This article looks at the 11 worst performing stocks in the S&P 500 so far in 2025.
After a two-year surge of 53%, marking the best performance for the broad market index since the 1997-98 rally, stocks have been taken for a wild ride in 2025 due to uncertainties around recent tariffs, resulting in a year-to-date decline of nearly 6%.
READ ALSO: 11 Most Promising Stocks According to Analysts and 15 Best Dividend Stocks to Buy for Long-Term Passive Income.
Trends over the past century have shown that sustained high returns are uncommon. Following the strong back-to-back performance in the 1920s, markets fell sharply in 1929, which marked the beginning of the Great Depression. Then, after recovering in 1935 and 1936, it took a giant step back again a year later.
A recent report by a leading investment banking company also pointed out how, historically, bull markets produce mediocre returns in the third year. Although they are usually not negative. The New York-based firm has projected positive but muted returns for 2025, while also noting that the continued adoption of artificial intelligence has the potential to lead to a productivity boom and a stronger market rally.
The broad market index ended 0.74% higher on April 24, gaining 4.6% for the week, driven by a rebound in tech shares. The US Dollar also had its first weekly rise since March, as investors looked for signs that the ongoing trade war may be easing.
Washington also appears to have softened its stance on trade relations with Beijing. In an interview with Time magazine on April 22, Trump stated his administration was engaged with China on striking a tariff deal. The US president also expects announcements on many other trade deals to be made over the next three to four weeks.
While talking to CNBC, Jay Hatfield, founder and chief investment officer of InfraCap, expressed optimism that the worst of the uncertainty around tariffs is over:
“The confusion about whether there’s really talks going on with China or not took some steam out of the market. Our view is that we’ve reached peak tariff tantrum and so it’s likely to be more positive than negative.”
Chip Rewey, CIO of Rewey Asset Management, said the following on the situation by Reuters:
“This week you’ve seen kind of relief that maybe some of the worst case of the Trump tariff actions won’t come true. While we’ve recovered from some of the lows, we haven’t pushed back to highs. And I think somewhere in that range is where we’ll stay for a while.”
With that said, let’s now head over to discuss the worst performing stocks this year.
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Methodology
For this article, we went through screeners to identify stocks listed on the S&P index. From there, we picked the top 11 stocks with the worst year-to-date negative returns in share price, as of the close of business on Friday, April 25, 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
11 Worst Performing Stocks in S&P 500 So Far in 2025:
11. Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH)
YTD Decline in Share Price: -33.53%
Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) is a global cruise company, offering itineraries to over 700 destinations. It operates Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. The company has a combined fleet of 32 ships and over 66,500 berths.
On February 27, Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) announced results for the fiscal year 2024. The company generated a record revenue of $9.5 billion, growing 11% year-over-year. GAAP net income was posted at $910.3 million, surging 448% compared to 2023. Earnings per share increased 386% from the prior year to $1.89.
Despite impressive financial results, Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH)’s share price has been on a steady decline since the earnings call, during which the company stated that it expects net cruise costs in Q1 FY25 to grow by nearly 4% due to increased dry dock capacity days. The company also noted that it could face headwinds in foreign exchange from a strong US dollar.
Investor sentiment has also been dented by the Trump administration’s recent statements about raising taxes on foreign-flagged cruise ships. Ariel Appreciation Fund stated the following regarding Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) in its Q1 2025 investor letter:
“Lastly, new holding, Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) declined alongside the sector during the period, following investor concerns about a potential new tax on cruise lines. Although, we believe the risk of any potential exposure is currently priced in, we note cruise lines operate globally and determining taxable income on a jurisdiction basis can be extremely complex. Generally, operators benefit from exemptions under Section 883 of the IRS code and bilateral tax treaties that relieve them from paying corporate income tax on profits beyond the taxes already paid in their operating regions. The elimination of the carve-out would require a Congressional vote. Meanwhile, NCLH continues to deliver robust quarterly earnings, highlighted by strong consumer demand, healthy onboard spending, attractive pricing, solid cost containment and sustained progress on leverage reduction. Looking ahead, NCLH remains focused on right sizing its cost base and improving margins to further strengthen its foundation for sustainable and profitable growth.”
With year-to-date declines of 33.53%, Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) is among the worst performing stocks this year.
10. Enphase Energy, Inc. (NASDAQ:ENPH)
YTD Decline in Share Price: -34.38%
Enphase Energy, Inc. (NASDAQ:ENPH) is an energy technology company that provides microinverter-based solar and battery systems, allowing people to harness the sun to make, use, save, and sell power. It is one of the worst performing stocks in 2025, with its share price plunging by over 34% this year.
The company recently announced financial results for the first quarter of fiscal 2025, reporting a 35.2% year-over-year growth in revenue to $356.1 million. Enphase Energy, Inc. (NASDAQ:ENPH)’s non-GAAP diluted earnings per share were posted at $0.68, nearly doubling from a year ago. While you might think these are great numbers, the company was lapping a remarkably bad quarter from last year.
The results fell well short of analysts’ expectations. Moreover, Enphase Energy, Inc. (NASDAQ:ENPH)’s revenue guidance for the second quarter is essentially flat. The management also expects tariffs to reduce gross margin for the ongoing quarter by 2% as the company sources battery cell packs from China. Starting Q3, the total gross margin impact will likely hit 6% to 8%.
Enphase Energy, Inc. (NASDAQ:ENPH)’s shares have slumped nearly 11% since the earnings call on April 22. Following Q1 results, Barclays and GLJ Research analysts significantly lowered their price targets for Enphase. Another overhang for the company is the ongoing political debate over clawing back the Inflation Reduction Act (IRA), which provides the company significant subsidies and tax benefits.
9. Viatris Inc. (NASDAQ:VTRS)
YTD Decline in Share Price: -34.54%
Viatris Inc. (NASDAQ:VTRS) is a global healthcare company that offers prescription brand drugs, complex generic drugs, and biosimilars. It also provides drugs in a variety of therapeutic areas, covering treatments of several noncommunicable and infectious diseases.
On December 23, the company announced that the FDA had restricted imports of 11 products made at Viatris Inc. (NASDAQ:VTRS)’s oral finished dose manufacturing facility in Indore, India, after a regulatory inspection found it had violated federal requirements. The FDA issued a warning letter to the company, as a result of which these products will not be accepted into the US until the warning letter is lifted.
Products affected by the import alert include lenalidomide and everolimus, with conditional exceptions granted for four products based on shortage concerns. While Viatris Inc. (NASDAQ:VTRS) continues to ship products from the Indore facility to other markets, the company expects a negative impact of $500 million on total revenue and $385 million on adjusted EBITDA for fiscal 2025.
On top of that, Viatris Inc. (NASDAQ:VTRS) reported mixed results for the fourth quarter of fiscal 2024, missing revenue and earnings expectations, while announcing significant debt reduction. Following the financial results, several rating firms, including Jefferies and Piper Sandler, cut their price targets for the stock.
Due to these developments, Viatris Inc. (NASDAQ:VTRS) has plunged 34.54% so far in 2025 and is among the worst performing stocks this year.
8. West Pharmaceutical Services, Inc. (NYSE:WST)
YTD Decline in Share Price: -34.67%
West Pharmaceutical Services, Inc. (NYSE:WST) is a global manufacturer of high-quality injectable solutions and services. The company is a trusted partner to drug developers worldwide in ensuring effective containment and delivery of critical medicines for patients. Through its vast network spread across 50 sites, including 25 manufacturing facilities, WST delivers over 41 billion components and devices every year.
It is among the worst performing stocks in 2025, with a year-to-date slump of nearly 35%. Shares fell sharply after West Pharmaceutical Services, Inc. (NYSE:WST)’s Q4 2024 earnings call on February 13, in which the company announced significant decreases in gross profit margin and adjusted operating profit margin, which impacted its earnings.
Investor sentiment also took a hit from West Pharmaceutical Services, Inc. (NYSE:WST)’s weak financial outlook for fiscal 2025. The company stated that it anticipates net sales to be in the range of $2.875 billion to $2.905 billion, and adjusted diluted EPS between $6.00 and $6.20. This was lower than Wall Street analysts’ forecasts of $3.04 billion and $7.44, respectively.
However, the stock has shown some signs of recovery over the past week, gaining nearly 6%, after West Pharmaceutical Services, Inc. (NYSE:WST) reported financial results for the first quarter of fiscal 2025 on April 24. The company posted net sales of $698 million, representing an organic year-over-year growth of 2.1%. Adjusted diluted EPS was logged at $1.45, beating expectations by 23 cents.
West Pharmaceutical Services, Inc. (NYSE:WST) has also raised its initial guidance for 2025. It now expects net sales of $2.945 billion to $2.975 billion, and EPS in the range of $6.15 to $6.35.
7. Moderna, Inc. (NASDAQ:MRNA)
YTD Decline in Share Price: -35.19%
Moderna, Inc. (NASDAQ:MRNA) is a biotechnology company renowned for its groundbreaking mRNA technology and expertise in developing vaccines and therapeutics for complex diseases.
The company made a name for itself by quickly developing an effective coronavirus vaccine when the world needed it the most. However, the stock has largely struggled since the pandemic started to recede. Moderna, Inc. (NASDAQ:MRNA)’s weak financial performance has also hurt investor sentiment.
The company reported a revenue of $3.2 billion for the fiscal year 2024, down 53% from the prior year due to lower product sales. Net loss for the year was posted at $3.6 billion, with a loss per share of $9.28. The company expects revenue for fiscal 2025 to be further down, in the range of $1.5 billion to $2.5 billion, with a major chunk expected during the second half of the year.
Moderna, Inc. (NASDAQ:MRNA) is also grappling with the challenges of a volatile political environment, with reports about the Trump administration deciding to reevaluate a $590 million contract awarded to the company for a bird flu vaccine by the Biden administration in January this year. The stock has also suffered due to the recent resignation of the FDA’s vaccine chief, Peter Marks, who oversaw the development of several COVID-19 vaccines.
With a year-to-date slump of over 35%, Moderna, Inc. (NASDAQ:MRNA) is among the worst performing stocks so far in 2025. While analysts have a consensus Hold rating for the stock, it has an impressive share price upside potential of 98%, with anticipation of a recovery at some point ahead as the company makes clinical progress on certain treatments.
6. Global Payments Inc. (NYSE:GPN)
YTD Decline in Share Price: -35.23%
Global Payments Inc. (NYSE:GPN) is a payments technology company, providing software and services to customers globally, enabling them to operate their businesses more efficiently across a variety of channels.
On April 17, Global Payments Inc. (NYSE:GPN) announced agreements to acquire Worldpay for a total value of $24.25 billion and divest its Issuer Solutions business to Fidelity National Information Services for $13.5 billion. The company expects the move to help simplify its business model and position it as a pure-play commerce solutions provider for merchants of all sizes.
Through the acquisition of Worldpay, Global Payments Inc. (NYSE:GPN) is hoping to expand its reach to serve over 6 million customers in 175 countries, which will enable approximately 94 billion transactions with a payment volume of $3.7 trillion. The divestiture of Issuer Solutions also shows that the company is going big on providing payment services, instead of back-end financial processing.
While Global Payments Inc. (NYSE:GPN) called it a ‘defining day’, Wall Street was less enthusiastic, with shares plunging 17% following the announcement. Moreover, several analysts either downgraded the stock or reduced their price targets, warning that the company could see more margin pressures ahead. Mizuho analysts noted that Fidelity National Information Services had won a ‘crown jewel’, whereas GPN got ‘more of the same’.
With its share price slumping by over 35% as of the close of business on April 25, Global Payments Inc. (NYSE:GPN) is one of the worst performing stocks this year.
5. ON Semiconductor Corporation (NASDAQ:ON)
YTD Decline in Share Price: -35.78%
ON Semiconductor Corporation (NASDAQ:ON) is a semiconductor supplier company that provides intelligent power and sensing solutions.
The stock has been in a relentless downtrend over the last six months, with its share price slumping nearly 48%. As of April 25, ON Semiconductor Corporation (NASDAQ:ON)’s year-to-date decline stood at 35.78%, making it one of the worst performing stocks in the S&P so far in 2025.
ON Semiconductor Corporation (NASDAQ:ON) has been pressured by a slowdown in the EV and industrial markets, which resulted in a 14% drop in revenue and a 23% decrease in diluted earnings per share in fiscal 2024. Experts believe the stock’s weak price action is also making investors cautious amid the ongoing market uncertainty.
Artisan Mid Cap Fund stated the following regarding ON Semiconductor Corporation (NASDAQ:ON) in its Q4 2024 investor letter:
“We ended our investment campaigns in ON Semiconductor Corporation (NASDAQ:ON), Monday.com and CoStar Group during the quarter. ON Semiconductor is a leading designer and manufacturer of chips for power management and image sensing. From a battery-electric vehicle (EV) standpoint, ON is a leading producer of silicon carbide chips. Shares have been under pressure as the company grapples with multiple quarters of inventory right-sizing across the entire auto supply chain and slower-than-expected EV sales growth. While ON is seeing smaller sales declines than peers due to its market share gains, we are concerned that moderating US and European EV growth trends will weigh on the company’s 2025 performance. We exited the position.”
ON Semiconductor Corporation (NASDAQ:ON)’s share price also suffered a setback in early March when Allegro MicroSystems, Inc. rejected the company’s $6.9 billion all-cash acquisition offer. In April, several analysts lowered their price targets for the stock, citing factors ranging from tariff impact to weakness in the automotive markets.
4. Zebra Technologies Corporation (NASDAQ:ZBRA)
YTD Decline in Share Price: -35.83%
Zebra Technologies Corporation (NASDAQ:ZBRA) provides solutions to help businesses drive growth through increased asset visibility, intelligent automation, and connected frontline workers. The company’s customers include nearly four-fifths of the Fortune 500. With a year-to-date decline of approximately 36%, it is among the worst performing stocks this year.
Zebra Technologies Corporation (NASDAQ:ZBRA) has been grappling with challenges associated with rising costs and expenses, high debt levels, and foreign exchange woes over the last few months. Cost of sales increased 22.3% year-over-year in Q4 2024 due to high raw material costs, while it ended the quarter with a debt of $2,183 million.
On April 8, Truist Securities lowered Zebra Technologies Corporation (NASDAQ:ZBRA)’s price target to $254 from $379, while maintaining its Hold rating for the stock. Later in the month, Citigroup maintained its Neutral rating, but revised the stock’s price target from $371 to $250.
However, Zebra Technologies Corporation (NASDAQ:ZBRA) declared encouraging financial results for the first quarter of fiscal 2025 this week, which were above the high end of the company’s outlook. It reported net sales of $1,308 million, increasing 11.3% year-over-year. Net income stood at $136 million, or $2.62 per diluted share, improving from $115 million, or $2.23 per diluted share, last year.
While the improved financial performance is likely to boost investor confidence, the barcode scanner maker has projected lower-than-anticipated profit for Q2, due to a tariff impact of approximately $25 million to $30 million.
3. Charles River Laboratories International, Inc. (NYSE:CRL)
YTD Decline in Share Price: -37.22%
Charles River Laboratories International, Inc. (NYSE:CRL) is a drug development company that provides essential products and services to help pharmaceutical and biotech companies, academic institutions, and government agencies worldwide accelerate their R&D efforts.
It is among the worst performing stocks this year. The company’s shares have slumped this month after the FDA announced plans to replace animal testing for monoclonal antibody therapies and other drugs with more effective methods, such as AI-based models. The decision has come as a huge blow to Charles River Laboratories International, Inc. (NYSE:CRL), which is heavily reliant on animal-based preclinical research.
Shortly after the announcement, analysts adjusted their positions on Charles River Laboratories International, Inc. (NYSE:CRL). This included Mizuho, which lowered its price target to $155 per share from $175, and Barclays, which revised the target to $145 from $160. The consensus analyst rating for CRL is now Hold, reflecting the growing uncertainty around the company.
Upslope Capital Management stated the following regarding Charles River Laboratories International, Inc. (NYSE:CRL) in its Q1 2025 investor letter:
“Charles River Laboratories International, Inc. (NYSE:CRL) (CRL, testing, discovery, and safety for biopharma) – sold due to a thesis break when the FDA announced the phase-out of animal testing requirements for certain drugs. This was a risk I’d worried about, and given an already-challenging environment for the company I decided the thesis (cyclical bottom) had been broken.”
Charles River Laboratories International, Inc. (NYSE:CRL) is scheduled to announce financial results for the first quarter of fiscal 2025 on May 7. Based on the forecast of 8 analysts, the company is expected to report EPS of $2.06, down from $2.27 during the same period last year.
2. Teradyne, Inc. (NASDAQ:TER)
YTD Decline in Share Price: -39.06%
Teradyne, Inc. (NASDAQ:TER) designs and develops automated test equipment and advanced robotics systems. It is one of the worst performing stocks in 2025, with a year-to-date decline of over 39% in its share price.
The company’s shares have tumbled after the management provided an update on its future financial outlook in March. The firm reaffirmed its guidance for Q1 FY24 but cut its forecasts for Q2 and the full year, painting a mixed picture of Teradyne, Inc. (NASDAQ:TER)’s expected performance ahead. The company indicated that it was facing short-term volatility and also highlighted the uncertainties arising from tariffs and trade restrictions, which would impact its results.
Teradyne, Inc. (NASDAQ:TER) stated that it anticipated Q2 revenue to be flat or down up to 10% from the first quarter, whereas for the full year, revenue growth is expected to be between 5% to 10%, compared to a prior expectation of 15%. These were sharp revisions, considering that the company had shared its initial guidance only recently at the end of January.
On April 28, Teradyne, Inc. (NASDAQ:TER) reported a revenue of $686 million for the first quarter, up 14% from last year, driven by steady demand for its semiconductor testing equipment. On a non-GAAP basis, net income was posted at $121.5 million, or $0.75 per diluted share. The company said it expects revenue between $610 million to $680 million for Q2, the midpoint of which is above Wall Street expectations.
1. Deckers Outdoor Corporation (NYSE:DECK)
YTD Decline in Share Price: -46.62%
Deckers Outdoor Corporation (NYSE:DECK) designs and markets footwear, apparel, and other related accessories for high-performance activities and everyday casual lifestyle use. Its brands include UGG, HOKA, and Teva, among others. Down by nearly 47%, it is the worst performing stock in the S&P 500 so far in 2025.
The company reported impressive results in January for Q3 FY25, with revenue growing 17% year-over-year to a record $1.83 billion, and diluted EPS also surging 19% to a record $3.00. However, the guidance for the full year did not impress investors and sparked a major selloff.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Deckers Outdoor Corporation (NYSE:DECK) in its Q1 2025 investor letter:
“Deckers Outdoor Corporation (NYSE:DECK) designs, markets and distributes shoes, clothes and accessories globally under brands like UGG, HOKA, Teva, Koolaburra, and AHNU. The stock pulled back substantially due to softer quarterly guidance and uncertainty over the impact of tariffs. Guidance suggests slower HOKA growth than expected, but we believe this is due to challenging year-over-year comparisons and the timing of two new HOKA launches, not necessarily an indication of a material slowdown in HOKA demand.”
Trump’s recent tariffs also come as a major concern for Deckers Outdoor Corporation (NYSE:DECK) as the company has independent manufacturers and material suppliers, most of whom are based in China and Vietnam.
However, most analyst still remain optimistic about DECK, with a consenus Buy rating. They also expect the stock to recover, once the headwinds are over, and anticipate a 82% uptick, on average, in its share price.
Overall, DECK ranks first among the 11 Worst Performing Stocks in S&P So Far in 2025. While we acknowledge the potential of DECK, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than DECK but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
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