It has not been a happy year for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) which is down just a little under 7% year-to-date.

Whilst nobody wants to see the index drop like this, it does mean there are a good number of potential bargains floating around that investors could snap up.

There are two shares in particular which have dropped so far this year they make the index look like it’s performing well. These potential bargains are as follows:

Ansell Limited (ASX: ANN)

When Ansell downgraded its full year earnings outlook the market did not react well. A sell-off ensued and the shares remain down over 19% for the year.

Ansell is one of the world’s leading manufacturers of protective gloves and condoms. Its products require regular replenishment and command a steady demand. These defensive characteristics make it a great share for most portfolios.

This is especially the case now following the sell-off of its shares. They are priced at 12 times estimated FY 2016 earnings, which is far below its normal trading range in the last 10 years.

Management expects a stronger second-half to the fiscal year. If it delivers on this then I would expect to see the share price bounce back strongly.

Bega Cheese Ltd (ASX: BGA)

Bega Cheese is another company which has lost 19% of its value in 2016. Much of this decline is attributable to the fact that it lost a major contract with supermarket giant Coles.

Coles – owned by Wesfarmers Ltd (ASX: WES) – agreed a five-year deal with Bega Cheese to produce its home brand cheese products in January 2012. But it will now replace Bega Cheese with Murray Goulburn from January 2017.

This large decline in the share price is a buying opportunity in my opinion, especially with its link up with Blackmores Limited (ASX: BKL). Not only are these two high-growth companies attempting to profit from the insatiable Chinese demand for infant formula, but they also have their eyes on other areas of the market.

It was announced recently that the pair have plans to release a range of health food products into the enormous Chinese consumer market. China has a wealthy and ageing population which could make this a profitable move.

Despite the 19% drop the shares are still a little on the expensive side at 32 times estimated FY 2016 earnings. But if the company can make a success of these joint ventures with Blackmores, then I am sure the premium investors would pay will prove to be more than worth it.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.