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

> Source: EasyCompare research, https://easycompare.io/research/amgn
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** AMGN has run far ahead of the market, rising 27.0% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Not every peer went the same way. Over the past 6 months, ABBV (AbbVie) rose 43.8% and AZN (AstraZeneca) fell 15.3%.
- **Stock or market?:** More than an industry move: AMGN rose 21.2% over the past 3 months, against 1.5% for the biotechnology ETF XBI (State Street SPDR S&P Biotech ETF). The S&P 500 rose 3.9%. AMGN rose 11.6% last month as the S&P 500 fell 0.6% and the Nasdaq 100 fell 3.2%.
- **Past 1 to 3 years:** Over the past year, AMGN rose 48.7% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** AMGN turned $10,000 into $36,600 over the past decade, against $42,100 in the S&P 500. Even so, the past 5 years have been the better stretch: AMGN rose 145% against 81.7% for the S&P 500, after trailing over the decade.
- **In a crash:** AMGN fell less than the S&P 500 in five of seven sell-offs, but the 2015 China and oil sell-off broke the pattern: it fell 22.1%, more than the S&P 500's 12.8%.
- **Diversification:** AMGN is a real diversifier: a correlation of 0.26 with the S&P 500 over 5 years and 0.25 with the total US market, less closely than 77% of stocks worth at least $300 million. Over 10 years, AMGN's beta versus the S&P 500 was 0.54: 74% of the S&P 500's gains in rising months and 64% of its losses in falling ones.
- **Better options**
  - **Nearby categories and themes:** EXEL (Exelixis, biotechnology) was ahead of AMGN in most short and long periods, though with much bigger swings (35.8% volatility against 24.9%).
  - **Whole market:** Few investments have done better on both counts: only 12 of the 3,633 stocks and funds worth at least $500 million earned more than AMGN with less volatility over the past 5 years, among them WMT (Walmart), ABBV (AbbVie) and PM (Philip Morris International).

## 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.

- $10,000 invested in AMGN at the end of September 1997 would have grown to $526,909 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of AMGN, and GILD finished highest, at $1,571,438.

## 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.

- 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.
- Over 29 full calendar years, AMGN's best was 1999, when it returned 130%, and its worst was 2007, when it lost 32.0%. It lost money in ten of those years.
- AMGN is 1.2% below its all-time high.

- Type: Stock, Healthcare (Drug Manufacturers - General)
- Trading since: October 17, 1986
- Market value: $237B
- Volatility (5 years): 24.9%; Sharpe ratio: 0.85
- Worst decline ever: −63.5%, from March 17, 1987 to October 26, 1987; back at its high by June 2, 1989

| Period | AMGN total return |
| --- | --- |
| 1 month | +11.6% |
| 3 months | +21.2% |
| 6 months | +27.0% |
| year to date | +36.7% |
| 1 year | +48.7% |
| 3 years | +72.2% |
| 5 years | +145% |
| 10 years | +266% |

## 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.

- AMGN's worst decline of the past 10 years ranks in the top 1% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | AMGN | Rank |
| --- | --- | --- |
| 1-year return | +48.7% | 577 of 3,287 (top 18%) |
| 3-year return | +72.2% | 1,216 of 3,017 (top 41%) |
| 5-year return | +145% | 470 of 2,893 (top 17%) |
| 10-year return | +266% | 670 of 2,202 (top 31%) |
| Volatility, 5 years | 24.9% | 316 of 2,893 (top 11%) |
| Sharpe ratio, 5 years | 0.85 | 235 of 2,893 (top 9%) |
| Worst decline, past 10 years | −24.9% | 6 of 2,187 (top 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).

- Six stocks and six ETFs worth at least $500 million sit in the green region: each earned more than AMGN over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half AMGN's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 23% less than AMGN's 24.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.85 for AMGN.
- Among AMGN's popular alternatives, ABBV is in the region. ABBV earned 26.1% a year against 19.6% a year for AMGN, at 23.4% volatility, 6% less than AMGN's 24.9%.

### Is there a better investment than AMGN?

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.

- 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%).
- Few investments have done better on both counts: only 12 of the 3,633 stocks and funds worth at least $500 million earned more than AMGN with less volatility over the past 5 years, among them WMT, ABBV and PM.

The 11 strongest of 12 investments that beat AMGN over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with AMGN | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| AMGN: Amgen Inc. (this page) |  | +19.6% | 24.9% | 0.85 | −24.9% | +266% |  |  |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.47 | Higher return, lower volatility; Higher return in most periods |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | Oil & Gas Midstream | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.39 | Higher return, lower volatility |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.15 | Higher return, lower volatility |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.34 | Higher return, lower volatility |
| [PM](https://easycompare.io/research/pm): Philip Morris International Inc. | Tobacco | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.42 | Higher return, lower volatility |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | Health Care Distribution | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.50 | Higher return, lower volatility |
| SDCI: USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | Bonds | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.20 | Higher return, lower volatility |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.47 | Higher return, lower volatility |
| IXC: iShares Global Energy ETF | International | +20.7% | 23.2% | 0.93 | −64.2% | +183% | 0.45 | Higher return, lower volatility |
| DBJP: Xtrackers MSCI Japan Hedged Equity ETF | International | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.30 | Higher return, lower volatility |
| ATMP: Barclays ETN+ Select MLP ETN | Broad Market | +21.2% | 21.5% | 1.01 | −70.3% | +172% | 0.38 | Higher return, lower volatility |

## 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.

- Only ABBV was both more rewarding and calmer than AMGN over the past 5 years, earning a higher annual return with lower volatility.
- 14 of the 22 popular alternatives earned less than AMGN over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, AMGN returned 19.6% a year, more than the S&P 500's 12.7%, with higher volatility (24.9% against 17.1%).

### 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.

- None of the 22 popular alternatives outperformed AMGN in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was LLY.
- ABBV outperformed AMGN over all three long-term periods but in only one of the five short-term ones, so AMGN has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of AMGN | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| AMGN: Amgen Inc. (this page) | +48.7% | +72.2% | +145% | +266% |  |  | 0.85 |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | +59.7% | +124% | +451% | +1,807% | 2/5 short-term, 3/3 long-term |  | 1.21 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | +31.3% | +131% | +413% | +586% | 2/5 short-term, 3/3 long-term |  | 1.44 |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | +28.3% | +118% | +218% | +603% | 1/5 short-term, 3/3 long-term |  | 1.11 |
| UTHR: United Therapeutics Corporation | +28.0% | +146% | +188% | +390% | 1/5 short-term, 3/3 long-term |  | 0.78 |
| [VRTX](https://easycompare.io/research/vrtx): Vertex Pharmaceuticals Incorporated | +22.8% | +42.2% | +177% | +521% | 0/5 short-term, 2/3 long-term |  | 0.85 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | +30.3% | +121% | +180% | +200% | 0/5 short-term, 2/3 long-term |  | 0.95 |
| WST: West Pharmaceutical Services, Inc. | +41.9% | +7.8% | −5.0% | +455% | 2/5 short-term, 1/3 long-term |  | 0.19 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | +26.8% | +49.5% | +15.1% | +366% | 2/5 short-term, 1/3 long-term |  | 0.24 |
| ALNY: Alnylam Pharmaceuticals, Inc. | −53.0% | +42.6% | +13.2% | +514% | 0/5 short-term, 1/3 long-term |  | 0.29 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | +36.9% | +84.6% | +82.1% | +196% | 0/5 short-term, 1/3 long-term |  | 0.76 |
| INCY: Incyte Corporation | +35.3% | +112% | +77.6% | +31.8% | 0/5 short-term, 1/3 long-term |  | 0.53 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | +76.8% | +58.3% | +113% | +241% | 3/5 short-term, 0/3 long-term |  | 0.74 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | +26.3% | +45.3% | +6.5% | +260% | 2/5 short-term, 0/3 long-term |  | 0.21 |
| BIIB: Biogen Inc. | +65.8% | −5.6% | −8.8% | −18.9% | 2/5 short-term, 0/3 long-term |  | 0.11 |
| [PFE](https://easycompare.io/research/pfe): Pfizer Inc. | +30.5% | +19.2% | −8.3% | +55.0% | 1/5 short-term, 0/3 long-term |  | 0.06 |
| [AZN](https://easycompare.io/research/azn): AstraZeneca PLC | +1.8% | +38.8% | +52.1% | +257% | 0/5 short-term, 0/3 long-term |  | 0.41 |
| [DHR](https://easycompare.io/research/dhr): Danaher Corporation | +8.3% | +10.8% | −17.6% | +232% | 0/5 short-term, 0/3 long-term |  | 0.01 |
| NBIX: Neurocrine Biosciences, Inc. | +0.5% | +28.6% | +37.4% | +211% | 0/5 short-term, 0/3 long-term |  | 0.36 |
| [NVO](https://easycompare.io/research/nvo): Novo Nordisk A/S | −28.5% | −57.0% | −18.5% | +134% | 0/5 short-term, 0/3 long-term |  | 0.09 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | +40.7% | +0.8% | +44.9% | +120% | 0/5 short-term, 0/3 long-term |  | 0.40 |
| [BMY](https://easycompare.io/research/bmy): Bristol-Myers Squibb Company | +47.8% | +25.8% | +30.6% | +74.8% | 0/5 short-term, 0/3 long-term |  | 0.34 |
| BMRN: BioMarin Pharmaceutical Inc. | +6.3% | −31.3% | −24.9% | −33.0% | 0/5 short-term, 0/3 long-term |  | -0.01 |

### 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.

- AMGN finished ahead of the S&P 500 in 14 of its 29 full calendar years.
- Among its popular alternatives, TMO came out ahead of AMGN most often, in 18 of the 29 years both traded.
- Ranked against its popular alternatives each year, AMGN finished in the top quarter in five of 29 years and in the bottom quarter in seven. In 2025, it ranked 10 of 23.

| Year | AMGN | SPY |
| --- | --- | --- |
| 2025 | +29.7% | +17.7% |
| 2024 | −6.8% | +24.9% |
| 2023 | +13.5% | +26.2% |
| 2022 | +20.4% | −18.2% |
| 2021 | +0.9% | +28.7% |
| 2020 | −2.0% | +18.3% |
| 2019 | +27.6% | +31.2% |
| 2018 | +15.2% | −4.6% |
| 2017 | +22.3% | +21.7% |
| 2016 | −7.6% | +12.0% |

## 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.

- Not every decline was the market's doing: AMGN fell 53.6% from September 2005 to March 2008, while the S&P 500 rose 10.4%.
- The slowest recovery came after AMGN fell 53.6% from September 2005 to March 2008; it did not regain that peak until August 2012, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −63.5% | March 17, 1987 | October 26, 1987 | June 2, 1989 | — |  |
| −60.2% | July 21, 2000 | July 15, 2002 | July 20, 2005 | −35.9% | dot-com bust |
| −59.5% | December 1, 1992 | August 12, 1993 | June 22, 1995 | — |  |
| −53.6% | September 19, 2005 | March 19, 2008 | August 24, 2012 | +10.4% | 2008 financial crisis |
| −35.5% | January 14, 1992 | April 28, 1992 | November 24, 1992 | — |  |

### 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.

- AMGN fell less than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when AMGN fell 31.3% and the S&P 500 fell 55.2%.
- Among its popular alternatives, LLY held up best, falling less than AMGN in seven of the ten crashes they both traded through.

| Crash | Dates | AMGN fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −60.2% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −31.3% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.5% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −12.6% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −22.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −14.3% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −18.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −11.9% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −1.2% | −3.4% |

### 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.

- Over the past 10 years, AMGN captured 74% of the S&P 500's gains in rising months and 64% of its losses in falling months, with a beta of 0.54. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- LLY took just 6% of the S&P 500's losses, against 64% for AMGN, while still keeping 101% of its gains.
- Nine of the 22 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than AMGN's 1.16, led by LLY, MCK and VRTX.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| AMGN: Amgen Inc. (this page) | 74.0% | 64.0% | 0.54 |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | 101% | 6.0% | 0.37 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | 72.0% | 27.0% | 0.56 |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | 92.0% | 57.0% | 0.54 |
| UTHR: United Therapeutics Corporation | 75.0% | 45.0% | 0.52 |
| [VRTX](https://easycompare.io/research/vrtx): Vertex Pharmaceuticals Incorporated | 87.0% | 50.0% | 0.46 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | 52.0% | 36.0% | 0.35 |
| WST: West Pharmaceutical Services, Inc. | 107% | 99.0% | 1.08 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | 104% | 104% | 0.81 |
| ALNY: Alnylam Pharmaceuticals, Inc. | 92.0% | 93.0% | 0.73 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | 64.0% | 53.0% | 0.46 |
| INCY: Incyte Corporation | 52.0% | 87.0% | 0.77 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | 64.0% | 46.0% | 0.30 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | 128% | 167% | 1.31 |
| BIIB: Biogen Inc. | 35.0% | 91.0% | 0.28 |
| [PFE](https://easycompare.io/research/pfe): Pfizer Inc. | 52.0% | 81.0% | 0.54 |
| [AZN](https://easycompare.io/research/azn): AstraZeneca PLC | 60.0% | 39.0% | 0.39 |
| [DHR](https://easycompare.io/research/dhr): Danaher Corporation | 84.0% | 84.0% | 0.75 |
| NBIX: Neurocrine Biosciences, Inc. | 69.0% | 66.0% | 0.56 |
| [NVO](https://easycompare.io/research/nvo): Novo Nordisk A/S | 75.0% | 94.0% | 0.60 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | 55.0% | 66.0% | 0.19 |
| [BMY](https://easycompare.io/research/bmy): Bristol-Myers Squibb Company | 55.0% | 75.0% | 0.41 |
| BMRN: BioMarin Pharmaceutical Inc. | 20.0% | 70.0% | 0.38 |

### 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).

- Moving a fifth of the money in AMGN into DXJ would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+18.3% for AMGN alone, +20.5% for the mix).
- FIX made money in eight of the ten calendar years in which AMGN lost money.
- Among large ETFs, DXJ, EMLP and SMH have moved largely independently of AMGN over the past 5 years, with correlations of 0.43 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with AMGN | 5Y return | Volatility | Sharpe | Rose in AMGN's 10 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.34 | +225% | 19.1% | 1.34 | 4 of 10 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.43 | +101% | 14.5% | 1.04 | 2 of 10 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.05 | +323% | 36.9% | 0.97 | 6 of 10 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.45 | +85.0% | 13.8% | 0.96 | 3 of 10 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.22 | +126% | 18.9% | 0.96 | 7 of 10 |
| DIVO: Amplify CWP Enhanced Dividend Income ETF | 0.48 | +69.0% | 11.9% | 0.95 | 2 of 10 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.22 | +136% | 20.8% | 0.93 | 3 of 10 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.45 | +177% | 25.5% | 0.93 | 6 of 10 |

## 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.

## More research

- [Eli Lilly and Company (LLY) Performance, Alternatives and Market Rank](https://easycompare.io/research/lly)
- [McKesson (MCK) Performance, Alternatives and Market Rank](https://easycompare.io/research/mck)
- [AbbVie (ABBV) Performance, Alternatives and Market Rank](https://easycompare.io/research/abbv)
- [Vertex Pharmaceuticals (VRTX) Performance, Alternatives and Market Rank](https://easycompare.io/research/vrtx)
- [Gilead Sciences (GILD) Performance, Alternatives and Market Rank](https://easycompare.io/research/gild)
- [Thermo Fisher Scientific (TMO) Performance, Alternatives and Market Rank](https://easycompare.io/research/tmo)
- [Johnson & Johnson (JNJ) Performance, Alternatives and Market Rank](https://easycompare.io/research/jnj)
- [Merck & Co., Inc. (MRK) Performance, Alternatives and Market Rank](https://easycompare.io/research/mrk)
- [IQVIA (IQV) Performance, Alternatives and Market Rank](https://easycompare.io/research/iqv)
- [Pfizer (PFE) Performance, Alternatives and Market Rank](https://easycompare.io/research/pfe)
- [AstraZeneca (AZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/azn)
- [Danaher (DHR) Performance, Alternatives and Market Rank](https://easycompare.io/research/dhr)

## Explore further

- Full page with charts: https://easycompare.io/research/amgn
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against AMGN live: https://betterthanspy.com/?b=AMGN&utm_source=easycompare&utm_medium=research