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Relative Intelligence · Oil & Gas

How Valero Energy (VLO) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on VLO alone. It places VLO (Valero Energy Corporation) against 13 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 VLO stands in the market, and of the alternatives worth a closer look.

Period covered: VLO'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 VLO →Chart VLO vs. 13 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in VLO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of VLO over the same span and VLO'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. 31 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of VLO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M$10M199720022007201220172022$1,000$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • AMZN$11M+114,749% total · +27.5% a year
  • DINO$2M+17,275% total · +19.5% a year
  • EME$2M+16,257% total · +19.2% a year
  • FIX$1M+10,682% total · +17.5% a year
  • VLO$1M+10,099% total · +17.3% a year
  • CVX$142,109+1,321% total · +9.6% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • XOM$124,235+1,142% total · +9.1% a year
  • DAR$63,368+534% total · +6.6% a year
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From the end of September 2021 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. 69 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of VLO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$20,000$50,000$100,000$200,000202120222023202420252026
  • FIX$236,701+2,267% total · +88.3% a year
  • INSW$102,075+921% total · +59.1% a year
  • HWM$73,554+636% total · +49.0% a year
  • MPC$71,516+615% total · +48.2% a year
  • PBR-A$67,821+578% total · +46.6% a year
  • PBF$66,459+565% total · +46.1% a year
  • CLMT$66,220+562% total · +45.9% a year
  • VLO$64,131+541% total · +45.0% a year
  • CVI$43,250+333% total · +34.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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VLO 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
$125B
Industry
Oil & Gas Refining & Marketing
Price history from
October 1986

Returns

Past 1 year
+176%total return
Past 3 years
+259%+53.1% a year
Past 5 years
+524%+44.2% a year
Past 10 years
+1,061%+27.8% a year
Best calendar year
+209%1997
Worst calendar year
−68.5%2008
Losing years
10 of 29full calendar years

Risk

Volatility
36.9%typical yearly swing, 5 years
Sharpe ratio
1.18return per unit of risk, 5 years
Worst decline ever
−81.5%Jul 2007 to Nov 2008
From its all-time high
−5.7%below the peak

VLO against the whole market

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

How does VLO rank among all stocks?

This section ranks VLO 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 VLO 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.

MeasureVLORankStanding
1-year return+176%51 of 3,287top 2%
3-year return+259%287 of 3,017top 10%
5-year return+524%59 of 2,893top 2%
10-year return+1,061%94 of 2,202top 4%
Volatility, 5 years36.9%1,261 of 2,893top 44%
Sharpe ratio, 5 years1.1826 of 2,893top 1%
Worst decline, past 10 years−71.9%1,347 of 2,187bottom 39%

What has beaten VLO 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). VLO sits where the dashed lines cross. Anything in the green box above and to the left earned more than VLO 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 VLO. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VLOVLO: +44.2% a year, volatility 36.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%INSW: +56.5% a year, volatility 40.5%PBR-A: +51.8% a year, volatility 37.5%PBR: +50.3% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%FIX: +77.0% a year, volatility 46.7%DELL: +55.2% a year, volatility 54.4%LLY: +40.7% a year, volatility 32.8%EME: +43.0% a year, volatility 35.3%CDNS: +14.8% a year, volatility 37.2%VLOSPY (S&P 500)MPCINSWPBR-AHWMFIXDELLLLYCDNS10.0%20.0%30.0%40.0%50.0%60.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than VLOVLO: +44.2% a year, volatility 36.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%INSW: +56.5% a year, volatility 40.5%PBR-A: +51.8% a year, volatility 37.5%PBR: +50.3% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%FIX: +77.0% a year, volatility 46.7%DELL: +55.2% a year, volatility 54.4%LLY: +40.7% a year, volatility 32.8%EME: +43.0% a year, volatility 35.3%CDNS: +14.8% a year, volatility 37.2%VLOSPY (S&P 500)MPCINSWPBR-AHWMFIXDELLLLYCDNS
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than VLO?

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

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

Screen the whole market against VLO for any period in BetterThanSPYOpen these 11 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 VLO?lower diversifies moreExpenseper year
VLOValero Energy Corporation · this page
+44.2%36.9%1.18−71.9%+1,061%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.280.09%
Popular alternativesbest 1 shownThe investments people most often weigh against VLO. 1 of 13 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.88—
Same and neighboring categories, and shared themesbest 3 shownEverything else in Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Integrated Oil & Gas, Oilfield Services), plus VLO's specific themes. 3 of 74 passed at least one test.
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+56.5%40.5%1.31−57.4%—0.38—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return, similar volatility+51.8%37.5%1.31−71.7%+768%0.41—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return, similar volatility+50.3%37.5%1.28−75.3%+674%0.41—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 7 of 3,546 passed at least one test.
HWMHowmet Aerospace Inc. · Aerospace & Defense
On the frontierHigher return, lower volatility+47.3%32.5%1.36−68.9%+1,028%0.18—
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher Sharpe, smaller worst decline+77.0%46.7%1.46−49.7%+5,305%0.12—
DELLDell Technologies Inc. · Computer Hardware
Higher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.10—
LLYEli Lilly and Company · Pharmaceuticals
Smaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.13—
EMEEMCOR Group, Inc. · Engineering & Construction
Smaller losses in recent crashes+43.0%35.3%1.20−48.0%+1,202%0.14—
CDNSCadence Design Systems, Inc. · Software
Smaller losses in recent crashes+14.8%37.2%0.56−34.2%+1,139%-0.09—
What these numbers mean for VLO
Annual return
VLO returned 44.2% 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 $62,400. 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
VLO's volatility over the past 5 years was 36.9%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VLO's return lands within 36.9% 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
VLO's Sharpe ratio over the past 5 years was 1.18, against 0.79 for the S&P 500, so VLO earned more 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
VLO's worst fall from a peak to a low over the past 10 years was 71.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 71.9% fall takes a 256% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, VLO's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against VLO instead: the lower it is, the more that option would diversify a VLO holding. Guide: Correlation and diversification →
Show all 2 stocks and funds worth at least $500 million that earned more than VLO with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with VLOExpense
1
MPCMarathon Petroleum Corporation · Oil & Gas
Popular alternative+51.2%33.4%1.41−79.7%+1,387%0.88—
2
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.18—

VLO against its popular alternatives

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

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

Green points earned more than VLO 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%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVLO: 44.2% a year, volatility 36.9%SPY (S&P 500): 12.7% a year, volatility 17.1%MPC: 51.2% a year, volatility 33.4%CVI: 32.2% a year, volatility 52.3%CLMT: 39.4% a year, volatility 56.5%PBF: 42.9% a year, volatility 59.1%DINO: 31.8% a year, volatility 38.8%DK: 34.0% a year, volatility 52.7%PARR: 38.9% a year, volatility 50.6%DAR: −5.2% a year, volatility 40.3%PSX: 33.2% a year, volatility 32.9%CVX: 19.5% a year, volatility 25.2%XOM: 27.1% a year, volatility 26.5%KMI: 18.7% a year, volatility 22.5%ADM: 7.4% a year, volatility 28.7%VLOSPY (S&P 500)MPCCVICLMTPBFDINODKPARRDARPSXCVXXOMKMIADM10.0%20.0%30.0%40.0%50.0%60.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityVLO: 44.2% a year, volatility 36.9%SPY (S&P 500): 12.7% a year, volatility 17.1%MPC: 51.2% a year, volatility 33.4%CVI: 32.2% a year, volatility 52.3%CLMT: 39.4% a year, volatility 56.5%PBF: 42.9% a year, volatility 59.1%DINO: 31.8% a year, volatility 38.8%DK: 34.0% a year, volatility 52.7%PARR: 38.9% a year, volatility 50.6%DAR: −5.2% a year, volatility 40.3%PSX: 33.2% a year, volatility 32.9%CVX: 19.5% a year, volatility 25.2%XOM: 27.1% a year, volatility 26.5%KMI: 18.7% a year, volatility 22.5%ADM: 7.4% a year, volatility 28.7%VLOSPY (S&P 500)MPCCVICLMTPBFDINODKPARRDARPSXCVXXOMKMIADM
All figures
InvestmentAnnual returnVolatility
MPC Marathon Petroleum Corporation+51.2%33.4%
VLO This pageValero Energy Corporation+44.2%36.9%
PBF PBF Energy Inc.+42.9%59.1%
CLMT Calumet Inc.+39.4%56.5%
PARR Par Pacific Holdings, Inc.+38.9%50.6%
DK Delek US Holdings, Inc.+34.0%52.7%
PSX Phillips 66+33.2%32.9%
CVI CVR Energy, Inc.+32.2%52.3%
DINO HF Sinclair Corporation+31.8%38.8%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
CVX Chevron Corporation+19.5%25.2%
KMI Kinder Morgan, Inc.+18.7%22.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
ADM Archer-Daniels-Midland Company+7.4%28.7%
DAR Darling Ingredients Inc.−5.2%40.3%
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Has VLO consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than VLO 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
VLO Valero Energy Corporation (this page)—+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
MPC QualifiedMarathon Petroleum Corporation4/5 short2/3 long+18.1%+51.1%+123%+191%+159%+234%+690%+1,387%33.4%1.41−79.7%—$133B—
CVI Oil & Gas Refining & MarketingCVR Energy, Inc.3/5 short1/3 long+16.4%+79.1%+106%+147%+78.5%+115%+304%+1,424%52.3%0.80−79.9%—$6.2B—
CLMT Chemicals - SpecialtyCalumet Inc.2/5 short1/3 long−3.6%+29.0%+74.8%+187%+198%+235%+427%+1,319%56.5%0.87−90.4%—$4.9B—
PBF Oil & Gas Refining & MarketingPBF Energy Inc.4/5 short0/3 long+14.5%+30.5%+122%+196%+189%+89.0%+495%+427%59.1%0.90−91.5%—$9.8B—
DINO Oil & Gas Refining & MarketingHF Sinclair Corporation3/5 short0/3 long+14.7%+39.5%+119%+174%+146%+152%+298%+649%38.8%0.91−77.3%—$22B—
PSX Oil & Gas Refining & MarketingPhillips 662/5 short0/3 long+11.2%+40.1%+89.2%+128%+130%+183%+319%+430%32.9%1.04−64.2%—$117B—
DK Oil & Gas Refining & MarketingDelek US Holdings, Inc.1/5 short0/3 long+4.4%+20.5%+106%+165%+132%+226%+332%+524%52.7%0.82−84.3%—$4.8B—
CVX Oil & Gas IntegratedChevron Corporation1/5 short0/3 long+10.8%+20.0%+25.4%+48.8%+51.9%+53.4%+144%+238%25.2%0.84−55.8%—$446B—
XOM Oil & Gas IntegratedExxonmobil Holdings Corporation1/5 short0/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
PARR Oil & Gas Refining & MarketingPar Pacific Holdings, Inc.0/5 short0/3 long+3.8%+9.7%+43.9%+138%+138%+161%+417%+504%50.6%0.91−76.4%—$4.3B—
DAR Packaged FoodsDarling Ingredients Inc.0/5 short0/3 long−6.4%−6.7%+0.2%+57.3%+86.2%+42.0%−23.4%+342%40.3%0.07−68.3%—$9.3B—
KMI Oil & Gas MidstreamKinder Morgan, Inc.0/5 short0/3 long+5.8%+4.0%+7.1%+24.6%+26.9%+129%+136%+163%22.5%0.88−55.1%—$75B—
ADM Agricultural Farm ProductsArcher-Daniels-Midland Company0/5 short0/3 long−3.5%−5.5%+19.2%+39.1%+31.1%+22.1%+42.9%+156%28.7%0.40−54.1%—$39B—
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How did VLO do year by year?

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

InvestmentYears ahead of VLO20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
VLO This pageValero Energy Corporation—+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%+66.3%−7.8%+39.6%−20.3%−68.5%+37.9%−0.4%+128%+97.9%+26.6%−2.1%+3.6%+88.6%−4.8%−31.5%+209%
Rank among alternativesTop quarter in 7 of 294 of 145 of 148 of 146 of 147 of 148 of 146 of 1412 of 146 of 149 of 141 of 145 of 142 of 145 of 119 of 94 of 99 of 96 of 93 of 86 of 61 of 62 of 64 of 63 of 64 of 61 of 63 of 64 of 61 of 6
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%
MPC Marathon Petroleum Corporation6 of 14+19.2%−4.0%+30.4%+86.6%+61.0%−27.4%+6.0%−8.2%+34.8%+0.7%+17.4%+0.4%+48.6%+94.3%———————————————
CVI CVR Energy, Inc.10 of 18+35.8%−34.9%+11.6%+115%+93.5%−60.9%+27.6%+1.1%+63.5%−25.1%+8.0%+1.3%+20.1%+161%+23.4%+122%+70.7%−84.0%———————————
CLMT Calumet Inc.7 of 19−9.8%+23.2%+5.9%+27.9%+322%−14.2%+65.2%−71.3%+92.5%−79.1%−1.6%−5.5%−7.2%+64.6%+3.5%+26.7%+138%−73.5%−2.8%——————————
PBF PBF Energy Inc.4 of 13+6.7%−38.0%+10.0%+216%+82.7%−77.1%+0.1%−4.9%+33.6%−20.5%+43.7%−11.5%+12.7%————————————————
DINO HF Sinclair Corporation14 of 29+38.2%−34.4%+11.0%+62.0%+28.0%−46.5%+1.9%+2.0%+63.2%−14.1%+9.6%−19.9%+14.0%+117%+20.6%+62.5%+44.4%−63.4%−0.2%+75.8%+113%+106%+28.0%+15.7%+111%+48.3%−16.8%−37.3%+5.8%
PSX Phillips 665 of 13+17.5%−11.6%+33.1%+49.6%+8.4%−33.9%+34.0%−12.3%+20.9%+9.0%+17.1%−4.7%+48.3%————————————————
DK Delek US Holdings, Inc.8 of 19+68.7%−25.0%−0.8%+84.0%−6.7%−49.5%+6.6%−4.9%+48.8%+1.6%−7.8%−18.2%+40.5%+127%+61.1%+9.4%+31.1%−73.4%+25.1%——————————
CVX Chevron Corporation13 of 29+10.1%+1.3%−13.6%+58.5%+46.2%−25.9%+15.3%−9.7%+10.6%+36.7%−16.2%−7.0%+19.3%+5.1%+20.3%+22.9%+8.1%−18.3%+30.5%+33.7%+11.5%+25.6%+35.4%−23.2%+9.4%+0.6%+7.2%+11.1%+22.1%
XOM Exxonmobil Holdings Corporation11 of 29+16.0%+11.3%−6.3%+87.4%+57.6%−36.2%+7.2%−15.1%−3.8%+19.9%−12.8%−6.0%+20.1%+4.7%+18.7%+10.1%−12.6%−13.1%+24.3%+39.1%+11.8%+28.1%+20.7%−8.9%−7.5%+10.2%+12.7%+22.5%+28.3%
PARR Par Pacific Holdings, Inc.4 of 13+114%−54.9%+56.4%+41.0%+17.9%−39.9%+63.9%−26.5%+32.6%−38.2%+44.9%−27.1%+85.8%————————————————
DAR Darling Ingredients Inc.13 of 29+6.9%−32.4%−20.4%−9.7%+20.1%+105%+45.9%+6.1%+40.4%+22.7%−42.1%−13.0%+30.2%+20.7%+0.1%+58.5%+52.6%−52.5%+110%+38.8%−8.9%+58.0%+54.2%+156%+86.7%−82.4%−30.4%−64.0%−13.5%
KMI Kinder Morgan, Inc.6 of 14+4.7%+64.4%+4.2%+21.2%+23.8%−30.8%+44.4%−11.1%−11.1%+42.7%−62.8%+23.2%+6.3%+13.0%———————————————
ADM Archer-Daniels-Midland Company10 of 29+18.2%−27.5%−20.4%+40.0%+37.3%+12.4%+17.1%+5.3%−9.5%+28.4%−27.7%+22.3%+61.8%−1.8%−2.9%−2.0%+10.8%−36.9%+47.2%+31.1%+12.2%+49.3%+24.9%−12.1%+1.9%+32.4%−24.6%−16.2%+6.6%
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Risk and diversification

How VLO 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 VLO's worst declines?

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

DuringVLO fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−81.5%−48.7%Jul 2007Nov 200816 monthsFeb 20156.3 years
Late-2018 sell-off−71.9%−15.6%Jun 2018Mar 202021 monthsApr 20222.1 years
No named crash−67.3%—Jul 1987Feb 19887 monthsMar 198913 months
Dot-com bust−54.1%−39.4%May 2001Oct 200217 monthsJan 200415 months
No named crash−53.3%+18.6%Mar 1998Mar 199912 monthsSep 200018 months

How did VLO do in stock market crashes?

This section measures how far VLO, 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 VLO.

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
VLO This pageValero Energy Corporation—−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
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%
MPC Marathon Petroleum Corporation2 of 7−3.7%−30.2%−72.4%−36.7%−6.9%−48.2%−39.5%———
CVI CVR Energy, Inc.5 of 8−10.2%−34.8%−55.0%−27.7%−4.8%−45.9%−31.9%−2.5%——
CLMT Calumet Inc.3 of 9−7.0%−48.5%−77.7%−69.6%−4.3%−52.2%−30.9%0.0%−84.4%—
PBF PBF Energy Inc.0 of 6−9.2%−39.6%−78.8%−44.0%−6.5%−34.0%————
DINO HF Sinclair Corporation7 of 10−7.2%−26.0%−56.6%−34.1%−4.5%−43.6%−32.6%−2.5%−83.0%−40.3%
PSX Phillips 664 of 6−5.6%−32.0%−53.3%−33.2%−4.7%−21.1%————
DK Delek US Holdings, Inc.3 of 9−8.9%−35.8%−68.1%−33.6%−6.2%−63.6%−37.0%−2.0%−84.7%—
CVX Chevron Corporation10 of 10−2.6%−24.9%−51.0%−19.6%−5.3%−18.5%−17.2%−0.1%−43.8%−29.5%
XOM Exxonmobil Holdings Corporation8 of 10−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
PARR Par Pacific Holdings, Inc.3 of 6−7.5%−33.1%−70.3%−32.7%−0.8%−22.7%————
DAR Darling Ingredients Inc.3 of 10−7.6%−34.8%−51.0%−18.8%−5.6%−43.0%−36.4%−4.9%−83.0%−85.7%
KMI Kinder Morgan, Inc.5 of 7−3.2%−20.3%−55.1%−19.8%−4.0%−64.4%−16.2%———
ADM Archer-Daniels-Midland Company8 of 10−4.1%−26.7%−33.7%−22.9%−2.0%−35.5%−24.4%0.0%−68.0%−31.0%
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How closely does VLO 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 VLO 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 VLO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
VLO This pageValero Energy Corporation142%114%1.241.31
CLMT Calumet Inc.127%81%1.561.67
MPC Marathon Petroleum Corporation138%95%1.451.29
CVI CVR Energy, Inc.169%150%1.121.37
DINO HF Sinclair Corporation135%140%0.971.21
DK Delek US Holdings, Inc.130%136%0.961.31
PSX Phillips 66116%122%0.951.16
XOM Exxonmobil Holdings Corporation78%83%0.940.76
PARR Par Pacific Holdings, Inc.142%150%0.941.64
DAR Darling Ingredients Inc.118%127%0.921.05
CVX Chevron Corporation86%94%0.910.89
ADM Archer-Daniels-Midland Company72%79%0.910.75
PBF PBF Energy Inc.137%164%0.831.44
KMI Kinder Morgan, Inc.68%82%0.830.82
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What diversifies VLO?

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

ETFs

InvestmentCorrelation5Y returnSharpe202420202018201120092008200620021999199880/20 mix volatility80/20 mix annual return
VLO Valero Energy Corporation (this page)1.00+524%1.18−2.9%−35.7%−15.7%−7.8%−20.3%−68.5%−0.4%−2.1%−4.8%−31.5%33.5%+45.0%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.49+119%1.48+15.9%−9.0%−5.2%———————27.7%+39.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.31+225%1.34+29.8%+3.9%−19.8%−16.1%+2.0%−20.8%————27.7%+42.3%
SMH TechnologyVanEck Semiconductor ETF0.10+323%0.97+39.1%+55.5%−9.1%+6.8%+60.5%−44.7%−6.7%−47.0%——28.3%+45.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.36+85.0%0.96+13.4%+2.1%−9.5%———————27.7%+39.2%
GLD CommoditiesSPDR Gold Shares0.03+126%0.96+26.7%+24.8%−1.9%+9.6%+24.0%+4.9%+22.6%———27.1%+40.8%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.15+136%0.93+45.8%+28.2%−0.9%———————27.7%+41.4%
DFIV InternationalDimensional - International Value ETF0.45+99.4%0.93+7.2%—————————28.3%+39.6%
VTV Broad MarketVanguard Morningstar Value ETF0.49+76.6%0.90+16.0%+2.3%−5.5%+1.1%+19.9%−35.9%+22.4%———28.2%+38.8%

Stocks

InvestmentCorrelation5Y returnSharpe202420202018201120092008200620021999199880/20 mix volatility80/20 mix annual return
VLO Valero Energy Corporation (this page)1.00+524%1.18−2.9%−35.7%−15.7%−7.8%−20.3%−68.5%−0.4%−2.1%−4.8%−31.5%33.5%+45.0%
CAH Medical - DistributionCardinal Health, Inc.0.14+479%1.55+19.0%+10.1%−24.5%+8.1%−4.4%−39.6%−5.8%−8.3%−36.8%+51.7%28.0%+45.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.21+3,143%1.47+215%−2.4%−16.3%−24.4%+105%−20.5%−26.0%−65.1%+350%—31.4%+60.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.12+1,636%1.46+107%+6.7%+0.8%−17.0%+17.8%−15.2%+38.9%−9.4%−58.7%−9.5%29.2%+55.9%
MCK Medical - DistributionMcKesson Corporation0.37+413%1.44+23.7%+27.1%−28.4%+11.8%+62.9%−40.4%−1.2%−27.2%−71.3%+46.9%29.0%+44.1%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.18+594%1.36+103%−7.2%−37.5%−42.9%+51.3%−67.4%+5.5%−33.1%+133%+7.0%28.8%+47.8%
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Common questions

What was VLO's worst drawdown?

VLO's deepest decline since it began trading in 1986 was 81.5%, from July 2007 to November 2008. It took about six years from the low to climb back to its old high.

What were VLO's best and worst years?

Over 29 full calendar years, VLO's best year was 1997, when it returned 209%. Its worst was 2008, with a return of -68.5%.

Is there a better investment than VLO?

Among VLO's popular alternatives, MPC earned more than VLO with less volatility over the past 5 years: 51.2% a year at 33.4% volatility, against 44.2% a year at 36.9%. Looking beyond its popular alternatives, INSW (oil & gas) earned more for the risk it took than VLO over the past 5 years, and its worst fall in 10 years was 57.4%, against 71.9% for VLO.

Is VLO more volatile than the S&P 500?

Yes. VLO's volatility over the past 5 years was 36.9%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, VLO's return lands within 36.9% 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 VLO's Sharpe ratio?

VLO's Sharpe ratio over the past 5 years was 1.18, against 0.79 for the S&P 500, so VLO earned more 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 VLO with the S&P 500?

Over the past 5 years, VLO's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against VLO instead: the lower it is, the more that option would diversify a VLO holding.

What are the best alternatives to VLO?

Of the 13 popular alternatives we compared, one outperformed VLO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MPC.

Did VLO outperform the S&P 500?

VLO finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +37.0%, against +17.7% for the index.

How did VLO do in stock market crashes?

VLO fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in eight. The clearest case was the Covid crash, when VLO fell 61.3% and the S&P 500 fell 33.7%.

What diversifies VLO?

These had a low correlation with VLO over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.49), DXJ (correlation 0.31) and SMH (correlation 0.10); among large stocks, CAH (correlation 0.14), CLS (correlation 0.21) and FIX (correlation 0.12). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to VLO

Other stocks and ETFs