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Relative Intelligence · Health Care Distribution

How McKesson (MCK) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MCK alone. It places MCK (McKesson Corporation) against 12 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 MCK stands in the market, and of the alternatives worth a closer look.

Period covered: MCK's full trading record, from November 1994 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 MCK →Chart MCK vs. 12 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in MCK over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MCK over the same span and MCK'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. 291 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of MCK; 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
  • VLO$1M+10,099% total · +17.3% a year
  • NTAP$845,213+8,352% total · +16.5% a year
  • 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
  • MCK$208,304+1,983% total · +11.0% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • CAH$113,257+1,033% total · +8.7% a year
  • CVS$97,705+877% total · +8.2% a year
  • BMY$44,277+343% total · +5.3% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 164 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MCK; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000202120222023202420252026$0$50,000$100,000202120222023202420252026
  • 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
  • LLY$52,411+424% total · +39.3% a year
  • CAH$49,682+397% total · +37.8% a year
  • MCK$43,941+339% total · +34.5% a year
  • HIMS$39,509+295% total · +31.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • UNH$10,283+2.8% total · +0.6% a year
  • VEEV$9,905−0.9% total · −0.2% a year
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MCK 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
$120B
Industry
Medical - Distribution
Price history from
November 1994

Returns

Past 1 year
+31.3%total return
Past 3 years
+131%+32.1% a year
Past 5 years
+413%+38.7% a year
Past 10 years
+586%+21.2% a year
Best calendar year
+96.3%1997
Worst calendar year
−71.3%1999
Losing years
8 of 29full calendar years

Risk

Volatility
25.0%typical yearly swing, 5 years
Sharpe ratio
1.44return per unit of risk, 5 years
Worst decline ever
−82.8%Oct 1998 to May 2000
From its all-time high
At its highwithin 1%

MCK against the whole market

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

How does MCK rank among all stocks?

This section ranks MCK 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 MCK 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.

MeasureMCKRankStanding
1-year return+31.3%936 of 3,287top 28%
3-year return+131%702 of 3,017top 23%
5-year return+413%97 of 2,893top 3%
10-year return+586%249 of 2,202top 11%
Volatility, 5 years25.0%326 of 2,893top 11%
Sharpe ratio, 5 years1.444 of 2,893top 1%
Worst decline, past 10 years−38.1%105 of 2,187top 5%

What has beaten MCK 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). MCK sits where the dashed lines cross. Anything in the green box above and to the left earned more than MCK 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 MCK. 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%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 MCKMCK: +38.7% a year, volatility 25.0%SPY (S&P 500): +12.7% a year, volatility 17.1%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%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%VLO: +44.2% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%NTAP: +20.9% a year, volatility 35.3%MCKSPY (S&P 500)CAHLLYMPCPBR-APBRVLOTRGPNTAP15.0%20.0%25.0%30.0%35.0%40.0%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 MCKMCK: +38.7% a year, volatility 25.0%SPY (S&P 500): +12.7% a year, volatility 17.1%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%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%VLO: +44.2% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%NTAP: +20.9% a year, volatility 35.3%MCKSPY (S&P 500)CAHLLYMPCPBRVLOTRGPNTAP
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than MCK?

Investments that beat MCK 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 MCK 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 MCK'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.

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 MCK'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× MCK's volatility counts as better.

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

Screen the whole market against MCK for any period in BetterThanSPYOpen these 9 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 MCK?lower diversifies moreExpenseper year
MCKMcKesson Corporation · this page
+38.7%25.0%1.44−38.1%+586%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.180.09%
Popular alternativesbest 1 shownThe investments people most often weigh against MCK. 1 of 11 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.48—
Same and neighboring categories, and shared themesbest 1 shownEverything else in Health Care Distribution and the categories next to it (Medical Devices, Managed Health Care, Health Care Services, Pharmaceuticals), plus MCK's specific themes. 1 of 56 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.19—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 7 of 3,566 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.30—
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%0.23—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return in most periods+50.3%37.5%1.28−75.3%+674%0.23—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.37—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return in most periods+41.8%31.7%1.27−90.8%+829%0.37—
NTAPNetApp, Inc. · Computer Hardware
Higher return in most periods+20.9%35.3%0.71−58.1%+691%0.04—
What these numbers mean for MCK
Annual return
MCK returned 38.7% 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 $51,300. 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
MCK's volatility over the past 5 years was 25.0%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MCK's return lands within 25.0% 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
MCK's Sharpe ratio over the past 5 years was 1.44, against 0.79 for the S&P 500, so MCK 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
MCK's worst fall from a peak to a low over the past 10 years was 38.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.1% fall takes a 61.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MCK's monthly returns had a correlation of 0.18 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 MCK instead: the lower it is, the more that option would diversify a MCK holding. Guide: Correlation and diversification →

MCK against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%−30.0%−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 volatilityMCK: 38.7% a year, volatility 25.0%SPY (S&P 500): 12.7% a year, volatility 17.1%CAH: 42.1% a year, volatility 24.7%VEEV: −0.1% a year, volatility 39.6%HIMS: 28.6% a year, volatility 84.4%UNH: 1.1% a year, volatility 32.1%HCA: 14.1% a year, volatility 30.1%CVS: 5.3% a year, volatility 30.4%HSIC: 1.5% a year, volatility 25.4%PFE: −1.7% a year, volatility 25.4%OMCL: −26.1% a year, volatility 51.2%BMY: 5.5% a year, volatility 24.9%COR: 24.2% a year, volatility 22.8%MCKSPY (S&P 500)CAHVEEVHIMSUNHHCACVSHSICPFEOMCLBMYCOR0.0%20.0%40.0%60.0%80.0%100%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMCK: 38.7% a year, volatility 25.0%SPY (S&P 500): 12.7% a year, volatility 17.1%CAH: 42.1% a year, volatility 24.7%VEEV: −0.1% a year, volatility 39.6%HIMS: 28.6% a year, volatility 84.4%UNH: 1.1% a year, volatility 32.1%HCA: 14.1% a year, volatility 30.1%CVS: 5.3% a year, volatility 30.4%HSIC: 1.5% a year, volatility 25.4%PFE: −1.7% a year, volatility 25.4%OMCL: −26.1% a year, volatility 51.2%BMY: 5.5% a year, volatility 24.9%COR: 24.2% a year, volatility 22.8%MCKSPY (S&P 500)CAHVEEVHIMSUNHCVSPFEOMCLCOR
All figures
InvestmentAnnual returnVolatility
CAH Cardinal Health, Inc.+42.1%24.7%
MCK This pageMcKesson Corporation+38.7%25.0%
HIMS Hims & Hers Health, Inc.+28.6%84.4%
COR Cencora, Inc.+24.2%22.8%
HCA HCA Healthcare, Inc.+14.1%30.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BMY Bristol-Myers Squibb Company+5.5%24.9%
CVS CVS Health Corp.+5.3%30.4%
HSIC Henry Schein, Inc.+1.5%25.4%
UNH UnitedHealth Group Incorporated+1.1%32.1%
VEEV Veeva Systems Inc.−0.1%39.6%
PFE Pfizer Inc.−1.7%25.4%
OMCL Omnicell, Inc.−26.1%51.2%
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Has MCK consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than MCK 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
MCK McKesson Corporation (this page)—+16.2%+24.0%+20.2%+25.5%+31.3%+131%+413%+586%25.0%1.44−38.1%—$120B—
CAH Medical - DistributionCardinal Health, Inc.2/5 short2/3 long+14.3%+14.3%+22.5%+26.1%+65.3%+191%+479%+349%24.7%1.55−46.1%—$60B—
VEEV Software - ApplicationVeeva Systems Inc.4/5 short1/3 long+22.0%+61.4%+88.7%+45.2%+11.5%+59.0%−0.4%+715%39.6%0.19−55.7%—$52B—
HIMS Medical - Care FacilitiesHims & Hers Health, Inc.0/5 short1/3 long−0.5%−10.7%−5.8%−12.6%−43.1%+387%+252%—84.4%0.72−87.3%—$6.6B—
BTSG Medical - Healthcare Information ServicesBrightSpring Health Services, Inc. Common Stock3/5 short0/3 long+11.7%−11.5%+30.6%+62.6%+105%—————−35.6%—$12B—
UNH Medical - Healthcare PlansUnitedHealth Group Incorporated2/5 short0/3 long+11.0%+0.1%+31.2%+27.1%+18.1%−15.3%+5.5%+241%32.1%0.20−61.4%—$376B—
HCA Medical - Care FacilitiesHCA Healthcare, Inc.1/5 short0/3 long+9.3%+26.0%−2.2%−0.5%+8.3%+97.6%+93.6%+513%30.1%0.59−54.7%—$101B—
BMY Drug Manufacturers - GeneralBristol-Myers Squibb Company1/5 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—
CVS Medical - Healthcare PlansCVS Health Corp.1/5 short0/3 long+8.2%−11.4%+25.6%+21.0%+18.5%+52.5%+29.2%+47.0%30.4%0.32−56.8%—$121B—
HSIC Medical - DistributionHenry Schein, Inc.1/5 short0/3 long−0.6%−1.8%+7.0%+10.2%+32.5%+24.0%+7.9%+41.3%25.4%0.19−41.4%—$9.4B—
COR Medical - DistributionCencora, Inc.0/5 short0/3 long+8.5%+13.1%+6.7%+1.9%+5.7%+86.5%+195%+406%22.8%1.07−32.4%—$66B—
PFE Drug Manufacturers - GeneralPfizer Inc.0/5 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—
OMCL Medical - Healthcare Information ServicesOmnicell, Inc.0/5 short0/3 long+12.5%−19.3%−3.5%−19.2%+20.8%−7.9%−77.9%+1.5%51.2%-0.34−86.6%—$1.7B—
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How did MCK do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where MCK ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MCK 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 MCK; gray means the two finished within a fraction of a point. The rank row places MCK among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of MCK20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
MCK This pageMcKesson Corporation—+44.5%+23.7%+24.1%+51.8%+44.2%+27.1%+26.7%−28.4%+12.0%−28.3%−4.5%+29.3%+67.7%+25.6%+11.8%+13.8%+62.9%−40.4%+29.7%−1.2%+64.9%−1.4%+19.9%−27.2%+4.9%+61.2%−71.3%+46.9%+96.3%
Rank among alternativesTop quarter in 8 of 296 of 132 of 124 of 122 of 126 of 124 of 124 of 1111 of 117 of 1111 of 119 of 116 of 113 of 102 of 106 of 96 of 91 of 97 of 92 of 97 of 91 of 95 of 96 of 97 of 94 of 85 of 88 of 84 of 81 of 8
SPY S&P 500State Street SPDR S&P 500 ETF14 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%
CAH Cardinal Health, Inc.11 of 29+76.3%+19.0%+34.1%+54.1%−0.4%+10.1%+18.0%−24.5%−12.7%−17.5%+12.6%+23.0%+66.0%+3.8%+8.1%+21.4%−4.4%−39.6%−9.8%−5.8%+18.7%−4.7%+3.5%−8.3%−2.5%+108%−36.8%+51.7%+29.1%
VEEV Veeva Systems Inc.6 of 12+6.2%+9.2%+19.3%−36.8%−6.2%+93.5%+57.5%+61.6%+35.8%+41.1%+9.2%−17.7%—————————————————
HIMS Hims & Hers Health, Inc.3 of 6+34.3%+172%+38.8%−2.1%−55.1%+47.5%———————————————————————
BTSG BrightSpring Health Services, Inc. Common Stock1 of 1+120%————————————————————————————
UNH UnitedHealth Group Incorporated13 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%
HCA HCA Healthcare, Inc.7 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%———————————————
BMY Bristol-Myers Squibb Company10 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%
CVS CVS Health Corp.14 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%
HSIC Henry Schein, Inc.10 of 29+9.2%−8.6%−5.2%+3.0%+16.0%+0.2%+8.3%+12.3%−7.9%−4.1%+16.2%+19.1%+42.1%+24.8%+5.0%+16.7%+43.4%−40.2%+25.4%+12.3%+25.4%+3.0%+50.2%+21.5%+6.9%+160%−70.2%+27.8%+1.8%
COR Cencora, Inc.14 of 29+51.5%+10.4%+25.3%+26.3%+38.0%+17.0%+18.2%−16.6%+20.6%−23.3%+16.9%+29.9%+65.3%+17.9%+10.3%+32.4%+48.0%−19.8%+3.3%+8.9%+41.4%+2.5%+5.6%−14.5%+25.8%+233%−53.3%+11.7%+20.8%
PFE Pfizer Inc.11 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%
OMCL Omnicell, Inc.12 of 24+1.8%+18.3%−25.4%−72.1%+50.3%+46.9%+33.4%+26.3%+43.1%+9.1%−6.2%+29.7%+71.7%−10.0%+14.3%+23.6%−4.3%−54.7%+44.5%+55.9%+8.6%−32.1%+511%−70.2%—————
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Risk and diversification

How MCK 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 MCK's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MCK's five deepest drawdowns since it began trading in 1994, 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 MCK fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringMCK fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−82.8%+42.3%Oct 1998May 200019 monthsMay 201111 years
2015 China and oil sell-off−54.1%+18.6%May 2015Dec 20183.6 yearsDec 20213 years
No named crash−27.2%+9.0%Mar 2026May 20262 monthsOct 20265 months
No named crash−25.7%+0.2%Mar 1996Jul 19964 monthsNov 19964 months
No named crash−23.9%+7.7%Aug 2024Sep 20241 monthFeb 20255 months

How did MCK do in stock market crashes?

This section measures how far MCK, 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 MCK.

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
MCK This pageMcKesson Corporation—−0.9%−10.5%−32.1%−20.7%−6.5%−30.8%−14.2%−3.5%−57.7%−39.4%
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
CAH Cardinal Health, Inc.4 of 10−3.5%−21.0%−32.1%−25.5%−4.6%−15.9%−17.5%−1.8%−57.9%−36.1%
VEEV Veeva Systems Inc.2 of 6−4.6%−40.0%−26.7%−26.5%−9.5%−28.9%————
HIMS Hims & Hers Health, Inc.1 of 3−10.0%−52.1%−7.0%———————
UNH UnitedHealth Group Incorporated4 of 10−1.8%−16.9%−35.9%−18.6%−6.7%−12.4%−20.7%−0.8%−72.4%−19.8%
HCA HCA Healthcare, Inc.1 of 7−2.2%−39.5%−54.4%−20.6%−3.8%−31.3%−49.0%———
BMY Bristol-Myers Squibb Company6 of 10−2.3%−16.0%−29.4%−22.9%−4.1%−16.3%−10.5%0.0%−39.2%−69.5%
CVS CVS Health Corp.4 of 10−4.4%−19.9%−27.3%−22.1%−9.2%−16.9%−14.2%−1.1%−45.3%−62.4%
HSIC Henry Schein, Inc.5 of 10−1.0%−28.5%−41.4%−17.7%−4.7%−12.8%−18.3%−3.0%−47.8%−25.6%
COR Cencora, Inc.5 of 10−2.3%−17.8%−23.8%−24.2%−7.1%−21.4%−14.5%−2.8%−41.9%−29.7%
PFE Pfizer Inc.5 of 10−1.8%−24.6%−21.8%−12.3%−8.1%−18.2%−16.1%−1.8%−49.8%−46.0%
OMCL Omnicell, Inc.2 of 9−7.7%−58.3%−37.4%−26.2%−12.8%−27.0%−23.7%−2.1%−77.4%—
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How closely does MCK 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 MCK 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 MCK's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MCK This pageMcKesson Corporation72%27%2.710.56
CAH Cardinal Health, Inc.71%51%1.400.75
COR Cencora, Inc.80%58%1.390.56
VEEV Veeva Systems Inc.113%89%1.260.87
UNH UnitedHealth Group Incorporated81%82%0.980.70
HCA HCA Healthcare, Inc.135%140%0.971.37
BMY Bristol-Myers Squibb Company55%75%0.730.41
PFE Pfizer Inc.52%81%0.650.54
CVS CVS Health Corp.59%99%0.600.70
HSIC Henry Schein, Inc.72%124%0.590.85
OMCL Omnicell, Inc.93%187%0.501.03
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What diversifies MCK?

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

ETFs

InvestmentCorrelation5Y returnSharpe2018201620152008200620042002199980/20 mix volatility80/20 mix annual return
MCK McKesson Corporation (this page)1.00+413%1.44−28.4%−28.3%−4.5%−40.4%−1.2%−1.4%−27.2%−71.3%25.2%+34.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.34+119%1.48−5.2%———————20.9%+31.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.31+225%1.34−19.8%+1.1%+7.7%−20.8%————21.1%+33.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.43+83.3%1.00−3.0%+15.9%−0.3%—————21.6%+30.2%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.48+135%0.97−15.5%+36.3%−35.3%—————22.2%+32.0%
SMH TechnologyVanEck Semiconductor ETF-0.08+323%0.97−9.1%+35.6%−0.3%−44.7%−6.7%−19.3%−47.0%—20.8%+37.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.23+85.0%0.96−9.5%+6.3%+4.1%—————20.8%+30.6%
GLD CommoditiesSPDR Gold Shares0.20+126%0.96−1.9%+8.0%−10.7%+4.9%+22.6%———21.1%+31.8%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.06+136%0.93−0.9%+7.4%——————20.8%+32.8%

Stocks

InvestmentCorrelation5Y returnSharpe2018201620152008200620042002199980/20 mix volatility80/20 mix annual return
MCK McKesson Corporation (this page)1.00+413%1.44−28.4%−28.3%−4.5%−40.4%−1.2%−1.4%−27.2%−71.3%25.2%+34.4%
CAH Medical - DistributionCardinal Health, Inc.0.48+479%1.55−24.5%−17.5%+12.6%−39.6%−5.8%−4.7%−8.3%−36.8%23.2%+35.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.08+3,143%1.47−16.3%+7.4%−6.0%−20.5%−26.0%−6.4%−65.1%+350%24.2%+51.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.16+1,636%1.46+0.8%+18.3%+67.7%−15.2%+38.9%+40.0%−9.4%−58.7%23.4%+46.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.30+690%1.41−8.2%+0.7%+17.4%—————23.0%+38.4%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.46+594%1.36−37.5%−11.5%−36.3%−67.4%+5.5%−14.1%−33.1%+133%24.2%+38.3%
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Common questions

What was MCK's worst drawdown?

MCK's deepest decline since it began trading in 1994 was 82.8%, from October 1998 to May 2000. It took about 11 years from the low to climb back to its old high.

What were MCK's best and worst years?

Over 29 full calendar years, MCK's best year was 1997, when it returned 96.3%. Its worst was 1999, with a return of -71.3%.

Is there a better investment than MCK?

Among MCK's popular alternatives, CAH earned more than MCK over the past 5 years with similar volatility: 42.1% a year at 24.7% volatility, against 38.7% a year at 25.0%. Looking beyond its popular alternatives, LLY (pharmaceuticals) was ahead of MCK in most short and long periods, though with much bigger swings (32.8% volatility against 25.0%).

Is MCK more volatile than the S&P 500?

Yes. MCK's volatility over the past 5 years was 25.0%, 1.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MCK's return lands within 25.0% 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 MCK's Sharpe ratio?

MCK's Sharpe ratio over the past 5 years was 1.44, against 0.79 for the S&P 500, so MCK 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 MCK with the S&P 500?

Over the past 5 years, MCK's monthly returns had a correlation of 0.18 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 MCK instead: the lower it is, the more that option would diversify a MCK holding.

What are the best alternatives to MCK?

None of the 12 popular alternatives we compared outperformed MCK in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about MCK's strength than about its alternatives.

Did MCK outperform the S&P 500?

MCK finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +44.5%, against +17.7% for the index.

How did MCK do in stock market crashes?

MCK fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when MCK fell 10.5% and the S&P 500 fell 24.5%.

What diversifies MCK?

These had a low correlation with MCK over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.34), DXJ (correlation 0.31) and HDV (correlation 0.43); among large stocks, CAH (correlation 0.48), CLS (correlation 0.08) and FIX (correlation 0.16). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to MCK

Other stocks and ETFs