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

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

## Key findings

- **Right now:** Over the past 3 months, USB fell 5.5% while the S&P 500 rose 3.9%.
- **Stock or market?:** USB's 5.5% fall over the past 3 months is part of a broader regional banks sell-off: the regional banks ETF KRE (State Street SPDR S&P Regional Banking ETF) fell 6.4%, with PNC (PNC Financial Services Group, down 10.8%) and TFC (Truist Financial, down 6.3%).
- **Past 1 to 3 years:** The past 3 years (ahead of 74% of the stocks worth at least $300 million) have been far stronger than the record over 10 years (behind 62% of them). USB has outpaced the market, rising 30.3% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (117% against 89.3%).
- **Long term:** USB turned $10,000 into $19,500 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** Across seven sell-offs, USB has typically fallen 1.3 times as far as the S&P 500. In the 2023 regional bank crisis, USB fell 19.7%, against 3.4% for the S&P 500. That was more than PNC (PNC Financial Services Group, 10.4%) but less than TFC (Truist Financial, 26.3%).
- **Diversification:** USB is some diversification, but not a hedge: a correlation of 0.54 with the S&P 500 over 5 years and 0.57 with the total US market, more closely than 81% of stocks worth at least $300 million.
- **Better options**
  - **Popular alternatives:** V (Visa), JPM (JPMorgan Chase & Co.) and PNC (PNC Financial Services Group) 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%.
  - **Nearby categories and themes:** RY (Royal Bank of Canada, banks) and NDAQ (Nasdaq, 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%.
  - **Whole market:** 970 of the 3,633 stocks and funds worth at least $500 million earned more than USB with less volatility over the past 5 years, among them AAPL (Apple), VTI (Vanguard Morningstar Total Stock Market ETF) and VOO (Vanguard S&P 500 ETF).

## 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.

- $10,000 invested in USB at the end of September 1997 would have grown to $96,109 by September 2026, less 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 USB, and JPM finished highest, at $189,407.

## 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.

- 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.
- Over 29 full calendar years, USB's best was 1997, when it returned 90.2%, and its worst was 1999, when it lost 30.5%. It lost money in ten of those years.
- USB is 8.8% below its all-time high.

- Type: Stock, Financials (Banks - Regional)
- Trading since: October 17, 1986
- Market value: $92B
- Volatility (5 years): 29.6%; Sharpe ratio: 0.26
- Worst decline ever: −76.1%, from September 19, 2008 to March 6, 2009; back at its high by October 4, 2012

| Period | USB total return |
| --- | --- |
| 1 month | −1.3% |
| 3 months | −5.5% |
| 6 months | +5.5% |
| year to date | +12.7% |
| 1 year | +30.3% |
| 3 years | +117% |
| 5 years | +17.6% |
| 10 years | +94.6% |

## 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.

- USB is among the steadier stocks: its price swings rank in the top 24% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | USB | Rank |
| --- | --- | --- |
| 1-year return | +30.3% | 969 of 3,287 (top 30%) |
| 3-year return | +117% | 793 of 3,017 (top 27%) |
| 5-year return | +17.6% | 1,486 of 2,893 (top 52%) |
| 10-year return | +94.6% | 1,360 of 2,202 (top 62%) |
| Volatility, 5 years | 29.6% | 684 of 2,893 (top 24%) |
| Sharpe ratio, 5 years | 0.26 | 1,682 of 2,893 (top 59%) |
| Worst decline, past 10 years | −52.1% | 538 of 2,187 (top 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).

- 315 stocks and 655 ETFs worth at least $500 million sit in the green region: each earned more than USB over the past 5 years with smaller price swings. That is 27% of the 3,633 screened.
- Among those with at least half USB's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 16% less than USB's 29.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.26 for USB.
- Among USB's popular alternatives, JPM, V and BOKF are in the region. JPM earned 17.3% a year against 3.3% a year for USB, at 24.3% volatility, 18% less than USB's 29.6%.

### Is there a better investment than USB?

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.

- 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%.
- Across the whole market, 970 of the 3,633 stocks and funds worth at least $500 million earned more than USB with less volatility over the past 5 years, among them AAPL, VTI and VOO.

The 15 strongest of 970 investments that beat USB 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 USB | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USB: U.S. Bancorp (this page) |  | +3.3% | 29.6% | 0.26 | −52.1% | +94.6% |  |  |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.70 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [PG](https://easycompare.io/research/pg): The Procter & Gamble Company | Household & Personal Products | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CB](https://easycompare.io/research/cb): Chubb Limited | Property & Casualty Insurance | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VIG](https://easycompare.io/research/vig): Vanguard Dividend Appreciation ETF | US Dividend Equity | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.60 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.53 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SCHD](https://easycompare.io/research/schd): Schwab U.S. Dividend Equity ETF | US Dividend Equity | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.66 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ADP](https://easycompare.io/research/adp): Automatic Data Processing, Inc. | Business Services | +9.0% | 22.9% | 0.49 | −40.8% | +320% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [FAST](https://easycompare.io/research/fast): Fastenal Company | Industrial Distribution | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.24 | 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% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## 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.

- Seven of the 23 popular alternatives, led by JPM, WFC and V, were both more rewarding and calmer than USB over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, USB returned 3.3% a year, less than the S&P 500's 12.7%, with higher volatility (29.6% against 17.1%).

### 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.

- Four of the 23 popular alternatives, led by EWBC, UMBF and V, outperformed USB in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- EWBC outperformed USB in every long-term period and in all but one short-term period, the most consistent record in the group.
- JPM, V and UMBF earned more for the risk they took than USB (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of USB | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USB: U.S. Bancorp (this page) | +30.3% | +117% | +17.6% | +94.6% |  |  | 0.26 |
| EWBC: East West Bancorp, Inc. | +33.8% | +170% | +70.1% | +304% | 5/5 short-term, 3/3 long-term | all-weather | 0.48 |
| UMBF: UMB Financial Corporation | +20.2% | +129% | +41.7% | +158% | 3/5 short-term, 3/3 long-term | consistent | 0.38 |
| [V](https://easycompare.io/research/v): Visa Inc. | +19.0% | +78.2% | +82.5% | +429% | 4/5 short-term, 2/3 long-term | consistent | 0.64 |
| CFR: Cullen/Frost Bankers, Inc. | +28.4% | +99.0% | +39.9% | +181% | 3/5 short-term, 2/3 long-term | consistent | 0.38 |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | +13.0% | +150% | +122% | +537% | 2/5 short-term, 3/3 long-term |  | 0.78 |
| CFG: Citizens Financial Group, Inc. | +31.5% | +205% | +55.0% | +266% | 1/5 short-term, 3/3 long-term |  | 0.43 |
| [FITB](https://easycompare.io/research/fitb): Fifth Third Bancorp | +29.6% | +151% | +38.9% | +255% | 0/5 short-term, 3/3 long-term |  | 0.37 |
| FHN: First Horizon Corporation | +15.4% | +141% | +58.2% | +113% | 0/5 short-term, 3/3 long-term |  | 0.44 |
| WTFC: Wintrust Financial Corporation | +17.3% | +107% | +73.1% | +212% | 1/5 short-term, 2/3 long-term |  | 0.51 |
| ZION: Zions Bancorporation, National Association | +28.1% | +139% | +17.9% | +167% | 1/5 short-term, 2/3 long-term |  | 0.29 |
| KEY: KeyCorp | +24.6% | +143% | +11.9% | +143% | 1/5 short-term, 2/3 long-term |  | 0.25 |
| [WFC](https://easycompare.io/research/wfc): Wells Fargo & Company | −2.4% | +119% | +85.0% | +141% | 1/5 short-term, 2/3 long-term |  | 0.57 |
| [BAC](https://easycompare.io/research/bac): Bank of America Corporation | −0.6% | +107% | +21.6% | +282% | 0/5 short-term, 2/3 long-term |  | 0.28 |
| RF: Regions Financial Corporation | +20.5% | +120% | +45.7% | +278% | 0/5 short-term, 2/3 long-term |  | 0.40 |
| [PNC](https://easycompare.io/research/pnc): The PNC Financial Services Group, Inc. | +25.3% | +120% | +25.1% | +230% | 0/5 short-term, 2/3 long-term |  | 0.30 |
| MTB: M&T Bank Corporation | +23.4% | +111% | +59.3% | +143% | 0/5 short-term, 2/3 long-term |  | 0.46 |
| BOKF: BOK Financial Corporation | +17.3% | +85.5% | +42.1% | +128% | 0/5 short-term, 2/3 long-term |  | 0.40 |
| FNB: F.N.B. Corporation | +17.3% | +81.9% | +71.6% | +101% | 0/5 short-term, 2/3 long-term |  | 0.52 |
| CBSH: Commerce Bancshares, Inc. | +10.3% | +50.5% | +7.4% | +119% | 2/5 short-term, 1/3 long-term |  | 0.18 |
| WAL: Western Alliance Bancorporation | +1.9% | +89.9% | −29.5% | +133% | 0/5 short-term, 1/3 long-term |  | 0.20 |
| HBAN: Huntington Bancshares Incorporated | +1.9% | +82.4% | +16.1% | +132% | 0/5 short-term, 1/3 long-term |  | 0.25 |
| FIS: Fidelity National Information Services, Inc. | −44.3% | −21.6% | −66.6% | −41.3% | 1/5 short-term, 0/3 long-term |  | -0.47 |
| [TFC](https://easycompare.io/research/tfc): Truist Financial Corporation | +13.6% | +102% | −5.7% | +82.7% | 0/5 short-term, 0/3 long-term |  | 0.12 |

### 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.

- USB finished ahead of the S&P 500 in 12 of its 29 full calendar years, and behind it in each of the last six.
- Among its popular alternatives, CFG came out ahead of USB most often, in nine of the 11 years both traded.
- Ranked against its popular alternatives each year, USB finished in the top quarter in five of 29 years and in the bottom quarter in six. In 2025, it ranked 11 of 24.

| Year | USB | SPY |
| --- | --- | --- |
| 2025 | +16.4% | +17.7% |
| 2024 | +15.6% | +24.9% |
| 2023 | +4.8% | +26.2% |
| 2022 | −19.1% | −18.2% |
| 2021 | +24.3% | +28.7% |
| 2020 | −17.9% | +18.3% |
| 2019 | +33.6% | +31.2% |
| 2018 | −12.4% | −4.6% |
| 2017 | +6.6% | +21.7% |
| 2016 | +23.4% | +12.0% |

## 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.

- In all four of USB's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: USB fell 53.0% from April 1999 to October 2000, while the S&P 500 rose 1.6%.
- The slowest recovery came after USB fell 76.1% from September 2008 to March 2009; it did not regain that peak until October 2012, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −76.1% | September 19, 2008 | March 6, 2009 | October 4, 2012 | −44.0% | 2008 financial crisis |
| −53.0% | April 14, 1999 | October 12, 2000 | December 30, 2003 | +1.6% | dot-com bust |
| −52.1% | January 14, 2022 | May 16, 2023 | December 10, 2025 | −10.0% | 2022 bear market |
| −52.0% | December 17, 2019 | March 23, 2020 | April 9, 2021 | −29.5% | Covid crash |
| −41.4% | August 23, 1989 | November 27, 1990 | October 28, 1991 | — |  |

### 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.

- USB fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when USB fell 76.1% and the S&P 500 fell 55.2%.
- Among its popular alternatives, V held up best, falling less than USB in seven of the eight crashes they both traded through.

| Crash | Dates | USB fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −42.8% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −76.1% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.2% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −24.7% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −17.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.5% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −20.4% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −47.2% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −36.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −19.7% | −3.4% |

### 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.

- 20 of the 23 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than USB's 0.69, led by V, JPM and CFR.
- CFR took just 77% of the S&P 500's losses, against 130% for USB, while still keeping 75% of its gains.
- Over the past 10 years, USB captured 89% of the S&P 500's gains in rising months and 130% of its losses in falling months, with a beta of 1.05. Its share of the market's losses was larger than its share of the gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| USB: U.S. Bancorp (this page) | 89.0% | 130% | 1.05 |
| EWBC: East West Bancorp, Inc. | 111% | 118% | 1.39 |
| UMBF: UMB Financial Corporation | 82.0% | 97.0% | 0.92 |
| [V](https://easycompare.io/research/v): Visa Inc. | 93.0% | 79.0% | 0.87 |
| CFR: Cullen/Frost Bankers, Inc. | 75.0% | 77.0% | 0.97 |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | 117% | 103% | 1.09 |
| CFG: Citizens Financial Group, Inc. | 118% | 140% | 1.37 |
| [FITB](https://easycompare.io/research/fitb): Fifth Third Bancorp | 102% | 114% | 1.22 |
| FHN: First Horizon Corporation | 66.0% | 79.0% | 1.03 |
| WTFC: Wintrust Financial Corporation | 97.0% | 117% | 1.20 |
| ZION: Zions Bancorporation, National Association | 97.0% | 122% | 1.17 |
| KEY: KeyCorp | 100% | 132% | 1.28 |
| [WFC](https://easycompare.io/research/wfc): Wells Fargo & Company | 96.0% | 129% | 1.13 |
| [BAC](https://easycompare.io/research/bac): Bank of America Corporation | 127% | 146% | 1.36 |
| RF: Regions Financial Corporation | 113% | 127% | 1.26 |
| [PNC](https://easycompare.io/research/pnc): The PNC Financial Services Group, Inc. | 108% | 127% | 1.15 |
| MTB: M&T Bank Corporation | 75.0% | 86.0% | 0.86 |
| BOKF: BOK Financial Corporation | 92.0% | 123% | 1.13 |
| FNB: F.N.B. Corporation | 81.0% | 110% | 1.09 |
| CBSH: Commerce Bancshares, Inc. | 59.0% | 64.0% | 0.77 |
| WAL: Western Alliance Bancorporation | 117% | 169% | 1.52 |
| HBAN: Huntington Bancshares Incorporated | 89.0% | 116% | 1.13 |
| FIS: Fidelity National Information Services, Inc. | 54.0% | 150% | 0.82 |
| [TFC](https://easycompare.io/research/tfc): Truist Financial Corporation | 86.0% | 126% | 1.11 |

### 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).

- Moving a fifth of the money in USB into GLD would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+3.9% for USB alone, +7.6% for the mix).
- FIX made money in eight of the ten calendar years in which USB lost money.
- Among large ETFs, DXJ, FTLS and SMH have moved largely independently of USB over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with USB | 5Y return | Volatility | Sharpe | Rose in USB's 10 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.25 | +225% | 19.1% | 1.34 | 4 of 10 |
| FTLS: First Trust Long/Short Equity ETF | 0.49 | +62.9% | 10.4% | 0.99 | 2 of 10 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.32 | +323% | 36.9% | 0.97 | 4 of 10 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.04 | +126% | 18.9% | 0.96 | 5 of 10 |
| IOO: iShares Global 100 ETF | 0.44 | +107% | 17.2% | 0.94 | 4 of 10 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.42 | +136% | 20.8% | 0.93 | 1 of 10 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.38 | +177% | 25.5% | 0.93 | 5 of 10 |
| PPA: Invesco Aerospace & Defense ETF | 0.48 | +113% | 18.9% | 0.90 | 5 of 10 |

## 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.

## More research

- [Visa (V) Performance, Alternatives and Market Rank](https://easycompare.io/research/v)
- [JPMorgan Chase & Co. (JPM) Performance, Alternatives and Market Rank](https://easycompare.io/research/jpm)
- [Fifth Third Bancorp (FITB) Performance, Alternatives and Market Rank](https://easycompare.io/research/fitb)
- [Wells Fargo & Company (WFC) Performance, Alternatives and Market Rank](https://easycompare.io/research/wfc)
- [Bank of America (BAC) Performance, Alternatives and Market Rank](https://easycompare.io/research/bac)
- [PNC Financial Services Group (PNC) Performance, Alternatives and Market Rank](https://easycompare.io/research/pnc)
- [Truist Financial (TFC) Performance, Alternatives and Market Rank](https://easycompare.io/research/tfc)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)

## Explore further

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