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Relative Intelligence · Life Sciences Tools

How Waters (WAT) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on WAT alone. It places WAT (Waters Corporation) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where WAT stands in the market, and of the alternatives worth a closer look.

Period covered: WAT's full trading record, from November 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 WAT →Chart WAT vs. 20 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in WAT over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WAT over the same span and WAT'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. 140 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of WAT; 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
  • RGEN$2M+16,470% total · +19.3% a year
  • GILD$2M+15,614% total · +19.1% a year
  • DHR$777,394+7,674% total · +16.2% a year
  • AMGN$526,909+5,169% total · +14.6% a year
  • EXPD$460,426+4,504% total · +14.1% a year
  • WAT$397,649+3,876% total · +13.5% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • RVTY$198,041+1,880% total · +10.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • MRK$82,561+726% total · +7.6% 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. 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. 2,078 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of WAT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000202120222023202420252026$2,000$5,000$10,000$20,000$50,000202120222023202420252026
  • LLY$52,411+424% total · +39.3% a year
  • GILD$25,496+155% total · +20.6% a year
  • MRK$22,538+125% total · +17.6% a year
  • NVS$21,146+111% total · +16.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • JNJ$18,849+88.5% total · +13.5% a year
  • WAT$12,298+23.0% total · +4.2% a year
  • A$11,334+13.3% total · +2.5% a year
  • RVTY$8,929−10.7% total · −2.2% a year
  • ILMN$6,943−30.6% total · −7.0% a year
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WAT 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
$43B
Industry
Medical - Diagnostics & Research
Price history from
November 1995

Returns

Past 1 year
+29.0%total return
Past 3 years
+74.6%+20.4% a year
Past 5 years
+24.4%+4.5% a year
Past 10 years
+182%+10.9% a year
Best calendar year
+215%2000
Worst calendar year
−53.6%2008
Losing years
9 of 29full calendar years

Risk

Volatility
33.9%typical yearly swing, 5 years
Sharpe ratio
0.30return per unit of risk, 5 years
Worst decline ever
−80.1%Sep 2000 to Jul 2002
From its all-time high
At its highwithin 1%

WAT against the whole market

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

How does WAT rank among all stocks?

This section ranks WAT 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 WAT 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.

MeasureWATRankStanding
1-year return+29.0%999 of 3,287top 30%
3-year return+74.6%1,193 of 3,017top 40%
5-year return+24.4%1,398 of 2,893top 48%
10-year return+182%941 of 2,202top 43%
Volatility, 5 years33.9%1,053 of 2,893top 36%
Sharpe ratio, 5 years0.301,559 of 2,893bottom 47%
Worst decline, past 10 years−44.3%269 of 2,187top 12%

What has beaten WAT 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). WAT sits where the dashed lines cross. Anything in the green box above and to the left earned more than WAT 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 WAT; faint dots are 91 more of the 1,126 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WATAAPL: +18.5% a year, volatility 28.0%MSFT: +12.5% a year, volatility 28.2%IHAK: +8.3% a year, volatility 25.0%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MCK: +38.7% a year, volatility 25.0%FLRT: +6.0% a year, volatility 2.3%VTV: +12.1% a year, volatility 13.7%VEA: +9.3% a year, volatility 16.9%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%DE: +14.4% a year, volatility 29.9%VIG: +10.4% a year, volatility 14.1%FFIV: +17.1% a year, volatility 30.8%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%RIO: +12.2% a year, volatility 29.0%UNP: +7.1% a year, volatility 22.9%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%CME: +11.2% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%PJUL: +10.5% a year, volatility 8.6%RSP: +8.2% a year, volatility 16.1%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%PCAR: +17.9% a year, volatility 26.1%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%RACE: +13.3% a year, volatility 30.0%DYNF: +14.7% a year, volatility 17.5%CL: +7.2% a year, volatility 19.2%ITW: +6.7% a year, volatility 21.4%NOC: +7.6% a year, volatility 26.1%JEPI: +7.5% a year, volatility 11.0%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%ED: +12.0% a year, volatility 18.8%XLV: +8.4% a year, volatility 15.3%NDAQ: +8.9% a year, volatility 24.7%ATO: +14.9% a year, volatility 18.4%FNV: +12.5% a year, volatility 31.3%CHT: +7.7% a year, volatility 13.3%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%XEL: +6.5% a year, volatility 20.9%AVLV: +14.0% a year, volatility 16.9%FER: +13.4% a year, volatility 31.3%HYGH: +6.6% a year, volatility 7.1%HDV: +12.9% a year, volatility 13.0%NI: +15.1% a year, volatility 20.3%WEC: +7.2% a year, volatility 19.0%DFAT: +9.6% a year, volatility 21.0%FTS: +8.4% a year, volatility 16.4%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%PKG: +15.4% a year, volatility 25.8%AEE: +7.9% a year, volatility 19.4%DTM: +24.5% a year, volatility 25.2%SXT: +9.3% a year, volatility 30.3%COWZ: +11.4% a year, volatility 17.7%EWJ: +9.2% a year, volatility 18.8%WTW: +6.9% a year, volatility 23.9%XLU: +7.8% a year, volatility 17.4%SDY: +7.6% a year, volatility 14.0%VRSN: +7.8% a year, volatility 25.9%BUFR: +9.9% a year, volatility 10.5%DAC: +20.6% a year, volatility 32.0%RY: +17.3% a year, volatility 18.2%EVRG: +9.5% a year, volatility 18.9%DBEF: +13.1% a year, volatility 13.8%MUSA: +26.1% a year, volatility 31.2%IOO: +15.7% a year, volatility 17.2%WAT: +4.5% a year, volatility 33.9%SPY (S&P 500): +12.7% a year, volatility 17.1%LLY: +40.7% a year, volatility 32.8%MRK: +16.3% a year, volatility 24.8%JNJ: +12.7% a year, volatility 17.9%NVS: +17.1% a year, volatility 20.7%GILD: +22.8% a year, volatility 24.9%AMGN: +19.6% a year, volatility 24.9%EXEL: +24.4% a year, volatility 35.8%AZN: +8.7% a year, volatility 35.7%EXPD: +12.0% a year, volatility 27.1%CIBR: +14.1% a year, volatility 26.1%GLD: +17.7% a year, volatility 18.9%NHC: +32.0% a year, volatility 28.5%HACK: +12.6% a year, volatility 25.8%MPC: +51.2% a year, volatility 33.4%SGOV: +3.8% a year, volatility 0.3%ERIE: +6.3% a year, volatility 31.4%CAH: +42.1% a year, volatility 24.7%WATSPY (S&P 500)LLYMRKJNJNVSGILDAMGNEXELAZNEXPDCIBRGLDNHCMPCSGOVERIECAH−10.0%0.0%10.0%20.0%30.0%40.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WATAAPL: +18.5% a year, volatility 28.0%MSFT: +12.5% a year, volatility 28.2%IHAK: +8.3% a year, volatility 25.0%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MCK: +38.7% a year, volatility 25.0%FLRT: +6.0% a year, volatility 2.3%VTV: +12.1% a year, volatility 13.7%VEA: +9.3% a year, volatility 16.9%LIN: +11.5% a year, volatility 20.9%VGT: +18.4% a year, volatility 26.0%PGR: +21.3% a year, volatility 25.6%DE: +14.4% a year, volatility 29.9%VIG: +10.4% a year, volatility 14.1%FFIV: +17.1% a year, volatility 30.8%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%RIO: +12.2% a year, volatility 29.0%UNP: +7.1% a year, volatility 22.9%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%CME: +11.2% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%PJUL: +10.5% a year, volatility 8.6%RSP: +8.2% a year, volatility 16.1%MSI: +14.8% a year, volatility 23.6%WM: +9.3% a year, volatility 19.2%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%PCAR: +17.9% a year, volatility 26.1%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%RACE: +13.3% a year, volatility 30.0%DYNF: +14.7% a year, volatility 17.5%CL: +7.2% a year, volatility 19.2%ITW: +6.7% a year, volatility 21.4%NOC: +7.6% a year, volatility 26.1%JEPI: +7.5% a year, volatility 11.0%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%ED: +12.0% a year, volatility 18.8%XLV: +8.4% a year, volatility 15.3%NDAQ: +8.9% a year, volatility 24.7%ATO: +14.9% a year, volatility 18.4%FNV: +12.5% a year, volatility 31.3%CHT: +7.7% a year, volatility 13.3%SPMO: +18.7% a year, volatility 20.8%DFIV: +14.8% a year, volatility 16.4%XEL: +6.5% a year, volatility 20.9%AVLV: +14.0% a year, volatility 16.9%FER: +13.4% a year, volatility 31.3%HYGH: +6.6% a year, volatility 7.1%HDV: +12.9% a year, volatility 13.0%NI: +15.1% a year, volatility 20.3%WEC: +7.2% a year, volatility 19.0%DFAT: +9.6% a year, volatility 21.0%FTS: +8.4% a year, volatility 16.4%USMV: +7.6% a year, volatility 12.3%SPHQ: +12.0% a year, volatility 16.7%PKG: +15.4% a year, volatility 25.8%AEE: +7.9% a year, volatility 19.4%DTM: +24.5% a year, volatility 25.2%SXT: +9.3% a year, volatility 30.3%COWZ: +11.4% a year, volatility 17.7%EWJ: +9.2% a year, volatility 18.8%WTW: +6.9% a year, volatility 23.9%XLU: +7.8% a year, volatility 17.4%SDY: +7.6% a year, volatility 14.0%VRSN: +7.8% a year, volatility 25.9%BUFR: +9.9% a year, volatility 10.5%DAC: +20.6% a year, volatility 32.0%RY: +17.3% a year, volatility 18.2%EVRG: +9.5% a year, volatility 18.9%DBEF: +13.1% a year, volatility 13.8%MUSA: +26.1% a year, volatility 31.2%IOO: +15.7% a year, volatility 17.2%WAT: +4.5% a year, volatility 33.9%SPY (S&P 500): +12.7% a year, volatility 17.1%LLY: +40.7% a year, volatility 32.8%MRK: +16.3% a year, volatility 24.8%JNJ: +12.7% a year, volatility 17.9%NVS: +17.1% a year, volatility 20.7%GILD: +22.8% a year, volatility 24.9%AMGN: +19.6% a year, volatility 24.9%EXEL: +24.4% a year, volatility 35.8%AZN: +8.7% a year, volatility 35.7%EXPD: +12.0% a year, volatility 27.1%CIBR: +14.1% a year, volatility 26.1%GLD: +17.7% a year, volatility 18.9%NHC: +32.0% a year, volatility 28.5%HACK: +12.6% a year, volatility 25.8%MPC: +51.2% a year, volatility 33.4%SGOV: +3.8% a year, volatility 0.3%ERIE: +6.3% a year, volatility 31.4%CAH: +42.1% a year, volatility 24.7%WATSPY (S&P 500)LLYMRKJNJNVSGILDAMGNAZNGLDNHCMPCSGOVERIECAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than WAT?

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

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

Screen the whole market against WAT for any period in BetterThanSPYOpen these 17 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 WAT?lower diversifies moreExpenseper year
WATWaters Corporation · this page
+4.5%33.9%0.30−44.3%+182%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.530.09%
Popular alternativesbest 2 shownThe investments people most often weigh against WAT. 2 of 20 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.28—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return, lower volatility+16.3%24.8%0.74−43.4%+241%0.31—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Life Sciences Tools and the categories next to it (Biotechnology, Medical Diagnostics, Contract Research, Pharmaceuticals), plus WAT's specific themes. 24 of 84 passed at least one test.
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+12.7%17.9%0.76−27.4%+196%0.26—
NVSNovartis AG · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+17.1%20.7%0.87−26.8%+226%0.28—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst decline+22.8%24.9%0.95−30.5%+200%0.28—
AMGNAmgen Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst decline+19.6%24.9%0.85−24.9%+266%0.29—
EXELExelixis, Inc. · Biotechnology
Higher return, similar volatilityHigher return in most periods+24.4%35.8%0.79−57.2%+448%0.29—
AZNAstraZeneca PLC · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst decline+8.7%35.7%0.41−28.7%+257%0.24—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,487 of 3,529 passed at least one test.
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.0%27.1%0.56−35.6%+349%0.59—
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.1%26.1%0.64−33.9%+454%0.440.58%
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+17.7%18.9%0.96−26.4%+213%0.100.40%
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.40—
HACKAmplify Cybersecurity ETF · Technology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.6%25.8%0.59−38.7%+373%0.430.60%
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.17—
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—0.030.09%
ERIEErie Indemnity Company · Property & Casualty Insurance
Higher return, lower volatilitySmaller losses in recent crashes+6.3%31.4%0.35−60.9%+200%0.31—
What these numbers mean for WAT
Annual return
WAT returned 4.5% 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 $12,400. 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
WAT's volatility over the past 5 years was 33.9%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WAT's return lands within 33.9% 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
WAT's Sharpe ratio over the past 5 years was 0.30, against 0.79 for the S&P 500, so WAT 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
WAT's worst fall from a peak to a low over the past 10 years was 44.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 44.3% fall takes a 79.4% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, WAT's monthly returns had a correlation of 0.53 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 WAT instead: the lower it is, the more that option would diversify a WAT holding. Guide: Correlation and diversification →
Show all 1,126 stocks and funds worth at least $500 million that earned more than WAT with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with WATExpense
1
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+12.0%27.1%0.56−35.6%+349%0.59—
2
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%0.440.58%
3
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.100.40%
4
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.40—
5
HACKAmplify Cybersecurity ETF · Technology
Whole market+12.6%25.8%0.59−38.7%+373%0.430.60%
6
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.31—
7
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%0.24—
8
IHAKiShares Cybersecurity and Tech ETF · Technology
Whole market+8.3%25.0%0.44−34.4%—0.460.47%
9
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.540.03%
10
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.530.03%
11
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.10—
12
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.36—
13
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.40—
14
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.200.48%
15
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.360.40%
16
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.36—
17
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.450.69%
18
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.24—
19
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.500.05%
20
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.400.18%
21
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.10—
22
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.240.60%
23
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.580.03%
24
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.530.03%
25
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.28—
26
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.410.09%
27
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.10—
28
DEDeere & Company · Industrial Machinery
Whole market+14.4%29.9%0.60−37.9%+755%0.19—
29
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.600.04%
30
FFIVF5, Inc. · Cybersecurity
Whole market+17.1%30.8%0.67−54.6%+287%0.32—
31
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.32—
32
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.520.06%
33
RIORio Tinto Group · Metals & Mining
Whole market+12.2%29.0%0.54−37.5%+464%0.26—
34
UNPUnion Pacific Corporation · Railroads
Whole market+7.1%22.9%0.42−38.7%+295%0.34—
35
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.43—
36
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+11.1%24.2%0.56−36.7%+204%0.06—
37
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.550.06%
38
SOThe Southern Company · Electric Utilities
Whole market+11.3%18.8%0.67−38.4%+170%0.05—
39
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.8%19.4%0.44−38.7%+122%0.360.09%
40
CMECME Group Inc. · Capital Markets
Whole market+11.2%20.8%0.62−37.4%+319%0.03—
41
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.19—
42
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.500.79%
43
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.580.20%
44
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.16—
45
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.05—
46
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.34—
47
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.440.85%
48
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.5%18.0%0.50−37.4%+132%0.27—
49
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.25—
50
PCARPACCAR Inc · Commercial Vehicles
Whole market+17.9%26.1%0.76−37.9%+314%0.36—
51
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.12—
52
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.410.04%
53
RACEFerrari N.V. · Automobiles
Whole market+13.3%30.0%0.57−39.2%+711%0.10—
54
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.510.26%
55
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.29—
56
ITWIllinois Tool Works Inc. · Industrial Machinery
Whole market+6.7%21.4%0.41−37.9%+208%0.36—
57
NOCNorthrop Grumman Corporation · Aerospace & Defense
Whole market+7.6%26.1%0.41−37.8%+188%0.04—
58
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%—0.520.35%
59
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.22—
60
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%-0.03—
61
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.15—
62
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.640.08%
63
NDAQNasdaq, Inc. · Capital Markets
Whole market+8.9%24.7%0.47−38.3%+407%0.42—
64
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.26—
65
FNVFranco-Nevada Corporation · Gold Mining
Whole market+12.5%31.3%0.53−37.1%+303%0.10—
66
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.26—
67
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.470.13%
68
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.440.27%
69
XELXcel Energy Inc. · Electric Utilities
Whole market+6.5%20.9%0.41−34.4%+156%0.13—
70
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.530.15%
71
FERFerrovial N.V. · Infrastructure
Whole market+13.4%31.3%0.56−38.9%+173%0.17—
72
JNJJohnson & Johnson · Pharmaceuticals
Same or nearby category+12.7%17.9%0.76−27.4%+196%0.26—
73
HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds
Whole market+6.6%7.1%0.94−23.9%+74.5%0.441.12%
74
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.410.08%
75
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.20—
76
WECWEC Energy Group, Inc. · Electric Utilities
Whole market+7.2%19.0%0.46−32.3%+159%0.26—
77
DFATDimensional - US Targeted Value ETF · US Small-Cap Equity
Whole market+9.6%21.0%0.54−26.1%—0.540.33%
78
FTSFortis Inc. · Electric Utilities
Whole market+8.4%16.4%0.58−34.3%+154%0.26—
79
NVSNovartis AG · Pharmaceuticals
Same or nearby category+17.1%20.7%0.87−26.8%+226%0.28—
80
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.6%12.3%0.66−33.1%+176%0.580.15%
81
GILDGilead Sciences, Inc. · Biotechnology
Same or nearby category+22.8%24.9%0.95−30.5%+200%0.28—
82
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.500.20%
83
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.26—
84
AEEAmeren Corporation · Electric Utilities
Whole market+7.9%19.4%0.49−29.1%+192%0.24—
85
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.23—
86
AMGNAmgen Inc. · Biotechnology
Same or nearby category+19.6%24.9%0.85−24.9%+266%0.29—
87
SXTSensient Technologies Corporation · Specialty Chemicals
Whole market+9.3%30.3%0.44−50.6%+133%0.27—
88
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.510.49%
89
EWJiShares MSCI Japan ETF · International Equity
Whole market+9.2%18.8%0.57−33.1%+132%0.500.49%
90
WTWWillis Towers Watson Public Limited Company · Insurance
Whole market+6.9%23.9%0.40−32.9%+187%0.18—
91
XLUState Street Utilities Select Sector SPDR ETF · Utilities Equity
Whole market+7.8%17.4%0.52−36.0%+138%0.260.08%
92
SDYState Street SPDR S&P Dividend ETF · US Dividend Equity
Whole market+7.6%14.0%0.59−36.7%+157%0.510.35%
93
VRSNVeriSign, Inc. · Internet Services
Whole market+7.8%25.9%0.42−38.9%+308%0.26—
94
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.9%10.5%0.96−13.7%—0.500.10%
95
DACDanaos Corporation · Marine Shipping
Whole market+20.6%32.0%0.75−94.6%+449%0.06—
96
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.45—
97
EVRGEvergy, Inc. · Electric Utilities
Whole market+9.5%18.9%0.57−38.8%+109%0.31—
98
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.480.35%
99
MUSAMurphy USA Inc. · Convenience Stores
Whole market+26.1%31.2%0.90−35.5%+706%0.09—
100
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.470.40%

WAT against its popular alternatives

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

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

Green points earned more than WAT 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%80.0%90.0%100.0%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWAT: 4.5% a year, volatility 33.9%SPY (S&P 500): 12.7% a year, volatility 17.1%LLY: 40.7% a year, volatility 32.8%MRK: 16.3% a year, volatility 24.8%RVTY: −2.2% a year, volatility 35.1%ILMN: −7.8% a year, volatility 46.9%TXG: −15.1% a year, volatility 70.8%IQV: 1.3% a year, volatility 34.7%XBI: 4.6% a year, volatility 32.5%RGEN: −7.8% a year, volatility 51.3%TECH: −10.2% a year, volatility 39.4%AVTR: −15.5% a year, volatility 41.0%BRKR: −6.3% a year, volatility 44.3%SDGR: −16.0% a year, volatility 65.7%PACB: −40.0% a year, volatility 97.0%ICLR: −8.8% a year, volatility 46.1%BIO: −13.9% a year, volatility 37.9%A: 2.6% a year, volatility 30.6%MTD: 2.6% a year, volatility 32.5%TMO: 2.9% a year, volatility 27.8%DHR: −3.8% a year, volatility 29.1%QGEN: 0.6% a year, volatility 26.9%WATSPY (S&P 500)LLYMRKRVTYILMNTXGIQVRGENTECHAVTRBRKRSDGRPACBBIOATMODHR0.0%20.0%40.0%60.0%80.0%100%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWAT: 4.5% a year, volatility 33.9%SPY (S&P 500): 12.7% a year, volatility 17.1%LLY: 40.7% a year, volatility 32.8%MRK: 16.3% a year, volatility 24.8%RVTY: −2.2% a year, volatility 35.1%ILMN: −7.8% a year, volatility 46.9%TXG: −15.1% a year, volatility 70.8%IQV: 1.3% a year, volatility 34.7%XBI: 4.6% a year, volatility 32.5%RGEN: −7.8% a year, volatility 51.3%TECH: −10.2% a year, volatility 39.4%AVTR: −15.5% a year, volatility 41.0%BRKR: −6.3% a year, volatility 44.3%SDGR: −16.0% a year, volatility 65.7%PACB: −40.0% a year, volatility 97.0%ICLR: −8.8% a year, volatility 46.1%BIO: −13.9% a year, volatility 37.9%A: 2.6% a year, volatility 30.6%MTD: 2.6% a year, volatility 32.5%TMO: 2.9% a year, volatility 27.8%DHR: −3.8% a year, volatility 29.1%QGEN: 0.6% a year, volatility 26.9%WATSPY (S&P 500)LLYRVTYILMNTXGIQVRGENTECHAVTRSDGRPACBADHRQGEN
All figures
InvestmentAnnual returnVolatility
LLY Eli Lilly and Company+40.7%32.8%
MRK Merck & Co., Inc.+16.3%24.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
XBI State Street SPDR S&P Biotech ETF+4.6%32.5%
WAT This pageWaters Corporation+4.5%33.9%
TMO Thermo Fisher Scientific Inc.+2.9%27.8%
A Agilent Technologies, Inc.+2.6%30.6%
MTD Mettler-Toledo International Inc.+2.6%32.5%
IQV IQVIA Holdings Inc.+1.3%34.7%
QGEN Qiagen N.V.+0.6%26.9%
RVTY Revvity, Inc.−2.2%35.1%
DHR Danaher Corporation−3.8%29.1%
BRKR Bruker Corporation−6.3%44.3%
ILMN Illumina, Inc.−7.8%46.9%
RGEN Repligen Corporation−7.8%51.3%
ICLR ICON Public Limited Company−8.8%46.1%
TECH Bio-Techne Corporation−10.2%39.4%
BIO Bio-Rad Laboratories, Inc.−13.9%37.9%
TXG 10x Genomics, Inc.−15.1%70.8%
AVTR Avantor, Inc.−15.5%41.0%
SDGR Schrödinger, Inc.−16.0%65.7%
PACB Pacific Biosciences of California, Inc.−40.0%97.0%
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Has WAT consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than WAT 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
WAT Waters Corporation (this page)—+4.5%+23.9%+31.9%+15.9%+29.0%+74.6%+24.4%+182%33.9%0.30−44.3%—$43B—
LLY QualifiedEli Lilly and Company4/5 short3/3 longAll-weather+10.2%+12.1%+40.0%+19.4%+59.7%+124%+451%+1,807%32.8%1.21−34.5%—$1.2T—
MRK Drug Manufacturers - GeneralMerck & Co., Inc.2/5 short2/3 long−0.8%+19.9%+28.3%+42.2%+76.8%+58.3%+113%+241%24.8%0.74−43.4%—$366B—
RVTY Medical - Diagnostics & ResearchRevvity, Inc.5/5 short1/3 long+8.6%+46.6%+67.8%+59.3%+64.0%+54.6%−10.6%+203%35.1%0.11−59.0%—$17B—
ILMN Medical - Diagnostics & ResearchIllumina, Inc.5/5 short1/3 long+12.2%+45.1%+102%+99.4%+169%+130%−33.3%+93.0%46.9%0.06−86.2%—$40B—
A Medical - Diagnostics & ResearchAgilent Technologies, Inc.4/5 short1/3 long+7.1%+33.1%+43.6%+26.4%+22.0%+62.1%+13.8%+306%30.6%0.24−43.2%—$49B—
TXG Biotechnology10x Genomics, Inc.4/5 short1/3 long−9.7%+65.3%+191%+330%+444%+81.2%−55.8%—70.8%0.12−96.5%—$9.3B—
IQV Medical - Diagnostics & ResearchIQVIA Holdings Inc.3/5 short1/3 long−0.8%+31.4%+51.5%+18.8%+26.3%+45.3%+6.5%+260%34.7%0.21−51.5%—$44B—
MTD Medical - Diagnostics & ResearchMettler-Toledo International Inc.2/5 short1/3 long+14.2%+28.3%+23.4%+15.8%+20.4%+60.2%+13.7%+298%32.5%0.24−43.5%—$33B—
XBI HealthcareState Street SPDR S&P Biotech ETF2/5 short1/3 long−3.2%+1.5%+11.3%+26.2%+39.7%+130%+25.1%+159%32.5%0.30−63.9%0.35%$10B—
RGEN Medical - Instruments & SuppliesRepligen Corporation1/5 short1/3 long−1.0%+22.9%+35.5%+8.8%+15.8%+22.5%−33.3%+514%51.3%0.10−68.3%—$11B—
TMO Medical - Diagnostics & ResearchThermo Fisher Scientific Inc.1/5 short1/3 long+4.3%+30.7%+30.9%+16.3%+26.8%+49.5%+15.1%+366%27.8%0.24−40.9%—$254B—
TECH BiotechnologyBio-Techne Corporation1/5 short1/3 long+0.2%+1.4%+20.2%+22.2%+16.7%+15.1%−41.4%+191%39.4%-0.08−67.2%—$11B—
DHR Medical - Diagnostics & ResearchDanaher Corporation0/5 short1/3 long+4.0%+11.6%+15.0%−2.2%+8.3%+10.8%−17.6%+232%29.1%0.01−43.8%—$157B—
AVTR Medical - Instruments & SuppliesAvantor, Inc.4/5 short0/3 long+10.1%+55.9%+95.5%+45.0%+9.5%−19.1%−56.9%—41.0%-0.20−83.2%—$11B—
BRKR Medical - DevicesBruker Corporation3/5 short0/3 long−9.2%−0.3%+36.3%+16.6%+47.4%−5.0%−27.7%+171%44.3%0.08−68.7%—$8.5B—
SDGR Software - ApplicationSchrödinger, Inc.3/5 short0/3 long−22.6%+56.0%+82.8%+30.1%+6.5%+6.5%−58.2%—65.7%0.06−90.2%—$1.8B—
PACB Medical - DevicesPacific Biosciences of California, Inc.2/5 short0/3 long+44.1%+44.1%+12.6%+6.5%−1.0%−73.5%−92.2%−77.9%97.0%-0.04−98.2%—$609M—
QGEN Medical - Diagnostics & ResearchQiagen N.V.1/5 short0/3 long+9.2%+20.8%+20.2%+8.7%+6.3%+45.9%+3.0%+111%26.9%0.15−41.4%—$10B—
ICLR Medical - Diagnostics & ResearchICON Public Limited Company1/5 short0/3 long+2.7%+4.8%+48.7%−7.7%−7.6%−23.2%−37.0%+106%46.1%0.04−76.9%—$13B—
BIO Medical - DevicesBio-Rad Laboratories, Inc.0/5 short0/3 long−6.0%+17.4%+16.9%+16.1%+10.1%+14.1%−52.5%+115%37.9%-0.21−73.8%—$9.5B—
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How did WAT do year by year?

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

InvestmentYears ahead of WAT20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
WAT This pageWaters Corporation—+2.4%+12.7%−3.9%−8.1%+50.6%+5.9%+23.9%−2.4%+43.8%−0.1%+19.4%+12.7%+14.8%+17.6%−4.7%+25.4%+69.1%−53.6%+61.5%+29.5%−19.2%+41.1%+52.3%−43.8%−53.6%+215%+21.5%+129%+25.6%
Rank among alternativesTop quarter in 8 of 2910 of 212 of 2114 of 214 of 216 of 2119 of 2013 of 1814 of 187 of 1811 of 187 of 1811 of 1816 of 1713 of 177 of 177 of 163 of 1614 of 164 of 168 of 1515 of 151 of 156 of 1511 of 1515 of 151 of 136 of 121 of 116 of 10
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%
LLY Eli Lilly and Company16 of 29+40.3%+33.3%+60.9%+34.3%+66.1%+31.0%+16.2%+40.5%+17.8%−10.4%+25.4%+39.8%+7.3%+24.2%+25.2%+3.6%−6.2%−21.3%+5.7%−5.2%+2.6%−17.6%+13.1%−17.6%−14.4%+41.9%−24.3%+29.1%+93.6%
MRK Merck & Co., Inc.14 of 29+9.8%−6.3%+1.0%+49.4%+1.8%−7.2%+22.3%+40.0%−1.5%+15.0%−3.9%+16.9%+26.9%+13.1%+9.6%+2.9%+26.7%−45.3%+37.3%+42.8%+4.0%−27.7%−11.2%−1.2%−36.0%+41.8%−7.7%+41.6%+35.7%
RVTY Revvity, Inc.11 of 29−13.1%+2.4%−21.9%−30.1%+40.4%+48.2%+24.0%+7.8%+40.8%−2.1%+23.2%+6.8%+31.0%+60.4%−21.6%+27.1%+50.6%−45.9%+18.4%−4.5%+6.2%+33.9%+112%−75.7%−32.7%+154%+52.5%+36.6%+6.4%
ILMN Illumina, Inc.12 of 25−1.8%−1.3%−31.1%−46.9%+2.8%+11.5%+10.6%+37.3%+70.7%−33.3%+4.0%+66.9%+99.0%+82.4%−51.9%+106%+17.8%−12.1%+50.8%+179%+48.6%+34.4%+109%−71.3%−26.9%————
A Agilent Technologies, Inc.14 of 26+1.9%−2.7%−6.4%−5.5%+35.5%+39.8%+27.5%+1.7%+48.3%+10.2%+3.5%+0.8%+41.1%+18.4%−15.7%+33.4%+98.7%−57.4%+5.4%+11.1%+38.1%−17.6%+62.8%−37.0%−47.9%−29.2%———
TXG 10x Genomics, Inc.3 of 6+13.6%−74.3%+53.6%−75.5%+5.2%+85.7%———————————————————————
IQV IQVIA Holdings Inc.8 of 12+14.7%−15.1%+12.9%−27.4%+57.5%+16.0%+33.0%+18.7%+28.7%+10.8%+16.6%+27.0%—————————————————
MTD Mettler-Toledo International Inc.16 of 28+13.9%+0.9%−16.1%−14.8%+48.9%+43.7%+40.3%−8.7%+48.0%+23.4%+12.1%+24.7%+25.5%+30.9%−2.3%+44.0%+55.8%−40.8%+44.3%+42.8%+7.6%+21.6%+31.7%−38.2%−4.7%+42.4%+36.1%+62.7%—
XBI State Street SPDR S&P Biotech ETF9 of 19+35.9%+1.0%+7.6%−25.9%−20.4%+48.3%+32.6%−15.3%+43.8%−15.4%+13.6%+45.0%+48.4%+32.7%+5.2%+17.6%+0.4%−8.5%+29.1%——————————
RGEN Repligen Corporation16 of 29+13.8%−20.0%+6.2%−36.1%+38.2%+107%+75.4%+45.4%+17.7%+8.9%+42.9%+45.2%+117%+81.0%−26.0%+14.1%+8.7%−42.3%+133%−29.8%+38.9%−34.1%+43.8%+25.1%−28.1%+8.0%+145%+63.8%−34.4%
TMO Thermo Fisher Scientific Inc.12 of 29+11.8%−1.7%−3.4%−17.3%+43.5%+43.7%+45.6%+18.2%+35.0%−0.1%+13.8%+13.1%+75.8%+43.2%−18.8%+16.1%+40.0%−40.9%+27.4%+50.3%−0.2%+19.8%+25.3%−15.7%+5.6%+98.2%−11.4%−61.5%+6.7%
TECH Bio-Techne Corporation13 of 29−17.9%−6.3%−6.5%−35.7%+63.4%+45.4%+52.7%+12.6%+27.5%+15.8%−1.3%−1.1%+40.9%+1.9%+5.5%−2.5%+8.0%−1.9%+19.2%−1.2%+44.3%+2.8%+32.5%−22.4%+2.0%+31.1%+160%+20.9%+33.8%
DHR Danaher Corporation13 of 29+0.4%−0.4%−1.2%−19.0%+48.6%+45.4%+49.5%+11.8%+20.0%+73.2%+9.3%+11.6%+38.3%+19.1%−0.1%+25.7%+33.0%−35.4%+21.3%+30.1%−2.7%+25.3%+39.7%+9.1%−11.7%+41.5%−11.0%+72.4%+35.2%
AVTR Avantor, Inc.2 of 6−45.6%−7.7%+8.3%−50.0%+49.7%+55.1%———————————————————————
BRKR Bruker Corporation14 of 25−19.3%−20.0%+7.8%−18.3%+55.3%+6.6%+71.8%−12.8%+62.7%−12.2%+23.7%−0.8%+29.8%+22.7%−25.2%+37.7%+199%−69.7%+77.1%+54.5%+20.7%−11.5%−6.4%−70.3%−30.6%————
SDGR Schrödinger, Inc.1 of 5−7.3%−46.1%+91.5%−46.3%−56.0%————————————————————————
PACB Pacific Biosciences of California, Inc.6 of 15+2.2%−81.3%+19.9%−60.0%−21.1%+405%−30.5%+180%−30.5%−71.1%+67.5%+49.9%+208%−39.3%−82.4%——————————————
QGEN Qiagen N.V.12 of 29+12.5%+2.6%−12.9%−10.3%+5.2%+56.4%−1.9%+11.4%+10.7%+1.3%+17.8%−1.5%+31.2%+31.4%−29.3%−12.4%+27.1%−16.5%+39.1%+28.8%+7.3%−8.5%+131%−72.1%−46.3%+83.3%+150%+35.3%+73.4%
ICLR ICON Public Limited Company17 of 27−13.1%−25.9%+45.7%−37.3%+58.8%+13.2%+33.3%+15.2%+49.1%−3.2%+52.4%+26.2%+45.6%+62.2%−21.9%+0.8%+10.4%−36.3%+64.1%+83.2%+7.2%−11.9%+62.0%−9.7%+74.1%+0.7%−49.3%——
BIO Bio-Rad Laboratories, Inc.8 of 29−7.8%+1.7%−23.2%−44.4%+29.6%+57.5%+59.4%−2.7%+30.9%+31.5%+15.0%−2.5%+17.7%+9.4%−7.5%+7.7%+28.1%−27.3%+25.6%+26.1%+14.1%−0.5%+49.0%+22.3%+99.1%+36.0%+11.3%−19.6%−12.9%
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Risk and diversification

How WAT 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 WAT's worst declines?

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

DuringWAT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−80.1%−42.0%Sep 2000Jul 200222 monthsApr 20118.8 years
2022 bear market−44.3%−4.7%Sep 2021Oct 20232.1 yearsSep 20262.9 years
Covid crash−35.9%−21.2%Apr 2019Mar 202011 monthsJan 202110 months
No named crash−35.1%+5.9%Sep 1999Dec 19993 monthsJan 20001 month
No named crash−29.4%+10.7%Oct 1996Apr 19976 monthsJun 19972 months

How did WAT do in stock market crashes?

This section measures how far WAT, 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 WAT.

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
WAT This pageWaters Corporation—−1.6%−26.3%−25.3%−14.7%−9.7%−16.6%−26.4%−3.4%−60.7%−80.1%
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%
LLY Eli Lilly and Company9 of 10−0.6%−11.7%−16.9%−10.2%−8.6%−19.6%−10.9%0.0%−50.0%−54.3%
MRK Merck & Co., Inc.7 of 10−2.4%−10.8%−19.3%−9.7%−6.6%−18.2%−17.4%−2.3%−63.3%−57.5%
RVTY Revvity, Inc.1 of 10−3.2%−38.1%−29.3%−26.1%−7.7%−23.6%−31.2%−3.4%−62.6%−91.6%
ILMN Illumina, Inc.3 of 9−6.7%−58.2%−31.0%−25.8%−5.3%−36.1%−48.7%−1.9%−57.9%—
A Agilent Technologies, Inc.2 of 10−3.7%−25.3%−25.8%−16.1%−8.7%−17.6%−37.3%−4.2%−67.6%−92.4%
TXG 10x Genomics, Inc.0 of 3−8.1%−81.1%−43.1%———————
IQV IQVIA Holdings Inc.1 of 6−6.8%−35.9%−48.9%−19.2%−5.3%−28.7%————
MTD Mettler-Toledo International Inc.3 of 10−3.8%−33.9%−23.8%−17.7%−10.0%−16.9%−21.5%−4.3%−60.6%−53.7%
XBI State Street SPDR S&P Biotech ETF2 of 9−6.9%−43.6%−32.9%−32.5%−5.5%−42.6%−26.7%−4.1%−37.5%—
RGEN Repligen Corporation4 of 10−4.9%−38.7%−22.2%−29.9%−8.6%−44.4%−17.1%−3.7%−51.9%−90.7%
TMO Thermo Fisher Scientific Inc.6 of 10−2.4%−19.8%−24.8%−17.2%−8.7%−14.7%−24.4%−3.6%−53.9%−41.8%
TECH Bio-Techne Corporation6 of 10−3.6%−39.6%−23.5%−34.8%−4.5%−24.9%−18.8%−0.4%−43.8%−69.6%
DHR Danaher Corporation7 of 10−3.2%−22.8%−25.9%−13.4%−9.8%−14.0%−21.8%−0.6%−45.7%−33.7%
AVTR Avantor, Inc.0 of 3−6.2%−50.5%−53.9%———————
BRKR Bruker Corporation0 of 9−2.5%−38.0%−36.2%−24.1%−13.4%−19.9%−39.0%−5.5%−80.2%—
SDGR Schrödinger, Inc.0 of 3−7.6%−40.8%−45.4%———————
PACB Pacific Biosciences of California, Inc.0 of 7−6.7%−79.3%−47.4%−28.1%−10.0%−34.7%−75.2%———
QGEN Qiagen N.V.8 of 10−0.4%−21.3%−12.4%−14.0%−7.0%−27.8%−25.9%−2.6%−45.1%−92.1%
ICLR ICON Public Limited Company2 of 10−7.4%−39.2%−34.6%−22.4%−2.9%−23.3%−30.4%−4.3%−63.7%−60.6%
BIO Bio-Rad Laboratories, Inc.6 of 10−1.9%−45.3%−21.8%−29.7%−8.0%−18.1%−25.4%−0.5%−50.9%−29.1%
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How closely does WAT 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 WAT 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 WAT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
WAT This pageWaters Corporation107%139%0.771.01
LLY Eli Lilly and Company101%6%15.730.37
MRK Merck & Co., Inc.64%46%1.390.30
RGEN Repligen Corporation119%108%1.110.99
DHR Danaher Corporation84%84%1.010.75
TMO Thermo Fisher Scientific Inc.104%104%1.000.81
A Agilent Technologies, Inc.120%141%0.851.13
MTD Mettler-Toledo International Inc.118%143%0.831.13
IQV IQVIA Holdings Inc.128%167%0.771.31
RVTY Revvity, Inc.111%146%0.761.10
XBI State Street SPDR S&P Biotech ETF93%122%0.761.01
BRKR Bruker Corporation121%160%0.751.27
QGEN Qiagen N.V.62%83%0.750.45
TECH Bio-Techne Corporation120%162%0.741.23
ICLR ICON Public Limited Company97%135%0.711.04
BIO Bio-Rad Laboratories, Inc.104%146%0.710.99
ILMN Illumina, Inc.120%200%0.601.19
PACB Pacific Biosciences of California, Inc.76%234%0.331.70
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What diversifies WAT?

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

ETFs

InvestmentCorrelation5Y returnSharpe20232022201820162011200820052002200180/20 mix volatility80/20 mix annual return
WAT Waters Corporation (this page)1.00+24.4%0.30−3.9%−8.1%−2.4%−0.1%−4.7%−53.6%−19.2%−43.8%−53.6%33.9%+4.2%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.36+119%1.48+17.4%+3.8%−5.2%——————27.9%+7.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.20+225%1.34+42.0%+6.0%−19.8%+1.1%−16.1%−20.8%———27.8%+9.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.31+101%1.04+8.0%+10.4%−8.7%+29.8%—————28.2%+7.3%
EWP Broad MarketiShares MSCI Spain ETF0.39+140%0.97+30.3%−5.2%−15.3%−1.8%−9.8%−36.8%+4.6%−13.6%−9.2%28.8%+8.2%
SMH TechnologyVanEck Semiconductor ETF0.31+323%0.97+73.4%−33.5%−9.1%+35.6%+6.8%−44.7%+10.8%−47.0%−14.6%30.0%+11.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.48+85.0%0.96+20.1%−5.1%−9.5%+6.3%—————28.3%+6.8%
GLD CommoditiesSPDR Gold Shares0.10+126%0.96+12.7%−0.8%−1.9%+8.0%+9.6%+4.9%+17.8%——27.7%+8.0%
IOO InternationaliShares Global 100 ETF0.47+107%0.94+27.7%−16.3%−6.3%+8.3%−4.1%−36.1%+4.3%−24.0%−14.3%28.7%+7.4%

Stocks

InvestmentCorrelation5Y returnSharpe20232022201820162011200820052002200180/20 mix volatility80/20 mix annual return
WAT Waters Corporation (this page)1.00+24.4%0.30−3.9%−8.1%−2.4%−0.1%−4.7%−53.6%−19.2%−43.8%−53.6%33.9%+4.2%
CAH Medical - DistributionCardinal Health, Inc.0.29+479%1.55+34.1%+54.1%−24.5%−17.5%+8.1%−39.6%+18.7%−8.3%−2.5%29.1%+11.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.17+3,143%1.47+160%+1.3%−16.3%+7.4%−24.4%−20.5%−25.2%−65.1%−25.6%31.3%+23.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.19+1,636%1.46+79.6%+17.0%+0.8%+18.3%−17.0%−15.2%+20.1%−9.4%+73.7%30.2%+19.8%
MCK Medical - DistributionMcKesson Corporation0.10+413%1.44+24.1%+51.8%−28.4%−28.3%+11.8%−40.4%+64.9%−27.2%+4.9%28.1%+11.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.17+690%1.41+30.4%+86.6%−8.2%+0.7%—————28.9%+13.5%
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Common questions

What was WAT's worst drawdown?

WAT's deepest decline since it began trading in 1995 was 80.1%, from September 2000 to July 2002. It took about nine years from the low to climb back to its old high.

What were WAT's best and worst years?

Over 29 full calendar years, WAT's best year was 2000, when it returned 215%. Its worst was 2008, with a return of -53.6%.

Is there a better investment than WAT?

Among WAT's popular alternatives, MRK earned more than WAT with less volatility over the past 5 years: 16.3% a year at 24.8% volatility, against 4.5% a year at 33.9%. Looking beyond its popular alternatives, JNJ (pharmaceuticals) and NVS (pharmaceuticals) earned more than WAT with less volatility over the past 5 years. JNJ returned 12.7% a year at 17.9% volatility, against 4.5% a year at 33.9%.

Is WAT more volatile than the S&P 500?

Yes. WAT's volatility over the past 5 years was 33.9%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WAT's return lands within 33.9% 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 WAT's Sharpe ratio?

WAT's Sharpe ratio over the past 5 years was 0.30, against 0.79 for the S&P 500, so WAT 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 WAT with the S&P 500?

Over the past 5 years, WAT's monthly returns had a correlation of 0.53 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 WAT instead: the lower it is, the more that option would diversify a WAT holding.

What are the best alternatives to WAT?

Of the 20 popular alternatives we compared, one outperformed WAT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LLY.

Did WAT outperform the S&P 500?

WAT finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +2.4%, against +17.7% for the index.

How did WAT do in stock market crashes?

WAT 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 dot-com bust, when WAT fell 80.1% and the S&P 500 fell 47.5%.

What diversifies WAT?

These had a low correlation with WAT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.36), DXJ (correlation 0.20) and EMLP (correlation 0.31); among large stocks, CAH (correlation 0.29), CLS (correlation 0.17) and FIX (correlation 0.19). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to WAT

Other stocks and ETFs