%+14.3%+4.9%+10.6%+45.8%+18.5%+3.8%+37.8%+21.9%−45.9%+37.5%+23.1%+6.6%+7.3%+41.6%−28.0%−27.7%−17.2%+31.0%+15.1%+16.7%
CARR Carrier Global Corporation1 of 5−21.8%+20.3%+41.5%−22.7%+45.3%————————————————————————
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Risk and diversification

How TT 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 TT's worst declines?

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

DuringTT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−78.1%−53.8%Jul 2007Mar 200920 monthsFeb 20133.9 years
Dot-com bust−56.6%+2.0%May 1999Oct 200017 monthsDec 20033.2 years
No named crash−51.0%—May 1990Oct 19905 monthsJan 199215 months
No named crash−47.6%—Oct 1987Oct 1987Under a monthJun 198920 months
2022 bear market−40.5%−15.9%Aug 2021Jun 202210 monthsAug 202314 months

How did TT do in stock market crashes?

This section measures how far TT, 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 TT.

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
TT This pageTrane Technologies plc—−3.3%−37.5%−39.2%−17.9%−8.0%−20.6%−34.2%−2.6%−77.5%−44.7%
SPY S&P 500State Street SPDR S&P 500 ETF7 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
NVT nVent Electric plc1 of 4−8.0%−20.9%−56.2%−30.5%——————
FIX Comfort Systems USA, Inc.4 of 10−7.8%−23.9%−38.8%−30.2%−6.3%−26.8%−33.3%−3.3%−57.0%−77.6%
EME EMCOR Group, Inc.5 of 10−7.3%−25.8%−46.1%−24.2%−5.7%−17.7%−35.7%−3.0%−67.4%−31.7%
MOD Modine Manufacturing Company3 of 10−10.8%−30.8%−64.1%−36.2%−5.8%−39.8%−43.5%0.0%−96.9%−48.6%
VRT Vertiv Holdings Co1 of 4−12.2%−65.7%−58.6%−3.4%——————
WCC WESCO International, Inc.3 of 10−11.7%−29.6%−67.8%−29.1%−2.8%−37.9%−43.5%−3.9%−75.7%−71.4%
JCI Johnson Controls International plc3 of 10−6.9%−41.6%−44.2%−22.2%−8.2%−20.8%−19.8%−1.9%−66.2%−85.6%
EMR Emerson Electric Co.7 of 10−4.3%−25.4%−47.2%−28.8%−5.9%−15.9%−25.8%0.0%−56.1%−43.6%
ETN Eaton Corporation plc5 of 10−4.5%−26.3%−44.5%−26.0%−6.7%−22.3%−34.6%−1.4%−68.5%−31.6%
SPXC SPX Technologies, Inc.2 of 10−6.9%−29.3%−47.3%−26.6%−5.3%−53.8%−49.2%−3.9%−81.1%−57.2%
HUBB Hubbell Incorporated6 of 10−5.6%−17.3%−40.6%−31.6%−3.7%−20.9%−26.6%−1.0%−59.7%−27.4%
BLDR Builders FirstSource, Inc.1 of 9−7.4%−41.4%−62.2%−34.8%−5.2%−59.9%−59.5%−5.0%−92.2%—
AAON AAON, Inc.4 of 10−4.5%−39.3%−31.0%−25.7%−7.1%−22.2%−36.4%−2.4%−43.5%−38.8%
WSO Watsco, Inc.7 of 10−4.5%−26.1%−24.3%−24.9%−6.5%−17.4%−19.2%−4.1%−47.0%−43.3%
LII Lennox International Inc.5 of 10−5.4%−40.7%−35.9%−11.6%−8.1%−17.1%−39.8%−1.8%−51.5%−53.4%
HON Honeywell International Inc.7 of 10−1.4%−22.7%−42.2%−22.1%−6.8%−14.4%−25.3%−1.8%−62.2%−65.8%
CARR Carrier Global Corporation1 of 2−5.6%−35.8%————————
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How closely does TT 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 TT 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 TT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
TT This pageTrane Technologies plc115%69%1.661.10
FIX Comfort Systems USA, Inc.180%71%2.551.38
EME EMCOR Group, Inc.128%75%1.711.16
ETN Eaton Corporation plc114%80%1.431.16
AAON AAON, Inc.90%74%1.210.99
JCI Johnson Controls International plc102%90%1.131.17
SPXC SPX Technologies, Inc.141%130%1.091.33
HUBB Hubbell Incorporated108%101%1.071.03
MOD Modine Manufacturing Company189%180%1.052.20
WSO Watsco, Inc.74%74%1.010.93
WCC WESCO International, Inc.165%194%0.851.96
LII Lennox International Inc.81%96%0.841.02
EMR Emerson Electric Co.124%153%0.811.39
BLDR Builders FirstSource, Inc.163%203%0.801.90
HON Honeywell International Inc.90%118%0.771.00
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What diversifies TT?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222015201120082006200080/20 mix volatility80/20 mix annual return
TT Trane Technologies plc (this page)1.00+178%0.88−15.3%−11.1%−34.7%−62.0%−1.7%−23.0%27.8%+22.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.41+119%1.48+3.8%—————23.1%+22.2%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.39+225%1.34+6.0%+7.7%−16.1%−20.8%——23.4%+24.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.49+101%1.04+10.4%−25.3%————23.8%+21.8%
EWP Broad MarketiShares MSCI Spain ETF0.42+140%0.97−5.2%−15.6%−9.8%−36.8%+49.2%−11.8%24.1%+23.0%
GLD CommoditiesSPDR Gold Shares0.04+126%0.96−0.8%−10.7%+9.6%+4.9%+22.6%—22.7%+22.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.09+177%0.93+64.4%−21.5%+2.8%−39.0%+18.0%+24.4%23.3%+24.0%
EWT TechnologyiShares MSCI Taiwan ETF0.48+153%0.89−28.9%−12.9%−21.8%−45.3%+18.8%—25.1%+23.3%
AMLP EnergyAlerian MLP ETF0.26+111%0.89+25.5%−25.7%+10.2%———23.5%+22.7%

Stocks

InvestmentCorrelation5Y returnSharpe20222015201120082006200080/20 mix volatility80/20 mix annual return
TT Trane Technologies plc (this page)1.00+178%0.88−15.3%−11.1%−34.7%−62.0%−1.7%−23.0%27.8%+22.8%
CAH Medical - DistributionCardinal Health, Inc.0.40+479%1.55+54.1%+12.6%+8.1%−39.6%−5.8%+108%24.9%+26.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.37+3,143%1.47+1.3%−6.0%−24.4%−20.5%−26.0%−2.3%28.8%+39.7%
MCK Medical - DistributionMcKesson Corporation0.20+413%1.44+51.8%−4.5%+11.8%−40.4%−1.2%+61.2%23.8%+26.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.17+690%1.41+86.6%+17.4%————24.2%+29.0%
ATI Manufacturing - Metal FabricationATI Inc.0.40+1,008%1.34+87.5%−66.7%−12.2%−70.0%+153%−26.5%27.5%+31.8%
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Common questions

What was TT's worst drawdown?

TT's deepest decline since it began trading in 1986 was 78.1%, from July 2007 to March 2009. It took about four years from the low to climb back to its old high.

What were TT's best and worst years?

Over 29 full calendar years, TT's best year was 2009, when it returned 110%. Its worst was 2008, with a return of -62.0%.

Is there a better investment than TT?

Among TT's popular alternatives, NVT was ahead of TT in most short and long periods, though with much bigger swings (38.0% volatility against 27.7%). Looking beyond its popular alternatives, WAB (industrial machinery) earned more than TT with less volatility over the past 5 years: 25.6% a year at 26.2% volatility, against 22.7% a year at 27.7%.

Is TT more volatile than the S&P 500?

Yes. TT's volatility over the past 5 years was 27.7%, 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, TT's return lands within 27.7% 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 TT's Sharpe ratio?

TT's Sharpe ratio over the past 5 years was 0.88, against 0.79 for the S&P 500, so TT 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 TT with the S&P 500?

Over the past 5 years, TT's monthly returns had a correlation of 0.65 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 TT instead: the lower it is, the more that option would diversify a TT holding.

What are the best alternatives to TT?

Of the 17 popular alternatives we compared, one outperformed TT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: NVT.

Did TT outperform the S&P 500?

TT finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +6.4%, against +17.7% for the index.

How did TT do in stock market crashes?

TT fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in seven. The clearest case was the 2008 financial crisis, when TT fell 77.5% and the S&P 500 fell 55.2%.

What diversifies TT?

These had a low correlation with TT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.41), DXJ (correlation 0.39) and EMLP (correlation 0.49); among large stocks, CAH (correlation 0.40), CLS (correlation 0.37) and MCK (correlation 0.20). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to TT

Other stocks and ETFs