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Relative Intelligence · Regional Banks

How U.S. Bancorp (USB) compares with the whole market and its popular alternatives

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

Period covered: USB'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 USB →Chart USB vs. 23 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in USB over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of USB over the same span and USB'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. 545 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of USB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000199720022007201220172022$1,000$10,000$100,00019972004201120182025
  • JPM$189,407+1,794% total · +10.7% a year
  • CFR$147,524+1,375% total · +9.7% a year
  • WTFC$135,844+1,258% total · +9.4% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • WFC$112,272+1,023% total · +8.7% a year
  • UMBF$101,896+919% total · +8.3% a year
  • USB$96,109+861% total · +8.1% a year
  • FITB$38,728+287% total · +4.8% a year
  • ZION$28,899+189% total · +3.7% a year
  • FHN$18,870+88.7% total · +2.2% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,112 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of USB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000202120222023202420252026$5,000$10,000$15,000$20,000$25,000202120222023202420252026
  • JPM$22,905+129% total · +18.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • EWBC$18,185+81.8% total · +12.7% a year
  • V$16,755+67.5% total · +10.9% a year
  • CFG$16,670+66.7% total · +10.8% a year
  • BOKF$15,801+58.0% total · +9.6% a year
  • CFR$14,923+49.2% total · +8.3% a year
  • UMBF$14,618+46.2% total · +7.9% a year
  • PNC$13,649+36.5% total · +6.4% a year
  • USB$12,101+21.0% total · +3.9% a year
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USB 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
$92B
Industry
Banks - Regional
Price history from
October 1986

Returns

Past 1 year
+30.3%total return
Past 3 years
+117%+29.5% a year
Past 5 years
+17.6%+3.3% a year
Past 10 years
+94.6%+6.9% a year
Best calendar year
+90.2%1997
Worst calendar year
−30.5%1999
Losing years
10 of 29full calendar years

Risk

Volatility
29.6%typical yearly swing, 5 years
Sharpe ratio
0.26return per unit of risk, 5 years
Worst decline ever
−76.1%Sep 2008 to Mar 2009
From its all-time high
−8.8%below the peak

USB against the whole market

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

How does USB rank among all stocks?

This section ranks USB 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 USB 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.

MeasureUSBRankStanding
1-year return+30.3%969 of 3,287top 29%
3-year return+117%793 of 3,017top 26%
5-year return+17.6%1,486 of 2,893bottom 50%
10-year return+94.6%1,360 of 2,202bottom 39%
Volatility, 5 years29.6%684 of 2,893top 24%
Sharpe ratio, 5 years0.261,682 of 2,893bottom 43%
Worst decline, past 10 years−52.1%538 of 2,187top 25%

What has beaten USB 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). USB sits where the dashed lines cross. Anything in the green box above and to the left earned more than USB 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 USB; faint dots are 88 more of the 970 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.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than USBCB: +15.7% a year, volatility 20.4%VIG: +10.4% a year, volatility 14.1%TRV: +22.4% a year, volatility 22.3%SCHD: +9.7% a year, volatility 14.3%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%FAST: +15.8% a year, volatility 24.6%XLV: +8.4% a year, volatility 15.3%AAPL: +18.5% a year, volatility 28.0%CHT: +7.7% a year, volatility 13.3%RS: +24.8% a year, volatility 28.1%WCN: +6.1% a year, volatility 20.0%HDV: +12.9% a year, volatility 13.0%USMV: +7.6% a year, volatility 12.3%RNR: +20.1% a year, volatility 27.8%VTI: +11.5% a year, volatility 17.5%CHD: +6.1% a year, volatility 21.1%IOO: +15.7% a year, volatility 17.2%FDL: +13.9% a year, volatility 14.4%XLP: +7.2% a year, volatility 13.8%EG: +9.4% a year, volatility 25.7%MOAT: +9.1% a year, volatility 18.4%NOBL: +6.5% a year, volatility 14.5%THG: +14.4% a year, volatility 22.9%QYLD: +8.4% a year, volatility 15.0%ABBV: +26.1% a year, volatility 23.4%FTCS: +6.2% a year, volatility 13.2%TDIV: +16.2% a year, volatility 21.3%IWX: +12.7% a year, volatility 13.8%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%FTLS: +10.2% a year, volatility 10.4%PTLC: +9.5% a year, volatility 11.8%RLI: +8.1% a year, volatility 23.9%NWE: +10.3% a year, volatility 21.6%QQQ: +14.5% a year, volatility 23.0%XYLD: +7.4% a year, volatility 11.2%EQWL: +11.6% a year, volatility 15.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%ACWV: +6.3% a year, volatility 10.3%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%AMGN: +19.6% a year, volatility 24.9%DHS: +12.0% a year, volatility 13.9%GILD: +22.8% a year, volatility 24.9%BFC: +19.0% a year, volatility 27.3%VGT: +18.4% a year, volatility 26.0%PTNQ: +9.7% a year, volatility 14.1%PGR: +21.3% a year, volatility 25.6%FTQI: +11.5% a year, volatility 14.8%IDHQ: +10.0% a year, volatility 17.9%COR: +24.2% a year, volatility 22.8%QDEF: +12.7% a year, volatility 13.7%GWW: +26.3% a year, volatility 24.9%PEY: +7.4% a year, volatility 16.4%OUSA: +9.4% a year, volatility 13.4%UNP: +7.1% a year, volatility 22.9%MNST: +17.2% a year, volatility 24.9%RCBC: +14.6% a year, volatility 27.2%RSP: +8.2% a year, volatility 16.1%KIE: +10.8% a year, volatility 18.5%EBF: +11.2% a year, volatility 21.4%ALL: +17.0% a year, volatility 26.2%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%AJG: +10.9% a year, volatility 24.2%IX: +17.9% a year, volatility 25.4%XLF: +8.6% a year, volatility 18.3%WRB: +18.9% a year, volatility 22.9%VOE: +9.4% a year, volatility 15.8%SPMO: +18.7% a year, volatility 20.8%DGX: +12.3% a year, volatility 22.5%PKG: +15.4% a year, volatility 25.8%EXPD: +12.0% a year, volatility 27.1%EWJ: +9.2% a year, volatility 18.8%WTW: +6.9% a year, volatility 23.9%TD: +15.8% a year, volatility 20.0%VRSN: +7.8% a year, volatility 25.9%LH: +7.3% a year, volatility 23.8%CIBR: +14.1% a year, volatility 26.1%FDVV: +13.2% a year, volatility 14.6%EHC: +18.4% a year, volatility 26.8%VLUE: +15.9% a year, volatility 18.4%AIZ: +13.3% a year, volatility 25.3%MSGS: +18.4% a year, volatility 25.6%NDSN: +7.1% a year, volatility 25.2%USB: +3.3% a year, volatility 29.6%SPY (S&P 500): +12.7% a year, volatility 17.1%V: +12.8% a year, volatility 22.9%JPM: +17.3% a year, volatility 24.3%CFR: +6.9% a year, volatility 29.7%PNC: +4.6% a year, volatility 26.8%BOKF: +7.3% a year, volatility 27.4%EWBC: +11.2% a year, volatility 35.5%RY: +17.3% a year, volatility 18.2%NDAQ: +8.9% a year, volatility 24.7%MA: +12.4% a year, volatility 23.8%MFG: +33.6% a year, volatility 30.6%ICE: +5.4% a year, volatility 21.8%TFSL: +4.3% a year, volatility 23.5%VOO: +12.8% a year, volatility 16.9%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%KO: +14.7% a year, volatility 16.8%VTV: +12.1% a year, volatility 13.7%PG: +5.1% a year, volatility 18.3%GOOG: +19.0% a year, volatility 32.0%SGOV: +3.8% a year, volatility 0.3%CAH: +42.1% a year, volatility 24.7%USBSPY (S&P 500)JPMCFRPNCBOKFEWBCRYNDAQMAMFGICETFSLVOOKOVTVPGGOOGSGOVCAH−10.0%0.0%10.0%20.0%30.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than USBCB: +15.7% a year, volatility 20.4%VIG: +10.4% a year, volatility 14.1%TRV: +22.4% a year, volatility 22.3%SCHD: +9.7% a year, volatility 14.3%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%FAST: +15.8% a year, volatility 24.6%XLV: +8.4% a year, volatility 15.3%AAPL: +18.5% a year, volatility 28.0%CHT: +7.7% a year, volatility 13.3%RS: +24.8% a year, volatility 28.1%WCN: +6.1% a year, volatility 20.0%HDV: +12.9% a year, volatility 13.0%USMV: +7.6% a year, volatility 12.3%RNR: +20.1% a year, volatility 27.8%VTI: +11.5% a year, volatility 17.5%CHD: +6.1% a year, volatility 21.1%IOO: +15.7% a year, volatility 17.2%FDL: +13.9% a year, volatility 14.4%XLP: +7.2% a year, volatility 13.8%EG: +9.4% a year, volatility 25.7%MOAT: +9.1% a year, volatility 18.4%NOBL: +6.5% a year, volatility 14.5%THG: +14.4% a year, volatility 22.9%QYLD: +8.4% a year, volatility 15.0%ABBV: +26.1% a year, volatility 23.4%FTCS: +6.2% a year, volatility 13.2%TDIV: +16.2% a year, volatility 21.3%IWX: +12.7% a year, volatility 13.8%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%FTLS: +10.2% a year, volatility 10.4%PTLC: +9.5% a year, volatility 11.8%RLI: +8.1% a year, volatility 23.9%NWE: +10.3% a year, volatility 21.6%QQQ: +14.5% a year, volatility 23.0%XYLD: +7.4% a year, volatility 11.2%EQWL: +11.6% a year, volatility 15.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%ACWV: +6.3% a year, volatility 10.3%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%AMGN: +19.6% a year, volatility 24.9%DHS: +12.0% a year, volatility 13.9%GILD: +22.8% a year, volatility 24.9%BFC: +19.0% a year, volatility 27.3%VGT: +18.4% a year, volatility 26.0%PTNQ: +9.7% a year, volatility 14.1%PGR: +21.3% a year, volatility 25.6%FTQI: +11.5% a year, volatility 14.8%IDHQ: +10.0% a year, volatility 17.9%COR: +24.2% a year, volatility 22.8%QDEF: +12.7% a year, volatility 13.7%GWW: +26.3% a year, volatility 24.9%PEY: +7.4% a year, volatility 16.4%OUSA: +9.4% a year, volatility 13.4%UNP: +7.1% a year, volatility 22.9%MNST: +17.2% a year, volatility 24.9%RCBC: +14.6% a year, volatility 27.2%RSP: +8.2% a year, volatility 16.1%KIE: +10.8% a year, volatility 18.5%EBF: +11.2% a year, volatility 21.4%ALL: +17.0% a year, volatility 26.2%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%AJG: +10.9% a year, volatility 24.2%IX: +17.9% a year, volatility 25.4%XLF: +8.6% a year, volatility 18.3%WRB: +18.9% a year, volatility 22.9%VOE: +9.4% a year, volatility 15.8%SPMO: +18.7% a year, volatility 20.8%DGX: +12.3% a year, volatility 22.5%PKG: +15.4% a year, volatility 25.8%EXPD: +12.0% a year, volatility 27.1%EWJ: +9.2% a year, volatility 18.8%WTW: +6.9% a year, volatility 23.9%TD: +15.8% a year, volatility 20.0%VRSN: +7.8% a year, volatility 25.9%LH: +7.3% a year, volatility 23.8%CIBR: +14.1% a year, volatility 26.1%FDVV: +13.2% a year, volatility 14.6%EHC: +18.4% a year, volatility 26.8%VLUE: +15.9% a year, volatility 18.4%AIZ: +13.3% a year, volatility 25.3%MSGS: +18.4% a year, volatility 25.6%NDSN: +7.1% a year, volatility 25.2%USB: +3.3% a year, volatility 29.6%SPY (S&P 500): +12.7% a year, volatility 17.1%V: +12.8% a year, volatility 22.9%JPM: +17.3% a year, volatility 24.3%CFR: +6.9% a year, volatility 29.7%PNC: +4.6% a year, volatility 26.8%BOKF: +7.3% a year, volatility 27.4%EWBC: +11.2% a year, volatility 35.5%RY: +17.3% a year, volatility 18.2%NDAQ: +8.9% a year, volatility 24.7%MA: +12.4% a year, volatility 23.8%MFG: +33.6% a year, volatility 30.6%ICE: +5.4% a year, volatility 21.8%TFSL: +4.3% a year, volatility 23.5%VOO: +12.8% a year, volatility 16.9%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%KO: +14.7% a year, volatility 16.8%VTV: +12.1% a year, volatility 13.7%PG: +5.1% a year, volatility 18.3%GOOG: +19.0% a year, volatility 32.0%SGOV: +3.8% a year, volatility 0.3%CAH: +42.1% a year, volatility 24.7%USBSPY (S&P 500)JPMCFRPNCBOKFRYMFGICEVOOGOOGSGOVCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than USB?

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

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

Screen the whole market against USB for any period in BetterThanSPYOpen these 21 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 USB?lower diversifies moreExpenseper year
USBU.S. Bancorp · this page
+3.3%29.6%0.26−52.1%+94.6%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.540.09%
Popular alternativesbest 6 shownThe investments people most often weigh against USB. 12 of 23 passed at least one test.
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.8%22.9%0.64−36.4%+429%0.50—
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%24.3%0.78−43.6%+537%0.73—
CFRCullen/Frost Bankers, Inc. · Regional Banks
Higher return, similar volatilityHigher return in most periods+6.9%29.7%0.38−56.9%+181%0.67—
PNCThe PNC Financial Services Group, Inc. · Regional Banks
Higher return, lower volatility+4.6%26.8%0.30−49.6%+230%0.90—
BOKFBOK Financial Corporation · Regional Banks
Higher return, lower volatility+7.3%27.4%0.40−65.0%+128%0.68—
EWBCEast West Bancorp, Inc. · Regional Banks
Higher return in most periods+11.2%35.5%0.48−67.7%+304%0.88—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Regional Banks and Banks and the categories next to it (Investment Banking & Brokerage, Payment Processing, Capital Markets, Asset Management), plus USB's specific themes. 63 of 119 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.76—
NDAQNasdaq, Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+8.9%24.7%0.47−38.3%+407%0.39—
MAMastercard Incorporated · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.4%23.8%0.61−41.0%+541%0.50—
MFGMizuho Financial Group, Inc. · Banks
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.6%30.6%1.10−45.7%+345%0.50—
ICEIntercontinental Exchange, Inc. · Capital Markets
Higher return, lower volatilitySmaller losses in recent crashes+5.4%21.8%0.35−34.3%+240%0.36—
TFSLTFS Financial Corporation · Regional Banks
Similar return, lower volatility+4.3%23.5%0.29−42.9%+78.1%0.74—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,493 of 3,491 passed at least one test.
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.8%16.9%0.80−34.0%+324%0.540.03%
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+13.4%17.1%0.82−29.6%+274%0.37—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.7%17.9%0.76−27.4%+196%0.28—
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+14.7%16.8%0.91−37.0%+204%0.23—
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.1%13.7%0.90−36.8%+235%0.700.03%
PGThe Procter & Gamble Company · Household & Personal Products
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+5.1%18.3%0.37−23.8%+145%0.15—
GOOGAlphabet Inc. · Internet Services
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.0%32.0%0.71−44.6%+752%0.18—
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—0.150.09%
What these numbers mean for USB
Annual return
USB returned 3.3% 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 $11,800. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
USB's volatility over the past 5 years was 29.6%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, USB's return lands within 29.6% 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
USB's Sharpe ratio over the past 5 years was 0.26, against 0.79 for the S&P 500, so USB 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
USB's worst fall from a peak to a low over the past 10 years was 52.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 52.1% fall takes a 109% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, USB's monthly returns had a correlation of 0.54 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 USB instead: the lower it is, the more that option would diversify a USB holding. Guide: Correlation and diversification →
Show all 970 stocks and funds worth at least $500 million that earned more than USB 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 USBExpense
1
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.540.03%
2
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.37—
3
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.28—
4
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.23—
5
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.700.03%
6
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.1%18.3%0.37−23.8%+145%0.15—
7
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.48—
8
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.600.04%
9
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.53—
10
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.660.06%
11
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.17—
12
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.0%22.9%0.49−40.8%+320%0.37—
13
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.35—
14
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.24—
15
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.370.08%
16
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.17—
17
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.17—
18
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.46—
19
WCNWaste Connections, Inc. · Environmental Services
Whole market+6.1%20.0%0.40−31.6%+270%0.27—
20
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.560.08%
21
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.6%12.3%0.66−33.1%+176%0.480.15%
22
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.20—
23
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.570.03%
24
CHDChurch & Dwight Co., Inc. · Household & Personal Products
Whole market+6.1%21.1%0.39−31.7%+154%0.14—
25
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.440.40%
26
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.660.43%
27
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.2%13.8%0.57−24.5%+121%0.370.08%
28
EGEverest Group, Ltd. · Insurance
Whole market+9.4%25.7%0.48−44.2%+155%0.33—
29
VVisa Inc. · Payment Processing
Popular alternative+12.8%22.9%0.64−36.4%+429%0.50—
30
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.1%18.4%0.57−33.3%+276%0.620.46%
31
NOBLProShares - S&P 500 Dividend Aristocrats ETF · US Dividend Equity
Whole market+6.5%14.5%0.51−35.4%+172%0.640.35%
32
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.42—
33
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+156%0.310.60%
34
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.25—
35
FTCSFirst Trust Capital Strength ETF · US Quality Equity
Whole market+6.2%13.2%0.52−31.9%+188%0.550.53%
36
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.390.50%
37
RYRoyal Bank of Canada · Banks
Same or nearby category+17.3%18.2%0.97−40.0%+352%0.76—
38
NDAQNasdaq, Inc. · Capital Markets
Same or nearby category+8.9%24.7%0.47−38.3%+407%0.39—
39
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.680.20%
40
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.250.48%
41
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.570.40%
42
FTLSFirst Trust Long/Short Equity ETF · Broad Market
Whole market+10.2%10.4%0.99−20.6%+158%0.490.95%
43
PTLCPacer Trendpilot US Large Cap ETF · Broad Market
Whole market+9.5%11.8%0.83−26.6%+188%0.400.60%
44
RLIRLI Corp. · Property & Casualty Insurance
Whole market+8.1%23.9%0.45−43.5%+206%0.34—
45
NWENorthwestern Energy Group Inc · Electric Utilities
Whole market+10.3%21.6%0.57−39.3%+104%0.32—
46
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.330.18%
47
XYLDGlobal X - S&P 500 Covered Call ETF · International
Whole market+7.4%11.2%0.70−33.4%+128%0.430.60%
48
EQWLInvesco S&P 100 Equal Weight ETF · Broad Market
Whole market+11.6%15.0%0.81−34.3%+291%0.660.30%
49
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.44—
50
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.17—
51
ACWViShares MSCI Global Min Vol Factor ETF · International
Whole market+6.3%10.3%0.65−28.8%+116%0.470.20%
52
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.06—
53
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.06—
54
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.21—
55
DHSWisdomTree U.S. High Dividend Fund · Dividend & Income
Whole market+12.0%13.9%0.89−37.4%+156%0.730.38%
56
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.16—
57
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%0.45—
58
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.310.09%
59
PTNQPacer Trendpilot 100 ETF · Technology
Whole market+9.7%14.1%0.73−28.1%+305%0.180.65%
60
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.26—
61
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Dividend & Income
Whole market+11.5%14.8%0.82−19.4%+121%0.510.75%
62
IDHQInvesco S&P International Developed Quality ETF · International
Whole market+10.0%17.9%0.63−33.6%+183%0.500.29%
63
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.29—
64
QDEFNorthern Trust Quality Dividend Defensive ETF · Dividend & Income
Whole market+12.7%13.7%0.94−35.7%+228%0.580.40%
65
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.39—
66
PEYInvesco High Yield Equity Dividend Achievers ETF · Dividend & Income
Whole market+7.4%16.4%0.52−41.5%+134%0.740.68%
67
OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income
Whole market+9.4%13.4%0.74−33.1%+186%0.560.48%
68
UNPUnion Pacific Corporation · Railroads
Whole market+7.1%22.9%0.42−38.7%+295%0.52—
69
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.22—
70
RCBCRiver City Bank · Banks - Regional
Whole market+14.6%27.2%0.64−45.5%+345%0.40—
71
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.720.20%
72
KIEState Street SPDR S&P Insurance ETF · Financials
Whole market+10.8%18.5%0.65−44.3%+203%0.680.35%
73
EBFEnnis, Inc. · Specialty Business Services
Whole market+11.2%21.4%0.60−35.4%+163%0.36—
74
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.44—
75
CSXCSX Corporation · Railroads
Whole market+8.3%23.3%0.46−40.5%+446%0.42—
76
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.350.04%
77
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.46—
78
AJGArthur J. Gallagher & Co. · Insurance
Whole market+10.9%24.2%0.55−44.4%+516%0.26—
79
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.52—
80
XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity
Whole market+8.6%18.3%0.54−42.9%+241%0.810.08%
81
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.34—
82
VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity
Whole market+9.4%15.8%0.65−43.2%+182%0.770.05%
83
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.420.13%
84
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.25—
85
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.65—
86
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+12.0%27.1%0.56−35.6%+349%0.44—
87
MAMastercard Incorporated · Payment Processing
Same or nearby category+12.4%23.8%0.61−41.0%+541%0.50—
88
EWJiShares MSCI Japan ETF · International Equity
Whole market+9.2%18.8%0.57−33.1%+132%0.480.49%
89
WTWWillis Towers Watson Public Limited Company · Insurance
Whole market+6.9%23.9%0.40−32.9%+187%0.30—
90
TDThe Toronto-Dominion Bank · Banks
Same or nearby category+15.8%20.0%0.84−42.0%+310%0.67—
91
VRSNVeriSign, Inc. · Internet Services
Whole market+7.8%25.9%0.42−38.9%+308%0.03—
92
LHLabcorp Holdings Inc. · Medical Diagnostics
Whole market+7.3%23.8%0.42−46.6%+184%0.58—
93
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%0.180.58%
94
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.660.15%
95
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.24—
96
JPMJPMorgan Chase & Co. · Banks
Popular alternative+17.3%24.3%0.78−43.6%+537%0.73—
97
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.600.15%
98
AIZAssurant, Inc. · Property & Casualty Insurance
Whole market+13.3%25.3%0.62−44.6%+312%0.53—
99
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.45—
100
NDSNNordson Corporation · Industrial Machinery
Whole market+7.1%25.2%0.40−44.2%+262%0.56—

USB against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%−20.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityUSB: 3.3% a year, volatility 29.6%SPY (S&P 500): 12.7% a year, volatility 17.1%V: 12.8% a year, volatility 22.9%JPM: 17.3% a year, volatility 24.3%KEY: 2.3% a year, volatility 37.6%WFC: 13.1% a year, volatility 29.5%BAC: 4.0% a year, volatility 26.6%PNC: 4.6% a year, volatility 26.8%BOKF: 7.3% a year, volatility 27.4%FNB: 11.4% a year, volatility 28.7%WAL: −6.8% a year, volatility 59.9%HBAN: 3.0% a year, volatility 31.2%FIS: −19.7% a year, volatility 33.9%TFC: −1.2% a year, volatility 31.6%EWBC: 11.2% a year, volatility 35.5%UMBF: 7.2% a year, volatility 33.0%CFR: 6.9% a year, volatility 29.7%CFG: 9.2% a year, volatility 33.6%FITB: 6.8% a year, volatility 31.4%FHN: 9.6% a year, volatility 36.6%WTFC: 11.6% a year, volatility 31.1%ZION: 3.4% a year, volatility 42.1%RF: 7.8% a year, volatility 30.9%MTB: 9.8% a year, volatility 29.7%CBSH: 1.4% a year, volatility 23.9%USBSPY (S&P 500)JPMKEYWFCBACPNCBOKFFNBWALFISTFCEWBCUMBFCFRCFGFHNWTFCZIONMTBCBSH10.0%20.0%30.0%40.0%50.0%60.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityUSB: 3.3% a year, volatility 29.6%SPY (S&P 500): 12.7% a year, volatility 17.1%V: 12.8% a year, volatility 22.9%JPM: 17.3% a year, volatility 24.3%KEY: 2.3% a year, volatility 37.6%WFC: 13.1% a year, volatility 29.5%BAC: 4.0% a year, volatility 26.6%PNC: 4.6% a year, volatility 26.8%BOKF: 7.3% a year, volatility 27.4%FNB: 11.4% a year, volatility 28.7%WAL: −6.8% a year, volatility 59.9%HBAN: 3.0% a year, volatility 31.2%FIS: −19.7% a year, volatility 33.9%TFC: −1.2% a year, volatility 31.6%EWBC: 11.2% a year, volatility 35.5%UMBF: 7.2% a year, volatility 33.0%CFR: 6.9% a year, volatility 29.7%CFG: 9.2% a year, volatility 33.6%FITB: 6.8% a year, volatility 31.4%FHN: 9.6% a year, volatility 36.6%WTFC: 11.6% a year, volatility 31.1%ZION: 3.4% a year, volatility 42.1%RF: 7.8% a year, volatility 30.9%MTB: 9.8% a year, volatility 29.7%CBSH: 1.4% a year, volatility 23.9%USBSPY (S&P 500)JPMKEYBACBOKFWALFISTFCEWBCUMBFCFRCFGZIONMTBCBSH
All figures
InvestmentAnnual returnVolatility
JPM JPMorgan Chase & Co.+17.3%24.3%
WFC Wells Fargo & Company+13.1%29.5%
V Visa Inc.+12.8%22.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
WTFC Wintrust Financial Corporation+11.6%31.1%
FNB F.N.B. Corporation+11.4%28.7%
EWBC East West Bancorp, Inc.+11.2%35.5%
MTB M&T Bank Corporation+9.8%29.7%
FHN First Horizon Corporation+9.6%36.6%
CFG Citizens Financial Group, Inc.+9.2%33.6%
RF Regions Financial Corporation+7.8%30.9%
BOKF BOK Financial Corporation+7.3%27.4%
UMBF UMB Financial Corporation+7.2%33.0%
CFR Cullen/Frost Bankers, Inc.+6.9%29.7%
FITB Fifth Third Bancorp+6.8%31.4%
PNC The PNC Financial Services Group, Inc.+4.6%26.8%
BAC Bank of America Corporation+4.0%26.6%
ZION Zions Bancorporation, National Association+3.4%42.1%
USB This pageU.S. Bancorp+3.3%29.6%
HBAN Huntington Bancshares Incorporated+3.0%31.2%
KEY KeyCorp+2.3%37.6%
CBSH Commerce Bancshares, Inc.+1.4%23.9%
TFC Truist Financial Corporation−1.2%31.6%
WAL Western Alliance Bancorporation−6.8%59.9%
FIS Fidelity National Information Services, Inc.−19.7%33.9%
Open these 25 in EasyCompare

Has USB consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than USB 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
USB U.S. Bancorp (this page)—−1.3%−5.5%+5.5%+12.7%+30.3%+117%+17.6%+94.6%29.6%0.26−52.1%—$92B—
EWBC QualifiedEast West Bancorp, Inc.5/5 short3/3 longAll-weather+0.4%−3.6%+9.1%+13.7%+33.8%+170%+70.1%+304%35.5%0.48−67.7%—$18B—
UMBF QualifiedUMB Financial Corporation3/5 short3/3 long−0.3%−7.6%+7.9%+15.5%+20.2%+129%+41.7%+158%33.0%0.38−50.2%—$10B—
V QualifiedVisa Inc.4/5 short2/3 long+9.9%+13.0%+30.0%+18.0%+19.0%+78.2%+82.5%+429%22.9%0.64−36.4%—$759B—
CFR QualifiedCullen/Frost Bankers, Inc.3/5 short2/3 long−1.7%−3.1%+9.6%+24.3%+28.4%+99.0%+39.9%+181%29.7%0.38−56.9%—$9.7B—
JPM Banks - DiversifiedJPMorgan Chase & Co.2/5 short3/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
CFG Banks - RegionalCitizens Financial Group, Inc.1/5 short3/3 long−4.7%−9.6%−1.0%+10.4%+31.5%+205%+55.0%+266%33.6%0.43−65.6%—$27B—
FITB Banks - RegionalFifth Third Bancorp0/5 short3/3 long−0.9%−7.9%+4.4%+12.5%+29.6%+151%+38.9%+255%31.4%0.37−64.0%—$48B—
FHN Banks - RegionalFirst Horizon Corporation0/5 short3/3 long−3.6%−8.9%−5.7%−2.4%+15.4%+141%+58.2%+113%36.6%0.44−64.2%—$11B—
WTFC Banks - RegionalWintrust Financial Corporation1/5 short2/3 long−0.5%−10.3%−1.0%+3.6%+17.3%+107%+73.1%+212%31.1%0.51−74.5%—$9.9B—
ZION Banks - RegionalZions Bancorporation, National Association1/5 short2/3 long−0.6%−9.6%+3.9%+11.4%+28.1%+139%+17.9%+167%42.1%0.29−72.2%—$9.4B—
KEY Banks - RegionalKeyCorp1/5 short2/3 long−0.3%−9.9%−4.4%+2.1%+24.6%+143%+11.9%+143%37.6%0.25−65.2%—$22B—
WFC Banks - DiversifiedWells Fargo & Company1/5 short2/3 long−5.0%−4.3%+1.4%−12.3%−2.4%+119%+85.0%+141%29.5%0.57−64.5%—$248B—
BAC Banks - DiversifiedBank of America Corporation0/5 short2/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
RF Banks - RegionalRegions Financial Corporation0/5 short2/3 long−2.5%−9.6%+0.3%+4.0%+20.5%+120%+45.7%+278%30.9%0.40−60.8%—$24B—
PNC Banks - RegionalThe PNC Financial Services Group, Inc.0/5 short2/3 long−4.4%−10.8%−1.0%+7.9%+25.3%+120%+25.1%+230%26.8%0.30−49.6%—$88B—
MTB Banks - RegionalM&T Bank Corporation0/5 short2/3 long−3.8%−11.9%+0.7%+9.2%+23.4%+111%+59.3%+143%29.7%0.46−53.0%—$32B—
BOKF Banks - RegionalBOK Financial Corporation0/5 short2/3 long−5.0%−9.6%−6.9%+8.1%+17.3%+85.5%+42.1%+128%27.4%0.40−65.0%—$7.7B—
FNB Banks - RegionalF.N.B. Corporation0/5 short2/3 long−1.4%−5.2%+0.5%+4.9%+17.3%+81.9%+71.6%+101%28.7%0.52−61.4%—$6.2B—
CBSH Banks - RegionalCommerce Bancshares, Inc.2/5 short1/3 long−1.7%−5.0%+9.2%+8.0%+10.3%+50.5%+7.4%+119%23.9%0.18−38.1%—$8.0B—
WAL Banks - RegionalWestern Alliance Bancorporation0/5 short1/3 long−4.3%−6.5%−4.2%−10.5%+1.9%+89.9%−29.5%+133%59.9%0.20−84.8%—$8.2B—
HBAN Banks - RegionalHuntington Bancshares Incorporated0/5 short1/3 long−3.1%−13.1%−7.2%−8.5%+1.9%+82.4%+16.1%+132%31.2%0.25−55.0%—$31B—
FIS Information Technology ServicesFidelity National Information Services, Inc.1/5 short0/3 long+3.5%−12.8%−22.9%−42.7%−44.3%−21.6%−66.6%−41.3%33.9%-0.47−76.0%—$19B—
TFC Banks - RegionalTruist Financial Corporation0/5 short0/3 long−3.4%−6.3%−5.0%−1.9%+13.6%+102%−5.7%+82.7%31.6%0.12−59.1%—$58B—
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How did USB do year by year?

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

InvestmentYears ahead of USB20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
USB This pageU.S. Bancorp—+16.4%+15.6%+4.8%−19.1%+24.3%−17.9%+33.6%−12.4%+6.6%+23.4%−2.8%+13.8%+29.6%+20.9%+2.3%+20.7%−9.0%−16.6%−8.0%+26.3%−0.5%+10.6%+45.3%+5.3%−6.8%+13.2%−30.5%+64.5%+90.1%
Rank among alternativesTop quarter in 5 of 2911 of 2423 of 2410 of 2416 of 2420 of 2419 of 2412 of 247 of 2420 of 2421 of 2418 of 248 of 2318 of 2313 of 235 of 2311 of 2316 of 238 of 227 of 221 of 2215 of 2114 of 214 of 2114 of 2113 of 2011 of 2017 of 191 of 192 of 19
SPY S&P 500State Street SPDR S&P 500 ETF14 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%
EWBC East West Bancorp, Inc.17 of 26+20.3%+36.8%+12.8%−14.4%+58.0%+7.2%+14.4%−27.4%+21.4%+25.1%+9.5%+13.0%+66.4%+10.8%+1.8%+24.1%−0.6%−32.5%−30.9%−2.5%−12.5%+57.4%+50.2%+41.3%+4.0%+120%———
UMBF UMB Financial Corporation11 of 29+3.5%+37.3%+2.2%−20.0%+56.0%+2.6%+14.7%−13.9%−5.4%+68.4%−16.7%−10.1%+49.0%+19.9%−8.2%+7.4%−18.4%+29.9%+6.7%+16.0%+14.5%+21.2%+26.6%−2.4%+14.1%+1.2%−7.7%−14.5%+43.8%
V Visa Inc.13 of 17+11.8%+22.3%+26.3%−3.4%−0.3%+17.1%+43.3%+16.5%+47.2%+1.4%+19.1%+18.7%+48.0%+50.5%+45.4%−18.9%+68.0%————————————
CFR Cullen/Frost Bankers, Inc.17 of 29−2.8%+27.9%−16.1%+8.6%+48.2%−7.6%+14.6%−4.8%+9.9%+52.0%−12.4%−2.5%+41.3%+6.1%−10.4%+26.4%+2.3%+3.1%−6.5%+6.5%+13.2%+22.6%+27.4%+8.5%−24.2%+67.0%−3.8%−7.4%+86.8%
JPM JPMorgan Chase & Co.18 of 29+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
CFG Citizens Financial Group, Inc.9 of 11+38.6%+38.0%−11.0%−13.4%+37.1%−6.7%+41.9%−27.5%+19.9%+38.7%+7.1%——————————————————
FITB Fifth Third Bancorp16 of 29+14.8%+27.2%+10.4%−21.9%+62.4%−5.4%+35.2%−20.3%+15.1%+37.9%+1.3%−0.8%+41.9%+22.5%−11.3%+51.2%+18.9%−65.6%−35.5%+13.0%−17.3%−17.9%+3.0%−3.0%+4.1%+23.8%+4.3%+32.4%+97.8%
FHN First Horizon Corporation11 of 29+22.1%+47.7%−39.5%+54.0%+32.6%−18.4%+30.6%−32.3%+2.0%+40.3%+8.8%+18.4%+19.7%+24.3%−31.8%−12.1%+29.0%−38.0%−53.8%+13.8%−7.0%+1.3%+26.6%+2.1%+27.8%+5.9%−23.4%+16.5%+82.0%
WTFC Wintrust Financial Corporation14 of 29+13.9%+36.8%+12.0%−5.5%+51.1%−11.8%+8.2%−18.6%+14.4%+51.0%+4.7%+2.3%+26.2%+31.5%−14.6%+7.9%+52.0%−37.0%−30.5%−12.0%−3.2%+26.8%+44.7%+54.5%+92.7%+5.0%−22.2%+15.5%+15.2%
ZION Zions Bancorporation, National Association12 of 29+11.6%+28.2%−6.3%−20.0%+49.1%−13.2%+31.0%−18.2%+19.3%+59.3%−3.5%−4.4%+40.6%+31.7%−32.7%+89.2%−47.3%−45.4%−42.0%+11.2%+13.3%+13.3%+59.0%−24.0%−14.5%+7.7%−4.0%+38.9%+77.6%
KEY KeyCorp14 of 29+26.2%+25.4%−11.6%−21.6%+45.9%−14.5%+42.7%−24.6%+12.7%+42.1%−3.2%+5.5%+62.4%+12.0%−11.6%+60.4%−34.0%−61.6%−35.5%+19.9%+0.9%+20.1%+22.1%+8.1%−8.8%+33.9%−28.4%−7.1%+44.5%
WFC Wells Fargo & Company16 of 29+35.6%+46.5%+22.9%−11.9%+61.1%−41.6%+21.4%−21.8%+13.2%+4.7%+1.8%+24.1%+36.7%+27.3%−9.6%+15.7%−6.3%+1.7%−12.1%+16.9%+4.5%+9.0%+29.5%+10.3%−20.2%+40.5%+3.3%+5.1%+81.9%
BAC Bank of America Corporation16 of 29+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%−14.0%+1.2%+27.3%
RF Regions Financial Corporation14 of 29+20.2%+27.0%−5.7%+2.4%+39.4%−1.6%+33.3%−20.6%+22.9%+53.7%−7.0%+8.7%+40.2%+66.7%−38.1%+32.7%−31.6%−64.0%−33.7%+15.0%0.0%+26.8%+21.3%+21.3%+20.5%+23.2%−32.4%+2.0%+71.9%
PNC The PNC Financial Services Group, Inc.13 of 29+12.2%+29.4%+2.7%−18.6%+38.2%−2.8%+40.9%−17.0%+26.0%+25.8%+6.8%+20.3%+36.4%+3.6%−3.1%+15.8%+10.2%−22.2%−8.3%+23.6%+11.7%+8.9%+36.2%−22.5%−20.7%+70.4%−15.0%−2.2%+56.7%
MTB M&T Bank Corporation14 of 29+10.4%+41.7%−1.7%−2.9%+24.3%−22.2%+21.6%−14.6%+10.8%+32.2%−1.3%+10.4%+21.3%+33.2%−9.1%+34.8%+23.1%−27.0%−31.5%+14.2%+2.8%+11.6%+25.6%+10.4%+8.6%+66.3%−19.4%+12.5%+62.8%
BOKF BOK Financial Corporation13 of 29+13.8%+27.2%−15.3%+0.6%+57.6%−19.0%+22.1%−19.0%+13.6%+43.0%+2.2%−7.2%+24.8%+3.6%+5.2%+14.7%+20.3%−20.5%−4.6%+22.4%−6.2%+29.7%+23.2%+5.8%+52.8%+5.2%−11.7%+25.1%+48.0%
FNB F.N.B. Corporation13 of 29+19.5%+10.9%+9.8%+11.8%+32.8%−20.8%+34.3%−26.2%−10.8%+24.6%+3.9%+9.6%+23.8%−1.9%+20.9%+53.6%−44.8%−3.1%−14.7%+11.5%−10.4%+13.0%+39.6%+13.2%+35.9%+2.3%−15.0%−19.5%+75.6%
CBSH Commerce Bancshares, Inc.15 of 29−10.1%+24.7%−16.0%+5.7%+11.5%+3.4%+29.0%+7.7%+3.3%+45.9%+5.3%+4.1%+37.9%+4.5%+3.8%+11.2%−4.1%+6.2%0.0%+0.1%+11.8%+10.0%+34.4%+7.9%−6.8%+35.0%−14.5%+0.3%+57.2%
WAL Western Alliance Bancorporation12 of 20+2.5%+29.7%+14.1%−43.7%+81.7%+7.7%+45.9%−30.3%+16.2%+35.8%+29.0%+16.5%+127%+69.0%−15.3%+94.5%−62.5%−46.2%−46.0%+16.4%—————————
HBAN Huntington Bancshares Incorporated12 of 29+10.8%+33.7%−4.6%−4.5%+27.1%−11.2%+31.8%−15.2%+12.9%+23.0%+7.5%+11.6%+54.1%+19.5%−18.4%+89.5%−51.5%−44.2%−34.3%+4.3%−0.4%+13.4%+24.3%+12.5%+11.0%−22.1%−10.1%−5.8%+54.1%
FIS Fidelity National Information Services, Inc.14 of 24−15.8%+37.0%−8.2%−36.5%−21.9%+2.7%+37.2%+10.3%+26.1%+26.6%−1.0%+17.8%+57.4%+34.1%−2.2%+17.7%+45.4%+282%+4.7%+19.1%+15.6%+9.6%+34.5%−28.1%—————
TFC Truist Financial Corporation15 of 29+19.1%+23.7%−8.6%−23.5%+26.1%−11.1%+34.6%−10.2%+8.7%+28.4%−0.1%+6.9%+32.7%+18.6%−1.9%+5.9%−2.0%−4.5%−27.2%+8.9%+3.4%+12.8%+8.1%+5.6%−0.4%+40.6%−30.6%+28.5%+81.3%
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Risk and diversification

How USB 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 USB's worst declines?

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

DuringUSB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−76.1%−44.0%Sep 2008Mar 20096 monthsOct 20123.6 years
Dot-com bust−53.0%+1.6%Apr 1999Oct 200018 monthsDec 20033.2 years
2022 bear market−52.1%−10.0%Jan 2022May 202316 monthsDec 20252.6 years
Covid crash−52.0%−29.5%Dec 2019Mar 20203 monthsApr 202113 months
No named crash−41.4%—Aug 1989Nov 199015 monthsOct 199111 months

How did USB do in stock market crashes?

This section measures how far USB, 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 USB.

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
USB This pageU.S. Bancorp—−19.7%−36.8%−47.2%−20.4%−7.5%−17.7%−24.7%−1.2%−76.1%−42.8%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
EWBC East West Bancorp, Inc.4 of 10−28.9%−33.1%−43.9%−35.2%−5.0%−39.0%−28.0%−5.7%−91.3%−36.6%
UMBF UMB Financial Corporation6 of 10−24.1%−25.7%−37.1%−20.1%−5.6%−25.3%−28.7%0.0%−50.5%−26.8%
V Visa Inc.7 of 8−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%——
CFR Cullen/Frost Bankers, Inc.6 of 10−18.0%−21.3%−47.4%−23.9%−4.4%−41.5%−19.8%−0.7%−40.6%−43.8%
JPM JPMorgan Chase & Co.5 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
CFG Citizens Financial Group, Inc.0 of 6−19.5%−39.7%−60.5%−31.3%−8.3%−32.8%————
FITB Fifth Third Bancorp2 of 10−22.1%−36.5%−60.9%−23.8%−6.1%−34.9%−28.9%−2.3%−96.9%−22.0%
FHN First Horizon Corporation4 of 10−24.9%−11.9%−57.1%−30.8%−6.3%−27.4%−40.8%−0.6%−80.4%−24.7%
WTFC Wintrust Financial Corporation3 of 10−18.4%−26.7%−62.7%−30.2%−7.3%−28.9%−28.0%−3.2%−77.4%−28.1%
ZION Zions Bancorporation, National Association2 of 10−35.8%−33.9%−47.9%−26.3%−6.4%−36.6%−41.6%−3.3%−90.6%−43.6%
KEY KeyCorp1 of 10−34.2%−40.6%−58.8%−32.9%−7.7%−32.5%−31.7%−1.1%−82.9%−25.5%
WFC Wells Fargo & Company4 of 10−12.4%−36.3%−47.1%−20.1%−13.5%−20.9%−21.1%−1.2%−79.0%−29.2%
BAC Bank of America Corporation4 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
RF Regions Financial Corporation3 of 10−12.6%−27.1%−55.1%−34.8%−7.0%−33.7%−52.9%−2.7%−91.3%−24.4%
PNC The PNC Financial Services Group, Inc.5 of 10−10.4%−34.0%−47.8%−23.2%−5.4%−20.8%−24.1%−0.4%−76.7%−49.6%
MTB M&T Bank Corporation7 of 10−9.4%−18.0%−47.6%−21.1%−5.7%−23.2%−23.1%−0.2%−69.6%−23.9%
BOKF BOK Financial Corporation5 of 10−11.9%−37.8%−56.3%−32.2%−5.2%−37.7%−19.7%−0.7%−61.6%−23.2%
FNB F.N.B. Corporation6 of 10−8.0%−22.9%−52.3%−28.3%−6.2%−23.2%−20.4%−5.0%−68.6%−17.0%
CBSH Commerce Bancshares, Inc.8 of 10−7.7%−14.4%−33.8%−18.4%−4.8%−17.9%−21.0%−0.8%−44.5%−24.5%
WAL Western Alliance Bancorporation1 of 9−63.5%−48.3%−61.9%−36.6%−5.4%−29.4%−36.3%−4.8%−83.6%—
HBAN Huntington Bancshares Incorporated3 of 10−23.0%−31.3%−49.6%−28.3%−6.1%−31.7%−26.2%−3.6%−93.9%−37.2%
FIS Fidelity National Information Services, Inc.5 of 9−20.2%−38.5%−34.7%−13.1%−8.0%−23.4%−23.3%0.0%−46.4%—
TFC Truist Financial Corporation5 of 10−26.3%−35.8%−53.5%−20.1%−6.8%−24.4%−27.2%0.0%−66.6%−24.8%
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How closely does USB 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 USB 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 USB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
USB This pageU.S. Bancorp89%130%0.691.05
V Visa Inc.93%79%1.180.87
JPM JPMorgan Chase & Co.117%103%1.141.09
CFR Cullen/Frost Bankers, Inc.75%77%0.970.97
EWBC East West Bancorp, Inc.111%118%0.941.39
CBSH Commerce Bancshares, Inc.59%64%0.920.77
FITB Fifth Third Bancorp102%114%0.891.22
RF Regions Financial Corporation113%127%0.891.26
BAC Bank of America Corporation127%146%0.871.36
MTB M&T Bank Corporation75%86%0.870.86
UMBF UMB Financial Corporation82%97%0.850.92
PNC The PNC Financial Services Group, Inc.108%127%0.851.15
CFG Citizens Financial Group, Inc.118%140%0.841.37
FHN First Horizon Corporation66%79%0.831.03
WTFC Wintrust Financial Corporation97%117%0.831.20
ZION Zions Bancorporation, National Association97%122%0.791.17
HBAN Huntington Bancshares Incorporated89%116%0.761.13
KEY KeyCorp100%132%0.751.28
WFC Wells Fargo & Company96%129%0.751.13
BOKF BOK Financial Corporation92%123%0.751.13
FNB F.N.B. Corporation81%110%0.731.09
WAL Western Alliance Bancorporation117%169%0.691.52
TFC Truist Financial Corporation86%126%0.681.11
FIS Fidelity National Information Services, Inc.54%150%0.360.82
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What diversifies USB?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220202018201520092008200720052001199980/20 mix volatility80/20 mix annual return
USB U.S. Bancorp (this page)1.00+17.6%0.26−19.1%−17.9%−12.4%−2.8%−9.0%−16.6%−8.0%−0.5%−6.8%−30.5%29.2%+3.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.25+225%1.34+6.0%+3.9%−19.8%+7.7%+2.0%−20.8%−7.4%———24.1%+8.9%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.49+62.9%0.99−5.6%+2.6%−4.8%+4.7%——————24.2%+5.8%
SMH TechnologyVanEck Semiconductor ETF0.32+323%0.97−33.5%+55.5%−9.1%−0.3%+60.5%−44.7%+6.0%+10.8%−14.6%—26.4%+11.1%
GLD CommoditiesSPDR Gold Shares0.04+126%0.96−0.8%+24.8%−1.9%−10.7%+24.0%+4.9%+30.4%+17.8%——23.7%+7.6%
IOO InternationaliShares Global 100 ETF0.44+107%0.94−16.3%+18.6%−6.3%−1.8%+24.0%−36.1%+11.1%+4.3%−14.3%—24.9%+7.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.42+136%0.93−10.4%+28.2%−0.9%———————25.3%+7.9%
XLE EnergyState Street Energy Select Sector SPDR ETF0.38+177%0.93+64.4%−32.7%−18.2%−21.5%+21.8%−39.0%+36.8%+40.1%−18.2%+18.1%25.8%+8.3%
PPA IndustrialsInvesco Aerospace & Defense ETF0.48+113%0.90+9.5%+0.4%−7.5%+4.0%+23.1%−37.4%+22.2%———25.3%+7.0%

Stocks

InvestmentCorrelation5Y returnSharpe202220202018201520092008200720052001199980/20 mix volatility80/20 mix annual return
USB U.S. Bancorp (this page)1.00+17.6%0.26−19.1%−17.9%−12.4%−2.8%−9.0%−16.6%−8.0%−0.5%−6.8%−30.5%29.2%+3.9%
CAH Medical - DistributionCardinal Health, Inc.0.24+479%1.55+54.1%+10.1%−24.5%+12.6%−4.4%−39.6%−9.8%+18.7%−2.5%−36.8%25.1%+11.0%
CLS Hardware, Equipment & PartsCelestica Inc.0.34+3,143%1.47+1.3%−2.4%−16.3%−6.0%+105%−20.5%−25.7%−25.2%−25.6%+350%29.4%+22.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.28+1,636%1.46+17.0%+6.7%+0.8%+67.7%+17.8%−15.2%+2.1%+20.1%+73.7%−58.7%27.3%+19.1%
MCK Medical - DistributionMcKesson Corporation0.06+413%1.44+51.8%+27.1%−28.4%−4.5%+62.9%−40.4%+29.7%+64.9%+4.9%−71.3%24.2%+10.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.29+690%1.41+86.6%−27.4%−8.2%+17.4%——————25.9%+12.8%
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Common questions

What was USB's worst drawdown?

USB's deepest decline since it began trading in 1986 was 76.1%, from September 2008 to March 2009. It took about four years from the low to climb back to its old high.

What were USB's best and worst years?

Over 29 full calendar years, USB's best year was 1997, when it returned 90.2%. Its worst was 1999, with a return of -30.5%.

Is there a better investment than USB?

Among USB's popular alternatives, V, JPM and PNC earned more than USB with less volatility over the past 5 years. V returned 12.8% a year at 22.9% volatility, against 3.3% a year at 29.6%. Looking beyond its popular alternatives, RY (banks) and NDAQ (capital markets) earned more than USB with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 3.3% a year at 29.6%.

Is USB more volatile than the S&P 500?

Yes. USB's volatility over the past 5 years was 29.6%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, USB's return lands within 29.6% 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 USB's Sharpe ratio?

USB's Sharpe ratio over the past 5 years was 0.26, against 0.79 for the S&P 500, so USB 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 USB with the S&P 500?

Over the past 5 years, USB's monthly returns had a correlation of 0.54 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 USB instead: the lower it is, the more that option would diversify a USB holding.

What are the best alternatives to USB?

Of the 23 popular alternatives we compared, four outperformed USB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: EWBC, UMBF and V.

Did USB outperform the S&P 500?

USB finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +16.5%, against +17.7% for the index.

How did USB do in stock market crashes?

USB fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when USB fell 76.1% and the S&P 500 fell 55.2%.

What diversifies USB?

These had a low correlation with USB over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.25), FTLS (correlation 0.49) and SMH (correlation 0.32); among large stocks, CAH (correlation 0.24), CLS (correlation 0.34) and FIX (correlation 0.28). A correlation near zero means the two have moved largely independently.

How we measure

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