In periods of market downturn, certain stocks demonstrate resilience. CNBC Pro identified companies like Kroger, Southern Company, and Cboe Global Markets that have historically performed well when the S&P 500 struggles. These stocks were selected based on their positive performance during market declines and analyst price targets.
The analysis considered the S&P 500’s worst days over the past three years, seeking stocks that were positive at least 50% of the time during these periods. Kroger showed strength, rising nearly 70% of the time on down days for the S&P 500.
Defensive Stocks: Navigating Market Volatility with Resilient Investments
In turbulent times for the stock market, certain companies have demonstrated a remarkable ability to withstand downturns. CNBC Pro has identified stocks that have historically performed well even when the broader market struggles.
Methodology for Identifying Bearproof Stocks
CNBC Pro analyzed the past three years of S&P 500 performance, focusing on the index's worst days. They screened for stocks that tended to be positive during these downturns, specifically looking for those that were up at least 50% of the time when the S&P 500 experienced significant declines. Furthermore, these stocks needed to show positive average and median performance during these selected periods and have at least 5% upside potential based on consensus analyst price targets. Data was sourced from FactSet.
Top Performing Defensive Stocks
Kroger (KR)
Kroger stood out, rising nearly 70% of the time on days when the S&P 500 saw sharp declines. Despite a recent dip, analysts anticipate a rebound, with consensus price targets forecasting a gain of over 26%. Although Kroger has experienced a decline in 2026, analysts expect a significant recovery.
Kroger, 1-year chart
Southern Company
Southern Company demonstrated resilience, rising in 63% of sessions when the broader market index was down considerably. Notably, this utility stock recorded the highest median gain among the selected companies. While it has underperformed the S&P 500 in 2026, analysts project almost a 10% jump over the next 12 months.
Cboe Global Markets
Cboe Global Markets proved to be highly defensive, being positive 75% of the time when the S&P 500 experienced significant falls. This financial market technology stock is on track for its fourth consecutive winning year and is expected by analysts to rise another 6% over the next year.
Broader Market Context
The analysis comes at a time when the S&P 500 recently posted a 1.4% loss as Treasury bond yields climbed. Despite efforts to stabilize the bond market, investor sentiment remains cautious due to rising national debt and yields.
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