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Relative Intelligence · Managed Health Care

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CVS alone. It places CVS (CVS Health Corp.) against 19 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 CVS stands in the market, and of the alternatives worth a closer look.

Period covered: CVS'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 CVS →Chart CVS vs. 19 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CVS over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CVS over the same span and CVS'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. 544 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of CVS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$100$1,000$10,000$100,000$1M$10M199720022007201220172022$100$1,000$10,000$100,000$1M$10M19972004201120182025
  • AMZN$11M+114,749% total · +27.5% a year
  • COR$574,137+5,641% total · +15.0% a year
  • WMT$272,033+2,620% total · +12.1% a year
  • MCK$208,304+1,983% total · +11.0% 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
  • THC$32,921+229% total · +4.2% a year
  • EHC$14,086+40.9% total · +1.2% 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. 2,153 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CVS; 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
  • THC$38,466+285% total · +30.9% a year
  • COR$26,420+164% total · +21.4% a year
  • WMT$23,813+138% total · +18.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • OSCR$17,735+77.4% total · +12.1% a year
  • AMZN$15,169+51.7% total · +8.7% a year
  • CI$14,904+49.0% total · +8.3% a year
  • CVS$11,915+19.1% total · +3.6% a year
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CVS 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
$121B
Industry
Medical - Healthcare Plans
Price history from
October 1986

Returns

Past 1 year
+18.5%total return
Past 3 years
+52.5%+15.1% a year
Past 5 years
+29.2%+5.3% a year
Past 10 years
+47.0%+3.9% a year
Best calendar year
+84.3%2025
Worst calendar year
−50.4%2001
Losing years
11 of 29full calendar years

Risk

Volatility
30.4%typical yearly swing, 5 years
Sharpe ratio
0.32return per unit of risk, 5 years
Worst decline ever
−64.0%Mar 2001 to Jan 2003
From its all-time high
−13.8%below the peak

CVS against the whole market

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

How does CVS rank among all stocks?

This section ranks CVS 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 CVS 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.

MeasureCVSRankStanding
1-year return+18.5%1,291 of 3,287top 39%
3-year return+52.5%1,502 of 3,017top 50%
5-year return+29.2%1,347 of 2,893top 47%
10-year return+47.0%1,589 of 2,202bottom 29%
Volatility, 5 years30.4%771 of 2,893top 27%
Sharpe ratio, 5 years0.321,473 of 2,893bottom 50%
Worst decline, past 10 years−56.8%753 of 2,187top 34%

What has beaten CVS 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). CVS sits where the dashed lines cross. Anything in the green box above and to the left earned more than CVS 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 CVS; faint dots are 93 more of the 891 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.

0.0%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 CVSABBV: +26.1% a year, volatility 23.4%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MRK: +16.3% a year, volatility 24.8%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%VGT: +18.4% a year, volatility 26.0%CB: +15.7% a year, volatility 20.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%SCHD: +9.7% a year, volatility 14.3%BMO: +13.6% a year, volatility 21.4%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%ADP: +9.0% a year, volatility 22.9%EMR: +12.7% a year, volatility 27.7%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%CSX: +8.3% a year, volatility 23.3%AME: +14.4% a year, volatility 22.1%TRP: +10.8% a year, volatility 21.9%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%SLF: +11.7% a year, volatility 19.4%EFV: +13.6% a year, volatility 15.9%FMX: +14.0% a year, volatility 25.7%XLV: +8.4% a year, volatility 15.3%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%RS: +24.8% a year, volatility 28.1%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%RPRX: +13.3% a year, volatility 23.8%AVDV: +13.9% a year, volatility 17.4%AVUV: +10.5% a year, volatility 22.1%RDVY: +11.3% a year, volatility 18.8%DGX: +12.3% a year, volatility 22.5%EMXC: +11.1% a year, volatility 19.5%AVEM: +9.3% a year, volatility 19.5%PKG: +15.4% a year, volatility 25.8%EXPD: +12.0% a year, volatility 27.1%COWZ: +11.4% a year, volatility 17.7%RNR: +20.1% a year, volatility 27.8%AVUS: +12.2% a year, volatility 17.2%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%IOO: +15.7% a year, volatility 17.2%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%AIZ: +13.3% a year, volatility 25.3%BBCA: +11.4% a year, volatility 16.7%SEIC: +12.7% a year, volatility 22.3%MSGS: +18.4% a year, volatility 25.6%VPL: +9.5% a year, volatility 18.6%WTS: +15.3% a year, volatility 28.4%NEU: +21.0% a year, volatility 26.8%AIQ: +14.8% a year, volatility 26.7%FNDE: +9.8% a year, volatility 17.0%ACT: +20.5% a year, volatility 24.3%THG: +14.4% a year, volatility 22.9%NHC: +32.0% a year, volatility 28.5%PDBC: +11.7% a year, volatility 19.3%QYLD: +8.4% a year, volatility 15.0%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%RSPT: +16.9% a year, volatility 25.1%MSM: +13.3% a year, volatility 25.1%GCOW: +14.1% a year, volatility 13.6%GUNR: +10.1% a year, volatility 18.8%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%FTGC: +12.9% a year, volatility 15.6%OMFL: +9.0% a year, volatility 16.4%FRDM: +17.3% a year, volatility 22.8%WTV: +13.4% a year, volatility 17.0%BKH: +7.8% a year, volatility 22.6%NWE: +10.3% a year, volatility 21.6%FLJP: +9.5% a year, volatility 18.1%DIVB: +13.9% a year, volatility 15.4%FV: +9.7% a year, volatility 21.1%SCHY: +9.5% a year, volatility 13.3%CVS: +5.3% a year, volatility 30.4%SPY (S&P 500): +12.7% a year, volatility 17.1%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%WMT: +20.8% a year, volatility 22.6%COR: +24.2% a year, volatility 22.8%CI: +9.4% a year, volatility 28.3%HCA: +14.1% a year, volatility 30.1%ENSG: +19.8% a year, volatility 26.8%VEEV: −0.1% a year, volatility 39.6%PTC: +8.3% a year, volatility 35.0%GWRE: +8.6% a year, volatility 43.2%APPF: +11.3% a year, volatility 44.2%JNJ: +12.7% a year, volatility 17.9%RY: +17.3% a year, volatility 18.2%CL: +7.2% a year, volatility 19.2%AAPL: +18.5% a year, volatility 28.0%MSFT: +12.5% a year, volatility 28.2%GOOG: +19.0% a year, volatility 32.0%HYGH: +6.6% a year, volatility 7.1%FLRT: +6.0% a year, volatility 2.3%CVSSPY (S&P 500)CAHMCKWMTCORCIHCAENSGVEEVPTCGWREAPPFJNJRYCLMSFTGOOGHYGHFLRT0.0%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 CVSABBV: +26.1% a year, volatility 23.4%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MRK: +16.3% a year, volatility 24.8%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%VGT: +18.4% a year, volatility 26.0%CB: +15.7% a year, volatility 20.4%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%SCHD: +9.7% a year, volatility 14.3%BMO: +13.6% a year, volatility 21.4%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%ADP: +9.0% a year, volatility 22.9%EMR: +12.7% a year, volatility 27.7%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%CSX: +8.3% a year, volatility 23.3%AME: +14.4% a year, volatility 22.1%TRP: +10.8% a year, volatility 21.9%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%SLF: +11.7% a year, volatility 19.4%EFV: +13.6% a year, volatility 15.9%FMX: +14.0% a year, volatility 25.7%XLV: +8.4% a year, volatility 15.3%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%RS: +24.8% a year, volatility 28.1%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%RPRX: +13.3% a year, volatility 23.8%AVDV: +13.9% a year, volatility 17.4%AVUV: +10.5% a year, volatility 22.1%RDVY: +11.3% a year, volatility 18.8%DGX: +12.3% a year, volatility 22.5%EMXC: +11.1% a year, volatility 19.5%AVEM: +9.3% a year, volatility 19.5%PKG: +15.4% a year, volatility 25.8%EXPD: +12.0% a year, volatility 27.1%COWZ: +11.4% a year, volatility 17.7%RNR: +20.1% a year, volatility 27.8%AVUS: +12.2% a year, volatility 17.2%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%IOO: +15.7% a year, volatility 17.2%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%AIZ: +13.3% a year, volatility 25.3%BBCA: +11.4% a year, volatility 16.7%SEIC: +12.7% a year, volatility 22.3%MSGS: +18.4% a year, volatility 25.6%VPL: +9.5% a year, volatility 18.6%WTS: +15.3% a year, volatility 28.4%NEU: +21.0% a year, volatility 26.8%AIQ: +14.8% a year, volatility 26.7%FNDE: +9.8% a year, volatility 17.0%ACT: +20.5% a year, volatility 24.3%THG: +14.4% a year, volatility 22.9%NHC: +32.0% a year, volatility 28.5%PDBC: +11.7% a year, volatility 19.3%QYLD: +8.4% a year, volatility 15.0%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%RSPT: +16.9% a year, volatility 25.1%MSM: +13.3% a year, volatility 25.1%GCOW: +14.1% a year, volatility 13.6%GUNR: +10.1% a year, volatility 18.8%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%FTGC: +12.9% a year, volatility 15.6%OMFL: +9.0% a year, volatility 16.4%FRDM: +17.3% a year, volatility 22.8%WTV: +13.4% a year, volatility 17.0%BKH: +7.8% a year, volatility 22.6%NWE: +10.3% a year, volatility 21.6%FLJP: +9.5% a year, volatility 18.1%DIVB: +13.9% a year, volatility 15.4%FV: +9.7% a year, volatility 21.1%SCHY: +9.5% a year, volatility 13.3%CVS: +5.3% a year, volatility 30.4%SPY (S&P 500): +12.7% a year, volatility 17.1%CAH: +42.1% a year, volatility 24.7%MCK: +38.7% a year, volatility 25.0%WMT: +20.8% a year, volatility 22.6%COR: +24.2% a year, volatility 22.8%CI: +9.4% a year, volatility 28.3%HCA: +14.1% a year, volatility 30.1%ENSG: +19.8% a year, volatility 26.8%VEEV: −0.1% a year, volatility 39.6%PTC: +8.3% a year, volatility 35.0%GWRE: +8.6% a year, volatility 43.2%APPF: +11.3% a year, volatility 44.2%JNJ: +12.7% a year, volatility 17.9%RY: +17.3% a year, volatility 18.2%CL: +7.2% a year, volatility 19.2%AAPL: +18.5% a year, volatility 28.0%MSFT: +12.5% a year, volatility 28.2%GOOG: +19.0% a year, volatility 32.0%HYGH: +6.6% a year, volatility 7.1%FLRT: +6.0% a year, volatility 2.3%CVSSPY (S&P 500)CAHMCKWMTCORCIENSGVEEVPTCGWREAPPFJNJRYCLGOOGHYGHFLRT
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CVS?

Investments that beat CVS 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 CVS 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 CVS'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 CVS 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 CVS'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× CVS's volatility counts as better.

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

Screen the whole market against CVS 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 CVS?lower diversifies moreExpenseper year
CVSCVS Health Corp. · this page
+5.3%30.4%0.32−56.8%+47.0%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.290.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CVS. 10 of 19 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.26—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.20—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.12—
CORCencora, Inc. · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst decline+24.2%22.8%1.07−32.4%+406%0.37—
CICigna Corporation · Managed Health Care
Higher return, lower volatilityHigher Sharpe, smaller worst decline+9.4%28.3%0.46−42.5%+176%0.58—
HCAHCA Healthcare, Inc. · Health Care Facilities
Higher return, similar volatility+14.1%30.1%0.59−54.7%+513%0.21—
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 CVS's specific themes. 5 of 38 passed at least one test.
ENSGThe Ensign Group, Inc. · Health Care Facilities
Higher return, lower volatility+19.8%26.8%0.81−55.5%+896%0.17—
VEEVVeeva Systems Inc. · Application Software
Higher return in most periods−0.1%39.6%0.19−55.7%+715%0.08—
PTCPTC Inc. · Application Software
Higher return in most periods+8.3%35.0%0.40−54.4%+317%0.03—
GWREGuidewire Software, Inc. · Application Software
Higher return in most periods+8.6%43.2%0.41−60.8%+216%0.16—
APPFAppFolio Inc. · Application Software
Higher return in most periods+11.3%44.2%0.46−55.4%+1,072%-0.04—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,504 of 3,576 passed at least one test.
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.7%17.9%0.76−27.4%+196%0.33—
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.46—
CLColgate-Palmolive Company · Household & Personal Products
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+7.2%19.2%0.46−29.0%+68.8%0.26—
AAPLApple Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.5%28.0%0.75−38.5%+1,168%0.06—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.5%28.2%0.56−37.1%+946%-0.04—
GOOGAlphabet Inc. · Internet Services
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.0%32.0%0.71−44.6%+752%0.07—
HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+6.6%7.1%0.94−23.9%+74.5%0.181.12%
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+6.0%2.3%2.55−21.0%+58.0%0.110.60%
What these numbers mean for CVS
Annual return
CVS returned 5.3% 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 $12,900. 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
CVS's volatility over the past 5 years was 30.4%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CVS's return lands within 30.4% 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
CVS's Sharpe ratio over the past 5 years was 0.32, against 0.79 for the S&P 500, so CVS 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
CVS's worst fall from a peak to a low over the past 10 years was 56.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 56.8% fall takes a 131% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CVS'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 CVS instead: the lower it is, the more that option would diversify a CVS holding. Guide: Correlation and diversification →
Show all 891 stocks and funds worth at least $500 million that earned more than CVS 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 CVSExpense
1
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.33—
2
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.46—
3
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.26—
4
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.06—
5
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%-0.04—
6
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.43—
7
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.27—
8
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.080.48%
9
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.350.40%
10
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.38—
11
CAHCardinal Health, Inc. · Health Care Distribution
Popular alternative+42.1%24.7%1.55−46.1%+349%0.26—
12
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.35—
13
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.32—
14
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.10—
15
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.510.03%
16
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.24—
17
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.18—
18
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.61—
19
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.130.09%
20
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.32—
21
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.38—
22
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.42—
23
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.43—
24
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.430.06%
25
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+295%0.51—
26
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.27—
27
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.44—
28
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.34—
29
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.39—
30
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.0%22.9%0.49−40.8%+320%0.19—
31
EMREmerson Electric Co. · Industrial Machinery
Whole market+12.7%27.7%0.57−50.8%+309%0.21—
32
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.24—
33
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.33—
34
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.28—
35
CSXCSX Corporation · Railroads
Whole market+8.3%23.3%0.46−40.5%+446%0.35—
36
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.29—
37
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+10.8%21.9%0.58−41.6%+160%0.22—
38
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.09—
39
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.41—
40
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.070.80%
41
SLFSun Life Financial Inc. · Life Insurance
Whole market+11.7%19.4%0.67−50.8%+255%0.36—
42
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+13.6%15.9%0.88−43.2%+157%0.430.31%
43
FMXFomento Económico Mexicano, S.A.B. de C.V. · Convenience Stores
Whole market+14.0%25.7%0.64−45.5%+79.7%0.26—
44
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.480.08%
45
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.420.25%
46
VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity
Whole market+9.4%15.8%0.65−43.2%+182%0.460.05%
47
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.35—
48
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.410.15%
49
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.460.56%
50
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.390.08%
51
RPRXRoyalty Pharma plc · Pharmaceuticals
Whole market+13.3%23.8%0.65−49.7%—0.45—
52
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.340.36%
53
AVUVAvantis U.S. Small Cap Value ETF · US Small-Cap Equity
Whole market+10.5%22.1%0.56−49.4%—0.420.25%
54
RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity
Whole market+11.3%18.8%0.67−40.6%+322%0.490.47%
55
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.32—
56
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity
Whole market+11.1%19.5%0.64−42.8%—0.350.25%
57
AVEMAvantis Emerging Markets Equity ETF · Emerging Markets Equity
Whole market+9.3%19.5%0.56−36.0%—0.330.33%
58
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.29—
59
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+12.0%27.1%0.56−35.6%+349%0.32—
60
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.350.49%
61
MCKMcKesson Corporation · Health Care Distribution
Popular alternative+38.7%25.0%1.44−38.1%+586%0.20—
62
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.18—
63
AVUSAvantis U.S. Equity ETF · US Total Market
Whole market+12.2%17.2%0.76−37.0%—0.380.15%
64
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.490.39%
65
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%0.150.58%
66
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.210.40%
67
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.370.12%
68
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.500.15%
69
AIZAssurant, Inc. · Property & Casualty Insurance
Whole market+13.3%25.3%0.62−44.6%+312%0.33—
70
BBCAJPMorgan BetaBuilders Canada ETF · International Equity
Whole market+11.4%16.7%0.73−42.8%—0.420.19%
71
SEICSEI Investments Company · Asset Management
Whole market+12.7%22.3%0.65−51.8%+168%0.25—
72
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.18—
73
VPLVanguard FTSE Pacific ETF · International Equity
Whole market+9.5%18.6%0.58−33.9%+141%0.390.07%
74
WTSWatts Water Technologies, Inc. · Industrial Machinery
Whole market+15.3%28.4%0.65−44.1%+539%0.32—
75
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.24—
76
AIQGlobal X - Artificial Intelligence & Technology ETF · Artificial Intelligence
Whole market+14.8%26.7%0.65−44.6%—0.210.68%
77
FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity
Whole market+9.8%17.0%0.64−39.9%+151%0.340.39%
78
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.42—
79
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.39—
80
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.25—
81
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities
Whole market+11.7%19.3%0.67−40.7%+153%-0.020.74%
82
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+156%0.100.60%
83
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.240.19%
84
QTUMDefiance Quantum ETF · Technology
Whole market+22.8%28.1%0.87−38.5%—0.150.40%
85
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.9%25.1%0.75−33.7%+572%0.260.40%
86
MSMMSC Industrial Direct Co., Inc. · Industrial Distribution
Whole market+13.3%25.1%0.63−48.2%+184%0.52—
87
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.350.60%
88
GUNRNorthern Trust Morningstar Global Upstream Natural Resources ETF · Natural Resources Equity
Whole market+10.1%18.8%0.60−43.0%+173%0.330.47%
89
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.37—
90
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.510.20%
91
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%0.030.98%
92
OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity
Whole market+9.0%16.4%0.61−33.2%—0.350.29%
93
FRDMFreedom 100 Emerging Markets ETF · International
Whole market+17.3%22.8%0.82−40.5%—0.340.49%
94
WTVWisdomTree U.S. Value Fund · Broad Market
Whole market+13.4%17.0%0.83−42.2%+303%0.410.12%
95
BKHBlack Hills Corporation · Diversified Utilities
Whole market+7.8%22.6%0.45−40.5%+84.7%0.39—
96
NWENorthwestern Energy Group Inc · Electric Utilities
Whole market+10.3%21.6%0.57−39.3%+104%0.36—
97
FLJPFranklin FTSE Japan ETF · International
Whole market+9.5%18.1%0.59−32.5%—0.340.09%
98
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.490.05%
99
FVFirst Trust Dorsey Wright Focus 5 ETF · Broad Market
Whole market+9.7%21.1%0.55−34.0%+247%0.330.30%
100
SCHYSchwab International Dividend Equity ETF · International
Whole market+9.5%13.3%0.75−24.0%—0.430.08%

CVS against its popular alternatives

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

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

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

0.0%20.0%40.0%60.0%80.0%100%120%−40.0%−30.0%−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 volatilityCVS: 5.3% a year, volatility 30.4%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%HCA: 14.1% a year, volatility 30.1%WMT: 20.8% a year, volatility 22.6%COR: 24.2% a year, volatility 22.8%EHC: 18.4% a year, volatility 26.8%CI: 9.4% a year, volatility 28.3%HUM: −0.3% a year, volatility 38.5%CNC: 0.8% a year, volatility 40.0%MOH: −5.4% a year, volatility 40.6%UNH: 1.1% a year, volatility 32.1%CLOV: −9.3% a year, volatility 75.7%AGL: −31.3% a year, volatility 104%PRVA: −1.5% a year, volatility 46.8%ALHC: −15.1% a year, volatility 65.8%THC: 32.9% a year, volatility 45.1%OSCR: 15.7% a year, volatility 80.0%AMZN: 9.0% a year, volatility 36.6%ELV: 2.2% a year, volatility 29.4%CVSSPY (S&P 500)MCKCAHWMTCOREHCCIHUMCNCMOHUNHCLOVAGLPRVAALHCTHCOSCRAMZN0.0%20.0%40.0%60.0%80.0%100%120%−40.0%−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 volatilityCVS: 5.3% a year, volatility 30.4%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%HCA: 14.1% a year, volatility 30.1%WMT: 20.8% a year, volatility 22.6%COR: 24.2% a year, volatility 22.8%EHC: 18.4% a year, volatility 26.8%CI: 9.4% a year, volatility 28.3%HUM: −0.3% a year, volatility 38.5%CNC: 0.8% a year, volatility 40.0%MOH: −5.4% a year, volatility 40.6%UNH: 1.1% a year, volatility 32.1%CLOV: −9.3% a year, volatility 75.7%AGL: −31.3% a year, volatility 104%PRVA: −1.5% a year, volatility 46.8%ALHC: −15.1% a year, volatility 65.8%THC: 32.9% a year, volatility 45.1%OSCR: 15.7% a year, volatility 80.0%AMZN: 9.0% a year, volatility 36.6%ELV: 2.2% a year, volatility 29.4%CVSSPY (S&P 500)MCKCAHWMTCOREHCHUMCNCMOHCLOVAGLALHCTHCOSCRELV
All figures
InvestmentAnnual returnVolatility
CAH Cardinal Health, Inc.+42.1%24.7%
MCK McKesson Corporation+38.7%25.0%
THC Tenet Healthcare Corporation+32.9%45.1%
COR Cencora, Inc.+24.2%22.8%
WMT Walmart Inc.+20.8%22.6%
EHC Encompass Health Corporation+18.4%26.8%
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 Cigna Corporation+9.4%28.3%
AMZN Amazon.com, Inc.+9.0%36.6%
CVS This pageCVS 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%
HUM Humana Inc.−0.3%38.5%
PRVA Privia Health Group, Inc.−1.5%46.8%
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%
AGL Agilon Health, Inc.−31.3%104%
Open these 21 in EasyCompare

Has CVS consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than CVS 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
CVS CVS Health Corp. (this page)—+8.2%−11.4%+25.6%+21.0%+18.5%+52.5%+29.2%+47.0%30.4%0.32−56.8%—$121B—
THC QualifiedTenet Healthcare Corporation4/5 short3/3 longAll-weather+4.3%+40.1%+42.4%+36.5%+34.7%+399%+315%+1,058%45.1%0.86−71.7%—$22B—
MCK QualifiedMcKesson Corporation4/5 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.4/5 short3/3 longAll-weather+14.3%+14.3%+22.5%+26.1%+65.3%+191%+479%+349%24.7%1.55−46.1%—$60B—
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—
AMZN Specialty RetailAmazon.com, Inc.2/5 short3/3 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
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—
WMT Discount StoresWalmart Inc.2/5 short3/3 long+9.7%+5.3%−7.5%+5.2%+11.0%+130%+158%+508%22.6%0.96−25.7%—$938B—
COR Medical - DistributionCencora, Inc.1/5 short3/3 long+8.5%+13.1%+6.7%+1.9%+5.7%+86.5%+195%+406%22.8%1.07−32.4%—$66B—
EHC Medical - Care FacilitiesEncompass Health Corporation1/5 short3/3 long+0.3%+8.3%+14.9%+15.0%−2.1%+97.2%+133%+340%26.8%0.77−39.5%—$12B—
CI Medical - Healthcare PlansCigna Corporation2/5 short2/3 long+11.7%+8.6%+10.8%+11.7%+2.2%+5.9%+56.7%+176%28.3%0.46−42.5%—$81B—
HUM Medical - Healthcare PlansHumana Inc.5/5 short1/3 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.5/5 short1/3 long+9.0%+7.6%+84.9%+69.6%+98.9%−1.5%+4.0%+129%40.0%0.24−74.1%—$35B—
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.4/5 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 Incorporated4/5 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—
CLOV Medical - Healthcare PlansClover Health Investments, Corp.4/5 short1/3 long+5.7%+6.7%+115%+99.2%+64.4%+385%−38.8%—75.7%0.24−97.2%—$2.5B—
AGL Medical - Care FacilitiesAgilon Health, Inc.3/5 short0/3 long+4.2%−24.9%+224%+445%+271%−81.0%−84.7%—104%0.12−99.3%—$1.5B—
PRVA Medical - Healthcare Information ServicesPrivia Health Group, Inc.1/5 short0/3 long+17.3%−12.7%−4.8%−2.3%−13.1%+0.3%−7.4%—46.8%0.20−67.3%—$2.9B—
ALHC Medical - Healthcare PlansAlignment Healthcare, Inc.0/5 short0/3 long+2.2%−59.7%−60.5%−57.9%−51.1%+19.9%−55.8%—65.8%0.08−83.6%—$1.8B—
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How did CVS do year by year?

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

InvestmentYears ahead of CVS20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
CVS This pageCVS Health Corp.—+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%
Rank among alternativesTop quarter in 8 of 291 of 2018 of 2018 of 2013 of 203 of 1615 of 1510 of 1512 of 1514 of 1512 of 1510 of 156 of 1510 of 157 of 155 of 1411 of 1411 of 143 of 144 of 143 of 148 of 148 of 143 of 138 of 1311 of 119 of 116 of 113 of 113 of 10
SPY S&P 500State Street SPDR S&P 500 ETF11 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%
THC Tenet Healthcare Corporation13 of 29+57.4%+67.0%+54.9%−40.3%+105%+5.0%+122%+13.1%+2.2%−51.0%−40.2%+20.3%+29.7%+58.2%−23.3%+24.1%+369%−77.4%−27.1%−9.0%−30.2%−31.6%−2.1%−58.1%+32.1%+89.2%−10.5%−20.8%+51.4%
MCK McKesson Corporation14 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.12 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%
OSCR Oscar Health, Inc.2 of 4+6.9%+46.9%+272%−68.7%—————————————————————————
AMZN Amazon.com, Inc.18 of 28+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%+118%−22.2%+59.0%+45.0%−3.9%+33.7%+163%−44.7%+135%−16.5%+6.8%−16.0%+178%+74.6%−30.5%−79.6%+42.2%+968%—
HCA HCA Healthcare, Inc.12 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%———————————————
WMT Walmart Inc.14 of 29+24.5%+74.0%+12.9%−0.5%+1.9%+23.4%+30.1%−3.4%+46.6%+16.1%−26.6%+11.8%+18.2%+17.1%+13.8%+3.1%−2.5%+20.0%+4.9%+0.2%−10.2%+0.6%+5.6%−11.8%+8.9%−22.7%+70.5%+107%+74.6%
COR Cencora, Inc.14 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%
EHC Encompass Health Corporation13 of 29+15.7%+39.2%+12.6%+17.1%−19.9%+21.4%+14.3%+26.9%+22.4%+21.3%−7.5%+17.9%+59.6%+19.5%−14.7%+10.4%+71.3%−47.8%−7.3%−7.5%−22.0%+36.9%+9.3%−71.7%−9.1%+204%−65.2%−44.4%+43.7%
CI Cigna Corporation16 of 29+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%
HUM Humana Inc.19 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.13 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%—————
ELV Elevance Health Inc.14 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.15 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 Incorporated18 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%
CLOV Clover Health Investments, Corp.2 of 5−25.4%+231%+2.4%−75.0%−77.8%————————————————————————
AGL Agilon Health, Inc.0 of 4−63.7%−84.9%−22.2%−40.2%—————————————————————————
PRVA Privia Health Group, Inc.2 of 4+21.3%−15.1%+1.4%−12.2%—————————————————————————
ALHC Alignment Healthcare, Inc.1 of 4+75.6%+30.7%−26.8%−16.4%—————————————————————————
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Risk and diversification

How CVS 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 CVS's worst declines?

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

DuringCVS fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−64.0%−31.7%Mar 2001Jan 200322 monthsJul 20052.5 years
2022 bear market−56.8%+35.4%Feb 2022Dec 20242.8 yearsMay 202617 months
No named crash−50.1%+10.6%Feb 1999Mar 200013 monthsNov 20008 months
2015 China and oil sell-off−50.1%+46.2%Jul 2015Apr 20193.8 yearsNov 20212.6 years
2008 financial crisis−45.3%−50.7%Jun 2008Mar 20099 monthsJan 20122.8 years

How did CVS do in stock market crashes?

This section measures how far CVS, 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 CVS.

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
CVS This pageCVS Health Corp.—−4.4%−19.9%−27.3%−22.1%−9.2%−16.9%−14.2%−1.1%−45.3%−62.4%
SPY S&P 500State Street SPDR S&P 500 ETF5 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
THC Tenet Healthcare Corporation2 of 10−10.6%−45.6%−67.8%−42.5%−3.8%−57.4%−42.6%−4.7%−86.6%−20.4%
MCK McKesson Corporation5 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.4 of 10−3.5%−21.0%−32.1%−25.5%−4.6%−15.9%−17.5%−1.8%−57.9%−36.1%
OSCR Oscar Health, Inc.0 of 2−18.1%−62.4%————————
AMZN Amazon.com, Inc.3 of 10−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
HCA HCA Healthcare, Inc.3 of 7−2.2%−39.5%−54.4%−20.6%−3.8%−31.3%−49.0%———
WMT Walmart Inc.7 of 10−0.8%−25.7%−13.1%−18.3%−4.9%−22.3%−10.5%−1.5%−26.2%−31.8%
COR Cencora, Inc.6 of 10−2.3%−17.8%−23.8%−24.2%−7.1%−21.4%−14.5%−2.8%−41.9%−29.7%
EHC Encompass Health Corporation2 of 10−3.1%−27.3%−39.5%−24.1%−2.7%−29.9%−44.2%−2.6%−70.0%−83.5%
CI Cigna Corporation6 of 10−2.6%−10.7%−41.3%−20.8%−7.4%−16.2%−24.0%−4.7%−84.3%−56.3%
HUM Humana Inc.3 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.1 of 9−4.1%−24.1%−32.4%−25.7%−4.2%−27.4%−27.5%−3.3%−53.1%—
ELV Elevance Health Inc.4 of 9−2.3%−15.9%−42.3%−15.7%−3.6%−22.9%−23.4%−0.7%−67.2%—
MOH Molina Healthcare, Inc.1 of 9−3.0%−27.6%−29.9%−29.3%−14.0%−37.3%−40.7%−3.6%−59.0%—
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%
CLOV Clover Health Investments, Corp.0 of 2−6.6%−59.8%————————
AGL Agilon Health, Inc.0 of 2−6.6%−41.5%————————
PRVA Privia Health Group, Inc.0 of 2−8.9%−34.1%————————
ALHC Alignment Healthcare, Inc.0 of 2−11.6%−51.7%————————
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How closely does CVS 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 CVS 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 CVS's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CVS This pageCVS Health Corp.59%99%0.600.70
MCK McKesson Corporation72%27%2.710.56
WMT Walmart Inc.74%36%2.080.53
CAH Cardinal Health, Inc.71%51%1.400.75
COR Cencora, Inc.80%58%1.390.56
EHC Encompass Health Corporation86%71%1.220.92
MOH Molina Healthcare, Inc.72%63%1.140.74
THC Tenet Healthcare Corporation173%168%1.031.87
UNH UnitedHealth Group Incorporated81%82%0.980.70
HCA HCA Healthcare, Inc.135%140%0.971.37
AMZN Amazon.com, Inc.134%139%0.961.31
ELV Elevance Health Inc.94%98%0.960.86
CI Cigna Corporation66%74%0.900.58
HUM Humana Inc.70%80%0.870.82
CNC Centene Corp.69%94%0.730.80
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What diversifies CVS?

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

ETFs

InvestmentCorrelation5Y returnSharpe2024202320222020201820172016200820022001199980/20 mix volatility80/20 mix annual return
CVS CVS Health Corp. (this page)1.00+29.2%0.32−40.8%−12.6%−7.6%−5.1%−7.0%−5.8%−17.8%−27.2%−14.9%−50.4%−27.1%32.0%+3.6%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.35+119%1.48+15.9%+17.4%+3.8%−9.0%−5.2%+10.0%—————26.3%+6.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.08+225%1.34+29.8%+42.0%+6.0%+3.9%−19.8%+22.8%+1.1%−20.8%———25.9%+8.8%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.33+101%1.04+33.4%+8.0%+10.4%−13.4%−8.7%+1.1%+29.8%————26.7%+6.6%
SMH TechnologyVanEck Semiconductor ETF0.16+323%0.97+39.1%+73.4%−33.5%+55.5%−9.1%+38.5%+35.6%−44.7%−47.0%−14.6%—27.6%+11.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.37+85.0%0.96+13.4%+20.1%−5.1%+2.1%−9.5%+16.7%+6.3%————26.5%+6.3%
GLD CommoditiesSPDR Gold Shares0.10+126%0.96+26.7%+12.7%−0.8%+24.8%−1.9%+12.8%+8.0%+4.9%———26.2%+7.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.30+136%0.93+45.8%+17.6%−10.4%+28.2%−0.9%+27.8%+7.4%————27.1%+7.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.17+177%0.93+5.6%−0.6%+64.4%−32.7%−18.2%−0.9%+28.0%−39.0%−14.8%−18.2%+18.1%27.0%+8.4%

Stocks

InvestmentCorrelation5Y returnSharpe2024202320222020201820172016200820022001199980/20 mix volatility80/20 mix annual return
CVS CVS Health Corp. (this page)1.00+29.2%0.32−40.8%−12.6%−7.6%−5.1%−7.0%−5.8%−17.8%−27.2%−14.9%−50.4%−27.1%32.0%+3.6%
CAH Medical - DistributionCardinal Health, Inc.0.26+479%1.55+19.0%+34.1%+54.1%+10.1%−24.5%−12.7%−17.5%−39.6%−8.3%−2.5%−36.8%27.4%+10.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.11+3,143%1.47+215%+160%+1.3%−2.4%−16.3%−11.6%+7.4%−20.5%−65.1%−25.6%+350%29.3%+23.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.16+1,636%1.46+107%+79.6%+17.0%+6.7%+0.8%+32.1%+18.3%−15.2%−9.4%+73.7%−58.7%28.4%+19.1%
MCK Medical - DistributionMcKesson Corporation0.20+413%1.44+23.7%+24.1%+51.8%+27.1%−28.4%+12.0%−28.3%−40.4%−27.2%+4.9%−71.3%27.1%+10.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.16+690%1.41−4.0%+30.4%+86.6%−27.4%−8.2%+34.8%+0.7%————27.4%+12.8%
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Common questions

What was CVS's worst drawdown?

CVS's deepest decline since it began trading in 1986 was 64.0%, from March 2001 to January 2003. It took about two years from the low to climb back to its old high.

What were CVS's best and worst years?

Over 29 full calendar years, CVS's best year was 2025, when it returned 84.3%. Its worst was 2001, with a return of -50.4%.

Is there a better investment than CVS?

Among CVS's popular alternatives, CAH, MCK and WMT earned more than CVS with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against 5.3% a year at 30.4%. Looking beyond its popular alternatives, ENSG (health care facilities) earned more than CVS with less volatility over the past 5 years: 19.8% a year at 26.8% volatility, against 5.3% a year at 30.4%.

Is CVS more volatile than the S&P 500?

Yes. CVS's volatility over the past 5 years was 30.4%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CVS's return lands within 30.4% 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 CVS's Sharpe ratio?

CVS's Sharpe ratio over the past 5 years was 0.32, against 0.79 for the S&P 500, so CVS 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 CVS with the S&P 500?

Over the past 5 years, CVS'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 CVS instead: the lower it is, the more that option would diversify a CVS holding.

What are the best alternatives to CVS?

Of the 19 popular alternatives we compared, four outperformed CVS in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: THC, MCK and CAH.

Did CVS outperform the S&P 500?

CVS finished ahead of the S&P 500 (SPY) in 18 of 29 full calendar years. In 2025, it returned +84.3%, against +17.7% for the index.

How did CVS do in stock market crashes?

CVS fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in five. The clearest case was the dot-com bust, when CVS fell 62.4% and the S&P 500 fell 47.5%.

What diversifies CVS?

These had a low correlation with CVS over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.35), DXJ (correlation 0.08) and EMLP (correlation 0.33); among large stocks, CAH (correlation 0.26), CLS (correlation 0.11) and FIX (correlation 0.16). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CVS

Other stocks and ETFs