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Relative Intelligence · Medical Devices

How Edwards Lifesciences (EW) compares with the whole market and its popular alternatives

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

Period covered: EW's full trading record, from March 2000 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 EW →Chart EW vs. 19 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in EW over the past 26 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of EW over the same span and EW'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 2000 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. 124 of the 1,261 stocks and funds worth at least $500 million that traded the whole period ended ahead of EW; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M2000200420082012201620202024$1,000$10,000$100,000$1M2000200720142021
  • AAPL$9M+86,376% total · +29.7% a year
  • ISRG$2M+15,480% total · +21.4% a year
  • APH$1M+11,267% total · +20.0% a year
  • GILD$636,955+6,270% total · +17.3% a year
  • PGR$590,360+5,804% total · +17.0% a year
  • EW$474,288+4,643% total · +16.0% a year
  • TMO$362,153+3,522% total · +14.8% a year
  • JNJ$111,702+1,017% total · +9.7% a year
  • SPY (S&P 500)$84,332+743% total · +8.5% a year
  • THC$26,301+163% total · +3.8% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,953 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of EW; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026
  • THC$38,466+285% total · +30.9% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • JNJ$18,849+88.5% total · +13.5% a year
  • TMO$11,986+19.9% total · +3.7% a year
  • PEN$11,945+19.4% total · +3.6% a year
  • SYK$11,008+10.1% total · +1.9% a year
  • BDX$10,410+4.1% total · +0.8% a year
  • ATRC$8,080−19.2% total · −4.2% a year
  • MDT$8,078−19.2% total · −4.2% a year
  • EW$7,625−23.8% total · −5.3% a year
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EW 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
$51B
Industry
Medical - Devices
Price history from
March 2000

Returns

Past 1 year
+17.3%total return
Past 3 years
+27.1%+8.3% a year
Past 5 years
−23.6%−5.2% a year
Past 10 years
+125%+8.4% a year
Best calendar year
+93.7%2014
Worst calendar year
−42.4%2022
Losing years
6 of 25full calendar years

Risk

Volatility
32.7%typical yearly swing, 5 years
Sharpe ratio
0.01return per unit of risk, 5 years
Worst decline ever
−54.3%Dec 2021 to Jul 2024
From its all-time high
−32.4%below the peak

EW against the whole market

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

How does EW rank among all stocks?

This section ranks EW 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 EW 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.

MeasureEWRankStanding
1-year return+17.3%1,325 of 3,287top 40%
3-year return+27.1%1,904 of 3,017bottom 38%
5-year return−23.6%2,063 of 2,893bottom 30%
10-year return+125%1,213 of 2,202bottom 46%
Volatility, 5 years32.7%973 of 2,893top 34%
Sharpe ratio, 5 years0.012,324 of 2,893bottom 21%
Worst decline, past 10 years−54.3%638 of 2,187top 29%

What has beaten EW 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). EW sits where the dashed lines cross. Anything in the green box above and to the left earned more than EW 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 EW; faint dots are 90 more of the 1,650 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%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%−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 EWBRK-B: +13.4% a year, volatility 17.1%V: +12.8% a year, volatility 22.9%KO: +14.7% a year, volatility 16.8%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%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%MFG: +33.6% a year, volatility 30.6%PG: +5.1% a year, volatility 18.3%VGT: +18.4% a year, volatility 26.0%SMFG: +33.7% a year, volatility 29.4%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%DE: +14.4% a year, volatility 29.9%TRV: +22.4% a year, volatility 22.3%SCHD: +9.7% a year, volatility 14.3%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%UNP: +7.1% a year, volatility 22.9%MNST: +17.2% a year, volatility 24.9%CTAS: +16.5% a year, volatility 23.1%JCI: +17.4% a year, volatility 29.1%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%UL: +5.5% a year, volatility 21.5%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%CI: +9.4% a year, volatility 28.3%DGRO: +10.9% a year, volatility 13.7%CL: +7.2% a year, volatility 19.2%MRSH: +4.4% a year, volatility 20.9%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%FMX: +14.0% a year, volatility 25.7%XLV: +8.4% a year, volatility 15.3%CHT: +7.7% a year, volatility 13.3%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%OEF: +14.3% a year, volatility 17.8%AVDV: +13.9% a year, volatility 17.4%DGX: +12.3% a year, volatility 22.5%KDP: +2.5% a year, volatility 22.1%PKG: +15.4% a year, volatility 25.8%EXPD: +12.0% a year, volatility 27.1%COWZ: +11.4% a year, volatility 17.7%EWJ: +9.2% a year, volatility 18.8%VRSN: +7.8% a year, volatility 25.9%RNR: +20.1% a year, volatility 27.8%LH: +7.3% a year, volatility 23.8%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%CHD: +6.1% a year, volatility 21.1%IOO: +15.7% a year, volatility 17.2%CACI: +16.6% a year, volatility 29.9%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%AIZ: +13.3% a year, volatility 25.3%MSGS: +18.4% a year, volatility 25.6%NDSN: +7.1% a year, volatility 25.2%WTS: +15.3% a year, volatility 28.4%SSNC: +4.7% a year, volatility 25.2%NEU: +21.0% a year, volatility 26.8%FNDE: +9.8% a year, volatility 17.0%MOAT: +9.1% a year, volatility 18.4%J: +5.3% a year, volatility 26.2%ACT: +20.5% a year, volatility 24.3%BR: +1.7% a year, volatility 24.6%THG: +14.4% a year, volatility 22.9%IEX: +2.7% a year, volatility 24.0%NHC: +32.0% a year, volatility 28.5%PDBC: +11.7% a year, volatility 19.3%QYLD: +8.4% a year, volatility 15.0%IGV: +4.4% a year, volatility 28.9%SJM: +4.8% a year, volatility 25.1%FLTW: +21.8% a year, volatility 24.3%SGOV: +3.8% a year, volatility 0.3%GFL: +2.1% a year, volatility 30.2%DBMF: +9.8% a year, volatility 12.4%ALLE: +4.3% a year, volatility 26.7%RSPT: +16.9% a year, volatility 25.1%EW: −5.2% a year, volatility 32.7%SPY (S&P 500): +12.7% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%TMO: +2.9% a year, volatility 27.8%MDT: −1.8% a year, volatility 22.5%SYK: +3.2% a year, volatility 25.7%BDX: +2.3% a year, volatility 24.1%UNH: +1.1% a year, volatility 32.1%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%EHC: +18.4% a year, volatility 26.8%LLY: +40.7% a year, volatility 32.8%RY: +17.3% a year, volatility 18.2%AAPL: +18.5% a year, volatility 28.0%MSFT: +12.5% a year, volatility 28.2%DXJ: +26.6% a year, volatility 19.1%QQQ: +14.5% a year, volatility 23.0%WM: +9.3% a year, volatility 19.2%APH: +33.8% a year, volatility 32.2%SOJE: −4.3% a year, volatility 14.1%HCA: +14.1% a year, volatility 30.1%EWSPY (S&P 500)JNJTMOMDTSYKBDXUNHCAHABBVMCKMRKEHCLLYRYMSFTDXJQQQWMAPHSOJEHCA−10.0%0.0%10.0%20.0%30.0%40.0%−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 EWBRK-B: +13.4% a year, volatility 17.1%V: +12.8% a year, volatility 22.9%KO: +14.7% a year, volatility 16.8%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%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%MFG: +33.6% a year, volatility 30.6%PG: +5.1% a year, volatility 18.3%VGT: +18.4% a year, volatility 26.0%SMFG: +33.7% a year, volatility 29.4%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%DE: +14.4% a year, volatility 29.9%TRV: +22.4% a year, volatility 22.3%SCHD: +9.7% a year, volatility 14.3%GWW: +26.3% a year, volatility 24.9%BNS: +12.9% a year, volatility 19.9%UNP: +7.1% a year, volatility 22.9%MNST: +17.2% a year, volatility 24.9%CTAS: +16.5% a year, volatility 23.1%JCI: +17.4% a year, volatility 29.1%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%UL: +5.5% a year, volatility 21.5%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%CI: +9.4% a year, volatility 28.3%DGRO: +10.9% a year, volatility 13.7%CL: +7.2% a year, volatility 19.2%MRSH: +4.4% a year, volatility 20.9%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SDCI: +20.6% a year, volatility 18.4%FMX: +14.0% a year, volatility 25.7%XLV: +8.4% a year, volatility 15.3%CHT: +7.7% a year, volatility 13.3%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%OEF: +14.3% a year, volatility 17.8%AVDV: +13.9% a year, volatility 17.4%DGX: +12.3% a year, volatility 22.5%KDP: +2.5% a year, volatility 22.1%PKG: +15.4% a year, volatility 25.8%EXPD: +12.0% a year, volatility 27.1%COWZ: +11.4% a year, volatility 17.7%EWJ: +9.2% a year, volatility 18.8%VRSN: +7.8% a year, volatility 25.9%RNR: +20.1% a year, volatility 27.8%LH: +7.3% a year, volatility 23.8%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%CHD: +6.1% a year, volatility 21.1%IOO: +15.7% a year, volatility 17.2%CACI: +16.6% a year, volatility 29.9%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%AIZ: +13.3% a year, volatility 25.3%MSGS: +18.4% a year, volatility 25.6%NDSN: +7.1% a year, volatility 25.2%WTS: +15.3% a year, volatility 28.4%SSNC: +4.7% a year, volatility 25.2%NEU: +21.0% a year, volatility 26.8%FNDE: +9.8% a year, volatility 17.0%MOAT: +9.1% a year, volatility 18.4%J: +5.3% a year, volatility 26.2%ACT: +20.5% a year, volatility 24.3%BR: +1.7% a year, volatility 24.6%THG: +14.4% a year, volatility 22.9%IEX: +2.7% a year, volatility 24.0%NHC: +32.0% a year, volatility 28.5%PDBC: +11.7% a year, volatility 19.3%QYLD: +8.4% a year, volatility 15.0%IGV: +4.4% a year, volatility 28.9%SJM: +4.8% a year, volatility 25.1%FLTW: +21.8% a year, volatility 24.3%SGOV: +3.8% a year, volatility 0.3%GFL: +2.1% a year, volatility 30.2%DBMF: +9.8% a year, volatility 12.4%ALLE: +4.3% a year, volatility 26.7%RSPT: +16.9% a year, volatility 25.1%EW: −5.2% a year, volatility 32.7%SPY (S&P 500): +12.7% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%TMO: +2.9% a year, volatility 27.8%MDT: −1.8% a year, volatility 22.5%SYK: +3.2% a year, volatility 25.7%BDX: +2.3% a year, volatility 24.1%UNH: +1.1% a year, volatility 32.1%CAH: +42.1% a year, volatility 24.7%ABBV: +26.1% a year, volatility 23.4%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%EHC: +18.4% a year, volatility 26.8%LLY: +40.7% a year, volatility 32.8%RY: +17.3% a year, volatility 18.2%AAPL: +18.5% a year, volatility 28.0%MSFT: +12.5% a year, volatility 28.2%DXJ: +26.6% a year, volatility 19.1%QQQ: +14.5% a year, volatility 23.0%WM: +9.3% a year, volatility 19.2%APH: +33.8% a year, volatility 32.2%SOJE: −4.3% a year, volatility 14.1%HCA: +14.1% a year, volatility 30.1%EWSPY (S&P 500)JNJTMOMDTSYKBDXUNHCAHABBVMCKMRKEHCLLYRYDXJWMAPHSOJE
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than EW?

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

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

Screen the whole market against EW for any period in BetterThanSPYOpen these 21 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 EW?lower diversifies moreExpenseper year
EWEdwards Lifesciences Corporation · this page
−5.2%32.7%0.01−54.3%+125%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.460.09%
Popular alternativesbest 6 shownThe investments people most often weigh against EW. 13 of 19 passed at least one test.
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.18—
TMOThermo Fisher Scientific Inc. · Life Sciences Tools
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.9%27.8%0.24−40.9%+366%0.19—
MDTMedtronic Plc · Medical Devices
Higher return, lower volatilityHigher return in most periods−1.8%22.5%0.03−45.1%+46.7%0.23—
SYKStryker Corporation · Medical Devices
Higher return, lower volatilityHigher Sharpe, smaller worst decline+3.2%25.7%0.25−43.8%+197%0.52—
BDXBecton, Dickinson and Company · Medical Devices
Higher return, lower volatilityHigher Sharpe, smaller worst decline+2.3%24.1%0.22−39.9%+71.4%0.16—
UNHUnitedHealth Group Incorporated · Managed Health Care
Higher return, similar volatilityHigher return in most periods+1.1%32.1%0.20−61.4%+241%0.01—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Medical Devices and the categories next to it (Health Care Facilities, Pharmaceuticals, Life Sciences Tools, Health Care Distribution), plus EW's specific themes. 39 of 58 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%0.29—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.16—
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%0.10—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.3%24.8%0.74−43.4%+241%0.30—
EHCEncompass Health Corporation · Health Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.4%26.8%0.77−39.5%+340%0.25—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.37—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,142 of 3,557 passed at least one test.
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%0.33—
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%0.22—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.5%28.2%0.56−37.1%+946%0.34—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.480.48%
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.5%23.0%0.71−35.1%+553%0.440.18%
WMWaste Management, Inc. · Environmental Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+9.3%19.2%0.56−30.1%+344%0.44—
APHAmphenol Corporation · Electronic Components
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.8%32.2%1.07−37.5%+965%0.43—
SOJESouthern Company (The) Series 2 · Junior Subordinated Debt
Similar return, lower volatility−4.3%14.1%-0.24−30.4%—0.35—
What these numbers mean for EW
Annual return
EW lost 5.2% 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 $7,640. 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
EW's volatility over the past 5 years was 32.7%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, EW's return lands within 32.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
EW's Sharpe ratio over the past 5 years was 0.01, against 0.79 for the S&P 500, so EW 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
EW's worst fall from a peak to a low over the past 10 years was 54.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 54.3% fall takes a 119% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, EW's monthly returns had a correlation of 0.46 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against EW instead: the lower it is, the more that option would diversify a EW holding. Guide: Correlation and diversification →
Show all 1,650 stocks and funds worth at least $500 million that earned more than EW 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 EWExpense
1
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.33—
2
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.22—
3
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%0.34—
4
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.29—
5
CAHCardinal Health, Inc. · Health Care Distribution
Same or nearby category+42.1%24.7%1.55−46.1%+349%0.29—
6
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.31—
7
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.480.48%
8
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.27—
9
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.440.18%
10
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.25—
11
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.03—
12
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.29—
13
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.350.03%
14
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.08—
15
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%-0.09—
16
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.14—
17
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.05—
18
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.1%18.3%0.37−23.8%+145%0.28—
19
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.410.09%
20
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.09—
21
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.14—
22
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.05—
23
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.15—
24
DEDeere & Company · Industrial Machinery
Whole market+14.4%29.9%0.60−37.9%+755%0.21—
25
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.15—
26
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.260.06%
27
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.31—
28
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.48—
29
UNPUnion Pacific Corporation · Railroads
Whole market+7.1%22.9%0.42−38.7%+295%0.26—
30
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.26—
31
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.24—
32
JCIJohnson Controls International plc · Building Products
Whole market+17.4%29.1%0.70−46.4%+426%0.32—
33
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.43—
34
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.0%22.9%0.49−40.8%+320%0.15—
35
ULUnilever PLC · Household & Personal Products
Whole market+5.5%21.5%0.36−30.1%+89.8%0.21—
36
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.33—
37
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.14—
38
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.21—
39
CSXCSX Corporation · Railroads
Whole market+8.3%23.3%0.46−40.5%+446%0.38—
40
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.32—
41
CICigna Corporation · Managed Health Care
Whole market+9.4%28.3%0.46−42.5%+176%0.12—
42
DGROiShares Core Dividend Growth ETF · US Dividend Equity
Whole market+10.9%13.7%0.83−35.1%+267%0.380.08%
43
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.28—
44
MRSHMarsh & McLennan Companies, Inc. · Insurance
Whole market+4.4%20.9%0.31−35.8%+245%0.21—
45
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.03—
46
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.27—
47
ABBVAbbVie Inc. · Pharmaceuticals
Same or nearby category+26.1%23.4%1.11−45.1%+603%0.16—
48
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—-0.010.80%
49
FMXFomento Económico Mexicano, S.A.B. de C.V. · Convenience Stores
Whole market+14.0%25.7%0.64−45.5%+79.7%0.15—
50
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.430.08%
51
MCKMcKesson Corporation · Health Care Distribution
Same or nearby category+38.7%25.0%1.44−38.1%+586%0.10—
52
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+7.7%13.3%0.63−23.8%+101%0.30—
53
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.430.13%
54
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.17—
55
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.350.15%
56
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.370.56%
57
OEFiShares S&P 100 ETF · US Large-Cap Equity
Whole market+14.3%17.8%0.84−31.4%+367%0.450.20%
58
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.370.36%
59
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.25—
60
KDPKeurig Dr Pepper Inc. · Food & Beverages
Whole market+2.5%22.1%0.23−36.9%+281%0.18—
61
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.09—
62
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+12.0%27.1%0.56−35.6%+349%0.33—
63
MRKMerck & Co., Inc. · Pharmaceuticals
Same or nearby category+16.3%24.8%0.74−43.4%+241%0.30—
64
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.230.49%
65
EWJiShares MSCI Japan ETF · International Equity
Whole market+9.2%18.8%0.57−33.1%+132%0.400.49%
66
VRSNVeriSign, Inc. · Internet Services
Whole market+7.8%25.9%0.42−38.9%+308%0.11—
67
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.08—
68
LHLabcorp Holdings Inc. · Medical Diagnostics
Whole market+7.3%23.8%0.42−46.6%+184%0.36—
69
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.380.39%
70
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%0.310.58%
71
CHDChurch & Dwight Co., Inc. · Household & Personal Products
Whole market+6.1%21.1%0.39−31.7%+154%0.41—
72
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.460.40%
73
CACICACI International Inc · Business Services
Whole market+16.6%29.9%0.66−42.9%+499%0.18—
74
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.480.12%
75
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.320.15%
76
AIZAssurant, Inc. · Property & Casualty Insurance
Whole market+13.3%25.3%0.62−44.6%+312%0.28—
77
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.10—
78
NDSNNordson Corporation · Industrial Machinery
Whole market+7.1%25.2%0.40−44.2%+262%0.25—
79
JNJJohnson & Johnson · Pharmaceuticals
Popular alternative+12.7%17.9%0.76−27.4%+196%0.18—
80
WTSWatts Water Technologies, Inc. · Industrial Machinery
Whole market+15.3%28.4%0.65−44.1%+539%0.26—
81
SSNCSS&C Technologies Holdings, Inc. · Software
Whole market+4.7%25.2%0.31−48.9%+200%0.20—
82
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.14—
83
FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity
Whole market+9.8%17.0%0.64−39.9%+151%0.240.39%
84
MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity
Whole market+9.1%18.4%0.57−33.3%+276%0.420.46%
85
JJacobs Solutions Inc. · Engineering & Construction
Whole market+5.3%26.2%0.33−39.3%+266%0.19—
86
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—-0.03—
87
BRBroadridge Financial Solutions, Inc. · Financial Technology
Whole market+1.7%24.6%0.19−48.2%+234%0.26—
88
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.02—
89
IEXIDEX Corporation · Industrial Machinery
Whole market+2.7%24.0%0.23−35.5%+205%0.23—
90
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.10—
91
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities
Whole market+11.7%19.3%0.67−40.7%+153%-0.040.74%
92
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+156%0.420.60%
93
IGViShares Expanded Tech-Software Sector ETF · Software
Whole market+4.4%28.9%0.29−45.9%+383%0.300.38%
94
SJMThe J. M. Smucker Company · Packaged Foods
Whole market+4.8%25.1%0.32−38.1%+37.2%0.13—
95
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.400.19%
96
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%—0.090.09%
97
GFLGFL Environmental Inc. · Environmental Services
Whole market+2.1%30.2%0.22−42.6%—0.42—
98
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%—-0.050.85%
99
ALLEAllegion plc · Building Products
Whole market+4.3%26.7%0.29−43.2%+164%0.19—
100
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.9%25.1%0.75−33.7%+572%0.400.40%

EW against its popular alternatives

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

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

Green points earned more than EW 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%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityEW: −5.3% a year, volatility 32.7%SPY (S&P 500): 12.7% a year, volatility 17.1%TMO: 2.9% a year, volatility 27.8%JNJ: 12.7% a year, volatility 17.9%UNH: 1.1% a year, volatility 32.1%MDT: −1.8% a year, volatility 22.5%HCA: 14.1% a year, volatility 30.1%SYK: 3.2% a year, volatility 25.7%ABT: −1.7% a year, volatility 23.1%BDX: 2.3% a year, volatility 24.1%DXCM: −9.2% a year, volatility 47.3%PODD: −13.7% a year, volatility 44.1%BSX: 0.5% a year, volatility 26.6%INSP: −22.3% a year, volatility 61.0%THC: 32.9% a year, volatility 45.1%ATRC: −4.4% a year, volatility 47.9%PEN: 3.5% a year, volatility 40.4%LIVN: −0.4% a year, volatility 39.6%ISRG: 5.2% a year, volatility 34.6%ELMD: 20.0% a year, volatility 47.1%ZBH: −7.2% a year, volatility 27.2%EWSPY (S&P 500)TMOJNJUNHMDTHCASYKABTBDXDXCMPODDBSXINSPTHCATRCPENLIVNISRGELMDZBH10.0%20.0%30.0%40.0%50.0%60.0%70.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityEW: −5.3% a year, volatility 32.7%SPY (S&P 500): 12.7% a year, volatility 17.1%TMO: 2.9% a year, volatility 27.8%JNJ: 12.7% a year, volatility 17.9%UNH: 1.1% a year, volatility 32.1%MDT: −1.8% a year, volatility 22.5%HCA: 14.1% a year, volatility 30.1%SYK: 3.2% a year, volatility 25.7%ABT: −1.7% a year, volatility 23.1%BDX: 2.3% a year, volatility 24.1%DXCM: −9.2% a year, volatility 47.3%PODD: −13.7% a year, volatility 44.1%BSX: 0.5% a year, volatility 26.6%INSP: −22.3% a year, volatility 61.0%THC: 32.9% a year, volatility 45.1%ATRC: −4.4% a year, volatility 47.9%PEN: 3.5% a year, volatility 40.4%LIVN: −0.4% a year, volatility 39.6%ISRG: 5.2% a year, volatility 34.6%ELMD: 20.0% a year, volatility 47.1%ZBH: −7.2% a year, volatility 27.2%EWSPY (S&P 500)TMOJNJMDTSYKABTDXCMPODDINSPTHCATRCPENLIVNISRGELMDZBH
All figures
InvestmentAnnual returnVolatility
THC Tenet Healthcare Corporation+32.9%45.1%
ELMD Electromed, Inc.+20.0%47.1%
HCA HCA Healthcare, Inc.+14.1%30.1%
JNJ Johnson & Johnson+12.7%17.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
ISRG Intuitive Surgical, Inc.+5.2%34.6%
PEN Penumbra, Inc.+3.5%40.4%
SYK Stryker Corporation+3.2%25.7%
TMO Thermo Fisher Scientific Inc.+2.9%27.8%
BDX Becton, Dickinson and Company+2.3%24.1%
UNH UnitedHealth Group Incorporated+1.1%32.1%
BSX Boston Scientific Corporation+0.5%26.6%
LIVN LivaNova PLC−0.4%39.6%
ABT Abbott Laboratories−1.7%23.1%
MDT Medtronic Plc−1.8%22.5%
ATRC AtriCure, Inc.−4.4%47.9%
EW This pageEdwards Lifesciences Corporation−5.3%32.7%
ZBH Zimmer Biomet Holdings, Inc.−7.2%27.2%
DXCM DexCom, Inc.−9.2%47.3%
PODD Insulet Corp.−13.7%44.1%
INSP Inspire Medical Systems, Inc.−22.3%61.0%
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Has EW consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than EW 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
EW Edwards Lifesciences Corporation (this page)—−0.1%+3.9%+8.4%+3.5%+17.3%+27.1%−23.6%+125%32.7%0.01−54.3%—$51B—
THC QualifiedTenet Healthcare Corporation5/5 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—
TMO QualifiedThermo Fisher Scientific Inc.5/5 short3/3 longAll-weather+4.3%+30.7%+30.9%+16.3%+26.8%+49.5%+15.1%+366%27.8%0.24−40.9%—$254B—
ATRC QualifiedAtriCure, Inc.4/5 short3/3 longAll-weather−1.1%+65.9%+100%+46.9%+54.0%+62.2%−20.3%+228%47.9%0.14−77.2%—$2.9B—
JNJ QualifiedJohnson & Johnson4/5 short3/3 longAll-weather−3.8%+4.8%+13.6%+27.1%+36.9%+84.6%+82.1%+196%17.9%0.76−27.4%—$625B—
PEN QualifiedPenumbra, Inc.3/5 short3/3 long+1.7%+2.0%−1.6%+4.8%+31.0%+57.8%+18.5%+333%40.4%0.28−62.6%—$13B—
UNH QualifiedUnitedHealth Group Incorporated4/5 short2/3 long+11.0%+0.1%+31.2%+27.1%+18.1%−15.3%+5.5%+241%32.1%0.20−61.4%—$376B—
LIVN QualifiedLivaNova PLC4/5 short2/3 long+2.0%+0.6%+21.1%+31.4%+47.3%+61.3%−2.2%+41.4%39.6%0.18−74.2%—$4.4B—
MDT QualifiedMedtronic Plc3/5 short2/3 long+4.0%+14.5%+13.3%+1.0%+1.9%+43.6%−8.8%+46.7%22.5%0.03−45.1%—$121B—
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—
ISRG Medical - Instruments & SuppliesIntuitive Surgical, Inc.2/5 short3/3 long+9.0%+24.0%−5.9%−22.1%−4.5%+64.1%+28.9%+478%34.6%0.32−49.9%—$155B—
ELMD Medical - DevicesElectromed, Inc.1/5 short3/3 long+1.6%−32.9%+8.0%+0.2%+10.5%+162%+149%+517%47.1%0.62−55.8%—$227M—
SYK Medical - DevicesStryker Corporation1/5 short2/3 long+11.4%−4.3%−9.5%−11.8%−19.2%+18.0%+17.2%+197%25.7%0.25−43.8%—$117B—
ABT Medical - DevicesAbbott Laboratories0/5 short2/3 long+0.3%+1.6%+8.4%−15.3%−18.7%+13.0%−8.0%+204%23.1%0.04−39.6%—$178B—
BDX Medical - Instruments & SuppliesBecton, Dickinson and Company5/5 short1/3 long+7.2%+26.2%+23.7%+28.9%+32.3%+1.6%+12.2%+71.4%24.1%0.22−39.9%—$53B—
DXCM Medical - DevicesDexCom, Inc.4/5 short1/3 long−3.8%+13.3%+32.7%+28.9%+25.3%−0.3%−38.4%+316%47.3%0.04−66.3%—$32B—
PODD Medical - DevicesInsulet Corp.1/5 short1/3 long+1.5%−14.8%−29.0%−49.6%−56.4%−1.4%−52.2%+255%44.1%-0.12−63.0%—$9.9B—
BSX Medical - DevicesBoston Scientific Corporation1/5 short1/3 long+4.3%+4.1%−25.3%−51.9%−54.7%−8.9%+2.5%+98.1%26.6%0.15−61.6%—$66B—
ZBH Medical - DevicesZimmer Biomet Holdings, Inc.3/5 short0/3 long+2.1%+7.3%+1.1%+7.5%−5.6%−5.5%−31.1%−16.1%27.2%-0.14−52.1%—$18B—
INSP Medical - DevicesInspire Medical Systems, Inc.2/5 short0/3 long−5.8%+33.9%+25.2%−22.7%−11.7%−54.3%−71.6%—61.0%-0.10−87.7%—$2.1B—
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How did EW do year by year?

This table shows each investment's total return in every full calendar year since 2001, along with where EW ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with EW 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 EW; gray means the two finished within a fraction of a point. The rank row places EW among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of EW2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022001
EW This pageEdwards Lifesciences Corporation—+15.2%−2.9%+2.2%−42.4%+42.0%+17.3%+52.3%+35.9%+20.3%+18.6%+24.0%+93.7%−27.1%+27.6%−12.6%+86.1%+58.1%+19.6%−2.3%+13.0%+0.9%+37.0%+18.4%−7.8%+55.4%
Rank among alternativesTop quarter in 8 of 258 of 2012 of 2011 of 2020 of 207 of 2010 of 206 of 205 of 1912 of 194 of 193 of 171 of 1717 of 175 of 1712 of 161 of 156 of 151 of 159 of 146 of 145 of 124 of 129 of 126 of 122 of 10
SPY S&P 500State Street SPDR S&P 500 ETF12 of 25+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%
THC Tenet Healthcare Corporation9 of 25+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%
TMO Thermo Fisher Scientific Inc.10 of 25+11.8%−1.7%−3.4%−17.3%+43.5%+43.7%+45.6%+18.2%+35.0%−0.1%+13.8%+13.1%+75.8%+43.2%−18.8%+16.1%+40.0%−40.9%+27.4%+50.3%−0.2%+19.8%+25.3%−15.7%+5.6%
ATRC AtriCure, Inc.8 of 20+29.4%−14.4%−19.6%−36.2%+24.9%+71.2%+6.2%+67.8%−6.8%−12.8%+12.4%+6.9%+171%−37.8%+8.1%+70.0%+172%−83.1%+46.7%−16.1%—————
JNJ Johnson & Johnson6 of 25+47.5%−4.8%−8.6%+6.0%+11.4%+10.8%+16.2%−5.1%+24.4%+15.3%+1.2%+17.3%+34.6%+10.8%+9.9%−0.6%+11.3%−7.7%+3.6%+12.4%−3.4%+25.2%−2.0%−7.9%+14.0%
PEN Penumbra, Inc.5 of 10+30.9%−5.6%+13.1%−22.6%+64.2%+6.5%+34.4%+29.9%+47.5%+18.6%———————————————
UNH UnitedHealth Group Incorporated12 of 25−33.1%−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%
LIVN LivaNova PLC3 of 10+32.9%−10.5%−6.8%−36.5%+32.0%−12.2%−17.5%+14.4%+77.7%−24.3%———————————————
MDT Medtronic Plc7 of 25+24.0%+0.3%+9.6%−22.6%−9.8%+5.7%+27.3%+15.2%+15.3%−5.4%+8.6%+28.1%+42.8%+10.6%+5.8%−13.8%+42.6%−36.3%−5.2%−6.3%+16.8%+2.7%+7.3%−10.3%−14.8%
HCA HCA Healthcare, Inc.8 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%———————————
ISRG Intuitive Surgical, Inc.12 of 25+8.5%+54.7%+27.1%−26.2%+31.8%+38.4%+23.4%+31.2%+72.7%+16.1%+3.3%+37.7%−21.7%+5.9%+79.6%−15.0%+139%−60.7%+237%−18.2%+193%+134%+38.7%−38.6%+18.0%
ELMD Electromed, Inc.8 of 15−1.5%+171%+4.0%−19.3%+32.5%+13.4%+69.9%−16.2%+56.4%+104%−28.6%−21.8%+152%−60.9%−2.8%——————————
SYK Stryker Corporation12 of 25−1.5%+21.3%+23.8%−7.4%+10.2%+18.2%+35.3%+2.4%+30.8%+30.7%0.0%+27.4%+39.3%+12.1%−6.1%+7.9%+26.7%−46.0%+36.2%+24.5%−7.7%+13.7%+26.8%+15.2%+15.6%
ABT Abbott Laboratories9 of 25+12.9%+4.8%+2.3%−20.7%+30.5%+28.1%+22.1%+29.1%+52.0%−12.3%+1.9%+20.1%+24.3%+20.3%+21.8%−8.3%+4.6%−2.5%+18.1%+26.9%−13.5%+9.2%+19.3%−26.8%+17.0%
BDX Becton, Dickinson and Company10 of 24−12.5%−5.3%−2.7%+5.1%+1.9%−6.8%+22.2%+6.6%+31.2%+9.2%+12.6%+28.3%+44.3%+7.3%−9.7%+9.4%+17.6%−16.9%+20.7%+18.3%+7.2%+39.8%+35.6%−6.4%—
DXCM DexCom, Inc.10 of 20−14.7%−37.3%+9.6%−15.6%+45.2%+69.0%+82.6%+109%−3.9%−27.1%+48.8%+55.5%+160%+45.9%−31.7%+68.8%+193%−68.8%−10.5%−33.8%—————
PODD Insulet Corp.8 of 18+8.9%+20.3%−26.3%+10.6%+4.1%+49.3%+116%+15.0%+83.1%−0.3%−17.9%+24.1%+74.8%+12.7%+21.5%+8.5%+85.0%−67.1%———————
BSX Boston Scientific Corporation9 of 25+6.8%+54.5%+24.9%+8.9%+18.2%−20.5%+28.0%+42.6%+14.6%+17.3%+39.2%+10.2%+110%+7.3%−29.5%−15.9%+16.3%−33.5%−32.3%−29.8%−31.1%−3.3%+72.9%+76.3%+76.3%
ZBH Zimmer Biomet Holdings, Inc.6 of 24−14.0%−12.5%−3.8%+4.3%−17.0%+3.8%+45.4%−13.3%+17.9%+1.5%−8.8%+22.8%+41.2%+26.2%−0.5%−9.2%+46.3%−38.9%−15.6%+16.2%−15.8%+13.8%+69.6%+35.9%—
INSP Inspire Medical Systems, Inc.3 of 7−50.2%−8.9%−19.2%+9.5%+22.3%+153%+75.6%——————————————————
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Risk and diversification

How EW 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 EW's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents EW's five deepest drawdowns since it began trading in 2000, 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 EW fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringEW fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−54.3%+17.4%Dec 2021Jul 20242.6 yearsNot yet—
Dot-com bust−50.7%−6.2%Aug 2000Nov 20003 monthsJun 20017 months
No named crash−44.0%+24.6%Oct 2012Dec 201314 monthsOct 201410 months
Dot-com bust−37.0%−27.8%Feb 2002Jul 20025 monthsMay 200310 months
Covid crash−36.2%−28.6%Nov 2019Mar 20204 monthsAug 20205 months

How did EW do in stock market crashes?

This section measures how far EW, 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.

Note: EW began trading on March 27, 2000, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than EW.

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
EW This pageEdwards Lifesciences Corporation—−3.8%−36.0%−33.2%−20.0%−6.1%−9.7%−19.4%−2.4%−31.9%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
THC Tenet Healthcare Corporation1 of 9−10.6%−45.6%−67.8%−42.5%−3.8%−57.4%−42.6%−4.7%−86.6%−20.4%
TMO Thermo Fisher Scientific Inc.4 of 9−2.4%−19.8%−24.8%−17.2%−8.7%−14.7%−24.4%−3.6%−53.9%−41.8%
ATRC AtriCure, Inc.0 of 9−5.6%−52.1%−41.9%−24.8%−7.4%−40.9%−32.9%−2.0%−91.4%—
JNJ Johnson & Johnson7 of 9−1.1%−12.7%−25.4%−16.9%−8.2%−9.0%−9.8%−0.1%−34.4%−35.9%
PEN Penumbra, Inc.1 of 5−2.1%−58.0%−35.8%−27.5%−7.2%—————
UNH UnitedHealth Group Incorporated4 of 9−1.8%−16.9%−35.9%−18.6%−6.7%−12.4%−20.7%−0.8%−72.4%−19.8%
LIVN LivaNova PLC1 of 5−6.3%−49.0%−55.3%−32.9%−5.0%—————
MDT Medtronic Plc5 of 9−2.1%−27.9%−36.0%−13.8%−7.2%−17.6%−18.0%−1.5%−56.5%−44.2%
HCA HCA Healthcare, Inc.2 of 7−2.2%−39.5%−54.4%−20.6%−3.8%−31.3%−49.0%———
ISRG Intuitive Surgical, Inc.1 of 9−2.7%−47.6%−40.5%−24.3%−8.4%−14.7%−20.6%−3.8%−75.9%—
ELMD Electromed, Inc.3 of 7−8.5%−33.9%−45.9%−28.3%−3.3%−25.0%−11.4%———
SYK Stryker Corporation3 of 9−1.4%−31.4%−43.8%−18.8%−8.8%−15.6%−23.0%−3.8%−58.6%−26.9%
ABT Abbott Laboratories7 of 9−2.5%−27.9%−29.7%−11.7%−8.8%−27.4%−11.5%−0.5%−22.3%−45.7%
BDX Becton, Dickinson and Company5 of 9−2.0%−19.7%−21.8%−20.4%−10.8%−15.1%−18.3%−1.6%−34.1%—
DXCM DexCom, Inc.1 of 9−4.4%−48.8%−36.8%−27.8%−5.1%−47.6%−33.2%−6.1%−87.0%—
PODD Insulet Corp.4 of 9−2.0%−33.2%−39.9%−31.1%−4.1%−37.2%−36.5%0.0%−89.6%—
BSX Boston Scientific Corporation3 of 9−1.2%−25.2%−40.0%−18.7%−8.0%−15.2%−24.0%−3.2%−63.5%−56.7%
ZBH Zimmer Biomet Holdings, Inc.2 of 90.0%−23.9%−49.6%−26.0%−8.2%−14.8%−20.3%−2.1%−62.0%—
INSP Inspire Medical Systems, Inc.0 of 4−9.6%−44.7%−53.7%−29.5%——————
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How closely does EW 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 EW 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 EW's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
EW This pageEdwards Lifesciences Corporation88%120%0.730.97
ELMD Electromed, Inc.88%51%1.730.54
PEN Penumbra, Inc.70%40%1.720.52
JNJ Johnson & Johnson64%53%1.200.46
THC Tenet Healthcare Corporation173%168%1.031.87
TMO Thermo Fisher Scientific Inc.104%104%1.000.81
DXCM DexCom, Inc.97%97%1.001.13
PODD Insulet Corp.81%82%1.000.92
UNH UnitedHealth Group Incorporated81%82%0.980.70
HCA HCA Healthcare, Inc.135%140%0.971.37
ABT Abbott Laboratories76%79%0.960.64
ISRG Intuitive Surgical, Inc.136%154%0.881.28
SYK Stryker Corporation82%96%0.860.88
ATRC AtriCure, Inc.117%141%0.831.16
BSX Boston Scientific Corporation76%109%0.700.72
BDX Becton, Dickinson and Company53%77%0.690.48
MDT Medtronic Plc62%105%0.590.68
LIVN LivaNova PLC74%129%0.570.89
ZBH Zimmer Biomet Holdings, Inc.62%139%0.440.88
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What diversifies EW?

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

ETFs

InvestmentCorrelation5Y returnSharpe20242022201320112007200280/20 mix volatility80/20 mix annual return
EW Edwards Lifesciences Corporation (this page)1.00−23.6%0.01−2.9%−42.4%−27.1%−12.6%−2.3%−7.8%29.3%−5.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.28+119%1.48+15.9%+3.8%————24.1%−0.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.48+225%1.34+29.8%+6.0%+41.3%−16.1%−7.4%—24.8%+1.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.26+101%1.04+33.4%+10.4%+16.6%———24.4%−0.7%
HDV Dividend & IncomeiShares Core High Dividend ETF0.20+83.3%1.00+14.1%+7.1%+23.8%———24.2%−1.2%
SMH TechnologyVanEck Semiconductor ETF0.39+323%0.97+39.1%−33.5%+33.4%+6.8%+6.0%−47.0%26.9%+3.2%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.48+85.0%0.96+13.4%−5.1%+26.4%———24.6%−1.1%
GLD CommoditiesSPDR Gold Shares0.12+126%0.96+26.7%−0.8%−28.3%+9.6%+30.4%—24.1%0.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.43+136%0.93+45.8%−10.4%————25.5%+0.3%

Stocks

InvestmentCorrelation5Y returnSharpe20242022201320112007200280/20 mix volatility80/20 mix annual return
EW Edwards Lifesciences Corporation (this page)1.00−23.6%0.01−2.9%−42.4%−27.1%−12.6%−2.3%−7.8%29.3%−5.3%
CAH Medical - DistributionCardinal Health, Inc.0.29+479%1.55+19.0%+54.1%+66.0%+8.1%−9.8%−8.3%25.5%+3.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.09+3,143%1.47+215%+1.3%+27.6%−24.4%−25.7%−65.1%27.2%+14.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.22+1,636%1.46+107%+17.0%+61.7%−17.0%+2.1%−9.4%26.9%+10.9%
MCK Medical - DistributionMcKesson Corporation0.10+413%1.44+23.7%+51.8%+67.7%+11.8%+29.7%−27.2%24.5%+2.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.02+690%1.41−4.0%+86.6%+48.6%———24.5%+5.4%
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Common questions

What was EW's worst drawdown?

EW's deepest decline since it began trading in 2000 was 54.3%, from December 2021 to July 2024. It has not yet climbed back to that peak.

What were EW's best and worst years?

Over 25 full calendar years, EW's best year was 2014, when it returned 93.7%. Its worst was 2022, with a return of -42.4%.

Is there a better investment than EW?

Among EW's popular alternatives, JNJ, TMO and MDT earned more than EW with less volatility over the past 5 years. JNJ returned 12.7% a year at 17.9% volatility, against a loss of 5.2% a year at 32.7%. Looking beyond its popular alternatives, CAH (health care distribution) and ABBV (pharmaceuticals) earned more than EW with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against a loss of 5.2% a year at 32.7%.

Is EW more volatile than the S&P 500?

Yes. EW's volatility over the past 5 years was 32.7%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, EW's return lands within 32.7% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is EW's Sharpe ratio?

EW's Sharpe ratio over the past 5 years was 0.01, against 0.79 for the S&P 500, so EW 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 EW with the S&P 500?

Over the past 5 years, EW's monthly returns had a correlation of 0.46 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against EW instead: the lower it is, the more that option would diversify a EW holding.

What are the best alternatives to EW?

Of the 19 popular alternatives we compared, eight outperformed EW in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: THC, TMO and ATRC.

Did EW outperform the S&P 500?

EW finished ahead of the S&P 500 (SPY) in 13 of 25 full calendar years. In 2025, it returned +15.2%, against +17.7% for the index.

How did EW do in stock market crashes?

EW fell less than the S&P 500 (SPY) in three of the nine major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when EW fell 36.0% and the S&P 500 fell 24.5%.

What diversifies EW?

These had a low correlation with EW over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.28), DXJ (correlation 0.48) and EMLP (correlation 0.26); among large stocks, CAH (correlation 0.29), CLS (correlation 0.09) and FIX (correlation 0.22). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to EW

Other stocks and ETFs