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Relative Intelligence · Industrial Machinery

How Westinghouse Air Brake Technologies (WAB) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on WAB alone. It places WAB (Westinghouse Air Brake Technologies Corporation) against 9 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 WAB stands in the market, and of the alternatives worth a closer look.

Period covered: WAB's full trading record, from June 1995 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 WAB →Chart WAB vs. 9 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in WAB over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WAB over the same span and WAB'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. 225 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of WAB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • ESLT$2M+16,428% total · +19.3% a year
  • CNI$468,127+4,581% total · +14.2% a year
  • CP$436,454+4,265% total · +13.9% a year
  • MOG-A$350,288+3,403% total · +13.0% a year
  • UNP$306,095+2,961% total · +12.5% a year
  • WAB$275,358+2,654% total · +12.1% a year
  • CSX$247,386+2,374% total · +11.7% a year
  • NSC$171,092+1,611% total · +10.3% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • GATX$115,106+1,051% total · +8.8% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 273 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of WAB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • MOG-A$52,115+421% total · +39.1% a year
  • CAH$49,682+397% total · +37.8% a year
  • ESLT$49,131+391% total · +37.5% a year
  • MCK$43,941+339% total · +34.5% a year
  • CW$43,818+338% total · +34.4% a year
  • WAB$34,242+242% total · +27.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • CSX$16,737+67.4% total · +10.8% a year
  • UNP$15,540+55.4% total · +9.2% a year
  • NSC$14,343+43.4% total · +7.5% a year
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WAB 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
$48B
Industry
Railroads
Price history from
June 1995

Returns

Past 1 year
+45.3%total return
Past 3 years
+189%+42.4% a year
Past 5 years
+212%+25.6% a year
Past 10 years
+264%+13.8% a year
Best calendar year
+104%1997
Worst calendar year
−33.5%2000
Losing years
7 of 29full calendar years

Risk

Volatility
26.2%typical yearly swing, 5 years
Sharpe ratio
1.00return per unit of risk, 5 years
Worst decline ever
−71.8%Apr 1998 to Oct 2000
From its all-time high
−7.1%below the peak

WAB against the whole market

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

How does WAB rank among all stocks?

This section ranks WAB 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 WAB 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.

MeasureWABRankStanding
1-year return+45.3%629 of 3,287top 19%
3-year return+189%440 of 3,017top 15%
5-year return+212%289 of 2,893top 10%
10-year return+264%675 of 2,202top 31%
Volatility, 5 years26.2%424 of 2,893top 15%
Sharpe ratio, 5 years1.0097 of 2,893top 3%
Worst decline, past 10 years−64.1%1,048 of 2,187top 48%

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

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%37.5%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 WABWAB: +25.6% a year, volatility 26.2%SPY (S&P 500): +12.7% a year, volatility 17.1%MOG-A: +36.6% a year, volatility 32.0%ESLT: +39.8% a year, volatility 34.6%GWW: +26.3% a year, volatility 24.9%CW: +30.8% a year, volatility 28.7%HUBB: +21.0% a year, volatility 30.0%LECO: +14.1% a year, volatility 27.5%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%DXJ: +26.6% a year, volatility 19.1%MFG: +33.6% a year, volatility 30.6%EPU: +29.5% a year, volatility 24.9%RSG: +13.9% a year, volatility 18.5%WABSPY (S&P 500)MOG-AESLTGWWCWHUBBLECOCAHMCKLLYNHCDXJMFGEPU15.0%20.0%25.0%30.0%35.0%40.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WABWAB: +25.6% a year, volatility 26.2%SPY (S&P 500): +12.7% a year, volatility 17.1%MOG-A: +36.6% a year, volatility 32.0%ESLT: +39.8% a year, volatility 34.6%GWW: +26.3% a year, volatility 24.9%CW: +30.8% a year, volatility 28.7%HUBB: +21.0% a year, volatility 30.0%LECO: +14.1% a year, volatility 27.5%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%LLY: +40.7% a year, volatility 32.8%NHC: +32.0% a year, volatility 28.5%DXJ: +26.6% a year, volatility 19.1%MFG: +33.6% a year, volatility 30.6%EPU: +29.5% a year, volatility 24.9%RSG: +13.9% a year, volatility 18.5%WABSPY (S&P 500)MOG-AESLTGWWCWHUBBLECOCAHMCKLLYNHCDXJMFGEPU
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than WAB?

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

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

Screen the whole market against WAB for any period in BetterThanSPYOpen these 15 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 WAB?lower diversifies moreExpenseper year
WABWestinghouse Air Brake Technologies Corporation · this page
+25.6%26.2%1.00−64.1%+264%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.620.09%
Same and neighboring categories, and shared themesbest 6 shownEverything else in Industrial Machinery and the categories next to it (Infrastructure, Electrical Equipment, Aerospace & Defense, Industrial Distribution), plus WAB's specific themes. 7 of 101 passed at least one test.
MOG-AMoog Inc. · Aerospace & Defense
Higher return in most periods+36.6%32.0%1.14−63.7%+595%0.45—
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher Sharpe, smaller worst decline+39.8%34.6%1.15−35.4%+765%0.16—
GWWW.W. Grainger, Inc. · Industrial Distribution
Smaller losses in recent crashes+26.3%24.9%1.07−41.6%+654%0.59—
CWCurtiss-Wright Corporation · Aerospace & Defense
Higher return, similar volatility+30.8%28.7%1.08−48.7%+512%0.60—
HUBBHubbell Incorporated · Electrical Equipment
Smaller losses in recent crashes+21.0%30.0%0.79−41.6%+442%0.45—
LECOLincoln Electric Holdings, Inc. · Industrial Machinery
Smaller losses in recent crashes+14.1%27.5%0.62−38.9%+389%0.52—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 74 of 3,523 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.33—
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+38.7%25.0%1.44−38.1%+586%0.29—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.00—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.31—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+26.6%19.1%1.34−39.1%+428%0.440.48%
MFGMizuho Financial Group, Inc. · Banks
Higher Sharpe, smaller worst declineHigher return in most periods+33.6%30.6%1.10−45.7%+345%0.32—
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, lower volatilityHigher Sharpe, smaller worst decline+29.5%24.9%1.17−51.0%+275%0.530.59%
RSGRepublic Services, Inc. · Environmental Services
On the frontierSmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.31—
What these numbers mean for WAB
Annual return
WAB returned 25.6% 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 $31,200. 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
WAB's volatility over the past 5 years was 26.2%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WAB's return lands within 26.2% 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
WAB's Sharpe ratio over the past 5 years was 1.00, against 0.79 for the S&P 500, so WAB 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
WAB's worst fall from a peak to a low over the past 10 years was 64.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 64.1% fall takes a 178% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, WAB's monthly returns had a correlation of 0.62 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 WAB instead: the lower it is, the more that option would diversify a WAB holding. Guide: Correlation and diversification →
Show all 2 stocks and funds worth at least $500 million that earned more than WAB 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 WABExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.33—
2
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.530.59%

WAB against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWAB: 25.6% a year, volatility 26.2%SPY (S&P 500): 12.7% a year, volatility 17.1%TRN: 0.5% a year, volatility 35.7%GBX: −2.0% a year, volatility 42.2%CSX: 8.3% a year, volatility 23.3%UNP: 7.1% a year, volatility 22.9%NSC: 5.3% a year, volatility 24.8%GATX: 12.4% a year, volatility 25.1%CNI: 0.6% a year, volatility 21.9%WABC: 5.4% a year, volatility 25.3%CP: 4.0% a year, volatility 24.1%WABSPY (S&P 500)TRNGBXCSXUNPNSCGATXCNIWABCCP10.0%20.0%30.0%40.0%50.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWAB: 25.6% a year, volatility 26.2%SPY (S&P 500): 12.7% a year, volatility 17.1%TRN: 0.5% a year, volatility 35.7%GBX: −2.0% a year, volatility 42.2%CSX: 8.3% a year, volatility 23.3%UNP: 7.1% a year, volatility 22.9%NSC: 5.3% a year, volatility 24.8%GATX: 12.4% a year, volatility 25.1%CNI: 0.6% a year, volatility 21.9%WABC: 5.4% a year, volatility 25.3%CP: 4.0% a year, volatility 24.1%WABSPY (S&P 500)TRNGBXCSXUNPNSCCNIWABC
All figures
InvestmentAnnual returnVolatility
WAB This pageWestinghouse Air Brake Technologies Corporation+25.6%26.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
GATX GATX Corporation+12.4%25.1%
CSX CSX Corporation+8.3%23.3%
UNP Union Pacific Corporation+7.1%22.9%
WABC Westamerica Bancorporation+5.4%25.3%
NSC Norfolk Southern Corporation+5.3%24.8%
CP Canadian Pacific Kansas City Ltd.+4.0%24.1%
CNI Canadian National Railway Company+0.6%21.9%
TRN Trinity Industries, Inc.+0.5%35.7%
GBX The Greenbrier Companies, Inc.−2.0%42.2%
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Has WAB consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than WAB 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
WAB Westinghouse Air Brake Technologies Corporation (this page)—+0.1%+10.1%+7.6%+31.6%+45.3%+189%+212%+264%26.2%1.00−64.1%—$48B—
CSX RailroadsCSX Corporation3/5 short1/3 long+4.5%−3.8%+10.6%+33.7%+32.8%+63.0%+49.3%+446%23.3%0.46−40.5%—$89B—
UNP RailroadsUnion Pacific Corporation2/5 short1/3 long+6.7%−2.5%+15.2%+25.9%+29.2%+45.4%+41.2%+295%22.9%0.42−38.7%—$171B—
NSC RailroadsNorfolk Southern Corporation1/5 short1/3 long+5.3%−2.4%+7.9%+14.6%+13.8%+72.0%+29.5%+328%24.8%0.33−44.4%—$73B—
GATX Rental & Leasing ServicesGATX Corporation0/5 short1/3 long−10.4%−8.9%−18.9%−4.3%−5.1%+59.5%+79.2%+329%25.1%0.59−38.3%—$5.7B—
CNI RailroadsCanadian National Railway Company2/5 short0/3 long+3.2%−3.8%+10.2%+23.0%+30.2%+21.9%+3.1%+124%21.9%0.14−29.1%—$73B—
WABC Banks - RegionalWestamerica Bancorporation2/5 short0/3 long+2.6%+0.1%+17.2%+30.9%+35.1%+48.8%+30.3%+70.1%25.3%0.34−40.8%—$1.4B—
CP RailroadsCanadian Pacific Kansas City Ltd.1/5 short0/3 long+0.8%−4.5%+7.4%+18.1%+15.1%+25.6%+21.6%+227%24.1%0.28−33.7%—$77B—
TRN RailroadsTrinity Industries, Inc.0/5 short0/3 long−9.9%−31.1%−20.6%−4.1%−8.8%+29.7%+2.5%+107%35.7%0.19−45.2%—$2.0B—
GBX RailroadsThe Greenbrier Companies, Inc.0/5 short0/3 long−10.4%−24.1%−23.3%−18.8%−15.7%−0.7%−9.4%+38.6%42.2%0.16−78.7%—$1.2B—
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How did WAB do year by year?

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

InvestmentYears ahead of WAB20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
WAB This pageWestinghouse Air Brake Technologies Corporation—+13.2%+50.1%+28.0%+9.1%+26.5%−5.2%+11.5%−13.3%−1.4%+17.3%−17.9%+17.3%+70.1%+25.4%+32.4%+29.7%+2.8%+15.6%+13.5%+13.1%+26.5%+25.4%+21.8%+14.6%+4.9%−33.5%−27.2%−4.5%+104%
Rank among alternativesTop quarter in 10 of 293 of 101 of 102 of 101 of 104 of 109 of 108 of 108 of 109 of 109 of 104 of 107 of 102 of 102 of 101 of 105 of 109 of 102 of 104 of 107 of 104 of 104 of 108 of 101 of 107 of 1010 of 108 of 105 of 101 of 10
SPY S&P 500State Street SPDR S&P 500 ETF13 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%
CSX CSX Corporation16 of 29+14.2%−5.6%+13.5%−16.6%+25.7%+27.1%+18.0%+14.5%+55.5%+42.1%−26.7%+28.4%+49.3%−3.9%−0.2%+35.7%+53.2%−24.9%+29.6%+37.0%+27.9%+12.4%+30.5%−18.6%+38.2%−12.8%−22.5%−21.1%+30.6%
UNP Union Pacific Corporation13 of 29+3.9%−5.1%+21.6%−15.9%+23.3%+17.6%+33.7%+5.3%+32.3%+36.0%−32.9%+44.5%+36.3%+21.2%+16.7%+47.6%+36.6%−22.7%+38.3%+15.8%+21.8%−1.3%+17.9%+6.5%+14.0%+18.7%−1.5%−26.8%+7.0%
NSC Norfolk Southern Corporation13 of 29+25.7%+1.6%−1.6%−15.6%+27.3%+24.8%+32.4%+5.2%+36.8%+31.5%−20.3%+20.8%+54.2%−12.7%+18.8%+22.8%+15.2%−4.8%+2.2%+13.8%+25.6%+55.3%+20.2%+10.4%+39.5%−31.8%−33.5%+6.6%+6.6%
GATX GATX Corporation11 of 29+11.1%+31.1%+15.2%+4.2%+27.9%+3.2%+19.7%+16.6%+3.8%+49.8%−23.8%+12.7%+23.6%+2.0%+27.7%+27.4%−3.0%−13.1%−13.4%+22.7%+24.9%+8.9%+31.0%−26.5%−32.6%+52.6%−8.1%+7.3%+54.3%
CNI Canadian National Railway Company14 of 29−0.1%−17.5%+7.8%−1.4%+13.7%+23.6%+24.3%−8.6%+24.4%+22.8%−17.6%+22.6%+27.3%+17.9%+20.3%+24.4%+51.4%−20.1%+10.9%+9.2%+32.6%+47.4%+55.3%−12.3%+65.5%+14.8%+4.3%+11.6%+26.8%
WABC Westamerica Bancorporation10 of 29−5.4%−3.6%−0.8%+5.2%+7.4%−16.1%+24.9%−4.0%−2.7%+39.2%−1.4%−10.5%+36.9%+0.2%−18.4%+2.9%+11.3%+17.9%−9.4%−2.1%−6.9%+19.6%+26.7%+3.8%−5.9%+58.1%−22.5%+9.7%+79.7%
CP Canadian Pacific Kansas City Ltd.13 of 29+2.6%−7.8%+6.8%+4.5%+4.7%+37.4%+45.1%−1.8%+29.4%+13.0%−33.3%+28.3%+50.5%+52.7%+6.5%+22.2%+64.1%−47.1%+24.2%+27.5%+23.9%+24.6%+45.2%+3.5%+40.6%+35.6%+17.3%−29.0%+4.1%
TRN Trinity Industries, Inc.12 of 29−21.5%+37.2%−6.2%+1.5%+17.9%+23.8%+11.1%−22.4%+37.1%+18.0%−12.9%+3.7%+54.1%+20.9%+14.2%+55.1%+13.3%−42.6%−20.6%+20.6%+30.2%+11.5%+64.6%−29.0%+12.2%−9.0%−24.7%−12.2%+21.4%
GBX The Greenbrier Companies, Inc.12 of 29−21.3%+41.3%+36.3%−24.8%+29.4%+17.7%−15.5%−24.3%+30.8%+31.9%−38.4%+64.4%+103%−33.4%+15.6%+102%+51.8%−68.3%−24.9%+6.7%−15.3%+103%+135%−1.6%−8.8%−0.2%−36.6%−17.1%+69.8%
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Risk and diversification

How WAB 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 WAB's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents WAB's five deepest drawdowns since it began trading in 1995, 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 WAB fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringWAB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−71.8%+24.6%Apr 1998Oct 20002.5 yearsJan 20065.3 years
Late-2018 sell-off−64.1%−17.6%Sep 2018Mar 202018 monthsJul 20233.3 years
2008 financial crisis−60.8%−46.9%Aug 2008Mar 20097 monthsMar 20112 years
No named crash−54.3%+11.1%Jul 1995Dec 19955 monthsJun 199718 months
2015 China and oil sell-off−40.7%−11.1%Jul 2015Feb 20167 monthsJun 20182.3 years

How did WAB do in stock market crashes?

This section measures how far WAB, 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 WAB.

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
WAB This pageWestinghouse Air Brake Technologies Corporation—−6.4%−18.9%−48.3%−37.9%−2.9%−40.5%−26.1%−2.4%−60.8%−33.7%
SPY S&P 500State Street SPDR S&P 500 ETF7 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CSX CSX Corporation5 of 10−4.0%−29.4%−40.5%−21.4%−8.7%−26.5%−27.4%−0.9%−69.2%−37.5%
UNP Union Pacific Corporation8 of 10−4.2%−29.8%−37.5%−21.9%−4.8%−28.7%−23.4%−1.5%−59.5%−25.6%
NSC Norfolk Southern Corporation5 of 10−4.0%−28.4%−43.6%−23.8%−5.6%−31.7%−21.1%−2.1%−62.9%−39.9%
GATX GATX Corporation5 of 10−5.8%−31.9%−31.7%−22.7%−5.1%−29.1%−24.0%−2.3%−72.1%−64.7%
CNI Canadian National Railway Company8 of 10−1.3%−21.0%−27.3%−22.1%−5.1%−23.9%−19.3%−0.5%−46.7%−30.6%
WABC Westamerica Bancorporation8 of 10−8.6%−15.6%−28.0%−16.5%−4.7%−18.0%−24.1%−1.2%−46.9%−24.4%
CP Canadian Pacific Kansas City Ltd.5 of 10−3.0%−19.9%−32.9%−24.4%−4.3%−35.1%−29.8%−0.4%−65.4%−35.7%
TRN Trinity Industries, Inc.3 of 10−11.7%−38.5%−34.4%−30.8%−5.4%−32.8%−43.3%−4.6%−83.9%−45.9%
GBX The Greenbrier Companies, Inc.0 of 10−12.0%−53.9%−50.1%−41.2%−5.9%−53.6%−51.5%−8.0%−93.5%−56.9%
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How closely does WAB 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 WAB 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 WAB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
WAB This pageWestinghouse Air Brake Technologies Corporation111%127%0.871.28
GATX GATX Corporation109%107%1.011.08
CSX CSX Corporation118%117%1.001.19
UNP Union Pacific Corporation104%119%0.871.05
CP Canadian Pacific Kansas City Ltd.96%113%0.851.00
NSC Norfolk Southern Corporation123%147%0.841.30
CNI Canadian National Railway Company80%105%0.770.89
WABC Westamerica Bancorporation47%64%0.740.63
TRN Trinity Industries, Inc.110%165%0.671.38
GBX The Greenbrier Companies, Inc.124%211%0.591.50
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What diversifies WAB?

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

ETFs

InvestmentCorrelation5Y returnSharpe202020182017201520001999199880/20 mix volatility80/20 mix annual return
WAB Westinghouse Air Brake Technologies Corporation (this page)1.00+212%1.00−5.2%−13.3%−1.4%−17.9%−33.5%−27.2%−4.5%23.0%+27.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.44+225%1.34+3.9%−19.8%+22.8%+7.7%———19.7%+28.1%
EWP Broad MarketiShares MSCI Spain ETF0.49+140%0.97−4.0%−15.3%+27.0%−15.6%−11.8%−1.5%+50.5%20.5%+26.9%
SMH TechnologyVanEck Semiconductor ETF0.40+323%0.97+55.5%−9.1%+38.5%−0.3%———22.1%+30.8%
GLD CommoditiesSPDR Gold Shares0.22+126%0.96+24.8%−1.9%+12.8%−10.7%———19.4%+26.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.48+136%0.93+28.2%−0.9%+27.8%————20.7%+27.1%
XLE EnergyState Street Energy Select Sector SPDR ETF0.42+177%0.93−32.7%−18.2%−0.9%−21.5%+24.4%+18.1%—21.1%+27.6%
MLPA EnergyGlobal X - MLP ETF0.49+103%0.91−34.0%−15.7%−8.3%−30.0%———20.3%+26.1%
EWT TechnologyiShares MSCI Taiwan ETF0.36+153%0.89+31.5%−9.9%+26.9%−12.9%———20.8%+27.4%

Stocks

InvestmentCorrelation5Y returnSharpe202020182017201520001999199880/20 mix volatility80/20 mix annual return
WAB Westinghouse Air Brake Technologies Corporation (this page)1.00+212%1.00−5.2%−13.3%−1.4%−17.9%−33.5%−27.2%−4.5%23.0%+27.9%
CAH Medical - DistributionCardinal Health, Inc.0.33+479%1.55+10.1%−24.5%−12.7%+12.6%+108%−36.8%+51.7%20.7%+30.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.38+3,143%1.47−2.4%−16.3%−11.6%−6.0%−2.3%+350%—25.3%+44.2%
MCK Medical - DistributionMcKesson Corporation0.29+413%1.44+27.1%−28.4%+12.0%−4.5%+61.2%−71.3%+46.9%20.4%+30.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.32+690%1.41−27.4%−8.2%+34.8%+17.4%———21.4%+32.9%
PBR Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras0.35+667%1.28−29.0%+27.7%+1.8%−41.1%———22.1%+32.5%
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Common questions

What was WAB's worst drawdown?

WAB's deepest decline since it began trading in 1995 was 71.8%, from April 1998 to October 2000. It took about five years from the low to climb back to its old high.

What were WAB's best and worst years?

Over 29 full calendar years, WAB's best year was 1997, when it returned 104%. Its worst was 2000, with a return of -33.5%.

Is there a better investment than WAB?

Looking beyond its popular alternatives, ESLT (aerospace & defense) earned more for the risk it took than WAB over the past 5 years, and its worst fall in 10 years was 35.4%, against 64.1% for WAB. Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than WAB with less volatility over the past 5 years, among them CAH and EPU.

Is WAB more volatile than the S&P 500?

Yes. WAB's volatility over the past 5 years was 26.2%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WAB's return lands within 26.2% 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 WAB's Sharpe ratio?

WAB's Sharpe ratio over the past 5 years was 1.00, against 0.79 for the S&P 500, so WAB 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 WAB with the S&P 500?

Over the past 5 years, WAB's monthly returns had a correlation of 0.62 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 WAB instead: the lower it is, the more that option would diversify a WAB holding.

What are the best alternatives to WAB?

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

Did WAB outperform the S&P 500?

WAB finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +13.2%, against +17.7% for the index.

How did WAB do in stock market crashes?

WAB fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in seven. The clearest case was the 2015 China and oil sell-off, when WAB fell 40.5% and the S&P 500 fell 12.8%.

What diversifies WAB?

These had a low correlation with WAB over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.44), EWP (correlation 0.49) and SMH (correlation 0.40); among large stocks, CAH (correlation 0.33), CLS (correlation 0.38) and MCK (correlation 0.29). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to WAB

Other stocks and ETFs