If an investor bought into UPS and FDX on the first working day of 2008, UPS has been the better investment. FDX was $93.82 and is now $106 or so equaling a return of 12.9%. Conversely, UPS shares were $70.55 and now are just under $81 or a return of about 14.8%. If one considers that in that same time frame a UPS investor would have pocketed $7.47 more in dividends as well I think the facts should make some reconsider which is the better investment. This is particularly relevant since the forward P/E's are now so close. UPS is 14.1 while FDX is 13.6. I was sort of surprised myself when I did this analysis.