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Relative Intelligence · Payment Processing

How Visa (V) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on V alone. It places V (Visa Inc.) against 19 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 V stands in the market, and of the alternatives worth a closer look.

Period covered: V's full trading record, from March 2008 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 V →Chart V vs. 19 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in V over the past 18 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of V over the same span and V'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.

Note: V began trading on March 19, 2008, so the chart cannot reach back to the dot-com bust. It covers the most recent 18 years of V's record, starting at the end of September 2008.

Choose a period

From the end of September 2008 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. 100 of the 1,883 stocks and funds worth at least $500 million that traded the whole period ended ahead of V; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M2008201120142017202020232026$10,000$100,000$1M2008201320182023
  • NVDA$9M+93,544% total · +46.2% a year
  • AAPL$979,453+9,695% total · +29.0% a year
  • AMZN$684,445+6,744% total · +26.5% a year
  • GOOG$344,529+3,345% total · +21.7% a year
  • MA$341,381+3,314% total · +21.7% a year
  • V$266,572+2,566% total · +20.0% a year
  • AXP$113,169+1,032% total · +14.4% a year
  • JPM$110,612+1,006% total · +14.3% a year
  • SPY (S&P 500)$91,104+811% total · +13.1% a year
  • COF$50,929+409% total · +9.5% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,240 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of V; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$5,000$10,000$15,000$20,000$25,000$30,000202120222023202420252026$0$10,000$20,000$30,000202120222023202420252026
  • GILD$25,496+155% total · +20.6% a year
  • JPM$22,905+129% total · +18.0% a year
  • FFIV$22,395+124% total · +17.5% a year
  • CIBR$21,643+116% total · +16.7% a year
  • AXP$19,289+92.9% total · +14.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • KO$18,994+89.9% total · +13.7% a year
  • V$16,755+67.5% total · +10.9% a year
  • SHOP$10,938+9.4% total · +1.8% a year
  • XYZ$3,066−69.3% total · −21.1% a year
Change the dates or add tickers to this chart in EasyCompare

V 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.

Note: V began trading on March 19, 2008, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$759B
Industry
Financial - Credit Services
Price history from
March 2008

Returns

Past 1 year
+19.0%total return
Past 3 years
+78.2%+21.2% a year
Past 5 years
+82.5%+12.8% a year
Past 10 years
+429%+18.1% a year
Best calendar year
+68.0%2009
Worst calendar year
−18.9%2010
Losing years
3 of 17full calendar years

Risk

Volatility
22.9%typical yearly swing, 5 years
Sharpe ratio
0.64return per unit of risk, 5 years
Worst decline ever
−51.9%May 2008 to Jan 2009
From its all-time high
At its highwithin 1%

V against the whole market

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

How does V rank among all stocks?

This section ranks V 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 V 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.

MeasureVRankStanding
1-year return+19.0%1,266 of 3,287top 39%
3-year return+78.2%1,151 of 3,017top 38%
5-year return+82.5%800 of 2,893top 28%
10-year return+429%379 of 2,202top 17%
Volatility, 5 years22.9%200 of 2,893top 7%
Sharpe ratio, 5 years0.64584 of 2,893top 20%
Worst decline, past 10 years−36.4%78 of 2,187top 4%

What has beaten V 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). V sits where the dashed lines cross. Anything in the green box above and to the left earned more than V 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 V; faint dots are 44 more of the 72 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.

10.0%15.0%20.0%25.0%30.0%35.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VDFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%NI: +15.1% a year, volatility 20.3%RY: +17.3% a year, volatility 18.2%XLG: +13.8% a year, volatility 18.9%BKLC: +13.8% a year, volatility 17.3%CRAK: +19.8% a year, volatility 20.9%MPLX: +23.5% a year, volatility 18.8%SPUS: +15.0% a year, volatility 19.5%FFLC: +15.7% a year, volatility 16.8%DBJP: +20.9% a year, volatility 19.2%EWJV: +14.9% a year, volatility 18.2%LVHI: +17.0% a year, volatility 11.1%TD: +15.8% a year, volatility 20.0%CB: +15.7% a year, volatility 20.4%MO: +17.8% a year, volatility 21.4%CM: +19.2% a year, volatility 21.6%EPD: +16.4% a year, volatility 17.1%AFL: +19.0% a year, volatility 20.8%SDCI: +20.6% a year, volatility 18.4%ATO: +14.9% a year, volatility 18.4%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%PAVE: +14.9% a year, volatility 21.6%IOO: +15.7% a year, volatility 17.2%ITA: +14.6% a year, volatility 20.4%FDL: +13.9% a year, volatility 14.4%VLUE: +15.9% a year, volatility 18.4%EMLP: +14.9% a year, volatility 14.5%GCOW: +14.1% a year, volatility 13.6%MLPX: +18.6% a year, volatility 19.7%TDIV: +16.2% a year, volatility 21.3%EWP: +19.2% a year, volatility 20.3%DIVB: +13.9% a year, volatility 15.4%IUS: +14.7% a year, volatility 14.9%VFMF: +14.3% a year, volatility 17.6%HLAL: +14.0% a year, volatility 18.0%ATMP: +21.2% a year, volatility 21.5%DGT: +13.8% a year, volatility 15.1%IDOG: +14.1% a year, volatility 15.6%NXTG: +16.2% a year, volatility 19.1%GVAL: +14.4% a year, volatility 18.7%V: +12.8% a year, volatility 22.9%SPY (S&P 500): +12.7% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%FFIV: +17.1% a year, volatility 30.8%CIBR: +14.1% a year, volatility 26.1%GILD: +22.8% a year, volatility 24.9%KO: +14.7% a year, volatility 16.8%NVS: +17.1% a year, volatility 20.7%CAH: +42.1% a year, volatility 24.7%GLD: +17.7% a year, volatility 18.9%SPMO: +18.7% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%BRK-B: +13.4% a year, volatility 17.1%DXJ: +26.6% a year, volatility 19.1%VSPY (S&P 500)JPMFFIVCIBRGILDKONVSCAHGLDSPMOBRK-BDXJ10.0%15.0%20.0%25.0%30.0%35.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VDFIV: +14.8% a year, volatility 16.4%AVLV: +14.0% a year, volatility 16.9%NI: +15.1% a year, volatility 20.3%RY: +17.3% a year, volatility 18.2%XLG: +13.8% a year, volatility 18.9%BKLC: +13.8% a year, volatility 17.3%CRAK: +19.8% a year, volatility 20.9%MPLX: +23.5% a year, volatility 18.8%SPUS: +15.0% a year, volatility 19.5%FFLC: +15.7% a year, volatility 16.8%DBJP: +20.9% a year, volatility 19.2%EWJV: +14.9% a year, volatility 18.2%LVHI: +17.0% a year, volatility 11.1%TD: +15.8% a year, volatility 20.0%CB: +15.7% a year, volatility 20.4%MO: +17.8% a year, volatility 21.4%CM: +19.2% a year, volatility 21.6%EPD: +16.4% a year, volatility 17.1%AFL: +19.0% a year, volatility 20.8%SDCI: +20.6% a year, volatility 18.4%ATO: +14.9% a year, volatility 18.4%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%PAVE: +14.9% a year, volatility 21.6%IOO: +15.7% a year, volatility 17.2%ITA: +14.6% a year, volatility 20.4%FDL: +13.9% a year, volatility 14.4%VLUE: +15.9% a year, volatility 18.4%EMLP: +14.9% a year, volatility 14.5%GCOW: +14.1% a year, volatility 13.6%MLPX: +18.6% a year, volatility 19.7%TDIV: +16.2% a year, volatility 21.3%EWP: +19.2% a year, volatility 20.3%DIVB: +13.9% a year, volatility 15.4%IUS: +14.7% a year, volatility 14.9%VFMF: +14.3% a year, volatility 17.6%HLAL: +14.0% a year, volatility 18.0%ATMP: +21.2% a year, volatility 21.5%DGT: +13.8% a year, volatility 15.1%IDOG: +14.1% a year, volatility 15.6%NXTG: +16.2% a year, volatility 19.1%GVAL: +14.4% a year, volatility 18.7%V: +12.8% a year, volatility 22.9%SPY (S&P 500): +12.7% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%FFIV: +17.1% a year, volatility 30.8%CIBR: +14.1% a year, volatility 26.1%GILD: +22.8% a year, volatility 24.9%KO: +14.7% a year, volatility 16.8%NVS: +17.1% a year, volatility 20.7%CAH: +42.1% a year, volatility 24.7%GLD: +17.7% a year, volatility 18.9%SPMO: +18.7% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%BRK-B: +13.4% a year, volatility 17.1%DXJ: +26.6% a year, volatility 19.1%VSPY (S&P 500)JPMFFIVCIBRGILDKONVSCAHGLDBRK-BDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than V?

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

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

Screen the whole market against V for any period in BetterThanSPYOpen these 12 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 V?lower diversifies moreExpenseper year
VVisa Inc. · this page
+12.8%22.9%0.64−36.4%+429%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.610.09%
Popular alternativesbest 1 shownThe investments people most often weigh against V. 1 of 19 passed at least one test.
JPMJPMorgan Chase & Co. · Banks
Higher return, similar volatility+17.3%24.3%0.78−43.6%+537%0.62—
Same and neighboring categories, and shared themesbest 2 shownEverything else in Payment Processing and the categories next to it (Application Software, Software, Consumer Finance, Financial Technology), plus V's specific themes. 2 of 93 passed at least one test.
FFIVF5, Inc. · Cybersecurity
Higher return in most periods+17.1%30.8%0.67−54.6%+287%0.25—
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Higher return in most periods+14.1%26.1%0.64−33.9%+454%0.290.58%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 239 of 3,521 passed at least one test.
GILDGilead Sciences, Inc. · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.8%24.9%0.95−30.5%+200%0.26—
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher return in most periods+14.7%16.8%0.91−37.0%+204%0.40—
NVSNovartis AG · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.1%20.7%0.87−26.8%+226%0.35—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.39—
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.7%18.9%0.96−26.4%+213%0.050.40%
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Higher return, lower volatilityHigher Sharpe, smaller worst decline+18.7%20.8%0.93−30.9%+499%0.500.13%
RSGRepublic Services, Inc. · Environmental Services
Higher return, lower volatilitySmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.30—
BRK-BBerkshire Hathaway Inc. · Insurance
Similar return, lower volatilityHigher Sharpe, smaller worst decline+13.4%17.1%0.82−29.6%+274%0.61—
What these numbers mean for V
Annual return
V returned 12.8% 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 $18,200. 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
V'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, V's return lands within 22.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
V's Sharpe ratio over the past 5 years was 0.64, against 0.79 for the S&P 500, so V 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
V's worst fall from a peak to a low over the past 10 years was 36.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 36.4% fall takes a 57.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, V'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 V instead: the lower it is, the more that option would diversify a V holding. Guide: Correlation and diversification →
Show all 72 stocks and funds worth at least $500 million that earned more than V with less volatility

Out of 3,633 tested over 5 years. The strongest 50 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with VExpense
1
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.40—
2
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.35—
3
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.050.40%
4
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.500.13%
5
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.600.27%
6
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.620.15%
7
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.42—
8
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.30—
9
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.51—
10
XLGInvesco S&P 500 Top 50 ETF · US Large-Cap Equity
Whole market+13.8%18.9%0.78−30.5%+379%0.510.20%
11
BKLCBNY Mellon US Large Cap Core Equity ETF · US Large-Cap Equity
Whole market+13.8%17.3%0.84−26.2%—0.600.00%
12
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.340.61%
13
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.48—
14
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.480.45%
15
FFLCFidelity Fundamental Large Cap Core ETF · Broad Market
Whole market+15.7%16.8%0.95−19.7%—0.660.38%
16
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.430.45%
17
EWJViShares MSCI Japan Value ETF · International
Whole market+14.9%18.2%0.86−30.1%—0.480.15%
18
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.410.48%
19
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.580.40%
20
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.41—
21
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.47—
22
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.43—
23
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.46—
24
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.49—
25
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.50—
26
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.160.80%
27
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.48—
28
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.630.56%
29
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.58—
30
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.490.36%
31
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.541.01%
32
PAVEGlobal X - U.S. Infrastructure Development ETF · Infrastructure Equity
Whole market+14.9%21.6%0.75−44.1%—0.530.47%
33
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.580.40%
34
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Whole market+14.6%20.4%0.78−51.0%+258%0.510.37%
35
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.590.43%
36
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.550.15%
37
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.520.95%
38
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.540.60%
39
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.540.45%
40
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.490.50%
41
EWPiShares MSCI Spain ETF · Broad Market
Whole market+19.2%20.3%0.97−46.4%+196%0.570.50%
42
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.680.05%
43
IUSInvesco RAFI Strategic US ETF · Broad Market
Whole market+14.7%14.9%1.00−34.7%—0.670.19%
44
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.620.18%
45
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.500.50%
46
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.540.95%
47
DGTState Street SPDR Global Dow ETF · International
Whole market+13.8%15.1%0.94−34.4%+261%0.690.50%
48
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+180%0.570.50%
49
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.410.70%
50
GVALCambria Global Value ETF · International
Whole market+14.4%18.7%0.82−46.8%+173%0.480.68%

V against its popular alternatives

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

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

Green points earned more than V 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%70.0%−30.0%−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 volatilityV: 12.8% a year, volatility 22.9%SPY (S&P 500): 12.7% a year, volatility 17.1%SHOP: 3.1% a year, volatility 66.9%XYZ: −21.1% a year, volatility 59.9%MA: 12.4% a year, volatility 23.8%COF: 4.9% a year, volatility 35.2%PAY: 6.2% a year, volatility 64.4%SOFI: −7.0% a year, volatility 65.7%TOST: −8.5% a year, volatility 59.9%FLYW: −17.0% a year, volatility 56.4%RELY: −6.6% a year, volatility 57.8%CPAY: 8.2% a year, volatility 32.5%WEX: −0.8% a year, volatility 37.2%PYPL: −25.9% a year, volatility 43.3%GPN: −11.2% a year, volatility 36.9%FISV: −15.2% a year, volatility 36.7%EEFT: −12.9% a year, volatility 35.7%FIS: −19.7% a year, volatility 33.9%FOUR: −12.1% a year, volatility 58.2%JPM: 17.3% a year, volatility 24.3%AXP: 13.5% a year, volatility 29.3%VSPY (S&P 500)SHOPXYZCOFPAYSOFITOSTFLYWRELYCPAYWEXPYPLGPNFISVEEFTFISFOURJPMAXP10.0%20.0%30.0%40.0%50.0%60.0%70.0%−30.0%−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 volatilityV: 12.8% a year, volatility 22.9%SPY (S&P 500): 12.7% a year, volatility 17.1%SHOP: 3.1% a year, volatility 66.9%XYZ: −21.1% a year, volatility 59.9%MA: 12.4% a year, volatility 23.8%COF: 4.9% a year, volatility 35.2%PAY: 6.2% a year, volatility 64.4%SOFI: −7.0% a year, volatility 65.7%TOST: −8.5% a year, volatility 59.9%FLYW: −17.0% a year, volatility 56.4%RELY: −6.6% a year, volatility 57.8%CPAY: 8.2% a year, volatility 32.5%WEX: −0.8% a year, volatility 37.2%PYPL: −25.9% a year, volatility 43.3%GPN: −11.2% a year, volatility 36.9%FISV: −15.2% a year, volatility 36.7%EEFT: −12.9% a year, volatility 35.7%FIS: −19.7% a year, volatility 33.9%FOUR: −12.1% a year, volatility 58.2%JPM: 17.3% a year, volatility 24.3%AXP: 13.5% a year, volatility 29.3%VSPY (S&P 500)SHOPXYZCOFPAYSOFITOSTFLYWCPAYWEXPYPLGPNFISVEEFTFISFOURJPM
All figures
InvestmentAnnual returnVolatility
JPM JPMorgan Chase & Co.+17.3%24.3%
AXP American Express Company+13.5%29.3%
V This pageVisa Inc.+12.8%22.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MA Mastercard Incorporated+12.4%23.8%
CPAY Corpay, Inc.+8.2%32.5%
PAY Paymentus Holdings, Inc.+6.2%64.4%
COF Capital One Financial Corporation+4.9%35.2%
SHOP Shopify Inc.+3.1%66.9%
WEX WEX Inc.−0.8%37.2%
RELY Remitly Global, Inc.−6.6%57.8%
SOFI SoFi Technologies, Inc.−7.0%65.7%
TOST Toast, Inc.−8.5%59.9%
GPN Global Payments Inc.−11.2%36.9%
FOUR Shift4 Payments, Inc.−12.1%58.2%
EEFT Euronet Worldwide, Inc.−12.9%35.7%
FISV Fiserv, Inc.−15.2%36.7%
FLYW Flywire Corp−17.0%56.4%
FIS Fidelity National Information Services, Inc.−19.7%33.9%
XYZ Block, Inc.−21.1%59.9%
PYPL PayPal Holdings, Inc.−25.9%43.3%
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Has V consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than V 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
V Visa Inc. (this page)—+9.9%+13.0%+30.0%+18.0%+19.0%+78.2%+82.5%+429%22.9%0.64−36.4%—$759B—
JPM Banks - DiversifiedJPMorgan Chase & Co.0/5 short3/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
AXP Financial - Credit ServicesAmerican Express Company0/5 short3/3 long+1.8%−9.3%−2.9%−13.8%−7.9%+133%+88.5%+446%29.3%0.58−49.6%—$215B—
SHOP Software - ApplicationShopify Inc.2/5 short2/3 long+25.8%+39.4%+28.4%+10.4%+5.3%+239%+16.6%+3,916%66.9%0.38−84.8%—$225B—
XYZ Software - InfrastructureBlock, Inc.1/5 short1/3 long+0.3%−1.5%+5.7%+19.9%+2.1%+77.6%−69.4%+598%59.9%-0.10−86.1%—$47B—
MA Financial - Credit ServicesMastercard Incorporated1/5 short1/3 long+9.5%+13.5%+20.5%+10.9%+10.3%+64.3%+79.2%+541%23.8%0.61−41.0%—$543B—
COF Financial - Credit ServicesCapital One Financial Corporation0/5 short1/3 long−1.6%−2.2%−1.2%−17.8%−4.7%+134%+27.0%+222%35.2%0.31−60.3%—$124B—
PAY Software - InfrastructurePaymentus Holdings, Inc.0/5 short1/3 long−4.5%+11.1%+13.8%+15.8%+12.0%+122%+35.0%—64.4%0.41−80.8%—$4.2B—
SOFI Financial - Credit ServicesSoFi Technologies, Inc.0/5 short1/3 long−13.5%−13.7%−24.7%−46.5%−48.8%+99.2%−30.3%—65.7%0.21−83.3%—$19B—
TOST Software - InfrastructureToast, Inc.0/5 short1/3 long+9.6%+5.8%+11.9%−4.0%−13.3%+85.7%−35.9%—59.9%0.15−80.6%—$17B—
FLYW Specialty Business ServicesFlywire Corp3/5 short0/3 long+8.8%+3.4%+35.5%+34.1%+41.0%−33.1%−60.7%—56.4%-0.04−84.4%—$2.3B—
RELY Software - InfrastructureRemitly Global, Inc.3/5 short0/3 long+13.5%+2.7%+18.8%+85.4%+52.9%−6.6%−28.9%—57.8%0.17−85.8%—$5.2B—
CPAY Software - InfrastructureCorpay, Inc.2/5 short0/3 long+2.8%+10.6%+21.1%+35.9%+42.8%+70.9%+48.6%+137%32.5%0.41−50.1%—$27B—
WEX Software - InfrastructureWEX Inc.2/5 short0/3 long−1.2%+13.2%+4.5%+24.8%+21.1%−1.4%−3.9%+74.9%37.2%0.17−64.6%—$6.3B—
PYPL Financial - Credit ServicesPayPal Holdings, Inc.0/5 short0/3 long+8.6%+0.8%+11.7%−0.9%−16.5%+8.2%−77.6%+44.1%43.3%-0.47−87.3%—$49B—
GPN Financial - Credit ServicesGlobal Payments Inc.0/5 short0/3 long−0.6%+3.3%+17.2%+13.4%−1.3%−21.1%−44.7%+22.4%36.9%-0.14−70.2%—$22B—
FISV Information Technology ServicesFiserv, Inc.0/5 short0/3 long+3.8%−6.6%−24.8%−26.4%−61.1%−56.3%−56.2%−2.7%36.7%-0.24−81.3%—$26B—
EEFT Software - InfrastructureEuronet Worldwide, Inc.0/5 short0/3 long+0.1%−18.7%−12.1%−10.7%−24.3%−21.1%−49.9%−19.7%35.7%-0.21−63.3%—$2.5B—
FIS Information Technology ServicesFidelity National Information Services, Inc.0/5 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—
FOUR Software - InfrastructureShift4 Payments, Inc.0/5 short0/3 long+2.8%−20.5%−18.0%−35.4%−46.7%−20.1%−47.4%—58.2%0.07−71.7%—$4.2B—
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How did V do year by year?

This table shows each investment's total return in every full calendar year since 2009, along with where V ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with V and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: V began trading on March 19, 2008, so the table starts with 2009, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of V; gray means the two finished within a fraction of a point. The rank row places V among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of V20252024202320222021202020192018201720162015201420132012201120102009
V This pageVisa Inc.—+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%
Rank among alternativesTop quarter in 3 of 176 of 2013 of 2012 of 204 of 207 of 166 of 149 of 145 of 145 of 1412 of 144 of 114 of 117 of 112 of 112 of 119 of 105 of 10
SPY S&P 500State Street SPDR S&P 500 ETF6 of 17+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%
JPM JPMorgan Chase & Co.7 of 17+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%
AXP American Express Company8 of 17+26.0%+60.3%+28.7%−8.5%+36.9%−1.1%+32.5%−2.6%+36.2%+8.6%−24.2%+3.7%+59.8%+23.6%+11.6%+7.8%+126%
SHOP Shopify Inc.9 of 10+51.4%+36.5%+124%−74.8%+21.7%+185%+187%+37.1%+135%+66.3%———————
XYZ Block, Inc.4 of 10−23.4%+9.9%+23.1%−61.1%−25.8%+248%+11.5%+61.8%+154%+4.1%———————
MA Mastercard Incorporated11 of 17+9.0%+24.2%+23.4%−2.7%+1.2%+20.2%+59.2%+25.3%+47.7%+6.9%+13.8%+3.7%+70.7%+32.1%+66.7%−12.2%+79.8%
COF Capital One Financial Corporation6 of 17+37.6%+38.3%+44.3%−34.6%+49.3%−2.7%+38.6%−22.8%+16.3%+23.8%−10.9%+9.4%+34.2%+37.5%−0.1%+11.6%+24.1%
PAY Paymentus Holdings, Inc.2 of 4−3.3%+82.8%+123%−77.1%—————————————
SOFI SoFi Technologies, Inc.4 of 5+70.0%+54.8%+116%−70.8%+27.1%————————————
TOST Toast, Inc.1 of 4−2.6%+99.6%+1.3%−48.0%—————————————
FLYW Flywire Corp0 of 4−31.3%−10.9%−5.4%−35.7%—————————————
RELY Remitly Global, Inc.1 of 4−38.9%+16.2%+69.6%−44.5%—————————————
CPAY Corpay, Inc.5 of 15−11.1%+19.8%+53.9%−17.9%−18.0%−5.2%+54.9%−3.5%+36.0%−1.0%−3.9%+26.9%+118%+79.6%−3.4%——
WEX WEX Inc.5 of 17−15.0%−9.9%+18.9%+16.6%−31.0%−2.8%+49.5%−0.8%+26.6%+26.2%−10.6%−0.1%+31.4%+38.9%+18.0%+44.4%+153%
PYPL PayPal Holdings, Inc.4 of 10−31.4%+39.0%−13.8%−62.2%−19.5%+117%+28.6%+14.2%+86.5%+9.0%———————
GPN Global Payments Inc.7 of 17−30.1%−11.0%+29.0%−25.9%−36.9%+18.5%+77.3%+2.9%+44.5%+7.6%+59.9%+24.4%+43.7%−4.3%+2.6%−14.1%+64.6%
FISV Fiserv, Inc.9 of 17−67.3%+54.6%+31.4%−2.6%−8.8%−1.5%+57.3%+12.1%+23.9%+17.2%+30.7%+21.9%+49.8%+34.6%+0.4%+20.8%+33.3%
EEFT Euronet Worldwide, Inc.5 of 17−26.0%+1.3%+7.5%−20.8%−17.8%−8.0%+53.9%+21.5%+16.4%0.0%+31.9%+14.7%+103%+27.7%+6.0%−20.5%+89.1%
FIS Fidelity National Information Services, Inc.4 of 17−15.8%+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%
FOUR Shift4 Payments, Inc.2 of 5−39.3%+39.6%+32.9%−3.5%−23.2%————————————
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Risk and diversification

How V 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 V's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents V's five deepest drawdowns since it began trading in 2008, 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.

Note: V began trading on March 19, 2008, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means V fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringV fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−51.9%−41.1%May 2008Jan 20098 monthsDec 200911 months
Covid crash−36.4%−33.7%Feb 2020Mar 20201 monthAug 20205 months
2010 flash crash−32.0%−7.0%Apr 2010Sep 20105 monthsNov 201114 months
2022 bear market−28.6%−17.1%Jul 2021Sep 202214 monthsSep 202312 months
No named crash−20.4%+6.7%Jun 2025Mar 20269 monthsAug 20265 months

How did V do in stock market crashes?

This section measures how far V, 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.

Note: V began trading on March 19, 2008, so its row reads "Not yet trading" for the dot-com bust or the 2008 financial crisis. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than V.

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
V This pageVisa Inc.—−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%Not yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 8−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
JPM JPMorgan Chase & Co.1 of 8−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
AXP American Express Company0 of 8−9.8%−31.6%−49.6%−20.7%−8.6%−36.6%−18.1%−4.5%−83.4%−59.1%
SHOP Shopify Inc.0 of 6−5.1%−79.0%−40.7%−27.6%−5.4%−49.2%————
XYZ Block, Inc.0 of 5−10.9%−65.8%−55.5%−48.8%−9.4%—————
MA Mastercard Incorporated0 of 8−4.0%−28.2%−41.0%−21.9%−5.8%−20.4%−13.8%−3.1%−62.7%—
COF Capital One Financial Corporation0 of 8−11.1%−42.6%−58.8%−28.2%−9.6%−28.5%−24.2%−2.1%−87.7%−65.6%
PAY Paymentus Holdings, Inc.0 of 2−13.8%−69.6%————————
SOFI SoFi Technologies, Inc.0 of 2−15.2%−67.8%————————
TOST Toast, Inc.0 of 2−9.5%−58.9%————————
FLYW Flywire Corp0 of 2−8.6%−57.8%————————
RELY Remitly Global, Inc.0 of 2−3.8%−62.9%————————
CPAY Corpay, Inc.0 of 7−8.9%−35.3%−46.5%−23.0%−8.5%−30.8%−15.9%———
WEX WEX Inc.0 of 8−10.3%−30.4%−64.6%−34.6%−9.4%−42.9%−29.8%−2.3%−79.0%—
PYPL PayPal Holdings, Inc.2 of 6−4.4%−63.8%−31.2%−16.7%−5.6%−21.6%————
GPN Global Payments Inc.0 of 8−11.9%−29.2%−44.3%−25.4%−7.5%−27.8%−18.6%−5.7%−44.4%—
FISV Fiserv, Inc.3 of 8−10.9%−19.3%−37.7%−16.2%−6.1%−11.3%−20.4%−1.4%−48.3%−51.5%
EEFT Euronet Worldwide, Inc.0 of 8−9.8%−49.5%−52.4%−19.8%−11.3%−29.4%−19.8%−2.1%−77.6%−79.1%
FIS Fidelity National Information Services, Inc.3 of 8−20.2%−38.5%−34.7%−13.1%−8.0%−23.4%−23.3%0.0%−46.4%—
FOUR Shift4 Payments, Inc.0 of 2−6.2%−53.5%————————
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How closely does V 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 V 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 V's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
V This pageVisa Inc.93%79%1.180.87
MA Mastercard Incorporated105%88%1.200.95
SHOP Shopify Inc.233%203%1.152.09
JPM JPMorgan Chase & Co.117%103%1.141.09
AXP American Express Company117%113%1.031.16
COF Capital One Financial Corporation115%146%0.791.39
XYZ Block, Inc.212%273%0.782.52
CPAY Corpay, Inc.96%132%0.721.15
WEX WEX Inc.114%190%0.601.37
PYPL PayPal Holdings, Inc.106%186%0.571.25
GPN Global Payments Inc.76%139%0.540.98
FISV Fiserv, Inc.51%107%0.480.86
EEFT Euronet Worldwide, Inc.65%144%0.451.22
FIS Fidelity National Information Services, Inc.54%150%0.360.82
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What diversifies V?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222021201080/20 mix volatility80/20 mix annual return
V Visa Inc. (this page)1.00+82.5%0.64−3.4%−0.3%−18.9%19.6%+10.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.41+225%1.34+6.0%+18.0%−1.8%16.9%+14.2%
SMH TechnologyVanEck Semiconductor ETF0.26+323%0.97−33.5%+42.1%+19.0%18.7%+16.9%
GLD CommoditiesSPDR Gold Shares0.05+126%0.96−0.8%−4.2%+29.3%16.2%+12.9%
XLE EnergyState Street Energy Select Sector SPDR ETF0.34+177%0.93+64.4%+53.3%+21.9%18.1%+13.8%
PPA IndustrialsInvesco Aerospace & Defense ETF0.49+113%0.90+9.5%+7.1%+10.5%17.8%+12.4%
EWT TechnologyiShares MSCI Taiwan ETF0.29+153%0.89−28.9%+28.9%+22.8%17.9%+13.6%
EDIV InternationalState Street SPDR S&P Emerging Markets Dividend ETF0.37+69.9%0.84−15.3%+11.2%—16.9%+11.2%
AVDV InternationalAvantis International Small Cap Value ETF0.49+91.4%0.84−11.5%+15.8%—17.7%+12.0%

Stocks

InvestmentCorrelation5Y returnSharpe20222021201080/20 mix volatility80/20 mix annual return
V Visa Inc. (this page)1.00+82.5%0.64−3.4%−0.3%−18.9%19.6%+10.9%
CAH Medical - DistributionCardinal Health, Inc.0.39+479%1.55+54.1%−0.4%+21.4%18.4%+16.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.32+3,143%1.47+1.3%+37.9%+2.8%22.4%+29.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.21+1,636%1.46+17.0%+89.0%+8.7%19.6%+25.3%
MCK Medical - DistributionMcKesson Corporation0.31+413%1.44+51.8%+44.2%+13.8%17.9%+15.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.26+690%1.41+86.6%+61.0%—18.5%+18.6%
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Common questions

What was V's worst drawdown?

V's deepest decline since it began trading in 2008 was 51.9%, from May 2008 to January 2009. It took 11 months from the low to climb back to its old high. Because V launched in March 2008, that record does not include the dot-com bust.

What were V's best and worst years?

Over 17 full calendar years, V's best year was 2009, when it returned 68.0%. Its worst was 2010, with a return of -18.9%.

Is there a better investment than V?

Among V's popular alternatives, JPM earned more than V over the past 5 years with similar volatility: 17.3% a year at 24.3% volatility, against 12.8% a year at 22.9%. Looking beyond its popular alternatives, FFIV (cybersecurity) and CIBR (cybersecurity) were ahead of V in most short and long periods.

Is V more volatile than the S&P 500?

Yes. V'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, V'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 V's Sharpe ratio?

V's Sharpe ratio over the past 5 years was 0.64, against 0.79 for the S&P 500, so V 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 V with the S&P 500?

Over the past 5 years, V'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 V instead: the lower it is, the more that option would diversify a V holding.

What are the best alternatives to V?

None of the 19 popular alternatives we compared outperformed V in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about V's strength than about its alternatives.

Did V outperform the S&P 500?

V finished ahead of the S&P 500 (SPY) in ten of 17 full calendar years. In 2025, it returned +11.8%, against +17.7% for the index.

How did V do in stock market crashes?

V fell less than the S&P 500 (SPY) in three of the eight major crashes it has traded through, and further in two. The clearest case was the 2011 euro debt crisis, when V fell 11.5% and the S&P 500 fell 17.9%.

What diversifies V?

These had a low correlation with V over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.41), SMH (correlation 0.26) and GLD (correlation 0.05); among large stocks, CAH (correlation 0.39), CLS (correlation 0.32) and FIX (correlation 0.21). A correlation near zero means the two have moved largely independently.

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