# How Brookfield (BN) compares with the whole market and its popular alternatives

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

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on 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.

## Key findings

- **Right now:** Over 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.
- **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 years:** BN 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.
- **Long term:** BN turned $10,000 into $32,600 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** Across 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.
- **Diversification:** Against 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.
- **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.

- $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.

## 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.

- 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.

- Type: Stock, Financials (Asset Management)
- Trading since: October 17, 1986
- Market value: $83B
- Volatility (5 years): 31.1%; Sharpe ratio: 0.28
- Worst decline ever: −72.5%, from May 22, 2007 to March 9, 2009; back at its high by August 8, 2012

| Period | BN total return |
| --- | --- |
| 1 month | −1.7% |
| 3 months | −11.8% |
| 6 months | −19.8% |
| year to date | −19.6% |
| 1 year | −16.8% |
| 3 years | +85.9% |
| 5 years | +20.8% |
| 10 years | +226% |

## 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.

- 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.

| Measure | BN | Rank |
| --- | --- | --- |
| 1-year return | −16.8% | 2,557 of 3,287 (top 78%) |
| 3-year return | +85.9% | 1,063 of 3,017 (top 36%) |
| 5-year return | +20.8% | 1,448 of 2,893 (top 51%) |
| 10-year return | +226% | 779 of 2,202 (top 36%) |
| Volatility, 5 years | 31.1% | 834 of 2,893 (top 29%) |
| Sharpe ratio, 5 years | 0.28 | 1,632 of 2,893 (top 57%) |
| 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).

- 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%.

### Is there a better investment than BN?

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.

- 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.

The 15 strongest of 1,015 investments that beat BN over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with BN | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BN: Brookfield Corporation (this page) |  | +3.9% | 31.1% | 0.28 | −51.4% | +226% |  |  |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.00 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LIN](https://easycompare.io/research/lin): Linde plc | Chemicals | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CB](https://easycompare.io/research/cb): Chubb Limited | Property & Casualty Insurance | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [TRV](https://easycompare.io/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SCHD](https://easycompare.io/research/schd): Schwab U.S. Dividend Equity ETF | US Dividend Equity | +9.7% | 14.3% | 0.72 | −33.4% | +252% | 0.64 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.33 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ORLY](https://easycompare.io/research/orly): O'Reilly Automotive, Inc. | Specialty Retail | +15.9% | 23.4% | 0.75 | −42.0% | +393% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WM](https://easycompare.io/research/wm): Waste Management, Inc. | Environmental Services | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ETR](https://easycompare.io/research/etr): Entergy Corporation | Electric Utilities | +19.2% | 22.4% | 0.90 | −42.0% | +311% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [DGRO](https://easycompare.io/research/dgro): iShares Core Dividend Growth ETF | US Dividend Equity | +10.9% | 13.7% | 0.83 | −35.1% | +267% | 0.78 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CASY: Casey's General Stores, Inc. | Convenience Stores | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AZO](https://easycompare.io/research/azo): AutoZone, Inc. | Specialty Retail | +12.3% | 25.3% | 0.59 | −42.1% | +323% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of BN | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BN: Brookfield Corporation (this page) | −16.8% | +85.9% | +20.8% | +226% |  |  | 0.28 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | −0.6% | +96.3% | +41.1% | +313% | 5/5 short-term, 3/3 long-term | all-weather | 0.39 |
| AMG: Affiliated Managers Group, Inc. | +59.9% | +214% | +137% | +185% | 5/5 short-term, 2/3 long-term | consistent | 0.70 |
| IVZ: Invesco Ltd. | +30.0% | +158% | +39.8% | +50.9% | 4/5 short-term, 2/3 long-term | consistent | 0.37 |
| [APO](https://easycompare.io/research/apo): Apollo Global Management, Inc. | −9.7% | +41.4% | +64.9% | +825% | 3/5 short-term, 2/3 long-term | consistent | 0.46 |
| [ARES](https://easycompare.io/research/ares): Ares Management Corporation | −17.4% | +24.9% | +71.4% | +926% | 2/5 short-term, 2/3 long-term |  | 0.48 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | −25.2% | +65.7% | +31.8% | +653% | 2/5 short-term, 2/3 long-term |  | 0.34 |
| BEN: Franklin Resources, Inc. | +44.8% | +62.4% | +31.5% | +49.2% | 4/5 short-term, 1/3 long-term |  | 0.33 |
| GCMG: GCM Grosvenor Inc. | +13.0% | +82.8% | +38.2% | — | 4/5 short-term, 1/3 long-term |  | 0.38 |
| [BX](https://easycompare.io/research/bx): Blackstone Inc. | −28.4% | +28.6% | +2.1% | +628% | 2/5 short-term, 1/3 long-term |  | 0.21 |
| CG: The Carlyle Group Inc. | −34.2% | +47.2% | −18.0% | +287% | 0/5 short-term, 1/3 long-term |  | 0.10 |
| BIP: Brookfield Infrastructure Partners L.P. | +9.3% | +82.5% | +18.2% | +177% | 5/5 short-term, 0/3 long-term |  | 0.26 |
| [BAM](https://easycompare.io/research/bam): Brookfield Asset Management Ltd. | −12.5% | +67.9% | — | — | 5/5 short-term, 0/3 long-term |  | — |
| BEP: Brookfield Renewable Partners L.P. | +2.2% | +55.2% | −5.1% | +187% | 4/5 short-term, 0/3 long-term |  | 0.12 |
| TROW: T. Rowe Price Group, Inc. | +3.1% | +22.7% | −37.4% | +126% | 4/5 short-term, 0/3 long-term |  | -0.16 |
| [BNH](https://easycompare.io/research/bnh): Brookfield Finance Inc. | −5.7% | +19.1% | −21.3% | — | 4/5 short-term, 0/3 long-term |  | -0.14 |
| [BNJ](https://easycompare.io/research/bnj): Brookfield Finance Inc. 4.50% P | −4.6% | +23.8% | −23.6% | — | 4/5 short-term, 0/3 long-term |  | -0.20 |
| PAX: Patria Investments Ltd | −14.2% | +6.9% | −7.7% | — | 4/5 short-term, 0/3 long-term |  | 0.11 |
| APAM: Artisan Partners Asset Management Inc. | −16.8% | +26.9% | +4.6% | +200% | 2/5 short-term, 0/3 long-term |  | 0.18 |
| OWL: Blue Owl Capital Inc. | −40.5% | −13.5% | −31.5% | — | 2/5 short-term, 0/3 long-term |  | 0.03 |
| TPG: TPG Inc. | −16.9% | +84.5% | — | — | 2/5 short-term, 0/3 long-term |  | — |
| BBUC: Brookfield Business Corporation | −26.3% | +68.8% | — | — | 1/5 short-term, 0/3 long-term |  | — |
| HLNE: Hamilton Lane Incorporated | −28.5% | +10.6% | −3.9% | — | 1/5 short-term, 0/3 long-term |  | 0.16 |
| STEP: StepStone Group Inc. | −26.9% | +66.0% | +15.2% | — | 1/5 short-term, 0/3 long-term |  | 0.28 |

### 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.

- 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.

| Year | BN | SPY |
| --- | --- | --- |
| 2025 | +20.6% | +17.7% |
| 2024 | +44.1% | +24.9% |
| 2023 | +29.1% | +26.2% |
| 2022 | −35.0% | −18.2% |
| 2021 | +48.9% | +28.7% |
| 2020 | +8.5% | +18.3% |
| 2019 | +52.3% | +31.2% |
| 2018 | −10.7% | −4.6% |
| 2017 | +34.2% | +21.7% |
| 2016 | +8.0% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −72.5% | May 22, 2007 | March 9, 2009 | August 8, 2012 | −53.6% | 2008 financial crisis |
| −72.1% | August 3, 1987 | February 2, 1993 | January 30, 1996 | — |  |
| −51.4% | February 20, 2020 | March 23, 2020 | March 17, 2021 | −33.4% | Covid crash |
| −41.8% | October 28, 2021 | March 17, 2023 | July 31, 2024 | −12.9% | 2022 bear market |
| −41.6% | April 23, 1998 | April 9, 1999 | February 13, 2001 | +21.9% |  |

### 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.

- 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%.

| Crash | Dates | BN fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −20.7% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −70.9% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −18.7% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −22.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −18.1% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −51.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −36.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −10.5% | −3.4% |

### 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.

- 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.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| BN: Brookfield Corporation (this page) | 125% | 162% | 1.42 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | 127% | 157% | 1.30 |
| AMG: Affiliated Managers Group, Inc. | 103% | 137% | 1.22 |
| IVZ: Invesco Ltd. | 119% | 201% | 1.46 |
| [APO](https://easycompare.io/research/apo): Apollo Global Management, Inc. | 166% | 168% | 1.58 |
| [ARES](https://easycompare.io/research/ares): Ares Management Corporation | 157% | 146% | 1.29 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | 171% | 191% | 1.62 |
| BEN: Franklin Resources, Inc. | 102% | 170% | 1.39 |
| [BX](https://easycompare.io/research/bx): Blackstone Inc. | 156% | 170% | 1.48 |
| CG: The Carlyle Group Inc. | 156% | 206% | 1.65 |
| BIP: Brookfield Infrastructure Partners L.P. | 92.0% | 115% | 0.93 |
| BEP: Brookfield Renewable Partners L.P. | 85.0% | 96.0% | 0.91 |
| TROW: T. Rowe Price Group, Inc. | 118% | 172% | 1.35 |
| APAM: Artisan Partners Asset Management Inc. | 160% | 224% | 1.79 |

### 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).

- 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.

| Investment | Correlation with BN | 5Y return | Volatility | Sharpe | Rose in BN's 6 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.35 | +225% | 19.1% | 1.34 | 2 of 6 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.24 | +126% | 18.9% | 0.96 | 2 of 6 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.22 | +177% | 25.5% | 0.93 | 2 of 6 |
| AMLP: Alerian MLP ETF | 0.39 | +111% | 18.9% | 0.89 | 2 of 6 |
| DBMF: iMGP DBi Managed Futures Strategy ETF | -0.36 | +59.7% | 12.4% | 0.82 | 1 of 6 |
| DBA: Invesco DB Agriculture Fund | 0.19 | +66.4% | 13.8% | 0.81 | 1 of 6 |
| IHE: iShares U.S. Pharmaceuticals ETF | 0.38 | +81.2% | 16.8% | 0.80 | 2 of 6 |
| PPH: VanEck Pharmaceutical ETF | 0.36 | +72.8% | 15.8% | 0.78 | 3 of 6 |

## 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.

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## Explore further

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