Relative Intelligence · Alternative Asset Management
How Brookfield Asset Management (BAM) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BAM alone. It places BAM (Brookfield Asset Management Ltd.) 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 BAM stands in the market, and of the alternatives worth a closer look.
Period covered: BAM's full trading record, from December 2022 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.
On this page12 sections
Key findings
- Right nowThe slide is BAM's own: it is 23.9% below its high, against 1.3% for the S&P 500. Over the past 6 months, BAM fell 4.5% while the S&P 500 rose 9.1%. At a glance ↓
- Stock or market?BAM fell 2.1% over the past 3 months, 3.8 points ahead of the alternative asset management ETF IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF), which fell 5.9%. 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 BX (Blackstone) fell 9.8%.
- Past 1 to 3 yearsBAM has gone against the market, falling 12.5% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (67.9% against 89.3%). By year ↓
- Long termBAM turned $10,000 into $16,800 over the past 3 years, against $18,900 in the S&P 500. Growth of $10,000 ↓
- DiversificationOver 3 years, BAM's beta versus the S&P 500 was 1.44: in the S&P 500's rising months it gained 1.2 times as much as the index, and in falling months it lost 2.4 times as much. Against the S&P 500, BAM has a correlation of 0.57 over 3 years, more closely than 92% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Market capture ↓
- Better options
- Nearby categories and themes
- RY (Royal Bank of Canada, banks) and CM (Canadian Imperial Bank of Commerce, banks) earned more than BAM with less volatility over the past 3 years. RY returned 39.7% a year at 16.9% volatility, against 18.9% a year at 30.1%.
- Whole market
- 661 of the 3,928 stocks and funds worth at least $500 million earned more than BAM with less volatility over the past 3 years, among them AAPL (Apple), VTI (Vanguard Morningstar Total Stock Market ETF) and VOO (Vanguard S&P 500 ETF).
How much would $10,000 in BAM have grown?
This chart tracks a hypothetical $10,000 investment in BAM over the past 3 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BAM over the same span and BAM's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: BAM began trading on December 1, 2022, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or seven other sell-offs. It covers the most recent 3 years of BAM's record, starting at the end of September 2023.
- $10,000 invested in BAM at the end of September 2023 would have grown to $14,865 by September 2026, less than the $18,498 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of BAM, and VCTR finished highest, at $36,180.
From the end of September 2023 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,960 of the 3,922 stocks and funds worth at least $500 million that traded the whole period ended ahead of BAM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- VCTR$36,180+262% total · +53.5% a year
- AMG$28,068+181% total · +41.1% a year
- IVZ$23,673+137% total · +33.3% a year
- SPY (S&P 500)$18,498+85.0% total · +22.8% a year
- BN$17,829+78.3% total · +21.3% a year
- BLK$17,502+75.0% total · +20.5% a year
- TPG$16,497+65.0% total · +18.2% a year
- BAM$14,865+48.6% total · +14.1% a year
- BIP$13,941+39.4% total · +11.7% a year
- ARCC$13,002+30.0% total · +9.1% a year
BAM 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: BAM began trading on December 1, 2022, 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 seven other sell-offs.
- BAM is still 23.9% below its all-time high.
- BAM's deepest decline since it began trading in 2022 was 30.4%, from July 2025 to March 2026. It has not yet climbed back to that peak.
- Over three full calendar years, BAM's best was 2023, when it returned 45.6%, and its worst was 2025, when it lost 0.3%. It lost money in one of those years.
The company
- Market value
- $73B
- Industry
- Asset Management
- Price history from
- December 2022
Returns
- Past 1 year
- −12.5%total return
- Past 3 years
- +67.9%+18.9% a year
- Best calendar year
- +45.6%2023
- Worst calendar year
- −0.3%2025
- Losing years
- 1 of 3full calendar years
Risk
- Volatility
- 30.1%typical yearly swing, 3 years
- Sharpe ratio
- 0.73return per unit of risk, 3 years
- Worst decline ever
- −30.4%Jul 2025 to Mar 2026
- From its all-time high
- −23.9%below the peak
BAM against the whole market
Where BAM ranks among every stock and fund, and what across the market has done better.
How does BAM rank among all stocks?
This section ranks BAM 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 BAM stacks up against its peers, these rankings show where it stands in the market as a whole.
- BAM lands in the broad middle of the market on every measure here. BAM is among the steadier stocks: its price swings rank in the top 28% of the 3,017 stocks worth at least $300 million, where the top is the calmest.
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.
| Measure | BAM | Rank | Standing |
|---|---|---|---|
| 1-year return | −12.5% | 2,419 of 3,287 | bottom 27% |
| 3-year return | +67.9% | 1,293 of 3,017 | top 43% |
| Volatility, 3 years | 30.1% | 838 of 3,017 | top 28% |
| Sharpe ratio, 3 years | 0.73 | 1,219 of 3,017 | top 40% |
What has beaten BAM on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 3 years (higher is better) and how much its price swung, its volatility (further left is calmer). BAM sits where the dashed lines cross. Anything in the green box above and to the left earned more than BAM 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.
- 203 stocks and 458 ETFs worth at least $500 million sit in the green region: each earned more than BAM over the past 3 years with smaller price swings. That is 17% of the 3,928 screened.
- Among those with at least half BAM's swings, CM has the best return for its risk: 53.4% a year at 19.8% volatility, 34% less than BAM's 30.1%, and a Sharpe ratio (return above cash per unit of volatility) of 2.27 against 0.73 for BAM. BAP earned the most, 55.3% a year, while still swinging less than BAM (28.1% against 30.1%).
- Among BAM's popular alternatives, BLK and BIP are in the region. BLK earned 25.2% a year against 18.9% a year for BAM, at 24.8% volatility, 18% less than BAM's 30.1%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 3 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to BAM; faint dots are 90 more of the 661 in the green region (the strongest, one per fund family). 3,928 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than BAM?
Investments that beat BAM over the past 3 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among BAM's popular alternatives, BLK and BIP earned more than BAM with less volatility over the past 3 years. BLK returned 25.2% a year at 24.8% volatility, against 18.9% a year at 30.1%.
- Looking beyond its popular alternatives, RY (banks) and CM (banks) earned more than BAM with less volatility over the past 3 years. RY returned 39.7% a year at 16.9% volatility, against 18.9% a year at 30.1%.
- Across the whole market, 661 of the 3,928 stocks and funds worth at least $500 million earned more than BAM with less volatility over the past 3 years, among them AAPL, VTI and VOO.
How this works
The table below lists investments that beat BAM over the past 3 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 BAM'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 BAM follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 3 years; the worst decline covers the past 10 years. Green marks a better figure than BAM'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× BAM's volatility counts as better.
These figures cover the past 3 years. Green marks a better figure than BAM's.
| Investment | Why it is better | Past 3 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 3Y returntotal | Corr. with BAM?lower diversifies more | Expenseper year | |||
| BAMBrookfield Asset Management Ltd. · this page | +18.9% | 30.1% | 0.73 | −30.4% | +67.9% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +23.7% | 15.2% | 1.48 | −33.7% | +89.3% | 0.57 | 0.09% | ||
| Popular alternativesbest 4 shownThe investments people most often weigh against BAM. 4 of 22 passed at least one test. | |||||||||
 BLKBlackRock, Inc. · Asset Management | Higher return, lower volatility | +25.2% | 24.8% | 1.03 | −43.9% | +96.3% | 0.75 | — | |
BIPBrookfield Infrastructure Partners L.P. · Infrastructure | Higher return, lower volatility | +22.2% | 28.1% | 0.86 | −51.4% | +82.5% | 0.59 | — | |
AMGAffiliated Managers Group, Inc. · Asset Management | Higher return, similar volatility | +46.4% | 28.9% | 1.48 | −78.5% | +214% | 0.48 | — | |
 BNBrookfield Corporation · Alternative Asset Management | Higher return, similar volatility | +23.0% | 29.7% | 0.85 | −51.4% | +85.9% | 0.80 | — | |
| 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 BAM's specific themes. 68 of 121 passed at least one test. | |||||||||
 RYRoyal Bank of Canada · Banks | On the frontierHigher return, lower volatility | +39.7% | 16.9% | 2.08 | −40.0% | +173% | 0.48 | — | |
 CMCanadian Imperial Bank of Commerce · Banks | On the frontierHigher return, lower volatility | +53.4% | 19.8% | 2.27 | −47.3% | +261% | 0.55 | — | |
 BNYBank of New York Mellon Corp · Banks | On the frontierHigher return, lower volatility | +55.0% | 21.2% | 2.19 | −50.5% | +272% | 0.72 | — | |
BAPCredicorp Ltd. · Banks | On the frontierHigher return, lower volatility | +55.3% | 28.1% | 1.72 | −59.2% | +275% | 0.09 | — | |
CIBGrupo Cibest S.A. · Banks | On the frontierHigher return, similar volatility | +70.7% | 29.9% | 1.95 | −70.4% | +398% | 0.09 | — | |
IGFiShares Global Infrastructure ETF · Infrastructure Equity · Infrastructure Investing theme | Similar return, lower volatility | +19.3% | 12.4% | 1.50 | −42.1% | +69.8% | 0.42 | 0.37% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 902 of 3,785 passed at least one test. | |||||||||
 DFACDimensional - US Core Equity 2 ETF · US Total Market | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +22.2% | 15.0% | 1.42 | −23.1% | +82.3% | 0.61 | 0.21% | |
 CGDVCapital Group Dividend Value ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +25.4% | 13.7% | 1.73 | −21.8% | +97.2% | 0.56 | 0.33% | |
CLSEConvergence Long/Short Equity ETF · Broad Market | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline | +29.1% | 13.8% | 1.93 | −16.4% | +115% | 0.30 | 1.52% | |
 JEPQJPMorgan Nasdaq Equity Premium Income ETF · Equity Income | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +21.1% | 15.6% | 1.31 | −20.1% | +77.8% | 0.37 | 0.35% | |
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +23.7% | 14.8% | 1.52 | −19.5% | +89.4% | 0.55 | 0.15% | |
DTMDT Midstream, Inc. · Oil & Gas Midstream | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +35.1% | 24.1% | 1.38 | −23.6% | +147% | 0.15 | — | |
SPYINeos S&P 500(R) High Income ETF · Equity Income | Similar return, lower volatilityHigher Sharpe, smaller worst decline | +18.3% | 12.5% | 1.42 | −16.5% | +65.7% | 0.53 | 0.68% | |
LLYVKLiberty Live Group · Entertainment | Higher return, similar volatilityHigher Sharpe, smaller worst decline | +47.6% | 31.8% | 1.39 | −24.1% | +221% | 0.48 | — | |
What these numbers mean for BAM
- Annual return
- BAM returned 18.9% a year over the past 3 years with dividends reinvested, against 23.7% a year for the S&P 500. At that pace, $10,000 became about $16,800. 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
- BAM's volatility over the past 3 years was 30.1%, about twice the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BAM's return lands within 30.1% 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
- BAM's Sharpe ratio over the past 3 years was 0.73, against 1.48 for the S&P 500, so BAM 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
- BAM's worst fall from a peak to a low over the past 10 years was 30.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 30.4% fall takes a 43.6% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 3 years, BAM's monthly returns had a correlation of 0.57 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 BAM instead: the lower it is, the more that option would diversify a BAM holding. Guide: Correlation and diversification →
Show all 661 stocks and funds worth at least $500 million that earned more than BAM with less volatility
Out of 3,928 tested over 3 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 3Y return | Corr. with BAM | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +22.2% | 15.0% | 1.42 | −23.1% | +82.3% | 0.61 | 0.21% |
| 2 | CGDVCapital Group Dividend Value ETF · US Dividend Equity | Whole market | +25.4% | 13.7% | 1.73 | −21.8% | +97.2% | 0.56 | 0.33% |
| 3 | CLSEConvergence Long/Short Equity ETF · Broad Market | Whole market | +29.1% | 13.8% | 1.93 | −16.4% | +115% | 0.30 | 1.52% |
| 4 | JEPQJPMorgan Nasdaq Equity Premium Income ETF · Equity Income | Whole market | +21.1% | 15.6% | 1.31 | −20.1% | +77.8% | 0.37 | 0.35% |
| 5 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +23.7% | 14.8% | 1.52 | −19.5% | +89.4% | 0.55 | 0.15% |
| 6 | VFLOVictoryShares Free Cash Flow ETF · US Large-Cap Value | Whole market | +30.8% | 16.4% | 1.73 | −17.8% | +124% | 0.54 | 0.44% |
| 7 | DUHPU.S. High Relative Profitability Portfolio ETF Class Shares · US Large-Cap Equity | Whole market | +20.0% | 13.9% | 1.39 | −20.1% | +72.7% | 0.54 | 0.24% |
| 8 | DFICDimensional - International Core Equity 2 ETF · Developed International Equity | Whole market | +22.2% | 14.3% | 1.49 | −24.4% | +82.4% | 0.42 | 0.22% |
| 9 | DFUVDimensional - US Marketwide Value ETF · US Value Equity | Whole market | +21.7% | 14.3% | 1.46 | −17.6% | +80.3% | 0.53 | 0.21% |
| 10 | CGUSCapital Group Core Equity ETF · US Large-Cap Equity | Whole market | +23.0% | 14.6% | 1.50 | −21.9% | +86.0% | 0.59 | 0.33% |
| 11 | DTMDT Midstream, Inc. · Oil & Gas Midstream | Whole market | +35.1% | 24.1% | 1.38 | −23.6% | +147% | 0.15 | — |
| 12 | BLCRiShares Large Cap Core Active ETF · Broad Market | Whole market | +35.8% | 22.2% | 1.50 | −21.3% | +150% | — | 0.38% |
| 13 | JIVEJPMorgan International Value ETF · International | Whole market | +29.0% | 14.9% | 1.80 | −13.8% | +115% | 0.31 | 0.55% |
| 14 | JAVAJPMorgan Active Value ETF · US Large-Cap Value | Whole market | +20.0% | 12.9% | 1.48 | −16.5% | +72.6% | 0.56 | 0.44% |
| 15 | GPIXGoldman Sachs S&P 500 Premium Income ETF · Dividend & Income | Whole market | +22.0% | 13.5% | 1.56 | −17.5% | +81.5% | — | 0.35% |
| 16 | CGGOCapital Group Global Growth Equity ETF · Global Equity | Whole market | +20.7% | 17.9% | 1.15 | −24.9% | +76.0% | 0.34 | 0.47% |
| 17 | DFEMDimensional - Emerging Markets Core Equity 2 ETF · Emerging Markets Equity | Whole market | +21.8% | 18.5% | 1.17 | −20.8% | +80.9% | 0.22 | 0.39% |
| 18 | GPIQGoldman Sachs Nasdaq-100 Premium Income ETF · Technology | Whole market | +25.1% | 17.8% | 1.36 | −21.1% | +95.6% | — | 0.35% |
| 19 | JGROJPMorgan Active Growth ETF · US Large-Cap Growth | Whole market | +21.1% | 19.7% | 1.08 | −22.7% | +77.8% | 0.45 | 0.44% |
| 20 | HGERHarbor Commodity All-Weather Strategy ETF (HGER) · Broad Commodities | Whole market | +22.8% | 14.9% | 1.46 | −23.3% | +85.0% | -0.02 | 0.68% |
| 21 | TSPAT. Rowe Price U.S. Equity Research ETF · Broad Market | Whole market | +23.7% | 15.1% | 1.49 | −24.7% | +89.4% | 0.54 | 0.34% |
| 22 | ACTEnact Holdings Inc. · Insurance | Whole market | +23.6% | 20.8% | 1.13 | −20.2% | +89.0% | 0.22 | — |
| 23 |  AAPLApple Inc. · Computer Hardware | Whole market | +25.8% | 26.8% | 0.99 | −38.5% | +99.0% | 0.16 | — |
| 24 | RDVIFT Vest Rising Dividend Achievers Target Income ETF · Multi-Asset | Whole market | +21.7% | 15.8% | 1.32 | −18.4% | +80.1% | 0.54 | 0.75% |
| 25 | SEIVSEI QiM U.S. Large Cap Value Active ETF · Broad Market | Whole market | +28.9% | 14.7% | 1.81 | −18.2% | +114% | 0.60 | 0.15% |
| 26 | QGRWWisdomTree U.S. Quality Growth Fund · Broad Market | Whole market | +29.2% | 21.5% | 1.31 | −24.4% | +116% | 0.48 | 0.28% |
| 27 | BKGIBNY Mellon Global Infrastructure Income ETF · International | Whole market | +22.4% | 13.2% | 1.60 | −14.8% | +83.3% | 0.31 | 0.65% |
| 28 | BALIiShares U.S. Large Cap Premium Income Active ETF · Dividend & Income | Whole market | +21.7% | 12.7% | 1.62 | −16.7% | +80.1% | 0.54 | 0.35% |
| 29 | DFEVDimensional - Emerging Markets Value ETF · International | Whole market | +24.8% | 17.9% | 1.33 | −18.5% | +94.1% | 0.17 | 0.46% |
| 30 | RYRoyal Bank of Canada · Banks | Same or nearby category | +39.7% | 16.9% | 2.08 | −40.0% | +173% | 0.48 | — |
| 31 | COWGPacer US Large Cap Cash Cows Growth Leaders ETF · Technology | Whole market | +24.5% | 20.1% | 1.20 | −23.6% | +93.1% | 0.56 | 0.49% |
| 32 | CMCanadian Imperial Bank of Commerce · Banks | Same or nearby category | +53.4% | 19.8% | 2.27 | −47.3% | +261% | 0.55 | — |
| 33 | TOUST. Rowe Price International Equity ETF · International | Whole market | +20.9% | 15.3% | 1.33 | −14.3% | +76.7% | 0.38 | 0.50% |
| 34 | IDVOAmplify CWP International Enhanced Dividend Income ETF · International | Whole market | +22.8% | 15.9% | 1.38 | −15.5% | +85.1% | 0.36 | 0.65% |
| 35 | BNYBank of New York Mellon Corp · Banks | Same or nearby category | +55.0% | 21.2% | 2.19 | −50.5% | +272% | 0.72 | — |
| 36 | SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market | Whole market | +22.6% | 11.2% | 1.90 | −18.4% | +84.4% | 0.49 | 0.31% |
| 37 | INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market | Whole market | +20.9% | 16.7% | 1.23 | −21.3% | +76.5% | 0.41 | 0.85% |
| 38 |  WMTWalmart Inc. · Discount Retail | Whole market | +32.0% | 23.3% | 1.31 | −25.7% | +130% | 0.14 | — |
| 39 | SMRIBushido Capital US Equity ETF · Broad Market | Whole market | +27.1% | 15.8% | 1.60 | −18.5% | +105% | 0.54 | 0.71% |
| 40 | AVNMAvantis All International Markets Equity ETF · International | Whole market | +23.4% | 15.2% | 1.47 | −14.0% | +87.7% | 0.37 | 0.31% |
| 41 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +21.0% | 15.3% | 1.33 | −36.0% | +77.2% | 0.40 | 0.05% |
| 42 | SAMTStrategas Macro Thematic Opportunities ETF · Broad Market | Whole market | +23.8% | 16.3% | 1.40 | −20.6% | +89.7% | 0.31 | 0.66% |
| 43 | BINVBrandes International ETF · International | Whole market | +24.5% | 14.5% | 1.59 | −14.9% | +92.8% | — | 0.70% |
| 44 | BRNYBurney U.S. Factor Rotation ETF · Broad Market | Whole market | +27.6% | 16.9% | 1.54 | −19.1% | +108% | 0.59 | 0.79% |
| 45 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +24.4% | 10.6% | 2.12 | −32.4% | +92.3% | 0.28 | 0.40% |
| 46 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +22.7% | 18.4% | 1.21 | −27.4% | +84.6% | 0.01 | — |
| 47 |  VVisa Inc. · Payment Processing | Whole market | +21.2% | 20.4% | 1.05 | −36.4% | +78.2% | 0.47 | — |
| 48 | LSGRNatixis Loomis Sayles Focused Growth ETF · Broad Market | Whole market | +23.7% | 20.5% | 1.15 | −22.9% | +89.3% | 0.60 | 0.59% |
| 49 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +27.2% | 20.5% | 1.28 | −35.1% | +106% | 0.40 | 0.18% |
| 50 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +23.2% | 16.4% | 1.36 | −37.0% | +86.8% | -0.08 | — |
| 51 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +44.4% | 21.1% | 1.86 | −63.3% | +201% | 0.20 | — |
| 52 |  ABBVAbbVie Inc. · Pharmaceuticals | Whole market | +29.7% | 24.9% | 1.18 | −45.1% | +118% | 0.01 | — |
| 53 |  RTXRTX Corporation · Aerospace & Defense | Whole market | +41.4% | 23.9% | 1.58 | −52.0% | +183% | 0.09 | — |
| 54 |  XOMExxonmobil Holdings Corporation · Integrated Oil & Gas | Whole market | +20.9% | 23.2% | 0.94 | −61.0% | +76.7% | -0.12 | — |
| 55 | MISLFirst Trust Indxx Aerospace & Defense ETF · Industrials | Whole market | +23.0% | 20.8% | 1.11 | −19.8% | +86.0% | 0.29 | 0.60% |
| 56 | FEPIREX FANG & Innovation Equity Premium Income ETF · Technology | Whole market | +20.1% | 19.4% | 1.05 | −23.5% | +73.3% | — | 0.65% |
| 57 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +23.2% | 20.4% | 1.14 | −31.4% | +87.2% | 0.32 | — |
| 58 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +34.7% | 24.7% | 1.34 | −42.9% | +144% | 0.16 | — |
| 59 |  CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +29.6% | 26.9% | 1.10 | −42.0% | +118% | 0.11 | — |
| 60 | BAPCredicorp Ltd. · Banks | Same or nearby category | +55.3% | 28.1% | 1.72 | −59.2% | +275% | 0.09 | — |
| 61 |  SHELShell plc · Integrated Oil & Gas | Whole market | +21.0% | 21.2% | 1.01 | −67.2% | +77.1% | -0.18 | — |
| 62 |  VGTVanguard Information Technology ETF · Technology Equity | Whole market | +33.6% | 24.7% | 1.30 | −35.1% | +138% | 0.38 | 0.09% |
| 63 |  AXPAmerican Express Company · Consumer Finance | Whole market | +32.5% | 27.2% | 1.18 | −49.6% | +133% | 0.52 | — |
| 64 |  NVSNovartis AG · Pharmaceuticals | Whole market | +20.7% | 21.8% | 0.98 | −26.8% | +75.9% | -0.08 | — |
| 65 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +35.3% | 22.3% | 1.48 | −56.1% | +148% | 0.24 | — |
| 66 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +30.3% | 26.4% | 1.14 | −30.5% | +121% | 0.10 | — |
| 67 |  MFCManulife Financial Corporation · Life Insurance | Whole market | +42.5% | 23.0% | 1.66 | −57.5% | +189% | 0.39 | — |
| 68 |  MOAltria Group, Inc. · Tobacco | Whole market | +29.7% | 21.6% | 1.32 | −53.7% | +118% | 0.07 | — |
| 69 |  GLDSPDR Gold Shares · Gold | Whole market | +27.2% | 21.5% | 1.23 | −26.4% | +106% | 0.06 | 0.40% |
| 70 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +37.1% | 22.3% | 1.54 | −46.3% | +158% | 0.27 | — |
| 71 |  PHParker-Hannifin Corporation · Industrial Machinery | Whole market | +37.7% | 28.2% | 1.28 | −54.7% | +161% | 0.46 | — |
| 72 |  TRPTC Energy Corporation · Oil & Gas Midstream | Whole market | +33.1% | 18.9% | 1.61 | −41.6% | +136% | 0.32 | — |
| 73 |  ENBEnbridge Inc. · Oil & Gas Midstream | Whole market | +22.5% | 16.8% | 1.30 | −44.1% | +84.0% | 0.33 | — |
| 74 |  AMGNAmgen Inc. · Biotechnology | Whole market | +19.9% | 27.3% | 0.81 | −24.9% | +72.2% | 0.13 | — |
| 75 | WCCBWest Coast Community Bancorp · Banks - Regional | Whole market | +37.6% | 13.8% | 2.39 | −70.8% | +161% | 0.12 | — |
| 76 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +21.4% | 19.0% | 1.12 | −42.6% | +78.9% | -0.04 | — |
| 77 | FGDFirst Trust Dow Jones Global Select Dividend Index Fund · International | Whole market | +25.5% | 13.0% | 1.83 | −44.8% | +97.7% | 0.42 | 0.55% |
| 78 |  HLTHilton Worldwide Holdings Inc. · Hotels & Resorts | Whole market | +34.9% | 22.9% | 1.43 | −50.8% | +145% | 0.43 | — |
| 79 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +32.1% | 26.8% | 1.18 | −38.1% | +131% | 0.01 | — |
| 80 |  TTTrane Technologies plc · Building Products | Whole market | +36.4% | 27.5% | 1.28 | −40.5% | +154% | 0.35 | — |
| 81 |  SUSuncor Energy Inc. · Integrated Oil & Gas | Whole market | +37.6% | 27.6% | 1.30 | −73.5% | +161% | 0.03 | — |
| 82 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.8% | 25.3% | 1.54 | −46.1% | +191% | -0.08 | — |
| 83 |  TAT&T Inc. · Integrated Telecommunications | Whole market | +21.0% | 23.4% | 0.94 | −39.4% | +77.2% | 0.22 | — |
| 84 |  KMIKinder Morgan, Inc. · Oil & Gas Midstream | Whole market | +31.7% | 21.7% | 1.39 | −55.1% | +129% | 0.21 | — |
| 85 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +27.1% | 16.8% | 1.52 | −75.2% | +105% | 0.20 | — |
| 86 |  WMBThe Williams Companies, Inc. · Oil & Gas Midstream | Whole market | +31.1% | 23.6% | 1.27 | −68.1% | +125% | 0.10 | — |
| 87 |  EEni S.p.A. · Integrated Oil & Gas | Whole market | +30.1% | 23.0% | 1.27 | −61.4% | +120% | -0.12 | — |
| 88 |  MARMarriott International, Inc. · Hotels & Resorts | Whole market | +29.5% | 25.8% | 1.14 | −61.3% | +117% | 0.36 | — |
| 89 |  DEDeere & Company · Industrial Machinery | Whole market | +20.6% | 28.4% | 0.81 | −37.9% | +75.4% | 0.16 | — |
| 90 |  WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery | Whole market | +42.4% | 25.1% | 1.54 | −64.1% | +189% | 0.29 | — |
| 91 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +27.2% | 15.7% | 1.62 | −34.7% | +106% | 0.56 | 0.26% |
| 92 |  ETREntergy Corporation · Electric Utilities | Whole market | +35.6% | 22.1% | 1.50 | −42.0% | +149% | 0.29 | — |
| 93 |  SPGSimon Property Group, Inc. · Retail REITs | Whole market | +31.2% | 22.8% | 1.31 | −75.3% | +126% | 0.36 | — |
| 94 |  AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +24.6% | 19.1% | 1.25 | −32.9% | +93.3% | 0.12 | — |
| 95 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +25.8% | 19.4% | 1.29 | −34.5% | +99.2% | 0.54 | 0.04% |
| 96 |  ECLEcolab Inc. · Specialty Chemicals | Whole market | +22.9% | 20.3% | 1.12 | −43.7% | +85.8% | 0.18 | — |
| 97 |  VXFVanguard Extended Market ETF · US Extended Market | Whole market | +20.5% | 20.0% | 1.04 | −41.7% | +75.1% | 0.66 | 0.05% |
| 98 |  ROSTRoss Stores, Inc. · Specialty Retail | Whole market | +28.3% | 24.5% | 1.15 | −51.4% | +111% | 0.29 | — |
| 99 |  HCAHCA Healthcare, Inc. · Health Care Facilities | Whole market | +25.5% | 27.8% | 0.96 | −54.7% | +97.6% | 0.08 | — |
| 100 |  QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Whole market | +20.9% | 14.4% | 1.40 | −34.1% | +76.9% | 0.48 | 0.15% |
BAM against its popular alternatives
The investments people most often weigh against BAM, compared period by period and year by year.
How do BAM's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 3 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 BAM, which divides the map into what did better or worse on each measure.
- Four of the 22 popular alternatives, led by AMG, BLK and BN, were both more rewarding and calmer than BAM over the past 3 years, earning a higher annual return with lower volatility.
- Over the past 3 years, BAM returned 18.9% a year, less than the S&P 500's 23.7%, with higher volatility (30.1% against 15.2%).
Green points earned more than BAM with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| VCTR Victory Capital Holdings, Inc. | +59.4% | 33.7% |
| AMG Affiliated Managers Group, Inc. | +46.4% | 28.9% |
| IVZ Invesco Ltd. | +37.2% | 35.4% |
| BLK BlackRock, Inc. | +25.2% | 24.8% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +23.7% | 15.2% |
| BN Brookfield Corporation | +23.0% | 29.7% |
| TPG TPG Inc. | +22.7% | 37.7% |
| BIP Brookfield Infrastructure Partners L.P. | +22.2% | 28.1% |
| BAM This pageBrookfield Asset Management Ltd. | +18.9% | 30.1% |
| STEP StepStone Group Inc. | +18.4% | 43.2% |
| KKR KKR & Co. Inc. | +18.3% | 39.0% |
| BEN Franklin Resources, Inc. | +17.5% | 30.0% |
| AB AllianceBernstein Holding L.P. | +16.1% | 24.2% |
| BEP Brookfield Renewable Partners L.P. | +15.8% | 33.4% |
| CG The Carlyle Group Inc. | +13.8% | 38.6% |
| APO Apollo Global Management, Inc. | +12.2% | 36.7% |
| ARCC Ares Capital Corporation | +9.3% | 17.7% |
| BX Blackstone Inc. | +8.7% | 35.4% |
| ARES Ares Management Corporation | +7.7% | 38.0% |
| BXSL Blackstone Secured Lending Fund | +7.2% | 19.0% |
| TROW T. Rowe Price Group, Inc. | +7.1% | 25.9% |
| HLNE Hamilton Lane Incorporated | +3.4% | 38.3% |
| PAX Patria Investments Ltd | +2.3% | 29.2% |
| OWL Blue Owl Capital Inc. | −4.7% | 41.2% |
Has BAM consistently beaten its popular alternatives?
This section compares BAM with the investments people most often weigh against it, checking each one over six periods from one month to three years. Counting how often an alternative earned more than BAM helps separate lasting outperformance from a single strong stretch.
- Five of the 22 popular alternatives, led by VCTR, AMG and BLK, outperformed BAM in at least 3 of 5 short-term and 1 of 1 long-term timeframes.
- VCTR, AMG and BLK outperformed BAM in every long-term period and in all but one short-term period, the most consistent record in the group.
- BN outperformed BAM over all one long-term periods but in none of the five short-term ones, so BAM has had the better of it lately.
A green cell means the alternative earned more than BAM over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 1 of 1 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 3 years | Fund | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| BAM Brookfield Asset Management Ltd. (this page) | — | −0.6% | −2.1% | −4.5% | −11.4% | −12.5% | +67.9% | 30.1% | 0.73 | −30.4% | — | $73B | — |
| VCTR QualifiedVictory Capital Holdings, Inc. | 5/5 short1/1 longAll-weather | +0.6% | +10.9% | +47.0% | +72.1% | +69.8% | +305% | 33.7% | 1.56 | −45.2% | — | $6.7B | — |
| AMG QualifiedAffiliated Managers Group, Inc. | 5/5 short1/1 longAll-weather | +6.6% | +6.2% | +29.2% | +34.6% | +59.9% | +214% | 28.9% | 1.48 | −78.5% | — | $10B | — |
| BLK QualifiedBlackRock, Inc. | 5/5 short1/1 longAll-weather | +3.5% | +7.6% | +8.8% | +5.7% | −0.6% | +96.3% | 24.8% | 1.03 | −43.9% | — | $175B | — |
| BIP QualifiedBrookfield Infrastructure Partners L.P. | 4/5 short1/1 longAll-weather | +2.6% | −6.2% | +1.2% | +9.6% | +9.3% | +82.5% | 28.1% | 0.86 | −51.4% | — | $17B | — |
| IVZ QualifiedInvesco Ltd. | 3/5 short1/1 long | −8.3% | −2.3% | +17.0% | +9.3% | +30.0% | +158% | 35.4% | 1.08 | −79.8% | — | $13B | — |
| TPG Asset ManagementTPG Inc. | 2/5 short1/1 long | −4.6% | +4.4% | +1.7% | −30.0% | −16.9% | +84.5% | 37.7% | 0.73 | −44.9% | — | $17B | — |
| BN Asset ManagementBrookfield Corporation | 0/5 short1/1 long | −1.7% | −11.8% | −19.8% | −19.6% | −16.8% | +85.9% | 29.7% | 0.85 | −51.4% | — | $83B | — |
| ARCC Asset ManagementAres Capital Corporation | 4/5 short0/1 long | −4.8% | −0.1% | +1.8% | −2.2% | +4.4% | +30.5% | 17.7% | 0.59 | −56.8% | — | $13B | — |
| BXSL Asset ManagementBlackstone Secured Lending Fund | 4/5 short0/1 long | −2.4% | +3.9% | +1.7% | −2.2% | +3.1% | +23.1% | 19.0% | 0.46 | −36.8% | — | $5.5B | — |
| BEN Asset ManagementFranklin Resources, Inc. | 3/5 short0/1 long | −6.2% | −2.1% | +14.9% | +35.9% | +44.8% | +62.4% | 30.0% | 0.69 | −62.1% | — | $16B | — |
| TROW Asset ManagementT. Rowe Price Group, Inc. | 3/5 short0/1 long | −2.4% | −11.2% | +6.7% | +1.5% | +3.1% | +22.7% | 25.9% | 0.39 | −58.2% | — | $22B | — |
| AB Asset ManagementAllianceBernstein Holding L.P. | 2/5 short0/1 long | −4.1% | −6.1% | −6.3% | −3.5% | −3.7% | +56.6% | 24.2% | 0.74 | −58.1% | — | $3.2B | — |
| BEP Renewable UtilitiesBrookfield Renewable Partners L.P. | 2/5 short0/1 long | −5.0% | −10.8% | −16.6% | +4.7% | +2.2% | +55.2% | 33.4% | 0.61 | −54.3% | — | $8.5B | — |
| PAX Asset ManagementPatria Investments Ltd | 2/5 short0/1 long | +15.9% | +10.1% | −7.0% | −21.4% | −14.2% | +6.9% | 29.2% | 0.22 | −46.1% | — | $2.0B | — |
| OWL Asset ManagementBlue Owl Capital Inc. | 2/5 short0/1 long | −8.2% | +0.3% | −3.0% | −36.1% | −40.5% | −13.5% | 41.2% | 0.09 | −67.1% | — | $14B | — |
| STEP Asset ManagementStepStone Group Inc. | 1/5 short0/1 long | −9.5% | +2.4% | −20.1% | −33.4% | −26.9% | +66.0% | 43.2% | 0.61 | −60.2% | — | $5.5B | — |
| APO Asset ManagementApollo Global Management, Inc. | 1/5 short0/1 long | −13.0% | −5.5% | −11.9% | −23.2% | −9.7% | +41.4% | 36.7% | 0.50 | −53.5% | — | $66B | — |
| ARES Asset ManagementAres Management Corporation | 1/5 short0/1 long | −8.2% | −3.1% | −0.1% | −27.7% | −17.4% | +24.9% | 38.0% | 0.39 | −49.9% | — | $38B | — |
| HLNE Asset ManagementHamilton Lane Incorporated | 1/5 short0/1 long | −5.3% | −0.4% | −20.5% | −37.5% | −28.5% | +10.6% | 38.3% | 0.28 | −62.3% | — | $4.6B | — |
| KKR Asset ManagementKKR & Co. Inc. | 0/5 short0/1 long | −11.5% | −7.8% | −13.8% | −30.4% | −25.2% | +65.7% | 39.0% | 0.63 | −49.4% | — | $80B | — |
| CG Asset ManagementThe Carlyle Group Inc. | 0/5 short0/1 long | −8.7% | −16.0% | −28.0% | −37.4% | −34.2% | +47.2% | 38.6% | 0.53 | −56.7% | — | $13B | — |
| BX Asset ManagementBlackstone Inc. | 0/5 short0/1 long | −12.7% | −9.8% | −12.8% | −28.3% | −28.4% | +28.6% | 35.4% | 0.41 | −49.3% | — | $127B | — |
How did BAM do year by year?
This table shows each investment's total return in every full calendar year since 2023, along with where BAM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BAM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: BAM began trading on December 1, 2022, so the table starts with 2023, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or seven other sell-offs.
- Among its popular alternatives, TPG came out ahead of BAM most often, in all three years both traded.
- BAM finished ahead of the S&P 500 in two of its three full calendar years.
- Ranked against its popular alternatives each year, BAM finished in the top quarter in no of three years and in the bottom quarter in no. In 2025, it ranked 14 of 23.
Newest year first. Green marks a year in which the fund came out ahead of BAM; gray means the two finished within a fraction of a point. The rank row places BAM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of BAM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| BAM This pageBrookfield Asset Management Ltd. | — | −0.3% | +39.7% | +45.6% |
| Rank among alternatives | Top quarter in 0 of 3 | 14 of 23 | 9 of 23 | 8 of 23 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 3 | +17.7% | +24.9% | +26.2% |
| VCTR Victory Capital Holdings, Inc. | 1 of 3 | −0.8% | +95.9% | +33.5% |
| AMG Affiliated Managers Group, Inc. | 1 of 3 | +55.9% | +22.2% | −4.4% |
| BLK BlackRock, Inc. | 1 of 3 | +6.6% | +29.3% | +17.9% |
| BIP Brookfield Infrastructure Partners L.P. | 1 of 3 | +15.2% | +6.3% | +6.7% |
| IVZ Invesco Ltd. | 1 of 3 | +56.9% | +3.0% | +4.2% |
| TPG TPG Inc. | 3 of 3 | +5.1% | +50.6% | +62.4% |
| BN Brookfield Corporation | 2 of 3 | +20.6% | +44.1% | +29.1% |
| ARCC Ares Capital Corporation | 1 of 3 | +1.0% | +19.8% | +20.1% |
| BXSL Blackstone Secured Lending Fund | 0 of 3 | −9.4% | +29.0% | +37.8% |
| BEN Franklin Resources, Inc. | 1 of 3 | +24.8% | −27.2% | +16.9% |
| TROW T. Rowe Price Group, Inc. | 0 of 3 | −4.7% | +9.7% | +3.4% |
| AB AllianceBernstein Holding L.P. | 1 of 3 | +13.4% | +30.4% | −2.3% |
| BEP Brookfield Renewable Partners L.P. | 1 of 3 | +25.6% | −8.2% | +9.0% |
| PAX Patria Investments Ltd | 1 of 3 | +43.2% | −20.0% | +18.9% |
| OWL Blue Owl Capital Inc. | 2 of 3 | −32.8% | +61.7% | +47.3% |
| STEP StepStone Group Inc. | 2 of 3 | +13.6% | +85.9% | +31.7% |
| APO Apollo Global Management, Inc. | 2 of 3 | −11.1% | +79.9% | +49.5% |
| ARES Ares Management Corporation | 2 of 3 | −6.2% | +52.7% | +79.5% |
| HLNE Hamilton Lane Incorporated | 1 of 3 | −7.9% | +32.4% | +81.4% |
| KKR KKR & Co. Inc. | 2 of 3 | −13.3% | +79.6% | +80.5% |
| CG The Carlyle Group Inc. | 1 of 3 | +20.2% | +28.1% | +42.6% |
| BX Blackstone Inc. | 1 of 3 | −7.8% | +35.1% | +82.8% |
Risk and diversification
How BAM 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 BAM's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents BAM's five deepest drawdowns since it began trading in 2022, 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: BAM began trading on December 1, 2022, so this list cannot include the dot-com bust, the 2008 financial crisis or seven other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of BAM's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BAM fell 30.4% from July 2025 to March 2026, while the S&P 500 rose 3.8%.
- None of these declines kept BAM below its old high for long; the longest climb back took three months.
Green means BAM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | BAM fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| No named crash | −30.4% | +3.8% | Jul 2025 | Mar 2026 | 8 months | Not yet | — |
| No named crash | −29.5% | −17.3% | Jan 2025 | Apr 2025 | 3 months | Jul 2025 | 3 months |
| No named crash | −20.4% | −5.7% | Sep 2023 | Oct 2023 | 1 month | Dec 2023 | 2 months |
| No named crash | −17.9% | −2.1% | Dec 2022 | Dec 2022 | Under a month | Feb 2023 | 2 months |
| 2023 regional bank crisis | −13.1% | −0.3% | Feb 2023 | May 2023 | 3 months | Aug 2023 | 3 months |
How did BAM do in stock market crashes?
This section measures how far BAM, 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: BAM began trading on December 1, 2022, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or seven other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.
- BAM began trading after the 2008 financial crisis, but 11 of its popular alternatives lived through it. The mildest fall among them was BEP's 36.7%, against 55.2% for the S&P 500.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BAM.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BAM This pageBrookfield Asset Management Ltd. | — | −7.1% | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 1 of 1 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| VCTR Victory Capital Holdings, Inc. | 0 of 1 | −9.7% | −36.2% | −43.8% | −28.1% | — | — | — | — | — | — |
| AMG Affiliated Managers Group, Inc. | 0 of 1 | −12.8% | −32.9% | −49.1% | −38.7% | −9.0% | −44.4% | −31.8% | −4.8% | −85.9% | −46.4% |
| BLK BlackRock, Inc. | 0 of 1 | −7.2% | −40.8% | −42.3% | −25.2% | −7.1% | −19.9% | −23.9% | 0.0% | −60.4% | −33.0% |
| BIP Brookfield Infrastructure Partners L.P. | 1 of 1 | −4.1% | −26.3% | −51.4% | −18.5% | −2.3% | −23.5% | −16.6% | 0.0% | — | — |
| IVZ Invesco Ltd. | 0 of 1 | −7.5% | −43.4% | −57.8% | −34.4% | −9.2% | −33.1% | −35.1% | −3.6% | −85.0% | −82.0% |
| TPG TPG Inc. | 0 of 1 | −17.7% | — | — | — | — | — | — | — | — | — |
| BN Brookfield Corporation | 0 of 1 | −10.5% | −36.2% | −51.4% | −18.1% | −5.2% | −22.7% | −18.7% | 0.0% | −70.9% | −20.7% |
| ARCC Ares Capital Corporation | 0 of 1 | −8.1% | −21.8% | −56.3% | −14.4% | −2.5% | −19.1% | −19.9% | −2.7% | −77.3% | — |
| BXSL Blackstone Secured Lending Fund | 1 of 1 | −6.1% | −26.2% | — | — | — | — | — | — | — | — |
| BEN Franklin Resources, Inc. | 1 of 1 | −5.5% | −39.2% | −40.4% | −19.0% | −7.1% | −29.3% | −32.1% | −2.5% | −72.5% | −40.3% |
| TROW T. Rowe Price Group, Inc. | 0 of 1 | −6.8% | −48.2% | −38.0% | −23.4% | −7.2% | −15.0% | −23.4% | −1.7% | −67.4% | −54.1% |
| AB AllianceBernstein Holding L.P. | 1 of 1 | −4.1% | −32.5% | −58.1% | −23.3% | −7.5% | −40.9% | −28.1% | 0.0% | −87.5% | −54.7% |
| BEP Brookfield Renewable Partners L.P. | 1 of 1 | −2.1% | −30.5% | −45.4% | −19.4% | −1.5% | −25.1% | −14.8% | 0.0% | −36.7% | — |
| PAX Patria Investments Ltd | 0 of 1 | −7.7% | −31.9% | — | — | — | — | — | — | — | — |
| OWL Blue Owl Capital Inc. | 0 of 1 | −17.7% | −39.7% | — | — | — | — | — | — | — | — |
| STEP StepStone Group Inc. | 0 of 1 | −19.1% | −43.4% | — | — | — | — | — | — | — | — |
| APO Apollo Global Management, Inc. | 0 of 1 | −17.9% | −35.5% | −48.9% | −35.7% | −10.8% | −40.0% | −44.2% | — | — | — |
| ARES Ares Management Corporation | 0 of 1 | −12.7% | −35.7% | −44.1% | −26.7% | −6.9% | −43.4% | — | — | — | — |
| HLNE Hamilton Lane Incorporated | 0 of 1 | −16.4% | −43.2% | −42.6% | −30.4% | −5.7% | — | — | — | — | — |
| KKR KKR & Co. Inc. | 0 of 1 | −12.6% | −41.7% | −45.5% | −33.5% | −10.2% | −51.3% | −37.8% | −2.2% | −90.1% | — |
| CG The Carlyle Group Inc. | 0 of 1 | −13.1% | −52.5% | −46.2% | −34.7% | −10.4% | −50.3% | — | — | — | — |
| BX Blackstone Inc. | 0 of 1 | −12.3% | −38.5% | −42.6% | −29.1% | −4.2% | −37.7% | −35.6% | −3.5% | −84.9% | — |
How closely does BAM 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 BAM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 3 years.
- VCTR took just 74% of the S&P 500's losses, against 245% for BAM, while still keeping 172% of its gains.
- Over the past 3 years, BAM captured 118% of the S&P 500's gains in rising months and 245% of its losses in falling months, with a beta of 1.44. It amplified the market's moves in both directions.
- Ten of the 22 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BAM's 0.48, led by VCTR, AMG and BXSL.
Monthly total returns over the past 3 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 BAM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| BAM This pageBrookfield Asset Management Ltd. | 118% | 245% | 0.48 | 1.44 |
| VCTR Victory Capital Holdings, Inc. | 172% | 74% | 2.34 | 1.09 |
| AMG Affiliated Managers Group, Inc. | 144% | 82% | 1.76 | 0.77 |
| BXSL Blackstone Secured Lending Fund | 28% | 19% | 1.49 | 0.27 |
| AB AllianceBernstein Holding L.P. | 70% | 83% | 0.85 | 0.42 |
| ARCC Ares Capital Corporation | 56% | 91% | 0.62 | 0.55 |
| BEP Brookfield Renewable Partners L.P. | 93% | 151% | 0.61 | 1.14 |
| IVZ Invesco Ltd. | 207% | 351% | 0.59 | 1.68 |
| BLK BlackRock, Inc. | 133% | 230% | 0.58 | 1.36 |
| BN Brookfield Corporation | 139% | 244% | 0.57 | 1.62 |
| BEN Franklin Resources, Inc. | 117% | 231% | 0.51 | 1.75 |
| TPG TPG Inc. | 181% | 406% | 0.45 | 1.72 |
| BIP Brookfield Infrastructure Partners L.P. | 123% | 285% | 0.43 | 1.29 |
| KKR KKR & Co. Inc. | 170% | 404% | 0.42 | 2.05 |
| CG The Carlyle Group Inc. | 144% | 341% | 0.42 | 1.59 |
| STEP StepStone Group Inc. | 182% | 444% | 0.41 | 1.31 |
| APO Apollo Global Management, Inc. | 124% | 299% | 0.41 | 1.43 |
| ARES Ares Management Corporation | 124% | 334% | 0.37 | 1.26 |
| TROW T. Rowe Price Group, Inc. | 96% | 274% | 0.35 | 1.50 |
| BX Blackstone Inc. | 131% | 382% | 0.34 | 1.64 |
| HLNE Hamilton Lane Incorporated | 113% | 374% | 0.30 | 0.81 |
| OWL Blue Owl Capital Inc. | 104% | 425% | 0.24 | 1.38 |
| PAX Patria Investments Ltd | 49% | 248% | 0.20 | 1.07 |
What diversifies BAM?
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 BAM's. Because such investments tend not to fall at the same time, pairing BAM with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in BAM into LVHI would have cut the portfolio's volatility by 18% over the past 3 years and raised its annual return (+14.1% for BAM alone, +16.5% for the mix).
- Among large ETFs, LVHI, CLSE and VLUE have moved largely independently of BAM over the past 3 years, with correlations of 0.36 or lower, and each still earned a positive 3-year return.
- In 2025, the one year BAM lost money (-0.3%), CIB returned +122%.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 3 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 BAM lost money. The last two columns show a portfolio that is 80% BAM and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 3Y return | Sharpe | 2025 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|
| BAM Brookfield Asset Management Ltd. (this page) | 1.00 | +67.9% | 0.73 | −0.3% | 31.6% | +14.1% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.28 | +92.3% | 2.12 | +27.1% | 25.8% | +16.5% |
| CLSE Broad MarketConvergence Long/Short Equity ETF | 0.30 | +115% | 1.93 | +20.4% | 26.1% | +17.8% |
| VLUE Broad MarketiShares MSCI USA Value Factor ETF | 0.36 | +136% | 1.71 | +32.7% | 27.0% | +18.5% |
| AVDV InternationalAvantis International Small Cap Value ETF | 0.34 | +118% | 1.70 | +49.4% | 26.5% | +17.6% |
| EUFN InternationaliShares MSCI Europe Financials ETF | 0.47 | +141% | 1.65 | +65.8% | 26.9% | +18.6% |
| VTV Broad MarketVanguard Morningstar Value ETF | 0.48 | +77.9% | 1.65 | +15.3% | 26.5% | +15.7% |
| BKGI InternationalBNY Mellon Global Infrastructure Income ETF | 0.31 | +83.3% | 1.60 | +37.5% | 26.2% | +16.4% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.29 | +80.4% | 1.60 | +9.7% | 26.2% | +16.0% |
Stocks
| Investment | Correlation | 3Y return | Sharpe | 2025 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|
| BAM Brookfield Asset Management Ltd. (this page) | 1.00 | +67.9% | 0.73 | −0.3% | 31.6% | +14.1% |
| RY Banks - DiversifiedRoyal Bank of Canada | 0.48 | +173% | 2.08 | +46.3% | 27.5% | +18.9% |
| TIGO Telecommunications ServicesMillicom International Cellular S.A. | 0.11 | +540% | 1.99 | +152% | 26.4% | +27.9% |
| CIB Banks - RegionalGrupo Cibest S.A. | 0.09 | +398% | 1.95 | +122% | 26.7% | +24.8% |
| NTRA Medical - Diagnostics & ResearchNatera, Inc. | 0.20 | +896% | 1.91 | +44.7% | 29.2% | +32.1% |
| WELL REIT - Healthcare FacilitiesWelltower Inc. | 0.20 | +201% | 1.86 | +49.9% | 26.4% | +20.6% |
Common questions
What was BAM's worst drawdown?
BAM's deepest decline since it began trading in 2022 was 30.4%, from July 2025 to March 2026. It has not yet climbed back to that peak. Because BAM launched in December 2022, that record does not include the dot-com bust, the 2008 financial crisis or seven other sell-offs.
What were BAM's best and worst years?
Over three full calendar years, BAM's best year was 2023, when it returned 45.6%. Its worst was 2025, with a return of -0.3%.
Is there a better investment than BAM?
Among BAM's popular alternatives, BLK and BIP earned more than BAM with less volatility over the past 3 years. BLK returned 25.2% a year at 24.8% volatility, against 18.9% a year at 30.1%. Looking beyond its popular alternatives, RY (banks) and CM (banks) earned more than BAM with less volatility over the past 3 years. RY returned 39.7% a year at 16.9% volatility, against 18.9% a year at 30.1%.
Is BAM more volatile than the S&P 500?
Yes. BAM's volatility over the past 3 years was 30.1%, about twice the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BAM's return lands within 30.1% 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 BAM's Sharpe ratio?
BAM's Sharpe ratio over the past 3 years was 0.73, against 1.48 for the S&P 500, so BAM 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 BAM with the S&P 500?
Over the past 3 years, BAM's monthly returns had a correlation of 0.57 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 BAM instead: the lower it is, the more that option would diversify a BAM holding.
What are the best alternatives to BAM?
Of the 22 popular alternatives we compared, five outperformed BAM in at least 3 of 5 short-term and 1 of 1 long-term timeframes, with dividends reinvested: VCTR, AMG and BLK.
Did BAM outperform the S&P 500?
BAM finished ahead of the S&P 500 (SPY) in two of three full calendar years. In 2025, it returned -0.3%, against +17.7% for the index.
What diversifies BAM?
These had a low correlation with BAM over the past 3 years and still earned a positive 3-year return: among large ETFs, LVHI (correlation 0.28), CLSE (correlation 0.30) and VLUE (correlation 0.36); among large stocks, RY (correlation 0.48), TIGO (correlation 0.11) and CIB (correlation 0.09). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than BAM's. Returns within 0.5 points or 3% of BAM's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 1 of 1 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 3 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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