Relative Intelligence · Banks
How Banco Santander (Brasil) (BSBR) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BSBR alone. It places BSBR (Banco Santander (Brasil) S.A.) against 19 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 BSBR stands in the market, and of the alternatives worth a closer look.
Period covered: BSBR's full trading record, from October 2009 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 nowBSBR is 49.1% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. BSBR has gone against the market, falling 10.8% over the past 6 months while the S&P 500 rose 9.1%. At a glance ↓
- Stock or market?BSBR lagged its own industry over the past 3 months, rising 6.0% while the banks ETF EWZ (iShares MSCI Brazil ETF) rose 21.0%. The S&P 500 rose 3.9%. Its bank peers did not move as one over the past 3 months: ITUB (Itaú Unibanco Holding) rose 16.7%, while BCH (Banco de Chile) fell 1.0%.
- Past 1 to 3 yearsOver the past year, BSBR rose 6.6% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (18.6% against 89.3%). By year ↓
- Long termBSBR turned $10,000 into $9,880 over the past decade, against $42,100 in the S&P 500. BSBR's 10-year loss of 1.2% puts it behind 83% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashBSBR fell harder than the S&P 500 in four of five sell-offs. The late-2018 sell-off was the exception: BSBR fell 13.9%, less than the S&P 500's 19.3%. Crash tests ↓
- DiversificationAgainst the S&P 500, BSBR has a correlation of 0.23 over 5 years, less closely than 82% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. On the flip side, over 10 years, BSBR's beta versus the S&P 500 was 0.74: in the S&P 500's rising months it gained 56% as much as the index, and in falling months it lost 1.0 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 BSBR with less volatility over the past 5 years. CME returned 11.2% a year at 20.8% volatility, against a loss of 0.5% a year at 34.4%.
- Whole market
- 1,553 of the 3,633 stocks and funds worth at least $500 million earned more than BSBR with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and MSFT (Microsoft).
How much would $10,000 in BSBR have grown?
This chart tracks a hypothetical $10,000 investment in BSBR over the past 16 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BSBR over the same span and BSBR'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: BSBR began trading on October 7, 2009, so the chart cannot reach back to the dot-com bust or the 2008 financial crisis. It covers the most recent 16 years of BSBR's record, starting at the end of September 2010.
- $10,000 invested in BSBR at the end of September 2010 would have grown to $7,319 by September 2026, less than the $88,503 it would have become in SPY, an S&P 500 fund.
- All eight other investments on the chart ended ahead of BSBR, and BLX finished highest, at $97,902.
Choose a period
From the end of September 2010 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. 1,947 of the 2,048 stocks and funds worth at least $500 million that traded the whole period ended ahead of BSBR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- BLX$97,902+879% total · +15.3% a year
- SPY (S&P 500)$88,503+785% total · +14.6% a year
- BAP$56,979+470% total · +11.5% a year
- SAN$30,528+205% total · +7.2% a year
- CIB$30,504+205% total · +7.2% a year
- BCH$30,264+203% total · +7.2% a year
- ITUB$22,156+122% total · +5.1% a year
- BSAC$18,987+89.9% total · +4.1% a year
- BBD$9,857−1.4% total · −0.1% a year
- BSBR$7,319−26.8% total · −1.9% 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. 2,519 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BSBR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SAN$45,493+355% total · +35.4% a year
- BAP$44,181+342% total · +34.6% a year
- BLX$42,192+322% total · +33.4% a year
- CIB$41,844+318% total · +33.1% a year
- ITUB$29,014+190% total · +23.7% a year
- BCH$28,909+189% total · +23.7% a year
- BSAC$22,123+121% total · +17.2% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- BBD$14,557+45.6% total · +7.8% a year
- BSBR$10,036+0.4% total · +0.1% a year
BSBR 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: BSBR began trading on October 7, 2009, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust or the 2008 financial crisis.
- BSBR is still 49.1% below its all-time high.
- BSBR's deepest decline since it began trading in 2009 was 76.2%, from November 2010 to September 2015. It took 28 months from the low to climb back to its old high.
- Over 16 full calendar years, BSBR's best was 2016, when it returned 143%, and its worst was 2024, when it lost 39.7%. It lost money in eight of those years.
The company
- Market value
- $42B
- Industry
- Banks - Regional
- Price history from
- October 2009
Returns
- Past 1 year
- +6.6%total return
- Past 3 years
- +18.6%+5.8% a year
- Past 5 years
- −2.6%−0.5% a year
- Past 10 years
- −1.2%−0.1% a year
- Best calendar year
- +143%2016
- Worst calendar year
- −39.7%2024
- Losing years
- 8 of 16full calendar years
Risk
- Volatility
- 34.4%typical yearly swing, 5 years
- Sharpe ratio
- 0.16return per unit of risk, 5 years
- Worst decline ever
- −76.2%Nov 2010 to Sep 2015
- From its all-time high
- −49.1%below the peak
BSBR against the whole market
Where BSBR ranks among every stock and fund, and what across the market has done better.
How does BSBR rank among all stocks?
This section ranks BSBR 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 BSBR stacks up against its peers, these rankings show where it stands in the market as a whole.
- BSBR's 10-year return ranks in the bottom 17% of the 2,202 stocks worth at least $300 million with 10 years 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 | BSBR | Rank | Standing |
|---|---|---|---|
| 1-year return | +6.6% | 1,714 of 3,287 | bottom 49% |
| 3-year return | +18.6% | 2,042 of 3,017 | bottom 33% |
| 5-year return | −2.6% | 1,759 of 2,893 | bottom 40% |
| 10-year return | −1.2% | 1,827 of 2,202 | bottom 18% |
| Volatility, 5 years | 34.4% | 1,094 of 2,893 | top 38% |
| Sharpe ratio, 5 years | 0.16 | 1,974 of 2,893 | bottom 33% |
| Worst decline, past 10 years | −70.6% | 1,309 of 2,187 | bottom 41% |
What has beaten BSBR 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). BSBR sits where the dashed lines cross. Anything in the green box above and to the left earned more than BSBR 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.
- 705 stocks and 848 ETFs worth at least $500 million sit in the green region: each earned more than BSBR over the past 5 years with smaller price swings. That is 43% of the 3,633 screened.
- Among those with at least half BSBR's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 28% less than BSBR's 34.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.16 for BSBR. HWM earned the most, 47.3% a year, while still swinging less than BSBR (32.5% against 34.4%).
- Among BSBR's popular alternatives, BLX, BAP and BCH are in the region. BLX earned 31.4% a year against a loss of 0.5% a year for BSBR, at 25.9% volatility, 25% less than BSBR's 34.4%.
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 BSBR; faint dots are 89 more of the 1,553 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 BSBR?
Investments that beat BSBR over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among BSBR's popular alternatives, BCH, BAP and BSAC earned more than BSBR with less volatility over the past 5 years. BCH returned 25.2% a year at 28.2% volatility, against a loss of 0.5% a year at 34.4%.
- Looking beyond its popular alternatives, CME (capital markets) and RY (banks) earned more than BSBR with less volatility over the past 5 years. CME returned 11.2% a year at 20.8% volatility, against a loss of 0.5% a year at 34.4%.
- Across the whole market, 1,553 of the 3,633 stocks and funds worth at least $500 million earned more than BSBR with less volatility over the past 5 years, among them AAPL, GOOG and MSFT.
How this works
The table below lists investments that beat BSBR 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 BSBR'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 BSBR 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 BSBR'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× BSBR's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than BSBR'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 BSBR?lower diversifies more | Expenseper year | |||
| BSBRBanco Santander (Brasil) S.A. · this page | −0.5% | 34.4% | 0.16 | −70.6% | −1.2% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.23 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against BSBR. 11 of 17 passed at least one test. | |||||||||
BCHBanco de Chile · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +25.2% | 28.2% | 0.94 | −58.4% | +180% | 0.65 | — | |
BAPCredicorp Ltd. · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +30.8% | 30.3% | 1.04 | −59.2% | +298% | 0.44 | — | |
BSACBanco Santander-Chile · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +19.5% | 29.0% | 0.76 | −63.9% | +154% | 0.70 | — | |
 ITUBItaú Unibanco Holding S.A. · Banks | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +26.3% | 33.8% | 0.86 | −62.1% | +190% | 0.84 | — | |
BLXBladex, Inc. · Banks - Regional | Higher return, lower volatilityHigher return in most periods | +31.4% | 25.9% | 1.19 | −68.5% | +290% | 0.27 | — | |
 SANBanco Santander, S.A. · Banks | Higher return, similar volatilityHigher return in most periods | +31.7% | 33.9% | 0.99 | −73.8% | +332% | 0.39 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus BSBR's specific themes. 106 of 129 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% | 0.13 | — | |
 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% | 0.33 | — | |
TFSLTFS Financial Corporation · Regional Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +4.3% | 23.5% | 0.29 | −42.9% | +78.1% | 0.32 | — | |
 HSBCHSBC Holdings plc · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +33.1% | 25.9% | 1.24 | −62.3% | +319% | 0.28 | — | |
 IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +35.4% | 35.4% | 1.04 | −55.1% | +935% | -0.01 | — | |
 HDBHDFC Bank Limited · Banks | Smaller losses in recent crashes | −8.2% | 27.7% | -0.17 | −54.3% | +49.4% | 0.21 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,193 of 3,487 passed at least one test. | |||||||||
 KOThe Coca-Cola Company · Food & Beverages | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.16 | — | |
 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% | 0.16 | — | |
 NVSNovartis AG · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.31 | — | |
 PGThe Procter & Gamble Company · Household & Personal Products | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +5.1% | 18.3% | 0.37 | −23.8% | +145% | -0.08 | — | |
 IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +6.8% | 19.4% | 0.44 | −38.7% | +122% | 0.23 | 0.09% | |
 VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +5.2% | 17.5% | 0.38 | −36.4% | +102% | 0.23 | 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% | 0.11 | — | |
ESSEssex Property Trust, Inc. · Residential REITs | Similar return, lower volatilityHigher return in most periods | −0.4% | 23.8% | 0.10 | −44.8% | +83.3% | 0.16 | — | |
What these numbers mean for BSBR
- Annual return
- BSBR lost 0.5% 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 $9,740. 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
- BSBR's volatility over the past 5 years was 34.4%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BSBR's return lands within 34.4% 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
- BSBR's Sharpe ratio over the past 5 years was 0.16, against 0.79 for the S&P 500, so BSBR 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
- BSBR's worst fall from a peak to a low over the past 10 years was 70.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 70.6% fall takes a 240% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, BSBR's monthly returns had a correlation of 0.23 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against BSBR instead: the lower it is, the more that option would diversify a BSBR holding. Guide: Correlation and diversification →
Show all 1,553 stocks and funds worth at least $500 million that earned more than BSBR 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 BSBR | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | KOThe Coca-Cola Company · Food & Beverages | Whole market | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.16 | — |
| 2 | MRKMerck & Co., Inc. · Pharmaceuticals | Whole market | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.16 | — |
| 3 | NVSNovartis AG · Pharmaceuticals | Whole market | +17.1% | 20.7% | 0.87 | −26.8% | +226% | 0.31 | — |
| 4 | PGThe Procter & Gamble Company · Household & Personal Products | Whole market | +5.1% | 18.3% | 0.37 | −23.8% | +145% | -0.08 | — |
| 5 |  LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.24 | — |
| 6 | IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity | Whole market | +6.8% | 19.4% | 0.44 | −38.7% | +122% | 0.23 | 0.09% |
| 7 | VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity | Whole market | +5.2% | 17.5% | 0.38 | −36.4% | +102% | 0.23 | 0.06% |
| 8 |  WMWaste Management, Inc. · Environmental Services | Whole market | +9.3% | 19.2% | 0.56 | −30.1% | +344% | 0.15 | — |
| 9 |  ETREntergy Corporation · Electric Utilities | Whole market | +19.2% | 22.4% | 0.90 | −42.0% | +311% | 0.08 | — |
| 10 |  CCEPCoca-Cola Europacific Partners PLC · Food & Beverages | Whole market | +19.7% | 23.2% | 0.90 | −48.8% | +292% | 0.04 | — |
| 11 |  AEPAmerican Electric Power Company, Inc. · Electric Utilities | Whole market | +12.4% | 20.2% | 0.68 | −32.9% | +185% | 0.25 | — |
| 12 |  CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.28 | — |
| 13 |  MDLZMondelez International, Inc. · Packaged Foods | Whole market | +4.0% | 20.2% | 0.29 | −29.8% | +93.4% | 0.10 | — |
| 14 |  RELXRELX Plc · Business Services | Whole market | +7.0% | 24.1% | 0.40 | −49.9% | +167% | 0.12 | — |
| 15 |  EDConsolidated Edison, Inc. · Electric Utilities | Whole market | +12.0% | 18.8% | 0.70 | −30.9% | +114% | 0.28 | — |
| 16 |  AAPLApple Inc. · Computer Hardware | Whole market | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.16 | — |
| 17 | KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages | Whole market | +22.3% | 24.7% | 0.94 | −55.1% | +119% | 0.27 | — |
| 18 |  FNVFranco-Nevada Corporation · Gold Mining | Whole market | +12.5% | 31.3% | 0.53 | −37.1% | +303% | 0.24 | — |
| 19 | CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications | Whole market | +7.7% | 13.3% | 0.63 | −23.8% | +101% | 0.16 | — |
| 20 |  GOOGAlphabet Inc. · Internet Services | Whole market | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.19 | — |
| 21 | FTSFortis Inc. · Electric Utilities | Whole market | +8.4% | 16.4% | 0.58 | −34.3% | +154% | 0.36 | — |
| 22 |  MSFTMicrosoft Corporation · Software | Whole market | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.06 | — |
| 23 | USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity | Whole market | +7.6% | 12.3% | 0.66 | −33.1% | +176% | 0.26 | 0.15% |
| 24 | CINFCincinnati Financial Corporation · Property & Casualty Insurance | Whole market | +10.2% | 25.7% | 0.51 | −58.1% | +203% | 0.14 | — |
| 25 | FOXFox Corporation · Media | Whole market | +9.6% | 28.0% | 0.47 | −60.2% | +162% | 0.10 | — |
| 26 | WTWWillis Towers Watson Public Limited Company · Insurance | Whole market | +6.9% | 23.9% | 0.40 | −32.9% | +187% | 0.21 | — |
| 27 |  VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.23 | 0.03% |
| 28 | EVRGEvergy, Inc. · Electric Utilities | Whole market | +9.5% | 18.9% | 0.57 | −38.8% | +109% | 0.29 | — |
| 29 | CHDChurch & Dwight Co., Inc. · Household & Personal Products | Whole market | +6.1% | 21.1% | 0.39 | −31.7% | +154% | -0.01 | — |
| 30 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.23 | 0.03% |
| 31 | PNWPinnacle West Capital Corporation · Electric Utilities | Whole market | +13.4% | 19.9% | 0.73 | −39.3% | +103% | 0.24 | — |
| 32 | OMCOmnicom Group Inc. · Advertising | Whole market | +5.4% | 29.4% | 0.33 | −43.2% | +43.7% | 0.21 | — |
| 33 | EGEverest Group, Ltd. · Insurance | Whole market | +9.4% | 25.7% | 0.48 | −44.2% | +155% | 0.02 | — |
| 34 | NEUNewMarket Corporation · Specialty Chemicals | Whole market | +21.0% | 26.8% | 0.85 | −40.7% | +165% | 0.19 | — |
| 35 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.11 | — |
| 36 |  BRK-BBerkshire Hathaway Inc. · Insurance | Whole market | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.32 | — |
| 37 | CNACNA Financial Corporation · Property & Casualty Insurance | Whole market | +9.2% | 21.6% | 0.52 | −45.9% | +183% | 0.20 | — |
| 38 | FNDESchwab Fundamental Emerging Markets Large Company Index ETF · Emerging Markets Equity | Whole market | +9.8% | 17.0% | 0.64 | −39.9% | +151% | 0.30 | 0.39% |
| 39 |  XOMExxonmobil Holdings Corporation · Integrated Oil & Gas | Whole market | +27.1% | 26.5% | 1.04 | −61.0% | +214% | 0.22 | — |
| 40 | CMECME Group Inc. · Capital Markets | Same or nearby category | +11.2% | 20.8% | 0.62 | −37.4% | +319% | 0.13 | — |
| 41 | NHCNational HealthCare Corporation · Medical - Care Facilities | Whole market | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.25 | — |
| 42 | EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure | Whole market | +14.9% | 14.5% | 1.04 | −43.6% | +150% | 0.29 | 0.95% |
| 43 |  ABBVAbbVie Inc. · Pharmaceuticals | Whole market | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.02 | — |
| 44 | ERIEErie Indemnity Company · Property & Casualty Insurance | Whole market | +6.3% | 31.4% | 0.35 | −60.9% | +200% | -0.05 | — |
| 45 | EGPEastGroup Properties, Inc. · Industrial REITs | Whole market | +4.4% | 23.3% | 0.30 | −38.1% | +285% | 0.14 | — |
| 46 | WTMWhite Mountains Insurance Group, Ltd. · Insurance | Whole market | +15.4% | 23.6% | 0.73 | −40.2% | +169% | 0.23 | — |
| 47 | EFAViShares MSCI EAFE Min Vol Factor ETF · International Equity | Whole market | +7.6% | 11.9% | 0.68 | −27.6% | +97.7% | 0.33 | 0.20% |
| 48 | RYRoyal Bank of Canada · Banks | Same or nearby category | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.33 | — |
| 49 |  JNJJohnson & Johnson · Pharmaceuticals | Whole market | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.24 | — |
| 50 | SWXSouthwest Gas Holdings, Inc. · Gas Utilities | Whole market | +9.5% | 24.7% | 0.49 | −42.5% | +74.3% | 0.22 | — |
| 51 | FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives | Whole market | +12.9% | 15.6% | 0.86 | −35.9% | +139% | 0.22 | 0.98% |
| 52 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.09 | 0.48% |
| 53 | NJRNew Jersey Resources Corporation · Gas Utilities | Whole market | +10.4% | 20.5% | 0.59 | −50.7% | +119% | 0.16 | — |
| 54 | BCHBanco de Chile · Banks | Popular alternative | +25.2% | 28.2% | 0.94 | −58.4% | +180% | 0.65 | — |
| 55 | LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity | Whole market | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.30 | 0.40% |
| 56 | FTLSFirst Trust Long/Short Equity ETF · Broad Market | Whole market | +10.2% | 10.4% | 0.99 | −20.6% | +158% | 0.15 | 0.95% |
| 57 | PTLCPacer Trendpilot US Large Cap ETF · Broad Market | Whole market | +9.5% | 11.8% | 0.83 | −26.6% | +188% | 0.10 | 0.60% |
| 58 |  BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds | Whole market | +3.7% | 0.3% | 14.05 | −0.2% | +25.8% | 0.01 | 0.14% |
| 59 |  CVXChevron Corporation · Integrated Oil & Gas | Whole market | +19.5% | 25.2% | 0.84 | −55.8% | +238% | 0.22 | — |
| 60 |  CATCaterpillar Inc. · Industrial Machinery | Whole market | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.19 | — |
| 61 | BKHBlack Hills Corporation · Diversified Utilities | Whole market | +7.8% | 22.6% | 0.45 | −40.5% | +84.7% | 0.31 | — |
| 62 |  VXUSVanguard Total International Stock ETF · International Equity | Whole market | +8.2% | 16.4% | 0.57 | −36.0% | +140% | 0.33 | 0.05% |
| 63 | NWENorthwestern Energy Group Inc · Electric Utilities | Whole market | +10.3% | 21.6% | 0.57 | −39.3% | +104% | 0.30 | — |
| 64 | AORiShares Core 60/40 Balanced Allocation ETF · Multi-Asset | Whole market | +6.4% | 10.7% | 0.64 | −23.0% | +118% | 0.26 | 0.20% |
| 65 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.16 | 0.18% |
| 66 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.22 | — |
| 67 |  CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +16.8% | 26.1% | 0.73 | −42.0% | +374% | -0.13 | — |
| 68 | BRCBrady Corporation · Security & Protection Services | Whole market | +12.0% | 26.3% | 0.56 | −36.2% | +188% | 0.16 | — |
| 69 | ACWViShares MSCI Global Min Vol Factor ETF · International | Whole market | +6.3% | 10.3% | 0.65 | −28.8% | +116% | 0.31 | 0.20% |
| 70 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.19 | — |
| 71 | OTTROtter Tail Corporation · Conglomerates | Whole market | +11.4% | 27.6% | 0.53 | −41.5% | +242% | 0.13 | — |
| 72 | SPHDInvesco S&P 500 High Dividend Low Volatility ETF · Dividend & Income | Whole market | +7.3% | 14.2% | 0.57 | −41.4% | +103% | 0.31 | 0.30% |
| 73 |  APHAmphenol Corporation · Electronic Components | Whole market | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.14 | — |
| 74 |  VTVVanguard Morningstar Value ETF · US Large-Cap Value | Whole market | +12.1% | 13.7% | 0.90 | −36.8% | +235% | 0.30 | 0.03% |
| 75 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +26.0% | 23.8% | 1.09 | −63.3% | +379% | 0.29 | — |
| 76 |  RTXRTX Corporation · Aerospace & Defense | Whole market | +18.6% | 24.3% | 0.83 | −52.0% | +317% | 0.13 | — |
| 77 |  AMGNAmgen Inc. · Biotechnology | Whole market | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.17 | — |
| 78 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.08 | — |
| 79 |  VEAVanguard FTSE Developed Markets ETF · Developed International Equity | Whole market | +9.3% | 16.9% | 0.61 | −35.8% | +153% | 0.35 | 0.03% |
| 80 |  TTETotalEnergies SE · Integrated Oil & Gas | Whole market | +18.0% | 25.8% | 0.78 | −59.6% | +234% | 0.31 | — |
| 81 | DBAInvesco DB Agriculture Fund · Alternatives | Whole market | +10.7% | 13.8% | 0.81 | −35.3% | +62.2% | 0.25 | 0.90% |
| 82 |  IBMInternational Business Machines Corporation · IT Services | Whole market | +16.6% | 30.5% | 0.66 | −41.1% | +151% | 0.10 | — |
| 83 | EDIVState Street SPDR S&P Emerging Markets Dividend ETF · International | Whole market | +11.2% | 13.8% | 0.84 | −40.7% | +119% | 0.28 | 0.49% |
| 84 |  VGTVanguard Information Technology ETF · Technology Equity | Whole market | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.08 | 0.09% |
| 85 |  SAPSAP SE · Enterprise Software | Whole market | +11.5% | 30.0% | 0.52 | −52.5% | +205% | 0.10 | — |
| 86 |  PHParker-Hannifin Corporation · Industrial Machinery | Whole market | +27.4% | 28.8% | 0.99 | −54.7% | +789% | 0.23 | — |
| 87 |  BHPBHP Group Limited · Metals & Mining | Whole market | +16.6% | 31.4% | 0.65 | −44.3% | +398% | 0.29 | — |
| 88 | DGSWisdomTree Emerging Markets SmallCap Dividend Fund · International | Whole market | +7.4% | 15.4% | 0.54 | −44.1% | +119% | 0.32 | 0.58% |
| 89 | PTNQPacer Trendpilot 100 ETF · Technology | Whole market | +9.7% | 14.1% | 0.73 | −28.1% | +305% | -0.03 | 0.65% |
| 90 |  BTIBritish American Tobacco p.l.c. · Tobacco | Whole market | +18.7% | 22.0% | 0.90 | −56.1% | +98.2% | 0.20 | — |
| 91 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.20 | — |
| 92 | WMKWeis Markets, Inc. · Grocery Stores | Whole market | +8.9% | 28.6% | 0.44 | −48.6% | +69.4% | 0.00 | — |
| 93 |  CBChubb Limited · Property & Casualty Insurance | Whole market | +15.7% | 20.4% | 0.82 | −42.6% | +248% | 0.19 | — |
| 94 |  VRTXVertex Pharmaceuticals Incorporated · Biotechnology | Whole market | +22.6% | 29.1% | 0.85 | −41.6% | +521% | 0.14 | — |
| 95 |  MOAltria Group, Inc. · Tobacco | Whole market | +17.8% | 21.4% | 0.88 | −53.7% | +140% | 0.21 | — |
| 96 | TFSLTFS Financial Corporation · Regional Banks | Same or nearby category | +4.3% | 23.5% | 0.29 | −42.9% | +78.1% | 0.32 | — |
| 97 | EWSiShares MSCI Singapore ETF · Broad Market | Whole market | +10.4% | 17.4% | 0.66 | −40.8% | +132% | 0.22 | 0.50% |
| 98 |  VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity | Whole market | +6.8% | 17.6% | 0.47 | −39.4% | +198% | 0.25 | 0.03% |
| 99 |  DEDeere & Company · Industrial Machinery | Whole market | +14.4% | 29.9% | 0.60 | −37.9% | +755% | 0.29 | — |
| 100 |  VIGVanguard Dividend Appreciation ETF · US Dividend Equity | Whole market | +10.4% | 14.1% | 0.78 | −31.7% | +258% | 0.24 | 0.04% |
BSBR against its popular alternatives
The investments people most often weigh against BSBR, compared period by period and year by year.
How do BSBR'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 BSBR, which divides the map into what did better or worse on each measure.
- Seven of the 17 popular alternatives, led by CIB, SAN and BLX, were both more rewarding and calmer than BSBR over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BSBR returned -0.5% a year, less than the S&P 500's 12.7%, with higher volatility (34.4% against 17.1%).
Green points earned more than BSBR 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 |
|---|---|---|
| BMA Banco Macro S.A. | +35.7% | 59.3% |
| CIB Grupo Cibest S.A. | +32.9% | 32.9% |
| BBAR Banco BBVA Argentina S.A. | +32.5% | 64.8% |
| SAN Banco Santander, S.A. | +31.6% | 33.9% |
| BLX Bladex, Inc. | +31.4% | 25.9% |
| GGAL Grupo Financiero Galicia S.A. | +31.2% | 58.3% |
| BAP Credicorp Ltd. | +30.8% | 30.3% |
| ITUB Itaú Unibanco Holding S.A. | +26.3% | 33.8% |
| BCH Banco de Chile | +25.2% | 28.2% |
| SUPV Grupo Supervielle S.A. | +24.1% | 71.2% |
| BSAC Banco Santander-Chile | +19.5% | 29.0% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| BBD Banco Bradesco S.A. | +11.1% | 39.3% |
| BBDO Banco Bradesco S.A. | +9.9% | 43.1% |
| AVAL Grupo Aval Acciones y Valores S.A. | +8.7% | 43.2% |
| XP XP Inc. | −0.2% | 51.5% |
| BSBR This pageBanco Santander (Brasil) S.A. | −0.5% | 34.4% |
| STNE StoneCo Ltd. | −18.0% | 65.1% |
| PAGS PagSeguro Digital Ltd. | −19.8% | 60.6% |
Has BSBR consistently beaten its popular alternatives?
This section compares BSBR 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 BSBR helps separate lasting outperformance from a single strong stretch.
- 11 of the 19 popular alternatives, led by CIB, ITUB and BBD, outperformed BSBR in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- CIB, ITUB and BBD outperformed BSBR in every long-term period and in all but one short-term period, the most consistent record in the group.
- BLX, BAP and CIB earned more for the risk they took than BSBR (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 BSBR 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 | ||
| BSBR Banco Santander (Brasil) S.A. (this page) | — | −4.4% | +6.0% | −10.8% | −6.8% | +6.6% | +18.6% | −2.6% | −1.2% | 34.4% | 0.16 | −70.6% | — | $42B | — |
| CIB QualifiedGrupo Cibest S.A. | 5/5 short3/3 longAll-weather | 0.0% | +20.5% | +32.5% | +59.5% | +81.1% | +398% | +314% | +345% | 32.9% | 1.03 | −70.4% | — | $23B | — |
| ITUB QualifiedItaú Unibanco Holding S.A. | 5/5 short3/3 longAll-weather | +14.8% | +16.7% | +5.8% | +37.2% | +46.3% | +147% | +221% | +190% | 33.8% | 0.86 | −62.1% | — | $107B | — |
| BBD QualifiedBanco Bradesco S.A. | 5/5 short3/3 longAll-weather | +18.3% | +15.9% | +1.7% | +29.1% | +31.6% | +90.7% | +69.3% | +35.5% | 39.3% | 0.47 | −67.7% | — | $43B | — |
| BAP QualifiedCredicorp Ltd. | 4/5 short3/3 longAll-weather | +0.1% | +1.0% | +21.9% | +42.9% | +61.4% | +275% | +283% | +298% | 30.3% | 1.04 | −59.2% | — | $31B | — |
| BLX QualifiedBladex, Inc. | 4/5 short3/3 longAll-weather | +1.8% | −4.2% | −0.3% | +32.2% | +29.9% | +201% | +292% | +290% | 25.9% | 1.19 | −68.5% | — | $1.6B | — |
| SAN QualifiedBanco Santander, S.A. | 3/5 short3/3 long | −10.2% | −1.4% | +4.5% | +9.8% | +35.9% | +305% | +295% | +332% | 33.9% | 0.99 | −73.8% | — | $194B | — |
| BCH QualifiedBanco de Chile | 3/5 short3/3 long | −4.6% | −1.0% | −3.7% | +8.6% | +25.2% | +138% | +208% | +180% | 28.2% | 0.94 | −58.4% | — | $20B | — |
| BSAC QualifiedBanco Santander-Chile | 3/5 short3/3 long | −4.1% | +0.2% | −2.0% | +11.4% | +24.0% | +124% | +144% | +154% | 29.0% | 0.76 | −63.9% | — | $16B | — |
| AVAL QualifiedGrupo Aval Acciones y Valores S.A. | 3/5 short3/3 long | −4.3% | −1.0% | +3.0% | +23.8% | +34.4% | +138% | +51.7% | +34.8% | 43.2% | 0.40 | −62.1% | — | $5.7B | — |
| BBDO QualifiedBanco Bradesco S.A. | 5/5 short2/3 long | +16.0% | +20.6% | +3.7% | +36.2% | +37.2% | +94.2% | +60.4% | −21.0% | 43.1% | 0.44 | −76.5% | — | $41B | — |
| XP QualifiedXP Inc. | 5/5 short2/3 long | +50.8% | +86.5% | +52.5% | +96.2% | +83.7% | +64.5% | −0.9% | — | 51.5% | 0.25 | −79.2% | — | $16B | — |
| GGAL Banks - RegionalGrupo Financiero Galicia S.A. | 1/5 short3/3 long | −15.0% | −28.7% | −24.7% | −31.9% | +14.1% | +254% | +288% | +48.4% | 58.3% | 0.75 | −91.7% | — | $6.0B | — |
| BMA Banks - RegionalBanco Macro S.A. | 1/5 short3/3 long | −15.8% | −30.1% | −22.1% | −25.9% | +25.7% | +297% | +360% | +14.9% | 59.3% | 0.81 | −91.7% | — | $4.0B | — |
| BBAR Banks - RegionalBanco BBVA Argentina S.A. | 1/5 short2/3 long | −12.5% | −35.9% | −24.8% | −29.0% | +35.7% | +283% | +309% | −13.5% | 64.8% | 0.75 | −91.6% | — | $2.6B | — |
| SUPV Banks - RegionalGrupo Supervielle S.A. | 1/5 short2/3 long | −10.5% | −25.9% | −27.9% | −37.9% | +16.3% | +274% | +194% | −48.9% | 71.2% | 0.65 | −96.0% | — | $676M | — |
| PAGS Specialty Business ServicesPagSeguro Digital Ltd. | 5/5 short1/3 long | +23.8% | +29.9% | +9.2% | +29.2% | +38.4% | +73.1% | −66.9% | — | 60.6% | -0.07 | −90.0% | — | $3.2B | — |
| STNE Software - InfrastructureStoneCo Ltd. | 4/5 short1/3 long | +24.3% | +8.5% | −5.1% | −0.6% | −21.7% | +46.8% | −63.0% | — | 65.1% | 0.02 | −92.3% | — | $2.8B | — |
| NU Banks - RegionalNu Holdings Ltd. | 3/5 short1/3 long | +7.3% | +7.9% | −0.1% | −11.3% | −2.1% | +84.7% | — | — | — | — | −72.1% | — | $73B | — |
| INTR Banks - RegionalInter & Co, Inc. | 2/5 short1/3 long | +30.3% | +29.2% | −11.8% | −13.1% | −21.3% | +80.1% | — | — | — | — | −68.3% | — | $3.2B | — |
How did BSBR do year by year?
This table shows each investment's total return in every full calendar year since 2010, along with where BSBR ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BSBR and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: BSBR began trading on October 7, 2009, so the table starts with 2010, its first full calendar year, and cannot show how it fared during the dot-com bust or the 2008 financial crisis.
- Ranked against its popular alternatives each year, BSBR finished in the top quarter in two of 16 years and in the bottom quarter in six. In 2025, it ranked 12 of 20.
- BSBR finished ahead of the S&P 500 in four of its 16 full calendar years.
- Among its popular alternatives, BLX came out ahead of BSBR most often, in 12 of the 16 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of BSBR; gray means the two finished within a fraction of a point. The rank row places BSBR among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of BSBR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BSBR This pageBanco Santander (Brasil) S.A. | — | +62.5% | −39.7% | +23.0% | +2.9% | −34.2% | −27.0% | +14.0% | +21.3% | +12.2% | +143% | −20.0% | −12.2% | −15.3% | −7.3% | −37.5% | +2.1% |
| Rank among alternatives | Top quarter in 2 of 16 | 12 of 20 | 15 of 20 | 16 of 20 | 10 of 19 | 15 of 18 | 11 of 18 | 8 of 17 | 1 of 15 | 11 of 15 | 1 of 14 | 7 of 14 | 11 of 13 | 11 of 13 | 12 of 12 | 9 of 12 | 11 of 12 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 12 of 16 | +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% |
| CIB Grupo Cibest S.A. | 9 of 16 | +122% | +13.6% | +20.6% | −2.0% | −20.8% | −22.6% | +47.2% | −0.8% | +11.4% | +41.9% | −42.2% | +0.4% | −24.2% | +14.7% | −1.5% | +39.4% |
| ITUB Itaú Unibanco Holding S.A. | 11 of 16 | +79.3% | −24.2% | +54.5% | +30.0% | −22.8% | −30.5% | +8.1% | +13.6% | +31.3% | +76.8% | −44.0% | +9.9% | −5.2% | −6.8% | −19.1% | +8.8% |
| BBD Banco Bradesco S.A. | 9 of 16 | +96.9% | −42.2% | +34.8% | −5.1% | −25.4% | −33.6% | +15.7% | +9.7% | +33.6% | +108% | −55.3% | +9.1% | −19.5% | +6.1% | −16.2% | +13.9% |
| BAP Credicorp Ltd. | 11 of 16 | +65.4% | +31.4% | +16.3% | +14.6% | −24.7% | −17.7% | −0.3% | +9.0% | +37.8% | +64.9% | −38.4% | +22.3% | −7.9% | +36.3% | −6.0% | +57.5% |
| BLX Bladex, Inc. | 12 of 16 | +33.1% | +53.7% | +60.6% | +4.3% | +11.6% | −19.4% | +33.0% | −31.3% | −3.4% | +20.6% | −10.3% | +14.2% | +36.5% | +41.6% | −9.1% | +38.7% |
| SAN Banco Santander, S.A. | 10 of 16 | +165% | +14.9% | +46.4% | −6.8% | +10.2% | −19.6% | −2.2% | −28.5% | +33.3% | +12.3% | −37.9% | −0.4% | +27.4% | +22.8% | −20.2% | −30.2% |
| BCH Banco de Chile | 11 of 16 | +77.6% | +3.9% | +20.3% | +39.2% | −21.6% | +1.1% | −24.7% | −6.9% | +45.0% | +25.9% | −8.2% | −16.5% | −3.7% | +24.0% | −2.5% | +72.4% |
| BSAC Banco Santander-Chile | 11 of 16 | +74.3% | +0.9% | +31.6% | +3.0% | −11.0% | −13.0% | −19.9% | −0.1% | +49.4% | +30.8% | −5.8% | −12.7% | −13.9% | +1.4% | −16.0% | +50.3% |
| AVAL Grupo Aval Acciones y Valores S.A. | 5 of 11 | +109% | −11.3% | +4.4% | −25.9% | −22.2% | −16.6% | +53.4% | −27.4% | +11.8% | +27.0% | −31.4% | — | — | — | — | — |
| BBDO Banco Bradesco S.A. | 5 of 13 | +79.3% | −40.2% | +37.2% | −8.5% | −34.6% | −45.6% | +25.7% | −3.0% | +8.7% | +81.6% | −49.0% | −4.0% | +2.6% | — | — | — |
| XP XP Inc. | 3 of 6 | +39.6% | −52.3% | +79.6% | −46.6% | −27.6% | +3.0% | — | — | — | — | — | — | — | — | — | — |
| GGAL Grupo Financiero Galicia S.A. | 10 of 16 | −11.4% | +289% | +92.3% | +7.3% | +9.5% | −45.6% | −40.4% | −57.9% | +145% | −0.3% | +70.8% | +52.5% | +58.8% | +12.4% | −61.1% | +166% |
| BMA Banco Macro S.A. | 9 of 16 | −3.6% | +266% | +84.9% | +26.5% | −10.0% | −57.0% | −14.1% | −60.7% | +81.5% | +12.2% | +32.9% | +86.4% | +33.8% | −7.0% | −58.8% | +74.0% |
| BBAR Banco BBVA Argentina S.A. | 10 of 16 | −4.1% | +316% | +47.3% | +34.2% | −1.8% | −42.3% | −49.2% | −54.5% | +47.0% | −6.5% | +38.3% | +98.7% | +38.3% | +3.1% | −53.6% | +106% |
| SUPV Grupo Supervielle S.A. | 5 of 9 | −20.8% | +281% | +87.6% | +11.2% | −7.4% | −41.7% | −57.1% | −70.2% | +124% | — | — | — | — | — | — | — |
| PAGS PagSeguro Digital Ltd. | 3 of 7 | +61.0% | −49.8% | +42.7% | −66.7% | −53.9% | +66.5% | +82.3% | — | — | — | — | — | — | — | — | — |
| STNE StoneCo Ltd. | 4 of 7 | +85.7% | −55.8% | +90.9% | −44.0% | −79.9% | +110% | +116% | — | — | — | — | — | — | — | — | — |
| NU Nu Holdings Ltd. | 2 of 4 | +61.6% | +24.4% | +105% | −56.6% | — | — | — | — | — | — | — | — | — | — | — | — |
| INTR Inter & Co, Inc. | 3 of 3 | +104% | −23.6% | +134% | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How BSBR 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 BSBR's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents BSBR's five deepest drawdowns since it began trading in 2009, 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: BSBR began trading on October 7, 2009, so this list cannot include the dot-com bust or the 2008 financial crisis. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In all five of BSBR's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BSBR fell 76.2% from November 2010 to September 2015, while the S&P 500 rose 70.0%.
- The slowest recovery came after BSBR fell 76.2% from November 2010 to September 2015; it did not regain that peak until January 2018, two years later.
Green means BSBR fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | BSBR fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2011 euro debt crisis | −76.2% | +70.0% | Nov 2010 | Sep 2015 | 4.8 years | Jan 2018 | 2.3 years |
| Covid crash | −70.6% | +6.1% | Feb 2019 | May 2020 | 15 months | Not yet | — |
| No named crash | −39.5% | +2.8% | Mar 2018 | Jun 2018 | 3 months | Oct 2018 | 4 months |
| 2010 flash crash | −30.4% | −4.3% | Dec 2009 | Jun 2010 | 6 months | Oct 2010 | 4 months |
| No named crash | −14.5% | −4.9% | Oct 2009 | Nov 2009 | 1 month | Dec 2009 | 1 month |
How did BSBR do in stock market crashes?
This section measures how far BSBR, 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: BSBR began trading on October 7, 2009, so its row reads "Not yet trading" for the dot-com bust or the 2008 financial crisis. The older alternatives and the S&P 500 show how those crashes played out.
- BSBR fell further than the S&P 500 in six of the eight crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when BSBR fell 31.4% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BCH held up best, falling less than BSBR in all eight crashes they both traded through.
- BSBR began trading after the 2008 financial crisis, but 11 of its popular alternatives lived through it. The mildest fall among them was BSAC's 48.4%, 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 BSBR.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BSBR This pageBanco Santander (Brasil) S.A. | — | −8.6% | −37.6% | −50.4% | −13.9% | −6.2% | −31.4% | −30.5% | −4.0% | Not yet trading | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 6 of 8 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| CIB Grupo Cibest S.A. | 3 of 8 | −9.8% | −44.6% | −70.1% | −15.3% | −4.8% | −38.7% | −17.7% | −1.7% | −63.4% | −75.1% |
| ITUB Itaú Unibanco Holding S.A. | 5 of 8 | −8.1% | −31.5% | −46.3% | −7.5% | −5.8% | −32.4% | −30.1% | −0.7% | −69.2% | — |
| BBD Banco Bradesco S.A. | 5 of 8 | −6.9% | −30.2% | −54.5% | −7.6% | −6.3% | −44.3% | −25.1% | −0.8% | −69.0% | — |
| BAP Credicorp Ltd. | 6 of 8 | −4.7% | −33.3% | −38.3% | −7.3% | −6.7% | −33.9% | −16.0% | −2.8% | −64.9% | −55.6% |
| BLX Bladex, Inc. | 7 of 8 | −3.8% | −23.9% | −48.4% | −26.7% | −4.6% | −27.8% | −19.7% | −2.5% | −63.2% | −94.3% |
| SAN Banco Santander, S.A. | 2 of 8 | −11.4% | −41.0% | −48.1% | −19.0% | −6.0% | −44.7% | −33.2% | −0.9% | −76.1% | −58.4% |
| BCH Banco de Chile | 8 of 8 | −2.1% | −27.0% | −29.8% | −10.5% | −2.7% | −15.2% | −25.4% | −1.4% | −57.6% | −37.3% |
| BSAC Banco Santander-Chile | 8 of 8 | −6.0% | −37.0% | −38.1% | −12.4% | −4.5% | −22.6% | −29.0% | −1.2% | −48.4% | −28.0% |
| AVAL Grupo Aval Acciones y Valores S.A. | 3 of 6 | −4.2% | −53.4% | −61.9% | −28.0% | −4.5% | −29.1% | — | — | — | — |
| BBDO Banco Bradesco S.A. | 3 of 6 | −6.8% | −36.3% | −55.6% | −9.3% | −8.8% | −44.1% | — | — | — | — |
| XP XP Inc. | 0 of 3 | −15.3% | −52.4% | −60.6% | — | — | — | — | — | — | — |
| GGAL Grupo Financiero Galicia S.A. | 2 of 8 | −14.5% | −44.7% | −58.1% | −27.3% | −8.5% | −22.1% | −47.8% | −1.5% | −82.4% | — |
| BMA Banco Macro S.A. | 2 of 8 | −11.1% | −41.2% | −55.7% | −26.4% | −6.3% | −27.9% | −48.1% | −0.5% | −77.5% | — |
| BBAR Banco BBVA Argentina S.A. | 2 of 8 | −16.6% | −41.8% | −50.5% | −23.9% | −8.5% | −30.1% | −47.1% | 0.0% | −80.2% | −95.7% |
| SUPV Grupo Supervielle S.A. | 0 of 5 | −12.1% | −39.8% | −54.4% | −29.4% | −7.0% | — | — | — | — | — |
| PAGS PagSeguro Digital Ltd. | 1 of 5 | −12.8% | −60.9% | −59.7% | −44.9% | −0.7% | — | — | — | — | — |
| STNE StoneCo Ltd. | 0 of 3 | −10.2% | −59.0% | −55.2% | — | — | — | — | — | — | — |
| NU Nu Holdings Ltd. | 0 of 2 | −10.0% | −67.5% | — | — | — | — | — | — | — | — |
| INTR Inter & Co, Inc. | 0 of 1 | −13.1% | — | — | — | — | — | — | — | — | — |
How closely does BSBR 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 BSBR with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- 11 of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BSBR's 0.55, led by BCH, ITUB and SAN.
- BCH took just 19% of the S&P 500's losses, against 102% for BSBR, while still keeping 45% of its gains.
- Over the past 10 years, BSBR captured 56% of the S&P 500's gains in rising months and 102% of its losses in falling months, with a beta of 0.74. Its share of the market's losses was larger than its share of the gains.
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 BSBR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| BSBR This pageBanco Santander (Brasil) S.A. | 56% | 102% | 0.55 | 0.74 |
| BCH Banco de Chile | 45% | 19% | 2.41 | 0.36 |
| ITUB Itaú Unibanco Holding S.A. | 66% | 58% | 1.15 | 0.65 |
| SAN Banco Santander, S.A. | 101% | 92% | 1.10 | 1.02 |
| BAP Credicorp Ltd. | 88% | 82% | 1.07 | 0.88 |
| BLX Bladex, Inc. | 91% | 90% | 1.01 | 1.07 |
| BSAC Banco Santander-Chile | 66% | 65% | 1.01 | 0.66 |
| CIB Grupo Cibest S.A. | 119% | 133% | 0.90 | 0.99 |
| BBD Banco Bradesco S.A. | 62% | 103% | 0.60 | 0.72 |
| GGAL Grupo Financiero Galicia S.A. | 140% | 234% | 0.60 | 1.52 |
| AVAL Grupo Aval Acciones y Valores S.A. | 89% | 156% | 0.57 | 1.03 |
| BMA Banco Macro S.A. | 113% | 202% | 0.56 | 1.36 |
| BBAR Banco BBVA Argentina S.A. | 98% | 191% | 0.51 | 1.14 |
| BBDO Banco Bradesco S.A. | 54% | 125% | 0.43 | 0.84 |
| SUPV Grupo Supervielle S.A. | 95% | 224% | 0.42 | 1.51 |
What diversifies BSBR?
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 BSBR's. Because such investments tend not to fall at the same time, pairing BSBR with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in BSBR into DXJ would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+0.1% for BSBR alone, +5.9% for the mix).
- DXJ made money in seven of the eight calendar years in which BSBR lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of BSBR over the past 5 years, with correlations of 0.30 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 BSBR lost money. The last two columns show a portfolio that is 80% BSBR and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2021 | 2020 | 2015 | 2014 | 2013 | 2012 | 2011 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BSBR Banco Santander (Brasil) S.A. (this page) | 1.00 | −2.6% | 0.16 | −39.7% | −34.2% | −27.0% | −20.0% | −12.2% | −15.3% | −7.3% | −37.5% | 32.9% | +0.1% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.30 | +119% | 1.48 | +15.9% | +17.8% | −9.0% | — | — | — | — | — | 26.9% | +4.0% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.09 | +225% | 1.34 | +29.8% | +18.0% | +3.9% | +7.7% | +8.1% | +41.3% | +19.6% | −16.1% | 26.7% | +5.9% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.29 | +101% | 1.04 | +33.4% | +23.1% | −13.4% | −25.3% | +23.8% | +16.6% | — | — | 27.3% | +3.8% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.32 | +83.3% | 1.00 | +14.1% | +19.6% | −6.5% | −0.3% | +12.6% | +23.8% | +9.6% | — | 27.4% | +3.1% |
| SMH TechnologyVanEck Semiconductor ETF | 0.09 | +323% | 0.97 | +39.1% | +42.1% | +55.5% | −0.3% | +30.2% | +33.4% | +8.6% | +6.8% | 27.8% | +8.3% |
| DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF | 0.23 | +85.0% | 0.96 | +13.4% | +19.6% | +2.1% | +4.1% | +3.4% | +26.4% | +20.9% | — | 26.9% | +3.5% |
| GLD CommoditiesSPDR Gold Shares | 0.28 | +126% | 0.96 | +26.7% | −4.2% | +24.8% | −10.7% | −2.2% | −28.3% | +6.6% | +9.6% | 27.5% | +4.3% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.07 | +136% | 0.93 | +45.8% | +22.7% | +28.2% | — | — | — | — | — | 26.9% | +5.2% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2021 | 2020 | 2015 | 2014 | 2013 | 2012 | 2011 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BSBR Banco Santander (Brasil) S.A. (this page) | 1.00 | −2.6% | 0.16 | −39.7% | −34.2% | −27.0% | −20.0% | −12.2% | −15.3% | −7.3% | −37.5% | 32.9% | +0.1% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.28 | +479% | 1.55 | +19.0% | −0.4% | +10.1% | +12.6% | +23.0% | +66.0% | +3.8% | +8.1% | 28.3% | +7.8% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.00 | +3,143% | 1.47 | +215% | +37.9% | −2.4% | −6.0% | +12.9% | +27.6% | +11.2% | −24.4% | 28.7% | +20.2% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.03 | +1,636% | 1.46 | +107% | +89.0% | +6.7% | +67.7% | −10.4% | +61.7% | +15.7% | −17.0% | 28.0% | +16.3% |
| MCK Medical - DistributionMcKesson Corporation | 0.19 | +413% | 1.44 | +23.7% | +44.2% | +27.1% | −4.5% | +29.3% | +67.7% | +25.6% | +11.8% | 27.7% | +7.4% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.20 | +690% | 1.41 | −4.0% | +61.0% | −27.4% | +17.4% | +0.4% | +48.6% | +94.3% | — | 28.3% | +9.8% |
Common questions
What was BSBR's worst drawdown?
BSBR's deepest decline since it began trading in 2009 was 76.2%, from November 2010 to September 2015. It took 28 months from the low to climb back to its old high. Because BSBR launched in October 2009, that record does not include the dot-com bust or the 2008 financial crisis.
What were BSBR's best and worst years?
Over 16 full calendar years, BSBR's best year was 2016, when it returned 143%. Its worst was 2024, with a return of -39.7%.
Is there a better investment than BSBR?
Among BSBR's popular alternatives, BCH, BAP and BSAC earned more than BSBR with less volatility over the past 5 years. BCH returned 25.2% a year at 28.2% volatility, against a loss of 0.5% a year at 34.4%. Looking beyond its popular alternatives, CME (capital markets) and RY (banks) earned more than BSBR with less volatility over the past 5 years. CME returned 11.2% a year at 20.8% volatility, against a loss of 0.5% a year at 34.4%.
Is BSBR more volatile than the S&P 500?
Yes. BSBR's volatility over the past 5 years was 34.4%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BSBR's return lands within 34.4% 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 BSBR's Sharpe ratio?
BSBR's Sharpe ratio over the past 5 years was 0.16, against 0.79 for the S&P 500, so BSBR 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 BSBR with the S&P 500?
Over the past 5 years, BSBR's monthly returns had a correlation of 0.23 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against BSBR instead: the lower it is, the more that option would diversify a BSBR holding.
What are the best alternatives to BSBR?
Of the 19 popular alternatives we compared, 11 outperformed BSBR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CIB, ITUB and BBD.
Did BSBR outperform the S&P 500?
BSBR finished ahead of the S&P 500 (SPY) in four of 16 full calendar years. In 2025, it returned +62.5%, against +17.7% for the index.
How did BSBR do in stock market crashes?
BSBR fell less than the S&P 500 (SPY) in one of the eight major crashes it has traded through, and further in six. The clearest case was the 2015 China and oil sell-off, when BSBR fell 31.4% and the S&P 500 fell 12.8%.
What diversifies BSBR?
These had a low correlation with BSBR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.30), DXJ (correlation 0.09) and EMLP (correlation 0.29); among large stocks, CAH (correlation 0.28), CLS (correlation -0.00) and FIX (correlation 0.03). 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 BSBR's. Returns within 0.5 points or 3% of BSBR'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.
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