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

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

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

## Key findings

- **Right now:** BX has gone against the market, falling 12.8% over the past 6 months while the S&P 500 rose 9.1%. The slide is BX's own: it is 41.1% below its high, against 1.3% for the S&P 500.
- **Stock or market?:** Not a move of its own: the alternative asset management ETF IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) fell 5.9% over the past 3 months, with BN (Brookfield, down 11.8%) and KKR (KKR & Co. Inc., down 7.8%), while the S&P 500 rose 3.9%. Its alternative asset management peers did not move as one over the past 3 months: BLK (BlackRock) rose 7.6%, while CG (Carlyle Group) fell 16.0%.
- **Past 1 to 3 years:** Over the past year, BX fell 28.4% while the S&P 500 rose 15.8%. The same gap shows up over 3 years (28.6% against 89.3%). A ahead of 90% of stocks worth at least $300 million over 10 years, but behind 62% of the stocks worth at least $300 million over 3 years.
- **Long term:** BX turned $10,000 into $72,800 over the past decade, against $42,100 in the S&P 500. On the flip side, the past 5 years only trailed the S&P 500 (2.1% against 81.7%), after a much stronger decade (628% against 321%).
- **In a crash:** Across six sell-offs, BX has typically fallen 1.8 times as far as the S&P 500.
- **Diversification:** Against the S&P 500, BX has a correlation of 0.64 over 5 years, more closely than 95% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion.
- **Better options**
  - **Popular alternatives:** JPM (JPMorgan Chase & Co.), BLK (BlackRock) and GS (Goldman Sachs Group) 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%.
  - **Nearby categories and themes:** RY (Royal Bank of Canada, banks) and TD (Toronto-Dominion Bank, 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%.
  - **Versus the S&P 500:** Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 0.4% at 39.8% for BX.

## 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.

- $10,000 invested in BX at the end of September 2007 would have grown to $123,452 by September 2026, more than the $70,725 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of BX, and APH finished highest, at $401,425.

## 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.

- BX is still 41.1% below its all-time high.
- 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.
- Over 18 full calendar years, BX's best was 2009, when it returned 117%, and its worst was 2008, when it lost 67.4%. It lost money in five of those years.

- Type: Stock, Financials (Asset Management)
- Trading since: June 22, 2007
- Market value: $127B
- Volatility (5 years): 39.8%; Sharpe ratio: 0.21
- Worst decline ever: −87.6%, from June 22, 2007 to February 26, 2009; back at its high by September 18, 2013

| Period | BX total return |
| --- | --- |
| 1 month | −12.7% |
| 3 months | −9.8% |
| 6 months | −12.8% |
| year to date | −28.3% |
| 1 year | −28.4% |
| 3 years | +28.6% |
| 5 years | +2.1% |
| 10 years | +628% |

## 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.

- BX's 10-year return ranks in the top 10% of the 2,202 stocks worth at least $300 million with 10 years of history.
- BX's 1-year return ranks in the bottom 14% of the 3,287 stocks worth at least $300 million with 1 year of history.

| Measure | BX | Rank |
| --- | --- | --- |
| 1-year return | −28.4% | 2,822 of 3,287 (top 86%) |
| 3-year return | +28.6% | 1,874 of 3,017 (top 63%) |
| 5-year return | +2.1% | 1,709 of 2,893 (top 60%) |
| 10-year return | +628% | 224 of 2,202 (top 11%) |
| Volatility, 5 years | 39.8% | 1,451 of 2,893 (top 51%) |
| Sharpe ratio, 5 years | 0.21 | 1,822 of 2,893 (top 63%) |
| Worst decline, past 10 years | −49.3% | 434 of 2,187 (top 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).

- 885 stocks and 818 ETFs worth at least $500 million sit in the green region: each earned more than BX over the past 5 years with smaller price swings. That is 47% of the 3,633 screened.
- Among those with at least half BX's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 38% less than BX's 39.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.21 for BX. PBR-A earned the most, 51.8% a year, while still swinging less than BX (37.5% against 39.8%).
- Among BX's popular alternatives, JPM, GS and AMG are in the region. JPM earned 17.3% a year against 0.4% a year for BX, at 24.3% volatility, 39% less than BX's 39.8%.

### Is there a better investment than BX?

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.

- 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%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 0.4% at 39.8% for BX.

The 15 strongest of 1,703 investments that beat BX over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with BX | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BX: Blackstone Inc. (this page) |  | +0.4% | 39.8% | 0.21 | −49.3% | +628% |  |  |
| [MSFT](https://easycompare.io/research/msft): Microsoft Corporation | Software | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | -0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [COST](https://easycompare.io/research/cost): Costco Wholesale Corporation | Discount Retail | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [APH](https://easycompare.io/research/aph): Amphenol Corporation | Electronic Components | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VGT](https://easycompare.io/research/vgt): Vanguard Information Technology ETF | Technology Equity | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.50 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ADI](https://easycompare.io/research/adi): Analog Devices, Inc. | Semiconductors | +19.5% | 34.1% | 0.69 | −33.6% | +652% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [PGR](https://easycompare.io/research/pgr): The Progressive Corporation | Property & Casualty Insurance | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [DE](https://easycompare.io/research/de): Deere & Company | Industrial Machinery | +14.4% | 29.9% | 0.60 | −37.9% | +755% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [GWW](https://easycompare.io/research/gww): W.W. Grainger, Inc. | Industrial Distribution | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MSI](https://easycompare.io/research/msi): Motorola Solutions, Inc. | Communications Equipment | +14.8% | 23.6% | 0.71 | −32.8% | +625% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| ESLT: Elbit Systems Ltd. | Aerospace & Defense | +39.8% | 34.6% | 1.15 | −35.4% | +765% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CDNS](https://easycompare.io/research/cdns): Cadence Design Systems, Inc. | Software | +14.8% | 37.2% | 0.56 | −34.2% | +1,139% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| RS: Reliance Steel & Aluminum Co. | Metals & Mining | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTI](https://easycompare.io/research/vti): Vanguard Morningstar Total Stock Market ETF | US Total Market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.66 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- 15 of the 23 popular alternatives, led by GS, AMG and JPM, were both more rewarding and calmer than BX over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BX returned 0.4% a year, less than the S&P 500's 12.7%, with higher volatility (39.8% against 17.1%).

### 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.

- 15 of the 25 popular alternatives, led by APO, KKR and JPM, outperformed BX in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- APO outperformed BX in every long-term period and in all but one short-term period, the most consistent record in the group.
- JPM, GS and BLK earned more for the risk they took than BX (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of BX | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BX: Blackstone Inc. (this page) | −28.4% | +28.6% | +2.1% | +628% |  |  | 0.21 |
| [APO](https://easycompare.io/research/apo): Apollo Global Management, Inc. | −9.7% | +41.4% | +64.9% | +825% | 4/5 short-term, 3/3 long-term | all-weather | 0.46 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | −25.2% | +65.7% | +31.8% | +653% | 3/5 short-term, 3/3 long-term | consistent | 0.34 |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | +13.0% | +150% | +122% | +537% | 5/5 short-term, 2/3 long-term | consistent | 0.78 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | −0.6% | +96.3% | +41.1% | +313% | 5/5 short-term, 2/3 long-term | consistent | 0.39 |
| ARCC: Ares Capital Corporation | +4.4% | +30.5% | +41.5% | +212% | 5/5 short-term, 2/3 long-term | consistent | 0.45 |
| AMG: Affiliated Managers Group, Inc. | +59.9% | +214% | +137% | +185% | 5/5 short-term, 2/3 long-term | consistent | 0.70 |
| IVZ: Invesco Ltd. | +30.0% | +158% | +39.8% | +50.9% | 5/5 short-term, 2/3 long-term | consistent | 0.37 |
| BEN: Franklin Resources, Inc. | +44.8% | +62.4% | +31.5% | +49.2% | 5/5 short-term, 2/3 long-term | consistent | 0.33 |
| GCMG: GCM Grosvenor Inc. | +13.0% | +82.8% | +38.2% | — | 5/5 short-term, 2/3 long-term | consistent | 0.38 |
| [ARES](https://easycompare.io/research/ares): Ares Management Corporation | −17.4% | +24.9% | +71.4% | +926% | 4/5 short-term, 2/3 long-term | consistent | 0.48 |
| [GS](https://easycompare.io/research/gs): The Goldman Sachs Group, Inc. | +18.2% | +215% | +145% | +521% | 4/5 short-term, 2/3 long-term | consistent | 0.77 |
| [PLD](https://easycompare.io/research/pld): Prologis, Inc. | +3.4% | +37.1% | +3.0% | +221% | 4/5 short-term, 2/3 long-term | consistent | 0.16 |
| [MS](https://easycompare.io/research/ms): Morgan Stanley | +13.9% | +170% | +110% | +627% | 3/5 short-term, 2/3 long-term | consistent | 0.66 |
| [BN](https://easycompare.io/research/bn): Brookfield Corporation | −16.8% | +85.9% | +20.8% | +226% | 3/5 short-term, 2/3 long-term | consistent | 0.28 |
| STEP: StepStone Group Inc. | −26.9% | +66.0% | +15.2% | — | 3/5 short-term, 2/3 long-term | consistent | 0.28 |
| AB: AllianceBernstein Holding L.P. | −3.7% | +56.6% | −0.1% | +281% | 5/5 short-term, 1/3 long-term |  | 0.14 |
| [BAM](https://easycompare.io/research/bam): Brookfield Asset Management Ltd. | −12.5% | +67.9% | — | — | 5/5 short-term, 1/3 long-term |  | — |
| APAM: Artisan Partners Asset Management Inc. | −16.8% | +26.9% | +4.6% | +200% | 4/5 short-term, 1/3 long-term |  | 0.18 |
| CNS: Cohen & Steers, Inc. | +5.8% | +53.3% | −6.9% | +195% | 4/5 short-term, 1/3 long-term |  | 0.10 |
| TPG: TPG Inc. | −16.9% | +84.5% | — | — | 4/5 short-term, 1/3 long-term |  | — |
| CG: The Carlyle Group Inc. | −34.2% | +47.2% | −18.0% | +287% | 1/5 short-term, 1/3 long-term |  | 0.10 |
| PAX: Patria Investments Ltd | −14.2% | +6.9% | −7.7% | — | 5/5 short-term, 0/3 long-term |  | 0.11 |
| TROW: T. Rowe Price Group, Inc. | +3.1% | +22.7% | −37.4% | +126% | 4/5 short-term, 0/3 long-term |  | -0.16 |
| OWL: Blue Owl Capital Inc. | −40.5% | −13.5% | −31.5% | — | 3/5 short-term, 0/3 long-term |  | 0.03 |
| HLNE: Hamilton Lane Incorporated | −28.5% | +10.6% | −3.9% | — | 2/5 short-term, 0/3 long-term |  | 0.16 |

### 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.

- Ranked against its popular alternatives each year, BX finished in the top quarter in seven of 18 years and in the bottom quarter in four. In 2025, it ranked 21 of 26.
- BX finished ahead of the S&P 500 in ten of its 18 full calendar years.
- Among its popular alternatives, GCMG came out ahead of BX most often, in four of the six years both traded.

| Year | BX | SPY |
| --- | --- | --- |
| 2025 | −7.8% | +17.7% |
| 2024 | +35.1% | +24.9% |
| 2023 | +82.8% | +26.2% |
| 2022 | −40.0% | −18.2% |
| 2021 | +107% | +28.7% |
| 2020 | +19.8% | +18.3% |
| 2019 | +96.3% | +31.2% |
| 2018 | +0.1% | −4.6% |
| 2017 | +27.4% | +21.7% |
| 2016 | −1.5% | +12.0% |

## 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.

- In all five of BX's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BX fell 46.5% from November 2024 to March 2026, while the S&P 500 rose 13.5%.
- The slowest recovery came after BX fell 87.6% from June 2007 to February 2009; it did not regain that peak until September 2013, five years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −87.6% | June 22, 2007 | February 26, 2009 | September 18, 2013 | −48.0% | 2008 financial crisis |
| −49.3% | November 29, 2021 | December 28, 2022 | July 16, 2024 | −17.3% | 2022 bear market |
| −46.5% | November 22, 2024 | March 12, 2026 | not yet | +13.5% |  |
| −44.0% | February 11, 2020 | March 23, 2020 | December 11, 2020 | −33.1% | Covid crash |
| −43.6% | May 18, 2015 | February 11, 2016 | January 26, 2018 | −12.8% | 2015 China and oil sell-off |

### 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.

- BX fell further than the S&P 500 in eight of the nine crashes it has traded through. The clearest case was the 2008 financial crisis, when BX fell 84.9% and the S&P 500 fell 55.2%.
- Among its popular alternatives, PAX held up best, falling less than BX in all two crashes they both traded through.
- BX began trading after the dot-com bust, but 11 of its popular alternatives lived through it. The mildest fall among them was PLD's 17.1%, against 47.5% for the S&P 500.

| Crash | Dates | BX fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −84.9% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −3.5% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −35.6% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −37.7% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −29.1% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −42.6% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −38.5% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −12.3% | −3.4% |

### 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.

- GS took just 133% of the S&P 500's losses, against 170% for BX, while still keeping 136% of its gains.
- Over the past 10 years, BX captured 156% of the S&P 500's gains in rising months and 170% of its losses in falling months, with a beta of 1.48. It amplified the market's moves in both directions.
- Six of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BX's 0.92, led by JPM, ARCC and ARES.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| BX: Blackstone Inc. (this page) | 156% | 170% | 1.48 |
| [APO](https://easycompare.io/research/apo): Apollo Global Management, Inc. | 166% | 168% | 1.58 |
| [KKR](https://easycompare.io/research/kkr): KKR & Co. Inc. | 171% | 191% | 1.62 |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | 117% | 103% | 1.09 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | 127% | 157% | 1.30 |
| ARCC: Ares Capital Corporation | 75.0% | 70.0% | 0.87 |
| AMG: Affiliated Managers Group, Inc. | 103% | 137% | 1.22 |
| IVZ: Invesco Ltd. | 119% | 201% | 1.46 |
| BEN: Franklin Resources, Inc. | 102% | 170% | 1.39 |
| [ARES](https://easycompare.io/research/ares): Ares Management Corporation | 157% | 146% | 1.29 |
| [GS](https://easycompare.io/research/gs): The Goldman Sachs Group, Inc. | 136% | 133% | 1.39 |
| [PLD](https://easycompare.io/research/pld): Prologis, Inc. | 103% | 122% | 1.04 |
| [MS](https://easycompare.io/research/ms): Morgan Stanley | 142% | 137% | 1.39 |
| [BN](https://easycompare.io/research/bn): Brookfield Corporation | 125% | 162% | 1.42 |
| AB: AllianceBernstein Holding L.P. | 102% | 112% | 1.10 |
| APAM: Artisan Partners Asset Management Inc. | 160% | 224% | 1.79 |
| CNS: Cohen & Steers, Inc. | 104% | 134% | 1.27 |
| CG: The Carlyle Group Inc. | 156% | 206% | 1.65 |
| TROW: T. Rowe Price Group, Inc. | 118% | 172% | 1.35 |

### 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).

- Moving a fifth of the money in BX into GLD would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+2.8% for BX alone, +7.3% for the mix).
- DXJ made money in four of the five calendar years in which BX lost money.
- Among large ETFs, LVHI, DXJ and HDV have moved largely independently of BX over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with BX | 5Y return | Volatility | Sharpe | Rose in BX's 5 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.38 | +119% | 11.1% | 1.48 | 2 of 5 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.12 | +225% | 19.1% | 1.34 | 4 of 5 |
| HDV: iShares Core High Dividend ETF | 0.46 | +83.3% | 13.0% | 1.00 | 3 of 5 |
| EWP: iShares MSCI Spain ETF | 0.42 | +140% | 20.3% | 0.97 | 1 of 5 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.38 | +323% | 36.9% | 0.97 | 2 of 5 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.45 | +85.0% | 13.8% | 0.96 | 3 of 5 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | -0.01 | +126% | 18.9% | 0.96 | 3 of 5 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.43 | +136% | 20.8% | 0.93 | 2 of 5 |

## 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.

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## Explore further

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