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

> Source: EasyCompare research, https://easycompare.io/research/ci
> 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 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.

## Key findings

- **Right now:** Not every peer went the same way. Over the past 3 months, ELV (Elevance Health) rose 15.7% and CVS (CVS Health) fell 11.4%. Over the past 3 months, CI rose 8.6% against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100.
- **Stock or market?:** Not a move of its own: the managed health care ETF IHF (iShares U.S. Healthcare Providers ETF) rose 7.1% over the past 3 months, with ELV (Elevance Health, up 15.7%) and HUM (Humana, up 7.3%), against 3.9% for the S&P 500. Last month cut against the tape: CI rose 11.7% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** CI has trailed the market, rising 2.2% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (5.9% against 89.3%). CI finished behind the S&P 500 in both 2024 and 2025.
- **Long term:** CI turned $10,000 into $27,600 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** CI fell harder than the S&P 500 in six of seven sell-offs. The 2022 bear market was the exception: CI fell 10.7%, less than the S&P 500's 24.5%.
- **Diversification:** CI is a real diversifier: a correlation of 0.16 with the S&P 500 over 5 years and 0.17 with the total US market, less closely than 90% of stocks worth at least $300 million. CI moves far less with the S&P 500 than it used to, with a correlation of 0.16 over the past 5 years against 0.50 in the 5 years before.
- **Better options**
  - **Popular alternatives:** COR (Cencora), CAH (Cardinal Health) and MCK (McKesson) 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%.
  - **Nearby categories and themes:** EHC (Encompass Health, health care facilities) and ENSG (Ensign Group, 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%.
  - **Whole market:** 450 of the 3,633 stocks and funds worth at least $500 million earned more than CI 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 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.

- $10,000 invested in CI at the end of September 1997 would have grown to $165,842 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the seven other investments on the chart ended ahead of CI, and UNH finished highest, at $772,802.

## 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.

- 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.
- Over 29 full calendar years, CI's best was 2009, when it returned 110%, and its worst was 2008, when it lost 68.6%. It lost money in seven of those years.
- CI is 12.9% below its all-time high.

- Type: Stock, Healthcare (Medical - Healthcare Plans)
- Trading since: October 17, 1986
- Market value: $81B
- Volatility (5 years): 28.3%; Sharpe ratio: 0.46
- Worst decline ever: −84.3%, from January 9, 2008 to November 21, 2008; back at its high by January 17, 2013

| Period | CI total return |
| --- | --- |
| 1 month | +11.7% |
| 3 months | +8.6% |
| 6 months | +10.8% |
| year to date | +11.7% |
| 1 year | +2.2% |
| 3 years | +5.9% |
| 5 years | +56.7% |
| 10 years | +176% |

## 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.

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

| Measure | CI | Rank |
| --- | --- | --- |
| 1-year return | +2.2% | 1,899 of 3,287 (top 58%) |
| 3-year return | +5.9% | 2,233 of 3,017 (top 75%) |
| 5-year return | +56.7% | 1,030 of 2,893 (top 36%) |
| 10-year return | +176% | 967 of 2,202 (top 44%) |
| Volatility, 5 years | 28.3% | 581 of 2,893 (top 21%) |
| Sharpe ratio, 5 years | 0.46 | 1,044 of 2,893 (top 37%) |
| Worst decline, past 10 years | −42.5% | 211 of 2,187 (top 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).

- 141 stocks and 309 ETFs worth at least $500 million sit in the green region: each earned more than CI over the past 5 years with smaller price swings. That is 12% of the 3,633 screened.
- Among those with at least half CI's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 13% less than CI's 28.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.46 for CI.
- Among CI's popular alternatives, CAH, MCK and COR are in the region. CAH earned 42.1% a year against 9.4% a year for CI, at 24.7% volatility, 13% less than CI's 28.3%.

### Is there a better investment than CI?

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.

- 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%.
- Across the whole market, 450 of the 3,633 stocks and funds worth at least $500 million earned more than CI with less volatility over the past 5 years, among them VTI, VOO and BRK-B.

The 15 strongest of 450 investments that beat CI 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 CI | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CI: Cigna Corporation (this page) |  | +9.4% | 28.3% | 0.46 | −42.5% | +176% |  |  |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [V](https://easycompare.io/research/v): Visa Inc. | Payment Processing | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VGT](https://easycompare.io/research/vgt): Vanguard Information Technology ETF | Technology Equity | +18.4% | 26.0% | 0.78 | −35.1% | +779% | -0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MNST](https://easycompare.io/research/mnst): Monster Beverage Corporation | Food & Beverages | +17.2% | 24.9% | 0.77 | −30.4% | +285% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CME](https://easycompare.io/research/cme): CME Group Inc. | Capital Markets | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MSI](https://easycompare.io/research/msi): Motorola Solutions, Inc. | Communications Equipment | +14.8% | 23.6% | 0.71 | −32.8% | +625% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [FAST](https://easycompare.io/research/fast): Fastenal Company | Industrial Distribution | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SPMO: Invesco S&P 500 Momentum ETF | US Momentum Equity | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| HDV: iShares Core High Dividend ETF | US Dividend Equity | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DGX: Quest Diagnostics Incorporated | Medical Diagnostics | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- CAH, MCK and COR were both more rewarding and calmer than CI over the past 5 years, earning a higher annual return with lower volatility.
- Nine of the 14 popular alternatives earned less than CI over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, CI returned 9.4% a year, less than the S&P 500's 12.7%, with higher volatility (28.3% against 17.1%).

### 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.

- Four of the 14 popular alternatives, led by MCK, CAH and VEEV, outperformed CI in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- MCK and CAH outperformed CI in every long-term period and in all but one short-term period, the most consistent record in the group.
- MCK and COR earned more for the risk they took than CI (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 CI | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CI: Cigna Corporation (this page) | +2.2% | +5.9% | +56.7% | +176% |  |  | 0.46 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | +31.3% | +131% | +413% | +586% | 5/5 short-term, 3/3 long-term | all-weather | 1.44 |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | +65.3% | +191% | +479% | +349% | 5/5 short-term, 3/3 long-term | all-weather | 1.55 |
| [VEEV](https://easycompare.io/research/veev): Veeva Systems Inc. | +11.5% | +59.0% | −0.4% | +715% | 5/5 short-term, 2/3 long-term | consistent | 0.19 |
| OSCR: Oscar Health, Inc. | +66.8% | +560% | +107% | — | 4/5 short-term, 2/3 long-term | consistent | 0.57 |
| [HCA](https://easycompare.io/research/hca): HCA Healthcare, Inc. | +8.3% | +97.6% | +93.6% | +513% | 2/5 short-term, 3/3 long-term |  | 0.59 |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | +5.7% | +86.5% | +195% | +406% | 2/5 short-term, 3/3 long-term |  | 1.07 |
| [ELV](https://easycompare.io/research/elv): Elevance Health Inc. | +26.8% | +2.0% | +11.7% | +307% | 4/5 short-term, 1/3 long-term |  | 0.23 |
| MOH: Molina Healthcare, Inc. | +11.3% | −37.0% | −24.3% | +277% | 3/5 short-term, 1/3 long-term |  | 0.07 |
| [UNH](https://easycompare.io/research/unh): UnitedHealth Group Incorporated | +18.1% | −15.3% | +5.5% | +241% | 3/5 short-term, 1/3 long-term |  | 0.20 |
| [CVS](https://easycompare.io/research/cvs): CVS Health Corp. | +18.5% | +52.5% | +29.2% | +47.0% | 3/5 short-term, 1/3 long-term |  | 0.32 |
| CLOV: Clover Health Investments, Corp. | +64.4% | +385% | −38.8% | — | 3/5 short-term, 1/3 long-term |  | 0.24 |
| ALHC: Alignment Healthcare, Inc. | −51.1% | +19.9% | −55.8% | — | 0/5 short-term, 1/3 long-term |  | 0.08 |
| [HUM](https://easycompare.io/research/hum): Humana Inc. | +52.1% | −15.1% | −1.3% | +166% | 4/5 short-term, 0/3 long-term |  | 0.19 |
| CNC: Centene Corp. | +98.9% | −1.5% | +4.0% | +129% | 3/5 short-term, 0/3 long-term |  | 0.24 |

### 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.

- CI finished ahead of the S&P 500 in 15 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, HCA came out ahead of CI most often, in ten of the 14 years both traded.
- Ranked against its popular alternatives each year, CI finished in the top quarter in eight of 29 years and in the bottom quarter in six. In 2025, it ranked 10 of 15.

| Year | CI | SPY |
| --- | --- | --- |
| 2025 | +1.7% | +17.7% |
| 2024 | −6.3% | +24.9% |
| 2023 | −8.0% | +26.2% |
| 2022 | +46.7% | −18.2% |
| 2021 | +12.3% | +28.7% |
| 2020 | +1.8% | +18.3% |
| 2019 | +7.7% | +31.2% |
| 2018 | −6.5% | −4.6% |
| 2017 | +52.3% | +21.7% |
| 2016 | −8.8% | +12.0% |

## 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.

- In all three of CI's worst declines, the S&P 500 held up better over the same dates.
- The slowest recovery came after CI fell 84.3% from January to November 2008; it did not regain that peak until January 2013, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −84.3% | January 9, 2008 | November 21, 2008 | January 17, 2013 | −42.4% | 2008 financial crisis |
| −72.6% | December 28, 2000 | October 30, 2002 | March 10, 2006 | −31.5% | dot-com bust |
| −46.6% | November 17, 1989 | October 10, 1990 | November 14, 1991 | — |  |
| −42.5% | January 26, 2018 | March 23, 2020 | January 20, 2021 | −18.8% | late-2018 sell-off |
| −38.5% | August 20, 1987 | December 11, 1987 | August 4, 1989 | — |  |

### 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.

- CI fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when CI fell 84.3% and the S&P 500 fell 55.2%.
- Among its popular alternatives, UNH held up best, falling less than CI in nine of the ten crashes they both traded through.

| Crash | Dates | CI fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −56.3% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −84.3% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −4.7% | −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 | −16.2% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −20.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −41.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −10.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.6% | −3.4% |

### 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.

- Over the past 10 years, CI captured 66% of the S&P 500's gains in rising months and 74% of its losses in falling months, with a beta of 0.58. Its share of the market's losses was slightly larger than its share of the gains.
- Eight of the 11 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CI's 0.90, led by MCK, CAH and COR.
- MCK took just 27% of the S&P 500's losses, against 74% for CI, while still keeping 72% of its gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| CI: Cigna Corporation (this page) | 66.0% | 74.0% | 0.58 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | 72.0% | 27.0% | 0.56 |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | 71.0% | 51.0% | 0.75 |
| [VEEV](https://easycompare.io/research/veev): Veeva Systems Inc. | 113% | 89.0% | 0.87 |
| [HCA](https://easycompare.io/research/hca): HCA Healthcare, Inc. | 135% | 140% | 1.37 |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | 80.0% | 58.0% | 0.56 |
| [ELV](https://easycompare.io/research/elv): Elevance Health Inc. | 94.0% | 98.0% | 0.86 |
| MOH: Molina Healthcare, Inc. | 72.0% | 63.0% | 0.74 |
| [UNH](https://easycompare.io/research/unh): UnitedHealth Group Incorporated | 81.0% | 82.0% | 0.70 |
| [CVS](https://easycompare.io/research/cvs): CVS Health Corp. | 59.0% | 99.0% | 0.70 |
| [HUM](https://easycompare.io/research/hum): Humana Inc. | 70.0% | 80.0% | 0.82 |
| CNC: Centene Corp. | 69.0% | 94.0% | 0.80 |

### 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).

- Moving a fifth of the money in CI into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+8.3% for CI alone, +12.7% for the mix).
- FIX made money in five of the seven calendar years in which CI lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of CI over the past 5 years, with correlations of 0.39 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with CI | 5Y return | Volatility | Sharpe | Rose in CI's 7 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.29 | +119% | 11.1% | 1.48 | 2 of 7 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.12 | +225% | 19.1% | 1.34 | 3 of 7 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.39 | +101% | 14.5% | 1.04 | 3 of 7 |
| HDV: iShares Core High Dividend ETF | 0.49 | +83.3% | 13.0% | 1.00 | 3 of 7 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.09 | +323% | 36.9% | 0.97 | 3 of 7 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.20 | +85.0% | 13.8% | 0.96 | 3 of 7 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.10 | +126% | 18.9% | 0.96 | 4 of 7 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.18 | +136% | 20.8% | 0.93 | 3 of 7 |

## 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.

## More research

- [McKesson (MCK) Performance, Alternatives and Market Rank](https://easycompare.io/research/mck)
- [Cardinal Health (CAH) Performance, Alternatives and Market Rank](https://easycompare.io/research/cah)
- [Veeva Systems (VEEV) Performance, Alternatives and Market Rank](https://easycompare.io/research/veev)
- [HCA Healthcare (HCA) Performance, Alternatives and Market Rank](https://easycompare.io/research/hca)
- [Cencora (COR) Performance, Alternatives and Market Rank](https://easycompare.io/research/cor)
- [Elevance Health (ELV) Performance, Alternatives and Market Rank](https://easycompare.io/research/elv)
- [UnitedHealth Group (UNH) Performance, Alternatives and Market Rank](https://easycompare.io/research/unh)
- [CVS Health (CVS) Performance, Alternatives and Market Rank](https://easycompare.io/research/cvs)
- [Humana (HUM) Performance, Alternatives and Market Rank](https://easycompare.io/research/hum)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)

## Explore further

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