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Relative Intelligence · Household & Personal Products

How Unilever (UL) compares with the whole market and its popular alternatives

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

Period covered: UL'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 UL →Chart UL vs. 21 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in UL over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of UL over the same span and UL'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. 593 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of UL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000$500,000199720022007201220172022$10,000$100,00019972004201120182025
  • IPAR$725,262+7,153% total · +15.9% a year
  • CHD$554,277+5,443% total · +14.8% a year
  • WMT$272,033+2,620% total · +12.1% a year
  • TGT$184,797+1,748% total · +10.6% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • EL$109,782+998% total · +8.6% a year
  • CL$89,873+799% total · +7.9% a year
  • PG$87,839+778% total · +7.8% a year
  • UL$84,946+749% total · +7.7% a year
  • HELE$13,878+38.8% total · +1.1% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,176 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of UL; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • ELF$34,758+248% total · +28.3% a year
  • WMT$23,813+138% total · +18.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • IPAR$16,792+67.9% total · +10.9% a year
  • CL$12,718+27.2% total · +4.9% a year
  • CHD$12,116+21.2% total · +3.9% a year
  • UL$11,838+18.4% total · +3.4% a year
  • PG$11,814+18.1% total · +3.4% a year
  • MDLZ$11,375+13.7% total · +2.6% a year
  • TGT$8,005−20.0% total · −4.4% a year
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UL 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
$141B
Industry
Household & Personal Products
Price history from
October 1986

Returns

Past 1 year
−4.7%total return
Past 3 years
+32.9%+9.9% a year
Past 5 years
+30.5%+5.5% a year
Past 10 years
+89.8%+6.6% a year
Best calendar year
+45.2%1997
Worst calendar year
−36.3%2008
Losing years
8 of 29full calendar years

Risk

Volatility
21.5%typical yearly swing, 5 years
Sharpe ratio
0.36return per unit of risk, 5 years
Worst decline ever
−53.5%Dec 2007 to Mar 2009
From its all-time high
−10.3%below the peak

UL against the whole market

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

How does UL rank among all stocks?

This section ranks UL 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 UL 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.

MeasureULRankStanding
1-year return−4.7%2,170 of 3,287bottom 35%
3-year return+32.9%1,797 of 3,017bottom 41%
5-year return+30.5%1,329 of 2,893top 46%
10-year return+89.8%1,378 of 2,202bottom 38%
Volatility, 5 years21.5%136 of 2,893top 5%
Sharpe ratio, 5 years0.361,374 of 2,893top 47%
Worst decline, past 10 years−30.1%20 of 2,187top 1%

What has beaten UL 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). UL sits where the dashed lines cross. Anything in the green box above and to the left earned more than UL 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 UL; faint dots are 93 more of the 469 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.

0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ULSCHD: +9.7% a year, volatility 14.3%BNS: +12.9% a year, volatility 19.9%TAK: +11.9% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%SLF: +11.7% a year, volatility 19.4%XLV: +8.4% a year, volatility 15.3%HDV: +12.9% a year, volatility 13.0%COWZ: +11.4% a year, volatility 17.7%DFAC: +11.4% a year, volatility 17.0%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%JEPI: +7.5% a year, volatility 11.0%PDBC: +11.7% a year, volatility 19.3%GUNR: +10.1% a year, volatility 18.8%AVLV: +14.0% a year, volatility 16.9%HYGH: +6.6% a year, volatility 7.1%IWX: +12.7% a year, volatility 13.8%FTGC: +12.9% a year, volatility 15.6%BUFR: +9.9% a year, volatility 10.5%DIVB: +13.9% a year, volatility 15.4%RY: +17.3% a year, volatility 18.2%FHLC: +7.3% a year, volatility 15.4%XLP: +7.2% a year, volatility 13.8%DSTL: +11.3% a year, volatility 16.1%JAVA: +11.5% a year, volatility 14.5%DBMF: +9.8% a year, volatility 12.4%PPH: +11.6% a year, volatility 15.8%FTXH: +11.9% a year, volatility 16.9%TSPA: +13.1% a year, volatility 17.1%MPLX: +23.5% a year, volatility 18.8%DJP: +11.2% a year, volatility 18.9%FYLD: +13.1% a year, volatility 16.0%EYLD: +11.9% a year, volatility 18.4%FTLS: +10.2% a year, volatility 10.4%NXTG: +16.2% a year, volatility 19.1%ACIO: +9.3% a year, volatility 11.1%PJP: +11.2% a year, volatility 16.6%FEM: +8.0% a year, volatility 18.7%SCHY: +9.5% a year, volatility 13.3%INFL: +11.8% a year, volatility 17.8%TDVG: +9.6% a year, volatility 13.8%FTQI: +11.5% a year, volatility 14.8%FLSP: +8.4% a year, volatility 13.4%SMIG: +6.5% a year, volatility 16.0%SIXH: +10.2% a year, volatility 10.2%JNJ: +12.7% a year, volatility 17.9%VXUS: +8.2% a year, volatility 16.4%VEA: +9.3% a year, volatility 16.9%GLD: +17.7% a year, volatility 18.9%CB: +15.7% a year, volatility 20.4%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%EPD: +16.4% a year, volatility 17.1%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%ENB: +9.1% a year, volatility 18.9%RSG: +13.9% a year, volatility 18.5%SCHX: +12.0% a year, volatility 17.2%RSP: +8.2% a year, volatility 16.1%WM: +9.3% a year, volatility 19.2%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%DYNF: +14.7% a year, volatility 17.5%QUAL: +11.4% a year, volatility 17.3%VBR: +8.2% a year, volatility 19.4%EFV: +13.6% a year, volatility 15.9%ED: +12.0% a year, volatility 18.8%XLF: +8.6% a year, volatility 18.3%ATO: +14.9% a year, volatility 18.4%FNDF: +13.6% a year, volatility 16.3%XLI: +11.5% a year, volatility 17.6%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%CNP: +11.4% a year, volatility 19.6%RDVY: +11.3% a year, volatility 18.8%NI: +15.1% a year, volatility 20.3%WEC: +7.2% a year, volatility 19.0%FTS: +8.4% a year, volatility 16.4%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%AEE: +7.9% a year, volatility 19.4%FE: +8.5% a year, volatility 19.4%XLU: +7.8% a year, volatility 17.4%SDY: +7.6% a year, volatility 14.0%PPL: +7.1% a year, volatility 18.9%AMLP: +16.1% a year, volatility 18.9%SCHV: +10.2% a year, volatility 14.4%EVRG: +9.5% a year, volatility 18.9%BBJP: +9.3% a year, volatility 18.6%FDVV: +13.2% a year, volatility 14.6%UL: +5.5% a year, volatility 21.5%SPY (S&P 500): +12.7% a year, volatility 17.1%CL: +7.2% a year, volatility 19.2%CHD: +6.1% a year, volatility 21.1%IPAR: +11.6% a year, volatility 33.7%WMT: +20.8% a year, volatility 22.6%COST: +17.4% a year, volatility 22.9%CHT: +7.7% a year, volatility 13.3%QYLD: +8.4% a year, volatility 15.0%BRK-B: +13.4% a year, volatility 17.1%KO: +14.7% a year, volatility 16.8%TD: +15.8% a year, volatility 20.0%JAAA: +5.1% a year, volatility 1.7%ABBV: +26.1% a year, volatility 23.4%VRIG: +4.7% a year, volatility 1.3%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%ULSPY (S&P 500)CLIPARWMTCOSTCHTQYLDBRK-BKOTDJAAAABBVDXJLVHI0.0%10.0%20.0%30.0%40.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ULSCHD: +9.7% a year, volatility 14.3%BNS: +12.9% a year, volatility 19.9%TAK: +11.9% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%SLF: +11.7% a year, volatility 19.4%XLV: +8.4% a year, volatility 15.3%HDV: +12.9% a year, volatility 13.0%COWZ: +11.4% a year, volatility 17.7%DFAC: +11.4% a year, volatility 17.0%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%JEPI: +7.5% a year, volatility 11.0%PDBC: +11.7% a year, volatility 19.3%GUNR: +10.1% a year, volatility 18.8%AVLV: +14.0% a year, volatility 16.9%HYGH: +6.6% a year, volatility 7.1%IWX: +12.7% a year, volatility 13.8%FTGC: +12.9% a year, volatility 15.6%BUFR: +9.9% a year, volatility 10.5%DIVB: +13.9% a year, volatility 15.4%RY: +17.3% a year, volatility 18.2%FHLC: +7.3% a year, volatility 15.4%XLP: +7.2% a year, volatility 13.8%DSTL: +11.3% a year, volatility 16.1%JAVA: +11.5% a year, volatility 14.5%DBMF: +9.8% a year, volatility 12.4%PPH: +11.6% a year, volatility 15.8%FTXH: +11.9% a year, volatility 16.9%TSPA: +13.1% a year, volatility 17.1%MPLX: +23.5% a year, volatility 18.8%DJP: +11.2% a year, volatility 18.9%FYLD: +13.1% a year, volatility 16.0%EYLD: +11.9% a year, volatility 18.4%FTLS: +10.2% a year, volatility 10.4%NXTG: +16.2% a year, volatility 19.1%ACIO: +9.3% a year, volatility 11.1%PJP: +11.2% a year, volatility 16.6%FEM: +8.0% a year, volatility 18.7%SCHY: +9.5% a year, volatility 13.3%INFL: +11.8% a year, volatility 17.8%TDVG: +9.6% a year, volatility 13.8%FTQI: +11.5% a year, volatility 14.8%FLSP: +8.4% a year, volatility 13.4%SMIG: +6.5% a year, volatility 16.0%SIXH: +10.2% a year, volatility 10.2%JNJ: +12.7% a year, volatility 17.9%VXUS: +8.2% a year, volatility 16.4%VEA: +9.3% a year, volatility 16.9%GLD: +17.7% a year, volatility 18.9%CB: +15.7% a year, volatility 20.4%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%EPD: +16.4% a year, volatility 17.1%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%ENB: +9.1% a year, volatility 18.9%RSG: +13.9% a year, volatility 18.5%SCHX: +12.0% a year, volatility 17.2%RSP: +8.2% a year, volatility 16.1%WM: +9.3% a year, volatility 19.2%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%DYNF: +14.7% a year, volatility 17.5%QUAL: +11.4% a year, volatility 17.3%VBR: +8.2% a year, volatility 19.4%EFV: +13.6% a year, volatility 15.9%ED: +12.0% a year, volatility 18.8%XLF: +8.6% a year, volatility 18.3%ATO: +14.9% a year, volatility 18.4%FNDF: +13.6% a year, volatility 16.3%XLI: +11.5% a year, volatility 17.6%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%CNP: +11.4% a year, volatility 19.6%RDVY: +11.3% a year, volatility 18.8%NI: +15.1% a year, volatility 20.3%WEC: +7.2% a year, volatility 19.0%FTS: +8.4% a year, volatility 16.4%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%AEE: +7.9% a year, volatility 19.4%FE: +8.5% a year, volatility 19.4%XLU: +7.8% a year, volatility 17.4%SDY: +7.6% a year, volatility 14.0%PPL: +7.1% a year, volatility 18.9%AMLP: +16.1% a year, volatility 18.9%SCHV: +10.2% a year, volatility 14.4%EVRG: +9.5% a year, volatility 18.9%BBJP: +9.3% a year, volatility 18.6%FDVV: +13.2% a year, volatility 14.6%UL: +5.5% a year, volatility 21.5%SPY (S&P 500): +12.7% a year, volatility 17.1%CL: +7.2% a year, volatility 19.2%CHD: +6.1% a year, volatility 21.1%IPAR: +11.6% a year, volatility 33.7%WMT: +20.8% a year, volatility 22.6%COST: +17.4% a year, volatility 22.9%CHT: +7.7% a year, volatility 13.3%QYLD: +8.4% a year, volatility 15.0%BRK-B: +13.4% a year, volatility 17.1%KO: +14.7% a year, volatility 16.8%TD: +15.8% a year, volatility 20.0%JAAA: +5.1% a year, volatility 1.7%ABBV: +26.1% a year, volatility 23.4%VRIG: +4.7% a year, volatility 1.3%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%ULSPY (S&P 500)CLCHDIPARWMTCOSTCHTQYLDBRK-BKOTDJAAAABBVDXJLVHI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 2 with more than 1.6× UL's volatility are in the table only

Is there a better investment than UL?

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

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

Screen the whole market against UL for any period in BetterThanSPYOpen these 16 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 UL?lower diversifies moreExpenseper year
ULUnilever PLC · this page
+5.5%21.5%0.36−30.1%+89.8%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.330.09%
Popular alternativesbest 6 shownThe investments people most often weigh against UL. 6 of 20 passed at least one test.
CLColgate-Palmolive Company · Household & Personal Products
Higher return, lower volatility+7.2%19.2%0.46−29.0%+68.8%0.62—
ELFe.l.f. Beauty, Inc. · Household & Personal Products
Higher return in most periods+31.2%58.5%0.77−77.3%+331%0.25—
CHDChurch & Dwight Co., Inc. · Household & Personal Products
Higher return in most periods+6.1%21.1%0.39−31.7%+154%0.41—
TGTTarget Corporation · Discount Retail
Higher return in most periods−6.5%36.1%0.00−64.4%+207%0.11—
IPARInter Parfums, Inc. · Household & Personal Products
Higher return in most periods+11.6%33.7%0.49−54.9%+350%0.43—
WMTWalmart Inc. · Discount Retail
Higher return, similar volatility+20.8%22.6%0.96−25.7%+508%0.23—
Same and neighboring categories, and shared themesbest 1 shownEverything else in Household & Personal Products and the categories next to it (Discount Retail, Packaging, Consumer Health, E-Commerce), plus UL's specific themes. 1 of 28 passed at least one test.
COSTCostco Wholesale Corporation · Discount Retail
Higher return, similar volatility+17.4%22.9%0.82−31.4%+685%0.23—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 848 of 3,586 passed at least one test.
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+7.7%13.3%0.63−23.8%+101%0.26—
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+8.4%15.0%0.62−24.7%+156%0.140.60%
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.45—
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher return in most periods+14.7%16.8%0.91−37.0%+204%0.63—
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher return in most periods+15.8%20.0%0.84−42.0%+310%0.36—
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+5.1%1.7%2.98−2.6%—0.120.20%
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.24—
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+4.7%1.3%3.51−13.1%+40.5%0.130.30%
What these numbers mean for UL
Annual return
UL returned 5.5% 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 $13,100. 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
UL's volatility over the past 5 years was 21.5%, 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, UL's return lands within 21.5% 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
UL's Sharpe ratio over the past 5 years was 0.36, against 0.79 for the S&P 500, so UL earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
UL's worst fall from a peak to a low over the past 10 years was 30.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 30.1% fall takes a 43.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, UL's monthly returns had a correlation of 0.33 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 UL instead: the lower it is, the more that option would diversify a UL holding. Guide: Correlation and diversification →
Show all 469 stocks and funds worth at least $500 million that earned more than UL with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with ULExpense
1
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.26—
2
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+156%0.140.60%
3
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.45—
4
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.63—
5
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.36—
6
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.500.06%
7
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.49—
8
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%0.40—
9
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—-0.070.80%
10
SLFSun Life Financial Inc. · Life Insurance
Whole market+11.7%19.4%0.67−50.8%+255%0.36—
11
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.530.08%
12
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.520.08%
13
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.430.49%
14
DFACDimensional - US Core Equity 2 ETF · US Total Market
Whole market+11.4%17.0%0.72−23.1%—0.400.21%
15
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.320.79%
16
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.300.85%
17
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.390.12%
18
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.340.15%
19
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%—0.520.35%
20
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities
Whole market+11.7%19.3%0.67−40.7%+153%-0.160.74%
21
GUNRNorthern Trust Morningstar Global Upstream Natural Resources ETF · Natural Resources Equity
Whole market+10.1%18.8%0.60−43.0%+173%0.410.47%
22
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.390.15%
23
HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds
Whole market+6.6%7.1%0.94−23.9%+74.5%0.271.12%
24
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.510.20%
25
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%-0.110.98%
26
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%—0.330.10%
27
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.470.05%
28
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.47—
29
FHLCFidelity MSCI Health Care Index ETF · Healthcare
Whole market+7.3%15.4%0.53−28.8%+199%0.530.08%
30
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.2%13.8%0.57−24.5%+121%0.660.08%
31
DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market
Whole market+11.3%16.1%0.75−33.1%—0.550.39%
32
JAVAJPMorgan Active Value ETF · US Large-Cap Value
Whole market+11.5%14.5%0.82−16.5%——0.44%
33
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%—-0.150.85%
34
PPHVanEck Pharmaceutical ETF · Healthcare
Whole market+11.6%15.8%0.78−29.7%+153%0.560.36%
35
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare
Whole market+11.9%16.9%0.75−32.1%+153%0.440.60%
36
TSPAT. Rowe Price U.S. Equity Research ETF · Broad Market
Whole market+13.1%17.1%0.81−24.7%—0.320.34%
37
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.28—
38
DJPiPath Bloomberg Commodity Index Total Return(SM) ETN · Commodities
Whole market+11.2%18.9%0.66−38.4%+120%-0.020.70%
39
FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income
Whole market+13.1%16.0%0.85−44.6%+203%0.550.59%
40
EYLDCambria Emerging Shareholder Yield ETF · International
Whole market+11.9%18.4%0.70−41.8%+199%0.530.63%
41
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Whole market+10.2%10.4%0.99−20.6%+158%0.320.95%
42
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.330.70%
43
ACIOAptus Collared Income Opportunity ETF · Dividend & Income
Whole market+9.3%11.1%0.86−14.2%—0.340.79%
44
PJPInvesco Pharmaceuticals ETF · Healthcare
Whole market+11.2%16.6%0.72−34.0%+135%0.480.58%
45
FEMFirst Trust Emerging Markets AlphaDEX Fund · International
Whole market+8.0%18.7%0.51−46.2%+121%0.500.80%
46
SCHYSchwab International Dividend Equity ETF · International
Whole market+9.5%13.3%0.75−24.0%—0.710.08%
47
INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market
Whole market+11.8%17.8%0.72−21.3%—0.520.85%
48
TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income
Whole market+9.6%13.8%0.73−19.2%—0.510.50%
49
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Whole market+11.5%14.8%0.82−19.4%+121%0.180.75%
50
FLSPFranklin Systematic Style Premia ETF · Alternatives
Whole market+8.4%13.4%0.68−22.9%—0.050.65%
51
SMIGBahl & Gaynor Small/Mid Cap Income Growth ETF · Dividend & Income
Whole market+6.5%16.0%0.48−19.7%—0.550.60%
52
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market
Whole market+10.2%10.2%1.00−11.7%—0.500.31%
53
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.37—
54
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.340.48%
55
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.610.40%
56
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.610.05%
57
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.630.03%
58
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.400.40%
59
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.38—
60
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.47−39.4%+198%0.440.03%
61
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.490.04%
62
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.22—
63
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.460.06%
64
SOThe Southern Company · Electric Utilities
Whole market+11.3%18.8%0.67−38.4%+170%0.37—
65
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.8%19.4%0.44−38.7%+122%0.450.09%
66
ENBEnbridge Inc. · Oil & Gas Midstream
Whole market+9.1%18.9%0.56−44.1%+103%0.45—
67
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.34—
68
SCHXSchwab U.S. Large-Cap ETF · US Large-Cap Equity
Whole market+12.0%17.2%0.75−34.3%+317%0.320.03%
69
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.500.20%
70
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.27—
71
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.5%18.0%0.50−37.4%+132%0.45—
72
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.44—
73
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.310.26%
74
QUALiShares MSCI USA Quality Factor ETF · US Quality Equity
Whole market+11.4%17.3%0.71−34.1%+293%0.400.15%
75
VBRVanguard Morningstar Small-Cap Value ETF · US Small-Cap Equity
Whole market+8.2%19.4%0.51−45.3%+169%0.460.05%
76
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+13.6%15.9%0.88−43.2%+157%0.670.31%
77
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.39—
78
XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity
Whole market+8.6%18.3%0.54−42.9%+241%0.390.08%
79
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.44—
80
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.630.25%
81
XLIState Street Industrial Select Sector SPDR ETF · US Industrials
Whole market+11.5%17.6%0.71−42.3%+246%0.480.08%
82
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.36—
83
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.640.36%
84
CNPCenterPoint Energy, Inc. · Electric Utilities
Whole market+11.4%19.6%0.65−59.8%+142%0.27—
85
RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity
Whole market+11.3%18.8%0.67−40.6%+322%0.470.47%
86
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.34—
87
WECWEC Energy Group, Inc. · Electric Utilities
Whole market+7.2%19.0%0.46−32.3%+159%0.40—
88
FTSFortis Inc. · Electric Utilities
Whole market+8.4%16.4%0.58−34.3%+154%0.53—
89
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.6%12.3%0.66−33.1%+176%0.510.15%
90
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.480.20%
91
AEEAmeren Corporation · Electric Utilities
Whole market+7.9%19.4%0.49−29.1%+192%0.41—
92
FEFirstEnergy Corp. · Electric Utilities
Whole market+8.5%19.4%0.52−47.7%+111%0.47—
93
XLUState Street Utilities Select Sector SPDR ETF · Utilities Equity
Whole market+7.8%17.4%0.52−36.0%+138%0.450.08%
94
SDYState Street SPDR S&P Dividend ETF · US Dividend Equity
Whole market+7.6%14.0%0.59−36.7%+157%0.600.35%
95
PPLPPL Corporation · Electric Utilities
Whole market+7.1%18.9%0.46−48.7%+59.2%0.47—
96
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.231.01%
97
SCHVSchwab U.S. Large-Cap Value ETF · US Large-Cap Value
Whole market+10.2%14.4%0.75−37.1%+195%0.500.04%
98
EVRGEvergy, Inc. · Electric Utilities
Whole market+9.5%18.9%0.57−38.8%+109%0.35—
99
BBJPJPMorgan BetaBuilders Japan ETF · International Equity
Whole market+9.3%18.6%0.57−32.7%—0.620.19%
100
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.450.15%

UL against its popular alternatives

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

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

Green points earned more than UL 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%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityUL: 5.5% a year, volatility 21.5%SPY (S&P 500): 12.7% a year, volatility 17.1%TGT: −6.5% a year, volatility 36.1%CHD: 6.1% a year, volatility 21.1%CL: 7.2% a year, volatility 19.2%EL: −17.7% a year, volatility 44.5%HELE: −33.6% a year, volatility 53.0%NWL: −20.7% a year, volatility 55.5%COTY: −16.1% a year, volatility 45.3%ENR: −6.0% a year, volatility 36.3%EPC: −2.4% a year, volatility 34.3%SPB: −1.1% a year, volatility 36.2%KHC: −3.6% a year, volatility 23.4%NUS: −32.0% a year, volatility 47.5%CLX: −8.3% a year, volatility 26.7%WMT: 20.8% a year, volatility 22.6%ELF: 31.2% a year, volatility 58.5%IPAR: 11.6% a year, volatility 33.7%PG: 5.1% a year, volatility 18.3%MDLZ: 4.0% a year, volatility 20.2%KMB: 0.0% a year, volatility 21.1%PEP: −0.5% a year, volatility 19.1%ULSPY (S&P 500)TGTCHDCLELHELENWLCOTYENREPCSPBKHCNUSCLXWMTELFIPARKMBPEP10.0%20.0%30.0%40.0%50.0%60.0%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityUL: 5.5% a year, volatility 21.5%SPY (S&P 500): 12.7% a year, volatility 17.1%TGT: −6.5% a year, volatility 36.1%CHD: 6.1% a year, volatility 21.1%CL: 7.2% a year, volatility 19.2%EL: −17.7% a year, volatility 44.5%HELE: −33.6% a year, volatility 53.0%NWL: −20.7% a year, volatility 55.5%COTY: −16.1% a year, volatility 45.3%ENR: −6.0% a year, volatility 36.3%EPC: −2.4% a year, volatility 34.3%SPB: −1.1% a year, volatility 36.2%KHC: −3.6% a year, volatility 23.4%NUS: −32.0% a year, volatility 47.5%CLX: −8.3% a year, volatility 26.7%WMT: 20.8% a year, volatility 22.6%ELF: 31.2% a year, volatility 58.5%IPAR: 11.6% a year, volatility 33.7%PG: 5.1% a year, volatility 18.3%MDLZ: 4.0% a year, volatility 20.2%KMB: 0.0% a year, volatility 21.1%PEP: −0.5% a year, volatility 19.1%ULSPY (S&P 500)TGTCHDELHELENWLCOTYENREPCSPBKHCNUSCLXWMTELFIPARKMBPEP
All figures
InvestmentAnnual returnVolatility
ELF e.l.f. Beauty, Inc.+31.2%58.5%
WMT Walmart Inc.+20.8%22.6%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
IPAR Inter Parfums, Inc.+11.6%33.7%
CL Colgate-Palmolive Company+7.2%19.2%
CHD Church & Dwight Co., Inc.+6.1%21.1%
UL This pageUnilever PLC+5.5%21.5%
PG The Procter & Gamble Company+5.1%18.3%
MDLZ Mondelez International, Inc.+4.0%20.2%
KMB Kimberly-Clark Corporation0.0%21.1%
PEP PepsiCo, Inc.−0.5%19.1%
SPB Spectrum Brands Holdings, Inc.−1.1%36.2%
EPC Edgewell Personal Care Company−2.4%34.3%
KHC The Kraft Heinz Company−3.6%23.4%
ENR Energizer Holdings, Inc.−6.0%36.3%
TGT Target Corporation−6.5%36.1%
CLX The Clorox Company−8.3%26.7%
COTY Coty Inc.−16.1%45.3%
EL The Estée Lauder Companies Inc.−17.7%44.5%
NWL Newell Brands Inc.−20.7%55.5%
NUS Nu Skin Enterprises, Inc.−32.0%47.5%
HELE Helen of Troy Limited−33.6%53.0%
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Has UL consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than UL 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
UL Unilever PLC (this page)—+4.9%+6.1%+14.6%+2.9%−4.7%+32.9%+30.5%+89.8%21.5%0.36−30.1%—$141B—
WMT QualifiedWalmart Inc.3/5 short3/3 long+9.7%+5.3%−7.5%+5.2%+11.0%+130%+158%+508%22.6%0.96−25.7%—$938B—
ELF Qualifiede.l.f. Beauty, Inc.4/5 short2/3 long+17.3%+44.1%+67.7%+47.5%−10.0%+12.6%+289%+331%58.5%0.77−77.3%—$6.8B—
TGT QualifiedTarget Corporation4/5 short2/3 long−2.4%+11.2%+20.3%+57.4%+75.1%+58.0%−28.5%+207%36.1%0.00−64.4%—$70B—
CHD QualifiedChurch & Dwight Co., Inc.4/5 short2/3 long+11.0%+8.7%+10.4%+29.4%+21.9%+21.9%+34.6%+154%21.1%0.39−31.7%—$25B—
IPAR QualifiedInter Parfums, Inc.3/5 short2/3 long+2.8%−6.2%+20.0%+38.9%+21.2%+1.3%+72.8%+350%33.7%0.49−54.9%—$3.7B—
CL QualifiedColgate-Palmolive Company3/5 short2/3 long+10.2%+3.4%+14.5%+24.6%+22.9%+38.3%+41.8%+68.8%19.2%0.46−29.0%—$75B—
PG Household & Personal ProductsThe Procter & Gamble Company4/5 short1/3 long+9.1%+7.7%+12.0%+14.9%+8.0%+15.8%+28.3%+145%18.3%0.37−23.8%—$370B—
MDLZ Food ConfectionersMondelez International, Inc.4/5 short1/3 long+7.3%+7.1%+13.6%+22.4%+5.5%+9.2%+21.5%+93.4%20.2%0.29−29.8%—$82B—
EL Household & Personal ProductsThe Estée Lauder Companies Inc.4/5 short0/3 long+10.2%+27.3%+37.3%+0.4%+5.0%−18.3%−62.3%+39.8%44.5%-0.21−85.8%—$38B—
HELE Household & Personal ProductsHelen of Troy Limited4/5 short0/3 long+6.4%+5.1%+48.7%+42.7%+53.8%−71.6%−87.1%−63.6%53.0%-0.51−94.7%—$688M—
NWL Household & Personal ProductsNewell Brands Inc.4/5 short0/3 long+1.4%+12.0%+34.0%+60.0%+25.1%−5.5%−68.7%−83.2%55.5%-0.14−91.8%—$2.4B—
COTY Household & Personal ProductsCoty Inc.4/5 short0/3 long+28.3%+19.3%+35.9%+3.5%−22.0%−66.1%−58.3%−84.3%45.3%-0.16−91.0%—$2.8B—
ENR Electrical Equipment & PartsEnergizer Holdings, Inc.3/5 short0/3 long+2.8%+10.8%+12.2%+16.7%−2.5%−19.5%−26.5%−35.4%36.3%0.01−67.5%—$1.5B—
EPC Household & Personal ProductsEdgewell Personal Care Company3/5 short0/3 long+4.2%−0.8%+21.3%+70.7%+45.3%−14.0%−11.5%−58.3%34.3%0.10−78.6%—$1.3B—
KVUE Household & Personal ProductsKenvue Inc.3/5 short0/3 long+9.1%+3.7%+13.5%+16.6%+36.7%+12.0%————−44.1%—$37B—
KMB Household & Personal ProductsKimberly-Clark Corporation2/5 short0/3 long+10.8%+1.1%+12.8%+11.0%−5.7%−0.4%0.0%+29.9%21.1%0.11−34.1%—$36B—
SPB Household & Personal ProductsSpectrum Brands Holdings, Inc.2/5 short0/3 long−6.6%−9.6%−5.8%+34.8%+48.9%+12.7%−5.2%+4.9%36.2%0.15−79.0%—$1.8B—
KHC Packaged FoodsThe Kraft Heinz Company1/5 short0/3 long−2.2%−6.4%+11.0%+2.8%−0.9%−10.0%−16.9%−56.7%23.4%-0.04−76.1%—$28B—
NUS Household & Personal ProductsNu Skin Enterprises, Inc.1/5 short0/3 long+6.4%−5.3%−34.9%−47.1%−52.3%−71.8%−85.5%−89.2%47.5%-0.58−93.0%—$242M—
PEP Beverages - Non-AlcoholicPepsiCo, Inc.0/5 short0/3 long+3.4%0.0%−12.8%−2.9%−9.2%−6.7%−2.3%+72.6%19.1%0.07−30.3%—$183B—
CLX Household & Personal ProductsThe Clorox Company0/5 short0/3 long+3.0%−8.1%−12.3%−10.2%−23.5%−20.1%−35.3%−3.1%26.7%-0.19−58.8%—$11B—
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How did UL do year by year?

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

InvestmentYears ahead of UL20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
UL This pageUnilever PLC—+5.8%+20.9%−0.2%−2.8%−7.6%+9.1%+12.9%−2.4%+40.2%−2.6%+9.7%+1.9%+10.1%+19.6%+12.9%+0.6%+44.1%−36.3%+38.6%+30.9%+5.3%+9.2%+1.3%+18.0%−1.0%+17.6%−31.0%+31.5%+45.2%
Rank among alternativesTop quarter in 9 of 294 of 222 of 2211 of 217 of 2120 of 2116 of 2114 of 219 of 214 of 2114 of 208 of 1816 of 1816 of 175 of 178 of 1715 of 175 of 1715 of 172 of 174 of 176 of 1713 of 1714 of 173 of 1712 of 163 of 1512 of 156 of 158 of 15
SPY S&P 500State Street SPDR S&P 500 ETF13 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%
WMT Walmart Inc.19 of 29+24.5%+74.0%+12.9%−0.5%+1.9%+23.4%+30.1%−3.4%+46.6%+16.1%−26.6%+11.8%+18.2%+17.1%+13.8%+3.1%−2.5%+20.0%+4.9%+0.2%−10.2%+0.6%+5.6%−11.8%+8.9%−22.7%+70.5%+107%+74.6%
ELF e.l.f. Beauty, Inc.5 of 9−39.4%−13.0%+161%+66.5%+31.8%+56.2%+86.3%−61.2%−22.9%————————————————————
TGT Target Corporation15 of 29−24.5%−2.3%−1.4%−34.2%+32.9%+40.5%+100%+4.7%−5.8%+2.7%−1.6%+23.8%+9.5%+18.2%−13.0%+26.3%+42.4%−30.0%−11.6%+4.7%+6.6%+36.1%+29.0%−26.5%+28.0%−11.5%+36.2%+62.2%+74.2%
CHD Church & Dwight Co., Inc.14 of 29−18.9%+12.0%+18.7%−20.4%+18.9%+25.5%+8.3%+33.2%+15.3%+5.7%+9.4%+21.2%+26.0%+19.3%+34.8%+15.4%+8.7%+4.4%+27.6%+30.0%−0.9%+28.1%+31.3%+15.2%+21.3%−15.3%+50.0%+29.7%+25.0%
IPAR Inter Parfums, Inc.14 of 29−33.6%−6.5%+52.0%−7.4%+79.0%−16.2%+12.7%+53.3%+35.1%+40.3%−11.6%−22.1%+89.6%+27.3%−15.9%+57.4%+60.9%−35.1%−5.5%+7.6%+14.1%−29.2%+194%+4.2%+26.0%+41.0%+55.4%−11.0%+5.4%
CL Colgate-Palmolive Company12 of 29−11.0%+16.6%+3.8%−5.5%+2.1%+27.2%+18.6%−19.2%+17.9%+0.4%−1.6%+8.4%+27.6%+15.9%+18.1%+0.4%+22.9%−10.1%+22.0%+21.5%+9.6%+4.1%−3.0%−8.0%−9.4%+0.4%+41.6%+28.0%+62.3%
PG The Procter & Gamble Company15 of 29−12.3%+17.3%−0.9%−5.1%+20.5%+14.2%+39.7%+3.6%+12.7%+9.3%−10.0%+15.4%+23.6%+5.2%+7.0%+9.3%+1.2%−13.8%+16.7%+13.4%+7.2%+12.4%+18.5%+11.4%+3.1%−27.1%+21.6%+16.0%+50.5%
MDLZ Mondelez International, Inc.14 of 24−7.0%−15.3%+11.2%+2.9%+15.9%+8.6%+40.4%−4.3%−1.6%+0.6%+25.4%+4.6%+41.7%+121%+24.7%+22.8%+8.8%−13.0%−4.1%+32.6%−17.3%+14.4%−14.4%+16.9%—————
EL The Estée Lauder Companies Inc.16 of 29+42.1%−47.6%−40.1%−32.3%+40.0%+29.8%+60.3%+3.4%+68.7%−11.9%+17.0%+2.3%+27.2%+7.9%+40.5%+68.5%+58.1%−27.6%+8.2%+23.3%−26.0%+17.7%+49.9%−17.5%−26.5%−12.7%+18.4%+67.1%+1.7%
HELE Helen of Troy Limited15 of 29−64.5%−50.5%+8.9%−54.6%+10.0%+23.6%+37.1%+36.1%+14.1%−10.4%+44.9%+31.8%+47.8%+8.9%+3.2%+21.6%+40.9%+1.3%−29.3%+50.6%−52.1%+45.3%+98.8%−6.2%+154%−32.7%−50.6%−8.9%+46.6%
NWL Newell Brands Inc.12 of 29−60.5%+18.9%−30.9%−37.0%+6.8%+16.7%+9.5%−37.5%−29.3%+2.9%+17.9%+19.9%+49.0%+41.0%−9.5%+22.8%+57.9%−60.3%−8.0%+25.8%+1.8%+10.2%−22.4%+13.0%+25.2%−18.9%−28.2%+1.2%+37.2%
COTY Coty Inc.5 of 12−55.8%−44.0%+45.1%−18.5%+49.6%−36.9%+79.2%−65.7%+11.7%−27.4%+25.2%+37.1%—————————————————
ENR Energizer Holdings, Inc.3 of 10−40.1%+14.4%−2.2%−13.2%−2.2%−13.8%+14.3%−3.9%+10.1%+34.1%———————————————————
EPC Edgewell Personal Care Company10 of 25−47.9%−6.8%−3.5%−14.4%+34.3%+12.2%−17.1%−37.1%−18.6%−6.9%−17.0%+20.9%+37.8%+4.4%+6.3%+19.0%+13.2%−51.7%+58.0%+42.6%+0.2%+32.3%+34.6%+46.4%−10.8%————
KVUE Kenvue Inc.0 of 2−15.8%+3.1%———————————————————————————
KMB Kimberly-Clark Corporation12 of 29−19.9%+11.8%−7.1%−1.6%+9.7%+0.9%+24.6%−2.1%+9.0%−7.7%+13.8%+18.9%+27.9%+19.1%+21.6%+3.3%+26.1%−21.0%+5.2%+17.5%−6.8%+18.1%+27.9%−19.0%−13.8%+10.2%+22.3%+12.9%+5.5%
SPB Spectrum Brands Holdings, Inc.13 of 29−27.9%+8.0%+34.1%−38.7%+31.3%+26.8%+56.7%−58.8%+10.7%+16.8%−3.1%+22.6%+54.1%+91.7%−35.2%−11.8%+16.4%−17.6%+4.6%+21.3%−22.9%+3.3%+89.8%+5.3%+85.5%−66.2%−61.0%+85.5%+60.7%
KHC The Kraft Heinz Company4 of 10−16.3%−12.9%−5.1%+18.2%+8.0%+13.8%−21.2%−42.2%−8.4%+23.5%———————————————————
NUS Nu Skin Enterprises, Inc.14 of 29+43.3%−63.7%−51.0%−13.9%−4.3%+38.7%−31.0%−8.3%+46.5%+30.5%−10.4%−67.5%+280%−22.4%+63.0%+14.6%+165%−34.5%−7.6%+6.2%−29.6%+50.5%+46.4%+39.6%+69.4%−41.4%−61.7%+29.5%−40.9%
PEP PepsiCo, Inc.14 of 29−1.8%−7.6%−3.3%+6.8%+20.5%+11.7%+27.4%−4.8%+17.8%+7.8%+8.8%+17.3%+24.6%+6.4%+4.8%+10.7%+14.6%−26.0%+23.8%+7.9%+15.3%+13.8%+12.1%−12.2%−0.6%+42.6%−12.4%+14.3%+25.7%
CLX The Clorox Company14 of 29−35.6%+17.7%+5.0%−17.0%−11.5%+34.5%+2.2%+6.6%+24.7%−3.0%+25.0%+15.9%+30.8%+13.9%+8.8%+7.2%+13.7%−12.1%+3.9%+14.9%−1.6%+23.9%+20.5%+6.5%+14.1%−28.1%−12.5%+49.4%+61.2%
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Risk and diversification

How UL 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 UL's worst declines?

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

DuringUL fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−53.5%−52.6%Dec 2007Mar 200915 monthsAug 20112.4 years
Dot-com bust−52.2%+8.4%Jan 1999Mar 200014 monthsFeb 20043.9 years
No named crash−39.0%—Jul 1987Oct 19873 monthsNov 19892.1 years
No named crash−31.1%−8.4%Jun 1998Sep 19983 monthsJan 19994 months
Covid crash−30.1%−23.0%Sep 2019Mar 20206 monthsOct 20207 months

How did UL do in stock market crashes?

This section measures how far UL, 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 UL.

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
UL This pageUnilever PLC—−0.2%−19.1%−25.3%−8.0%−7.7%−15.2%−11.8%−2.7%−53.5%−21.5%
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%
WMT Walmart Inc.5 of 10−0.8%−25.7%−13.1%−18.3%−4.9%−22.3%−10.5%−1.5%−26.2%−31.8%
ELF e.l.f. Beauty, Inc.1 of 5−6.0%−35.3%−58.4%−41.7%−4.8%—————
TGT Target Corporation4 of 10−3.4%−43.9%−21.7%−30.3%−3.0%−15.8%−10.4%−1.3%−60.6%−42.6%
CHD Church & Dwight Co., Inc.5 of 100.0%−31.7%−21.1%−9.4%−1.1%−13.3%−12.4%−1.5%−28.0%−23.6%
IPAR Inter Parfums, Inc.1 of 10−1.6%−37.9%−49.1%−13.7%−4.4%−25.9%−38.2%−3.0%−80.9%−52.1%
CL Colgate-Palmolive Company7 of 10−0.9%−18.2%−20.7%−15.7%−4.8%−12.2%−8.5%−1.9%−31.1%−30.8%
PG The Procter & Gamble Company6 of 10−0.7%−23.8%−22.9%−9.6%−5.1%−10.9%−8.9%−0.7%−39.0%−27.1%
MDLZ Mondelez International, Inc.4 of 9−0.5%−18.3%−29.3%−12.3%−7.4%−22.3%−7.4%0.0%−38.2%—
EL The Estée Lauder Companies Inc.1 of 10−5.4%−42.0%−32.1%−19.8%−4.2%−16.1%−21.5%−3.7%−62.1%−50.7%
HELE Helen of Troy Limited2 of 10−12.0%−60.8%−44.2%−14.0%−2.6%−20.5%−29.1%−1.9%−65.0%−46.1%
NWL Newell Brands Inc.1 of 10−12.1%−44.9%−46.2%−29.5%−6.7%−29.9%−27.8%−2.2%−83.2%−33.9%
COTY Coty Inc.1 of 6−5.4%−43.5%−67.5%−52.6%−4.3%−28.2%————
ENR Energizer Holdings, Inc.1 of 6−5.7%−37.6%−44.8%−30.4%−5.5%−29.6%————
EPC Edgewell Personal Care Company0 of 9−4.0%−36.7%−40.7%−24.6%−7.5%−25.7%−21.2%−3.9%−74.0%—
KMB Kimberly-Clark Corporation6 of 10−0.2%−22.2%−23.7%−12.4%−4.1%−11.6%−7.8%−0.1%−35.0%−26.5%
SPB Spectrum Brands Holdings, Inc.3 of 10−8.5%−61.7%−60.6%−47.9%−6.5%−25.3%−28.6%0.0%−23.1%−76.3%
KHC The Kraft Heinz Company1 of 6−0.4%−24.1%−25.6%−25.2%−7.5%−12.2%————
NUS Nu Skin Enterprises, Inc.2 of 10−1.3%−38.6%−57.4%−33.6%−4.7%−36.3%−14.3%0.0%−57.6%−52.4%
PEP PepsiCo, Inc.6 of 10−0.8%−11.9%−28.3%−12.3%−7.2%−10.2%−8.3%−0.2%−40.4%−33.0%
CLX The Clorox Company5 of 10−1.2%−33.4%−14.0%−12.6%−3.0%−8.6%−13.2%−1.5%−28.4%−37.3%
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How closely does UL 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 UL 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 UL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
UL This pageUnilever PLC46%60%0.770.45
WMT Walmart Inc.74%36%2.080.53
CHD Church & Dwight Co., Inc.47%38%1.220.44
PG The Procter & Gamble Company46%41%1.130.41
IPAR Inter Parfums, Inc.105%108%0.971.02
TGT Target Corporation83%87%0.951.00
MDLZ Mondelez International, Inc.45%55%0.820.52
ELF e.l.f. Beauty, Inc.133%171%0.781.81
CL Colgate-Palmolive Company39%52%0.750.46
PEP PepsiCo, Inc.48%65%0.750.48
KMB Kimberly-Clark Corporation27%48%0.570.39
EL The Estée Lauder Companies Inc.103%188%0.551.14
SPB Spectrum Brands Holdings, Inc.68%130%0.521.23
CLX The Clorox Company31%73%0.430.40
ENR Energizer Holdings, Inc.46%126%0.370.99
HELE Helen of Troy Limited52%177%0.291.11
KHC The Kraft Heinz Company19%100%0.190.58
COTY Coty Inc.39%212%0.181.70
EPC Edgewell Personal Care Company13%93%0.150.68
NUS Nu Skin Enterprises, Inc.18%191%0.101.09
NWL Newell Brands Inc.5%135%0.040.92
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What diversifies UL?

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

ETFs

InvestmentCorrelation5Y returnSharpe2023202220212018201620082001199980/20 mix volatility80/20 mix annual return
UL Unilever PLC (this page)1.00+30.5%0.36−0.2%−2.8%−7.6%−2.4%−2.6%−36.3%−1.0%−31.0%20.2%+3.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.34+225%1.34+42.0%+6.0%+18.0%−19.8%+1.1%−20.8%——17.2%+8.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.38+101%1.04+8.0%+10.4%+23.1%−8.7%+29.8%———17.4%+6.1%
FDL Dividend & IncomeFirst Trust Morningstar Dividend Leaders Index Fund0.48+91.8%0.98+3.0%+6.7%+26.1%−6.0%+20.7%−31.1%——17.9%+5.7%
SMH TechnologyVanEck Semiconductor ETF0.14+323%0.97+73.4%−33.5%+42.1%−9.1%+35.6%−44.7%−14.6%—18.4%+10.7%
GLD CommoditiesSPDR Gold Shares0.40+126%0.96+12.7%−0.8%−4.2%−1.9%+8.0%+4.9%——17.8%+6.6%
DIVO Dividend & IncomeAmplify CWP Enhanced Dividend Income ETF0.46+69.0%0.95+7.0%−1.5%+22.9%−3.2%————17.4%+5.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.23+136%0.93+17.6%−10.4%+22.7%−0.9%+7.4%———17.5%+7.4%
XLE EnergyState Street Energy Select Sector SPDR ETF0.14+177%0.93−0.6%+64.4%+53.3%−18.2%+28.0%−39.0%−18.2%+18.1%17.6%+7.9%

Stocks

InvestmentCorrelation5Y returnSharpe2023202220212018201620082001199980/20 mix volatility80/20 mix annual return
UL Unilever PLC (this page)1.00+30.5%0.36−0.2%−2.8%−7.6%−2.4%−2.6%−36.3%−1.0%−31.0%20.2%+3.4%
CAH Medical - DistributionCardinal Health, Inc.0.28+479%1.55+34.1%+54.1%−0.4%−24.5%−17.5%−39.6%−2.5%−36.8%18.3%+10.3%
CLS Hardware, Equipment & PartsCelestica Inc.-0.10+3,143%1.47+160%+1.3%+37.9%−16.3%+7.4%−20.5%−25.6%+350%19.0%+23.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.20+1,636%1.46+79.6%+17.0%+89.0%+0.8%+18.3%−15.2%+73.7%−58.7%20.0%+18.6%
MCK Medical - DistributionMcKesson Corporation0.24+413%1.44+24.1%+51.8%+44.2%−28.4%−28.3%−40.4%+4.9%−71.3%18.0%+9.7%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.09+690%1.41+30.4%+86.6%+61.0%−8.2%+0.7%———17.9%+12.5%
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Common questions

What was UL's worst drawdown?

UL's deepest decline since it began trading in 1986 was 53.5%, from December 2007 to March 2009. It took 29 months from the low to climb back to its old high.

What were UL's best and worst years?

Over 29 full calendar years, UL's best year was 1997, when it returned 45.2%. Its worst was 2008, with a return of -36.3%.

Is there a better investment than UL?

Among UL's popular alternatives, CL earned more than UL with less volatility over the past 5 years: 7.2% a year at 19.2% volatility, against 5.5% a year at 21.5%. Looking beyond its popular alternatives, COST (discount retail) earned more than UL over the past 5 years with similar volatility: 17.4% a year at 22.9% volatility, against 5.5% a year at 21.5%.

Is UL more volatile than the S&P 500?

Yes. UL's volatility over the past 5 years was 21.5%, 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, UL's return lands within 21.5% 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 UL's Sharpe ratio?

UL's Sharpe ratio over the past 5 years was 0.36, against 0.79 for the S&P 500, so UL earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is UL with the S&P 500?

Over the past 5 years, UL's monthly returns had a correlation of 0.33 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 UL instead: the lower it is, the more that option would diversify a UL holding.

What are the best alternatives to UL?

Of the 21 popular alternatives we compared, six outperformed UL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: WMT, ELF and TGT.

Did UL outperform the S&P 500?

UL finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +5.8%, against +17.7% for the index.

How did UL do in stock market crashes?

UL fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in three. The clearest case was the dot-com bust, when UL fell 21.5% and the S&P 500 fell 47.5%.

What diversifies UL?

These had a low correlation with UL over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.34), EMLP (correlation 0.38) and FDL (correlation 0.48); among large stocks, CAH (correlation 0.28), CLS (correlation -0.10) and FIX (correlation 0.20). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to UL

Other stocks and ETFs