11 Best Performing S&P 500 Stocks in the Last 10 Years

Published January 20, 2023 at 10:59 am EST Updated September 7, 2026 at 11:52 am EDT

In this article, we discuss 11 best performing S&P 500 stocks in the last 10 years.
While it is important for investors to have a long-term perspective and not get caught up in short-term fluctuations, it is equally important to consider historical context and not base investment decisions solely on recent performance or market headlines. A diversified portfolio and a well thought out investment strategy can help individuals stay focused on their long-term goals and avoid making impulsive decisions based on short-term market movements.
Investors selling off their equities are displaying short sightedness, since latest Morgan Stanley data suggests that the operating margin of the S&P 500 Index stands at 11.6%, which is still close to the record high of 13.1% achieved in late 2021. The present operating margin is also meaningfully higher than pre-pandemic levels of 10.2% and the rolling 10-year average of 9.4%. 2022 nominal revenues for S&P 500 constituents were also 8% greater than the 10-year trend. Similarly, the real inflation-adjusted consumption in 2022 was approximately 7% ahead of its long-term trend.
To build a portfolio that has a chance to beat market volatility and offer stable returns, investors should look out for the top performing S&P 500 stocks over the years. Although past performance is not a measure for future performance, it is helpful to pick up companies that have shown resilience over time and will likely continue to perform well. While some investors choose income stocks to weather a harsh market environment (see 11 Undervalued Dividend Aristocrats to Buy), others seek out defensive equities instead. (see 14 Best Stocks To Buy Before A Recession) Some of the best performing S&P 500 stocks in the last 10 years include NVIDIA Corporation (NASDAQ:NVDA), Tesla, Inc. (NASDAQ:TSLA), and Mastercard Incorporated (NYSE:MA).

Our Methodology

We used a stock screener to scan the S&P 500 index and picked 11 of the best-performing stocks over the past 10 years with most significant gains, as of January 18. However, some of these companies were not operational during the entire ten year period. We scanned Insider Monkey’s database of 920 hedge funds to assess the hedge fund sentiment around these equities. The list is arranged according to the share price returns of each firm.

Photo by Adam Nowakowski on Unsplash

Best Performing S&P 500 Stocks in the Last 10 Years

11. Moderna, Inc. (NASDAQ:MRNA)

Number of Hedge Fund Holders: 44

10-Year Share Price Gains as of January 18: 925.2%

Moderna, Inc. (NASDAQ:MRNA) is an American biotechnology company that discovers, develops, and sells messenger RNA therapeutics and vaccines for the treatment of infectious diseases, immuno-oncology diseases, rare diseases, cardiovascular diseases, and auto-immune diseases worldwide. On January 17, Moderna, Inc. announced results from a late-stage trial of its investigational respiratory syncytial virus (RSV) vaccine candidate, noting that it met its core efficacy goals. The vaccine candidate, mRNA-1345, indicated an efficacy of 83.7% against RSV lower respiratory tract disease in older adults, the company reported.

On January 11, Deutsche Bank analyst Emmanuel Papadakis raised Moderna, Inc.’s price target from $185 to $225 and maintained a “Buy” rating on the shares. Despite trimming the company’s fiscal 2024 revenue estimates, the analyst believes that recent news updates have been positive and have contributed to the boost in the price target. However, the analyst also believes that Moderna, Inc. will incur a loss this year due to planned research and development expenses.

According to Insider Monkey’s data, 44 hedge funds were long Moderna, Inc. at the end of Q3 2022, compared to 45 funds in the last quarter. Philippe Laffont’s Coatue Management is the biggest stakeholder of the company, with 5.70 million shares worth $674.7 million.

In addition to NVIDIA Corporation, Tesla, Inc., and Mastercard Incorporated, Moderna, Inc. is one of the best performing stocks over the last decade.

Here is what Baron Funds said about Moderna, Inc. in its Q3 2022 investor letter:

“Within biotechnology, underperformance of Moderna, Inc. and lower exposure to this better performing sub-industry weighed the most on relative performance. Shares of Moderna, a leader in the emerging field of mRNA-based vaccines and therapeutics, declined due to increasing uncertainty around what a booster market could look like as COVID shifts away from pandemic status and becomes an increasingly commercial market rather than government funded.”

10. Microsoft Corporation (NASDAQ:MSFT)

Number of Hedge Fund Holders: 269

10-Year Share Price Gains as of January 18: 969.5%

Microsoft Corporation (NASDAQ:MSFT) is one of the best performing S&P 500 stocks, with shares exhibiting 10-year price gains of 969.5% as of January 18. On January 17, Microsoft Corporation shares rose marginally after the company announced that it was expanding access to ChatGPT through its Azure cloud service. The tech giant disclosed that ChatGPT would be available “soon” via a program called Azure OpenAI Service. Microsoft already has a $1 billion stake in OpenAI, and is in talks to grow its investment in the company by perhaps as much as $10 billion.

On January 18, Morgan Stanley analyst Keith Weiss maintained an Overweight rating and a $307 price target on Microsoft Corporation shares ahead of the FQ2 earnings report. In a research note, the analyst told investors that Microsoft’s alignment with primary secular trends and benefits from vendor consolidation are likely to result in continued share gains for the company. Weiss also believes that Microsoft’s technology, scale, and distribution advantages contribute to a positive outlook on the company.

According to Insider Monkey’s Q3 data, Microsoft Corporation was part of 269 hedge fund portfolios, compared to 258 funds in the prior quarter. Bill & Melinda Gates Foundation Trust is the largest stakeholder of the company, with 39.2 million shares worth $9.14 billion.

Fundsmith made the following comment about Microsoft Corporation in its yearly 2022 investor letter:

“Take the example of Microsoft Corporation and Intuit. Microsoft shares are currently being valued at a P/E ratio of 25.0 times the consensus EPS estimate for the fiscal year ending June 2023. Meanwhile, Intuit is being valued at 28.4 times the non-GAAP consensus estimate for the fiscal year ending July 2023. Many investors and analysts may accept that Intuit is trading at a higher multiple given expectations of greater growth potential. However, Intuit removes share-based compensation from their non-GAAP EPS whereas Microsoft does not. Given that Intuit’s GAAP EPS guidance for the year ending 31st July 2023 is $6.92–$7.22, its non-GAAP guidance is $13.59–$13.89, and the consensus estimate for 2023 EPS is at $13.69, it seems clear that most sell-side analysts are accepting the company’s non-GAAP adjustments, which includes the removal of some $1.8bn of share-based compensation, in their estimates. If we include the impact of share-based compensation in Intuit’s 2023 EPS to make a more apples-to-apples comparison with Microsoft based upon GAAP EPS, Intuit’s 2023 EPS would be closer to $9, meaning that the shares would be trading at a multiple of about 43 times. I think investors and analysts may find a premium of 14% for Intuit over Microsoft (28.4 times versus 25.0 times) to be reasonable. I’m not so sure they are fully aware that Intuit shares are actually trading at a premium of 73% if share-based compensation is treated in the same manner between the two companies.”

9. T-Mobile US, Inc. (NASDAQ:TMUS)

Number of Hedge Fund Holders: 100

10-Year Share Price Gains as of January 18: 1,060%

T-Mobile US, Inc. (NASDAQ:TMUS) provides mobile communications services in the United States, Puerto Rico, and the United States Virgin Islands. The company offers voice, messaging, and data services to customers in the postpaid, prepaid, and wholesale markets. As of January 18, the 10-year share price gains of T-Mobile US, Inc. came in at 1,060%, making it one of the best performing S&P 500 constituents.

On January 4, T-Mobile US, Inc. reported that it added 6.4 million total postpaid customers in 2022, which topped forecasts, and also welcomed 2 million new high speed Internet customers during the year. The company disclosed that it added more high speed Internet customers than competitors like AT&T Inc., Verizon Communications Inc. (NYSE:VZ), Comcast Corporation (NASDAQ:CMCSA), and Charter Communications, Inc. (NASDAQ:CHTR) combined.

T-Mobile has announced resilient customer results for Q4, driven by very low customer churn despite some weakness in gross ads, according to JPMorgan analyst Philip Cusick in a research note dated January 5. T-Mobile US, Inc. is the analyst’s top long-term idea and favorite communications services stock, he reiterated an Overweight rating on the shares with a $200 price target.

According to Insider Monkey’s data, 100 hedge funds held long positions in T-Mobile US, Inc. at the end of September 2022, compared to 96 funds in the preceding quarter. Warren Buffett’s Berkshire Hathaway is the biggest stakeholder of the company, with 5.2 million shares worth $703.3 million.

In its Q4 2021 investor letter, ClearBridge Investments shared its stance on T-Mobile US, Inc.:

“As mentioned, the communication services sector has come under some pressure, and irrational pricing competition has negatively impacted wireless industry growth and profitability of late, weighing on T-Mobile. Faced with these headwinds, and with pressure from other wireless carriers and cable companies that could cause the company to cede share in subscriber growth in 2022, we exited our position in the fourth quarter.”

8. UnitedHealth Group Incorporated (NYSE:UNH)

Number of Hedge Fund Holders: 110

10-Year Share Price Gains as of January 18: 1,170%

UnitedHealth Group Incorporated (NYSE:UNH) operates as a diversified healthcare company in the United States. On January 13, after posting market-beating Q4 2022 results, UnitedHealth Group reaffirmed its 2023 outlook. The company expects revenues between $357 billion and $360 billion, and adjusted net earnings are forecasted between $24.40 and $24.90 per share, while the consensus came in at $356.17 billion and $24.95, respectively. UnitedHealth Group Incorporated is one of the best performing stocks over the last ten years.

Loop Capital analyst Joseph France on January 17 raised UnitedHealth Group Incorporated’s price target from $575 to $590 and maintained a “Buy” rating on the shares. The increase in the price target is due to the company’s “strong” Q4 results and 2023 outlook.

According to Insider Monkey’s third quarter data, 110 hedge funds were bullish on UnitedHealth Group Incorporated at the end of Q3 2022, compared to 91 funds in the prior quarter. Rajiv Jain’s GQG Partners is the largest stakeholder of the company, with 3.2 million shares worth $1.6 billion.

Here is what Stewart Asset Management has to say about UnitedHealth Group Incorporated in its Q3 2022 investor letter:

“Looking at the Great Recession which began at year-end 2007 and lasted to mid-year 2009 is helpful too. Our four largest current holdings in the portfolio weathered that period well. UnitedHealth’s earnings were resilient. While it reported modestly down earnings in 2008, its earnings rebounded quickly to record highs in 2010 and the shares responded strongly in anticipation of this.”

7. Lam Research Corporation (NASDAQ:LRCX)

Number of Hedge Fund Holders: 63

10-Year Share Price Gains as of January 18: 1,240%

Lam Research Corporation (NASDAQ:LRCX) designs, manufactures, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. Lam Research Corporation was incorporated in 1980 and is headquartered in Fremont, California. The company distributed a $1.725 per share quarterly dividend to shareholders on January 4. It is one of the best performing S&P 500 members over the last decade, with 10-year share price gains of 1,240% as of January 18.

On January 18, Stifel analyst Brian Chin resumed coverage of Lam Research Corporation with a Hold rating and a $495 price target. The analyst cited that fundamentals, particularly in the memory market, have rapidly declined, and he expects investments to contract sharply next year, resulting in a drop in overall spending on fab equipment. He believes that Lam Research Corporation’s leadership position in the memory market will likely become a drag on the business in 2023.

According to Insider Monkey’s Q3 data, 63 hedge funds were long Lam Research Corporation, compared to 56 funds in the prior quarter. Rajiv Jain’s GQG Partners is the biggest position holder in the company, with 3.7 million shares worth $1.37 billion.

Renaissance Investment made the following comment about Lam Research Corporation in its Q3 2022 investor letter:

“Conversely, we sold our positions in Lam Research Corporation and Zoetis (ZTS) following a sustained deterioration in fundamental factors. After a qualitative review of Lam Research, we believe the company will face a number of headwinds that could make for an unfavorable risk-reward position, given the highly cyclical nature of its business in a slowing global economy. We are also expecting fundamentals to turn negative as sales and operating profits are poised to decelerate, resulting in negative earnings revisions. While the stock trades at an attractive valuation multiple, we believe that this is more a sign that earnings will decline meaningfully.”

6. ServiceNow, Inc. (NYSE:NOW)

Number of Hedge Fund Holders: 103

10-Year Share Price Gains as of January 18: 1,420%

ServiceNow, Inc. (NYSE:NOW) is a California-based company that provides enterprise cloud computing solutions worldwide. It is one of the top S&P 500 performers over the last decade, with 10-year share price gains of 1,420% as of January 18.

On January 12, Wolfe Research analyst Alex Zukin raised the price target on ServiceNow, Inc. to $500 from $440 and kept an Outperform rating on the shares. His checks were “so strong on an absolute and relative basis” that he sees ServiceNow, Inc. having the “best setup” for Q4 earnings among the software stocks he covers, the analyst told investors. The analyst said he would buy the stock given its current valuation.

According to Insider Monkey’s data, 103 hedge funds were bullish on ServiceNow, Inc. at the end of Q3 2022, compared to 99 funds in the last quarter. Chase Coleman’s Tiger Global Management is the largest position holder in the company, with 1.7 million shares worth nearly $640 million.

Like NVIDIA Corporation, Tesla, Inc., and Mastercard Incorporated, ServiceNow, Inc. is one of the most popular S&P 500 stocks among elite hedge funds.

Aristotle Atlantic made the following comment about ServiceNow, Inc. in its Q3 2022 investor letter:

“Underperformance in the third quarter can be attributed to ServiceNow, Inc.’s slight miss on the second quarter earnings and guidance that was lower than expected for its third quarter outlook. The company is facing headwinds from the weaker macroeconomic conditions and a tempered outlook resulting from elongated sales cycles and an overall slowing software spending environment. These worsening conditions were highlighted by many software companies during the second quarter earnings season. We expect this to be temporary for ServiceNow where the long-term thesis of the company’s platform strategy and relevance to digital transformation strategies remains intact. The stock was also likely impacted by the rapid increase in interest rates during the third quarter and the resulting contraction of multiples on high-growth software stocks.”

5. Broadcom Inc. (NASDAQ:AVGO)

Number of Hedge Fund Holders: 74

10-Year Share Price Gains as of January 18: 2,060%

Broadcom Inc. (NASDAQ:AVGO) is a California-based semiconductor manufacturer whose products are used in multiple applications like enterprise and data center networking, home connectivity, broadband access, telecommunication equipment, smartphones and base stations, data center servers, storage systems, factory automation, power generation and alternative energy systems, and electronic displays. Broadcom Inc. is one of the best performing S&P 500 stocks over the last decade.

Deutsche Bank analyst Ross Seymore on December 14 raised the price target on Broadcom Inc. to $590 from $575 and maintained a Buy rating on the shares. Heading into 2023, the analyst expects semiconductor investor focus to move to finding a “bottom in both fundamentals and share prices.”

According to Insider Monkey’s Q3 data, 74 hedge funds were bullish on Broadcom Inc., compared to 66 funds in the last quarter. Ken Fisher’s Fisher Asset Management is the largest stakeholder of the company, with 1.5 million shares worth $673 million.

Here is what Carillon Tower Advisers specifically said about Broadcom Inc. in its Q2 2022 investor letter:

“Tech stocks, including Broadcom Inc., were one of the hardest-hit sectors due to fears over a weakening macroeconomic environment. Broadcom, however, outperformed semiconductor peers as its end-market exposures provided relatively more defensive characteristics.”

4. Mastercard Incorporated (NYSE:MA)

Number of Hedge Fund Holders: 146

10-Year Share Price Gains as of January 18: 2,240%

Mastercard Incorporated, an American financial technology company, is one of the best performing S&P 500 stocks in the last ten years. Mastercard Incorporated shares have exhibited share price gains of 2,240% as of January 18. The company declared on December 6 a $0.57 per share quarterly dividend, a 16.3% increase from its prior dividend of $0.49. The dividend is payable on February 9, to shareholders of record on January 9.

On January 18, Jefferies analyst Trevor Williams raised the price target on Mastercard Incorporated shares to $430 and maintained a Buy rating on the stock. He has a relative preference for Mastercard Incorporated in 2023 due to its limited exposure to the US, more leverage to APAC, and a path for higher forward estimates.

According to Insider Monkey’s third quarter database, 146 hedge funds were long Mastercard Incorporated, compared to 137 funds in the last quarter. Charles Akre’s Akre Capital Management held the biggest stake in the company, comprising 5.8 million shares worth $1.6 billion.

Ensemble Capital made the following comment about Mastercard Incorporated in its 2022 annual investor letter:

“Mastercard Incorporated (8.43%* weight in fund): Mastercard declined just 1.61% during the Fund’s fiscal year, adding 1.30% to relative performance. After worries last year about Buy Now, Pay Later lenders being disruptive to Mastercard’s payment network provided to be misguided, Mastercard avoided much of the decline in the broader stock market this year. In addition, with inflation worries being the main driver of the market selloff, the company’s inflation resistant business model calmed worried investors.”

3. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 89

10-Year Share Price Gains as of January 18: 2,510%

Advanced Micro Devices, Inc. (NASDAQ:AMD) was incorporated in 1969 and is headquartered in Santa Clara, California. It operates as a semiconductor company worldwide. On January 15, while Wall Street was cautious about the entire semiconductor industry, Wells Fargo selected Advanced Micro Devices, Inc. as one of its top chip stocks for 2023 amid pockets of optimism in certain areas of the sector.

On January 11, KeyBanc analyst John Vinh reiterated an Overweight rating on Advanced Micro Devices, Inc. but lowered the firm’s price target on the shares to $80 from $85. His quarterly supply chain findings are mostly negative. However, he continues to see a “soft landing” scenario and believes semiconductor companies are in a much better position to navigate this downturn due to improved visibility, more secular drivers, and better pricing leverage as selective price increases continue.

According to Insider Monkey’s data, 89 hedge funds were long Advanced Micro Devices, Inc. at the end of Q3 2022, compared to 87 funds in the last quarter. Ken Fisher’s Fisher Asset Management is the largest stakeholder of the company, with 19.4 million shares worth $1.2 billion.

L1 Capital International made the following comment about Advanced Micro Devices, Inc. in its Q3 2022 investor letter:

“The share price of Advanced Micro Devices, Inc. was weak during the quarter and weakened further in early October when the pre-announced revenue was significantly below prior guidance, reflecting an acute slowdown in the PC market. Data center related revenue grew strongly, albeit below our expectations, while gaming and embedded revenue was in line with our base case.

Geopolitical risks have increased for the semiconductor sector, with the U.S. Government announcing restrictions on the sale of certain technologies to China. Despite near term headwinds, AMD is well positioned for the medium term, with a technology lead over Intel in servers for data centers and rapidly gaining share in the PC/notebook sectors. Its gaming and embedded applications continue to grow strongly. AMD is a very capital light business, with manufacturing outsourced. After expending nearly $5b on research and development, AMD generates around $5b of free cash flow. With a net cash balance sheet, we expect management will accelerate buyback activity at a share price well below fair value.

The share price of our more cyclical businesses, in particular the building products companies which have exposure to the U.S. residential, repair and renovation and infrastructure sectors, were broadly flat for the quarter. Rapidly escalating mortgage rates and rapidly reducing affordability will have a pronounced negative effect on near term new residential construction activity. We believe these cyclical pressures are well understood and are more than reflected in current share prices. Overall, we strongly believe share prices are overly reflecting near-term challenges and our portfolio of companies are now meaningfully undervalued.”

2. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 88

10-Year Share Price Gains as of January 18: 5,640%

Tesla, Inc. is one of the best performing S&P 500 stocks in the last ten years, with shares indicating 10-year share price gains of 5,640% as of January 18. On January 17, Tesla, Inc. stock climbed higher as more Street analysts observed the long-term upside of the recent price cuts even as short-term catalysts are limited due to the hit to margins. The general consensus is that market share gains could be dramatic if EV competitors struggle amid the new pricing environment.

On January 17, Jefferies analyst Philippe Houchois maintained a Buy recommendation on Tesla, Inc. but lowered the firm’s price target on the shares to $180 from $350. While the analyst believes Tesla, Inc. is leading the industry towards an improved business model, the trajectory is “bumpier than we would like.”

According to Insider Monkey’s data, Tesla, Inc. was part of 88 hedge fund portfolios at the end of September 2022, compared to 73 in the prior quarter. Cathie Wood’s ARK Investment Management is a significant position holder in the company, with 4 million shares worth $1 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Tesla, Inc. was one of them. Here is what the fund said:

“In 2014, before we began to invest in Tesla, I called Roger to ask whether he thought Elon Musk’s electric car business would succeed. I did not believe that Roger, an owner of dealerships that sell cars powered by internal combustion engines (ICE) would likely have a favorable opinion of Tesla’s prospects. That was principally for two reasons:

First, automobile manufacturing and distribution is unusually complicated, capital intensive, and highly regulated, which makes profitability problematic; second, cars with ICE motors require extensive annual maintenance, and dealer services revenues, not profits from automobile sales, are the most important contributor to profits of perpetual licensed ICE car dealerships.

Penske Automotive Group is principally an ICE car dealer. Since electric cars are powered by batteries and need little service, franchised dealerships are incented to sell ICE, not EV automobiles. Further, Roger had been a long-term director of General Motors. General Motors’ ICE automobile business would be disrupted if Tesla were successful. (click here to read more…)

1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 89

10-Year Share Price Gains as of January 18: 6,160%

NVIDIA Corporation, a California-based provider of graphics, semiconductors, computing, and networking solutions, is one of the best performing S&P 500 stocks over the last ten years. The shares have garnered 10-year share price gains of 6,160%.

On January 11, KeyBanc analyst John Vinh maintained an Overweight rating on NVIDIA Corporation but lowered the firm’s price target on the shares to $220 from $230. Bank of America on January 11 maintained its Buy recommendation on NVIDIA Corporation and several other semiconductor companies after data indicated that major hyperscalers are forecasted to grow cloud spending in the near-term.

According to Insider Monkey’s data, 89 hedge funds were bullish on NVIDIA Corporation at the end of September 2022, compared to 84 funds in the prior quarter. Ken Fisher’s Fisher Asset Management is a prominent stakeholder of the company, with 12 million shares worth $1.5 billion.

Ave Maria made the following comment about NVIDIA Corporation in its Q3 2022 investor letter:

“NVIDIA Corporation Corporation primarily designs and sells the accelerated computer hardware and software that is indispensable for autonomous vehicle, gaming, and artificial intelligence applications. Near term uncertainty from the crypto market correction and the semiconductor cycle have weighed on shares and offered an attractive entry point for long-term investors.”

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out 12 Best Holding Company Stocks To Invest In and 12 Best Oil Stocks To Buy Now.