It might be hard to believe, but over one-third of 2023 is already in the books. And so far it's been a decent year for stocks. The Nasdaq Composite is up about 14%, the S&P 500 is up nearly 6%, and the Dow Jones Industrial Average is flat year-to-date.

Even so, some stocks have truly felt the pain in 2023. Let's dig through the bargain bin and see if there's anything worth buying.

Chrome bull and bear standing on a financial chart.

Image source: Getty Images.

Three regional banks

Ok, let's get this out of the way right now. The three worst-performing stocks in the S&P 500 performed so bad they are no longer in the S&P 500 and, in a few cases, not even viable investment options: SVB Financial, Signature Bank, and First Republic Bank. In March, SVB (parent company of Silicon Valley Bank) and Signature Bank collapsed and their assets were seized by bank regulators. Meanwhile, JPMorgan Chase acquired First Republic Bank in a fire sale deal at the end of April. S&P Global removed all three companies from its S&P 500 index.

There are several other regional banks that are still operating, but now sitting at or near the bottom of the S&P 500 in terms of 2023 performance: Zions Bancorp (ZION -2.95%) is down 56% year-to-date; Comerica (CMA -1.55%) is down 52%; KeyCorp (KEY -0.44%) has fallen 48%.

On the face of it, investing in any of the regional banks right now seems dumber than hand-feeding a pack of hungry lions while wearing an antelope costume. Yet banking crises -- like all financial panics -- come and go. And it's in the best interest of all stakeholders to restore confidence in the regional banking system. That said, this particular crisis continues to roll on. So if you choose any of them, choose very carefully.

Obviously, confidence in regional banks remains elusive. And until a few months pass without a bank going bust, most investors (especially those who are risk-averse) should steer clear of individual stocks in this sector. At any rate, if you insist on buying now, consider an Exchange-Traded Fund like the SPDR S&P 500 Regional Banking ETF. Doing so provides much-needed diversification, which is smart, given how quickly individual names have collapsed this year.

Dish Network

Many companies have seen their stock prices take a hit since the streaming wars kicked into high gear. But of all those companies, Dish Network (DISH) has really taken it on the chin. Share prices are down 84% over the last two years. Just in 2023, the stock price is down 53%. And there's more than one reason why.

First, Dish is struggling to compete. Consumers have tons of choices, ranging from streaming services like Netflix to countless on-demand videos from Alphabet's YouTube. Consequently, subscribers are leaving Dish in droves; the company lost roughly 10% of its subscriber base just in 2022. Second, Dish is dealing with the fallout from a recent ransomware attack. Lawsuits have already been filed in relation to the incident, which further soured market sentiment on Dish. Lastly, the company's $18.7 billion in net debt adds another layer of concern for prospective investors. Dish's debt is up 80% over the last three years at a time when interest rates have increased significantly.

To sum up, Dish is facing a myriad of concerns on multiple fronts -- competitive, legal, and financial. And for those reasons, it's difficult to find a bullish outlook for the stock. I'd steer clear of this one as well.