Healthcare Stocks
Track 64 healthcare companies from the S&P 500 and NASDAQ 100 indices with historical returns, performance rankings, and investment analysis.
What's Driving Healthcare Stock Returns?
Updated: May 2026Healthcare has historically been a defensive sector, but recent years have seen dramatic divergence within the space. GLP-1 obesity drugs have created massive winners (Eli Lilly, Novo Nordisk) while disrupting adjacent industries. Meanwhile, health insurers face margin pressure from rising medical costs and regulatory scrutiny.
Pharmaceuticals currently lead the sector with an average 1-year return of +14.8%, while Health Insurers lag at -38.1%. This reflects the market's enthusiasm for breakthrough therapeutics versus concerns about healthcare cost inflation.
Key themes driving returns: GLP-1/obesity drugs (LLY, NVO), oncology innovation, Medicare Advantage dynamics, and patent cliffs for legacy blockbusters. Biotech M&A has picked up as large pharma seeks to replenish pipelines.
Of the 64 healthcare stocks tracked, 35 delivered positive returns over the past year while 29 declined. The top performer, CAH, returned +58.5%, while MOH was the weakest at -56.4%. The median healthcare stock returned +2.7%.
Top 5 by 1-Year Return
Healthcare Stocks Monthly Returns (Jun'25 – May'26)
Which healthcare stocks are winning? Use this heatmap to identify the best and worst performers, spot which months hurt or helped specific stocks, and compare volatility across the sector. Over the past 12 months, 42 stocks gained while 22 declined. The leader is MRNA at +93.1%; the laggard is MOH at -55.7%.
| Stock | Jun'25 | Jul'25 | Aug'25 | Sep'25 | Oct'25 | Nov'25 | Dec'25 | Jan'26 | Feb'26 | Mar'26 | Apr'26 | May'26 | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MRNA | +4% | +7% | -19% | +7% | +5% | -4% | +14% | +49% | +22% | -4% | — | — | +93.1% |
| VTRS | +2% | -2% | +22% | -6% | +5% | +4% | +16% | +5% | +14% | -9% | — | — | +58.6% |
| MRK | +4% | -1% | +8% | +1% | +2% | +22% | +1% | +5% | +12% | -6% | — | — | +56.0% |
| JNJ | -2% | +8% | +8% | +5% | +2% | +10% | +0% | +10% | +10% | -5% | — | — | +54.6% |
| REGN | +7% | +4% | +7% | -3% | +16% | +20% | -1% | -4% | +6% | -6% | — | — | +50.8% |
| ILMN | +16% | +8% | -3% | -5% | +30% | +6% | -0% | +10% | -7% | -8% | — | — | +50.5% |
| BIIB | -3% | +2% | +3% | +6% | +10% | +18% | -3% | +2% | +7% | -4% | — | — | +41.5% |
| INCY | +5% | +10% | +13% | +0% | +10% | +12% | -5% | +1% | +1% | -11% | — | — | +39.0% |
| CAH | +9% | -7% | -4% | +6% | +22% | +11% | -3% | +5% | +7% | -10% | — | — | +34.8% |
| HCA | +1% | -8% | +14% | +6% | +8% | +11% | -8% | +5% | +8% | -6% | — | — | +30.6% |
| NUVL | +2% | +3% | -2% | +13% | +15% | +10% | -8% | +2% | -1% | -5% | — | — | +29.3% |
| GILD | +1% | +1% | +1% | -1% | +8% | +5% | -2% | +16% | +5% | -7% | — | — | +28.1% |
| BMY | -4% | -5% | +9% | -4% | +4% | +7% | +10% | +3% | +13% | -5% | — | — | +27.6% |
| LLY | +6% | -5% | -1% | +4% | +13% | +25% | -0% | -3% | +2% | -13% | — | — | +24.1% |
| AMGN | -3% | +6% | -2% | -2% | +6% | +17% | -5% | +4% | +14% | -10% | — | — | +24.1% |
| MCK | +2% | -5% | -1% | +13% | +5% | +9% | -7% | +1% | +19% | -11% | — | — | +22.4% |
| HOLX | +5% | +3% | +0% | +1% | +10% | +1% | -1% | +1% | +1% | +0% | — | — | +21.7% |
| COR | +3% | -5% | +2% | +7% | +8% | +9% | -8% | +6% | +4% | -6% | — | — | +20.8% |
| PFE | +3% | -2% | +6% | +3% | -3% | +6% | -3% | +8% | +5% | -3% | — | — | +19.9% |
| TMO | +1% | +15% | +5% | -1% | +17% | +4% | -2% | -0% | -10% | -8% | — | — | +19.1% |
| IQV | +12% | +18% | +3% | -0% | +14% | +6% | -2% | +2% | -22% | -7% | — | — | +19.0% |
| BDX | +0% | +3% | +8% | -2% | -5% | +9% | +1% | +5% | +10% | -11% | — | — | +17.9% |
| DGX | +4% | -6% | +9% | +5% | -7% | +8% | -8% | +8% | +13% | -6% | — | — | +16.8% |
| BIO | +6% | +0% | +23% | -6% | +14% | +2% | -7% | -3% | -5% | -5% | — | — | +16.8% |
| CRL | +12% | +12% | -4% | -4% | +15% | -1% | +12% | +6% | -15% | -11% | — | — | +16.5% |
| ··· 14 stocks in middle ··· | |||||||||||||
| A | +5% | -3% | +9% | +2% | +14% | +5% | -11% | -1% | -9% | -8% | — | — | +0.7% |
| DHR | +4% | -0% | +4% | -4% | +9% | +5% | +1% | -4% | -4% | -10% | — | — | +0.5% |
| GEHC | +5% | -4% | +3% | +2% | -0% | +7% | +3% | -4% | +7% | -16% | — | — | +0.5% |
| ALGN | +5% | -32% | +10% | -12% | +10% | +7% | +6% | +4% | +17% | -5% | — | — | -0.0% |
| RVTY | +7% | -9% | +3% | -3% | +7% | +12% | -7% | +13% | -10% | -11% | — | — | -3.4% |
| ZBH | -1% | +0% | +16% | -7% | +2% | -3% | -8% | -3% | +13% | -11% | — | — | -4.0% |
| RMD | +5% | +5% | +1% | -0% | -10% | +4% | -6% | +7% | -1% | -11% | — | — | -6.2% |
| UNH | +4% | -20% | +24% | +12% | -1% | -3% | +1% | -13% | +2% | -7% | — | — | -8.2% |
| SOLV | +4% | -6% | +2% | -0% | -5% | +23% | -7% | -3% | -4% | -10% | — | — | -8.7% |
| STE | -2% | -6% | +8% | +1% | -5% | +13% | -5% | +4% | -4% | -12% | — | — | -9.2% |
| SYK | +4% | -1% | -0% | -5% | -4% | +4% | -5% | +5% | +5% | -14% | — | — | -12.5% |
| TFX | -3% | +1% | +6% | -3% | +2% | -8% | +7% | -14% | +17% | -13% | — | — | -12.7% |
| ISRG | -2% | -11% | -2% | -6% | +19% | +7% | -1% | -11% | -0% | -5% | — | — | -13.5% |
| WAT | -0% | -17% | +5% | -1% | +17% | +15% | -6% | -2% | -14% | -6% | — | — | -13.6% |
| CI | +5% | -19% | +13% | -4% | -15% | +13% | -0% | -0% | +6% | -9% | — | — | -15.7% |
| ABT | +2% | -7% | +5% | +1% | -7% | +4% | -3% | -12% | +6% | -10% | — | — | -20.4% |
| ELV | +2% | -27% | +13% | +2% | -2% | +7% | +4% | -1% | -7% | -9% | — | — | -23.0% |
| DXCM | +2% | -7% | -7% | -11% | -13% | +9% | +5% | +10% | +1% | -10% | — | — | -23.1% |
| HUM | +5% | +2% | +22% | -14% | +7% | -12% | +5% | -24% | -2% | -11% | — | — | -26.2% |
| PODD | -3% | -8% | +18% | -9% | +1% | +5% | -13% | -10% | -4% | -8% | — | — | -30.1% |
| ZTS | -8% | -6% | +7% | -6% | -1% | -11% | -2% | -0% | +5% | -12% | — | — | -30.9% |
| BSX | +2% | -2% | +1% | -7% | +3% | +1% | -6% | -2% | -18% | -10% | — | — | -33.9% |
| CNC | -4% | -52% | +11% | +23% | -1% | +11% | +5% | +5% | +4% | -27% | — | — | -41.9% |
| BAX | -1% | -28% | +14% | -8% | -19% | +2% | +2% | +5% | +2% | -18% | — | — | -45.1% |
| MOH | -2% | -47% | +15% | +6% | -20% | -3% | +17% | +3% | -14% | -12% | — | — | -55.7% |
All Healthcare Stocks
The table below lists all 64 healthcare stocks sorted by market capitalization. The three largest — LLY, JNJ, ABBV — represent 32% of the sector's total $5.5T market cap. Over five years, 34 of these stocks have delivered positive returns.
| Stock | Market Cap | 1Y Return | 5Y Return | 10Y Return |
|---|---|---|---|---|
| LLY Eli Lilly and | $815B | +9.5% | +412.6% | +1409.5% |
| JNJ Johnson & Johnson | $567B | +47.9% | +68.6% | +187.6% |
| ABBV AbbVie Inc. | $362B | +0.8% | +136.2% | +457.1% |
| MRK Merck & Co., | $286B | +28.8% | +83.6% | +214.6% |
| UNH UnitedHealth Group Incorporated | $245B | -46.4% | -16.6% | +154.3% |
| AMGN Amgen Inc. | $189B | +14.1% | +67.5% | +228.8% |
| ABT Abbott Laboratories | $182B | -15.4% | -2.3% | +216.9% |
| TMO Thermo Fisher Scientific | $178B | -7.3% | +9.5% | +255.8% |
| GILD Gilead Sciences, Inc. | $170B | +31.7% | +156.9% | +118.6% |
| ISRG Intuitive Surgical, Inc. | $170B | -2.9% | +97.9% | +632.4% |
| PFE Pfizer Inc. | $152B | +9.3% | -4.0% | +48.0% |
| DHR Danaher Corporation | $134B | -9.5% | +2.3% | +404.1% |
| SYK Stryker Corporation | $127B | -9.6% | +48.3% | +254.8% |
| BMY Bristol-Myers Squibb Company | $121B | +3.3% | +19.4% | +25.5% |
| VRTX Vertex Pharmaceuticals Incorporated | $115B | -10.3% | +107.9% | +444.8% |
| MDT Medtronic plc | $112B | -0.5% | -14.6% | +46.2% |
| HCA HCA Healthcare, Inc. | $111B | +51.4% | +178.1% | +628.2% |
| MCK McKesson Corporation | $108B | +33.2% | +382.3% | +502.1% |
| BSX Boston Scientific Corporation | $103B | -30.9% | +78.9% | +288.3% |
| CVS CVS Health Corporation | $91B | +10.4% | +13.4% | -4.7% |
| REGN Regeneron Pharmaceuticals, Inc. | $78B | +12.5% | +49.5% | +101.9% |
| CI The Cigna Group | $70B | -15.7% | +18.3% | +100.6% |
| COR Cencora, Inc. | $68B | +37.7% | +249.8% | +434.0% |
| ELV Elevance Health, Inc. | $64B | -30.9% | -9.2% | +133.7% |
| BDX Becton, Dickinson and | $57B | -11.7% | -7.5% | +58.9% |
| ZTS Zoetis Inc. | $51B | -28.3% | -22.6% | +206.7% |
| CAH Cardinal Health, Inc. | $49B | +58.5% | +301.9% | +241.1% |
| EW Edwards Lifesciences Corporation | $48B | +16.4% | +2.0% | +185.2% |
| IDXX IDEXX Laboratories, Inc. | $46B | +37.4% | +14.6% | +650.9% |
| RMD ResMed Inc. | $33B | +4.7% | +24.3% | +335.0% |
| GEHC GE HealthCare Technologies | $32B | -9.3% | N/A | N/A |
| A Agilent Technologies, Inc. | $32B | -6.5% | -5.4% | +216.9% |
| WAT Waters Corporation | $30B | -17.4% | +12.6% | +133.7% |
| IQV IQVIA Holdings Inc. | $28B | -10.2% | -12.0% | +155.3% |
| BIIB Biogen Inc. | $27B | +30.3% | -30.5% | -26.6% |
| DXCM DexCom, Inc. | $26B | -10.7% | -25.0% | +325.7% |
| MTD Mettler-Toledo International Inc. | $25B | +3.3% | +13.5% | +272.4% |
| DGX Quest Diagnostics Incorporated | $22B | +20.5% | +83.8% | +250.3% |
| LH Labcorp Holdings Inc. | $22B | +13.2% | +34.7% | +188.2% |
| STE STERIS plc | $22B | +1.0% | +23.5% | +267.4% |
| HUM Humana Inc. | $21B | -35.2% | -55.8% | +0.3% |
| MRNA Moderna, Inc. | $20B | +57.0% | -65.3% | N/A |
| ILMN Illumina, Inc. | $19B | +41.2% | -69.7% | -15.2% |
| INCY Incyte Corporation | $18B | +46.1% | +12.8% | +37.8% |
| ZBH Zimmer Biomet Holdings, | $17B | -19.9% | -41.3% | -6.0% |
| WST West Pharmaceutical Services, | $17B | +5.6% | -10.8% | +277.2% |
| HOLX Hologic, Inc. | $17B | +23.1% | +5.5% | +120.3% |
| CNC Centene Corporation | $16B | -44.3% | -47.0% | +12.1% |
| PODD Insulet Corporation | $16B | -15.4% | -12.6% | +637.3% |
| VTRS Viatris Inc. | $16B | +57.5% | +19.8% | -63.9% |
| COO The Cooper Companies, | $14B | -14.0% | -25.2% | +92.8% |
| ALGN Align Technology, Inc. | $13B | +7.3% | -66.5% | +154.6% |
| UHS Universal Health Services, | $12B | +17.8% | +50.5% | +75.5% |
| SOLV Solventum Corporation | $12B | +1.1% | N/A | N/A |
| DVA DaVita Inc. | $10B | +2.7% | +41.3% | +118.0% |
| RVTY Revvity, Inc. | $10B | -18.5% | -30.2% | +88.3% |
| HSIC Henry Schein, Inc. | $9B | +7.3% | +9.9% | +13.3% |
| BAX Baxter International Inc. | $9B | -49.3% | -76.9% | -51.5% |
| TECH Bio-Techne Corporation | $8B | -13.7% | -44.4% | +140.4% |
| CRL Charles River Laboratories | $8B | -5.5% | -46.0% | +122.3% |
| NUVL Nuvalent, Inc. | $8B | +23.7% | N/A | N/A |
| BIO Bio-Rad Laboratories, Inc. | $7B | +3.2% | -53.2% | +96.7% |
| MOH Molina Healthcare, Inc. | $7B | -56.4% | -40.4% | +111.4% |
| TFX Teleflex Incorporated | $5B | -24.4% | -73.7% | -23.8% |
About Healthcare Stocks
The healthcare sector represents 64 companies in our US market coverage, with a combined market capitalization of $5.5T. These stocks span pharmaceuticals, biotechnology, medical devices, health insurance, and healthcare services.
The sector is anchored by mega-caps: LLY ($815B), JNJ ($567B), and ABBV ($362B) together account for 32% of the sector's total market value.
Industry Performance Breakdown
Other Key Healthcare Industries
Investing in Healthcare Stocks
Healthcare is traditionally a defensive sector with relatively stable demand regardless of economic conditions. However, individual stocks can be highly volatile based on drug trial results, FDA approvals, and patent expirations.
For diversified exposure, investors often consider the Health Care Select Sector SPDR Fund (XLV), which provides broad healthcare sector coverage in a single investment.
Frequently Asked Questions About Healthcare Stocks
What are the best healthcare stocks?
The top-performing healthcare stock over the past year is CAH with a return of +58.5%. The sector includes 64 companies with a combined market cap of $5.5T. Over five years, 34 of these stocks have delivered positive returns.
How has the healthcare sector performed?
Healthcare stocks have an average 1-year return of +3.1% and an average 5-year return of +31.5%. Over the past year, 35 stocks gained while 29 declined. The median healthcare stock returned +2.7%, reflecting the sector's mixed performance across sub-industries.
What is the difference between pharma, biotech, and health insurance stocks?
Pharmaceutical companies (LLY, MRK, PFE) develop and sell approved drugs with predictable revenue. Biotech firms (AMGN, GILD, VRTX) focus on cutting-edge therapies with higher risk/reward profiles. Health insurers (UNH, ELV, CI) earn revenue from premiums and managed care. Currently, Pharmaceuticals leads at +14.8% average 1-year return, while Health Insurers lags at -38.1%.
What are the best healthcare ETFs?
The most popular healthcare ETF is XLV (Health Care Select Sector SPDR), which provides broad exposure to S&P 500 healthcare companies. Other options include VHT (Vanguard Health Care), IBB (iShares Biotechnology) for biotech-focused exposure, and IHI (iShares Medical Devices) for medical technology.
Is the healthcare sector recession-proof?
Healthcare is traditionally considered a defensive sector because people need medical care regardless of economic conditions. However, individual stocks can be highly volatile based on drug trial results, FDA approvals, and patent expirations. Health insurers are sensitive to medical cost trends, while biotech stocks can swing dramatically on clinical data.