How Can I Beat the S&P 500? What the Evidence Says
The honest answer to the most asked question in investing: how many people beat the index, why it is so hard, why investors trail even their own funds, and how daily market context fits in.
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CHE Stock vs the S&P 500: Returns, Risk and Crash History
Chemed Corporation, healthcare (market value $6.9 billion): how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns and what analysts said. Returns to Oct 30, 2026; analyst data as of Nov 9, 2026.
What changed since Nov 2
Exent re-checks this page every day. Ratings appear 30 days after they are published; the top‑ranked analysts’ calls are not counted here, they are in Gems.
4 4★+ analysts covering (was 3)
Key takeaways
- CHE returned +12.9% over the 5 years to Oct 30, 2026 versus +75.9% for the S&P 500: it lagged the index.
- Its 5-year Sharpe ratio was 0.06 against 0.58 for the S&P 500.
- Its deepest crisis drawdown was −50.6% in the global financial crisis (2007–09) (S&P 500: −56.5%).
- Five‑year volatility was 25.4% and beta 0.50.
- 5 analysts rated it in the past year; 40% of their latest calls were Buy.
What do the best‑ranked analysts on CHE say now? See it in Exent Gems →
In this article
- Did CHE beat the S&P 500?
- What Wall Street analysts say about CHE
- CHE returns by year vs the S&P 500
- CHE risk-adjusted returns: Sharpe, Sortino and volatility
- How CHE behaved in past crashes
- What moves with CHE, and what doesn’t
- Latest CHE upgrades, downgrades and price‑target changes
- The right benchmark for CHE
- Other healthcare stocks
- Data and methodology
Did CHE beat the S&P 500?
Over the 5 years to Oct 30, 2026, Chemed Corporation (CHE) returned +12.9% including dividends, versus +75.9% for the S&P 500 (SPY). It lagged the index by 63.0 percentage points, or +2.5% a year against +12.0%.
| Period | CHE | S&P 500 | CHE per year | S&P 500 per year | Result |
|---|---|---|---|---|---|
| 1 year | +24.6% | +12.0% | +24.6% | +12.0% | Beat |
| 3 years | −3.8% | +87.4% | −1.3% | +23.3% | Lagged |
| 5 years | +12.9% | +75.9% | +2.5% | +12.0% | Lagged |
| 10 years | +292.7% | +316.3% | +14.7% | +15.3% | Lagged |
- 1 year
- CHE
- +24.6%
- S&P 500
- +12.0%
- CHE per year
- +24.6%
- S&P 500 per year
- +12.0%
- Result
- Beat
- 3 years
- CHE
- −3.8%
- S&P 500
- +87.4%
- CHE per year
- −1.3%
- S&P 500 per year
- +23.3%
- Result
- Lagged
- 5 years
- CHE
- +12.9%
- S&P 500
- +75.9%
- CHE per year
- +2.5%
- S&P 500 per year
- +12.0%
- Result
- Lagged
- 10 years
- CHE
- +292.7%
- S&P 500
- +316.3%
- CHE per year
- +14.7%
- S&P 500 per year
- +15.3%
- Result
- Lagged
Total return with dividends reinvested, from month-end prices to Oct 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also how to beat the S&P 500.
What Wall Street analysts say about CHE
In the 12 months to 30 days ago, 5 analysts published 38 ratings on CHE. Their latest calls were 40% Buy, 60% Hold and 0% Sell. 4 of them rank 4★ or higher in Exent’s analyst scoring, which is based on each analyst’s past price‑target hit rate and returns.
The consensus 12‑month price target was $635.00 (range $620.00–$650.00), +16.6% from the last price. Remember that the average analyst’s target is hit only about half the time: how accurate are price targets?
| Top‑ranked analyst covering | Firm | Stars | Price‑target hit rate |
|---|---|---|---|
| A.J. Rice | UBS | 4.9★ | 56.4% |
| Michael Wiederhorn | Oppenheimer | 4.8★ | 47.7% |
| Ben Hendrix | RBC Capital | 4.7★ | 49.5% |
| Brian Tanquilut | Jefferies | 4.6★ | 57.8% |
Ratings are shown with a 30‑day delay. Who the top‑ranked analysts on CHE are, their live calls and the median target of only the top‑rated analysts are in Exent Gems.
The average analyst’s target is reached about 53.1% of the time; Exent Gems is built on the top 50 of Exent’s ranking,where some reached 90% or more over the last two years. Unlock the top 50 analysts.
CHE returns by year vs the S&P 500
CHE beat the S&P 500 in 5 of the 9 full calendar years shown.
| Year | CHE | S&P 500 | Difference |
|---|---|---|---|
| 2026 (to Oct 30, 2026) | +25.5% | +11.7% | +13.8% |
| 2025 | −18.9% | +17.7% | −36.6% |
| 2024 | −9.1% | +24.9% | −34.0% |
| 2023 | +14.9% | +26.2% | −11.3% |
| 2022 | −3.2% | −18.2% | +15.0% |
| 2021 | −0.4% | +28.7% | −29.1% |
| 2020 | +21.6% | +18.3% | +3.3% |
| 2019 | +55.6% | +31.2% | +24.4% |
| 2018 | +17.0% | −4.6% | +21.6% |
| 2017 | +52.3% | +21.7% | +30.6% |
CHE risk-adjusted returns: Sharpe, Sortino and volatility
Over 5 years, CHE had a Sharpe ratio of 0.06 against 0.58 for the S&P 500, so it earned less return per unit of risk than the index. Its annualized volatility was 22.6% and its beta 0.50: it tended to move about 0.5× as much as the market.
| Metric | CHE | S&P 500 |
|---|---|---|
| Annual return | +2.5% | +12.0% |
| Volatility (annualized) | 22.6% | 15.5% |
| Sharpe ratio | 0.06 | 0.58 |
| Sortino ratio | 0.08 | 0.91 |
| Max drawdown (month-end) | −40.7% | −23.9% |
| Beta to the S&P 500 | 0.50 | 1.00 |
How CHE behaved in past crashes
CHE’s deepest fall in the crises below was −50.6% in the global financial crisis (2007–09), against −56.5% for the S&P 500. The last column turns that into money: what a $100,000 position would have lost from peak to trough.
| Crisis | CHE | S&P 500 | Loss on $100,000 |
|---|---|---|---|
| Global financial crisis (2007–09) | −50.6% | −56.5% | −$50,610 |
| 2018 trade-war selloff | −17.8% | −20.2% | −$17,790 |
| COVID crash (Feb–Mar 2020) | −30.7% | −34.1% | −$30,680 |
| 2022 inflation bear market | −17.3% | −25.4% | −$17,250 |
| 2025 tariff selloff | −7.7% | −19.0% | −$7,660 |
| Window | CHE max drawdown |
|---|---|
| Last 1 year | −23.0% |
| Last 3 years | −42.9% |
| Last 5 years | −42.9% |
| Last 10 years | −39.1% |
Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the crash test.
What moves with CHE, and what doesn’t
Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 60 months of monthly returns, CHE’s correlation with the S&P 500 was 0.34, with the Nasdaq‑100 0.17, with long Treasuries (TLT) 0.22 and with gold (GLD) 0.08.
Adding a 5% CHE position to an S&P 500 portfolio would have moved its 5‑year volatility from 15.5% to 15.1%.
| Least correlated large caps | Correlation | Most correlated large caps | Correlation |
|---|---|---|---|
| GLW | −0.12 | MRSH | 0.66 |
| ORCL | −0.11 | ELV | 0.58 |
| PLTR | −0.08 | CTAS | 0.57 |
| MRNA | −0.08 | KO | 0.54 |
| NET | −0.07 | BRK-B | 0.54 |
Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.
Latest CHE upgrades, downgrades and price‑target changes
| Date | Rating and target | Analyst |
|---|---|---|
| Oct 29 | Target raised Buy | A.J. Rice |
| Oct 29 | Target raised Buy | Michael Wiederhorn |
| Oct 28 | Upgrade Buy | Brian Tanquilut |
| Oct 28 | Target raised Hold | Ben Hendrix |
| Oct 27 | Upgrade Hold → Buy | Brian Tanquilut |
| Sep 25 | New coverage Buy | A.J. Rice |
Named analysts’ rating and price‑target changes on CHE in the 5 weeks to Oct 12, 2026, shown 30 days after publication (the free analysts’ calls 3 days after). The top‑ranked analysts’ calls are in Exent Gems. See all of the latest analyst upgrades and downgrades.
The right benchmark for CHE
Exent matches every holding to the index with the most similar risk. For CHE that is MDY. Comparing a holding with an index that carries very different risk makes good results look bad and risky ones look clever. Read why the S&P 500 is the wrong benchmark for most portfolios.
Other healthcare stocks
| Ticker | Name | 5‑year return | Volatility (5y) |
|---|---|---|---|
| LLY | Eli Lilly and Company | +482.3% | 32.6% |
| JNJ | Johnson & Johnson | +92.9% | 16.8% |
| ABBV | AbbVie Inc. | +207.1% | 23.5% |
| UNH | UnitedHealth Group Incorporated | −3.3% | 32.7% |
| MRK | Merck & Co., Inc. | +97.8% | 23.6% |
| TMO | Thermo Fisher Scientific Inc. | +11.7% | 27.0% |
| AMGN | Amgen Inc. | +163.1% | 24.9% |
| GILD | Gilead Sciences, Inc. | +214.3% | 24.8% |
Data and methodology
Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Oct 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: Exent methodology.
Company data as of Oct 20, 2026. The move around an earnings report runs from the close before it to the close after it; a price target counts as hit when the stock closed at or beyond it within 12 months (Exent analyst data). Revenue by region and segment, share counts and executive pay come from company filings; insider trades from SEC Form 4, short interest from FINRA, institutional ownership from 13F filings, Congress trades from STOCK Act disclosures filed with the House and Senate, federal contracts from USAspending.gov. Filings from the last 30 days are shown as counts only.
Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.
Check CHE with Exent Gems
Wall Street’s average CHE price target is 16.6% above the latest share price. See what the best‑ranked analysts on CHE say now in Exent Gems.
- Exent ranks Wall Street analysts by their past price‑target hit rate and returns, and keeps the best‑ranked few.
- Gems shows who the top‑ranked analysts covering CHE are, their live calls and the median target of only the top‑rated analysts.
- Gems flags the stocks where several top‑ranked analysts agree: a starting point for your own research, not a promise.
Frequently asked questions
No. CHE returned +292.7% (+14.7% a year) over the 10 years to Oct 30, 2026, versus +316.3% (+15.3% a year) for the S&P 500, including dividends.
No. As of Oct 20, 2026, CHE (Chemed Corporation) is not one of the 503 stocks in the S&P 500.
CHE fell −50.6% from peak to trough during the global financial crisis (2007–09), versus −56.5% for the S&P 500.
CHE fell −30.7% from peak to trough during the covid crash (feb–mar 2020), versus −34.1% for the S&P 500.
CHE fell −17.3% from peak to trough during the 2022 inflation bear market, versus −25.4% for the S&P 500.
Over the 5 years to Oct 30, 2026, CHE’s Sharpe ratio was 0.06 and its Sortino ratio 0.08, versus 0.58 and 0.91 for the S&P 500.
CHE’s 5‑year annualized volatility was 25.4%, higher than the S&P 500’s 17.0%, with a beta of 0.50.
Among large US stocks, the lowest correlations with CHE over the last 60 months were GLW (−0.12), ORCL (−0.11), PLTR (−0.08). Its correlation with long Treasuries (TLT) was 0.22 and with gold (GLD) 0.08.
What do the best‑ranked analysts say on CHE now?
Exent ranks Wall Street analysts by their track record. Gems shows who the top‑ranked analysts on CHE are, their latest calls and the stocks where several of them agree.
See this week’s GemsLimited offer$1.95 for full access· full access
Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.