It’s Not Tesla, Meta Or Nvidia — The Best Performing Large-Cap Stock In 2023 Is A Crypto Play – SPDR S&P 500 (ARCA:SPY)
The SPDR S&P 500 ETF Trust SPY has seen a positive return in 2023. Several sectors are in the green so far this year, and many well-known stocks are among the biggest gainers. Here’s a look at the biggest large-cap gainers in 2023.
What Happened: The SPDR S&P 500 ETF Trust was down 19.2% in 2022, marking its biggest drop since 2008.
Many components of the market index are positive in 2023. Among the biggest gainers this year are large technology stocks like Nvidia Corporation NVDA, Meta Platforms META and Tesla Inc TSLA.
While those stocks appear in 2023’s 10 biggest stock gainers with market capitalizations of $10 billion or more, they trail the market leader.
Using the Movers tool on Benzinga Pro, users can see which stocks have gained or lost the most over certain periods of time. A search for the biggest gainers in 2023 (YTD) with market capitalizations over $10 billion generates the following top 10 list.
Coinbase Holdings COIN: +91.7%
On Holding ONON: +84.5%
Nvidia Corp: +83.2%
Agilon Health AGL: +77.8%
Meta Platforms: +71.2%
Qualtrics International: +70.4%
Spotify Technology SPOT: +62.5%
Sea Inc SE: +58.3%
Tesla Inc: +54.6%
Seagen SGEN: +53.8%
Related Link: How To Buy Bitcoin
Why It’s Important: Many cryptocurrency-related stocks were hit hard in 2022 after the bankruptcy and collapse of several cryptocurrency exchanges.
Coinbase reported fourth quarter results in February, which saw revenue come in ahead of Street estimates.
The company said 2022 was a challenging year, but it was powering forward in 2023 and beyond. Coinbase highlighted strong subscription and service revenue and its strong relationships with hedge funds.
In March, Coinbase announced a Wells Notice that could see the SEC target its operations and several business lines. Analysts remain mixed on what the potential regulation could mean for the company.
Coinbase shares are up nearly 100% in 2023, which also comes as Bitcoin BTC/USD is one of the best performing assets in 2023, up 68% year-to-date.
Tesla ranks ninth for returns among large cap stocks so far this year, which is in line with a poll conducted by Benzinga at the end of 2022.
Benzinga asked followers whether Tesla, Apple, Amazon or Alphabet would have the best year-to-date return in 2023.
Tesla received 44.2% of the vote and was the winner of the poll. Based on the early results nearly one quarter of the way through 2023, Tesla is leading among the four stocks.
Read Next: Is Coinbase Part Of ‘Unhealthy Regulatory Climate’? 3 Analysts React To SEC Notice, See Upside, Downside Risks Increasing ‘Substantially’