# How Bristol-Myers Squibb (BMY) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/bmy
> 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 BMY alone. It places BMY (Bristol-Myers Squibb Company) 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 BMY stands in the market, and of the alternatives worth a closer look.

Period covered: BMY'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:** Not every peer went the same way. Over the past 6 months, ABBV (AbbVie) rose 43.8% and AZN (AstraZeneca) fell 15.3%. Over the past 6 months, BMY rose 6.6% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100.
- **Stock or market?:** BMY rose 3.6% over the past 3 months, in line with the pharmaceuticals ETF IHE (iShares U.S. Pharmaceuticals ETF), which rose 5.0%. The S&P 500 rose 3.9%. Its pharmaceutical peers did not move as one over the past 3 months: ABBV (AbbVie) rose 14.8%, while NVO (Novo Nordisk A/S) fell 20.0%.
- **Past 1 to 3 years:** BMY has run far ahead of the market, rising 47.8% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. That said, the last two calendar years both went the same way: BMY rose 0.1% in 2025, against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** BMY turned $10,000 into $17,500 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** In the 2022 bear market, BMY fell 16.0%, against 24.5% for the S&P 500. That was more than LLY (Eli Lilly and Company, 11.7%) but less than ABBV (AbbVie, 21.9%).
- **Diversification:** Against the S&P 500, BMY has a correlation of 0.12 over 5 years, less closely than 94% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. BMY's link to the S&P 500 has loosened: a correlation of 0.12 over the past 5 years, down from 0.43 in the 5 years before.
- **Better options**
  - **Popular alternatives:** JNJ (Johnson & Johnson), ABBV (AbbVie) and TAK (Takeda Pharmaceutical) earned more than BMY with less volatility over the past 5 years. JNJ returned 12.7% a year at 17.9% volatility, against 5.5% a year at 24.9%.
  - **Nearby categories and themes:** VRTX (Vertex Pharmaceuticals, biotechnology) earned more for the risk it took than BMY over the past 5 years, and its worst fall in 10 years was 41.6%, against 47.7% for BMY.
  - **Whole market:** 632 of the 3,633 stocks and funds worth at least $500 million earned more than BMY with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).

## How much would $10,000 in BMY have grown?

This chart tracks a hypothetical $10,000 investment in BMY over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BMY over the same span and BMY's popular alternatives, among those that traded for the entire period.

- $10,000 invested in BMY at the end of September 1997 would have grown to $44,277 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of BMY, and GILD finished highest, at $1,571,438.

## BMY 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.

- BMY's deepest decline since it began trading in 1986 was 70.6%, from October 1999 to July 2002. It took about 11 years from the low to climb back to its old high.
- Over 29 full calendar years, BMY's best was 1997, when it returned 77.1%, and its worst was 2002, when it lost 52.4%. It lost money in ten of those years.
- BMY is 9.3% below its all-time high.

- Type: Stock, Healthcare (Drug Manufacturers - General)
- Trading since: October 17, 1986
- Market value: $126B
- Volatility (5 years): 24.9%; Sharpe ratio: 0.34
- Worst decline ever: −70.6%, from October 28, 1999 to July 24, 2002; back at its high by May 15, 2013

| Period | BMY total return |
| --- | --- |
| 1 month | −0.5% |
| 3 months | +3.6% |
| 6 months | +6.6% |
| year to date | +19.1% |
| 1 year | +47.8% |
| 3 years | +25.8% |
| 5 years | +30.6% |
| 10 years | +74.8% |

## BMY against the whole market

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

### How does BMY rank among all stocks?

This section ranks BMY on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- BMY is among the steadier stocks: its price swings rank in the top 11% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | BMY | Rank |
| --- | --- | --- |
| 1-year return | +47.8% | 590 of 3,287 (top 18%) |
| 3-year return | +25.8% | 1,932 of 3,017 (top 65%) |
| 5-year return | +30.6% | 1,328 of 2,893 (top 46%) |
| 10-year return | +74.8% | 1,449 of 2,202 (top 66%) |
| Volatility, 5 years | 24.9% | 319 of 2,893 (top 12%) |
| Sharpe ratio, 5 years | 0.34 | 1,427 of 2,893 (top 50%) |
| Worst decline, past 10 years | −47.7% | 365 of 2,187 (top 17%) |

### What has beaten BMY 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).

- 109 stocks and 523 ETFs worth at least $500 million sit in the green region: each earned more than BMY over the past 5 years with smaller price swings. That is 17% of the 3,633 screened.
- Among those with at least half BMY's swings, DXJ has the best return for its risk: 26.6% a year at 19.1% volatility, 24% less than BMY's 24.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.34 against 0.34 for BMY.
- Among BMY's popular alternatives, ABBV, COR and NVS are in the region. ABBV earned 26.1% a year against 5.5% a year for BMY, at 23.4% volatility, 6% less than BMY's 24.9%.

### Is there a better investment than BMY?

The table below lists investments that beat BMY 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 BMY's popular alternatives, JNJ, ABBV and TAK earned more than BMY with less volatility over the past 5 years. JNJ returned 12.7% a year at 17.9% volatility, against 5.5% a year at 24.9%.
- Looking beyond its popular alternatives, VRTX (biotechnology) earned more for the risk it took than BMY over the past 5 years, and its worst fall in 10 years was 41.6%, against 47.7% for BMY.
- Across the whole market, 632 of the 3,633 stocks and funds worth at least $500 million earned more than BMY with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 632 investments that beat BMY 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 BMY | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BMY: Bristol-Myers Squibb Company (this page) |  | +5.5% | 24.9% | 0.34 | −47.7% | +74.8% |  |  |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.52 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [V](https://easycompare.io/research/v): Visa Inc. | Payment Processing | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [TD](https://easycompare.io/research/td): The Toronto-Dominion Bank | Banks | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SCHD](https://easycompare.io/research/schd): Schwab U.S. Dividend Equity ETF | US Dividend Equity | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.55 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [IWD](https://easycompare.io/research/iwd): iShares Russell 1000 Value ETF | US Large-Cap Value | +11.4% | 14.7% | 0.81 | −38.5% | +205% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ADP](https://easycompare.io/research/adp): Automatic Data Processing, Inc. | Business Services | +9.0% | 22.9% | 0.49 | −40.8% | +320% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SCHG](https://easycompare.io/research/schg): Schwab U.S. Large-Cap Growth ETF | US Large-Cap Growth | +13.1% | 22.4% | 0.67 | −34.5% | +451% | -0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [QUAL](https://easycompare.io/research/qual): iShares MSCI USA Quality Factor ETF | US Quality Equity | +11.4% | 17.3% | 0.71 | −34.1% | +293% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [XLV](https://easycompare.io/research/xlv): State Street Health Care Select Sector SPDR ETF | Health Care Equity | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CHT: Chunghwa Telecom Co., Ltd. | Integrated Telecommunications | +7.7% | 13.3% | 0.63 | −23.8% | +101% | -0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| HDV: iShares Core High Dividend ETF | US Dividend Equity | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## BMY against its popular alternatives

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

### How do BMY'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.

- Nine of the 22 popular alternatives, led by ABBV, COR and GILD, were both more rewarding and calmer than BMY over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BMY returned 5.5% a year, less than the S&P 500's 12.7%, with higher volatility (24.9% against 17.1%).

### Has BMY consistently beaten its popular alternatives?

This section compares BMY with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- 12 of the 22 popular alternatives, led by LLY, ABBV and MCK, outperformed BMY in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- LLY, ABBV and MCK outperformed BMY in every long-term period and in all but one short-term period, the most consistent record in the group.
- MCK, LLY and ABBV earned more for the risk they took than BMY (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of BMY | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BMY: Bristol-Myers Squibb Company (this page) | +47.8% | +25.8% | +30.6% | +74.8% |  |  | 0.34 |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | +59.7% | +124% | +451% | +1,807% | 4/5 short-term, 3/3 long-term | all-weather | 1.21 |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | +28.3% | +118% | +218% | +603% | 4/5 short-term, 3/3 long-term | all-weather | 1.11 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | +31.3% | +131% | +413% | +586% | 4/5 short-term, 3/3 long-term | all-weather | 1.44 |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | +48.7% | +72.2% | +145% | +266% | 4/5 short-term, 3/3 long-term | all-weather | 0.85 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | +76.8% | +58.3% | +113% | +241% | 4/5 short-term, 3/3 long-term | all-weather | 0.74 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | +30.3% | +121% | +180% | +200% | 4/5 short-term, 3/3 long-term | all-weather | 0.95 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | +36.9% | +84.6% | +82.1% | +196% | 3/5 short-term, 3/3 long-term | consistent | 0.76 |
| [TEVA](https://easycompare.io/research/teva): Teva Pharmaceutical Industries Limited | +110% | +403% | +303% | −3.6% | 5/5 short-term, 2/3 long-term | consistent | 0.86 |
| VTRS: Viatris Inc. | +87.1% | +127% | +64.3% | −38.0% | 5/5 short-term, 2/3 long-term | consistent | 0.47 |
| [TAK](https://easycompare.io/research/tak): Takeda Pharmaceutical Company Limited | +48.2% | +56.1% | +75.1% | +30.4% | 4/5 short-term, 2/3 long-term | consistent | 0.68 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | +26.8% | +49.5% | +15.1% | +366% | 3/5 short-term, 2/3 long-term | consistent | 0.24 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | +40.7% | +0.8% | +44.9% | +120% | 3/5 short-term, 2/3 long-term | consistent | 0.40 |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | +5.7% | +86.5% | +195% | +406% | 2/5 short-term, 3/3 long-term |  | 1.07 |
| [AZN](https://easycompare.io/research/azn): AstraZeneca PLC | +1.8% | +38.8% | +52.1% | +257% | 1/5 short-term, 3/3 long-term |  | 0.41 |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | +18.8% | +75.9% | +121% | +226% | 1/5 short-term, 3/3 long-term |  | 0.87 |
| [GSK](https://easycompare.io/research/gsk): GSK plc | +18.9% | +60.0% | +57.2% | +95.1% | 0/5 short-term, 3/3 long-term |  | 0.49 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | +26.3% | +45.3% | +6.5% | +260% | 2/5 short-term, 2/3 long-term |  | 0.21 |
| XBI: State Street SPDR S&P Biotech ETF | +39.7% | +130% | +25.1% | +159% | 2/5 short-term, 2/3 long-term |  | 0.30 |
| [NVO](https://easycompare.io/research/nvo): Novo Nordisk A/S | −28.5% | −57.0% | −18.5% | +134% | 0/5 short-term, 1/3 long-term |  | 0.09 |
| BIIB: Biogen Inc. | +65.8% | −5.6% | −8.8% | −18.9% | 5/5 short-term, 0/3 long-term |  | 0.11 |
| [PFE](https://easycompare.io/research/pfe): Pfizer Inc. | +30.5% | +19.2% | −8.3% | +55.0% | 4/5 short-term, 0/3 long-term |  | 0.06 |
| [SNY](https://easycompare.io/research/sny): Sanofi | −13.4% | −10.0% | +3.0% | +61.5% | 0/5 short-term, 0/3 long-term |  | 0.15 |

### How did BMY do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where BMY ranked among its popular alternatives each year.

- BMY finished ahead of the S&P 500 in 11 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, ABBV came out ahead of BMY most often, in ten of the 13 years both traded.
- Ranked against its popular alternatives each year, BMY finished in the top quarter in five of 29 years and in the bottom quarter in six. In 2025, it ranked 22 of 23.

| Year | BMY | SPY |
| --- | --- | --- |
| 2025 | +0.1% | +17.7% |
| 2024 | +15.8% | +24.9% |
| 2023 | −26.1% | +26.2% |
| 2022 | +19.0% | −18.2% |
| 2021 | +2.9% | +28.7% |
| 2020 | +0.4% | +18.3% |
| 2019 | +27.7% | +31.2% |
| 2018 | −12.9% | −4.6% |
| 2017 | +7.7% | +21.7% |
| 2016 | −13.5% | +12.0% |

## Risk and diversification

How BMY 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 BMY's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all three of BMY's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BMY fell 47.7% from December 2022 to July 2024, while the S&P 500 rose 39.1%.
- The slowest recovery came after BMY fell 70.6% from October 1999 to July 2002; it did not regain that peak until May 2013, 11 years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −70.6% | October 28, 1999 | July 24, 2002 | May 15, 2013 | −35.0% | dot-com bust |
| −47.7% | December 2, 2022 | July 3, 2024 | not yet | +39.1% | 2023 regional bank crisis |
| −39.8% | March 20, 1987 | October 19, 1987 | May 15, 1989 | — |  |
| −39.3% | July 14, 2016 | July 22, 2019 | May 20, 2021 | +46.1% | late-2018 sell-off |
| −38.4% | January 8, 1992 | August 12, 1993 | October 3, 1995 | — |  |

### How did BMY do in stock market crashes?

This section measures how far BMY, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- BMY 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 BMY fell 39.2% and the S&P 500 fell 55.2%.
- Among its popular alternatives, JNJ held up best, falling less than BMY in eight of the ten crashes they both traded through.

| Crash | Dates | BMY fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −69.5% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −39.2% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −10.5% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −16.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.1% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −22.9% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −29.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −16.0% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.3% | −3.4% |

### How closely does BMY 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.

- 16 of the 22 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BMY's 0.73, led by LLY, MCK and ABBV.
- LLY took just 6% of the S&P 500's losses, against 75% for BMY, while still keeping 101% of its gains.
- Over the past 10 years, BMY captured 55% of the S&P 500's gains in rising months and 75% of its losses in falling months, with a beta of 0.41. Its share of the market's losses was larger than its share of the gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| BMY: Bristol-Myers Squibb Company (this page) | 55.0% | 75.0% | 0.41 |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | 101% | 6.0% | 0.37 |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | 92.0% | 57.0% | 0.54 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | 72.0% | 27.0% | 0.56 |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | 74.0% | 64.0% | 0.54 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | 64.0% | 46.0% | 0.30 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | 52.0% | 36.0% | 0.35 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | 64.0% | 53.0% | 0.46 |
| [TEVA](https://easycompare.io/research/teva): Teva Pharmaceutical Industries Limited | 55.0% | 116% | 1.11 |
| VTRS: Viatris Inc. | 74.0% | 179% | 1.14 |
| [TAK](https://easycompare.io/research/tak): Takeda Pharmaceutical Company Limited | 34.0% | 58.0% | 0.44 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | 104% | 104% | 0.81 |
| [REGN](https://easycompare.io/research/regn): Regeneron Pharmaceuticals, Inc. | 55.0% | 66.0% | 0.19 |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | 80.0% | 58.0% | 0.56 |
| [AZN](https://easycompare.io/research/azn): AstraZeneca PLC | 60.0% | 39.0% | 0.39 |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | 69.0% | 64.0% | 0.49 |
| [GSK](https://easycompare.io/research/gsk): GSK plc | 51.0% | 61.0% | 0.52 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | 128% | 167% | 1.31 |
| XBI: State Street SPDR S&P Biotech ETF | 93.0% | 122% | 1.01 |
| [NVO](https://easycompare.io/research/nvo): Novo Nordisk A/S | 75.0% | 94.0% | 0.60 |
| BIIB: Biogen Inc. | 35.0% | 91.0% | 0.28 |
| [PFE](https://easycompare.io/research/pfe): Pfizer Inc. | 52.0% | 81.0% | 0.54 |
| [SNY](https://easycompare.io/research/sny): Sanofi | 53.0% | 74.0% | 0.46 |

### What diversifies BMY?

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 BMY into SMH would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+5.1% for BMY alone, +12.7% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of BMY over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- FIX made money in seven of the ten calendar years in which BMY lost money.

| Investment | Correlation with BMY | 5Y return | Volatility | Sharpe | Rose in BMY's 10 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.47 | +119% | 11.1% | 1.48 | 1 of 10 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.18 | +225% | 19.1% | 1.34 | 3 of 10 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.39 | +101% | 14.5% | 1.04 | 2 of 10 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.16 | +323% | 36.9% | 0.97 | 4 of 10 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.25 | +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 | 5 of 10 |
| SPMO: Invesco S&P 500 Momentum ETF | -0.04 | +136% | 20.8% | 0.93 | 2 of 10 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.40 | +177% | 25.5% | 0.93 | 5 of 10 |

## Common questions

### What was BMY's worst drawdown?

BMY's deepest decline since it began trading in 1986 was 70.6%, from October 1999 to July 2002. It took about 11 years from the low to climb back to its old high.

### What were BMY's best and worst years?

Over 29 full calendar years, BMY's best year was 1997, when it returned 77.1%. Its worst was 2002, with a return of -52.4%.

### Is there a better investment than BMY?

Among BMY's popular alternatives, JNJ, ABBV and TAK earned more than BMY with less volatility over the past 5 years. JNJ returned 12.7% a year at 17.9% volatility, against 5.5% a year at 24.9%. Looking beyond its popular alternatives, VRTX (biotechnology) earned more for the risk it took than BMY over the past 5 years, and its worst fall in 10 years was 41.6%, against 47.7% for BMY.

### Is BMY more volatile than the S&P 500?

Yes. BMY'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, BMY'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 BMY's Sharpe ratio?

BMY's Sharpe ratio over the past 5 years was 0.34, against 0.79 for the S&P 500, so BMY earned less 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 BMY with the S&P 500?

Over the past 5 years, BMY's monthly returns had a correlation of 0.12 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 BMY instead: the lower it is, the more that option would diversify a BMY holding.

### What are the best alternatives to BMY?

Of the 22 popular alternatives we compared, 12 outperformed BMY in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LLY, ABBV and MCK.

### Did BMY outperform the S&P 500?

BMY finished ahead of the S&P 500 (SPY) in 11 of 29 full calendar years. In 2025, it returned +0.1%, against +17.7% for the index.

### How did BMY do in stock market crashes?

BMY 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 BMY fell 39.2% and the S&P 500 fell 55.2%.

### What diversifies BMY?

These had a low correlation with BMY over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.47), DXJ (correlation 0.18) and EMLP (correlation 0.39); among large stocks, CAH (correlation 0.13), CLS (correlation -0.11) and FIX (correlation -0.03). 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)
- [AbbVie (ABBV) Performance, Alternatives and Market Rank](https://easycompare.io/research/abbv)
- [McKesson (MCK) Performance, Alternatives and Market Rank](https://easycompare.io/research/mck)
- [Amgen (AMGN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amgn)
- [Merck & Co., Inc. (MRK) Performance, Alternatives and Market Rank](https://easycompare.io/research/mrk)
- [Gilead Sciences (GILD) Performance, Alternatives and Market Rank](https://easycompare.io/research/gild)
- [Johnson & Johnson (JNJ) Performance, Alternatives and Market Rank](https://easycompare.io/research/jnj)
- [Teva Pharmaceutical Industries (TEVA) Performance, Alternatives and Market Rank](https://easycompare.io/research/teva)
- [Takeda Pharmaceutical (TAK) Performance, Alternatives and Market Rank](https://easycompare.io/research/tak)
- [Thermo Fisher Scientific (TMO) Performance, Alternatives and Market Rank](https://easycompare.io/research/tmo)
- [Regeneron Pharmaceuticals (REGN) Performance, Alternatives and Market Rank](https://easycompare.io/research/regn)
- [Cencora (COR) Performance, Alternatives and Market Rank](https://easycompare.io/research/cor)

## Explore further

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