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How did the Dow Jones Industrial Average rebound over the key 18,000 level? Jim Cramer told his Mad Money viewers Monday that the answer was simple -- the average never should have been so low to begin with. Nowhere is this fact more evident than in the list of the Dow's top 10 best performers so far in 2016. In every case, things turned out to be a lot better than many of the bears had feared.

The best-performing stock in the Dow so far in 2016 is Caterpillar (CAT) , up 16%. While Cat's end markets are still in taters, it turns out the stock already reflected those negatives going into the new year. Second on the list is Walmart (WMT) , another name that is not performing overly well in 2016 but never should have sold off as much as it did.

3M (MMM) is in the number three spot, followed by Verizon (VZ) , IBM (IBM) and a pair of oil names, Exxon Mobil (XOM) and Chevron (CVX) . Cramer said all of these stocks also fit the "never should've been so cheap" thesis.

Then there's United Technologies (UTX) coming in at number eight on the list. Cramer said that even after a failed takeover, shares continue to rise as the short-sellers continue to be proven wrong.

Rounding out the Dow's top 10 list are McDonald's (MCD) and UnitedHealth Group (UNH) . Cramer said the turnaround at McDonald's continues to amaze, as does UnitedHealth, which surprised investors by pulling out of health exchanges where it was losing money.

This Stock Is Too Fizzy

What the heck is going on at National Beverage (FIZZ) ? Cramer said the maker of soft drinks, lemonade and energy drinks has seen shares rise 91% over the past 12 months and over 224% over the past three years, seemingly out of nowhere.

It turns out the success of National Beverage has been riding on the company's LaCroix brand of sparkling water, which is now the fastest growing sparkling water in U.S. The company has taken this little-known brand and put it into the national spotlight with new packaging and broader distribution, which has propelled the company to 13.1% revenue growth that continues to accelerate.

But at the end of the day, Cramer said LaCroix is nothing more than carbonated water and has no proprietary edge over any other beverage maker. Additionally, shares of National Beverage now trade at 30 times earnings, if you assume a 20% growth rate. That's far more than either Coca-Cola (KO) or Pepsico (PEP) , a stock Cramer owns for his charitable trust, Action Alerts PLUS, that trade at 22 and 20 times earnings respectively.

Cramer said he has a hard time recommending National Beverage at these valuations.

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