# How Workday (WDAY) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/wday
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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

Period covered: WDAY's full trading record, from December 2012 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** Over the past 6 months, WDAY rose 59.4% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. That said, WDAY is 33.6% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record.
- **Stock or market?:** WDAY's 38.6% gain over the past 3 months far outran its industry: the enterprise software ETF IGV (iShares Expanded Tech-Software Sector ETF) rose 15.0%. The S&P 500 rose 3.9%. Its enterprise software peers did not move as one over the past 3 months: SAP rose 44.6%, while ORCL (Oracle) rose 8.4%.
- **Past 1 to 3 years:** WDAY has gone against the market, falling 15.4% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (3.4% against 89.3%). WDAY finished behind the S&P 500 in both 2024 and 2025.
- **Long term:** WDAY turned $10,000 into $23,200 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** Across four sell-offs, WDAY has typically fallen 1.8 times as far as the S&P 500.
- **Diversification:** Over 10 years WDAY took more of the market's losses than of its gains: in the S&P 500's rising months it gained 1.0 times as much as the index, and in falling months it lost 1.4 times as much, with a beta of 1.19.
- **Better options**
  - **Popular alternatives:** MSFT (Microsoft), CRM (Salesforce) and IBM (International Business Machines) earned more than WDAY with less volatility over the past 5 years. MSFT returned 12.5% a year at 28.2% volatility, against a loss of 6.0% a year at 41.7%.
  - **Nearby categories and themes:** VEEV (Veeva Systems, application software) and PTC (application software) earned more than WDAY with less volatility over the past 5 years. VEEV returned a loss of 0.1% a year at 39.6% volatility, against a loss of 6.0% a year at 41.7%.
  - **Whole market:** 2,180 of the 3,633 stocks and funds worth at least $500 million earned more than WDAY with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and MSFT (Microsoft).

## How much would $10,000 in WDAY have grown?

This chart tracks a hypothetical $10,000 investment in WDAY over the past 13 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WDAY over the same span and WDAY's popular alternatives, among those that traded for the entire period.

- $10,000 invested in WDAY at the end of September 2013 would have grown to $23,534 by September 2026, less than the $56,474 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of WDAY, and MSFT finished highest, at $188,430.

## WDAY 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.

- WDAY is still 33.6% below its all-time high.
- WDAY's deepest decline since it began trading in 2012 was 63.4%, from February 2024 to April 2026. It has not yet climbed back to that peak.
- Over 13 full calendar years, WDAY's best was 2023, when it returned 65.0%, and its worst was 2022, when it lost 38.7%. It lost money in six of those years.

- Type: Stock, Technology (Software - Application)
- Trading since: December 10, 2012
- Market value: $49B
- Volatility (5 years): 41.7%; Sharpe ratio: 0.06
- Worst decline ever: −63.4%, from February 26, 2024 to April 10, 2026; not yet back at its high

| Period | WDAY total return |
| --- | --- |
| 1 month | +6.3% |
| 3 months | +38.6% |
| 6 months | +59.4% |
| year to date | −0.9% |
| 1 year | −15.4% |
| 3 years | −3.4% |
| 5 years | −26.4% |
| 10 years | +132% |

## WDAY against the whole market

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

### How does WDAY rank among all stocks?

This section ranks WDAY on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- WDAY's 3-year return ranks in the bottom 21% of the 3,017 stocks worth at least $300 million with 3 years of history.

| Measure | WDAY | Rank |
| --- | --- | --- |
| 1-year return | −15.4% | 2,518 of 3,287 (top 77%) |
| 3-year return | −3.4% | 2,379 of 3,017 (top 79%) |
| 5-year return | −26.4% | 2,094 of 2,893 (top 73%) |
| 10-year return | +132% | 1,173 of 2,202 (top 54%) |
| Volatility, 5 years | 41.7% | 1,541 of 2,893 (top 54%) |
| Sharpe ratio, 5 years | 0.06 | 2,214 of 2,893 (top 77%) |
| Worst decline, past 10 years | −63.4% | 1,015 of 2,187 (top 47%) |

### What has beaten WDAY 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).

- 1,205 stocks and 975 ETFs worth at least $500 million sit in the green region: each earned more than WDAY over the past 5 years with smaller price swings. That is 60% of the 3,633 screened.
- Among those with at least half WDAY's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 41% less than WDAY's 41.7%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.06 for WDAY. PBR-A earned the most, 51.8% a year, while still swinging less than WDAY (37.5% against 41.7%).
- Among WDAY's popular alternatives, IBM, MSFT and SAP are in the region. IBM earned 16.6% a year against a loss of 6.0% a year for WDAY, at 30.5% volatility, 27% less than WDAY's 41.7%.

### Is there a better investment than WDAY?

The table below lists investments that beat WDAY over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among WDAY's popular alternatives, MSFT, CRM and IBM earned more than WDAY with less volatility over the past 5 years. MSFT returned 12.5% a year at 28.2% volatility, against a loss of 6.0% a year at 41.7%.
- Looking beyond its popular alternatives, VEEV (application software) and PTC (application software) earned more than WDAY with less volatility over the past 5 years. VEEV returned a loss of 0.1% a year at 39.6% volatility, against a loss of 6.0% a year at 41.7%.
- Across the whole market, 2,180 of the 3,633 stocks and funds worth at least $500 million earned more than WDAY with less volatility over the past 5 years, among them AAPL, GOOG and MSFT.

The 15 strongest of 2,180 investments that beat WDAY over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with WDAY | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| WDAY: Workday, Inc. (this page) |  | −6.0% | 41.7% | 0.06 | −63.4% | +132% |  |  |
| SAFT: Safety Insurance Group, Inc. | Insurance - Property & Casualty | +10.6% | 28.5% | 0.49 | −32.8% | +138% | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [NTAP](https://easycompare.io/research/ntap): NetApp, Inc. | Computer Hardware | +20.9% | 35.3% | 0.71 | −58.1% | +691% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [VXUS](https://easycompare.io/research/vxus): Vanguard Total International Stock ETF | International Equity | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | Oil & Gas | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.16 | Higher return, lower volatility; Higher return in most periods |
| [PBR-A](https://easycompare.io/research/pbr-a): Petróleo Brasileiro S.A. - Petrobras | Integrated Oil & Gas | +51.8% | 37.5% | 1.31 | −71.7% | +768% | 0.03 | Higher return, lower volatility; Higher return in most periods |
| HPQ: HP Inc. | Computer Hardware | +5.7% | 37.3% | 0.33 | −51.2% | +207% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | Pharmaceuticals | +17.1% | 20.7% | 0.87 | −26.8% | +226% | -0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +266% | -0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | Gold | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [PG](https://easycompare.io/research/pg): The Procter & Gamble Company | Household & Personal Products | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [SGOV](https://easycompare.io/research/sgov): iShares 0-3 Month Treasury Bond ETF | Treasury Bonds | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## WDAY against its popular alternatives

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

### How do WDAY's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Seven of the 20 popular alternatives, led by IBM, MSFT and SAP, were both more rewarding and calmer than WDAY over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, WDAY returned -5.9% a year, less than the S&P 500's 12.7%, with higher volatility (41.7% against 17.1%).

### Has WDAY consistently beaten its popular alternatives?

This section compares WDAY with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Six of the 20 popular alternatives, led by NOW, ADP and TEAM, outperformed WDAY in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- IBM, MSFT and SAP earned more for the risk they took than WDAY (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- ORCL outperformed WDAY over all three long-term periods but in none of the five short-term ones, so WDAY has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of WDAY | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| WDAY: Workday, Inc. (this page) | −15.4% | −3.4% | −26.4% | +132% |  |  | 0.06 |
| [NOW](https://easycompare.io/research/now): ServiceNow, Inc. | −18.5% | +37.8% | +9.8% | +848% | 3/5 short-term, 3/3 long-term | consistent | 0.27 |
| [ADP](https://easycompare.io/research/adp): Automatic Data Processing, Inc. | +6.4% | +30.2% | +53.6% | +320% | 3/5 short-term, 3/3 long-term | consistent | 0.49 |
| [TEAM](https://easycompare.io/research/team): Atlassian Corporation | +39.2% | +18.2% | −46.0% | +670% | 5/5 short-term, 2/3 long-term | consistent | 0.12 |
| PAYC: Paycom Software, Inc. | +31.7% | +3.8% | −47.4% | +453% | 5/5 short-term, 2/3 long-term | consistent | -0.04 |
| [ACN](https://easycompare.io/research/acn): Accenture plc | +2.2% | −13.6% | −23.6% | +146% | 3/5 short-term, 2/3 long-term | consistent | 0.00 |
| [SNOW](https://easycompare.io/research/snow): Snowflake Inc. | +30.1% | +116% | −4.3% | — | 3/5 short-term, 2/3 long-term | consistent | 0.29 |
| [MSFT](https://easycompare.io/research/msft): Microsoft Corporation | +3.8% | +66.6% | +80.3% | +946% | 2/5 short-term, 3/3 long-term |  | 0.56 |
| [CRM](https://easycompare.io/research/crm): Salesforce, Inc. | −3.9% | +21.3% | −14.8% | +240% | 2/5 short-term, 3/3 long-term |  | 0.12 |
| [SAP](https://easycompare.io/research/sap): SAP SE | −16.6% | +81.3% | +72.6% | +205% | 2/5 short-term, 3/3 long-term |  | 0.52 |
| [PAYX](https://easycompare.io/research/payx): Paychex, Inc. | −7.1% | +7.5% | +7.9% | +173% | 2/5 short-term, 3/3 long-term |  | 0.19 |
| [IBM](https://easycompare.io/research/ibm): International Business Machines Corporation | −12.5% | +93.5% | +116% | +151% | 1/5 short-term, 3/3 long-term |  | 0.66 |
| [ORCL](https://easycompare.io/research/orcl): Oracle Corporation | −52.1% | +33.3% | +45.1% | +300% | 0/5 short-term, 3/3 long-term |  | 0.38 |
| PCTY: Paylocity Holding Corporation | +12.1% | −10.2% | −41.4% | +288% | 4/5 short-term, 1/3 long-term |  | -0.06 |
| [INTU](https://easycompare.io/research/intu): Intuit Inc. | −48.9% | −32.1% | −38.8% | +237% | 1/5 short-term, 1/3 long-term |  | -0.06 |
| FRSH: Freshworks Inc. | +32.4% | −19.9% | −67.1% | — | 4/5 short-term, 0/3 long-term |  | -0.10 |
| ASAN: Asana, Inc. | −26.5% | −41.5% | −91.7% | — | 3/5 short-term, 0/3 long-term |  | -0.24 |
| [INFY](https://easycompare.io/research/infy): Infosys Limited | −22.4% | −18.0% | −39.8% | +110% | 1/5 short-term, 0/3 long-term |  | -0.19 |
| WIT: Wipro Limited | −21.5% | −6.4% | −55.1% | +19.9% | 1/5 short-term, 0/3 long-term |  | -0.32 |
| BILL: Bill.com Holdings, Inc. | −6.5% | −51.4% | −83.4% | — | 1/5 short-term, 0/3 long-term |  | -0.17 |
| MNDY: monday.com Ltd. | −45.8% | −23.6% | −72.6% | — | 1/5 short-term, 0/3 long-term |  | -0.01 |

### How did WDAY do year by year?

This table shows each investment's total return in every full calendar year since 2013, along with where WDAY ranked among its popular alternatives each year.

- WDAY finished ahead of the S&P 500 in five of its 13 full calendar years, and behind it in each of the last two.
- Among its popular alternatives, NOW came out ahead of WDAY most often, in ten of the 13 years both traded.
- Ranked against its popular alternatives each year, WDAY finished in the top quarter in three of 13 years and in the bottom quarter in five. In 2025, it ranked 10 of 21.

| Year | WDAY | SPY |
| --- | --- | --- |
| 2025 | −16.8% | +17.7% |
| 2024 | −6.5% | +24.9% |
| 2023 | +65.0% | +26.2% |
| 2022 | −38.8% | −18.2% |
| 2021 | +14.0% | +28.7% |
| 2020 | +45.7% | +18.3% |
| 2019 | +3.0% | +31.2% |
| 2018 | +57.0% | −4.6% |
| 2017 | +53.9% | +21.7% |
| 2016 | −17.1% | +12.0% |

## Risk and diversification

How WDAY 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 WDAY's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of WDAY's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: WDAY fell 63.4% from February 2024 to April 2026, while the S&P 500 rose 38.0%.
- The longest climb back to a previous high took 21 months, after WDAY fell 57.6% from February 2014 to February 2016.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −63.4% | February 26, 2024 | April 10, 2026 | not yet | +38.0% |  |
| −57.6% | February 27, 2014 | February 9, 2016 | November 24, 2017 | +3.8% | 2015 China and oil sell-off |
| −55.9% | November 17, 2021 | November 4, 2022 | February 9, 2024 | −18.4% | 2022 bear market |
| −49.2% | July 11, 2019 | March 18, 2020 | August 28, 2020 | −19.1% | Covid crash |
| −23.0% | September 4, 2018 | October 26, 2018 | November 30, 2018 | −8.0% | late-2018 sell-off |

### How did WDAY do in stock market crashes?

This section measures how far WDAY, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- Among its popular alternatives, INFY held up best, falling less than WDAY in five of the six crashes they both traded through.
- WDAY began trading after the 2008 financial crisis, but 11 of its popular alternatives lived through it. The mildest fall among them was ADP's 35.7%, against 55.2% for the S&P 500.
- WDAY fell less than the S&P 500 in three of the six crashes it has traded through. The clearest case was the late-2018 sell-off, when WDAY fell 17.3% and the S&P 500 fell 19.3%.

| Crash | Dates | WDAY fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −42.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.8% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −17.3% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −42.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −47.0% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.8% | −3.4% |

### How closely does WDAY 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.

- 12 of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than WDAY's 0.70, led by NOW, MSFT and ADP.
- NOW took just 79% of the S&P 500's losses, against 139% for WDAY, while still keeping 114% of its gains.
- Over the past 10 years, WDAY captured 96% of the S&P 500's gains in rising months and 139% of its losses in falling months, with a beta of 1.19. Its share of the market's losses was larger than its share of the gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| WDAY: Workday, Inc. (this page) | 96.0% | 139% | 1.19 |
| [NOW](https://easycompare.io/research/now): ServiceNow, Inc. | 114% | 79.0% | 0.97 |
| [ADP](https://easycompare.io/research/adp): Automatic Data Processing, Inc. | 89.0% | 88.0% | 0.79 |
| [TEAM](https://easycompare.io/research/team): Atlassian Corporation | 130% | 132% | 1.03 |
| PAYC: Paycom Software, Inc. | 110% | 114% | 1.12 |
| [ACN](https://easycompare.io/research/acn): Accenture plc | 117% | 186% | 1.12 |
| [MSFT](https://easycompare.io/research/msft): Microsoft Corporation | 127% | 91.0% | 0.96 |
| [CRM](https://easycompare.io/research/crm): Salesforce, Inc. | 115% | 143% | 1.16 |
| [SAP](https://easycompare.io/research/sap): SAP SE | 112% | 152% | 1.10 |
| [PAYX](https://easycompare.io/research/payx): Paychex, Inc. | 87.0% | 114% | 0.89 |
| [IBM](https://easycompare.io/research/ibm): International Business Machines Corporation | 89.0% | 121% | 0.95 |
| [ORCL](https://easycompare.io/research/orcl): Oracle Corporation | 131% | 159% | 1.30 |
| PCTY: Paylocity Holding Corporation | 94.0% | 106% | 0.88 |
| [INTU](https://easycompare.io/research/intu): Intuit Inc. | 99.0% | 126% | 1.03 |
| [INFY](https://easycompare.io/research/infy): Infosys Limited | 85.0% | 126% | 0.90 |
| WIT: Wipro Limited | 62.0% | 122% | 0.82 |

### What diversifies WDAY?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in WDAY into LVHI would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (-5.3% for WDAY alone, 0.0% for the mix).
- DXJ made money in six of the six calendar years in which WDAY lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of WDAY over the past 5 years, with correlations of 0.06 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with WDAY | 5Y return | Volatility | Sharpe | Rose in WDAY's 6 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.06 | +119% | 11.1% | 1.48 | 3 of 6 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.05 | +225% | 19.1% | 1.34 | 6 of 6 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.01 | +101% | 14.5% | 1.04 | 5 of 6 |
| HDV: iShares Core High Dividend ETF | 0.09 | +83.3% | 13.0% | 1.00 | 5 of 6 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.18 | +323% | 36.9% | 0.97 | 4 of 6 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.22 | +85.0% | 13.8% | 0.96 | 5 of 6 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.05 | +126% | 18.9% | 0.96 | 3 of 6 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.19 | +136% | 20.8% | 0.93 | 3 of 6 |

## Common questions

### What was WDAY's worst drawdown?

WDAY's deepest decline since it began trading in 2012 was 63.4%, from February 2024 to April 2026. It has not yet climbed back to that peak. Because WDAY launched in December 2012, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

### What were WDAY's best and worst years?

Over 13 full calendar years, WDAY's best year was 2023, when it returned 65.0%. Its worst was 2022, with a return of -38.7%.

### Is there a better investment than WDAY?

Among WDAY's popular alternatives, MSFT, CRM and IBM earned more than WDAY with less volatility over the past 5 years. MSFT returned 12.5% a year at 28.2% volatility, against a loss of 6.0% a year at 41.7%. Looking beyond its popular alternatives, VEEV (application software) and PTC (application software) earned more than WDAY with less volatility over the past 5 years. VEEV returned a loss of 0.1% a year at 39.6% volatility, against a loss of 6.0% a year at 41.7%.

### Is WDAY more volatile than the S&P 500?

Yes. WDAY's volatility over the past 5 years was 41.7%, 2.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WDAY's return lands within 41.7% 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 WDAY's Sharpe ratio?

WDAY's Sharpe ratio over the past 5 years was 0.06, against 0.79 for the S&P 500, so WDAY 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 WDAY with the S&P 500?

Over the past 5 years, WDAY's monthly returns had a correlation of 0.43 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 WDAY instead: the lower it is, the more that option would diversify a WDAY holding.

### What are the best alternatives to WDAY?

Of the 20 popular alternatives we compared, six outperformed WDAY in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: NOW, ADP and TEAM.

### Did WDAY outperform the S&P 500?

WDAY finished ahead of the S&P 500 (SPY) in five of 13 full calendar years. In 2025, it returned -16.8%, against +17.7% for the index.

### How did WDAY do in stock market crashes?

WDAY fell less than the S&P 500 (SPY) in three of the six major crashes it has traded through, and further in three. The clearest case was the late-2018 sell-off, when WDAY fell 17.3% and the S&P 500 fell 19.3%.

### What diversifies WDAY?

These had a low correlation with WDAY over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.06), DXJ (correlation 0.05) and EMLP (correlation 0.01); among large stocks, CAH (correlation 0.14), CLS (correlation 0.10) and FIX (correlation -0.05). A correlation near zero means the two have moved largely independently.

## More research

- [ServiceNow (NOW) Performance, Alternatives and Market Rank](https://easycompare.io/research/now)
- [Automatic Data Processing (ADP) Performance, Alternatives and Market Rank](https://easycompare.io/research/adp)
- [Atlassian (TEAM) Performance, Alternatives and Market Rank](https://easycompare.io/research/team)
- [Accenture (ACN) Performance, Alternatives and Market Rank](https://easycompare.io/research/acn)
- [Snowflake (SNOW) Performance, Alternatives and Market Rank](https://easycompare.io/research/snow)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Salesforce (CRM) Performance, Alternatives and Market Rank](https://easycompare.io/research/crm)
- [SAP Performance, Alternatives and Market Rank](https://easycompare.io/research/sap)
- [Paychex (PAYX) Performance, Alternatives and Market Rank](https://easycompare.io/research/payx)
- [International Business Machines (IBM) Performance, Alternatives and Market Rank](https://easycompare.io/research/ibm)
- [Oracle (ORCL) Performance, Alternatives and Market Rank](https://easycompare.io/research/orcl)
- [Intuit (INTU) Performance, Alternatives and Market Rank](https://easycompare.io/research/intu)

## Explore further

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