2023-07-23 09:15:00 ET
The big banking news so far in 2023 has been the failure of several midsize banks. The entire U.S. banking sector was tarnished, with banks both large and small feeling increased scrutiny. Bank of America (NYSE: BAC) , one of the nation's largest and most renowned financial institutions, was not spared. The stock has declined almost 5% this year, a time when the broader stock market has rebounded. But that just highlights an interesting and important thing about performance.
Bank of America's year-to-date decline really isn't that bad when you compare it to the SPDR S&P Bank ETF (NYSEMKT: KBE) , which is down nearly 10%. If you get even more specific and look at midsize and smaller banks, using the SPDR S&P Regional Banking ETF (NYSEMKT: KRE) , the pain was much greater with a decline of nearly 20%. So far this year, Bank of America is a standout performer.
Data source: YCharts
For further details see:
If You Invested $10,000 in Bank of America in 2010, This Is How Much You Would Have Today