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Relative Intelligence · Health Care Distribution

How Cardinal Health (CAH) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CAH alone. It places CAH (Cardinal Health, Inc.) against 8 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 CAH stands in the market, and of the alternatives worth a closer look.

Period covered: CAH'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 CAH →Chart CAH vs. 8 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CAH over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CAH over the same span and CAH'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. 484 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CAH; 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
  • VLO$1M+10,099% total · +17.3% a year
  • UNH$772,802+7,628% total · +16.2% a year
  • COR$574,137+5,641% total · +15.0% 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
  • HSIC$119,782+1,098% total · +8.9% a year
  • CAH$113,257+1,033% total · +8.7% a year
  • CVS$97,705+877% total · +8.2% a year
  • MDT$61,200+512% total · +6.4% a year
  • BAX$31,168+212% total · +4.0% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 123 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CAH; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • NVDA$110,811+1,008% total · +61.8% a year
  • AVGO$79,117+691% total · +51.2% a year
  • MPC$71,516+615% total · +48.2% a year
  • VLO$64,131+541% total · +45.0% a year
  • TRGP$61,030+510% total · +43.6% a year
  • CAH$49,682+397% total · +37.8% a year
  • MCK$43,941+339% total · +34.5% a year
  • COR$26,420+164% total · +21.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • BDX$10,410+4.1% total · +0.8% a year
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CAH 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
$60B
Industry
Medical - Distribution
Price history from
October 1986

Returns

Past 1 year
+65.3%total return
Past 3 years
+191%+42.8% a year
Past 5 years
+479%+42.1% a year
Past 10 years
+349%+16.2% a year
Best calendar year
+108%2000
Worst calendar year
−39.6%2008
Losing years
12 of 29full calendar years

Risk

Volatility
24.7%typical yearly swing, 5 years
Sharpe ratio
1.55return per unit of risk, 5 years
Worst decline ever
−66.1%Jun 2001 to Sep 2009
From its all-time high
At its highwithin 1%

CAH against the whole market

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

How does CAH rank among all stocks?

This section ranks CAH 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 CAH 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.

MeasureCAHRankStanding
1-year return+65.3%367 of 3,287top 11%
3-year return+191%433 of 3,017top 14%
5-year return+479%69 of 2,893top 2%
10-year return+349%484 of 2,202top 22%
Volatility, 5 years24.7%303 of 2,893top 10%
Sharpe ratio, 5 years1.551 of 2,893top 1%
Worst decline, past 10 years−46.1%324 of 2,187top 15%

What has beaten CAH 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). CAH sits where the dashed lines cross. Anything in the green box above and to the left earned more than CAH 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 CAH. 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%0.0%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 CAHCAH: +42.1% a year, volatility 24.7%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%TRGP: +41.8% a year, volatility 31.7%VLO: +44.2% a year, volatility 36.9%NHC: +32.0% a year, volatility 28.5%PGR: +21.3% a year, volatility 25.6%WM: +9.3% a year, volatility 19.2%CAHSPY (S&P 500)MPCTRGPVLONHCPGRWM15.0%20.0%25.0%30.0%35.0%40.0%0.0%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 CAHCAH: +42.1% a year, volatility 24.7%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%TRGP: +41.8% a year, volatility 31.7%VLO: +44.2% a year, volatility 36.9%NHC: +32.0% a year, volatility 28.5%PGR: +21.3% a year, volatility 25.6%WM: +9.3% a year, volatility 19.2%CAHSPY (S&P 500)MPCTRGPVLONHCPGRWM
  • The whole market

Is there a better investment than CAH?

Investments that beat CAH 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 CAH 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 CAH'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.

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 CAH'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× CAH's volatility counts as better.

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

Screen the whole market against CAH for any period in BetterThanSPYOpen these 7 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 CAH?lower diversifies moreExpenseper year
CAHCardinal Health, Inc. · this page
+42.1%24.7%1.55−46.1%+349%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.290.09%
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 11 of 3,570 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.18—
TRGPTarga Resources Corp. · Oil & Gas Midstream
On the frontierHigher return in most periods+41.8%31.7%1.27−90.8%+829%0.30—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.14—
NHCNational HealthCare Corporation · Medical - Care Facilities
On the frontierHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.19—
PGRThe Progressive Corporation · Property & Casualty Insurance
On the frontierSmaller losses in recent crashes+21.3%25.6%0.89−30.3%+816%0.33—
WMWaste Management, Inc. · Environmental Services
On the frontierSmaller losses in recent crashes+9.3%19.2%0.56−30.1%+344%0.34—
What these numbers mean for CAH
Annual return
CAH returned 42.1% 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 $57,900. 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
CAH's volatility over the past 5 years was 24.7%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CAH's return lands within 24.7% 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
CAH's Sharpe ratio over the past 5 years was 1.55, against 0.79 for the S&P 500, so CAH 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
CAH's worst fall from a peak to a low over the past 10 years was 46.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 46.1% fall takes a 85.4% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CAH's monthly returns had a correlation of 0.29 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 CAH instead: the lower it is, the more that option would diversify a CAH holding. Guide: Correlation and diversification →

CAH against its popular alternatives

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

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

Green points earned more than CAH with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%−20.0%−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 volatilityCAH: 42.1% a year, volatility 24.7%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%UNH: 1.1% a year, volatility 32.1%CVS: 5.3% a year, volatility 30.4%BAX: −19.8% a year, volatility 34.9%HSIC: 1.5% a year, volatility 25.4%COR: 24.2% a year, volatility 22.8%BDX: 2.3% a year, volatility 24.1%MDT: −1.8% a year, volatility 22.5%CAHSPY (S&P 500)MCKUNHCVSBAXHSICCORBDXMDT15.0%20.0%25.0%30.0%35.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCAH: 42.1% a year, volatility 24.7%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%UNH: 1.1% a year, volatility 32.1%CVS: 5.3% a year, volatility 30.4%BAX: −19.8% a year, volatility 34.9%HSIC: 1.5% a year, volatility 25.4%COR: 24.2% a year, volatility 22.8%BDX: 2.3% a year, volatility 24.1%MDT: −1.8% a year, volatility 22.5%CAHSPY (S&P 500)MCKUNHCVSBAXHSICCORBDXMDT
All figures
InvestmentAnnual returnVolatility
CAH This pageCardinal Health, Inc.+42.1%24.7%
MCK McKesson Corporation+38.7%25.0%
COR Cencora, Inc.+24.2%22.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CVS CVS Health Corp.+5.3%30.4%
BDX Becton, Dickinson and Company+2.3%24.1%
HSIC Henry Schein, Inc.+1.5%25.4%
UNH UnitedHealth Group Incorporated+1.1%32.1%
MDT Medtronic Plc−1.8%22.5%
BAX Baxter International Inc.−19.8%34.9%
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Has CAH consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CAH 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
CAH Cardinal Health, Inc. (this page)—+14.3%+14.3%+22.5%+26.1%+65.3%+191%+479%+349%24.7%1.55−46.1%—$60B—
MCK Medical - DistributionMcKesson Corporation2/5 short1/3 long+16.2%+24.0%+20.2%+25.5%+31.3%+131%+413%+586%25.0%1.44−38.1%—$120B—
COR Medical - DistributionCencora, Inc.0/5 short1/3 long+8.5%+13.1%+6.7%+1.9%+5.7%+86.5%+195%+406%22.8%1.07−32.4%—$66B—
BDX Medical - Instruments & SuppliesBecton, Dickinson and Company3/5 short0/3 long+7.2%+26.2%+23.7%+28.9%+32.3%+1.6%+12.2%+71.4%24.1%0.22−39.9%—$53B—
UNH Medical - Healthcare PlansUnitedHealth Group Incorporated2/5 short0/3 long+11.0%+0.1%+31.2%+27.1%+18.1%−15.3%+5.5%+241%32.1%0.20−61.4%—$376B—
CVS Medical - Healthcare PlansCVS Health Corp.1/5 short0/3 long+8.2%−11.4%+25.6%+21.0%+18.5%+52.5%+29.2%+47.0%30.4%0.32−56.8%—$121B—
BAX Medical - Instruments & SuppliesBaxter International Inc.1/5 short0/3 long+6.9%+11.1%+30.2%+25.9%+6.2%−20.7%−66.7%−40.7%34.9%-0.45−81.2%—$13B—
MDT Medical - DevicesMedtronic Plc0/5 short0/3 long+4.0%+14.5%+13.3%+1.0%+1.9%+43.6%−8.8%+46.7%22.5%0.03−45.1%—$121B—
HSIC Medical - DistributionHenry Schein, Inc.0/5 short0/3 long−0.6%−1.8%+7.0%+10.2%+32.5%+24.0%+7.9%+41.3%25.4%0.19−41.4%—$9.4B—
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How did CAH do year by year?

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

InvestmentYears ahead of CAH20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
CAH This pageCardinal Health, Inc.—+76.3%+19.0%+34.1%+54.1%−0.4%+10.1%+18.0%−24.5%−12.7%−17.5%+12.6%+23.0%+66.0%+3.8%+8.1%+21.4%−4.4%−39.6%−9.8%−5.8%+18.7%−4.7%+3.5%−8.3%−2.5%+108%−36.8%+51.7%+29.1%
Rank among alternativesTop quarter in 7 of 292 of 92 of 91 of 91 of 98 of 94 of 97 of 98 of 99 of 96 of 95 of 97 of 92 of 99 of 95 of 92 of 99 of 96 of 99 of 97 of 95 of 99 of 99 of 94 of 96 of 84 of 85 of 82 of 84 of 8
SPY S&P 500State Street SPDR S&P 500 ETF16 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%
MCK McKesson Corporation16 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%
COR Cencora, Inc.18 of 29+51.5%+10.4%+25.3%+26.3%+38.0%+17.0%+18.2%−16.6%+20.6%−23.3%+16.9%+29.9%+65.3%+17.9%+10.3%+32.4%+48.0%−19.8%+3.3%+8.9%+41.4%+2.5%+5.6%−14.5%+25.8%+233%−53.3%+11.7%+20.8%
BDX Becton, Dickinson and Company14 of 24−12.5%−5.3%−2.7%+5.1%+1.9%−6.8%+22.2%+6.6%+31.2%+9.2%+12.6%+28.3%+44.3%+7.3%−9.7%+9.4%+17.6%−16.9%+20.7%+18.3%+7.2%+39.8%+35.6%−6.4%—————
UNH UnitedHealth Group Incorporated19 of 29−33.1%−2.4%+0.8%+6.9%+45.2%+21.3%+20.0%+14.5%+39.8%+38.4%+18.3%+36.5%+41.0%+8.6%+42.2%+19.9%+14.8%−54.3%+8.3%−13.5%+41.2%+51.4%+39.4%+18.1%+15.3%+131%+23.5%−13.4%+10.3%
CVS CVS Health Corp.16 of 29+84.3%−40.8%−12.6%−7.6%+54.9%−5.1%+17.3%−7.0%−5.8%−17.8%+2.9%+36.5%+50.4%+20.3%+19.0%+9.1%+13.2%−27.2%+29.4%+17.7%+17.8%+25.7%+45.7%−14.9%−50.4%+51.1%−27.1%+72.6%+55.5%
BAX Baxter International Inc.14 of 29−33.3%−22.4%−21.9%−39.6%+8.5%−3.0%+28.4%+2.9%+47.3%+17.6%−2.1%+8.4%+7.3%+38.5%+0.1%−11.6%+11.7%−6.3%+26.8%+24.8%+10.7%+15.2%+11.2%−46.8%+22.8%+56.1%−0.5%+30.3%+26.0%
MDT Medtronic Plc13 of 29+24.0%+0.3%+9.6%−22.6%−9.8%+5.7%+27.3%+15.2%+15.3%−5.4%+8.6%+28.1%+42.8%+10.6%+5.8%−13.8%+42.6%−36.3%−5.2%−6.3%+16.8%+2.7%+7.3%−10.3%−14.8%+66.4%−1.5%+42.1%+55.3%
HSIC Henry Schein, Inc.15 of 29+9.2%−8.6%−5.2%+3.0%+16.0%+0.2%+8.3%+12.3%−7.9%−4.1%+16.2%+19.1%+42.1%+24.8%+5.0%+16.7%+43.4%−40.2%+25.4%+12.3%+25.4%+3.0%+50.2%+21.5%+6.9%+160%−70.2%+27.8%+1.8%
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Risk and diversification

How CAH 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 CAH's worst declines?

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

DuringCAH fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−66.1%−5.4%Jun 2001Sep 20098.3 yearsDec 20134.3 years
No named crash−53.7%+8.7%Feb 1999Mar 200013 monthsAug 20005 months
No named crash−52.6%—Jul 1987Dec 19875 monthsMar 198915 months
Late-2018 sell-off−48.9%+20.8%Dec 2015Dec 20183 yearsOct 20223.8 years
No named crash−40.3%—Oct 1991Dec 19912 monthsOct 199322 months

How did CAH do in stock market crashes?

This section measures how far CAH, 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 CAH.

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
CAH This pageCardinal Health, Inc.—−3.5%−21.0%−32.1%−25.5%−4.6%−15.9%−17.5%−1.8%−57.9%−36.1%
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%
MCK McKesson Corporation4 of 10−0.9%−10.5%−32.1%−20.7%−6.5%−30.8%−14.2%−3.5%−57.7%−39.4%
COR Cencora, Inc.7 of 10−2.3%−17.8%−23.8%−24.2%−7.1%−21.4%−14.5%−2.8%−41.9%−29.7%
BDX Becton, Dickinson and Company6 of 9−2.0%−19.7%−21.8%−20.4%−10.8%−15.1%−18.3%−1.6%−34.1%—
UNH UnitedHealth Group Incorporated6 of 10−1.8%−16.9%−35.9%−18.6%−6.7%−12.4%−20.7%−0.8%−72.4%−19.8%
CVS CVS Health Corp.6 of 10−4.4%−19.9%−27.3%−22.1%−9.2%−16.9%−14.2%−1.1%−45.3%−62.4%
BAX Baxter International Inc.3 of 10−3.6%−39.1%−23.0%−20.9%−8.7%−23.0%−18.6%−1.9%−31.6%−55.7%
MDT Medtronic Plc3 of 10−2.1%−27.9%−36.0%−13.8%−7.2%−17.6%−18.0%−1.5%−56.5%−44.2%
HSIC Henry Schein, Inc.5 of 10−1.0%−28.5%−41.4%−17.7%−4.7%−12.8%−18.3%−3.0%−47.8%−25.6%
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How closely does CAH 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 CAH 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 CAH's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CAH This pageCardinal Health, Inc.71%51%1.400.75
MCK McKesson Corporation72%27%2.710.56
COR Cencora, Inc.80%58%1.390.56
UNH UnitedHealth Group Incorporated81%82%0.980.70
BDX Becton, Dickinson and Company53%77%0.690.48
CVS CVS Health Corp.59%99%0.600.70
MDT Medtronic Plc62%105%0.590.68
HSIC Henry Schein, Inc.72%124%0.590.85
BAX Baxter International Inc.45%125%0.360.64
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What diversifies CAH?

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

ETFs

InvestmentCorrelation5Y returnSharpe20212018201720162009200820072006200420022001199980/20 mix volatility80/20 mix annual return
CAH Cardinal Health, Inc. (this page)1.00+479%1.55−0.4%−24.5%−12.7%−17.5%−4.4%−39.6%−9.8%−5.8%−4.7%−8.3%−2.5%−36.8%26.4%+37.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.33+119%1.48+17.8%−5.2%+10.0%—————————21.8%+33.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.39+225%1.34+18.0%−19.8%+22.8%+1.1%+2.0%−20.8%−7.4%—————22.2%+36.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.41+101%1.04+23.1%−8.7%+1.1%+29.8%————————22.4%+33.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.34+83.3%1.00+19.6%−3.0%+13.5%+15.9%————————22.2%+32.9%
SMH TechnologyVanEck Semiconductor ETF0.12+323%0.97+42.1%−9.1%+38.5%+35.6%+60.5%−44.7%+6.0%−6.7%−19.3%−47.0%−14.6%—23.0%+39.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.39+85.0%0.96+19.6%−9.5%+16.7%+6.3%————————22.1%+33.2%
GLD CommoditiesSPDR Gold Shares0.04+126%0.96−4.2%−1.9%+12.8%+8.0%+24.0%+4.9%+30.4%+22.6%————21.5%+34.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.27+136%0.93+22.7%−0.9%+27.8%+7.4%————————22.6%+35.2%

Stocks

InvestmentCorrelation5Y returnSharpe20212018201720162009200820072006200420022001199980/20 mix volatility80/20 mix annual return
CAH Cardinal Health, Inc. (this page)1.00+479%1.55−0.4%−24.5%−12.7%−17.5%−4.4%−39.6%−9.8%−5.8%−4.7%−8.3%−2.5%−36.8%26.4%+37.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.07+3,143%1.47+37.9%−16.3%−11.6%+7.4%+105%−20.5%−25.7%−26.0%−6.4%−65.1%−25.6%+350%24.9%+54.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.19+1,636%1.46+89.0%+0.8%+32.1%+18.3%+17.8%−15.2%+2.1%+38.9%+40.0%−9.4%+73.7%−58.7%24.4%+49.1%
MCK Medical - DistributionMcKesson Corporation0.48+413%1.44+44.2%−28.4%+12.0%−28.3%+62.9%−40.4%+29.7%−1.2%−1.4%−27.2%+4.9%−71.3%23.9%+37.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.18+690%1.41+61.0%−8.2%+34.8%+0.7%————————23.2%+41.3%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.44+594%1.36+11.7%−37.5%+48.4%−11.5%+51.3%−67.4%+26.4%+5.5%−14.1%−33.1%+9.8%+133%24.9%+41.0%
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Common questions

What was CAH's worst drawdown?

CAH's deepest decline since it began trading in 1986 was 66.1%, from June 2001 to September 2009. It took about four years from the low to climb back to its old high.

What were CAH's best and worst years?

Over 29 full calendar years, CAH's best year was 2000, when it returned 108%. Its worst was 2008, with a return of -39.6%.

Is there a better investment than CAH?

Nothing in the whole market did better on both counts: none of the 3,633 stocks and funds worth at least $500 million earned more than CAH with less volatility over the past 5 years.

Is CAH more volatile than the S&P 500?

Yes. CAH's volatility over the past 5 years was 24.7%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CAH's return lands within 24.7% 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 CAH's Sharpe ratio?

CAH's Sharpe ratio over the past 5 years was 1.55, against 0.79 for the S&P 500, so CAH 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 CAH with the S&P 500?

Over the past 5 years, CAH's monthly returns had a correlation of 0.29 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 CAH instead: the lower it is, the more that option would diversify a CAH holding.

What are the best alternatives to CAH?

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

Did CAH outperform the S&P 500?

CAH finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +76.3%, against +17.7% for the index.

How did CAH do in stock market crashes?

CAH fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in three. The clearest case was the dot-com bust, when CAH fell 36.1% and the S&P 500 fell 47.5%.

What diversifies CAH?

These had a low correlation with CAH over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.33), DXJ (correlation 0.39) and EMLP (correlation 0.41); among large stocks, CLS (correlation 0.07), FIX (correlation 0.19) and MCK (correlation 0.48). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CAH

Other stocks and ETFs