Relative Intelligence · Managed Health Care
How Humana (HUM) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on HUM alone. It places HUM (Humana Inc.) against 14 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where HUM stands in the market, and of the alternatives worth a closer look.
Period covered: HUM's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowOver the past 6 months, HUM rose 104% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. That said, HUM is 20.9% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. At a glance ↓
- Stock or market?HUM's 7.3% gain over the past 3 months is part of a broader managed health care rally: the managed health care ETF IHF (iShares U.S. Healthcare Providers ETF) rose 7.1%, with ELV (Elevance Health, up 15.7%) and CI (Cigna, up 8.6%). Last month cut against the tape: HUM rose 12.9% while the S&P 500 fell 0.6%.
- Past 1 to 3 yearsHUM has run far ahead of the market, rising 52.1% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. Even so, the long record (ahead of 54% of the stocks worth at least $300 million over 10 years) has not carried into the past 3 years (behind 84% of them). By year ↓
- Long termHUM turned $10,000 into $26,600 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashThe Covid crash took 43.4% off HUM, against 33.7% for the S&P 500, and more than managed health care peers such as UNH (UnitedHealth Group, 35.9%). HUM fell further than the S&P 500 in three of the last four sell-offs, including the Covid crash (43.4% against 33.7%). Crash tests ↓
- DiversificationAgainst the S&P 500, HUM has a correlation of 0.28 over 5 years, less closely than 74% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. Even so, over 10 years, HUM's beta versus the S&P 500 was 0.82: 70% of the S&P 500's gains in rising months and 80% of its losses in falling ones. Market capture ↓
- Better options
- Nearby categories and themes
- CAH (Cardinal Health, health care distribution) and MCK (McKesson, health care distribution) earned more than HUM with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against a loss of 0.3% a year at 38.5%.
- Whole market
- 1,719 of the 3,633 stocks and funds worth at least $500 million earned more than HUM with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and MSFT (Microsoft).
How much would $10,000 in HUM have grown?
This chart tracks a hypothetical $10,000 investment in HUM over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of HUM over the same span and HUM'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.
- $10,000 invested in HUM at the end of September 1997 would have grown to $183,971 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of HUM, and UNH finished highest, at $772,802.
Choose a period
From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 322 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of HUM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- UNH$772,802+7,628% total · +16.2% a year
- COR$574,137+5,641% total · +15.0% a year
- LLY$396,376+3,864% total · +13.5% a year
- VTR$219,687+2,097% total · +11.2% a year
- MCK$208,304+1,983% total · +11.0% a year
- HUM$183,971+1,740% total · +10.6% a year
- UHS$181,148+1,711% total · +10.5% a year
- CI$165,842+1,558% total · +10.2% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- THC$32,921+229% total · +4.2% a year
From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 2,470 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of HUM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- THC$38,466+285% total · +30.9% 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
- OSCR$17,735+77.4% total · +12.1% a year
- CI$14,904+49.0% total · +8.3% a year
- UHS$12,922+29.2% total · +5.3% a year
- CVS$11,915+19.1% total · +3.6% a year
- ELV$11,221+12.2% total · +2.3% a year
- HUM$10,290+2.9% total · +0.6% a year
- CNC$9,969−0.3% total · −0.1% a year
HUM 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.
- HUM's deepest decline since it began trading in 1986 was 85.1%, from July 1998 to June 2000. It took about five years from the low to climb back to its old high.
- HUM is still 20.9% below its all-time high.
- Over 29 full calendar years, HUM's best was 2003, when it returned 128%, and its worst was 1999, when it lost 54.0%. It lost money in eight of those years.
The company
- Market value
- $51B
- Industry
- Medical - Healthcare Plans
- Price history from
- October 1986
Returns
- Past 1 year
- +52.1%total return
- Past 3 years
- −15.1%−5.3% a year
- Past 5 years
- −1.3%−0.3% a year
- Past 10 years
- +166%+10.3% a year
- Best calendar year
- +128%2003
- Worst calendar year
- −54.0%1999
- Losing years
- 8 of 29full calendar years
Risk
- Volatility
- 38.5%typical yearly swing, 5 years
- Sharpe ratio
- 0.19return per unit of risk, 5 years
- Worst decline ever
- −85.1%Jul 1998 to Jun 2000
- From its all-time high
- −20.9%below the peak
HUM against the whole market
Where HUM ranks among every stock and fund, and what across the market has done better.
How does HUM rank among all stocks?
This section ranks HUM 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 HUM stacks up against its peers, these rankings show where it stands in the market as a whole.
- HUM's 3-year return ranks in the bottom 16% of the 3,017 stocks worth at least $300 million with 3 years of history.
- HUM's 1-year return ranks in the top 16% of the 3,287 stocks worth at least $300 million with 1 year of history.
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.
| Measure | HUM | Rank | Standing |
|---|---|---|---|
| 1-year return | +52.1% | 527 of 3,287 | top 16% |
| 3-year return | −15.1% | 2,526 of 3,017 | bottom 17% |
| 5-year return | −1.3% | 1,745 of 2,893 | bottom 41% |
| 10-year return | +166% | 1,004 of 2,202 | top 46% |
| Volatility, 5 years | 38.5% | 1,364 of 2,893 | top 47% |
| Sharpe ratio, 5 years | 0.19 | 1,876 of 2,893 | bottom 36% |
| Worst decline, past 10 years | −69.9% | 1,287 of 2,187 | bottom 42% |
What has beaten HUM 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). HUM sits where the dashed lines cross. Anything in the green box above and to the left earned more than HUM 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.
- 876 stocks and 843 ETFs worth at least $500 million sit in the green region: each earned more than HUM over the past 5 years with smaller price swings. That is 47% of the 3,633 screened.
- Among those with at least half HUM's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 36% less than HUM's 38.5%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.19 for HUM. MPC earned the most, 51.2% a year, while still swinging less than HUM (33.4% against 38.5%).
- Among HUM's popular alternatives, HCA, VTR and CI are in the region. HCA earned 14.1% a year against a loss of 0.3% a year for HUM, at 30.1% volatility, 22% less than HUM's 38.5%.
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 HUM; faint dots are 91 more of the 1,719 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
- 1 with more than 1.6× HUM's volatility is in the table only
Is there a better investment than HUM?
Investments that beat HUM over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among HUM's popular alternatives, CI, HCA and CVS earned more than HUM with less volatility over the past 5 years. CI returned 9.4% a year at 28.3% volatility, against a loss of 0.3% a year at 38.5%.
- Looking beyond its popular alternatives, CAH (health care distribution) and MCK (health care distribution) earned more than HUM with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against a loss of 0.3% a year at 38.5%.
- Across the whole market, 1,719 of the 3,633 stocks and funds worth at least $500 million earned more than HUM with less volatility over the past 5 years, among them AAPL, GOOG and MSFT.
How this works
The table below lists investments that beat HUM 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 HUM'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 HUM 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 HUM'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× HUM's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than HUM's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with HUM?lower diversifies more | Expenseper year | |||
| HUMHumana Inc. · this page | −0.3% | 38.5% | 0.19 | −69.9% | +166% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.28 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against HUM. 8 of 14 passed at least one test. | |||||||||
 CICigna Corporation · Managed Health Care | Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +9.4% | 28.3% | 0.46 | −42.5% | +176% | 0.26 | — | |
 HCAHCA Healthcare, Inc. · Health Care Facilities | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +14.1% | 30.1% | 0.59 | −54.7% | +513% | 0.00 | — | |
 CVSCVS Health Corp. · Managed Health Care | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +5.3% | 30.4% | 0.32 | −56.8% | +47.0% | 0.44 | — | |
UHSUniversal Health Services, Inc. · Health Care Facilities | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +7.3% | 32.1% | 0.38 | −56.3% | +55.7% | 0.03 | — | |
 UNHUnitedHealth Group Incorporated · Managed Health Care | Higher return, lower volatilitySmaller losses in recent crashes | +1.1% | 32.1% | 0.20 | −61.4% | +241% | 0.62 | — | |
OSCROscar Health, Inc. · Managed Health Care | Higher return in most periods | +15.7% | 80.0% | 0.57 | −94.2% | — | 0.18 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Managed Health Care and the categories next to it (Health Care Facilities, Health Care Distribution, Application Software), plus HUM's specific themes. 12 of 41 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% | 0.07 | — | |
 MCKMcKesson Corporation · Health Care Distribution | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.01 | — | |
 CORCencora, Inc. · Health Care Distribution | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +24.2% | 22.8% | 1.07 | −32.4% | +406% | -0.01 | — | |
EHCEncompass Health Corporation · Health Care Facilities | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +18.4% | 26.8% | 0.77 | −39.5% | +340% | 0.13 | — | |
ENSGThe Ensign Group, Inc. · Health Care Facilities | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +19.8% | 26.8% | 0.81 | −55.5% | +896% | -0.03 | — | |
DVADaVita Inc. · Health Care Facilities | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +9.0% | 38.3% | 0.42 | −51.1% | +187% | 0.15 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,183 of 3,578 passed at least one test. | |||||||||
 LLYEli Lilly and Company · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.25 | — | |
 XOMExxonmobil Holdings Corporation · Integrated Oil & Gas | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +27.1% | 26.5% | 1.04 | −61.0% | +214% | -0.14 | — | |
NHCNational HealthCare Corporation · Medical - Care Facilities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.23 | — | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.05 | — | |
EWTiShares MSCI Taiwan ETF · International Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +20.4% | 24.2% | 0.89 | −38.9% | +468% | 0.26 | 0.59% | |
 VTVVanguard Morningstar Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.28 | 0.03% | |
INSWInternational Seaways, Inc. · Oil & Gas | On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +56.5% | 40.5% | 1.31 | −57.4% | — | 0.09 | — | |
 HDThe Home Depot, Inc. · Specialty Retail | Similar return, lower volatility | 0.0% | 24.7% | 0.12 | −38.0% | +217% | 0.19 | — | |
What these numbers mean for HUM
- Annual return
- HUM lost 0.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $9,870. 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
- HUM's volatility over the past 5 years was 38.5%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, HUM's return lands within 38.5% 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
- HUM's Sharpe ratio over the past 5 years was 0.19, against 0.79 for the S&P 500, so HUM 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
- HUM's worst fall from a peak to a low over the past 10 years was 69.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 69.9% fall takes a 232% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, HUM's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against HUM instead: the lower it is, the more that option would diversify a HUM holding. Guide: Correlation and diversification →
Show all 1,719 stocks and funds worth at least $500 million that earned more than HUM 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.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with HUM | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | LLYEli Lilly and Company · Pharmaceuticals | Whole market | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.25 | — |
| 2 | XOMExxonmobil Holdings Corporation · Integrated Oil & Gas | Whole market | +27.1% | 26.5% | 1.04 | −61.0% | +214% | -0.14 | — |
| 3 | NHCNational HealthCare Corporation · Medical - Care Facilities | Whole market | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.23 | — |
| 4 | CAHCardinal Health, Inc. · Health Care Distribution | Same or nearby category | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.07 | — |
| 5 |  MRKMerck & Co., Inc. · Pharmaceuticals | Whole market | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.14 | — |
| 6 |  TTETotalEnergies SE · Integrated Oil & Gas | Whole market | +18.0% | 25.8% | 0.78 | −59.6% | +234% | -0.08 | — |
| 7 |  PSXPhillips 66 · Oil & Gas | Whole market | +33.2% | 32.9% | 1.04 | −64.2% | +430% | 0.00 | — |
| 8 |  MARMarriott International, Inc. · Hotels & Resorts | Whole market | +22.0% | 28.6% | 0.84 | −61.3% | +544% | 0.13 | — |
| 9 |  EEni S.p.A. · Integrated Oil & Gas | Whole market | +23.0% | 25.6% | 0.94 | −61.4% | +278% | -0.06 | — |
| 10 |  BPBP p.l.c. · Integrated Oil & Gas | Whole market | +16.0% | 28.7% | 0.66 | −63.9% | +141% | -0.13 | — |
| 11 |  NTAPNetApp, Inc. · Computer Hardware | Whole market | +20.9% | 35.3% | 0.71 | −58.1% | +691% | 0.31 | — |
| 12 | JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.05 | — |
| 13 | RPRXRoyalty Pharma plc · Pharmaceuticals | Whole market | +13.3% | 23.8% | 0.65 | −49.7% | — | 0.23 | — |
| 14 | FFIVF5, Inc. · Cybersecurity | Whole market | +17.1% | 30.8% | 0.67 | −54.6% | +287% | 0.19 | — |
| 15 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.15 | — |
| 16 | EXPDExpeditors International of Washington, Inc. · Freight & Logistics | Whole market | +12.0% | 27.1% | 0.56 | −35.6% | +349% | 0.19 | — |
| 17 | EXELExelixis, Inc. · Biotechnology | Whole market | +24.4% | 35.8% | 0.79 | −57.2% | +448% | 0.07 | — |
| 18 |  MPCMarathon Petroleum Corporation · Oil & Gas | Whole market | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.01 | — |
| 19 | EWTiShares MSCI Taiwan ETF · International Equity | Whole market | +20.4% | 24.2% | 0.89 | −38.9% | +468% | 0.26 | 0.59% |
| 20 | VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.28 | 0.03% |
| 21 |  SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | — | -0.14 | 0.09% |
| 22 | VCTRVictory Capital Holdings, Inc. · Asset Management | Whole market | +28.1% | 35.0% | 0.89 | −45.2% | — | 0.17 | — |
| 23 | PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities | Whole market | +11.7% | 19.3% | 0.67 | −40.7% | +153% | -0.12 | 0.74% |
| 24 | FLTWFranklin FTSE Taiwan ETF · Technology | Whole market | +21.8% | 24.3% | 0.94 | −38.0% | — | 0.26 | 0.19% |
| 25 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.19 | — |
| 26 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.14 | — |
| 27 | IXCiShares Global Energy ETF · International | Whole market | +20.7% | 23.2% | 0.93 | −64.2% | +183% | -0.07 | 0.37% |
| 28 |  VYMVanguard High Dividend Yield ETF · US Dividend Equity | Whole market | +11.3% | 13.8% | 0.85 | −35.2% | +208% | 0.21 | 0.04% |
| 29 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.13 | 0.06% |
| 30 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.06 | — |
| 31 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.33 | — |
| 32 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.03 | — |
| 33 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | -0.08 | 0.20% |
| 34 |  MRSHMarsh & McLennan Companies, Inc. · Insurance | Whole market | +4.4% | 20.9% | 0.31 | −35.8% | +245% | 0.13 | — |
| 35 | CASYCasey's General Stores, Inc. · Convenience Stores | Whole market | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.03 | — |
| 36 | SFLSFL Corporation Ltd · Marine Shipping | Whole market | +17.0% | 30.4% | 0.67 | −55.3% | +123% | -0.10 | — |
| 37 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +202% | 0.35 | 0.08% |
| 38 |  AAPLApple Inc. · Computer Hardware | Whole market | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.20 | — |
| 39 | COMTiShares GSCI Commodity Dynamic Roll Strategy ETF · Commodities | Whole market | +13.1% | 21.1% | 0.69 | −39.2% | +160% | -0.13 | 0.49% |
| 40 | ATOAtmos Energy Corporation · Gas Utilities | Whole market | +14.9% | 18.4% | 0.85 | −32.9% | +194% | 0.08 | — |
| 41 | CRAKVanEck Oil Refiners ETF · Energy | Whole market | +19.8% | 20.9% | 0.97 | −58.8% | +336% | -0.03 | 0.61% |
| 42 |  GOOGAlphabet Inc. · Internet Services | Whole market | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.15 | — |
| 43 | SAFTSafety Insurance Group, Inc. · Insurance - Property & Casualty | Whole market | +10.6% | 28.5% | 0.49 | −32.8% | +138% | 0.03 | — |
| 44 | HDViShares Core High Dividend ETF · US Dividend Equity | Whole market | +12.9% | 13.0% | 1.00 | −37.0% | +172% | 0.07 | 0.08% |
| 45 | DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Whole market | +11.8% | 14.0% | 0.87 | −32.0% | +276% | 0.27 | 0.28% |
| 46 |  MSFTMicrosoft Corporation · Software | Whole market | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.12 | — |
| 47 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.25 | 0.15% |
| 48 | FCBCFirst Community Bankshares, Inc. · Banks - Regional | Whole market | +14.0% | 28.7% | 0.60 | −49.5% | +217% | 0.17 | — |
| 49 | FLBRFranklin FTSE Brazil ETF · International | Whole market | +16.0% | 27.7% | 0.68 | −57.4% | — | -0.16 | 0.19% |
| 50 |  VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.29 | 0.03% |
| 51 | BWFGBankwell Financial Group, Inc. · Banks - Regional | Whole market | +20.1% | 28.5% | 0.79 | −64.7% | +240% | 0.20 | — |
| 52 | VBNKVersaBank · Banks - Regional | Whole market | +14.7% | 35.1% | 0.57 | −50.7% | — | 0.19 | — |
| 53 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.28 | 0.39% |
| 54 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.28 | 0.03% |
| 55 |  AMZNAmazon.com, Inc. · E-Commerce | Whole market | +9.0% | 36.6% | 0.42 | −56.1% | +548% | 0.09 | — |
| 56 | FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity | Whole market | +13.9% | 14.4% | 0.98 | −41.4% | +199% | 0.05 | 0.43% |
| 57 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.02 | — |
| 58 |  BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.17 | — |
| 59 | NOBLProShares - S&P 500 Dividend Aristocrats ETF · US Dividend Equity | Whole market | +6.5% | 14.5% | 0.51 | −35.4% | +172% | 0.20 | 0.35% |
| 60 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +14.4% | 22.9% | 0.70 | −40.1% | +291% | 0.17 | — |
| 61 |  JPMJPMorgan Chase & Co. · Banks | Whole market | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.22 | — |
| 62 |  ABBVAbbVie Inc. · Pharmaceuticals | Whole market | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.16 | — |
| 63 | ERIEErie Indemnity Company · Property & Casualty Insurance | Whole market | +6.3% | 31.4% | 0.35 | −60.9% | +200% | 0.09 | — |
| 64 |  COPConocoPhillips · Exploration & Production | Whole market | +18.2% | 32.6% | 0.68 | −70.7% | +379% | -0.09 | — |
| 65 |  SUSuncor Energy Inc. · Integrated Oil & Gas | Whole market | +33.1% | 32.5% | 1.05 | −73.5% | +295% | -0.08 | — |
| 66 |  CNQCanadian Natural Resources Limited · Oil & Gas | Whole market | +26.5% | 32.5% | 0.89 | −77.5% | +433% | -0.08 | — |
| 67 |  HSBCHSBC Holdings plc · Banks | Whole market | +33.1% | 25.9% | 1.24 | −62.3% | +319% | -0.03 | — |
| 68 | WTMWhite Mountains Insurance Group, Ltd. · Insurance | Whole market | +15.4% | 23.6% | 0.73 | −40.2% | +169% | 0.05 | — |
| 69 | IWXiShares Russell Top 200 Value ETF · Broad Market | Whole market | +12.7% | 13.8% | 0.94 | −35.8% | +221% | 0.30 | 0.20% |
| 70 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.22 | — |
| 71 |  IMOImperial Oil Limited · Integrated Oil & Gas | Whole market | +34.3% | 32.0% | 1.09 | −77.1% | +430% | -0.07 | — |
| 72 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.01 | 0.48% |
| 73 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.00 | 0.40% |
| 74 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | -0.13 | 0.30% |
| 75 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.32 | 0.60% |
| 76 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.17 | 0.69% |
| 77 |  CVXChevron Corporation · Integrated Oil & Gas | Whole market | +19.5% | 25.2% | 0.84 | −55.8% | +238% | -0.04 | — |
| 78 |  CATCaterpillar Inc. · Industrial Machinery | Whole market | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.20 | — |
| 79 |  EQNREquinor ASA · Integrated Oil & Gas | Whole market | +19.2% | 34.4% | 0.69 | −66.8% | +416% | -0.10 | — |
| 80 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.06 | — |
| 81 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.18 | 0.05% |
| 82 | RLIRLI Corp. · Property & Casualty Insurance | Whole market | +8.1% | 23.9% | 0.45 | −43.5% | +206% | 0.21 | — |
| 83 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.27 | 0.18% |
| 84 |  MUFGMitsubishi UFJ Financial Group, Inc. · Banks | Whole market | +33.2% | 29.4% | 1.13 | −54.9% | +483% | -0.06 | — |
| 85 |  MAMastercard Incorporated · Payment Processing | Whole market | +12.4% | 23.8% | 0.61 | −41.0% | +541% | 0.07 | — |
| 86 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +21.0% | 23.4% | 0.94 | −42.9% | +242% | -0.02 | — |
| 87 | CICigna Corporation · Managed Health Care | Popular alternative | +9.4% | 28.3% | 0.46 | −42.5% | +176% | 0.26 | — |
| 88 |  CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +16.8% | 26.1% | 0.73 | −42.0% | +374% | 0.36 | — |
| 89 | PWVInvesco Large Cap Value ETF · Broad Market | Whole market | +13.5% | 14.2% | 0.97 | −37.6% | +223% | 0.21 | 0.55% |
| 90 |  NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.16 | — |
| 91 |  APHAmphenol Corporation · Electronic Components | Whole market | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.21 | — |
| 92 |  XLEState Street Energy Select Sector SPDR ETF · Energy Equity | Whole market | +22.6% | 25.5% | 0.93 | −66.8% | +189% | -0.04 | 0.08% |
| 93 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +26.0% | 23.8% | 1.09 | −63.3% | +379% | 0.04 | — |
| 94 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | -0.01 | 0.60% |
| 95 |  RTXRTX Corporation · Aerospace & Defense | Whole market | +18.6% | 24.3% | 0.83 | −52.0% | +317% | 0.01 | — |
| 96 |  AMGNAmgen Inc. · Biotechnology | Whole market | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.10 | — |
| 97 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +200% | -0.08 | — |
| 98 |  GSThe Goldman Sachs Group, Inc. · Capital Markets | Whole market | +19.6% | 28.6% | 0.77 | −48.8% | +521% | 0.26 | — |
| 99 | IHDGWisdomTree International Hedged Quality Dividend Growth Fund · International | Whole market | +7.6% | 14.9% | 0.57 | −29.2% | +163% | 0.22 | 0.58% |
| 100 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.22 | 0.03% |
HUM against its popular alternatives
The investments people most often weigh against HUM, compared period by period and year by year.
How do HUM'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 HUM, which divides the map into what did better or worse on each measure.
- Seven of the 14 popular alternatives, led by HCA, VTR and CI, were both more rewarding and calmer than HUM over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, HUM returned -0.3% a year, less than the S&P 500's 12.7%, with higher volatility (38.5% against 17.1%).
Green points earned more than HUM with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| THC Tenet Healthcare Corporation | +32.9% | 45.1% |
| OSCR Oscar Health, Inc. | +15.7% | 80.0% |
| HCA HCA Healthcare, Inc. | +14.1% | 30.1% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| VTR Ventas, Inc. | +12.4% | 25.4% |
| CI Cigna Corporation | +9.4% | 28.3% |
| UHS Universal Health Services, Inc. | +7.3% | 32.1% |
| CVS CVS Health Corp. | +5.3% | 30.4% |
| ELV Elevance Health Inc. | +2.2% | 29.4% |
| UNH UnitedHealth Group Incorporated | +1.1% | 32.1% |
| CNC Centene Corp. | +0.8% | 40.0% |
| HUM This pageHumana Inc. | −0.3% | 38.5% |
| MOH Molina Healthcare, Inc. | −5.4% | 40.6% |
| CLOV Clover Health Investments, Corp. | −9.3% | 75.7% |
| DOCS Doximity, Inc. | −14.4% | 65.8% |
| ALHC Alignment Healthcare, Inc. | −15.1% | 65.8% |
Has HUM consistently beaten its popular alternatives?
This section compares HUM 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 HUM helps separate lasting outperformance from a single strong stretch.
- Only one of the 14 popular alternatives, OSCR, outperformed HUM in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- HCA, CI and UHS earned more for the risk they took than HUM (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- HCA outperformed HUM over all three long-term periods but in only one of the five short-term ones, so HUM has had the better of it lately.
A green cell means the alternative earned more than HUM 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| HUM Humana Inc. (this page) | — | +12.9% | +7.3% | +104% | +62.8% | +52.1% | −15.1% | −1.3% | +166% | 38.5% | 0.19 | −69.9% | — | $51B | — |
| OSCR QualifiedOscar Health, Inc. | 3/5 short2/3 long | +7.6% | +13.7% | +105% | +125% | +66.8% | +560% | +107% | — | 80.0% | 0.57 | −94.2% | — | $8.7B | — |
| THC Medical - Care FacilitiesTenet Healthcare Corporation | 1/5 short3/3 long | +4.3% | +40.1% | +42.4% | +36.5% | +34.7% | +399% | +315% | +1,058% | 45.1% | 0.86 | −71.7% | — | $22B | — |
| HCA Medical - Care FacilitiesHCA Healthcare, Inc. | 1/5 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 | — |
| ELV Medical - Healthcare PlansElevance Health Inc. | 1/5 short3/3 long | +7.5% | +15.7% | +39.0% | +26.1% | +26.8% | +2.0% | +11.7% | +307% | 29.4% | 0.23 | −50.4% | — | $95B | — |
| CI Medical - Healthcare PlansCigna Corporation | 1/5 short3/3 long | +11.7% | +8.6% | +10.8% | +11.7% | +2.2% | +5.9% | +56.7% | +176% | 28.3% | 0.46 | −42.5% | — | $81B | — |
| CNC Medical - Healthcare PlansCentene Corp. | 2/5 short2/3 long | +9.0% | +7.6% | +84.9% | +69.6% | +98.9% | −1.5% | +4.0% | +129% | 40.0% | 0.24 | −74.1% | — | $35B | — |
| UHS Medical - Care FacilitiesUniversal Health Services, Inc. | 1/5 short2/3 long | +6.2% | +23.4% | +3.5% | −15.3% | −10.0% | +50.9% | +42.4% | +55.7% | 32.1% | 0.38 | −56.3% | — | $11B | — |
| UNH Medical - Healthcare PlansUnitedHealth Group Incorporated | 0/5 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 | — |
| VTR REIT - Healthcare FacilitiesVentas, Inc. | 0/5 short2/3 long | 0.0% | −9.6% | +3.4% | +13.9% | +23.9% | +126% | +79.3% | +91.0% | 25.4% | 0.59 | −76.9% | — | $44B | — |
| CVS Medical - Healthcare PlansCVS Health Corp. | 0/5 short2/3 long | +8.2% | −11.4% | +25.6% | +21.0% | +18.5% | +52.5% | +29.2% | +47.0% | 30.4% | 0.32 | −56.8% | — | $121B | — |
| CLOV Medical - Healthcare PlansClover Health Investments, Corp. | 3/5 short1/3 long | +5.7% | +6.7% | +115% | +99.2% | +64.4% | +385% | −38.8% | — | 75.7% | 0.24 | −97.2% | — | $2.5B | — |
| DOCS Medical - Healthcare Information ServicesDoximity, Inc. | 2/5 short1/3 long | +24.3% | +53.5% | +36.7% | −23.0% | −51.0% | +51.0% | −54.1% | — | 65.8% | 0.08 | −82.3% | — | $5.9B | — |
| MOH Medical - Healthcare PlansMolina Healthcare, Inc. | 0/5 short1/3 long | +11.1% | −4.3% | +46.4% | +23.1% | +11.3% | −37.0% | −24.3% | +277% | 40.6% | 0.07 | −70.8% | — | $11B | — |
| ALHC Medical - Healthcare PlansAlignment Healthcare, Inc. | 0/5 short1/3 long | +2.2% | −59.7% | −60.5% | −57.9% | −51.1% | +19.9% | −55.8% | — | 65.8% | 0.08 | −83.6% | — | $1.8B | — |
How did HUM do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where HUM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with HUM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- HUM finished ahead of the S&P 500 in 15 of its 29 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, HUM finished in the top quarter in ten of 29 years and in the bottom quarter in two. In 2025, it ranked 8 of 15.
- Among its popular alternatives, HCA came out ahead of HUM most often, in eight of the 14 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of HUM; gray means the two finished within a fraction of a point. The rank row places HUM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of HUM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HUM This pageHumana Inc. | — | +2.4% | −44.0% | −9.9% | +11.2% | +13.8% | +12.7% | +28.9% | +16.3% | +22.6% | +14.9% | +25.1% | +40.4% | +52.3% | −20.6% | +61.5% | +24.7% | +17.7% | −50.5% | +36.2% | +1.8% | +83.0% | +29.9% | +128% | −15.2% | −22.7% | +86.3% | −54.0% | −14.2% | +9.2% |
| Rank among alternatives | Top quarter in 10 of 29 | 8 of 15 | 15 of 15 | 12 of 15 | 3 of 15 | 8 of 12 | 3 of 11 | 2 of 11 | 4 of 11 | 6 of 11 | 3 of 11 | 3 of 11 | 4 of 11 | 5 of 11 | 11 of 11 | 1 of 10 | 3 of 10 | 7 of 10 | 5 of 10 | 1 of 10 | 6 of 10 | 1 of 10 | 7 of 10 | 1 of 9 | 7 of 9 | 4 of 7 | 4 of 7 | 6 of 7 | 5 of 7 | 6 of 7 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 14 of 29 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| OSCR Oscar Health, Inc. | 3 of 4 | +6.9% | +46.9% | +272% | −68.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| THC Tenet Healthcare Corporation | 11 of 29 | +57.4% | +67.0% | +54.9% | −40.3% | +105% | +5.0% | +122% | +13.1% | +2.2% | −51.0% | −40.2% | +20.3% | +29.7% | +58.2% | −23.3% | +24.1% | +369% | −77.4% | −27.1% | −9.0% | −30.2% | −31.6% | −2.1% | −58.1% | +32.1% | +89.2% | −10.5% | −20.8% | +51.4% |
| 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% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| ELV Elevance Health Inc. | 11 of 24 | −3.1% | −20.7% | −6.9% | +11.8% | +46.1% | +7.8% | +16.3% | +18.1% | +58.7% | +5.1% | +12.9% | +38.2% | +54.6% | −6.3% | +18.2% | −2.4% | +38.4% | −52.0% | +11.5% | −1.4% | +38.8% | +53.3% | +19.3% | +27.1% | — | — | — | — | — |
| CI Cigna Corporation | 13 of 29 | +1.7% | −6.3% | −8.0% | +46.7% | +12.3% | +1.8% | +7.7% | −6.5% | +52.3% | −8.8% | +42.2% | +17.7% | +63.8% | +27.4% | +14.6% | +4.1% | +110% | −68.6% | +22.6% | +17.9% | +37.1% | +42.8% | +43.6% | −54.8% | −29.0% | +66.6% | +5.7% | +36.9% | +28.5% |
| CNC Centene Corp. | 9 of 24 | −32.1% | −18.4% | −9.5% | −0.5% | +37.3% | −4.5% | +9.0% | +14.3% | +78.5% | −14.1% | +26.7% | +76.1% | +43.8% | +3.5% | +56.1% | +19.9% | +7.3% | −28.1% | +11.7% | −6.5% | −7.3% | +103% | +25.0% | +53.0% | — | — | — | — | — |
| UHS Universal Health Services, Inc. | 14 of 29 | +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% | −10.1% | +43.2% | +63.3% | −26.2% | −7.1% | +19.3% | +5.7% | −16.6% | +19.1% | +5.4% | −23.4% | +210% | −30.6% | +3.0% | +75.8% |
| UNH UnitedHealth Group Incorporated | 14 of 29 | −33.1% | −2.4% | +0.8% | +6.9% | +45.2% | +21.3% | +20.0% | +14.5% | +39.8% | +38.4% | +18.3% | +36.5% | +41.0% | +8.6% | +42.2% | +19.9% | +14.8% | −54.3% | +8.3% | −13.5% | +41.2% | +51.4% | +39.4% | +18.1% | +15.3% | +131% | +23.5% | −13.4% | +10.3% |
| VTR Ventas, Inc. | 12 of 29 | +35.1% | +22.2% | +15.1% | −8.6% | +7.7% | −9.8% | +3.4% | +3.5% | +0.7% | +16.1% | −4.9% | +32.7% | −6.4% | +23.8% | +11.2% | +27.2% | +41.3% | −20.7% | +13.8% | +40.0% | +24.4% | +32.9% | +110% | +10.7% | +130% | +68.4% | −64.1% | −20.5% | −22.6% |
| CVS CVS Health Corp. | 9 of 29 | +84.3% | −40.8% | −12.6% | −7.6% | +54.9% | −5.1% | +17.3% | −7.0% | −5.8% | −17.8% | +2.9% | +36.5% | +50.4% | +20.3% | +19.0% | +9.1% | +13.2% | −27.2% | +29.4% | +17.7% | +17.8% | +25.7% | +45.7% | −14.9% | −50.4% | +51.1% | −27.1% | +72.6% | +55.5% |
| CLOV Clover Health Investments, Corp. | 2 of 5 | −25.4% | +231% | +2.4% | −75.0% | −77.8% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| DOCS Doximity, Inc. | 1 of 4 | −17.1% | +90.4% | −16.4% | −33.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| MOH Molina Healthcare, Inc. | 11 of 22 | −40.4% | −19.4% | +9.4% | +3.8% | +49.6% | +56.7% | +16.8% | +51.6% | +41.3% | −9.8% | +12.3% | +54.0% | +28.4% | +21.2% | +20.3% | +21.8% | +29.9% | −54.5% | +19.1% | +22.0% | −42.6% | +83.8% | — | — | — | — | — | — | — |
| ALHC Alignment Healthcare, Inc. | 2 of 4 | +75.6% | +30.7% | −26.8% | −16.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How HUM 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 HUM's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents HUM's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all four of HUM's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: HUM fell 85.1% from July 1998 to June 2000, while the S&P 500 rose 30.8%.
- The slowest recovery came after HUM fell 85.1% from July 1998 to June 2000; it did not regain that peak until January 2005, five years later.
Green means HUM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | HUM fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| Dot-com bust | −85.1% | +30.8% | Jul 1998 | Jun 2000 | 23 months | Jan 2005 | 4.6 years |
| 2008 financial crisis | −78.4% | −50.1% | Jan 2008 | Mar 2009 | 14 months | Nov 2011 | 2.7 years |
| 2023 regional bank crisis | −69.9% | +87.6% | Nov 2022 | Mar 2026 | 3.3 years | Not yet | — |
| No named crash | −46.1% | — | Apr 1991 | Nov 1992 | 19 months | May 1993 | 6 months |
| No named crash | −45.6% | −4.4% | Feb 1996 | Jul 1996 | 5 months | May 1998 | 22 months |
How did HUM do in stock market crashes?
This section measures how far HUM, 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.
- Among its popular alternatives, UNH held up best, falling less than HUM in seven of the ten crashes they both traded through.
- HUM fell further than the S&P 500 in five of the ten crashes it has traded through. The clearest case was the 2008 financial crisis, when HUM fell 78.4% and the S&P 500 fell 55.2%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than HUM.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| HUM This pageHumana Inc. | — | −2.0% | −20.9% | −43.4% | −22.8% | −5.1% | −17.3% | −17.5% | −2.7% | −78.4% | −45.3% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 5 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| OSCR Oscar Health, Inc. | 0 of 2 | −18.1% | −62.4% | — | — | — | — | — | — | — | — |
| THC Tenet Healthcare Corporation | 2 of 10 | −10.6% | −45.6% | −67.8% | −42.5% | −3.8% | −57.4% | −42.6% | −4.7% | −86.6% | −20.4% |
| HCA HCA Healthcare, Inc. | 2 of 7 | −2.2% | −39.5% | −54.4% | −20.6% | −3.8% | −31.3% | −49.0% | — | — | — |
| ELV Elevance Health Inc. | 6 of 9 | −2.3% | −15.9% | −42.3% | −15.7% | −3.6% | −22.9% | −23.4% | −0.7% | −67.2% | — |
| CI Cigna Corporation | 4 of 10 | −2.6% | −10.7% | −41.3% | −20.8% | −7.4% | −16.2% | −24.0% | −4.7% | −84.3% | −56.3% |
| CNC Centene Corp. | 3 of 9 | −4.1% | −24.1% | −32.4% | −25.7% | −4.2% | −27.4% | −27.5% | −3.3% | −53.1% | — |
| UHS Universal Health Services, Inc. | 4 of 10 | −5.2% | −43.4% | −52.5% | −17.8% | −4.8% | −30.3% | −40.4% | 0.0% | −52.5% | −32.3% |
| UNH UnitedHealth Group Incorporated | 7 of 10 | −1.8% | −16.9% | −35.9% | −18.6% | −6.7% | −12.4% | −20.7% | −0.8% | −72.4% | −19.8% |
| VTR Ventas, Inc. | 4 of 10 | −6.9% | −41.0% | −73.1% | −12.2% | −6.3% | −17.3% | −20.8% | −0.8% | −64.1% | −24.1% |
| CVS CVS Health Corp. | 6 of 10 | −4.4% | −19.9% | −27.3% | −22.1% | −9.2% | −16.9% | −14.2% | −1.1% | −45.3% | −62.4% |
| CLOV Clover Health Investments, Corp. | 0 of 2 | −6.6% | −59.8% | — | — | — | — | — | — | — | — |
| DOCS Doximity, Inc. | 0 of 2 | −11.5% | −56.5% | — | — | — | — | — | — | — | — |
| MOH Molina Healthcare, Inc. | 2 of 9 | −3.0% | −27.6% | −29.9% | −29.3% | −14.0% | −37.3% | −40.7% | −3.6% | −59.0% | — |
| ALHC Alignment Healthcare, Inc. | 0 of 2 | −11.6% | −51.7% | — | — | — | — | — | — | — | — |
How closely does HUM 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 HUM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Six of the ten popular alternatives had a higher capture ratio (upside capture divided by downside capture) than HUM's 0.87, led by MOH, THC and UNH.
- MOH took just 63% of the S&P 500's losses, against 80% for HUM, while still keeping 72% of its gains.
- Over the past 10 years, HUM captured 70% of the S&P 500's gains in rising months and 80% of its losses in falling months, with a beta of 0.82. Its share of the market's losses was larger than its share of the gains.
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 HUM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| HUM This pageHumana Inc. | 70% | 80% | 0.87 | 0.82 |
| MOH Molina Healthcare, Inc. | 72% | 63% | 1.14 | 0.74 |
| THC Tenet Healthcare Corporation | 173% | 168% | 1.03 | 1.87 |
| UNH UnitedHealth Group Incorporated | 81% | 82% | 0.98 | 0.70 |
| HCA HCA Healthcare, Inc. | 135% | 140% | 0.97 | 1.37 |
| ELV Elevance Health Inc. | 94% | 98% | 0.96 | 0.86 |
| CI Cigna Corporation | 66% | 74% | 0.90 | 0.58 |
| CNC Centene Corp. | 69% | 94% | 0.73 | 0.80 |
| VTR Ventas, Inc. | 70% | 98% | 0.72 | 0.96 |
| UHS Universal Health Services, Inc. | 86% | 141% | 0.61 | 1.13 |
| CVS CVS Health Corp. | 59% | 99% | 0.60 | 0.70 |
What diversifies HUM?
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 HUM's. Because such investments tend not to fall at the same time, pairing HUM with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in HUM into GLD would have cut the portfolio's volatility by 21% over the past 5 years and raised its annual return (+0.6% for HUM alone, +5.7% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of HUM over the past 5 years, with correlations of 0.09 or lower, and each still earned a positive 5-year return.
- MCK made money in five of the eight calendar years in which HUM lost money.
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 HUM lost money. The last two columns show a portfolio that is 80% HUM and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2023 | 2012 | 2008 | 2002 | 2001 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HUM Humana Inc. (this page) | 1.00 | −1.3% | 0.19 | −44.0% | −9.9% | −20.6% | −50.5% | −15.2% | −22.7% | −54.0% | −14.2% | 41.7% | +0.6% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.00 | +119% | 1.48 | +15.9% | +17.4% | — | — | — | — | — | — | 33.4% | +5.1% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.01 | +225% | 1.34 | +29.8% | +42.0% | +19.6% | −20.8% | — | — | — | — | 33.5% | +6.9% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.09 | +101% | 1.04 | +33.4% | +8.0% | — | — | — | — | — | — | 33.8% | +4.8% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.07 | +83.3% | 1.00 | +14.1% | +1.8% | +9.6% | — | — | — | — | — | 33.7% | +4.2% |
| SMH TechnologyVanEck Semiconductor ETF | 0.23 | +323% | 0.97 | +39.1% | +73.4% | +8.6% | −44.7% | −47.0% | −14.6% | — | — | 35.6% | +9.1% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.23 | +85.0% | 0.96 | +13.4% | +20.1% | +20.9% | — | — | — | — | — | 33.9% | +4.4% |
| GLD CommoditiesSPDR Gold Shares | -0.21 | +126% | 0.96 | +26.7% | +12.7% | +6.6% | +4.9% | — | — | — | — | 32.8% | +5.7% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.44 | +136% | 0.93 | +45.8% | +17.6% | — | — | — | — | — | — | 35.4% | +5.7% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2023 | 2012 | 2008 | 2002 | 2001 | 1999 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HUM Humana Inc. (this page) | 1.00 | −1.3% | 0.19 | −44.0% | −9.9% | −20.6% | −50.5% | −15.2% | −22.7% | −54.0% | −14.2% | 41.7% | +0.6% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.07 | +479% | 1.55 | +19.0% | +34.1% | +3.8% | −39.6% | −8.3% | −2.5% | −36.8% | +51.7% | 34.1% | +9.0% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.10 | +3,143% | 1.47 | +215% | +160% | +11.2% | −20.5% | −65.1% | −25.6% | +350% | — | 36.4% | +21.0% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.18 | +1,636% | 1.46 | +107% | +79.6% | +15.7% | −15.2% | −9.4% | +73.7% | −58.7% | −9.5% | 36.1% | +16.9% |
| MCK Medical - DistributionMcKesson Corporation | 0.01 | +413% | 1.44 | +23.7% | +24.1% | +25.6% | −40.4% | −27.2% | +4.9% | −71.3% | +46.9% | 33.8% | +8.5% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.01 | +690% | 1.41 | −4.0% | +30.4% | +94.3% | — | — | — | — | — | 34.0% | +11.1% |
Common questions
What was HUM's worst drawdown?
HUM's deepest decline since it began trading in 1986 was 85.1%, from July 1998 to June 2000. It took about five years from the low to climb back to its old high.
What were HUM's best and worst years?
Over 29 full calendar years, HUM's best year was 2003, when it returned 128%. Its worst was 1999, with a return of -54.0%.
Is there a better investment than HUM?
Among HUM's popular alternatives, CI, HCA and CVS earned more than HUM with less volatility over the past 5 years. CI returned 9.4% a year at 28.3% volatility, against a loss of 0.3% a year at 38.5%. Looking beyond its popular alternatives, CAH (health care distribution) and MCK (health care distribution) earned more than HUM with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against a loss of 0.3% a year at 38.5%.
Is HUM more volatile than the S&P 500?
Yes. HUM's volatility over the past 5 years was 38.5%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, HUM's return lands within 38.5% 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 HUM's Sharpe ratio?
HUM's Sharpe ratio over the past 5 years was 0.19, against 0.79 for the S&P 500, so HUM 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 HUM with the S&P 500?
Over the past 5 years, HUM's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against HUM instead: the lower it is, the more that option would diversify a HUM holding.
What are the best alternatives to HUM?
Of the 14 popular alternatives we compared, one outperformed HUM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: OSCR.
Did HUM outperform the S&P 500?
HUM finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +2.4%, against +17.7% for the index.
How did HUM do in stock market crashes?
HUM fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in five. The clearest case was the 2008 financial crisis, when HUM fell 78.4% and the S&P 500 fell 55.2%.
What diversifies HUM?
These had a low correlation with HUM over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.00), DXJ (correlation 0.01) and EMLP (correlation 0.09); among large stocks, CAH (correlation 0.07), CLS (correlation 0.10) and FIX (correlation 0.18). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than HUM's. Returns within 0.5 points or 3% of HUM's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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