Relative Intelligence · Alternative Asset Management
How Brookfield (BN) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BN alone. It places BN (Brookfield 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 BN stands in the market, and of the alternatives worth a closer look.
Period covered: BN's full trading record, from October 1986 through September 2026. 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 nowOver the past 6 months, BN fell 19.8% while the S&P 500 rose 9.1%. BN is 23.7% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. At a glance ↓
- Stock or market?The weakness is BN's own: it fell 11.8% over the past 3 months while the alternative asset management ETF IYF (iShares U.S. Financials ETF) fell 2.3%. 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 CG (Carlyle Group) fell 16.0%.
- Past 1 to 3 yearsBN has gone against the market, falling 16.8% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (85.9% against 89.3%). On the flip side, BN lagged its alternative asset management peers in 2023, then moved up the pack in 2025. By year ↓
- Long termBN turned $10,000 into $32,600 over the past decade, against $42,100 in the S&P 500. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, BN has typically fallen 1.2 times as far as the S&P 500. On the flip side, in the 2022 bear market, BN held up better than BLK (BlackRock), BX and KKR; only AMG (Affiliated Managers Group) and PAX fell less. Crash tests ↓
- DiversificationAgainst the S&P 500, BN has a correlation of 0.80 over 5 years, more closely than 99% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. Over 10 years, BN's beta versus the S&P 500 was 1.42: in the S&P 500's rising months it gained 1.2 times as much as the index, and in falling months it lost 1.6 times as much. Market capture ↓
- Better options
- Nearby categories and themes
- CME (CME Group, capital markets) and RY (Royal Bank of Canada, banks) earned more than BN with less volatility over the past 5 years. CME returned 11.2% a year at 20.8% volatility, against 3.9% a year at 31.1%.
- 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 3.9% at 31.1% for BN.
- Whole market
- 1,015 of the 3,633 stocks and funds worth at least $500 million earned more than BN with less volatility over the past 5 years, among them AAPL (Apple), MSFT (Microsoft) and VTI (Vanguard Morningstar Total Stock Market ETF).
How much would $10,000 in BN have grown?
This chart tracks a hypothetical $10,000 investment in BN over the past 26 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BN over the same span and BN'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: The chart covers the past 26 years rather than BN's full 29 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in BN at the end of September 2000 would have grown to $798,744 by September 2026, more than the $84,332 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of BN, and MNST finished highest, at $14,696,345.
Choose a period
From the end of September 2000 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. 60 of the 1,261 stocks and funds worth at least $500 million that traded the whole period ended ahead of BN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- MNST$15M+146,863% total · +32.4% a year
- AAPL$9M+86,376% total · +29.7% a year
- ORLY$2M+17,421% total · +22.0% a year
- AZO$1M+12,372% total · +20.4% a year
- NHC$1M+10,988% total · +19.9% a year
- BN$798,744+7,887% total · +18.4% a year
- BLK$562,061+5,521% total · +16.8% a year
- IVZ$99,533+895% total · +9.2% a year
- AMG$99,489+895% total · +9.2% a year
- SPY (S&P 500)$84,332+743% total · +8.5% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,929 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- AMG$24,224+142% total · +19.4% a year
- APO$20,759+108% total · +15.7% 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
- KKR$15,636+56.4% total · +9.4% a year
- IVZ$15,450+54.5% total · +9.1% a year
- BLK$14,247+42.5% total · +7.3% a year
- GCMG$13,996+40.0% total · +7.0% a year
- BEN$13,857+38.6% total · +6.7% a year
- BN$13,162+31.6% total · +5.6% a year
BN 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.
- BN is still 23.7% below its all-time high.
- BN's deepest decline since it began trading in 1986 was 72.5%, from May 2007 to March 2009. It took about three years from the low to climb back to its old high.
- Over 29 full calendar years, BN's best was 2004, when it returned 81.4%, and its worst was 2008, when it lost 56.5%. It lost money in six of those years.
The company
- Market value
- $83B
- Industry
- Asset Management
- Price history from
- October 1986
Returns
- Past 1 year
- −16.8%total return
- Past 3 years
- +85.9%+23.0% a year
- Past 5 years
- +20.8%+3.9% a year
- Past 10 years
- +226%+12.5% a year
- Best calendar year
- +81.4%2004
- Worst calendar year
- −56.5%2008
- Losing years
- 6 of 29full calendar years
Risk
- Volatility
- 31.1%typical yearly swing, 5 years
- Sharpe ratio
- 0.28return per unit of risk, 5 years
- Worst decline ever
- −72.5%May 2007 to Mar 2009
- From its all-time high
- −23.7%below the peak
BN against the whole market
Where BN ranks among every stock and fund, and what across the market has done better.
How does BN rank among all stocks?
This section ranks BN 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 BN stacks up against its peers, these rankings show where it stands in the market as a whole.
- BN's worst decline of the past 10 years ranks in the top 24% of the 2,187 stocks worth at least $300 million, where the top fell the least.
- BN's 1-year return ranks in the bottom 22% of the 3,287 stocks worth at least $300 million with 1 year of history.
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 | BN | Rank | Standing |
|---|---|---|---|
| 1-year return | −16.8% | 2,557 of 3,287 | bottom 23% |
| 3-year return | +85.9% | 1,063 of 3,017 | top 35% |
| 5-year return | +20.8% | 1,448 of 2,893 | top 50% |
| 10-year return | +226% | 779 of 2,202 | top 35% |
| Volatility, 5 years | 31.1% | 834 of 2,893 | top 29% |
| Sharpe ratio, 5 years | 0.28 | 1,632 of 2,893 | bottom 45% |
| Worst decline, past 10 years | −51.4% | 515 of 2,187 | top 24% |
What has beaten BN 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). BN sits where the dashed lines cross. Anything in the green box above and to the left earned more than BN 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.
- 373 stocks and 642 ETFs worth at least $500 million sit in the green region: each earned more than BN over the past 5 years with smaller price swings. That is 28% of the 3,633 screened.
- Among those with at least half BN's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 21% less than BN's 31.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.28 for BN.
- Among BN's popular alternatives, BLK and GCMG are in the region. BLK earned 7.1% a year against 3.9% a year for BN, at 27.1% volatility, 13% less than BN's 31.1%.
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 BN; faint dots are 90 more of the 1,015 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.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than BN?
Investments that beat BN over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among BN's popular alternatives, BLK and GCMG earned more than BN with less volatility over the past 5 years. BLK returned 7.1% a year at 27.1% volatility, against 3.9% a year at 31.1%.
- Looking beyond its popular alternatives, CME (capital markets) and RY (banks) earned more than BN with less volatility over the past 5 years. CME returned 11.2% a year at 20.8% volatility, against 3.9% a year at 31.1%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 3.9% at 31.1% for BN.
How this works
The table below lists investments that beat BN 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 BN'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 BN 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 BN'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× BN's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than BN's.
| Investment | Why it is better | Past 5 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 | 10Y returntotal | Corr. with BN?lower diversifies more | Expenseper year | |||
| BNBrookfield Corporation · this page | +3.9% | 31.1% | 0.28 | −51.4% | +226% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.80 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against BN. 7 of 20 passed at least one test. | |||||||||
 BLKBlackRock, Inc. · Asset Management | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +7.1% | 27.1% | 0.39 | −43.9% | +313% | 0.75 | — | |
AMGAffiliated Managers Group, Inc. · Asset Management | Higher return, similar volatilityHigher return in most periods | +18.8% | 31.9% | 0.70 | −78.5% | +185% | 0.65 | — | |
 APOApollo Global Management, Inc. · Alternative Asset Management | Higher return in most periods | +10.5% | 37.3% | 0.46 | −53.5% | +825% | 0.67 | — | |
GCMGGCM Grosvenor Inc. · Asset Management | Higher return, lower volatility | +6.7% | 27.2% | 0.38 | −51.8% | — | 0.54 | — | |
 KKRKKR & Co. Inc. · Alternative Asset Management | Higher return in most periods | +5.7% | 39.8% | 0.34 | −49.4% | +653% | 0.76 | — | |
 ARESAres Management Corporation · Alternative Asset Management | Higher return in most periods | +11.4% | 38.2% | 0.48 | −49.9% | +926% | 0.67 | — | |
| 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 BN's specific themes. 89 of 122 passed at least one test. | |||||||||
 CMECME Group Inc. · Capital Markets | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.25 | — | |
 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% | 0.65 | — | |
 NDAQNasdaq, Inc. · Capital Markets | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +8.9% | 24.7% | 0.47 | −38.3% | +407% | 0.61 | — | |
 ICEIntercontinental Exchange, Inc. · Capital Markets | Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +5.4% | 21.8% | 0.35 | −34.3% | +240% | 0.60 | — | |
 MFGMizuho Financial Group, Inc. · Banks | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.30 | — | |
TFSLTFS Financial Corporation · Regional Banks | Similar return, lower volatilityHigher return in most periods | +4.3% | 23.5% | 0.29 | −42.9% | +78.1% | 0.50 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,574 of 3,491 passed at least one test. | |||||||||
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.44 | — | |
 MRKMerck & Co., Inc. · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.00 | — | |
 LINLinde plc · Chemicals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.43 | — | |
 CBChubb Limited · Property & Casualty Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.28 | — | |
 TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.31 | — | |
 SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.64 | 0.06% | |
 LLYEli Lilly and Company · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.03 | — | |
 SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.20 | 0.09% | |
What these numbers mean for BN
- Annual return
- BN returned 3.9% 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 $12,100. 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
- BN's volatility over the past 5 years was 31.1%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BN's return lands within 31.1% 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
- BN's Sharpe ratio over the past 5 years was 0.28, against 0.79 for the S&P 500, so BN 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
- BN's worst fall from a peak to a low over the past 10 years was 51.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 51.4% fall takes a 106% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, BN's monthly returns had a correlation of 0.80 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against BN instead: the lower it is, the more that option would diversify a BN holding. Guide: Correlation and diversification →
Show all 1,015 stocks and funds worth at least $500 million that earned more than BN 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.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with BN | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.44 | — |
| 2 | MRKMerck & Co., Inc. · Pharmaceuticals | Whole market | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.00 | — |
| 3 | LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.43 | — |
| 4 | CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.28 | — |
| 5 | TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.31 | — |
| 6 | SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.64 | 0.06% |
| 7 |  RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.33 | — |
| 8 |  ORLYO'Reilly Automotive, Inc. · Specialty Retail | Whole market | +15.9% | 23.4% | 0.75 | −42.0% | +393% | 0.25 | — |
| 9 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.35 | — |
| 10 |  ETREntergy Corporation · Electric Utilities | Whole market | +19.2% | 22.4% | 0.90 | −42.0% | +311% | 0.43 | — |
| 11 |  DGROiShares Core Dividend Growth ETF · US Dividend Equity | Whole market | +10.9% | 13.7% | 0.83 | −35.1% | +267% | 0.78 | 0.08% |
| 12 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.26 | — |
| 13 | CASYCasey's General Stores, Inc. · Convenience Stores | Whole market | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.35 | — |
| 14 |  AZOAutoZone, Inc. · Specialty Retail | Whole market | +12.3% | 25.3% | 0.59 | −42.1% | +323% | 0.19 | — |
| 15 |  AAPLApple Inc. · Computer Hardware | Whole market | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.45 | — |
| 16 | WRBW. R. Berkley Corporation · Property & Casualty Insurance | Whole market | +18.9% | 22.9% | 0.87 | −45.3% | +443% | 0.20 | — |
| 17 |  WCNWaste Connections, Inc. · Environmental Services | Whole market | +6.1% | 20.0% | 0.40 | −31.6% | +270% | 0.47 | — |
| 18 |  MSFTMicrosoft Corporation · Software | Whole market | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.47 | — |
| 19 | MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value | Whole market | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.69 | 0.05% |
| 20 |  VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.82 | 0.03% |
| 21 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.80 | 0.03% |
| 22 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.74 | 0.40% |
| 23 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.42 | — |
| 24 | MOATVanEck Morningstar Wide Moat ETF · US Large-Cap Equity | Whole market | +9.1% | 18.4% | 0.57 | −33.3% | +276% | 0.83 | 0.46% |
| 25 | CMECME Group Inc. · Capital Markets | Same or nearby category | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.25 | — |
| 26 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +14.4% | 22.9% | 0.70 | −40.1% | +291% | 0.20 | — |
| 27 | NHCNational HealthCare Corporation · Medical - Care Facilities | Whole market | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.40 | — |
| 28 |  ABBVAbbVie Inc. · Pharmaceuticals | Whole market | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.08 | — |
| 29 | RYRoyal Bank of Canada · Banks | Same or nearby category | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.65 | — |
| 30 | NDAQNasdaq, Inc. · Capital Markets | Same or nearby category | +8.9% | 24.7% | 0.47 | −38.3% | +407% | 0.61 | — |
| 31 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.52 | — |
| 32 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.35 | 0.48% |
| 33 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.57 | 0.40% |
| 34 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.56 | — |
| 35 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.68 | 0.18% |
| 36 |  MAMastercard Incorporated · Payment Processing | Whole market | +12.4% | 23.8% | 0.61 | −41.0% | +541% | 0.52 | — |
| 37 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.29 | — |
| 38 |  CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +16.8% | 26.1% | 0.73 | −42.0% | +374% | 0.40 | — |
| 39 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.18 | — |
| 40 | OTTROtter Tail Corporation · Conglomerates | Whole market | +11.4% | 27.6% | 0.53 | −41.5% | +242% | 0.27 | — |
| 41 | CHCOCity Holding Company · Banks - Regional | Whole market | +15.9% | 22.8% | 0.77 | −32.3% | +286% | 0.47 | — |
| 42 |  AMGNAmgen Inc. · Biotechnology | Whole market | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.20 | — |
| 43 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.09 | — |
| 44 | BFCBank First Corporation · Banks - Regional | Whole market | +19.0% | 27.3% | 0.78 | −39.8% | +496% | 0.29 | — |
| 45 |  TJXThe TJX Companies, Inc. · Specialty Retail | Whole market | +19.9% | 22.3% | 0.93 | −42.5% | +361% | 0.40 | — |
| 46 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.24 | 0.40% |
| 47 |  VGTVanguard Information Technology ETF · Technology Equity | Whole market | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.63 | 0.09% |
| 48 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | 0.50 | 0.65% |
| 49 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.15 | — |
| 50 |  VRTXVertex Pharmaceuticals Incorporated · Biotechnology | Whole market | +22.6% | 29.1% | 0.85 | −41.6% | +521% | 0.21 | — |
| 51 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +387% | 0.81 | 0.19% |
| 52 |  TTTrane Technologies plc · Building Products | Whole market | +22.7% | 27.7% | 0.88 | −40.5% | +955% | 0.61 | — |
| 53 | DGTState Street SPDR Global Dow ETF · International | Whole market | +13.8% | 15.1% | 0.94 | −34.4% | +261% | 0.76 | 0.50% |
| 54 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.39 | — |
| 55 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.50 | — |
| 56 |  RIORio Tinto Group · Metals & Mining | Whole market | +12.2% | 29.0% | 0.54 | −37.5% | +464% | 0.45 | — |
| 57 |  UNPUnion Pacific Corporation · Railroads | Whole market | +7.1% | 22.9% | 0.42 | −38.7% | +295% | 0.61 | — |
| 58 |  MNSTMonster Beverage Corporation · Food & Beverages | Whole market | +17.2% | 24.9% | 0.77 | −30.4% | +285% | 0.27 | — |
| 59 | NXTGFirst Trust Indxx NextG ETF · Technology | Whole market | +16.2% | 19.1% | 0.89 | −33.6% | +330% | 0.62 | 0.70% |
| 60 |  JCIJohnson Controls International plc · Building Products | Whole market | +17.4% | 29.1% | 0.70 | −46.4% | +426% | 0.58 | — |
| 61 |  CMICummins Inc. · Industrial Machinery | Whole market | +19.9% | 29.0% | 0.77 | −44.0% | +444% | 0.55 | — |
| 62 |  ADPAutomatic Data Processing, Inc. · Business Services | Whole market | +9.0% | 22.9% | 0.49 | −40.8% | +320% | 0.54 | — |
| 63 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +14.8% | 23.6% | 0.71 | −32.8% | +625% | 0.45 | — |
| 64 |  AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.50 | — |
| 65 |  ALLThe Allstate Corporation · Property & Casualty Insurance | Whole market | +17.0% | 26.2% | 0.73 | −41.4% | +356% | 0.22 | — |
| 66 |  PCARPACCAR Inc · Commercial Vehicles | Whole market | +17.9% | 26.1% | 0.76 | −37.9% | +314% | 0.57 | — |
| 67 |  FASTFastenal Company · Industrial Distribution | Whole market | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.47 | — |
| 68 |  CSXCSX Corporation · Railroads | Whole market | +8.3% | 23.3% | 0.46 | −40.5% | +446% | 0.67 | — |
| 69 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +13.1% | 22.4% | 0.67 | −34.5% | +451% | 0.72 | 0.04% |
| 70 |  AMEAMETEK, Inc. · Electronic Instruments | Whole market | +14.4% | 22.1% | 0.72 | −42.7% | +481% | 0.56 | — |
| 71 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.79 | 0.26% |
| 72 |  TRPTC Energy Corporation · Oil & Gas Midstream | Whole market | +10.8% | 21.9% | 0.58 | −41.6% | +160% | 0.53 | — |
| 73 |  AJGArthur J. Gallagher & Co. · Insurance | Whole market | +10.9% | 24.2% | 0.55 | −44.4% | +516% | 0.33 | — |
| 74 |  DIAState Street SPDR Dow Jones Industrial Average ETF Trust · US Large-Cap Equity | Whole market | +9.9% | 14.8% | 0.72 | −36.7% | +250% | 0.76 | 0.16% |
| 75 |  IXORIX Corporation · Diversified Financials | Whole market | +17.9% | 25.4% | 0.78 | −42.5% | +284% | 0.48 | — |
| 76 | SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds | Whole market | +20.6% | 18.4% | 1.12 | −45.7% | — | 0.11 | 0.80% |
| 77 | EFViShares MSCI EAFE Value ETF · International Equity | Whole market | +13.6% | 15.9% | 0.88 | −43.2% | +157% | 0.65 | 0.31% |
| 78 |  XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity | Whole market | +8.6% | 18.3% | 0.54 | −42.9% | +241% | 0.76 | 0.08% |
| 79 |  JPMJPMorgan Chase & Co. · Banks | Same or nearby category | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.61 | — |
| 80 | FNDFSchwab Fundamental International Large Company Index ETF · International Equity | Whole market | +13.6% | 16.3% | 0.87 | −40.2% | +194% | 0.67 | 0.25% |
| 81 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.56 | 0.13% |
| 82 | RSReliance Steel & Aluminum Co. · Metals & Mining | Whole market | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.48 | — |
| 83 | XLIState Street Industrial Select Sector SPDR ETF · US Industrials | Whole market | +11.5% | 17.6% | 0.71 | −42.3% | +246% | 0.74 | 0.08% |
| 84 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.77 | 0.15% |
| 85 | PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value | Whole market | +16.1% | 15.1% | 1.07 | −41.3% | — | 0.77 | 0.56% |
| 86 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.68 | 0.36% |
| 87 | RDVYFirst Trust Rising Dividend Achievers ETF · US Dividend Equity | Whole market | +11.3% | 18.8% | 0.67 | −40.6% | +322% | 0.79 | 0.47% |
| 88 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.26 | — |
| 89 | DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity | Whole market | +11.8% | 14.0% | 0.87 | −32.0% | +276% | 0.76 | 0.28% |
| 90 | EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity | Whole market | +11.1% | 19.5% | 0.64 | −42.8% | — | 0.56 | 0.25% |
| 91 | AVEMAvantis Emerging Markets Equity ETF · Emerging Markets Equity | Whole market | +9.3% | 19.5% | 0.56 | −36.0% | — | 0.61 | 0.33% |
| 92 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.71 | 0.20% |
| 93 | PKGPackaging Corporation of America · Packaging | Whole market | +15.4% | 25.8% | 0.69 | −38.2% | +294% | 0.51 | — |
| 94 | DTMDT Midstream, Inc. · Oil & Gas Midstream | Whole market | +24.5% | 25.2% | 1.00 | −23.6% | — | 0.46 | — |
| 95 | EXPDExpeditors International of Washington, Inc. · Freight & Logistics | Whole market | +12.0% | 27.1% | 0.56 | −35.6% | +349% | 0.56 | — |
| 96 |  TDThe Toronto-Dominion Bank · Banks | Same or nearby category | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.58 | — |
| 97 | VRSNVeriSign, Inc. · Internet Services | Whole market | +7.8% | 25.9% | 0.42 | −38.9% | +308% | 0.31 | — |
| 98 | RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity | Whole market | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.79 | 0.39% |
| 99 | CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity | Whole market | +14.1% | 26.1% | 0.64 | −33.9% | +454% | 0.39 | 0.58% |
| 100 | EVRGEvergy, Inc. · Electric Utilities | Whole market | +9.5% | 18.9% | 0.57 | −38.8% | +109% | 0.44 | — |
BN against its popular alternatives
The investments people most often weigh against BN, compared period by period and year by year.
How do BN'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 BN, which divides the map into what did better or worse on each measure.
- Only BLK and GCMG were both more rewarding and calmer than BN over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BN returned 3.9% a year, less than the S&P 500's 12.7%, with higher volatility (31.1% against 17.1%).
Green points earned more than BN 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 |
|---|---|---|
| AMG Affiliated Managers Group, Inc. | +18.8% | 31.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| ARES Ares Management Corporation | +11.4% | 38.2% |
| APO Apollo Global Management, Inc. | +10.5% | 37.3% |
| 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 This pageBrookfield Corporation | +3.9% | 31.1% |
| BIP Brookfield Infrastructure Partners L.P. | +3.4% | 27.3% |
| 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% |
| HLNE Hamilton Lane Incorporated | −0.8% | 36.9% |
| BEP Brookfield Renewable Partners L.P. | −1.0% | 31.3% |
| PAX Patria Investments Ltd | −1.6% | 31.4% |
| CG The Carlyle Group Inc. | −3.9% | 40.1% |
| BNH Brookfield Finance Inc. | −4.7% | 19.8% |
| BNJ Brookfield Finance Inc. 4.50% P | −5.2% | 18.6% |
| OWL Blue Owl Capital Inc. | −7.3% | 42.2% |
| TROW T. Rowe Price Group, Inc. | −8.9% | 30.5% |
Has BN consistently beaten its popular alternatives?
This section compares BN 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 BN helps separate lasting outperformance from a single strong stretch.
- Four of the 23 popular alternatives, led by BLK, AMG and IVZ, outperformed BN in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- BLK outperformed BN in every long-term period and in all but one short-term period, the most consistent record in the group.
- ARES, BLK and KKR earned more for the risk they took than BN (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than BN 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.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| BN Brookfield Corporation (this page) | — | −1.7% | −11.8% | −19.8% | −19.6% | −16.8% | +85.9% | +20.8% | +226% | 31.1% | 0.28 | −51.4% | — | $83B | — |
| BLK QualifiedBlackRock, Inc. | 5/5 short3/3 longAll-weather | +3.5% | +7.6% | +8.8% | +5.7% | −0.6% | +96.3% | +41.1% | +313% | 27.1% | 0.39 | −43.9% | — | $175B | — |
| 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 | — |
| IVZ QualifiedInvesco Ltd. | 4/5 short2/3 long | −8.3% | −2.3% | +17.0% | +9.3% | +30.0% | +158% | +39.8% | +50.9% | 36.4% | 0.37 | −79.8% | — | $13B | — |
| APO QualifiedApollo Global Management, Inc. | 3/5 short2/3 long | −13.0% | −5.5% | −11.9% | −23.2% | −9.7% | +41.4% | +64.9% | +825% | 37.3% | 0.46 | −53.5% | — | $66B | — |
| ARES Asset ManagementAres Management Corporation | 2/5 short2/3 long | −8.2% | −3.1% | −0.1% | −27.7% | −17.4% | +24.9% | +71.4% | +926% | 38.2% | 0.48 | −49.9% | — | $38B | — |
| KKR Asset ManagementKKR & Co. Inc. | 2/5 short2/3 long | −11.5% | −7.8% | −13.8% | −30.4% | −25.2% | +65.7% | +31.8% | +653% | 39.8% | 0.34 | −49.4% | — | $80B | — |
| BEN Asset ManagementFranklin Resources, Inc. | 4/5 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. | 4/5 short1/3 long | −5.3% | −0.9% | +17.4% | +14.8% | +13.0% | +82.8% | +38.2% | — | 27.2% | 0.38 | −51.8% | — | $769M | — |
| BX Asset ManagementBlackstone Inc. | 2/5 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 | — |
| BIP Diversified UtilitiesBrookfield Infrastructure Partners L.P. | 5/5 short0/3 long | +2.6% | −6.2% | +1.2% | +9.6% | +9.3% | +82.5% | +18.2% | +177% | 27.3% | 0.26 | −51.4% | — | $17B | — |
| BAM Asset ManagementBrookfield Asset Management Ltd. | 5/5 short0/3 long | −0.6% | −2.1% | −4.5% | −11.4% | −12.5% | +67.9% | — | — | — | — | −30.4% | — | $73B | — |
| BEP Renewable UtilitiesBrookfield Renewable Partners L.P. | 4/5 short0/3 long | −5.0% | −10.8% | −16.6% | +4.7% | +2.2% | +55.2% | −5.1% | +187% | 31.3% | 0.12 | −54.3% | — | $8.5B | — |
| 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 | — |
| BNH Asset ManagementBrookfield Finance Inc. | 4/5 short0/3 long | −2.5% | −6.7% | −7.0% | −6.5% | −5.7% | +19.1% | −21.3% | — | 19.8% | -0.14 | −37.0% | — | $82B | — |
| BNJ Asset ManagementBrookfield Finance Inc. 4.50% P | 4/5 short0/3 long | −3.9% | −8.3% | −4.7% | −2.6% | −4.6% | +23.8% | −23.6% | — | 18.6% | -0.20 | −39.3% | — | $82B | — |
| PAX Asset ManagementPatria Investments Ltd | 4/5 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 | — |
| APAM Asset ManagementArtisan Partners Asset Management Inc. | 2/5 short0/3 long | −10.4% | −12.7% | −8.8% | −14.1% | −16.8% | +26.9% | +4.6% | +200% | 31.1% | 0.18 | −51.1% | — | $2.3B | — |
| OWL Asset ManagementBlue Owl Capital Inc. | 2/5 short0/3 long | −8.2% | +0.3% | −3.0% | −36.1% | −40.5% | −13.5% | −31.5% | — | 42.2% | 0.03 | −67.1% | — | $14B | — |
| TPG Asset ManagementTPG Inc. | 2/5 short0/3 long | −4.6% | +4.4% | +1.7% | −30.0% | −16.9% | +84.5% | — | — | — | — | −44.9% | — | $17B | — |
| BBUC ConglomeratesBrookfield Business Corporation | 1/5 short0/3 long | +3.8% | −12.0% | −21.8% | −26.1% | −26.3% | +68.8% | — | — | — | — | −60.8% | — | $5.5B | — |
| HLNE Asset ManagementHamilton Lane Incorporated | 1/5 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 | — |
| STEP Asset ManagementStepStone Group Inc. | 1/5 short0/3 long | −9.5% | +2.4% | −20.1% | −33.4% | −26.9% | +66.0% | +15.2% | — | 42.2% | 0.28 | −60.2% | — | $5.5B | — |
How did BN do year by year?
This table shows each investment's total return in every full calendar year since 1997, along with where BN ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BN and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- BN finished ahead of the S&P 500 in 18 of its 29 full calendar years, and ahead of it in each of the last three.
- Ranked against its popular alternatives each year, BN finished in the top quarter in ten of 28 years and in the bottom quarter in three. In 2025, it ranked 7 of 24.
- Among its popular alternatives, ARES came out ahead of BN most often, in eight of the 11 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of BN; gray means the two finished within a fraction of a point. The rank row places BN among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of BN | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | 1997 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BN This pageBrookfield Corporation | — | +20.6% | +44.1% | +29.1% | −35.0% | +48.9% | +8.5% | +52.3% | −10.7% | +34.2% | +8.0% | −4.4% | +31.1% | +11.5% | +53.5% | −16.3% | +53.6% | +49.6% | −56.5% | +12.3% | +45.8% | +42.7% | +81.4% | +54.9% | +19.6% | +32.2% | +16.8% | +4.1% | −18.2% | +28.5% |
| Rank among alternatives | Top quarter in 10 of 28 | 7 of 24 | 7 of 24 | 12 of 24 | 13 of 21 | 7 of 20 | 12 of 16 | 8 of 15 | 6 of 15 | 9 of 14 | 9 of 14 | 2 of 14 | 1 of 13 | 11 of 12 | 2 of 11 | 10 of 10 | 2 of 10 | 10 of 10 | 6 of 9 | 5 of 7 | 2 of 7 | 1 of 6 | 1 of 7 | 2 of 6 | 1 of 6 | 1 of 6 | 5 of 6 | 4 of 5 | 4 of 5 | — |
| SPY S&P 500State Street SPDR S&P 500 ETF | 11 of 29 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% | +33.5% |
| BLK BlackRock, Inc. | 11 of 26 | +6.6% | +29.3% | +17.9% | −20.4% | +29.4% | +47.2% | +31.9% | −21.6% | +38.2% | +14.6% | −2.4% | +15.7% | +57.0% | +19.8% | −3.6% | −15.9% | +76.6% | −37.0% | +45.1% | +41.8% | +42.4% | +47.6% | +35.9% | −5.5% | −0.7% | +144% | — | — | — |
| AMG Affiliated Managers Group, Inc. | 11 of 28 | +55.9% | +22.2% | −4.4% | −3.7% | +61.8% | +20.5% | −11.8% | −52.1% | +41.9% | −9.0% | −24.7% | −2.1% | +66.6% | +35.6% | −3.3% | +47.3% | +60.7% | −64.3% | +11.7% | +31.0% | +18.5% | +46.0% | +38.4% | −28.6% | +28.5% | +35.7% | +35.4% | +3.0% | — |
| IVZ Invesco Ltd. | 12 of 29 | +56.9% | +3.0% | +4.2% | −18.7% | +35.5% | +3.0% | +14.9% | −52.0% | +24.6% | −5.9% | −12.1% | +11.5% | +43.4% | +33.4% | −14.6% | +4.8% | +66.6% | −52.6% | +442% | +72.6% | +35.5% | −6.8% | +36.2% | −52.8% | −30.3% | +101% | +57.5% | −6.0% | +103% |
| APO Apollo Global Management, Inc. | 8 of 14 | −11.1% | +79.9% | +49.5% | −9.6% | +53.3% | +8.0% | +107% | −22.0% | +85.4% | +37.3% | −29.3% | −15.9% | +112% | +54.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| ARES Ares Management Corporation | 8 of 11 | −6.2% | +52.7% | +79.5% | −12.7% | +77.7% | +37.3% | +110% | −5.6% | +11.6% | +56.5% | −20.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| KKR KKR & Co. Inc. | 10 of 18 | −13.3% | +79.6% | +80.5% | −37.0% | +85.8% | +41.1% | +51.5% | −4.3% | +41.8% | +3.4% | −28.0% | +4.0% | +73.8% | +25.6% | −5.3% | +70.4% | +153% | −81.3% | — | — | — | — | — | — | — | — | — | — | — |
| BEN Franklin Resources, Inc. | 9 of 29 | +24.8% | −27.2% | +16.9% | −17.5% | +39.0% | +1.4% | −9.2% | −23.4% | +11.6% | +9.8% | −32.5% | −2.3% | +38.9% | +35.2% | −10.9% | +6.5% | +71.8% | −43.7% | +4.4% | +17.8% | +39.8% | +34.6% | +53.3% | −2.5% | −6.7% | +19.6% | +0.8% | −26.1% | +91.7% |
| GCMG GCM Grosvenor Inc. | 2 of 6 | −4.3% | +42.8% | +24.8% | −24.0% | −18.9% | +30.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BX Blackstone Inc. | 8 of 18 | −7.8% | +35.1% | +82.8% | −40.0% | +107% | +19.8% | +96.3% | +0.1% | +27.4% | −1.5% | −5.0% | +13.9% | +114% | +15.7% | +3.4% | +12.7% | +117% | −67.4% | — | — | — | — | — | — | — | — | — | — | — |
| CG The Carlyle Group Inc. | 6 of 13 | +20.2% | +28.1% | +42.6% | −43.8% | +78.5% | +1.6% | +117% | −27.2% | +59.8% | +9.0% | −34.8% | −18.5% | +42.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BIP Brookfield Infrastructure Partners L.P. | 7 of 17 | +15.2% | +6.3% | +6.7% | −20.7% | +27.8% | +14.6% | +51.3% | −19.2% | +39.6% | +39.6% | −5.1% | +12.0% | +16.5% | +33.0% | +38.7% | +33.9% | +61.6% | — | — | — | — | — | — | — | — | — | — | — | — |
| BAM Brookfield Asset Management Ltd. | 1 of 3 | −0.3% | +39.7% | +45.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BEP Brookfield Renewable Partners L.P. | 9 of 21 | +25.6% | −8.2% | +9.0% | −26.5% | −14.5% | +80.3% | +91.4% | −20.9% | +24.5% | +20.6% | −10.2% | +24.1% | −5.8% | +13.5% | +39.5% | +23.5% | +62.9% | −26.6% | +23.9% | +6.5% | — | −1.4% | — | — | — | — | — | — | — |
| TROW T. Rowe Price Group, Inc. | 12 of 29 | −4.7% | +9.7% | +3.4% | −42.2% | +34.9% | +28.1% | +35.6% | −9.8% | +43.4% | +8.5% | −12.2% | +4.7% | +31.3% | +18.1% | −9.8% | +23.8% | +54.2% | −40.6% | +41.1% | +23.0% | +17.6% | +33.2% | +77.2% | −19.8% | −16.3% | +15.8% | +9.3% | +10.1% | +46.0% |
| BNH Brookfield Finance Inc. | 0 of 5 | +5.8% | +4.1% | +19.3% | −35.5% | +1.8% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BNJ Brookfield Finance Inc. 4.50% P | 0 of 5 | +2.5% | +4.7% | +15.2% | −35.6% | −0.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| PAX Patria Investments Ltd | 2 of 4 | +43.2% | −20.0% | +18.9% | −10.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| APAM Artisan Partners Asset Management Inc. | 5 of 12 | +2.8% | +4.9% | +60.3% | −31.3% | +2.8% | +71.0% | +67.1% | −38.2% | +45.2% | −10.1% | −23.1% | −17.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OWL Blue Owl Capital Inc. | 3 of 5 | −32.8% | +61.7% | +47.3% | −26.3% | +32.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| TPG TPG Inc. | 2 of 3 | +5.1% | +50.6% | +62.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| BBUC Brookfield Business Corporation | 1 of 3 | +49.1% | +5.4% | +25.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| HLNE Hamilton Lane Incorporated | 4 of 8 | −7.9% | +32.4% | +81.4% | −37.0% | +34.7% | +33.5% | +64.3% | +6.6% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| STEP StepStone Group Inc. | 2 of 5 | +13.6% | +85.9% | +31.7% | −37.9% | +5.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How BN 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 BN's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents BN's five deepest drawdowns since it began trading in 1986, 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.
- In all four of BN's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BN fell 41.6% from April 1998 to April 1999, while the S&P 500 rose 21.9%.
- The slowest recovery came after BN fell 72.5% from May 2007 to March 2009; it did not regain that peak until August 2012, three years later.
Green means BN fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | BN fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −72.5% | −53.6% | May 2007 | Mar 2009 | 22 months | Aug 2012 | 3.4 years |
| No named crash | −72.1% | — | Aug 1987 | Feb 1993 | 5.5 years | Jan 1996 | 2.9 years |
| Covid crash | −51.4% | −33.4% | Feb 2020 | Mar 2020 | 1 month | Mar 2021 | 12 months |
| 2022 bear market | −41.8% | −12.9% | Oct 2021 | Mar 2023 | 17 months | Jul 2024 | 16 months |
| No named crash | −41.6% | +21.9% | Apr 1998 | Apr 1999 | 12 months | Feb 2001 | 22 months |
How did BN do in stock market crashes?
This section measures how far BN, 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.
- Among its popular alternatives, BNH held up best, falling less than BN in all two crashes they both traded through.
- BN fell further than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the Covid crash, when BN fell 51.4% and the S&P 500 fell 33.7%.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BN.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BN This pageBrookfield Corporation | — | −10.5% | −36.2% | −51.4% | −18.1% | −5.2% | −22.7% | −18.7% | 0.0% | −70.9% | −20.7% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 6 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| BLK BlackRock, Inc. | 4 of 10 | −7.2% | −40.8% | −42.3% | −25.2% | −7.1% | −19.9% | −23.9% | 0.0% | −60.4% | −33.0% |
| AMG Affiliated Managers Group, Inc. | 2 of 10 | −12.8% | −32.9% | −49.1% | −38.7% | −9.0% | −44.4% | −31.8% | −4.8% | −85.9% | −46.4% |
| IVZ Invesco Ltd. | 1 of 10 | −7.5% | −43.4% | −57.8% | −34.4% | −9.2% | −33.1% | −35.1% | −3.6% | −85.0% | −82.0% |
| APO Apollo Global Management, Inc. | 2 of 7 | −17.9% | −35.5% | −48.9% | −35.7% | −10.8% | −40.0% | −44.2% | — | — | — |
| ARES Ares Management Corporation | 1 of 6 | −12.7% | −35.7% | −44.1% | −26.7% | −6.9% | −43.4% | — | — | — | — |
| KKR KKR & Co. Inc. | 1 of 9 | −12.6% | −41.7% | −45.5% | −33.5% | −10.2% | −51.3% | −37.8% | −2.2% | −90.1% | — |
| BEN Franklin Resources, Inc. | 2 of 10 | −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% | — | — | — | — | — | — | — |
| BX Blackstone Inc. | 2 of 9 | −12.3% | −38.5% | −42.6% | −29.1% | −4.2% | −37.7% | −35.6% | −3.5% | −84.9% | — |
| CG The Carlyle Group Inc. | 1 of 6 | −13.1% | −52.5% | −46.2% | −34.7% | −10.4% | −50.3% | — | — | — | — |
| BIP Brookfield Infrastructure Partners L.P. | 4 of 8 | −4.1% | −26.3% | −51.4% | −18.5% | −2.3% | −23.5% | −16.6% | 0.0% | — | — |
| BAM Brookfield Asset Management Ltd. | 1 of 1 | −7.1% | — | — | — | — | — | — | — | — | — |
| BEP Brookfield Renewable Partners L.P. | 6 of 9 | −2.1% | −30.5% | −45.4% | −19.4% | −1.5% | −25.1% | −14.8% | 0.0% | −36.7% | — |
| TROW T. Rowe Price Group, Inc. | 4 of 10 | −6.8% | −48.2% | −38.0% | −23.4% | −7.2% | −15.0% | −23.4% | −1.7% | −67.4% | −54.1% |
| BNH Brookfield Finance Inc. | 2 of 2 | −5.4% | −31.7% | — | — | — | — | — | — | — | — |
| BNJ Brookfield Finance Inc. 4.50% P | 2 of 2 | −4.0% | −31.5% | — | — | — | — | — | — | — | — |
| PAX Patria Investments Ltd | 2 of 2 | −7.7% | −31.9% | — | — | — | — | — | — | — | — |
| APAM Artisan Partners Asset Management Inc. | 2 of 6 | −6.8% | −39.4% | −49.7% | −38.0% | −10.1% | −46.5% | — | — | — | — |
| OWL Blue Owl Capital Inc. | 0 of 2 | −17.7% | −39.7% | — | — | — | — | — | — | — | — |
| TPG TPG Inc. | 0 of 1 | −17.7% | — | — | — | — | — | — | — | — | — |
| BBUC Brookfield Business Corporation | 1 of 1 | −6.2% | — | — | — | — | — | — | — | — | — |
| HLNE Hamilton Lane Incorporated | 1 of 5 | −16.4% | −43.2% | −42.6% | −30.4% | −5.7% | — | — | — | — | — |
| STEP StepStone Group Inc. | 0 of 2 | −19.1% | −43.4% | — | — | — | — | — | — | — | — |
How closely does BN 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 BN with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Seven of the 13 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BN's 0.77, led by ARES, APO and BX.
- AMG took just 137% of the S&P 500's losses, against 162% for BN, while still keeping 103% of its gains.
- Over the past 10 years, BN captured 125% of the S&P 500's gains in rising months and 162% of its losses in falling months, with a beta of 1.42. It amplified the market's moves in both directions.
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 BN's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| BN This pageBrookfield Corporation | 125% | 162% | 0.77 | 1.42 |
| ARES Ares Management Corporation | 157% | 146% | 1.07 | 1.29 |
| APO Apollo Global Management, Inc. | 166% | 168% | 0.99 | 1.58 |
| BX Blackstone Inc. | 156% | 170% | 0.92 | 1.48 |
| KKR KKR & Co. Inc. | 171% | 191% | 0.89 | 1.62 |
| BEP Brookfield Renewable Partners L.P. | 85% | 96% | 0.88 | 0.91 |
| BLK BlackRock, Inc. | 127% | 157% | 0.81 | 1.30 |
| BIP Brookfield Infrastructure Partners L.P. | 92% | 115% | 0.80 | 0.93 |
| AMG Affiliated Managers Group, Inc. | 103% | 137% | 0.76 | 1.22 |
| CG The Carlyle Group Inc. | 156% | 206% | 0.76 | 1.65 |
| APAM Artisan Partners Asset Management Inc. | 160% | 224% | 0.72 | 1.79 |
| TROW T. Rowe Price Group, Inc. | 118% | 172% | 0.68 | 1.35 |
| BEN Franklin Resources, Inc. | 102% | 170% | 0.60 | 1.39 |
| IVZ Invesco Ltd. | 119% | 201% | 0.59 | 1.46 |
What diversifies BN?
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 BN's. Because such investments tend not to fall at the same time, pairing BN with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in BN into DBMF would have cut the portfolio's volatility by 23% over the past 5 years and raised its annual return (+5.7% for BN alone, +7.6% for the mix).
- Among large ETFs, DXJ, GLD and XLE have moved largely independently of BN over the past 5 years, with correlations of 0.35 or lower, and each still earned a positive 5-year return.
- CAH made money in four of the six calendar years in which BN lost money.
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 BN lost money. The last two columns show a portfolio that is 80% BN and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BN Brookfield Corporation (this page) | 1.00 | +20.8% | 0.28 | −35.0% | −10.7% | −4.4% | −16.3% | −56.5% | −18.2% | 30.6% | +5.7% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.35 | +225% | 1.34 | +6.0% | −19.8% | +7.7% | −16.1% | −20.8% | — | 25.5% | +10.3% |
| GLD CommoditiesSPDR Gold Shares | 0.24 | +126% | 0.96 | −0.8% | −1.9% | −10.7% | +9.6% | +4.9% | — | 25.5% | +8.9% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.22 | +177% | 0.93 | +64.4% | −18.2% | −21.5% | +2.8% | −39.0% | — | 26.1% | +9.9% |
| AMLP EnergyAlerian MLP ETF | 0.39 | +111% | 0.89 | +25.5% | −12.6% | −25.7% | +10.2% | — | — | 26.1% | +8.8% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.36 | +59.7% | 0.82 | +21.6% | — | — | — | — | — | 23.7% | +7.6% |
| DBA AlternativesInvesco DB Agriculture Fund | 0.19 | +66.4% | 0.81 | +2.5% | −8.7% | −17.2% | −10.7% | −19.1% | — | 25.0% | +7.4% |
| IHE Broad MarketiShares U.S. Pharmaceuticals ETF | 0.38 | +81.2% | 0.80 | −4.9% | −7.8% | +8.8% | +20.9% | −14.8% | — | 25.8% | +7.6% |
| PPH HealthcareVanEck Pharmaceutical ETF | 0.36 | +72.8% | 0.78 | +2.6% | −5.9% | +3.5% | +15.5% | −19.9% | — | 25.6% | +7.3% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2015 | 2011 | 2008 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BN Brookfield Corporation (this page) | 1.00 | +20.8% | 0.28 | −35.0% | −10.7% | −4.4% | −16.3% | −56.5% | −18.2% | 30.6% | +5.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.26 | +479% | 1.55 | +54.1% | −24.5% | +12.6% | +8.1% | −39.6% | +51.7% | 26.4% | +12.5% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.41 | +3,143% | 1.47 | +1.3% | −16.3% | −6.0% | −24.4% | −20.5% | — | 31.1% | +24.0% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.47 | +1,636% | 1.46 | +17.0% | +0.8% | +67.7% | −17.0% | −15.2% | −9.5% | 29.8% | +20.2% |
| MCK Medical - DistributionMcKesson Corporation | 0.18 | +413% | 1.44 | +51.8% | −28.4% | −4.5% | +11.8% | −40.4% | +46.9% | 25.9% | +12.0% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.21 | +690% | 1.41 | +86.6% | −8.2% | +17.4% | — | — | — | 26.6% | +14.5% |
Common questions
What was BN's worst drawdown?
BN's deepest decline since it began trading in 1986 was 72.5%, from May 2007 to March 2009. It took about three years from the low to climb back to its old high.
What were BN's best and worst years?
Over 29 full calendar years, BN's best year was 2004, when it returned 81.4%. Its worst was 2008, with a return of -56.5%.
Is there a better investment than BN?
Among BN's popular alternatives, BLK and GCMG earned more than BN with less volatility over the past 5 years. BLK returned 7.1% a year at 27.1% volatility, against 3.9% a year at 31.1%. Looking beyond its popular alternatives, CME (capital markets) and RY (banks) earned more than BN with less volatility over the past 5 years. CME returned 11.2% a year at 20.8% volatility, against 3.9% a year at 31.1%.
Is BN more volatile than the S&P 500?
Yes. BN's volatility over the past 5 years was 31.1%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BN's return lands within 31.1% 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 BN's Sharpe ratio?
BN's Sharpe ratio over the past 5 years was 0.28, against 0.79 for the S&P 500, so BN 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 BN with the S&P 500?
Over the past 5 years, BN's monthly returns had a correlation of 0.80 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They move almost in lockstep, so holding both adds little diversification. In the table, the correlation column measures each option against BN instead: the lower it is, the more that option would diversify a BN holding.
What are the best alternatives to BN?
Of the 23 popular alternatives we compared, four outperformed BN in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: BLK, AMG and IVZ.
Did BN outperform the S&P 500?
BN finished ahead of the S&P 500 (SPY) in 18 of 29 full calendar years. In 2025, it returned +20.6%, against +17.7% for the index.
How did BN do in stock market crashes?
BN fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in six. The clearest case was the Covid crash, when BN fell 51.4% and the S&P 500 fell 33.7%.
What diversifies BN?
These had a low correlation with BN over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.35), GLD (correlation 0.24) and XLE (correlation 0.22); among large stocks, CAH (correlation 0.26), CLS (correlation 0.41) and FIX (correlation 0.47). 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, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than BN's. Returns within 0.5 points or 3% of BN's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 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 5 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.
More research
Popular alternatives to BN
- BLKBlackRock
- APOApollo Global Management
- ARESAres Management
- KKRKKR & Co. Inc.
BXBlackstone
BAMBrookfield Asset Management
BNHBrookfield Finance
BNJBrookfield Finance Inc. 4.50% P
NVDA
GOOG