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Relative Intelligence · Pharmaceuticals

How Eli Lilly and Company (LLY) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on LLY alone. It places LLY (Eli Lilly and Company) against 20+ 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 LLY stands in the market, and of the alternatives worth a closer look.

Period covered: LLY's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against LLY →Chart LLY vs. 22 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in LLY over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of LLY over the same span and LLY's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 140 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of LLY; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • GILD$2M+15,614% total · +19.1% a year
  • REGN$683,800+6,738% total · +15.7% a year
  • WST$660,969+6,510% total · +15.5% a year
  • NVO$560,210+5,502% total · +14.9% a year
  • AMGN$526,909+5,169% total · +14.6% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • BIIB$323,632+3,136% total · +12.7% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • MRK$82,561+726% total · +7.6% a year
  • PFE$42,379+324% total · +5.1% a year
Change the dates or add tickers to this chart in EasyCompare

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. 103 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of LLY; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • INSW$102,075+921% total · +59.1% a year
  • MPC$71,516+615% total · +48.2% a year
  • PBR-A$67,821+578% total · +46.6% a year
  • PBR$64,214+542% total · +45.1% a year
  • VLO$64,131+541% total · +45.0% a year
  • LLY$52,411+424% total · +39.3% a year
  • VKTX$51,910+419% total · +39.0% a year
  • ABBV$29,134+191% total · +23.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • BIIB$7,982−20.2% total · −4.4% a year
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LLY at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$1.2T
Industry
Drug Manufacturers - General
Price history from
October 1986

Returns

Past 1 year
+59.7%total return
Past 3 years
+124%+30.9% a year
Past 5 years
+451%+40.7% a year
Past 10 years
+1,807%+34.3% a year
Best calendar year
+93.6%1997
Worst calendar year
−24.3%1999
Losing years
8 of 29full calendar years

Risk

Volatility
32.8%typical yearly swing, 5 years
Sharpe ratio
1.21return per unit of risk, 5 years
Worst decline ever
−68.3%Aug 2000 to Mar 2009
From its all-time high
At its highwithin 1%

LLY against the whole market

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

How does LLY rank among all stocks?

This section ranks LLY 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 LLY 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.

MeasureLLYRankStanding
1-year return+59.7%423 of 3,287top 13%
3-year return+124%742 of 3,017top 25%
5-year return+451%77 of 2,893top 3%
10-year return+1,807%46 of 2,202top 2%
Volatility, 5 years32.8%979 of 2,893top 34%
Sharpe ratio, 5 years1.2121 of 2,893top 1%
Worst decline, past 10 years−34.5%64 of 2,187top 3%

What has beaten LLY 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). LLY sits where the dashed lines cross. Anything in the green box above and to the left earned more than LLY 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 LLY. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than LLYLLY: +40.7% a year, volatility 32.8%SPY (S&P 500): +12.7% a year, volatility 17.1%CAH: +42.1% a year, volatility 24.7%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%PBR: +50.3% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%VLO: +44.2% a year, volatility 36.9%HWM: +47.3% a year, volatility 32.5%LLYSPY (S&P 500)CAHMPCPBR-APBRINSWVLOHWM10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than LLYLLY: +40.7% a year, volatility 32.8%SPY (S&P 500): +12.7% a year, volatility 17.1%CAH: +42.1% a year, volatility 24.7%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%PBR: +50.3% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%VLO: +44.2% a year, volatility 36.9%HWM: +47.3% a year, volatility 32.5%LLYSPY (S&P 500)CAHMPCPBR-AINSWVLOHWM
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than LLY?

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

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

Screen the whole market against LLY for any period in BetterThanSPYOpen these 8 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 LLY?lower diversifies moreExpenseper year
LLYEli Lilly and Company · this page
+40.7%32.8%1.21−34.5%+1,807%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.220.09%
Same and neighboring categories, and shared themesbest 1 shownEverything else in Pharmaceuticals and the categories next to it (Biotechnology, Health Care Distribution, Life Sciences Tools, Medical Devices), plus LLY's specific themes. 1 of 105 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.28—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 11 of 3,506 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%-0.12—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return in most periods+51.8%37.5%1.31−71.7%+768%-0.18—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return in most periods+50.3%37.5%1.28−75.3%+674%-0.23—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher return in most periods+56.5%40.5%1.31−57.4%—-0.19—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%-0.13—
HWMHowmet Aerospace Inc. · Aerospace & Defense
On the frontierHigher return, similar volatility+47.3%32.5%1.36−68.9%+1,028%0.05—
What these numbers mean for LLY
Annual return
LLY returned 40.7% 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 $55,100. 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
LLY's volatility over the past 5 years was 32.8%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LLY's return lands within 32.8% 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
LLY's Sharpe ratio over the past 5 years was 1.21, against 0.79 for the S&P 500, so LLY earned more 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
LLY's worst fall from a peak to a low over the past 10 years was 34.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 34.5% fall takes a 52.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, LLY's monthly returns had a correlation of 0.22 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 LLY instead: the lower it is, the more that option would diversify a LLY holding. Guide: Correlation and diversification →
Show all 1 stock or fund worth at least $500 million that earned more than LLY with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with LLYExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Same or nearby category+42.1%24.7%1.55−46.1%+349%0.28—

LLY against its popular alternatives

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

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

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

0.0%20.0%40.0%60.0%80.0%100%120%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityLLY: 40.7% a year, volatility 32.8%SPY (S&P 500): 12.7% a year, volatility 17.1%VKTX: 35.7% a year, volatility 104%BIIB: −1.8% a year, volatility 34.7%DXCM: −9.2% a year, volatility 47.3%VTRS: 10.4% a year, volatility 33.6%WST: −1.0% a year, volatility 40.7%AZN: 8.7% a year, volatility 35.7%PODD: −13.7% a year, volatility 44.1%NVO: −4.0% a year, volatility 39.1%ABBV: 26.1% a year, volatility 23.4%AMGN: 19.6% a year, volatility 24.9%MRK: 16.3% a year, volatility 24.8%GILD: 22.8% a year, volatility 24.9%PFE: −1.7% a year, volatility 25.4%TAK: 11.8% a year, volatility 19.4%TMO: 2.9% a year, volatility 27.8%JNJ: 12.7% a year, volatility 17.9%REGN: 7.7% a year, volatility 31.1%VRTX: 22.6% a year, volatility 29.1%NVS: 17.2% a year, volatility 20.7%GSK: 9.5% a year, volatility 24.5%BMY: 5.5% a year, volatility 24.9%SNY: 0.6% a year, volatility 25.3%LLYSPY (S&P 500)VKTXBIIBDXCMVTRSWSTAZNPODDABBVAMGNMRKGILDPFETAKTMOREGNNVSGSKBMYSNY0.0%20.0%40.0%60.0%80.0%100%120%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityLLY: 40.7% a year, volatility 32.8%SPY (S&P 500): 12.7% a year, volatility 17.1%VKTX: 35.7% a year, volatility 104%BIIB: −1.8% a year, volatility 34.7%DXCM: −9.2% a year, volatility 47.3%VTRS: 10.4% a year, volatility 33.6%WST: −1.0% a year, volatility 40.7%AZN: 8.7% a year, volatility 35.7%PODD: −13.7% a year, volatility 44.1%NVO: −4.0% a year, volatility 39.1%ABBV: 26.1% a year, volatility 23.4%AMGN: 19.6% a year, volatility 24.9%MRK: 16.3% a year, volatility 24.8%GILD: 22.8% a year, volatility 24.9%PFE: −1.7% a year, volatility 25.4%TAK: 11.8% a year, volatility 19.4%TMO: 2.9% a year, volatility 27.8%JNJ: 12.7% a year, volatility 17.9%REGN: 7.7% a year, volatility 31.1%VRTX: 22.6% a year, volatility 29.1%NVS: 17.2% a year, volatility 20.7%GSK: 9.5% a year, volatility 24.5%BMY: 5.5% a year, volatility 24.9%SNY: 0.6% a year, volatility 25.3%LLYSPY (S&P 500)VKTXBIIBDXCMAZNPODDNVOABBVAMGNMRKGILDPFETAKTMOREGNVRTXNVS
All figures
InvestmentAnnual returnVolatility
LLY This pageEli Lilly and Company+40.7%32.8%
VKTX Viking Therapeutics, Inc.+35.7%104%
ABBV AbbVie Inc.+26.1%23.4%
GILD Gilead Sciences, Inc.+22.8%24.9%
VRTX Vertex Pharmaceuticals Incorporated+22.6%29.1%
AMGN Amgen Inc.+19.6%24.9%
NVS Novartis AG+17.2%20.7%
MRK Merck & Co., Inc.+16.3%24.8%
JNJ Johnson & Johnson+12.7%17.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
TAK Takeda Pharmaceutical Company Limited+11.8%19.4%
VTRS Viatris Inc.+10.4%33.6%
GSK GSK plc+9.5%24.5%
AZN AstraZeneca PLC+8.7%35.7%
REGN Regeneron Pharmaceuticals, Inc.+7.7%31.1%
BMY Bristol-Myers Squibb Company+5.5%24.9%
TMO Thermo Fisher Scientific Inc.+2.9%27.8%
SNY Sanofi+0.6%25.3%
WST West Pharmaceutical Services, Inc.−1.0%40.7%
PFE Pfizer Inc.−1.7%25.4%
BIIB Biogen Inc.−1.8%34.7%
NVO Novo Nordisk A/S−4.0%39.1%
DXCM DexCom, Inc.−9.2%47.3%
PODD Insulet Corp.−13.7%44.1%
Open these 24 in EasyCompare

Has LLY consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than LLY 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
LLY Eli Lilly and Company (this page)—+10.2%+12.1%+40.0%+19.4%+59.7%+124%+451%+1,807%32.8%1.21−34.5%—$1.2T—
VKTX BiotechnologyViking Therapeutics, Inc.0/5 short2/3 long−11.3%−26.6%−24.8%−24.6%−20.9%+166%+360%+2,223%104%0.72−89.3%—$3.4B—
BIIB Drug Manufacturers - GeneralBiogen Inc.4/5 short0/3 long+11.0%+21.6%+32.6%+36.7%+65.8%−5.6%−8.8%−18.9%34.7%0.11−72.7%—$36B—
ABBV Drug Manufacturers - GeneralAbbVie Inc.3/5 short0/3 long+9.9%+14.8%+43.8%+29.8%+28.3%+118%+218%+603%23.4%1.11−45.1%—$511B—
AMGN Drug Manufacturers - GeneralAmgen Inc.3/5 short0/3 long+11.6%+21.2%+27.0%+36.7%+48.7%+72.2%+145%+266%24.9%0.85−24.9%—$237B—
MRK Drug Manufacturers - GeneralMerck & Co., Inc.3/5 short0/3 long−0.8%+19.9%+28.3%+42.2%+76.8%+58.3%+113%+241%24.8%0.74−43.4%—$366B—
DXCM Medical - DevicesDexCom, Inc.2/5 short0/3 long−3.8%+13.3%+32.7%+28.9%+25.3%−0.3%−38.4%+316%47.3%0.04−66.3%—$32B—
GILD Drug Manufacturers - GeneralGilead Sciences, Inc.2/5 short0/3 long+4.0%+18.2%+16.6%+31.0%+30.3%+121%+180%+200%24.9%0.95−30.5%—$194B—
PFE Drug Manufacturers - GeneralPfizer Inc.2/5 short0/3 long+8.5%+23.8%+13.2%+25.7%+30.5%+19.2%−8.3%+55.0%25.4%0.06−58.9%—$172B—
TAK Drug Manufacturers - Specialty & GenericTakeda Pharmaceutical Company Limited2/5 short0/3 long+8.6%+20.3%+16.9%+33.6%+48.2%+56.1%+75.1%+30.4%19.4%0.68−54.4%—$64B—
VTRS Drug Manufacturers - Specialty & GenericViatris Inc.2/5 short0/3 long+9.1%+10.6%+27.3%+53.1%+87.1%+127%+64.3%−38.0%33.6%0.47−82.0%—$21B—
WST Medical - Instruments & SuppliesWest Pharmaceutical Services, Inc.1/5 short0/3 long+7.5%+10.4%+40.0%+41.0%+41.9%+7.8%−5.0%+455%40.7%0.19−59.3%—$27B—
TMO Medical - Diagnostics & ResearchThermo Fisher Scientific Inc.1/5 short0/3 long+4.3%+30.7%+30.9%+16.3%+26.8%+49.5%+15.1%+366%27.8%0.24−40.9%—$254B—
JNJ Drug Manufacturers - GeneralJohnson & Johnson1/5 short0/3 long−3.8%+4.8%+13.6%+27.1%+36.9%+84.6%+82.1%+196%17.9%0.76−27.4%—$625B—
REGN BiotechnologyRegeneron Pharmaceuticals, Inc.1/5 short0/3 long+1.2%+20.3%+8.0%+4.4%+40.7%+0.8%+44.9%+120%31.1%0.40−59.7%—$83B—
VRTX BiotechnologyVertex Pharmaceuticals Incorporated0/5 short0/3 long+0.8%+7.1%+17.2%+13.8%+22.8%+42.2%+177%+521%29.1%0.85−41.6%—$130B—
AZN Drug Manufacturers - GeneralAstraZeneca PLC0/5 short0/3 long+0.4%+3.3%−15.3%−7.0%+1.8%+38.8%+52.1%+257%35.7%0.41−28.7%—$262B—
PODD Medical - DevicesInsulet Corp.0/5 short0/3 long+1.5%−14.8%−29.0%−49.6%−56.4%−1.4%−52.2%+255%44.1%-0.12−63.0%—$9.9B—
NVS Drug Manufacturers - GeneralNovartis AG0/5 short0/3 long+9.0%+2.7%+1.8%+13.1%+18.8%+75.9%+121%+226%20.7%0.87−26.8%—$292B—
NVO Drug Manufacturers - GeneralNovo Nordisk A/S0/5 short0/3 long−1.1%−20.0%−1.5%−23.9%−28.5%−57.0%−18.5%+134%39.1%0.09−75.2%—$174B—
GSK Drug Manufacturers - GeneralGSK plc0/5 short0/3 long−0.9%+2.1%−10.1%+4.7%+18.9%+60.0%+57.2%+95.1%24.5%0.49−37.6%—$102B—
BMY Drug Manufacturers - GeneralBristol-Myers Squibb Company0/5 short0/3 long−0.5%+3.6%+6.6%+19.1%+47.8%+25.8%+30.6%+74.8%24.9%0.34−47.7%—$126B—
SNY Drug Manufacturers - GeneralSanofi0/5 short0/3 long−2.6%−5.9%−10.3%−10.7%−13.4%−10.0%+3.0%+61.5%25.3%0.15−33.5%—$99B—
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How did LLY do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where LLY ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with LLY and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of LLY20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
LLY This pageEli Lilly and Company—+40.3%+33.3%+60.9%+34.3%+66.1%+31.0%+16.2%+40.5%+17.8%−10.4%+25.4%+39.8%+7.3%+24.2%+25.2%+3.6%−6.2%−21.3%+5.7%−5.2%+2.6%−17.6%+13.1%−17.6%−14.4%+41.9%−24.3%+29.1%+93.6%
Rank among alternativesTop quarter in 11 of 294 of 232 of 232 of 233 of 232 of 235 of 2316 of 233 of 2312 of 2312 of 234 of 225 of 2222 of 2212 of 215 of 2112 of 2119 of 2112 of 207 of 1917 of 1912 of 1813 of 1813 of 189 of 1712 of 177 of 1717 of 178 of 171 of 17
SPY S&P 500State Street SPDR S&P 500 ETF12 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%
VKTX Viking Therapeutics, Inc.5 of 10−12.6%+116%+98.0%+104%−18.3%−29.8%+4.8%+88.4%+241%−65.1%———————————————————
BIIB Biogen Inc.14 of 29+15.1%−40.9%−6.6%+15.4%−2.0%−17.5%−1.4%−5.5%+12.3%−7.4%−9.8%+21.4%+91.0%+33.0%+64.1%+25.3%+12.3%−16.3%+15.7%+8.6%−32.0%+81.5%+10.6%−51.9%+9.1%+93.0%+318%+36.6%+44.7%
ABBV AbbVie Inc.3 of 13+33.1%+18.9%−0.2%+24.0%+32.4%+27.7%+1.5%−1.0%+60.1%+9.8%−6.5%+27.9%+60.7%————————————————
AMGN Amgen Inc.15 of 29+29.7%−6.8%+13.5%+20.4%+0.9%−2.0%+27.6%+15.2%+22.3%−7.6%+4.0%+42.3%+34.8%+36.8%+18.2%−3.0%−2.0%+24.3%−32.0%−13.4%+22.9%+3.8%+27.8%−14.4%−11.7%+6.5%+130%+93.3%−0.4%
MRK Merck & Co., Inc.11 of 29+9.8%−6.3%+1.0%+49.4%+1.8%−7.2%+22.3%+40.0%−1.5%+15.0%−3.9%+16.9%+26.9%+13.1%+9.6%+2.9%+26.7%−45.3%+37.3%+42.8%+4.0%−27.7%−11.2%−1.2%−36.0%+41.8%−7.7%+41.6%+35.7%
DXCM DexCom, Inc.9 of 20−14.7%−37.3%+9.6%−15.6%+45.2%+69.0%+82.6%+109%−3.9%−27.1%+48.8%+55.5%+160%+45.9%−31.7%+68.8%+193%−68.8%−10.5%−33.8%—————————
GILD Gilead Sciences, Inc.12 of 29+36.6%+18.7%−2.0%+23.6%+29.9%−6.7%+7.9%−9.9%+3.0%−27.6%+8.6%+25.5%+105%+79.5%+12.9%−16.3%−15.4%+11.2%+41.7%+23.4%+50.2%+20.1%+71.4%+3.6%+58.2%+53.9%+31.7%+6.7%+53.6%
PFE Pfizer Inc.10 of 29+0.6%−2.2%−41.3%−10.4%+66.7%+3.4%−6.7%+25.1%+16.1%+4.4%+7.3%+5.4%+26.5%+20.6%+28.8%+0.6%+8.1%−16.9%−8.2%+15.3%−10.6%−22.3%+17.7%−22.2%−12.5%+43.0%−21.5%+68.8%+82.0%
TAK Takeda Pharmaceutical Company Limited3 of 17+22.7%−3.2%−4.8%+20.1%−21.6%−3.0%+22.1%−38.8%+41.3%−14.0%+24.4%−6.5%+7.4%+5.8%−5.0%+21.2%−16.1%————————————
VTRS Viatris Inc.11 of 29+5.0%+19.7%+2.0%−14.3%−26.2%−6.8%−26.6%−35.2%+10.9%−29.4%−4.1%+29.9%+58.1%+27.9%+1.6%+14.6%+86.4%−29.7%−29.1%+1.1%+14.2%−29.6%+63.5%−6.4%+49.9%+0.7%−19.5%+51.3%+27.1%
WST West Pharmaceutical Services, Inc.14 of 29−15.7%−6.8%+50.0%−49.7%+65.9%+89.0%+54.1%−0.1%+17.0%+41.9%+14.0%+9.5%+81.3%+46.6%−6.4%+7.0%+5.5%−5.7%−19.8%+108%+1.8%+51.2%+43.6%−5.2%+11.6%−18.4%−11.6%+22.4%+7.4%
TMO Thermo Fisher Scientific Inc.16 of 29+11.8%−1.7%−3.4%−17.3%+43.5%+43.7%+45.6%+18.2%+35.0%−0.1%+13.8%+13.1%+75.8%+43.2%−18.8%+16.1%+40.0%−40.9%+27.4%+50.3%−0.2%+19.8%+25.3%−15.7%+5.6%+98.2%−11.4%−61.5%+6.7%
JNJ Johnson & Johnson11 of 29+47.5%−4.8%−8.6%+6.0%+11.4%+10.8%+16.2%−5.1%+24.4%+15.3%+1.2%+17.3%+34.6%+10.8%+9.9%−0.6%+11.3%−7.7%+3.6%+12.4%−3.4%+25.2%−2.0%−7.9%+14.0%+14.2%+12.5%+29.0%+34.3%
REGN Regeneron Pharmaceuticals, Inc.12 of 29+9.0%−18.9%+21.7%+14.2%+30.7%+28.7%+0.5%−0.7%+2.4%−32.4%+32.3%+49.0%+60.9%+209%+68.8%+35.8%+31.7%−24.0%+20.3%+26.2%+72.7%−37.4%−20.6%−34.3%−20.2%+177%+72.8%−13.8%−46.9%
VRTX Vertex Pharmaceuticals Incorporated12 of 29+12.6%−1.0%+40.9%+31.5%−7.1%+7.9%+32.1%+10.6%+103%−41.4%+5.9%+59.9%+77.3%+26.2%−5.2%−18.3%+41.0%+30.8%−37.9%+35.2%+162%+2.1%−34.7%−35.5%−65.6%+309%+17.6%−9.8%−18.0%
AZN AstraZeneca PLC10 of 29+38.0%−1.2%+0.8%+20.4%+17.9%+2.9%+37.4%+13.9%+35.3%−16.7%+0.1%+24.6%+32.0%+8.6%+6.0%+3.5%+20.4%+0.3%−17.1%+12.7%+36.9%−22.0%+38.2%−23.2%−7.9%+28.7%−5.3%+27.0%+31.8%
PODD Insulet Corp.7 of 18+8.9%+20.3%−26.3%+10.6%+4.1%+49.3%+116%+15.0%+83.1%−0.3%−17.9%+24.1%+74.8%+12.7%+21.5%+8.5%+85.0%−67.1%———————————
NVS Novartis AG12 of 29+46.0%−0.5%+21.1%+6.6%−5.0%+2.2%+29.1%+6.2%+19.8%−11.8%−4.3%+19.4%+32.2%+16.1%+1.5%+12.6%+14.6%−5.4%−3.4%+11.3%+6.0%+12.3%+27.5%+2.1%−17.2%+30.6%−24.1%+21.9%+52.9%
NVO Novo Nordisk A/S15 of 29−39.2%−15.9%+54.8%+22.6%+63.5%+23.3%+28.7%−11.8%+54.3%−36.6%+39.3%+16.7%+15.3%+44.0%+4.1%+79.3%+27.2%−19.8%+57.4%+51.3%+5.6%+34.6%+43.5%−27.0%+14.4%+39.0%−1.9%−7.3%+54.9%
GSK GSK plc12 of 29+51.3%−5.2%+9.8%−16.8%+27.1%−17.7%+29.2%+13.8%−3.0%+2.1%−0.3%−15.7%+28.9%+0.6%+22.7%−2.1%+19.2%−22.2%−0.8%+7.9%+9.9%+5.6%+28.8%−21.6%−9.7%+4.1%−17.9%+48.2%+55.8%
BMY Bristol-Myers Squibb Company11 of 29+0.1%+15.8%−26.1%+19.0%+2.9%+0.4%+27.7%−12.9%+7.7%−13.5%+19.3%+14.2%+70.0%−3.8%+39.4%+8.8%+14.8%−6.1%+4.8%+19.9%−6.2%−7.2%+29.1%−52.4%−26.2%+17.1%−2.8%+42.9%+77.1%
SNY Sanofi9 of 23+4.9%+1.1%+6.5%+0.5%+7.0%+0.4%+20.5%+6.0%+9.9%−1.2%−3.4%−11.9%+17.1%+36.0%+18.8%−13.4%+28.7%−26.5%+1.0%+7.2%+11.6%+8.2%+26.2%——————
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Risk and diversification

How LLY 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 LLY's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents LLY's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

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

DuringLLY fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−68.3%−46.4%Aug 2000Mar 20098.6 yearsNov 20145.7 years
No named crash−46.4%—Jan 1992Aug 199319 monthsMar 199519 months
No named crash−43.3%+8.6%Mar 1999Mar 200012 monthsJun 20003 months
No named crash−40.8%—Sep 1987Oct 19871 monthMar 198917 months
No named crash−34.5%+14.4%Aug 2024Aug 202512 monthsNov 20253 months

How did LLY do in stock market crashes?

This section measures how far LLY, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

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

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
LLY This pageEli Lilly and Company—−0.6%−11.7%−16.9%−10.2%−8.6%−19.6%−10.9%0.0%−50.0%−54.3%
SPY S&P 500State Street SPDR S&P 500 ETF3 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VKTX Viking Therapeutics, Inc.0 of 6−10.0%−54.3%−50.4%−62.9%−8.5%−79.4%————
BIIB Biogen Inc.0 of 10−2.5%−22.4%−21.2%−21.7%−9.3%−24.6%−19.4%−0.6%−52.7%−59.8%
ABBV AbbVie Inc.1 of 6−1.5%−21.9%−32.1%−18.1%−5.8%−29.8%————
AMGN Amgen Inc.2 of 10−1.2%−11.9%−18.3%−14.3%−7.4%−22.1%−12.6%−0.5%−31.3%−60.2%
MRK Merck & Co., Inc.4 of 10−2.4%−10.8%−19.3%−9.7%−6.6%−18.2%−17.4%−2.3%−63.3%−57.5%
DXCM DexCom, Inc.1 of 9−4.4%−48.8%−36.8%−27.8%−5.1%−47.6%−33.2%−6.1%−87.0%—
GILD Gilead Sciences, Inc.4 of 10−1.6%−20.0%−13.7%−22.7%−5.5%−28.7%−18.2%−2.1%−34.3%−53.6%
PFE Pfizer Inc.2 of 10−1.8%−24.6%−21.8%−12.3%−8.1%−18.2%−16.1%−1.8%−49.8%−46.0%
TAK Takeda Pharmaceutical Company Limited3 of 8−0.6%−14.8%−31.5%−27.9%−6.5%−17.0%−5.6%−3.7%——
VTRS Viatris Inc.2 of 10−6.9%−43.3%−37.3%−32.8%−6.8%−31.9%−32.4%−0.1%−64.4%−47.3%
WST West Pharmaceutical Services, Inc.3 of 10−1.6%−44.2%−26.2%−24.9%−8.5%−14.6%−23.1%−1.5%−45.1%−41.9%
TMO Thermo Fisher Scientific Inc.2 of 10−2.4%−19.8%−24.8%−17.2%−8.7%−14.7%−24.4%−3.6%−53.9%−41.8%
JNJ Johnson & Johnson4 of 10−1.1%−12.7%−25.4%−16.9%−8.2%−9.0%−9.8%−0.1%−34.4%−35.9%
REGN Regeneron Pharmaceuticals, Inc.2 of 10−0.2%−25.8%−12.7%−17.3%−7.3%−37.7%−23.2%−7.2%−49.9%−71.6%
VRTX Vertex Pharmaceuticals Incorporated1 of 100.0%−19.2%−19.4%−21.2%−8.8%−43.7%−23.9%−2.7%−59.9%−86.7%
AZN AstraZeneca PLC4 of 10−0.5%−25.7%−22.6%−11.4%−6.4%−18.0%−16.4%−1.1%−37.4%−43.5%
PODD Insulet Corp.1 of 9−2.0%−33.2%−39.9%−31.1%−4.1%−37.2%−36.5%0.0%−89.6%—
NVS Novartis AG3 of 10−1.1%−20.4%−25.5%−9.9%−6.6%−30.1%−14.5%−2.6%−41.7%−25.7%
NVO Novo Nordisk A/S3 of 10−1.1%−21.4%−23.7%−13.8%−3.9%−20.8%−23.1%−1.7%−40.9%−51.0%
GSK GSK plc4 of 10−0.3%−37.6%−26.5%−11.5%−4.3%−15.7%−12.4%−2.0%−46.6%−45.1%
BMY Bristol-Myers Squibb Company3 of 10−2.3%−16.0%−29.4%−22.9%−4.1%−16.3%−10.5%0.0%−39.2%−69.5%
SNY Sanofi2 of 9−0.5%−33.5%−25.2%−9.0%−9.8%−30.2%−20.7%−2.8%−46.6%—
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How closely does LLY 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 LLY 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 LLY's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
LLY This pageEli Lilly and Company101%6%15.730.37
VRTX Vertex Pharmaceuticals Incorporated87%50%1.750.46
ABBV AbbVie Inc.92%57%1.620.54
VKTX Viking Therapeutics, Inc.164%104%1.581.21
AZN AstraZeneca PLC60%39%1.520.39
GILD Gilead Sciences, Inc.52%36%1.440.35
MRK Merck & Co., Inc.64%46%1.390.30
JNJ Johnson & Johnson64%53%1.200.46
AMGN Amgen Inc.74%64%1.160.54
WST West Pharmaceutical Services, Inc.107%99%1.091.08
NVS Novartis AG69%64%1.080.49
DXCM DexCom, Inc.97%97%1.001.13
TMO Thermo Fisher Scientific Inc.104%104%1.000.81
PODD Insulet Corp.81%82%1.000.92
REGN Regeneron Pharmaceuticals, Inc.55%66%0.840.19
GSK GSK plc51%61%0.820.52
NVO Novo Nordisk A/S75%94%0.800.60
BMY Bristol-Myers Squibb Company55%75%0.730.41
SNY Sanofi53%74%0.720.46
PFE Pfizer Inc.52%81%0.650.54
TAK Takeda Pharmaceutical Company Limited34%58%0.580.44
VTRS Viatris Inc.74%179%0.411.14
BIIB Biogen Inc.35%91%0.380.28
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What diversifies LLY?

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

ETFs

InvestmentCorrelation5Y returnSharpe2016200920082006200420022001199980/20 mix volatility80/20 mix annual return
LLY Eli Lilly and Company (this page)1.00+451%1.21−10.4%−6.2%−21.3%−5.2%−17.6%−17.6%−14.4%−24.3%31.5%+39.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.02+119%1.48————————25.3%+35.6%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.23+225%1.34+1.1%+2.0%−20.8%—————25.9%+37.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.04+101%1.04+29.8%———————25.5%+35.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.15+83.3%1.00+15.9%———————25.8%+34.5%
SMH TechnologyVanEck Semiconductor ETF0.16+323%0.97+35.6%+60.5%−44.7%−6.7%−19.3%−47.0%−14.6%—27.2%+40.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.22+85.0%0.96+6.3%———————25.8%+34.7%
GLD CommoditiesSPDR Gold Shares0.02+126%0.96+8.0%+24.0%+4.9%+22.6%————25.5%+36.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.33+136%0.93+7.4%———————26.8%+36.6%

Stocks

InvestmentCorrelation5Y returnSharpe2016200920082006200420022001199980/20 mix volatility80/20 mix annual return
LLY Eli Lilly and Company (this page)1.00+451%1.21−10.4%−6.2%−21.3%−5.2%−17.6%−17.6%−14.4%−24.3%31.5%+39.3%
CAH Medical - DistributionCardinal Health, Inc.0.28+479%1.55−17.5%−4.4%−39.6%−5.8%−4.7%−8.3%−2.5%−36.8%27.1%+40.3%
CLS Hardware, Equipment & PartsCelestica Inc.-0.04+3,143%1.47+7.4%+105%−20.5%−26.0%−6.4%−65.1%−25.6%+350%27.3%+56.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.08+1,636%1.46+18.3%+17.8%−15.2%+38.9%+40.0%−9.4%+73.7%−58.7%27.4%+50.9%
MCK Medical - DistributionMcKesson Corporation0.19+413%1.44−28.3%+62.9%−40.4%−1.2%−1.4%−27.2%+4.9%−71.3%26.6%+39.6%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.12+690%1.41+0.7%———————25.3%+43.5%
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Common questions

What was LLY's worst drawdown?

LLY's deepest decline since it began trading in 1986 was 68.3%, from August 2000 to March 2009. It took about six years from the low to climb back to its old high.

What were LLY's best and worst years?

Over 29 full calendar years, LLY's best year was 1997, when it returned 93.6%. Its worst was 1999, with a return of -24.3%.

Is there a better investment than LLY?

Looking beyond its popular alternatives, CAH (health care distribution) earned more than LLY with less volatility over the past 5 years: 42.1% a year at 24.7% volatility, against 40.7% a year at 32.8%. Few investments have done better on both counts: only one of the 3,633 stocks and funds worth at least $500 million earned more than LLY with less volatility over the past 5 years, among them CAH.

Is LLY more volatile than the S&P 500?

Yes. LLY's volatility over the past 5 years was 32.8%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, LLY's return lands within 32.8% 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 LLY's Sharpe ratio?

LLY's Sharpe ratio over the past 5 years was 1.21, against 0.79 for the S&P 500, so LLY earned more 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 LLY with the S&P 500?

Over the past 5 years, LLY's monthly returns had a correlation of 0.22 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 LLY instead: the lower it is, the more that option would diversify a LLY holding.

What are the best alternatives to LLY?

None of the 22 popular alternatives we compared outperformed LLY in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about LLY's strength than about its alternatives.

Did LLY outperform the S&P 500?

LLY finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +40.2%, against +17.7% for the index.

How did LLY do in stock market crashes?

LLY fell less than the S&P 500 (SPY) in seven of the ten major crashes it has traded through, and further in three. The clearest case was the Covid crash, when LLY fell 16.9% and the S&P 500 fell 33.7%.

What diversifies LLY?

These had a low correlation with LLY over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.02), DXJ (correlation 0.23) and EMLP (correlation 0.04); among large stocks, CAH (correlation 0.28), CLS (correlation -0.04) and FIX (correlation 0.08). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to LLY