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

> Source: EasyCompare research, https://easycompare.io/research/unh
> 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 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.

## Key findings

- **Right now:** Over the past 6 months, UNH rose 31.2% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. That said, the slide is UNH's own: it is 29.7% below its high, against 1.3% for the S&P 500.
- **Stock or market?:** UNH lagged its own industry over the past 3 months, rising 0.1% while the managed health care ETF IHF (iShares U.S. Healthcare Providers ETF) rose 7.1%. The S&P 500 rose 3.9%. Even so, last month cut against the tape: UNH rose 11.0% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** The long record (ahead of 67% of the stocks worth at least $300 million over 10 years) has not carried into the past 3 years (behind 84% of them). The last two calendar years both went the same way: UNH fell 33.1% in 2025, against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** UNH turned $10,000 into $34,100 over the past decade, against $42,100 in the S&P 500. Even so, over the past decade, only ELV (Elevance Health) and MOH (Molina Healthcare) of its managed health care peers outpaced UNH.
- **In a crash:** In the 2022 bear market, UNH fell 16.9%, against 24.5% for the S&P 500. That was more than CI (Cigna, 10.7%) but less than CVS (CVS Health, 19.9%).
- **Diversification:** Against the S&P 500, UNH has a correlation of 0.27 over 5 years, less closely than 75% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. Over 10 years UNH gave up some upside in exchange for smaller losses: 81% of the S&P 500's gains in rising months and 82% of its losses in falling ones, with a beta of 0.70.
- **Better options**
  - **Popular alternatives:** MCK (McKesson), ELV (Elevance Health) and COR (Cencora) 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%.
  - **Nearby categories and themes:** CAH (Cardinal Health, health care distribution) and EHC (Encompass Health, 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%.
  - **Whole market:** 1,272 of the 3,633 stocks and funds worth at least $500 million earned more than UNH with less volatility over the past 5 years, among them AAPL (Apple), MSFT (Microsoft) and VTI (Vanguard Morningstar Total Stock Market ETF).

## 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.

- $10,000 invested in UNH at the end of September 1997 would have grown to $772,802 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of UNH, and AAPL finished highest, at $20,534,853.

## 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.

- UNH is still 29.7% below its all-time high.
- 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.
- Over 29 full calendar years, UNH's best was 2000, when it returned 131%, and its worst was 2008, when it lost 54.2%. It lost money in five of those years.

- Type: Stock, Healthcare (Medical - Healthcare Plans)
- Trading since: October 17, 1986
- Market value: $376B
- Volatility (5 years): 32.1%; Sharpe ratio: 0.20
- Worst decline ever: −74.4%, from December 21, 2005 to November 20, 2008; back at its high by April 2, 2013

| Period | UNH total return |
| --- | --- |
| 1 month | +11.0% |
| 3 months | +0.1% |
| 6 months | +31.2% |
| year to date | +27.1% |
| 1 year | +18.1% |
| 3 years | −15.3% |
| 5 years | +5.5% |
| 10 years | +241% |

## 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.

- UNH's 3-year return ranks in the bottom 16% of the 3,017 stocks worth at least $300 million with 3 years of history.

| Measure | UNH | Rank |
| --- | --- | --- |
| 1-year return | +18.1% | 1,305 of 3,287 (top 40%) |
| 3-year return | −15.3% | 2,530 of 3,017 (top 84%) |
| 5-year return | +5.5% | 1,650 of 2,893 (top 58%) |
| 10-year return | +241% | 735 of 2,202 (top 34%) |
| Volatility, 5 years | 32.1% | 918 of 2,893 (top 32%) |
| Sharpe ratio, 5 years | 0.20 | 1,842 of 2,893 (top 64%) |
| Worst decline, past 10 years | −61.4% | 938 of 2,187 (top 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).

- 505 stocks and 767 ETFs worth at least $500 million sit in the green region: each earned more than UNH over the past 5 years with smaller price swings. That is 35% of the 3,633 screened.
- Among those with at least half UNH's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 23% less than UNH's 32.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.20 for UNH.
- Among UNH's popular alternatives, MCK, COR and HCA are in the region. MCK earned 38.7% a year against 1.1% a year for UNH, at 25.0% volatility, 22% less than UNH's 32.1%.

### Is there a better investment than UNH?

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.

- 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%.
- Across the whole market, 1,272 of the 3,633 stocks and funds worth at least $500 million earned more than UNH with less volatility over the past 5 years, among them AAPL, MSFT and VTI.

The 15 strongest of 1,272 investments that beat UNH 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 UNH | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| UNH: UnitedHealth Group Incorporated (this page) |  | +1.1% | 32.1% | 0.20 | −61.4% | +241% |  |  |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.06 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [V](https://easycompare.io/research/v): Visa Inc. | Payment Processing | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | Integrated Oil & Gas | +19.5% | 25.2% | 0.84 | −55.8% | +238% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | Banks | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [PM](https://easycompare.io/research/pm): Philip Morris International Inc. | Tobacco | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [NVS](https://easycompare.io/research/nvs): Novartis AG | Pharmaceuticals | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | US Large-Cap Value | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Six of the 13 popular alternatives, led by MCK, COR and HCA, were both more rewarding and calmer than UNH over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, UNH returned 1.1% a year, less than the S&P 500's 12.7%, with higher volatility (32.1% against 17.1%).

### 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.

- Five of the 13 popular alternatives, led by THC, MCK and ELV, outperformed UNH in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- THC outperformed UNH in every long-term period and in all but one short-term period, the most consistent record in the group.
- MCK, COR and HCA earned more for the risk they took than UNH (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 UNH | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| UNH: UnitedHealth Group Incorporated (this page) | +18.1% | −15.3% | +5.5% | +241% |  |  | 0.20 |
| THC: Tenet Healthcare Corporation | +34.7% | +399% | +315% | +1,058% | 4/5 short-term, 3/3 long-term | all-weather | 0.86 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | +31.3% | +131% | +413% | +586% | 3/5 short-term, 3/3 long-term | consistent | 1.44 |
| [ELV](https://easycompare.io/research/elv): Elevance Health Inc. | +26.8% | +2.0% | +11.7% | +307% | 3/5 short-term, 3/3 long-term | consistent | 0.23 |
| [VEEV](https://easycompare.io/research/veev): Veeva Systems Inc. | +11.5% | +59.0% | −0.4% | +715% | 4/5 short-term, 2/3 long-term | consistent | 0.19 |
| OSCR: Oscar Health, Inc. | +66.8% | +560% | +107% | — | 4/5 short-term, 2/3 long-term | consistent | 0.57 |
| [HCA](https://easycompare.io/research/hca): HCA Healthcare, Inc. | +8.3% | +97.6% | +93.6% | +513% | 1/5 short-term, 3/3 long-term |  | 0.59 |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | +5.7% | +86.5% | +195% | +406% | 1/5 short-term, 3/3 long-term |  | 1.07 |
| [CI](https://easycompare.io/research/ci): Cigna Corporation | +2.2% | +5.9% | +56.7% | +176% | 2/5 short-term, 2/3 long-term |  | 0.46 |
| [CVS](https://easycompare.io/research/cvs): CVS Health Corp. | +18.5% | +52.5% | +29.2% | +47.0% | 0/5 short-term, 2/3 long-term |  | 0.32 |
| CNC: Centene Corp. | +98.9% | −1.5% | +4.0% | +129% | 4/5 short-term, 1/3 long-term |  | 0.24 |
| MOH: Molina Healthcare, Inc. | +11.3% | −37.0% | −24.3% | +277% | 1/5 short-term, 1/3 long-term |  | 0.07 |
| ALHC: Alignment Healthcare, Inc. | −51.1% | +19.9% | −55.8% | — | 0/5 short-term, 1/3 long-term |  | 0.08 |
| [HUM](https://easycompare.io/research/hum): Humana Inc. | +52.1% | −15.1% | −1.3% | +166% | 5/5 short-term, 0/3 long-term |  | 0.19 |

### 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.

- UNH finished ahead of the S&P 500 in 19 of its 29 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, UNH finished in the top quarter in five of 29 years and in the bottom quarter in two. In 2025, it ranked 13 of 14.
- Among its popular alternatives, VEEV came out ahead of UNH most often, in seven of the 12 years both traded.

| Year | UNH | SPY |
| --- | --- | --- |
| 2025 | −33.1% | +17.7% |
| 2024 | −2.4% | +24.9% |
| 2023 | +0.8% | +26.2% |
| 2022 | +6.9% | −18.2% |
| 2021 | +45.2% | +28.7% |
| 2020 | +21.3% | +18.3% |
| 2019 | +20.0% | +31.2% |
| 2018 | +14.5% | −4.6% |
| 2017 | +39.8% | +21.7% |
| 2016 | +38.4% | +12.0% |

## 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.

- In all four of UNH's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: UNH fell 61.4% from November 2024 to August 2025, while the S&P 500 rose 4.8%.
- The slowest recovery came after UNH fell 74.4% from December 2005 to November 2008; it did not regain that peak until April 2013, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −74.4% | December 21, 2005 | November 20, 2008 | April 2, 2013 | −36.9% | 2008 financial crisis |
| −70.3% | December 12, 1986 | November 17, 1987 | May 10, 1989 | — |  |
| −61.4% | November 11, 2024 | August 1, 2025 | not yet | +4.8% |  |
| −57.0% | May 14, 1998 | August 14, 1998 | May 15, 2000 | −4.6% |  |
| −53.8% | February 13, 1996 | July 11, 1996 | April 2, 1998 | −1.6% |  |

### 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.

- None of its popular alternatives fell less than UNH in most of the crashes they both traded through.
- UNH fell less than the S&P 500 in five of the ten crashes it has traded through. The clearest case was the dot-com bust, when UNH fell 19.8% and the S&P 500 fell 47.5%.

| Crash | Dates | UNH fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −19.8% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −72.4% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.8% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −20.7% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −12.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.7% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −18.6% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −35.9% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −16.9% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −1.8% | −3.4% |

### 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.

- MCK took just 27% of the S&P 500's losses, against 82% for UNH, while still keeping 72% of its gains.
- Over the past 10 years, UNH captured 81% of the S&P 500's gains in rising months and 82% of its losses in falling months, with a beta of 0.70. It took about the same share of the market's gains as of its losses.
- Five of the 11 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than UNH's 0.98, led by MCK, COR and VEEV.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| UNH: UnitedHealth Group Incorporated (this page) | 81.0% | 82.0% | 0.70 |
| THC: Tenet Healthcare Corporation | 173% | 168% | 1.87 |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | 72.0% | 27.0% | 0.56 |
| [ELV](https://easycompare.io/research/elv): Elevance Health Inc. | 94.0% | 98.0% | 0.86 |
| [VEEV](https://easycompare.io/research/veev): Veeva Systems Inc. | 113% | 89.0% | 0.87 |
| [HCA](https://easycompare.io/research/hca): HCA Healthcare, Inc. | 135% | 140% | 1.37 |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | 80.0% | 58.0% | 0.56 |
| [CI](https://easycompare.io/research/ci): Cigna Corporation | 66.0% | 74.0% | 0.58 |
| [CVS](https://easycompare.io/research/cvs): CVS Health Corp. | 59.0% | 99.0% | 0.70 |
| CNC: Centene Corp. | 69.0% | 94.0% | 0.80 |
| MOH: Molina Healthcare, Inc. | 72.0% | 63.0% | 0.74 |
| [HUM](https://easycompare.io/research/hum): Humana Inc. | 70.0% | 80.0% | 0.82 |

### 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).

- Moving a fifth of the money in UNH into DXJ would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+0.6% for UNH alone, +6.5% for the mix).
- GLD made money in four of the five calendar years in which UNH lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of UNH over the past 5 years, with correlations of 0.26 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with UNH | 5Y return | Volatility | Sharpe | Rose in UNH's 5 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.11 | +119% | 11.1% | 1.48 | 2 of 5 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.02 | +225% | 19.1% | 1.34 | 2 of 5 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.26 | +101% | 14.5% | 1.04 | 2 of 5 |
| HDV: iShares Core High Dividend ETF | 0.26 | +83.3% | 13.0% | 1.00 | 2 of 5 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.14 | +323% | 36.9% | 0.97 | 2 of 5 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.17 | +85.0% | 13.8% | 0.96 | 2 of 5 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.04 | +126% | 18.9% | 0.96 | 4 of 5 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.26 | +136% | 20.8% | 0.93 | 2 of 5 |

## 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.

## More research

- [McKesson (MCK) Performance, Alternatives and Market Rank](https://easycompare.io/research/mck)
- [Elevance Health (ELV) Performance, Alternatives and Market Rank](https://easycompare.io/research/elv)
- [Veeva Systems (VEEV) Performance, Alternatives and Market Rank](https://easycompare.io/research/veev)
- [HCA Healthcare (HCA) Performance, Alternatives and Market Rank](https://easycompare.io/research/hca)
- [Cencora (COR) Performance, Alternatives and Market Rank](https://easycompare.io/research/cor)
- [Cigna (CI) Performance, Alternatives and Market Rank](https://easycompare.io/research/ci)
- [CVS Health (CVS) Performance, Alternatives and Market Rank](https://easycompare.io/research/cvs)
- [Humana (HUM) Performance, Alternatives and Market Rank](https://easycompare.io/research/hum)
- [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)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)

## Explore further

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