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

> Source: EasyCompare research, https://easycompare.io/research/hca
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on 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.

## Key findings

- **Right now:** HCA has run far ahead of the market, rising 26.0% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. Its health care facility peers were far apart over the past 3 months, from THC (Tenet Healthcare, up 40.1%) to ENSG (Ensign Group, up 2.3%).
- **Stock or market?:** More than an industry move: HCA rose 26.0% over the past 3 months, against 7.1% for the health care facilities ETF IHF (iShares U.S. Healthcare Providers ETF). The S&P 500 rose 3.9%. Last month cut against the tape: HCA rose 9.3% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** Over the past year, HCA rose 8.3% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. On the flip side, HCA lagged its health care facility peers in 2023, then moved up the pack in 2025.
- **Long term:** HCA turned $10,000 into $61,300 over the past decade, against $42,100 in the S&P 500. HCA's 10-year return of 513% puts it ahead of 87% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across five sell-offs, HCA has typically fallen 1.9 times as far as the S&P 500. The Covid crash took 54.4% off HCA, against 33.7% for the S&P 500. That was more than EHC (Encompass Health, 39.5%) but less than THC (Tenet Healthcare, 67.8%).
- **Diversification:** HCA is some diversification, but not a hedge: a correlation of 0.52 with the S&P 500 over 5 years and 0.52 with the total US market, more closely than 77% of stocks worth at least $300 million. Over 10 years, HCA's beta versus the S&P 500 was 1.37: in the S&P 500's rising months it gained 1.4 times as much as the index, and in falling months it lost 1.4 times as much.
- **Better options**
  - **Popular alternatives:** MCK (McKesson), NHC (National HealthCare) and WELL (Welltower) 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%.
  - **Nearby categories and themes:** OHI (Omega Healthcare Investors, healthcare reits) and CTRE (CareTrust REIT, 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%.
  - **Whole market:** 158 of the 3,633 stocks and funds worth at least $500 million earned more than HCA with less volatility over the past 5 years, among them AAPL (Apple), WMT (Walmart) and JPM (JPMorgan Chase & Co.).

## 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.

- $10,000 invested in HCA at the end of September 2011 would have grown to $285,065 by September 2026, more than the $87,526 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of HCA, and NVDA finished highest, at $8,017,015.

## 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.

- 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.
- Over 14 full calendar years, HCA's best was 2012, when it returned 70.9%, and its worst was 2015, when it lost 7.9%. It lost money in two of those years.
- HCA is 14.1% below its all-time high.

- Type: Stock, Healthcare (Medical - Care Facilities)
- Trading since: March 10, 2011
- Market value: $101B
- Volatility (5 years): 30.1%; Sharpe ratio: 0.59
- Worst decline ever: −54.7%, from February 5, 2020 to March 18, 2020; back at its high by November 10, 2020

| Period | HCA total return |
| --- | --- |
| 1 month | +9.3% |
| 3 months | +26.0% |
| 6 months | −2.2% |
| year to date | −0.5% |
| 1 year | +8.3% |
| 3 years | +97.6% |
| 5 years | +93.6% |
| 10 years | +513% |

## 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.

- HCA's 10-year return ranks in the top 13% of the 2,202 stocks worth at least $300 million with 10 years of history.

| Measure | HCA | Rank |
| --- | --- | --- |
| 1-year return | +8.3% | 1,654 of 3,287 (top 51%) |
| 3-year return | +97.6% | 941 of 3,017 (top 32%) |
| 5-year return | +93.6% | 718 of 2,893 (top 25%) |
| 10-year return | +513% | 296 of 2,202 (top 14%) |
| Volatility, 5 years | 30.1% | 734 of 2,893 (top 26%) |
| Sharpe ratio, 5 years | 0.59 | 688 of 2,893 (top 24%) |
| Worst decline, past 10 years | −54.7% | 655 of 2,187 (top 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).

- 101 stocks and 57 ETFs worth at least $500 million sit in the green region: each earned more than HCA over the past 5 years with smaller price swings. That is 4% of the 3,633 screened.
- Among those with at least half HCA's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 18% less than HCA's 30.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.59 for HCA.
- Among HCA's popular alternatives, MCK, NHC and WELL are in the region. MCK earned 38.7% a year against 14.1% a year for HCA, at 25.0% volatility, 17% less than HCA's 30.1%.

### Is there a better investment than HCA?

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.

- 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%.
- Across the whole market, 158 of the 3,633 stocks and funds worth at least $500 million earned more than HCA with less volatility over the past 5 years, among them AAPL, WMT and JPM.

The 15 strongest of 158 investments that beat HCA over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with HCA | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| HCA: HCA Healthcare, Inc. (this page) |  | +14.1% | 30.1% | 0.59 | −54.7% | +513% |  |  |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [FAST](https://easycompare.io/research/fast): Fastenal Company | Industrial Distribution | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.49 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| RS: Reliance Steel & Aluminum Co. | Metals & Mining | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | Banks | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [PM](https://easycompare.io/research/pm): Philip Morris International Inc. | Tobacco | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CSCO](https://easycompare.io/research/csco): Cisco Systems, Inc. | Communications Equipment | +16.8% | 26.1% | 0.73 | −42.0% | +374% | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [TD](https://easycompare.io/research/td): The Toronto-Dominion Bank | Banks | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VGT](https://easycompare.io/research/vgt): Vanguard Information Technology ETF | Technology Equity | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CM](https://easycompare.io/research/cm): Canadian Imperial Bank of Commerce | Banks | +19.2% | 21.6% | 0.93 | −47.3% | +395% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Five of the 15 popular alternatives, led by MCK, NHC and WELL, were both more rewarding and calmer than HCA over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, HCA returned 14.1% a year, more than the S&P 500's 12.7%, with higher volatility (30.1% against 17.1%).

### 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.

- Four of the 16 popular alternatives, led by THC, MCK and NHC, outperformed HCA in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- THC and MCK outperformed HCA in every long-term period and in all but one short-term period, the most consistent record in the group.
- MCK, NHC and EHC earned more for the risk they took than HCA (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of HCA | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| HCA: HCA Healthcare, Inc. (this page) | +8.3% | +97.6% | +93.6% | +513% |  |  | 0.59 |
| THC: Tenet Healthcare Corporation | +34.7% | +399% | +315% | +1,058% | 4/5 short-term, 3/3 long-term | all-weather | 0.86 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | +31.3% | +131% | +413% | +586% | 4/5 short-term, 3/3 long-term | all-weather | 1.44 |
| NHC: National HealthCare Corporation | +104% | +296% | +301% | +394% | 4/5 short-term, 2/3 long-term | consistent | 1.12 |
| [WELL](https://easycompare.io/research/well): Welltower Inc. | +36.0% | +201% | +217% | +379% | 3/5 short-term, 2/3 long-term | consistent | 1.09 |
| ENSG: The Ensign Group, Inc. | −4.9% | +84.1% | +147% | +896% | 1/5 short-term, 2/3 long-term |  | 0.81 |
| EHC: Encompass Health Corporation | −2.1% | +97.2% | +133% | +340% | 2/5 short-term, 1/3 long-term |  | 0.77 |
| BKD: Brookdale Senior Living Inc. | +14.8% | +166% | +50.1% | −36.8% | 1/5 short-term, 1/3 long-term |  | 0.42 |
| [UNH](https://easycompare.io/research/unh): UnitedHealth Group Incorporated | +18.1% | −15.3% | +5.5% | +241% | 4/5 short-term, 0/3 long-term |  | 0.20 |
| ACHC: Acadia Healthcare Company, Inc. | +31.2% | −58.1% | −45.0% | −20.8% | 4/5 short-term, 0/3 long-term |  | -0.01 |
| PACS: PACS Group, Inc. | +276% | — | — | — | 4/5 short-term, 0/3 long-term |  | — |
| [ELV](https://easycompare.io/research/elv): Elevance Health Inc. | +26.8% | +2.0% | +11.7% | +307% | 3/5 short-term, 0/3 long-term |  | 0.23 |
| SGRY: Surgery Partners, Inc. | −25.7% | −37.0% | −63.5% | −22.6% | 3/5 short-term, 0/3 long-term |  | -0.10 |
| ADUS: Addus HomeCare Corporation | −2.8% | +45.8% | +50.6% | +338% | 2/5 short-term, 0/3 long-term |  | 0.42 |
| [ABT](https://easycompare.io/research/abt): Abbott Laboratories | −18.7% | +13.0% | −8.0% | +204% | 1/5 short-term, 0/3 long-term |  | 0.04 |
| UHS: Universal Health Services, Inc. | −10.0% | +50.9% | +42.4% | +55.7% | 1/5 short-term, 0/3 long-term |  | 0.38 |
| CYH: Community Health Systems, Inc. | −10.7% | +13.1% | −73.8% | −72.8% | 0/5 short-term, 0/3 long-term |  | 0.06 |

### 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.

- Ranked against its popular alternatives each year, HCA finished in the top quarter in five of 14 years and in the bottom quarter in no. In 2025, it ranked 4 of 17.
- HCA finished ahead of the S&P 500 in seven of its 14 full calendar years.
- Among its popular alternatives, ENSG came out ahead of HCA most often, in nine of the 14 years both traded.

| Year | HCA | SPY |
| --- | --- | --- |
| 2025 | +56.7% | +17.7% |
| 2024 | +11.8% | +24.9% |
| 2023 | +13.8% | +26.2% |
| 2022 | −5.6% | −18.2% |
| 2021 | +57.6% | +28.7% |
| 2020 | +11.6% | +18.3% |
| 2019 | +20.2% | +31.2% |
| 2018 | +43.4% | −4.6% |
| 2017 | +18.7% | +21.7% |
| 2016 | +9.4% | +12.0% |

## 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.

- In all five of HCA's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: HCA fell 33.6% from March to June 2026, while the S&P 500 rose 9.3%.
- The slowest recovery came after HCA fell 33.7% from July 2015 to January 2016; it did not regain that peak until January 2018, two years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −54.7% | February 5, 2020 | March 18, 2020 | November 10, 2020 | −27.9% | Covid crash |
| −49.9% | June 9, 2011 | September 13, 2011 | September 18, 2012 | −8.6% | 2011 euro debt crisis |
| −39.5% | April 20, 2022 | July 6, 2022 | April 12, 2023 | −13.5% | 2022 bear market |
| −33.7% | July 13, 2015 | January 20, 2016 | January 26, 2018 | −10.5% | 2015 China and oil sell-off |
| −33.6% | March 9, 2026 | June 8, 2026 | not yet | +9.3% |  |

### 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.

- HCA fell further than the S&P 500 in five of the seven crashes it has traded through. The clearest case was the 2011 euro debt crisis, when HCA fell 49.0% and the S&P 500 fell 17.9%.
- Among its popular alternatives, MCK held up best, falling less than HCA in five of the seven crashes they both traded through.
- HCA began trading after the 2008 financial crisis, but 12 of its popular alternatives lived through it. The mildest fall among them was ABT's 22.3%, against 55.2% for the S&P 500.

| Crash | Dates | HCA fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −49.0% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −31.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −3.8% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −20.6% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −54.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −39.5% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.2% | −3.4% |

### 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.

- Eight of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than HCA's 0.97, led by MCK, ENSG and NHC.
- Over the past 10 years, HCA captured 135% of the S&P 500's gains in rising months and 140% of its losses in falling months, with a beta of 1.37. It amplified the market's moves in both directions.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| HCA: HCA Healthcare, Inc. (this page) | 135% | 140% | 1.37 |
| THC: Tenet Healthcare Corporation | 173% | 168% | 1.87 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | 72.0% | 27.0% | 0.56 |
| NHC: National HealthCare Corporation | 73.0% | 45.0% | 0.44 |
| [WELL](https://easycompare.io/research/well): Welltower Inc. | 87.0% | 72.0% | 0.90 |
| ENSG: The Ensign Group, Inc. | 105% | 55.0% | 0.83 |
| EHC: Encompass Health Corporation | 86.0% | 71.0% | 0.92 |
| BKD: Brookdale Senior Living Inc. | 40.0% | 111% | 1.15 |
| [UNH](https://easycompare.io/research/unh): UnitedHealth Group Incorporated | 81.0% | 82.0% | 0.70 |
| ACHC: Acadia Healthcare Company, Inc. | 43.0% | 125% | 1.07 |
| [ELV](https://easycompare.io/research/elv): Elevance Health Inc. | 94.0% | 98.0% | 0.86 |
| SGRY: Surgery Partners, Inc. | 114% | 242% | 2.53 |
| ADUS: Addus HomeCare Corporation | 88.0% | 75.0% | 0.81 |
| [ABT](https://easycompare.io/research/abt): Abbott Laboratories | 76.0% | 79.0% | 0.64 |
| UHS: Universal Health Services, Inc. | 86.0% | 141% | 1.13 |
| CYH: Community Health Systems, Inc. | 81.0% | 245% | 1.90 |

### 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).

- Moving a fifth of the money in HCA into DXJ would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (+12.9% for HCA alone, +16.4% for the mix).
- FIX made money in two of the two calendar years in which HCA lost money.
- Among large ETFs, DXJ, MLPX and SMH have moved largely independently of HCA over the past 5 years, with correlations of 0.43 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with HCA | 5Y return | Volatility | Sharpe | Rose in HCA's 2 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.42 | +225% | 19.1% | 1.34 | 2 of 2 |
| MLPX: Global X - MLP & Energy Infrastructure ETF | 0.43 | +135% | 19.7% | 0.97 | 1 of 2 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.26 | +323% | 36.9% | 0.97 | 0 of 2 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.34 | +126% | 18.9% | 0.96 | 0 of 2 |
| IOO: iShares Global 100 ETF | 0.49 | +107% | 17.2% | 0.94 | 0 of 2 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.35 | +136% | 20.8% | 0.93 | 0 of 2 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.36 | +177% | 25.5% | 0.93 | 1 of 2 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.40 | +109% | 18.4% | 0.90 | 0 of 2 |

## 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.

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## Explore further

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