These 3 Stocks Have Been the Worst Performers in the S&P 500 This Year. Have They Bottomed Out?

By David Jagielski | July 02, 2025, 5:20 AM

The threat of tariffs and trade wars sank many stocks back in April, but the market managed a sharp turnaround since then, reminiscent of the brief pandemic crash five years earlier. Many stocks are now trading near their all-time highs, and so is the S&P 500, which is up around 5.5% through the first six months of the year. That's a big rebound given that it was down as much as 15.3% at one point.

But some stocks haven't felt that bullishness. The three biggest losers in the index at the halfway point of the year are Deckers Outdoor (NYSE: DECK), Enphase Energy (NASDAQ: ENPH), and UnitedHealth Group (NYSE: UNH). Here's a look at how much these stocks were down as of the end of June, why they've been struggling, and whether they're good buys right now.

Frustrated investor with a chart showing a falling stock.

Image source: Getty Images.

Deckers Outdoor: Down 49% in the first half of 2025

Despite generating decent growth numbers this year, footwear company Deckers Outdoor is the S&P 500's worst performer at the halfway mark of 2025. In May, the company wrapped up its 2025 fiscal year (it ended on March 31). Sales rose by 16% year over year, to a shade under $5 billion. Its diluted per-share profit also rose by 30% to $6.33.

Investors, however, are concerned with what lies ahead for the business due to tariffs and trade policies. And that uncertainty is why Deckers, which imports many products from other countries, didn't provide full-year guidance for its new fiscal year. Discretionary spending has been under pressure due to economic uncertainty, and that could also be bad news for a growth stock like Deckers.

The stock currently trades at 17 times its estimated future profits (based on analyst expectations), which is well below the S&P 500 average of 23. With a good margin of safety, Deckers could make for a solid contrarian buy right now. It may require some patience, and it may still go lower, but with some quality brands in Ugg and Hoka, the stock should be able to recover in the long haul.

Enphase Energy: Down 42% in the first half of 2025

The S&P 500's second-worst stock this year has been Enphase Energy. The solar energy company sells microinverters and batteries, but with uncertainty around the fate of solar tax credits, investors have been dumping the stock in droves this year.

The company reported net revenue totaling $356.1 million through the first three months of 2025, which was an increase of 35% from the prior-year period. Given the long-term need for more sustainable and renewable energy options, Enphase should be able to benefit from those trends in the long run, resulting in even more growth in the future.

The business is well funded with more than $1.5 billion in cash and marketable securities on its books as of the end of March. And with positive operating cash flow, the business is already in good shape right now.

At a relatively modest market cap of just over $5 billion, Enphase could have a lot of room to rise higher in the years ahead. It may be a volatile path ahead for the business, and I wouldn't rule out more of a decline for the stock, but if you're willing to hang on for the long haul, this could make for an underrated investment to buy and hold.

UnitedHealth Group: Down 38% in the first half of 2025

Healthcare giant UnitedHealth Group has plummeted nearly 40% in value this year as rising costs and reported investigations involving the Department of Justice into its billing practices have made investors think twice about owning this once-safe dividend stock.

The company missed expectations in its most recent quarter, and also pulled its guidance for the year amid a change in its CEO. Andrew Witty has stepped aside, and the company's former CEO, Stephen Hemsley, is now back in charge.

When it rains, it pours, and that's certainly been the case with UnitedHealth Group as the business has taken a beating with bad news after bad news coming out in recent months. But investors shouldn't forget that this company has still generated more than $410 billion in revenue over its past four quarters. And while costs are elevated, it has still amassed more than $22 billion in earnings during that stretch.

At a forward earnings multiple of only 13, the stock can be a steal of a deal for long-term investors as UnitedHealth plays a valuable role in the healthcare industry, and it's likely to continue growing in the long haul. And you can collect an above-average yield of 2.9% while you wait for the stock to recover, as it may not have bottomed out just yet.

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David Jagielski has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Deckers Outdoor. The Motley Fool recommends Enphase Energy and UnitedHealth Group. The Motley Fool has a disclosure policy.

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