Relative Intelligence · Junior Subordinated Debt
How Brookfield Finance Inc. 4.50% P (BNJ) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BNJ alone. It places BNJ (Brookfield Finance Inc. 4.50% P) against 9 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 BNJ stands in the market, and of the alternatives worth a closer look.
Period covered: BNJ's full trading record, from November 2020 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 BNJ's own: it is 24.5% below its high, against 1.3% for the S&P 500. Over the past 6 months, BNJ fell 4.7% while the S&P 500 rose 9.1%. At a glance ↓
- Stock or market?BNJ fell 8.3% over the past 3 months, less than the 0.68 beta versus the S&P 500 would have implied (2.6%).
- Past 1 to 3 yearsBNJ has gone against the market, falling 4.6% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (23.8% against 89.3%). BNJ finished behind the S&P 500 in both 2024 and 2025. By year ↓
- Long termBNJ turned $10,000 into $7,640 over the past 5 years, against $18,200 in the S&P 500. Growth of $10,000 ↓
- In a crashThe 2022 bear market took 31.5% off BNJ, against 24.5% for the S&P 500, and less than junior subordinated debt peers such as BEPI (Brookfield Renewable Partners, 36.3%). Crash tests ↓
- DiversificationAgainst the S&P 500, BNJ has a correlation of 0.52 over 5 years, more closely than 77% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 5 years, BNJ's beta versus the S&P 500 was 0.68: in the S&P 500's rising months it gained 52% as much as the index, and in falling months it lost 1.2 times as much. Market capture ↓
- Better options
- Popular alternatives
- BND (Vanguard Total Bond Market ETF), PFF (iShares Preferred and Income Securities ETF) and PGX (Invesco Preferred ETF) earned more than BNJ with less volatility over the past 5 years. BND returned a loss of 0.4% a year at 6.1% volatility, against a loss of 5.2% a year at 18.6%.
- Nearby categories and themes
- USHY (iShares Broad USD High Yield Corporate Bond ETF, high yield bonds) and ICVT (iShares Convertible Bond ETF, corporate bonds) earned more than BNJ with less volatility over the past 5 years. USHY returned 3.6% a year at 7.4% volatility, against a loss of 5.2% a year at 18.6%.
- Whole market
- 647 of the 3,633 stocks and funds worth at least $500 million earned more than BNJ with less volatility over the past 5 years, among them VTI (Vanguard Morningstar Total Stock Market ETF), VOO (Vanguard S&P 500 ETF) and BRK-B (Berkshire Hathaway).
How much would $10,000 in BNJ have grown?
This chart tracks a hypothetical $10,000 investment in BNJ over the past 5 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BNJ over the same span and BNJ'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: BNJ began trading on November 27, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 5 years of BNJ's record, starting at the end of September 2021.
- $10,000 invested in BNJ at the end of September 2021 would have grown to $7,879 by September 2026, less than the $19,000 it would have become in SPY, an S&P 500 fund.
- Six of the seven other investments on the chart ended ahead of BNJ, and BN finished highest, at $13,162.
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,923 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BNJ; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- BN$13,162+31.6% total · +5.6% a year
- PFF$10,208+2.1% total · +0.4% a year
- BND$9,657−3.4% total · −0.7% a year
- PGX$9,018−9.8% total · −2.0% a year
- BIPH$8,379−16.2% total · −3.5% a year
- BEPH$8,291−17.1% total · −3.7% a year
- BNJ$7,879−21.2% total · −4.7% a year
- BNH$7,815−21.9% total · −4.8% a year
BNJ 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: BNJ began trading on November 27, 2020, 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 six other sell-offs.
- BNJ is still 24.5% below its all-time high.
- BNJ's deepest decline since it began trading in 2020 was 39.3%, from October 2021 to October 2023. It has not yet climbed back to that peak.
- Over five full calendar years, BNJ's best was 2023, when it returned 15.2%, and its worst was 2022, when it lost 35.6%. It lost money in two of those years.
The company
- Market value
- $82B
- Industry
- Asset Management
- Price history from
- November 2020
Returns
- Past 1 year
- −4.6%total return
- Past 3 years
- +23.8%+7.4% a year
- Past 5 years
- −23.6%−5.2% a year
- Best calendar year
- +15.2%2023
- Worst calendar year
- −35.6%2022
- Losing years
- 2 of 5full calendar years
Risk
- Volatility
- 18.6%typical yearly swing, 5 years
- Sharpe ratio
- -0.20return per unit of risk, 5 years
- Worst decline ever
- −39.3%Oct 2021 to Oct 2023
- From its all-time high
- −24.5%below the peak
BNJ against the whole market
Where BNJ ranks among every stock and fund, and what across the market has done better.
How does BNJ rank among all stocks?
This section ranks BNJ 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 BNJ stacks up against its peers, these rankings show where it stands in the market as a whole.
- BNJ is among the steadier stocks: its price swings rank in the top 2% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
- On return for the risk taken (the Sharpe ratio), BNJ ranks in the bottom 7% of the 2,893 stocks worth at least $300 million.
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 | BNJ | Rank | Standing |
|---|---|---|---|
| 1-year return | −4.6% | 2,167 of 3,287 | bottom 35% |
| 3-year return | +23.8% | 1,958 of 3,017 | bottom 36% |
| 5-year return | −23.6% | 2,062 of 2,893 | bottom 30% |
| Volatility, 5 years | 18.6% | 55 of 2,893 | top 2% |
| Sharpe ratio, 5 years | -0.20 | 2,682 of 2,893 | bottom 8% |
What has beaten BNJ 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). BNJ sits where the dashed lines cross. Anything in the green box above and to the left earned more than BNJ 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.
- 37 stocks and 610 ETFs worth at least $500 million sit in the green region: each earned more than BNJ over the past 5 years with smaller price swings. That is 18% of the 3,633 screened.
- Among those with at least half BNJ's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 40% less than BNJ's 18.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against -0.20 for BNJ.
- Among BNJ's popular alternatives, PFF, BND and PGX are in the region. PFF earned a loss of 0.2% a year against a loss of 5.2% a year for BNJ, at 10.5% volatility, 44% less than BNJ's 18.6%.
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 BNJ; faint dots are 91 more of the 647 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 BNJ?
Investments that beat BNJ over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among BNJ's popular alternatives, BND, PFF and PGX earned more than BNJ with less volatility over the past 5 years. BND returned a loss of 0.4% a year at 6.1% volatility, against a loss of 5.2% a year at 18.6%.
- Looking beyond its popular alternatives, USHY (high yield bonds) and ICVT (corporate bonds) earned more than BNJ with less volatility over the past 5 years. USHY returned 3.6% a year at 7.4% volatility, against a loss of 5.2% a year at 18.6%.
- Across the whole market, 647 of the 3,633 stocks and funds worth at least $500 million earned more than BNJ with less volatility over the past 5 years, among them VTI, VOO and BRK-B.
How this works
The table below lists investments that beat BNJ 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 BNJ'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 BNJ 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 BNJ'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× BNJ's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than BNJ'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 | 5Y returntotal | Corr. with BNJ?lower diversifies more | Expenseper year | |||
| BNJBrookfield Finance Inc. 4.50% P · this page | −5.2% | 18.6% | -0.20 | −39.3% | −23.6% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +81.7% | 0.52 | 0.09% | ||
| Popular alternativesbest 5 shownThe investments people most often weigh against BNJ. 5 of 7 passed at least one test. | |||||||||
 BNDVanguard Total Bond Market ETF · Investment Grade Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst decline | −0.4% | 6.1% | -0.03 | −18.6% | −1.8% | 0.56 | 0.03% | |
PFFiShares Preferred and Income Securities ETF · Preferred Securities | Higher return, lower volatilityHigher Sharpe, smaller worst decline | −0.2% | 10.5% | 0.04 | −34.1% | −0.9% | 0.86 | 0.45% | |
PGXInvesco Preferred ETF · Financials | Higher return, lower volatility | −2.3% | 11.2% | -0.15 | −34.1% | −11.0% | 0.89 | 0.50% | |
BEPHBrookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub · Preferred Securities | Higher return in most periods | −4.2% | 21.4% | -0.10 | −44.0% | −19.5% | 0.89 | — | |
BIPHBrookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global · Junior Subordinated Debt | Higher return in most periods | −3.4% | 24.5% | -0.02 | −38.2% | −16.1% | 0.81 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Junior Subordinated Debt and Corporate Bonds and the categories next to it (Investment Grade Bonds, Preferred Securities, High Yield Bonds), plus BNJ's specific themes. 47 of 51 passed at least one test. | |||||||||
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.6% | 7.4% | 0.52 | −22.4% | +19.2% | 0.59 | 0.08% | |
ICVTiShares Convertible Bond ETF · Corporate Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.8% | 14.1% | 0.34 | −33.2% | +20.6% | 0.45 | 0.20% | |
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +2.0% | 6.7% | 0.34 | −33.3% | +10.6% | 0.82 | 0.83% | |
AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt | Higher return, lower volatilityHigher return in most periods | +5.7% | 11.6% | 0.54 | −42.7% | +31.7% | 0.57 | — | |
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst decline | +2.8% | 2.0% | 1.38 | −11.8% | +14.9% | 0.54 | 0.04% | |
 SOJESouthern Company (The) Series 2 · Junior Subordinated Debt | Similar return, lower volatility | −4.3% | 14.1% | -0.24 | −30.4% | −19.7% | 0.80 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,216 of 3,575 passed at least one test. | |||||||||
 VOOVanguard S&P 500 ETF · US Large-Cap Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.8% | 16.9% | 0.80 | −34.0% | +82.3% | 0.52 | 0.03% | |
 BRK-BBerkshire Hathaway Inc. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +13.4% | 17.1% | 0.82 | −29.6% | +87.8% | 0.27 | — | |
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +17.0% | 11.1% | 1.48 | −32.4% | +119% | 0.47 | 0.40% | |
BALTInnovator Defined Wealth Shield ETF · Crypto | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.3% | 3.3% | 1.85 | −4.9% | +35.7% | 0.42 | 0.69% | |
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.0% | 2.3% | 2.55 | −21.0% | +33.9% | 0.38 | 0.60% | |
 VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +10.4% | 14.1% | 0.78 | −31.7% | +64.0% | 0.45 | 0.04% | |
 JNJJohnson & Johnson · Pharmaceuticals | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +12.7% | 17.9% | 0.76 | −27.4% | +82.1% | 0.11 | — | |
TLHiShares 10-20 Year Treasury Bond ETF · Treasury Bonds | Similar return, lower volatility | −4.9% | 12.6% | -0.34 | −41.1% | −22.0% | 0.51 | 0.15% | |
What these numbers mean for BNJ
- Annual return
- BNJ lost 5.2% 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 $7,640. 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
- BNJ's volatility over the past 5 years was 18.6%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BNJ's return lands within 18.6% 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
- BNJ's Sharpe ratio over the past 5 years was -0.20, against 0.79 for the S&P 500, so BNJ 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
- BNJ's worst fall from a peak to a low over the past 10 years was 39.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 39.3% fall takes a 64.8% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, BNJ's monthly returns had a correlation of 0.52 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 BNJ instead: the lower it is, the more that option would diversify a BNJ holding. Guide: Correlation and diversification →
Show all 647 stocks and funds worth at least $500 million that earned more than BNJ 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 | 5Y return | Corr. with BNJ | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +82.3% | 0.52 | 0.03% |
| 2 | BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +87.8% | 0.27 | — |
| 3 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +119% | 0.47 | 0.40% |
| 4 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | +35.7% | 0.42 | 0.69% |
| 5 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +33.9% | 0.38 | 0.60% |
| 6 | VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +64.0% | 0.45 | 0.04% |
| 7 |  SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity | Whole market | +9.7% | 14.3% | 0.72 | −33.4% | +59.1% | 0.41 | 0.06% |
| 8 |  VTVanguard Total World Stock ETF · Global Equity | Whole market | +10.3% | 16.2% | 0.69 | −34.2% | +63.3% | 0.57 | 0.06% |
| 9 |  EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks | Whole market | +5.2% | 8.9% | 0.61 | −25.4% | +28.5% | 0.42 | — |
| 10 |  DFACDimensional - US Core Equity 2 ETF · US Total Market | Whole market | +11.4% | 17.0% | 0.72 | −23.1% | +71.5% | 0.54 | 0.21% |
| 11 | PJULInnovator U.S. Equity Power Buffer ETF · Broad Market | Whole market | +10.5% | 8.6% | 1.20 | −18.2% | +64.4% | 0.46 | 0.79% |
| 12 | FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset | Whole market | +11.1% | 10.5% | 1.05 | −13.6% | +69.0% | 0.53 | 0.85% |
| 13 |  EFAiShares MSCI EAFE ETF · Developed International Equity | Whole market | +8.6% | 16.6% | 0.58 | −34.2% | +51.0% | 0.57 | 0.32% |
| 14 |  QUALiShares MSCI USA Quality Factor ETF · US Quality Equity | Whole market | +11.4% | 17.3% | 0.71 | −34.1% | +71.5% | 0.53 | 0.15% |
| 15 |  JEPIJPMorgan Equity Premium Income ETF · Equity Income | Whole market | +7.5% | 11.0% | 0.71 | −13.7% | +43.3% | 0.41 | 0.35% |
| 16 |  XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity | Whole market | +8.4% | 15.3% | 0.60 | −28.4% | +49.3% | 0.23 | 0.08% |
| 17 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +45.1% | 0.15 | — |
| 18 | DFIVDimensional - International Value ETF · International Equity | Whole market | +14.8% | 16.4% | 0.93 | −25.4% | +99.4% | 0.52 | 0.27% |
| 19 | AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value | Whole market | +14.0% | 16.9% | 0.86 | −19.5% | +92.2% | 0.49 | 0.15% |
| 20 | HYGHiShares Interest Rate Hedged High Yield Bond ETF · Bonds | Whole market | +6.6% | 7.1% | 0.94 | −23.9% | +37.6% | 0.51 | 1.12% |
| 21 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +44.4% | 0.39 | 0.15% |
| 22 | SPHQInvesco S&P 500 Quality ETF · US Quality Equity | Whole market | +12.0% | 16.7% | 0.76 | −31.6% | +76.1% | 0.44 | 0.20% |
| 23 | BUFRFT Vest Laddered Buffer ETF · Buffered Equity | Whole market | +9.9% | 10.5% | 0.96 | −13.7% | +60.3% | 0.52 | 0.10% |
| 24 | DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity | Whole market | +13.1% | 13.8% | 0.96 | −32.5% | +85.0% | 0.56 | 0.35% |
| 25 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +107% | 0.50 | 0.40% |
| 26 | JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity | Whole market | +13.6% | 15.7% | 0.89 | −32.9% | +88.9% | 0.49 | 0.12% |
| 27 | DIVOAmplify CWP Enhanced Dividend Income ETF · Equity Income | Whole market | +11.1% | 11.9% | 0.95 | −30.0% | +69.0% | 0.34 | 0.56% |
| 28 | XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples | Whole market | +7.2% | 13.8% | 0.57 | −24.5% | +41.4% | 0.19 | 0.08% |
| 29 | IQLTiShares MSCI Intl Quality Factor ETF · International Equity | Whole market | +7.8% | 16.5% | 0.54 | −32.2% | +45.4% | 0.54 | 0.30% |
| 30 | JAVAJPMorgan Active Value ETF · US Large-Cap Value | Whole market | +11.5% | 14.5% | 0.82 | −16.5% | +72.0% | — | 0.44% |
| 31 | QYLDGlobal X - Nasdaq 100 Covered Call ETF · Equity Income | Whole market | +8.4% | 15.0% | 0.62 | −24.7% | +49.8% | 0.39 | 0.60% |
| 32 | DBMFiMGP DBi Managed Futures Strategy ETF · Alternatives | Whole market | +9.8% | 12.4% | 0.82 | −20.4% | +59.7% | -0.27 | 0.85% |
| 33 | USMCPrincipal U.S. Mega-Cap ETF · Broad Market | Whole market | +14.1% | 16.4% | 0.89 | −30.0% | +93.2% | 0.46 | 0.12% |
| 34 | FTCSFirst Trust Capital Strength ETF · US Quality Equity | Whole market | +6.2% | 13.2% | 0.52 | −31.9% | +34.9% | 0.41 | 0.53% |
| 35 | VIGIVanguard International Dividend Appreciation ETF · International Equity | Whole market | +4.9% | 14.5% | 0.40 | −31.0% | +26.7% | 0.55 | 0.07% |
| 36 | EMBiShares J.P. Morgan USD Emerging Markets Bond ETF · International Bonds | Whole market | +1.3% | 9.8% | 0.18 | −28.7% | +6.7% | 0.61 | 0.39% |
| 37 |  SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Whole market | +3.8% | 0.3% | 13.25 | −0.3% | +20.3% | 0.21 | 0.09% |
| 38 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +62.9% | 0.43 | 0.95% |
| 39 | OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity | Whole market | +9.0% | 16.4% | 0.61 | −33.2% | +54.1% | 0.55 | 0.29% |
| 40 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +57.4% | 0.35 | 0.60% |
| 41 | USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds | Same or nearby category | +3.6% | 7.4% | 0.52 | −22.4% | +19.2% | 0.59 | 0.08% |
| 42 | DIVIFranklin International Core Dividend Tilt Index ETF · International | Whole market | +13.4% | 15.5% | 0.89 | −27.7% | +87.6% | 0.50 | 0.09% |
| 43 | AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset | Whole market | +6.4% | 10.7% | 0.64 | −23.0% | +36.6% | 0.61 | 0.20% |
| 44 | XYLDGlobal X - S&P 500 Covered Call ETF · International | Whole market | +7.4% | 11.2% | 0.70 | −33.4% | +43.1% | 0.38 | 0.60% |
| 45 | EQWLInvesco S&P 100 Equal Weight ETF · Broad Market | Whole market | +11.6% | 15.0% | 0.81 | −34.3% | +73.3% | 0.51 | 0.30% |
| 46 | BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF · Alternatives | Whole market | +10.1% | 16.7% | 0.66 | −32.7% | +61.5% | 0.06 | 0.26% |
| 47 | ACWViShares MSCI Global Min Vol Factor ETF · International | Whole market | +6.3% | 10.3% | 0.65 | −28.8% | +35.8% | 0.43 | 0.20% |
| 48 | ACIOAptus Collared Income Opportunity ETF · Dividend & Income | Whole market | +9.3% | 11.1% | 0.86 | −14.2% | +56.1% | 0.47 | 0.79% |
| 49 | FTHIFirst Trust BuyWrite Income ETF · Dividend & Income | Whole market | +10.3% | 13.3% | 0.81 | −32.7% | +63.0% | 0.51 | 0.75% |
| 50 | SCHYSchwab International Dividend Equity ETF · International | Whole market | +9.5% | 13.3% | 0.75 | −24.0% | +57.3% | 0.48 | 0.08% |
| 51 | FLQLFranklin U.S. Large Cap Multifactor Index ETF · Broad Market | Whole market | +13.8% | 16.3% | 0.88 | −33.6% | +90.8% | 0.46 | 0.15% |
| 52 | FHLCFidelity MSCI Health Care Index ETF · Healthcare | Whole market | +7.3% | 15.4% | 0.53 | −28.8% | +42.1% | 0.28 | 0.08% |
| 53 | HFXINYLI FTSE International Equity Currency Neutral ETF · International | Whole market | +11.4% | 15.3% | 0.79 | −32.4% | +71.5% | 0.56 | 0.19% |
| 54 | EMLCVanEck J.P. Morgan EM Local Currency Bond ETF · International Bonds | Whole market | +2.4% | 9.1% | 0.30 | −26.4% | +12.4% | 0.50 | 0.30% |
| 55 | DSTLDistillate U.S. Fundamental Stability & Value ETF · Broad Market | Whole market | +11.3% | 16.1% | 0.75 | −33.1% | +71.1% | 0.51 | 0.39% |
| 56 | EWLiShares MSCI Switzerland ETF · Broad Market | Whole market | +7.2% | 16.3% | 0.51 | −29.0% | +41.9% | 0.50 | 0.50% |
| 57 | NFRANorthern Trust STOXX Global Broad Infrastructure ETF · International | Whole market | +5.3% | 12.9% | 0.46 | −32.5% | +29.3% | 0.48 | 0.48% |
| 58 | IHDGWisdomTree International Hedged Quality Dividend Growth Fund · International | Whole market | +7.6% | 14.9% | 0.57 | −29.2% | +44.5% | 0.56 | 0.58% |
| 59 | RLYState Street Multi-Asset Real Return ETF · Multi-Asset | Whole market | +9.9% | 13.3% | 0.78 | −34.2% | +60.6% | 0.33 | 0.50% |
| 60 | RAAXVanEck Real Assets ETF · Commodities | Whole market | +11.7% | 15.6% | 0.79 | −33.9% | +74.0% | 0.32 | 0.55% |
| 61 | FPEIFirst Trust Institutional Preferred Securities & Income ETF · Bonds | Whole market | +3.4% | 6.0% | 0.59 | −27.5% | +18.4% | 0.69 | 0.85% |
| 62 | ICVTiShares Convertible Bond ETF · Corporate Bonds | Same or nearby category | +3.8% | 14.1% | 0.34 | −33.2% | +20.6% | 0.45 | 0.20% |
| 63 | ANGLVanEck Fallen Angel High Yield Bond ETF · Multi-Asset | Whole market | +1.9% | 7.7% | 0.28 | −29.3% | +9.7% | 0.60 | 0.25% |
| 64 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | +28.0% | 0.43 | 0.20% |
| 65 | TDVGT. Rowe Price Dividend Growth ETF · Dividend & Income | Whole market | +9.6% | 13.8% | 0.73 | −19.2% | +57.9% | 0.48 | 0.50% |
| 66 | FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities | Same or nearby category | +2.0% | 6.7% | 0.34 | −33.3% | +10.6% | 0.82 | 0.83% |
| 67 | PPHVanEck Pharmaceutical ETF · Healthcare | Whole market | +11.6% | 15.8% | 0.78 | −29.7% | +72.8% | 0.22 | 0.36% |
| 68 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +58.8% | 0.32 | 0.65% |
| 69 | FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare | Whole market | +11.9% | 16.9% | 0.75 | −32.1% | +75.3% | 0.24 | 0.60% |
| 70 | EQLALPS Equal Sector Weight ETF · Broad Market | Whole market | +13.5% | 14.5% | 0.94 | −34.2% | +88.1% | 0.51 | 0.19% |
| 71 | AVESAvantis Emerging Markets Value ETF · International | Whole market | +8.0% | 17.4% | 0.53 | −27.4% | +47.2% | 0.48 | 0.36% |
| 72 | FLSPFranklin Systematic Style Premia ETF · Alternatives | Whole market | +8.4% | 13.4% | 0.68 | −22.9% | +49.8% | 0.03 | 0.65% |
| 73 | NTSXWisdomTree U.S. Efficient Core Fund · Alternatives | Whole market | +8.2% | 17.2% | 0.55 | −31.4% | +48.3% | 0.54 | 0.20% |
| 74 | SMIGBahl & Gaynor Small/Mid Cap Income Growth ETF · Dividend & Income | Whole market | +6.5% | 16.0% | 0.48 | −19.7% | +37.3% | 0.48 | 0.60% |
| 75 | SIXHETC 6 Meridian Hedged Equity Index Option ETF · Broad Market | Whole market | +10.2% | 10.2% | 1.00 | −11.7% | +62.2% | 0.27 | 0.31% |
| 76 | OAK-PABrookfield Oaktree Holdings, LLC 6.625 % Non-Cum Red Perp Pfd Units Series A · Asset Management | Whole market | +1.6% | 17.5% | 0.18 | −29.9% | +8.2% | 0.65 | — |
| 77 | HEGDSwan Hedged Equity US Large Cap ETF · Broad Market | Whole market | +7.9% | 9.5% | 0.85 | −14.5% | +46.2% | 0.50 | 0.88% |
| 78 | OAK-PBBrookfield Oaktree Holdings LLC 6.55% Non-Cum Red Pfd Units Series B · Asset Management | Whole market | +0.9% | 17.4% | 0.14 | −29.1% | +4.6% | 0.79 | — |
| 79 | QAINYLI Hedge Multi-Strategy Tracker ETF · Alternatives | Whole market | +4.1% | 6.8% | 0.64 | −14.9% | +22.5% | 0.55 | 0.75% |
| 80 | IMFLInvesco International Developed Dynamic Multifactor ETF · International | Whole market | +8.5% | 16.2% | 0.59 | −33.3% | +50.6% | 0.50 | 0.34% |
| 81 |  KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +98.2% | 0.07 | — |
| 82 | OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · Dividend & Income | Whole market | +9.4% | 13.4% | 0.74 | −33.1% | +56.8% | 0.46 | 0.48% |
| 83 | VSLUApplied Finance Valuation Large Cap ETF · Broad Market | Whole market | +13.7% | 16.2% | 0.88 | −23.8% | +90.3% | 0.52 | 0.49% |
| 84 | DRSKAptus Defined Risk ETF · Crypto | Whole market | +2.0% | 7.5% | 0.30 | −19.9% | +10.2% | 0.50 | 0.79% |
| 85 | AFGDAmerican Financial Group, Inc. · Insurance - Property & Casualty | Whole market | +0.8% | 15.9% | 0.13 | −27.3% | +4.0% | 0.74 | — |
| 86 | SSUSStrategy Shares Day Hagan Smart Sector ETF · Broad Market | Whole market | +10.5% | 15.4% | 0.73 | −23.8% | +64.7% | 0.47 | 0.77% |
| 87 | RSPHInvesco S&P 500 Equal Weight Health Care ETF · Healthcare | Whole market | +6.1% | 16.8% | 0.44 | −30.4% | +34.3% | 0.38 | 0.40% |
| 88 | YLDPrincipal Active High Yield ETF · Bonds | Whole market | +4.2% | 6.4% | 0.67 | −28.3% | +22.6% | 0.58 | 0.39% |
| 89 | CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · Dividend & Income | Whole market | +6.0% | 12.5% | 0.53 | −21.4% | +33.7% | 0.42 | 0.38% |
| 90 | BSJSInvesco BulletShares 2028 High Yield Corporate Bond ETF · Bonds | Whole market | +3.0% | 7.4% | 0.45 | −17.7% | +16.2% | 0.60 | 0.42% |
| 91 | FDEMFidelity Emerging Markets Multifactor ETF · International | Whole market | +9.2% | 17.0% | 0.61 | −33.7% | +55.2% | 0.43 | 0.25% |
| 92 | HNDLStrategy Shares Nasdaq 7HANDL Index ETF · Multi-Asset | Whole market | +3.9% | 11.6% | 0.39 | −23.7% | +20.9% | 0.61 | 0.95% |
| 93 | IDUBAptus International Enhanced Yield ETF · International | Whole market | +5.9% | 14.9% | 0.46 | −29.2% | +33.4% | 0.54 | 0.44% |
| 94 | AVREAvantis Real Estate ETF · Real Estate | Whole market | +0.4% | 16.4% | 0.10 | −33.3% | +1.8% | 0.60 | 0.17% |
| 95 |  VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.8% | 17.6% | 0.47 | −39.4% | +39.1% | 0.56 | 0.03% |
| 96 | RPARRPAR Risk Parity ETF · Bonds | Whole market | +0.1% | 12.6% | 0.07 | −30.1% | +0.7% | 0.54 | 0.52% |
| 97 |  EPDEnterprise Products Partners L.P. · Oil & Gas Midstream | Whole market | +16.4% | 17.1% | 0.98 | −58.1% | +113% | 0.25 | — |
| 98 |  VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity | Whole market | +5.2% | 17.5% | 0.38 | −36.4% | +29.1% | 0.51 | 0.06% |
| 99 |  RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity | Whole market | +8.2% | 16.1% | 0.57 | −39.0% | +48.6% | 0.55 | 0.20% |
| 100 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | +98.5% | 0.53 | 0.26% |
BNJ against its popular alternatives
The investments people most often weigh against BNJ, compared period by period and year by year.
How do BNJ'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 BNJ, which divides the map into what did better or worse on each measure.
- PFF, BND and PGX were both more rewarding and calmer than BNJ over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BNJ returned -5.2% a year, less than the S&P 500's 12.7%, with higher volatility (18.6% against 17.1%).
Green points earned more than BNJ 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 |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| BN Brookfield Corporation | +3.9% | 31.1% |
| PFF iShares Preferred and Income Securities ETF | −0.2% | 10.5% |
| BND Vanguard Total Bond Market ETF | −0.4% | 6.1% |
| PGX Invesco Preferred ETF | −2.3% | 11.2% |
| BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global | −3.5% | 24.5% |
| BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub | −4.2% | 21.4% |
| BNH Brookfield Finance Inc. | −4.7% | 19.8% |
| BNJ This pageBrookfield Finance Inc. 4.50% P | −5.2% | 18.6% |
Has BNJ consistently beaten its popular alternatives?
This section compares BNJ with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than BNJ helps separate lasting outperformance from a single strong stretch.
- BIPH outperformed BNJ in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the nine popular alternatives, BIPH and BEPH, outperformed BNJ in at least 3 of 5 short-term and 2 of 2 long-term timeframes.
- PFF, BIPH and BND earned more for the risk they took than BNJ (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 BNJ over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| BNJ Brookfield Finance Inc. 4.50% P (this page) | — | −3.9% | −8.3% | −4.7% | −2.6% | −4.6% | +23.8% | −23.6% | 18.6% | -0.20 | −39.3% | — | $82B | — |
| BIPH QualifiedBrookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global | 4/5 short2/2 longAll-weather | −2.0% | −4.4% | −2.9% | −1.6% | −4.1% | +25.4% | −16.1% | 24.5% | -0.02 | −38.2% | — | $5.6B | — |
| BEPH QualifiedBrookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub | 3/5 short2/2 long | −4.3% | −5.5% | −2.4% | −2.2% | −3.5% | +32.3% | −19.5% | 21.4% | -0.10 | −44.0% | — | $8.4B | — |
| BN Asset ManagementBrookfield Corporation | 1/5 short2/2 long | −1.7% | −11.8% | −19.8% | −19.6% | −16.8% | +85.9% | +20.8% | 31.1% | 0.28 | −51.4% | — | $83B | — |
| BND BondsVanguard Total Bond Market ETF | 5/5 short1/2 long | −0.6% | −2.0% | −2.8% | −1.8% | −2.1% | +15.7% | −1.8% | 6.1% | -0.03 | −18.6% | 0.03% | $389B | — |
| BEPI Renewable UtilitiesBrookfield Renewable Partners L.P. | 4/5 short1/2 long | −4.5% | −4.3% | −0.5% | −0.9% | −2.5% | +34.9% | — | — | — | −43.1% | — | $8.5B | — |
| PFF Dividend & IncomeiShares Preferred and Income Securities ETF | 2/5 short1/2 long | −3.9% | −3.3% | −5.5% | −3.9% | −3.8% | +21.6% | −0.9% | 10.5% | 0.04 | −34.1% | 0.45% | $12B | — |
| BNH Asset ManagementBrookfield Finance Inc. | 2/5 short1/2 long | −2.5% | −6.7% | −7.0% | −6.5% | −5.7% | +19.1% | −21.3% | 19.8% | -0.14 | −37.0% | — | $82B | — |
| BAM Asset ManagementBrookfield Asset Management Ltd. | 2/5 short1/2 long | −0.6% | −2.1% | −4.5% | −11.4% | −12.5% | +67.9% | — | — | — | −30.4% | — | $73B | — |
| PGX FinancialsInvesco Preferred ETF | 1/5 short1/2 long | −3.9% | −6.6% | −8.1% | −7.6% | −8.7% | +16.0% | −11.0% | 11.2% | -0.15 | −34.1% | 0.50% | $3.6B | — |
How did BNJ do year by year?
This table shows each investment's total return in every full calendar year since 2021, along with where BNJ ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BNJ and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: BNJ began trading on November 27, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.
- BNJ finished ahead of the S&P 500 in no of its five full calendar years, and behind it in each of the last five.
- Among its popular alternatives, BN came out ahead of BNJ most often, in four of the five years both traded.
- Ranked against its popular alternatives each year, BNJ finished in the top quarter in no of five years and in the bottom quarter in one. In 2025, it ranked 9 of 10.
Newest year first. Green marks a year in which the fund came out ahead of BNJ; gray means the two finished within a fraction of a point. The rank row places BNJ among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of BNJ | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| BNJ This pageBrookfield Finance Inc. 4.50% P | — | +2.5% | +4.7% | +15.2% | −35.6% | −0.7% |
| Rank among alternatives | Top quarter in 0 of 5 | 9 of 10 | 8 of 10 | 7 of 10 | 7 of 9 | 5 of 6 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 5 of 5 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% |
| BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global | 3 of 4 | +5.3% | +6.3% | +17.3% | −34.5% | — |
| BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub | 3 of 4 | +5.2% | +8.2% | +21.7% | −39.7% | — |
| BN Brookfield Corporation | 4 of 5 | +20.6% | +44.1% | +29.1% | −35.0% | +48.9% |
| BND Vanguard Total Bond Market ETF | 2 of 5 | +7.1% | +1.4% | +5.7% | −13.1% | −1.9% |
| BEPI Brookfield Renewable Partners L.P. | 3 of 4 | +5.0% | +10.5% | +21.4% | −41.8% | — |
| PFF iShares Preferred and Income Securities ETF | 4 of 5 | +4.9% | +7.2% | +9.3% | −18.2% | +7.2% |
| BNH Brookfield Finance Inc. | 3 of 5 | +5.8% | +4.1% | +19.3% | −35.5% | +1.8% |
| BAM Brookfield Asset Management Ltd. | 2 of 3 | −0.3% | +39.7% | +45.6% | — | — |
| PGX Invesco Preferred ETF | 4 of 5 | +3.4% | +6.6% | +9.4% | −21.1% | +3.1% |
Risk and diversification
How BNJ 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 BNJ's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents BNJ's two deepest drawdowns since it began trading in 2020, 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: BNJ began trading on November 27, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- Not every decline was the market's doing: BNJ fell 39.3% from October 2021 to October 2023, while the S&P 500 slipped only 0.6%.
- None of these declines kept BNJ below its old high for long; the longest climb back took five months.
Green means BNJ fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | BNJ fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2022 bear market | −39.3% | −0.6% | Oct 2021 | Oct 2023 | 2 years | Not yet | — |
| No named crash | −10.2% | +2.3% | Dec 2020 | Feb 2021 | 2 months | Jul 2021 | 5 months |
How did BNJ do in stock market crashes?
This section measures how far BNJ, 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: BNJ began trading on November 27, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.
- BNJ fell further than the S&P 500 in all two crashes it has traded through. The clearest case was the 2022 bear market, when BNJ fell 31.5% and the S&P 500 fell 24.5%.
- Among its popular alternatives, BND held up best, falling less than BNJ in all two crashes they both traded through.
- BNJ began trading after the 2008 financial crisis, but three of its popular alternatives lived through it. The mildest fall among them was BND's 9.3%, 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 BNJ.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BNJ This pageBrookfield Finance Inc. 4.50% P | — | −4.0% | −31.5% | 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 | 2 of 2 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global | 1 of 2 | −10.5% | −30.9% | — | — | — | — | — | — | — | — |
| BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub | 0 of 2 | −6.6% | −35.3% | — | — | — | — | — | — | — | — |
| BN Brookfield Corporation | 0 of 2 | −10.5% | −36.2% | −51.4% | −18.1% | −5.2% | −22.7% | −18.7% | 0.0% | −70.9% | −20.7% |
| BND Vanguard Total Bond Market ETF | 2 of 2 | 0.0% | −14.6% | −8.7% | −1.1% | −0.9% | −1.5% | −1.1% | −0.2% | −9.3% | — |
| BEPI Brookfield Renewable Partners L.P. | 0 of 2 | −8.7% | −36.3% | — | — | — | — | — | — | — | — |
| PFF iShares Preferred and Income Securities ETF | 1 of 2 | −7.0% | −18.1% | −33.9% | −8.2% | −0.7% | −6.8% | −14.4% | 0.0% | −64.7% | — |
| BNH Brookfield Finance Inc. | 0 of 2 | −5.4% | −31.7% | — | — | — | — | — | — | — | — |
| BAM Brookfield Asset Management Ltd. | 0 of 1 | −7.1% | — | — | — | — | — | — | — | — | — |
| PGX Invesco Preferred ETF | 1 of 2 | −7.7% | −19.3% | −33.7% | −6.7% | −0.6% | −6.0% | −10.6% | 0.0% | — | — |
How closely does BNJ 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 BNJ with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.
- Seven of the seven popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BNJ's 0.42, led by BN, PFF and BIPH.
- PFF took just 79% of the S&P 500's losses, against 123% for BNJ, while still keeping 45% of its gains.
- Over the past 5 years, BNJ captured 52% of the S&P 500's gains in rising months and 123% of its losses in falling months, with a beta of 0.68. Its share of the market's losses was larger than its share of the gains.
Monthly total returns over the past 5 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 BNJ's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| BNJ This pageBrookfield Finance Inc. 4.50% P | 52% | 123% | 0.42 | 0.68 |
| BN Brookfield Corporation | 133% | 199% | 0.67 | 1.57 |
| PFF iShares Preferred and Income Securities ETF | 45% | 79% | 0.57 | 0.54 |
| BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global | 72% | 150% | 0.48 | 0.96 |
| BND Vanguard Total Bond Market ETF | 19% | 39% | 0.48 | 0.26 |
| PGX Invesco Preferred ETF | 41% | 87% | 0.47 | 0.55 |
| BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub | 57% | 126% | 0.45 | 0.78 |
| BNH Brookfield Finance Inc. | 60% | 138% | 0.43 | 0.76 |
What diversifies BNJ?
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 BNJ's. Because such investments tend not to fall at the same time, pairing BNJ with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in BNJ into MCK would have cut the portfolio's volatility by 17% over the past 5 years and raised its annual return (-4.7% for BNJ alone, +3.1% for the mix).
- MCK made money in two of the two calendar years in which BNJ lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of BNJ over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
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 BNJ lost money. The last two columns show a portfolio that is 80% BNJ and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2021 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| BNJ Brookfield Finance Inc. 4.50% P (this page) | 1.00 | −23.6% | -0.20 | −35.6% | −0.7% | 20.4% | −4.7% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.47 | +119% | 1.48 | +3.8% | +17.8% | 17.3% | −0.4% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.30 | +225% | 1.34 | +6.0% | +18.0% | 17.3% | +1.4% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.33 | +101% | 1.04 | +10.4% | +23.1% | 17.5% | −0.6% |
| FJUN Multi-AssetFT Vest U.S. Equity Buffer ETF - June | 0.49 | +65.4% | 1.01 | −5.0% | +11.5% | 17.3% | −1.5% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.29 | +83.3% | 1.00 | +7.1% | +19.6% | 17.4% | −1.2% |
| FTLS Broad MarketFirst Trust Long/Short Equity ETF | 0.43 | +62.9% | 0.99 | −5.6% | +19.7% | 17.1% | −1.5% |
| EWP Broad MarketiShares MSCI Spain ETF | 0.45 | +140% | 0.97 | −5.2% | +0.2% | 18.4% | +0.3% |
| SMH TechnologyVanEck Semiconductor ETF | 0.43 | +323% | 0.97 | −33.5% | +42.1% | 20.3% | +3.5% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2021 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|
| BNJ Brookfield Finance Inc. 4.50% P (this page) | 1.00 | −23.6% | -0.20 | −35.6% | −0.7% | 20.4% | −4.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.07 | +479% | 1.55 | +54.1% | −0.4% | 17.5% | +3.5% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.14 | +3,143% | 1.47 | +1.3% | +37.9% | 21.4% | +14.8% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.21 | +1,636% | 1.46 | +17.0% | +89.0% | 20.2% | +11.2% |
| MCK Medical - DistributionMcKesson Corporation | -0.05 | +413% | 1.44 | +51.8% | +44.2% | 16.9% | +3.1% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.11 | +690% | 1.41 | +86.6% | +61.0% | 18.2% | +5.3% |
Common questions
What was BNJ's worst drawdown?
BNJ's deepest decline since it began trading in 2020 was 39.3%, from October 2021 to October 2023. It has not yet climbed back to that peak. Because BNJ launched in November 2020, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.
What were BNJ's best and worst years?
Over five full calendar years, BNJ's best year was 2023, when it returned 15.2%. Its worst was 2022, with a return of -35.6%.
Is there a better investment than BNJ?
Among BNJ's popular alternatives, BND, PFF and PGX earned more than BNJ with less volatility over the past 5 years. BND returned a loss of 0.4% a year at 6.1% volatility, against a loss of 5.2% a year at 18.6%. Looking beyond its popular alternatives, USHY (high yield bonds) and ICVT (corporate bonds) earned more than BNJ with less volatility over the past 5 years. USHY returned 3.6% a year at 7.4% volatility, against a loss of 5.2% a year at 18.6%.
Is BNJ more volatile than the S&P 500?
Yes. BNJ's volatility over the past 5 years was 18.6%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BNJ's return lands within 18.6% 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 BNJ's Sharpe ratio?
BNJ's Sharpe ratio over the past 5 years was -0.20, against 0.79 for the S&P 500, so BNJ 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 BNJ with the S&P 500?
Over the past 5 years, BNJ's monthly returns had a correlation of 0.52 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 BNJ instead: the lower it is, the more that option would diversify a BNJ holding.
What are the best alternatives to BNJ?
Of the nine popular alternatives we compared, two outperformed BNJ in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: BIPH and BEPH.
Did BNJ outperform the S&P 500?
BNJ finished ahead of the S&P 500 (SPY) in no of five full calendar years. In 2025, it returned +2.5%, against +17.7% for the index.
How did BNJ do in stock market crashes?
BNJ fell less than the S&P 500 (SPY) in none of the two major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when BNJ fell 31.5% and the S&P 500 fell 24.5%.
What diversifies BNJ?
These had a low correlation with BNJ over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.47), DXJ (correlation 0.30) and EMLP (correlation 0.33); among large stocks, CAH (correlation 0.07), CLS (correlation 0.14) and FIX (correlation 0.21). 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. An investment outperformed in a period when its total return, with dividends reinvested, was higher than BNJ's. Returns within 0.5 points or 3% of BNJ's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 2 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.
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