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Brutal! The two stocks down 70 percent in a year

The two stocks down 70%

With stocks sliding dramatically over the past two weeks, some names have done a lot worse than others.

Indeed, two stocks that have gotten hit hard are now down more than 70 percent over the past year, making them the worst performers in the S&P 500: Freeport-McMoRan and Chesapeake Energy

Both names are at the center of the commodity selloff. Freeport is a major metals miner that also has oil holdings; Chesapeake Energy is primarily a natural gas company. Over the past year, copper, crude oil and natural gas are down 26 percent, 51 percent and 32 percent, respectively.

And traders aren't necessarily holding their breath for a bounce.

"If you think we've found a bottom here [in the overall markets] and you're looking for a trading vehicle, this is not the place to look. The stock is down 70 percent, but that does not in isolation make it a buy," said technical analyst Rich Ross of Evercore ISI.

A Freeport- McMoran Copper and Gold Inc. mine.
Source: Freeport-McMoran Copper & Gold Inc.

In addition, both stocks actually have risen 26 percent since hitting multiyear lows in the prior week.

"Maybe we've already gotten our oversold bounce, and it's time for these things to roll back down," Andrew Burkly of Oppenheimer said in a Tuesday "Trading Nation" segment.

The stocks have something else in common: They both happen to be big Carl Icahn holdings. The famous activist investor owns 11 percent of outstanding Chesapeake shares per FactSet, and recently disclosed an 8.5 percent stake in Freeport.

Read MoreIcahn becomes top Freeport-McMoRan shareholder

Both stocks are more or less flat in early Wednesday trading, even as the rises 1 percent.