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Relative Intelligence · Managed Health Care

How UnitedHealth Group (UNH) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on UNH alone. It places UNH (UnitedHealth Group Incorporated) against 13 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 UNH stands in the market, and of the alternatives worth a closer look.

Period covered: UNH'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 UNH →Chart UNH vs. 13 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in UNH over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of UNH over the same span and UNH'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. 52 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of UNH; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M$10M199720022007201220172022$1,000$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • GILD$2M+15,614% total · +19.1% a year
  • ROST$1M+14,044% total · +18.6% a year
  • AME$869,262+8,593% total · +16.6% a year
  • JCI$864,263+8,543% total · +16.6% a year
  • UNH$772,802+7,628% total · +16.2% a year
  • COR$574,137+5,641% total · +15.0% 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
  • THC$32,921+229% total · +4.2% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 2,471 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of UNH; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000202120222023202420252026$2,000$5,000$10,000$20,000$50,000202120222023202420252026
  • MCK$43,941+339% total · +34.5% a year
  • THC$38,466+285% total · +30.9% a year
  • COR$26,420+164% total · +21.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • HCA$18,335+83.3% total · +12.9% a year
  • OSCR$17,735+77.4% total · +12.1% a year
  • CI$14,904+49.0% total · +8.3% a year
  • ELV$11,221+12.2% total · +2.3% 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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UNH 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
$376B
Industry
Medical - Healthcare Plans
Price history from
October 1986

Returns

Past 1 year
+18.1%total return
Past 3 years
−15.3%−5.4% a year
Past 5 years
+5.5%+1.1% a year
Past 10 years
+241%+13.1% a year
Best calendar year
+131%2000
Worst calendar year
−54.2%2008
Losing years
5 of 29full calendar years

Risk

Volatility
32.1%typical yearly swing, 5 years
Sharpe ratio
0.20return per unit of risk, 5 years
Worst decline ever
−74.4%Dec 2005 to Nov 2008
From its all-time high
−29.7%below the peak

UNH against the whole market

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

How does UNH rank among all stocks?

This section ranks UNH 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 UNH 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.

MeasureUNHRankStanding
1-year return+18.1%1,305 of 3,287top 40%
3-year return−15.3%2,530 of 3,017bottom 17%
5-year return+5.5%1,650 of 2,893bottom 44%
10-year return+241%735 of 2,202top 33%
Volatility, 5 years32.1%918 of 2,893top 32%
Sharpe ratio, 5 years0.201,842 of 2,893bottom 37%
Worst decline, past 10 years−61.4%938 of 2,187top 43%

What has beaten UNH 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). UNH sits where the dashed lines cross. Anything in the green box above and to the left earned more than UNH 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 UNH; faint dots are 92 more of the 1,272 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than UNHLVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%CVX: +19.5% a year, volatility 25.2%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%VGT: +18.4% a year, volatility 26.0%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%DE: +14.4% a year, volatility 29.9%TRV: +22.4% a year, volatility 22.3%SCHD: +9.7% a year, volatility 14.3%BNS: +12.9% a year, volatility 19.9%RIO: +12.2% a year, volatility 29.0%HLT: +21.0% a year, volatility 26.8%KMI: +18.7% a year, volatility 22.5%JCI: +17.4% a year, volatility 29.1%ADP: +9.0% a year, volatility 22.9%ROST: +18.1% a year, volatility 29.5%EMR: +12.7% a year, volatility 27.7%GSK: +9.5% a year, volatility 24.5%BMY: +5.5% a year, volatility 24.9%CCEP: +19.7% a year, volatility 23.2%TAK: +11.9% a year, volatility 19.4%FAST: +15.8% a year, volatility 24.6%AME: +14.4% a year, volatility 22.1%MET: +12.0% a year, volatility 25.4%CL: +7.2% a year, volatility 19.2%CBOE: +21.5% a year, volatility 25.1%SDCI: +20.6% a year, volatility 18.4%EFV: +13.6% a year, volatility 15.9%FMX: +14.0% a year, volatility 25.7%XLV: +8.4% a year, volatility 15.3%KOF: +22.3% a year, volatility 24.7%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%RS: +24.8% a year, volatility 28.1%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%RPRX: +13.3% a year, volatility 23.8%HMC: +6.1% a year, volatility 27.5%AVDV: +13.9% a year, volatility 17.4%DGX: +12.3% a year, volatility 22.5%EMXC: +11.1% a year, volatility 19.5%SNX: +20.3% a year, volatility 30.4%AVEM: +9.3% a year, volatility 19.5%PKG: +15.4% a year, volatility 25.8%EXPD: +12.0% a year, volatility 27.1%COWZ: +11.4% a year, volatility 17.7%RNR: +20.1% a year, volatility 27.8%AVUS: +12.2% a year, volatility 17.2%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%CHD: +6.1% a year, volatility 21.1%HST: +13.8% a year, volatility 30.0%IOO: +15.7% a year, volatility 17.2%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%AIZ: +13.3% a year, volatility 25.3%BBCA: +11.4% a year, volatility 16.7%SEIC: +12.7% a year, volatility 22.3%MSGS: +18.4% a year, volatility 25.6%NDSN: +7.1% a year, volatility 25.2%VPL: +9.5% a year, volatility 18.6%WTS: +15.3% a year, volatility 28.4%FCFS: +20.6% a year, volatility 30.5%NEU: +21.0% a year, volatility 26.8%SGOV: +3.8% a year, volatility 0.3%AIQ: +14.8% a year, volatility 26.7%FNDE: +9.8% a year, volatility 17.0%ACT: +20.5% a year, volatility 24.3%THG: +14.4% a year, volatility 22.9%SKM: +8.8% a year, volatility 30.0%NHC: +32.0% a year, volatility 28.5%PDBC: +11.7% a year, volatility 19.3%QYLD: +8.4% a year, volatility 15.0%SJM: +4.8% a year, volatility 25.1%FLTW: +21.8% a year, volatility 24.3%DBMF: +9.8% a year, volatility 12.4%RSPT: +16.9% a year, volatility 25.1%MSM: +13.3% a year, volatility 25.1%GCOW: +14.1% a year, volatility 13.6%IBB: +6.2% a year, volatility 22.4%GUNR: +10.1% a year, volatility 18.8%UNH: +1.1% a year, volatility 32.1%SPY (S&P 500): +12.7% a year, volatility 17.1%MCK: +38.7% a year, volatility 25.0%ELV: +2.2% a year, volatility 29.4%COR: +24.2% a year, volatility 22.8%HCA: +14.1% a year, volatility 30.1%CI: +9.4% a year, volatility 28.3%CVS: +5.3% a year, volatility 30.4%CAH: +42.1% a year, volatility 24.7%PTC: +8.3% a year, volatility 35.0%EHC: +18.4% a year, volatility 26.8%ENSG: +19.8% a year, volatility 26.8%UHS: +7.3% a year, volatility 32.1%HSIC: +1.5% a year, volatility 25.4%AAPL: +18.5% a year, volatility 28.0%ABBV: +26.1% a year, volatility 23.4%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%BFC: +19.0% a year, volatility 27.3%LLY: +40.7% a year, volatility 32.8%BSV: +1.7% a year, volatility 2.8%UNHSPY (S&P 500)MCKELVCORHCACICVSCAHPTCEHCENSGUHSHSICABBVJNJDXJLLYBSV−10.0%0.0%10.0%20.0%30.0%40.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than UNHLVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%CVX: +19.5% a year, volatility 25.2%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%TD: +15.8% a year, volatility 20.0%VGT: +18.4% a year, volatility 26.0%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%DE: +14.4% a year, volatility 29.9%TRV: +22.4% a year, volatility 22.3%SCHD: +9.7% a year, volatility 14.3%BNS: +12.9% a year, volatility 19.9%RIO: +12.2% a year, volatility 29.0%HLT: +21.0% a year, volatility 26.8%KMI: +18.7% a year, volatility 22.5%JCI: +17.4% a year, volatility 29.1%ADP: +9.0% a year, volatility 22.9%ROST: +18.1% a year, volatility 29.5%EMR: +12.7% a year, volatility 27.7%GSK: +9.5% a year, volatility 24.5%BMY: +5.5% a year, volatility 24.9%CCEP: +19.7% a year, volatility 23.2%TAK: +11.9% a year, volatility 19.4%FAST: +15.8% a year, volatility 24.6%AME: +14.4% a year, volatility 22.1%MET: +12.0% a year, volatility 25.4%CL: +7.2% a year, volatility 19.2%CBOE: +21.5% a year, volatility 25.1%SDCI: +20.6% a year, volatility 18.4%EFV: +13.6% a year, volatility 15.9%FMX: +14.0% a year, volatility 25.7%XLV: +8.4% a year, volatility 15.3%KOF: +22.3% a year, volatility 24.7%FNDF: +13.6% a year, volatility 16.3%VOE: +9.4% a year, volatility 15.8%RS: +24.8% a year, volatility 28.1%AVLV: +14.0% a year, volatility 16.9%PVAL: +16.1% a year, volatility 15.1%HDV: +12.9% a year, volatility 13.0%RPRX: +13.3% a year, volatility 23.8%HMC: +6.1% a year, volatility 27.5%AVDV: +13.9% a year, volatility 17.4%DGX: +12.3% a year, volatility 22.5%EMXC: +11.1% a year, volatility 19.5%SNX: +20.3% a year, volatility 30.4%AVEM: +9.3% a year, volatility 19.5%PKG: +15.4% a year, volatility 25.8%EXPD: +12.0% a year, volatility 27.1%COWZ: +11.4% a year, volatility 17.7%RNR: +20.1% a year, volatility 27.8%AVUS: +12.2% a year, volatility 17.2%RWL: +13.7% a year, volatility 14.4%CIBR: +14.1% a year, volatility 26.1%CHD: +6.1% a year, volatility 21.1%HST: +13.8% a year, volatility 30.0%IOO: +15.7% a year, volatility 17.2%FDL: +13.9% a year, volatility 14.4%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%AIZ: +13.3% a year, volatility 25.3%BBCA: +11.4% a year, volatility 16.7%SEIC: +12.7% a year, volatility 22.3%MSGS: +18.4% a year, volatility 25.6%NDSN: +7.1% a year, volatility 25.2%VPL: +9.5% a year, volatility 18.6%WTS: +15.3% a year, volatility 28.4%FCFS: +20.6% a year, volatility 30.5%NEU: +21.0% a year, volatility 26.8%SGOV: +3.8% a year, volatility 0.3%AIQ: +14.8% a year, volatility 26.7%FNDE: +9.8% a year, volatility 17.0%ACT: +20.5% a year, volatility 24.3%THG: +14.4% a year, volatility 22.9%SKM: +8.8% a year, volatility 30.0%NHC: +32.0% a year, volatility 28.5%PDBC: +11.7% a year, volatility 19.3%QYLD: +8.4% a year, volatility 15.0%SJM: +4.8% a year, volatility 25.1%FLTW: +21.8% a year, volatility 24.3%DBMF: +9.8% a year, volatility 12.4%RSPT: +16.9% a year, volatility 25.1%MSM: +13.3% a year, volatility 25.1%GCOW: +14.1% a year, volatility 13.6%IBB: +6.2% a year, volatility 22.4%GUNR: +10.1% a year, volatility 18.8%UNH: +1.1% a year, volatility 32.1%SPY (S&P 500): +12.7% a year, volatility 17.1%MCK: +38.7% a year, volatility 25.0%ELV: +2.2% a year, volatility 29.4%COR: +24.2% a year, volatility 22.8%HCA: +14.1% a year, volatility 30.1%CI: +9.4% a year, volatility 28.3%CVS: +5.3% a year, volatility 30.4%CAH: +42.1% a year, volatility 24.7%PTC: +8.3% a year, volatility 35.0%EHC: +18.4% a year, volatility 26.8%ENSG: +19.8% a year, volatility 26.8%UHS: +7.3% a year, volatility 32.1%HSIC: +1.5% a year, volatility 25.4%AAPL: +18.5% a year, volatility 28.0%ABBV: +26.1% a year, volatility 23.4%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%BFC: +19.0% a year, volatility 27.3%LLY: +40.7% a year, volatility 32.8%BSV: +1.7% a year, volatility 2.8%UNHSPY (S&P 500)MCKELVCORCICVSCAHPTCEHCENSGHSICABBVJNJLLYBSV
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than UNH?

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

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

Screen the whole market against UNH for any period in BetterThanSPYOpen these 21 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 UNH?lower diversifies moreExpenseper year
UNHUnitedHealth Group Incorporated · this page
+1.1%32.1%0.20−61.4%+241%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.270.09%
Popular alternativesbest 6 shownThe investments people most often weigh against UNH. 9 of 13 passed at least one test.
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.18—
ELVElevance Health Inc. · Managed Health Care
Higher return, lower volatilityHigher return in most periods+2.2%29.4%0.23−50.4%+307%0.71—
CORCencora, Inc. · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst decline+24.2%22.8%1.07−32.4%+406%0.26—
HCAHCA Healthcare, Inc. · Health Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst decline+14.1%30.1%0.59−54.7%+513%0.16—
CICigna Corporation · Managed Health Care
Higher return, lower volatilityHigher Sharpe, smaller worst decline+9.4%28.3%0.46−42.5%+176%0.46—
CVSCVS Health Corp. · Managed Health Care
Higher return, lower volatility+5.3%30.4%0.32−56.8%+47.0%0.51—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Managed Health Care and the categories next to it (Health Care Facilities, Health Care Distribution, Application Software), plus UNH's specific themes. 10 of 39 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.06—
PTCPTC Inc. · Application Software
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+8.3%35.0%0.40−54.4%+317%-0.03—
EHCEncompass Health Corporation · Health Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst decline+18.4%26.8%0.77−39.5%+340%0.19—
ENSGThe Ensign Group, Inc. · Health Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst decline+19.8%26.8%0.81−55.5%+896%0.14—
UHSUniversal Health Services, Inc. · Health Care Facilities
Higher return, similar volatilityHigher Sharpe, smaller worst decline+7.3%32.1%0.38−56.3%+55.7%0.21—
HSICHenry Schein, Inc. · Health Care Distribution
Similar return, lower volatility+1.5%25.4%0.19−41.4%+41.3%0.20—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,871 of 3,581 passed at least one test.
AAPLApple Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.5%28.0%0.75−38.5%+1,168%0.28—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.31—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.14—
VVisa Inc. · Payment Processing
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%22.9%0.64−36.4%+429%0.21—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.020.48%
BFCBank First Corporation · Banks - Regional
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.0%27.3%0.78−39.8%+496%0.13—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.16—
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst decline+1.7%2.8%0.63−8.5%+20.5%0.100.03%
What these numbers mean for UNH
Annual return
UNH returned 1.1% 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 $10,500. 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
UNH's volatility over the past 5 years was 32.1%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, UNH's return lands within 32.1% 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
UNH's Sharpe ratio over the past 5 years was 0.20, against 0.79 for the S&P 500, so UNH earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
UNH's worst fall from a peak to a low over the past 10 years was 61.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 61.4% fall takes a 159% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, UNH's monthly returns had a correlation of 0.27 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 UNH instead: the lower it is, the more that option would diversify a UNH holding. Guide: Correlation and diversification →
Show all 1,272 stocks and funds worth at least $500 million that earned more than UNH with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with UNHExpense
1
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.28—
2
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.31—
3
CAHCardinal Health, Inc. · Health Care Distribution
Same or nearby category+42.1%24.7%1.55−46.1%+349%0.06—
4
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.14—
5
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.21—
6
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.020.48%
7
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.110.40%
8
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.24—
9
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.11—
10
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.10—
11
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.05—
12
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.15—
13
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.28—
14
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.380.03%
15
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.09—
16
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%-0.10—
17
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.28—
18
BFCBank First Corporation · Banks - Regional
Whole market+19.0%27.3%0.78−39.8%+496%0.13—
19
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.190.09%
20
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.38—
21
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.11—
22
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.24—
23
DEDeere & Company · Industrial Machinery
Whole market+14.4%29.9%0.60−37.9%+755%0.03—
24
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.30—
25
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.320.06%
26
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.27—
27
RIORio Tinto Group · Metals & Mining
Whole market+12.2%29.0%0.54−37.5%+464%0.07—
28
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.11—
29
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+163%0.10—
30
JCIJohnson Controls International plc · Building Products
Whole market+17.4%29.1%0.70−46.4%+426%0.11—
31
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.0%22.9%0.49−40.8%+320%0.19—
32
ROSTRoss Stores, Inc. · Specialty Retail
Whole market+18.1%29.5%0.71−51.4%+312%0.07—
33
EMREmerson Electric Co. · Industrial Machinery
Whole market+12.7%27.7%0.57−50.8%+309%0.05—
34
GSKGSK plc · Pharmaceuticals
Whole market+9.5%24.5%0.49−37.6%+95.1%0.13—
35
BMYBristol-Myers Squibb Company · Pharmaceuticals
Whole market+5.5%24.9%0.34−47.7%+74.8%0.32—
36
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.02—
37
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%-0.09—
38
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.13—
39
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.17—
40
METMetLife, Inc. · Life Insurance
Whole market+12.0%25.4%0.58−55.2%+240%0.36—
41
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%0.19—
42
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.14—
43
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.140.80%
44
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+13.6%15.9%0.88−43.2%+157%0.150.31%
45
FMXFomento Económico Mexicano, S.A.B. de C.V. · Convenience Stores
Whole market+14.0%25.7%0.64−45.5%+79.7%0.12—
46
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.450.08%
47
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.09—
48
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.160.25%
49
VOEVanguard Morningstar Mid-Cap Value ETF · US Mid-Cap Equity
Whole market+9.4%15.8%0.65−43.2%+182%0.290.05%
50
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.27—
51
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.270.15%
52
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.320.56%
53
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.260.08%
54
RPRXRoyalty Pharma plc · Pharmaceuticals
Whole market+13.3%23.8%0.65−49.7%—0.07—
55
HMCHonda Motor Co., Ltd. · Automobiles
Whole market+6.1%27.5%0.35−42.0%+63.3%-0.15—
56
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.140.36%
57
DGXQuest Diagnostics Incorporated · Medical Diagnostics
Whole market+12.3%22.5%0.63−36.6%+243%0.29—
58
EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity
Whole market+11.1%19.5%0.64−42.8%—0.230.25%
59
SNXTD Synnex Corp · Technology Distribution
Whole market+20.3%30.4%0.76−55.8%+430%0.23—
60
AVEMAvantis Emerging Markets Equity ETF · Emerging Markets Equity
Whole market+9.3%19.5%0.56−36.0%—0.140.33%
61
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.21—
62
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+12.0%27.1%0.56−35.6%+349%0.19—
63
COWZPacer US Cash Cows 100 ETF · US Large-Cap Value
Whole market+11.4%17.7%0.70−38.7%—0.210.49%
64
MCKMcKesson Corporation · Health Care Distribution
Popular alternative+38.7%25.0%1.44−38.1%+586%0.18—
65
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%0.16—
66
AVUSAvantis U.S. Equity ETF · US Total Market
Whole market+12.2%17.2%0.76−37.0%—0.290.15%
67
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.380.39%
68
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%0.140.58%
69
CHDChurch & Dwight Co., Inc. · Household & Personal Products
Whole market+6.1%21.1%0.39−31.7%+154%0.18—
70
HSTHost Hotels & Resorts, Inc. · Hotel REITs
Whole market+13.8%30.0%0.58−55.0%+144%0.19—
71
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.220.40%
72
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.220.43%
73
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.300.12%
74
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.370.15%
75
AIZAssurant, Inc. · Property & Casualty Insurance
Whole market+13.3%25.3%0.62−44.6%+312%0.43—
76
BBCAJPMorgan BetaBuilders Canada ETF · International Equity
Whole market+11.4%16.7%0.73−42.8%—0.270.19%
77
SEICSEI Investments Company · Asset Management
Whole market+12.7%22.3%0.65−51.8%+168%0.17—
78
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.24—
79
NDSNNordson Corporation · Industrial Machinery
Whole market+7.1%25.2%0.40−44.2%+262%0.22—
80
VPLVanguard FTSE Pacific ETF · International Equity
Whole market+9.5%18.6%0.58−33.9%+141%0.180.07%
81
WTSWatts Water Technologies, Inc. · Industrial Machinery
Whole market+15.3%28.4%0.65−44.1%+539%0.11—
82
FCFSFirstCash Holdings, Inc · Consumer Finance
Whole market+20.6%30.5%0.77−50.2%+422%0.38—
83
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.12—
84
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
Whole market+3.8%0.3%13.25−0.3%—-0.110.09%
85
AIQGlobal X - Artificial Intelligence & Technology ETF · Artificial Intelligence
Whole market+14.8%26.7%0.65−44.6%—0.180.68%
86
FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity
Whole market+9.8%17.0%0.64−39.9%+151%0.090.39%
87
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.34—
88
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.31—
89
SKMSK Telecom Co.,Ltd · Telecommunications
Whole market+8.8%30.0%0.43−46.0%+152%0.17—
90
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.35—
91
PDBCInvesco Optimum Yield Diversified Commodity Strategy No K-1 ETF · Broad Commodities
Whole market+11.7%19.3%0.67−40.7%+153%0.070.74%
92
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income
Whole market+8.4%15.0%0.62−24.7%+156%0.220.60%
93
SJMThe J. M. Smucker Company · Packaged Foods
Whole market+4.8%25.1%0.32−38.1%+37.2%0.12—
94
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.140.19%
95
DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives
Whole market+9.8%12.4%0.82−20.4%—0.110.85%
96
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.9%25.1%0.75−33.7%+572%0.220.40%
97
MSMMSC Industrial Direct Co., Inc. · Industrial Distribution
Whole market+13.3%25.1%0.63−48.2%+184%0.36—
98
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.100.60%
99
IBBiShares Biotechnology ETF · Biotechnology
Whole market+6.2%22.4%0.38−39.8%+140%0.170.44%
100
GUNRNorthern Trust Morningstar Global Upstream Natural Resources ETF · Natural Resources Equity
Whole market+10.1%18.8%0.60−43.0%+173%0.150.47%

UNH against its popular alternatives

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

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

Green points earned more than UNH 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%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityUNH: 1.1% a year, volatility 32.1%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%ELV: 2.2% a year, volatility 29.4%VEEV: −0.1% a year, volatility 39.6%HCA: 14.1% a year, volatility 30.1%COR: 24.2% a year, volatility 22.8%CI: 9.4% a year, volatility 28.3%CVS: 5.3% a year, volatility 30.4%CNC: 0.8% a year, volatility 40.0%MOH: −5.4% a year, volatility 40.6%ALHC: −15.1% a year, volatility 65.8%HUM: −0.3% a year, volatility 38.5%THC: 32.9% a year, volatility 45.1%OSCR: 15.7% a year, volatility 80.0%UNHSPY (S&P 500)MCKELVVEEVHCACORCICVSCNCMOHALHCTHCOSCR0.0%20.0%40.0%60.0%80.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityUNH: 1.1% a year, volatility 32.1%SPY (S&P 500): 12.7% a year, volatility 17.1%MCK: 38.7% a year, volatility 25.0%ELV: 2.2% a year, volatility 29.4%VEEV: −0.1% a year, volatility 39.6%HCA: 14.1% a year, volatility 30.1%COR: 24.2% a year, volatility 22.8%CI: 9.4% a year, volatility 28.3%CVS: 5.3% a year, volatility 30.4%CNC: 0.8% a year, volatility 40.0%MOH: −5.4% a year, volatility 40.6%ALHC: −15.1% a year, volatility 65.8%HUM: −0.3% a year, volatility 38.5%THC: 32.9% a year, volatility 45.1%OSCR: 15.7% a year, volatility 80.0%UNHSPY (S&P 500)MCKELVVEEVCORCICVSMOHALHCTHCOSCR
All figures
InvestmentAnnual returnVolatility
MCK McKesson Corporation+38.7%25.0%
THC Tenet Healthcare Corporation+32.9%45.1%
COR Cencora, Inc.+24.2%22.8%
OSCR Oscar Health, Inc.+15.7%80.0%
HCA HCA Healthcare, Inc.+14.1%30.1%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CI Cigna Corporation+9.4%28.3%
CVS CVS Health Corp.+5.3%30.4%
ELV Elevance Health Inc.+2.2%29.4%
UNH This pageUnitedHealth Group Incorporated+1.1%32.1%
CNC Centene Corp.+0.8%40.0%
VEEV Veeva Systems Inc.−0.1%39.6%
HUM Humana Inc.−0.3%38.5%
MOH Molina Healthcare, Inc.−5.4%40.6%
ALHC Alignment Healthcare, Inc.−15.1%65.8%
Open these 15 in EasyCompare

Has UNH consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than UNH 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
UNH UnitedHealth Group Incorporated (this page)—+11.0%+0.1%+31.2%+27.1%+18.1%−15.3%+5.5%+241%32.1%0.20−61.4%—$376B—
THC QualifiedTenet Healthcare Corporation4/5 short3/3 longAll-weather+4.3%+40.1%+42.4%+36.5%+34.7%+399%+315%+1,058%45.1%0.86−71.7%—$22B—
MCK QualifiedMcKesson Corporation3/5 short3/3 long+16.2%+24.0%+20.2%+25.5%+31.3%+131%+413%+586%25.0%1.44−38.1%—$120B—
ELV QualifiedElevance Health Inc.3/5 short3/3 long+7.5%+15.7%+39.0%+26.1%+26.8%+2.0%+11.7%+307%29.4%0.23−50.4%—$95B—
VEEV QualifiedVeeva Systems Inc.4/5 short2/3 long+22.0%+61.4%+88.7%+45.2%+11.5%+59.0%−0.4%+715%39.6%0.19−55.7%—$52B—
OSCR QualifiedOscar Health, Inc.4/5 short2/3 long+7.6%+13.7%+105%+125%+66.8%+560%+107%—80.0%0.57−94.2%—$8.7B—
HCA Medical - Care FacilitiesHCA Healthcare, Inc.1/5 short3/3 long+9.3%+26.0%−2.2%−0.5%+8.3%+97.6%+93.6%+513%30.1%0.59−54.7%—$101B—
COR Medical - DistributionCencora, Inc.1/5 short3/3 long+8.5%+13.1%+6.7%+1.9%+5.7%+86.5%+195%+406%22.8%1.07−32.4%—$66B—
CI Medical - Healthcare PlansCigna Corporation2/5 short2/3 long+11.7%+8.6%+10.8%+11.7%+2.2%+5.9%+56.7%+176%28.3%0.46−42.5%—$81B—
CVS Medical - Healthcare PlansCVS Health Corp.0/5 short2/3 long+8.2%−11.4%+25.6%+21.0%+18.5%+52.5%+29.2%+47.0%30.4%0.32−56.8%—$121B—
CNC Medical - Healthcare PlansCentene Corp.4/5 short1/3 long+9.0%+7.6%+84.9%+69.6%+98.9%−1.5%+4.0%+129%40.0%0.24−74.1%—$35B—
MOH Medical - Healthcare PlansMolina Healthcare, Inc.1/5 short1/3 long+11.1%−4.3%+46.4%+23.1%+11.3%−37.0%−24.3%+277%40.6%0.07−70.8%—$11B—
ALHC Medical - Healthcare PlansAlignment Healthcare, Inc.0/5 short1/3 long+2.2%−59.7%−60.5%−57.9%−51.1%+19.9%−55.8%—65.8%0.08−83.6%—$1.8B—
HUM Medical - Healthcare PlansHumana Inc.5/5 short0/3 long+12.9%+7.3%+104%+62.8%+52.1%−15.1%−1.3%+166%38.5%0.19−69.9%—$51B—
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How did UNH do year by year?

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

InvestmentYears ahead of UNH20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
UNH This pageUnitedHealth Group Incorporated—−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%
Rank among alternativesTop quarter in 5 of 2913 of 148 of 148 of 146 of 146 of 124 of 126 of 126 of 125 of 122 of 124 of 127 of 129 of 118 of 113 of 105 of 108 of 107 of 108 of 1010 of 104 of 104 of 104 of 93 of 93 of 72 of 71 of 75 of 76 of 7
SPY S&P 500State Street SPDR S&P 500 ETF10 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%
THC Tenet Healthcare Corporation11 of 29+57.4%+67.0%+54.9%−40.3%+105%+5.0%+122%+13.1%+2.2%−51.0%−40.2%+20.3%+29.7%+58.2%−23.3%+24.1%+369%−77.4%−27.1%−9.0%−30.2%−31.6%−2.1%−58.1%+32.1%+89.2%−10.5%−20.8%+51.4%
MCK McKesson Corporation15 of 29+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%
ELV Elevance Health Inc.12 of 24−3.1%−20.7%−6.9%+11.8%+46.1%+7.8%+16.3%+18.1%+58.7%+5.1%+12.9%+38.2%+54.6%−6.3%+18.2%−2.4%+38.4%−52.0%+11.5%−1.4%+38.8%+53.3%+19.3%+27.1%—————
VEEV Veeva Systems Inc.7 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%—————————————————
OSCR Oscar Health, Inc.3 of 4+6.9%+46.9%+272%−68.7%—————————————————————————
HCA HCA Healthcare, Inc.8 of 14+56.7%+11.8%+13.8%−5.6%+57.6%+11.6%+20.2%+43.4%+18.7%+9.4%−7.8%+53.8%+58.1%+70.9%———————————————
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%
CI Cigna Corporation12 of 29+1.7%−6.3%−8.0%+46.7%+12.3%+1.8%+7.7%−6.5%+52.3%−8.8%+42.2%+17.7%+63.8%+27.4%+14.6%+4.1%+110%−68.6%+22.6%+17.9%+37.1%+42.8%+43.6%−54.8%−29.0%+66.6%+5.7%+36.9%+28.5%
CVS CVS Health Corp.10 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%
CNC Centene Corp.11 of 24−32.1%−18.4%−9.5%−0.5%+37.3%−4.5%+9.0%+14.3%+78.5%−14.1%+26.7%+76.1%+43.8%+3.5%+56.1%+19.9%+7.3%−28.1%+11.7%−6.5%−7.3%+103%+25.0%+53.0%—————
MOH Molina Healthcare, Inc.12 of 22−40.4%−19.4%+9.4%+3.8%+49.6%+56.7%+16.8%+51.6%+41.3%−9.8%+12.3%+54.0%+28.4%+21.2%+20.3%+21.8%+29.9%−54.5%+19.1%+22.0%−42.6%+83.8%———————
ALHC Alignment Healthcare, Inc.2 of 4+75.6%+30.7%−26.8%−16.4%—————————————————————————
HUM Humana Inc.15 of 29+2.4%−44.0%−9.9%+11.2%+13.8%+12.7%+28.9%+16.3%+22.6%+14.9%+25.1%+40.4%+52.3%−20.6%+61.5%+24.7%+17.7%−50.5%+36.2%+1.8%+83.0%+29.9%+128%−15.2%−22.7%+86.3%−54.0%−14.2%+9.2%
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Risk and diversification

How UNH 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 UNH's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents UNH'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 UNH fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringUNH fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−74.4%−36.9%Dec 2005Nov 20082.9 yearsApr 20134.4 years
No named crash−70.3%—Dec 1986Nov 198711 monthsMay 198918 months
No named crash−61.4%+4.8%Nov 2024Aug 20259 monthsNot yet—
No named crash−57.0%−4.6%May 1998Aug 19983 monthsMay 200021 months
No named crash−53.8%−1.6%Feb 1996Jul 19965 monthsApr 199821 months

How did UNH do in stock market crashes?

This section measures how far UNH, 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 UNH.

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
UNH This pageUnitedHealth Group Incorporated—−1.8%−16.9%−35.9%−18.6%−6.7%−12.4%−20.7%−0.8%−72.4%−19.8%
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%
THC Tenet Healthcare Corporation1 of 10−10.6%−45.6%−67.8%−42.5%−3.8%−57.4%−42.6%−4.7%−86.6%−20.4%
MCK McKesson Corporation5 of 10−0.9%−10.5%−32.1%−20.7%−6.5%−30.8%−14.2%−3.5%−57.7%−39.4%
ELV Elevance Health Inc.4 of 9−2.3%−15.9%−42.3%−15.7%−3.6%−22.9%−23.4%−0.7%−67.2%—
VEEV Veeva Systems Inc.1 of 6−4.6%−40.0%−26.7%−26.5%−9.5%−28.9%————
OSCR Oscar Health, Inc.0 of 2−18.1%−62.4%————————
HCA HCA Healthcare, Inc.1 of 7−2.2%−39.5%−54.4%−20.6%−3.8%−31.3%−49.0%———
COR Cencora, Inc.3 of 10−2.3%−17.8%−23.8%−24.2%−7.1%−21.4%−14.5%−2.8%−41.9%−29.7%
CI Cigna Corporation1 of 10−2.6%−10.7%−41.3%−20.8%−7.4%−16.2%−24.0%−4.7%−84.3%−56.3%
CVS CVS Health Corp.3 of 10−4.4%−19.9%−27.3%−22.1%−9.2%−16.9%−14.2%−1.1%−45.3%−62.4%
CNC Centene Corp.3 of 9−4.1%−24.1%−32.4%−25.7%−4.2%−27.4%−27.5%−3.3%−53.1%—
MOH Molina Healthcare, Inc.2 of 9−3.0%−27.6%−29.9%−29.3%−14.0%−37.3%−40.7%−3.6%−59.0%—
ALHC Alignment Healthcare, Inc.0 of 2−11.6%−51.7%————————
HUM Humana Inc.2 of 10−2.0%−20.9%−43.4%−22.8%−5.1%−17.3%−17.5%−2.7%−78.4%−45.3%
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How closely does UNH 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 UNH 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 UNH's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
UNH This pageUnitedHealth Group Incorporated81%82%0.980.70
MCK McKesson Corporation72%27%2.710.56
COR Cencora, Inc.80%58%1.390.56
VEEV Veeva Systems Inc.113%89%1.260.87
MOH Molina Healthcare, Inc.72%63%1.140.74
THC Tenet Healthcare Corporation173%168%1.031.87
HCA HCA Healthcare, Inc.135%140%0.971.37
ELV Elevance Health Inc.94%98%0.960.86
CI Cigna Corporation66%74%0.900.58
HUM Humana Inc.70%80%0.870.82
CNC Centene Corp.69%94%0.730.80
CVS CVS Health Corp.59%99%0.600.70
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What diversifies UNH?

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

ETFs

InvestmentCorrelation5Y returnSharpe2025202420082006199880/20 mix volatility80/20 mix annual return
UNH UnitedHealth Group Incorporated (this page)1.00+5.5%0.20−33.1%−2.4%−54.3%−13.5%−13.4%34.9%+0.6%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.11+119%1.48+27.1%+15.9%———28.2%+4.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.02+225%1.34+32.8%+29.8%−20.8%——28.1%+6.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.26+101%1.04+9.7%+33.4%———28.8%+4.3%
HDV Dividend & IncomeiShares Core High Dividend ETF0.26+83.3%1.00+11.9%+14.1%———28.8%+3.7%
SMH TechnologyVanEck Semiconductor ETF0.14+323%0.97+49.2%+39.1%−44.7%−6.7%—29.8%+9.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.17+85.0%0.96+23.1%+13.4%———28.4%+4.1%
GLD CommoditiesSPDR Gold Shares0.04+126%0.96+63.7%+26.7%+4.9%+22.6%—28.3%+5.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.26+136%0.93+26.6%+45.8%———29.3%+5.6%

Stocks

InvestmentCorrelation5Y returnSharpe2025202420082006199880/20 mix volatility80/20 mix annual return
UNH UnitedHealth Group Incorporated (this page)1.00+5.5%0.20−33.1%−2.4%−54.3%−13.5%−13.4%34.9%+0.6%
CAH Medical - DistributionCardinal Health, Inc.0.06+479%1.55+76.3%+19.0%−39.6%−5.8%+51.7%28.8%+8.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.06+3,143%1.47+220%+215%−20.5%−26.0%—30.9%+20.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.12+1,636%1.46+121%+107%−15.2%+38.9%−9.5%30.4%+16.9%
MCK Medical - DistributionMcKesson Corporation0.18+413%1.44+44.5%+23.7%−40.4%−1.2%+46.9%29.3%+7.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.01+690%1.41+19.2%−4.0%———28.6%+10.8%
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Common questions

What was UNH's worst drawdown?

UNH's deepest decline since it began trading in 1986 was 74.4%, from December 2005 to November 2008. It took about four years from the low to climb back to its old high.

What were UNH's best and worst years?

Over 29 full calendar years, UNH's best year was 2000, when it returned 131%. Its worst was 2008, with a return of -54.2%.

Is there a better investment than UNH?

Among UNH's popular alternatives, MCK, ELV and COR earned more than UNH with less volatility over the past 5 years. MCK returned 38.7% a year at 25.0% volatility, against 1.1% a year at 32.1%. Looking beyond its popular alternatives, CAH (health care distribution) and EHC (health care facilities) earned more than UNH with less volatility over the past 5 years. CAH returned 42.1% a year at 24.7% volatility, against 1.1% a year at 32.1%.

Is UNH more volatile than the S&P 500?

Yes. UNH's volatility over the past 5 years was 32.1%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, UNH's return lands within 32.1% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is UNH's Sharpe ratio?

UNH's Sharpe ratio over the past 5 years was 0.20, against 0.79 for the S&P 500, so UNH 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 UNH with the S&P 500?

Over the past 5 years, UNH's monthly returns had a correlation of 0.27 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 UNH instead: the lower it is, the more that option would diversify a UNH holding.

What are the best alternatives to UNH?

Of the 13 popular alternatives we compared, five outperformed UNH in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: THC, MCK and ELV.

Did UNH outperform the S&P 500?

UNH finished ahead of the S&P 500 (SPY) in 19 of 29 full calendar years. In 2025, it returned -33.1%, against +17.7% for the index.

How did UNH do in stock market crashes?

UNH fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in three. The clearest case was the dot-com bust, when UNH fell 19.8% and the S&P 500 fell 47.5%.

What diversifies UNH?

These had a low correlation with UNH over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.11), DXJ (correlation 0.02) and EMLP (correlation 0.26); among large stocks, CAH (correlation 0.06), CLS (correlation 0.06) and FIX (correlation 0.12). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to UNH

Other stocks and ETFs