Apple vs Microsoft Stock: Returns, Risk and Falls

From Mar 13, 1986 to the Nov 13, 2026 close, $1,000 in Apple (AAPL) became $4,217,677 and $1,000 in Microsoft (MSFT) became $8,877,183, with dividends reinvested.

Last 10 years: $14,662 in Apple, $10,151 in Microsoft
Last 5 years: $2,432 in Apple, $1,621 in Microsoft
Last year: $1,309 in Apple, $1,049 in Microsoft
Deepest fall: Apple 81.8% (Mar 22, 2000 to Apr 17, 2003); Microsoft 69.4% (Dec 27, 1999 to Mar 9, 2009)

Apple (AAPL)

Total return421,668%

A year22.8%

Deepest fall81.8%

Volatility42.3%

Sharpe ratio0.42

Beta to S&P 5001.10

Microsoft (MSFT)

Total return887,618%

A year25.0%

Deepest fall69.4%

Volatility33.2%

Sharpe ratio0.60

Beta to S&P 5001.10

From Mar 13, 1986 to Nov 13, 2026, Apple grew 22.8% a year and Microsoft grew 25.0%. The higher rate, Microsoft's, came with narrower daily swings. Volatility was 42.3% for Apple and 33.2% for Microsoft. The Sharpe ratio is the yearly return above a fixed 5% risk-free rate, per unit of volatility.

Sharpe ratios were 0.42 for Apple and 0.60 for Microsoft. Over the same dates, the price record shows deepest falls of 81.8% for Apple and 69.4% for Microsoft. From Feb 1, 1993 to Nov 13, 2026, betas to the S&P 500 were 1.10 for Apple and 1.10 for Microsoft.

Growth of $1,000 in Apple and Microsoft

The $1,000 in Apple and the $1,000 in Microsoft swapped places 5 times at month ends. The latest swap came at the end of Sep 1987. Since then, the $1,000 in Microsoft has been worth more at every month end. Across all 489 month ends, Apple's value was the higher one at 10 and Microsoft's at 479.

At the end of Mar 1999, $1,000 had become $3,181 in Apple and $460,930 in Microsoft. In relative terms, that was the widest gap between them at any month end. The $1,000 in Apple and in Microsoft both first doubled to $2,000 at a month end in Jan 1987.

The $1,000 in Apple first stood at $1,000,000 or more at a month end in Jun 2020. The $1,000 in Microsoft did so in Mar 2017.

Apple (AAPL), circleMicrosoft (MSFT), square

Apple and Microsoft returns by period

Every row ends at the Nov 13, 2026 close. The "a year" columns give the yearly rate from each start date. The yearly rates were furthest apart over the last year. Over that span, Apple grew 30.9% a year and Microsoft grew 4.9%.

The rates were closest over the full span since Mar 1986: 22.8% for Apple and 25.0% for Microsoft.

Apple's rate over the last year, 30.9%, was above its 10-year rate of 30.8%. Microsoft's last-year rate, 4.9%, was below its 10-year rate of 26.1%. In every row, $1,000 in Apple and $1,000 in Microsoft both ended above $1,000.

Period	$1,000 in Apple	$1,000 in Microsoft	Apple a year	Microsoft a year
Since both startedfrom Mar 13, 1986	$4,217,677	$8,877,183	22.8%	25.0%
Last 20 yearsfrom Nov 13, 2006	$141,216	$25,480	28.1%	17.6%
Last 10 yearsfrom Nov 14, 2016	$14,662	$10,151	30.8%	26.1%
Last 5 yearsfrom Nov 12, 2021	$2,432	$1,621	19.4%	10.1%
Last yearfrom Nov 13, 2025	$1,309	$1,049	30.9%	4.9%

How far Apple and Microsoft fell below their highs

At the Nov 13, 2026 close, Apple was at its month-end high. At the same close, Microsoft was 0.8% below its Jul 2025 month-end high. On daily closes, Apple's deepest fall was 81.8% from Mar 22, 2000 to Apr 17, 2003. Microsoft's deepest fall was 69.4% from Dec 27, 1999 to Mar 9, 2009.

Apple closed back at its old high on Jan 26, 2005, 1 year and 9 months after the low. Microsoft closed back at its old high on Jul 16, 2014, 5 years and 4 months after the low. Apple was 20% or more below its high at 212 of 489 month ends.

Microsoft was 20% or more below its high at 184.

The S&P 500's dot-com fall ran from its Mar 24, 2000 high to its Oct 9, 2002 low. Over those dates, Apple fell 80.4% and Microsoft 60.6%. The S&P 500's 2008 fall ran from its Oct 9, 2007 high to its Mar 9, 2009 low. Over those dates, Apple fell 50.5% and Microsoft 48.2%.

The S&P 500's COVID fall ran from its Feb 19, 2020 high to its Mar 23, 2020 low. Over those dates, Apple fell 30.7% and Microsoft 27.4%. The S&P 500's 2022 fall ran from its Jan 3, 2022 high to its Oct 12, 2022 low. Over those dates, Apple fell 23.7% and Microsoft 32.1%.

Apple (AAPL), circleMicrosoft (MSFT), square

Apple vs Microsoft by year

The bars cover 39 full calendar years, 1987 to 2025. Apple rose in 27 of them and Microsoft in 30. Apple's yearly change was higher in 17 years and Microsoft's in 22. Both rose in 24 and both fell in 6. In 9 years, one rose while the other fell.

Both had their lowest year in 2000: Apple −71.1%, Microsoft −62.8%. Their highest years were 1998 for Apple (+211.9%) and 1987 for Microsoft (+124.9%). The widest one-year gap between them was 2004: Apple +201.4%, Microsoft +9.1%. In 2025, the latest full year, Apple rose 9.1% and Microsoft rose 15.6%.

Apple (AAPL), circleMicrosoft (MSFT), square

Apple and Microsoft monthly returns

These counts cover 120 full months, Nov 2016 to Oct 2026. Apple rose in 72 of them and Microsoft in 75. Both rose in 58, both fell in 31, and in 31 one rose while the other fell. Apple's largest monthly fall was −18.1% in Nov 2018, and Microsoft's −17.2% in Jun 2026.

Apple's largest monthly rise was +21.7% in Aug 2020, and Microsoft's +24.6% in Jul 2026. Apple's longest run of falling months was 4, ending in Dec 2018. Microsoft's longest run of falling months was 6, ending in Mar 2026.

The latest cell is a part month, from the Oct 30, 2026 close to the Nov 13, 2026 close. Over those days, Apple changed +3.4% and Microsoft +0.4%.

Apple, % each month
	J	F	M	A	M	J	J	A	S	O	N	D
2026	−4.6	+1.9	−3.9	+6.9	+15.1	−7.3	+6.8	+2.7	+5.1	+3.5	+3.4
2025	−5.8	+2.6	−8.2	−4.3	−5.4	+2.2	+1.2	+12.0	+9.7	+6.2	+3.2	−2.5
2024	−4.2	−1.9	−5.1	−0.7	+13.0	+9.6	+5.4	+3.2	+1.7	−3.0	+5.2	+5.5
2023	+11.1	+2.3	+11.9	+2.9	+4.6	+9.4	+1.3	−4.2	−8.9	−0.3	+11.4	+1.4
2022	−1.6	−5.4	+5.7	−9.7	−5.4	−8.1	+18.9	−3.1	−12.1	+11.0	−3.3	−12.2
2021	−0.6	−8.0	+0.7	+7.6	−5.0	+9.9	+6.5	+4.2	−6.8	+5.9	+10.5	+7.4
2020	+5.4	−11.5	−7.0	+15.5	+8.5	+14.7	+16.5	+21.7	−10.3	−6.0	+9.5	+11.5
2019	+5.5	+4.5	+9.7	+5.6	−12.4	+13.1	+7.6	−1.6	+7.3	+11.1	+7.8	+9.9
2018	−1.1	+6.8	−5.8	−1.5	+13.5	−0.9	+2.8	+20.0	−0.8	−3.0	−18.1	−11.7
2017	+4.8	+13.4	+4.9	−0.0	+6.8	−5.7	+3.3	+10.7	−6.0	+9.7	+2.0	−1.5

Microsoft, % each month
	J	F	M	A	M	J	J	A	S	O	N	D
2026	−11.0	−8.5	−5.7	+10.2	+10.7	−17.2	+24.6	+9.4	+1.1	+1.8	+0.4
2025	−1.5	−4.2	−5.4	+5.3	+16.7	+8.0	+7.3	−4.9	+2.2	−0.0	−4.8	−1.7
2024	+5.7	+4.2	+1.7	−7.5	+6.8	+7.7	−6.4	−0.1	+3.2	−5.6	+4.4	−0.5
2023	+3.3	+0.9	+15.6	+6.6	+7.1	+3.7	−1.4	−2.2	−3.7	+7.1	+12.3	−0.8
2022	−7.5	−3.7	+3.2	−10.0	−1.8	−5.5	+9.3	−6.7	−10.9	−0.3	+10.2	−6.0
2021	+4.3	+0.4	+1.5	+7.0	−0.8	+8.5	+5.2	+6.2	−6.6	+17.6	−0.1	+1.7
2020	+7.9	−4.6	−2.7	+13.6	+2.5	+11.1	+0.7	+10.3	−6.7	−3.7	+6.0	+3.9
2019	+2.8	+7.7	+5.3	+10.7	−4.9	+8.3	+1.7	+1.5	+0.8	+3.1	+5.9	+4.2
2018	+11.1	−0.8	−2.7	+2.5	+6.1	−0.2	+7.6	+6.3	+1.8	−6.6	+4.3	−8.4
2017	+4.0	−0.4	+2.9	+3.9	+2.6	−1.3	+5.5	+3.4	−0.4	+11.7	+1.7	+1.6

Apple and Microsoft: rolling 1-year return and volatility

The rolling 1-year return is the change over the 12 months to each month end. From Mar 1987 to Nov 2026, Apple's rolling 1-year return ran from −71.1% (12 months to Dec 2000) to +277.9% (to Mar 2000). Over the same months, Microsoft's ran from −62.8% (12 months to Dec 2000) to +369.0% (to Sep 1987).

Apple's 12-month change was below zero at 136 of those 477 month ends, and Microsoft's at 109. Apple's 12-month change was the higher one at 236 month ends and Microsoft's at 241. That is close to an even split.

Apple (AAPL), circleMicrosoft (MSFT), square

Apple and Microsoft: volatility, risk-adjusted return, beta and correlation

These measures cover Mar 13, 1986 to Nov 13, 2026. Over those dates, volatility was 42.3% for Apple and 33.2% for Microsoft. The Sortino ratio counts only falling days as risk. Against the same 5% rate, Sortino ratios were 0.62 for Apple and 0.90 for Microsoft. The Calmar ratio is the yearly return divided by the deepest fall.

Calmar ratios were 0.28 for Apple and 0.36 for Microsoft.

Beta shows how much Apple and Microsoft tended to move on the days the S&P 500 (SPY) moved. A beta of 1 means moving by the same amount as the index. From Feb 1, 1993 to Nov 13, 2026, Apple's beta was 1.10 and Microsoft's 1.10. By that measure, both tended to move more than the index.

The correlation of Apple's and Microsoft's daily moves was 0.41, a partial link. A correlation of 1 would mean they always moved together, 0 no link and −1 always opposite.

Measure	Apple	Microsoft
Volatility, a year	42.3%	33.2%
Sharpe ratio	0.42	0.60
Sortino ratio	0.62	0.90
Calmar ratio	0.28	0.36
Deepest fall	81.8%	69.4%
Beta to the S&P 500from Feb 1, 1993	1.10	1.10
Upside capturemonths from Dec 2016	145%	131%
Downside capturemonths from Dec 2016	86%	90%
Biggest one-day rise	+33.23%Aug 6, 1997	+19.57%Oct 19, 2000
Biggest one-day fall	−51.87%Sep 29, 2000	−30.12%Oct 19, 1987
Price against its 50-day average	+5.1%	+0.9%
Price against its 200-day average	+18.4%	+18.9%
Correlation of daily movesfrom Feb 1, 1993	0.41

About Apple and Microsoft

What Apple and Microsoft do, from each company's latest annual report filed with the US Securities and Exchange Commission.

Apple

Apple Inc. designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells related services. Its product lines are iPhone, Mac, iPad, and Wearables, Home and Accessories. Its services include advertising, AppleCare, cloud services, digital content and payment services.

The company manages its business mainly by geography, and its reportable segments are the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. In the filing, Europe includes India, the Middle East and Africa. The headquarters is in Cupertino, California.

Apple's fiscal year is the 52- or 53-week period ending on the last Saturday of September, so fiscal 2026 ended on September 26, 2026.

Source: 10-K (fiscal 2026, ended September 26, 2026), filed Nov 3, 2026 (SEC EDGAR)

Microsoft

Microsoft Corporation, founded in 1975, develops and supports software, services, devices and solutions. It reports three segments. Productivity and Business Processes includes Microsoft 365 commercial and consumer products and cloud services, LinkedIn, and Dynamics business applications. Intelligent Cloud includes server products and cloud services, among them Azure and GitHub cloud services.

More Personal Computing includes Windows and Devices, with Surface; XBOX hardware, content and services; and search advertising through Bing, Copilot, Microsoft News and Microsoft Edge. The corporate headquarters is in Redmond, Washington. Microsoft's fiscal year ends on June 30, so the latest annual report covers the year ended June 30, 2026.

Source: 10-K (fiscal 2026, ended June 30, 2026), filed Jul 29, 2026 (SEC EDGAR)

About this calculation

What it calculates: For Apple and Microsoft over the same dates: the value of $1,000 in each, total and yearly return, the deepest fall and its recovery, every calendar year, monthly and rolling 12-month changes, and the risk measures below.
Prices: Daily closing prices adjusted for stock splits and dividends, so dividends count as reinvested.
Dates: Both start on the same trading day: the first day both price histories used here share, or the start of the period chosen, and both are valued at the Nov 13, 2026 close.
Yearly return: (final value ÷ $1,000)^{1 ÷ years} − 1, with years counted as days ÷ 365.
Deepest fall: The largest drop from a closing high to a later closing low; recovery is the first close back at that high.
Volatility: How widely daily returns spread around their average over the dates shown: the square root of the average squared gap from that average (dividing by one less than the number of days), × √252, as a yearly figure.
Sharpe ratio: (yearly return − 5%) ÷ volatility, with a fixed risk-free rate of 5% a year.
Sortino ratio: (yearly return − 5%) ÷ downside deviation: the square root of the average squared daily fall (days above 0 count as 0), × √252.
Calmar ratio: Yearly return ÷ the deepest fall over the dates shown.
Beta and correlation: From daily returns on the days both stocks and SPY traded: beta is the covariance of a stock's daily returns with SPY's ÷ the variance of SPY's; correlation is that of the two stocks' daily returns.
Biggest one-day moves: The largest daily rise and fall in adjusted close over the dates shown.
Moving-average distance: The last close against the simple average of the last 50 and 200 closes. A fact about price, not a signal.
Capture: Over the last 10 years of month ends: a stock's average monthly change in the months SPY rose (fell), as a percentage of SPY's average change in those months.
Rounding: Calculated at full precision and rounded for display: whole dollars, one decimal for percentages, two for ratios.
Exclusions: Taxes, fees, currency conversion and companies no longer in the index.
Freshness: Recalculated after each trading day. Company profiles come from each company's latest annual report, with the filing date shown.
Reproduce: Open this comparison in Compare Two Stocks

Common questions

Which had the higher return, Apple or Microsoft stock?

It depends on the period. Apple had the higher total return over the last 20, 10 and 5 years and the last year. Microsoft had the higher total return over the full span since Mar 1986. From Mar 13, 1986 to the Nov 13, 2026 close, Apple returned +421,668% in total and Microsoft +887,618%.

Both include reinvested dividends, before taxes and fees. Over the last 10 years, Apple returned +1,366% and Microsoft +915%. Over the last 5 years, Apple returned +143% and Microsoft +62.1%. Over the last year, Apple returned +30.9% and Microsoft +4.9%. None of these Apple and Microsoft figures is a forecast.

Is Apple or Microsoft the better stock to buy?

SmartFin does not say which to buy. This page reports what Apple and Microsoft prices did. From Mar 13, 1986 to Nov 13, 2026, Apple grew 22.8% a year and Microsoft grew 25.0%. The record shows deepest falls of 81.8% for Apple and 69.4% for Microsoft. Past returns for Apple and Microsoft do not show what either will do next.

Do the Apple and Microsoft returns include dividends?

Yes. Every AAPL and MSFT figure here uses closing prices adjusted for stock splits and dividends, so dividends count as reinvested. Taxes, fees and trading costs are left out of the Apple and Microsoft figures.

Has Apple or Microsoft stock dropped from its high?

At the Nov 13, 2026 close, Apple was at its highest month-end value. At the same close, Microsoft was 0.8% below its highest month-end value, set in Jul 2025. Apple's deepest fall on daily closes was 81.8%, from Mar 2000 to Apr 2003. Microsoft's deepest fall was 69.4%, from Dec 1999 to Mar 2009.

Compare Apple and Microsoft with your own amount and dates in Compare Two Stocks

Daily closing prices adjusted for stock splits, with dividends reinvested, before taxes and fees. Both amounts are invested at the same close and valued at the Nov 13, 2026 close. See also: What if you invested in Apple · What if you invested in Microsoft.

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This page presents historical market data and calculated results for a defined period. It is not a recommendation to buy, sell, or hold the security, fund, or index shown. Past performance is not indicative of future results.