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Relative Intelligence · Banks

How Wells Fargo & Company (WFC) compares with the whole market and its popular alternatives

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

Period covered: WFC's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against WFC →Chart WFC vs. 23 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in WFC over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WFC over the same span and WFC'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. 485 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of WFC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000199720022007201220172022$1,000$10,000$100,00019972004201120182025
  • TD$422,896+4,129% total · +13.8% a year
  • BMO$282,977+2,730% total · +12.2% a year
  • JPM$189,407+1,794% total · +10.7% a year
  • MS$148,562+1,386% total · +9.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • BNY$121,131+1,111% total · +9.0% a year
  • WFC$112,272+1,023% total · +8.7% a year
  • NTRS$104,731+947% total · +8.4% a year
  • STT$96,326+863% total · +8.1% a year
  • FITB$38,728+287% total · +4.8% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 838 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of WFC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000$35,000$40,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • BNY$31,954+220% total · +26.2% a year
  • GS$26,885+169% total · +21.9% a year
  • STT$23,984+140% total · +19.1% a year
  • JPM$22,905+129% total · +18.0% a year
  • TD$21,998+120% total · +17.1% a year
  • BMO$20,733+107% total · +15.7% a year
  • WFC$19,481+94.8% total · +14.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • NTRS$18,218+82.2% total · +12.7% a year
  • FITB$14,402+44.0% total · +7.6% a year
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WFC 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
$248B
Industry
Banks - Diversified
Price history from
October 1986

Returns

Past 1 year
−2.4%total return
Past 3 years
+119%+30.0% a year
Past 5 years
+85.0%+13.1% a year
Past 10 years
+141%+9.2% a year
Best calendar year
+81.9%1997
Worst calendar year
−41.6%2020
Losing years
7 of 29full calendar years

Risk

Volatility
29.5%typical yearly swing, 5 years
Sharpe ratio
0.57return per unit of risk, 5 years
Worst decline ever
−79.0%Sep 2008 to Mar 2009
From its all-time high
−13.3%below the peak

WFC against the whole market

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

How does WFC rank among all stocks?

This section ranks WFC 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 WFC 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.

MeasureWFCRankStanding
1-year return−2.4%2,081 of 3,287bottom 38%
3-year return+119%777 of 3,017top 26%
5-year return+85.0%785 of 2,893top 27%
10-year return+141%1,120 of 2,202bottom 50%
Volatility, 5 years29.5%680 of 2,893top 24%
Sharpe ratio, 5 years0.57756 of 2,893top 26%
Worst decline, past 10 years−64.5%1,063 of 2,187top 49%

What has beaten WFC 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). WFC sits where the dashed lines cross. Anything in the green box above and to the left earned more than WFC 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 WFC; faint dots are 87 more of the 181 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%15.0%20.0%25.0%30.0%35.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WFCMSI: +14.8% a year, volatility 23.6%FAST: +15.8% a year, volatility 24.6%AAPL: +18.5% a year, volatility 28.0%WRB: +18.9% a year, volatility 22.9%L: +14.3% a year, volatility 19.2%RNR: +20.1% a year, volatility 27.8%WMT: +20.8% a year, volatility 22.6%THG: +14.4% a year, volatility 22.9%ABBV: +26.1% a year, volatility 23.4%WTM: +15.4% a year, volatility 23.6%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%CVX: +19.5% a year, volatility 25.2%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%RTX: +18.6% a year, volatility 24.3%CHCO: +15.9% a year, volatility 22.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%BFC: +19.0% a year, volatility 27.3%VGT: +18.4% a year, volatility 26.0%BTI: +18.7% a year, volatility 22.0%PGR: +21.3% a year, volatility 25.6%NPK: +16.3% a year, volatility 27.3%TT: +22.7% a year, volatility 27.7%EPD: +16.4% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%CCBG: +15.9% a year, volatility 27.5%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%NXTG: +16.2% a year, volatility 19.1%GVAL: +14.4% a year, volatility 18.7%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%AME: +14.4% a year, volatility 22.1%IX: +17.9% a year, volatility 25.4%ACGL: +20.1% a year, volatility 24.5%HIG: +15.6% a year, volatility 22.0%IHG: +21.4% a year, volatility 26.6%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%OEF: +14.3% a year, volatility 17.8%PKG: +15.4% a year, volatility 25.8%EWT: +20.4% a year, volatility 24.2%EHC: +18.4% a year, volatility 26.8%VLUE: +15.9% a year, volatility 18.4%PSO: +18.5% a year, volatility 27.9%MSGS: +18.4% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%GLD: +17.7% a year, volatility 18.9%EMLP: +14.9% a year, volatility 14.5%FLTW: +21.8% a year, volatility 24.3%RSPT: +16.9% a year, volatility 25.1%MPLX: +23.5% a year, volatility 18.8%EUFN: +18.5% a year, volatility 21.8%GARP: +17.5% a year, volatility 22.5%FRDM: +17.3% a year, volatility 22.8%BATRA: +15.3% a year, volatility 22.0%ORLY: +15.9% a year, volatility 23.4%PWB: +14.8% a year, volatility 22.2%ETR: +19.2% a year, volatility 22.4%XOM: +27.1% a year, volatility 26.5%TPYP: +16.9% a year, volatility 17.3%DBJP: +20.9% a year, volatility 19.2%CTBI: +16.0% a year, volatility 26.0%ATO: +14.9% a year, volatility 18.4%CRAK: +19.8% a year, volatility 20.9%EPU: +29.5% a year, volatility 24.9%NANR: +17.4% a year, volatility 22.6%NI: +15.1% a year, volatility 20.3%TRST: +15.5% a year, volatility 26.8%THFF: +15.9% a year, volatility 26.2%UFOX: +17.2% a year, volatility 26.5%IDOG: +14.1% a year, volatility 15.6%SHEL: +21.0% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%TTE: +18.0% a year, volatility 25.8%AXS: +16.7% a year, volatility 25.2%WFC: +13.1% a year, volatility 29.5%SPY (S&P 500): +12.7% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%BNY: +22.7% a year, volatility 24.4%BMO: +13.6% a year, volatility 21.4%GS: +19.6% a year, volatility 28.6%STT: +14.4% a year, volatility 29.9%CBOE: +21.5% a year, volatility 25.1%RY: +17.3% a year, volatility 18.2%CM: +19.2% a year, volatility 21.6%BCH: +25.2% a year, volatility 28.2%BNS: +12.9% a year, volatility 19.9%CME: +11.2% a year, volatility 20.8%KO: +14.7% a year, volatility 16.8%MRK: +16.3% a year, volatility 24.8%CB: +15.7% a year, volatility 20.4%TRV: +22.4% a year, volatility 22.3%IOO: +15.7% a year, volatility 17.2%BRK-B: +13.4% a year, volatility 17.1%TDIV: +16.2% a year, volatility 21.3%MUSA: +26.1% a year, volatility 31.2%CAH: +42.1% a year, volatility 24.7%WFCSPY (S&P 500)JPMTDBNYBMOGSSTTRYCMBCHCMEKOMRKCBTRVIOOBRK-BTDIVMUSACAH10.0%15.0%20.0%25.0%30.0%35.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WFCMSI: +14.8% a year, volatility 23.6%FAST: +15.8% a year, volatility 24.6%AAPL: +18.5% a year, volatility 28.0%WRB: +18.9% a year, volatility 22.9%L: +14.3% a year, volatility 19.2%RNR: +20.1% a year, volatility 27.8%WMT: +20.8% a year, volatility 22.6%THG: +14.4% a year, volatility 22.9%ABBV: +26.1% a year, volatility 23.4%WTM: +15.4% a year, volatility 23.6%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%CVX: +19.5% a year, volatility 25.2%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%RTX: +18.6% a year, volatility 24.3%CHCO: +15.9% a year, volatility 22.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%BFC: +19.0% a year, volatility 27.3%VGT: +18.4% a year, volatility 26.0%BTI: +18.7% a year, volatility 22.0%PGR: +21.3% a year, volatility 25.6%NPK: +16.3% a year, volatility 27.3%TT: +22.7% a year, volatility 27.7%EPD: +16.4% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%CCBG: +15.9% a year, volatility 27.5%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%NXTG: +16.2% a year, volatility 19.1%GVAL: +14.4% a year, volatility 18.7%KMI: +18.7% a year, volatility 22.5%CTAS: +16.5% a year, volatility 23.1%AFL: +19.0% a year, volatility 20.8%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%AME: +14.4% a year, volatility 22.1%IX: +17.9% a year, volatility 25.4%ACGL: +20.1% a year, volatility 24.5%HIG: +15.6% a year, volatility 22.0%IHG: +21.4% a year, volatility 26.6%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%OEF: +14.3% a year, volatility 17.8%PKG: +15.4% a year, volatility 25.8%EWT: +20.4% a year, volatility 24.2%EHC: +18.4% a year, volatility 26.8%VLUE: +15.9% a year, volatility 18.4%PSO: +18.5% a year, volatility 27.9%MSGS: +18.4% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%GLD: +17.7% a year, volatility 18.9%EMLP: +14.9% a year, volatility 14.5%FLTW: +21.8% a year, volatility 24.3%RSPT: +16.9% a year, volatility 25.1%MPLX: +23.5% a year, volatility 18.8%EUFN: +18.5% a year, volatility 21.8%GARP: +17.5% a year, volatility 22.5%FRDM: +17.3% a year, volatility 22.8%BATRA: +15.3% a year, volatility 22.0%ORLY: +15.9% a year, volatility 23.4%PWB: +14.8% a year, volatility 22.2%ETR: +19.2% a year, volatility 22.4%XOM: +27.1% a year, volatility 26.5%TPYP: +16.9% a year, volatility 17.3%DBJP: +20.9% a year, volatility 19.2%CTBI: +16.0% a year, volatility 26.0%ATO: +14.9% a year, volatility 18.4%CRAK: +19.8% a year, volatility 20.9%EPU: +29.5% a year, volatility 24.9%NANR: +17.4% a year, volatility 22.6%NI: +15.1% a year, volatility 20.3%TRST: +15.5% a year, volatility 26.8%THFF: +15.9% a year, volatility 26.2%UFOX: +17.2% a year, volatility 26.5%IDOG: +14.1% a year, volatility 15.6%SHEL: +21.0% a year, volatility 24.8%WELL: +26.0% a year, volatility 23.8%TTE: +18.0% a year, volatility 25.8%AXS: +16.7% a year, volatility 25.2%WFC: +13.1% a year, volatility 29.5%SPY (S&P 500): +12.7% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%BNY: +22.7% a year, volatility 24.4%BMO: +13.6% a year, volatility 21.4%GS: +19.6% a year, volatility 28.6%STT: +14.4% a year, volatility 29.9%CBOE: +21.5% a year, volatility 25.1%RY: +17.3% a year, volatility 18.2%CM: +19.2% a year, volatility 21.6%BCH: +25.2% a year, volatility 28.2%BNS: +12.9% a year, volatility 19.9%CME: +11.2% a year, volatility 20.8%KO: +14.7% a year, volatility 16.8%MRK: +16.3% a year, volatility 24.8%CB: +15.7% a year, volatility 20.4%TRV: +22.4% a year, volatility 22.3%IOO: +15.7% a year, volatility 17.2%BRK-B: +13.4% a year, volatility 17.1%TDIV: +16.2% a year, volatility 21.3%MUSA: +26.1% a year, volatility 31.2%CAH: +42.1% a year, volatility 24.7%WFCSPY (S&P 500)JPMTDBNYGSSTTCBOERYBCHKOMRKTRVMUSACAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than WFC?

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

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

Screen the whole market against WFC for any period in BetterThanSPYOpen these 21 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 WFC?lower diversifies moreExpenseper year
WFCWells Fargo & Company · this page
+13.1%29.5%0.57−64.5%+141%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.540.09%
Popular alternativesbest 6 shownThe investments people most often weigh against WFC. 9 of 23 passed at least one test.
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%24.3%0.78−43.6%+537%0.80—
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.8%20.0%0.84−42.0%+310%0.52—
BNYBank of New York Mellon Corp · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+22.7%24.4%0.97−50.5%+341%0.69—
BMOBank of Montreal · Banks
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.6%21.4%0.71−51.0%+295%0.56—
GSThe Goldman Sachs Group, Inc. · Capital Markets
Higher return, similar volatilityHigher Sharpe, smaller worst decline+19.6%28.6%0.77−48.8%+521%0.73—
STTState Street Corporation · Banks
Higher return in most periods+14.4%29.9%0.60−59.6%+212%0.68—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus WFC's specific themes. 43 of 120 passed at least one test.
CBOECboe Global Markets, Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+21.5%25.1%0.91−43.2%+463%0.01—
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.58—
CMCanadian Imperial Bank of Commerce · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.2%21.6%0.93−47.3%+395%0.59—
BCHBanco de Chile · Banks
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+25.2%28.2%0.94−58.4%+180%0.20—
BNSThe Bank of Nova Scotia · Banks
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.9%19.9%0.71−46.9%+187%0.49—
CMECME Group Inc. · Capital Markets
Smaller losses in recent crashes+11.2%20.8%0.62−37.4%+319%0.06—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 762 of 3,490 passed at least one test.
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+14.7%16.8%0.91−37.0%+204%0.04—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+16.3%24.8%0.74−43.4%+241%0.05—
CBChubb Limited · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+15.7%20.4%0.82−42.6%+248%0.35—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.4%22.3%1.02−46.3%+347%0.47—
IOOiShares Global 100 ETF · Global Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+15.7%17.2%0.94−31.4%+361%0.460.40%
BRK-BBerkshire Hathaway Inc. · Insurance
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+13.4%17.1%0.82−29.6%+274%0.37—
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+16.2%21.3%0.81−32.0%+388%0.350.50%
MUSAMurphy USA Inc. · Convenience Stores
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+26.1%31.2%0.90−35.5%+706%0.18—
What these numbers mean for WFC
Annual return
WFC returned 13.1% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $18,500. 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
WFC's volatility over the past 5 years was 29.5%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WFC's return lands within 29.5% 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
WFC's Sharpe ratio over the past 5 years was 0.57, against 0.79 for the S&P 500, so WFC 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
WFC's worst fall from a peak to a low over the past 10 years was 64.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 64.5% fall takes a 181% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, WFC's monthly returns had a correlation of 0.54 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 WFC instead: the lower it is, the more that option would diversify a WFC holding. Guide: Correlation and diversification →
Show all 181 stocks and funds worth at least $500 million that earned more than WFC 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 WFCExpense
1
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.04—
2
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.05—
3
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.35—
4
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.47—
5
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.20—
6
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.25—
7
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.29—
8
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.21—
9
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.21—
10
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.49—
11
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.06—
12
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.460.40%
13
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.23—
14
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.28—
15
CBOECboe Global Markets, Inc. · Capital Markets
Same or nearby category+21.5%25.1%0.91−43.2%+463%0.01—
16
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.03—
17
WTMWhite Mountains Insurance Group, Ltd. · Insurance
Whole market+15.4%23.6%0.73−40.2%+169%0.38—
18
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.350.50%
19
RYRoyal Bank of Canada · Banks
Same or nearby category+17.3%18.2%0.97−40.0%+352%0.58—
20
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.260.48%
21
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.430.40%
22
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.36—
23
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.33—
24
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.380.18%
25
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.26—
26
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.11—
27
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.22—
28
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.08—
29
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.27—
30
CHCOCity Holding Company · Banks - Regional
Whole market+15.9%22.8%0.77−32.3%+286%0.56—
31
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.07—
32
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.03—
33
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%0.33—
34
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.360.09%
35
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.25—
36
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.21—
37
NPKNational Presto Industries, Inc. · Aerospace & Defense
Whole market+16.3%27.3%0.69−45.5%+181%0.21—
38
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.36—
39
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.51—
40
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.39—
41
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.59—
42
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.44—
43
CCBGCapital City Bank Group, Inc. · Banks - Regional
Whole market+15.9%27.5%0.68−45.2%+300%0.50—
44
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.55—
45
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.05—
46
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.240.70%
47
GVALCambria Global Value ETF · International
Whole market+14.4%18.7%0.82−46.8%+173%0.390.68%
48
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.50—
49
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.31—
50
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.40—
51
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.16—
52
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.26—
53
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.46—
54
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.32—
55
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.23—
56
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.6%22.0%0.77−57.6%+294%0.50—
57
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.62—
58
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.420.13%
59
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.40—
60
OEFiShares S&P 100 ETF · US Large-Cap Equity
Whole market+14.3%17.8%0.84−31.4%+367%0.490.20%
61
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.42—
62
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.260.59%
63
CMCanadian Imperial Bank of Commerce · Banks
Same or nearby category+19.2%21.6%0.93−47.3%+395%0.59—
64
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.23—
65
JPMJPMorgan Chase & Co. · Banks
Popular alternative+17.3%24.3%0.78−43.6%+537%0.80—
66
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.470.15%
67
PSOPearson plc · Education Services
Whole market+18.5%27.9%0.75−58.4%+155%0.31—
68
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.25—
69
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.12—
70
TDThe Toronto-Dominion Bank · Banks
Popular alternative+15.8%20.0%0.84−42.0%+310%0.52—
71
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%-0.080.40%
72
BNYBank of New York Mellon Corp · Banks
Popular alternative+22.7%24.4%0.97−50.5%+341%0.69—
73
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.510.95%
74
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.240.19%
75
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.9%25.1%0.75−33.7%+572%0.390.40%
76
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.59—
77
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.570.49%
78
GARPiShares MSCI USA Quality GARP ETF · Broad Market
Whole market+17.5%22.5%0.83−31.4%—0.440.15%
79
FRDMFreedom 100 Emerging Markets ETF · International
Whole market+17.3%22.8%0.82−40.5%—0.330.49%
80
BATRAAtlanta Braves Holdings, Inc. · Entertainment
Whole market+15.3%22.0%0.76−54.2%+224%0.35—
81
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.21—
82
PWBInvesco Large Cap Growth ETF · Broad Market
Whole market+14.8%22.2%0.74−32.4%+409%0.420.55%
83
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.23—
84
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.31—
85
TPYPTortoise North American Pipeline ETF · Energy
Whole market+16.9%17.3%0.99−51.9%+184%0.550.40%
86
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.290.45%
87
CTBICommunity Trust Bancorp, Inc. · Banks - Regional
Whole market+16.0%26.0%0.70−43.0%+192%0.51—
88
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.34—
89
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.290.61%
90
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.360.59%
91
NANRState Street SPDR S&P North American Natural Resources ETF · Broad Market
Whole market+17.4%22.6%0.83−49.1%+241%0.370.35%
92
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.29—
93
TRSTTrustCo Bank Corp NY · Banks - Regional
Whole market+15.5%26.8%0.68−49.5%+126%0.45—
94
THFFFirst Financial Corporation · Banks - Regional
Whole market+15.9%26.2%0.69−42.8%+161%0.46—
95
UFOXDefiance Space and Connective Tech ETF · Technology
Whole market+17.2%26.5%0.73−33.9%—0.310.30%
96
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+180%0.370.50%
97
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.34—
98
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.30—
99
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+234%0.22—
100
AXSAXIS Capital Holdings Limited · Property & Casualty Insurance
Whole market+16.7%25.2%0.74−49.3%+137%0.41—

WFC against its popular alternatives

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

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

Green points earned more than WFC 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%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWFC: 13.1% a year, volatility 29.5%SPY (S&P 500): 12.7% a year, volatility 17.1%JPM: 17.3% a year, volatility 24.3%TD: 15.8% a year, volatility 20.0%BNY: 22.7% a year, volatility 24.4%BMO: 13.6% a year, volatility 21.4%FITB: 6.8% a year, volatility 31.4%MS: 16.0% a year, volatility 28.8%GS: 19.6% a year, volatility 28.6%C: 15.1% a year, volatility 29.4%AXP: 13.5% a year, volatility 29.3%CFG: 9.2% a year, volatility 33.6%COF: 4.9% a year, volatility 35.2%RF: 7.8% a year, volatility 30.9%KEY: 2.3% a year, volatility 37.6%USB: 3.3% a year, volatility 29.6%MTB: 9.8% a year, volatility 29.7%HBAN: 3.0% a year, volatility 31.2%TFC: −1.2% a year, volatility 31.6%STT: 14.4% a year, volatility 29.9%NTRS: 8.9% a year, volatility 29.3%MA: 12.4% a year, volatility 23.8%V: 12.8% a year, volatility 22.9%PNC: 4.6% a year, volatility 26.8%BAC: 4.0% a year, volatility 26.6%WFCSPY (S&P 500)JPMTDBNYBMOFITBMSGSCAXPCFGCOFRFKEYUSBMTBHBANTFCSTTNTRSMAVPNCBAC15.0%20.0%25.0%30.0%35.0%40.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWFC: 13.1% a year, volatility 29.5%SPY (S&P 500): 12.7% a year, volatility 17.1%JPM: 17.3% a year, volatility 24.3%TD: 15.8% a year, volatility 20.0%BNY: 22.7% a year, volatility 24.4%BMO: 13.6% a year, volatility 21.4%FITB: 6.8% a year, volatility 31.4%MS: 16.0% a year, volatility 28.8%GS: 19.6% a year, volatility 28.6%C: 15.1% a year, volatility 29.4%AXP: 13.5% a year, volatility 29.3%CFG: 9.2% a year, volatility 33.6%COF: 4.9% a year, volatility 35.2%RF: 7.8% a year, volatility 30.9%KEY: 2.3% a year, volatility 37.6%USB: 3.3% a year, volatility 29.6%MTB: 9.8% a year, volatility 29.7%HBAN: 3.0% a year, volatility 31.2%TFC: −1.2% a year, volatility 31.6%STT: 14.4% a year, volatility 29.9%NTRS: 8.9% a year, volatility 29.3%MA: 12.4% a year, volatility 23.8%V: 12.8% a year, volatility 22.9%PNC: 4.6% a year, volatility 26.8%BAC: 4.0% a year, volatility 26.6%WFCSPY (S&P 500)JPMTDBNYFITBMSGSCAXPCFGCOFRFKEYUSBMTBTFCSTTNTRSPNCBAC
All figures
InvestmentAnnual returnVolatility
BNY Bank of New York Mellon Corp+22.7%24.4%
GS The Goldman Sachs Group, Inc.+19.6%28.6%
JPM JPMorgan Chase & Co.+17.3%24.3%
MS Morgan Stanley+16.0%28.8%
TD The Toronto-Dominion Bank+15.8%20.0%
C Citigroup Inc.+15.1%29.4%
STT State Street Corporation+14.4%29.9%
BMO Bank of Montreal+13.6%21.4%
AXP American Express Company+13.5%29.3%
WFC This pageWells Fargo & Company+13.1%29.5%
V Visa Inc.+12.8%22.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MA Mastercard Incorporated+12.4%23.8%
MTB M&T Bank Corporation+9.8%29.7%
CFG Citizens Financial Group, Inc.+9.2%33.6%
NTRS Northern Trust Corporation+8.9%29.3%
RF Regions Financial Corporation+7.8%30.9%
FITB Fifth Third Bancorp+6.8%31.4%
COF Capital One Financial Corporation+4.9%35.2%
PNC The PNC Financial Services Group, Inc.+4.6%26.8%
BAC Bank of America Corporation+4.0%26.6%
USB U.S. Bancorp+3.3%29.6%
HBAN Huntington Bancshares Incorporated+3.0%31.2%
KEY KeyCorp+2.3%37.6%
TFC Truist Financial Corporation−1.2%31.6%
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Has WFC consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than WFC 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
WFC Wells Fargo & Company (this page)—−5.0%−4.3%+1.4%−12.3%−2.4%+119%+85.0%+141%29.5%0.57−64.5%—$248B—
JPM QualifiedJPMorgan Chase & Co.5/5 short3/3 longAll-weather−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
TD QualifiedThe Toronto-Dominion Bank5/5 short3/3 longAll-weather−0.9%+2.1%+16.3%+33.1%+57.5%+141%+109%+310%20.0%0.84−42.0%—$206B—
BNY QualifiedBank of New York Mellon Corp3/5 short3/3 long−6.3%−7.7%+7.4%+24.8%+35.3%+272%+179%+341%24.4%0.97−50.5%—$98B—
BMO QualifiedBank of Montreal3/5 short3/3 long−5.5%−5.3%+10.8%+29.7%+37.6%+146%+89.4%+295%21.4%0.71−51.0%—$116B—
STT QualifiedState Street Corporation3/5 short3/3 long−9.2%−8.3%+12.1%+31.3%+47.9%+181%+96.2%+212%29.9%0.60−59.6%—$46B—
FITB QualifiedFifth Third Bancorp4/5 short2/3 long−0.9%−7.9%+4.4%+12.5%+29.6%+151%+38.9%+255%31.4%0.37−64.0%—$48B—
NTRS QualifiedNorthern Trust Corporation3/5 short2/3 long−7.5%−9.1%+5.0%+20.6%+31.1%+180%+52.9%+205%29.3%0.44−50.0%—$30B—
MS Financial - Capital MarketsMorgan Stanley2/5 short3/3 long−12.5%−14.0%−4.4%+0.8%+13.9%+170%+110%+627%28.8%0.66−51.3%—$285B—
GS Financial - Capital MarketsThe Goldman Sachs Group, Inc.2/5 short3/3 long−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
C Banks - DiversifiedCitigroup Inc.2/5 short3/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
AXP Financial - Credit ServicesAmerican Express Company1/5 short3/3 long+1.8%−9.3%−2.9%−13.8%−7.9%+133%+88.5%+446%29.3%0.58−49.6%—$215B—
CFG Banks - RegionalCitizens Financial Group, Inc.2/5 short2/3 long−4.7%−9.6%−1.0%+10.4%+31.5%+205%+55.0%+266%33.6%0.43−65.6%—$27B—
COF Financial - Credit ServicesCapital One Financial Corporation2/5 short2/3 long−1.6%−2.2%−1.2%−17.8%−4.7%+134%+27.0%+222%35.2%0.31−60.3%—$124B—
MA Financial - Credit ServicesMastercard Incorporated5/5 short1/3 long+9.5%+13.5%+20.5%+10.9%+10.3%+64.3%+79.2%+541%23.8%0.61−41.0%—$543B—
V Financial - Credit ServicesVisa Inc.5/5 short1/3 long+9.9%+13.0%+30.0%+18.0%+19.0%+78.2%+82.5%+429%22.9%0.64−36.4%—$759B—
RF Banks - RegionalRegions Financial Corporation3/5 short1/3 long−2.5%−9.6%+0.3%+4.0%+20.5%+120%+45.7%+278%30.9%0.40−60.8%—$24B—
PNC Banks - RegionalThe PNC Financial Services Group, Inc.3/5 short1/3 long−4.4%−10.8%−1.0%+7.9%+25.3%+120%+25.1%+230%26.8%0.30−49.6%—$88B—
KEY Banks - RegionalKeyCorp3/5 short1/3 long−0.3%−9.9%−4.4%+2.1%+24.6%+143%+11.9%+143%37.6%0.25−65.2%—$22B—
BAC Banks - DiversifiedBank of America Corporation2/5 short1/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
USB Banks - RegionalU.S. Bancorp4/5 short0/3 long−1.3%−5.5%+5.5%+12.7%+30.3%+117%+17.6%+94.6%29.6%0.26−52.1%—$92B—
MTB Banks - RegionalM&T Bank Corporation3/5 short0/3 long−3.8%−11.9%+0.7%+9.2%+23.4%+111%+59.3%+143%29.7%0.46−53.0%—$32B—
HBAN Banks - RegionalHuntington Bancshares Incorporated3/5 short0/3 long−3.1%−13.1%−7.2%−8.5%+1.9%+82.4%+16.1%+132%31.2%0.25−55.0%—$31B—
TFC Banks - RegionalTruist Financial Corporation3/5 short0/3 long−3.4%−6.3%−5.0%−1.9%+13.6%+102%−5.7%+82.7%31.6%0.12−59.1%—$58B—
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How did WFC do year by year?

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

InvestmentYears ahead of WFC20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
WFC This pageWells Fargo & Company—+35.6%+46.5%+22.9%−11.9%+61.1%−41.6%+21.4%−21.8%+13.2%+4.7%+1.8%+24.1%+36.7%+27.3%−9.6%+15.7%−6.3%+1.7%−12.1%+16.9%+4.5%+9.0%+29.5%+10.3%−20.2%+40.5%+3.3%+5.1%+81.9%
Rank among alternativesTop quarter in 7 of 2911 of 244 of 246 of 249 of 242 of 2424 of 2422 of 2417 of 2418 of 2423 of 249 of 242 of 2313 of 2313 of 2311 of 2310 of 2318 of 231 of 2211 of 2213 of 2110 of 2113 of 2114 of 216 of 2116 of 218 of 2110 of 2012 of 204 of 20
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%
JPM JPMorgan Chase & Co.18 of 29+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
TD The Toronto-Dominion Bank14 of 29+85.3%−13.4%+4.5%−12.2%+41.3%+5.6%+17.5%−12.1%+22.9%+30.9%−14.9%+5.0%+16.1%+16.8%+4.1%+22.7%+85.4%−46.8%+20.4%+16.1%+30.7%+29.7%+61.4%−11.7%−7.2%+11.2%+58.4%−2.9%+52.7%
BNY Bank of New York Mellon Corp15 of 29+54.4%+51.9%+18.5%−19.1%+40.6%−12.9%+9.6%−10.8%+15.7%+17.1%+3.3%+18.3%+38.6%+32.1%−32.8%+9.3%+0.9%−40.4%+20.0%+26.8%−1.2%+4.8%+45.2%−38.9%−23.4%+42.7%+1.6%+41.6%+75.3%
BMO Bank of Montreal15 of 29+39.6%+3.0%+14.6%−12.4%+46.9%+3.3%+23.9%−14.9%+15.4%+32.9%−16.8%+10.4%+13.7%+17.3%−0.3%+13.7%+121%−51.9%−0.4%+9.4%+20.4%+21.0%+62.9%+23.0%−9.6%+62.5%−10.8%−6.1%+44.8%
STT State Street Corporation14 of 29+35.5%+30.2%+3.5%−13.8%+31.0%−4.8%+29.3%−34.0%+27.8%+19.8%−13.9%+8.7%+58.6%+19.2%−11.4%+6.6%+10.8%−50.7%+21.9%+23.2%+14.5%−4.4%+35.4%−24.5%−15.2%+71.1%+5.0%+21.5%+81.6%
FITB Fifth Third Bancorp12 of 29+14.8%+27.2%+10.4%−21.9%+62.4%−5.4%+35.2%−20.3%+15.1%+37.9%+1.3%−0.8%+41.9%+22.5%−11.3%+51.2%+18.9%−65.6%−35.5%+13.0%−17.3%−17.9%+3.0%−3.0%+4.1%+23.8%+4.3%+32.4%+97.8%
NTRS Northern Trust Corporation17 of 29+36.9%+25.6%−1.0%−23.8%+31.6%−9.3%+30.6%−14.7%+14.2%+26.1%+9.1%+11.1%+26.1%+29.9%−26.5%+8.1%+2.7%−30.8%+28.2%+19.1%+8.6%+6.7%+34.5%−40.9%−25.4%+55.1%+22.5%+26.7%+95.2%
MS Morgan Stanley13 of 29+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%−22.1%+46.3%+4.6%−2.0%+48.4%−27.0%−28.1%+12.3%+103%+21.9%+80.3%
GS The Goldman Sachs Group, Inc.14 of 26+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%+8.6%+57.4%+23.9%+6.5%+46.3%−26.0%−12.8%+14.1%———
C Citigroup Inc.11 of 29+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%+70.2%−6.8%+79.9%
AXP American Express Company16 of 29+26.0%+60.3%+28.7%−8.5%+36.9%−1.1%+32.5%−2.6%+36.2%+8.6%−24.2%+3.7%+59.8%+23.6%+11.6%+7.8%+126%−63.7%−13.4%+19.1%+4.3%+17.6%+37.7%+0.2%−34.5%−0.3%+63.3%+15.7%+59.9%
CFG Citizens Financial Group, Inc.6 of 11+38.6%+38.0%−11.0%−13.4%+37.1%−6.7%+41.9%−27.5%+19.9%+38.7%+7.1%——————————————————
COF Capital One Financial Corporation14 of 29+37.6%+38.3%+44.3%−34.6%+49.3%−2.7%+38.6%−22.8%+16.3%+23.8%−10.9%+9.4%+34.2%+37.5%−0.1%+11.6%+24.1%−30.3%−38.4%−11.0%+2.7%+37.6%+107%−44.8%−17.8%+36.9%+26.0%+113%+51.5%
MA Mastercard Incorporated12 of 19+9.0%+24.2%+23.4%−2.7%+1.2%+20.2%+59.2%+25.3%+47.7%+6.9%+13.8%+3.7%+70.7%+32.1%+66.7%−12.2%+79.8%−33.4%+119%——————————
V Visa Inc.11 of 17+11.8%+22.3%+26.3%−3.4%−0.3%+17.1%+43.3%+16.5%+47.2%+1.4%+19.1%+18.7%+48.0%+50.5%+45.4%−18.9%+68.0%————————————
RF Regions Financial Corporation12 of 29+20.2%+27.0%−5.7%+2.4%+39.4%−1.6%+33.3%−20.6%+22.9%+53.7%−7.0%+8.7%+40.2%+66.7%−38.1%+32.7%−31.6%−64.0%−33.7%+15.0%0.0%+26.8%+21.3%+21.3%+20.5%+23.2%−32.4%+2.0%+71.9%
PNC The PNC Financial Services Group, Inc.13 of 29+12.2%+29.4%+2.7%−18.6%+38.2%−2.8%+40.9%−17.0%+26.0%+25.8%+6.8%+20.3%+36.4%+3.6%−3.1%+15.8%+10.2%−22.2%−8.3%+23.6%+11.7%+8.9%+36.2%−22.5%−20.7%+70.4%−15.0%−2.2%+56.7%
KEY KeyCorp8 of 29+26.2%+25.4%−11.6%−21.6%+45.9%−14.5%+42.7%−24.6%+12.7%+42.1%−3.2%+5.5%+62.4%+12.0%−11.6%+60.4%−34.0%−61.6%−35.5%+19.9%+0.9%+20.1%+22.1%+8.1%−8.8%+33.9%−28.4%−7.1%+44.5%
BAC Bank of America Corporation11 of 29+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%−14.0%+1.2%+27.3%
USB U.S. Bancorp13 of 29+16.4%+15.6%+4.8%−19.1%+24.3%−17.9%+33.6%−12.4%+6.6%+23.4%−2.8%+13.8%+29.6%+20.9%+2.3%+20.7%−9.0%−16.6%−8.0%+26.3%−0.5%+10.6%+45.3%+5.3%−6.8%+13.2%−30.5%+64.5%+90.1%
MTB M&T Bank Corporation11 of 29+10.4%+41.7%−1.7%−2.9%+24.3%−22.2%+21.6%−14.6%+10.8%+32.2%−1.3%+10.4%+21.3%+33.2%−9.1%+34.8%+23.1%−27.0%−31.5%+14.2%+2.8%+11.6%+25.6%+10.4%+8.6%+66.3%−19.4%+12.5%+62.8%
HBAN Huntington Bancshares Incorporated11 of 29+10.8%+33.7%−4.6%−4.5%+27.1%−11.2%+31.8%−15.2%+12.9%+23.0%+7.5%+11.6%+54.1%+19.5%−18.4%+89.5%−51.5%−44.2%−34.3%+4.3%−0.4%+13.4%+24.3%+12.5%+11.0%−22.1%−10.1%−5.8%+54.1%
TFC Truist Financial Corporation9 of 29+19.1%+23.7%−8.6%−23.5%+26.1%−11.1%+34.6%−10.2%+8.7%+28.4%−0.1%+6.9%+32.7%+18.6%−1.9%+5.9%−2.0%−4.5%−27.2%+8.9%+3.4%+12.8%+8.1%+5.6%−0.4%+40.6%−30.6%+28.5%+81.3%
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Risk and diversification

How WFC 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 WFC's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents WFC's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

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

DuringWFC fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−79.0%−44.1%Sep 2008Mar 20096 monthsMar 20134 years
Late-2018 sell-off−64.5%+21.3%Jan 2018Oct 20202.8 yearsFeb 202216 months
2008 financial crisis−43.6%−21.2%Oct 2007Jul 20089 monthsSep 20082 months
No named crash−38.8%—Jun 1990Oct 19904 monthsFeb 19914 months
2022 bear market−37.1%−11.8%Feb 2022Mar 202313 monthsMar 202412 months

How did WFC do in stock market crashes?

This section measures how far WFC, 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 WFC.

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
WFC This pageWells Fargo & Company—−12.4%−36.3%−47.1%−20.1%−13.5%−20.9%−21.1%−1.2%−79.0%−29.2%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
JPM JPMorgan Chase & Co.5 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
TD The Toronto-Dominion Bank8 of 10−6.7%−29.0%−41.0%−20.9%−5.5%−18.1%−19.6%0.0%−63.4%−44.1%
BNY Bank of New York Mellon Corp6 of 10−11.4%−40.5%−40.1%−16.2%−5.4%−27.0%−30.9%−0.5%−62.4%−62.6%
BMO Bank of Montreal8 of 10−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
STT State Street Corporation2 of 10−14.6%−41.4%−45.1%−32.3%−8.3%−34.1%−28.3%−1.9%−82.3%−50.7%
FITB Fifth Third Bancorp2 of 10−22.1%−36.5%−60.9%−23.8%−6.1%−34.9%−28.9%−2.3%−96.9%−22.0%
NTRS Northern Trust Corporation5 of 10−10.7%−36.0%−39.0%−27.2%−8.1%−29.9%−25.4%0.0%−60.5%−65.2%
MS Morgan Stanley4 of 10−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
GS The Goldman Sachs Group, Inc.5 of 10−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
C Citigroup Inc.2 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
AXP American Express Company4 of 10−9.8%−31.6%−49.6%−20.7%−8.6%−36.6%−18.1%−4.5%−83.4%−59.1%
CFG Citizens Financial Group, Inc.1 of 6−19.5%−39.7%−60.5%−31.3%−8.3%−32.8%————
COF Capital One Financial Corporation2 of 10−11.1%−42.6%−58.8%−28.2%−9.6%−28.5%−24.2%−2.1%−87.7%−65.6%
MA Mastercard Incorporated7 of 9−4.0%−28.2%−41.0%−21.9%−5.8%−20.4%−13.8%−3.1%−62.7%—
V Visa Inc.7 of 8−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%——
RF Regions Financial Corporation3 of 10−12.6%−27.1%−55.1%−34.8%−7.0%−33.7%−52.9%−2.7%−91.3%−24.4%
PNC The PNC Financial Services Group, Inc.5 of 10−10.4%−34.0%−47.8%−23.2%−5.4%−20.8%−24.1%−0.4%−76.7%−49.6%
KEY KeyCorp2 of 10−34.2%−40.6%−58.8%−32.9%−7.7%−32.5%−31.7%−1.1%−82.9%−25.5%
BAC Bank of America Corporation2 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
USB U.S. Bancorp3 of 10−19.7%−36.8%−47.2%−20.4%−7.5%−17.7%−24.7%−1.2%−76.1%−42.8%
MTB M&T Bank Corporation6 of 10−9.4%−18.0%−47.6%−21.1%−5.7%−23.2%−23.1%−0.2%−69.6%−23.9%
HBAN Huntington Bancshares Incorporated2 of 10−23.0%−31.3%−49.6%−28.3%−6.1%−31.7%−26.2%−3.6%−93.9%−37.2%
TFC Truist Financial Corporation4 of 10−26.3%−35.8%−53.5%−20.1%−6.8%−24.4%−27.2%0.0%−66.6%−24.8%
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How closely does WFC 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 WFC 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 WFC's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
WFC This pageWells Fargo & Company96%129%0.751.13
MA Mastercard Incorporated105%88%1.200.95
V Visa Inc.93%79%1.180.87
JPM JPMorgan Chase & Co.117%103%1.141.09
TD The Toronto-Dominion Bank89%80%1.100.88
MS Morgan Stanley142%137%1.041.39
AXP American Express Company117%113%1.031.16
GS The Goldman Sachs Group, Inc.136%133%1.021.39
BNY Bank of New York Mellon Corp115%120%0.961.08
BMO Bank of Montreal104%112%0.931.12
FITB Fifth Third Bancorp102%114%0.891.22
RF Regions Financial Corporation113%127%0.891.26
BAC Bank of America Corporation127%146%0.871.36
MTB M&T Bank Corporation75%86%0.870.86
PNC The PNC Financial Services Group, Inc.108%127%0.851.15
CFG Citizens Financial Group, Inc.118%140%0.841.37
NTRS Northern Trust Corporation111%136%0.821.18
C Citigroup Inc.131%165%0.801.49
COF Capital One Financial Corporation115%146%0.791.39
STT State Street Corporation128%166%0.771.48
HBAN Huntington Bancshares Incorporated89%116%0.761.13
KEY KeyCorp100%132%0.751.28
USB U.S. Bancorp89%130%0.691.05
TFC Truist Financial Corporation86%126%0.681.11
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What diversifies WFC?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220202018201120092007200180/20 mix volatility80/20 mix annual return
WFC Wells Fargo & Company (this page)1.00+85.0%0.57−11.9%−41.6%−21.8%−9.6%−6.3%−12.1%−20.2%27.8%+14.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.43+119%1.48+3.8%−9.0%−5.2%————23.1%+15.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.26+225%1.34+6.0%+3.9%−19.8%−16.1%+2.0%−7.4%—23.0%+17.4%
EWP Broad MarketiShares MSCI Spain ETF0.40+140%0.97−5.2%−4.0%−15.3%−9.8%+33.1%+20.9%−9.2%24.0%+16.2%
SMH TechnologyVanEck Semiconductor ETF0.31+323%0.97−33.5%+55.5%−9.1%+6.8%+60.5%+6.0%−14.6%25.3%+19.8%
GLD CommoditiesSPDR Gold Shares-0.08+126%0.96−0.8%+24.8%−1.9%+9.6%+24.0%+30.4%—22.2%+16.1%
IOO InternationaliShares Global 100 ETF0.46+107%0.94−16.3%+18.6%−6.3%−4.1%+24.0%+11.1%−14.3%23.8%+15.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.42+136%0.93−10.4%+28.2%−0.9%————24.3%+16.4%
XLE EnergyState Street Energy Select Sector SPDR ETF0.42+177%0.93+64.4%−32.7%−18.2%+2.8%+21.8%+36.8%−18.2%24.9%+16.7%

Stocks

InvestmentCorrelation5Y returnSharpe202220202018201120092007200180/20 mix volatility80/20 mix annual return
WFC Wells Fargo & Company (this page)1.00+85.0%0.57−11.9%−41.6%−21.8%−9.6%−6.3%−12.1%−20.2%27.8%+14.3%
CAH Medical - DistributionCardinal Health, Inc.0.29+479%1.55+54.1%+10.1%−24.5%+8.1%−4.4%−9.8%−2.5%24.3%+19.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.48+3,143%1.47+1.3%−2.4%−16.3%−24.4%+105%−25.7%−25.6%29.6%+31.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.35+1,636%1.46+17.0%+6.7%+0.8%−17.0%+17.8%+2.1%+73.7%26.7%+28.2%
MCK Medical - DistributionMcKesson Corporation0.22+413%1.44+51.8%+27.1%−28.4%+11.8%+62.9%+29.7%+4.9%23.8%+19.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.19+690%1.41+86.6%−27.4%−8.2%————24.3%+21.8%
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Common questions

What was WFC's worst drawdown?

WFC's deepest decline since it began trading in 1986 was 79.0%, from September 2008 to March 2009. It took about four years from the low to climb back to its old high.

What were WFC's best and worst years?

Over 29 full calendar years, WFC's best year was 1997, when it returned 81.9%. Its worst was 2020, with a return of -41.6%.

Is there a better investment than WFC?

Among WFC's popular alternatives, JPM, TD and BNY earned more than WFC with less volatility over the past 5 years. JPM returned 17.3% a year at 24.3% volatility, against 13.1% a year at 29.5%. Looking beyond its popular alternatives, CBOE (capital markets) and RY (banks) earned more than WFC with less volatility over the past 5 years. CBOE returned 21.5% a year at 25.1% volatility, against 13.1% a year at 29.5%.

Is WFC more volatile than the S&P 500?

Yes. WFC's volatility over the past 5 years was 29.5%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WFC's return lands within 29.5% 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 WFC's Sharpe ratio?

WFC's Sharpe ratio over the past 5 years was 0.57, against 0.79 for the S&P 500, so WFC 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 WFC with the S&P 500?

Over the past 5 years, WFC's monthly returns had a correlation of 0.54 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 WFC instead: the lower it is, the more that option would diversify a WFC holding.

What are the best alternatives to WFC?

Of the 23 popular alternatives we compared, seven outperformed WFC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: JPM, TD and BNY.

Did WFC outperform the S&P 500?

WFC finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +35.6%, against +17.7% for the index.

How did WFC do in stock market crashes?

WFC fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when WFC fell 79.0% and the S&P 500 fell 55.2%.

What diversifies WFC?

These had a low correlation with WFC over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.43), DXJ (correlation 0.26) and EWP (correlation 0.40); among large stocks, CAH (correlation 0.29), CLS (correlation 0.48) and FIX (correlation 0.35). A correlation near zero means the two have moved largely independently.

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