After briefly dipping into bear market territory just three months ago, the S&P 500 (^GSPC 0.35%) has quickly managed to recover, rising 6.6% year to date (as of this writing). But not all stocks in the index are doing well. If you're hunting for beaten-down bargains, these two laggards should top your watch list.

This healthcare giant is in trouble

Shares of UnitedHealth Group (UNH -1.38%) are down 41% so far in 2025. Over the past few months, United Healthcare has sharply reduced its annual forecast, experienced a rapid rise in claim costs, attracted regulatory scrutiny over potential overbilling, and lost its CEO in an abrupt departure. Several analysts have cut their ratings and price targets on the stock as a result.

Though the company does face near-term uncertainty, the recent sell-off has made UnitedHealth perhaps one of the biggest bargains on the market today with shares trading at just over 12 times earnings. Investors who choose to buy the dip, however, should be prepared to experience continued volatility.

Image source: Getty Images.

Deckers Outdoor is down roughly 50%

Deckers Outdoor (DECK 2.44%) makes footwear and apparel with a brand portfolio that includes UGG, Hoka, Teva, and Koolaburra. With shares cut in half in 2025, Deckers is the worst-performing stock in the S&P 500 year to date. What's going on?

President Trump's new tariff policies forced the company to scrap its entire annual forecast, with management citing unpredictable increases in manufacturing costs as roughly 20% of its products are made in China. Costs are expected to rise by around $150 million in fiscal 2026.

After the drop, shares trade at just 15.5 times trailing earnings with some arguing the stock is now a long-term buy.