HQY vs. MCK

Last updated Jun 4, 2026

HQY (HealthEquity, Inc.) and MCK (McKesson Corporation) are both stocks. Both are in the Healthcare sector — HQY in Health Information Services, MCK in Medical Distribution. Over the past 10 years, HQY returned 12.32%/yr vs 15.65%/yr for MCK. At a 0.23 correlation, their price movements are largely independent.

Performance

HQY vs. MCK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HealthEquity, Inc. (HQY) and McKesson Corporation (MCK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HQY achieves a -6.99% return, which is significantly higher than MCK's -9.67% return. Over the past 10 years, HQY has underperformed MCK with an annualized return of 12.32%, while MCK has yielded a comparatively higher 15.65% annualized return.

HQY

• 1D: -3.54%
• 1M: 3.69%
• YTD: -6.99%
• 6M: -13.62%
• 1Y: -17.88%
• 3Y*: 12.87%
• 5Y*: 0.99%
• 10Y*: 12.32%

MCK

• 1D: 0.37%
• 1M: -8.36%
• YTD: -9.67%
• 6M: -8.00%
• 1Y: 3.87%
• 3Y*: 24.32%
• 5Y*: 31.27%
• 10Y*: 15.65%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HQY vs. MCK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HQY HealthEquity, Inc.	-6.99%	-4.52%	44.72%	7.56%	39.33%	-36.54%	-5.89%	24.17%	27.84%	15.15%
MCK McKesson Corporation	-9.67%	44.54%	23.67%	24.13%	51.82%	44.23%	27.06%	26.72%	-28.40%	11.95%

Correlation

The correlation between HQY and MCK is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Aug 1, 2014	0.23

The correlation between HQY and MCK shifts across timeframes, from 0.08 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap HQY : $7.24B MCK : $90.74B
EPS HQY : $2.66 MCK : $38.38
PE Ratio HQY : 32.06 MCK : 19.27
PEG Ratio HQY : 0.23 MCK : 0.26
PS Ratio HQY : 5.53 MCK : 0.23
PB Ratio HQY : 3.54 MCK : 13.12
Total Revenue (TTM) HQY : $1.34B MCK : $403.43B
Gross Profit (TTM) HQY : $972.12M MCK : $14.55B
EBITDA (TTM) HQY : $300.86M MCK : $6.91B

Return for Risk

HQY vs. MCK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HQY

HQY Risk / Return Rank: 21
HQY Sharpe Ratio Rank: 20
HQY Sortino Ratio Rank: 20
HQY Omega Ratio Rank: 20
HQY Calmar Ratio Rank: 23
HQY Martin Ratio Rank: 24

MCK

MCK Risk / Return Rank: 43
MCK Sharpe Ratio Rank: 45
MCK Sortino Ratio Rank: 40
MCK Omega Ratio Rank: 39
MCK Calmar Ratio Rank: 44
MCK Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HQY vs. MCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HealthEquity, Inc. (HQY) and McKesson Corporation (MCK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HQY	MCK	Difference
Sharpe ratio Return per unit of total volatility	-0.49	0.13	-0.63
Sortino ratio Return per unit of downside risk	-0.49	0.43	-0.92
Omega ratio Gain probability vs. loss probability	0.94	1.06	-0.12
Calmar ratio Return relative to maximum drawdown	-0.51	0.14	-0.65
Martin ratio Return relative to average drawdown	-0.85	0.40	-1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HQY vs. MCK - Sharpe Ratio Comparison

The current HQY Sharpe Ratio is -0.49, which is lower than the MCK Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of HQY and MCK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HQY	MCK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.49	0.13	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	1.30	-1.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.55	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.44	-0.12

Drawdowns

HQY vs. MCK - Drawdown Comparison

The maximum HQY drawdown since its inception was -60.65%, smaller than the maximum MCK drawdown of -82.84%. Use the drawdown chart below to compare losses from any high point for HQY and MCK.

Drawdown Indicators

	HQY	MCK	Difference
Max Drawdown Largest peak-to-trough decline	-60.65%	-82.84%	+22.19%
Max Drawdown (1Y) Largest decline over 1 year	-35.25%	-27.17%	-8.08%
Max Drawdown (3Y) Largest decline over 3 years	-36.07%	-27.17%	-8.90%
Max Drawdown (5Y) Largest decline over 5 years	-52.81%	-27.17%	-25.64%
Max Drawdown (10Y) Largest decline over 10 years	-60.65%	-44.23%	-16.42%
Current Drawdown Current decline from peak	-25.59%	-25.64%	+0.05%
Average Drawdown Average peak-to-trough decline	-22.98%	-28.65%	+5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.15%	9.74%	+11.41%

Volatility

HQY vs. MCK - Volatility Comparison

HealthEquity, Inc. (HQY) has a higher volatility of 10.40% compared to McKesson Corporation (MCK) at 9.60%. This indicates that HQY's price experiences larger fluctuations and is considered to be riskier than MCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HQY	MCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.40%	9.60%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	26.83%	22.90%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	36.33%	28.91%	+7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.78%	24.16%	+15.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.52%	28.80%	+15.72%

Dividends

HQY vs. MCK - Dividend Comparison

HQY has not paid dividends to shareholders, while MCK's dividend yield for the trailing twelve months is around 0.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HQY HealthEquity, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MCK McKesson Corporation	0.44%	0.37%	0.47%	0.50%	0.54%	0.72%	0.95%	1.16%	1.32%	0.80%	0.80%	0.53%

Financials

HQY vs. MCK - Profitability Comparison

The chart below illustrates the profitability comparison between HealthEquity, Inc. and McKesson Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HQY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, HealthEquity, Inc. reported a gross profit of 256.31M and revenue of 354.64M. Therefore, the gross margin over that period was 72.3%.

MCK - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, McKesson Corporation reported a gross profit of 4.04B and revenue of 96.30B. Therefore, the gross margin over that period was 4.2%.

HQY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, HealthEquity, Inc. reported an operating income of 102.95M and revenue of 354.64M, resulting in an operating margin of 29.0%.

MCK - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, McKesson Corporation reported an operating income of 2.09B and revenue of 96.30B, resulting in an operating margin of 2.2%.

HQY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, HealthEquity, Inc. reported a net income of 69.42M and revenue of 354.64M, resulting in a net margin of 19.6%.

MCK - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, McKesson Corporation reported a net income of 1.68B and revenue of 96.30B, resulting in a net margin of 1.8%.

Frequently Asked Questions

Can I hold both HQY and MCK in my portfolio?

HQY and MCK have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HQY or MCK?

HQY has higher volatility (10.40%) compared to MCK (9.60%). In terms of maximum drawdown, HQY dropped -60.65% vs MCK's -82.84%.

Which has better risk-adjusted returns?

MCK currently has the higher Sharpe Ratio (0.13 vs -0.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.