BOSTON ( TheStreet) -- The S&P 500 Index is up more than 5% this year, but not all of its members have fared as well. The benchmark's 10 biggest losers include struggling commodities companies, an unloved chipmaker and also-ran retailers.

They've been deserted by investors, but as the saying goes, one man's trash is another man's treasure. Several of these laggards are extremely cheap compared to their earnings expectations. There may be some 2011 winners in this list.

10. SuperValu ( SVU), which has lost 29% this year, operates the Acme and Shaw's supermarket chains. Like other middle-of-the-road grocery stores, Supervalu is struggling to compete on price with discount giant Wal-Mart ( WMT), but lacks the cachet of upscale Whole Foods ( WFMI).

Supervalu swung to a quarterly loss of $1.5 billion, or $6.94 a share, from a year-earlier profit of $74 million, or 35 cents, because of one-time charges. Its adjusted profit of 28 cents missed analysts' target by 1 cent. Same-store sales dropped 5.9%. Food sales fell 10%.

Outlook: SuperValu has problems ranging from labor disputes to heavy competition. Still, the company is likely to remain viable for the foreseeable future. SuperValu has $203 million of cash and $7.1 billion of debt. The company cut its debt by 13% during the past year. No analysts rate SuperValu "buy," but its stock is trading for 5.8 times its projected earnings, making it 60% cheaper than those of other grocery chains.

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