BetterThanSPY

Relative Intelligence · Oncology

How BeOne Medicines (ONC) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ONC alone. It places ONC (BeOne Medicines AG) 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 ONC stands in the market, and of the alternatives worth a closer look.

Period covered: ONC's full trading record, from February 2016 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. 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 ONC →Chart ONC vs. 22 alternatives →

This page answers the following questions about ONC

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 ONC have grown?

This chart tracks a hypothetical $10,000 investment in ONC over the past 10 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ONC over the same span and ONC'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.

Note: ONC began trading on February 3, 2016, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 10 years of ONC's record, starting at the end of September 2016.

Choose a period

From the end of September 2016 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. 88 of the 2,698 stocks and funds worth at least $500 million that traded the whole period ended ahead of ONC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000201620182020202220242026$10,000$100,0002016201920222025
  • NTRA$372,028+3,620% total · +43.6% a year
  • UMC$212,960+2,030% total · +35.8% a year
  • MEDP$209,040+1,990% total · +35.5% a year
  • LLY$168,620+1,586% total · +32.6% a year
  • AAPL$128,826+1,188% total · +29.1% a year
  • ONC$118,769+1,088% total · +28.1% a year
  • ABBV$62,529+525% total · +20.1% a year
  • EXEL$45,666+357% total · +16.4% a year
  • SPY (S&P 500)$41,286+313% total · +15.2% a year
  • ILMN$15,502+55.0% total · +4.5% 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. 2,508 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of ONC; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • NTRA$37,089+271% total · +30.0% a year
  • MEDP$32,977+230% total · +27.0% a year
  • ABBV$29,134+191% total · +23.8% a year
  • EXEL$27,629+176% total · +22.5% a year
  • GILD$25,496+155% total · +20.6% a year
  • MRK$22,538+125% total · +17.6% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • IQV$11,224+12.2% total · +2.3% a year
  • ONC$10,081+0.8% total · +0.2% a year
  • ILMN$6,943−30.6% total · −7.0% a year
Change the dates or add tickers to this chart in EasyCompare

ONC 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.

Note: ONC began trading on February 3, 2016, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The company

Market value
$41B
Industry
Biotechnology
Price history from
February 2016

Returns

Past 1 year
+21.9%total return
Past 3 years
+127%+31.3% a year
Past 5 years
+0.9%+0.2% a year
Past 10 years
+1,054%+27.7% a year
Best calendar year
+222%2017
Worst calendar year
−18.8%2022
Losing years
2 of 9full calendar years

Risk

Volatility
54.5%typical yearly swing, 5 years
Sharpe ratio
0.27return per unit of risk, 5 years
Worst decline ever
−70.0%Sep 2021 to May 2022
From its all-time high
−5.2%below the peak

ONC against the whole market

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

How does ONC rank among all stocks?

This section ranks ONC 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 ONC 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.

MeasureONCRankStanding
1-year return+21.9%1,216 of 3,282top 37%
3-year return+127%743 of 3,016top 25%
5-year return+0.9%1,726 of 2,897bottom 41%
10-year return+1,054%95 of 2,201top 4%
Volatility, 5 years54.5%2,097 of 2,897bottom 29%
Sharpe ratio, 5 years0.271,656 of 2,897bottom 44%
Worst decline, past 10 years−70.0%1,288 of 2,184bottom 42%

What has beaten ONC 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). ONC sits where the dashed lines cross. Anything in the green box above and to the left earned more than ONC 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 ONC; faint dots are 89 more of the 2,112 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.

−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ONCPM: +21.3% a year, volatility 23.4%INSW: +58.7% a year, volatility 40.6%PANW: +33.4% a year, volatility 43.4%PSX: +32.7% a year, volatility 32.9%ASX: +47.3% a year, volatility 43.3%TRV: +22.4% a year, volatility 22.3%BNS: +13.2% a year, volatility 20.0%FTNT: +20.9% a year, volatility 44.8%HPE: +32.8% a year, volatility 42.3%NTAP: +20.6% a year, volatility 35.3%WSM: +24.8% a year, volatility 44.4%FFIV: +16.7% a year, volatility 30.8%FRO: +53.9% a year, volatility 49.7%PBR-A: +53.5% a year, volatility 37.4%MPC: +50.0% a year, volatility 33.4%SGOV: +3.8% a year, volatility 0.3%HAS: +9.9% a year, volatility 33.3%VCTR: +27.7% a year, volatility 35.0%LTH: +19.6% a year, volatility 46.6%NHC: +31.2% a year, volatility 28.6%MATX: +23.5% a year, volatility 39.5%TNK: +52.2% a year, volatility 45.1%TRGP: +41.8% a year, volatility 31.7%CNO: +19.1% a year, volatility 28.1%LPG: +55.8% a year, volatility 43.6%SXT: +8.6% a year, volatility 30.3%RY: +17.5% a year, volatility 18.2%JAAA: +5.1% a year, volatility 1.7%WELL: +27.0% a year, volatility 23.8%UFCS: +24.6% a year, volatility 39.1%RBCAA: +14.8% a year, volatility 28.0%SENEA: +26.0% a year, volatility 36.4%KRT: +24.4% a year, volatility 44.1%GOOG: +18.5% a year, volatility 32.0%TRST: +15.5% a year, volatility 26.8%CLMB: +38.4% a year, volatility 45.5%ORRF: +16.9% a year, volatility 28.7%MSFT: +11.9% a year, volatility 28.2%TSM: +31.0% a year, volatility 38.6%FBIZ: +23.2% a year, volatility 29.4%AVGO: +46.9% a year, volatility 44.6%RCBC: +15.3% a year, volatility 27.2%PBR: +52.4% a year, volatility 37.4%VTI: +11.4% a year, volatility 17.5%BWFG: +20.3% a year, volatility 28.5%VBNK: +14.5% a year, volatility 35.1%IBEX: +22.2% a year, volatility 47.3%VOO: +12.6% a year, volatility 16.9%SHBI: +8.8% a year, volatility 28.9%AMZN: +8.5% a year, volatility 36.6%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%VLO: +43.8% a year, volatility 36.9%XOM: +27.5% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%SU: +33.1% a year, volatility 32.5%HSBC: +32.8% a year, volatility 25.9%V: +13.2% a year, volatility 22.9%VRIG: +4.7% a year, volatility 1.3%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%CVX: +19.7% a year, volatility 25.2%COST: +17.4% a year, volatility 22.9%BALT: +6.2% a year, volatility 3.3%CAT: +30.7% a year, volatility 32.0%VXUS: +8.0% a year, volatility 16.4%MA: +12.7% a year, volatility 23.8%QQQ: +14.2% a year, volatility 23.0%ASML: +15.3% a year, volatility 43.5%CSCO: +16.9% a year, volatility 26.1%MCK: +37.8% a year, volatility 25.1%ANET: +47.6% a year, volatility 49.1%FLRT: +6.0% a year, volatility 2.3%LRCX: +34.2% a year, volatility 50.1%VTV: +12.2% a year, volatility 13.7%RTX: +18.7% a year, volatility 24.4%APH: +31.3% a year, volatility 32.4%STX: +53.4% a year, volatility 48.8%AMAT: +23.6% a year, volatility 47.6%GS: +19.4% a year, volatility 28.6%TD: +16.5% a year, volatility 20.0%MS: +16.2% a year, volatility 28.9%VEA: +9.1% a year, volatility 16.9%IBM: +20.1% a year, volatility 30.2%KLAC: +35.3% a year, volatility 46.9%IBKR: +35.3% a year, volatility 35.5%TTE: +18.8% a year, volatility 25.8%PG: +5.8% a year, volatility 18.4%ONC: +0.2% a year, volatility 54.5%SPY (S&P 500): +12.5% a year, volatility 17.2%EXEL: +25.0% a year, volatility 35.8%MEDP: +28.4% a year, volatility 52.1%ABBV: +25.5% a year, volatility 23.4%GILD: +22.8% a year, volatility 24.9%MRK: +16.1% a year, volatility 24.8%NTRA: +28.4% a year, volatility 57.6%LLY: +41.2% a year, volatility 32.8%RPRX: +13.8% a year, volatility 23.8%HALO: +26.2% a year, volatility 40.4%TEVA: +31.7% a year, volatility 42.8%ROIV: +40.7% a year, volatility 58.6%SNY: +0.5% a year, volatility 25.4%CAH: +41.7% a year, volatility 24.7%AAPL: +19.1% a year, volatility 28.0%UMC: +18.8% a year, volatility 43.3%DHT: +40.3% a year, volatility 39.0%MUFG: +33.5% a year, volatility 29.4%CIBR: +14.5% a year, volatility 26.2%MU: +67.0% a year, volatility 57.1%SHM: +0.9% a year, volatility 2.2%FIX: +73.0% a year, volatility 46.9%ONCSPY (S&P 500)EXELMEDPABBVGILDMRKNTRALLYHALOTEVAROIVSNYCAHAAPLUMCDHTMUFGMUSHMFIX−20.0%0.0%20.0%40.0%60.0%80.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ONCPM: +21.3% a year, volatility 23.4%INSW: +58.7% a year, volatility 40.6%PANW: +33.4% a year, volatility 43.4%PSX: +32.7% a year, volatility 32.9%ASX: +47.3% a year, volatility 43.3%TRV: +22.4% a year, volatility 22.3%BNS: +13.2% a year, volatility 20.0%FTNT: +20.9% a year, volatility 44.8%HPE: +32.8% a year, volatility 42.3%NTAP: +20.6% a year, volatility 35.3%WSM: +24.8% a year, volatility 44.4%FFIV: +16.7% a year, volatility 30.8%FRO: +53.9% a year, volatility 49.7%PBR-A: +53.5% a year, volatility 37.4%MPC: +50.0% a year, volatility 33.4%SGOV: +3.8% a year, volatility 0.3%HAS: +9.9% a year, volatility 33.3%VCTR: +27.7% a year, volatility 35.0%LTH: +19.6% a year, volatility 46.6%NHC: +31.2% a year, volatility 28.6%MATX: +23.5% a year, volatility 39.5%TNK: +52.2% a year, volatility 45.1%TRGP: +41.8% a year, volatility 31.7%CNO: +19.1% a year, volatility 28.1%LPG: +55.8% a year, volatility 43.6%SXT: +8.6% a year, volatility 30.3%RY: +17.5% a year, volatility 18.2%JAAA: +5.1% a year, volatility 1.7%WELL: +27.0% a year, volatility 23.8%UFCS: +24.6% a year, volatility 39.1%RBCAA: +14.8% a year, volatility 28.0%SENEA: +26.0% a year, volatility 36.4%KRT: +24.4% a year, volatility 44.1%GOOG: +18.5% a year, volatility 32.0%TRST: +15.5% a year, volatility 26.8%CLMB: +38.4% a year, volatility 45.5%ORRF: +16.9% a year, volatility 28.7%MSFT: +11.9% a year, volatility 28.2%TSM: +31.0% a year, volatility 38.6%FBIZ: +23.2% a year, volatility 29.4%AVGO: +46.9% a year, volatility 44.6%RCBC: +15.3% a year, volatility 27.2%PBR: +52.4% a year, volatility 37.4%VTI: +11.4% a year, volatility 17.5%BWFG: +20.3% a year, volatility 28.5%VBNK: +14.5% a year, volatility 35.1%IBEX: +22.2% a year, volatility 47.3%VOO: +12.6% a year, volatility 16.9%SHBI: +8.8% a year, volatility 28.9%AMZN: +8.5% a year, volatility 36.6%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%VLO: +43.8% a year, volatility 36.9%XOM: +27.5% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%SU: +33.1% a year, volatility 32.5%HSBC: +32.8% a year, volatility 25.9%V: +13.2% a year, volatility 22.9%VRIG: +4.7% a year, volatility 1.3%DXJ: +26.6% a year, volatility 19.1%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%CVX: +19.7% a year, volatility 25.2%COST: +17.4% a year, volatility 22.9%BALT: +6.2% a year, volatility 3.3%CAT: +30.7% a year, volatility 32.0%VXUS: +8.0% a year, volatility 16.4%MA: +12.7% a year, volatility 23.8%QQQ: +14.2% a year, volatility 23.0%ASML: +15.3% a year, volatility 43.5%CSCO: +16.9% a year, volatility 26.1%MCK: +37.8% a year, volatility 25.1%ANET: +47.6% a year, volatility 49.1%FLRT: +6.0% a year, volatility 2.3%LRCX: +34.2% a year, volatility 50.1%VTV: +12.2% a year, volatility 13.7%RTX: +18.7% a year, volatility 24.4%APH: +31.3% a year, volatility 32.4%STX: +53.4% a year, volatility 48.8%AMAT: +23.6% a year, volatility 47.6%GS: +19.4% a year, volatility 28.6%TD: +16.5% a year, volatility 20.0%MS: +16.2% a year, volatility 28.9%VEA: +9.1% a year, volatility 16.9%IBM: +20.1% a year, volatility 30.2%KLAC: +35.3% a year, volatility 46.9%IBKR: +35.3% a year, volatility 35.5%TTE: +18.8% a year, volatility 25.8%PG: +5.8% a year, volatility 18.4%ONC: +0.2% a year, volatility 54.5%SPY (S&P 500): +12.5% a year, volatility 17.2%EXEL: +25.0% a year, volatility 35.8%MEDP: +28.4% a year, volatility 52.1%ABBV: +25.5% a year, volatility 23.4%GILD: +22.8% a year, volatility 24.9%MRK: +16.1% a year, volatility 24.8%NTRA: +28.4% a year, volatility 57.6%LLY: +41.2% a year, volatility 32.8%RPRX: +13.8% a year, volatility 23.8%HALO: +26.2% a year, volatility 40.4%TEVA: +31.7% a year, volatility 42.8%ROIV: +40.7% a year, volatility 58.6%SNY: +0.5% a year, volatility 25.4%CAH: +41.7% a year, volatility 24.7%AAPL: +19.1% a year, volatility 28.0%UMC: +18.8% a year, volatility 43.3%DHT: +40.3% a year, volatility 39.0%MUFG: +33.5% a year, volatility 29.4%CIBR: +14.5% a year, volatility 26.2%MU: +67.0% a year, volatility 57.1%SHM: +0.9% a year, volatility 2.2%FIX: +73.0% a year, volatility 46.9%ONCSPY (S&P 500)EXELMEDPABBVGILDLLYTEVAROIVSNYCAHAAPLUMCMUFGMUSHMFIX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than ONC?

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

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

Screen the whole market against ONC 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 ONC?lower diversifies moreExpenseper year
ONCBeOne Medicines AG · this page
+0.2%54.5%0.27−70.0%+1,054%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+316%0.220.09%
Popular alternativesbest 6 shownThe investments people most often weigh against ONC. 12 of 22 passed at least one test.
EXELExelixis, Inc. · Oncology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+25.0%35.8%0.81−57.2%+478%0.09—
MEDPMedpace Holdings, Inc. · Contract Research
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+28.4%52.1%0.73−42.9%+2,003%0.32—
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+25.5%23.4%1.09−45.1%+600%0.16—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst decline+22.8%24.9%0.95−30.5%+202%0.36—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst decline+16.1%24.8%0.73−43.4%+245%0.03—
NTRANatera, Inc. · Molecular Diagnostics
Higher return, similar volatilityHigher return in most periods+28.4%57.6%0.73−77.7%+3,934%0.12—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Oncology and Biotechnology and the categories next to it (Cancer Immunotherapy, Precision Oncology, Pharmaceuticals, Life Sciences Tools, Rare Disease Therapeutics, Medical Devices), plus ONC's specific themes. 89 of 359 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+41.2%32.8%1.22−34.5%+1,870%-0.01—
RPRXRoyalty Pharma plc · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.8%23.8%0.67−49.7%—0.34—
HALOHalozyme Therapeutics, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.2%40.4%0.78−49.1%+1,255%0.26—
TEVATeva Pharmaceutical Industries Limited · Specialty Pharmaceuticals
Higher return, lower volatilityHigher return in most periods+31.7%42.8%0.85−85.3%−3.6%-0.03—
ROIVRoivant Sciences Ltd. · Immunology Therapeutics
Higher return, similar volatilityHigher return in most periods+40.7%58.6%0.87−79.2%—0.19—
SNYSanofi · Pharmaceuticals
Similar return, lower volatility+0.5%25.4%0.15−33.5%+65.1%0.09—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,371 of 3,346 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+41.7%24.7%1.54−46.1%+345%0.01—
AAPLApple Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.1%28.0%0.77−38.5%+1,194%0.11—
UMCUnited Microelectronics Corporation · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+18.8%43.3%0.61−54.3%+1,470%0.05—
DHTDHT Holdings, Inc. · Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.3%39.0%1.07−39.7%+1,094%0.03—
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.5%29.4%1.14−54.9%+485%0.23—
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.5%26.2%0.65−33.9%+461%0.060.58%
MUMicron Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+67.0%57.1%1.19−57.6%+5,050%0.02—
SHMState Street SPDR Nuveen ICE Short Term Municipal Bond ETF · Short-Term Municipal Bonds
Similar return, lower volatilityHigher Sharpe, smaller worst decline+0.9%2.2%0.43−11.6%+12.5%0.360.20%
What these numbers mean for ONC
Annual return
ONC returned 0.2% 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 $10,100. 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
ONC's volatility over the past 5 years was 54.5%, 3.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ONC's return lands within 54.5% 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
ONC's Sharpe ratio over the past 5 years was 0.27, against 0.78 for the S&P 500, so ONC 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
ONC's worst fall from a peak to a low over the past 10 years was 70.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 70.0% fall takes a 233% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ONC's monthly returns had a correlation of 0.22 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 ONC instead: the lower it is, the more that option would diversify a ONC holding. Guide: Correlation and diversification →
Show all 2,112 stocks and funds worth at least $500 million that earned more than ONC 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 ONCExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Same or nearby category+41.2%32.8%1.22−34.5%+1,870%-0.01—
2
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+41.7%24.7%1.54−46.1%+345%0.01—
3
AAPLApple Inc. · Computer Hardware
Whole market+19.1%28.0%0.77−38.5%+1,194%0.11—
4
UMCUnited Microelectronics Corporation · Semiconductors
Whole market+18.8%43.3%0.61−54.3%+1,470%0.05—
5
DHTDHT Holdings, Inc. · Oil & Gas
Whole market+40.3%39.0%1.07−39.7%+1,094%0.03—
6
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.5%29.4%1.14−54.9%+485%0.23—
7
PMPhilip Morris International Inc. · Tobacco
Whole market+21.3%23.4%0.94−42.9%+240%0.24—
8
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+58.7%40.6%1.35−57.4%—-0.14—
9
PANWPalo Alto Networks, Inc. · Cybersecurity
Whole market+33.4%43.4%0.89−48.0%+1,306%-0.16—
10
PSXPhillips 66 · Oil Refining
Whole market+32.7%32.9%1.03−64.2%+413%0.16—
11
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+47.3%43.3%1.11−52.5%+883%-0.11—
12
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+360%0.20—
13
BNSThe Bank of Nova Scotia · Banks
Whole market+13.2%20.0%0.73−46.9%+191%0.14—
14
FTNTFortinet, Inc. · Cybersecurity
Whole market+20.9%44.8%0.65−38.3%+2,668%0.02—
15
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.8%42.3%0.89−56.9%+481%-0.07—
16
NTAPNetApp, Inc. · Computer Hardware
Whole market+20.6%35.3%0.71−58.1%+696%0.00—
17
WSMWilliams-Sonoma, Inc. · Specialty Retail
Whole market+24.8%44.4%0.72−59.7%+1,298%0.28—
18
FFIVF5, Inc. · Cybersecurity
Whole market+16.7%30.8%0.66−54.6%+279%0.20—
19
FROFrontline Plc · Oil & Gas
Whole market+53.9%49.7%1.12−52.0%+1,270%0.03—
20
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+53.5%37.4%1.34−71.7%+733%0.00—
21
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.5%26.2%0.65−33.9%+461%0.060.58%
22
MPCMarathon Petroleum Corporation · Oil Refining
Whole market+50.0%33.4%1.39−79.7%+1,314%0.02—
23
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
Whole market+3.8%0.3%13.25−0.3%—0.180.09%
24
HASHasbro, Inc. · Toys & Games
Whole market+9.9%33.3%0.45−63.8%+94.7%0.19—
25
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+27.7%35.0%0.88−45.2%—0.27—
26
LTHLife Time Group Holdings, Inc. · Leisure Facilities
Whole market+19.6%46.6%0.62−58.4%———
27
NHCNational HealthCare Corporation · Health Care Facilities
Whole market+31.2%28.6%1.10−35.3%+385%-0.03—
28
MATXMatson, Inc. · Marine Shipping
Whole market+23.5%39.5%0.73−53.6%+554%0.13—
29
TNKTeekay Tankers Ltd. · Marine Shipping
Whole market+52.2%45.1%1.16−63.4%+511%-0.19—
30
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.17—
31
CNOCNO Financial Group, Inc. · Life Insurance
Whole market+19.1%28.1%0.77−63.8%+348%0.30—
32
LPGDorian LPG Ltd. · Marine Shipping
Whole market+55.8%43.6%1.24−62.9%+1,827%0.06—
33
RPRXRoyalty Pharma plc · Pharmaceuticals
Same or nearby category+13.8%23.8%0.67−49.7%—0.34—
34
HALOHalozyme Therapeutics, Inc. · Biotechnology
Same or nearby category+26.2%40.4%0.78−49.1%+1,255%0.26—
35
SXTSensient Technologies Corporation · Specialty Chemicals
Whole market+8.6%30.3%0.42−50.6%+116%0.14—
36
EXELExelixis, Inc. · Oncology
Popular alternative+25.0%35.8%0.81−57.2%+478%0.09—
37
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+361%0.09—
38
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%—0.270.20%
39
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+378%0.35—
40
UFCSUnited Fire Group, Inc. · Property & Casualty Insurance
Whole market+24.6%39.1%0.76−64.5%+91.7%0.04—
41
RBCAARepublic Bancorp, Inc. · Regional Banks
Whole market+14.8%28.0%0.63−44.7%+287%0.21—
42
SENEASeneca Foods Corporation · Packaged Foods
Whole market+26.0%36.4%0.82−51.3%+468%0.15—
43
KRTKarat Packaging Inc. · Packaging
Whole market+24.4%44.1%0.72−48.4%—0.04—
44
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+73.0%46.9%1.41−49.7%+4,888%0.15—
45
GOOGAlphabet Inc. · Internet Services
Whole market+18.5%32.0%0.69−44.6%+696%0.07—
46
TRSTTrustCo Bank Corp NY · Regional Banks
Whole market+15.5%26.8%0.67−49.5%+127%0.18—
47
CLMBClimb Global Solutions, Inc. · Technology Distribution
Whole market+38.4%45.5%0.94−53.4%+886%0.19—
48
ORRFOrrstown Financial Services, Inc. · Regional Banks
Whole market+16.9%28.7%0.69−54.7%+187%0.22—
49
MSFTMicrosoft Corporation · Software
Whole market+11.9%28.2%0.54−37.1%+862%0.09—
50
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.0%38.6%0.90−56.6%+1,440%-0.01—
51
FBIZFirst Business Financial Services, Inc. · Regional Banks
Whole market+23.2%29.4%0.86−50.2%+315%0.20—
52
AVGOBroadcom Inc. · Semiconductors
Whole market+46.9%44.6%1.09−48.3%+2,254%-0.15—
53
RCBCRiver City Bank · Regional Banks
Whole market+15.3%27.2%0.66−45.5%+354%0.15—
54
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+52.4%37.4%1.32−75.3%+647%-0.01—
55
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.4%17.5%0.71−35.0%+298%0.230.03%
56
BWFGBankwell Financial Group, Inc. · Regional Banks
Whole market+20.3%28.5%0.79−64.7%+241%0.17—
57
VBNKVersaBank · Regional Banks
Whole market+14.5%35.1%0.56−50.7%—0.11—
58
IBEXIBEX Limited · Business Services
Whole market+22.2%47.3%0.66−56.0%—0.14—
59
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+319%0.220.03%
60
SHBIShore Bancshares, Inc. · Regional Banks
Whole market+8.8%28.9%0.44−58.8%+140%0.12—
61
AMZNAmazon.com, Inc. · E-Commerce
Whole market+8.5%36.6%0.41−56.1%+498%0.06—
62
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+521%0.19—
63
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+281%0.20—
64
VLOValero Energy Corporation · Oil Refining
Whole market+43.8%36.9%1.18−71.9%+1,014%-0.04—
65
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.5%26.5%1.05−61.0%+216%0.14—
66
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+534%0.28—
67
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+289%0.13—
68
HSBCHSBC Holdings plc · Banks
Whole market+32.8%25.9%1.23−62.3%+314%0.18—
69
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+435%0.19—
70
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Whole market+4.7%1.3%3.52−13.1%+40.7%0.280.30%
71
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+415%-0.100.48%
72
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+205%0.26—
73
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+194%0.250.40%
74
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.7%25.2%0.84−55.8%+243%0.15—
75
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+692%0.19—
76
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.3%1.84−4.9%—0.350.69%
77
CATCaterpillar Inc. · Industrial Machinery
Whole market+30.7%32.0%1.00−43.4%+913%0.12—
78
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.0%16.4%0.56−36.0%+137%0.320.05%
79
MAMastercard Incorporated · Payment Processing
Whole market+12.7%23.8%0.62−41.0%+551%0.20—
80
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.2%23.0%0.69−35.1%+531%0.110.18%
81
ASMLASML Holding N.V. · Semiconductor Equipment
Whole market+15.3%43.5%0.55−56.9%+1,527%0.10—
82
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.9%26.1%0.73−42.0%+361%0.08—
83
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+582%-0.04—
84
ANETArista Networks, Inc. · Communications Equipment
Whole market+47.6%49.1%1.04−52.2%+3,158%-0.01—
85
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+58.7%0.280.60%
86
LRCXLam Research Corporation · Semiconductor Equipment
Whole market+34.2%50.1%0.84−56.4%+2,542%0.05—
87
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.2%13.7%0.91−36.8%+237%0.290.03%
88
RTXRTX Corporation · Aerospace & Defense
Whole market+18.7%24.4%0.83−52.0%+319%0.24—
89
APHAmphenol Corporation · Electronic Components
Whole market+31.3%32.4%1.01−37.5%+887%0.03—
90
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+53.4%48.8%1.12−57.0%+2,597%0.15—
91
AMATApplied Materials, Inc. · Semiconductor Equipment
Whole market+23.6%47.6%0.69−55.1%+1,334%0.00—
92
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.4%28.6%0.77−48.8%+524%0.31—
93
TDThe Toronto-Dominion Bank · Banks
Whole market+16.5%20.0%0.87−42.0%+319%0.17—
94
MSMorgan Stanley · Capital Markets
Whole market+16.2%28.9%0.67−51.3%+630%0.19—
95
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.1%16.9%0.60−35.8%+152%0.300.03%
96
IBMInternational Business Machines Corporation · IT Services
Whole market+20.1%30.2%0.76−41.1%+163%0.09—
97
KLACKLA Corporation · Semiconductor Equipment
Whole market+35.3%46.9%0.88−50.9%+2,224%0.02—
98
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.3%35.5%1.03−55.1%+929%0.23—
99
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.8%25.8%0.80−59.6%+237%0.12—
100
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.8%18.4%0.40−23.8%+156%0.17—

ONC against its popular alternatives

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

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

Green points earned more than ONC with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityONC: 0.2% a year, volatility 54.5%SPY (S&P 500): 12.5% a year, volatility 17.2%EXEL: 25.0% a year, volatility 35.8%MEDP: 28.4% a year, volatility 52.1%ABBV: 25.5% a year, volatility 23.4%IQV: 1.6% a year, volatility 34.8%MRK: 16.2% a year, volatility 24.8%GILD: 22.8% a year, volatility 24.9%TMO: 2.3% a year, volatility 27.8%JAZZ: 8.2% a year, volatility 31.5%BMY: 6.1% a year, volatility 25.0%INCY: 12.2% a year, volatility 30.1%AZN: 8.9% a year, volatility 35.7%NUVB: −12.8% a year, volatility 75.5%HCM: −15.0% a year, volatility 65.0%ZLAB: −26.2% a year, volatility 75.2%ARVN: −38.1% a year, volatility 68.6%LEGN: −18.7% a year, volatility 57.0%NTRA: 28.4% a year, volatility 57.6%ILMN: −7.5% a year, volatility 47.0%GMAB: −3.1% a year, volatility 34.1%BMRN: −5.1% a year, volatility 33.0%BNTX: −20.1% a year, volatility 52.5%IMCR: −3.2% a year, volatility 49.3%ONCSPY (S&P 500)EXELMEDPABBVIQVMRKGILDTMOJAZZBMYINCYAZNNUVBHCMZLABARVNLEGNNTRAILMNGMABBMRNBNTXIMCR0.0%20.0%40.0%60.0%80.0%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityONC: 0.2% a year, volatility 54.5%SPY (S&P 500): 12.5% a year, volatility 17.2%EXEL: 25.0% a year, volatility 35.8%MEDP: 28.4% a year, volatility 52.1%ABBV: 25.5% a year, volatility 23.4%IQV: 1.6% a year, volatility 34.8%MRK: 16.2% a year, volatility 24.8%GILD: 22.8% a year, volatility 24.9%TMO: 2.3% a year, volatility 27.8%JAZZ: 8.2% a year, volatility 31.5%BMY: 6.1% a year, volatility 25.0%INCY: 12.2% a year, volatility 30.1%AZN: 8.9% a year, volatility 35.7%NUVB: −12.8% a year, volatility 75.5%HCM: −15.0% a year, volatility 65.0%ZLAB: −26.2% a year, volatility 75.2%ARVN: −38.1% a year, volatility 68.6%LEGN: −18.7% a year, volatility 57.0%NTRA: 28.4% a year, volatility 57.6%ILMN: −7.5% a year, volatility 47.0%GMAB: −3.1% a year, volatility 34.1%BMRN: −5.1% a year, volatility 33.0%BNTX: −20.1% a year, volatility 52.5%IMCR: −3.2% a year, volatility 49.3%ONCSPY (S&P 500)EXELMEDPABBVIQVMRKGILDTMOJAZZBMYNUVBHCMZLABARVNLEGNILMNGMABBMRNBNTX
All figures
InvestmentAnnual returnVolatility
MEDP Medpace Holdings, Inc.+28.4%52.1%
NTRA Natera, Inc.+28.4%57.6%
ABBV AbbVie Inc.+25.5%23.4%
EXEL Exelixis, Inc.+25.0%35.8%
GILD Gilead Sciences, Inc.+22.8%24.9%
MRK Merck & Co., Inc.+16.2%24.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
INCY Incyte Corporation+12.2%30.1%
AZN AstraZeneca PLC+8.9%35.7%
JAZZ Jazz Pharmaceuticals plc+8.2%31.5%
BMY Bristol-Myers Squibb Company+6.1%25.0%
TMO Thermo Fisher Scientific Inc.+2.3%27.8%
IQV IQVIA Holdings Inc.+1.6%34.8%
ONC This pageBeOne Medicines AG+0.2%54.5%
GMAB Genmab A/S−3.1%34.1%
IMCR Immunocore Holdings plc−3.2%49.3%
BMRN BioMarin Pharmaceutical Inc.−5.1%33.0%
ILMN Illumina, Inc.−7.5%47.0%
NUVB Nuvation Bio Inc.−12.8%75.5%
HCM HUTCHMED (China) Limited−15.0%65.0%
LEGN Legend Biotech Corporation−18.7%57.0%
BNTX BioNTech SE−20.1%52.5%
ZLAB Zai Lab Limited−26.2%75.2%
ARVN Arvinas, Inc.−38.1%68.6%
Open these 24 in EasyCompare

Has ONC consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than ONC 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
ONC BeOne Medicines AG (this page)—+3.9%+19.5%+22.4%+22.9%+21.9%+127%+0.9%+1,054%54.5%0.27−70.0%—$41B—
NTRA QualifiedNatera, Inc.4/5 short3/3 longAll-weather+2.7%+51.9%+93.2%+75.4%+113%+901%+249%+3,934%57.6%0.73−77.7%—$58B—
EXEL QualifiedExelixis, Inc.4/5 short2/3 long+12.3%+18.8%+39.4%+49.9%+81.0%+239%+205%+478%35.8%0.81−57.2%—$16B—
MEDP Medical - Diagnostics & ResearchMedpace Holdings, Inc.2/5 short3/3 long+3.8%+23.8%+28.6%+14.5%+19.6%+187%+250%+2,003%52.1%0.73−42.9%—$18B—
ILMN Medical - Diagnostics & ResearchIllumina, Inc.5/5 short1/3 long+8.9%+41.1%+106%+101%+177%+132%−32.2%+94.8%47.0%0.07−86.2%—$41B—
ABBV Drug Manufacturers - GeneralAbbVie Inc.4/5 short1/3 long+8.1%+13.2%+44.0%+28.0%+28.3%+117%+212%+600%23.4%1.09−45.1%—$503B—
IQV Medical - Diagnostics & ResearchIQVIA Holdings Inc.3/5 short1/3 long+3.0%+40.2%+58.8%+23.5%+27.8%+51.5%+8.3%+273%34.8%0.22−51.5%—$46B—
MRK Drug Manufacturers - GeneralMerck & Co., Inc.3/5 short1/3 long−2.4%+16.2%+32.1%+41.2%+73.0%+56.1%+111%+245%24.8%0.73−43.4%—$363B—
GILD Drug Manufacturers - GeneralGilead Sciences, Inc.3/5 short1/3 long+3.0%+21.3%+19.7%+31.6%+32.6%+123%+179%+202%24.9%0.95−30.5%—$195B—
TMO Medical - Diagnostics & ResearchThermo Fisher Scientific Inc.2/5 short1/3 long+2.7%+28.6%+31.9%+14.5%+19.7%+47.9%+12.1%+355%27.8%0.22−40.9%—$250B—
JAZZ BiotechnologyJazz Pharmaceuticals plc2/5 short1/3 long−10.8%−14.3%+6.1%+24.0%+55.0%+66.9%+48.2%+80.5%31.5%0.41−52.1%—$14B—
BMY Drug Manufacturers - GeneralBristol-Myers Squibb Company1/5 short1/3 long+2.3%+4.8%+9.5%+21.6%+48.2%+29.6%+34.5%+82.7%25.0%0.36−47.7%—$129B—
INCY BiotechnologyIncyte Corporation1/5 short1/3 long−7.9%+1.0%+20.9%+15.3%+32.8%+112%+77.7%+32.6%30.1%0.53−66.5%—$24B—
AZN Drug Manufacturers - GeneralAstraZeneca PLC0/5 short1/3 long+2.5%+2.3%−10.8%−4.9%+4.1%+46.6%+53.2%+276%35.7%0.42−28.7%—$268B—
NUVB BiotechnologyNuvation Bio Inc.0/5 short1/3 long−23.0%−28.2%−8.2%−45.2%+13.3%+309%−49.7%—75.5%0.18−93.4%—$1.6B—
GMAB BiotechnologyGenmab A/S5/5 short0/3 long+13.6%+38.6%+44.5%+25.7%+33.7%+35.1%−14.4%+139%34.1%0.08−63.1%—$25B—
HCM Drug Manufacturers - Specialty & GenericHUTCHMED (China) Limited1/5 short0/3 long+1.5%+28.4%−1.9%+4.6%−5.5%−14.6%−55.6%+22.8%65.0%0.07−82.2%—$2.5B—
ZLAB BiotechnologyZai Lab Limited1/5 short0/3 long−16.5%+7.5%−3.6%+27.2%−24.2%−8.3%−78.1%—75.2%-0.04−92.8%—$2.5B—
BMRN BiotechnologyBioMarin Pharmaceutical Inc.0/5 short0/3 long−10.6%−3.0%+4.6%−4.7%+6.1%−31.6%−23.2%−31.1%33.0%0.00−62.1%—$11B—
ARVN BiotechnologyArvinas, Inc.0/5 short0/3 long−9.3%−6.5%−27.4%−32.7%−17.1%−46.9%−90.9%—68.6%-0.34−94.4%—$498M—
BNTX BiotechnologyBioNTech SE0/5 short0/3 long−11.1%−2.4%−17.4%−7.3%−15.6%−3.1%−67.4%—52.5%-0.17−82.3%—$23B—
IMCR BiotechnologyImmunocore Holdings plc0/5 short0/3 long−0.9%−9.6%+7.1%−4.9%−1.2%−30.6%−15.0%—49.3%0.18−67.5%—$1.6B—
LEGN BiotechnologyLegend Biotech Corporation0/5 short0/3 long+1.4%−19.7%−27.1%−12.1%−41.1%−71.1%−64.4%—57.0%-0.09−78.2%—$3.5B—
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How did ONC do year by year?

This table shows each investment's total return in every full calendar year since 2017, along with where ONC ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ONC and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: ONC began trading on February 3, 2016, so the table starts with 2017, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of ONC; gray means the two finished within a fraction of a point. The rank row places ONC among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of ONC202520242023202220212020201920182017
ONC This pageBeOne Medicines AG—+64.5%+2.4%−18.0%−18.8%+4.9%+55.9%+18.2%+43.5%+222%
Rank among alternativesTop quarter in 3 of 93 of 2310 of 2316 of 2315 of 2310 of 227 of 2013 of 193 of 181 of 17
SPY S&P 500State Street SPDR S&P 500 ETF5 of 9+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%
NTRA Natera, Inc.5 of 9+44.7%+153%+55.9%−57.0%−6.2%+195%+141%+55.3%−23.2%
EXEL Exelixis, Inc.3 of 9+31.6%+38.8%+49.6%−12.3%−8.9%+13.9%−10.4%−35.3%+104%
MEDP Medpace Holdings, Inc.8 of 9+69.1%+8.4%+44.3%−2.4%+56.4%+65.6%+58.8%+46.0%+0.5%
ILMN Illumina, Inc.0 of 9−1.8%−1.3%−31.1%−46.9%+2.8%+11.5%+10.6%+37.3%+70.7%
ABBV AbbVie Inc.4 of 9+33.1%+18.9%−0.2%+24.0%+32.4%+27.7%+1.5%−1.0%+60.1%
IQV IQVIA Holdings Inc.3 of 9+14.7%−15.1%+12.9%−27.4%+57.5%+16.0%+33.0%+18.7%+28.7%
MRK Merck & Co., Inc.3 of 9+9.8%−6.3%+1.0%+49.4%+1.8%−7.2%+22.3%+40.0%−1.5%
GILD Gilead Sciences, Inc.4 of 9+36.6%+18.7%−2.0%+23.6%+29.9%−6.7%+7.9%−9.9%+3.0%
TMO Thermo Fisher Scientific Inc.4 of 9+11.8%−1.7%−3.4%−17.3%+43.5%+43.7%+45.6%+18.2%+35.0%
JAZZ Jazz Pharmaceuticals plc2 of 9+38.0%+0.1%−22.8%+25.1%−22.8%+10.6%+20.4%−7.9%+23.5%
BMY Bristol-Myers Squibb Company3 of 9+0.1%+15.8%−26.1%+19.0%+2.9%+0.4%+27.7%−12.9%+7.7%
INCY Incyte Corporation3 of 9+43.0%+10.0%−21.8%+9.4%−15.6%−0.4%+37.3%−32.9%−5.5%
AZN AstraZeneca PLC4 of 9+38.0%−1.2%+0.8%+20.4%+17.9%+2.9%+37.4%+13.9%+35.3%
NUVB Nuvation Bio Inc.2 of 5+237%+76.2%−21.3%−77.4%−27.4%————
GMAB Genmab A/S3 of 9+47.6%−34.4%−24.9%+7.1%−2.7%+82.1%+35.5%−0.6%0.0%
HCM HUTCHMED (China) Limited2 of 9−7.5%−20.4%+22.5%−57.9%+9.6%+27.7%+8.6%−41.4%+190%
ZLAB Zai Lab Limited3 of 8−32.6%−4.2%−11.0%−51.1%−53.6%+225%+79.1%+9.4%—
BMRN BioMarin Pharmaceutical Inc.2 of 9−9.6%−31.8%−6.8%+17.1%+0.8%+3.7%−0.7%−4.5%+7.6%
ARVN Arvinas, Inc.3 of 7−38.1%−53.4%+20.3%−58.4%−3.3%+107%+220%——
BNTX BioNTech SE3 of 6−16.4%+8.0%−29.7%−41.0%+216%+141%———
IMCR Immunocore Holdings plc2 of 4+17.7%−56.8%+19.7%+66.7%—————
LEGN Legend Biotech Corporation3 of 5−33.2%−45.9%+20.5%+7.1%+65.5%————
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Risk and diversification

How ONC 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 ONC's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ONC's five deepest drawdowns since it began trading in 2016, 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.

Note: ONC began trading on February 3, 2016, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means ONC fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringONC fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−70.0%−10.4%Sep 2021May 20228 monthsNot yet—
Late-2018 sell-off−50.6%−4.3%Jun 2018Oct 20184 monthsJul 202021 months
No named crash−34.7%+13.8%Feb 2021Aug 20216 monthsSep 20211 month
No named crash−30.6%+1.2%Oct 2017Nov 20171 monthJan 20182 months
No named crash−30.1%+5.6%Oct 2020Dec 20202 monthsJan 20211 month

How did ONC do in stock market crashes?

This section measures how far ONC, 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.

Note: ONC began trading on February 3, 2016, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or three other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than ONC.

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
ONC This pageBeOne Medicines AG—−5.0%−52.4%−27.3%−38.9%−10.2%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 5−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
NTRA Natera, Inc.0 of 5−6.2%−68.0%−57.0%−51.1%−11.2%−61.5%————
EXEL Exelixis, Inc.4 of 50.0%−35.4%−33.7%−24.9%−8.7%−36.4%−43.7%−5.4%−80.0%—
MEDP Medpace Holdings, Inc.3 of 5−11.9%−36.4%−39.5%−26.1%−2.1%—————
ILMN Illumina, Inc.2 of 5−6.7%−58.2%−31.0%−25.8%−5.3%−36.1%−48.7%−1.9%−57.9%—
ABBV AbbVie Inc.4 of 5−1.5%−21.9%−32.1%−18.1%−5.8%−29.8%————
IQV IQVIA Holdings Inc.3 of 5−6.8%−35.9%−48.9%−19.2%−5.3%−28.7%————
MRK Merck & Co., Inc.5 of 5−2.4%−10.8%−19.3%−9.7%−6.6%−18.2%−17.4%−2.3%−63.3%−57.5%
GILD Gilead Sciences, Inc.5 of 5−1.6%−20.0%−13.7%−22.7%−5.5%−28.7%−18.2%−2.1%−34.3%−53.6%
TMO Thermo Fisher Scientific Inc.5 of 5−2.4%−19.8%−24.8%−17.2%−8.7%−14.7%−24.4%−3.6%−53.9%−41.8%
JAZZ Jazz Pharmaceuticals plc4 of 5−4.2%−24.9%−36.2%−31.0%−3.7%−39.9%−21.9%−3.0%−96.6%—
BMY Bristol-Myers Squibb Company4 of 5−2.3%−16.0%−29.4%−22.9%−4.1%−16.3%−10.5%0.0%−39.2%−69.5%
INCY Incyte Corporation5 of 5−2.4%−20.4%−23.7%−16.4%−4.8%−50.2%−32.9%−4.5%−83.5%−97.1%
AZN AstraZeneca PLC5 of 5−0.5%−25.7%−22.6%−11.4%−6.4%−18.0%−16.4%−1.1%−37.4%−43.5%
NUVB Nuvation Bio Inc.0 of 2−8.6%−75.3%————————
GMAB Genmab A/S4 of 5−0.7%−30.5%−32.0%−28.1%−2.7%−30.4%−31.9%0.0%——
HCM HUTCHMED (China) Limited1 of 5−10.7%−76.7%−44.7%−36.5%−17.2%—————
ZLAB Zai Lab Limited1 of 5−13.5%−61.2%−29.2%−25.3%−22.8%—————
BMRN BioMarin Pharmaceutical Inc.3 of 5−4.5%−22.9%−26.3%−24.4%−11.6%−53.6%−23.1%−4.1%−74.9%−89.7%
ARVN Arvinas, Inc.0 of 3−10.7%−54.4%−35.3%———————
BNTX BioNTech SE2 of 3−1.2%−45.7%−49.5%———————
IMCR Immunocore Holdings plc2 of 2−3.4%−41.6%————————
LEGN Legend Biotech Corporation1 of 2−5.9%−33.9%————————
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How closely does ONC 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 ONC 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 ONC's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ONC This pageBeOne Medicines AG111%50%2.230.71
NTRA Natera, Inc.169%82%2.061.40
EXEL Exelixis, Inc.74%43%1.720.73
ABBV AbbVie Inc.92%57%1.620.54
AZN AstraZeneca PLC60%39%1.520.39
GILD Gilead Sciences, Inc.52%36%1.440.35
MEDP Medpace Holdings, Inc.168%118%1.421.24
MRK Merck & Co., Inc.64%46%1.390.30
TMO Thermo Fisher Scientific Inc.104%104%1.000.81
GMAB Genmab A/S65%78%0.830.72
JAZZ Jazz Pharmaceuticals plc62%78%0.790.64
IQV IQVIA Holdings Inc.128%167%0.771.31
BMY Bristol-Myers Squibb Company55%75%0.730.41
ILMN Illumina, Inc.120%200%0.601.19
INCY Incyte Corporation52%87%0.600.77
HCM HUTCHMED (China) Limited50%85%0.590.63
BMRN BioMarin Pharmaceutical Inc.20%70%0.290.38
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What diversifies ONC?

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

ETFs

InvestmentCorrelation5Y returnSharpe2023202280/20 mix volatility80/20 mix annual return
ONC BeOne Medicines AG (this page)1.00+0.9%0.27−18.0%−18.8%43.4%+0.2%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.25+119%1.48+17.4%+3.8%35.2%+4.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund-0.10+225%1.34+42.0%+6.0%34.5%+6.9%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.26+103%1.06+8.0%+10.4%35.5%+4.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.31+86.8%1.03+1.7%+7.0%35.7%+3.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.21+83.6%0.95+20.1%−5.1%35.2%+4.2%
SMH TechnologyVanEck Semiconductor ETF-0.01+304%0.94+73.4%−33.5%35.3%+9.3%
XLE EnergyState Street Energy Select Sector SPDR ETF0.14+178%0.94−0.6%+64.4%35.8%+6.2%
GLD CommoditiesSPDR Gold Shares0.29+120%0.93+12.7%−0.8%35.8%+5.0%

Stocks

InvestmentCorrelation5Y returnSharpe2023202280/20 mix volatility80/20 mix annual return
ONC BeOne Medicines AG (this page)1.00+0.9%0.27−18.0%−18.8%43.4%+0.2%
CAH Medical - DistributionCardinal Health, Inc.0.01+471%1.54+34.1%+54.1%35.1%+9.0%
CLS Hardware, Equipment & PartsCelestica Inc.0.08+2,780%1.43+160%+1.3%37.5%+20.8%
MCK Medical - DistributionMcKesson Corporation-0.04+397%1.41+24.1%+51.8%34.8%+8.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.15+1,452%1.41+79.6%+17.0%37.1%+16.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.02+660%1.39+30.4%+86.6%35.4%+10.9%
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Common questions

What was ONC's worst drawdown?

ONC's deepest decline since it began trading in 2016 was 70.0%, from September 2021 to May 2022. It has not yet climbed back to that peak. Because ONC launched in February 2016, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were ONC's best and worst years?

Over nine full calendar years, ONC's best year was 2017, when it returned 222%. Its worst was 2022, with a return of -18.8%.

Is there a better investment than ONC?

Among ONC's popular alternatives, EXEL, ABBV and GILD earned more than ONC with less volatility over the past 5 years. EXEL returned 25.0% a year at 35.8% volatility, against 0.2% a year at 54.5%. Looking beyond its popular alternatives, LLY (pharmaceuticals) and RPRX (pharmaceuticals) earned more than ONC with less volatility over the past 5 years. LLY returned 41.2% a year at 32.8% volatility, against 0.2% a year at 54.5%.

Is ONC more volatile than the S&P 500?

Yes. ONC's volatility over the past 5 years was 54.5%, 3.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ONC's return lands within 54.5% 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 ONC's Sharpe ratio?

ONC's Sharpe ratio over the past 5 years was 0.27, against 0.78 for the S&P 500, so ONC 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 ONC with the S&P 500?

Over the past 5 years, ONC's monthly returns had a correlation of 0.22 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 ONC instead: the lower it is, the more that option would diversify a ONC holding.

What are the best alternatives to ONC?

Of the 22 popular alternatives we compared, two outperformed ONC in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: NTRA and EXEL.

Did ONC outperform the S&P 500?

ONC finished ahead of the S&P 500 (SPY) in four of nine full calendar years. In 2025, it returned +64.5%, against +17.7% for the index.

How did ONC do in stock market crashes?

ONC fell less than the S&P 500 (SPY) in one of the five major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when ONC fell 52.4% and the S&P 500 fell 24.5%.

What diversifies ONC?

These had a low correlation with ONC over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.25), DXJ (correlation -0.10) and EMLP (correlation 0.26); among large stocks, CAH (correlation 0.01), CLS (correlation 0.08) and MCK (correlation -0.04). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ONC

Other stocks and ETFs