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When analyzing the top-performing stocks over the past three decades, it's striking that the leaders are not all from the technology sector. While tech powerhouses such as NVIDIA Corp. (NVDA) and Apple Inc. (AAPL) have undeniably driven exceptional returns, standout performers exist in many less-expected industries.
Other top performers include firms in healthcare, consumer discretionary, and consumer staples. This underscores the value of diversification. In addition, it reminds us that the pull of tech stocks often overshadows specific industries like apparel, footwear retail, and homebuilding. By broadening their focus beyond tech, investors can still identify long-term prospects in these often-overlooked industries.
Key Takeaways
- Top-performing stocks over the last 30 years span many sectors, highlighting prospects beyond technology.
- Companies such as NVIDIA and Apple have led the way in long-term stock performance through computing, consumer electronics, and AI.
- Companies in industries such as consumer goods and healthcare can deliver substantial returns.
- Many top performers, including Netflix Inc. (NFLX) and Amazon.com Inc. (AMZN), have achieved growth by tapping into international markets and scaling globally.
- Other top performers have demonstrated the power of strong fundamentals and good management in achieving their consistent long-term growth.
Selection Criteria of Best Performing Stocks
To assess the long-term performance of U.S. stocks, we selected stocks from the S&P 500 index because it represents large, established companies that are leaders in their respective industries. Each stock's 30-year price returns were calculated to provide a comprehensive view of historical growth, resilience, and volatility. Focusing on a time horizon of 30 years captures various economic cycles and provides a better understanding of how these companies navigated changing market conditions.
Best Performing Stocks in the S&P 500 Index Over the Last 30 Years
| Ticker | Name | Market Cap. Performance (5-Yr %) | Performance (1-Yr %) | Performance (5-Yr %) | Performance (10-Yr %) | Performance (30-Yr %) | Performance (All-Time %) | GICS | Industry |
| RMD | ResMed Inc. | 84.29 | 57.59 | 77.26 | 379.53 | 31,766.7 | 31,766.67 | Health Care | Medical Specialties |
| ROST | Ross Stores, Inc. | 28.75 | 38.47 | 39.55 | 301.11 | 33,061.86 | 27,223.47 | Consumer Discretionary | Apparel/Footwear Retail |
| POOL | Pool Corporation | 75.83 | 8.53 | 87.20 | 584.94 | 41,806.47 | 40,312.74 | Consumer Discretionary | Wholesale Distributors |
| BIIB | Biogen Inc. | 35.14 | -24.69 | 15.46 | 36.70 | 53,292.91 | 6,754.50 | Health Care | Pharmaceuticals: Major |
| NFLX | Netflix, Inc. | 168.84 | 88.33 | 165.75 | 994.73 | 65,612.77 | 61,066.85 | Communication Services | Internet Software/Services |
| AAPL | Apple Inc. | 248.04 | 34.52 | 313.15 | 803.84 | 75,632.84 | 177,378.42 | Technology | Telecommunications equipment |
| NVR | NVR, Inc. | 120.94 | 63.58 | 168.98 | 757.52 | 165,594.47 | 3,065.71 | Consumer Discretionary | Homebuilding |
| MNST | Monster Beverage Corporation | 60.68 | 1.47 | 80.83 | 246.04 | 187,290.61 | 80,478.77 | Consumer Staples | Beverages: Non-Alcoholic |
| AMZN | Amazon.com, Inc. | 136.75 | 51.54 | 115.07 | 1,069.84 | 250,530.01 | 154,133.06 | Consumer Discretionary | Internet Retail |
| NVDA | NVIDIA Corporation | 2,796.41 | 185.92 | 2,664.43 | 26,234.06 | 306,593.45 | 277,384.45 | Technology | Semiconductors |
Over the past 30 years, various companies across various sectors have demonstrated remarkable growth and resilience, evolving into industry leaders with significant market influence. From ResMed's (RMD) pioneering digital health products to Ross Stores' (ROST) success in off-price retail, to Pool Corporation's (POOL) leadership in backyard products, and Biogen Inc.'s (BIIB) neurological therapies, these companies show the broad opportunities available beyond traditional technology stocks.
In addition, giants like Amazon and NVIDIA have transformed their industries, while firms like Netflix and Monster Beverage Corporation (MNST) have led shifts in consumer behavior.
ResMed Inc. (RMD)
Founded in 1989, ResMed has grown from a small startup focused on sleep disorders to a multinational corporation at the forefront of digital health products for sleep and breathing-related conditions.
ResMed's core business involves devices that treat sleep apnea, a disorder where breathing repeatedly stops and starts during sleep. The company's continuous positive airway pressure (better known by its acronym, CPAP) machines and masks have become ubiquitous in the industry.
RMD operates through two key segments: sleep and respiratory care, which focuses on devices for managing sleep and breathing disorders, and software as a service (SaaS), which provides a business management platform for out-of-hospital healthcare providers.
Many of the companies on this page can claim such outsized returns over the past three decades because they were, at points, penny stocks—those that trade below $5 per share. Many penny stocks, including those from these companies, spent time traded over the counter, not on the major American exchanges.
Significant Developments Over the Last 30 Years
ResMed's journey from a sleep apnea startup to a major international firm reflects the evolving landscape of respiratory care, which has shifted to at-home technologies for an aging population. The company's focus on connected devices, software, and cloud-based products has positioned it at the intersection of healthcare and technology.
Over the years, ResMed has continually updated its CPAP machines, making them more compact, quiet, and user-friendly. The introduction of its AutoSet technology in the 1990s, which automatically adjusts air pressure based on the patient's needs, marked a significant leap in these machines since it enabled more personalized and comfortable treatments.
In the early 2000s, ResMed diversified beyond sleep apnea into broader respiratory care, targeting patients with chronic obstructive pulmonary disease (COPD) and other chronic respiratory conditions. This expansion helped the company tap into the growing demand for non-invasive ventilation devices, especially in home care settings—these would have even more impact when used for some patients after the pandemic hit in 2020. ResMed’s acquisition of Ventilation Solutions and other respiratory-focused companies further strengthened its portfolio in this space.
In the 2010s, ResMed also began shifting toward connected devices and software products. The launch of AirView in 2014, a cloud-based platform for remotely monitoring sleep apnea and respiratory care patients, was pivotal in this. This platform allowed healthcare providers and consumers to track patients in real time.
Over the past three decades, ResMed has pursued an aggressive acquisition strategy to expand its product portfolio and market presence. Most notably, the company acquired the German healthcare company CuraMed in the late 1990s and the U.S. software company Brightree in 2016. The company further expanded its product portfolio through acquisitions like German healthcare company Medifox Dan in 2022.
Ross Stores, Inc. (ROST)
Ross Stores, the parent company of Ross Dress for Less and dd's DISCOUNTS, has grown significantly over the past several decades. Focused on offering name-brand apparel and home décor at discounted prices, Ross has consistently expanded its footprint across the U.S., becoming one of the largest off-price retail chains.
Significant Developments Over the Last 30 Years
Despite challenges faced by brick-and-mortar retailers, including the global recession in 2008 and the rise of e-commerce giants like Amazon, Ross maintained profitability through its off-price strategy. The company had consistent revenue and earnings growth, especially between 2010 and 2019. Post-pandemic, Ross and other off-price retailers are growing off trends among younger shoppers.
Throughout the 2000s and 2010s, Ross aggressively expanded, first in the Midwest and then throughout the country. This steady increase has allowed Ross to solidify its presence in nearly every U.S. state, especially targeting underserved markets and suburban locations.
Unlike many other retailers, Ross has historically maintained a limited online presence. Instead, the company focused on driving foot traffic to physical stores, which offer constantly rotating inventory and a "treasure hunt"-like shopping experience. However, during the COVID-19 pandemic, which temporarily shut down many of its stores, Ross bolstered its digital presence to complement its core in-store experience.
In the early 2000s, the company operated around 700 stores. Today, it has over 2,100 Ross Dress for Less and dd's DISCOUNTS locations across the United States.
Pool Corporation (POOL)
Founded in 1981 in Louisiana and later incorporated in 1993, Pool has steadily grown into one of the world’s largest wholesale distributors of swimming pool supplies, equipment, and outdoor leisure products, serving both commercial and residential markets. Its product portfolio includes essential pool maintenance items such as chemicals and replacement parts, as well as packaged pool kits and landscaping products.
The company also sells irrigation systems, outdoor lighting, grills, and outdoor kitchen components, along with golf course irrigation and water management products.
Significant Developments Over the Last 30 Years
POOL went public in 1995 and expanded rapidly. Since then, it's executed an aggressive acquisition strategy, which has played a significant role in its growth, both domestically and internationally. Major acquisitions of several European distributors, and Horizon Distributors have broadened its markets into irrigation and lawn management. Pool now operates over 440 sales centers worldwide.
Over the past decade, particularly during the COVID-19 pandemic in 2020, Pool benefited from a surge in home improvement spending, as more homeowners stuck at home invested in pools, spas, and outdoor living projects. That said, the pool business is notoriously seasonal, with demand depending on weather patterns, regional climates, and the wider economic landscape. This can create challenges in managing inventory and staffing levels.
Biogen, Inc. (BIIB)
Founded in 1978, Biogen has been a key player in the biotechnology sector for decades, particularly with its focus on neurological diseases. Early on, Biogen established itself as a major developer of multiple sclerosis (MS) therapies with the launch of Avonex in 1996, one of the first treatments for relapsing-remitting MS.
Over the years, Biogen continued to enhance its MS portfolio with the introduction of other breakthrough therapies like Tysabri (2004) and Tecfidera (2013), which have been crucial in helping patients manage this chronic disease. Tecfidera, in particular, became a blockbuster drug and cemented Biogen’s sway in the MS market.
The past two decades have seen significant shifts in its strategic direction, marked by triumphs and very public challenges.
Significant Developments Over the Last 30 Years
Biogen gained significant momentum in the 1990s by launching its first major product, Avonex, for multiple sclerosis. It then had success with the launches of Tysabri and Tecfidera. These drugs generated significant revenue and established Biogen as a major player in neurology care—but those revenues were innately finite and due to run out once generics and other treatments were later allowed to be sold.
In the mid-2000s, Biogen expanded its neurology portfolio with Spinraza, a treatment for spinal muscular atrophy. This marked a successful foray into rare diseases and demonstrated its ability to develop therapies for complex neurological conditions. Biogen also entered the biosimilar market, offering more affordable versions of existing biological drugs.
At the same time, BIIB's revenue stream had been facing increasing pressure due to patent expirations and competition from generics and biosimilars. This is why Biogen has been actively pursuing diversification strategies to cut its reliance on the MS franchise and find new avenues for growth.
This leads us to its Alzheimer's disease research, premised on a controversial amyloid-beta targeting approach (the belief that certain plaques in the brain are among the causes of the disease). The company developed Aduhelm from this research, which received accelerated approval from the U.S. Food and Drug Administration (FDA) in 2021 but sparked significant controversy over its efficacy and exorbitant price tag.
Biogen's accelerated approval of Aduhelm and subsequent pushback from the medical community, payers (insurers and customers), and even the FDA cast a shadow on Biogen's Alzheimer's strategy and raised concerns about its clinical trial data and marketing practices. In 2024, it abandoned the drug.
Meanwhile, Biogen has been seeking new growth drivers, including expanding its biosimilars portfolio, advancing its pipeline in areas like neuropsychiatry and immunology, and looking at acquisitions that fit its strategies. In 2023, Biogen received traditional approval for Leqembi (lecanemab), an Alzheimer's drug said to have more robust clinical data than Aduhelm.
Netflix, Inc. (NFLX)
Netflix has dramatically transformed how the world consumes entertainment over the past two decades. From its niche beginnings as a DVD-by-mail service, it has evolved into a global streaming behemoth, shifting the television and film industries.
Netflix has said that it plans to stop releasing its streaming numbers in 2025, which could leave investors and consumers in the dark about the relative popularity of Netflix itself and its offerings.
Significant Developments Over the Last 30 Years
Founded in 1997, Netflix has transformed from a mail-order DVD rental business into a global powerhouse in the streaming industry. Initially, the company upended the retail video rental market with its subscription-based DVD delivery model. In 2007, it shifted the entertainment landscape again by launching its streaming service, quickly expanding internationally.
Within six years, Netflix was making its first forays into producing original content with the release of House of Cards, signaling its ambitions to become more than just a distributor of others' work. The company’s investment in original programming quickly and dramatically expanded, leading to popular series such as Stranger Things and The Crown and award-winning films like Roma. Today, Netflix streams in over 190 countries, offering a vast library of licensed and original content to its 270 million global subscribers.
Apple Inc. (AAPL)
Over the last two decades, Apple has cemented itself as one of the world’s most influential technology companies. Founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, Apple was initially known for its personal computers. However, it was the early 2000s that marked the beginning of Apple's most transformative era. The launch of the iTunes Store in early 2001, followed by the iPod months later, upended a music industry that was already changing to digital offerings, positioning Apple as a leader in consumer electronics and digital media.
The company operates through five geographical segments: the Americas, Europe (including India, the Middle East, and Africa), Greater China (including Hong Kong and Taiwan), Japan, and the rest of Asia Pacific.
Apple may have made its name as an early purveyor of personal computers, but it's long since become a smartphone company. In 2023, iPhone net sales were just over half of its revenues, while its computer business was less than 8%.
Significant Developments Over the Last 30 Years
Apple has undergone a remarkable transformation over the last three decades, evolving from a computer manufacturer adored by a relative few to one of the world’s most valuable companies. Its ascent during this time has produced no shortage of books studying how the company did it.
In the early 2000s, Apple introduced products like the iPod and the iTunes Store, which shifted how the music industry, then under a grave threat from digital piracy, sold much of its content. However, the real turning point came in 2007 with the launch of the iPhone, a product that redefined smartphones and became the cornerstone of Apple’s growth.
Apple has continued to produce new products—its launches, streamed live, are widely covered as almost cultural events—that include the iPad, Apple Watch, and AirPods while enhancing its software and services ecosystem through the App Store, Apple Music, iCloud, and more. Under the leadership of Steve Jobs and, later, Tim Cook, the company has focused on integrating hardware, software, and services, creating a continuous experience for users.
Financially, Apple's growth has been staggering. Its stock has experienced substantial appreciation, especially after its stock splits in 2014 and 2020, which made it more accessible to retail investors. The company reached a historic milestone in August 2020, becoming the first publicly traded U.S. company to surpass a $2 trillion market capitalization.
Apple’s business model has shifted in recent years toward a greater emphasis on services, which now represent a significant portion of its revenue. This has helped it move away from its dependence on hardware sales.
NVR, INC. (NVR)
NVR has quietly become one of the most successful homebuilders in the U.S. Unlike many of its competitors, NVR has focused on financial stability and controlled growth, leading to impressive returns for its shareholders. The company operates across the four major regions up and down the U.S.'s eastern seaboard.
Significant Developments Over the Last 30 Years
Founded in 1980 and based in Virginia, NVR is known for its disciplined, risk-averse approach to land acquisition and very efficient operation. NVR doesn't develop on its land but is "land light," contracting to buy finished lots from land developers. This has helped minimize the kind of financial exposure that has rocked its competitors when real estate prices have dropped.
While the value of shares in real estate investment trusts and other property-related stocks took a hit in the early 2020s as the sector weathered the pandemic and post-pandemic economies and rising interest rates, NVR maintained its consistent returns overall.
In the early 2000s, NVR experienced significant growth, benefiting from the housing boom that preceded the 2008 financial crisis. However, the company navigated the housing market downturn better than many of its competitors because of its conservative approach to landowning.
Throughout the 2010s and into the 2020s, NVR consistently grew in revenue and earnings as demand for housing increased and interest rates were low, particularly in suburban and exurban areas. Through its well-established Ryan Homes and NVHomes brands, along with its periodic stock repurchases, NVR has built a reputation for consistently delivering impressive financial performance, solidifying its leadership in the homebuilding industry.
Monster Beverage Corporation (MNST)
Monster has grown exponentially over the past two decades, transforming from a small natural beverage company into a global energy drink giant. This success story is fueled by aggressive marketing, strategic partnerships, and a keen understanding of its target market. The company operates through four key segments: Monster energy drinks, which focuses on ready-to-drink energy beverages distributed through bottlers and distributors; strategic brands,which handles the sale of concentrates and beverage bases to bottling operations; alcohol brands, which handles a selection of craft beers, hard seltzers, and flavored malt beverages (FMBs); and the Other segment, which includes sales by subsidiary American Fruits and Flavors LLC to independent customers.
Significant Developments Over the Last 30 Years
A Depression-era natural soft drink, Monster's transformation into a global energy drink powerhouse began in 2002 with the introduction of the now-iconic Monster Energy drink marked quite a shift for the firm and the wider industry. Riding the wave of rising consumer demand for energy drinks, Monster's aggressive marketing tactics—focusing on extreme sports, music, and youth culture—helped it carve out a significant market share in the highly competitive beverage market. By appealing to a younger demographic with a unique brand image, Monster quickly became a significant competitor to Red Bull, the long-time leader in the energy drink space.
The company has extended its energy drink portfolio with new flavors and product lines, including Monster Rehab, Monster Ultra, and Monster Java, each focused on reaching consumers not always likely to grab fluorescent-colored beverages off the shelf of local convenience stores.
In 2015, Monster entered into its most important distribution partnership with the Coca-Cola Company (KO), which took a minority stake in the company. This deal not only provided Monster with Coca-Cola’s global distribution network but also allowed Monster to focus on its core energy drink business since Coca-Cola assumed responsibility for the non-energy drink segment of its portfolio. This partnership has been instrumental in Monster's international expansion and has significantly contributed to its growing market share worldwide.
Monster has lived up to its name in the investment space. Investopedia noted in 2023 that in the previous 25 years, the company's returns had soundly beaten all comers among those listed on the S&P 500 index. That includes Apple, Amazon, and other tech darlings.
Not all has been smooth sailing. The energy drink industry has long faced scrutiny regarding health concerns and potential regulation. Monster also has intense competition for consumer and shelf space from established players like Red Bull and emerging brands in the energy drink market.
Meanwhile, Monster has pursued strategic acquisitions and partnerships to enlarge its product offerings and distribution network. In 2022, it acquired CANarchy Craft Brewery Collective LLC. The result was that Monster soon came out with its first alcoholic beverage, the Monster Beast Unleashed, as part of its continuous push into other beverage categories. This includes another partnership with Coca-Cola, formed in early 2024, to develop and commercialize a line of non-alcoholic ready-to-drink tea and coffee beverages.
Amazon.com, Inc. (AMZN)
Founded by Jeff Bezos in 1994, Amazon has transformed from a pioneering online bookstore into one of the world’s largest and most influential companies. In the early 2000s, Amazon was primarily known for selling books, music, and DVDs online. Still, its expansion strategy, premised on bringing to other goods the same success and at-home delivery as its first products, has driven its meteoric rise to become a dominant force in ecommerce, cloud computing, logistics, entertainment, and more.
Its North American and International segments focus on the retail sale of consumer products and subscriptions via region-specific websites. At the same time, Amazon Web Services (AWS) provides a suite of cloud computing services for startups, enterprises, governments, and academic institutions.
Significant Developments Over the Last 30 Years
Amazon’s growth was initially fueled by its expanding product catalog and its focus on building a vast, efficient logistics network to support fast delivery. The launch of Amazon Prime in 2005 was a key milestone for the company, offering customers unlimited two-day shipping for an annual fee, further strengthening customer loyalty.
Beyond retail, one of the most significant developments for Amazon came with the introduction of AWS in 2006. AWS quickly grew into the world’s leading cloud computing platform, providing infrastructure, storage, and computing power to businesses and governments globally. Unknown to most in the public who know the Amazon brand, AWS has been a key driver of Amazon’s profitability and has become a critical growth engine for the company, consistently contributing a substantial portion of its operating income.
Amazon’s acquisition strategy has also been instrumental in its growth. Major purchases, including Whole Foods in 2017, allowed Amazon to expand its fledgling grocery business, while its acquisition of Twitch in 2014 strengthened its foothold in the live-streaming and gaming industries. In addition, Amazon Studios and its Prime Video streaming service have become key players in the entertainment space, producing original content and competing with giants like Netflix and Disney.
Amazon's stock performance has mirrored its business success, making it one of the most valuable companies in the world. In 2018, Amazon joined the elite group of companies with a market capitalization exceeding $1 trillion, reflecting investor confidence in its diversified business model and long-term prospects.
NVIDIA Corporation (NVDA)
Founded in 1993, NVIDIA designs and manufactures graphics processors, chipsets, and multimedia software. The company operates through several key segments: graphics processing units (GPUs), Tegra processors, and others. Its GPU segment produces the needed chips for significant markets. Its offerings include GeForce brand for gamers, Quadro for designers, and Tesla and DGX systems for AI researchers. The Tegra processor segment integrates GPUs with multi-core CPUs for autonomous machines, gaming consoles, and mobile devices.
Significant Developments Over the Last 30 Years
Initially focused on creating advanced graphics for gaming, NVIDIA helped develop ever newer generations of GPUs, releasing the GeForce 256 in 1999, often cited as the first modern GPU. This invention produced a leap forward for both the gaming and professional graphics industries, enabling faster and more efficient rendering. Nvidia's GPU architecture would later extend to other fields such as AI, deep learning, and autonomous vehicles, solidifying the company’s influence beyond just gaming.
When NVIDIA introduced the Geforce 256 in 1999, it was the first widely available GPU.
Over the last three decades, Nvidia has diversified its portfolio. The company’s GPUs are now essential in data centers, powering AI applications and machine learning tasks. NVIDIA's role in cloud computing, professional visualization, and the automotive sector has driven extraordinary revenue growth, with its GPUs used in complex simulations, content creation, and cryptocurrency mining. The acquisition of Mellanox Technologies in 2020 increased Nvidia's data center capabilities, adding networking technology to its offerings.
Nvidia’s stock had substantial growth in 2023 and 2024, propelled by the demand for AI chips and increased revenue from its data center business. With a significant expansion of partnerships in recent years in cloud computing and AI applications like OpenAI ChatGPT, NVIDIA has cemented the company’s leading role across multiple high-growth sectors.
What are the Best Stocks for beginners?
Novice investors should focus on stable, well-established stocks with long-term growth potential. Blue-chip stocks like Apple, Microsoft, and Johnson & Johnson (JNJ) are known for their reliability and consistent returns.
In addition, mutual and exchange-traded funds that track market indexes, such as the S&P 500 ETF (SPY), provide diversified market exposure, reducing risk while capturing broad market performance. There are also long-standing dividend-paying stocks like Procter & Gamble (PG) and Coca-Cola, which offer a steady income stream that appeals to those seeking a combination of growth and income.
What Stocks in the S&P 500 Index Are Performing the Best as of 2024?
What Is the Average Return of the S&P 500 Index the Past 30 years?
From September 1994 to September 2024, the S&P 500 Index achieved an average monthly rate of return of 0.70%, translating into an annualized return of 8.4%.
The Bottom Line
The top-performing stocks over the past 30 years offer a surprising insight: not all the leaders come from the technology sector. While tech giants like NVIDIA and Apple have undeniably driven strong returns, non-tech companies such as Ross Stores, Pool, and Monster have also delivered impressive growth.
This highlights the importance of diversification and demonstrates the opportunities in many different sectors, including retail, consumer goods, and distribution. These industries are often overlooked by investors who myopically focus on media-friendly tech stocks. Nevertheless, diversifying across sectors is critical to capturing long-term growth in the market.