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Relative Intelligence · Discount Retail

How Walmart (WMT) compares with the whole market and its popular alternatives

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

Period covered: WMT'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 WMT →Chart WMT vs. 20 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in WMT over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WMT over the same span and WMT'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. 231 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of WMT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M$10M199720022007201220172022$10,000$100,000$1M$10M19972004201120182025
  • AMZN$11M+114,749% total · +27.5% a year
  • ROST$1M+14,044% total · +18.6% a year
  • TJX$958,745+9,487% total · +17.0% a year
  • COST$727,732+7,177% total · +15.9% a year
  • WELL$467,035+4,570% total · +14.2% a year
  • WMT$272,033+2,620% total · +12.1% a year
  • TGT$184,797+1,748% total · +10.6% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • PSMT$118,754+1,088% total · +8.9% a year
  • KO$60,026+500% total · +6.4% 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. 560 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of WMT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • MPC$71,516+615% total · +48.2% a year
  • CAH$49,682+397% total · +37.8% a year
  • WELL$31,492+215% total · +25.8% a year
  • MPLX$30,642+206% total · +25.1% a year
  • ABBV$29,134+191% total · +23.8% a year
  • WMT$23,813+138% total · +18.9% a year
  • PSMT$23,465+135% total · +18.6% a year
  • COST$21,378+114% total · +16.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • AMZN$15,169+51.7% total · +8.7% a year
Change the dates or add tickers to this chart in EasyCompare

WMT 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
$938B
Industry
Discount Stores
Price history from
October 1986

Returns

Past 1 year
+11.0%total return
Past 3 years
+130%+32.0% a year
Past 5 years
+158%+20.8% a year
Past 10 years
+508%+19.8% a year
Best calendar year
+107%1998
Worst calendar year
−26.6%2015
Losing years
7 of 29full calendar years

Risk

Volatility
22.6%typical yearly swing, 5 years
Sharpe ratio
0.96return per unit of risk, 5 years
Worst decline ever
−50.6%Aug 1987 to Dec 1987
From its all-time high
−12.0%below the peak

WMT against the whole market

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

How does WMT rank among all stocks?

This section ranks WMT 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 WMT 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.

MeasureWMTRankStanding
1-year return+11.0%1,552 of 3,287top 47%
3-year return+130%705 of 3,017top 23%
5-year return+158%427 of 2,893top 15%
10-year return+508%301 of 2,202top 14%
Volatility, 5 years22.6%180 of 2,893top 6%
Sharpe ratio, 5 years0.96126 of 2,893top 4%
Worst decline, past 10 years−25.7%8 of 2,187top 1%

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

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%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 WMTWMT: +20.8% a year, volatility 22.6%SPY (S&P 500): +12.7% a year, volatility 17.1%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%MPLX: +23.5% a year, volatility 18.8%MPC: +51.2% a year, volatility 33.4%GOOG: +19.0% a year, volatility 32.0%DXJ: +26.6% a year, volatility 19.1%VGT: +18.4% a year, volatility 26.0%WMTSPY (S&P 500)CAHABBVWELLMPLXMPCGOOGDXJVGT15.0%20.0%25.0%30.0%35.0%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 WMTWMT: +20.8% a year, volatility 22.6%SPY (S&P 500): +12.7% a year, volatility 17.1%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%MPLX: +23.5% a year, volatility 18.8%MPC: +51.2% a year, volatility 33.4%GOOG: +19.0% a year, volatility 32.0%DXJ: +26.6% a year, volatility 19.1%VGT: +18.4% a year, volatility 26.0%WMTSPY (S&P 500)CAHABBVWELLMPLXMPCGOOGDXJVGT
  • The whole market

Is there a better investment than WMT?

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

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

Screen the whole market against WMT for any period in BetterThanSPYOpen these 9 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 WMT?lower diversifies moreExpenseper year
WMTWalmart Inc. · this page
+20.8%22.6%0.96−25.7%+508%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.430.09%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 72 of 3,552 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.26—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.07—
WELLWelltower Inc. · Healthcare REITs
Higher return, similar volatilityHigher return in most periods+26.0%23.8%1.09−63.3%+379%0.44—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.38—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.10—
GOOGAlphabet Inc. · Internet Services
Higher return in most periods+19.0%32.0%0.71−44.6%+752%0.27—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatility+26.6%19.1%1.34−39.1%+428%0.240.48%
VGTVanguard Information Technology ETF · Technology Equity
Higher return in most periods+18.4%26.0%0.78−35.1%+779%0.240.09%
What these numbers mean for WMT
Annual return
WMT returned 20.8% 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 $25,800. 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
WMT's volatility over the past 5 years was 22.6%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WMT's return lands within 22.6% 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
WMT's Sharpe ratio over the past 5 years was 0.96, against 0.79 for the S&P 500, so WMT earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
WMT's worst fall from a peak to a low over the past 10 years was 25.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 25.7% fall takes a 34.7% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, WMT'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 WMT instead: the lower it is, the more that option would diversify a WMT holding. Guide: Correlation and diversification →
Show all 2 stocks and funds worth at least $500 million that earned more than WMT with less volatility

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

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with WMTExpense
1
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.38—
2
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.240.48%

WMT against its popular alternatives

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

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

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

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%−15.0%−10.0%−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 volatilityWMT: 20.8% a year, volatility 22.6%SPY (S&P 500): 12.7% a year, volatility 17.1%COST: 17.4% a year, volatility 22.9%AMZN: 9.0% a year, volatility 36.6%PSMT: 18.6% a year, volatility 28.2%TGT: −6.5% a year, volatility 36.1%DG: −7.4% a year, volatility 37.0%BJ: 11.9% a year, volatility 32.5%GO: −10.8% a year, volatility 49.4%ROST: 18.1% a year, volatility 29.5%OLLI: 6.8% a year, volatility 44.4%DLTR: 4.3% a year, volatility 40.1%KR: 12.3% a year, volatility 27.3%UPS: −8.6% a year, volatility 28.9%ACI: −6.7% a year, volatility 30.4%BURL: −1.3% a year, volatility 44.4%SFM: 23.8% a year, volatility 40.3%KO: 14.7% a year, volatility 16.8%PG: 5.1% a year, volatility 18.3%MDLZ: 4.0% a year, volatility 20.2%TJX: 19.9% a year, volatility 22.3%PEP: −0.5% a year, volatility 19.1%WMTSPY (S&P 500)COSTAMZNPSMTTGTBJGOOLLIDLTRKRUPSACIBURLSFMKOPGMDLZTJXPEP10.0%20.0%30.0%40.0%50.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWMT: 20.8% a year, volatility 22.6%SPY (S&P 500): 12.7% a year, volatility 17.1%COST: 17.4% a year, volatility 22.9%AMZN: 9.0% a year, volatility 36.6%PSMT: 18.6% a year, volatility 28.2%TGT: −6.5% a year, volatility 36.1%DG: −7.4% a year, volatility 37.0%BJ: 11.9% a year, volatility 32.5%GO: −10.8% a year, volatility 49.4%ROST: 18.1% a year, volatility 29.5%OLLI: 6.8% a year, volatility 44.4%DLTR: 4.3% a year, volatility 40.1%KR: 12.3% a year, volatility 27.3%UPS: −8.6% a year, volatility 28.9%ACI: −6.7% a year, volatility 30.4%BURL: −1.3% a year, volatility 44.4%SFM: 23.8% a year, volatility 40.3%KO: 14.7% a year, volatility 16.8%PG: 5.1% a year, volatility 18.3%MDLZ: 4.0% a year, volatility 20.2%TJX: 19.9% a year, volatility 22.3%PEP: −0.5% a year, volatility 19.1%WMTSPY (S&P 500)COSTAMZNPSMTTGTDGBJGOOLLIDLTRUPSACIBURLSFMKOPGMDLZTJXPEP
All figures
InvestmentAnnual returnVolatility
SFM Sprouts Farmers Market, Inc.+23.8%40.3%
WMT This pageWalmart Inc.+20.8%22.6%
TJX The TJX Companies, Inc.+19.9%22.3%
PSMT PriceSmart, Inc.+18.6%28.2%
ROST Ross Stores, Inc.+18.1%29.5%
COST Costco Wholesale Corporation+17.4%22.9%
KO The Coca-Cola Company+14.7%16.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
KR The Kroger Co.+12.3%27.3%
BJ BJ's Wholesale Club Holdings, Inc.+11.9%32.5%
AMZN Amazon.com, Inc.+9.0%36.6%
OLLI Ollie's Bargain Outlet Holdings, Inc.+6.8%44.4%
PG The Procter & Gamble Company+5.1%18.3%
DLTR Dollar Tree, Inc.+4.3%40.1%
MDLZ Mondelez International, Inc.+4.0%20.2%
PEP PepsiCo, Inc.−0.5%19.1%
BURL Burlington Stores, Inc.−1.3%44.4%
TGT Target Corporation−6.5%36.1%
ACI Albertsons Companies, Inc.−6.7%30.4%
DG Dollar General Corporation−7.4%37.0%
UPS United Parcel Service, Inc.−8.6%28.9%
GO Grocery Outlet Holding Corp.−10.8%49.4%
Open these 22 in EasyCompare

Has WMT consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than WMT 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
WMT Walmart Inc. (this page)—+9.7%+5.3%−7.5%+5.2%+11.0%+130%+158%+508%22.6%0.96−25.7%—$938B—
COST Discount StoresCostco Wholesale Corporation4/5 short1/3 long+10.7%+6.5%0.0%+16.9%+6.9%+87.2%+123%+685%22.9%0.82−31.4%—$441B—
AMZN Specialty RetailAmazon.com, Inc.3/5 short1/3 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
PSMT Discount StoresPriceSmart, Inc.3/5 short1/3 long+1.6%−3.6%+9.3%+41.7%+43.2%+153%+135%+124%28.2%0.75−53.2%—$5.3B—
SFM Grocery StoresSprouts Farmers Market, Inc.0/5 short1/3 long−5.7%−13.3%−13.0%−19.7%−41.4%+52.7%+191%+202%40.3%0.74−65.2%—$6.0B—
TGT Discount StoresTarget Corporation4/5 short0/3 long−2.4%+11.2%+20.3%+57.4%+75.1%+58.0%−28.5%+207%36.1%0.00−64.4%—$70B—
KO Beverages - Non-AlcoholicThe Coca-Cola Company4/5 short0/3 long+7.3%+14.5%+25.4%+37.9%+40.2%+86.8%+98.2%+204%16.8%0.91−37.0%—$402B—
DG Discount StoresDollar General Corporation4/5 short0/3 long+10.6%+8.1%+7.2%0.0%+28.5%+24.2%−32.0%+127%37.0%-0.01−72.6%—$30B—
BJ Discount StoresBJ's Wholesale Club Holdings, Inc.4/5 short0/3 long+10.9%+9.0%+9.4%+11.3%+9.0%+47.7%+75.3%—32.5%0.51−38.8%—$13B—
GO Grocery StoresGrocery Outlet Holding Corp.4/5 short0/3 long+15.9%+40.3%+66.7%+28.0%−17.4%−52.8%−43.5%—49.4%0.01−87.6%—$1.3B—
ROST Apparel - RetailRoss Stores, Inc.3/5 short0/3 long+2.6%+0.8%+4.3%+30.6%+51.9%+111%+129%+312%29.5%0.71−51.4%—$76B—
OLLI Discount StoresOllie's Bargain Outlet Holdings, Inc.3/5 short0/3 long+16.3%+37.4%−1.1%−16.8%−23.3%+23.8%+38.9%+238%44.4%0.37−66.2%—$5.5B—
PG Household & Personal ProductsThe Procter & Gamble Company3/5 short0/3 long+9.1%+7.7%+12.0%+14.9%+8.0%+15.8%+28.3%+145%18.3%0.37−23.8%—$370B—
MDLZ Food ConfectionersMondelez International, Inc.3/5 short0/3 long+7.3%+7.1%+13.6%+22.4%+5.5%+9.2%+21.5%+93.4%20.2%0.29−29.8%—$82B—
DLTR Discount StoresDollar Tree, Inc.3/5 short0/3 long+11.2%−1.1%+16.5%−2.1%+26.2%+13.1%+23.3%+64.7%40.1%0.31−64.8%—$23B—
KR Grocery StoresThe Kroger Co.2/5 short0/3 long+5.5%+8.7%−6.1%+1.8%−6.9%+52.6%+78.5%+151%27.3%0.56−43.8%—$37B—
UPS Integrated Freight & LogisticsUnited Parcel Service, Inc.2/5 short0/3 long+4.0%−11.5%−5.0%+2.2%+20.8%−23.0%−36.1%+35.4%28.9%-0.17−57.9%—$74B—
TJX Apparel - RetailThe TJX Companies, Inc.1/5 short0/3 long+12.3%−5.3%−7.3%−3.8%+3.8%+71.6%+147%+361%22.3%0.93−42.5%—$162B—
ACI Grocery StoresAlbertsons Companies, Inc.1/5 short0/3 long+11.1%−8.6%−17.0%−19.5%−28.6%−33.6%−29.2%—30.4%-0.07−54.7%—$6.5B—
BURL Apparel - RetailBurlington Stores, Inc.0/5 short0/3 long+2.8%−26.5%−25.6%−13.2%−3.1%+112%−6.2%+240%44.4%0.19−68.9%—$16B—
PEP Beverages - Non-AlcoholicPepsiCo, Inc.0/5 short0/3 long+3.4%0.0%−12.8%−2.9%−9.2%−6.7%−2.3%+72.6%19.1%0.07−30.3%—$183B—
Open these 21 in EasyCompare

How did WMT do year by year?

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

InvestmentYears ahead of WMT20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
WMT This pageWalmart Inc.—+24.5%+74.0%+12.9%−0.5%+1.9%+23.4%+30.1%−3.4%+46.6%+16.1%−26.6%+11.8%+18.2%+17.1%+13.8%+3.1%−2.5%+20.0%+4.9%+0.2%−10.2%+0.6%+5.6%−11.8%+8.9%−22.7%+70.5%+107%+74.6%
Rank among alternativesTop quarter in 8 of 295 of 212 of 219 of 2111 of 2117 of 219 of 209 of 1912 of 183 of 185 of 1817 of 1710 of 1713 of 156 of 158 of 1515 of 1513 of 142 of 148 of 1413 of 1411 of 1410 of 1412 of 148 of 146 of 1310 of 132 of 122 of 122 of 10
SPY S&P 500State Street SPDR S&P 500 ETF13 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
COST Costco Wholesale Corporation20 of 29−5.4%+39.6%+49.0%−19.1%+51.8%+32.7%+45.7%+10.6%+22.4%+0.3%+18.9%+20.5%+21.9%+28.4%+16.7%+23.7%+14.3%−24.0%+33.2%+7.9%+3.2%+31.1%+32.5%−36.8%+11.1%−12.5%+26.4%+61.8%+77.7%
AMZN Amazon.com, Inc.14 of 28+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%+118%−22.2%+59.0%+45.0%−3.9%+33.7%+163%−44.7%+135%−16.5%+6.8%−16.0%+178%+74.6%−30.5%−79.6%+42.2%+968%—
PSMT PriceSmart, Inc.14 of 28+34.8%+25.0%+26.2%−15.8%−19.1%+29.6%+21.6%−30.8%+3.5%+1.5%−8.3%−20.4%+50.6%+12.0%+85.5%+90.2%+1.8%−29.9%+69.4%+114%+10.5%+20.9%−72.7%−34.6%+6.5%−16.1%+124%+2.2%—
SFM Sprouts Farmers Market, Inc.5 of 12−37.3%+164%+48.6%+9.1%+47.7%+3.9%−17.7%−3.5%+28.7%−28.8%−21.8%−11.6%—————————————————
TGT Target Corporation15 of 29−24.5%−2.3%−1.4%−34.2%+32.9%+40.5%+100%+4.7%−5.8%+2.7%−1.6%+23.8%+9.5%+18.2%−13.0%+26.3%+42.4%−30.0%−11.6%+4.7%+6.6%+36.1%+29.0%−26.5%+28.0%−11.5%+36.2%+62.2%+74.2%
KO The Coca-Cola Company12 of 29+15.6%+8.9%−4.4%+10.6%+11.4%+2.5%+20.6%+6.8%+14.3%−0.3%+5.2%+5.3%+17.2%+6.5%+9.5%+19.0%+30.4%−24.0%+30.4%+23.2%−0.8%−16.2%+18.2%−5.5%−21.9%+6.1%−12.2%+1.3%+27.9%
DG Dollar General Corporation11 of 16+79.6%−43.1%−44.1%+5.6%+13.0%+35.9%+45.7%+17.6%+26.9%+4.3%+2.9%+17.2%+36.8%+7.1%+34.2%+36.7%—————————————
BJ BJ's Wholesale Club Holdings, Inc.2 of 7+0.8%+34.0%+0.8%−1.2%+79.6%+63.9%+2.6%——————————————————————
GO Grocery Outlet Holding Corp.1 of 6−35.3%−42.1%−7.6%+3.2%−28.0%+21.0%———————————————————————
ROST Ross Stores, Inc.18 of 29+20.4%+10.4%+20.6%+2.9%−6.0%+5.8%+41.3%+4.8%+23.5%+23.0%+15.3%+27.0%+39.9%+14.9%+52.0%+49.7%+45.3%+17.8%−12.0%+2.4%+0.9%+9.4%+25.5%+32.9%+91.0%−5.7%−8.3%+9.7%+47.9%
OLLI Ollie's Bargain Outlet Holdings, Inc.5 of 10−0.1%+44.6%+62.0%−8.5%−37.4%+25.2%−1.8%+24.9%+87.2%+67.3%———————————————————
PG The Procter & Gamble Company14 of 29−12.3%+17.3%−0.9%−5.1%+20.5%+14.2%+39.7%+3.6%+12.7%+9.3%−10.0%+15.4%+23.6%+5.2%+7.0%+9.3%+1.2%−13.8%+16.7%+13.4%+7.2%+12.4%+18.5%+11.4%+3.1%−27.1%+21.6%+16.0%+50.5%
MDLZ Mondelez International, Inc.12 of 24−7.0%−15.3%+11.2%+2.9%+15.9%+8.6%+40.4%−4.3%−1.6%+0.6%+25.4%+4.6%+41.7%+121%+24.7%+22.8%+8.8%−13.0%−4.1%+32.6%−17.3%+14.4%−14.4%+16.9%—————
DLTR Dollar Tree, Inc.13 of 29+64.1%−47.2%+0.4%+0.7%+30.1%+14.9%+4.1%−15.8%+39.0%−0.1%+9.7%+24.7%+39.1%−2.4%+48.2%+74.2%+15.8%+60.9%−13.9%+25.7%−16.8%−4.3%+22.3%−20.5%+26.1%−24.1%+10.8%+58.4%+62.2%
KR The Kroger Co.12 of 29+4.2%+36.9%+5.0%+0.4%+45.4%+11.9%+7.9%+2.1%−19.0%−16.4%+31.8%+64.8%+54.5%+9.6%+10.5%+10.7%−20.9%0.0%+17.0%+23.4%+7.6%−5.3%+20.0%−26.1%−22.8%+43.4%−37.6%+64.7%+58.1%
UPS United Parcel Service, Inc.12 of 26−15.9%−15.9%−6.0%−16.2%+30.0%+48.6%+24.2%−15.5%+7.1%+22.7%−10.9%+8.7%+46.5%+3.9%+3.8%+30.3%+7.8%−19.8%−3.5%+1.8%−10.5%+16.4%+19.9%+17.3%−6.0%−13.8%———
TJX The TJX Companies, Inc.19 of 29+28.7%+30.6%+19.7%+6.7%+12.8%+12.3%+38.8%+18.9%+3.5%+7.4%+4.6%+8.8%+51.7%+33.0%+47.6%+22.9%+81.0%−27.4%+1.8%+24.0%−6.8%+15.0%+13.8%−1.6%+44.3%+37.1%−29.5%+70.3%+44.9%
ACI Albertsons Companies, Inc.2 of 5−10.0%−12.5%+13.4%−6.8%+75.2%————————————————————————
BURL Burlington Stores, Inc.6 of 12+1.3%+46.6%−4.1%−30.4%+11.5%+14.7%+40.2%+32.2%+45.2%+97.5%−9.2%+47.7%—————————————————
PEP PepsiCo, Inc.13 of 29−1.8%−7.6%−3.3%+6.8%+20.5%+11.7%+27.4%−4.8%+17.8%+7.8%+8.8%+17.3%+24.6%+6.4%+4.8%+10.7%+14.6%−26.0%+23.8%+7.9%+15.3%+13.8%+12.1%−12.2%−0.6%+42.6%−12.4%+14.3%+25.7%
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Risk and diversification

How WMT 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 WMT's worst declines?

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

DuringWMT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−50.6%—Aug 1987Dec 19874 monthsJul 198919 months
No named crash−42.4%+44.6%Mar 1993Jan 19962.8 yearsJun 199717 months
Dot-com bust−37.7%−4.0%Dec 1999Oct 200010 monthsNov 201111.1 years
2015 China and oil sell-off−36.4%−0.2%Jan 2015Nov 201510 monthsOct 201723 months
No named crash−31.1%—Jul 1990Oct 19903 monthsFeb 19914 months

How did WMT do in stock market crashes?

This section measures how far WMT, 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 WMT.

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
WMT This pageWalmart Inc.—−0.8%−25.7%−13.1%−18.3%−4.9%−22.3%−10.5%−1.5%−26.2%−31.8%
SPY S&P 500State Street SPDR S&P 500 ETF2 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
COST Costco Wholesale Corporation1 of 10−3.1%−31.4%−13.7%−20.8%−6.5%−15.2%−13.5%−1.2%−48.0%−50.1%
AMZN Amazon.com, Inc.0 of 10−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
PSMT PriceSmart, Inc.1 of 10−2.6%−34.1%−29.7%−34.1%−4.4%−27.9%−22.1%−2.6%−66.5%−60.0%
SFM Sprouts Farmers Market, Inc.2 of 6−2.2%−33.9%−26.0%−20.7%−3.9%−19.0%————
TGT Target Corporation2 of 10−3.4%−43.9%−21.7%−30.3%−3.0%−15.8%−10.4%−1.3%−60.6%−42.6%
KO The Coca-Cola Company6 of 10−1.4%−16.7%−37.0%−8.8%−7.8%−8.8%−8.3%0.0%−40.6%−31.3%
DG Dollar General Corporation3 of 8−0.7%−27.6%−18.4%−15.9%−4.4%−25.2%−8.4%−2.6%——
BJ BJ's Wholesale Club Holdings, Inc.0 of 4−3.3%−25.4%−20.3%−32.0%——————
GO Grocery Outlet Holding Corp.0 of 3−1.8%−28.7%−13.1%———————
ROST Ross Stores, Inc.1 of 10−4.9%−37.5%−51.4%−26.0%−5.1%−20.5%−12.4%−2.6%−46.5%−45.8%
OLLI Ollie's Bargain Outlet Holdings, Inc.1 of 6−6.2%−27.7%−40.0%−36.1%−3.9%−23.3%————
PG The Procter & Gamble Company6 of 10−0.7%−23.8%−22.9%−9.6%−5.1%−10.9%−8.9%−0.7%−39.0%−27.1%
MDLZ Mondelez International, Inc.4 of 9−0.5%−18.3%−29.3%−12.3%−7.4%−22.3%−7.4%0.0%−38.2%—
DLTR Dollar Tree, Inc.1 of 10−1.5%−26.5%−30.2%−7.2%−6.7%−24.1%−11.3%−1.9%−49.1%−67.1%
KR The Kroger Co.2 of 10−1.3%−29.6%−13.0%−14.9%−6.0%−14.3%−13.7%−2.2%−35.3%−58.3%
UPS United Parcel Service, Inc.2 of 10−1.5%−29.8%−18.5%−23.7%−8.7%−16.4%−16.4%−1.6%−47.9%−26.5%
TJX The TJX Companies, Inc.2 of 10−4.7%−27.7%−42.5%−25.6%−5.3%−16.1%−9.7%−2.1%−49.9%−32.6%
ACI Albertsons Companies, Inc.0 of 2−2.4%−31.9%————————
BURL Burlington Stores, Inc.2 of 6−4.8%−61.5%−51.4%−15.6%−3.7%−26.8%————
PEP PepsiCo, Inc.5 of 10−0.8%−11.9%−28.3%−12.3%−7.2%−10.2%−8.3%−0.2%−40.4%−33.0%
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How closely does WMT 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 WMT 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 WMT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
WMT This pageWalmart Inc.74%36%2.080.53
SFM Sprouts Farmers Market, Inc.54%27%1.970.47
COST Costco Wholesale Corporation93%50%1.850.77
KR The Kroger Co.49%36%1.340.40
KO The Coca-Cola Company57%44%1.290.47
TJX The TJX Companies, Inc.81%65%1.250.78
PG The Procter & Gamble Company46%41%1.130.41
ROST Ross Stores, Inc.93%89%1.050.93
DG Dollar General Corporation46%46%1.000.37
AMZN Amazon.com, Inc.134%139%0.961.31
TGT Target Corporation83%87%0.951.00
OLLI Ollie's Bargain Outlet Holdings, Inc.92%100%0.920.83
PSMT PriceSmart, Inc.68%79%0.860.80
BURL Burlington Stores, Inc.103%121%0.851.22
MDLZ Mondelez International, Inc.45%55%0.820.52
PEP PepsiCo, Inc.48%65%0.750.48
DLTR Dollar Tree, Inc.52%79%0.660.75
UPS United Parcel Service, Inc.85%149%0.571.08
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What diversifies WMT?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220182015200920052002200080/20 mix volatility80/20 mix annual return
WMT Walmart Inc. (this page)1.00+158%0.96−0.5%−3.4%−26.6%−2.5%−10.2%−11.8%−22.7%20.6%+18.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.37+119%1.48+3.8%−5.2%—————17.3%+18.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.24+225%1.34+6.0%−19.8%+7.7%+2.0%———17.3%+20.9%
HDV Dividend & IncomeiShares Core High Dividend ETF0.35+83.3%1.00+7.1%−3.0%−0.3%————17.6%+17.9%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.44+135%0.97+21.5%−15.5%−35.3%————18.4%+19.6%
SMH TechnologyVanEck Semiconductor ETF0.16+323%0.97−33.5%−9.1%−0.3%+60.5%+10.8%−47.0%—18.9%+23.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.42+85.0%0.96−5.1%−9.5%+4.1%————17.5%+18.2%
GLD CommoditiesSPDR Gold Shares0.20+126%0.96−0.8%−1.9%−10.7%+24.0%+17.8%——17.5%+19.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.37+136%0.93−10.4%−0.9%—————18.4%+20.0%

Stocks

InvestmentCorrelation5Y returnSharpe202220182015200920052002200080/20 mix volatility80/20 mix annual return
WMT Walmart Inc. (this page)1.00+158%0.96−0.5%−3.4%−26.6%−2.5%−10.2%−11.8%−22.7%20.6%+18.9%
CAH Medical - DistributionCardinal Health, Inc.0.26+479%1.55+54.1%−24.5%+12.6%−4.4%+18.7%−8.3%+108%18.6%+23.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.32+3,143%1.47+1.3%−16.3%−6.0%+105%−25.2%−65.1%−2.3%23.1%+36.3%
MCK Medical - DistributionMcKesson Corporation0.30+413%1.44+51.8%−28.4%−4.5%+62.9%+64.9%−27.2%+61.2%18.6%+22.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.10+690%1.41+86.6%−8.2%+17.4%————18.3%+25.6%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.38+594%1.36+24.2%−37.5%−36.3%+51.3%−1.8%−33.1%−15.9%20.2%+25.5%
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Common questions

What was WMT's worst drawdown?

WMT's deepest decline since it began trading in 1986 was 50.6%, from August to December 1987. It took 19 months from the low to climb back to its old high.

What were WMT's best and worst years?

Over 29 full calendar years, WMT's best year was 1998, when it returned 107%. Its worst was 2015, with a return of -26.6%.

Is there a better investment than WMT?

Few investments have done better on both counts: only two of the 3,633 stocks and funds worth at least $500 million earned more than WMT with less volatility over the past 5 years, among them MPLX and DXJ.

Is WMT more volatile than the S&P 500?

Yes. WMT's volatility over the past 5 years was 22.6%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WMT's return lands within 22.6% 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 WMT's Sharpe ratio?

WMT's Sharpe ratio over the past 5 years was 0.96, against 0.79 for the S&P 500, so WMT earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is WMT with the S&P 500?

Over the past 5 years, WMT'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 WMT instead: the lower it is, the more that option would diversify a WMT holding.

What are the best alternatives to WMT?

None of the 20 popular alternatives we compared outperformed WMT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about WMT's strength than about its alternatives.

Did WMT outperform the S&P 500?

WMT finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +24.5%, against +17.7% for the index.

How did WMT do in stock market crashes?

WMT fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in two. The clearest case was the 2008 financial crisis, when WMT fell 26.2% and the S&P 500 fell 55.2%.

What diversifies WMT?

These had a low correlation with WMT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.37), DXJ (correlation 0.24) and HDV (correlation 0.35); among large stocks, CAH (correlation 0.26), CLS (correlation 0.32) and MCK (correlation 0.30). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to WMT

Other stocks and ETFs