Growth-heavy portfolios have taken a hit this year. The S&P 500 Growth index has fallen 27% from its high, putting the index deep in bear market territory. Even so, the index has still outperformed the broader S&P 500 over the past three, five, and 10 years. That data makes a compelling case for owning at least a few growth stocks.

Building on that idea, a $1,000 investment split evenly between Snowflake (SNOW 1.34%) and Okta (OKTA 0.68%) today could grow fivefold to $5,000 by 2030. Here's what you should know.

1. Snowflake

Snowflake specializes in big data. Its cloud platform enables customers to capture, store, and analyze data without the complexity of managing the underlying infrastructure. Snowflake also supports more sophisticated workloads like preparing data for artificial intelligence (AI), building data-driven applications, and securely sharing data with employees and partners.

That broad functionality distinguishes Snowflake from many vendors, and its infrastructure agnostic platform -- meaning it runs across all three major public clouds -- sets it apart from companies like Amazon and Microsoft, which tend to push customers toward their own cloud services. That value proposition has Snowflake growing like wildfire.

Over the past years, the company saw its customer count rise 40%, and the average customer spent 74% more. That jaw-dropping figure means businesses are expanding usage at a remarkable pace, underscoring the value Snowflake creates for customers. During that time period, revenue skyrocketed 98% to $1.4 billion, and the company delivered positive free cash flow of $227 million, up from a loss of $75 million in the prior year.

Investors should expect that momentum to continue. Businesses that can harness the power of data stand to gain an advantage over their peers, such as better AI, better cybersecurity, or better marketing. On that note, Snowflake recently introduced Data Marketplace monetization in public preview, allowing customers to publish and sell data sets through the platform.

Looking ahead, the company estimates its addressable market will reach $248 billion by 2026, and management is guiding for $10 billion in product revenue by fiscal 2029 (ending Jan. 31, 2029). That implies a compound annual growth rate of roughly 34% between now and then.

Currently, Snowflake has a market cap of $46.6 billion. But if the company delivers on its guidance, that figure could grow fivefold to $233 billion by 2030, assuming a price-to-sales (P/S) ratio of 18 times sales at the end of the decade. For context, that would be much cheaper than the current multiple of 32 times sales. That's why this monster growth stock could be a rewarding long-term investment.

2. Okta

Okta specializes in identity and access management (IAM). Its platform helps businesses secure their sensitive data and software by enforcing access policies based on context like device, location, and time of day. The system learns the behavior of each user -- for instance, the device typically used to access an application -- and it leans on AI to score the risk associated with each sign-in attempt and authenticate users.

Okta has distinguished itself in several ways. Its platform features 7,000 pre-built integrations that accelerate adoption, and those integrations are especially relevant to workforce-facing technologies like Microsoft Office 365. The company also acquired Auth0 last year, enhancing its suite of developer tools. Those tools allow organizations to embed identity into custom applications, which is particularly relevant to customer-facing technologies.

In short, Okta ensures that only the right people can connect to the right technologies at the right time, and its platform addresses both workforce and customer IAM. That broad functionality has resulted in strong demand. Okta grew its customer base 48% over the past year, and the average customer spent 23% more.

Better yet, Forrester Research recently named Okta the industry leader, citing a stronger current offering and a stronger growth strategy than any other vendor. That recognition came alongside strong financial results. Revenue climbed 62% to $1.5 billion over the past year, and Okta generated positive free cash flow of $45 million despite an uptick in operating expenses related to the Auth0 acquisition.

Currently, Okta has a market cap of $15.1 billion, but management puts its addressable market at $80 billion and sees revenue growing to at least $4 billion by fiscal 2026 (ending Jan. 31, 2026). That implies 31% growth on an annualized basis. Even if that pace decelerates to 20% per year after that, Okta could still grow fivefold to become a $76 billion business by 2030, assuming a P/S ratio of 9.2 times sales. That's why this stock is worth buying.