These stocks have found their own bear market

Even with the stock market at fresh all-time highs, dozens of large-cap and momentum names are struggling to keep up with the bull run so far this year.

There are 86 stocks in the large-cap Russell 1000 index that are in bear market territory, having fallen by at least 20 percent from recent highs this year.

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The biggest loser since its high this year is NU Skin. Shares have plummeted more than 70 percent since hitting a 52-week high on Jan. 13. Investors have questioned the multilevel marketing business model of the company that sells personal care products and dietary supplements.

Still, many analysts remain optimistic on the stock predicting an average 53 percent upside for the company within the next 12 to 18 months, according to FactSet.

The second worst performer is cybersecurity firm FireEye. Shares have dropped 66 percent since hitting a high on March 5. Despite the stock's recent weak performance, Stifel Nicolaus recently initiated coverage of FireEye with a "buy" rating, calling it "one of the more nimble, forward-thinking companies in our security software coverage universe" in a research note.

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Pandora is another tech stock currently in bear territory. The Internet radio company has taken a beating, down about 33 percent since its high on March 5. The stock's performance has been volatile so far this year, and some investors are concerned about user growth rates for the company.

However, last week Pandora announced a music rights deal with BMG, creating some optimism among analysts who cover the stock. On average, analysts polled in FactSet predict a 26 percent upside for the company.

Casino and resort company Las Vegas Sands is another beaten-down stock and it has lost 31 percent of its value from its recent high. The $49 billion company was trading at more than $88 per share on March 7 but has been hit by signs of a gaming slowdown in Macau. Still, analysts are predicting what could be a 34 percent upside move in the company's stock.

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The question remains whether these beaten-down stocks individually represent buying opportunities, or if momentum carries them disproportionately lower in any sort of market pullback.

Art Hogan, chief market strategist at Wunderlich Securities, said investing in some of these momentum stocks in particular requires investors to look for warning signs in the broader market.

"As an investor, if in fact you say we've gone through a period of time without a major correction in the indices, you need to pick your market catalyst, whether it's a change in monetary policy or tensions in Russia and Ukraine," Hogan said.

He said investors who buy some of these stocks on their dips can reap big rewards, but also risk taking in big losses.

"They're called momentum names for a reason," Hogan said. "They move a lot faster than the market on the way up and on the way down."

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—By CNBC's Elizabeth Schulze and Dominic Chu