BetterThanSPY

Relative Intelligence · Medical Devices

How Medtronic (MDT) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MDT alone. It places MDT (Medtronic Plc) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where MDT stands in the market, and of the alternatives worth a closer look.

Period covered: MDT's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against MDT →Chart MDT vs. 23 alternatives →

This page answers the following questions about MDT

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

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

This chart tracks a hypothetical $10,000 investment in MDT over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MDT over the same span and MDT'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. 690 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of MDT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M199720022007201220172022$10,000$100,000$1M19972004201120182025
  • UNH$772,802+7,628% total · +16.2% a year
  • SYK$323,233+3,132% total · +12.7% a year
  • ICUI$226,694+2,167% total · +11.4% a year
  • MCK$208,304+1,983% total · +11.0% a year
  • JNJ$189,226+1,792% total · +10.7% a year
  • STE$142,090+1,321% total · +9.6% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • CAH$113,257+1,033% total · +8.7% a year
  • MDT$61,200+512% total · +6.4% a year
  • BSX$31,631+216% total · +4.1% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,901 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of MDT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • CAH$49,682+397% total · +37.8% a year
  • MCK$43,941+339% total · +34.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • JNJ$18,849+88.5% total · +13.5% a year
  • HCA$18,335+83.3% total · +12.9% a year
  • ITGR$14,142+41.4% total · +7.2% a year
  • BDX$10,410+4.1% total · +0.8% a year
  • UNH$10,283+2.8% total · +0.6% a year
  • LIVN$9,660−3.4% total · −0.7% a year
  • MDT$8,078−19.2% total · −4.2% a year
Change the dates or add tickers to this chart in EasyCompare

MDT 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
$124B
Industry
Medical - Devices
Price history from
October 1986

Returns

Past 1 year
+4.1%total return
Past 3 years
+47.2%+13.8% a year
Past 5 years
−7.9%−1.6% a year
Past 10 years
+51.0%+4.2% a year
Best calendar year
+66.4%2000
Worst calendar year
−36.3%2008
Losing years
10 of 29full calendar years

Risk

Volatility
22.6%typical yearly swing, 5 years
Sharpe ratio
0.04return per unit of risk, 5 years
Worst decline ever
−57.6%Jan 2006 to Mar 2009
From its all-time high
−15.7%below the peak

MDT against the whole market

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

How does MDT rank among all stocks?

This section ranks MDT 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 MDT 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.

MeasureMDTRankStanding
1-year return+4.1%1,852 of 3,282bottom 45%
3-year return+47.2%1,627 of 3,016bottom 47%
5-year return−7.9%1,854 of 2,897bottom 37%
10-year return+51.0%1,577 of 2,201bottom 29%
Volatility, 5 years22.6%174 of 2,897top 6%
Sharpe ratio, 5 years0.042,276 of 2,897bottom 22%
Worst decline, past 10 years−45.1%293 of 2,184top 13%

What has beaten MDT 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). MDT sits where the dashed lines cross. Anything in the green box above and to the left earned more than MDT 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 MDT; faint dots are 88 more of the 873 in the green region (the strongest, one per fund family). 3,641 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%−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 MDTPG: +5.8% a year, volatility 18.4%LIN: +11.7% a year, volatility 20.9%GLD: +17.1% a year, volatility 19.0%SGOV: +3.8% a year, volatility 0.3%DIVB: +14.6% a year, volatility 15.5%RSG: +14.1% a year, volatility 18.6%RY: +17.5% a year, volatility 18.2%WM: +9.5% a year, volatility 19.3%AEP: +12.8% a year, volatility 20.2%JAAA: +5.1% a year, volatility 1.7%ED: +12.7% a year, volatility 18.9%ATO: +15.9% a year, volatility 18.5%CHT: +8.2% a year, volatility 13.3%XEL: +7.2% a year, volatility 20.9%WCN: +7.4% a year, volatility 20.4%HYGH: +6.6% a year, volatility 7.1%WEC: +7.7% a year, volatility 19.1%NI: +15.5% a year, volatility 20.3%USMV: +7.7% a year, volatility 12.3%AEE: +8.2% a year, volatility 19.4%IHF: +2.9% a year, volatility 19.3%VTI: +11.4% a year, volatility 17.5%RSPH: +6.1% a year, volatility 16.8%FXH: +3.1% a year, volatility 16.8%VOO: +12.6% a year, volatility 16.9%BKLN: +5.3% a year, volatility 4.5%CMS: +6.1% a year, volatility 19.1%LNT: +7.6% a year, volatility 19.8%SRLN: +4.6% a year, volatility 3.9%BRK-A: +13.5% a year, volatility 17.2%TD: +16.5% a year, volatility 20.0%SPHY: +3.8% a year, volatility 7.2%FTSL: +5.0% a year, volatility 3.4%IDA: +9.4% a year, volatility 19.2%MO: +18.3% a year, volatility 21.4%EFAV: +7.7% a year, volatility 11.9%BNS: +13.2% a year, volatility 20.0%LVHI: +16.9% a year, volatility 11.1%SR: +10.5% a year, volatility 21.3%FTLS: +10.1% a year, volatility 10.5%PTLC: +9.3% a year, volatility 11.9%BALT: +6.2% a year, volatility 3.3%VXUS: +8.0% a year, volatility 16.4%AOR: +6.4% a year, volatility 10.7%VRIG: +4.7% a year, volatility 1.3%FPE: +2.0% a year, volatility 6.7%ACWV: +6.4% a year, volatility 10.3%CWB: +3.7% a year, volatility 13.8%VTV: +12.2% a year, volatility 13.7%NFRA: +5.4% a year, volatility 13.0%VEA: +9.1% a year, volatility 16.9%DBA: +10.8% a year, volatility 13.8%LQDH: +5.2% a year, volatility 4.4%PTNQ: +9.4% a year, volatility 14.2%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%KXI: +5.9% a year, volatility 13.0%FXU: +11.6% a year, volatility 16.7%VTIP: +2.7% a year, volatility 2.9%SO: +12.3% a year, volatility 18.9%FLOT: +4.5% a year, volatility 1.8%VT: +10.1% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%IEMG: +6.5% a year, volatility 19.5%VWO: +5.0% a year, volatility 17.5%MCD: +3.5% a year, volatility 18.0%RSP: +8.4% a year, volatility 16.1%YLD: +4.2% a year, volatility 6.4%DUK: +7.9% a year, volatility 18.1%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%BSV: +1.8% a year, volatility 2.8%VCSH: +2.4% a year, volatility 2.9%DYNF: +14.4% a year, volatility 17.5%MRSH: +4.8% a year, volatility 21.0%ITW: +7.0% a year, volatility 21.4%JEPI: +7.3% a year, volatility 11.0%MDLZ: +4.3% a year, volatility 20.3%SHY: +1.9% a year, volatility 2.0%DOCT: +8.2% a year, volatility 7.4%VNLA: +4.1% a year, volatility 1.1%DFIV: +14.8% a year, volatility 16.4%FLTR: +4.8% a year, volatility 2.1%VYMI: +13.2% a year, volatility 14.8%EXC: +7.9% a year, volatility 20.9%SPMO: +18.1% a year, volatility 20.9%MDT: −1.6% a year, volatility 22.6%SPY (S&P 500): +12.5% a year, volatility 17.2%JNJ: +13.5% a year, volatility 18.0%BDX: +3.0% a year, volatility 24.1%CAH: +41.7% a year, volatility 24.7%MCK: +37.8% a year, volatility 25.1%HCA: +14.0% a year, volatility 30.1%UNH: +0.7% a year, volatility 32.1%IHE: +12.9% a year, volatility 16.8%FTXH: +12.3% a year, volatility 16.9%PJP: +11.3% a year, volatility 16.6%NHC: +31.2% a year, volatility 28.6%IBB: +6.0% a year, volatility 22.4%TAK: +12.3% a year, volatility 19.4%KO: +15.2% a year, volatility 16.8%CME: +11.6% a year, volatility 20.8%CL: +7.8% a year, volatility 19.3%XLV: +8.4% a year, volatility 15.3%VLUE: +16.2% a year, volatility 18.4%FLRT: +6.0% a year, volatility 2.3%V: +13.2% a year, volatility 22.9%TBB: −1.7% a year, volatility 11.3%DXJ: +26.6% a year, volatility 19.1%MDTSPY (S&P 500)JNJBDXCAHMCKHCAUNHNHCIBBCLXLVVLUEFLRTVTBBDXJ−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 MDTPG: +5.8% a year, volatility 18.4%LIN: +11.7% a year, volatility 20.9%GLD: +17.1% a year, volatility 19.0%SGOV: +3.8% a year, volatility 0.3%DIVB: +14.6% a year, volatility 15.5%RSG: +14.1% a year, volatility 18.6%RY: +17.5% a year, volatility 18.2%WM: +9.5% a year, volatility 19.3%AEP: +12.8% a year, volatility 20.2%JAAA: +5.1% a year, volatility 1.7%ED: +12.7% a year, volatility 18.9%ATO: +15.9% a year, volatility 18.5%CHT: +8.2% a year, volatility 13.3%XEL: +7.2% a year, volatility 20.9%WCN: +7.4% a year, volatility 20.4%HYGH: +6.6% a year, volatility 7.1%WEC: +7.7% a year, volatility 19.1%NI: +15.5% a year, volatility 20.3%USMV: +7.7% a year, volatility 12.3%AEE: +8.2% a year, volatility 19.4%IHF: +2.9% a year, volatility 19.3%VTI: +11.4% a year, volatility 17.5%RSPH: +6.1% a year, volatility 16.8%FXH: +3.1% a year, volatility 16.8%VOO: +12.6% a year, volatility 16.9%BKLN: +5.3% a year, volatility 4.5%CMS: +6.1% a year, volatility 19.1%LNT: +7.6% a year, volatility 19.8%SRLN: +4.6% a year, volatility 3.9%BRK-A: +13.5% a year, volatility 17.2%TD: +16.5% a year, volatility 20.0%SPHY: +3.8% a year, volatility 7.2%FTSL: +5.0% a year, volatility 3.4%IDA: +9.4% a year, volatility 19.2%MO: +18.3% a year, volatility 21.4%EFAV: +7.7% a year, volatility 11.9%BNS: +13.2% a year, volatility 20.0%LVHI: +16.9% a year, volatility 11.1%SR: +10.5% a year, volatility 21.3%FTLS: +10.1% a year, volatility 10.5%PTLC: +9.3% a year, volatility 11.9%BALT: +6.2% a year, volatility 3.3%VXUS: +8.0% a year, volatility 16.4%AOR: +6.4% a year, volatility 10.7%VRIG: +4.7% a year, volatility 1.3%FPE: +2.0% a year, volatility 6.7%ACWV: +6.4% a year, volatility 10.3%CWB: +3.7% a year, volatility 13.8%VTV: +12.2% a year, volatility 13.7%NFRA: +5.4% a year, volatility 13.0%VEA: +9.1% a year, volatility 16.9%DBA: +10.8% a year, volatility 13.8%LQDH: +5.2% a year, volatility 4.4%PTNQ: +9.4% a year, volatility 14.2%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%KXI: +5.9% a year, volatility 13.0%FXU: +11.6% a year, volatility 16.7%VTIP: +2.7% a year, volatility 2.9%SO: +12.3% a year, volatility 18.9%FLOT: +4.5% a year, volatility 1.8%VT: +10.1% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%IEMG: +6.5% a year, volatility 19.5%VWO: +5.0% a year, volatility 17.5%MCD: +3.5% a year, volatility 18.0%RSP: +8.4% a year, volatility 16.1%YLD: +4.2% a year, volatility 6.4%DUK: +7.9% a year, volatility 18.1%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%BSV: +1.8% a year, volatility 2.8%VCSH: +2.4% a year, volatility 2.9%DYNF: +14.4% a year, volatility 17.5%MRSH: +4.8% a year, volatility 21.0%ITW: +7.0% a year, volatility 21.4%JEPI: +7.3% a year, volatility 11.0%MDLZ: +4.3% a year, volatility 20.3%SHY: +1.9% a year, volatility 2.0%DOCT: +8.2% a year, volatility 7.4%VNLA: +4.1% a year, volatility 1.1%DFIV: +14.8% a year, volatility 16.4%FLTR: +4.8% a year, volatility 2.1%VYMI: +13.2% a year, volatility 14.8%EXC: +7.9% a year, volatility 20.9%SPMO: +18.1% a year, volatility 20.9%MDT: −1.6% a year, volatility 22.6%SPY (S&P 500): +12.5% a year, volatility 17.2%JNJ: +13.5% a year, volatility 18.0%BDX: +3.0% a year, volatility 24.1%CAH: +41.7% a year, volatility 24.7%MCK: +37.8% a year, volatility 25.1%HCA: +14.0% a year, volatility 30.1%UNH: +0.7% a year, volatility 32.1%IHE: +12.9% a year, volatility 16.8%FTXH: +12.3% a year, volatility 16.9%PJP: +11.3% a year, volatility 16.6%NHC: +31.2% a year, volatility 28.6%IBB: +6.0% a year, volatility 22.4%TAK: +12.3% a year, volatility 19.4%KO: +15.2% a year, volatility 16.8%CME: +11.6% a year, volatility 20.8%CL: +7.8% a year, volatility 19.3%XLV: +8.4% a year, volatility 15.3%VLUE: +16.2% a year, volatility 18.4%FLRT: +6.0% a year, volatility 2.3%V: +13.2% a year, volatility 22.9%TBB: −1.7% a year, volatility 11.3%DXJ: +26.6% a year, volatility 19.1%MDTSPY (S&P 500)JNJBDXCAHMCKUNHNHCIBBCLXLVVLUEFLRTTBBDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than MDT?

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

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

Screen the whole market against MDT 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 MDT?lower diversifies moreExpenseper year
MDTMedtronic Plc · this page
−1.6%22.6%0.04−45.1%+51.0%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.360.09%
Popular alternativesbest 6 shownThe investments people most often weigh against MDT. 9 of 23 passed at least one test.
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.5%18.0%0.80−27.4%+209%0.53—
BDXBecton, Dickinson and Company · Medical Devices
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.0%24.1%0.25−39.9%+78.1%0.45—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher return in most periods+41.7%24.7%1.54−46.1%+345%0.41—
MCKMcKesson Corporation · Health Care Distribution
Higher Sharpe, smaller worst declineHigher return in most periods+37.8%25.1%1.41−38.1%+582%0.21—
HCAHCA Healthcare, Inc. · Health Care Facilities
Higher return in most periods+14.0%30.1%0.59−54.7%+517%0.58—
UNHUnitedHealth Group Incorporated · Managed Health Care
Higher return in most periods+0.7%32.1%0.19−61.4%+247%0.07—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Medical Devices and the categories next to it (Orthopedic Devices, Health Care Facilities, Biotechnology, Pharmaceuticals), plus MDT's specific themes. 27 of 346 passed at least one test.
IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.9%16.8%0.81−29.6%+157%0.530.37%
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.3%16.9%0.77−32.1%+155%0.530.60%
PJPInvesco Pharmaceuticals ETF · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.3%16.6%0.73−34.0%+139%0.520.58%
NHCNational HealthCare Corporation · Health Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+31.2%28.6%1.10−35.3%+385%0.19—
IBBiShares Biotechnology ETF · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.0%22.4%0.37−39.8%+142%0.480.44%
TAKTakeda Pharmaceutical Company Limited · Specialty Pharmaceuticals
Higher return, lower volatilityHigher return in most periods+12.3%19.4%0.70−54.4%+33.3%0.33—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,293 of 3,354 passed at least one test.
KOThe Coca-Cola Company · Nonalcoholic Beverages
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.2%16.8%0.93−37.0%+205%0.35—
CMECME Group Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.6%20.8%0.63−37.4%+334%0.17—
CLColgate-Palmolive Company · Household & Personal Products
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+7.8%19.3%0.48−29.0%+73.7%0.22—
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+8.4%15.3%0.60−28.4%+208%0.580.08%
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.2%18.4%0.91−39.5%+286%0.300.15%
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+6.0%2.3%2.55−20.9%+58.7%0.300.60%
VVisa Inc. · Payment Processing
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.2%22.9%0.66−36.4%+435%0.40—
TBBAT&T Inc. 5.35% GLB NTS 66 · Exchange-Traded Debt
Similar return, lower volatility−1.7%11.3%-0.10−19.8%—0.23—
What these numbers mean for MDT
Annual return
MDT lost 1.6% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $9,210. 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
MDT's volatility over the past 5 years was 22.6%, 1.3 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MDT's return lands within 22.6% 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
MDT's Sharpe ratio over the past 5 years was 0.04, against 0.78 for the S&P 500, so MDT 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
MDT's worst fall from a peak to a low over the past 10 years was 45.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 45.1% fall takes a 82.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, MDT's monthly returns had a correlation of 0.36 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 MDT instead: the lower it is, the more that option would diversify a MDT holding. Guide: Correlation and diversification →
Show all 873 stocks and funds worth at least $500 million that earned more than MDT with less volatility

Out of 3,641 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 MDTExpense
1
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.35—
2
CMECME Group Inc. · Capital Markets
Whole market+11.6%20.8%0.63−37.4%+334%0.17—
3
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.8%19.3%0.48−29.0%+73.7%0.22—
4
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+208%0.580.08%
5
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+16.2%18.4%0.91−39.5%+286%0.300.15%
6
JNJJohnson & Johnson · Pharmaceuticals
Popular alternative+13.5%18.0%0.80−27.4%+209%0.53—
7
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+58.7%0.300.60%
8
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.8%18.4%0.40−23.8%+156%0.18—
9
LINLinde plc · Chemicals
Whole market+11.7%20.9%0.64−32.6%+404%0.26—
10
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+206%0.230.40%
11
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
Whole market+3.8%0.3%13.25−0.3%—0.170.09%
12
DIVBiShares Core Dividend ETF · High Dividend Yield
Whole market+14.6%15.5%0.96−36.9%—0.480.05%
13
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+461%0.32—
14
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.40—
15
WMWaste Management, Inc. · Waste Management
Whole market+9.5%19.3%0.57−30.1%+357%0.30—
16
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.8%20.2%0.70−32.9%+192%0.29—
17
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%—0.210.20%
18
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.7%18.9%0.73−30.9%+123%0.26—
19
ATOAtmos Energy Corporation · Gas Utilities
Whole market+15.9%18.5%0.90−32.9%+207%0.27—
20
IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals
Same or nearby category+12.9%16.8%0.81−29.6%+157%0.530.37%
21
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+8.2%13.3%0.66−23.8%+104%0.19—
22
XELXcel Energy Inc. · Electric Utilities
Whole market+7.2%20.9%0.44−34.4%+164%0.27—
23
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Pharmaceuticals
Same or nearby category+12.3%16.9%0.77−32.1%+155%0.530.60%
24
WCNWaste Connections, Inc. · Waste Management
Whole market+7.4%20.4%0.45−31.6%+299%0.34—
25
HYGHiShares Interest Rate Hedged High Yield Bond ETF · High Yield Bonds
Whole market+6.6%7.1%0.95−23.9%+73.7%0.411.12%
26
WECWEC Energy Group, Inc. · Electric Utilities
Whole market+7.7%19.1%0.49−32.3%+168%0.32—
27
NINiSource Inc · Gas Utilities
Whole market+15.5%20.3%0.81−30.9%+166%0.30—
28
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.7%12.3%0.66−33.1%+179%0.490.15%
29
AEEAmeren Corporation · Electric Utilities
Whole market+8.2%19.4%0.50−29.1%+199%0.32—
30
PJPInvesco Pharmaceuticals ETF · Pharmaceuticals
Same or nearby category+11.3%16.6%0.73−34.0%+139%0.520.58%
31
IHFiShares U.S. Healthcare Providers ETF · Health Care Services
Whole market+2.9%19.3%0.25−35.2%+175%0.360.37%
32
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.4%17.5%0.71−35.0%+298%0.380.03%
33
RSPHInvesco S&P 500 Equal Weight Health Care ETF · Health Care Equity
Whole market+6.1%16.8%0.44−30.4%+181%0.620.40%
34
FXHFirst Trust Health Care AlphaDEX Fund · Health Care Equity
Whole market+3.1%16.8%0.27−30.6%+138%0.590.61%
35
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+319%0.360.03%
36
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.3%4.5%1.19−24.1%+50.5%0.390.67%
37
CMSCMS Energy Corporation · Electric Utilities
Whole market+6.1%19.1%0.41−29.6%+129%0.30—
38
LNTAlliant Energy Corporation · Electric Utilities
Whole market+7.6%19.8%0.47−33.5%+158%0.30—
39
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.6%3.9%1.17−22.3%+53.9%0.360.70%
40
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.51—
41
TDThe Toronto-Dominion Bank · Banks
Whole market+16.5%20.0%0.87−42.0%+319%0.28—
42
SPHYState Street SPDR Portfolio High Yield Bond ETF · High Yield Bonds
Whole market+3.8%7.2%0.56−22.0%+55.1%0.450.05%
43
FTSLFirst Trust Senior Loan Fund · Bank Loans
Whole market+5.0%3.4%1.49−22.7%+52.0%0.300.70%
44
IDAIDACORP, Inc. · Electric Utilities
Whole market+9.4%19.2%0.57−34.3%+149%0.25—
45
MOAltria Group, Inc. · Tobacco
Whole market+18.3%21.4%0.90−53.7%+133%0.40—
46
EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity
Whole market+7.7%11.9%0.69−27.6%+100%0.440.20%
47
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%0.240.48%
48
BNSThe Bank of Nova Scotia · Banks
Whole market+13.2%20.0%0.73−46.9%+191%0.38—
49
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.480.40%
50
SRSpire Inc. · Gas Utilities
Whole market+10.5%21.3%0.58−39.5%+105%0.31—
51
FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity
Whole market+10.1%10.5%0.97−20.6%+155%0.370.95%
52
PTLCPacer Trendpilot US Large Cap ETF · Tactical Equity
Whole market+9.3%11.9%0.81−26.6%+185%0.310.60%
53
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.3%1.84−4.9%—0.380.69%
54
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.0%16.4%0.56−36.0%+137%0.370.05%
55
AORiShares Core 60/40 Balanced Allocation ETF · Balanced Allocation
Whole market+6.4%10.7%0.64−23.0%+117%0.400.20%
56
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Whole market+4.7%1.3%3.52−13.1%+40.7%0.270.30%
57
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Whole market+2.0%6.7%0.33−33.3%+50.1%0.410.83%
58
ACWViShares MSCI Global Min Vol Factor ETF · Global Equity
Whole market+6.4%10.3%0.66−28.8%+119%0.520.20%
59
CWBState Street SPDR Bloomberg Convertible Securities ETF · Corporate Bonds
Whole market+3.7%13.8%0.33−32.1%+175%0.280.40%
60
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.2%13.7%0.91−36.8%+237%0.540.03%
61
NFRANorthern Trust STOXX Global Broad Infrastructure ETF · Infrastructure Equity
Whole market+5.4%13.0%0.47−32.5%+98.1%0.450.48%
62
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.1%16.9%0.60−35.8%+152%0.410.03%
63
DBAInvesco DB Agriculture Fund · Agricultural Commodities
Whole market+10.8%13.8%0.81−35.3%+58.9%0.250.90%
64
LQDHiShares Interest Rate Hedged Corporate Bond ETF · Investment Grade Bonds
Whole market+5.2%4.4%1.20−24.6%+55.7%0.370.44%
65
PTNQPacer Trendpilot 100 ETF · Tactical Asset Allocation
Whole market+9.4%14.2%0.70−28.1%+292%0.070.65%
66
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.46−39.4%+199%0.460.03%
67
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Whole market+10.4%14.1%0.77−31.7%+258%0.470.04%
68
VYMVanguard High Dividend Yield ETF · High Dividend Yield
Whole market+11.6%13.8%0.87−35.2%+209%0.520.04%
69
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+10.2%14.4%0.75−33.4%+256%0.480.06%
70
KXIiShares Global Consumer Staples ETF · Consumer Staples
Whole market+5.9%13.0%0.51−24.6%+91.7%0.430.38%
71
FXUFirst Trust Utilities AlphaDEX Fund · Utilities Equity
Whole market+11.6%16.7%0.75−34.8%+143%0.380.61%
72
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Whole market+2.7%2.9%0.95−6.3%+33.2%0.270.03%
73
SOThe Southern Company · Electric Utilities
Whole market+12.3%18.9%0.71−38.4%+178%0.24—
74
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.49−13.5%+35.9%0.230.15%
75
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.1%16.2%0.68−34.2%+220%0.390.06%
76
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.62−25.4%+38.1%0.26—
77
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.5%19.5%0.42−38.7%+115%0.180.09%
78
VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity
Whole market+5.0%17.5%0.36−36.4%+95.9%0.210.06%
79
MCDMcDonald's Corporation · Restaurants
Whole market+3.5%18.0%0.28−36.9%+181%0.42—
80
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.4%16.1%0.58−39.0%+214%0.510.20%
81
YLDPrincipal Active High Yield ETF · Active High Yield
Whole market+4.2%6.4%0.67−28.3%+62.2%0.460.39%
82
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.9%18.1%0.52−37.4%+140%0.38—
83
FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer
Whole market+11.0%10.5%1.04−13.6%—0.420.85%
84
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
Whole market+9.9%8.0%1.22−18.8%—0.360.79%
85
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.8%2.8%0.67−8.5%+21.0%0.300.03%
86
VCSHVanguard Short-Term Corporate Bond ETF · Short-Term Corporate Bonds
Whole market+2.4%2.9%0.84−12.9%+29.1%0.350.03%
87
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.4%17.5%0.86−34.7%—0.350.26%
88
MRSHMarsh & McLennan Companies, Inc. · Insurance Brokers
Whole market+4.8%21.0%0.33−35.8%+261%0.43—
89
ITWIllinois Tool Works Inc. · Industrial Machinery
Whole market+7.0%21.4%0.42−37.9%+213%0.48—
90
JEPIJPMorgan Equity Premium Income ETF · Covered Call Income
Whole market+7.3%11.0%0.70−13.7%—0.530.35%
91
MDLZMondelez International, Inc. · Packaged Foods
Whole market+4.3%20.3%0.31−29.8%+94.6%0.31—
92
TAKTakeda Pharmaceutical Company Limited · Specialty Pharmaceuticals
Same or nearby category+12.3%19.4%0.70−54.4%+33.3%0.33—
93
SHYiShares 1-3 Year Treasury Bond ETF · Short-Term Treasuries
Whole market+1.9%2.0%0.93−5.7%+18.0%0.270.15%
94
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer
Whole market+8.2%7.4%1.10−9.9%—0.360.85%
95
VNLAJanus Henderson Short Duration Income ETF · Ultrashort Bonds
Whole market+4.1%1.1%3.80−4.5%—0.360.25%
96
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%—0.500.27%
97
FLTRVanEck IG Floating Rate ETF · Floating Rate Bonds
Whole market+4.8%2.1%2.21−17.8%+42.1%0.230.14%
98
VYMIVanguard International High Dividend Yield ETF · International Dividend Equity
Whole market+13.2%14.8%0.92−40.0%+174%0.470.07%
99
EXCExelon Corporation · Electric Utilities
Whole market+7.9%20.9%0.47−40.0%+171%0.25—
100
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.1%20.9%0.91−30.9%+485%0.230.13%

MDT against its popular alternatives

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

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

Green points earned more than MDT 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%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMDT: −1.6% a year, volatility 22.6%SPY (S&P 500): 12.5% a year, volatility 17.2%JNJ: 13.5% a year, volatility 18.0%DXCM: −11.2% a year, volatility 47.4%ICUI: −5.7% a year, volatility 40.0%EW: −5.0% a year, volatility 32.7%PODD: −13.4% a year, volatility 44.2%ABT: −2.2% a year, volatility 23.1%BAX: −19.2% a year, volatility 35.0%TFX: −17.7% a year, volatility 34.6%INSP: −22.7% a year, volatility 61.0%ZBH: −6.7% a year, volatility 27.2%MCK: 37.8% a year, volatility 25.1%ITGR: 6.7% a year, volatility 35.3%CAH: 41.7% a year, volatility 24.7%BDX: 3.0% a year, volatility 24.1%UNH: 0.7% a year, volatility 32.1%LIVN: 0.1% a year, volatility 39.7%HCA: 14.0% a year, volatility 30.1%ISRG: 5.4% a year, volatility 34.6%GMED: 0.4% a year, volatility 38.6%STE: 0.7% a year, volatility 26.3%SYK: 3.3% a year, volatility 25.8%SNN: −0.2% a year, volatility 27.6%BSX: 0.5% a year, volatility 26.6%MDTSPY (S&P 500)JNJDXCMICUIEWPODDABTBAXTFXINSPZBHMCKITGRCAHBDXUNHLIVNHCAISRGGMEDSTE10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityMDT: −1.6% a year, volatility 22.6%SPY (S&P 500): 12.5% a year, volatility 17.2%JNJ: 13.5% a year, volatility 18.0%DXCM: −11.2% a year, volatility 47.4%ICUI: −5.7% a year, volatility 40.0%EW: −5.0% a year, volatility 32.7%PODD: −13.4% a year, volatility 44.2%ABT: −2.2% a year, volatility 23.1%BAX: −19.2% a year, volatility 35.0%TFX: −17.7% a year, volatility 34.6%INSP: −22.7% a year, volatility 61.0%ZBH: −6.7% a year, volatility 27.2%MCK: 37.8% a year, volatility 25.1%ITGR: 6.7% a year, volatility 35.3%CAH: 41.7% a year, volatility 24.7%BDX: 3.0% a year, volatility 24.1%UNH: 0.7% a year, volatility 32.1%LIVN: 0.1% a year, volatility 39.7%HCA: 14.0% a year, volatility 30.1%ISRG: 5.4% a year, volatility 34.6%GMED: 0.4% a year, volatility 38.6%STE: 0.7% a year, volatility 26.3%SYK: 3.3% a year, volatility 25.8%SNN: −0.2% a year, volatility 27.6%BSX: 0.5% a year, volatility 26.6%MDTSPY (S&P 500)JNJDXCMICUIEWPODDABTBAXTFXINSPZBHMCKITGRCAHBDXUNHLIVNSYK
All figures
InvestmentAnnual returnVolatility
CAH Cardinal Health, Inc.+41.7%24.7%
MCK McKesson Corporation+37.8%25.1%
HCA HCA Healthcare, Inc.+14.0%30.1%
JNJ Johnson & Johnson+13.5%18.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
ITGR Integer Holdings Corporation+6.7%35.3%
ISRG Intuitive Surgical, Inc.+5.4%34.6%
SYK Stryker Corporation+3.3%25.8%
BDX Becton, Dickinson and Company+3.0%24.1%
STE STERIS plc+0.7%26.3%
UNH UnitedHealth Group Incorporated+0.7%32.1%
BSX Boston Scientific Corporation+0.5%26.6%
GMED Globus Medical, Inc.+0.4%38.6%
LIVN LivaNova PLC+0.1%39.7%
SNN Smith & Nephew plc−0.2%27.6%
MDT This pageMedtronic Plc−1.6%22.6%
ABT Abbott Laboratories−2.2%23.1%
EW Edwards Lifesciences Corporation−5.0%32.7%
ICUI ICU Medical, Inc.−5.7%40.0%
ZBH Zimmer Biomet Holdings, Inc.−6.7%27.2%
DXCM DexCom, Inc.−11.2%47.4%
PODD Insulet Corp.−13.4%44.2%
TFX Teleflex Incorporated−17.7%34.6%
BAX Baxter International Inc.−19.2%35.0%
INSP Inspire Medical Systems, Inc.−22.7%61.0%
Open these 25 in EasyCompare

Has MDT consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than MDT 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
MDT Medtronic Plc (this page)—+7.3%+18.9%+18.1%+3.1%+4.1%+47.2%−7.9%+51.0%22.6%0.04−45.1%—$124B—
MCK QualifiedMcKesson Corporation5/5 short3/3 longAll-weather+13.6%+24.5%+22.3%+23.3%+27.7%+128%+397%+582%25.1%1.41−38.1%—$118B—
ITGR QualifiedInteger Holdings Corporation4/5 short3/3 longAll-weather+0.2%+31.1%+48.6%+64.8%+16.0%+77.4%+38.2%+559%35.3%0.37−56.1%—$4.3B—
CAH QualifiedCardinal Health, Inc.4/5 short3/3 longAll-weather+15.4%+16.2%+28.0%+25.1%+61.8%+190%+471%+345%24.7%1.54−46.1%—$59B—
JNJ QualifiedJohnson & Johnson3/5 short3/3 long−0.6%+5.2%+19.6%+31.1%+41.8%+92.5%+88.0%+209%18.0%0.80−27.4%—$645B—
BDX QualifiedBecton, Dickinson and Company5/5 short2/3 long+9.5%+31.6%+30.4%+33.3%+38.9%+6.2%+16.0%+78.1%24.1%0.25−39.9%—$55B—
UNH QualifiedUnitedHealth Group Incorporated4/5 short2/3 long+14.0%−0.9%+21.6%+28.8%+20.7%−13.2%+3.6%+247%32.1%0.19−61.4%—$381B—
LIVN QualifiedLivaNova PLC3/5 short2/3 long+3.5%+3.8%+24.7%+34.0%+48.2%+68.8%+0.3%+41.2%39.7%0.20−74.2%—$4.5B—
HCA Medical - Care FacilitiesHCA Healthcare, Inc.2/5 short3/3 long+6.7%+25.9%−0.5%−0.1%+6.6%+98.5%+92.5%+517%30.1%0.59−54.7%—$101B—
ISRG Medical - Instruments & SuppliesIntuitive Surgical, Inc.2/5 short3/3 long+10.4%+30.3%−8.2%−21.0%−15.8%+62.8%+30.0%+483%34.6%0.33−49.9%—$157B—
GMED Medical - DevicesGlobus Medical, Inc.2/5 short3/3 long+8.6%+8.2%−14.0%−6.5%+31.0%+62.0%+2.2%+251%38.6%0.20−47.9%—$11B—
STE Medical - SpecialtiesSTERIS plc1/5 short2/3 long+11.2%+10.6%+4.5%−6.3%−3.1%+11.5%+3.6%+279%26.3%0.16−36.2%—$23B—
SYK Medical - DevicesStryker Corporation1/5 short2/3 long+12.0%−0.4%−6.2%−11.0%−20.1%+20.0%+17.4%+199%25.8%0.25−43.8%—$118B—
SNN Medical - DevicesSmith & Nephew plc1/5 short2/3 long+13.6%+4.4%−4.6%−3.5%−14.7%+49.9%−0.9%+29.3%27.6%0.13−55.1%—$13B—
BSX Medical - DevicesBoston Scientific Corporation0/5 short2/3 long+2.4%+7.1%−29.1%−51.4%−55.7%−8.2%+2.6%+100%26.6%0.15−61.6%—$67B—
DXCM Medical - DevicesDexCom, Inc.3/5 short1/3 long−12.5%+9.6%+23.5%+17.7%+10.8%−9.0%−44.7%+280%47.4%0.00−66.3%—$30B—
ICUI Medical - Instruments & SuppliesICU Medical, Inc.3/5 short1/3 long+4.6%+6.9%+32.2%+21.5%+37.6%+59.1%−25.5%+17.3%40.0%0.05−73.8%—$4.2B—
EW Medical - DevicesEdwards Lifesciences Corporation2/5 short1/3 long+1.5%+6.8%+10.5%+5.6%+17.2%+30.5%−22.7%+131%32.7%0.01−54.3%—$52B—
PODD Medical - DevicesInsulet Corp.0/5 short1/3 long+6.3%−6.8%−23.5%−47.6%−55.0%+0.8%−51.3%+264%44.2%-0.11−63.0%—$10B—
ABT Medical - DevicesAbbott Laboratories0/5 short1/3 long−0.5%+2.6%+13.3%−15.4%−17.9%+14.0%−10.6%+206%23.1%0.02−39.6%—$177B—
BAX Medical - Instruments & SuppliesBaxter International Inc.4/5 short0/3 long+8.3%+18.0%+40.2%+31.7%+12.1%−17.4%−65.6%−38.2%35.0%-0.43−81.2%—$13B—
TFX Medical - Instruments & SuppliesTeleflex Incorporated2/5 short0/3 long+9.4%+1.6%−1.1%+12.5%+4.0%−25.2%−62.3%−13.4%34.6%-0.39−76.7%—$5.8B—
INSP Medical - DevicesInspire Medical Systems, Inc.2/5 short0/3 long+1.9%+44.2%+34.1%−21.3%−10.9%−51.5%−72.5%—61.0%-0.11−87.7%—$2.1B—
ZBH Medical - DevicesZimmer Biomet Holdings, Inc.1/5 short0/3 long+5.4%+11.7%+6.8%+10.6%−4.0%−3.3%−29.2%−13.5%27.2%-0.12−52.1%—$19B—
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How did MDT do year by year?

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

InvestmentYears ahead of MDT20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
MDT This pageMedtronic Plc—+24.0%+0.3%+9.6%−22.6%−9.8%+5.7%+27.3%+15.2%+15.3%−5.4%+8.6%+28.1%+42.8%+10.6%+5.8%−13.8%+42.6%−36.3%−5.2%−6.3%+16.8%+2.7%+7.3%−10.3%−14.8%+66.4%−1.5%+42.1%+55.3%
Rank among alternativesTop quarter in 2 of 298 of 2412 of 249 of 2417 of 2421 of 2417 of 2413 of 249 of 2319 of 2314 of 2311 of 2211 of 2210 of 2215 of 2110 of 2018 of 208 of 2011 of 2013 of 1915 of 197 of 1813 of 1814 of 1813 of 1816 of 164 of 135 of 126 of 123 of 12
SPY S&P 500State Street SPDR S&P 500 ETF16 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%
MCK McKesson Corporation19 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%
ITGR Integer Holdings Corporation12 of 25−40.8%+33.8%+44.7%−20.0%+5.4%+0.9%+5.5%+68.3%+53.8%−43.9%+6.5%+11.4%+90.4%+5.2%−8.5%+25.6%−27.3%+32.4%−25.7%+3.5%+16.0%−47.0%+44.8%−19.1%+27.8%————
CAH Cardinal Health, Inc.15 of 29+76.3%+19.0%+34.1%+54.1%−0.4%+10.1%+18.0%−24.5%−12.7%−17.5%+12.6%+23.0%+66.0%+3.8%+8.1%+21.4%−4.4%−39.6%−9.8%−5.8%+18.7%−4.7%+3.5%−8.3%−2.5%+108%−36.8%+51.7%+29.1%
JNJ Johnson & Johnson15 of 29+47.5%−4.8%−8.6%+6.0%+11.4%+10.8%+16.2%−5.1%+24.4%+15.3%+1.2%+17.3%+34.6%+10.8%+9.9%−0.6%+11.3%−7.7%+3.6%+12.4%−3.4%+25.2%−2.0%−7.9%+14.0%+14.2%+12.5%+29.0%+34.3%
BDX Becton, Dickinson and Company13 of 24−12.5%−5.3%−2.7%+5.1%+1.9%−6.8%+22.2%+6.6%+31.2%+9.2%+12.6%+28.3%+44.3%+7.3%−9.7%+9.4%+17.6%−16.9%+20.7%+18.3%+7.2%+39.8%+35.6%−6.4%—————
UNH UnitedHealth Group Incorporated17 of 29−33.1%−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%
LIVN LivaNova PLC3 of 10+32.9%−10.5%−6.8%−36.5%+32.0%−12.2%−17.5%+14.4%+77.7%−24.3%———————————————————
HCA HCA Healthcare, Inc.12 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%———————————————
ISRG Intuitive Surgical, Inc.15 of 25+8.5%+54.7%+27.1%−26.2%+31.8%+38.4%+23.4%+31.2%+72.7%+16.1%+3.3%+37.7%−21.7%+5.9%+79.6%−15.0%+139%−60.7%+237%−18.2%+193%+134%+38.7%−38.6%+18.0%————
GMED Globus Medical, Inc.8 of 13+5.6%+55.2%−28.2%+2.9%+10.7%+10.8%+36.0%+5.3%+65.7%−10.8%+17.0%+17.8%+92.4%————————————————
STE STERIS plc16 of 29+24.6%−5.6%+20.2%−23.4%+29.5%+25.5%+44.1%+23.6%+31.7%−9.1%+17.9%+37.2%+40.9%+19.2%−16.5%+32.5%+26.3%−16.4%+15.4%+1.4%+6.0%+4.9%−6.8%+32.8%+13.2%+57.4%−63.9%+17.8%+10.9%
SYK Stryker Corporation18 of 29−1.5%+21.3%+23.8%−7.4%+10.2%+18.2%+35.3%+2.4%+30.8%+30.7%0.0%+27.4%+39.3%+12.1%−6.1%+7.9%+26.7%−46.0%+36.2%+24.5%−7.7%+13.7%+26.8%+15.2%+15.6%+45.6%+26.6%+47.9%+25.0%
SNN Smith & Nephew plc14 of 26+36.8%−7.3%+4.4%−20.2%−16.2%−10.4%+30.8%+8.9%+18.5%−13.9%−1.4%+31.8%+32.5%+17.5%−6.9%+4.1%+61.7%−43.2%+10.7%+14.1%−9.4%+24.6%+38.3%+2.4%+33.7%+40.4%———
BSX Boston Scientific Corporation12 of 29+6.8%+54.5%+24.9%+8.9%+18.2%−20.5%+28.0%+42.6%+14.6%+17.3%+39.2%+10.2%+110%+7.3%−29.5%−15.9%+16.3%−33.5%−32.3%−29.8%−31.1%−3.3%+72.9%+76.3%+76.3%−37.5%−18.4%+16.9%−23.5%
DXCM DexCom, Inc.11 of 20−14.7%−37.3%+9.6%−15.6%+45.2%+69.0%+82.6%+109%−3.9%−27.1%+48.8%+55.5%+160%+45.9%−31.7%+68.8%+193%−68.8%−10.5%−33.8%—————————
ICUI ICU Medical, Inc.17 of 29−8.1%+55.6%−36.7%−33.7%+10.7%+14.6%−18.5%+6.3%+46.6%+30.6%+37.7%+28.5%+4.6%+35.4%+23.3%+0.2%+10.0%−8.0%−11.5%+3.8%+43.4%−20.3%−8.1%+25.7%+47.8%+97.5%−30.7%+77.8%+57.1%
EW Edwards Lifesciences Corporation18 of 25+15.2%−2.9%+2.2%−42.4%+42.0%+17.3%+52.3%+35.9%+20.3%+18.6%+24.0%+93.7%−27.1%+27.6%−12.6%+86.1%+58.1%+19.6%−2.3%+13.0%+0.9%+37.0%+18.4%−7.8%+55.4%————
PODD Insulet Corp.12 of 18+8.9%+20.3%−26.3%+10.6%+4.1%+49.3%+116%+15.0%+83.1%−0.3%−17.9%+24.1%+74.8%+12.7%+21.5%+8.5%+85.0%−67.1%———————————
ABT Abbott Laboratories16 of 29+12.9%+4.8%+2.3%−20.7%+30.5%+28.1%+22.1%+29.1%+52.0%−12.3%+1.9%+20.1%+24.3%+20.3%+21.8%−8.3%+4.6%−2.5%+18.1%+26.9%−13.5%+9.2%+19.3%−26.8%+17.0%+35.8%−24.7%+51.9%+31.4%
BAX Baxter International Inc.13 of 29−33.3%−22.4%−21.9%−39.6%+8.5%−3.0%+28.4%+2.9%+47.3%+17.6%−2.1%+8.4%+7.3%+38.5%+0.1%−11.6%+11.7%−6.3%+26.8%+24.8%+10.7%+15.2%+11.2%−46.8%+22.8%+56.1%−0.5%+30.3%+26.0%
TFX Teleflex Incorporated16 of 29−30.7%−28.2%+0.5%−23.6%−19.9%+9.8%+46.3%+4.5%+55.4%+23.7%+15.7%+23.9%+33.8%+18.9%+16.6%+2.3%+10.7%−18.6%−0.7%+1.1%+27.1%+9.5%+14.8%−8.1%+8.6%+43.6%−30.6%+22.2%+46.8%
INSP Inspire Medical Systems, Inc.4 of 7−50.2%−8.9%−19.2%+9.5%+22.3%+153%+75.6%——————————————————————
ZBH Zimmer Biomet Holdings, Inc.11 of 24−14.0%−12.5%−3.8%+4.3%−17.0%+3.8%+45.4%−13.3%+17.9%+1.5%−8.8%+22.8%+41.2%+26.2%−0.5%−9.2%+46.3%−38.9%−15.6%+16.2%−15.8%+13.8%+69.6%+35.9%—————
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Risk and diversification

How MDT 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 MDT's worst declines?

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

DuringMDT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−57.6%−43.6%Jan 2006Mar 20093.2 yearsMay 20134.2 years
No named crash−48.3%—Nov 1992Apr 19935 monthsSep 199417 months
2022 bear market−45.1%−5.8%Sep 2021Oct 20232.1 yearsNot yet—
Dot-com bust−44.2%−38.9%Dec 2000Jul 200219 monthsJan 20063.5 years
Covid crash−39.9%−32.9%Feb 2020Mar 20201 monthJan 202110 months

How did MDT do in stock market crashes?

This section measures how far MDT, 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 MDT.

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
MDT This pageMedtronic Plc—−2.1%−27.9%−36.0%−13.8%−7.2%−17.6%−18.0%−1.5%−56.5%−44.2%
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%
MCK McKesson Corporation6 of 10−0.9%−10.5%−32.1%−20.7%−6.5%−30.8%−14.2%−3.5%−57.7%−39.4%
ITGR Integer Holdings Corporation2 of 9−5.1%−41.5%−52.3%−21.0%−12.3%−46.0%−29.4%0.0%−41.1%—
CAH Cardinal Health, Inc.5 of 10−3.5%−21.0%−32.1%−25.5%−4.6%−15.9%−17.5%−1.8%−57.9%−36.1%
JNJ Johnson & Johnson8 of 10−1.1%−12.7%−25.4%−16.9%−8.2%−9.0%−9.8%−0.1%−34.4%−35.9%
BDX Becton, Dickinson and Company4 of 9−2.0%−19.7%−21.8%−20.4%−10.8%−15.1%−18.3%−1.6%−34.1%—
UNH UnitedHealth Group Incorporated5 of 10−1.8%−16.9%−35.9%−18.6%−6.7%−12.4%−20.7%−0.8%−72.4%−19.8%
LIVN LivaNova PLC1 of 5−6.3%−49.0%−55.3%−32.9%−5.0%—————
HCA HCA Healthcare, Inc.1 of 7−2.2%−39.5%−54.4%−20.6%−3.8%−31.3%−49.0%———
ISRG Intuitive Surgical, Inc.1 of 9−2.7%−47.6%−40.5%−24.3%−8.4%−14.7%−20.6%−3.8%−75.9%—
GMED Globus Medical, Inc.1 of 6−5.9%−34.8%−38.0%−28.0%−5.1%−23.6%————
STE STERIS plc2 of 10−2.8%−36.2%−35.8%−17.3%−7.1%−19.6%−23.9%−2.8%−49.6%−35.9%
SYK Stryker Corporation3 of 10−1.4%−31.4%−43.8%−18.8%−8.8%−15.6%−23.0%−3.8%−58.6%−26.9%
SNN Smith & Nephew plc5 of 10−0.4%−38.8%−46.2%−12.7%−4.8%−18.6%−21.8%−3.9%−55.2%−26.7%
BSX Boston Scientific Corporation3 of 10−1.2%−25.2%−40.0%−18.7%−8.0%−15.2%−24.0%−3.2%−63.5%−56.7%
DXCM DexCom, Inc.1 of 9−4.4%−48.8%−36.8%−27.8%−5.1%−47.6%−33.2%−6.1%−87.0%—
ICUI ICU Medical, Inc.5 of 10−1.9%−43.5%−26.0%−24.6%−6.1%−29.8%−16.3%−4.0%−43.9%−38.6%
EW Edwards Lifesciences Corporation4 of 9−3.8%−36.0%−33.2%−20.0%−6.1%−9.7%−19.4%−2.4%−31.9%—
PODD Insulet Corp.2 of 9−2.0%−33.2%−39.9%−31.1%−4.1%−37.2%−36.5%0.0%−89.6%—
ABT Abbott Laboratories5 of 10−2.5%−27.9%−29.7%−11.7%−8.8%−27.4%−11.5%−0.5%−22.3%−45.7%
BAX Baxter International Inc.2 of 10−3.6%−39.1%−23.0%−20.9%−8.7%−23.0%−18.6%−1.9%−31.6%−55.7%
TFX Teleflex Incorporated4 of 10−2.6%−47.2%−42.9%−16.7%−8.5%−10.8%−21.6%−0.5%−42.8%−29.5%
INSP Inspire Medical Systems, Inc.0 of 4−9.6%−44.7%−53.7%−29.5%——————
ZBH Zimmer Biomet Holdings, Inc.3 of 90.0%−23.9%−49.6%−26.0%−8.2%−14.8%−20.3%−2.1%−62.0%—
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How closely does MDT 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 MDT 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 MDT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MDT This pageMedtronic Plc62%105%0.590.68
MCK McKesson Corporation72%27%2.710.56
CAH Cardinal Health, Inc.71%51%1.400.75
JNJ Johnson & Johnson64%53%1.200.46
ITGR Integer Holdings Corporation118%111%1.061.00
DXCM DexCom, Inc.97%97%1.001.13
PODD Insulet Corp.81%82%1.000.92
UNH UnitedHealth Group Incorporated81%82%0.980.70
HCA HCA Healthcare, Inc.135%140%0.971.37
ABT Abbott Laboratories76%79%0.960.64
STE STERIS plc89%97%0.920.76
ISRG Intuitive Surgical, Inc.136%154%0.881.28
SYK Stryker Corporation82%96%0.860.88
GMED Globus Medical, Inc.118%148%0.801.03
EW Edwards Lifesciences Corporation88%120%0.730.97
BSX Boston Scientific Corporation76%109%0.700.72
BDX Becton, Dickinson and Company53%77%0.690.48
LIVN LivaNova PLC74%129%0.570.89
ICUI ICU Medical, Inc.78%136%0.570.69
SNN Smith & Nephew plc50%98%0.520.63
TFX Teleflex Incorporated79%170%0.471.01
ZBH Zimmer Biomet Holdings, Inc.62%139%0.440.88
BAX Baxter International Inc.45%125%0.360.64
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What diversifies MDT?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220212016201020082007200620022001199980/20 mix volatility80/20 mix annual return
MDT Medtronic Plc (this page)1.00−7.9%0.04−22.6%−9.8%−5.4%−13.8%−36.3%−5.2%−6.3%−10.3%−14.8%−1.5%23.7%−4.2%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.48+119%1.48+3.8%+17.8%————————19.9%+0.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.24+225%1.34+6.0%+18.0%+1.1%−1.8%−20.8%−7.4%————19.7%+1.9%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.47+103%1.06+10.4%+23.1%+29.8%———————20.4%−0.2%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.43+83.6%0.95−5.1%+19.6%+6.3%———————20.0%−0.5%
SMH TechnologyVanEck Semiconductor ETF0.01+304%0.94−33.5%+42.1%+35.6%+19.0%−44.7%+6.0%−6.7%−47.0%−14.6%—20.2%+4.5%
FDVV Dividend & IncomeFidelity High Dividend ETF0.47+87.9%0.94−4.2%+29.3%————————20.5%−0.4%
XLE EnergyState Street Energy Select Sector SPDR ETF0.37+178%0.94+64.4%+53.3%+28.0%+21.9%−39.0%+36.8%+18.0%−14.8%−18.2%+18.1%21.4%+1.4%
GLD CommoditiesSPDR Gold Shares0.23+120%0.93−0.8%−4.2%+8.0%+29.3%+4.9%+30.4%+22.6%———20.0%+0.5%

Stocks

InvestmentCorrelation5Y returnSharpe202220212016201020082007200620022001199980/20 mix volatility80/20 mix annual return
MDT Medtronic Plc (this page)1.00−7.9%0.04−22.6%−9.8%−5.4%−13.8%−36.3%−5.2%−6.3%−10.3%−14.8%−1.5%23.7%−4.2%
CAH Medical - DistributionCardinal Health, Inc.0.41+471%1.54+54.1%−0.4%−17.5%+21.4%−39.6%−9.8%−5.8%−8.3%−2.5%−36.8%21.6%+3.7%
CLS Hardware, Equipment & PartsCelestica Inc.0.09+2,780%1.43+1.3%+37.9%+7.4%+2.8%−20.5%−25.7%−26.0%−65.1%−25.6%+350%23.1%+15.5%
MCK Medical - DistributionMcKesson Corporation0.21+397%1.41+51.8%+44.2%−28.3%+13.8%−40.4%+29.7%−1.2%−27.2%+4.9%−71.3%20.6%+3.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.05+1,452%1.41+17.0%+89.0%+18.3%+8.7%−15.2%+2.1%+38.9%−9.4%+73.7%−58.7%21.3%+11.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.25+660%1.39+86.6%+61.0%+0.7%———————21.5%+5.7%
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Common questions

What was MDT's worst drawdown?

MDT's deepest decline since it began trading in 1986 was 57.6%, from January 2006 to March 2009. It took about four years from the low to climb back to its old high.

What were MDT's best and worst years?

Over 29 full calendar years, MDT's best year was 2000, when it returned 66.4%. Its worst was 2008, with a return of -36.3%.

Is there a better investment than MDT?

Among MDT's popular alternatives, JNJ earned more than MDT with less volatility over the past 5 years: 13.5% a year at 18.0% volatility, against a loss of 1.6% a year at 22.6%. Looking beyond its popular alternatives, IHE (pharmaceuticals) and FTXH (pharmaceuticals) earned more than MDT with less volatility over the past 5 years. IHE returned 12.9% a year at 16.8% volatility, against a loss of 1.6% a year at 22.6%.

Is MDT more volatile than the S&P 500?

Yes. MDT's volatility over the past 5 years was 22.6%, 1.3 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MDT's return lands within 22.6% 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 MDT's Sharpe ratio?

MDT's Sharpe ratio over the past 5 years was 0.04, against 0.78 for the S&P 500, so MDT 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 MDT with the S&P 500?

Over the past 5 years, MDT's monthly returns had a correlation of 0.36 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 MDT instead: the lower it is, the more that option would diversify a MDT holding.

What are the best alternatives to MDT?

Of the 23 popular alternatives we compared, seven outperformed MDT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MCK, ITGR and CAH.

Did MDT outperform the S&P 500?

MDT finished ahead of the S&P 500 (SPY) in 12 of 29 full calendar years. In 2025, it returned +24.0%, against +17.7% for the index.

How did MDT do in stock market crashes?

MDT fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in five. The clearest case was the 2015 China and oil sell-off, when MDT fell 17.6% and the S&P 500 fell 12.8%.

What diversifies MDT?

These had a low correlation with MDT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.48), DXJ (correlation 0.24) and EMLP (correlation 0.47); among large stocks, CAH (correlation 0.41), CLS (correlation 0.09) and MCK (correlation 0.21). A correlation near zero means the two have moved largely independently.

How we measure

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