KukaXoco Finance: Investment Center
Long-term SPY-tracking Stocks
There are a large number of poorly run, and/or with lousy
innovation, and/or focused on rewarding executives over shareholders,
companies that across 10/20/30 years -- cannot outperform the SP500 Index
(tradeable as SPY) and the price of gold (tradeable as GLD).
However, there are a fair number of companies that across the decades
have tracked the SPY, or oscillated around the SPY, or outperformed
the SPY. You really don't have to analyze them, they will continue
to track the SPY. Many of these companies aren't fancy - they are
part and parcel of the economy of the USA. Investing in them is
investing in the USA as a whole.
During the last 40 years, inflation in the USA has mostly been less
than 6% a year. The average annual return for the SPY (and these
equivalent stocks) in the same time period has been about 8%.
So if you want to protect your wealth from inflation, and make a
bit more profit, you can invest in the SPY and any mix of the
companies on this page - without wasting time investing.
Three categories of SPY-equivalent stocks:
STOCKS/ACCIONES & ETFS
(
Note:
Text in brown below are clickable links.
(D) means the stock/ETF has daily options with high liquidity.
(W) means the stock/ETF has weekly options with high liquidity.
(F) means that there is a corresponding futures contract. ---
(D) significa que la acción/ETF tiene opciones diarias con alta
liquidez. (W) significa que la acción/ETF tiene opciones semanales
con alta liquidez. (F) significa que existe un contrato de futuros
correspondiente. The numbers in brackets, '[]', are the dividend (if any),
the rough cost of a one-week/one-month option.
[trend up / trend down: tendencia al alza / tendencia a la baja]
)
STOCKS/ETFS THAT OUTPERFORM THE SPY
AEM -
Agnico Eagle Mines [0.9%] (NYSE)
It has outperformed SPY since 2015. AEM and GLD pretty much track
each other, and so AEM pretty much beats many stocks. Further, it
has a 0.9% dividend, making all stocks that underperform gold less
attractive. AEM is a gold mining company based in Canada, mines in
4 countries, has paid dividends for 41 years, and has 54 million
ounces of provable reserves.
AMGN -
Amgen Incorporated [2.6%] (Nasdaq)
A biotech company producing medicines for advanced diseases.
Since 2004, Amgen has much tracked the SPY, currently with a
better dividend.
BMI -
Badger Meter [1.0%] (NYSE)
Badger Meter is a manufacturer and marketer of products
incorporating flow measurement, quality, control and other
system solutions serving markets worldwide. From 2005 to 2025,
it tracked or outperformed the SPY. But after a peak of $250
in May 2025, it has dropped to $150 in January 2026, missing
out on the AI bubble. Hopefully,
it will get back to its historic performance
after the AI bubble.
CACI -
CACI International [0.0%] (NYSE).
A defense/security contractor. It has outpeformed SPY since 2012,
enough so that its lack of a dividend is not a problem. A mixture
of riding the AI and defense bubbles, the latter lasting longer.
CASY -
Casey's General Stores [0.44%] (NASDAQ)
Casey's has done well in recent decades, tracking the SPY and Walmart,
having outperformed both in the last 10 years. It is a general
convenience store operating in 17 states. Small dividend at 0.44%
compared to the SPY, but has appreciated enough to compensate for
the SPY's larger dividend.
COR -
Cencora [0.71%] (NYSE).
Drug manufacturing and distribution company. Since 2000, it has
steadily outperformed the SPY, even with its lower dividend yield.
Debt-to-equity ratio is over 500%, with low net margins. Be
careful with this one in the next recession, though it seems to
march through market crashes.
CVCO -
Cavco Industries [0.0%] (NASDAQ)
Cavco designs and produces factory-built homes.
From 2005 to 2019, it much tracked the SPY. But since 2019, it
has outperformed the SPY even including the SPY's dividend.
This is pretty good, since it is outside the AI bubble, but
inside the big demand for affordable housing.
DAC -
Danaos Corporation [3.0%] (NYSE)
(trend up since 2020)
Danaos is a holding company and an international owner of
containerships, chartering its vessels to a range of liner
companies. The stock has basically averaged around $75 since 2008,
at $120 in February 2026. However, from a low of $4 in 2020, when
it began to be more actively traded, it has greatly outperformed
the SPY. Overall, a good SPY equivalent, for now.
DOL.TO/DOL-CA -
Dollarama [0.21%] (Toronto)
Dollarama is a Canada-based 'value' (products up to $5) retailer
with 1638 locations across Canada. While it has a smaller dividend,
Dollarama has outperformed the SPY even factoring in the lower
dividend.
FIX -
Comfort Systems USA [0.24%] (NYSE)
Provides HVAC (commercial, industrial and institutional heating,
ventilation, air conditioning equipment and services). From 1999
to 2021, it pretty much tracked the SPY. Since then it has
outperformed the SPY, riding the AI bubble. So revert to tracking
the SPY after the AI bubble bursts.
GGG -
Graco Incorporation [1.36%] (NYSE)
Graco is a multinational manufacturing company. The Company supplies
technology and expertise for the management of fluids and coatings
in both industrial and commercial applications. From 2006 to 2025,
it much outperformed/tracked the SPY. However, starting in 2025,
it flattened out during the AI bubble.
HALO -
Halozyme Therapeutics [0.0%] (NASDAQ)
Halozyme is a biopharmaceutical company advancing solutions to
improve patient experiences and outcomes for emerging and
established therapies. Up and until 2020, it much tracked the
SPY. Since then it has somewhat outperformed the SPY, even in
spite of the AI bubble.
IGM -
iShares Expanded Tech Sector ETF [0.17%] (NYSE Arca)
Since 2015 it has outperformed the SPY, even in light of SPY's
slightly higher dividend. See at the Motley Fool:
IGM is the unstoppable BlackRock ETF that will beat the SP500
again in 2026.
ONEOK -
ONEOK [5.2%] (NYSE)
Provides a variety of natural gas pipeline and processing services.
Since 1996, it has pretty much tracked the SPY, declining more
during crashes (2008 realestate, 2020 Covid) but much recovering
and at times outperforming the SPY. And nicer than the SPY with
a 52% dividend (February 2026)
RL -
Ralph Lauren [1.0%] (NYSE)
Ralph Lauren designs, markets and distributes luxury lifestyle
products, including apparel, footwear and accessories, home,
fragrances and hospitality. The founder, Ralph Lauren, is a
fashion world icon. Since 1998, RL has mostly outpeformed the SPY,
with its ups and downs, but still mostly performing better than
the SPY. With kudos, it has done better than the SPY during the
AI bubble. Reasonable debt-to-equity ratio of 50%, and a comparable
dividend to the SPY. A very well run company.
SANM -
Sanmina Corporation
[0.0%] (NASDAQ)
A global provider of integrated manufacturing solutions, components,
products and repair, logistics and after-market services. A weird
SPY outperformer. From 1993 to 2022, it much tracked the SPY, though
hugely spiked/crashed during the DotCom bubble. Since 2022, it has
outperformed SPY.
STRL -
Sterling Infrastructure [0.0%] (Nasdaq)
Operates through a variety of
subsidiaries within three segments specializing in
E-Infrastructure, Transportation and Building Solutions in the USA.
From 2005 to 2022, it much tracked the SPY. But since 2023, it has
outperformed the SPY, riding the AI bubble (earlier than most).
Should revert to tracking the SPY when the bubble bursts.
TGM -
TransDigm Group [0.0%] (Nasdaq)
A global designer, producer and supplier of highly engineered
aircraft components for use on nearly all commercial and military
aircraft in service. It has long tracked, outperformed the SPY,
though has underperformed the SPY during the AI bubble.
Should revert to tracking the SPY when the bubble bursts.
TJX (W) -
The TJX Companies [1.28%] (NYSE)
An off-price apparel and home fashions retailer. Sounds boring, but
has mostly outpeformed the SPY and GLD in the last 20 years.
CNBC (October 2024):
Americans love TJ Maxx. Here is why big brands do, too.
UEC -
Uranium Energy [0.0%] (NYSE)
A uranium mining company, should be able to profit from the
renewed interest in nuclear power, and a desire of the West to
buy less uranium from Russia. Since 2014, it has outperformed
the SPY.
WEC -
WEC Energy Group [3.4%] (NYSE)
Supplies electricity and natural gas to the MidWest USA. For the
last 20 years, it has outpeformed or tracked the SPY, with almost
three times the dividend.
WHR -
Whirlpool [5.3%] (NYSE)
From 2000 to 2021, it much tracked the SPY, with a good dividend.
But since then it has plummeted to its price level in the 2000s,
essentially flat. Since September 2021 to February 2026, WHR is
down 60% while the SPY is up %60. Needs a turnaround.
VEA -
Vanguard FTSE Developed Markets Index Fund [2.8%] (NYSE Arca)
Since 2010, it has outperformed SPY, while providing a higher
dividend.
STOCKS/ETFS THAT MOSTLY TRACK THE SPY
ADP -
Automated Data Process [3.3%] (Nasdaq)
From 2000 to 2020, it pretty much
tracked the SPY. From 2020 to early 2024 it somewhat outperformed
the SPY. In 2025, the SPY started outperforming, most likely due
to the AI bubble. When the bubble bursts, it should go back to
much tracking the SPY. A 2.7% dividend (end of 2025) is nice.
ALSN -
Allison Transmissions [0.89%] (NYSE)
Offers a lot of truck/vehicles supplies
and services. It has pretty much tracked the SPY since 2014,
though was flat for a few years after Covid. Making some nice
profits off the AI bubble. 1.0% dividend is adequate.
ARTYX -
Artisan Developing World Fund Investor Shares [0/0%] (Nasdaq)
Invests in emerging markets. From 2015, other than during the
Covid bubble, it has tracked, but somewhat underperformed,
the SPY, with NO dividend. Boring.
AVUV -
Avantis US Small Cap ETF [1.5%] (NYSE Arca)
Since its launch in 2020, it has
much tracked the SPY, with a slightly higher dividend of 1.5%.
Underperformed the SPY in 2024, smaller caps not benefitting
as much from the AI bubble. Should return to tracking when the
AI bubble bursts.
AWR -
- American States Water [2.7] (NYSE)
Mostly has tracked the SPY in the last
20 years, though has been flat since 2019. Has a 2.7% dividend,
not enough for its recent flatness. Boring.
BIP -
Brookfield Infrastructure Partners [4.65%] (NYSE)
It has a diverse portfolio of critical infrastructure businesses.
From 2008, it has much tracked the SPY, including a brief dip
from $44 in March 2022 down 50% to $22 in October 2023, and back
to $39 by February 2026. Has a nice dividend of 4.6%, the reward
for being more volatile than the SPY.
BN -
Brookfield Corporation [0.62%] (NYSE)
An investment fund "focused on building long-term weatlh
for institutions and individuals". However, since 2009, it has
mostly tracked the SPY, with a smaller dividend. Boring.
BR -
Broadridge Financial Solutions [1.6%] (NYSE)
In the last 20 years, mostly has tracked the SPY.
CATH -
Global X S&P 500 Catholic Values ETF [0.83%] (Nasdaq)
Since 2016, it has exactly tracked the valueless SP500, but
with a smaller dividend, portfolio is much the same as the
SP500. There is nothing Catholic-values-ish about this fund.
More honestly named the 'SP500 Average Values ETF'.
CGDV -
Capital Group Dividend Value ETF [1.2%] (NYSE Arca)
Since 2022, it has much tracked the SPY, though with a slightly
higher return, and with a slightly higher dividend at 1.27%.
CMG -
Chiptotle Mexican Grill [0.0%] (NYSE)
From 2015 to 2025, it oscillated around the SPY. Since then, it has
been flat (consumer confidence weaker) while the SPY is up (the AI
bubble).
DOV -
Dover Corporation [0.90%] (NYSE)
Dover sell industrial products and services. DOV has pretty much
tracked the SPY since 2011, with a similar dividend.
DVA -
DaVita [0.0%] (NYSE)
DaVita is a healthcare provider focused on transforming care
delivery to improve the quality of life for patients globally.
Since 2008, it has much tracked the SPY, though more volatile
than the SPY, though with no dividend.
DWAS -
Invesco Dorsey Wright SmallCap Momentum ETF [0.07%] (NYSE Arca)
Pretty much tracked the SPY until 2024, flat since then.
Dividend 0.07%. Boringly chasing momentum.
DYNF -
iShares U.S. Equity Factor Rotation Active ETF [1.0%] (NYSE Arca)
From 2019, it has much tracked the SPY, with a similar dividend.
Boring.
ECL -
Ecolab [0.9%] (NYSE)
Ecolab offers water, hygiene and infection protection services.
From 2000 to 2010, it outperformed the SPY. From 2010 onwards,
it has much tracked the SPY. Biggest shareholder is Bill Gates
(owns 10%). Can't go wrong with investing in water in the long-term.
FAST -
Fastenal Company [2.0%] (NASDAQ).
Since 2011, FAST has pretty much tracked the SPY, with a better
dividend. Fastenal Company is engaged in the wholesale distribution
of industrial and construction supplies.
FDVV -
Fidelity High Dividend ETF [3.0%] (NYSEAraca)
From 2021, FDVV has much tracked the SPY, with a slightly higher
dividend.
FRFHF -
Fairfax Financial Holdings [0.8%] (OTCPK)
Mostly engaged in property and casualty insurance and reinsurance.
From 2003 to 2022, it much tracked the SPY. Sine 2022, it has
outperformed the SPY - interesting, since it doesn't seem directly
tied to the AI bubble pumping up the SPY.
FSLR -
First Solar [0%, $7/$12] (NYSE)
Since 2014, it has much tracked the SPY, sometimes doing better,
sometimes doing worse - more volatile. A dividend would make the
volatility easier to tolerate.
GIL -
Gilden Activwear [1.2%] (NYSE)
Pretty much has tracked the SPY since 2005, even through the
AI bubble that didn't benefit companies in the fashion business.
GSLC -
Goldman Sachs ActiveBeta US Large Cap Equity ETF [1.0%] (NYSE Arca)
Pretty much tracks the SPY, with a similar dividend of 1.00%.
Boring - apparently not a lot of active beta.
IJR -
iShares Core S&P Small-Cap ETF [1.4%] (NYSE Arca)
From 2000 to 2023, IJR much tracked the SPY, with a similar
dividend. Since then IJR has risen somewhat, but not as much
as the AI-bubbled-SPY. When bubble bursts, it should go back
to tracking the SPY. 1.4% dividend is decent.
IRM -
Iron Mountain [3.0%] (NYSE)
A storage and warehousing company.
It has much tracked the SPY since 2005, though peaked in
November 2024 (similar to PNFP below). 3.0% dividend helps.
JEF -
Jefferies Financial Group [3.2%] (NYSE)
A global, full-service investment
banking and capital markets company. Since 1995, it has much
tracked the SPY, obviously outperforming during the real estate
bubble from 2006-2008, and much tracking the SPY since then.
Extra benefit is a higher dividend, now at 3.2% (Feb. 2026).
LPX -
Louisiana-Pacific Corporation [1.4%] (NYSE)
LPX manufactures engineered wood products that meet the
demands of builders, remodelers and homeowners worldwide.
From 1990 to 2024, it much tracked the SPY, though the SPY did
better for many years in the interim. It started lagging the
SPY in 2024, not being in the AI bubble. Decent 1.4% dividend,
and health 20% debt/equity ratio. When AI bubble bursts, it should
go back to tracking the SPY.
LSTR -
Landstar System [1.1%] (Nasdaq)
Landstar is an asset-light provider of integrated
transportation management solutions. From 2006 to 2024, it
much tracked the SPY with a similar dividend (1.1%), but has
underperformed duing the AI bubble. When bubble bursts, it
should go back to tracking the SPY.
MAGS -
- Roundhill Magnificent Seven ETF [1.5%] (CBOE)
A boring clone of the 7 biggest Big Tech companies. From October
2024 to the present, it has much tracked the QQQ (no surprise),
occasionally outperforming until regressing to the QQQ.
A 1.5% dividend versus 0.46% dividend for the QQQ. If you are
going to buy some QQQ to ride the bubble, probably can buy some
MAGS as well.
MAIN -
- Main Street Capital Corp. [5.4%] (NYSE)
Provides debt and equity capital to lower middle market
companies. From its inception in 2007, it has much tracked the
SPY (though took a year to recover during Covid. It currently
has a 5.1% dividend, much better than the SPY. A good
diversification buy.
MCK -
McKesson Corporation [0.34%] (NYSE)
A health services and pharmaceutical
company. From 1999 to 2020, it much tracked the SPY with a lower
dividend (now 0.34%). Since 2020, it has greatly outpeformed the
SPY (even seemingingly without a direct tie to the AI bubble).
Could be a candidate that still outpeforms the SPY after the AI
bubble crash.
MQG.AX -
Macquarie Group [3.8%] (Australia)
A big banking corporation in Australia.
Since 2009, Macquarie has pretty much tracked the SPY with
a higher dividend, though in 2025 it fell behind the SPY
as the SPY was AI bubbled. A November 2025 article in Reuters
argues that
the good times for its stock's performance is in the past.
MTUM -
iShares MSCI USA Momentum Factor ETF [0.89%] (NYSE Arca)
Since 2014, it has mostly tracked the SPY with a similar dividend
- boring.
NOBL -
Proshare's SP500 Dividend Aristocrats [2.0%] (CBOE)
NOBL has tracked SP500 since 2014, it has somewhat underperformed
the SPY, but with a slightly higher dividend (2.0% versus 1.3%).
NOBL and SDY much track each other, but the SDY has a higher
dividend at 2.5%.
NYT -
New York Times - [1.2%] (NYSE)
Good performance for a media company. Since the 2008 Financial
Crisis, NYT has much tracked the SPY, the two oscillating around
each other, with a similar yield at 1.2% (Feb. 2026).
REXR -
Rexford Industrial Realty [4.7%] (NYSE)
From 2015 to 2024, it significantly outperformed the SPY, though
it has been on a decline since the end of 2021 from $80 to $37
in February 2026. Decent dividend at 4.7%. Watch it after the
AI bubble bursts.
RMD -
ResMed Inc. [0.95%] (NYSE)
Supplies medical devices and software.
Starting from 2000, it significantly outperformed the SPY.
Since 2020, it has much tracked the SPY, though outpeforming from
2020 to 2021. Since 2021, it has been flat, though volatile -
from 240 to 290 to 160 to 250.
ROST -
Ross Stores [0.81%] (NYSE)
Off-price clothing and fashion retail chain, with a 0.8%
dividend. Since 2016 it has mostly oscillated around the SPY.
RSP -
Invesco S&P 500 Equal Weight ETF [1.58%] (NYSE Arca)
Since 2004, RSP has pretty much tracked the SPY with a slightly
higher dividend. An argument is that when the AI bubble bursts,
RSP will decline less than the SPY because of its equal weighting.
RWL -
Invesco S&P 500 Revenue ETF [1.31%] (NYSE Arca)
Up until 2024, RWL pretty much tracked the SPY (with about the
same dividend - 1.34 [Dec. 2025]). Since 2025, RWL has done
slightly better than the SPY, as it did between 2020 and 2022.
SCHD -
Schwab US Dividend Equity ETF [3.5%] (NYSE Arca)
Tracks, but underperforms, the SPY, with a higher dividend of
3.5% - not enough to compensate for the SPY's better return.
SLVP -
iShares MSCI Global Silver and Metals Miners ETF [1.56%] (CBOE)
Since the 2017, the SPY and SLVP have tracked and wandered
around each other. Since 2024, the SLVP has much outperformed
the SPY, despite the AI bubble (central banks and others are
buying tons of gold and silver).
SPHQ -
Invesco S&P 500 Quality ETF [1.05%] (NYSE Arca)
Pretty much tracks the SPY, with a similar dividend of 1.05%.
Boring - apparently, not a lot of quality.
SPTM -
SPDR Portfolio S&P 1500 Composite Stock Market ETF [1.33%] (NYSE Arca)
Pretty much tracks the SPY, with a similar dividend of 1.33%. Boring.
SSB -
SouthState Bank Corporation [2.4%] (NYSE)
Regional bank based in the SouthEast of the USA.
Since 2000, it has much tracked the SPY, and for many years
outperformed the SPY (doing better, but reverting, after the
Great Recession of 2008 up and until Covid). Kind of flat since
mid-2024 (not riding the AI bubble). Decent 2.4% dividend.
STX -
Seagate Technology Holdings [0.75%] (Nasdaq)
Pretty much tracks the SPY, with a similar dividend of 0.75%.
Outperformed SPY in 2024/2025 as it rode the AI bubble. Will go
back to tracking when the bubble bursts.
TMO -
Thermo Fisher Scientific [0.3%] (NYSE)
Thermo Fisher Scientific is engaged in accelerating life sciences
research, solving complex analytical challenges, increasing
laboratory productivity, and improving patient health through
diagnostics and the development and manufacture of life-changing
therapies. From 2000, it has much outperformed the SPY. However,
since 2021, it has been outperformed by the SPY. Should track
again after the AI bubble bursts.
ULTA -
Ulta Beauty [0.0%] (Nasdaq)
A very successful beauty products and retailer
in the USA, with 1,451 retail stores across 50 states.
From 2012 to 2024, it much tracked and much outperformed the
SPY, though regressing to the SPY occassionally. It has even
managed to follow the SPY through the AI bubble. No dividend,
though low debt.
UNUM -
Unum Group [2.6%] (NYSE)
Unum is an international provider of workplace benefits
and services. From 2005, it has much tracked the SPY with a
slightly higher dividend of 2.4%. It went from $30 to $15
during Covid in 2020 (down from a high of $56 in 2017),
but recovered greatly since then, at $75 in January 2026.
A good candidate for a portfolio of SPY equivalents.
VFH -
Vanguard Financial Index Fund [1.6%] (NYSE Arca)
VFH from 2020 to 2020, it much tracked the SPY, declining more
than the SPY during Covid, and then pretty tracking the SPY from
2021 onwards. It has a slightly higher dividend. Otherwise,
another boring Vanguard fund.
VGT -
Vanguard Information Technology ETF [0.41%] (NYSE Arca)
VGT tracks the QQQ, but since 2004 the QQQ has slightly
outperformed. The QQQ now has a dividend of 0.45% while the
VGT has a measily higher dividend of 0.41%. Boring.
VOOG -
Vanguard SP500 Growth Index ETF [0.49%] (NYSE Arca)
Mostly tracks the SPY, but performs a bit better. Has a low
dividend at 0.49%. As boring as Vanguard's VOO.
VXF -
Vanguard Extended Market Index ETF [1.11%] (NYSE Arca)
Another SPY tracker. Up until 2010, it slightly outpeformed the
SPY, since then SPY has slightly outperformed. Have the same
dividend yield. Boring.
VYM -
Vanguard High Dividend Yield Index Fund [2.33%] (NYSE Arca)
Since 2007, it has been outperformed by GLD and SPY. Its 2.33%
dividend (versus 1.22% for SPY) doesn't make that attractive.
WAT -
Waters Corporation [0.0%] (NYSE)
Waters offers analytical instruments, separations technologies,
and software, serving the life, materials, food, and environmental
sciences. Since 2008 or so, Waters has tracked the SPY, though with
no dividend. Boring.
WM -
Waste Management [1.44%] (NYSE)
Big in waste collection and disposal, and recycling. Pretty much
has tracked the SPY since 1995, a nice long track record, with a
similar dividend at 1.44%. A good one to hold after the AI bubble
bursts.
XBI -
State Street's S&P Biotech ETF [0.36%] (NYSE Arca)
It has much tracked the SPY since 2008, though much outperforming
the SPY during the Covid years: 2020-2022. Since then SPY has
outperformed, due to biotech not benefitting much from the AI
bubble. When the bubble bursts, XBI will go back to tracking the SPY.
With its lower dividend, boring.
XLK -
Technology Select Sector SPDR Fund - [0.54%] (NYSE Arca)
State Street's clone of the QQQ, also has pretty much tracked the
QQQ for the last 20 years, and only has a slight higher dividend.
Boring.
STOCKS/ETFS THAT MUCH TRACKED THE SPY (EXCEPT DURING AI BUBBLE)
CHD -
Church & Dwight [1.2 %] (NYSE)
Manufactures and markets a range of consumer
household and personal care products and specialty products
focused on animal and food production, chemicals and cleaners.
From 2000 to 2020, it much tracked or outpeformed the SPY.
But since mid-2020, it has been flat (though peaked in 2024),
with a dividend of 1.28%. Could return to tracking the SPY
after the AI bubble bursts.
CHDN -
Churchill Downs [0.46%] (Nasdaq)
A racing, online wagering and gaming
entertainment company, known for the Kentucky Derby.
From 2000 to 2020, it much tracked or outpeformed the SPY.
But since mid-2020, it has been flat (though peaked in 2024),
with a low dividend of 0.45%.
HDB -
HDFC Bank LTD [1.0%] (NYSE)
A big private bank in India. Since 2010,
is has pretty much tracked the SPY, except during the AI
bubble times starting in 2024. When bubble bursts, it should
go back to tracking the SPY. 1% dividend is decent.
IFX.DE -
Infineon Technologies AG [0.575%] (Euronext)
Based in Germany, it develops and manufactures semiconductors
for autos, renewable energy and industrial power systems.
From 2006, it has pretty much tracked the SPY, with a
smaller dividend, though it has been mostly flat since 2022
while the SPY was bubbled up. Mean reversion likely here.
L.TO -
Loblaw Companies [0.82%] (Toronto)
A food and pharmacy retailer in Canada.
From 2000 to 2023, Loblaw much tracked the SPY, with a
similar dividend of 0.82%. Since 2024, it has underperformed
the SPY, solely because of the AI bubble pumping up the SPY.
When the IA bubble bursts, Loblaw go back to tracking the SPY.
PFSI -
- PennyMac Financial Services [1.32%] (NYSE)
A provides financial and mortgage
financial services. Since 2021, it has much tracked the SPY,
with a similar dividend. Before then, it somewhat outperformed
the SPY. While it has been flat since 2024, this is mostly due
to not being part of the AI bubble. When the bubble bursts, PFSI
should return to being a good diversification from the SPY.
PNFP -
Pinnacle Financial Partners (1.3%) [NYSE]
A bank holding company in the southern USA. 1.3% dividend.
Since 2007, it has tracked, but osciallated around the SPY.
Peaked in November 2024 at $130, at $95 in February 2026,
underperforming the SPY. When the bubble bursts, PNFP should
return to being a good diversification from the SPY.
PSA -
Public Storage [3.9%] (NYSE)
A leader in the public storage business, which has nice non-correlation:
Self-storage real estate has "close to zero" correlation to
the broader economy.
From 2008 to 2022, PSA much tracked the SPY (and outpeformed
to some extent). While it has been down since 2022 (a high of
$400 down to $300 in February 2026), this is mostly due to not
being part of the AI bubble. When the bubble bursts, PSA should
return to being a good diversification from the SPY. Its 3.9%
dividend is nice as well.
SKA-B.ST -
Skanska AB [3.1%] (Stockholm)
A big real estate developer in northern Europe,
and one of the biggest builders in the USA. A nice dividend at 3.1%.
From 2000 to 2021, it much tracked or outpeformed the SPY.
Like the SPY, it fell during Covid and has recovered. But unlike
the SPY, it is not benefitting from the AI bubble. When the
bubble bursts, Skanska will return to being a (better) equivalent
to the SPY.
UNP -
Union Pacific [2.07%] (NYSE)
One of the big railroad companies in the USA.
From 2014 to 2024, it much tracked the SPY. However, while
the SPY increased due to the AI bubble, UNP has been flat since
2021. It has a higher dividend, 2.1%. When the AI bubble pops,
Union Pacific will probably resume tracking the SPY.
VIG -
Vanguard Dividend Appreciation Index Fund [3.2%] (NYSE Arca)
VIG mostly tracks the SPY, un until 2024 (when the AI bubble
beat dividends). It has a 3.2% dividend (versus 1.2% for SPY).
Why dividend investors should buy VIG (at 1.8%) versus AGNC (at 15%).
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