# How Boston Scientific (BSX) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/bsx
> 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 BSX alone. It places BSX (Boston Scientific Corporation) 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 BSX stands in the market, and of the alternatives worth a closer look.

Period covered: BSX's full trading record, from May 1992 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** BSX has gone against the market, falling 25.3% over the past 6 months while the S&P 500 rose 9.1%. The slide is BSX's own: it is 57.9% below its high, against 1.3% for the S&P 500.
- **Stock or market?:** BSX rose 4.1% over the past 3 months, 3.3 points behind the medical devices ETF IHI (iShares U.S. Medical Devices ETF), which rose 7.5%. The S&P 500 rose 3.9%. Its medical device peers did not move as one over the past 3 months: ISRG (Intuitive Surgical) rose 24.0%, while SYK (Stryker) fell 4.3%.
- **Past 1 to 3 years:** Over the past year, BSX fell 54.7% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (8.9% against 89.3%). BSX led its medical device peers in 2023, then fell behind JNJ (Johnson & Johnson) and ABT (Abbott Laboratories) in 2025.
- **Long term:** BSX turned $10,000 into $19,800 over the past decade, against $42,100 in the S&P 500. Year by year, BSX has outpaced the S&P 500 34% of the time since 1997.
- **In a crash:** Across seven sell-offs, BSX has typically fallen 1.2 times as far as the S&P 500.
- **Diversification:** Over 10 years BSX took more of the market's losses than of its gains: in the S&P 500's rising months it gained 76% as much as the index, and in falling months it lost 1.1 times as much, with a beta of 0.72.
- **Better options**
  - **Nearby categories and themes:** CAH (Cardinal Health, health care distribution) and ABBV (AbbVie, pharmaceuticals) earned more than BSX with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against 0.5% a year at 26.6%.
  - **Whole market:** 983 of the 3,633 stocks and funds worth at least $500 million earned more than BSX 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 BSX have grown?

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

- $10,000 invested in BSX at the end of September 1997 would have grown to $31,631 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- All eight other investments on the chart ended ahead of BSX, and UNH finished highest, at $772,802.

## BSX 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.

- BSX is still 57.9% below its all-time high.
- BSX's deepest decline since it began trading in 1992 was 89.1%, from April 2004 to July 2012. It took about nine years from the low to climb back to its old high.
- Over 29 full calendar years, BSX's best was 2013, when it returned 110%, and its worst was 2000, when it lost 37.5%. It lost money in 11 of those years.

- Type: Stock, Healthcare (Medical - Devices)
- Trading since: May 19, 1992
- Market value: $66B
- Volatility (5 years): 26.6%; Sharpe ratio: 0.15
- Worst decline ever: −89.1%, from April 5, 2004 to July 26, 2012; back at its high by August 2, 2021

| Period | BSX total return |
| --- | --- |
| 1 month | +4.3% |
| 3 months | +4.1% |
| 6 months | −25.3% |
| year to date | −51.9% |
| 1 year | −54.7% |
| 3 years | −8.9% |
| 5 years | +2.5% |
| 10 years | +98.1% |

## BSX against the whole market

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

### How does BSX rank among all stocks?

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

- BSX's 1-year return ranks in the bottom 4% of the 3,287 stocks worth at least $300 million with 1 year of history.
- BSX is among the steadier stocks: its price swings rank in the top 16% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | BSX | Rank |
| --- | --- | --- |
| 1-year return | −54.7% | 3,148 of 3,287 (top 96%) |
| 3-year return | −8.9% | 2,457 of 3,017 (top 82%) |
| 5-year return | +2.5% | 1,705 of 2,893 (top 59%) |
| 10-year return | +98.1% | 1,347 of 2,202 (top 62%) |
| Volatility, 5 years | 26.6% | 449 of 2,893 (top 16%) |
| Sharpe ratio, 5 years | 0.15 | 1,978 of 2,893 (top 69%) |
| Worst decline, past 10 years | −61.6% | 945 of 2,187 (top 44%) |

### What has beaten BSX 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).

- 234 stocks and 749 ETFs worth at least $500 million sit in the green region: each earned more than BSX over the past 5 years with smaller price swings. That is 27% of the 3,633 screened.
- Among those with at least half BSX's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 7% less than BSX's 26.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.15 for BSX.
- Among BSX's popular alternatives, JNJ and BDX are in the region. JNJ earned 12.7% a year against 0.5% a year for BSX, at 17.9% volatility, 33% less than BSX's 26.6%.

### Is there a better investment than BSX?

The table below lists investments that beat BSX 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 BSX's popular alternatives, JNJ and BDX earned more than BSX with less volatility over the past 5 years. JNJ returned 12.7% a year at 17.9% volatility, against 0.5% a year at 26.6%.
- Looking beyond its popular alternatives, CAH (health care distribution) and ABBV (pharmaceuticals) earned more than BSX with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against 0.5% a year at 26.6%.
- Across the whole market, 983 of the 3,633 stocks and funds worth at least $500 million earned more than BSX with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 983 investments that beat BSX 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 BSX | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BSX: Boston Scientific Corporation (this page) |  | +0.5% | 26.6% | 0.15 | −61.6% | +98.1% |  |  |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SGOV](https://easycompare.io/research/sgov): iShares 0-3 Month Treasury Bond ETF | Treasury Bonds | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | Gold | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [PG](https://easycompare.io/research/pg): The Procter & Gamble Company | Household & Personal Products | +5.1% | 18.3% | 0.37 | −23.8% | +145% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VIG](https://easycompare.io/research/vig): Vanguard Dividend Appreciation ETF | US Dividend Equity | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SCHD](https://easycompare.io/research/schd): Schwab U.S. Dividend Equity ETF | US Dividend Equity | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SO](https://easycompare.io/research/so): The Southern Company | Electric Utilities | +11.3% | 18.8% | 0.67 | −38.4% | +170% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.17 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WM](https://easycompare.io/research/wm): Waste Management, Inc. | Environmental Services | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| JAAA: Janus Henderson AAA CLO ETF | CLO Bonds | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [DUK](https://easycompare.io/research/duk): Duke Energy Corporation | Electric Utilities | +7.5% | 18.0% | 0.50 | −37.4% | +132% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AEP](https://easycompare.io/research/aep): American Electric Power Company, Inc. | Electric Utilities | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MRSH](https://easycompare.io/research/mrsh): Marsh & McLennan Companies, Inc. | Insurance | +4.4% | 20.9% | 0.31 | −35.8% | +245% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## BSX against its popular alternatives

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

### How do BSX'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.

- JNJ, SYK and BDX were both more rewarding and calmer than BSX over the past 5 years, earning a higher annual return with lower volatility.
- 12 of the 24 popular alternatives earned less than BSX over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, BSX returned 0.5% a year, less than the S&P 500's 12.7%, with higher volatility (26.6% against 17.1%).

### Has BSX consistently beaten its popular alternatives?

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

- 14 of the 25 popular alternatives, led by HCA, ISRG and HAE, outperformed BSX in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- HCA, ISRG and HAE outperformed BSX in every long-term period and in all but one short-term period, the most consistent record in the group.
- JNJ, HCA and ISRG earned more for the risk they took than BSX (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 BSX | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BSX: Boston Scientific Corporation (this page) | −54.7% | −8.9% | +2.5% | +98.1% |  |  | 0.15 |
| [HCA](https://easycompare.io/research/hca): HCA Healthcare, Inc. | +8.3% | +97.6% | +93.6% | +513% | 5/5 short-term, 3/3 long-term | all-weather | 0.59 |
| [ISRG](https://easycompare.io/research/isrg): Intuitive Surgical, Inc. | −4.5% | +64.1% | +28.9% | +478% | 5/5 short-term, 3/3 long-term | all-weather | 0.32 |
| HAE: Haemonetics Corporation | +133% | +32.7% | +66.5% | +241% | 5/5 short-term, 3/3 long-term | all-weather | 0.45 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | +26.8% | +49.5% | +15.1% | +366% | 4/5 short-term, 3/3 long-term | all-weather | 0.24 |
| [SYK](https://easycompare.io/research/syk): Stryker Corporation | −19.2% | +18.0% | +17.2% | +197% | 4/5 short-term, 3/3 long-term | all-weather | 0.25 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | +36.9% | +84.6% | +82.1% | +196% | 4/5 short-term, 3/3 long-term | all-weather | 0.76 |
| IRTC: iRhythm Technologies, Inc. | −37.5% | +38.6% | +62.9% | +337% | 3/5 short-term, 3/3 long-term | consistent | 0.45 |
| PEN: Penumbra, Inc. | +31.0% | +57.8% | +18.5% | +333% | 3/5 short-term, 3/3 long-term | consistent | 0.28 |
| [BDX](https://easycompare.io/research/bdx): Becton, Dickinson and Company | +32.3% | +1.6% | +12.2% | +71.4% | 5/5 short-term, 2/3 long-term | consistent | 0.22 |
| DXCM: DexCom, Inc. | +25.3% | −0.3% | −38.4% | +316% | 4/5 short-term, 2/3 long-term | consistent | 0.04 |
| GMED: Globus Medical, Inc. | +28.2% | +53.9% | +1.3% | +243% | 4/5 short-term, 2/3 long-term | consistent | 0.20 |
| [UNH](https://easycompare.io/research/unh): UnitedHealth Group Incorporated | +18.1% | −15.3% | +5.5% | +241% | 4/5 short-term, 2/3 long-term | consistent | 0.20 |
| [ABT](https://easycompare.io/research/abt): Abbott Laboratories | −18.7% | +13.0% | −8.0% | +204% | 3/5 short-term, 2/3 long-term | consistent | 0.04 |
| [EW](https://easycompare.io/research/ew): Edwards Lifesciences Corporation | +17.3% | +27.1% | −23.6% | +125% | 3/5 short-term, 2/3 long-term | consistent | 0.01 |
| GEHC: GE HealthCare Technologies Inc. | −6.8% | +10.1% | — | — | 5/5 short-term, 1/3 long-term |  | — |
| [MDT](https://easycompare.io/research/mdt): Medtronic Plc | +1.9% | +43.6% | −8.8% | +46.7% | 4/5 short-term, 1/3 long-term |  | 0.03 |
| ZBH: Zimmer Biomet Holdings, Inc. | −5.6% | −5.5% | −31.1% | −16.1% | 4/5 short-term, 1/3 long-term |  | -0.14 |
| LIVN: LivaNova PLC | +47.3% | +61.3% | −2.2% | +41.4% | 3/5 short-term, 1/3 long-term |  | 0.18 |
| ICUI: ICU Medical, Inc. | +37.3% | +49.0% | −30.5% | +12.5% | 3/5 short-term, 1/3 long-term |  | 0.02 |
| NVST: Envista Holdings Corp | +14.1% | −7.3% | −41.0% | — | 3/5 short-term, 1/3 long-term |  | -0.11 |
| ATEC: Alphatec Holdings, Inc. | −29.9% | −11.3% | −11.4% | +81.6% | 5/5 short-term, 0/3 long-term |  | 0.28 |
| CNMD: CONMED Corporation | −0.4% | −47.3% | −65.9% | +30.2% | 5/5 short-term, 0/3 long-term |  | -0.32 |
| TFX: Teleflex Incorporated | +1.6% | −28.1% | −63.4% | −17.4% | 4/5 short-term, 0/3 long-term |  | -0.41 |
| ENOV: Enovis Corporation | −36.2% | −53.5% | −76.4% | −59.0% | 4/5 short-term, 0/3 long-term |  | -0.46 |
| INSP: Inspire Medical Systems, Inc. | −11.7% | −54.3% | −71.6% | — | 4/5 short-term, 0/3 long-term |  | -0.10 |

### How did BSX do year by year?

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

- Ranked against its popular alternatives each year, BSX finished in the top quarter in nine of 29 years and in the bottom quarter in 12. In 2025, it ranked 13 of 26.
- BSX finished ahead of the S&P 500 in ten of its 29 full calendar years.
- Among its popular alternatives, EW came out ahead of BSX most often, in 16 of the 25 years both traded.

| Year | BSX | SPY |
| --- | --- | --- |
| 2025 | +6.8% | +17.7% |
| 2024 | +54.5% | +24.9% |
| 2023 | +24.9% | +26.2% |
| 2022 | +8.9% | −18.2% |
| 2021 | +18.2% | +28.7% |
| 2020 | −20.5% | +18.3% |
| 2019 | +28.0% | +31.2% |
| 2018 | +42.6% | −4.6% |
| 2017 | +14.6% | +21.7% |
| 2016 | +17.3% | +12.0% |

## Risk and diversification

How BSX 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 BSX's worst declines?

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

- In all four of BSX's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BSX fell 89.1% from April 2004 to July 2012, while the S&P 500 rose 39.5%.
- The slowest recovery came after BSX fell 89.1% from April 2004 to July 2012; it did not regain that peak until August 2021, nine years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −89.1% | April 5, 2004 | July 26, 2012 | August 2, 2021 | +39.5% | 2008 financial crisis |
| −73.6% | July 16, 1999 | December 6, 2000 | March 20, 2003 | −3.2% | dot-com bust |
| −61.6% | September 8, 2025 | October 7, 2026 | not yet | +21.4% |  |
| −58.3% | January 26, 1993 | October 7, 1993 | March 14, 1995 | — |  |
| −47.8% | August 19, 1998 | November 9, 1998 | March 19, 1999 | +3.3% |  |

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

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

- BSX fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the dot-com bust, when BSX fell 56.7% and the S&P 500 fell 47.5%.
- Among its popular alternatives, JNJ held up best, falling less than BSX in eight of the ten crashes they both traded through.

| Crash | Dates | BSX fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −56.7% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −63.5% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −3.2% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −24.0% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −15.2% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −8.0% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −18.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −40.0% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −25.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −1.2% | −3.4% |

### How closely does BSX 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.

- 12 of the 21 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BSX's 0.70, led by PEN, HAE and JNJ.
- PEN took just 40% of the S&P 500's losses, against 109% for BSX, while still keeping 70% of its gains.
- Over the past 10 years, BSX captured 76% of the S&P 500's gains in rising months and 109% of its losses in falling months, with a beta of 0.72. 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 |
| --- | --- | --- | --- |
| BSX: Boston Scientific Corporation (this page) | 76.0% | 109% | 0.72 |
| [HCA](https://easycompare.io/research/hca): HCA Healthcare, Inc. | 135% | 140% | 1.37 |
| [ISRG](https://easycompare.io/research/isrg): Intuitive Surgical, Inc. | 136% | 154% | 1.28 |
| HAE: Haemonetics Corporation | 62.0% | 51.0% | 0.47 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | 104% | 104% | 0.81 |
| [SYK](https://easycompare.io/research/syk): Stryker Corporation | 82.0% | 96.0% | 0.88 |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | 64.0% | 53.0% | 0.46 |
| PEN: Penumbra, Inc. | 70.0% | 40.0% | 0.52 |
| [BDX](https://easycompare.io/research/bdx): Becton, Dickinson and Company | 53.0% | 77.0% | 0.48 |
| DXCM: DexCom, Inc. | 97.0% | 97.0% | 1.13 |
| GMED: Globus Medical, Inc. | 118% | 148% | 1.03 |
| [UNH](https://easycompare.io/research/unh): UnitedHealth Group Incorporated | 81.0% | 82.0% | 0.70 |
| [ABT](https://easycompare.io/research/abt): Abbott Laboratories | 76.0% | 79.0% | 0.64 |
| [EW](https://easycompare.io/research/ew): Edwards Lifesciences Corporation | 88.0% | 120% | 0.97 |
| [MDT](https://easycompare.io/research/mdt): Medtronic Plc | 62.0% | 105% | 0.68 |
| ZBH: Zimmer Biomet Holdings, Inc. | 62.0% | 139% | 0.88 |
| LIVN: LivaNova PLC | 74.0% | 129% | 0.89 |
| ICUI: ICU Medical, Inc. | 78.0% | 136% | 0.69 |
| ATEC: Alphatec Holdings, Inc. | 63.0% | 117% | 1.28 |
| CNMD: CONMED Corporation | 90.0% | 159% | 1.25 |
| TFX: Teleflex Incorporated | 79.0% | 170% | 1.01 |
| ENOV: Enovis Corporation | 95.0% | 252% | 1.65 |

### What diversifies BSX?

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 BSX into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+0.1% for BSX alone, +5.6% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of BSX over the past 5 years, with correlations of 0.34 or lower, and each still earned a positive 5-year return.
- GLD made money in seven of the 11 calendar years in which BSX lost money.

| Investment | Correlation with BSX | 5Y return | Volatility | Sharpe | Rose in BSX's 11 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.29 | +119% | 11.1% | 1.48 | 0 of 11 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.17 | +225% | 19.1% | 1.34 | 1 of 11 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.34 | +101% | 14.5% | 1.04 | 0 of 11 |
| HDV: iShares Core High Dividend ETF | 0.38 | +83.3% | 13.0% | 1.00 | 0 of 11 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.01 | +323% | 36.9% | 0.97 | 5 of 11 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.34 | +85.0% | 13.8% | 0.96 | 1 of 11 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.23 | +126% | 18.9% | 0.96 | 7 of 11 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.20 | +136% | 20.8% | 0.93 | 1 of 11 |

## Common questions

### What was BSX's worst drawdown?

BSX's deepest decline since it began trading in 1992 was 89.1%, from April 2004 to July 2012. It took about nine years from the low to climb back to its old high.

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

Over 29 full calendar years, BSX's best year was 2013, when it returned 110%. Its worst was 2000, with a return of -37.5%.

### Is there a better investment than BSX?

Among BSX's popular alternatives, JNJ and BDX earned more than BSX with less volatility over the past 5 years. JNJ returned 12.7% a year at 17.9% volatility, against 0.5% a year at 26.6%. Looking beyond its popular alternatives, CAH (health care distribution) and ABBV (pharmaceuticals) earned more than BSX with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against 0.5% a year at 26.6%.

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

Yes. BSX's volatility over the past 5 years was 26.6%, 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, BSX's return lands within 26.6% 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 BSX's Sharpe ratio?

BSX's Sharpe ratio over the past 5 years was 0.15, against 0.79 for the S&P 500, so BSX 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 BSX with the S&P 500?

Over the past 5 years, BSX's monthly returns had a correlation of 0.37 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 BSX instead: the lower it is, the more that option would diversify a BSX holding.

### What are the best alternatives to BSX?

Of the 25 popular alternatives we compared, 14 outperformed BSX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: HCA, ISRG and HAE.

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

BSX finished ahead of the S&P 500 (SPY) in ten of 29 full calendar years. In 2025, it returned +6.8%, against +17.7% for the index.

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

BSX fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the dot-com bust, when BSX fell 56.7% and the S&P 500 fell 47.5%.

### What diversifies BSX?

These had a low correlation with BSX over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.29), DXJ (correlation 0.17) and EMLP (correlation 0.34); among large stocks, CAH (correlation 0.32), CLS (correlation 0.19) and FIX (correlation 0.05). A correlation near zero means the two have moved largely independently.

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## Explore further

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