<div id="readability-page-1">It's that time of the year again, when investors are rebalancing their portfolios and setting new strategies for the year ahead. We already dove into the best Dow Jones Industrial Average (DJI) and S&amp;P 500 Index (SPX) stocks of 2025, but now it's time to talk about the elephant in the room: the underperformers. The worst performer on the Dow this year is UnitedHealth Group Inc (NYSE:UNH). The healthcare company has been mired in controversy since December 2024, following the murder of CEO Brian Thompson. A surprise earnings miss in April and lowered full-year outlook due to higher-than-expected medical costs knocked the stock off the $600 level. Despite rally attempts later in the year, the shares lost steam at $325 and gapped to their lowest level since April 2020. Last seen trading at $324.13, UNH is pacing for its seventh-straight loss, on track to close out 2025 with only five monthly wins under its belt. So far this year, the security has shed more than 35%. <img src="https://imageproxy.pbkrs.com/https://schaeffers-cdn.s3.amazonaws.com/images/default-source/schaeffers-cdn-images/2025/december/intraday/unhd145942632i.png/query-c2Z2cnNuPTZhYTZiZTA2XzA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2460" height="884" original-src="https://imageproxy.pbkrs.com/https://schaeffers-cdn.s3.amazonaws.com/images/default-source/schaeffers-cdn-images/2025/december/intraday/unhd145942632i.png/query-c2Z2cnNuPTZhYTZiZTA2XzA"/> Despite this underperformance, short-term options traders lean bullish. This is per UNH's Schaeffer's put/call open interest ratio (SOIR) that ranks higher than only 4% of annual readings. An unwinding of this optimism could generate additional headwinds for the equity moving forward. UnitedHealth stock also sports a Schaeffer's Volatility Index (SVI) of 30% that sits in the 19th percentile of its annual range, suggesting near-term option traders are pricing in low volatility expectations. It's also worth mentioning that UNH tended to outperform volatility expectations in the last year, per its Schaeffer's Volatility Scorecard (SVS) of 99 out of 100.</div>

聯合健康

聯合健康集團（UnitedHealth Group Inc，NYSE:UNH）在 2025 年成為道瓊斯指數中表現最差的股票，因爭議、意外的盈利失誤和下調前景，股價下跌超過 35%。儘管有反彈的嘗試，股價仍跌至自 2020 年 4 月以來的最低點。短期期權交易者依然看漲，但樂觀情緒的消退可能帶來進一步挑戰。UNH 的波動性預期較低，但在過去一年中，其表現超出了這些預期

聯合健康是如何成為 2025 年道瓊斯指數中表現最差的股票的