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Relative Intelligence · Railroads

How Union Pacific (UNP) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on UNP alone. It places UNP (Union Pacific Corporation) against 12 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 UNP stands in the market, and of the alternatives worth a closer look.

Period covered: UNP'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 UNP →Chart UNP vs. 12 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in UNP over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of UNP over the same span and UNP'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. 197 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of UNP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • ODFL$2M+21,393% total · +20.3% a year
  • JBHT$749,311+7,393% total · +16.0% a year
  • CAT$615,591+6,056% total · +15.3% a year
  • CNI$468,127+4,581% total · +14.2% a year
  • CP$436,454+4,265% total · +13.9% a year
  • UNP$306,095+2,961% total · +12.5% a year
  • WAB$275,358+2,654% total · +12.1% a year
  • CSX$247,386+2,374% total · +11.7% a year
  • BRK-B$166,530+1,565% total · +10.2% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% 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. 1,459 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of UNP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • CAT$46,130+361% total · +35.8% a year
  • WAB$34,242+242% total · +27.9% a year
  • ACT$24,734+147% total · +19.9% a year
  • CB$20,160+102% total · +15.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • SLF$18,746+87.5% total · +13.4% a year
  • BRK-B$18,244+82.4% total · +12.8% a year
  • CSX$16,737+67.4% total · +10.8% a year
  • UNP$15,540+55.4% total · +9.2% a year
  • NSC$14,343+43.4% total · +7.5% a year
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UNP 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
$171B
Industry
Railroads
Price history from
October 1986

Returns

Past 1 year
+29.2%total return
Past 3 years
+45.4%+13.3% a year
Past 5 years
+41.2%+7.1% a year
Past 10 years
+295%+14.7% a year
Best calendar year
+47.6%2010
Worst calendar year
−32.8%2015
Losing years
7 of 29full calendar years

Risk

Volatility
22.9%typical yearly swing, 5 years
Sharpe ratio
0.42return per unit of risk, 5 years
Worst decline ever
−59.5%Aug 2008 to Mar 2009
From its all-time high
−7.0%below the peak

UNP against the whole market

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

How does UNP rank among all stocks?

This section ranks UNP 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 UNP 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.

MeasureUNPRankStanding
1-year return+29.2%994 of 3,287top 30%
3-year return+45.4%1,621 of 3,017bottom 47%
5-year return+41.2%1,197 of 2,893top 41%
10-year return+295%599 of 2,202top 27%
Volatility, 5 years22.9%206 of 2,893top 7%
Sharpe ratio, 5 years0.421,193 of 2,893top 41%
Worst decline, past 10 years−38.7%122 of 2,187top 6%

What has beaten UNP 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). UNP sits where the dashed lines cross. Anything in the green box above and to the left earned more than UNP 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 UNP; faint dots are 91 more of the 431 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%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 UNPLIN: +11.5% a year, volatility 20.9%BCI: +10.1% a year, volatility 16.7%WM: +9.3% a year, volatility 19.2%IHE: +12.6% a year, volatility 16.8%FTXH: +11.9% a year, volatility 16.9%KO: +14.7% a year, volatility 16.8%SPHQ: +12.0% a year, volatility 16.7%NXTG: +16.2% a year, volatility 19.1%IOO: +15.7% a year, volatility 17.2%XLG: +13.8% a year, volatility 18.9%TD: +15.8% a year, volatility 20.0%MO: +17.8% a year, volatility 21.4%LVHI: +17.0% a year, volatility 11.1%BNS: +12.9% a year, volatility 19.9%VTI: +11.5% a year, volatility 17.5%NVS: +17.1% a year, volatility 20.7%TAK: +11.9% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%PTNQ: +9.7% a year, volatility 14.1%PBA: +13.8% a year, volatility 21.5%VIG: +10.4% a year, volatility 14.1%EMXC: +11.1% a year, volatility 19.5%PJUL: +10.5% a year, volatility 8.6%IVW: +13.1% a year, volatility 21.5%FJAN: +11.1% a year, volatility 10.5%AEP: +12.4% a year, volatility 20.2%VLUE: +15.9% a year, volatility 18.4%BRK-A: +13.4% a year, volatility 17.2%ED: +12.0% a year, volatility 18.8%PDBC: +11.7% a year, volatility 19.3%ATO: +14.9% a year, volatility 18.4%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%NI: +15.1% a year, volatility 20.3%DFAT: +9.6% a year, volatility 21.0%GNR: +10.7% a year, volatility 20.1%EWJ: +9.2% a year, volatility 18.8%DFAI: +9.7% a year, volatility 16.0%BUFR: +9.9% a year, volatility 10.5%RSG: +13.9% a year, volatility 18.5%DIVB: +13.9% a year, volatility 15.4%RY: +17.3% a year, volatility 18.2%DBEF: +13.1% a year, volatility 13.8%DIVO: +11.1% a year, volatility 11.9%MOAT: +9.1% a year, volatility 18.4%JAVA: +11.5% a year, volatility 14.5%QYLD: +8.4% a year, volatility 15.0%VFMF: +14.3% a year, volatility 17.6%COMT: +13.1% a year, volatility 21.1%DFAE: +8.3% a year, volatility 18.8%DBMF: +9.8% a year, volatility 12.4%USMC: +14.1% a year, volatility 16.4%CRAK: +19.8% a year, volatility 20.9%ATMP: +21.2% a year, volatility 21.5%TDIV: +16.2% a year, volatility 21.3%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%IDMO: +13.3% a year, volatility 18.2%FTLS: +10.2% a year, volatility 10.4%OMFL: +9.0% a year, volatility 16.4%PTLC: +9.5% a year, volatility 11.8%SPUS: +15.0% a year, volatility 19.5%DIVI: +13.4% a year, volatility 15.5%QVAL: +13.7% a year, volatility 21.4%AOA: +8.6% a year, volatility 13.1%ACIO: +9.3% a year, volatility 11.1%FTHI: +10.3% a year, volatility 13.3%PJP: +11.2% a year, volatility 16.6%SCHY: +9.5% a year, volatility 13.3%FLQL: +13.8% a year, volatility 16.3%HFXI: +11.4% a year, volatility 15.3%DSTL: +11.3% a year, volatility 16.1%IPAC: +8.2% a year, volatility 16.9%INFL: +11.8% a year, volatility 17.8%QGRO: +9.9% a year, volatility 21.2%TDVG: +9.6% a year, volatility 13.8%DBJP: +20.9% a year, volatility 19.2%PPH: +11.6% a year, volatility 15.8%HLAL: +14.0% a year, volatility 18.0%FLSP: +8.4% a year, volatility 13.4%NTSX: +8.2% a year, volatility 17.2%SIXH: +10.2% a year, volatility 10.2%IDHQ: +10.0% a year, volatility 17.9%OUSA: +9.4% a year, volatility 13.4%VSLU: +13.7% a year, volatility 16.2%VXUS: +8.2% a year, volatility 16.4%EQWL: +11.6% a year, volatility 15.0%SSUS: +10.5% a year, volatility 15.4%UNP: +7.1% a year, volatility 22.9%SPY (S&P 500): +12.7% a year, volatility 17.1%BRK-B: +13.4% a year, volatility 17.1%WAB: +25.6% a year, volatility 26.2%ACT: +20.5% a year, volatility 24.3%CB: +15.7% a year, volatility 20.4%SLF: +11.7% a year, volatility 19.4%TRV: +22.4% a year, volatility 22.3%PGR: +21.3% a year, volatility 25.6%BRO: +2.6% a year, volatility 26.0%JNJ: +12.7% a year, volatility 17.9%SCHD: +9.7% a year, volatility 14.3%XLV: +8.4% a year, volatility 15.3%SPY: +12.7% a year, volatility 17.1%AVLV: +14.0% a year, volatility 16.9%JQUA: +13.6% a year, volatility 15.7%AMGN: +19.6% a year, volatility 24.9%BALT: +6.3% a year, volatility 3.3%DXJ: +26.6% a year, volatility 19.1%UNPSPY (S&P 500)BRK-BWABACTCBTRVPGRBROSCHDXLVAVLVAMGNBALTDXJ0.0%5.0%10.0%15.0%20.0%25.0%30.0%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 UNPLIN: +11.5% a year, volatility 20.9%BCI: +10.1% a year, volatility 16.7%WM: +9.3% a year, volatility 19.2%IHE: +12.6% a year, volatility 16.8%FTXH: +11.9% a year, volatility 16.9%KO: +14.7% a year, volatility 16.8%SPHQ: +12.0% a year, volatility 16.7%NXTG: +16.2% a year, volatility 19.1%IOO: +15.7% a year, volatility 17.2%XLG: +13.8% a year, volatility 18.9%TD: +15.8% a year, volatility 20.0%MO: +17.8% a year, volatility 21.4%LVHI: +17.0% a year, volatility 11.1%BNS: +12.9% a year, volatility 19.9%VTI: +11.5% a year, volatility 17.5%NVS: +17.1% a year, volatility 20.7%TAK: +11.9% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%PTNQ: +9.7% a year, volatility 14.1%PBA: +13.8% a year, volatility 21.5%VIG: +10.4% a year, volatility 14.1%EMXC: +11.1% a year, volatility 19.5%PJUL: +10.5% a year, volatility 8.6%IVW: +13.1% a year, volatility 21.5%FJAN: +11.1% a year, volatility 10.5%AEP: +12.4% a year, volatility 20.2%VLUE: +15.9% a year, volatility 18.4%BRK-A: +13.4% a year, volatility 17.2%ED: +12.0% a year, volatility 18.8%PDBC: +11.7% a year, volatility 19.3%ATO: +14.9% a year, volatility 18.4%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%NI: +15.1% a year, volatility 20.3%DFAT: +9.6% a year, volatility 21.0%GNR: +10.7% a year, volatility 20.1%EWJ: +9.2% a year, volatility 18.8%DFAI: +9.7% a year, volatility 16.0%BUFR: +9.9% a year, volatility 10.5%RSG: +13.9% a year, volatility 18.5%DIVB: +13.9% a year, volatility 15.4%RY: +17.3% a year, volatility 18.2%DBEF: +13.1% a year, volatility 13.8%DIVO: +11.1% a year, volatility 11.9%MOAT: +9.1% a year, volatility 18.4%JAVA: +11.5% a year, volatility 14.5%QYLD: +8.4% a year, volatility 15.0%VFMF: +14.3% a year, volatility 17.6%COMT: +13.1% a year, volatility 21.1%DFAE: +8.3% a year, volatility 18.8%DBMF: +9.8% a year, volatility 12.4%USMC: +14.1% a year, volatility 16.4%CRAK: +19.8% a year, volatility 20.9%ATMP: +21.2% a year, volatility 21.5%TDIV: +16.2% a year, volatility 21.3%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%IDMO: +13.3% a year, volatility 18.2%FTLS: +10.2% a year, volatility 10.4%OMFL: +9.0% a year, volatility 16.4%PTLC: +9.5% a year, volatility 11.8%SPUS: +15.0% a year, volatility 19.5%DIVI: +13.4% a year, volatility 15.5%QVAL: +13.7% a year, volatility 21.4%AOA: +8.6% a year, volatility 13.1%ACIO: +9.3% a year, volatility 11.1%FTHI: +10.3% a year, volatility 13.3%PJP: +11.2% a year, volatility 16.6%SCHY: +9.5% a year, volatility 13.3%FLQL: +13.8% a year, volatility 16.3%HFXI: +11.4% a year, volatility 15.3%DSTL: +11.3% a year, volatility 16.1%IPAC: +8.2% a year, volatility 16.9%INFL: +11.8% a year, volatility 17.8%QGRO: +9.9% a year, volatility 21.2%TDVG: +9.6% a year, volatility 13.8%DBJP: +20.9% a year, volatility 19.2%PPH: +11.6% a year, volatility 15.8%HLAL: +14.0% a year, volatility 18.0%FLSP: +8.4% a year, volatility 13.4%NTSX: +8.2% a year, volatility 17.2%SIXH: +10.2% a year, volatility 10.2%IDHQ: +10.0% a year, volatility 17.9%OUSA: +9.4% a year, volatility 13.4%VSLU: +13.7% a year, volatility 16.2%VXUS: +8.2% a year, volatility 16.4%EQWL: +11.6% a year, volatility 15.0%SSUS: +10.5% a year, volatility 15.4%UNP: +7.1% a year, volatility 22.9%SPY (S&P 500): +12.7% a year, volatility 17.1%BRK-B: +13.4% a year, volatility 17.1%WAB: +25.6% a year, volatility 26.2%ACT: +20.5% a year, volatility 24.3%CB: +15.7% a year, volatility 20.4%SLF: +11.7% a year, volatility 19.4%TRV: +22.4% a year, volatility 22.3%PGR: +21.3% a year, volatility 25.6%BRO: +2.6% a year, volatility 26.0%JNJ: +12.7% a year, volatility 17.9%SCHD: +9.7% a year, volatility 14.3%XLV: +8.4% a year, volatility 15.3%SPY: +12.7% a year, volatility 17.1%AVLV: +14.0% a year, volatility 16.9%JQUA: +13.6% a year, volatility 15.7%AMGN: +19.6% a year, volatility 24.9%BALT: +6.3% a year, volatility 3.3%DXJ: +26.6% a year, volatility 19.1%UNPSPY (S&P 500)BRK-BWABACTCBTRVBROSCHDXLVAMGNBALTDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than UNP?

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

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

Screen the whole market against UNP for any period in BetterThanSPYOpen these 17 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 UNP?lower diversifies moreExpenseper year
UNPUnion Pacific Corporation · this page
+7.1%22.9%0.42−38.7%+295%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.610.09%
Popular alternativesbest 2 shownThe investments people most often weigh against UNP. 2 of 12 passed at least one test.
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst decline+13.4%17.1%0.82−29.6%+274%0.53—
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Higher return in most periods+25.6%26.2%1.00−64.1%+264%0.58—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Railroads and the categories next to it (Freight & Logistics, Industrial Machinery, Insurance, Equipment Rental), plus UNP's specific themes. 35 of 111 passed at least one test.
ACTEnact Holdings Inc. · Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.5%24.3%0.89−20.2%—0.46—
CBChubb Limited · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+15.7%20.4%0.82−42.6%+248%0.49—
SLFSun Life Financial Inc. · Life Insurance
Higher return, lower volatilityHigher return in most periods+11.7%19.4%0.67−50.8%+255%0.59—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.46—
PGRThe Progressive Corporation · Property & Casualty Insurance
Higher Sharpe, smaller worst decline+21.3%25.6%0.89−30.3%+816%0.33—
BROBrown & Brown, Inc. · Insurance
Smaller losses in recent crashes+2.6%26.0%0.23−55.8%+317%0.53—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 766 of 3,510 passed at least one test.
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.35—
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+9.7%14.3%0.72−33.4%+252%0.670.06%
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+8.4%15.3%0.60−28.4%+202%0.570.08%
SPYState Street SPDR S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+12.7%17.1%0.79−33.7%+321%0.610.09%
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.0%16.9%0.86−19.5%—0.650.15%
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.6%15.7%0.89−32.9%—0.650.12%
AMGNAmgen Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.6%24.9%0.85−24.9%+266%0.29—
BALTInnovator Defined Wealth Shield ETF · Crypto
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+6.3%3.3%1.85−4.9%—0.450.69%
What these numbers mean for UNP
Annual return
UNP returned 7.1% 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 $14,100. 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
UNP's volatility over the past 5 years was 22.9%, 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, UNP's return lands within 22.9% 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
UNP's Sharpe ratio over the past 5 years was 0.42, against 0.79 for the S&P 500, so UNP 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
UNP's worst fall from a peak to a low over the past 10 years was 38.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.7% fall takes a 63.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, UNP's monthly returns had a correlation of 0.61 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 UNP instead: the lower it is, the more that option would diversify a UNP holding. Guide: Correlation and diversification →
Show all 431 stocks and funds worth at least $500 million that earned more than UNP 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 UNPExpense
1
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.35—
2
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.670.06%
3
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.570.08%
4
SPYState Street SPDR S&P 500 ETF · US Large-Cap Equity
Whole market+12.7%17.1%0.79−33.7%+321%0.610.09%
5
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.650.15%
6
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.650.12%
7
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.58—
8
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF · Alternatives
Whole market+10.1%16.7%0.66−32.7%—0.200.26%
9
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.47—
10
IHEiShares U.S. Pharmaceuticals ETF · Broad Market
Whole market+12.6%16.8%0.80−29.6%+151%0.500.37%
11
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare
Whole market+11.9%16.9%0.75−32.1%+153%0.470.60%
12
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.290.48%
13
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.49—
14
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.590.20%
15
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.430.70%
16
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.530.40%
17
XLGInvesco S&P 500 Top 50 ETF · US Large-Cap Equity
Whole market+13.8%18.9%0.78−30.5%+379%0.510.20%
18
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.53—
19
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.27—
20
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.530.40%
21
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.50—
22
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.620.03%
23
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.40—
24
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%0.01—
25
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.240.80%
26
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.250.40%
27
PTNQPacer Trendpilot 100 ETF · Technology
Whole market+9.7%14.1%0.73−28.1%+305%0.260.65%
28
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.5%0.71−70.9%+172%0.49—
29
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.710.04%
30
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity
Whole market+11.1%19.5%0.64−42.8%—0.440.25%
31
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.600.79%
32
IVWiShares S&P 500 Growth ETF · US Large-Cap Growth
Whole market+13.1%21.5%0.68−32.7%+413%0.510.18%
33
CBChubb Limited · Property & Casualty Insurance
Same or nearby category+15.7%20.4%0.82−42.6%+248%0.49—
34
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.540.85%
35
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.50—
36
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.490.15%
37
BRK-ABerkshire Hathaway Inc. · Insurance
Same or nearby category+13.4%17.2%0.82−30.4%+273%0.53—
38
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.43—
39
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%
40
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.58—
41
SLFSun Life Financial Inc. · Life Insurance
Same or nearby category+11.7%19.4%0.67−50.8%+255%0.59—
42
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.420.13%
43
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.560.27%
44
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.52—
45
DFATDimensional - US Targeted Value ETF · US Small-Cap Equity
Whole market+9.6%21.0%0.54−26.1%—0.630.33%
46
GNRState Street SPDR S&P Global Natural Resources ETF · Natural Resources Equity
Whole market+10.7%20.1%0.61−48.6%+173%0.540.40%
47
EWJiShares MSCI Japan ETF · International Equity
Whole market+9.2%18.8%0.57−33.1%+132%0.460.49%
48
DFAIDimensional - International Core Equity Market ETF · Developed International Equity
Whole market+9.7%16.0%0.66−27.4%—0.610.18%
49
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%—0.610.10%
50
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.53—
51
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.700.05%
52
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.46—
53
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.560.35%
54
DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income
Whole market+11.1%11.9%0.95−30.0%—0.690.56%
55
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.1%18.4%0.57−33.3%+276%0.650.46%
56
JAVAJPMorgan Active Value ETF · US Large-Cap Value
Whole market+11.5%14.5%0.82−16.5%——0.44%
57
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+156%0.510.60%
58
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.660.18%
59
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF · Commodities
Whole market+13.1%21.1%0.69−39.2%+160%0.130.49%
60
DFAEDimensional - Emerging Core Equity Market ETF · Emerging Markets Equity
Whole market+8.3%18.8%0.52−32.2%—0.460.29%
61
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%—-0.100.85%
62
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.580.12%
63
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.380.61%
64
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.480.95%
65
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.450.50%
66
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.42—
67
DJPiPath Bloomberg Commodity Index Total Return(SM) ETN · Commodities
Whole market+11.2%18.9%0.66−38.4%+120%0.200.70%
68
FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income
Whole market+13.1%16.0%0.85−44.6%+203%0.560.59%
69
EYLDCambria Emerging Shareholder Yield ETF · International
Whole market+11.9%18.4%0.70−41.8%+199%0.480.63%
70
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.590.25%
71
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Whole market+10.2%10.4%0.99−20.6%+158%0.550.95%
72
OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity
Whole market+9.0%16.4%0.61−33.2%—0.560.29%
73
PTLCPacer Trendpilot US Large Cap ETF · Broad Market
Whole market+9.5%11.8%0.83−26.6%+188%0.540.60%
74
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.530.45%
75
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.580.09%
76
QVALAlpha Architect U.S. Quantitative Value ETF · Broad Market
Whole market+13.7%21.4%0.71−51.5%+230%0.570.28%
77
AOAiShares Core 80/20 Aggressive Allocation ETF · Multi-Asset
Whole market+8.6%13.1%0.69−28.4%+165%0.630.19%
78
ACIOAptus Collared Income Opportunity ETF · Dividend & Income
Whole market+9.3%11.1%0.86−14.2%—0.610.79%
79
FTHIFirst Trust BuyWrite Income ETF · Dividend & Income
Whole market+10.3%13.3%0.81−32.7%+126%0.570.75%
80
PJPInvesco Pharmaceuticals ETF · Healthcare
Whole market+11.2%16.6%0.72−34.0%+135%0.500.58%
81
SCHYSchwab International Dividend Equity ETF · International
Whole market+9.5%13.3%0.75−24.0%—0.580.08%
82
FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market
Whole market+13.8%16.3%0.88−33.6%—0.590.15%
83
HFXINYLI FTSE International Equity Currency Neutral ETF · International
Whole market+11.4%15.3%0.79−32.4%+180%0.560.19%
84
DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market
Whole market+11.3%16.1%0.75−33.1%—0.710.39%
85
IPACiShares Core MSCI Pacific ETF · International
Whole market+8.2%16.9%0.55−31.0%+126%0.560.09%
86
INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market
Whole market+11.8%17.8%0.72−21.3%—0.630.85%
87
QGROAmerican Century U.S. Quality Growth ETF · Broad Market
Whole market+9.9%21.2%0.55−32.6%—0.540.29%
88
TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income
Whole market+9.6%13.8%0.73−19.2%—0.740.50%
89
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.280.45%
90
PPHVanEck Pharmaceutical ETF · Healthcare
Whole market+11.6%15.8%0.78−29.7%+153%0.510.36%
91
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.550.50%
92
FLSPFranklin Systematic Style Premia ETF · Alternatives
Whole market+8.4%13.4%0.68−22.9%—0.030.65%
93
NTSXWisdomTree U.S. Efficient Core Fund · Alternatives
Whole market+8.2%17.2%0.55−31.4%—0.610.20%
94
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market
Whole market+10.2%10.2%1.00−11.7%—0.440.31%
95
IDHQInvesco S&P International Developed Quality ETF · International
Whole market+10.0%17.9%0.63−33.6%+183%0.600.29%
96
OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income
Whole market+9.4%13.4%0.74−33.1%+186%0.690.48%
97
VSLUApplied Finance Valuation Large Cap ETF · Broad Market
Whole market+13.7%16.2%0.88−23.8%—0.600.49%
98
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.590.05%
99
EQWLInvesco S&P 100 Equal Weight ETF · Broad Market
Whole market+11.6%15.0%0.81−34.3%+291%0.670.30%
100
SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market
Whole market+10.5%15.4%0.73−23.8%—0.610.77%

UNP against its popular alternatives

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

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

Green points earned more than UNP with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityUNP: 7.1% a year, volatility 22.9%SPY (S&P 500): 12.7% a year, volatility 17.1%BRK-B: 13.4% a year, volatility 17.1%NSC: 5.3% a year, volatility 24.8%ODFL: 4.3% a year, volatility 36.9%JBHT: 4.0% a year, volatility 32.8%CP: 4.0% a year, volatility 24.1%TRN: 0.5% a year, volatility 35.7%GBX: −2.0% a year, volatility 42.2%UPS: −8.6% a year, volatility 28.9%WAB: 25.6% a year, volatility 26.2%CSX: 8.3% a year, volatility 23.3%CAT: 31.1% a year, volatility 31.9%CNI: 0.6% a year, volatility 21.9%UNPSPY (S&P 500)BRK-BNSCODFLJBHTCPTRNGBXUPSWABCSXCATCNI10.0%20.0%30.0%40.0%50.0%−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 volatilityUNP: 7.1% a year, volatility 22.9%SPY (S&P 500): 12.7% a year, volatility 17.1%BRK-B: 13.4% a year, volatility 17.1%NSC: 5.3% a year, volatility 24.8%ODFL: 4.3% a year, volatility 36.9%JBHT: 4.0% a year, volatility 32.8%CP: 4.0% a year, volatility 24.1%TRN: 0.5% a year, volatility 35.7%GBX: −2.0% a year, volatility 42.2%UPS: −8.6% a year, volatility 28.9%WAB: 25.6% a year, volatility 26.2%CSX: 8.3% a year, volatility 23.3%CAT: 31.1% a year, volatility 31.9%CNI: 0.6% a year, volatility 21.9%UNPSPY (S&P 500)BRK-BNSCODFLJBHTCPTRNGBXUPSWABCSXCATCNI
All figures
InvestmentAnnual returnVolatility
CAT Caterpillar Inc.+31.1%31.9%
WAB Westinghouse Air Brake Technologies Corporation+25.6%26.2%
BRK-B Berkshire Hathaway Inc.+13.4%17.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CSX CSX Corporation+8.3%23.3%
UNP This pageUnion Pacific Corporation+7.1%22.9%
NSC Norfolk Southern Corporation+5.3%24.8%
ODFL Old Dominion Freight Line, Inc.+4.3%36.9%
CP Canadian Pacific Kansas City Ltd.+4.0%24.1%
JBHT J.B. Hunt Transport Services, Inc.+4.0%32.8%
CNI Canadian National Railway Company+0.6%21.9%
TRN Trinity Industries, Inc.+0.5%35.7%
GBX The Greenbrier Companies, Inc.−2.0%42.2%
UPS United Parcel Service, Inc.−8.6%28.9%
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Has UNP consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than UNP 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
UNP Union Pacific Corporation (this page)—+6.7%−2.5%+15.2%+25.9%+29.2%+45.4%+41.2%+295%22.9%0.42−38.7%—$171B—
WAB QualifiedWestinghouse Air Brake Technologies Corporation3/5 short2/3 long+0.1%+10.1%+7.6%+31.6%+45.3%+189%+212%+264%26.2%1.00−64.1%—$48B—
CSX RailroadsCSX Corporation2/5 short3/3 long+4.5%−3.8%+10.6%+33.7%+32.8%+63.0%+49.3%+446%23.3%0.46−40.5%—$89B—
CAT Agricultural - MachineryCaterpillar Inc.1/5 short3/3 long−11.2%−15.9%−8.8%+22.2%+37.7%+203%+288%+936%31.9%1.01−43.4%—$333B—
BRK-B Insurance - DiversifiedBerkshire Hathaway Inc.2/5 short2/3 long+7.5%+9.9%+14.3%+8.6%+9.3%+60.7%+87.8%+274%17.1%0.82−29.6%—$1.2T—
NSC RailroadsNorfolk Southern Corporation0/5 short2/3 long+5.3%−2.4%+7.9%+14.6%+13.8%+72.0%+29.5%+328%24.8%0.33−44.4%—$73B—
ODFL TruckingOld Dominion Freight Line, Inc.2/5 short1/3 long+7.4%−18.6%−15.5%+18.8%+34.7%−2.5%+23.4%+747%36.9%0.30−45.2%—$39B—
JBHT Integrated Freight & LogisticsJ.B. Hunt Transport Services, Inc.1/5 short0/3 long−4.1%−22.0%−9.7%+15.7%+37.9%+32.2%+21.6%+220%32.8%0.28−42.4%—$21B—
CNI RailroadsCanadian National Railway Company1/5 short0/3 long+3.2%−3.8%+10.2%+23.0%+30.2%+21.9%+3.1%+124%21.9%0.14−29.1%—$73B—
CP RailroadsCanadian Pacific Kansas City Ltd.0/5 short0/3 long+0.8%−4.5%+7.4%+18.1%+15.1%+25.6%+21.6%+227%24.1%0.28−33.7%—$77B—
TRN RailroadsTrinity Industries, Inc.0/5 short0/3 long−9.9%−31.1%−20.6%−4.1%−8.8%+29.7%+2.5%+107%35.7%0.19−45.2%—$2.0B—
GBX RailroadsThe Greenbrier Companies, Inc.0/5 short0/3 long−10.4%−24.1%−23.3%−18.8%−15.7%−0.7%−9.4%+38.6%42.2%0.16−78.7%—$1.2B—
UPS Integrated Freight & LogisticsUnited Parcel Service, Inc.0/5 short0/3 long+4.0%−11.5%−5.0%+2.2%+20.8%−23.0%−36.1%+35.4%28.9%-0.17−57.9%—$74B—
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How did UNP do year by year?

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

InvestmentYears ahead of UNP20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
UNP This pageUnion Pacific Corporation—+3.9%−5.1%+21.6%−15.9%+23.3%+17.6%+33.7%+5.3%+32.3%+36.0%−32.9%+44.5%+36.3%+21.2%+16.7%+47.6%+36.6%−22.7%+38.3%+15.8%+21.8%−1.3%+17.9%+6.5%+14.0%+18.7%−1.5%−26.8%+7.0%
Rank among alternativesTop quarter in 6 of 297 of 137 of 135 of 139 of 139 of 1311 of 133 of 132 of 136 of 134 of 1311 of 133 of 139 of 135 of 135 of 135 of 135 of 137 of 131 of 135 of 137 of 1313 of 1312 of 136 of 137 of 134 of 134 of 1211 of 1210 of 12
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%
WAB Westinghouse Air Brake Technologies Corporation16 of 29+13.2%+50.1%+28.0%+9.1%+26.5%−5.2%+11.5%−13.3%−1.4%+17.3%−17.9%+17.3%+70.1%+25.4%+32.4%+29.7%+2.8%+15.6%+13.5%+13.1%+26.5%+25.4%+21.8%+14.6%+4.9%−33.5%−27.2%−4.5%+104%
CSX CSX Corporation16 of 29+14.2%−5.6%+13.5%−16.6%+25.7%+27.1%+18.0%+14.5%+55.5%+42.1%−26.7%+28.4%+49.3%−3.9%−0.2%+35.7%+53.2%−24.9%+29.6%+37.0%+27.9%+12.4%+30.5%−18.6%+38.2%−12.8%−22.5%−21.1%+30.6%
CAT Caterpillar Inc.14 of 29+60.3%+24.7%+25.9%+18.6%+16.0%+27.0%+19.5%−17.6%+75.0%+42.1%−23.0%+3.5%+3.4%+1.6%−1.5%+68.5%+33.2%−36.8%+20.5%+7.8%+20.7%+19.7%+86.1%−9.8%+13.7%+4.1%+4.7%−3.0%+31.2%
BRK-B Berkshire Hathaway Inc.10 of 29+10.9%+27.1%+15.5%+3.3%+28.9%+2.4%+10.9%+3.0%+21.6%+23.4%−12.1%+26.6%+32.2%+17.6%−4.8%+21.9%+2.2%−32.1%+29.2%+24.9%0.0%+4.3%+16.2%−4.0%+7.3%+28.6%−22.1%+52.7%+38.4%
NSC Norfolk Southern Corporation15 of 29+25.7%+1.6%−1.6%−15.6%+27.3%+24.8%+32.4%+5.2%+36.8%+31.5%−20.3%+20.8%+54.2%−12.7%+18.8%+22.8%+15.2%−4.8%+2.2%+13.8%+25.6%+55.3%+20.2%+10.4%+39.5%−31.8%−33.5%+6.6%+6.6%
ODFL Old Dominion Freight Line, Inc.19 of 29−10.5%−12.5%+43.5%−20.5%+84.2%+54.8%+54.3%−5.8%+53.9%+45.3%−23.9%+46.5%+54.6%+26.9%+26.6%+56.2%+7.9%+23.5%−4.4%−10.5%+16.1%+53.7%+78.3%+125%+33.5%−11.6%−5.5%−25.4%+43.5%
JBHT J.B. Hunt Transport Services, Inc.13 of 29+15.2%−13.8%+15.6%−13.9%+50.6%+18.1%+26.8%−18.4%+19.6%+33.8%−12.0%+10.1%+30.2%+34.2%+11.8%+28.2%+24.8%−3.4%+34.4%−6.9%+2.1%+66.5%+84.3%+26.4%+38.0%+21.6%−38.9%+23.8%+35.7%
CNI Canadian National Railway Company13 of 29−0.1%−17.5%+7.8%−1.4%+13.7%+23.6%+24.3%−8.6%+24.4%+22.8%−17.6%+22.6%+27.3%+17.9%+20.3%+24.4%+51.4%−20.1%+10.9%+9.2%+32.6%+47.4%+55.3%−12.3%+65.5%+14.8%+4.3%+11.6%+26.8%
CP Canadian Pacific Kansas City Ltd.13 of 29+2.6%−7.8%+6.8%+4.5%+4.7%+37.4%+45.1%−1.8%+29.4%+13.0%−33.3%+28.3%+50.5%+52.7%+6.5%+22.2%+64.1%−47.1%+24.2%+27.5%+23.9%+24.6%+45.2%+3.5%+40.6%+35.6%+17.3%−29.0%+4.1%
TRN Trinity Industries, Inc.13 of 29−21.5%+37.2%−6.2%+1.5%+17.9%+23.8%+11.1%−22.4%+37.1%+18.0%−12.9%+3.7%+54.1%+20.9%+14.2%+55.1%+13.3%−42.6%−20.6%+20.6%+30.2%+11.5%+64.6%−29.0%+12.2%−9.0%−24.7%−12.2%+21.4%
GBX The Greenbrier Companies, Inc.11 of 29−21.3%+41.3%+36.3%−24.8%+29.4%+17.7%−15.5%−24.3%+30.8%+31.9%−38.4%+64.4%+103%−33.4%+15.6%+102%+51.8%−68.3%−24.9%+6.7%−15.3%+103%+135%−1.6%−8.8%−0.2%−36.6%−17.1%+69.8%
UPS United Parcel Service, Inc.8 of 26−15.9%−15.9%−6.0%−16.2%+30.0%+48.6%+24.2%−15.5%+7.1%+22.7%−10.9%+8.7%+46.5%+3.9%+3.8%+30.3%+7.8%−19.8%−3.5%+1.8%−10.5%+16.4%+19.9%+17.3%−6.0%−13.8%———
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Risk and diversification

How UNP 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 UNP's worst declines?

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

DuringUNP fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−59.5%−46.4%Aug 2008Mar 20097 monthsSep 201018 months
Dot-com bust−49.2%+56.2%Jul 1997Mar 20002.7 yearsDec 20033.8 years
No named crash−45.1%—Aug 1987Oct 19872 monthsJan 19902.3 years
2015 China and oil sell-off−43.2%−8.3%Feb 2015Jan 201611 monthsSep 201720 months
Covid crash−38.7%−32.4%Jan 2020Mar 20202 monthsAug 20205 months

How did UNP do in stock market crashes?

This section measures how far UNP, 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 UNP.

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
UNP This pageUnion Pacific Corporation—−4.2%−29.8%−37.5%−21.9%−4.8%−28.7%−23.4%−1.5%−59.5%−25.6%
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%
WAB Westinghouse Air Brake Technologies Corporation2 of 10−6.4%−18.9%−48.3%−37.9%−2.9%−40.5%−26.1%−2.4%−60.8%−33.7%
CSX CSX Corporation2 of 10−4.0%−29.4%−40.5%−21.4%−8.7%−26.5%−27.4%−0.9%−69.2%−37.5%
CAT Caterpillar Inc.2 of 10−9.7%−30.1%−33.1%−28.5%−7.3%−26.0%−33.2%−2.2%−73.3%−42.5%
BRK-B Berkshire Hathaway Inc.9 of 10−2.7%−26.6%−29.3%−16.1%−8.5%−13.5%−14.3%−0.2%−53.9%−23.3%
NSC Norfolk Southern Corporation2 of 10−4.0%−28.4%−43.6%−23.8%−5.6%−31.7%−21.1%−2.1%−62.9%−39.9%
ODFL Old Dominion Freight Line, Inc.2 of 10−6.0%−34.5%−28.6%−28.4%−10.3%−31.0%−26.2%−3.6%−50.7%−33.3%
JBHT J.B. Hunt Transport Services, Inc.5 of 10−5.5%−28.8%−31.5%−26.6%−3.0%−18.8%−24.8%−2.4%−53.1%−50.9%
CNI Canadian National Railway Company7 of 10−1.3%−21.0%−27.3%−22.1%−5.1%−23.9%−19.3%−0.5%−46.7%−30.6%
CP Canadian Pacific Kansas City Ltd.4 of 10−3.0%−19.9%−32.9%−24.4%−4.3%−35.1%−29.8%−0.4%−65.4%−35.7%
TRN Trinity Industries, Inc.1 of 10−11.7%−38.5%−34.4%−30.8%−5.4%−32.8%−43.3%−4.6%−83.9%−45.9%
GBX The Greenbrier Companies, Inc.0 of 10−12.0%−53.9%−50.1%−41.2%−5.9%−53.6%−51.5%−8.0%−93.5%−56.9%
UPS United Parcel Service, Inc.5 of 10−1.5%−29.8%−18.5%−23.7%−8.7%−16.4%−16.4%−1.6%−47.9%−26.5%
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How closely does UNP 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 UNP 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 UNP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
UNP This pageUnion Pacific Corporation104%119%0.871.05
CAT Caterpillar Inc.148%122%1.211.27
ODFL Old Dominion Freight Line, Inc.127%107%1.191.10
BRK-B Berkshire Hathaway Inc.78%69%1.120.74
CSX CSX Corporation118%117%1.001.19
WAB Westinghouse Air Brake Technologies Corporation111%127%0.871.28
CP Canadian Pacific Kansas City Ltd.96%113%0.851.00
NSC Norfolk Southern Corporation123%147%0.841.30
JBHT J.B. Hunt Transport Services, Inc.109%137%0.791.18
CNI Canadian National Railway Company80%105%0.770.89
TRN Trinity Industries, Inc.110%165%0.671.38
GBX The Greenbrier Companies, Inc.124%211%0.591.50
UPS United Parcel Service, Inc.85%149%0.571.08
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What diversifies UNP?

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

ETFs

InvestmentCorrelation5Y returnSharpe202420222015200820041999199880/20 mix volatility80/20 mix annual return
UNP Union Pacific Corporation (this page)1.00+41.2%0.42−5.1%−15.9%−32.9%−22.7%−1.3%−1.5%−26.8%24.2%+9.2%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.29+225%1.34+29.8%+6.0%+7.7%−20.8%———20.2%+13.1%
GCOW InternationalPacer Global Cash Cows Dividend ETF0.49+93.4%1.04+3.5%+5.5%—————21.0%+10.4%
EWP Broad MarketiShares MSCI Spain ETF0.39+140%0.97+5.7%−5.2%−15.6%−36.8%+30.2%−1.5%+50.5%21.1%+11.9%
SMH TechnologyVanEck Semiconductor ETF0.34+323%0.97+39.1%−33.5%−0.3%−44.7%−19.3%——22.7%+15.4%
GLD CommoditiesSPDR Gold Shares0.25+126%0.96+26.7%−0.8%−10.7%+4.9%———20.5%+11.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.42+136%0.93+45.8%−10.4%—————21.4%+12.1%
XLE EnergyState Street Energy Select Sector SPDR ETF0.32+177%0.93+5.6%+64.4%−21.5%−39.0%+33.8%+18.1%—21.6%+12.6%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.49+109%0.90+7.2%−14.2%−4.1%————21.7%+11.2%

Stocks

InvestmentCorrelation5Y returnSharpe202420222015200820041999199880/20 mix volatility80/20 mix annual return
UNP Union Pacific Corporation (this page)1.00+41.2%0.42−5.1%−15.9%−32.9%−22.7%−1.3%−1.5%−26.8%24.2%+9.2%
CAH Medical - DistributionCardinal Health, Inc.0.23+479%1.55+19.0%+54.1%+12.6%−39.6%−4.7%−36.8%+51.7%21.2%+15.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.23+3,143%1.47+215%+1.3%−6.0%−20.5%−6.4%+350%—24.8%+27.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.39+1,636%1.46+107%+17.0%+67.7%−15.2%+40.0%−58.7%−9.5%24.3%+23.5%
MCK Medical - DistributionMcKesson Corporation0.31+413%1.44+23.7%+51.8%−4.5%−40.4%−1.4%−71.3%+46.9%21.5%+14.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.25+690%1.41−4.0%+86.6%+17.4%————21.9%+17.3%
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Common questions

What was UNP's worst drawdown?

UNP's deepest decline since it began trading in 1986 was 59.5%, from August 2008 to March 2009. It took 18 months from the low to climb back to its old high.

What were UNP's best and worst years?

Over 29 full calendar years, UNP's best year was 2010, when it returned 47.6%. Its worst was 2015, with a return of -32.8%.

Is there a better investment than UNP?

Among UNP's popular alternatives, BRK-B earned more than UNP with less volatility over the past 5 years: 13.4% a year at 17.1% volatility, against 7.1% a year at 22.9%. Looking beyond its popular alternatives, CB (property & casualty insurance) and SLF (life insurance) earned more than UNP with less volatility over the past 5 years. CB returned 15.7% a year at 20.4% volatility, against 7.1% a year at 22.9%.

Is UNP more volatile than the S&P 500?

Yes. UNP's volatility over the past 5 years was 22.9%, 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, UNP's return lands within 22.9% 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 UNP's Sharpe ratio?

UNP's Sharpe ratio over the past 5 years was 0.42, against 0.79 for the S&P 500, so UNP 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 UNP with the S&P 500?

Over the past 5 years, UNP's monthly returns had a correlation of 0.61 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 UNP instead: the lower it is, the more that option would diversify a UNP holding.

What are the best alternatives to UNP?

Of the 12 popular alternatives we compared, one outperformed UNP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: WAB.

Did UNP outperform the S&P 500?

UNP finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +3.9%, against +17.7% for the index.

How did UNP do in stock market crashes?

UNP 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 2015 China and oil sell-off, when UNP fell 28.7% and the S&P 500 fell 12.8%.

What diversifies UNP?

These had a low correlation with UNP over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.29), GCOW (correlation 0.49) and EWP (correlation 0.39); among large stocks, CAH (correlation 0.23), CLS (correlation 0.23) and FIX (correlation 0.39). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to UNP

Other stocks and ETFs