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Relative Intelligence · Biotechnology

How Amgen (AMGN) compares with the whole market and its popular alternatives

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

Period covered: AMGN'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 AMGN →Chart AMGN vs. 22 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in AMGN over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AMGN over the same span and AMGN'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. 96 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of AMGN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • GILD$2M+15,614% total · +19.1% a year
  • DHR$777,394+7,674% total · +16.2% a year
  • REGN$683,800+6,738% total · +15.7% a year
  • WST$660,969+6,510% total · +15.5% a year
  • NVO$560,210+5,502% total · +14.9% a year
  • AMGN$526,909+5,169% total · +14.6% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • VRTX$276,941+2,669% total · +12.1% a year
  • MCK$208,304+1,983% total · +11.0% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% 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. 595 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AMGN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • LLY$52,411+424% total · +39.3% a year
  • MCK$43,941+339% total · +34.5% a year
  • UTHR$29,358+194% total · +24.0% a year
  • ABBV$29,134+191% total · +23.8% a year
  • VRTX$28,822+188% total · +23.6% a year
  • EXEL$27,629+176% total · +22.5% a year
  • GILD$25,496+155% total · +20.6% a year
  • AMGN$23,160+132% total · +18.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • WST$8,848−11.5% total · −2.4% a year
Change the dates or add tickers to this chart in EasyCompare

AMGN 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
$237B
Industry
Drug Manufacturers - General
Price history from
October 1986

Returns

Past 1 year
+48.7%total return
Past 3 years
+72.2%+19.9% a year
Past 5 years
+145%+19.6% a year
Past 10 years
+266%+13.9% a year
Best calendar year
+130%1999
Worst calendar year
−32.0%2007
Losing years
10 of 29full calendar years

Risk

Volatility
24.9%typical yearly swing, 5 years
Sharpe ratio
0.85return per unit of risk, 5 years
Worst decline ever
−63.5%Mar 1987 to Oct 1987
From its all-time high
−1.2%below the peak

AMGN against the whole market

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

How does AMGN rank among all stocks?

This section ranks AMGN 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 AMGN 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.

MeasureAMGNRankStanding
1-year return+48.7%577 of 3,287top 18%
3-year return+72.2%1,216 of 3,017top 40%
5-year return+145%470 of 2,893top 16%
10-year return+266%670 of 2,202top 30%
Volatility, 5 years24.9%316 of 2,893top 11%
Sharpe ratio, 5 years0.85235 of 2,893top 8%
Worst decline, past 10 years−24.9%6 of 2,187top 1%

What has beaten AMGN 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). AMGN sits where the dashed lines cross. Anything in the green box above and to the left earned more than AMGN 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 AMGN; faint dots are 5 more of the 12 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%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 AMGNCOR: +24.2% a year, volatility 22.8%SDCI: +20.6% a year, volatility 18.4%IXC: +20.7% a year, volatility 23.2%DBJP: +20.9% a year, volatility 19.2%ATMP: +21.2% a year, volatility 21.5%AMGN: +19.6% a year, volatility 24.9%SPY (S&P 500): +12.7% a year, volatility 17.1%ABBV: +26.1% a year, volatility 23.4%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%GILD: +22.8% a year, volatility 24.9%EXEL: +24.4% a year, volatility 35.8%TRV: +22.4% a year, volatility 22.3%MPLX: +23.5% a year, volatility 18.8%MPC: +51.2% a year, volatility 33.4%WMT: +20.8% a year, volatility 22.6%DXJ: +26.6% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%CAH: +42.1% a year, volatility 24.7%MLPX: +18.6% a year, volatility 19.7%AMGNSPY (S&P 500)ABBVLLYMCKGILDEXELTRVMPLXMPCWMTDXJPMCAHMLPX15.0%20.0%25.0%30.0%35.0%40.0%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 AMGNCOR: +24.2% a year, volatility 22.8%SDCI: +20.6% a year, volatility 18.4%IXC: +20.7% a year, volatility 23.2%DBJP: +20.9% a year, volatility 19.2%ATMP: +21.2% a year, volatility 21.5%AMGN: +19.6% a year, volatility 24.9%SPY (S&P 500): +12.7% a year, volatility 17.1%ABBV: +26.1% a year, volatility 23.4%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%GILD: +22.8% a year, volatility 24.9%EXEL: +24.4% a year, volatility 35.8%TRV: +22.4% a year, volatility 22.3%MPLX: +23.5% a year, volatility 18.8%MPC: +51.2% a year, volatility 33.4%WMT: +20.8% a year, volatility 22.6%DXJ: +26.6% a year, volatility 19.1%PM: +21.0% a year, volatility 23.4%CAH: +42.1% a year, volatility 24.7%MLPX: +18.6% a year, volatility 19.7%AMGNSPY (S&P 500)ABBVLLYMCKGILDEXELTRVMPLXMPCWMTDXJCAHMLPX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than AMGN?

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

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

Screen the whole market against AMGN for any period in BetterThanSPYOpen these 14 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 AMGN?lower diversifies moreExpenseper year
AMGNAmgen Inc. · this page
+19.6%24.9%0.85−24.9%+266%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.260.09%
Popular alternativesbest 4 shownThe investments people most often weigh against AMGN. 4 of 22 passed at least one test.
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatility+26.1%23.4%1.11−45.1%+603%0.47—
LLYEli Lilly and Company · Pharmaceuticals
Higher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.31—
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatility+38.7%25.0%1.44−38.1%+586%0.38—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, similar volatility+22.8%24.9%0.95−30.5%+200%0.53—
Same and neighboring categories, and shared themesbest 1 shownEverything else in Biotechnology and the categories next to it (Pharmaceuticals, Life Sciences Tools, Contract Research), plus AMGN's specific themes. 1 of 77 passed at least one test.
EXELExelixis, Inc. · Biotechnology
Higher return in most periods+24.4%35.8%0.79−57.2%+448%0.13—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 50 of 3,534 passed at least one test.
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, lower volatilityHigher return in most periods+22.4%22.3%1.02−46.3%+347%0.47—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.39—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.38—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatility+20.8%22.6%0.96−25.7%+508%0.15—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatility+26.6%19.1%1.34−39.1%+428%0.340.48%
PMPhilip Morris International Inc. · Tobacco
Higher return, lower volatility+21.0%23.4%0.94−42.9%+242%0.42—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatility+42.1%24.7%1.55−46.1%+349%0.29—
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Similar return, lower volatility+18.6%19.7%0.97−64.6%+186%0.380.45%
What these numbers mean for AMGN
Annual return
AMGN returned 19.6% 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 $24,500. 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
AMGN's volatility over the past 5 years was 24.9%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AMGN's return lands within 24.9% 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
AMGN's Sharpe ratio over the past 5 years was 0.85, against 0.79 for the S&P 500, so AMGN 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
AMGN's worst fall from a peak to a low over the past 10 years was 24.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 24.9% fall takes a 33.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, AMGN's monthly returns had a correlation of 0.26 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AMGN instead: the lower it is, the more that option would diversify a AMGN holding. Guide: Correlation and diversification →
Show all 12 stocks and funds worth at least $500 million that earned more than AMGN with less volatility

Out of 3,633 tested over 5 years. The strongest 11 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with AMGNExpense
1
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.47—
2
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.39—
3
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.15—
4
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.340.48%
5
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.42—
6
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.50—
7
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.200.80%
8
ABBVAbbVie Inc. · Pharmaceuticals
Popular alternative+26.1%23.4%1.11−45.1%+603%0.47—
9
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%0.450.37%
10
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.300.45%
11
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.380.95%

AMGN against its popular alternatives

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

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

Green points earned more than AMGN 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%55.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAMGN: 19.6% a year, volatility 24.9%SPY (S&P 500): 12.7% a year, volatility 17.1%ABBV: 26.1% a year, volatility 23.4%WST: −1.0% a year, volatility 40.7%TMO: 2.9% a year, volatility 27.8%ALNY: 2.5% a year, volatility 50.9%INCY: 12.2% a year, volatility 30.1%IQV: 1.3% a year, volatility 34.7%BIIB: −1.8% a year, volatility 34.7%PFE: −1.7% a year, volatility 25.4%AZN: 8.7% a year, volatility 35.7%DHR: −3.8% a year, volatility 29.1%NBIX: 6.6% a year, volatility 33.2%NVO: −4.0% a year, volatility 39.1%REGN: 7.7% a year, volatility 31.1%BMY: 5.5% a year, volatility 24.9%BMRN: −5.6% a year, volatility 33.0%LLY: 40.7% a year, volatility 32.8%MCK: 38.7% a year, volatility 25.0%UTHR: 23.6% a year, volatility 35.1%VRTX: 22.6% a year, volatility 29.1%GILD: 22.8% a year, volatility 24.9%JNJ: 12.7% a year, volatility 17.9%MRK: 16.3% a year, volatility 24.8%AMGNSPY (S&P 500)ABBVWSTTMOALNYINCYIQVBIIBPFEAZNDHRNBIXNVOREGNBMYBMRNLLYMCKUTHRVRTXGILDJNJMRK10.0%20.0%30.0%40.0%50.0%60.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAMGN: 19.6% a year, volatility 24.9%SPY (S&P 500): 12.7% a year, volatility 17.1%ABBV: 26.1% a year, volatility 23.4%WST: −1.0% a year, volatility 40.7%TMO: 2.9% a year, volatility 27.8%ALNY: 2.5% a year, volatility 50.9%INCY: 12.2% a year, volatility 30.1%IQV: 1.3% a year, volatility 34.7%BIIB: −1.8% a year, volatility 34.7%PFE: −1.7% a year, volatility 25.4%AZN: 8.7% a year, volatility 35.7%DHR: −3.8% a year, volatility 29.1%NBIX: 6.6% a year, volatility 33.2%NVO: −4.0% a year, volatility 39.1%REGN: 7.7% a year, volatility 31.1%BMY: 5.5% a year, volatility 24.9%BMRN: −5.6% a year, volatility 33.0%LLY: 40.7% a year, volatility 32.8%MCK: 38.7% a year, volatility 25.0%UTHR: 23.6% a year, volatility 35.1%VRTX: 22.6% a year, volatility 29.1%GILD: 22.8% a year, volatility 24.9%JNJ: 12.7% a year, volatility 17.9%MRK: 16.3% a year, volatility 24.8%AMGNSPY (S&P 500)ABBVWSTTMOALNYIQVBIIBPFEAZNDHRNBIXBMYBMRNLLYMCKUTHRVRTXGILDJNJMRK
All figures
InvestmentAnnual returnVolatility
LLY Eli Lilly and Company+40.7%32.8%
MCK McKesson Corporation+38.7%25.0%
ABBV AbbVie Inc.+26.1%23.4%
UTHR United Therapeutics Corporation+23.6%35.1%
GILD Gilead Sciences, Inc.+22.8%24.9%
VRTX Vertex Pharmaceuticals Incorporated+22.6%29.1%
AMGN This pageAmgen Inc.+19.6%24.9%
MRK Merck & Co., Inc.+16.3%24.8%
JNJ Johnson & Johnson+12.7%17.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
INCY Incyte Corporation+12.2%30.1%
AZN AstraZeneca PLC+8.7%35.7%
REGN Regeneron Pharmaceuticals, Inc.+7.7%31.1%
NBIX Neurocrine Biosciences, Inc.+6.6%33.2%
BMY Bristol-Myers Squibb Company+5.5%24.9%
TMO Thermo Fisher Scientific Inc.+2.9%27.8%
ALNY Alnylam Pharmaceuticals, Inc.+2.5%50.9%
IQV IQVIA Holdings Inc.+1.3%34.7%
WST West Pharmaceutical Services, Inc.−1.0%40.7%
PFE Pfizer Inc.−1.7%25.4%
BIIB Biogen Inc.−1.8%34.7%
DHR Danaher Corporation−3.8%29.1%
NVO Novo Nordisk A/S−4.0%39.1%
BMRN BioMarin Pharmaceutical Inc.−5.6%33.0%
Open these 24 in EasyCompare

Has AMGN consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than AMGN 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
AMGN Amgen Inc. (this page)—+11.6%+21.2%+27.0%+36.7%+48.7%+72.2%+145%+266%24.9%0.85−24.9%—$237B—
LLY Drug Manufacturers - GeneralEli Lilly and Company2/5 short3/3 long+10.2%+12.1%+40.0%+19.4%+59.7%+124%+451%+1,807%32.8%1.21−34.5%—$1.2T—
MCK Medical - DistributionMcKesson Corporation2/5 short3/3 long+16.2%+24.0%+20.2%+25.5%+31.3%+131%+413%+586%25.0%1.44−38.1%—$120B—
ABBV Drug Manufacturers - GeneralAbbVie Inc.1/5 short3/3 long+9.9%+14.8%+43.8%+29.8%+28.3%+118%+218%+603%23.4%1.11−45.1%—$511B—
UTHR BiotechnologyUnited Therapeutics Corporation1/5 short3/3 long+12.3%+4.6%−3.4%+11.5%+28.0%+146%+188%+390%35.1%0.78−55.6%—$24B—
VRTX BiotechnologyVertex Pharmaceuticals Incorporated0/5 short2/3 long+0.8%+7.1%+17.2%+13.8%+22.8%+42.2%+177%+521%29.1%0.85−41.6%—$130B—
GILD Drug Manufacturers - GeneralGilead Sciences, Inc.0/5 short2/3 long+4.0%+18.2%+16.6%+31.0%+30.3%+121%+180%+200%24.9%0.95−30.5%—$194B—
WST Medical - Instruments & SuppliesWest Pharmaceutical Services, Inc.2/5 short1/3 long+7.5%+10.4%+40.0%+41.0%+41.9%+7.8%−5.0%+455%40.7%0.19−59.3%—$27B—
TMO Medical - Diagnostics & ResearchThermo Fisher Scientific Inc.2/5 short1/3 long+4.3%+30.7%+30.9%+16.3%+26.8%+49.5%+15.1%+366%27.8%0.24−40.9%—$254B—
ALNY BiotechnologyAlnylam Pharmaceuticals, Inc.0/5 short1/3 long−5.6%−15.4%−25.8%−42.3%−53.0%+42.6%+13.2%+514%50.9%0.29−58.2%—$31B—
JNJ Drug Manufacturers - GeneralJohnson & Johnson0/5 short1/3 long−3.8%+4.8%+13.6%+27.1%+36.9%+84.6%+82.1%+196%17.9%0.76−27.4%—$625B—
INCY BiotechnologyIncyte Corporation0/5 short1/3 long−6.4%+0.8%+20.3%+15.0%+35.3%+112%+77.6%+31.8%30.1%0.53−66.5%—$24B—
MRK Drug Manufacturers - GeneralMerck & Co., Inc.3/5 short0/3 long−0.8%+19.9%+28.3%+42.2%+76.8%+58.3%+113%+241%24.8%0.74−43.4%—$366B—
IQV Medical - Diagnostics & ResearchIQVIA Holdings Inc.2/5 short0/3 long−0.8%+31.4%+51.5%+18.8%+26.3%+45.3%+6.5%+260%34.7%0.21−51.5%—$44B—
BIIB Drug Manufacturers - GeneralBiogen Inc.2/5 short0/3 long+11.0%+21.6%+32.6%+36.7%+65.8%−5.6%−8.8%−18.9%34.7%0.11−72.7%—$36B—
PFE Drug Manufacturers - GeneralPfizer Inc.1/5 short0/3 long+8.5%+23.8%+13.2%+25.7%+30.5%+19.2%−8.3%+55.0%25.4%0.06−58.9%—$172B—
AZN Drug Manufacturers - GeneralAstraZeneca PLC0/5 short0/3 long+0.4%+3.3%−15.3%−7.0%+1.8%+38.8%+52.1%+257%35.7%0.41−28.7%—$262B—
DHR Medical - Diagnostics & ResearchDanaher Corporation0/5 short0/3 long+4.0%+11.6%+15.0%−2.2%+8.3%+10.8%−17.6%+232%29.1%0.01−43.8%—$157B—
NBIX BiotechnologyNeurocrine Biosciences, Inc.0/5 short0/3 long−1.4%−17.9%+7.9%+1.0%+0.5%+28.6%+37.4%+211%33.2%0.36−46.4%—$14B—
NVO Drug Manufacturers - GeneralNovo Nordisk A/S0/5 short0/3 long−1.1%−20.0%−1.5%−23.9%−28.5%−57.0%−18.5%+134%39.1%0.09−75.2%—$174B—
REGN BiotechnologyRegeneron Pharmaceuticals, Inc.0/5 short0/3 long+1.2%+20.3%+8.0%+4.4%+40.7%+0.8%+44.9%+120%31.1%0.40−59.7%—$83B—
BMY Drug Manufacturers - GeneralBristol-Myers Squibb Company0/5 short0/3 long−0.5%+3.6%+6.6%+19.1%+47.8%+25.8%+30.6%+74.8%24.9%0.34−47.7%—$126B—
BMRN BiotechnologyBioMarin Pharmaceutical Inc.0/5 short0/3 long−11.9%−4.5%+2.8%−5.1%+6.3%−31.3%−24.9%−33.0%33.0%-0.01−62.1%—$11B—
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How did AMGN do year by year?

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

InvestmentYears ahead of AMGN20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
AMGN This pageAmgen Inc.—+29.7%−6.8%+13.5%+20.4%+0.9%−2.0%+27.6%+15.2%+22.3%−7.6%+4.0%+42.3%+34.8%+36.8%+18.2%−3.0%−2.0%+24.3%−32.0%−13.4%+22.9%+3.8%+27.8%−14.4%−11.7%+6.5%+130%+93.3%−0.4%
Rank among alternativesTop quarter in 5 of 2910 of 2318 of 237 of 2311 of 2318 of 2319 of 2312 of 236 of 2310 of 2311 of 2316 of 236 of 2315 of 228 of 217 of 2118 of 2117 of 212 of 2119 of 2119 of 2110 of 2110 of 209 of 208 of 2012 of 2016 of 203 of 181 of 1815 of 18
SPY S&P 500State Street SPDR S&P 500 ETF12 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%
LLY Eli Lilly and Company14 of 29+40.3%+33.3%+60.9%+34.3%+66.1%+31.0%+16.2%+40.5%+17.8%−10.4%+25.4%+39.8%+7.3%+24.2%+25.2%+3.6%−6.2%−21.3%+5.7%−5.2%+2.6%−17.6%+13.1%−17.6%−14.4%+41.9%−24.3%+29.1%+93.6%
MCK McKesson Corporation15 of 29+44.5%+23.7%+24.1%+51.8%+44.2%+27.1%+26.7%−28.4%+12.0%−28.3%−4.5%+29.3%+67.7%+25.6%+11.8%+13.8%+62.9%−40.4%+29.7%−1.2%+64.9%−1.4%+19.9%−27.2%+4.9%+61.2%−71.3%+46.9%+96.3%
ABBV AbbVie Inc.8 of 13+33.1%+18.9%−0.2%+24.0%+32.4%+27.7%+1.5%−1.0%+60.1%+9.8%−6.5%+27.9%+60.7%————————————————
UTHR United Therapeutics Corporation14 of 26+38.1%+60.5%−20.9%+28.7%+42.4%+72.3%−19.1%−26.4%+3.1%−8.4%+20.9%+14.5%+112%+13.1%−25.3%+20.1%+68.3%−35.9%+79.7%−21.3%+53.1%+96.7%+37.5%+60.3%−29.4%−67.9%———
VRTX Vertex Pharmaceuticals Incorporated14 of 29+12.6%−1.0%+40.9%+31.5%−7.1%+7.9%+32.1%+10.6%+103%−41.4%+5.9%+59.9%+77.3%+26.2%−5.2%−18.3%+41.0%+30.8%−37.9%+35.2%+162%+2.1%−34.7%−35.5%−65.6%+309%+17.6%−9.8%−18.0%
GILD Gilead Sciences, Inc.16 of 29+36.6%+18.7%−2.0%+23.6%+29.9%−6.7%+7.9%−9.9%+3.0%−27.6%+8.6%+25.5%+105%+79.5%+12.9%−16.3%−15.4%+11.2%+41.7%+23.4%+50.2%+20.1%+71.4%+3.6%+58.2%+53.9%+31.7%+6.7%+53.6%
WST West Pharmaceutical Services, Inc.17 of 29−15.7%−6.8%+50.0%−49.7%+65.9%+89.0%+54.1%−0.1%+17.0%+41.9%+14.0%+9.5%+81.3%+46.6%−6.4%+7.0%+5.5%−5.7%−19.8%+108%+1.8%+51.2%+43.6%−5.2%+11.6%−18.4%−11.6%+22.4%+7.4%
TMO Thermo Fisher Scientific Inc.18 of 29+11.8%−1.7%−3.4%−17.3%+43.5%+43.7%+45.6%+18.2%+35.0%−0.1%+13.8%+13.1%+75.8%+43.2%−18.8%+16.1%+40.0%−40.9%+27.4%+50.3%−0.2%+19.8%+25.3%−15.7%+5.6%+98.2%−11.4%−61.5%+6.7%
ALNY Alnylam Pharmaceuticals, Inc.13 of 21+69.0%+22.9%−19.5%+40.1%+30.5%+12.8%+58.0%−42.6%+239%−60.2%−2.9%+50.8%+252%+124%−17.3%−44.0%−28.7%−15.0%+35.9%+60.2%+78.8%————————
JNJ Johnson & Johnson15 of 29+47.5%−4.8%−8.6%+6.0%+11.4%+10.8%+16.2%−5.1%+24.4%+15.3%+1.2%+17.3%+34.6%+10.8%+9.9%−0.6%+11.3%−7.7%+3.6%+12.4%−3.4%+25.2%−2.0%−7.9%+14.0%+14.2%+12.5%+29.0%+34.3%
INCY Incyte Corporation14 of 29+43.0%+10.0%−21.8%+9.4%−15.6%−0.4%+37.3%−32.9%−5.5%−7.5%+48.3%+44.4%+205%+10.7%−9.4%+81.8%+140%−62.3%+72.1%+9.4%−46.6%+46.1%+50.0%−76.5%−21.9%−17.1%+60.5%−16.9%+74.7%
MRK Merck & Co., Inc.12 of 29+9.8%−6.3%+1.0%+49.4%+1.8%−7.2%+22.3%+40.0%−1.5%+15.0%−3.9%+16.9%+26.9%+13.1%+9.6%+2.9%+26.7%−45.3%+37.3%+42.8%+4.0%−27.7%−11.2%−1.2%−36.0%+41.8%−7.7%+41.6%+35.7%
IQV IQVIA Holdings Inc.7 of 12+14.7%−15.1%+12.9%−27.4%+57.5%+16.0%+33.0%+18.7%+28.7%+10.8%+16.6%+27.0%—————————————————
BIIB Biogen Inc.11 of 29+15.1%−40.9%−6.6%+15.4%−2.0%−17.5%−1.4%−5.5%+12.3%−7.4%−9.8%+21.4%+91.0%+33.0%+64.1%+25.3%+12.3%−16.3%+15.7%+8.6%−32.0%+81.5%+10.6%−51.9%+9.1%+93.0%+318%+36.6%+44.7%
PFE Pfizer Inc.13 of 29+0.6%−2.2%−41.3%−10.4%+66.7%+3.4%−6.7%+25.1%+16.1%+4.4%+7.3%+5.4%+26.5%+20.6%+28.8%+0.6%+8.1%−16.9%−8.2%+15.3%−10.6%−22.3%+17.7%−22.2%−12.5%+43.0%−21.5%+68.8%+82.0%
AZN AstraZeneca PLC15 of 29+38.0%−1.2%+0.8%+20.4%+17.9%+2.9%+37.4%+13.9%+35.3%−16.7%+0.1%+24.6%+32.0%+8.6%+6.0%+3.5%+20.4%+0.3%−17.1%+12.7%+36.9%−22.0%+38.2%−23.2%−7.9%+28.7%−5.3%+27.0%+31.8%
DHR Danaher Corporation16 of 29+0.4%−0.4%−1.2%−19.0%+48.6%+45.4%+49.5%+11.8%+20.0%+73.2%+9.3%+11.6%+38.3%+19.1%−0.1%+25.7%+33.0%−35.4%+21.3%+30.1%−2.7%+25.3%+39.7%+9.1%−11.7%+41.5%−11.0%+72.4%+35.2%
NBIX Neurocrine Biosciences, Inc.12 of 29+3.9%+3.6%+10.3%+40.2%−11.1%−10.8%+50.5%−8.0%+100%−31.6%+153%+139%+24.9%−12.0%+11.3%+181%−15.0%−29.5%−56.4%−83.4%+27.2%−9.6%+19.4%−11.0%+54.9%+33.9%+260%−12.7%−21.2%
NVO Novo Nordisk A/S17 of 29−39.2%−15.9%+54.8%+22.6%+63.5%+23.3%+28.7%−11.8%+54.3%−36.6%+39.3%+16.7%+15.3%+44.0%+4.1%+79.3%+27.2%−19.8%+57.4%+51.3%+5.6%+34.6%+43.5%−27.0%+14.4%+39.0%−1.9%−7.3%+54.9%
REGN Regeneron Pharmaceuticals, Inc.14 of 29+9.0%−18.9%+21.7%+14.2%+30.7%+28.7%+0.5%−0.7%+2.4%−32.4%+32.3%+49.0%+60.9%+209%+68.8%+35.8%+31.7%−24.0%+20.3%+26.2%+72.7%−37.4%−20.6%−34.3%−20.2%+177%+72.8%−13.8%−46.9%
BMY Bristol-Myers Squibb Company13 of 29+0.1%+15.8%−26.1%+19.0%+2.9%+0.4%+27.7%−12.9%+7.7%−13.5%+19.3%+14.2%+70.0%−3.8%+39.4%+8.8%+14.8%−6.1%+4.8%+19.9%−6.2%−7.2%+29.1%−52.4%−26.2%+17.1%−2.8%+42.9%+77.1%
BMRN BioMarin Pharmaceutical Inc.11 of 26−9.6%−31.8%−6.8%+17.1%+0.8%+3.7%−0.7%−4.5%+7.6%−20.9%+15.9%+28.5%+43.0%+43.1%+27.7%+43.2%+5.7%−49.7%+116%+52.0%+68.7%−17.6%+10.1%−47.5%+38.7%−17.5%———
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Risk and diversification

How AMGN 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 AMGN's worst declines?

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

DuringAMGN fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−63.5%—Mar 1987Oct 19877 monthsJun 198920 months
Dot-com bust−60.2%−35.9%Jul 2000Jul 20022 yearsJul 20053 years
No named crash−59.5%—Dec 1992Aug 19938 monthsJun 199522 months
2008 financial crisis−53.6%+10.4%Sep 2005Mar 20082.5 yearsAug 20124.4 years
No named crash−35.5%—Jan 1992Apr 19923 monthsNov 19927 months

How did AMGN do in stock market crashes?

This section measures how far AMGN, 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 AMGN.

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
AMGN This pageAmgen Inc.—−1.2%−11.9%−18.3%−14.3%−7.4%−22.1%−12.6%−0.5%−31.3%−60.2%
SPY S&P 500State Street SPDR S&P 500 ETF3 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
LLY Eli Lilly and Company7 of 10−0.6%−11.7%−16.9%−10.2%−8.6%−19.6%−10.9%0.0%−50.0%−54.3%
MCK McKesson Corporation3 of 10−0.9%−10.5%−32.1%−20.7%−6.5%−30.8%−14.2%−3.5%−57.7%−39.4%
ABBV AbbVie Inc.1 of 6−1.5%−21.9%−32.1%−18.1%−5.8%−29.8%————
UTHR United Therapeutics Corporation1 of 10−1.8%−22.3%−31.2%−21.2%−5.3%−31.3%−35.1%−3.5%−57.8%−93.2%
VRTX Vertex Pharmaceuticals Incorporated1 of 100.0%−19.2%−19.4%−21.2%−8.8%−43.7%−23.9%−2.7%−59.9%−86.7%
GILD Gilead Sciences, Inc.3 of 10−1.6%−20.0%−13.7%−22.7%−5.5%−28.7%−18.2%−2.1%−34.3%−53.6%
WST West Pharmaceutical Services, Inc.2 of 10−1.6%−44.2%−26.2%−24.9%−8.5%−14.6%−23.1%−1.5%−45.1%−41.9%
TMO Thermo Fisher Scientific Inc.2 of 10−2.4%−19.8%−24.8%−17.2%−8.7%−14.7%−24.4%−3.6%−53.9%−41.8%
ALNY Alnylam Pharmaceuticals, Inc.1 of 9−4.1%−28.9%−30.0%−33.7%−6.9%−48.9%−39.3%−1.5%−58.6%—
JNJ Johnson & Johnson3 of 10−1.1%−12.7%−25.4%−16.9%−8.2%−9.0%−9.8%−0.1%−34.4%−35.9%
INCY Incyte Corporation1 of 10−2.4%−20.4%−23.7%−16.4%−4.8%−50.2%−32.9%−4.5%−83.5%−97.1%
MRK Merck & Co., Inc.5 of 10−2.4%−10.8%−19.3%−9.7%−6.6%−18.2%−17.4%−2.3%−63.3%−57.5%
IQV IQVIA Holdings Inc.1 of 6−6.8%−35.9%−48.9%−19.2%−5.3%−28.7%————
BIIB Biogen Inc.0 of 10−2.5%−22.4%−21.2%−21.7%−9.3%−24.6%−19.4%−0.6%−52.7%−59.8%
PFE Pfizer Inc.3 of 10−1.8%−24.6%−21.8%−12.3%−8.1%−18.2%−16.1%−1.8%−49.8%−46.0%
AZN AstraZeneca PLC5 of 10−0.5%−25.7%−22.6%−11.4%−6.4%−18.0%−16.4%−1.1%−37.4%−43.5%
DHR Danaher Corporation3 of 10−3.2%−22.8%−25.9%−13.4%−9.8%−14.0%−21.8%−0.6%−45.7%−33.7%
NBIX Neurocrine Biosciences, Inc.1 of 10−3.5%−24.3%−27.9%−45.1%−5.7%−44.1%−32.8%−7.1%−83.0%−65.8%
NVO Novo Nordisk A/S3 of 10−1.1%−21.4%−23.7%−13.8%−3.9%−20.8%−23.1%−1.7%−40.9%−51.0%
REGN Regeneron Pharmaceuticals, Inc.2 of 10−0.2%−25.8%−12.7%−17.3%−7.3%−37.7%−23.2%−7.2%−49.9%−71.6%
BMY Bristol-Myers Squibb Company4 of 10−2.3%−16.0%−29.4%−22.9%−4.1%−16.3%−10.5%0.0%−39.2%−69.5%
BMRN BioMarin Pharmaceutical Inc.0 of 10−4.5%−22.9%−26.3%−24.4%−11.6%−53.6%−23.1%−4.1%−74.9%−89.7%
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How closely does AMGN 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 AMGN 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 AMGN's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
AMGN This pageAmgen Inc.74%64%1.160.54
LLY Eli Lilly and Company101%6%15.730.37
MCK McKesson Corporation72%27%2.710.56
VRTX Vertex Pharmaceuticals Incorporated87%50%1.750.46
UTHR United Therapeutics Corporation75%45%1.660.52
ABBV AbbVie Inc.92%57%1.620.54
AZN AstraZeneca PLC60%39%1.520.39
GILD Gilead Sciences, Inc.52%36%1.440.35
MRK Merck & Co., Inc.64%46%1.390.30
JNJ Johnson & Johnson64%53%1.200.46
WST West Pharmaceutical Services, Inc.107%99%1.091.08
NBIX Neurocrine Biosciences, Inc.69%66%1.040.56
DHR Danaher Corporation84%84%1.010.75
TMO Thermo Fisher Scientific Inc.104%104%1.000.81
ALNY Alnylam Pharmaceuticals, Inc.92%93%0.990.73
REGN Regeneron Pharmaceuticals, Inc.55%66%0.840.19
NVO Novo Nordisk A/S75%94%0.800.60
IQV IQVIA Holdings Inc.128%167%0.771.31
BMY Bristol-Myers Squibb Company55%75%0.730.41
PFE Pfizer Inc.52%81%0.650.54
INCY Incyte Corporation52%87%0.600.77
BIIB Biogen Inc.35%91%0.380.28
BMRN BioMarin Pharmaceutical Inc.20%70%0.290.38
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What diversifies AMGN?

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

ETFs

InvestmentCorrelation5Y returnSharpe202420202016201020092007200620022001199780/20 mix volatility80/20 mix annual return
AMGN Amgen Inc. (this page)1.00+145%0.85−6.8%−2.0%−7.6%−3.0%−2.0%−32.0%−13.4%−14.4%−11.7%−0.4%24.8%+18.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.34+225%1.34+29.8%+3.9%+1.1%−1.8%+2.0%−7.4%————20.8%+20.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.43+101%1.04+33.4%−13.4%+29.8%———————21.2%+18.2%
SMH TechnologyVanEck Semiconductor ETF0.05+323%0.97+39.1%+55.5%+35.6%+19.0%+60.5%+6.0%−6.7%−47.0%−14.6%—21.4%+23.5%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.45+85.0%0.96+13.4%+2.1%+6.3%———————20.9%+17.8%
GLD CommoditiesSPDR Gold Shares0.22+126%0.96+26.7%+24.8%+8.0%+29.3%+24.0%+30.4%+22.6%———20.9%+18.9%
DIVO Dividend & IncomeAmplify CWP Enhanced Dividend Income ETF0.48+69.0%0.95+16.2%+12.4%————————21.1%+17.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.22+136%0.93+45.8%+28.2%+7.4%———————21.1%+19.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.45+177%0.93+5.6%−32.7%+28.0%+21.9%+21.8%+36.8%+18.0%−14.8%−18.2%—22.7%+19.9%

Stocks

InvestmentCorrelation5Y returnSharpe202420202016201020092007200620022001199780/20 mix volatility80/20 mix annual return
AMGN Amgen Inc. (this page)1.00+145%0.85−6.8%−2.0%−7.6%−3.0%−2.0%−32.0%−13.4%−14.4%−11.7%−0.4%24.8%+18.3%
CAH Medical - DistributionCardinal Health, Inc.0.29+479%1.55+19.0%+10.1%−17.5%+21.4%−4.4%−9.8%−5.8%−8.3%−2.5%+29.1%21.9%+22.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.06+3,143%1.47+215%−2.4%+7.4%+2.8%+105%−25.7%−26.0%−65.1%−25.6%—23.6%+36.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.02+1,636%1.46+107%+6.7%+18.3%+8.7%+17.8%+2.1%+38.9%−9.4%+73.7%—21.6%+32.5%
MCK Medical - DistributionMcKesson Corporation0.38+413%1.44+23.7%+27.1%−28.3%+13.8%+62.9%+29.7%−1.2%−27.2%+4.9%+96.3%22.2%+22.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.38+690%1.41−4.0%−27.4%+0.7%———————23.1%+24.8%
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Common questions

What was AMGN's worst drawdown?

AMGN's deepest decline since it began trading in 1986 was 63.5%, from March to October 1987. It took 20 months from the low to climb back to its old high.

What were AMGN's best and worst years?

Over 29 full calendar years, AMGN's best year was 1999, when it returned 130%. Its worst was 2007, with a return of -32.0%.

Is there a better investment than AMGN?

Among AMGN's popular alternatives, ABBV earned more than AMGN with less volatility over the past 5 years: 26.1% a year at 23.4% volatility, against 19.6% a year at 24.9%. Looking beyond its popular alternatives, EXEL (biotechnology) was ahead of AMGN in most short and long periods, though with much bigger swings (35.8% volatility against 24.9%).

Is AMGN more volatile than the S&P 500?

Yes. AMGN's volatility over the past 5 years was 24.9%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AMGN's return lands within 24.9% 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 AMGN's Sharpe ratio?

AMGN's Sharpe ratio over the past 5 years was 0.85, against 0.79 for the S&P 500, so AMGN 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 AMGN with the S&P 500?

Over the past 5 years, AMGN's monthly returns had a correlation of 0.26 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AMGN instead: the lower it is, the more that option would diversify a AMGN holding.

What are the best alternatives to AMGN?

None of the 22 popular alternatives we compared outperformed AMGN in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about AMGN's strength than about its alternatives.

Did AMGN outperform the S&P 500?

AMGN finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +29.7%, against +17.7% for the index.

How did AMGN do in stock market crashes?

AMGN fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in three. The clearest case was the 2008 financial crisis, when AMGN fell 31.3% and the S&P 500 fell 55.2%.

What diversifies AMGN?

These had a low correlation with AMGN over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.34), EMLP (correlation 0.43) and SMH (correlation 0.05); among large stocks, CAH (correlation 0.29), CLS (correlation 0.06) and FIX (correlation -0.02). A correlation near zero means the two have moved largely independently.

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