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

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on 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.

## Key findings

- **Right now:** Its household & personal product peers were far apart over the past 6 months, from ELF (e.l.f. Beauty, up 67.7%) to PG (Procter & Gamble, up 12.0%). UL has outpaced the market, rising 14.6% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100.
- **Stock or market?:** UL rose 6.1% over the past 3 months, in line with the household & personal products ETF XLP (State Street Consumer Staples Select Sector SPDR ETF), which rose 4.1%. The S&P 500 rose 3.9%. Its household & personal product peers did not move as one over the past 3 months: EL (Estée Lauder Companies) rose 27.3%, while KMB (Kimberly-Clark) rose 1.1%.
- **Past 1 to 3 years:** Over the past year, UL fell 4.7% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (32.9% against 89.3%). That said, UL lagged its household & personal product peers in 2023, then moved up the pack in 2025.
- **Long term:** UL turned $10,000 into $19,000 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** UL fell less than the S&P 500 in six of seven sell-offs, but the 2015 China and oil sell-off broke the pattern: it fell 15.2%, more than the S&P 500's 12.8%.
- **Diversification:** Against the S&P 500, UL has a correlation of 0.33 over 5 years, less closely than 65% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years UL took more of the market's losses than of its gains: 46% of the S&P 500's gains in rising months and 60% of its losses in falling ones, with a beta of 0.45.
- **Better options**
  - **Popular alternatives:** CL (Colgate-Palmolive) 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%.
  - **Nearby categories and themes:** COST (Costco Wholesale, 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%.
  - **Whole market:** 469 of the 3,633 stocks and funds worth at least $500 million earned more than UL with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).

## How much would $10,000 in 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.

- $10,000 invested in UL at the end of September 1997 would have grown to $84,946 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of UL, and IPAR finished highest, at $725,262.

## 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.

- 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.
- Over 29 full calendar years, UL's best was 1997, when it returned 45.2%, and its worst was 2008, when it lost 36.3%. It lost money in eight of those years.
- UL is 10.3% below its all-time high.

- Type: Stock, Consumer Staples (Household & Personal Products)
- Trading since: October 17, 1986
- Market value: $141B
- Volatility (5 years): 21.5%; Sharpe ratio: 0.36
- Worst decline ever: −53.5%, from December 28, 2007 to March 9, 2009; back at its high by August 15, 2011

| Period | UL total return |
| --- | --- |
| 1 month | +4.9% |
| 3 months | +6.1% |
| 6 months | +14.6% |
| year to date | +2.9% |
| 1 year | −4.7% |
| 3 years | +32.9% |
| 5 years | +30.5% |
| 10 years | +89.8% |

## 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.

- UL's worst decline of the past 10 years ranks in the top 1% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | UL | Rank |
| --- | --- | --- |
| 1-year return | −4.7% | 2,170 of 3,287 (top 67%) |
| 3-year return | +32.9% | 1,797 of 3,017 (top 60%) |
| 5-year return | +30.5% | 1,329 of 2,893 (top 46%) |
| 10-year return | +89.8% | 1,378 of 2,202 (top 63%) |
| Volatility, 5 years | 21.5% | 136 of 2,893 (top 5%) |
| Sharpe ratio, 5 years | 0.36 | 1,374 of 2,893 (top 48%) |
| Worst decline, past 10 years | −30.1% | 20 of 2,187 (top 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).

- 39 stocks and 430 ETFs worth at least $500 million sit in the green region: each earned more than UL over the past 5 years with smaller price swings. That is 13% of the 3,633 screened.
- Among those with at least half UL's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 49% less than UL's 21.5%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.36 for UL. DXJ earned the most, 26.6% a year, while still swinging less than UL (19.1% against 21.5%).
- Among UL's popular alternatives, CL is in the region. CL earned 7.2% a year against 5.5% a year for UL, at 19.2% volatility, 11% less than UL's 21.5%.

### Is there a better investment than UL?

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.

- 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%.
- Across the whole market, 469 of the 3,633 stocks and funds worth at least $500 million earned more than UL with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 469 investments that beat UL over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with UL | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| UL: Unilever PLC (this page) |  | +5.5% | 21.5% | 0.36 | −30.1% | +89.8% |  |  |
| CHT: Chunghwa Telecom Co., Ltd. | Integrated Telecommunications | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| QYLD: Global X - Nasdaq 100 Covered Call ETF | Equity Income | +8.4% | 15.0% | 0.62 | −24.7% | +156% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.45 | Higher return, lower volatility; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.63 | Higher return, lower volatility; Higher return in most periods |
| [TD](https://easycompare.io/research/td): The Toronto-Dominion Bank | Banks | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.36 | Higher return, lower volatility; Higher return in most periods |
| [SCHD](https://easycompare.io/research/schd): Schwab U.S. Dividend Equity ETF | US Dividend Equity | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.50 | Higher return, lower volatility; Higher return in most periods |
| [BNS](https://easycompare.io/research/bns): The Bank of Nova Scotia | Banks | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.49 | Higher return, lower volatility; Higher return in most periods |
| [TAK](https://easycompare.io/research/tak): Takeda Pharmaceutical Company Limited | Pharmaceuticals | +11.9% | 19.4% | 0.68 | −54.4% | +30.4% | 0.40 | Higher return, lower volatility; Higher return in most periods |
| SDCI: USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | Bonds | +20.6% | 18.4% | 1.12 | −45.7% | — | -0.07 | Higher return, lower volatility; Higher return in most periods |
| [SLF](https://easycompare.io/research/slf): Sun Life Financial Inc. | Life Insurance | +11.7% | 19.4% | 0.67 | −50.8% | +255% | 0.36 | Higher return, lower volatility; Higher return in most periods |
| [XLV](https://easycompare.io/research/xlv): State Street Health Care Select Sector SPDR ETF | Health Care Equity | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.53 | Higher return, lower volatility; Higher return in most periods |
| HDV: iShares Core High Dividend ETF | US Dividend Equity | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.52 | Higher return, lower volatility; Higher return in most periods |
| COWZ: Pacer US Cash Cows 100 ETF | US Large-Cap Value | +11.4% | 17.7% | 0.70 | −38.7% | — | 0.43 | Higher return, lower volatility; Higher return in most periods |
| [DFAC](https://easycompare.io/research/dfac): Dimensional - US Core Equity 2 ETF | US Total Market | +11.4% | 17.0% | 0.72 | −23.1% | — | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| PJUL: Innovator U.S. Equity Power Buffer ETF | Broad Market | +10.5% | 8.6% | 1.20 | −18.2% | — | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## 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.

- Only CL and CHD were both more rewarding and calmer than UL over the past 5 years, earning a higher annual return with lower volatility.
- 11 of the 20 popular alternatives earned less than UL over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, UL returned 5.5% a year, less than the S&P 500's 12.7%, with higher volatility (21.5% against 17.1%).

### 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.

- Six of the 21 popular alternatives, led by WMT, ELF and TGT, outperformed UL in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- WMT, CL and PG earned more for the risk they took than UL (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of UL | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| UL: Unilever PLC (this page) | −4.7% | +32.9% | +30.5% | +89.8% |  |  | 0.36 |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | +11.0% | +130% | +158% | +508% | 3/5 short-term, 3/3 long-term | consistent | 0.96 |
| ELF: e.l.f. Beauty, Inc. | −10.0% | +12.6% | +289% | +331% | 4/5 short-term, 2/3 long-term | consistent | 0.77 |
| [TGT](https://easycompare.io/research/tgt): Target Corporation | +75.1% | +58.0% | −28.5% | +207% | 4/5 short-term, 2/3 long-term | consistent | 0.00 |
| CHD: Church & Dwight Co., Inc. | +21.9% | +21.9% | +34.6% | +154% | 4/5 short-term, 2/3 long-term | consistent | 0.39 |
| IPAR: Inter Parfums, Inc. | +21.2% | +1.3% | +72.8% | +350% | 3/5 short-term, 2/3 long-term | consistent | 0.49 |
| [CL](https://easycompare.io/research/cl): Colgate-Palmolive Company | +22.9% | +38.3% | +41.8% | +68.8% | 3/5 short-term, 2/3 long-term | consistent | 0.46 |
| [PG](https://easycompare.io/research/pg): The Procter & Gamble Company | +8.0% | +15.8% | +28.3% | +145% | 4/5 short-term, 1/3 long-term |  | 0.37 |
| [MDLZ](https://easycompare.io/research/mdlz): Mondelez International, Inc. | +5.5% | +9.2% | +21.5% | +93.4% | 4/5 short-term, 1/3 long-term |  | 0.29 |
| [EL](https://easycompare.io/research/el): The Estée Lauder Companies Inc. | +5.0% | −18.3% | −62.3% | +39.8% | 4/5 short-term, 0/3 long-term |  | -0.21 |
| HELE: Helen of Troy Limited | +53.8% | −71.6% | −87.1% | −63.6% | 4/5 short-term, 0/3 long-term |  | -0.51 |
| NWL: Newell Brands Inc. | +25.1% | −5.5% | −68.7% | −83.2% | 4/5 short-term, 0/3 long-term |  | -0.14 |
| COTY: Coty Inc. | −22.0% | −66.1% | −58.3% | −84.3% | 4/5 short-term, 0/3 long-term |  | -0.16 |
| ENR: Energizer Holdings, Inc. | −2.5% | −19.5% | −26.5% | −35.4% | 3/5 short-term, 0/3 long-term |  | 0.01 |
| EPC: Edgewell Personal Care Company | +45.3% | −14.0% | −11.5% | −58.3% | 3/5 short-term, 0/3 long-term |  | 0.10 |
| KVUE: Kenvue Inc. | +36.7% | +12.0% | — | — | 3/5 short-term, 0/3 long-term |  | — |
| KMB: Kimberly-Clark Corporation | −5.7% | −0.4% | 0.0% | +29.9% | 2/5 short-term, 0/3 long-term |  | 0.11 |
| SPB: Spectrum Brands Holdings, Inc. | +48.9% | +12.7% | −5.2% | +4.9% | 2/5 short-term, 0/3 long-term |  | 0.15 |
| KHC: The Kraft Heinz Company | −0.9% | −10.0% | −16.9% | −56.7% | 1/5 short-term, 0/3 long-term |  | -0.04 |
| NUS: Nu Skin Enterprises, Inc. | −52.3% | −71.8% | −85.5% | −89.2% | 1/5 short-term, 0/3 long-term |  | -0.58 |
| [PEP](https://easycompare.io/research/pep): PepsiCo, Inc. | −9.2% | −6.7% | −2.3% | +72.6% | 0/5 short-term, 0/3 long-term |  | 0.07 |
| CLX: The Clorox Company | −23.5% | −20.1% | −35.3% | −3.1% | 0/5 short-term, 0/3 long-term |  | -0.19 |

### 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.

- UL finished ahead of the S&P 500 in 14 of its 29 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, UL finished in the top quarter in nine of 29 years and in the bottom quarter in six. In 2025, it ranked 4 of 22.
- Among its popular alternatives, WMT came out ahead of UL most often, in 19 of the 29 years both traded.

| Year | UL | SPY |
| --- | --- | --- |
| 2025 | +5.8% | +17.7% |
| 2024 | +20.9% | +24.9% |
| 2023 | −0.2% | +26.2% |
| 2022 | −2.8% | −18.2% |
| 2021 | −7.6% | +28.7% |
| 2020 | +9.1% | +18.3% |
| 2019 | +12.9% | +31.2% |
| 2018 | −2.4% | −4.6% |
| 2017 | +40.2% | +21.7% |
| 2016 | −2.6% | +12.0% |

## 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.

- In all four of UL's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: UL fell 52.2% from January 1999 to March 2000, while the S&P 500 rose 8.4%.
- The slowest recovery came after UL fell 52.2% from January 1999 to March 2000; it did not regain that peak until February 2004, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −53.5% | December 28, 2007 | March 9, 2009 | August 15, 2011 | −52.6% | 2008 financial crisis |
| −52.2% | January 6, 1999 | March 14, 2000 | February 12, 2004 | +8.4% | dot-com bust |
| −39.0% | July 16, 1987 | October 26, 1987 | November 30, 1989 | — |  |
| −31.1% | June 9, 1998 | September 18, 1998 | January 6, 1999 | −8.4% |  |
| −30.1% | September 4, 2019 | March 23, 2020 | October 5, 2020 | −23.0% | Covid crash |

### 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.

- UL fell less than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the dot-com bust, when UL fell 21.5% and the S&P 500 fell 47.5%.
- Among its popular alternatives, CL held up best, falling less than UL in seven of the ten crashes they both traded through.

| Crash | Dates | UL fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −21.5% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −53.5% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.7% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −11.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −15.2% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.7% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −8.0% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −25.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −19.1% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −0.2% | −3.4% |

### 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.

- Over the past 10 years, UL captured 46% of the S&P 500's gains in rising months and 60% of its losses in falling months, with a beta of 0.45. Its share of the market's losses was larger than its share of the gains.
- WMT took just 36% of the S&P 500's losses, against 60% for UL, while still keeping 74% of its gains.
- Seven of the 20 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than UL's 0.77, led by WMT, CHD and PG.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| UL: Unilever PLC (this page) | 46.0% | 60.0% | 0.45 |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | 74.0% | 36.0% | 0.53 |
| ELF: e.l.f. Beauty, Inc. | 133% | 171% | 1.81 |
| [TGT](https://easycompare.io/research/tgt): Target Corporation | 83.0% | 87.0% | 1.00 |
| CHD: Church & Dwight Co., Inc. | 47.0% | 38.0% | 0.44 |
| IPAR: Inter Parfums, Inc. | 105% | 108% | 1.02 |
| [CL](https://easycompare.io/research/cl): Colgate-Palmolive Company | 39.0% | 52.0% | 0.46 |
| [PG](https://easycompare.io/research/pg): The Procter & Gamble Company | 46.0% | 41.0% | 0.41 |
| [MDLZ](https://easycompare.io/research/mdlz): Mondelez International, Inc. | 45.0% | 55.0% | 0.52 |
| [EL](https://easycompare.io/research/el): The Estée Lauder Companies Inc. | 103% | 188% | 1.14 |
| HELE: Helen of Troy Limited | 52.0% | 177% | 1.11 |
| NWL: Newell Brands Inc. | 5.0% | 135% | 0.92 |
| COTY: Coty Inc. | 39.0% | 212% | 1.70 |
| ENR: Energizer Holdings, Inc. | 46.0% | 126% | 0.99 |
| EPC: Edgewell Personal Care Company | 13.0% | 93.0% | 0.68 |
| KMB: Kimberly-Clark Corporation | 27.0% | 48.0% | 0.39 |
| SPB: Spectrum Brands Holdings, Inc. | 68.0% | 130% | 1.23 |
| KHC: The Kraft Heinz Company | 19.0% | 100% | 0.58 |
| NUS: Nu Skin Enterprises, Inc. | 18.0% | 191% | 1.09 |
| [PEP](https://easycompare.io/research/pep): PepsiCo, Inc. | 48.0% | 65.0% | 0.48 |
| CLX: The Clorox Company | 31.0% | 73.0% | 0.40 |

### 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).

- Moving a fifth of the money in UL into DXJ would have cut the portfolio's volatility by 15% over the past 5 years and raised its annual return (+3.4% for UL alone, +8.1% for the mix).
- FIX made money in six of the eight calendar years in which UL lost money.
- Among large ETFs, DXJ, EMLP and FDL have moved largely independently of UL over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with UL | 5Y return | Volatility | Sharpe | Rose in UL's 8 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.34 | +225% | 19.1% | 1.34 | 4 of 8 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.38 | +101% | 14.5% | 1.04 | 4 of 8 |
| FDL: First Trust Morningstar Dividend Leaders Index Fund | 0.48 | +91.8% | 14.4% | 0.98 | 4 of 8 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.14 | +323% | 36.9% | 0.97 | 3 of 8 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.40 | +126% | 18.9% | 0.96 | 3 of 8 |
| DIVO: Amplify CWP Enhanced Dividend Income ETF | 0.46 | +69.0% | 11.9% | 0.95 | 2 of 8 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.23 | +136% | 20.8% | 0.93 | 3 of 8 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.14 | +177% | 25.5% | 0.93 | 4 of 8 |

## 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.

## More research

- [Walmart (WMT) Performance, Alternatives and Market Rank](https://easycompare.io/research/wmt)
- [Target (TGT) Performance, Alternatives and Market Rank](https://easycompare.io/research/tgt)
- [Colgate-Palmolive (CL) Performance, Alternatives and Market Rank](https://easycompare.io/research/cl)
- [Procter & Gamble (PG) Performance, Alternatives and Market Rank](https://easycompare.io/research/pg)
- [Mondelez International (MDLZ) Performance, Alternatives and Market Rank](https://easycompare.io/research/mdlz)
- [Estée Lauder Companies (EL) Performance, Alternatives and Market Rank](https://easycompare.io/research/el)
- [PepsiCo (PEP) Performance, Alternatives and Market Rank](https://easycompare.io/research/pep)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)

## Explore further

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