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

> Source: EasyCompare research, https://easycompare.io/research/ares
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** ARES is 37.6% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. Over the past 6 months, ARES fell 0.1% while the S&P 500 rose 9.1%.
- **Stock or market?:** ARES fell 3.1% over the past 3 months, 2.2 points behind the alternative asset management ETF PSP (Invesco Global Listed Private Equity ETF), which fell 0.8%. The S&P 500 rose 3.9%. Its alternative asset management peers did not move as one over the past 3 months: BLK (BlackRock) rose 7.6%, while BN (Brookfield) fell 11.8%.
- **Past 1 to 3 years:** ARES has gone against the market, falling 17.4% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (24.9% against 89.3%). A ahead of 94% of stocks worth at least $300 million over 10 years, but behind 64% of the stocks worth at least $300 million over 3 years.
- **Long term:** ARES turned $10,000 into $103,000 over the past decade, against $42,100 in the S&P 500. Even so, over 5 years ARES trailed the index: 71.4% against 81.7%.
- **In a crash:** Across four sell-offs, ARES has typically fallen 1.9 times as far as the S&P 500.
- **Diversification:** Against the S&P 500, ARES has a correlation of 0.66 over 5 years, more closely than 97% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion.
- **Better options**
  - **Popular alternatives:** AMG (Affiliated Managers Group), GS (Goldman Sachs Group) and MS (Morgan Stanley) 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%.
  - **Nearby categories and themes:** RY (Royal Bank of Canada, banks) and JPM (JPMorgan Chase & Co., 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%.
  - **Versus the S&P 500:** Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 11.4% at 38.2% for ARES.

## 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.

- $10,000 invested in ARES at the end of September 2014 would have grown to $111,482 by September 2026, more than the $47,240 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of ARES, and LLY finished highest, at $220,143.

## 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.

- ARES is still 37.6% below its all-time high.
- 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.
- Over 11 full calendar years, ARES's best was 2019, when it returned 110%, and its worst was 2015, when it lost 20.6%. It lost money in four of those years.

- Type: Stock, Financials (Asset Management)
- Trading since: May 2, 2014
- Market value: $38B
- Volatility (5 years): 38.2%; Sharpe ratio: 0.48
- Worst decline ever: −49.9%, from January 31, 2025 to March 12, 2026; not yet back at its high

| Period | ARES total return |
| --- | --- |
| 1 month | −8.2% |
| 3 months | −3.1% |
| 6 months | −0.1% |
| year to date | −27.7% |
| 1 year | −17.4% |
| 3 years | +24.9% |
| 5 years | +71.4% |
| 10 years | +926% |

## 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.

- ARES's 10-year return ranks in the top 6% of the 2,202 stocks worth at least $300 million with 10 years of history.
- ARES's 1-year return ranks in the bottom 22% of the 3,287 stocks worth at least $300 million with 1 year of history.

| Measure | ARES | Rank |
| --- | --- | --- |
| 1-year return | −17.4% | 2,574 of 3,287 (top 79%) |
| 3-year return | +24.9% | 1,942 of 3,017 (top 65%) |
| 5-year return | +71.4% | 889 of 2,893 (top 31%) |
| 10-year return | +926% | 125 of 2,202 (top 6%) |
| Volatility, 5 years | 38.2% | 1,345 of 2,893 (top 47%) |
| Sharpe ratio, 5 years | 0.48 | 990 of 2,893 (top 35%) |
| Worst decline, past 10 years | −49.9% | 458 of 2,187 (top 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).

- 352 stocks and 186 ETFs worth at least $500 million sit in the green region: each earned more than ARES over the past 5 years with smaller price swings. That is 15% of the 3,633 screened.
- Among those with at least half ARES's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 35% less than ARES's 38.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.48 for ARES. MPC earned the most, 51.2% a year, while still swinging less than ARES (33.4% against 38.2%).
- Among ARES's popular alternatives, GS, AMG and MS are in the region. GS earned 19.6% a year against 11.4% a year for ARES, at 28.6% volatility, 25% less than ARES's 38.2%.

### Is there a better investment than ARES?

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.

- 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%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 11.4% at 38.2% for ARES.

The 15 strongest of 538 investments that beat ARES over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with ARES | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ARES: Ares Management Corporation (this page) |  | +11.4% | 38.2% | 0.48 | −49.9% | +926% |  |  |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [APH](https://easycompare.io/research/aph): Amphenol Corporation | Electronic Components | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.66 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | -0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [V](https://easycompare.io/research/v): Visa Inc. | Payment Processing | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.55 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MSFT](https://easycompare.io/research/msft): Microsoft Corporation | Software | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.55 | Higher return, lower volatility; Higher return in most periods; Smaller losses in recent crashes |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.32 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.01 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [COST](https://easycompare.io/research/cost): Costco Wholesale Corporation | Discount Retail | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.34 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [QQQ](https://easycompare.io/research/qqq): Invesco QQQ Trust, Series 1 | US Large-Cap Growth | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.55 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- GS, AMG and MS were both more rewarding and calmer than ARES over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, ARES returned 11.4% a year, less than the S&P 500's 12.7%, with higher volatility (38.2% against 17.1%).

### 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.

- Only one of the 25 popular alternatives, AMG, outperformed ARES in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- GS earned more for the risk it took than ARES (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of ARES | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| ARES: Ares Management Corporation (this page) | −17.4% | +24.9% | +71.4% | +926% |  |  | 0.48 |
| AMG: Affiliated Managers Group, Inc. | +59.9% | +214% | +137% | +185% | 5/5 short-term, 2/3 long-term | consistent | 0.70 |
| [MS](https://easycompare.io/research/ms): Morgan Stanley | +13.9% | +170% | +110% | +627% | 2/5 short-term, 2/3 long-term |  | 0.66 |
| [GS](https://easycompare.io/research/gs): The Goldman Sachs Group, Inc. | +18.2% | +215% | +145% | +521% | 2/5 short-term, 2/3 long-term |  | 0.77 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | −0.6% | +96.3% | +41.1% | +313% | 5/5 short-term, 1/3 long-term |  | 0.39 |
| ARCC: Ares Capital Corporation | +4.4% | +30.5% | +41.5% | +212% | 5/5 short-term, 1/3 long-term |  | 0.45 |
| BEN: Franklin Resources, Inc. | +44.8% | +62.4% | +31.5% | +49.2% | 5/5 short-term, 1/3 long-term |  | 0.33 |
| GCMG: GCM Grosvenor Inc. | +13.0% | +82.8% | +38.2% | — | 5/5 short-term, 1/3 long-term |  | 0.38 |
| IVZ: Invesco Ltd. | +30.0% | +158% | +39.8% | +50.9% | 4/5 short-term, 1/3 long-term |  | 0.37 |
| [BAM](https://easycompare.io/research/bam): Brookfield Asset Management Ltd. | −12.5% | +67.9% | — | — | 4/5 short-term, 1/3 long-term |  | — |
| AB: AllianceBernstein Holding L.P. | −3.7% | +56.6% | −0.1% | +281% | 3/5 short-term, 1/3 long-term |  | 0.14 |
| [BN](https://easycompare.io/research/bn): Brookfield Corporation | −16.8% | +85.9% | +20.8% | +226% | 3/5 short-term, 1/3 long-term |  | 0.28 |
| TPG: TPG Inc. | −16.9% | +84.5% | — | — | 3/5 short-term, 1/3 long-term |  | — |
| [APO](https://easycompare.io/research/apo): Apollo Global Management, Inc. | −9.7% | +41.4% | +64.9% | +825% | 2/5 short-term, 1/3 long-term |  | 0.46 |
| APAM: Artisan Partners Asset Management Inc. | −16.8% | +26.9% | +4.6% | +200% | 2/5 short-term, 1/3 long-term |  | 0.18 |
| STEP: StepStone Group Inc. | −26.9% | +66.0% | +15.2% | — | 1/5 short-term, 1/3 long-term |  | 0.28 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | −25.2% | +65.7% | +31.8% | +653% | 0/5 short-term, 1/3 long-term |  | 0.34 |
| [BX](https://easycompare.io/research/bx): Blackstone Inc. | −28.4% | +28.6% | +2.1% | +628% | 0/5 short-term, 1/3 long-term |  | 0.21 |
| CG: The Carlyle Group Inc. | −34.2% | +47.2% | −18.0% | +287% | 0/5 short-term, 1/3 long-term |  | 0.10 |
| BXSL: Blackstone Secured Lending Fund | +3.1% | +23.1% | — | — | 5/5 short-term, 0/3 long-term |  | — |
| TROW: T. Rowe Price Group, Inc. | +3.1% | +22.7% | −37.4% | +126% | 4/5 short-term, 0/3 long-term |  | -0.16 |
| PAX: Patria Investments Ltd | −14.2% | +6.9% | −7.7% | — | 4/5 short-term, 0/3 long-term |  | 0.11 |
| VRTS: Virtus Investment Partners, Inc. | −29.3% | −18.9% | −54.4% | +64.8% | 2/5 short-term, 0/3 long-term |  | -0.26 |
| HLNE: Hamilton Lane Incorporated | −28.5% | +10.6% | −3.9% | — | 2/5 short-term, 0/3 long-term |  | 0.16 |
| OBDC: Blue Owl Capital Corporation | −11.7% | +5.1% | +20.2% | — | 2/5 short-term, 0/3 long-term |  | 0.28 |
| OWL: Blue Owl Capital Inc. | −40.5% | −13.5% | −31.5% | — | 1/5 short-term, 0/3 long-term |  | 0.03 |

### 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.

- None of the 21 popular alternatives came out ahead of ARES in most of the years they have in common.
- Ranked against its popular alternatives each year, ARES finished in the top quarter in five of 11 years and in the bottom quarter in one. In 2025, it ranked 18 of 26.
- ARES finished ahead of the S&P 500 in seven of its 11 full calendar years.

| Year | ARES | SPY |
| --- | --- | --- |
| 2025 | −6.2% | +17.7% |
| 2024 | +52.7% | +24.9% |
| 2023 | +79.5% | +26.2% |
| 2022 | −12.7% | −18.2% |
| 2021 | +77.7% | +28.7% |
| 2020 | +37.3% | +18.3% |
| 2019 | +110% | +31.2% |
| 2018 | −5.6% | −4.6% |
| 2017 | +11.6% | +21.7% |
| 2016 | +56.5% | +12.0% |

## 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.

- In all five of ARES's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: ARES fell 49.9% from January 2025 to March 2026, while the S&P 500 rose 12.0%.
- None of these declines kept ARES below its old high for long; the longest climb back took 11 months.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −49.9% | January 31, 2025 | March 12, 2026 | not yet | +12.0% |  |
| −45.8% | June 15, 2015 | January 15, 2016 | December 30, 2016 | −8.7% | 2015 China and oil sell-off |
| −44.1% | February 19, 2020 | March 23, 2020 | July 15, 2020 | −33.7% | Covid crash |
| −38.0% | November 17, 2021 | June 16, 2022 | February 7, 2023 | −21.2% | 2022 bear market |
| −30.1% | March 5, 2018 | December 24, 2018 | March 13, 2019 | −12.3% | late-2018 sell-off |

### 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.

- ARES fell further than the S&P 500 in five of the six crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when ARES fell 43.4% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BXSL held up best, falling less than ARES in all two crashes they both traded through.
- ARES began trading after the 2008 financial crisis, but 12 of its popular alternatives lived through it. The mildest fall among them was BLK's 60.4%, against 55.2% for the S&P 500.

| Crash | Dates | ARES fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −43.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.9% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −26.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −44.1% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −35.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −12.7% | −3.4% |

### 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.

- None of the 16 popular alternatives with the same record had a higher capture ratio (upside capture divided by downside capture) than ARES's 1.07.
- Over the past 10 years, ARES captured 157% of the S&P 500's gains in rising months and 146% of its losses in falling months, with a beta of 1.29. It amplified the market's moves in both directions.
- GS took just 133% of the S&P 500's losses, against 146% for ARES, while still keeping 136% of its gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| ARES: Ares Management Corporation (this page) | 157% | 146% | 1.29 |
| AMG: Affiliated Managers Group, Inc. | 103% | 137% | 1.22 |
| [MS](https://easycompare.io/research/ms): Morgan Stanley | 142% | 137% | 1.39 |
| [GS](https://easycompare.io/research/gs): The Goldman Sachs Group, Inc. | 136% | 133% | 1.39 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | 127% | 157% | 1.30 |
| ARCC: Ares Capital Corporation | 75.0% | 70.0% | 0.87 |
| BEN: Franklin Resources, Inc. | 102% | 170% | 1.39 |
| IVZ: Invesco Ltd. | 119% | 201% | 1.46 |
| AB: AllianceBernstein Holding L.P. | 102% | 112% | 1.10 |
| [BN](https://easycompare.io/research/bn): Brookfield Corporation | 125% | 162% | 1.42 |
| [APO](https://easycompare.io/research/apo): Apollo Global Management, Inc. | 166% | 168% | 1.58 |
| APAM: Artisan Partners Asset Management Inc. | 160% | 224% | 1.79 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | 171% | 191% | 1.62 |
| [BX](https://easycompare.io/research/bx): Blackstone Inc. | 156% | 170% | 1.48 |
| CG: The Carlyle Group Inc. | 156% | 206% | 1.65 |
| TROW: T. Rowe Price Group, Inc. | 118% | 172% | 1.35 |
| VRTS: Virtus Investment Partners, Inc. | 116% | 183% | 1.49 |

### 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).

- Moving a fifth of the money in ARES into GLD would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+13.1% for ARES alone, +15.6% for the mix).
- FIX made money in four of the four calendar years in which ARES lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of ARES over the past 5 years, with correlations of 0.42 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with ARES | 5Y return | Volatility | Sharpe | Rose in ARES's 4 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.32 | +119% | 11.1% | 1.48 | 2 of 4 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.22 | +225% | 19.1% | 1.34 | 3 of 4 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.42 | +101% | 14.5% | 1.04 | 2 of 4 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.34 | +323% | 36.9% | 0.97 | 1 of 4 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.47 | +85.0% | 13.8% | 0.96 | 2 of 4 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.02 | +126% | 18.9% | 0.96 | 1 of 4 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.45 | +136% | 20.8% | 0.93 | 1 of 4 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.37 | +177% | 25.5% | 0.93 | 2 of 4 |

## 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.

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## Explore further

- Full page with charts: https://easycompare.io/research/ares
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against ARES live: https://betterthanspy.com/?b=ARES&utm_source=easycompare&utm_medium=research