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Relative Intelligence · Alternative Asset Management

How Ares Management (ARES) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ARES alone. It places ARES (Ares Management Corporation) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where ARES stands in the market, and of the alternatives worth a closer look.

Period covered: ARES's full trading record, from May 2014 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against ARES →Chart ARES vs. 25 alternatives →
On this page12 sections

Key findings

How much would $10,000 in ARES have grown?

This chart tracks a hypothetical $10,000 investment in ARES over the past 12 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ARES over the same span and ARES's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: ARES began trading on May 2, 2014, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 12 years of ARES's record, starting at the end of September 2014.

Choose a period

From the end of September 2014 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 121 of the 2,461 stocks and funds worth at least $500 million that traded the whole period ended ahead of ARES; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,0002014201620182020202220242026$10,000$100,00020142017202020232026
  • LLY$220,143+2,101% total · +29.4% a year
  • APH$156,114+1,461% total · +25.7% a year
  • AAPL$150,144+1,401% total · +25.3% a year
  • IBKR$148,818+1,388% total · +25.2% a year
  • MSFT$131,479+1,215% total · +23.9% a year
  • ARES$111,482+1,015% total · +22.3% a year
  • MS$74,786+648% total · +18.3% a year
  • GS$61,856+519% total · +16.4% a year
  • SPY (S&P 500)$47,240+372% total · +13.8% a year
  • AMG$18,851+88.5% total · +5.4% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 973 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of ARES; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • GS$26,885+169% total · +21.9% a year
  • AMG$24,224+142% total · +19.4% a year
  • RY$23,646+136% total · +18.8% a year
  • JPM$22,905+129% total · +18.0% a year
  • MS$22,663+127% total · +17.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • ARES$18,478+84.8% total · +13.1% a year
  • ARCC$15,135+51.4% total · +8.6% a year
  • BLK$14,247+42.5% total · +7.3% a year
  • BEN$13,857+38.6% total · +6.7% a year
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ARES at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: ARES began trading on May 2, 2014, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The company

Market value
$38B
Industry
Asset Management
Price history from
May 2014

Returns

Past 1 year
−17.4%total return
Past 3 years
+24.9%+7.7% a year
Past 5 years
+71.4%+11.4% a year
Past 10 years
+926%+26.2% a year
Best calendar year
+110%2019
Worst calendar year
−20.6%2015
Losing years
4 of 11full calendar years

Risk

Volatility
38.2%typical yearly swing, 5 years
Sharpe ratio
0.48return per unit of risk, 5 years
Worst decline ever
−49.9%Jan 2025 to Mar 2026
From its all-time high
−37.6%below the peak

ARES against the whole market

Where ARES ranks among every stock and fund, and what across the market has done better.

How does ARES rank among all stocks?

This section ranks ARES on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how ARES stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureARESRankStanding
1-year return−17.4%2,574 of 3,287bottom 23%
3-year return+24.9%1,942 of 3,017bottom 37%
5-year return+71.4%889 of 2,893top 31%
10-year return+926%125 of 2,202top 6%
Volatility, 5 years38.2%1,345 of 2,893top 46%
Sharpe ratio, 5 years0.48990 of 2,893top 34%
Worst decline, past 10 years−49.9%458 of 2,187top 21%

What has beaten ARES on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). ARES sits where the dashed lines cross. Anything in the green box above and to the left earned more than ARES with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to ARES; faint dots are 88 more of the 538 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ARESWMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%VGT: +18.4% a year, volatility 26.0%BHP: +16.6% a year, volatility 31.4%ADI: +19.5% a year, volatility 34.1%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%DE: +14.4% a year, volatility 29.9%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%GWW: +26.3% a year, volatility 24.9%MNST: +17.2% a year, volatility 24.9%RSG: +13.9% a year, volatility 18.5%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%ESLT: +39.8% a year, volatility 34.6%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%DYNF: +14.7% a year, volatility 17.5%IX: +17.9% a year, volatility 25.4%EFV: +13.6% a year, volatility 15.9%FNDX: +13.5% a year, volatility 14.9%FNDF: +13.6% a year, volatility 16.3%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%PKG: +15.4% a year, volatility 25.8%MGV: +12.6% a year, volatility 13.4%RNR: +20.1% a year, volatility 27.8%CIBR: +14.1% a year, volatility 26.1%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%MUSA: +26.1% a year, volatility 31.2%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%PNW: +13.4% a year, volatility 19.9%FDL: +13.9% a year, volatility 14.4%CACI: +16.6% a year, volatility 29.9%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%LECO: +14.1% a year, volatility 27.5%AIZ: +13.3% a year, volatility 25.3%MSGS: +18.4% a year, volatility 25.6%WTS: +15.3% a year, volatility 28.4%NEU: +21.0% a year, volatility 26.8%ACT: +20.5% a year, volatility 24.3%KEYS: +13.9% a year, volatility 34.5%FSS: +23.3% a year, volatility 31.7%ACA: +23.1% a year, volatility 34.0%THG: +14.4% a year, volatility 22.9%CBOE: +21.5% a year, volatility 25.1%NHC: +32.0% a year, volatility 28.5%EMLP: +14.9% a year, volatility 14.5%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%USMC: +14.1% a year, volatility 16.4%RSPT: +16.9% a year, volatility 25.1%GCOW: +14.1% a year, volatility 13.6%WTM: +15.4% a year, volatility 23.6%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%IDMO: +13.3% a year, volatility 18.2%FTGC: +12.9% a year, volatility 15.6%FRDM: +17.3% a year, volatility 22.8%SPUS: +15.0% a year, volatility 19.5%WTV: +13.4% a year, volatility 17.0%DIVI: +13.4% a year, volatility 15.5%ARES: +11.4% a year, volatility 38.2%SPY (S&P 500): +12.7% a year, volatility 17.1%AMG: +18.8% a year, volatility 31.9%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%RY: +17.3% a year, volatility 18.2%JPM: +17.3% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%AMP: +12.1% a year, volatility 27.8%FCNCA: +20.4% a year, volatility 41.4%LLY: +40.7% a year, volatility 32.8%APH: +33.8% a year, volatility 32.2%AAPL: +18.5% a year, volatility 28.0%VOO: +12.8% a year, volatility 16.9%DXJ: +26.6% a year, volatility 19.1%MSFT: +12.5% a year, volatility 28.2%MA: +12.4% a year, volatility 23.8%ARGX: +24.1% a year, volatility 39.9%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%ARESSPY (S&P 500)AMGGSMSRYJPMTDIBKRAMPFCNCALLYAPHVOODXJMSFTMAARGXMPCCAH0.0%10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ARESWMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%COST: +17.4% a year, volatility 22.9%QQQ: +14.5% a year, volatility 23.0%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%VGT: +18.4% a year, volatility 26.0%BHP: +16.6% a year, volatility 31.4%ADI: +19.5% a year, volatility 34.1%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%VRTX: +22.6% a year, volatility 29.1%DE: +14.4% a year, volatility 29.9%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%GWW: +26.3% a year, volatility 24.9%MNST: +17.2% a year, volatility 24.9%RSG: +13.9% a year, volatility 18.5%ORLY: +15.9% a year, volatility 23.4%MSI: +14.8% a year, volatility 23.6%ESLT: +39.8% a year, volatility 34.6%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%DYNF: +14.7% a year, volatility 17.5%IX: +17.9% a year, volatility 25.4%EFV: +13.6% a year, volatility 15.9%FNDX: +13.5% a year, volatility 14.9%FNDF: +13.6% a year, volatility 16.3%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%HDV: +12.9% a year, volatility 13.0%AVDV: +13.9% a year, volatility 17.4%PKG: +15.4% a year, volatility 25.8%MGV: +12.6% a year, volatility 13.4%RNR: +20.1% a year, volatility 27.8%CIBR: +14.1% a year, volatility 26.1%FDVV: +13.2% a year, volatility 14.6%DBEF: +13.1% a year, volatility 13.8%MUSA: +26.1% a year, volatility 31.2%IOO: +15.7% a year, volatility 17.2%EHC: +18.4% a year, volatility 26.8%PNW: +13.4% a year, volatility 19.9%FDL: +13.9% a year, volatility 14.4%CACI: +16.6% a year, volatility 29.9%JQUA: +13.6% a year, volatility 15.7%VLUE: +15.9% a year, volatility 18.4%LECO: +14.1% a year, volatility 27.5%AIZ: +13.3% a year, volatility 25.3%MSGS: +18.4% a year, volatility 25.6%WTS: +15.3% a year, volatility 28.4%NEU: +21.0% a year, volatility 26.8%ACT: +20.5% a year, volatility 24.3%KEYS: +13.9% a year, volatility 34.5%FSS: +23.3% a year, volatility 31.7%ACA: +23.1% a year, volatility 34.0%THG: +14.4% a year, volatility 22.9%CBOE: +21.5% a year, volatility 25.1%NHC: +32.0% a year, volatility 28.5%EMLP: +14.9% a year, volatility 14.5%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%USMC: +14.1% a year, volatility 16.4%RSPT: +16.9% a year, volatility 25.1%GCOW: +14.1% a year, volatility 13.6%WTM: +15.4% a year, volatility 23.6%TDIV: +16.2% a year, volatility 21.3%MPLX: +23.5% a year, volatility 18.8%IWX: +12.7% a year, volatility 13.8%IDMO: +13.3% a year, volatility 18.2%FTGC: +12.9% a year, volatility 15.6%FRDM: +17.3% a year, volatility 22.8%SPUS: +15.0% a year, volatility 19.5%WTV: +13.4% a year, volatility 17.0%DIVI: +13.4% a year, volatility 15.5%ARES: +11.4% a year, volatility 38.2%SPY (S&P 500): +12.7% a year, volatility 17.1%AMG: +18.8% a year, volatility 31.9%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%RY: +17.3% a year, volatility 18.2%JPM: +17.3% a year, volatility 24.3%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%AMP: +12.1% a year, volatility 27.8%FCNCA: +20.4% a year, volatility 41.4%LLY: +40.7% a year, volatility 32.8%APH: +33.8% a year, volatility 32.2%AAPL: +18.5% a year, volatility 28.0%VOO: +12.8% a year, volatility 16.9%DXJ: +26.6% a year, volatility 19.1%MSFT: +12.5% a year, volatility 28.2%MA: +12.4% a year, volatility 23.8%ARGX: +24.1% a year, volatility 39.9%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%ARESSPY (S&P 500)AMGGSMSRYJPMTDIBKRFCNCALLYAPHVOODXJARGXMPCCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than ARES?

Investments that beat ARES over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat ARES over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks ARES's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than ARES follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than ARES's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× ARES's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than ARES's.

Screen the whole market against ARES for any period in BetterThanSPYOpen these 18 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with ARES?lower diversifies moreExpenseper year
ARESAres Management Corporation · this page
+11.4%38.2%0.48−49.9%+926%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.660.09%
Popular alternativesbest 3 shownThe investments people most often weigh against ARES. 3 of 22 passed at least one test.
AMGAffiliated Managers Group, Inc. · Asset Management
Higher return, lower volatilityHigher return in most periods+18.8%31.9%0.70−78.5%+185%0.51—
GSThe Goldman Sachs Group, Inc. · Capital Markets
Higher return, lower volatility+19.6%28.6%0.77−48.8%+521%0.68—
MSMorgan Stanley · Capital Markets
Higher return, lower volatility+16.0%28.8%0.66−51.3%+627%0.63—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Alternative Asset Management and Asset Management and the categories next to it (Business Development Companies, Capital Markets, Banks, Investment Banking & Brokerage), plus ARES's specific themes. 53 of 117 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.41—
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%24.3%0.78−43.6%+537%0.59—
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.8%20.0%0.84−42.0%+310%0.36—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+35.4%35.4%1.04−55.1%+935%0.54—
AMPAmeriprise Financial, Inc. · Asset Management
Similar return, lower volatilityHigher return in most periods+12.1%27.8%0.55−53.9%+507%0.74—
FCNCAFirst Citizens BancShares, Inc. · Regional Banks
Higher return, similar volatilityHigher return in most periods+20.4%41.4%0.64−47.5%+662%0.44—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 992 of 3,494 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.01—
APHAmphenol Corporation · Electronic Components
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.8%32.2%1.07−37.5%+965%0.29—
AAPLApple Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.5%28.0%0.75−38.5%+1,168%0.45—
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%16.9%0.80−34.0%+324%0.660.03%
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.220.48%
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+12.5%28.2%0.56−37.1%+946%0.55—
MAMastercard Incorporated · Payment Processing
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.4%23.8%0.61−41.0%+541%0.59—
ARGXargenx SE · Biotechnology
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+24.1%39.9%0.74−38.2%—0.16—
What these numbers mean for ARES
Annual return
ARES returned 11.4% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $17,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
ARES's volatility over the past 5 years was 38.2%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ARES's return lands within 38.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
ARES's Sharpe ratio over the past 5 years was 0.48, against 0.79 for the S&P 500, so ARES earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
ARES's worst fall from a peak to a low over the past 10 years was 49.9%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 49.9% fall takes a 99.8% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ARES's monthly returns had a correlation of 0.66 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against ARES instead: the lower it is, the more that option would diversify a ARES holding. Guide: Correlation and diversification →
Show all 538 stocks and funds worth at least $500 million that earned more than ARES with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with ARESExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.01—
2
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.29—
3
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.45—
4
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.660.03%
5
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.21—
6
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.34—
7
RYRoyal Bank of Canada · Banks
Same or nearby category+17.3%18.2%0.97−40.0%+352%0.41—
8
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%-0.13—
9
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.55—
10
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.220.48%
11
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%0.55—
12
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.320.40%
13
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.01—
14
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.34—
15
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.550.18%
16
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.16—
17
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.35—
18
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.07—
19
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.02—
20
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.05—
21
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.16—
22
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.09—
23
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.020.40%
24
IBMInternational Business Machines Corporation · IT Services
Whole market+16.6%30.5%0.66−41.1%+151%0.21—
25
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.540.09%
26
BHPBHP Group Limited · Metals & Mining
Whole market+16.6%31.4%0.65−44.3%+398%0.16—
27
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+652%0.24—
28
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.11—
29
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.17—
30
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.09—
31
DEDeere & Company · Industrial Machinery
Whole market+14.4%29.9%0.60−37.9%+755%0.19—
32
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.29—
33
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.27—
34
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.50—
35
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.05—
36
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.12—
37
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.27—
38
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.32—
39
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%0.06—
40
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.08—
41
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.03—
42
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.31—
43
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.660.04%
44
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.36—
45
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.640.26%
46
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.30—
47
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+13.6%15.9%0.88−43.2%+157%0.420.31%
48
FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value
Whole market+13.5%14.9%0.93−37.7%+291%0.630.25%
49
JPMJPMorgan Chase & Co. · Banks
Same or nearby category+17.3%24.3%0.78−43.6%+537%0.59—
50
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.420.25%
51
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.450.13%
52
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.43—
53
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.410.08%
54
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.430.36%
55
PKGPackaging Corporation of America · Packaging
Whole market+15.4%25.8%0.69−38.2%+294%0.32—
56
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Whole market+12.6%13.4%0.95−35.4%+244%0.510.05%
57
TDThe Toronto-Dominion Bank · Banks
Same or nearby category+15.8%20.0%0.84−42.0%+310%0.36—
58
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%-0.10—
59
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.26—
60
CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity
Whole market+14.1%26.1%0.64−33.9%+454%0.480.58%
61
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.640.15%
62
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.470.35%
63
MUSAMurphy USA Inc. · Convenience Stores
Whole market+26.1%31.2%0.90−35.5%+706%0.20—
64
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.630.40%
65
EHCEncompass Health Corporation · Health Care Facilities
Whole market+18.4%26.8%0.77−39.5%+340%0.35—
66
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+13.4%19.9%0.73−39.3%+103%0.10—
67
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.440.43%
68
CACICACI International Inc · Business Services
Whole market+16.6%29.9%0.66−42.9%+499%0.33—
69
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.620.12%
70
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.490.15%
71
LECOLincoln Electric Holdings, Inc. · Industrial Machinery
Whole market+14.1%27.5%0.62−38.9%+389%0.50—
72
AIZAssurant, Inc. · Property & Casualty Insurance
Whole market+13.3%25.3%0.62−44.6%+312%0.24—
73
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.15—
74
WTSWatts Water Technologies, Inc. · Industrial Machinery
Whole market+15.3%28.4%0.65−44.1%+539%0.35—
75
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.26—
76
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.11—
77
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.37—
78
KEYSKeysight Technologies, Inc. · Electronic Equipment
Whole market+13.9%34.5%0.55−42.6%+923%0.09—
79
FSSFederal Signal Corporation · Industrial Machinery
Whole market+23.3%31.7%0.82−33.0%+882%0.45—
80
ACAArcosa, Inc. · Construction Materials
Whole market+23.1%34.0%0.78−36.8%—0.50—
81
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Whole market+14.4%22.9%0.70−40.1%+291%0.04—
82
CBOECboe Global Markets, Inc. · Capital Markets
Same or nearby category+21.5%25.1%0.91−43.2%+463%0.29—
83
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.10—
84
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.420.95%
85
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—0.200.19%
86
QTUMDefiance Quantum ETF · Technology
Whole market+22.8%28.1%0.87−38.5%—0.370.40%
87
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.620.12%
88
RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity
Whole market+16.9%25.1%0.75−33.7%+572%0.540.40%
89
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.380.60%
90
WTMWhite Mountains Insurance Group, Ltd. · Insurance
Whole market+15.4%23.6%0.73−40.2%+169%0.20—
91
TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity
Whole market+16.2%21.3%0.81−32.0%+388%0.550.50%
92
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.42—
93
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.590.20%
94
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.490.25%
95
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%0.200.98%
96
FRDMFreedom 100 Emerging Markets ETF · International
Whole market+17.3%22.8%0.82−40.5%—0.290.49%
97
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Same or nearby category+35.4%35.4%1.04−55.1%+935%0.54—
98
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.590.45%
99
WTVWisdomTree U.S. Value Fund · Broad Market
Whole market+13.4%17.0%0.83−42.2%+303%0.670.12%
100
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.400.09%

ARES against its popular alternatives

The investments people most often weigh against ARES, compared period by period and year by year.

How do ARES's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at ARES, which divides the map into what did better or worse on each measure.

Green points earned more than ARES with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−15.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityARES: 11.4% a year, volatility 38.2%SPY (S&P 500): 12.7% a year, volatility 17.1%AMG: 18.8% a year, volatility 31.9%MS: 16.0% a year, volatility 28.8%GS: 19.6% a year, volatility 28.6%STEP: 2.9% a year, volatility 42.2%KKR: 5.7% a year, volatility 39.8%BX: 0.4% a year, volatility 39.8%CG: −3.9% a year, volatility 40.1%OWL: −7.3% a year, volatility 42.2%BLK: 7.1% a year, volatility 27.1%ARCC: 7.2% a year, volatility 20.1%BEN: 5.6% a year, volatility 31.7%GCMG: 6.7% a year, volatility 27.2%IVZ: 6.9% a year, volatility 36.4%AB: 0.0% a year, volatility 27.6%BN: 3.9% a year, volatility 31.1%APO: 10.5% a year, volatility 37.3%APAM: 0.9% a year, volatility 31.1%TROW: −8.9% a year, volatility 30.5%PAX: −1.6% a year, volatility 31.4%VRTS: −14.5% a year, volatility 36.1%HLNE: −0.8% a year, volatility 36.9%OBDC: 3.8% a year, volatility 21.2%ARESSPY (S&P 500)AMGMSGSSTEPKKRBXCGOWLBLKARCCBENGCMGIVZABBNAPOAPAMTROWPAXVRTSHLNEOBDC10.0%20.0%30.0%40.0%50.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityARES: 11.4% a year, volatility 38.2%SPY (S&P 500): 12.7% a year, volatility 17.1%AMG: 18.8% a year, volatility 31.9%MS: 16.0% a year, volatility 28.8%GS: 19.6% a year, volatility 28.6%STEP: 2.9% a year, volatility 42.2%KKR: 5.7% a year, volatility 39.8%BX: 0.4% a year, volatility 39.8%CG: −3.9% a year, volatility 40.1%OWL: −7.3% a year, volatility 42.2%BLK: 7.1% a year, volatility 27.1%ARCC: 7.2% a year, volatility 20.1%BEN: 5.6% a year, volatility 31.7%GCMG: 6.7% a year, volatility 27.2%IVZ: 6.9% a year, volatility 36.4%AB: 0.0% a year, volatility 27.6%BN: 3.9% a year, volatility 31.1%APO: 10.5% a year, volatility 37.3%APAM: 0.9% a year, volatility 31.1%TROW: −8.9% a year, volatility 30.5%PAX: −1.6% a year, volatility 31.4%VRTS: −14.5% a year, volatility 36.1%HLNE: −0.8% a year, volatility 36.9%OBDC: 3.8% a year, volatility 21.2%ARESSPY (S&P 500)AMGMSGSSTEPKKRBXCGOWLBLKARCCBENIVZABBNAPOAPAMTROWPAXVRTSOBDC
All figures
InvestmentAnnual returnVolatility
GS The Goldman Sachs Group, Inc.+19.6%28.6%
AMG Affiliated Managers Group, Inc.+18.8%31.9%
MS Morgan Stanley+16.0%28.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
ARES This pageAres Management Corporation+11.4%38.2%
APO Apollo Global Management, Inc.+10.5%37.3%
ARCC Ares Capital Corporation+7.2%20.1%
BLK BlackRock, Inc.+7.1%27.1%
IVZ Invesco Ltd.+6.9%36.4%
GCMG GCM Grosvenor Inc.+6.7%27.2%
KKR KKR & Co. Inc.+5.7%39.8%
BEN Franklin Resources, Inc.+5.6%31.7%
BN Brookfield Corporation+3.9%31.1%
OBDC Blue Owl Capital Corporation+3.8%21.2%
STEP StepStone Group Inc.+2.9%42.2%
APAM Artisan Partners Asset Management Inc.+0.9%31.1%
BX Blackstone Inc.+0.4%39.8%
AB AllianceBernstein Holding L.P.0.0%27.6%
HLNE Hamilton Lane Incorporated−0.8%36.9%
PAX Patria Investments Ltd−1.6%31.4%
CG The Carlyle Group Inc.−3.9%40.1%
OWL Blue Owl Capital Inc.−7.3%42.2%
TROW T. Rowe Price Group, Inc.−8.9%30.5%
VRTS Virtus Investment Partners, Inc.−14.5%36.1%
Open these 24 in EasyCompare

Has ARES consistently beaten its popular alternatives?

This section compares ARES with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than ARES helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than ARES over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
ARES Ares Management Corporation (this page)—−8.2%−3.1%−0.1%−27.7%−17.4%+24.9%+71.4%+926%38.2%0.48−49.9%—$38B—
AMG QualifiedAffiliated Managers Group, Inc.5/5 short2/3 long+6.6%+6.2%+29.2%+34.6%+59.9%+214%+137%+185%31.9%0.70−78.5%—$10B—
MS Financial - Capital MarketsMorgan Stanley2/5 short2/3 long−12.5%−14.0%−4.4%+0.8%+13.9%+170%+110%+627%28.8%0.66−51.3%—$285B—
GS Financial - Capital MarketsThe Goldman Sachs Group, Inc.2/5 short2/3 long−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
BLK Asset ManagementBlackRock, Inc.5/5 short1/3 long+3.5%+7.6%+8.8%+5.7%−0.6%+96.3%+41.1%+313%27.1%0.39−43.9%—$175B—
ARCC Asset ManagementAres Capital Corporation5/5 short1/3 long−4.8%−0.1%+1.8%−2.2%+4.4%+30.5%+41.5%+212%20.1%0.45−56.8%—$13B—
BEN Asset ManagementFranklin Resources, Inc.5/5 short1/3 long−6.2%−2.1%+14.9%+35.9%+44.8%+62.4%+31.5%+49.2%31.7%0.33−62.1%—$16B—
GCMG Asset ManagementGCM Grosvenor Inc.5/5 short1/3 long−5.3%−0.9%+17.4%+14.8%+13.0%+82.8%+38.2%—27.2%0.38−51.8%—$769M—
IVZ Asset ManagementInvesco Ltd.4/5 short1/3 long−8.3%−2.3%+17.0%+9.3%+30.0%+158%+39.8%+50.9%36.4%0.37−79.8%—$13B—
BAM Asset ManagementBrookfield Asset Management Ltd.4/5 short1/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
AB Asset ManagementAllianceBernstein Holding L.P.3/5 short1/3 long−4.1%−6.1%−6.3%−3.5%−3.7%+56.6%−0.1%+281%27.6%0.14−58.1%—$3.2B—
BN Asset ManagementBrookfield Corporation3/5 short1/3 long−1.7%−11.8%−19.8%−19.6%−16.8%+85.9%+20.8%+226%31.1%0.28−51.4%—$83B—
TPG Asset ManagementTPG Inc.3/5 short1/3 long−4.6%+4.4%+1.7%−30.0%−16.9%+84.5%————−44.9%—$17B—
APO Asset ManagementApollo Global Management, Inc.2/5 short1/3 long−13.0%−5.5%−11.9%−23.2%−9.7%+41.4%+64.9%+825%37.3%0.46−53.5%—$66B—
APAM Asset ManagementArtisan Partners Asset Management Inc.2/5 short1/3 long−10.4%−12.7%−8.8%−14.1%−16.8%+26.9%+4.6%+200%31.1%0.18−51.1%—$2.3B—
STEP Asset ManagementStepStone Group Inc.1/5 short1/3 long−9.5%+2.4%−20.1%−33.4%−26.9%+66.0%+15.2%—42.2%0.28−60.2%—$5.5B—
KKR Asset ManagementKKR & Co. Inc.0/5 short1/3 long−11.5%−7.8%−13.8%−30.4%−25.2%+65.7%+31.8%+653%39.8%0.34−49.4%—$80B—
BX Asset ManagementBlackstone Inc.0/5 short1/3 long−12.7%−9.8%−12.8%−28.3%−28.4%+28.6%+2.1%+628%39.8%0.21−49.3%—$127B—
CG Asset ManagementThe Carlyle Group Inc.0/5 short1/3 long−8.7%−16.0%−28.0%−37.4%−34.2%+47.2%−18.0%+287%40.1%0.10−56.7%—$13B—
BXSL Asset ManagementBlackstone Secured Lending Fund5/5 short0/3 long−2.4%+3.9%+1.7%−2.2%+3.1%+23.1%————−36.8%—$5.5B—
TROW Asset ManagementT. Rowe Price Group, Inc.4/5 short0/3 long−2.4%−11.2%+6.7%+1.5%+3.1%+22.7%−37.4%+126%30.5%-0.16−58.2%—$22B—
PAX Asset ManagementPatria Investments Ltd4/5 short0/3 long+15.9%+10.1%−7.0%−21.4%−14.2%+6.9%−7.7%—31.4%0.11−46.1%—$2.0B—
VRTS Asset ManagementVirtus Investment Partners, Inc.2/5 short0/3 long−7.5%−24.8%−12.8%−22.6%−29.3%−18.9%−54.4%+64.8%36.1%-0.26−58.7%—$795M—
HLNE Asset ManagementHamilton Lane Incorporated2/5 short0/3 long−5.3%−0.4%−20.5%−37.5%−28.5%+10.6%−3.9%—36.9%0.16−62.3%—$4.6B—
OBDC Asset ManagementBlue Owl Capital Corporation2/5 short0/3 long−8.7%−5.9%−10.6%−13.3%−11.7%+5.1%+20.2%—21.2%0.28−56.1%—$4.9B—
OWL Asset ManagementBlue Owl Capital Inc.1/5 short0/3 long−8.2%+0.3%−3.0%−36.1%−40.5%−13.5%−31.5%—42.2%0.03−67.1%—$14B—
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How did ARES do year by year?

This table shows each investment's total return in every full calendar year since 2015, along with where ARES ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ARES and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: ARES began trading on May 2, 2014, so the table starts with 2015, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of ARES; gray means the two finished within a fraction of a point. The rank row places ARES among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of ARES20252024202320222021202020192018201720162015
ARES This pageAres Management Corporation—−6.2%+52.7%+79.5%−12.7%+77.7%+37.3%+110%−5.6%+11.6%+56.5%−20.6%
Rank among alternativesTop quarter in 5 of 1118 of 265 of 264 of 268 of 244 of 226 of 202 of 186 of 1814 of 171 of 1710 of 17
SPY S&P 500State Street SPDR S&P 500 ETF4 of 11+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%
AMG Affiliated Managers Group, Inc.3 of 11+55.9%+22.2%−4.4%−3.7%+61.8%+20.5%−11.8%−52.1%+41.9%−9.0%−24.7%
MS Morgan Stanley4 of 11+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%
GS The Goldman Sachs Group, Inc.3 of 11+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%
BLK BlackRock, Inc.4 of 11+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%
ARCC Ares Capital Corporation4 of 11+1.0%+19.8%+20.1%−3.9%+36.0%+0.8%+31.3%+8.9%+4.4%+28.2%+0.8%
BEN Franklin Resources, Inc.1 of 11+24.8%−27.2%+16.9%−17.5%+39.0%+1.4%−9.2%−23.4%+11.6%+9.8%−32.5%
GCMG GCM Grosvenor Inc.1 of 6−4.3%+42.8%+24.8%−24.0%−18.9%+30.0%—————
IVZ Invesco Ltd.3 of 11+56.9%+3.0%+4.2%−18.7%+35.5%+3.0%+14.9%−52.0%+24.6%−5.9%−12.1%
BAM Brookfield Asset Management Ltd.1 of 3−0.3%+39.7%+45.6%————————
AB AllianceBernstein Holding L.P.4 of 11+13.4%+30.4%−2.3%−23.4%+56.3%+23.0%+19.9%+21.0%+16.9%+7.0%−1.1%
BN Brookfield Corporation3 of 11+20.6%+44.1%+29.1%−35.0%+48.9%+8.5%+52.3%−10.7%+34.2%+8.0%−4.4%
TPG TPG Inc.1 of 3+5.1%+50.6%+62.4%————————
APO Apollo Global Management, Inc.3 of 11−11.1%+79.9%+49.5%−9.6%+53.3%+8.0%+107%−22.0%+85.4%+37.3%−29.3%
APAM Artisan Partners Asset Management Inc.3 of 11+2.8%+4.9%+60.3%−31.3%+2.8%+71.0%+67.1%−38.2%+45.2%−10.1%−23.1%
STEP StepStone Group Inc.2 of 5+13.6%+85.9%+31.7%−37.9%+5.4%——————
KKR KKR & Co. Inc.5 of 11−13.3%+79.6%+80.5%−37.0%+85.8%+41.1%+51.5%−4.3%+41.8%+3.4%−28.0%
BX Blackstone Inc.5 of 11−7.8%+35.1%+82.8%−40.0%+107%+19.8%+96.3%+0.1%+27.4%−1.5%−5.0%
CG The Carlyle Group Inc.3 of 11+20.2%+28.1%+42.6%−43.8%+78.5%+1.6%+117%−27.2%+59.8%+9.0%−34.8%
BXSL Blackstone Secured Lending Fund0 of 4−9.4%+29.0%+37.8%−26.0%———————
TROW T. Rowe Price Group, Inc.3 of 11−4.7%+9.7%+3.4%−42.2%+34.9%+28.1%+35.6%−9.8%+43.4%+8.5%−12.2%
PAX Patria Investments Ltd2 of 4+43.2%−20.0%+18.9%−10.0%———————
VRTS Virtus Investment Partners, Inc.1 of 11−22.1%−5.5%+30.9%−33.5%+39.0%+82.5%+56.6%−29.8%−1.0%+2.7%−30.1%
HLNE Hamilton Lane Incorporated1 of 8−7.9%+32.4%+81.4%−37.0%+34.7%+33.5%+64.3%+6.6%———
OBDC Blue Owl Capital Corporation1 of 6−7.9%+14.8%+43.4%−9.6%+22.0%−19.4%—————
OWL Blue Owl Capital Inc.1 of 5−32.8%+61.7%+47.3%−26.3%+32.2%——————
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Risk and diversification

How ARES has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were ARES's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ARES's five deepest drawdowns since it began trading in 2014, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: ARES began trading on May 2, 2014, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means ARES fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringARES fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−49.9%+12.0%Jan 2025Mar 202614 monthsNot yet—
2015 China and oil sell-off−45.8%−8.7%Jun 2015Jan 20167 monthsDec 201611 months
Covid crash−44.1%−33.7%Feb 2020Mar 20201 monthJul 20204 months
2022 bear market−38.0%−21.2%Nov 2021Jun 20227 monthsFeb 20238 months
Late-2018 sell-off−30.1%−12.3%Mar 2018Dec 20189 monthsMar 20193 months

How did ARES do in stock market crashes?

This section measures how far ARES, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: ARES began trading on May 2, 2014, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than ARES.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
ARES This pageAres Management Corporation—−12.7%−35.7%−44.1%−26.7%−6.9%−43.4%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF5 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
AMG Affiliated Managers Group, Inc.1 of 6−12.8%−32.9%−49.1%−38.7%−9.0%−44.4%−31.8%−4.8%−85.9%−46.4%
MS Morgan Stanley3 of 6−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
GS The Goldman Sachs Group, Inc.5 of 6−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
BLK BlackRock, Inc.4 of 6−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
ARCC Ares Capital Corporation5 of 6−8.1%−21.8%−56.3%−14.4%−2.5%−19.1%−19.9%−2.7%−77.3%—
BEN Franklin Resources, Inc.4 of 6−5.5%−39.2%−40.4%−19.0%−7.1%−29.3%−32.1%−2.5%−72.5%−40.3%
GCMG GCM Grosvenor Inc.2 of 3−7.0%−39.5%−4.7%———————
IVZ Invesco Ltd.2 of 6−7.5%−43.4%−57.8%−34.4%−9.2%−33.1%−35.1%−3.6%−85.0%−82.0%
BAM Brookfield Asset Management Ltd.1 of 1−7.1%—————————
AB AllianceBernstein Holding L.P.4 of 6−4.1%−32.5%−58.1%−23.3%−7.5%−40.9%−28.1%0.0%−87.5%−54.7%
BN Brookfield Corporation4 of 6−10.5%−36.2%−51.4%−18.1%−5.2%−22.7%−18.7%0.0%−70.9%−20.7%
TPG TPG Inc.0 of 1−17.7%—————————
APO Apollo Global Management, Inc.1 of 6−17.9%−35.5%−48.9%−35.7%−10.8%−40.0%−44.2%———
APAM Artisan Partners Asset Management Inc.1 of 6−6.8%−39.4%−49.7%−38.0%−10.1%−46.5%————
STEP StepStone Group Inc.0 of 2−19.1%−43.4%————————
KKR KKR & Co. Inc.0 of 6−12.6%−41.7%−45.5%−33.5%−10.2%−51.3%−37.8%−2.2%−90.1%—
BX Blackstone Inc.3 of 6−12.3%−38.5%−42.6%−29.1%−4.2%−37.7%−35.6%−3.5%−84.9%—
CG The Carlyle Group Inc.0 of 6−13.1%−52.5%−46.2%−34.7%−10.4%−50.3%————
BXSL Blackstone Secured Lending Fund2 of 2−6.1%−26.2%————————
TROW T. Rowe Price Group, Inc.4 of 6−6.8%−48.2%−38.0%−23.4%−7.2%−15.0%−23.4%−1.7%−67.4%−54.1%
PAX Patria Investments Ltd2 of 2−7.7%−31.9%————————
VRTS Virtus Investment Partners, Inc.1 of 6−13.7%−49.1%−58.3%−41.8%−7.5%−38.0%−36.2%0.0%——
HLNE Hamilton Lane Incorporated2 of 5−16.4%−43.2%−42.6%−30.4%−5.7%—————
OBDC Blue Owl Capital Corporation2 of 3−9.3%−28.3%−48.0%———————
OWL Blue Owl Capital Inc.0 of 2−17.7%−39.7%————————
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How closely does ARES move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares ARES with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than ARES's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ARES This pageAres Management Corporation157%146%1.071.29
ARCC Ares Capital Corporation75%70%1.070.87
MS Morgan Stanley142%137%1.041.39
GS The Goldman Sachs Group, Inc.136%133%1.021.39
APO Apollo Global Management, Inc.166%168%0.991.58
BX Blackstone Inc.156%170%0.921.48
AB AllianceBernstein Holding L.P.102%112%0.911.10
KKR KKR & Co. Inc.171%191%0.891.62
BLK BlackRock, Inc.127%157%0.811.30
BN Brookfield Corporation125%162%0.771.42
AMG Affiliated Managers Group, Inc.103%137%0.761.22
CG The Carlyle Group Inc.156%206%0.761.65
APAM Artisan Partners Asset Management Inc.160%224%0.721.79
TROW T. Rowe Price Group, Inc.118%172%0.681.35
VRTS Virtus Investment Partners, Inc.116%183%0.631.49
BEN Franklin Resources, Inc.102%170%0.601.39
IVZ Invesco Ltd.119%201%0.591.46
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What diversifies ARES?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with ARES's. Because such investments tend not to fall at the same time, pairing ARES with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which ARES lost money. The last two columns show a portfolio that is 80% ARES and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202520222018201580/20 mix volatility80/20 mix annual return
ARES Ares Management Corporation (this page)1.00+71.4%0.48−6.2%−12.7%−5.6%−20.6%36.3%+13.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.32+119%1.48+27.1%+3.8%−5.2%—29.7%+14.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.22+225%1.34+32.8%+6.0%−19.8%+7.7%29.7%+17.0%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.42+101%1.04+9.7%+10.4%−8.7%−25.3%30.4%+14.6%
SMH TechnologyVanEck Semiconductor ETF0.34+323%0.97+49.2%−33.5%−9.1%−0.3%32.0%+19.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.47+85.0%0.96+23.1%−5.1%−9.5%+4.1%30.1%+14.2%
GLD CommoditiesSPDR Gold Shares0.02+126%0.96+63.7%−0.8%−1.9%−10.7%29.3%+15.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.45+136%0.93+26.6%−10.4%−0.9%—31.1%+15.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.37+177%0.93+7.9%+64.4%−18.2%−21.5%31.3%+16.2%

Stocks

InvestmentCorrelation5Y returnSharpe202520222018201580/20 mix volatility80/20 mix annual return
ARES Ares Management Corporation (this page)1.00+71.4%0.48−6.2%−12.7%−5.6%−20.6%36.3%+13.1%
CAH Medical - DistributionCardinal Health, Inc.0.11+479%1.55+76.3%+54.1%−24.5%+12.6%30.1%+19.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.32+3,143%1.47+220%+1.3%−16.3%−6.0%34.6%+31.3%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.28+1,636%1.46+121%+17.0%+0.8%+67.7%32.7%+27.8%
MCK Medical - DistributionMcKesson Corporation0.07+413%1.44+44.5%+51.8%−28.4%−4.5%29.8%+18.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.26+690%1.41+19.2%+86.6%−8.2%+17.4%31.3%+21.1%
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Common questions

What was ARES's worst drawdown?

ARES's deepest decline since it began trading in 2014 was 49.9%, from January 2025 to March 2026. It has not yet climbed back to that peak. Because ARES launched in May 2014, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were ARES's best and worst years?

Over 11 full calendar years, ARES's best year was 2019, when it returned 110%. Its worst was 2015, with a return of -20.6%.

Is there a better investment than ARES?

Among ARES's popular alternatives, AMG, GS and MS earned more than ARES with less volatility over the past 5 years. AMG returned 18.8% a year at 31.9% volatility, against 11.4% a year at 38.2%. Looking beyond its popular alternatives, RY (banks) and JPM (banks) earned more than ARES with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 11.4% a year at 38.2%.

Is ARES more volatile than the S&P 500?

Yes. ARES's volatility over the past 5 years was 38.2%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ARES's return lands within 38.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is ARES's Sharpe ratio?

ARES's Sharpe ratio over the past 5 years was 0.48, against 0.79 for the S&P 500, so ARES earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is ARES with the S&P 500?

Over the past 5 years, ARES's monthly returns had a correlation of 0.66 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against ARES instead: the lower it is, the more that option would diversify a ARES holding.

What are the best alternatives to ARES?

Of the 25 popular alternatives we compared, one outperformed ARES in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: AMG.

Did ARES outperform the S&P 500?

ARES finished ahead of the S&P 500 (SPY) in seven of 11 full calendar years. In 2025, it returned -6.2%, against +17.7% for the index.

How did ARES do in stock market crashes?

ARES fell less than the S&P 500 (SPY) in none of the six major crashes it has traded through, and further in five. The clearest case was the 2015 China and oil sell-off, when ARES fell 43.4% and the S&P 500 fell 12.8%.

What diversifies ARES?

These had a low correlation with ARES over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.32), DXJ (correlation 0.22) and EMLP (correlation 0.42); among large stocks, CAH (correlation 0.11), CLS (correlation 0.32) and FIX (correlation 0.28). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ARES

Other stocks and ETFs