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

> Source: EasyCompare research, https://easycompare.io/research/unp
> 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 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.

## Key findings

- **Right now:** UNP has gone against the market, falling 2.5% over the past 3 months while the S&P 500 rose 3.9%. Not every peer went the same way. Over the past 3 months, BRK-B (Berkshire Hathaway) rose 9.9% and CP (Canadian Pacific Kansas City) fell 4.5%.
- **Stock or market?:** UNP held up far better than its industry: it fell 2.5% over the past 3 months while the railroads ETF IYT (iShares U.S. Transportation ETF) fell 9.3%. The S&P 500 rose 3.9%. Last month cut against the tape: UNP rose 6.7% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** Over the past year, UNP rose 29.2% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. Even so, UNP finished behind the S&P 500 in both 2024 and 2025.
- **Long term:** UNP turned $10,000 into $39,500 over the past decade, against $42,100 in the S&P 500. On the flip side, over the past decade, only CSX and NSC (Norfolk Southern) of its railroad peers outpaced UNP.
- **In a crash:** Across seven sell-offs, UNP has typically fallen 1.2 times as far as the S&P 500.
- **Diversification:** Against the S&P 500, UNP has a correlation of 0.61 over 5 years, more closely than 92% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion.
- **Better options**
  - **Nearby categories and themes:** CB (Chubb, property & casualty insurance) and SLF (Sun Life Financial, 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%.
  - **Versus the S&P 500:** Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 7.1% at 22.9% for UNP.
  - **Whole market:** 431 of the 3,633 stocks and funds worth at least $500 million earned more than UNP 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 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.

- $10,000 invested in UNP at the end of September 1997 would have grown to $306,095 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of UNP, and ODFL finished highest, at $2,149,322.

## 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.

- 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.
- Over 29 full calendar years, UNP's best was 2010, when it returned 47.6%, and its worst was 2015, when it lost 32.8%. It lost money in seven of those years.
- UNP is 7.0% below its all-time high.

- Type: Stock, Industrials (Railroads)
- Trading since: October 17, 1986
- Market value: $171B
- Volatility (5 years): 22.9%; Sharpe ratio: 0.42
- Worst decline ever: −59.5%, from August 29, 2008 to March 9, 2009; back at its high by September 20, 2010

| Period | UNP total return |
| --- | --- |
| 1 month | +6.7% |
| 3 months | −2.5% |
| 6 months | +15.2% |
| year to date | +25.9% |
| 1 year | +29.2% |
| 3 years | +45.4% |
| 5 years | +41.2% |
| 10 years | +295% |

## 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.

- UNP's worst decline of the past 10 years ranks in the top 6% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | UNP | Rank |
| --- | --- | --- |
| 1-year return | +29.2% | 994 of 3,287 (top 31%) |
| 3-year return | +45.4% | 1,621 of 3,017 (top 54%) |
| 5-year return | +41.2% | 1,197 of 2,893 (top 42%) |
| 10-year return | +295% | 599 of 2,202 (top 28%) |
| Volatility, 5 years | 22.9% | 206 of 2,893 (top 8%) |
| Sharpe ratio, 5 years | 0.42 | 1,193 of 2,893 (top 42%) |
| Worst decline, past 10 years | −38.7% | 122 of 2,187 (top 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).

- 44 stocks and 387 ETFs worth at least $500 million sit in the green region: each earned more than UNP over the past 5 years with smaller price swings. That is 12% of the 3,633 screened.
- Among those with at least half UNP's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 17% less than UNP's 22.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.42 for UNP.
- Among UNP's popular alternatives, BRK-B is in the region. BRK-B earned 13.4% a year against 7.1% a year for UNP, at 17.1% volatility, 25% less than UNP's 22.9%.

### Is there a better investment than UNP?

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.

- 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%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 7.1% at 22.9% for UNP.

The 15 strongest of 431 investments that beat UNP 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 UNP | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| UNP: Union Pacific Corporation (this page) |  | +7.1% | 22.9% | 0.42 | −38.7% | +295% |  |  |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; 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% | 0.67 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; 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% | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SPY](https://easycompare.io/research/spy): State Street SPDR S&P 500 ETF | US Large-Cap Equity | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.61 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| AVLV: Avantis U.S. Large Cap Value ETF | US Large-Cap Value | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.65 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| JQUA: JPMorgan U.S. Quality Factor ETF | US Quality Equity | +13.6% | 15.7% | 0.89 | −32.9% | — | 0.65 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [LIN](https://easycompare.io/research/lin): Linde plc | Chemicals | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.58 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| BCI: abrdn Bloomberg All Commodity Strategy K-1 Free ETF | Alternatives | +10.1% | 16.7% | 0.66 | −32.7% | — | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WM](https://easycompare.io/research/wm): Waste Management, Inc. | Environmental Services | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| IHE: iShares U.S. Pharmaceuticals ETF | Broad Market | +12.6% | 16.8% | 0.80 | −29.6% | +151% | 0.50 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FTXH: First Trust Nasdaq Pharmaceuticals ETF | Healthcare | +11.9% | 16.9% | 0.75 | −32.1% | +153% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.29 | 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% | 0.49 | Higher return, lower volatility; Higher return in most periods |
| SPHQ: Invesco S&P 500 Quality ETF | US Quality Equity | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| NXTG: First Trust Indxx NextG ETF | Technology | +16.2% | 19.1% | 0.89 | −33.6% | +330% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Only BRK-B was both more rewarding and calmer than UNP over the past 5 years, earning a higher annual return with lower volatility.
- Seven of the 12 popular alternatives earned less than UNP over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, UNP returned 7.1% a year, less than the S&P 500's 12.7%, with higher volatility (22.9% against 17.1%).

### 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.

- Only one of the 12 popular alternatives, WAB, outperformed UNP in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- BRK-B earned more for the risk it took than UNP (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
- CAT outperformed UNP over all three long-term periods but in only one of the five short-term ones, so UNP has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of UNP | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| UNP: Union Pacific Corporation (this page) | +29.2% | +45.4% | +41.2% | +295% |  |  | 0.42 |
| [WAB](https://easycompare.io/research/wab): Westinghouse Air Brake Technologies Corporation | +45.3% | +189% | +212% | +264% | 3/5 short-term, 2/3 long-term | consistent | 1.00 |
| [CSX](https://easycompare.io/research/csx): CSX Corporation | +32.8% | +63.0% | +49.3% | +446% | 2/5 short-term, 3/3 long-term |  | 0.46 |
| [CAT](https://easycompare.io/research/cat): Caterpillar Inc. | +37.7% | +203% | +288% | +936% | 1/5 short-term, 3/3 long-term |  | 1.01 |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | +9.3% | +60.7% | +87.8% | +274% | 2/5 short-term, 2/3 long-term |  | 0.82 |
| [NSC](https://easycompare.io/research/nsc): Norfolk Southern Corporation | +13.8% | +72.0% | +29.5% | +328% | 0/5 short-term, 2/3 long-term |  | 0.33 |
| [ODFL](https://easycompare.io/research/odfl): Old Dominion Freight Line, Inc. | +34.7% | −2.5% | +23.4% | +747% | 2/5 short-term, 1/3 long-term |  | 0.30 |
| JBHT: J.B. Hunt Transport Services, Inc. | +37.9% | +32.2% | +21.6% | +220% | 1/5 short-term, 0/3 long-term |  | 0.28 |
| [CNI](https://easycompare.io/research/cni): Canadian National Railway Company | +30.2% | +21.9% | +3.1% | +124% | 1/5 short-term, 0/3 long-term |  | 0.14 |
| [CP](https://easycompare.io/research/cp): Canadian Pacific Kansas City Ltd. | +15.1% | +25.6% | +21.6% | +227% | 0/5 short-term, 0/3 long-term |  | 0.28 |
| TRN: Trinity Industries, Inc. | −8.8% | +29.7% | +2.5% | +107% | 0/5 short-term, 0/3 long-term |  | 0.19 |
| GBX: The Greenbrier Companies, Inc. | −15.7% | −0.7% | −9.4% | +38.6% | 0/5 short-term, 0/3 long-term |  | 0.16 |
| [UPS](https://easycompare.io/research/ups): United Parcel Service, Inc. | +20.8% | −23.0% | −36.1% | +35.4% | 0/5 short-term, 0/3 long-term |  | -0.17 |

### 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.

- UNP finished ahead of the S&P 500 in 17 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, ODFL came out ahead of UNP most often, in 19 of the 29 years both traded.
- Ranked against its popular alternatives each year, UNP finished in the top quarter in six of 29 years and in the bottom quarter in six. In 2025, it ranked 7 of 13.

| Year | UNP | SPY |
| --- | --- | --- |
| 2025 | +3.9% | +17.7% |
| 2024 | −5.1% | +24.9% |
| 2023 | +21.6% | +26.2% |
| 2022 | −15.9% | −18.2% |
| 2021 | +23.3% | +28.7% |
| 2020 | +17.6% | +18.3% |
| 2019 | +33.7% | +31.2% |
| 2018 | +5.3% | −4.6% |
| 2017 | +32.3% | +21.7% |
| 2016 | +36.0% | +12.0% |

## 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.

- In all four of UNP's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: UNP fell 49.2% from July 1997 to March 2000, while the S&P 500 rose 56.2%.
- The slowest recovery came after UNP fell 49.2% from July 1997 to March 2000; it did not regain that peak until December 2003, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −59.5% | August 29, 2008 | March 9, 2009 | September 20, 2010 | −46.4% | 2008 financial crisis |
| −49.2% | July 15, 1997 | March 10, 2000 | December 4, 2003 | +56.2% | dot-com bust |
| −45.1% | August 3, 1987 | October 28, 1987 | January 2, 1990 | — |  |
| −43.2% | February 12, 2015 | January 25, 2016 | September 27, 2017 | −8.3% | 2015 China and oil sell-off |
| −38.7% | January 23, 2020 | March 23, 2020 | August 10, 2020 | −32.4% | Covid crash |

### 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.

- UNP fell further than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when UNP fell 28.7% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BRK-B held up best, falling less than UNP in nine of the ten crashes they both traded through.

| Crash | Dates | UNP fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −25.6% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −59.5% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.5% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −23.4% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −28.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.8% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −21.9% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −37.5% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −29.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −4.2% | −3.4% |

### 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.

- ODFL took just 107% of the S&P 500's losses, against 119% for UNP, while still keeping 127% of its gains.
- Over the past 10 years, UNP captured 104% of the S&P 500's gains in rising months and 119% of its losses in falling months, with a beta of 1.05. It amplified the market's moves in both directions.
- Four of the 12 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than UNP's 0.87, led by CAT, ODFL and BRK-B.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| UNP: Union Pacific Corporation (this page) | 104% | 119% | 1.05 |
| [WAB](https://easycompare.io/research/wab): Westinghouse Air Brake Technologies Corporation | 111% | 127% | 1.28 |
| [CSX](https://easycompare.io/research/csx): CSX Corporation | 118% | 117% | 1.19 |
| [CAT](https://easycompare.io/research/cat): Caterpillar Inc. | 148% | 122% | 1.27 |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | 78.0% | 69.0% | 0.74 |
| [NSC](https://easycompare.io/research/nsc): Norfolk Southern Corporation | 123% | 147% | 1.30 |
| [ODFL](https://easycompare.io/research/odfl): Old Dominion Freight Line, Inc. | 127% | 107% | 1.10 |
| JBHT: J.B. Hunt Transport Services, Inc. | 109% | 137% | 1.18 |
| [CNI](https://easycompare.io/research/cni): Canadian National Railway Company | 80.0% | 105% | 0.89 |
| [CP](https://easycompare.io/research/cp): Canadian Pacific Kansas City Ltd. | 96.0% | 113% | 1.00 |
| TRN: Trinity Industries, Inc. | 110% | 165% | 1.38 |
| GBX: The Greenbrier Companies, Inc. | 124% | 211% | 1.50 |
| [UPS](https://easycompare.io/research/ups): United Parcel Service, Inc. | 85.0% | 149% | 1.08 |

### 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).

- Moving a fifth of the money in UNP into DXJ would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+9.2% for UNP alone, +13.1% for the mix).
- Among large ETFs, DXJ, GCOW and EWP have moved largely independently of UNP over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- CAH made money in four of the seven calendar years in which UNP lost money.

| Investment | Correlation with UNP | 5Y return | Volatility | Sharpe | Rose in UNP's 7 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.29 | +225% | 19.1% | 1.34 | 3 of 7 |
| GCOW: Pacer Global Cash Cows Dividend ETF | 0.49 | +93.4% | 13.6% | 1.04 | 2 of 7 |
| EWP: iShares MSCI Spain ETF | 0.39 | +140% | 20.3% | 0.97 | 3 of 7 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.34 | +323% | 36.9% | 0.97 | 1 of 7 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.25 | +126% | 18.9% | 0.96 | 2 of 7 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.42 | +136% | 20.8% | 0.93 | 1 of 7 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.32 | +177% | 25.5% | 0.93 | 4 of 7 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.49 | +109% | 18.4% | 0.90 | 1 of 7 |

## 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.

## More research

- [Westinghouse Air Brake Technologies (WAB) Performance, Alternatives and Market Rank](https://easycompare.io/research/wab)
- [CSX Performance, Alternatives and Market Rank](https://easycompare.io/research/csx)
- [Caterpillar (CAT) Performance, Alternatives and Market Rank](https://easycompare.io/research/cat)
- [Berkshire Hathaway (BRK-B) Performance, Alternatives and Market Rank](https://easycompare.io/research/brk-b)
- [Norfolk Southern (NSC) Performance, Alternatives and Market Rank](https://easycompare.io/research/nsc)
- [Old Dominion Freight Line (ODFL) Performance, Alternatives and Market Rank](https://easycompare.io/research/odfl)
- [Canadian National Railway (CNI) Performance, Alternatives and Market Rank](https://easycompare.io/research/cni)
- [Canadian Pacific Kansas City (CP) Performance, Alternatives and Market Rank](https://easycompare.io/research/cp)
- [United Parcel Service (UPS) Performance, Alternatives and Market Rank](https://easycompare.io/research/ups)
- [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)

## Explore further

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