EasyCompare

Relative Intelligence · Alternative Asset Management

How Blackstone (BX) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BX alone. It places BX (Blackstone Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where BX stands in the market, and of the alternatives worth a closer look.

Period covered: BX's full trading record, from June 2007 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.

Rank the market against BX →Chart BX vs. 25 alternatives →
On this page12 sections

Key findings

How much would $10,000 in BX have grown?

This chart tracks a hypothetical $10,000 investment in BX over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BX over the same span and BX'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: BX began trading on June 22, 2007, so the chart cannot reach back to the dot-com bust. It covers the most recent 19 years of BX's record, starting at the end of September 2007.

Choose a period

From the end of September 2007 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. 216 of the 1,798 stocks and funds worth at least $500 million that traded the whole period ended ahead of BX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000$100,000$200,0002007201020132016201920222025$10,000$100,0002007201220172022
  • APH$401,425+3,914% total · +21.5% a year
  • LLY$346,322+3,363% total · +20.5% a year
  • MSFT$245,308+2,353% total · +18.3% a year
  • COST$215,576+2,056% total · +17.5% a year
  • IBKR$182,133+1,721% total · +16.5% a year
  • BX$123,452+1,135% total · +14.1% a year
  • JPM$116,856+1,069% total · +13.8% a year
  • BLK$97,407+874% total · +12.7% a year
  • KKR$80,582+706% total · +11.6% a year
  • SPY (S&P 500)$70,725+607% total · +10.8% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,243 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BX; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000$35,000202120222023202420252026$0$10,000$20,000$30,000$40,000202120222023202420252026
  • GS$26,885+169% total · +21.9% a year
  • AMG$24,224+142% total · +19.4% a year
  • JPM$22,905+129% total · +18.0% a year
  • MS$22,663+127% total · +17.8% a year
  • APO$20,759+108% total · +15.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • KKR$15,636+56.4% total · +9.4% a year
  • ARCC$15,135+51.4% total · +8.6% a year
  • BLK$14,247+42.5% total · +7.3% a year
  • BX$11,476+14.8% total · +2.8% a year
Change the dates or add tickers to this chart in EasyCompare

BX 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: BX began trading on June 22, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$127B
Industry
Asset Management
Price history from
June 2007

Returns

Past 1 year
−28.4%total return
Past 3 years
+28.6%+8.7% a year
Past 5 years
+2.1%+0.4% a year
Past 10 years
+628%+22.0% a year
Best calendar year
+117%2009
Worst calendar year
−67.4%2008
Losing years
5 of 18full calendar years

Risk

Volatility
39.8%typical yearly swing, 5 years
Sharpe ratio
0.21return per unit of risk, 5 years
Worst decline ever
−87.6%Jun 2007 to Feb 2009
From its all-time high
−41.1%below the peak

BX against the whole market

Where BX ranks among every stock and fund, and what across the market has done better.

How does BX rank among all stocks?

This section ranks BX 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 BX stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

MeasureBXRankStanding
1-year return−28.4%2,822 of 3,287bottom 15%
3-year return+28.6%1,874 of 3,017bottom 39%
5-year return+2.1%1,709 of 2,893bottom 42%
10-year return+628%224 of 2,202top 10%
Volatility, 5 years39.8%1,451 of 2,893top 50%
Sharpe ratio, 5 years0.211,822 of 2,893bottom 38%
Worst decline, past 10 years−49.3%434 of 2,187top 20%

What has beaten BX 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). BX sits where the dashed lines cross. Anything in the green box above and to the left earned more than BX 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.

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 BX; faint dots are 93 more of the 1,703 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.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BXPGR: +21.3% a year, volatility 25.6%DE: +14.4% a year, volatility 29.9%GWW: +26.3% a year, volatility 24.9%MSI: +14.8% a year, volatility 23.6%ESLT: +39.8% a year, volatility 34.6%CDNS: +14.8% a year, volatility 37.2%AAPL: +18.5% a year, volatility 28.0%RS: +24.8% a year, volatility 28.1%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%MUSA: +26.1% a year, volatility 31.2%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%GOOG: +19.0% a year, volatility 32.0%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%CAT: +31.1% a year, volatility 31.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%LIN: +11.5% a year, volatility 20.9%CB: +15.7% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%VRTX: +22.6% a year, volatility 29.1%AZN: +8.7% a year, volatility 35.7%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%T: +9.8% a year, volatility 25.2%RIO: +12.2% a year, volatility 29.0%UNP: +7.1% a year, volatility 22.9%VB: +6.2% a year, volatility 20.6%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%VWO: +5.2% a year, volatility 17.5%ENB: +9.1% a year, volatility 18.9%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%WM: +9.3% a year, volatility 19.2%GSK: +9.5% a year, volatility 24.5%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%ETR: +19.2% a year, volatility 22.4%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%RACE: +13.3% a year, volatility 30.0%EQIX: +6.6% a year, volatility 27.8%DYNF: +14.7% a year, volatility 17.5%TRP: +10.8% a year, volatility 21.9%CL: +7.2% a year, volatility 19.2%VXF: +4.9% a year, volatility 22.4%ITW: +6.7% a year, volatility 21.4%ECL: +6.7% a year, volatility 24.1%JEPI: +7.5% a year, volatility 11.0%MCO: +5.9% a year, volatility 26.9%IX: +17.9% a year, volatility 25.4%IRM: +24.6% a year, volatility 30.3%KEYS: +13.9% a year, volatility 34.5%CASY: +29.9% a year, volatility 29.3%EFV: +13.6% a year, volatility 15.9%ED: +12.0% a year, volatility 18.8%XLF: +8.6% a year, volatility 18.3%XLV: +8.4% a year, volatility 15.3%ATO: +14.9% a year, volatility 18.4%BX: +0.4% a year, volatility 39.8%SPY (S&P 500): +12.7% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%BLK: +7.1% a year, volatility 27.1%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%KKR: +5.7% a year, volatility 39.8%PLD: +0.6% a year, volatility 27.2%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%CME: +11.2% a year, volatility 20.8%IBKR: +35.4% a year, volatility 35.4%BBD: +11.1% a year, volatility 39.3%PB: +1.1% a year, volatility 25.1%MSFT: +12.5% a year, volatility 28.2%LLY: +40.7% a year, volatility 32.8%COST: +17.4% a year, volatility 22.9%APH: +33.8% a year, volatility 32.2%VGT: +18.4% a year, volatility 26.0%ADI: +19.5% a year, volatility 34.1%SNPS: +7.2% a year, volatility 42.3%VNQ: +0.7% a year, volatility 18.9%PBR-A: +51.8% a year, volatility 37.5%CAH: +42.1% a year, volatility 24.7%AMG: +18.8% a year, volatility 31.9%BXSPY (S&P 500)JPMBLKGSMSKKRPLDRYTDIBKRBBDPBMSFTLLYAPHVGTADISNPSVNQPBR-ACAHAMG0.0%10.0%20.0%30.0%40.0%50.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BXPGR: +21.3% a year, volatility 25.6%DE: +14.4% a year, volatility 29.9%GWW: +26.3% a year, volatility 24.9%MSI: +14.8% a year, volatility 23.6%ESLT: +39.8% a year, volatility 34.6%CDNS: +14.8% a year, volatility 37.2%AAPL: +18.5% a year, volatility 28.0%RS: +24.8% a year, volatility 28.1%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%MUSA: +26.1% a year, volatility 31.2%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%GOOG: +19.0% a year, volatility 32.0%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%CAT: +31.1% a year, volatility 31.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%VTV: +12.1% a year, volatility 13.7%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VEA: +9.3% a year, volatility 16.9%TJX: +19.9% a year, volatility 22.3%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%LIN: +11.5% a year, volatility 20.9%CB: +15.7% a year, volatility 20.4%TXN: +9.9% a year, volatility 33.7%VRTX: +22.6% a year, volatility 29.1%AZN: +8.7% a year, volatility 35.7%VO: +6.8% a year, volatility 17.6%VIG: +10.4% a year, volatility 14.1%TT: +22.7% a year, volatility 27.7%COR: +24.2% a year, volatility 22.8%SCHD: +9.7% a year, volatility 14.3%T: +9.8% a year, volatility 25.2%RIO: +12.2% a year, volatility 29.0%UNP: +7.1% a year, volatility 22.9%VB: +6.2% a year, volatility 20.6%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%VT: +10.3% a year, volatility 16.2%SO: +11.3% a year, volatility 18.8%IEMG: +6.8% a year, volatility 19.4%VWO: +5.2% a year, volatility 17.5%ENB: +9.1% a year, volatility 18.9%RSG: +13.9% a year, volatility 18.5%ADP: +9.0% a year, volatility 22.9%UL: +5.5% a year, volatility 21.5%PJUL: +10.5% a year, volatility 8.6%RSP: +8.2% a year, volatility 16.1%ORLY: +15.9% a year, volatility 23.4%WM: +9.3% a year, volatility 19.2%GSK: +9.5% a year, volatility 24.5%NGG: +11.8% a year, volatility 22.6%FJAN: +11.1% a year, volatility 10.5%ETR: +19.2% a year, volatility 22.4%DUK: +7.5% a year, volatility 18.0%AEP: +12.4% a year, volatility 20.2%ALL: +17.0% a year, volatility 26.2%FAST: +15.8% a year, volatility 24.6%CSX: +8.3% a year, volatility 23.3%SCHG: +13.1% a year, volatility 22.4%AME: +14.4% a year, volatility 22.1%RACE: +13.3% a year, volatility 30.0%EQIX: +6.6% a year, volatility 27.8%DYNF: +14.7% a year, volatility 17.5%TRP: +10.8% a year, volatility 21.9%CL: +7.2% a year, volatility 19.2%VXF: +4.9% a year, volatility 22.4%ITW: +6.7% a year, volatility 21.4%ECL: +6.7% a year, volatility 24.1%JEPI: +7.5% a year, volatility 11.0%MCO: +5.9% a year, volatility 26.9%IX: +17.9% a year, volatility 25.4%IRM: +24.6% a year, volatility 30.3%KEYS: +13.9% a year, volatility 34.5%CASY: +29.9% a year, volatility 29.3%EFV: +13.6% a year, volatility 15.9%ED: +12.0% a year, volatility 18.8%XLF: +8.6% a year, volatility 18.3%XLV: +8.4% a year, volatility 15.3%ATO: +14.9% a year, volatility 18.4%BX: +0.4% a year, volatility 39.8%SPY (S&P 500): +12.7% a year, volatility 17.1%JPM: +17.3% a year, volatility 24.3%BLK: +7.1% a year, volatility 27.1%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%KKR: +5.7% a year, volatility 39.8%PLD: +0.6% a year, volatility 27.2%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%CME: +11.2% a year, volatility 20.8%IBKR: +35.4% a year, volatility 35.4%BBD: +11.1% a year, volatility 39.3%PB: +1.1% a year, volatility 25.1%MSFT: +12.5% a year, volatility 28.2%LLY: +40.7% a year, volatility 32.8%COST: +17.4% a year, volatility 22.9%APH: +33.8% a year, volatility 32.2%VGT: +18.4% a year, volatility 26.0%ADI: +19.5% a year, volatility 34.1%SNPS: +7.2% a year, volatility 42.3%VNQ: +0.7% a year, volatility 18.9%PBR-A: +51.8% a year, volatility 37.5%CAH: +42.1% a year, volatility 24.7%AMG: +18.8% a year, volatility 31.9%BXSPY (S&P 500)JPMBLKGSMSKKRPLDRYIBKRBBDPBLLYAPHADIVNQPBR-ACAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than BX?

Investments that beat BX over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat BX 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 BX'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 BX 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 BX'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× BX's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than BX's.

Screen the whole market against BX for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with BX?lower diversifies moreExpenseper year
BXBlackstone Inc. · this page
+0.4%39.8%0.21−49.3%+628%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.640.09%
Popular alternativesbest 6 shownThe investments people most often weigh against BX. 17 of 23 passed at least one test.
JPMJPMorgan Chase & Co. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%24.3%0.78−43.6%+537%0.67—
BLKBlackRock, Inc. · Asset Management
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+7.1%27.1%0.39−43.9%+313%0.72—
GSThe Goldman Sachs Group, Inc. · Capital Markets
Higher return, lower volatilityHigher return in most periods+19.6%28.6%0.77−48.8%+521%0.68—
MSMorgan Stanley · Capital Markets
Higher return, lower volatilityHigher return in most periods+16.0%28.8%0.66−51.3%+627%0.72—
KKRKKR & Co. Inc. · Alternative Asset Management
Higher return, similar volatilityHigher return in most periods+5.7%39.8%0.34−49.4%+653%0.87—
PLDPrologis, Inc. · Industrial REITs
Similar return, lower volatilityHigher return in most periods+0.6%27.2%0.16−43.3%+221%0.42—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Alternative Asset Management and Asset Management and the categories next to it (Business Development Companies, Capital Markets, Banks, Investment Banking & Brokerage), plus BX's specific themes. 101 of 117 passed at least one test.
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%0.55—
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.8%20.0%0.84−42.0%+310%0.49—
CMECME Group Inc. · Capital Markets
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.2%20.8%0.62−37.4%+319%0.14—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+35.4%35.4%1.04−55.1%+935%0.50—
BBDBanco Bradesco S.A. · Banks
Higher return, similar volatilityHigher return in most periods+11.1%39.3%0.47−67.7%+35.5%0.14—
PBProsperity Bancshares, Inc. · Regional Banks
Similar return, lower volatilityHigher return in most periods+1.1%25.1%0.17−42.2%+63.4%0.59—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,154 of 3,493 passed at least one test.
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.5%28.2%0.56−37.1%+946%0.40—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower 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—
COSTCostco Wholesale Corporation · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+17.4%22.9%0.82−31.4%+685%0.35—
APHAmphenol Corporation · Electronic Components
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.8%32.2%1.07−37.5%+965%0.30—
VGTVanguard Information Technology ETF · Technology Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+18.4%26.0%0.78−35.1%+779%0.500.09%
ADIAnalog Devices, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.5%34.1%0.69−33.6%+652%0.29—
SNPSSynopsys, Inc. · Software
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+7.2%42.3%0.39−43.0%+656%0.48—
VNQVanguard Real Estate ETF · Real Estate Equity
Similar return, lower volatilityHigher return in most periods+0.7%18.9%0.13−42.4%+64.1%0.560.13%
What these numbers mean for BX
Annual return
BX returned 0.4% 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 $10,200. 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
BX's volatility over the past 5 years was 39.8%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BX's return lands within 39.8% 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
BX's Sharpe ratio over the past 5 years was 0.21, against 0.79 for the S&P 500, so BX 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
BX's worst fall from a peak to a low over the past 10 years was 49.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 49.3% fall takes a 97.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BX's monthly returns had a correlation of 0.64 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 BX instead: the lower it is, the more that option would diversify a BX holding. Guide: Correlation and diversification →
Show all 1,703 stocks and funds worth at least $500 million that earned more than BX 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.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BXExpense
1
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%0.40—
2
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%-0.11—
3
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.35—
4
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.30—
5
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.500.09%
6
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+652%0.29—
7
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.15—
8
DEDeere & Company · Industrial Machinery
Whole market+14.4%29.9%0.60−37.9%+755%0.26—
9
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.40—
10
MSIMotorola Solutions, Inc. · Communications Equipment
Whole market+14.8%23.6%0.71−32.8%+625%0.36—
11
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%0.02—
12
CDNSCadence Design Systems, Inc. · Software
Whole market+14.8%37.2%0.56−34.2%+1,139%0.35—
13
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.37—
14
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.36—
15
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.660.03%
16
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.640.03%
17
MUSAMurphy USA Inc. · Convenience Stores
Whole market+26.1%31.2%0.90−35.5%+706%0.15—
18
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.15—
19
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.33—
20
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+752%0.34—
21
RYRoyal Bank of Canada · Banks
Same or nearby category+17.3%18.2%0.97−40.0%+352%0.55—
22
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.03—
23
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.46—
24
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.120.48%
25
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.380.40%
26
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%-0.06—
27
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.36—
28
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.460.05%
29
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.530.18%
30
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.50—
31
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.12—
32
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.16—
33
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.04—
34
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%-0.03—
35
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.07—
36
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.580.03%
37
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.17—
38
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.07—
39
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.460.03%
40
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.24—
41
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%-0.010.40%
42
IBMInternational Business Machines Corporation · IT Services
Whole market+16.6%30.5%0.66−41.1%+151%0.11—
43
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.31—
44
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.23—
45
TXNTexas Instruments Incorporated · Semiconductors
Whole market+9.9%33.7%0.45−33.4%+424%0.30—
46
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.11—
47
AZNAstraZeneca PLC · Pharmaceuticals
Whole market+8.7%35.7%0.41−28.7%+257%-0.12—
48
VOVanguard Morningstar Mid-Cap ETF · US Mid-Cap Equity
Whole market+6.8%17.6%0.47−39.4%+198%0.690.03%
49
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.580.04%
50
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.33—
51
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.20—
52
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+9.7%14.3%0.72−33.4%+252%0.550.06%
53
TAT&T Inc. · Integrated Telecommunications
Whole market+9.8%25.2%0.50−39.4%+60.7%0.21—
54
RIORio Tinto Group · Metals & Mining
Whole market+12.2%29.0%0.54−37.5%+464%0.21—
55
UNPUnion Pacific Corporation · Railroads
Whole market+7.1%22.9%0.42−38.7%+295%0.43—
56
VBVanguard Morningstar Small-Cap ETF · US Small-Cap Equity
Whole market+6.2%20.6%0.40−42.0%+179%0.690.03%
57
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%0.05—
58
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+11.1%24.2%0.56−36.7%+204%-0.03—
59
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.3%16.2%0.69−34.2%+223%0.610.06%
60
SOThe Southern Company · Electric Utilities
Whole market+11.3%18.8%0.67−38.4%+170%0.04—
61
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.8%19.4%0.44−38.7%+122%0.330.09%
62
VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity
Whole market+5.2%17.5%0.38−36.4%+102%0.380.06%
63
ENBEnbridge Inc. · Oil & Gas Midstream
Whole market+9.1%18.9%0.56−44.1%+103%0.44—
64
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.17—
65
ADPAutomatic Data Processing, Inc. · Business Services
Whole market+9.0%22.9%0.49−40.8%+320%0.55—
66
ULUnilever PLC · Household & Personal Products
Whole market+5.5%21.5%0.36−30.1%+89.8%0.14—
67
PJULInnovator U.S. Equity Power Buffer ETF · Broad Market
Whole market+10.5%8.6%1.20−18.2%—0.620.79%
68
RSPInvesco S&P 500 Equal Weight ETF · US Large-Cap Equity
Whole market+8.2%16.1%0.57−39.0%+211%0.670.20%
69
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.9%23.4%0.75−42.0%+393%0.28—
70
WMWaste Management, Inc. · Environmental Services
Whole market+9.3%19.2%0.56−30.1%+344%0.16—
71
GSKGSK plc · Pharmaceuticals
Whole market+9.5%24.5%0.49−37.6%+95.1%-0.06—
72
NGGNational Grid plc · Electric Utilities
Whole market+11.8%22.6%0.61−39.2%+118%0.28—
73
FJANFT Vest U.S. Equity Buffer ETF - January · Multi-Asset
Whole market+11.1%10.5%1.05−13.6%—0.670.85%
74
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.22—
75
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.5%18.0%0.50−37.4%+132%0.21—
76
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.16—
77
ALLThe Allstate Corporation · Property & Casualty Insurance
Whole market+17.0%26.2%0.73−41.4%+356%0.17—
78
FASTFastenal Company · Industrial Distribution
Whole market+15.8%24.6%0.72−30.7%+576%0.42—
79
CSXCSX Corporation · Railroads
Whole market+8.3%23.3%0.46−40.5%+446%0.46—
80
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+13.1%22.4%0.67−34.5%+451%0.600.04%
81
AMEAMETEK, Inc. · Electronic Instruments
Whole market+14.4%22.1%0.72−42.7%+481%0.36—
82
RACEFerrari N.V. · Automobiles
Whole market+13.3%30.0%0.57−39.2%+711%0.32—
83
EQIXEquinix, Inc. · Data Center REITs
Whole market+6.6%27.8%0.37−41.8%+226%0.27—
84
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.650.26%
85
TRPTC Energy Corporation · Oil & Gas Midstream
Whole market+10.8%21.9%0.58−41.6%+160%0.45—
86
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.2%19.2%0.46−29.0%+68.8%-0.14—
87
VXFVanguard Extended Market ETF · US Extended Market
Whole market+4.9%22.4%0.33−41.7%+194%0.700.05%
88
ITWIllinois Tool Works Inc. · Industrial Machinery
Whole market+6.7%21.4%0.41−37.9%+208%0.55—
89
ECLEcolab Inc. · Specialty Chemicals
Whole market+6.7%24.1%0.39−43.7%+176%0.28—
90
JEPIJPMorgan Equity Premium Income ETF · Equity Income
Whole market+7.5%11.0%0.71−13.7%—0.510.35%
91
MCOMoody's Corporation · Financial Data
Whole market+5.9%26.9%0.35−42.0%+383%0.69—
92
IXORIX Corporation · Diversified Financials
Whole market+17.9%25.4%0.78−42.5%+284%0.33—
93
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.30—
94
KEYSKeysight Technologies, Inc. · Electronic Equipment
Whole market+13.9%34.5%0.55−42.6%+923%0.18—
95
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.34—
96
EFViShares MSCI EAFE Value ETF · International Equity
Whole market+13.6%15.9%0.88−43.2%+157%0.440.31%
97
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.16—
98
XLFState Street Financial Select Sector SPDR ETF · Financial Sector Equity
Whole market+8.6%18.3%0.54−42.9%+241%0.760.08%
99
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+202%0.250.08%
100
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.31—

BX against its popular alternatives

The investments people most often weigh against BX, compared period by period and year by year.

How do BX'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 BX, which divides the map into what did better or worse on each measure.

Green points earned more than BX with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBX: 0.4% a year, volatility 39.8%SPY (S&P 500): 12.7% a year, volatility 17.1%APO: 10.5% a year, volatility 37.3%KKR: 5.7% a year, volatility 39.8%JPM: 17.3% a year, volatility 24.3%BLK: 7.1% a year, volatility 27.1%ARCC: 7.2% a year, volatility 20.1%AMG: 18.8% a year, volatility 31.9%IVZ: 6.9% a year, volatility 36.4%BEN: 5.6% a year, volatility 31.7%GCMG: 6.7% a year, volatility 27.2%ARES: 11.4% a year, volatility 38.2%GS: 19.6% a year, volatility 28.6%PLD: 0.6% a year, volatility 27.2%MS: 16.0% a year, volatility 28.8%BN: 3.9% a year, volatility 31.1%APAM: 0.9% a year, volatility 31.1%CG: −3.9% a year, volatility 40.1%OWL: −7.3% a year, volatility 42.2%STEP: 2.9% a year, volatility 42.2%AB: 0.0% a year, volatility 27.6%CNS: −1.4% a year, volatility 30.5%PAX: −1.6% a year, volatility 31.4%TROW: −8.9% a year, volatility 30.5%HLNE: −0.8% a year, volatility 36.9%BXSPY (S&P 500)APOKKRJPMBLKARCCAMGIVZBENGCMGGSPLDMSBNAPAMCGOWLSTEPABCNSTROWHLNE10.0%20.0%30.0%40.0%50.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBX: 0.4% a year, volatility 39.8%SPY (S&P 500): 12.7% a year, volatility 17.1%APO: 10.5% a year, volatility 37.3%KKR: 5.7% a year, volatility 39.8%JPM: 17.3% a year, volatility 24.3%BLK: 7.1% a year, volatility 27.1%ARCC: 7.2% a year, volatility 20.1%AMG: 18.8% a year, volatility 31.9%IVZ: 6.9% a year, volatility 36.4%BEN: 5.6% a year, volatility 31.7%GCMG: 6.7% a year, volatility 27.2%ARES: 11.4% a year, volatility 38.2%GS: 19.6% a year, volatility 28.6%PLD: 0.6% a year, volatility 27.2%MS: 16.0% a year, volatility 28.8%BN: 3.9% a year, volatility 31.1%APAM: 0.9% a year, volatility 31.1%CG: −3.9% a year, volatility 40.1%OWL: −7.3% a year, volatility 42.2%STEP: 2.9% a year, volatility 42.2%AB: 0.0% a year, volatility 27.6%CNS: −1.4% a year, volatility 30.5%PAX: −1.6% a year, volatility 31.4%TROW: −8.9% a year, volatility 30.5%HLNE: −0.8% a year, volatility 36.9%BXSPY (S&P 500)APOKKRJPMBLKARCCAMGIVZBENARESGSPLDMSBNAPAMCGOWLSTEPABCNSPAXTROW
All figures
InvestmentAnnual returnVolatility
GS The Goldman Sachs Group, Inc.+19.6%28.6%
AMG Affiliated Managers Group, Inc.+18.8%31.9%
JPM JPMorgan Chase & Co.+17.3%24.3%
MS Morgan Stanley+16.0%28.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
ARES Ares Management Corporation+11.4%38.2%
APO Apollo Global Management, Inc.+10.5%37.3%
ARCC Ares Capital Corporation+7.2%20.1%
BLK BlackRock, Inc.+7.1%27.1%
IVZ Invesco Ltd.+6.9%36.4%
GCMG GCM Grosvenor Inc.+6.7%27.2%
KKR KKR & Co. Inc.+5.7%39.8%
BEN Franklin Resources, Inc.+5.6%31.7%
BN Brookfield Corporation+3.9%31.1%
STEP StepStone Group Inc.+2.9%42.2%
APAM Artisan Partners Asset Management Inc.+0.9%31.1%
PLD Prologis, Inc.+0.6%27.2%
BX This pageBlackstone Inc.+0.4%39.8%
AB AllianceBernstein Holding L.P.0.0%27.6%
HLNE Hamilton Lane Incorporated−0.8%36.9%
CNS Cohen & Steers, Inc.−1.4%30.5%
PAX Patria Investments Ltd−1.6%31.4%
CG The Carlyle Group Inc.−3.9%40.1%
OWL Blue Owl Capital Inc.−7.3%42.2%
TROW T. Rowe Price Group, Inc.−8.9%30.5%
Open these 25 in EasyCompare

Has BX consistently beaten its popular alternatives?

This section compares BX 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 BX helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than BX 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.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
BX Blackstone Inc. (this page)—−12.7%−9.8%−12.8%−28.3%−28.4%+28.6%+2.1%+628%39.8%0.21−49.3%—$127B—
APO QualifiedApollo Global Management, Inc.4/5 short3/3 longAll-weather−13.0%−5.5%−11.9%−23.2%−9.7%+41.4%+64.9%+825%37.3%0.46−53.5%—$66B—
KKR QualifiedKKR & Co. Inc.3/5 short3/3 long−11.5%−7.8%−13.8%−30.4%−25.2%+65.7%+31.8%+653%39.8%0.34−49.4%—$80B—
JPM QualifiedJPMorgan Chase & Co.5/5 short2/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
BLK QualifiedBlackRock, Inc.5/5 short2/3 long+3.5%+7.6%+8.8%+5.7%−0.6%+96.3%+41.1%+313%27.1%0.39−43.9%—$175B—
ARCC QualifiedAres Capital Corporation5/5 short2/3 long−4.8%−0.1%+1.8%−2.2%+4.4%+30.5%+41.5%+212%20.1%0.45−56.8%—$13B—
AMG QualifiedAffiliated Managers Group, Inc.5/5 short2/3 long+6.6%+6.2%+29.2%+34.6%+59.9%+214%+137%+185%31.9%0.70−78.5%—$10B—
IVZ QualifiedInvesco Ltd.5/5 short2/3 long−8.3%−2.3%+17.0%+9.3%+30.0%+158%+39.8%+50.9%36.4%0.37−79.8%—$13B—
BEN QualifiedFranklin Resources, Inc.5/5 short2/3 long−6.2%−2.1%+14.9%+35.9%+44.8%+62.4%+31.5%+49.2%31.7%0.33−62.1%—$16B—
GCMG QualifiedGCM Grosvenor Inc.5/5 short2/3 long−5.3%−0.9%+17.4%+14.8%+13.0%+82.8%+38.2%—27.2%0.38−51.8%—$769M—
ARES QualifiedAres Management Corporation4/5 short2/3 long−8.2%−3.1%−0.1%−27.7%−17.4%+24.9%+71.4%+926%38.2%0.48−49.9%—$38B—
GS QualifiedThe Goldman Sachs Group, Inc.4/5 short2/3 long−7.8%−15.7%−5.2%−1.8%+18.2%+215%+145%+521%28.6%0.77−48.8%—$258B—
PLD QualifiedPrologis, Inc.4/5 short2/3 long−6.1%−12.9%−10.8%+1.1%+3.4%+37.1%+3.0%+221%27.2%0.16−43.3%—$121B—
MS QualifiedMorgan Stanley3/5 short2/3 long−12.5%−14.0%−4.4%+0.8%+13.9%+170%+110%+627%28.8%0.66−51.3%—$285B—
BN QualifiedBrookfield Corporation3/5 short2/3 long−1.7%−11.8%−19.8%−19.6%−16.8%+85.9%+20.8%+226%31.1%0.28−51.4%—$83B—
STEP QualifiedStepStone Group Inc.3/5 short2/3 long−9.5%+2.4%−20.1%−33.4%−26.9%+66.0%+15.2%—42.2%0.28−60.2%—$5.5B—
AB Asset ManagementAllianceBernstein Holding L.P.5/5 short1/3 long−4.1%−6.1%−6.3%−3.5%−3.7%+56.6%−0.1%+281%27.6%0.14−58.1%—$3.2B—
BAM Asset ManagementBrookfield Asset Management Ltd.5/5 short1/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
APAM Asset ManagementArtisan Partners Asset Management Inc.4/5 short1/3 long−10.4%−12.7%−8.8%−14.1%−16.8%+26.9%+4.6%+200%31.1%0.18−51.1%—$2.3B—
CNS Asset ManagementCohen & Steers, Inc.4/5 short1/3 long−3.2%−12.0%+7.4%+16.5%+5.8%+53.3%−6.9%+195%30.5%0.10−55.1%—$3.7B—
TPG Asset ManagementTPG Inc.4/5 short1/3 long−4.6%+4.4%+1.7%−30.0%−16.9%+84.5%————−44.9%—$17B—
CG Asset ManagementThe Carlyle Group Inc.1/5 short1/3 long−8.7%−16.0%−28.0%−37.4%−34.2%+47.2%−18.0%+287%40.1%0.10−56.7%—$13B—
PAX Asset ManagementPatria Investments Ltd5/5 short0/3 long+15.9%+10.1%−7.0%−21.4%−14.2%+6.9%−7.7%—31.4%0.11−46.1%—$2.0B—
TROW Asset ManagementT. Rowe Price Group, Inc.4/5 short0/3 long−2.4%−11.2%+6.7%+1.5%+3.1%+22.7%−37.4%+126%30.5%-0.16−58.2%—$22B—
OWL Asset ManagementBlue Owl Capital Inc.3/5 short0/3 long−8.2%+0.3%−3.0%−36.1%−40.5%−13.5%−31.5%—42.2%0.03−67.1%—$14B—
HLNE Asset ManagementHamilton Lane Incorporated2/5 short0/3 long−5.3%−0.4%−20.5%−37.5%−28.5%+10.6%−3.9%—36.9%0.16−62.3%—$4.6B—
Open these 26 in EasyCompare

How did BX do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where BX ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BX and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: BX began trading on June 22, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of BX; gray means the two finished within a fraction of a point. The rank row places BX among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of BX202520242023202220212020201920182017201620152014201320122011201020092008
BX This pageBlackstone Inc.—−7.8%+35.1%+82.8%−40.0%+107%+19.8%+96.3%+0.1%+27.4%−1.5%−5.0%+13.9%+114%+15.7%+3.4%+12.7%+117%−67.4%
Rank among alternativesTop quarter in 7 of 1821 of 2613 of 261 of 2622 of 241 of 2312 of 214 of 204 of 2010 of 1916 of 197 of 196 of 181 of 1715 of 162 of 158 of 153 of 1512 of 15
SPY S&P 500State Street SPDR S&P 500 ETF6 of 18+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%
APO Apollo Global Management, Inc.6 of 14−11.1%+79.9%+49.5%−9.6%+53.3%+8.0%+107%−22.0%+85.4%+37.3%−29.3%−15.9%+112%+54.6%————
KKR KKR & Co. Inc.8 of 18−13.3%+79.6%+80.5%−37.0%+85.8%+41.1%+51.5%−4.3%+41.8%+3.4%−28.0%+4.0%+73.8%+25.6%−5.3%+70.4%+153%−81.3%
JPM JPMorgan Chase & Co.7 of 18+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%
BLK BlackRock, Inc.9 of 18+6.6%+29.3%+17.9%−20.4%+29.4%+47.2%+31.9%−21.6%+38.2%+14.6%−2.4%+15.7%+57.0%+19.8%−3.6%−15.9%+76.6%−37.0%
ARCC Ares Capital Corporation9 of 18+1.0%+19.8%+20.1%−3.9%+36.0%+0.8%+31.3%+8.9%+4.4%+28.2%+0.8%−3.6%+11.2%+24.8%+2.4%+45.1%+148%−48.5%
AMG Affiliated Managers Group, Inc.7 of 18+55.9%+22.2%−4.4%−3.7%+61.8%+20.5%−11.8%−52.1%+41.9%−9.0%−24.7%−2.1%+66.6%+35.6%−3.3%+47.3%+60.7%−64.3%
IVZ Invesco Ltd.4 of 18+56.9%+3.0%+4.2%−18.7%+35.5%+3.0%+14.9%−52.0%+24.6%−5.9%−12.1%+11.5%+43.4%+33.4%−14.6%+4.8%+66.6%−52.6%
BEN Franklin Resources, Inc.5 of 18+24.8%−27.2%+16.9%−17.5%+39.0%+1.4%−9.2%−23.4%+11.6%+9.8%−32.5%−2.3%+38.9%+35.2%−10.9%+6.5%+71.8%−43.7%
GCMG GCM Grosvenor Inc.4 of 6−4.3%+42.8%+24.8%−24.0%−18.9%+30.0%————————————
ARES Ares Management Corporation6 of 11−6.2%+52.7%+79.5%−12.7%+77.7%+37.3%+110%−5.6%+11.6%+56.5%−20.6%———————
GS The Goldman Sachs Group, Inc.6 of 18+56.6%+52.0%+15.9%−7.9%+47.6%+17.4%+40.5%−33.5%+7.4%+34.9%−5.8%+10.8%+40.8%+43.4%−45.6%+0.5%+103%−60.4%
PLD Prologis, Inc.8 of 18+25.1%−18.1%+21.6%−31.3%+72.3%+14.7%+55.9%−6.2%+25.9%+27.4%+3.6%+20.3%+4.3%+31.9%−6.4%+29.4%+15.6%−58.0%
MS Morgan Stanley7 of 18+45.2%+39.7%+13.9%−10.3%+46.6%+38.1%+32.7%−22.8%+26.6%+36.1%−16.7%+25.0%+65.4%+27.6%−43.9%−7.5%+88.3%−68.8%
BN Brookfield Corporation10 of 18+20.6%+44.1%+29.1%−35.0%+48.9%+8.5%+52.3%−10.7%+34.2%+8.0%−4.4%+31.1%+11.5%+53.5%−16.3%+53.6%+49.6%−56.5%
STEP StepStone Group Inc.3 of 5+13.6%+85.9%+31.7%−37.9%+5.4%—————————————
AB AllianceBernstein Holding L.P.8 of 18+13.4%+30.4%−2.3%−23.4%+56.3%+23.0%+19.9%+21.0%+16.9%+7.0%−1.1%+30.3%+31.2%+42.6%−39.4%−12.2%+44.2%−70.1%
BAM Brookfield Asset Management Ltd.2 of 3−0.3%+39.7%+45.6%———————————————
APAM Artisan Partners Asset Management Inc.4 of 12+2.8%+4.9%+60.3%−31.3%+2.8%+71.0%+67.1%−38.2%+45.2%−10.1%−23.1%−17.1%——————
CNS Cohen & Steers, Inc.7 of 18−29.8%+25.5%+21.8%−28.0%+29.0%+23.4%+93.9%−19.7%+46.9%+14.9%−24.1%+9.8%+37.9%+13.6%+15.9%+27.9%+110%−62.1%
TPG TPG Inc.2 of 3+5.1%+50.6%+62.4%———————————————
CG The Carlyle Group Inc.4 of 13+20.2%+28.1%+42.6%−43.8%+78.5%+1.6%+117%−27.2%+59.8%+9.0%−34.8%−18.5%+42.7%—————
PAX Patria Investments Ltd2 of 4+43.2%−20.0%+18.9%−10.0%——————————————
TROW T. Rowe Price Group, Inc.7 of 18−4.7%+9.7%+3.4%−42.2%+34.9%+28.1%+35.6%−9.8%+43.4%+8.5%−12.2%+4.7%+31.3%+18.1%−9.8%+23.8%+54.2%−40.6%
OWL Blue Owl Capital Inc.2 of 5−32.8%+61.7%+47.3%−26.3%+32.2%—————————————
HLNE Hamilton Lane Incorporated3 of 8−7.9%+32.4%+81.4%−37.0%+34.7%+33.5%+64.3%+6.6%——————————
Open these 27 in EasyCompare

Risk and diversification

How BX 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 BX's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BX's five deepest drawdowns since it began trading in 2007, 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: BX began trading on June 22, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means BX fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBX fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−87.6%−48.0%Jun 2007Feb 200920 monthsSep 20134.6 years
2022 bear market−49.3%−17.3%Nov 2021Dec 202213 monthsJul 202419 months
No named crash−46.5%+13.5%Nov 2024Mar 202616 monthsNot yet—
Covid crash−44.0%−33.1%Feb 2020Mar 20201 monthDec 20209 months
2015 China and oil sell-off−43.6%−12.8%May 2015Feb 20169 monthsJan 201823 months

How did BX do in stock market crashes?

This section measures how far BX, 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: BX began trading on June 22, 2007, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BX.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
BX This pageBlackstone Inc.—−12.3%−38.5%−42.6%−29.1%−4.2%−37.7%−35.6%−3.5%−84.9%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF8 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
APO Apollo Global Management, Inc.1 of 7−17.9%−35.5%−48.9%−35.7%−10.8%−40.0%−44.2%———
KKR KKR & Co. Inc.1 of 9−12.6%−41.7%−45.5%−33.5%−10.2%−51.3%−37.8%−2.2%−90.1%—
JPM JPMorgan Chase & Co.7 of 9−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
BLK BlackRock, Inc.6 of 9−7.2%−40.8%−42.3%−25.2%−7.1%−19.9%−23.9%0.0%−60.4%−33.0%
ARCC Ares Capital Corporation8 of 9−8.1%−21.8%−56.3%−14.4%−2.5%−19.1%−19.9%−2.7%−77.3%—
AMG Affiliated Managers Group, Inc.2 of 9−12.8%−32.9%−49.1%−38.7%−9.0%−44.4%−31.8%−4.8%−85.9%−46.4%
IVZ Invesco Ltd.3 of 9−7.5%−43.4%−57.8%−34.4%−9.2%−33.1%−35.1%−3.6%−85.0%−82.0%
BEN Franklin Resources, Inc.7 of 9−5.5%−39.2%−40.4%−19.0%−7.1%−29.3%−32.1%−2.5%−72.5%−40.3%
GCMG GCM Grosvenor Inc.2 of 3−7.0%−39.5%−4.7%———————
ARES Ares Management Corporation2 of 6−12.7%−35.7%−44.1%−26.7%−6.9%−43.4%————
GS The Goldman Sachs Group, Inc.6 of 9−9.7%−30.5%−42.8%−33.3%−5.3%−31.2%−34.3%0.0%−78.8%−54.7%
PLD Prologis, Inc.4 of 9−6.5%−42.1%−36.2%−17.9%−8.6%−18.4%−36.2%−4.2%−84.7%−17.1%
MS Morgan Stanley4 of 9−8.2%−32.4%−50.6%−24.6%−6.7%−43.9%−47.7%0.0%−86.2%−72.0%
BN Brookfield Corporation7 of 9−10.5%−36.2%−51.4%−18.1%−5.2%−22.7%−18.7%0.0%−70.9%−20.7%
STEP StepStone Group Inc.0 of 2−19.1%−43.4%————————
AB AllianceBernstein Holding L.P.5 of 9−4.1%−32.5%−58.1%−23.3%−7.5%−40.9%−28.1%0.0%−87.5%−54.7%
BAM Brookfield Asset Management Ltd.1 of 1−7.1%—————————
APAM Artisan Partners Asset Management Inc.1 of 6−6.8%−39.4%−49.7%−38.0%−10.1%−46.5%————
CNS Cohen & Steers, Inc.7 of 9−9.7%−38.9%−55.1%−14.7%−2.8%−16.7%−31.6%−1.8%−80.2%—
TPG TPG Inc.0 of 1−17.7%—————————
CG The Carlyle Group Inc.0 of 6−13.1%−52.5%−46.2%−34.7%−10.4%−50.3%————
PAX Patria Investments Ltd2 of 2−7.7%−31.9%————————
TROW T. Rowe Price Group, Inc.7 of 9−6.8%−48.2%−38.0%−23.4%−7.2%−15.0%−23.4%−1.7%−67.4%−54.1%
OWL Blue Owl Capital Inc.0 of 2−17.7%−39.7%————————
HLNE Hamilton Lane Incorporated0 of 5−16.4%−43.2%−42.6%−30.4%−5.7%—————
Open these 27 in EasyCompare

How closely does BX 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 BX with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

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 BX's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BX This pageBlackstone Inc.156%170%0.921.48
JPM JPMorgan Chase & Co.117%103%1.141.09
ARCC Ares Capital Corporation75%70%1.070.87
ARES Ares Management Corporation157%146%1.071.29
MS Morgan Stanley142%137%1.041.39
GS The Goldman Sachs Group, Inc.136%133%1.021.39
APO Apollo Global Management, Inc.166%168%0.991.58
AB AllianceBernstein Holding L.P.102%112%0.911.10
KKR KKR & Co. Inc.171%191%0.891.62
PLD Prologis, Inc.103%122%0.841.04
BLK BlackRock, Inc.127%157%0.811.30
BN Brookfield Corporation125%162%0.771.42
CNS Cohen & Steers, Inc.104%134%0.771.27
AMG Affiliated Managers Group, Inc.103%137%0.761.22
CG The Carlyle Group Inc.156%206%0.761.65
APAM Artisan Partners Asset Management Inc.160%224%0.721.79
TROW T. Rowe Price Group, Inc.118%172%0.681.35
BEN Franklin Resources, Inc.102%170%0.601.39
IVZ Invesco Ltd.119%201%0.591.46
Open these 19 in EasyCompare

What diversifies BX?

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 BX's. Because such investments tend not to fall at the same time, pairing BX with them can reduce a portfolio's overall swings.

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 BX lost money. The last two columns show a portfolio that is 80% BX and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2025202220162015200880/20 mix volatility80/20 mix annual return
BX Blackstone Inc. (this page)1.00+2.1%0.21−7.8%−40.0%−1.5%−5.0%−67.4%39.0%+2.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.38+119%1.48+27.1%+3.8%———31.9%+6.6%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.12+225%1.34+32.8%+6.0%+1.1%+7.7%−20.8%31.6%+8.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.46+83.3%1.00+11.9%+7.1%+15.9%−0.3%—32.6%+5.6%
EWP Broad MarketiShares MSCI Spain ETF0.42+140%0.97+78.0%−5.2%−1.8%−15.6%−36.8%32.9%+7.3%
SMH TechnologyVanEck Semiconductor ETF0.38+323%0.97+49.2%−33.5%+35.6%−0.3%−44.7%34.4%+10.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.45+85.0%0.96+23.1%−5.1%+6.3%+4.1%—32.2%+6.0%
GLD CommoditiesSPDR Gold Shares-0.01+126%0.96+63.7%−0.8%+8.0%−10.7%+4.9%31.3%+7.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.43+136%0.93+26.6%−10.4%+7.4%——33.1%+7.4%

Stocks

InvestmentCorrelation5Y returnSharpe2025202220162015200880/20 mix volatility80/20 mix annual return
BX Blackstone Inc. (this page)1.00+2.1%0.21−7.8%−40.0%−1.5%−5.0%−67.4%39.0%+2.8%
CAH Medical - DistributionCardinal Health, Inc.0.01+479%1.55+76.3%+54.1%−17.5%+12.6%−39.6%31.6%+10.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.34+3,143%1.47+220%+1.3%+7.4%−6.0%−20.5%36.8%+21.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.30+1,636%1.46+121%+17.0%+18.3%+67.7%−15.2%34.9%+18.5%
MCK Medical - DistributionMcKesson Corporation0.04+413%1.44+44.5%+51.8%−28.3%−4.5%−40.4%31.8%+10.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.29+690%1.41+19.2%+86.6%+0.7%+17.4%—33.6%+12.3%
Open these 14 in EasyCompare

Common questions

What was BX's worst drawdown?

BX's deepest decline since it began trading in 2007 was 87.6%, from June 2007 to February 2009. It took about five years from the low to climb back to its old high. Because BX launched in June 2007, that record does not include the dot-com bust.

What were BX's best and worst years?

Over 18 full calendar years, BX's best year was 2009, when it returned 117%. Its worst was 2008, with a return of -67.4%.

Is there a better investment than BX?

Among BX's popular alternatives, JPM, BLK and GS earned more than BX with less volatility over the past 5 years. JPM returned 17.3% a year at 24.3% volatility, against 0.4% a year at 39.8%. Looking beyond its popular alternatives, RY (banks) and TD (banks) earned more than BX with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 0.4% a year at 39.8%.

Is BX more volatile than the S&P 500?

Yes. BX's volatility over the past 5 years was 39.8%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BX's return lands within 39.8% 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 BX's Sharpe ratio?

BX's Sharpe ratio over the past 5 years was 0.21, against 0.79 for the S&P 500, so BX 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 BX with the S&P 500?

Over the past 5 years, BX's monthly returns had a correlation of 0.64 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 BX instead: the lower it is, the more that option would diversify a BX holding.

What are the best alternatives to BX?

Of the 25 popular alternatives we compared, 15 outperformed BX in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: APO, KKR and JPM.

Did BX outperform the S&P 500?

BX finished ahead of the S&P 500 (SPY) in ten of 18 full calendar years. In 2025, it returned -7.8%, against +17.7% for the index.

How did BX do in stock market crashes?

BX fell less than the S&P 500 (SPY) in one of the nine major crashes it has traded through, and further in eight. The clearest case was the 2008 financial crisis, when BX fell 84.9% and the S&P 500 fell 55.2%.

What diversifies BX?

These had a low correlation with BX over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.38), DXJ (correlation 0.12) and HDV (correlation 0.46); among large stocks, CAH (correlation 0.01), CLS (correlation 0.34) and FIX (correlation 0.30). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to BX

Other stocks and ETFs