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Relative Intelligence · Managed Health Care

How Cigna (CI) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CI alone. It places CI (Cigna Corporation) against 14 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 CI stands in the market, and of the alternatives worth a closer look.

Period covered: CI'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 CI →Chart CI vs. 14 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CI over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CI over the same span and CI'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. 357 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CI; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • 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
  • HUM$183,971+1,740% total · +10.6% a year
  • DVA$174,904+1,649% total · +10.4% a year
  • CI$165,842+1,558% total · +10.2% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • CAH$113,257+1,033% total · +8.7% a year
  • CVS$97,705+877% total · +8.2% a year
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From the end of September 2021 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. 1,575 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000202120222023202420252026$2,000$5,000$10,000$20,000$50,000202120222023202420252026
  • 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
  • HCA$18,335+83.3% total · +12.9% a year
  • OSCR$17,735+77.4% total · +12.1% a year
  • CI$14,904+49.0% total · +8.3% a year
  • ELV$11,221+12.2% total · +2.3% a year
  • VEEV$9,905−0.9% total · −0.2% a year
  • MOH$6,970−30.3% total · −7.0% a year
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CI 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
$81B
Industry
Medical - Healthcare Plans
Price history from
October 1986

Returns

Past 1 year
+2.2%total return
Past 3 years
+5.9%+1.9% a year
Past 5 years
+56.7%+9.4% a year
Past 10 years
+176%+10.7% a year
Best calendar year
+110%2009
Worst calendar year
−68.6%2008
Losing years
7 of 29full calendar years

Risk

Volatility
28.3%typical yearly swing, 5 years
Sharpe ratio
0.46return per unit of risk, 5 years
Worst decline ever
−84.3%Jan 2008 to Nov 2008
From its all-time high
−12.9%below the peak

CI against the whole market

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

How does CI rank among all stocks?

This section ranks CI 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 CI 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.

MeasureCIRankStanding
1-year return+2.2%1,899 of 3,287bottom 43%
3-year return+5.9%2,233 of 3,017bottom 27%
5-year return+56.7%1,030 of 2,893top 36%
10-year return+176%967 of 2,202top 44%
Volatility, 5 years28.3%581 of 2,893top 20%
Sharpe ratio, 5 years0.461,044 of 2,893top 36%
Worst decline, past 10 years−42.5%211 of 2,187top 10%

What has beaten CI 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). CI sits where the dashed lines cross. Anything in the green box above and to the left earned more than CI 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 CI; faint dots are 92 more of the 450 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CIAMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%MNST: +17.2% a year, volatility 24.9%CME: +11.2% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%MSI: +14.8% a year, volatility 23.6%FAST: +15.8% a year, volatility 24.6%SPMO: +18.7% a year, volatility 20.8%HDV: +12.9% a year, volatility 13.0%DGX: +12.3% a year, volatility 22.5%MGV: +12.6% a year, volatility 13.4%RY: +17.3% a year, volatility 18.2%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%JQUA: +13.6% a year, volatility 15.7%RSPT: +16.9% a year, volatility 25.1%IWX: +12.7% a year, volatility 13.8%SPUS: +15.0% a year, volatility 19.5%DIVB: +13.9% a year, volatility 15.4%FBT: +10.8% a year, volatility 22.2%DSTL: +11.3% a year, volatility 16.1%CHCO: +15.9% a year, volatility 22.8%XOM: +27.1% a year, volatility 26.5%ABBV: +26.1% a year, volatility 23.4%PPH: +11.6% a year, volatility 15.8%HLAL: +14.0% a year, volatility 18.0%CVX: +19.5% a year, volatility 25.2%NXTG: +16.2% a year, volatility 19.1%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%VTI: +11.5% a year, volatility 17.5%CSCO: +16.8% a year, volatility 26.1%SHEL: +21.0% a year, volatility 24.8%PJP: +11.2% a year, volatility 16.6%MRK: +16.3% a year, volatility 24.8%VOO: +12.8% a year, volatility 16.9%EBF: +11.2% a year, volatility 21.4%WELL: +26.0% a year, volatility 23.8%WMT: +20.8% a year, volatility 22.6%TD: +15.8% a year, volatility 20.0%TTE: +18.0% a year, volatility 25.8%MO: +17.8% a year, volatility 21.4%TRV: +22.4% a year, volatility 22.3%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%COST: +17.4% a year, volatility 22.9%HLT: +21.0% a year, volatility 26.8%IWD: +11.4% a year, volatility 14.7%CTAS: +16.5% a year, volatility 23.1%QQQ: +14.5% a year, volatility 23.0%WAB: +25.6% a year, volatility 26.2%NVS: +17.1% a year, volatility 20.7%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%XLE: +22.6% a year, volatility 25.5%TAK: +11.9% a year, volatility 19.4%MET: +12.0% a year, volatility 25.4%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%SLF: +11.7% a year, volatility 19.4%FMX: +14.0% a year, volatility 25.7%LIN: +11.5% a year, volatility 20.9%KOF: +22.3% a year, volatility 24.7%PGR: +21.3% a year, volatility 25.6%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%PBA: +13.8% a year, volatility 21.5%VIG: +10.4% a year, volatility 14.1%RPRX: +13.3% a year, volatility 23.8%PKG: +15.4% a year, volatility 25.8%PFG: +13.0% a year, volatility 26.5%COWZ: +11.4% a year, volatility 17.7%EWT: +20.4% a year, volatility 24.2%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%AEP: +12.4% a year, volatility 20.2%AIZ: +13.3% a year, volatility 25.3%SEIC: +12.7% a year, volatility 22.3%LAMR: +10.7% a year, volatility 26.5%MSGS: +18.4% a year, volatility 25.6%SCHG: +13.1% a year, volatility 22.4%DYNF: +14.7% a year, volatility 17.5%NEU: +21.0% a year, volatility 26.8%PAGP: +26.8% a year, volatility 26.1%THG: +14.4% a year, volatility 22.9%ED: +12.0% a year, volatility 18.8%PDBC: +11.7% a year, volatility 19.3%CI: +9.4% a year, volatility 28.3%SPY (S&P 500): +12.7% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%HCA: +14.1% a year, volatility 30.1%VEEV: −0.1% a year, volatility 39.6%EHC: +18.4% a year, volatility 26.8%ENSG: +19.8% a year, volatility 26.8%PTC: +8.3% a year, volatility 35.0%DVA: +9.0% a year, volatility 38.3%DSGX: +1.8% a year, volatility 31.8%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%KO: +14.7% a year, volatility 16.8%VGT: +18.4% a year, volatility 26.0%SCHD: +9.7% a year, volatility 14.3%NHC: +32.0% a year, volatility 28.5%BFC: +19.0% a year, volatility 27.3%CISPY (S&P 500)CORCAHMCKHCAVEEVEHCENSGPTCDVADSGXBRK-BVSCHDNHC0.0%10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CIAMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%MNST: +17.2% a year, volatility 24.9%CME: +11.2% a year, volatility 20.8%RSG: +13.9% a year, volatility 18.5%MSI: +14.8% a year, volatility 23.6%FAST: +15.8% a year, volatility 24.6%SPMO: +18.7% a year, volatility 20.8%HDV: +12.9% a year, volatility 13.0%DGX: +12.3% a year, volatility 22.5%MGV: +12.6% a year, volatility 13.4%RY: +17.3% a year, volatility 18.2%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%JQUA: +13.6% a year, volatility 15.7%RSPT: +16.9% a year, volatility 25.1%IWX: +12.7% a year, volatility 13.8%SPUS: +15.0% a year, volatility 19.5%DIVB: +13.9% a year, volatility 15.4%FBT: +10.8% a year, volatility 22.2%DSTL: +11.3% a year, volatility 16.1%CHCO: +15.9% a year, volatility 22.8%XOM: +27.1% a year, volatility 26.5%ABBV: +26.1% a year, volatility 23.4%PPH: +11.6% a year, volatility 15.8%HLAL: +14.0% a year, volatility 18.0%CVX: +19.5% a year, volatility 25.2%NXTG: +16.2% a year, volatility 19.1%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%VTI: +11.5% a year, volatility 17.5%CSCO: +16.8% a year, volatility 26.1%SHEL: +21.0% a year, volatility 24.8%PJP: +11.2% a year, volatility 16.6%MRK: +16.3% a year, volatility 24.8%VOO: +12.8% a year, volatility 16.9%EBF: +11.2% a year, volatility 21.4%WELL: +26.0% a year, volatility 23.8%WMT: +20.8% a year, volatility 22.6%TD: +15.8% a year, volatility 20.0%TTE: +18.0% a year, volatility 25.8%MO: +17.8% a year, volatility 21.4%TRV: +22.4% a year, volatility 22.3%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%COST: +17.4% a year, volatility 22.9%HLT: +21.0% a year, volatility 26.8%IWD: +11.4% a year, volatility 14.7%CTAS: +16.5% a year, volatility 23.1%QQQ: +14.5% a year, volatility 23.0%WAB: +25.6% a year, volatility 26.2%NVS: +17.1% a year, volatility 20.7%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%XLE: +22.6% a year, volatility 25.5%TAK: +11.9% a year, volatility 19.4%MET: +12.0% a year, volatility 25.4%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%GLD: +17.7% a year, volatility 18.9%SLF: +11.7% a year, volatility 19.4%FMX: +14.0% a year, volatility 25.7%LIN: +11.5% a year, volatility 20.9%KOF: +22.3% a year, volatility 24.7%PGR: +21.3% a year, volatility 25.6%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%PBA: +13.8% a year, volatility 21.5%VIG: +10.4% a year, volatility 14.1%RPRX: +13.3% a year, volatility 23.8%PKG: +15.4% a year, volatility 25.8%PFG: +13.0% a year, volatility 26.5%COWZ: +11.4% a year, volatility 17.7%EWT: +20.4% a year, volatility 24.2%PJUL: +10.5% a year, volatility 8.6%FJAN: +11.1% a year, volatility 10.5%AEP: +12.4% a year, volatility 20.2%AIZ: +13.3% a year, volatility 25.3%SEIC: +12.7% a year, volatility 22.3%LAMR: +10.7% a year, volatility 26.5%MSGS: +18.4% a year, volatility 25.6%SCHG: +13.1% a year, volatility 22.4%DYNF: +14.7% a year, volatility 17.5%NEU: +21.0% a year, volatility 26.8%PAGP: +26.8% a year, volatility 26.1%THG: +14.4% a year, volatility 22.9%ED: +12.0% a year, volatility 18.8%PDBC: +11.7% a year, volatility 19.3%CI: +9.4% a year, volatility 28.3%SPY (S&P 500): +12.7% a year, volatility 17.1%COR: +24.2% a year, volatility 22.8%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%HCA: +14.1% a year, volatility 30.1%VEEV: −0.1% a year, volatility 39.6%EHC: +18.4% a year, volatility 26.8%ENSG: +19.8% a year, volatility 26.8%PTC: +8.3% a year, volatility 35.0%DVA: +9.0% a year, volatility 38.3%DSGX: +1.8% a year, volatility 31.8%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%KO: +14.7% a year, volatility 16.8%VGT: +18.4% a year, volatility 26.0%SCHD: +9.7% a year, volatility 14.3%NHC: +32.0% a year, volatility 28.5%BFC: +19.0% a year, volatility 27.3%CISPY (S&P 500)CORCAHMCKVEEVEHCENSGPTCDSGXBRK-BSCHDNHC
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× CI's volatility is in the table only

Is there a better investment than CI?

Investments that beat CI 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 CI 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 CI's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than CI follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than CI'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× CI's volatility counts as better.

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

Screen the whole market against CI for any period in BetterThanSPYOpen these 20 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 CI?lower diversifies moreExpenseper year
CICigna Corporation · this page
+9.4%28.3%0.46−42.5%+176%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.160.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CI. 6 of 14 passed at least one test.
CORCencora, Inc. · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+24.2%22.8%1.07−32.4%+406%0.47—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.18—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.40—
HCAHCA Healthcare, Inc. · Health Care Facilities
Higher return, similar volatilityHigher return in most periods+14.1%30.1%0.59−54.7%+513%0.32—
VEEVVeeva Systems Inc. · Application Software
Higher return in most periods−0.1%39.6%0.19−55.7%+715%0.05—
OSCROscar Health, Inc. · Managed Health Care
Higher return in most periods+15.7%80.0%0.57−94.2%—0.04—
Same and neighboring categories, and shared themesbest 5 shownEverything else in Managed Health Care and the categories next to it (Health Care Facilities, Health Care Distribution, Application Software), plus CI's specific themes. 5 of 39 passed at least one test.
EHCEncompass Health Corporation · Health Care Facilities
Higher return, lower volatility+18.4%26.8%0.77−39.5%+340%0.44—
ENSGThe Ensign Group, Inc. · Health Care Facilities
Higher return, lower volatility+19.8%26.8%0.81−55.5%+896%0.29—
PTCPTC Inc. · Application Software
Higher return in most periods+8.3%35.0%0.40−54.4%+317%0.05—
DVADaVita Inc. · Health Care Facilities
Higher return in most periods+9.0%38.3%0.42−51.1%+187%0.13—
DSGXThe Descartes Systems Group Inc. · Application Software
Higher return in most periods+1.8%31.8%0.21−48.7%+324%-0.09—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 913 of 3,580 passed at least one test.
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.46—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.26—
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%22.9%0.64−36.4%+429%0.27—
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.7%16.8%0.91−37.0%+204%0.43—
VGTVanguard Information Technology ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.4%26.0%0.78−35.1%+779%-0.110.09%
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+9.7%14.3%0.72−33.4%+252%0.460.06%
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.32—
BFCBank First Corporation · Banks - Regional
Higher return, similar volatilitySmaller losses in recent crashes+19.0%27.3%0.78−39.8%+496%0.40—
What these numbers mean for CI
Annual return
CI returned 9.4% 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 $15,700. 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
CI's volatility over the past 5 years was 28.3%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CI's return lands within 28.3% 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
CI's Sharpe ratio over the past 5 years was 0.46, against 0.79 for the S&P 500, so CI 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. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
CI's worst fall from a peak to a low over the past 10 years was 42.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 42.5% fall takes a 73.8% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CI's monthly returns had a correlation of 0.16 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 CI instead: the lower it is, the more that option would diversify a CI holding. Guide: Correlation and diversification →
Show all 450 stocks and funds worth at least $500 million that earned more than CI with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CIExpense
1
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.46—
2
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.26—
3
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.27—
4
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.43—
5
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.24—
6
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.16—
7
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%-0.110.09%
8
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.26—
9
CMECME Group Inc. · Capital Markets
Whole market+11.2%20.8%0.62−37.4%+319%0.11—
10
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.39—
11
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.19—
12
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.29—
13
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.180.13%
14
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.490.08%
15
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.49—
16
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Whole market+12.6%13.4%0.95−35.4%+244%0.470.05%
17
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.29—
18
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.420.39%
19
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%-0.030.58%
20
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.240.12%
21
CORCencora, Inc. · Health Care Distribution
Popular alternative+24.2%22.8%1.07−32.4%+406%0.47—
22
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.9%25.1%0.75−33.7%+572%0.020.40%
23
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.430.20%
24
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.000.45%
25
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.390.05%
26
FBTFirst Trust NYSE Arca Biotechnology Index Fund · Healthcare
Whole market+10.8%22.2%0.58−33.3%+203%0.160.55%
27
DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market
Whole market+11.3%16.1%0.75−33.1%—0.420.39%
28
CHCOCity Holding Company · Banks - Regional
Whole market+15.9%22.8%0.77−32.3%+286%0.47—
29
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%0.27—
30
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.32—
31
PPHVanEck Pharmaceutical ETF · Healthcare
Whole market+11.6%15.8%0.78−29.7%+153%0.460.36%
32
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.090.50%
33
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.27—
34
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.050.70%
35
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.26—
36
CAHCardinal Health, Inc. · Health Care Distribution
Popular alternative+42.1%24.7%1.55−46.1%+349%0.18—
37
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.47—
38
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.170.03%
39
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.15—
40
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%0.21—
41
PJPInvesco Pharmaceuticals ETF · Healthcare
Whole market+11.2%16.6%0.72−34.0%+135%0.360.58%
42
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.36—
43
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.160.03%
44
EBFEnnis, Inc. · Specialty Business Services
Whole market+11.2%21.4%0.60−35.4%+163%0.34—
45
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.17—
46
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.29—
47
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.34—
48
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+234%0.33—
49
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.42—
50
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.52—
51
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.23—
52
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.25—
53
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.290.40%
54
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.27—
55
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.30—
56
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.19—
57
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.31—
58
IWDiShares Russell 1000 Value ETF · US Large-Cap Value
Whole market+11.4%14.7%0.81−38.5%+205%0.420.18%
59
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.39—
60
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%-0.070.18%
61
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.38—
62
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.41—
63
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.24—
64
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.42—
65
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.360.08%
66
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%0.19—
67
METMetLife, Inc. · Life Insurance
Whole market+12.0%25.4%0.58−55.2%+240%0.45—
68
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.11—
69
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.43—
70
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.210.80%
71
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.100.40%
72
SLFSun Life Financial Inc. · Life Insurance
Whole market+11.7%19.4%0.67−50.8%+255%0.26—
73
FMXFomento Económico Mexicano, S.A.B. de C.V. · Convenience Stores
Whole market+14.0%25.7%0.64−45.5%+79.7%0.23—
74
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.41—
75
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.31—
76
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.53—
77
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.26—
78
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.33—
79
PBAPembina Pipeline Corporation · Oil & Gas Midstream
Whole market+13.8%21.5%0.71−70.9%+172%0.36—
80
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.350.04%
81
RPRXRoyalty Pharma plc · Pharmaceuticals
Whole market+13.3%23.8%0.65−49.7%—0.19—
82
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.27—
83
PFGPrincipal Financial Group, Inc. · Life Insurance
Whole market+13.0%26.5%0.60−64.7%+196%0.40—
84
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.400.49%
85
MCKMcKesson Corporation · Health Care Distribution
Popular alternative+38.7%25.0%1.44−38.1%+586%0.40—
86
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%-0.040.59%
87
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.170.79%
88
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.070.85%
89
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.28—
90
AIZAssurant, Inc. · Property & Casualty Insurance
Whole market+13.3%25.3%0.62−44.6%+312%0.29—
91
SEICSEI Investments Company · Asset Management
Whole market+12.7%22.3%0.65−51.8%+168%0.25—
92
LAMRLamar Advertising Company · Specialty REITs
Whole market+10.7%26.5%0.52−65.8%+278%0.26—
93
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.28—
94
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%-0.050.04%
95
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.100.26%
96
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.19—
97
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+56.3%0.36—
98
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.37—
99
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.29—
100
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities
Whole market+11.7%19.3%0.67−40.7%+153%0.140.74%

CI against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−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 volatilityCI: 9.4% a year, volatility 28.3%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%CAH: 42.1% a year, volatility 24.7%VEEV: −0.1% a year, volatility 39.6%COR: 24.2% a year, volatility 22.8%ELV: 2.2% a year, volatility 29.4%MOH: −5.4% a year, volatility 40.6%UNH: 1.1% a year, volatility 32.1%CVS: 5.3% a year, volatility 30.4%CLOV: −9.3% a year, volatility 75.7%ALHC: −15.1% a year, volatility 65.8%HUM: −0.3% a year, volatility 38.5%CNC: 0.8% a year, volatility 40.0%OSCR: 15.7% a year, volatility 80.0%HCA: 14.1% a year, volatility 30.1%CISPY (S&P 500)MCKCAHVEEVCORELVMOHUNHCVSCLOVALHCCNCOSCRHCA0.0%20.0%40.0%60.0%80.0%−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 volatilityCI: 9.4% a year, volatility 28.3%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%CAH: 42.1% a year, volatility 24.7%VEEV: −0.1% a year, volatility 39.6%COR: 24.2% a year, volatility 22.8%ELV: 2.2% a year, volatility 29.4%MOH: −5.4% a year, volatility 40.6%UNH: 1.1% a year, volatility 32.1%CVS: 5.3% a year, volatility 30.4%CLOV: −9.3% a year, volatility 75.7%ALHC: −15.1% a year, volatility 65.8%HUM: −0.3% a year, volatility 38.5%CNC: 0.8% a year, volatility 40.0%OSCR: 15.7% a year, volatility 80.0%HCA: 14.1% a year, volatility 30.1%CISPY (S&P 500)MCKCAHVEEVCORELVMOHUNHCVSCLOVALHCOSCR
All figures
InvestmentAnnual returnVolatility
CAH Cardinal Health, Inc.+42.1%24.7%
MCK McKesson Corporation+38.7%25.0%
COR Cencora, Inc.+24.2%22.8%
OSCR Oscar Health, Inc.+15.7%80.0%
HCA HCA Healthcare, Inc.+14.1%30.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CI This pageCigna Corporation+9.4%28.3%
CVS CVS Health Corp.+5.3%30.4%
ELV Elevance Health Inc.+2.2%29.4%
UNH UnitedHealth Group Incorporated+1.1%32.1%
CNC Centene Corp.+0.8%40.0%
VEEV Veeva Systems Inc.−0.1%39.6%
HUM Humana Inc.−0.3%38.5%
MOH Molina Healthcare, Inc.−5.4%40.6%
CLOV Clover Health Investments, Corp.−9.3%75.7%
ALHC Alignment Healthcare, Inc.−15.1%65.8%
Open these 16 in EasyCompare

Has CI consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CI 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
CI Cigna Corporation (this page)—+11.7%+8.6%+10.8%+11.7%+2.2%+5.9%+56.7%+176%28.3%0.46−42.5%—$81B—
MCK QualifiedMcKesson Corporation5/5 short3/3 longAll-weather+16.2%+24.0%+20.2%+25.5%+31.3%+131%+413%+586%25.0%1.44−38.1%—$120B—
CAH QualifiedCardinal Health, Inc.5/5 short3/3 longAll-weather+14.3%+14.3%+22.5%+26.1%+65.3%+191%+479%+349%24.7%1.55−46.1%—$60B—
VEEV QualifiedVeeva Systems Inc.5/5 short2/3 long+22.0%+61.4%+88.7%+45.2%+11.5%+59.0%−0.4%+715%39.6%0.19−55.7%—$52B—
OSCR QualifiedOscar Health, Inc.4/5 short2/3 long+7.6%+13.7%+105%+125%+66.8%+560%+107%—80.0%0.57−94.2%—$8.7B—
HCA Medical - Care FacilitiesHCA Healthcare, Inc.2/5 short3/3 long+9.3%+26.0%−2.2%−0.5%+8.3%+97.6%+93.6%+513%30.1%0.59−54.7%—$101B—
COR Medical - DistributionCencora, Inc.2/5 short3/3 long+8.5%+13.1%+6.7%+1.9%+5.7%+86.5%+195%+406%22.8%1.07−32.4%—$66B—
ELV Medical - Healthcare PlansElevance Health Inc.4/5 short1/3 long+7.5%+15.7%+39.0%+26.1%+26.8%+2.0%+11.7%+307%29.4%0.23−50.4%—$95B—
MOH Medical - Healthcare PlansMolina Healthcare, Inc.3/5 short1/3 long+11.1%−4.3%+46.4%+23.1%+11.3%−37.0%−24.3%+277%40.6%0.07−70.8%—$11B—
UNH Medical - Healthcare PlansUnitedHealth Group Incorporated3/5 short1/3 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.3/5 short1/3 long+8.2%−11.4%+25.6%+21.0%+18.5%+52.5%+29.2%+47.0%30.4%0.32−56.8%—$121B—
CLOV Medical - Healthcare PlansClover Health Investments, Corp.3/5 short1/3 long+5.7%+6.7%+115%+99.2%+64.4%+385%−38.8%—75.7%0.24−97.2%—$2.5B—
ALHC Medical - Healthcare PlansAlignment Healthcare, Inc.0/5 short1/3 long+2.2%−59.7%−60.5%−57.9%−51.1%+19.9%−55.8%—65.8%0.08−83.6%—$1.8B—
HUM Medical - Healthcare PlansHumana Inc.4/5 short0/3 long+12.9%+7.3%+104%+62.8%+52.1%−15.1%−1.3%+166%38.5%0.19−69.9%—$51B—
CNC Medical - Healthcare PlansCentene Corp.3/5 short0/3 long+9.0%+7.6%+84.9%+69.6%+98.9%−1.5%+4.0%+129%40.0%0.24−74.1%—$35B—
Open these 15 in EasyCompare

How did CI do year by year?

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

InvestmentYears ahead of CI20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
CI This pageCigna Corporation—+1.7%−6.3%−8.0%+46.7%+12.3%+1.8%+7.7%−6.5%+52.3%−8.8%+42.2%+17.7%+63.8%+27.4%+14.6%+4.1%+110%−68.6%+22.6%+17.9%+37.1%+42.8%+43.6%−54.8%−29.0%+66.6%+5.7%+36.9%+28.5%
Rank among alternativesTop quarter in 8 of 2910 of 1510 of 1511 of 153 of 1510 of 1310 of 1212 of 128 of 123 of 126 of 121 of 1211 of 124 of 112 of 117 of 109 of 101 of 1010 of 104 of 102 of 106 of 105 of 103 of 99 of 96 of 75 of 72 of 74 of 74 of 7
SPY S&P 500State Street SPDR S&P 500 ETF14 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 Corporation17 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%
CAH Cardinal Health, Inc.14 of 29+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%
VEEV Veeva Systems Inc.7 of 12+6.2%+9.2%+19.3%−36.8%−6.2%+93.5%+57.5%+61.6%+35.8%+41.1%+9.2%−17.7%—————————————————
OSCR Oscar Health, Inc.3 of 4+6.9%+46.9%+272%−68.7%—————————————————————————
HCA HCA Healthcare, Inc.10 of 14+56.7%+11.8%+13.8%−5.6%+57.6%+11.6%+20.2%+43.4%+18.7%+9.4%−7.8%+53.8%+58.1%+70.9%———————————————
COR Cencora, Inc.13 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%
ELV Elevance Health Inc.13 of 24−3.1%−20.7%−6.9%+11.8%+46.1%+7.8%+16.3%+18.1%+58.7%+5.1%+12.9%+38.2%+54.6%−6.3%+18.2%−2.4%+38.4%−52.0%+11.5%−1.4%+38.8%+53.3%+19.3%+27.1%—————
MOH Molina Healthcare, Inc.11 of 22−40.4%−19.4%+9.4%+3.8%+49.6%+56.7%+16.8%+51.6%+41.3%−9.8%+12.3%+54.0%+28.4%+21.2%+20.3%+21.8%+29.9%−54.5%+19.1%+22.0%−42.6%+83.8%———————
UNH UnitedHealth Group Incorporated17 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.12 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%
CLOV Clover Health Investments, Corp.2 of 5−25.4%+231%+2.4%−75.0%−77.8%————————————————————————
ALHC Alignment Healthcare, Inc.2 of 4+75.6%+30.7%−26.8%−16.4%—————————————————————————
HUM Humana Inc.16 of 29+2.4%−44.0%−9.9%+11.2%+13.8%+12.7%+28.9%+16.3%+22.6%+14.9%+25.1%+40.4%+52.3%−20.6%+61.5%+24.7%+17.7%−50.5%+36.2%+1.8%+83.0%+29.9%+128%−15.2%−22.7%+86.3%−54.0%−14.2%+9.2%
CNC Centene Corp.10 of 24−32.1%−18.4%−9.5%−0.5%+37.3%−4.5%+9.0%+14.3%+78.5%−14.1%+26.7%+76.1%+43.8%+3.5%+56.1%+19.9%+7.3%−28.1%+11.7%−6.5%−7.3%+103%+25.0%+53.0%—————
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Risk and diversification

How CI 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 CI's worst declines?

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

DuringCI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−84.3%−42.4%Jan 2008Nov 200810 monthsJan 20134.2 years
Dot-com bust−72.6%−31.5%Dec 2000Oct 200222 monthsMar 20063.4 years
No named crash−46.6%—Nov 1989Oct 199011 monthsNov 199113 months
Late-2018 sell-off−42.5%−18.8%Jan 2018Mar 20202.2 yearsJan 202110 months
No named crash−38.5%—Aug 1987Dec 19874 monthsAug 198920 months

How did CI do in stock market crashes?

This section measures how far CI, 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 CI.

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
CI This pageCigna Corporation—−2.6%−10.7%−41.3%−20.8%−7.4%−16.2%−24.0%−4.7%−84.3%−56.3%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MCK McKesson Corporation7 of 10−0.9%−10.5%−32.1%−20.7%−6.5%−30.8%−14.2%−3.5%−57.7%−39.4%
CAH Cardinal Health, Inc.6 of 10−3.5%−21.0%−32.1%−25.5%−4.6%−15.9%−17.5%−1.8%−57.9%−36.1%
VEEV Veeva Systems Inc.1 of 6−4.6%−40.0%−26.7%−26.5%−9.5%−28.9%————
OSCR Oscar Health, Inc.0 of 2−18.1%−62.4%————————
HCA HCA Healthcare, Inc.1 of 7−2.2%−39.5%−54.4%−20.6%−3.8%−31.3%−49.0%———
COR Cencora, Inc.5 of 10−2.3%−17.8%−23.8%−24.2%−7.1%−21.4%−14.5%−2.8%−41.9%−29.7%
ELV Elevance Health Inc.5 of 9−2.3%−15.9%−42.3%−15.7%−3.6%−22.9%−23.4%−0.7%−67.2%—
MOH Molina Healthcare, Inc.3 of 9−3.0%−27.6%−29.9%−29.3%−14.0%−37.3%−40.7%−3.6%−59.0%—
UNH UnitedHealth Group Incorporated9 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.4 of 10−4.4%−19.9%−27.3%−22.1%−9.2%−16.9%−14.2%−1.1%−45.3%−62.4%
CLOV Clover Health Investments, Corp.0 of 2−6.6%−59.8%————————
ALHC Alignment Healthcare, Inc.0 of 2−11.6%−51.7%————————
HUM Humana Inc.6 of 10−2.0%−20.9%−43.4%−22.8%−5.1%−17.3%−17.5%−2.7%−78.4%−45.3%
CNC Centene Corp.4 of 9−4.1%−24.1%−32.4%−25.7%−4.2%−27.4%−27.5%−3.3%−53.1%—
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How closely does CI 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 CI 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 CI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CI This pageCigna Corporation66%74%0.900.58
MCK McKesson Corporation72%27%2.710.56
CAH Cardinal Health, Inc.71%51%1.400.75
COR Cencora, Inc.80%58%1.390.56
VEEV Veeva Systems Inc.113%89%1.260.87
MOH Molina Healthcare, Inc.72%63%1.140.74
UNH UnitedHealth Group Incorporated81%82%0.980.70
HCA HCA Healthcare, Inc.135%140%0.971.37
ELV Elevance Health Inc.94%98%0.960.86
HUM Humana Inc.70%80%0.870.82
CNC Centene Corp.69%94%0.730.80
CVS CVS Health Corp.59%99%0.600.70
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What diversifies CI?

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

ETFs

InvestmentCorrelation5Y returnSharpe202420232018201620082002200180/20 mix volatility80/20 mix annual return
CI Cigna Corporation (this page)1.00+56.7%0.46−6.3%−8.0%−6.5%−8.8%−68.6%−54.8%−29.0%28.5%+8.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.29+119%1.48+15.9%+17.4%−5.2%————23.5%+10.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.12+225%1.34+29.8%+42.0%−19.8%+1.1%−20.8%——23.3%+12.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.39+101%1.04+33.4%+8.0%−8.7%+29.8%———24.1%+10.3%
HDV Dividend & IncomeiShares Core High Dividend ETF0.49+83.3%1.00+14.1%+1.8%−3.0%+15.9%———24.3%+9.6%
SMH TechnologyVanEck Semiconductor ETF-0.09+323%0.97+39.1%+73.4%−9.1%+35.6%−44.7%−47.0%−14.6%23.3%+15.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.20+85.0%0.96+13.4%+20.1%−9.5%+6.3%———23.4%+10.1%
GLD CommoditiesSPDR Gold Shares0.10+126%0.96+26.7%+12.7%−1.9%+8.0%+4.9%——23.4%+11.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.18+136%0.93+45.8%+17.6%−0.9%+7.4%———23.9%+11.8%

Stocks

InvestmentCorrelation5Y returnSharpe202420232018201620082002200180/20 mix volatility80/20 mix annual return
CI Cigna Corporation (this page)1.00+56.7%0.46−6.3%−8.0%−6.5%−8.8%−68.6%−54.8%−29.0%28.5%+8.3%
CAH Medical - DistributionCardinal Health, Inc.0.18+479%1.55+19.0%+34.1%−24.5%−17.5%−39.6%−8.3%−2.5%24.3%+14.8%
CLS Hardware, Equipment & PartsCelestica Inc.-0.07+3,143%1.47+215%+160%−16.3%+7.4%−20.5%−65.1%−25.6%25.0%+28.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.13+1,636%1.46+107%+79.6%+0.8%+18.3%−15.2%−9.4%+73.7%25.6%+23.5%
MCK Medical - DistributionMcKesson Corporation0.40+413%1.44+23.7%+24.1%−28.4%−28.3%−40.4%−27.2%+4.9%25.3%+13.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.24+690%1.41−4.0%+30.4%−8.2%+0.7%———25.2%+16.7%
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Common questions

What was CI's worst drawdown?

CI's deepest decline since it began trading in 1986 was 84.3%, from January to November 2008. It took about four years from the low to climb back to its old high.

What were CI's best and worst years?

Over 29 full calendar years, CI's best year was 2009, when it returned 110%. Its worst was 2008, with a return of -68.6%.

Is there a better investment than CI?

Among CI's popular alternatives, COR, CAH and MCK earned more than CI with less volatility over the past 5 years. COR returned 24.2% a year at 22.8% volatility, against 9.4% a year at 28.3%. Looking beyond its popular alternatives, EHC (health care facilities) and ENSG (health care facilities) earned more than CI with less volatility over the past 5 years. EHC returned 18.4% a year at 26.8% volatility, against 9.4% a year at 28.3%.

Is CI more volatile than the S&P 500?

Yes. CI's volatility over the past 5 years was 28.3%, 1.7 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CI's return lands within 28.3% 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 CI's Sharpe ratio?

CI's Sharpe ratio over the past 5 years was 0.46, against 0.79 for the S&P 500, so CI 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 CI with the S&P 500?

Over the past 5 years, CI's monthly returns had a correlation of 0.16 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 CI instead: the lower it is, the more that option would diversify a CI holding.

What are the best alternatives to CI?

Of the 14 popular alternatives we compared, four outperformed CI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MCK, CAH and VEEV.

Did CI outperform the S&P 500?

CI finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +1.7%, against +17.7% for the index.

How did CI do in stock market crashes?

CI 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 2008 financial crisis, when CI fell 84.3% and the S&P 500 fell 55.2%.

What diversifies CI?

These had a low correlation with CI over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.29), DXJ (correlation 0.12) and EMLP (correlation 0.39); among large stocks, CAH (correlation 0.18), CLS (correlation -0.07) and FIX (correlation 0.13). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CI

Other stocks and ETFs