# How BeOne Medicines (ONC) compares with the whole market and its popular alternatives

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ONC alone. It places ONC (BeOne Medicines AG) 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 ONC stands in the market, and of the alternatives worth a closer look.

Period covered: ONC's full trading record, from February 2016 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** ONC has run far ahead of the market, rising 23.8% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. Its biotechnology peers were far apart over the past 3 months, from GMAB (Genmab A/S, up 40.0%) to AZN (AstraZeneca, up 3.3%).
- **Stock or market?:** More than an industry move: ONC rose 23.8% over the past 3 months, against 1.5% for the biotechnology ETF XBI (State Street SPDR S&P Biotech ETF). The S&P 500 rose 3.9%. Its biotechnology peers did not move as one over the past 3 months: GMAB (Genmab A/S) rose 40.0%, while AZN (AstraZeneca) rose 3.3%.
- **Past 1 to 3 years:** ONC lagged its biotechnology peers in 2023, then moved up the pack in 2025. Over the past year, ONC rose 20.7% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (133% against 89.3%).
- **Long term:** ONC turned $10,000 into $117,000 over the past decade, against $42,100 in the S&P 500. That said, the past 5 years only trailed the S&P 500 (3.2% against 81.7%), after a much stronger decade (1,066% against 321%).
- **In a crash:** The 2022 bear market took 52.4% off ONC, against 24.5% for the S&P 500. That was more than ABBV (AbbVie, 21.9%) but less than ZLAB (Zai Lab, 61.2%). ONC fell further than the S&P 500 in three of the last four sell-offs, including the 2022 bear market (52.4% against 24.5%).
- **Diversification:** Against the S&P 500, ONC has a correlation of 0.22 over 5 years, less closely than 83% of stocks worth at least $300 million. Next to an index fund it is a real diversifier.
- **Better options**
  - **Popular alternatives:** EXEL (Exelixis), ABBV (AbbVie) and GILD (Gilead Sciences) earned more than ONC with less volatility over the past 5 years. EXEL returned 24.4% a year at 35.8% volatility, against 0.6% a year at 54.5%.
  - **Nearby categories and themes:** LLY (Eli Lilly and Company, pharmaceuticals) and RPRX (Royalty Pharma, pharmaceuticals) earned more than ONC with less volatility over the past 5 years. LLY returned 40.7% a year at 32.8% volatility, against 0.6% a year at 54.5%.
  - **Whole market:** 2,052 of the 3,633 stocks and funds worth at least $500 million earned more than ONC with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and MSFT (Microsoft).

## How much would $10,000 in ONC have grown?

This chart tracks a hypothetical $10,000 investment in ONC over the past 10 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ONC over the same span and ONC's popular alternatives, among those that traded for the entire period.

- $10,000 invested in ONC at the end of September 2016 would have grown to $118,769 by September 2026, more than the $41,286 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of ONC, and NTRA finished highest, at $372,028.

## ONC 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.

- ONC's deepest decline since it began trading in 2016 was 70.0%, from September 2021 to May 2022. It has not yet climbed back to that peak.
- Over nine full calendar years, ONC's best was 2017, when it returned 222%, and its worst was 2022, when it lost 18.8%. It lost money in two of those years.
- ONC is 4.6% below its all-time high.

- Type: Stock, Healthcare (Biotechnology)
- Trading since: February 3, 2016
- Market value: $41B
- Volatility (5 years): 54.5%; Sharpe ratio: 0.28
- Worst decline ever: −70.0%, from September 17, 2021 to May 11, 2022; not yet back at its high

| Period | ONC total return |
| --- | --- |
| 1 month | +5.1% |
| 3 months | +23.8% |
| 6 months | +20.9% |
| year to date | +23.6% |
| 1 year | +20.7% |
| 3 years | +133% |
| 5 years | +3.2% |
| 10 years | +1,066% |

## ONC against the whole market

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

### How does ONC rank among all stocks?

This section ranks ONC on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- ONC's 10-year return ranks in the top 4% of the 2,202 stocks worth at least $300 million with 10 years of history.

| Measure | ONC | Rank |
| --- | --- | --- |
| 1-year return | +20.7% | 1,219 of 3,287 (top 38%) |
| 3-year return | +133% | 691 of 3,017 (top 23%) |
| 5-year return | +3.2% | 1,692 of 2,893 (top 59%) |
| 10-year return | +1,066% | 92 of 2,202 (top 5%) |
| Volatility, 5 years | 54.5% | 2,099 of 2,893 (top 73%) |
| Sharpe ratio, 5 years | 0.28 | 1,621 of 2,893 (top 57%) |
| Worst decline, past 10 years | −70.0% | 1,288 of 2,187 (top 59%) |

### What has beaten ONC 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).

- 1,229 stocks and 823 ETFs worth at least $500 million sit in the green region: each earned more than ONC over the past 5 years with smaller price swings. That is 56% of the 3,633 screened.
- Among those with at least half ONC's swings, FIX has the best return for its risk: 77.0% a year at 46.7% volatility, 14% less than ONC's 54.5%, and a Sharpe ratio (return above cash per unit of volatility) of 1.46 against 0.28 for ONC.
- Among ONC's popular alternatives, ABBV, GILD and EXEL are in the region. ABBV earned 26.1% a year against 0.6% a year for ONC, at 23.4% volatility, 57% less than ONC's 54.5%.

### Is there a better investment than ONC?

The table below lists investments that beat ONC over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among ONC's popular alternatives, EXEL, ABBV and GILD earned more than ONC with less volatility over the past 5 years. EXEL returned 24.4% a year at 35.8% volatility, against 0.6% a year at 54.5%.
- Looking beyond its popular alternatives, LLY (pharmaceuticals) and RPRX (pharmaceuticals) earned more than ONC with less volatility over the past 5 years. LLY returned 40.7% a year at 32.8% volatility, against 0.6% a year at 54.5%.
- Across the whole market, 2,052 of the 3,633 stocks and funds worth at least $500 million earned more than ONC with less volatility over the past 5 years, among them AAPL, GOOG and MSFT.

The 15 strongest of 2,052 investments that beat ONC over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with ONC | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ONC: BeOne Medicines AG (this page) |  | +0.6% | 54.5% | 0.28 | −70.0% | +1,066% |  |  |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | -0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [UMC](https://easycompare.io/research/umc): United Microelectronics Corporation | Semiconductors | +19.9% | 43.2% | 0.63 | −54.3% | +1,610% | 0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DHT: DHT Holdings, Inc. | Marine Shipping | +38.7% | 39.0% | 1.04 | −39.7% | +1,050% | 0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [PM](https://easycompare.io/research/pm): Philip Morris International Inc. | Tobacco | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| INSW: International Seaways, Inc. | Oil & Gas | +56.5% | 40.5% | 1.31 | −57.4% | — | -0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [PANW](https://easycompare.io/research/panw): Palo Alto Networks, Inc. | Cybersecurity | +31.9% | 43.4% | 0.86 | −48.0% | +1,274% | -0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [STX](https://easycompare.io/research/stx): Seagate Technology Holdings plc | Computer Hardware | +57.4% | 48.7% | 1.18 | −57.0% | +2,698% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | Oil & Gas | +33.2% | 32.9% | 1.04 | −64.2% | +430% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ASX](https://easycompare.io/research/asx): ASE Technology Holding Co., Ltd. | Semiconductors | +48.8% | 43.0% | 1.15 | −52.5% | +967% | -0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [FTNT](https://easycompare.io/research/ftnt): Fortinet, Inc. | Cybersecurity | +20.7% | 44.8% | 0.65 | −38.3% | +2,626% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BNS](https://easycompare.io/research/bns): The Bank of Nova Scotia | Banks | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [NEM](https://easycompare.io/research/nem): Newmont Corporation | Gold Mining | +18.6% | 39.1% | 0.63 | −62.4% | +304% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## ONC against its popular alternatives

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

### How do ONC'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.

- 11 of the 22 popular alternatives, led by MEDP, ABBV and EXEL, were both more rewarding and calmer than ONC over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, ONC returned 0.6% a year, less than the S&P 500's 12.7%, with higher volatility (54.5% against 17.1%).

### Has ONC consistently beaten its popular alternatives?

This section compares ONC with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- NTRA outperformed ONC in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the 22 popular alternatives, NTRA and EXEL, outperformed ONC in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- ABBV, GILD and EXEL earned more for the risk they took than ONC (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of ONC | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ONC: BeOne Medicines AG (this page) | +20.7% | +133% | +3.2% | +1,066% |  |  | 0.28 |
| [NTRA](https://easycompare.io/research/ntra): Natera, Inc. | +115% | +896% | +261% | +3,841% | 5/5 short-term, 3/3 long-term | all-weather | 0.74 |
| EXEL: Exelixis, Inc. | +86.4% | +205% | +198% | +448% | 4/5 short-term, 2/3 long-term | consistent | 0.79 |
| MEDP: Medpace Holdings, Inc. | +14.3% | +172% | +231% | +1,914% | 0/5 short-term, 3/3 long-term |  | 0.70 |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | +28.3% | +118% | +218% | +603% | 4/5 short-term, 1/3 long-term |  | 1.11 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | +26.8% | +49.5% | +15.1% | +366% | 3/5 short-term, 1/3 long-term |  | 0.24 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | +26.3% | +45.3% | +6.5% | +260% | 3/5 short-term, 1/3 long-term |  | 0.21 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | +76.8% | +58.3% | +113% | +241% | 3/5 short-term, 1/3 long-term |  | 0.74 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | +30.3% | +121% | +180% | +200% | 2/5 short-term, 1/3 long-term |  | 0.95 |
| JAZZ: Jazz Pharmaceuticals plc | +58.5% | +60.1% | +46.7% | +75.8% | 1/5 short-term, 1/3 long-term |  | 0.40 |
| [BMY](https://easycompare.io/research/bmy): Bristol-Myers Squibb Company | +47.8% | +25.8% | +30.6% | +74.8% | 1/5 short-term, 1/3 long-term |  | 0.34 |
| INCY: Incyte Corporation | +35.3% | +112% | +77.6% | +31.8% | 1/5 short-term, 1/3 long-term |  | 0.53 |
| NUVB: Nuvation Bio Inc. | +28.9% | +308% | −49.1% | — | 1/5 short-term, 1/3 long-term |  | 0.18 |
| [AZN](https://easycompare.io/research/azn): AstraZeneca PLC | +1.8% | +38.8% | +52.1% | +257% | 0/5 short-term, 1/3 long-term |  | 0.41 |
| [ILMN](https://easycompare.io/research/ilmn): Illumina, Inc. | +169% | +130% | −33.3% | +93.0% | 5/5 short-term, 0/3 long-term |  | 0.06 |
| GMAB: Genmab A/S | +27.9% | +30.9% | −14.8% | +130% | 4/5 short-term, 0/3 long-term |  | 0.08 |
| HCM: HUTCHMED (China) Limited | −2.4% | −12.8% | −54.3% | +26.7% | 1/5 short-term, 0/3 long-term |  | 0.08 |
| ZLAB: Zai Lab Limited | −12.7% | +4.9% | −74.9% | — | 1/5 short-term, 0/3 long-term |  | 0.00 |
| BMRN: BioMarin Pharmaceutical Inc. | +6.3% | −31.3% | −24.9% | −33.0% | 0/5 short-term, 0/3 long-term |  | -0.01 |
| ARVN: Arvinas, Inc. | −21.2% | −48.3% | −91.0% | — | 0/5 short-term, 0/3 long-term |  | -0.34 |
| BNTX: BioNTech SE | −15.5% | +0.3% | −65.7% | — | 0/5 short-term, 0/3 long-term |  | -0.15 |
| IMCR: Immunocore Holdings plc | −3.9% | −31.0% | −18.2% | — | 0/5 short-term, 0/3 long-term |  | 0.17 |
| LEGN: Legend Biotech Corporation | −42.2% | −71.4% | −65.1% | — | 0/5 short-term, 0/3 long-term |  | -0.09 |

### How did ONC do year by year?

This table shows each investment's total return in every full calendar year since 2017, along with where ONC ranked among its popular alternatives each year.

- Among its popular alternatives, MEDP came out ahead of ONC most often, in eight of the nine years both traded.
- Ranked against its popular alternatives each year, ONC finished in the top quarter in three of nine years and in the bottom quarter in no. In 2025, it ranked 3 of 23.
- ONC finished ahead of the S&P 500 in four of its nine full calendar years.

| Year | ONC | SPY |
| --- | --- | --- |
| 2025 | +64.5% | +17.7% |
| 2024 | +2.4% | +24.9% |
| 2023 | −18.0% | +26.2% |
| 2022 | −18.8% | −18.2% |
| 2021 | +4.9% | +28.7% |
| 2020 | +55.9% | +18.3% |
| 2019 | +18.2% | +31.2% |
| 2018 | +43.5% | −4.6% |
| 2017 | +222% | +21.7% |

## Risk and diversification

How ONC 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 ONC's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of ONC's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: ONC fell 50.6% from June to October 2018, while the S&P 500 slipped only 4.3%.
- The longest climb back to a previous high took 21 months, after ONC fell 50.6% from June to October 2018.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −70.0% | September 17, 2021 | May 11, 2022 | not yet | −10.4% | 2022 bear market |
| −50.6% | June 8, 2018 | October 29, 2018 | July 14, 2020 | −4.3% | late-2018 sell-off |
| −34.7% | February 16, 2021 | August 20, 2021 | September 16, 2021 | +13.8% |  |
| −30.6% | October 10, 2017 | November 14, 2017 | January 18, 2018 | +1.2% |  |
| −30.1% | October 16, 2020 | December 3, 2020 | January 14, 2021 | +5.6% |  |

### How did ONC do in stock market crashes?

This section measures how far ONC, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- ONC fell further than the S&P 500 in four of the five crashes it has traded through. The clearest case was the 2022 bear market, when ONC fell 52.4% and the S&P 500 fell 24.5%.
- Among its popular alternatives, TMO held up best, falling less than ONC in all five crashes they both traded through.
- ONC began trading after the 2008 financial crisis, but ten of its popular alternatives lived through it. The mildest fall among them was GILD's 34.3%, against 55.2% for the S&P 500.

| Crash | Dates | ONC fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | not trading | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −10.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −38.9% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −27.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −52.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −5.0% | −3.4% |

### How closely does ONC 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.

- None of the 16 popular alternatives with the same record had a higher capture ratio (upside capture divided by downside capture) than ONC's 2.23.
- Over the past 10 years, ONC captured 111% of the S&P 500's gains in rising months and 50% of its losses in falling months, with a beta of 0.71. Its share of the market's gains was larger than its share of the losses.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| ONC: BeOne Medicines AG (this page) | 111% | 50.0% | 0.71 |
| [NTRA](https://easycompare.io/research/ntra): Natera, Inc. | 169% | 82.0% | 1.40 |
| EXEL: Exelixis, Inc. | 74.0% | 43.0% | 0.73 |
| MEDP: Medpace Holdings, Inc. | 168% | 118% | 1.24 |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | 92.0% | 57.0% | 0.54 |
| [TMO](https://easycompare.io/research/tmo): Thermo Fisher Scientific Inc. | 104% | 104% | 0.81 |
| [IQV](https://easycompare.io/research/iqv): IQVIA Holdings Inc. | 128% | 167% | 1.31 |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | 64.0% | 46.0% | 0.30 |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | 52.0% | 36.0% | 0.35 |
| JAZZ: Jazz Pharmaceuticals plc | 62.0% | 78.0% | 0.64 |
| [BMY](https://easycompare.io/research/bmy): Bristol-Myers Squibb Company | 55.0% | 75.0% | 0.41 |
| INCY: Incyte Corporation | 52.0% | 87.0% | 0.77 |
| [AZN](https://easycompare.io/research/azn): AstraZeneca PLC | 60.0% | 39.0% | 0.39 |
| [ILMN](https://easycompare.io/research/ilmn): Illumina, Inc. | 120% | 200% | 1.19 |
| GMAB: Genmab A/S | 65.0% | 78.0% | 0.72 |
| HCM: HUTCHMED (China) Limited | 50.0% | 85.0% | 0.63 |
| BMRN: BioMarin Pharmaceutical Inc. | 20.0% | 70.0% | 0.38 |

### What diversifies ONC?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in ONC into DXJ would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+0.2% for ONC alone, +6.9% for the mix).
- DXJ made money in two of the two calendar years in which ONC lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of ONC over the past 5 years, with correlations of 0.26 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with ONC | 5Y return | Volatility | Sharpe | Rose in ONC's 2 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.25 | +119% | 11.1% | 1.48 | 2 of 2 |
| DXJ: WisdomTree Japan Hedged Equity Fund | -0.10 | +225% | 19.1% | 1.34 | 2 of 2 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.26 | +101% | 14.5% | 1.04 | 2 of 2 |
| HDV: iShares Core High Dividend ETF | 0.31 | +83.3% | 13.0% | 1.00 | 2 of 2 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.01 | +323% | 36.9% | 0.97 | 1 of 2 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.21 | +85.0% | 13.8% | 0.96 | 1 of 2 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.29 | +126% | 18.9% | 0.96 | 1 of 2 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.13 | +136% | 20.8% | 0.93 | 1 of 2 |

## Common questions

### What was ONC's worst drawdown?

ONC's deepest decline since it began trading in 2016 was 70.0%, from September 2021 to May 2022. It has not yet climbed back to that peak. Because ONC launched in February 2016, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

### What were ONC's best and worst years?

Over nine full calendar years, ONC's best year was 2017, when it returned 222%. Its worst was 2022, with a return of -18.8%.

### Is there a better investment than ONC?

Among ONC's popular alternatives, EXEL, ABBV and GILD earned more than ONC with less volatility over the past 5 years. EXEL returned 24.4% a year at 35.8% volatility, against 0.6% a year at 54.5%. Looking beyond its popular alternatives, LLY (pharmaceuticals) and RPRX (pharmaceuticals) earned more than ONC with less volatility over the past 5 years. LLY returned 40.7% a year at 32.8% volatility, against 0.6% a year at 54.5%.

### Is ONC more volatile than the S&P 500?

Yes. ONC's volatility over the past 5 years was 54.5%, 3.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ONC's return lands within 54.5% 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 ONC's Sharpe ratio?

ONC's Sharpe ratio over the past 5 years was 0.28, against 0.79 for the S&P 500, so ONC 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 ONC with the S&P 500?

Over the past 5 years, ONC'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 ONC instead: the lower it is, the more that option would diversify a ONC holding.

### What are the best alternatives to ONC?

Of the 22 popular alternatives we compared, two outperformed ONC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: NTRA and EXEL.

### Did ONC outperform the S&P 500?

ONC finished ahead of the S&P 500 (SPY) in four of nine full calendar years. In 2025, it returned +64.5%, against +17.7% for the index.

### How did ONC do in stock market crashes?

ONC fell less than the S&P 500 (SPY) in one of the five major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when ONC fell 52.4% and the S&P 500 fell 24.5%.

### What diversifies ONC?

These had a low correlation with ONC over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.25), DXJ (correlation -0.10) and EMLP (correlation 0.26); among large stocks, CAH (correlation 0.01), CLS (correlation 0.08) and FIX (correlation 0.15). A correlation near zero means the two have moved largely independently.

## More research

- [Natera (NTRA) Performance, Alternatives and Market Rank](https://easycompare.io/research/ntra)
- [AbbVie (ABBV) Performance, Alternatives and Market Rank](https://easycompare.io/research/abbv)
- [Thermo Fisher Scientific (TMO) Performance, Alternatives and Market Rank](https://easycompare.io/research/tmo)
- [IQVIA (IQV) Performance, Alternatives and Market Rank](https://easycompare.io/research/iqv)
- [Merck & Co., Inc. (MRK) Performance, Alternatives and Market Rank](https://easycompare.io/research/mrk)
- [Gilead Sciences (GILD) Performance, Alternatives and Market Rank](https://easycompare.io/research/gild)
- [Bristol-Myers Squibb (BMY) Performance, Alternatives and Market Rank](https://easycompare.io/research/bmy)
- [AstraZeneca (AZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/azn)
- [Illumina (ILMN) Performance, Alternatives and Market Rank](https://easycompare.io/research/ilmn)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)

## Explore further

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