These stocks have generated the best returns so far in 2023.

In 2022, the S&P 500 logged its worst year since 2008. But the index is off to a hot start to 2023, gaining 6.2% in January. Investors remain concerned about high inflation, Federal Reserve interest rate hikes and an uncertain global economic outlook. The market seems increasingly optimistic that inflation is finally trending in the right direction, and that the Fed pivoting to rate cuts could happen sooner than expected. Top 2023 performers include health care stocks with unique catalysts and stocks exposed to cryptocurrency and China. Here are the 10 best-performing stocks of 2023 among companies that trade on major U.S. exchanges with market capitalizations of at least $1 billion. Returns are through Jan. 31.

CinCor Pharma Inc. (ticker: CINC)

CinCor Pharma is a clinical-stage biopharmaceutical company focused on developing its drug candidate baxdrostat to treat hypertension and other cardio-renal diseases. CinCor shares ripped higher on Jan. 9 after pharma giant AstraZeneca PLC (AZN) announced plans to buy CinCor at an upfront price of $1.3 billion, more than double the closing price of CinCor’s shares the week before. Prior to the buyout announcement, CinCor’s stock had plummeted 47% in a single day in November 2022 when baxdrostat suffered a setback in its clinical trials. However, the stock skyrocketed 135.2% in January on the buyout news.

Carvana Co. (CVNA)

Carvana is an online used car sales platform that allows buyers to have cars delivered directly to their homes. Two years after Reddit stock traders sent shares of struggling meme stocks GameStop Corp. (GME) and AMC Entertainment Holdings Inc. (AMC) skyrocketing, social media traders once again rallied behind Carvana in January, triggering a short squeeze in the stock despite its poor business performance. In fact, Carvana announced 1,500 layoffs in November 2022. It also reported a 2.7% drop in revenue and a $283 million net loss in the most recent quarter, suggesting its 114.6% January gain may be short-lived.

Aurinia Pharmaceuticals Inc. (AUPH)

Aurinia Pharmaceuticals is a clinical-stage biopharmaceutical company that develops therapies to treat autoimmune diseases. In early January, the company announced preliminary fourth-quarter numbers that impressed Wall Street. Full-year revenue was up 112%, and fourth-quarter revenue was up 20.9% from the prior year. The big quarter was driven by Lupkynis, the only oral therapy to treat autoimmune disorder lupus nephritis that is currently approved by the U.S. Food and Drug Administration. Aurinia also settled a key patent lawsuit with Sun Pharma in January. The positive headlines sent Aurinia shares up 109.5% in January.

Sotera Health Co. (SHC)

Sotera Health provides sterilization, lab testing and advisory services to the medical device and pharmaceutical industries. On Jan. 10, Sotera announced it has settled several lawsuits related to allegedly harmful emissions produced by the company’s Illinois factory. The company agreed to pay a $408 million settlement to “substantially all” of the plaintiffs in the lawsuits, news that nearly doubled the company’s stock price in a single day. As part of the settlement, Sotera won’t admit any wrongdoing or that the emissions were a health hazard. Following the settlement, Sotera shares skyrocketed, giving the stock a 106.9% boost in January.

Scilex Holding Co. (SCLX)

Scilex acquires, develops and commercializes non-opioid pain management products used to treat acute and chronic pain. Scilex is publicly traded, but it is majority owned by Sorrento Therapeutics Inc. (SRNE). On Jan. 3, Scilex announced it expects 2022 revenue of between $37 million and $42 million, up from $31.3 million in 2021. The company’s ZTLido treatment for postherpetic neuralgia was a key growth driver, generating 53% sales growth last year. As a result of the strong numbers, Scilex shares surged on rumors that Sorrento may fully acquire the company. Scilex shares are up 97.7% so far in 2023.

Opendoor Technologies Inc. (OPEN)

Opendoor Technologies operates a digital real estate platform that provides homebuying services and financing for its users. In 2022, the Federal Reserve’s aggressive interest rate hikes to combat inflation sent mortgage rates much higher, weighing on the U.S. housing market. As a result, Opendoor and other housing stocks plummeted. Fortunately, recent inflation data suggests the Fed is finally making some progress in getting prices under control, and the potential for an end to Fed tightening at some point this year has sent homebuilders and other housing stocks soaring. Opendoor is no exception, gaining 88.8% in January.

Revance Therapeutics Inc. (RVNC)

Revance Therapeutics is a clinical-stage biotechnology company developing and commercializing novel botulinum toxin products used for aesthetic and therapeutic applications. In September 2022, the FDA approved Revance’s Daxxify, a facial injection drug used to improve moderate to severe frown lines. AbbVie Inc. (ABBV) drug Botox currently dominates the facial injection market, but Revance has said Daxxify can diminish wrinkles for up to six months, three months longer than Botox. In early January, Revance announced the Daxxify commercial launch is off to a strong start, which has sent Revance shares higher by 87.9% so far in 2023.

Dada Nexus Ltd. (DADA)

Dada Nexus is a leading e-commerce platform in China. Chinese stocks rallied across the board in January, bolstered by China’s pivot from its “zero-COVID” policy and its decision to ease travel restrictions and lockdowns. In addition, China’s government appears to be easing up on a regulatory crackdown on tech stocks that sent U.S.-listed Chinese stocks tumbling in recent years. Dada Nexus shares declined by 47% in 2022, and the stock was down more than 80% in two years heading into 2023. DADA shares rose by 86.7% in January.

Riot Platforms Inc. (RIOT)

Riot Platforms is a Bitcoin (BTC) mining company that has a fleet of more than 88,500 mining machines. Riot and other stocks exposed to the cryptocurrency industry were crushed during 2022’s “crypto winter,” a sharp drop in cryptocurrency prices driven by rising interest rates and a sell-off in risk assets. The bankruptcies of several high-profile crypto companies, including crypto platform FTX and crypto lender BlockFi, weighed on crypto investor sentiment last year. Fortunately, Bitcoin prices surged 38% in January and Riot shares gained 85%.

Wayfair Inc. (W)

Wayfair is an online retailer of home furnishings and related products, and is the owner of brands such as Joss & Main, AllModern and Birch Lane. Wayfair shares ripped higher in late January when the company announced a cost-cutting plan that will reduce its annualized costs by more than $1.4 billion and help the company reach break-even adjusted earnings before interest, taxes, depreciation and amortization sooner than expected. The company said it will also lay off about 10% of its workforce, which will help it reduce labor costs by $750 million annually. Wayfair shares are up 83.9% year to date.

2023’s 10 best-performing stocks:

— CinCor Pharma Inc. (CINC)

— Carvana Co. (CVNA)

— Aurinia Pharmaceuticals Inc. (AUPH)

— Sotera Health Co. (SHC)

— Scilex Holding Co. (SCLX)

— Opendoor Technologies Inc. (OPEN)

— Revance Therapeutics Inc. (RVNC)

— Dada Nexus Ltd. (DADA)

— Riot Platforms Inc. (RIOT)

— Wayfair Inc. (W)

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2023’s 10 Best-Performing Stocks originally appeared on usnews.com