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Relative Intelligence · Health Care Facilities

How HCA Healthcare (HCA) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on HCA alone. It places HCA (HCA Healthcare, Inc.) against 16 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 HCA stands in the market, and of the alternatives worth a closer look.

Period covered: HCA's full trading record, from March 2011 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 HCA →Chart HCA vs. 16 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in HCA over the past 15 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of HCA over the same span and HCA'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.

Note: HCA began trading on March 10, 2011, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or the 2010 flash crash. It covers the most recent 15 years of HCA's record, starting at the end of September 2011.

Choose a period

From the end of September 2011 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. 72 of the 2,130 stocks and funds worth at least $500 million that traded the whole period ended ahead of HCA; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M201120142017202020232026$10,000$100,000$1M2011201520192023
  • NVDA$8M+80,070% total · +56.2% a year
  • TSM$545,694+5,357% total · +30.6% a year
  • CTAS$335,705+3,257% total · +26.4% a year
  • ENSG$301,764+2,918% total · +25.5% a year
  • AAPL$291,870+2,819% total · +25.2% a year
  • HCA$285,065+2,751% total · +25.0% a year
  • THC$155,456+1,455% total · +20.1% a year
  • MCK$131,114+1,211% total · +18.7% a year
  • NHC$104,339+943% total · +16.9% a year
  • SPY (S&P 500)$87,526+775% total · +15.6% 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. 1,003 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of HCA; 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$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • MCK$43,941+339% total · +34.5% a year
  • THC$38,466+285% total · +30.9% a year
  • NHC$35,792+258% total · +29.0% a year
  • WELL$31,492+215% total · +25.8% a year
  • ENSG$23,206+132% total · +18.3% a year
  • EHC$21,341+113% total · +16.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • HCA$18,335+83.3% total · +12.9% a year
  • BKD$17,191+71.9% total · +11.4% a year
  • UNH$10,283+2.8% total · +0.6% a year
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HCA 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.

Note: HCA began trading on March 10, 2011, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or the 2010 flash crash.

The company

Market value
$101B
Industry
Medical - Care Facilities
Price history from
March 2011

Returns

Past 1 year
+8.3%total return
Past 3 years
+97.6%+25.5% a year
Past 5 years
+93.6%+14.1% a year
Past 10 years
+513%+19.9% a year
Best calendar year
+70.9%2012
Worst calendar year
−7.9%2015
Losing years
2 of 14full calendar years

Risk

Volatility
30.1%typical yearly swing, 5 years
Sharpe ratio
0.59return per unit of risk, 5 years
Worst decline ever
−54.7%Feb 2020 to Mar 2020
From its all-time high
−14.1%below the peak

HCA against the whole market

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

How does HCA rank among all stocks?

This section ranks HCA 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 HCA 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.

MeasureHCARankStanding
1-year return+8.3%1,654 of 3,287top 50%
3-year return+97.6%941 of 3,017top 31%
5-year return+93.6%718 of 2,893top 25%
10-year return+513%296 of 2,202top 13%
Volatility, 5 years30.1%734 of 2,893top 25%
Sharpe ratio, 5 years0.59688 of 2,893top 24%
Worst decline, past 10 years−54.7%655 of 2,187top 30%

What has beaten HCA 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). HCA sits where the dashed lines cross. Anything in the green box above and to the left earned more than HCA 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 HCA; faint dots are 91 more of the 158 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HCAAAPL: +18.5% a year, volatility 28.0%JPM: +17.3% a year, volatility 24.3%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%VGT: +18.4% a year, volatility 26.0%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%GWW: +26.3% a year, volatility 24.9%CTAS: +16.5% a year, volatility 23.1%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%WMT: +20.8% a year, volatility 22.6%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SPMO: +18.7% a year, volatility 20.8%EWT: +20.4% a year, volatility 24.2%IOO: +15.7% a year, volatility 17.2%VLUE: +15.9% a year, volatility 18.4%MSGS: +18.4% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%RSPT: +16.9% a year, volatility 25.1%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%TT: +22.7% a year, volatility 27.7%GARP: +17.5% a year, volatility 22.5%FRDM: +17.3% a year, volatility 22.8%BFC: +19.0% a year, volatility 27.3%DBJP: +20.9% a year, volatility 19.2%CTBI: +16.0% a year, volatility 26.0%HSBC: +33.1% a year, volatility 25.9%THFF: +15.9% a year, volatility 26.2%NXTG: +16.2% a year, volatility 19.1%RTX: +18.6% a year, volatility 24.3%BTI: +18.7% a year, volatility 22.0%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%COST: +17.4% a year, volatility 22.9%HLT: +21.0% a year, volatility 26.8%KMI: +18.7% a year, volatility 22.5%WAB: +25.6% a year, volatility 26.2%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%HIG: +15.6% a year, volatility 22.0%PGR: +21.3% a year, volatility 25.6%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%WES: +23.5% a year, volatility 27.6%COR: +24.2% a year, volatility 22.8%CLH: +23.1% a year, volatility 28.6%MNST: +17.2% a year, volatility 24.9%ARMK: +17.9% a year, volatility 28.5%ORLY: +15.9% a year, volatility 23.4%ETR: +19.2% a year, volatility 22.4%PCAR: +17.9% a year, volatility 26.1%WTS: +15.3% a year, volatility 28.4%PAGP: +26.8% a year, volatility 26.1%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%PSMT: +18.6% a year, volatility 28.2%GHC: +17.4% a year, volatility 26.3%CNO: +18.8% a year, volatility 28.1%PVAL: +16.1% a year, volatility 15.1%EUFN: +18.5% a year, volatility 21.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%RNR: +20.1% a year, volatility 27.8%ORI: +17.0% a year, volatility 22.2%PPA: +16.3% a year, volatility 18.9%AIRR: +18.3% a year, volatility 25.9%ACT: +20.5% a year, volatility 24.3%AXS: +16.7% a year, volatility 25.2%CRAK: +19.8% a year, volatility 20.9%EPU: +29.5% a year, volatility 24.9%WTM: +15.4% a year, volatility 23.6%NPK: +16.3% a year, volatility 27.3%TRST: +15.5% a year, volatility 26.8%SMBK: +15.2% a year, volatility 28.4%BWFG: +20.1% a year, volatility 28.5%RRBI: +15.2% a year, volatility 28.6%HCA: +14.1% a year, volatility 30.1%SPY (S&P 500): +12.7% a year, volatility 17.1%MCK: +38.7% a year, volatility 25.0%NHC: +32.0% a year, volatility 28.5%WELL: +26.0% a year, volatility 23.8%EHC: +18.4% a year, volatility 26.8%ENSG: +19.8% a year, volatility 26.8%THC: +32.9% a year, volatility 45.1%OHI: +16.4% a year, volatility 24.2%CTRE: +16.7% a year, volatility 24.6%ABBV: +26.1% a year, volatility 23.4%RY: +17.3% a year, volatility 18.2%FAST: +15.8% a year, volatility 24.6%CAH: +42.1% a year, volatility 24.7%RS: +24.8% a year, volatility 28.1%GOOG: +19.0% a year, volatility 32.0%DXJ: +26.6% a year, volatility 19.1%QQQ: +14.5% a year, volatility 23.0%HCASPY (S&P 500)MCKNHCWELLEHCENSGTHCOHICTREABBVRYCAHRSGOOGDXJQQQ0.0%10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than HCAAAPL: +18.5% a year, volatility 28.0%JPM: +17.3% a year, volatility 24.3%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%VGT: +18.4% a year, volatility 26.0%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%GWW: +26.3% a year, volatility 24.9%CTAS: +16.5% a year, volatility 23.1%CCEP: +19.7% a year, volatility 23.2%ALL: +17.0% a year, volatility 26.2%WMT: +20.8% a year, volatility 22.6%CBOE: +21.5% a year, volatility 25.1%IX: +17.9% a year, volatility 25.4%SPMO: +18.7% a year, volatility 20.8%EWT: +20.4% a year, volatility 24.2%IOO: +15.7% a year, volatility 17.2%VLUE: +15.9% a year, volatility 18.4%MSGS: +18.4% a year, volatility 25.6%NEU: +21.0% a year, volatility 26.8%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%RSPT: +16.9% a year, volatility 25.1%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%TT: +22.7% a year, volatility 27.7%GARP: +17.5% a year, volatility 22.5%FRDM: +17.3% a year, volatility 22.8%BFC: +19.0% a year, volatility 27.3%DBJP: +20.9% a year, volatility 19.2%CTBI: +16.0% a year, volatility 26.0%HSBC: +33.1% a year, volatility 25.9%THFF: +15.9% a year, volatility 26.2%NXTG: +16.2% a year, volatility 19.1%RTX: +18.6% a year, volatility 24.3%BTI: +18.7% a year, volatility 22.0%MO: +17.8% a year, volatility 21.4%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%E: +23.0% a year, volatility 25.6%MFC: +22.6% a year, volatility 24.0%LVHI: +17.0% a year, volatility 11.1%COST: +17.4% a year, volatility 22.9%HLT: +21.0% a year, volatility 26.8%KMI: +18.7% a year, volatility 22.5%WAB: +25.6% a year, volatility 26.2%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%HIG: +15.6% a year, volatility 22.0%PGR: +21.3% a year, volatility 25.6%IHG: +21.4% a year, volatility 26.6%PAA: +27.0% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%WES: +23.5% a year, volatility 27.6%COR: +24.2% a year, volatility 22.8%CLH: +23.1% a year, volatility 28.6%MNST: +17.2% a year, volatility 24.9%ARMK: +17.9% a year, volatility 28.5%ORLY: +15.9% a year, volatility 23.4%ETR: +19.2% a year, volatility 22.4%PCAR: +17.9% a year, volatility 26.1%WTS: +15.3% a year, volatility 28.4%PAGP: +26.8% a year, volatility 26.1%SDCI: +20.6% a year, volatility 18.4%WRB: +18.9% a year, volatility 22.9%PSMT: +18.6% a year, volatility 28.2%GHC: +17.4% a year, volatility 26.3%CNO: +18.8% a year, volatility 28.1%PVAL: +16.1% a year, volatility 15.1%EUFN: +18.5% a year, volatility 21.8%DTM: +24.5% a year, volatility 25.2%BLX: +31.4% a year, volatility 25.9%RNR: +20.1% a year, volatility 27.8%ORI: +17.0% a year, volatility 22.2%PPA: +16.3% a year, volatility 18.9%AIRR: +18.3% a year, volatility 25.9%ACT: +20.5% a year, volatility 24.3%AXS: +16.7% a year, volatility 25.2%CRAK: +19.8% a year, volatility 20.9%EPU: +29.5% a year, volatility 24.9%WTM: +15.4% a year, volatility 23.6%NPK: +16.3% a year, volatility 27.3%TRST: +15.5% a year, volatility 26.8%SMBK: +15.2% a year, volatility 28.4%BWFG: +20.1% a year, volatility 28.5%RRBI: +15.2% a year, volatility 28.6%HCA: +14.1% a year, volatility 30.1%SPY (S&P 500): +12.7% a year, volatility 17.1%MCK: +38.7% a year, volatility 25.0%NHC: +32.0% a year, volatility 28.5%WELL: +26.0% a year, volatility 23.8%EHC: +18.4% a year, volatility 26.8%ENSG: +19.8% a year, volatility 26.8%THC: +32.9% a year, volatility 45.1%OHI: +16.4% a year, volatility 24.2%CTRE: +16.7% a year, volatility 24.6%ABBV: +26.1% a year, volatility 23.4%RY: +17.3% a year, volatility 18.2%FAST: +15.8% a year, volatility 24.6%CAH: +42.1% a year, volatility 24.7%RS: +24.8% a year, volatility 28.1%GOOG: +19.0% a year, volatility 32.0%DXJ: +26.6% a year, volatility 19.1%QQQ: +14.5% a year, volatility 23.0%HCASPY (S&P 500)MCKNHCWELLEHCENSGTHCOHICTREABBVRYCAHGOOGQQQ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than HCA?

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

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

Screen the whole market against HCA for any period in BetterThanSPYOpen these 17 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 HCA?lower diversifies moreExpenseper year
HCAHCA Healthcare, Inc. · this page
+14.1%30.1%0.59−54.7%+513%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.520.09%
Popular alternativesbest 6 shownThe investments people most often weigh against HCA. 6 of 15 passed at least one test.
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%0.31—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.40—
WELLWelltower Inc. · Healthcare REITs
Higher return, lower volatilityHigher return in most periods+26.0%23.8%1.09−63.3%+379%0.40—
EHCEncompass Health Corporation · Health Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst decline+18.4%26.8%0.77−39.5%+340%0.61—
ENSGThe Ensign Group, Inc. · Health Care Facilities
Higher return, lower volatility+19.8%26.8%0.81−55.5%+896%0.67—
THCTenet Healthcare Corporation · Health Care Facilities
Higher return in most periods+32.9%45.1%0.86−71.7%+1,058%0.70—
Same and neighboring categories, and shared themesbest 2 shownEverything else in Health Care Facilities and the categories next to it (Healthcare REITs, Managed Health Care, Health Care Services, Medical Devices), plus HCA's specific themes. 2 of 44 passed at least one test.
OHIOmega Healthcare Investors, Inc. · Healthcare REITs
Higher return, lower volatility+16.4%24.2%0.75−66.9%+202%0.29—
CTRECareTrust REIT, Inc. · Healthcare REITs
Higher return, lower volatility+16.7%24.6%0.76−67.4%+310%0.38—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 514 of 3,575 passed at least one test.
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+26.1%23.4%1.11−45.1%+603%0.25—
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%0.41—
FASTFastenal Company · Industrial Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+15.8%24.6%0.72−30.7%+576%0.34—
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%0.49—
RSReliance Steel & Aluminum Co. · Metals & Mining
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+24.8%28.1%0.93−40.8%+626%0.36—
GOOGAlphabet Inc. · Internet Services
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.0%32.0%0.71−44.6%+752%0.21—
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%0.420.48%
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.5%23.0%0.71−35.1%+553%0.350.18%
What these numbers mean for HCA
Annual return
HCA returned 14.1% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $19,400. 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
HCA's volatility over the past 5 years was 30.1%, 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, HCA's return lands within 30.1% 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
HCA's Sharpe ratio over the past 5 years was 0.59, against 0.79 for the S&P 500, so HCA 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
HCA's worst fall from a peak to a low over the past 10 years was 54.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 54.7% fall takes a 121% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, HCA's monthly returns had a correlation of 0.52 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 HCA instead: the lower it is, the more that option would diversify a HCA holding. Guide: Correlation and diversification →
Show all 158 stocks and funds worth at least $500 million that earned more than HCA 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 HCAExpense
1
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.25—
2
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.41—
3
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.34—
4
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.49—
5
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.34—
6
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.36—
7
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.41—
8
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.420.48%
9
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.33—
10
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.20—
11
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.22—
12
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.32—
13
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.280.09%
14
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.41—
15
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.43—
16
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.45—
17
CTASCintas Corporation · Business Services
Whole market+16.5%23.1%0.78−48.4%+808%0.46—
18
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.42—
19
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.19—
20
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.36—
21
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.24—
22
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.41—
23
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.350.13%
24
MCKMcKesson Corporation · Health Care Distribution
Popular alternative+38.7%25.0%1.44−38.1%+586%0.31—
25
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%0.190.59%
26
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.490.40%
27
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.400.15%
28
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.26—
29
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.21—
30
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.180.19%
31
QTUMDefiance Quantum ETF · Technology
Whole market+22.8%28.1%0.87−38.5%—0.210.40%
32
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.9%25.1%0.75−33.7%+572%0.330.40%
33
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.370.50%
34
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.36—
35
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.45—
36
GARPiShares MSCI USA Quality GARP ETF · Broad Market
Whole market+17.5%22.5%0.83−31.4%—0.390.15%
37
FRDMFreedom 100 Emerging Markets ETF · International
Whole market+17.3%22.8%0.82−40.5%—0.380.49%
38
NHCNational HealthCare Corporation · Medical - Care Facilities
Popular alternative+32.0%28.5%1.12−35.3%+394%0.40—
39
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%0.12—
40
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.430.45%
41
CTBICommunity Trust Bancorp, Inc. · Banks - Regional
Whole market+16.0%26.0%0.70−43.0%+192%0.18—
42
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.14—
43
THFFFirst Financial Corporation · Banks - Regional
Whole market+15.9%26.2%0.69−42.8%+161%0.13—
44
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.300.70%
45
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.43—
46
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.31—
47
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.42—
48
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.37—
49
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.33—
50
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%0.40—
51
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.39—
52
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.590.40%
53
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.35—
54
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.45—
55
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.39—
56
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.60—
57
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.34—
58
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.59—
59
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.49—
60
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.48—
61
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.340.40%
62
HIGThe Hartford Insurance Group, Inc. · Property & Casualty Insurance
Whole market+15.6%22.0%0.77−57.6%+294%0.50—
63
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.26—
64
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.42—
65
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.28—
66
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.48—
67
WESWestern Midstream Partners, LP · Oil & Gas Midstream
Whole market+23.5%27.6%0.91−91.9%+128%0.37—
68
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.62—
69
CLHClean Harbors, Inc. · Environmental Services
Whole market+23.1%28.6%0.88−64.5%+588%0.42—
70
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.27—
71
ARMKAramark · Food Services
Whole market+17.9%28.5%0.72−72.3%+137%0.34—
72
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.43—
73
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.24—
74
PCARPACCAR Inc · Commercial Vehicles
Whole market+17.9%26.1%0.76−37.9%+314%0.46—
75
WELLWelltower Inc. · Healthcare REITs
Popular alternative+26.0%23.8%1.09−63.3%+379%0.40—
76
WTSWatts Water Technologies, Inc. · Industrial Machinery
Whole market+15.3%28.4%0.65−44.1%+539%0.45—
77
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Whole market+26.8%26.1%1.05−88.0%+56.3%0.26—
78
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.120.80%
79
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Whole market+18.9%22.9%0.87−45.3%+443%0.34—
80
PSMTPriceSmart, Inc. · Discount Retail
Whole market+18.6%28.2%0.75−53.2%+124%0.30—
81
GHCGraham Holdings Company · Industrial Conglomerates
Whole market+17.4%26.3%0.74−62.5%+191%0.45—
82
CNOCNO Financial Group, Inc. · Life Insurance
Whole market+18.8%28.1%0.76−63.8%+342%0.38—
83
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.610.56%
84
EUFNiShares MSCI Europe Financials ETF · Financial Sector Equity
Whole market+18.5%21.8%0.89−53.2%+233%0.470.49%
85
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.36—
86
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.32—
87
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.12—
88
ORIOld Republic International Corporation · Property & Casualty Insurance
Whole market+17.0%22.2%0.82−47.8%+349%0.46—
89
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Whole market+16.3%18.9%0.90−43.9%+344%0.530.58%
90
AIRRFirst Trust RBA American Industrial RenaissanceTM ETF · US Industrials
Whole market+18.3%25.9%0.78−42.4%+407%0.480.69%
91
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.41—
92
AXSAXIS Capital Holdings Limited · Property & Casualty Insurance
Whole market+16.7%25.2%0.74−49.3%+137%0.27—
93
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.410.61%
94
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.480.59%
95
WTMWhite Mountains Insurance Group, Ltd. · Insurance
Whole market+15.4%23.6%0.73−40.2%+169%0.18—
96
NPKNational Presto Industries, Inc. · Aerospace & Defense
Whole market+16.3%27.3%0.69−45.5%+181%0.04—
97
TRSTTrustCo Bank Corp NY · Banks - Regional
Whole market+15.5%26.8%0.68−49.5%+126%0.28—
98
SMBKSmartFinancial, Inc. · Banks - Regional
Whole market+15.2%28.4%0.64−56.4%+226%0.24—
99
BWFGBankwell Financial Group, Inc. · Banks - Regional
Whole market+20.1%28.5%0.79−64.7%+240%0.17—
100
RRBIRed River Bancshares, Inc. · Banks - Regional
Whole market+15.2%28.6%0.64−46.9%—0.14—

HCA against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−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 volatilityHCA: 14.1% a year, volatility 30.1%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%NHC: 32.0% a year, volatility 28.5%WELL: 26.0% a year, volatility 23.8%ENSG: 19.8% a year, volatility 26.8%EHC: 18.4% a year, volatility 26.8%BKD: 8.5% a year, volatility 52.9%UNH: 1.1% a year, volatility 32.1%ACHC: −11.3% a year, volatility 47.6%SGRY: −18.3% a year, volatility 55.0%ADUS: 8.5% a year, volatility 34.0%UHS: 7.3% a year, volatility 32.1%CYH: −23.5% a year, volatility 78.3%THC: 32.9% a year, volatility 45.1%ELV: 2.2% a year, volatility 29.4%ABT: −1.7% a year, volatility 23.1%HCASPY (S&P 500)MCKNHCWELLENSGEHCBKDUNHACHCSGRYADUSUHSCYHTHCELVABT0.0%20.0%40.0%60.0%80.0%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityHCA: 14.1% a year, volatility 30.1%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%NHC: 32.0% a year, volatility 28.5%WELL: 26.0% a year, volatility 23.8%ENSG: 19.8% a year, volatility 26.8%EHC: 18.4% a year, volatility 26.8%BKD: 8.5% a year, volatility 52.9%UNH: 1.1% a year, volatility 32.1%ACHC: −11.3% a year, volatility 47.6%SGRY: −18.3% a year, volatility 55.0%ADUS: 8.5% a year, volatility 34.0%UHS: 7.3% a year, volatility 32.1%CYH: −23.5% a year, volatility 78.3%THC: 32.9% a year, volatility 45.1%ELV: 2.2% a year, volatility 29.4%ABT: −1.7% a year, volatility 23.1%HCASPY (S&P 500)MCKNHCWELLENSGEHCBKDUNHACHCSGRYADUSUHSCYHTHCELVABT
All figures
InvestmentAnnual returnVolatility
MCK McKesson Corporation+38.7%25.0%
THC Tenet Healthcare Corporation+32.9%45.1%
NHC National HealthCare Corporation+32.0%28.5%
WELL Welltower Inc.+26.0%23.8%
ENSG The Ensign Group, Inc.+19.8%26.8%
EHC Encompass Health Corporation+18.4%26.8%
HCA This pageHCA Healthcare, Inc.+14.1%30.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
ADUS Addus HomeCare Corporation+8.5%34.0%
BKD Brookdale Senior Living Inc.+8.5%52.9%
UHS Universal Health Services, Inc.+7.3%32.1%
ELV Elevance Health Inc.+2.2%29.4%
UNH UnitedHealth Group Incorporated+1.1%32.1%
ABT Abbott Laboratories−1.7%23.1%
ACHC Acadia Healthcare Company, Inc.−11.3%47.6%
SGRY Surgery Partners, Inc.−18.3%55.0%
CYH Community Health Systems, Inc.−23.5%78.3%
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Has HCA consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than HCA 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
HCA HCA Healthcare, Inc. (this page)—+9.3%+26.0%−2.2%−0.5%+8.3%+97.6%+93.6%+513%30.1%0.59−54.7%—$101B—
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—
NHC QualifiedNational HealthCare Corporation4/5 short2/3 long+11.4%+13.1%+49.8%+92.1%+104%+296%+301%+394%28.5%1.12−35.3%—$3.9B—
WELL QualifiedWelltower Inc.3/5 short2/3 long+2.3%−2.4%+14.5%+28.7%+36.0%+201%+217%+379%23.8%1.09−63.3%—$172B—
ENSG Medical - Care FacilitiesThe Ensign Group, Inc.1/5 short2/3 long+0.9%+2.3%−10.8%+1.3%−4.9%+84.1%+147%+896%26.8%0.81−55.5%—$10B—
EHC Medical - Care FacilitiesEncompass Health Corporation2/5 short1/3 long+0.3%+8.3%+14.9%+15.0%−2.1%+97.2%+133%+340%26.8%0.77−39.5%—$12B—
BKD Medical - Care FacilitiesBrookdale Senior Living Inc.1/5 short1/3 long−11.5%−32.6%−25.6%−7.1%+14.8%+166%+50.1%−36.8%52.9%0.42−89.3%—$2.4B—
UNH Medical - Healthcare PlansUnitedHealth Group Incorporated4/5 short0/3 long+11.0%+0.1%+31.2%+27.1%+18.1%−15.3%+5.5%+241%32.1%0.20−61.4%—$376B—
ACHC Medical - Care FacilitiesAcadia Healthcare Company, Inc.4/5 short0/3 long+10.8%−8.7%+12.9%+120%+31.2%−58.1%−45.0%−20.8%47.6%-0.01−86.9%—$2.9B—
PACS Medical - Care FacilitiesPACS Group, Inc.4/5 short0/3 long+13.5%+6.7%+32.6%+20.8%+276%—————−82.0%—$7.6B—
ELV Medical - Healthcare PlansElevance Health Inc.3/5 short0/3 long+7.5%+15.7%+39.0%+26.1%+26.8%+2.0%+11.7%+307%29.4%0.23−50.4%—$95B—
SGRY Medical - Care FacilitiesSurgery Partners, Inc.3/5 short0/3 long+13.4%−3.4%+8.2%+1.5%−25.7%−37.0%−63.5%−22.6%55.0%-0.10−82.9%—$2.0B—
ADUS Medical - Care FacilitiesAddus HomeCare Corporation2/5 short0/3 long+2.3%+5.9%+26.2%+10.7%−2.8%+45.8%+50.6%+338%34.0%0.42−53.4%—$2.2B—
ABT Medical - DevicesAbbott Laboratories1/5 short0/3 long+0.3%+1.6%+8.4%−15.3%−18.7%+13.0%−8.0%+204%23.1%0.04−39.6%—$178B—
UHS Medical - Care FacilitiesUniversal Health Services, Inc.1/5 short0/3 long+6.2%+23.4%+3.5%−15.3%−10.0%+50.9%+42.4%+55.7%32.1%0.38−56.3%—$11B—
CYH Medical - Care FacilitiesCommunity Health Systems, Inc.0/5 short0/3 long−1.4%−8.7%−9.5%−8.1%−10.7%+13.1%−73.8%−72.8%78.3%0.06−87.7%—$402M—
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How did HCA do year by year?

This table shows each investment's total return in every full calendar year since 2012, along with where HCA ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with HCA and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: HCA began trading on March 10, 2011, so the table starts with 2012, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or the 2010 flash crash.

Newest year first. Green marks a year in which the fund came out ahead of HCA; gray means the two finished within a fraction of a point. The rank row places HCA among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of HCA20252024202320222021202020192018201720162015201420132012
HCA This pageHCA Healthcare, Inc.—+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%
Rank among alternativesTop quarter in 5 of 144 of 179 of 168 of 169 of 164 of 1610 of 1610 of 163 of 165 of 165 of 1612 of 152 of 157 of 153 of 15
SPY S&P 500State Street SPDR S&P 500 ETF7 of 14+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%
THC Tenet Healthcare Corporation4 of 14+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%
MCK McKesson Corporation7 of 14+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%
NHC National HealthCare Corporation4 of 14+30.3%+19.1%+60.8%−9.4%+5.4%−20.6%+13.0%+32.4%−17.3%+26.1%+1.3%+19.3%+17.6%+17.6%
WELL Welltower Inc.4 of 14+49.9%+43.1%+41.8%−21.2%+37.0%−17.2%+23.1%+15.3%+0.2%+3.4%−5.8%+48.6%−8.4%+18.2%
ENSG The Ensign Group, Inc.9 of 14+31.3%+18.6%+18.9%+13.0%+15.4%+61.4%+25.6%+75.6%+0.8%−1.1%+2.6%+78.3%+64.0%+11.9%
EHC Encompass Health Corporation5 of 14+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%
BKD Brookdale Senior Living Inc.2 of 14+115%−13.6%+113%−47.1%+16.5%−39.1%+8.5%−30.9%−21.9%−32.7%−49.7%+34.9%+7.3%+45.6%
UNH UnitedHealth Group Incorporated5 of 14−33.1%−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%
ACHC Acadia Healthcare Company, Inc.6 of 14−64.2%−49.0%−5.5%+35.6%+20.8%+51.3%+29.2%−21.2%−1.4%−47.0%+2.0%+29.3%+103%+134%
PACS PACS Group, Inc.1 of 1+193%—————————————
ELV Elevance Health Inc.3 of 14−3.1%−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%
SGRY Surgery Partners, Inc.4 of 10−27.0%−33.8%+14.8%−47.8%+84.1%+85.3%+60.0%−19.1%−23.7%−22.7%————
ADUS Addus HomeCare Corporation9 of 14−14.3%+35.0%−6.7%+6.4%−20.1%+20.4%+43.2%+95.1%−0.7%+50.6%−4.1%+8.1%+214%+100%
ABT Abbott Laboratories4 of 14+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%
UHS Universal Health Services, Inc.5 of 14+22.0%+18.2%+8.8%+9.4%−5.2%−4.0%+23.6%+3.2%+6.9%−10.7%+7.7%+37.3%+68.6%+26.1%
CYH Community Health Systems, Inc.2 of 14+4.3%−4.5%−27.6%−67.5%+79.1%+156%+2.8%−33.8%−23.8%−74.5%−50.8%+37.3%+27.8%+46.6%
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Risk and diversification

How HCA 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 HCA's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents HCA's five deepest drawdowns since it began trading in 2011, 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.

Note: HCA began trading on March 10, 2011, so this list cannot include the dot-com bust, the 2008 financial crisis or the 2010 flash crash. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means HCA fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringHCA fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Covid crash−54.7%−27.9%Feb 2020Mar 20201 monthNov 20208 months
2011 euro debt crisis−49.9%−8.6%Jun 2011Sep 20113 monthsSep 201212 months
2022 bear market−39.5%−13.5%Apr 2022Jul 20223 monthsApr 20239 months
2015 China and oil sell-off−33.7%−10.5%Jul 2015Jan 20166 monthsJan 20182 years
No named crash−33.6%+9.3%Mar 2026Jun 20263 monthsNot yet—

How did HCA do in stock market crashes?

This section measures how far HCA, 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: HCA began trading on March 10, 2011, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or the 2010 flash crash. 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 HCA.

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
HCA This pageHCA Healthcare, Inc.—−2.2%−39.5%−54.4%−20.6%−3.8%−31.3%−49.0%Not yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF5 of 7−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
THC Tenet Healthcare Corporation1 of 7−10.6%−45.6%−67.8%−42.5%−3.8%−57.4%−42.6%−4.7%−86.6%−20.4%
MCK McKesson Corporation5 of 7−0.9%−10.5%−32.1%−20.7%−6.5%−30.8%−14.2%−3.5%−57.7%−39.4%
NHC National HealthCare Corporation5 of 7−3.0%−17.9%−32.0%−10.7%−5.5%−13.2%−39.0%0.0%−35.4%−62.6%
WELL Welltower Inc.3 of 7−9.2%−40.8%−61.9%−11.1%−6.5%−22.3%−23.3%−0.5%−47.5%−18.1%
ENSG The Ensign Group, Inc.5 of 7−2.4%−24.6%−52.2%−24.1%−1.0%−24.6%−29.6%0.0%——
EHC Encompass Health Corporation5 of 7−3.1%−27.3%−39.5%−24.1%−2.7%−29.9%−44.2%−2.6%−70.0%−83.5%
BKD Brookdale Senior Living Inc.0 of 7−14.3%−46.4%−79.3%−35.6%−7.4%−59.0%−50.8%−4.5%−93.5%—
UNH UnitedHealth Group Incorporated5 of 7−1.8%−16.9%−35.9%−18.6%−6.7%−12.4%−20.7%−0.8%−72.4%−19.8%
ACHC Acadia Healthcare Company, Inc.2 of 7−5.5%−16.1%−66.4%−44.7%−4.4%−35.5%−31.4%0.0%−83.0%−96.2%
ELV Elevance Health Inc.5 of 7−2.3%−15.9%−42.3%−15.7%−3.6%−22.9%−23.4%−0.7%−67.2%—
SGRY Surgery Partners, Inc.0 of 5−9.7%−62.1%−76.1%−40.0%−5.3%—————
ADUS Addus HomeCare Corporation5 of 7−4.9%−22.5%−51.4%−16.6%−2.6%−47.0%−37.5%0.0%——
ABT Abbott Laboratories5 of 7−2.5%−27.9%−29.7%−11.7%−8.8%−27.4%−11.5%−0.5%−22.3%−45.7%
UHS Universal Health Services, Inc.4 of 7−5.2%−43.4%−52.5%−17.8%−4.8%−30.3%−40.4%0.0%−52.5%−32.3%
CYH Community Health Systems, Inc.1 of 7−10.7%−85.5%−64.6%−43.1%−3.7%−69.5%−43.4%−3.0%−71.0%−52.8%
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How closely does HCA 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 HCA 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 HCA's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
HCA This pageHCA Healthcare, Inc.135%140%0.971.37
MCK McKesson Corporation72%27%2.710.56
ENSG The Ensign Group, Inc.105%55%1.930.83
NHC National HealthCare Corporation73%45%1.640.44
WELL Welltower Inc.87%72%1.220.90
EHC Encompass Health Corporation86%71%1.220.92
ADUS Addus HomeCare Corporation88%75%1.170.81
THC Tenet Healthcare Corporation173%168%1.031.87
UNH UnitedHealth Group Incorporated81%82%0.980.70
ELV Elevance Health Inc.94%98%0.960.86
ABT Abbott Laboratories76%79%0.960.64
UHS Universal Health Services, Inc.86%141%0.611.13
SGRY Surgery Partners, Inc.114%242%0.472.53
BKD Brookdale Senior Living Inc.40%111%0.361.15
ACHC Acadia Healthcare Company, Inc.43%125%0.351.07
CYH Community Health Systems, Inc.81%245%0.331.90
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What diversifies HCA?

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

ETFs

InvestmentCorrelation5Y returnSharpe2022201580/20 mix volatility80/20 mix annual return
HCA HCA Healthcare, Inc. (this page)1.00+93.6%0.59−5.6%−7.8%33.2%+12.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.42+225%1.34+6.0%+7.7%27.7%+16.4%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.43+135%0.97+21.5%−35.3%28.4%+15.1%
SMH TechnologyVanEck Semiconductor ETF0.26+323%0.97−33.5%−0.3%29.2%+19.0%
GLD CommoditiesSPDR Gold Shares0.34+126%0.96−0.8%−10.7%27.9%+14.8%
IOO InternationaliShares Global 100 ETF0.49+107%0.94−16.3%−1.8%28.2%+14.4%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.35+136%0.93−10.4%—28.3%+15.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.36+177%0.93+64.4%−21.5%28.9%+15.9%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.40+109%0.90−14.2%−4.1%28.4%+14.6%

Stocks

InvestmentCorrelation5Y returnSharpe2022201580/20 mix volatility80/20 mix annual return
HCA HCA Healthcare, Inc. (this page)1.00+93.6%0.59−5.6%−7.8%33.2%+12.9%
CAH Medical - DistributionCardinal Health, Inc.0.49+479%1.55+54.1%+12.6%29.5%+18.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.06+3,143%1.47+1.3%−6.0%29.7%+32.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.28+1,636%1.46+17.0%+67.7%30.4%+27.3%
MCK Medical - DistributionMcKesson Corporation0.31+413%1.44+51.8%−4.5%28.6%+18.0%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.34+690%1.41+86.6%+17.4%29.4%+20.5%
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Common questions

What was HCA's worst drawdown?

HCA's deepest decline since it began trading in 2011 was 54.7%, from February to March 2020. It took eight months from the low to climb back to its old high. Because HCA launched in March 2011, that record does not include the dot-com bust, the 2008 financial crisis or the 2010 flash crash.

What were HCA's best and worst years?

Over 14 full calendar years, HCA's best year was 2012, when it returned 70.9%. Its worst was 2015, with a return of -7.9%.

Is there a better investment than HCA?

Among HCA's popular alternatives, MCK, NHC and WELL earned more than HCA with less volatility over the past 5 years. MCK returned 38.7% a year at 25.0% volatility, against 14.1% a year at 30.1%. Looking beyond its popular alternatives, OHI (healthcare reits) and CTRE (healthcare reits) earned more than HCA with less volatility over the past 5 years. OHI returned 16.4% a year at 24.2% volatility, against 14.1% a year at 30.1%.

Is HCA more volatile than the S&P 500?

Yes. HCA's volatility over the past 5 years was 30.1%, 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, HCA's return lands within 30.1% 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 HCA's Sharpe ratio?

HCA's Sharpe ratio over the past 5 years was 0.59, against 0.79 for the S&P 500, so HCA 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 HCA with the S&P 500?

Over the past 5 years, HCA's monthly returns had a correlation of 0.52 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 HCA instead: the lower it is, the more that option would diversify a HCA holding.

What are the best alternatives to HCA?

Of the 16 popular alternatives we compared, four outperformed HCA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: THC, MCK and NHC.

Did HCA outperform the S&P 500?

HCA finished ahead of the S&P 500 (SPY) in seven of 14 full calendar years. In 2025, it returned +56.7%, against +17.7% for the index.

How did HCA do in stock market crashes?

HCA fell less than the S&P 500 (SPY) in two of the seven major crashes it has traded through, and further in five. The clearest case was the 2011 euro debt crisis, when HCA fell 49.0% and the S&P 500 fell 17.9%.

What diversifies HCA?

These had a low correlation with HCA over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.42), MLPX (correlation 0.43) and SMH (correlation 0.26); among large stocks, CAH (correlation 0.49), CLS (correlation 0.06) and FIX (correlation 0.28). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to HCA

Other stocks and ETFs