StocksInsight

RMD Stock vs the S&P 500: Returns, Risk and Crash History

ResMed Inc., healthcare (market value $33.7 billion), an S&P 500 member: how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns and what analysts said. Data as of Oct 30, 2026.

Published Updated 4 min readHow we research

What changed since Oct 26

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.

47% Buy ratings (was 44%)17 analysts covering (was 18)−5.9% 1‑year return through Oct 30 (was −18.4%)

Key takeaways

  • RMD returned −8.5% 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 −0.03 against 0.58 for the S&P 500.
  • Its deepest crisis drawdown was −43.8% in the global financial crisis (2007–09) (S&P 500: −56.5%).
  • Five‑year volatility was 31.1% and beta 0.77.
  • 17 analysts rated it in the past year; 47% of their latest calls were Buy.
  • RMD beat earnings estimates in 11 of its last 12 reports; the stock moved 5.9% on average, up or down, around each report.

What do the best‑ranked analysts on RMD say now? See it in Exent Gems →

Did RMD beat the S&P 500?

Over the 5 years to Oct 30, 2026, ResMed Inc. (RMD) returned −8.5% including dividends, versus +75.9% for the S&P 500 (SPY). It lagged the index by 84.4 percentage points, or −1.8% a year against +12.0%.

PeriodRMDS&P 500RMD per yearS&P 500 per yearResult
1 year−5.9%+12.0%−5.9%+12.0%Lagged
3 years+67.7%+87.4%+18.8%+23.3%Lagged
5 years−8.5%+75.9%−1.8%+12.0%Lagged
10 years+329.7%+316.3%+15.7%+15.3%Beat
  • 1 year
    RMD
    −5.9%
    S&P 500
    +12.0%
    RMD per year
    −5.9%
    S&P 500 per year
    +12.0%
    Result
    Lagged
  • 3 years
    RMD
    +67.7%
    S&P 500
    +87.4%
    RMD per year
    +18.8%
    S&P 500 per year
    +23.3%
    Result
    Lagged
  • 5 years
    RMD
    −8.5%
    S&P 500
    +75.9%
    RMD per year
    −1.8%
    S&P 500 per year
    +12.0%
    Result
    Lagged
  • 10 years
    RMD
    +329.7%
    S&P 500
    +316.3%
    RMD per year
    +15.7%
    S&P 500 per year
    +15.3%
    Result
    Beat

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.

RMD is in the S&P 500 (members as of Oct 20, 2026); the list shows every member’s return against the index.

What Wall Street analysts say about RMD

In the 12 months to 30 days ago, 17 analysts published 152 ratings on RMD. Their latest calls were 47% Buy, 53% Hold and 0% Sell. 2 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 $296.87 (range $230.00–$345.00), +27.4% 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 coveringFirmStarsPrice‑target hit rate
Adam MaederPiper Sandler4.7★46.7%
Anthony PetroneMizuho Securities4.7★44.4%

Ratings are shown with a 30‑day delay. Who the top‑ranked analysts on RMD 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.

RMD returns by year vs the S&P 500

RMD beat the S&P 500 in 5 of the 9 full calendar years shown.

YearRMDS&P 500Difference
2026 (to Oct 30, 2026)−3.8%+11.7%−15.5%
2025+6.3%+17.7%−11.4%
2024+34.2%+24.9%+9.3%
2023−16.5%+26.2%−42.7%
2022−19.5%−18.2%−1.3%
2021+23.4%+28.7%−5.3%
2020+38.3%+18.3%+20.0%
2019+37.8%+31.2%+6.6%
2018+36.4%−4.6%+41.0%
2017+39.1%+21.7%+17.4%

RMD risk-adjusted returns: Sharpe, Sortino and volatility

Over 5 years, RMD had a Sharpe ratio of −0.03 against 0.58 for the S&P 500, so it earned less return per unit of risk than the index. Its annualized volatility was 29.8% and its beta 0.77: it tended to move about 0.8× as much as the market.

MetricRMDS&P 500
Annual return−1.8%+12.0%
Volatility (annualized)29.8%15.5%
Sharpe ratio−0.030.58
Sortino ratio−0.040.91
Max drawdown (month-end)−45.4%−23.9%
Beta to the S&P 5000.771.00

Sharpe divides return above cash by total volatility; Sortino counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.

How RMD behaved in past crashes

RMD’s deepest fall in the crises below was −43.8% 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.

CrisisRMDS&P 500Loss on $100,000
Global financial crisis (2007–09)−43.8%−56.5%−$43,800
2018 trade-war selloff−15.1%−20.2%−$15,140
COVID crash (Feb–Mar 2020)−35.3%−34.1%−$35,260
2022 inflation bear market−26.8%−25.4%−$26,790
2025 tariff selloff−13.6%−19.0%−$13,560
WindowRMD max drawdown
Last 1 year−34.6%
Last 3 years−40.1%
Last 5 years−54.0%
Last 10 years−54.7%

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 RMD, and what doesn’t

Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 60 months of monthly returns, RMD’s correlation with the S&P 500 was 0.40, with the Nasdaq‑100 0.25, with long Treasuries (TLT) 0.45 and with gold (GLD) 0.34.

Adding a 5% RMD position to an S&P 500 portfolio would have moved its 5‑year volatility from 15.5% to 15.3%.

Least correlated large capsCorrelationMost correlated large capsCorrelation
DELL−0.13MCO0.54
INTC−0.10PNC0.50
CRWD−0.06SYK0.50
CSCO−0.02SBUX0.49
LLY−0.01HCA0.49

Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.

Latest RMD upgrades, downgrades and price‑target changes

DateRating and targetAnalyst
Oct 30Target raised
Hold
Target $260, was $225
Adam Maeder
Piper Sandler
Oct 30Target raised
Buy
Target $270, was $240
Anthony Petrone
Mizuho Securities
Oct 13Target raised
Buy
Target $240, was $235
Anthony Petrone
Mizuho Securities
Sep 15Upgrade
Hold → Buy
Target $262, was $244
Craig Wong-Pan
RBC Capital
Sep 10Target raised
Hold
Target $240, was $235
Laura Sutcliffe
Citi
Aug 31Target raised
Buy
Target $267, was $255
Brett Fishbin
KeyBanc

Named analysts’ rating and price‑target changes on RMD in the 5 weeks to Oct 4, 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.

Do analysts get RMD right?

Of the 214 analyst price targets on RMD set from 2019 until a year ago, 68.7% were reached within 12 months (data to Oct 20, 2026), 0.1 points above the 68.6% hit rate of the median stock in Exent’s study of 794 stocks. Targets that were reached took a median of 68 days. The median target sat 11.1% above the share price on the day it was set.

Where analysts said RMD would be by now: a year ago, 6 analysts had a price target on RMD, and the median of their latest targets was $301.50. On Oct 20, 2026 RMD closed at $245.54, 18.6% below it.

68.7%of targets reached within 12 monthsMedian stock: 68.6%
68 daysmedian time to reach a target
−18.6%price now vs the median target set a year ago
AfterCallsMove on the call3 months vs S&P 500
Upgrades of RMD27+1.8%+4.9%
Upgrades, all stocks11,514+2.5%+3.4%
Downgrades of RMD26−3.8%+0.6%
Downgrades, all stocks10,700−3.0%−1.6%

The move on the call runs from the close before the rating change to the close after it; the last column is the stock’s return minus the S&P 500’s over the next three months. Averages of rating changes on RMD through Sep 15, 2026; analysts are not named here. Do analyst upgrades move stocks?

How RMD moves after earnings

RMD beat the consensus earnings‑per‑share estimate in 11 of its last 12 quarterly reports, through the one on Aug 6, 2026, and the revenue estimate in 11 of 12. From the close before each report to the close after it, the stock moved 5.9% on average, up or down, against 6.8% for the average report across the 1,002 US stocks Exent tracks. It rose after 7 of the 12 reports. In 5 of the 11 beats the stock still fell.

11/12earnings beats
±5.9%average move per report
7/12reports followed by a rise
ReportEPS vs estimateRevenue vs estimateStock move
Aug 6, 2026$2.95 vs $2.89+0.2%−5.4%
Apr 30, 2026$2.86 vs $2.80+0.8%−3.3%
Jan 29, 2026$2.81 vs $2.74+1.6%+0.2%
Oct 30, 2025$2.55 vs $2.51+0.2%−2.7%
Jul 31, 2025$2.55 vs $2.46+1.3%+0.6%
Apr 23, 2025$2.37 vs $2.38+0.3%+10.3%
Jan 30, 2025$2.43 vs $2.32+1.2%−6.6%
Oct 24, 2024$2.20 vs $2.04+3.3%+7.9%

Reported earnings per share against the consensus estimate, revenue surprise in percent, and the stock’s price change over the two sessions around the report. How stocks move after earnings

Where RMD’s revenue comes from

In fiscal 2024 (the year to Jun 30, 2024), RMD’s largest reported region was U [S], with 63.6% of its $4.7 billion revenue. By region: U [S] 63.6%; Global 36.4%.

By business, the largest segment was Sleep And Respiratory, with 87.5% of $4.7 billion revenue (+10.1% on the year before).

  • U [S]63.6%
  • Global36.4%
SegmentRevenueShareGrowth
Sleep And Respiratory$4.1 billion87.5%+10.1%
Software As Service$584.1 million12.5%+17.3%

From RMD’s annual filings; segment growth compares fiscal 2024 with the year before. Regions are as each company reports them, so one company’s “Asia Pacific” is not another’s. China counts the regions a company reports as China, Greater China or Hong Kong; a separately reported Taiwan is not counted. Which S&P 500 companies depend most on China?

Members of Congress who traded RMD

As of Oct 20, 2026, 9 members of Congress had disclosed 36 trades in RMD (17 buys and 19 sales) in STOCK Act disclosures filed with the House and Senate. The latest public trade is dated May 1, 2026.

Trade dateMemberTypeAmount
May 1, 2026Ro KhannaBuy$1,001–$15,000
Apr 13, 2026Ro KhannaBuy$1,001–$15,000
Mar 27, 2026Alan ArmstrongBuy$1,001–$15,000
Jan 29, 2026Ro KhannaSale$1,001–$15,000
Jun 4, 2025Kelly Louise MorrisonSale$1,001–$15,000
Apr 28, 2025Kelly Louise MorrisonSale$1,001–$15,000
Jan 13, 2025Rob BresnahanSale$1,001–$15,000
Nov 15, 2024Ro KhannaBuy$1,001–$15,000
May 3, 2024Thomas TubervilleSale$1,001–$15,000
Oct 31, 2023Ro KhannaBuy$1,001–$15,000

Amounts are the ranges members report, not exact values. The STOCK Act gives members up to 45 days to disclose a trade, so trades appear weeks after they are made. See every member’s disclosed trades

One trade in RMD disclosed in the last 30 days is in Exent Radar.

Are RMD insiders buying or selling?

In the 12 months to Oct 20, 2026, RMD insiders made no open‑market purchases and 22 sales worth $22.3 million, according to SEC Form 4 filings. The last open‑market purchase on record was on Aug 17, 2016.

After the 1 insider purchase of $10,000 or more since 2012, RMD lagged the S&P 500 by an average of 5.1 percentage points over the next 12 months; none of them was followed by a beat (a small sample). Across all 17,865 insider purchases in Exent’s study, the average was +17.2% and the median +1.0% against the index.

Q1 ’25
Q2 ’25
Q3 ’25
Q4 ’25
Q1 ’26
Q2 ’26
Q3 ’26
Q4 ’26
DateInsiderRoleValue
Aug 17, 2016Taylor Ronald RDirector$171,926
Aug 21, 2006Sulpizio RichardDirector$424,500
May 20, 2002Quinn Michael ADirector$1.5 million

The table lists the latest open‑market purchases on record, leaving out the last 30 days. The chart counts Form 4 purchases and sales by calendar quarter. Purchases are open‑market buys; sales include planned sales under 10b5‑1 trading plans. Do insider buys beat the market?

How much of RMD is sold short?

As of the Sep 30, 2026 settlement date, 9.18% of RMD’s float was sold short: 12.8 million shares, or 9.9 days of average trading volume to cover. A year earlier (Oct 15, 2025) it was 6.43%. The median across the 997 US stocks Exent tracks was 4.77%, so RMD is more heavily shorted than most.

  • Apr 30, 20268.83%
  • May 29, 20268.53%
  • Jun 30, 202610.84%
  • Jul 31, 202611.25%
  • Aug 31, 20269.38%
  • Sep 30, 20269.18%

From FINRA short‑interest reports, filed twice a month; the bars show the short share of the float at each month‑end. Days to cover divides the shares short by the average daily volume. The most shorted stocks

How many institutions own RMD?

At the end of Q2 2026 (Jun 30, 2026), 921 institutions reported holding RMD in 13F filings, down 51 from the quarter before and down from 963 a year earlier. Their reported holdings add up to 69.9% of RMD’s shares. In the quarter 399 institutions added to their positions and 368 cut them.

92113F holders
92new positions
145positions closed
69.9%of shares held by 13F filers

Investment managers with over $100 million in US equities file 13F reports within 45 days of each quarter end, so this is the latest complete quarter. Holdings can add up to more than 100% when shares are lent and counted twice. Which stocks institutions are buying and selling

Is RMD diluting shareholders?

RMD’s diluted share count fell 1.0% over the five fiscal years to fiscal 2026 and fell 1.6% in fiscal 2026 alone. Each share now owns a larger slice of the company. The median change across the 1,005 US stocks Exent tracks was −0.1%.

Stock‑based compensation was $104.3 million in fiscal 2026, 1.8% of revenue. RMD spent $700.0 million buying back shares, a buyback yield of 2.01% of its market value; stock pay equaled 14.9% of the buybacks.

−1.6%share count, 1 year
−1.0%share count, 5 years
1.8%stock pay as % of revenue
2.01%buyback yield

Weighted‑average diluted shares from RMD’s annual income statements; stock‑based compensation and buybacks from its cash‑flow statement. Stock dilution and stock‑based compensation, explained

RMD financial health scores

In Exent’s Oct 20, 2026 snapshot, RMD’s Altman Z‑score was 11.36, in the safe zone (where 465 of the 794 non‑financial US stocks Exent tracks sit). Its Piotroski F‑score was 6 out of 9; 62% of scored stocks reach 6 or more.

11.36Altman Z‑score: safe zone
6/9Piotroski F‑score

The Altman Z‑score combines five balance‑sheet and earnings ratios into one bankruptcy‑risk score: below 1.81 is the distress zone, 1.81–2.99 grey, above 2.99 safe. It is not meaningful for banks, insurers and REITs. The Piotroski F‑score counts nine yes/no tests of profitability, leverage and efficiency; 8–9 is strong, 0–2 weak. Both come from the latest annual statements. Which stocks have the highest bankruptcy risk?

What RMD talks about on earnings calls

On its latest earnings call (Aug 6, 2026), RMD’s executives and analysts mentioned AI 5 times, against 2 on the call before (Apr 30, 2026); the average across 455 S&P 500 calls that quarter was 12.9. After AI, the most mentioned topic was tariffs (3).

MentionsAug ’26Apr ’26Jan ’26Oct ’25
AI52511
AI agents0000
Data centers0000
Tariffs3012
China3442
Recession0000
  • AI
    Aug ’26
    5
    Apr ’26
    2
    Jan ’26
    5
    Oct ’25
    11
  • AI agents
    Aug ’26
    0
    Apr ’26
    0
    Jan ’26
    0
    Oct ’25
    0
  • Data centers
    Aug ’26
    0
    Apr ’26
    0
    Jan ’26
    0
    Oct ’25
    0
  • Tariffs
    Aug ’26
    3
    Apr ’26
    0
    Jan ’26
    1
    Oct ’25
    2
  • China
    Aug ’26
    3
    Apr ’26
    4
    Jan ’26
    4
    Oct ’25
    2
  • Recession
    Aug ’26
    0
    Apr ’26
    0
    Jan ’26
    0
    Oct ’25
    0

Word counts in the full transcript of each call, prepared remarks and Q&A, newest first. “AI” also counts generative AI and large language models; “AI agents” counts agentic AI. Which companies talk most about AI?

Which ETFs hold RMD?

As of Oct 20, 2026, 61 of the 304 ETFs Exent tracks held RMD. Its largest weight is in RDVY (First Trust Rising Dividend Achievers ETF), at 1.55% of the fund.

ETFFundWeight of RMD
RDVYFirst Trust Rising Dividend Achievers ETF1.55%
RDVIFT Vest Rising Dividend Achievers Target Income ETF1.55%
FXHFirst Trust Health Care AlphaDEX Fund1.42%
VOTVanguard Mid-Cap Growth Index Fund0.75%
DSTLDistillate U.S. Fundamental Stability & Value ETF0.73%
XLVState Street Health Care Select Sector SPDR ETF0.54%
VHTVanguard Health Care Index Fund ETF Shares0.45%
COWZPacer US Cash Cows 100 ETF0.40%

Owning several of these funds stacks the same position. How much do VOO, QQQ and VTI overlap?

The right benchmark for RMD

Exent matches every holding to the index with the most similar risk. For RMD that is SPY (the S&P 500). 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

TickerName5‑year returnVolatility (5y)
LLYEli Lilly and Company+482.3%32.6%
JNJJohnson & Johnson+92.9%16.8%
ABBVAbbVie Inc.+207.1%23.5%
UNHUnitedHealth Group Incorporated−3.3%32.7%
MRKMerck & Co., Inc.+97.8%23.6%
AMGNAmgen Inc.+163.1%24.8%
TMOThermo Fisher Scientific Inc.+11.7%27.0%
GILDGilead 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 RMD with Exent Gems

Wall Street’s average RMD price target is 27.4% above the latest share price. See what the best‑ranked analysts on RMD say now in Exent Gems.

  1. Exent ranks Wall Street analysts by their past price‑target hit rate and returns, and keeps the best‑ranked few.
  2. Gems shows who the top‑ranked analysts covering RMD are, their live calls and the median target of only the top‑rated analysts.
  3. Gems flags the stocks where several top‑ranked analysts agree: a starting point for your own research, not a promise.

Exent is our product. Educational content, not investment advice.

Frequently asked questions

Yes. RMD returned +329.7% (+15.7% a year) over the 10 years to Oct 30, 2026, versus +316.3% (+15.3% a year) for the S&P 500, including dividends.

Yes. As of Oct 20, 2026, RMD (ResMed Inc.) is one of the 503 stocks in the S&P 500.

RMD fell −43.8% from peak to trough during the global financial crisis (2007–09), versus −56.5% for the S&P 500.

RMD fell −35.3% from peak to trough during the covid crash (feb–mar 2020), versus −34.1% for the S&P 500.

RMD fell −26.8% 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, RMD’s Sharpe ratio was −0.03 and its Sortino ratio −0.04, versus 0.58 and 0.91 for the S&P 500.

RMD’s 5‑year annualized volatility was 31.1%, higher than the S&P 500’s 17.0%, with a beta of 0.77.

Among large US stocks, the lowest correlations with RMD over the last 60 months were DELL (−0.13), INTC (−0.10), CRWD (−0.06). Its correlation with long Treasuries (TLT) was 0.45 and with gold (GLD) 0.34.

RMD beat the consensus earnings-per-share estimate in 11 of its last 12 quarterly reports through Aug 6, 2026, and the revenue estimate in 11 of 12. The stock moved 5.9% on average, up or down, from the close before each report to the close after it.

Yes. As of Oct 20, 2026, 9 members of Congress had disclosed 36 trades in RMD (17 buys and 19 sales) in STOCK Act disclosures filed with the House and Senate.

As of the Sep 30, 2026 settlement date, 9.18% of RMD’s float was sold short (12.8 million shares, 9.9 days to cover), according to FINRA short-interest reports. A year earlier it was 6.43%.

No. RMD’s diluted share count fell 1.0% over the five fiscal years to fiscal 2026 and fell 1.6% in the latest year. Stock-based compensation was 1.8% of revenue, and buybacks totaled $700.0 million.

What do the best‑ranked analysts say on RMD now?

Exent ranks Wall Street analysts by their track record. Gems shows who the top‑ranked analysts on RMD 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.

DISCLAIMER: Exent AI is an informational research platform and does not provide investment advice, financial advice, or act as an investment adviser, broker-dealer, or fiduciary. All content, analytics, and model outputs are provided for educational and informational purposes only and should not be relied upon as a recommendation to buy, sell, or hold any financial instrument. Investing involves risk, including the possible loss of principal. Exent AI does not execute trades, hold customer funds, or provide brokerage services. Past performance and hypothetical results are not indicative of future results. Third-party data and AI-generated outputs may be incomplete or inaccurate.