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Relative Intelligence · Healthcare REITs

How Welltower (WELL) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on WELL alone. It places WELL (Welltower Inc.) against 16 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 WELL stands in the market, and of the alternatives worth a closer look.

Period covered: WELL'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 WELL →Chart WELL vs. 16 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in WELL over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WELL over the same span and WELL'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. 114 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of WELL; 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
  • AMZN$11M+114,749% total · +27.5% a year
  • ORLY$2M+22,426% total · +20.5% a year
  • MU$629,766+6,198% total · +15.4% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • WELL$467,035+4,570% total · +14.2% a year
  • NHC$173,541+1,635% total · +10.3% a year
  • LTC$150,951+1,410% total · +9.8% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • OHI$101,776+918% total · +8.3% 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. 320 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of WELL; 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
  • LLY$52,411+424% total · +39.3% a year
  • CAH$49,682+397% total · +37.8% a year
  • MCK$43,941+339% total · +34.5% a year
  • NHC$35,792+258% total · +29.0% a year
  • DXJ$32,976+230% total · +27.0% a year
  • WELL$31,492+215% total · +25.8% a year
  • DHC$25,372+154% total · +20.5% a year
  • ENSG$23,206+132% total · +18.3% 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
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WELL 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
$172B
Industry
REIT - Healthcare Facilities
Price history from
October 1986

Returns

Past 1 year
+36.0%total return
Past 3 years
+201%+44.4% a year
Past 5 years
+217%+26.0% a year
Past 10 years
+379%+17.0% a year
Best calendar year
+66.3%2001
Worst calendar year
−35.0%1999
Losing years
6 of 29full calendar years

Risk

Volatility
23.8%typical yearly swing, 5 years
Sharpe ratio
1.09return per unit of risk, 5 years
Worst decline ever
−63.3%Sep 2019 to Mar 2020
From its all-time high
−5.2%below the peak

WELL against the whole market

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

How does WELL rank among all stocks?

This section ranks WELL 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 WELL 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.

MeasureWELLRankStanding
1-year return+36.0%824 of 3,287top 25%
3-year return+201%404 of 3,017top 13%
5-year return+217%281 of 2,893top 10%
10-year return+379%444 of 2,202top 20%
Volatility, 5 years23.8%254 of 2,893top 9%
Sharpe ratio, 5 years1.0952 of 2,893top 2%
Worst decline, past 10 years−63.3%1,012 of 2,187top 46%

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

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WELLWELL: +26.0% a year, volatility 23.8%SPY (S&P 500): +12.7% a year, volatility 17.1%NHC: +32.0% a year, volatility 28.5%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%CAH: +42.1% a year, volatility 24.7%DXJ: +26.6% a year, volatility 19.1%MPC: +51.2% a year, volatility 33.4%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%EPU: +29.5% a year, volatility 24.9%ORLY: +15.9% a year, volatility 23.4%WELLSPY (S&P 500)NHCLLYMCKCAHDXJMPCMUFGMFGEPUORLY15.0%20.0%25.0%30.0%35.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WELLWELL: +26.0% a year, volatility 23.8%SPY (S&P 500): +12.7% a year, volatility 17.1%NHC: +32.0% a year, volatility 28.5%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%CAH: +42.1% a year, volatility 24.7%DXJ: +26.6% a year, volatility 19.1%MPC: +51.2% a year, volatility 33.4%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%EPU: +29.5% a year, volatility 24.9%ORLY: +15.9% a year, volatility 23.4%WELLSPY (S&P 500)NHCLLYMCKCAHDXJMPCMUFGMFGEPUORLY
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than WELL?

Investments that beat WELL 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 WELL 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 WELL's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than WELL'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× WELL's volatility counts as better.

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

Screen the whole market against WELL for any period in BetterThanSPYOpen these 11 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 WELL?lower diversifies moreExpenseper year
WELLWelltower Inc. · this page
+26.0%23.8%1.09−63.3%+379%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.480.09%
Popular alternativesbest 1 shownThe investments people most often weigh against WELL. 1 of 15 passed at least one test.
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return in most periods+32.0%28.5%1.12−35.3%+394%0.33—
Same and neighboring categories, and shared themesbest 1 shownEverything else in Healthcare REITs and the categories next to it (Health Care Facilities, Office REITs, Pharmaceuticals, Real Estate Equity), plus WELL's specific themes. 1 of 36 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.20—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 25 of 3,582 passed at least one test.
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.25—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+42.1%24.7%1.55−46.1%+349%0.27—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+428%0.360.48%
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.15—
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return in most periods+33.2%29.4%1.13−54.9%+483%0.34—
MFGMizuho Financial Group, Inc. · Banks
Higher return in most periods+33.6%30.6%1.10−45.7%+345%0.35—
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, similar volatilityHigher return in most periods+29.5%24.9%1.17−51.0%+275%0.310.59%
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Smaller losses in recent crashes+15.9%23.4%0.75−42.0%+393%0.33—
What these numbers mean for WELL
Annual return
WELL returned 26.0% 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 $31,700. 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
WELL's volatility over the past 5 years was 23.8%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WELL's return lands within 23.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
WELL's Sharpe ratio over the past 5 years was 1.09, against 0.79 for the S&P 500, so WELL earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
WELL's worst fall from a peak to a low over the past 10 years was 63.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 63.3% fall takes a 173% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, WELL's monthly returns had a correlation of 0.48 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against WELL instead: the lower it is, the more that option would diversify a WELL holding. Guide: Correlation and diversification →

WELL against its popular alternatives

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

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

Green points earned more than WELL 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%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWELL: 26.0% a year, volatility 23.8%SPY (S&P 500): 12.7% a year, volatility 17.1%HCA: 14.1% a year, volatility 30.1%DHC: 17.2% a year, volatility 68.8%ENSG: 19.8% a year, volatility 26.8%SBRA: 13.3% a year, volatility 27.2%CTRE: 16.7% a year, volatility 24.6%OHI: 16.4% a year, volatility 24.2%VTR: 12.4% a year, volatility 25.4%HR: −2.2% a year, volatility 28.5%DOC: −4.7% a year, volatility 26.7%UHT: −2.1% a year, volatility 24.3%BKD: 8.5% a year, volatility 52.9%NHC: 32.0% a year, volatility 28.5%LTC: 11.3% a year, volatility 21.1%NHI: 9.0% a year, volatility 23.8%O: 1.1% a year, volatility 19.0%WELLSPY (S&P 500)HCADHCENSGSBRACTREOHIHRDOCUHTBKDNHCLTCNHIO0.0%20.0%40.0%60.0%80.0%−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 volatilityWELL: 26.0% a year, volatility 23.8%SPY (S&P 500): 12.7% a year, volatility 17.1%HCA: 14.1% a year, volatility 30.1%DHC: 17.2% a year, volatility 68.8%ENSG: 19.8% a year, volatility 26.8%SBRA: 13.3% a year, volatility 27.2%CTRE: 16.7% a year, volatility 24.6%OHI: 16.4% a year, volatility 24.2%VTR: 12.4% a year, volatility 25.4%HR: −2.2% a year, volatility 28.5%DOC: −4.7% a year, volatility 26.7%UHT: −2.1% a year, volatility 24.3%BKD: 8.5% a year, volatility 52.9%NHC: 32.0% a year, volatility 28.5%LTC: 11.3% a year, volatility 21.1%NHI: 9.0% a year, volatility 23.8%O: 1.1% a year, volatility 19.0%WELLSPY (S&P 500)DHCENSGCTREOHIHRDOCUHTBKDNHCNHIO
All figures
InvestmentAnnual returnVolatility
NHC National HealthCare Corporation+32.0%28.5%
WELL This pageWelltower Inc.+26.0%23.8%
ENSG The Ensign Group, Inc.+19.8%26.8%
DHC Diversified Healthcare Trust+17.2%68.8%
CTRE CareTrust REIT, Inc.+16.7%24.6%
OHI Omega Healthcare Investors, Inc.+16.4%24.2%
HCA HCA Healthcare, Inc.+14.1%30.1%
SBRA Sabra Health Care REIT, Inc.+13.3%27.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
VTR Ventas, Inc.+12.4%25.4%
LTC LTC Properties, Inc.+11.3%21.1%
NHI National Health Investors, Inc.+9.0%23.8%
BKD Brookdale Senior Living Inc.+8.5%52.9%
O Realty Income Corporation+1.1%19.0%
UHT Universal Health Realty Income Trust−2.1%24.3%
HR Healthcare Realty Trust Incorporated−2.2%28.5%
DOC Healthpeak Properties, Inc.−4.7%26.7%
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Has WELL consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than WELL 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
WELL Welltower Inc. (this page)—+2.3%−2.4%+14.5%+28.7%+36.0%+201%+217%+379%23.8%1.09−63.3%—$172B—
NHC QualifiedNational HealthCare Corporation5/5 short3/3 longAll-weather+11.4%+13.1%+49.8%+92.1%+104%+296%+301%+394%28.5%1.12−35.3%—$3.9B—
HCA Medical - Care FacilitiesHCA Healthcare, Inc.2/5 short1/3 long+9.3%+26.0%−2.2%−0.5%+8.3%+97.6%+93.6%+513%30.1%0.59−54.7%—$101B—
DHC REIT - Healthcare FacilitiesDiversified Healthcare Trust2/5 short1/3 long−4.8%−15.1%+5.2%+56.0%+86.5%+349%+121%−48.0%68.8%0.56−96.3%—$1.9B—
ENSG Medical - Care FacilitiesThe Ensign Group, Inc.1/5 short1/3 long+0.9%+2.3%−10.8%+1.3%−4.9%+84.1%+147%+896%26.8%0.81−55.5%—$10B—
SBRA REIT - Healthcare FacilitiesSabra Health Care REIT, Inc.1/5 short0/3 long−2.3%−1.4%−2.5%+5.9%+11.9%+70.8%+86.7%+75.9%27.2%0.60−74.9%—$5.0B—
LTC REIT - Healthcare FacilitiesLTC Properties, Inc.1/5 short0/3 long+0.4%+3.7%+12.9%+29.2%+28.1%+64.3%+71.1%+51.7%21.1%0.62−51.4%—$2.3B—
AHR REIT - Healthcare FacilitiesAmerican Healthcare REIT, Inc.1/5 short0/3 long+4.4%−3.6%+9.3%+16.8%+27.9%—————−14.1%—$12B—
CTRE REIT - Healthcare FacilitiesCareTrust REIT, Inc.0/5 short0/3 long−2.2%−13.2%−5.6%+3.6%+7.8%+91.7%+117%+310%24.6%0.76−67.4%—$8.6B—
OHI REIT - Healthcare FacilitiesOmega Healthcare Investors, Inc.0/5 short0/3 long−2.7%−6.9%+0.7%+6.7%+17.7%+69.7%+114%+202%24.2%0.75−66.9%—$14B—
VTR REIT - Healthcare FacilitiesVentas, Inc.0/5 short0/3 long0.0%−9.6%+3.4%+13.9%+23.9%+126%+79.3%+91.0%25.4%0.59−76.9%—$44B—
NHI REIT - Healthcare FacilitiesNational Health Investors, Inc.0/5 short0/3 long−0.8%−15.1%−19.8%−10.4%−8.4%+57.7%+54.0%+51.5%23.8%0.48−63.0%—$3.3B—
O REIT - RetailRealty Income Corporation0/5 short0/3 long−0.1%−12.4%−10.9%+2.3%−2.0%+34.8%+5.7%+50.1%19.0%0.15−48.3%—$53B—
HR REIT - Healthcare FacilitiesHealthcare Realty Trust Incorporated0/5 short0/3 long−2.8%−15.4%−1.9%+8.8%−1.0%+49.7%−10.6%+27.2%28.5%0.06−47.4%—$6.2B—
DOC REIT - Healthcare FacilitiesHealthpeak Properties, Inc.0/5 short0/3 long−9.0%−14.5%+13.1%+22.2%+7.0%+39.4%−21.6%+12.4%26.7%-0.05−50.7%—$13B—
UHT REIT - Healthcare FacilitiesUniversal Health Realty Income Trust0/5 short0/3 long−3.2%−11.9%−7.8%+1.9%+11.9%+25.3%−9.9%+5.0%24.3%0.04−69.2%—$525M—
BKD Medical - Care FacilitiesBrookdale Senior Living Inc.0/5 short0/3 long−11.5%−32.6%−25.6%−7.1%+14.8%+166%+50.1%−36.8%52.9%0.42−89.3%—$2.4B—
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How did WELL do year by year?

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

InvestmentYears ahead of WELL20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
WELL This pageWelltower Inc.—+49.9%+43.1%+41.8%−21.2%+37.0%−17.2%+23.1%+15.3%+0.2%+3.4%−5.8%+48.6%−8.4%+18.2%+21.1%+14.2%+12.6%+0.2%+9.7%+37.1%−4.7%+13.6%+44.0%+20.7%+66.3%+22.9%−35.0%+0.2%+24.6%
Rank among alternativesTop quarter in 11 of 295 of 171 of 164 of 1613 of 162 of 1612 of 167 of 168 of 1610 of 1612 of 169 of 163 of 1513 of 1511 of 151 of 1411 of 149 of 144 of 143 of 1310 of 138 of 1211 of 128 of 122 of 115 of 117 of 116 of 102 of 103 of 10
SPY S&P 500State Street SPDR S&P 500 ETF13 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%
NHC National HealthCare Corporation13 of 29+30.3%+19.1%+60.8%−9.4%+5.4%−20.6%+13.0%+32.4%−17.3%+26.1%+1.3%+19.3%+17.6%+17.6%−6.8%+31.9%−26.8%−0.2%−4.9%+49.9%+7.6%+80.4%+13.7%+13.9%+100%+46.2%−66.1%−29.0%+36.7%
HCA HCA Healthcare, Inc.10 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%———————————————
DHC Diversified Healthcare Trust10 of 26+114%−37.9%+498%−78.6%−24.1%−49.9%−22.0%−32.8%+9.3%+38.6%−26.5%+6.6%−0.1%+12.9%+9.3%+7.1%+32.8%−15.4%−1.7%+55.3%−4.0%+18.0%+78.5%−11.2%+61.5%−9.0%———
ENSG The Ensign Group, Inc.10 of 18+31.3%+18.6%+18.9%+13.0%+15.4%+61.4%+25.6%+75.6%+0.8%−1.1%+2.6%+78.3%+64.0%+11.9%−0.8%+63.7%−7.0%+18.3%———————————
SBRA Sabra Health Care REIT, Inc.10 of 23+17.1%+31.2%+26.2%+0.4%−16.2%−11.3%+41.1%−3.7%−18.2%+31.2%−29.0%+22.9%+26.5%+94.0%−29.0%+45.2%+3.5%−48.4%+36.0%+90.8%−28.1%−7.6%+616%——————
LTC LTC Properties, Inc.12 of 29+6.2%+14.9%−3.3%+10.5%−6.8%−7.6%+12.8%+1.2%−2.7%+14.0%+4.8%+28.6%+5.5%+20.4%+16.8%+11.6%+41.9%−13.6%−2.6%+38.4%+12.8%+44.3%+134%+12.2%+78.7%−49.2%−41.5%−12.3%+21.1%
AHR American Healthcare REIT, Inc.1 of 1+70.1%————————————————————————————
CTRE CareTrust REIT, Inc.5 of 11+39.4%+26.3%+27.3%−13.6%+7.9%+13.7%+16.4%+16.0%+14.0%+47.1%−6.6%——————————————————
OHI Omega Healthcare Investors, Inc.15 of 29+25.5%+33.6%+19.9%+3.5%−12.1%−6.8%+29.0%+40.0%−4.8%−3.9%−5.3%+38.7%+32.6%+30.7%−7.1%+22.9%+31.8%+7.1%−2.8%+51.1%+14.3%+35.4%+154%−38.1%+61.2%−66.0%−53.0%−10.1%+26.5%
VTR Ventas, Inc.15 of 29+35.1%+22.2%+15.1%−8.6%+7.7%−9.8%+3.4%+3.5%+0.7%+16.1%−4.9%+32.7%−6.4%+23.8%+11.2%+27.2%+41.3%−20.7%+13.8%+40.0%+24.4%+32.9%+110%+10.7%+130%+68.4%−64.1%−20.5%−22.6%
NHI National Health Investors, Inc.13 of 29+15.7%+30.7%+14.6%−3.3%−11.8%−8.7%+13.7%+5.9%+6.9%+28.1%−8.2%+31.0%+4.6%+35.1%+3.9%+28.7%+45.6%+6.5%−7.2%+38.1%−4.8%+25.0%+68.5%+18.9%+106%−44.4%−30.2%−35.4%+19.3%
O Realty Income Corporation15 of 29+12.2%−2.1%−4.5%−7.4%+24.1%−11.6%+21.3%+15.9%+3.7%+15.8%+13.5%+34.4%−2.2%+20.3%+7.5%+39.4%+20.9%−8.3%+3.3%+35.8%−9.4%+33.3%+21.6%+27.5%+27.5%+32.5%−8.8%+5.5%+13.9%
HR Healthcare Realty Trust Incorporated10 of 29+6.9%+6.3%−4.1%−20.7%+11.5%−8.3%+26.6%−3.6%+14.0%+15.4%+13.8%+41.4%−2.3%+40.2%−6.3%+4.1%−0.2%−1.7%−31.4%+28.2%−12.3%+22.1%+32.2%+13.2%+44.4%+52.3%−21.4%−18.3%+17.6%
DOC Healthpeak Properties, Inc.11 of 29−15.2%+10.1%−12.6%−25.2%+27.3%−4.6%+33.1%+17.9%−4.5%−16.8%−8.5%+32.1%−16.2%+13.7%+18.0%+26.9%+17.8%−15.9%−0.8%+52.4%−2.3%+15.6%+57.1%+14.3%+32.5%+39.4%−14.1%−12.8%+15.8%
UHT Universal Health Realty Income Trust10 of 29+13.3%−7.5%−3.6%−15.3%−3.4%−43.2%+96.9%−14.9%+18.8%+37.2%+9.6%+27.1%−16.4%+37.5%+13.8%+22.3%+5.1%−0.4%−2.8%+32.5%+4.1%+13.8%+23.1%+20.3%+28.4%+51.6%−18.1%−2.0%+15.9%
BKD Brookdale Senior Living Inc.7 of 20+115%−13.6%+113%−47.1%+16.5%−39.1%+8.5%−30.9%−21.9%−32.7%−49.7%+34.9%+7.3%+45.6%−18.8%+17.7%+226%−79.6%−37.8%+66.8%—————————
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Risk and diversification

How WELL 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 WELL's worst declines?

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

DuringWELL fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Covid crash−63.3%−17.6%Sep 2019Mar 20206 monthsJul 202116 months
2008 financial crisis−47.5%−46.5%Aug 2008Mar 20097 monthsSep 201018 months
2022 bear market−40.8%−21.3%Mar 2022Oct 20227 monthsFeb 202416 months
Dot-com bust−40.5%+42.6%Sep 1998Apr 200019 monthsMar 200111 months
No named crash−36.4%—Apr 1988Dec 19888 monthsJan 199013 months

How did WELL do in stock market crashes?

This section measures how far WELL, 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 WELL.

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
WELL This pageWelltower Inc.—−9.2%−40.8%−61.9%−11.1%−6.5%−22.3%−23.3%−0.5%−47.5%−18.1%
SPY S&P 500State Street SPDR S&P 500 ETF5 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
NHC National HealthCare Corporation6 of 10−3.0%−17.9%−32.0%−10.7%−5.5%−13.2%−39.0%0.0%−35.4%−62.6%
HCA HCA Healthcare, Inc.4 of 7−2.2%−39.5%−54.4%−20.6%−3.8%−31.3%−49.0%———
DHC Diversified Healthcare Trust3 of 10−22.4%−72.7%−73.2%−35.4%−5.0%−18.1%−22.1%−0.2%−57.9%−35.8%
ENSG The Ensign Group, Inc.4 of 8−2.4%−24.6%−52.2%−24.1%−1.0%−24.6%−29.6%0.0%——
SBRA Sabra Health Care REIT, Inc.2 of 9−5.7%−24.6%−73.5%−29.8%−6.8%−40.9%−41.8%−0.8%−58.2%—
LTC LTC Properties, Inc.5 of 10−3.8%−19.3%−49.4%−13.0%−5.7%−12.0%−22.9%−2.5%−51.2%−57.8%
CTRE CareTrust REIT, Inc.4 of 6−4.5%−29.0%−65.7%−11.7%−4.3%−17.7%————
OHI Omega Healthcare Investors, Inc.4 of 10−2.8%−18.9%−66.9%−11.8%−3.8%−23.3%−30.7%−2.3%−44.3%−83.6%
VTR Ventas, Inc.3 of 10−6.9%−41.0%−73.1%−12.2%−6.3%−17.3%−20.8%−0.8%−64.1%−24.1%
NHI National Health Investors, Inc.6 of 10−2.9%−22.6%−63.0%−8.8%−6.1%−14.0%−19.5%−0.9%−45.6%−60.1%
O Realty Income Corporation6 of 10−4.9%−22.7%−48.3%−9.2%−7.2%−10.1%−18.5%0.0%−48.5%−20.6%
HR Healthcare Realty Trust Incorporated6 of 10−3.8%−28.5%−34.8%−13.4%−5.8%−11.5%−25.7%−2.1%−57.8%−16.7%
DOC Healthpeak Properties, Inc.4 of 10−8.9%−37.7%−46.5%−11.4%−5.1%−34.0%−23.1%0.0%−61.1%−11.4%
UHT Universal Health Realty Income Trust6 of 10−2.4%−29.2%−54.7%−19.2%−8.0%−13.5%−23.8%0.0%−40.6%−16.2%
BKD Brookdale Senior Living Inc.0 of 9−14.3%−46.4%−79.3%−35.6%−7.4%−59.0%−50.8%−4.5%−93.5%—
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How closely does WELL 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 WELL 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 WELL's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
WELL This pageWelltower Inc.87%72%1.220.90
ENSG The Ensign Group, Inc.105%55%1.930.83
NHC National HealthCare Corporation73%45%1.640.44
OHI Omega Healthcare Investors, Inc.70%67%1.050.77
CTRE CareTrust REIT, Inc.93%90%1.040.91
HCA HCA Healthcare, Inc.135%140%0.971.37
VTR Ventas, Inc.70%98%0.720.96
LTC LTC Properties, Inc.48%68%0.700.75
SBRA Sabra Health Care REIT, Inc.76%111%0.681.05
NHI National Health Investors, Inc.60%92%0.650.71
O Realty Income Corporation57%93%0.620.73
HR Healthcare Realty Trust Incorporated59%104%0.570.80
DOC Healthpeak Properties, Inc.61%110%0.550.88
UHT Universal Health Realty Income Trust63%123%0.510.80
DHC Diversified Healthcare Trust94%223%0.421.84
BKD Brookdale Senior Living Inc.40%111%0.361.15
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What diversifies WELL?

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

ETFs

InvestmentCorrelation5Y returnSharpe20222020201520132005199980/20 mix volatility80/20 mix annual return
WELL Welltower Inc. (this page)1.00+217%1.09−21.2%−17.2%−5.8%−8.4%−4.7%−35.0%24.4%+25.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.36+225%1.34+6.0%+3.9%+7.7%+41.3%——20.5%+26.5%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.49+135%0.97+21.5%−20.3%−35.3%———21.6%+25.1%
SMH TechnologyVanEck Semiconductor ETF0.31+323%0.97−33.5%+55.5%−0.3%+33.4%+10.8%—22.7%+29.3%
GLD CommoditiesSPDR Gold Shares0.28+126%0.96−0.8%+24.8%−10.7%−28.3%+17.8%—20.7%+24.9%
DIVO Dividend & IncomeAmplify CWP Enhanced Dividend Income ETF0.48+69.0%0.95−1.5%+12.4%————20.8%+23.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.32+136%0.93−10.4%+28.2%————21.2%+25.6%
XLE EnergyState Street Energy Select Sector SPDR ETF0.20+177%0.93+64.4%−32.7%−21.5%+26.3%+40.1%+18.1%21.1%+26.2%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.39+109%0.90−14.2%−0.2%−4.1%———21.4%+24.6%

Stocks

InvestmentCorrelation5Y returnSharpe20222020201520132005199980/20 mix volatility80/20 mix annual return
WELL Welltower Inc. (this page)1.00+217%1.09−21.2%−17.2%−5.8%−8.4%−4.7%−35.0%24.4%+25.8%
CAH Medical - DistributionCardinal Health, Inc.0.27+479%1.55+54.1%+10.1%+12.6%+66.0%+18.7%−36.8%21.5%+29.0%
CLS Hardware, Equipment & PartsCelestica Inc.0.18+3,143%1.47+1.3%−2.4%−6.0%+27.6%−25.2%+350%24.5%+42.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.27+1,636%1.46+17.0%+6.7%+67.7%+61.7%+20.1%−58.7%23.5%+38.4%
MCK Medical - DistributionMcKesson Corporation0.25+413%1.44+51.8%+27.1%−4.5%+67.7%+64.9%−71.3%21.3%+28.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.15+690%1.41+86.6%−27.4%+17.4%+48.6%——21.4%+31.4%
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Common questions

What was WELL's worst drawdown?

WELL's deepest decline since it began trading in 1986 was 63.3%, from September 2019 to March 2020. It took 16 months from the low to climb back to its old high.

What were WELL's best and worst years?

Over 29 full calendar years, WELL's best year was 2001, when it returned 66.3%. Its worst was 1999, with a return of -35.0%.

Is there a better investment than WELL?

Among WELL's popular alternatives, NHC was ahead of WELL in most short and long periods. Looking beyond its popular alternatives, LLY (pharmaceuticals) earned more for the risk it took than WELL over the past 5 years, and its worst fall in 10 years was 34.5%, against 63.3% for WELL.

Is WELL more volatile than the S&P 500?

Yes. WELL's volatility over the past 5 years was 23.8%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WELL's return lands within 23.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is WELL's Sharpe ratio?

WELL's Sharpe ratio over the past 5 years was 1.09, against 0.79 for the S&P 500, so WELL earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is WELL with the S&P 500?

Over the past 5 years, WELL's monthly returns had a correlation of 0.48 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against WELL instead: the lower it is, the more that option would diversify a WELL holding.

What are the best alternatives to WELL?

Of the 16 popular alternatives we compared, one outperformed WELL in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: NHC.

Did WELL outperform the S&P 500?

WELL finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +49.9%, against +17.7% for the index.

How did WELL do in stock market crashes?

WELL fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in five. The clearest case was the Covid crash, when WELL fell 61.9% and the S&P 500 fell 33.7%.

What diversifies WELL?

These had a low correlation with WELL over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.36), MLPX (correlation 0.49) and SMH (correlation 0.31); among large stocks, CAH (correlation 0.27), CLS (correlation 0.18) and FIX (correlation 0.27). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to WELL

Other stocks and ETFs