Relative Intelligence · Real Estate Services
How CBRE Group (CBRE) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CBRE alone. It places CBRE (CBRE Group, Inc.) against 16 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 CBRE stands in the market, and of the alternatives worth a closer look.
Period covered: CBRE's full trading record, from June 2004 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 nowCBRE has gone against the market, falling 12.0% over the past 6 months while the S&P 500 rose 9.1%. CBRE is 21.8% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record. At a glance ↓
- Stock or market?CBRE fell 3.2% over the past 3 months, 3.3 points ahead of the real estate services ETF IYR (iShares U.S. Real Estate ETF), which fell 6.5%. The S&P 500 rose 3.9%.
- Past 1 to 3 yearsOver the past year, CBRE fell 16.0% while the S&P 500 rose 15.8%. By year ↓
- Long termCBRE turned $10,000 into $48,700 over the past decade, against $42,100 in the S&P 500. That said, over 5 years CBRE trailed the index: 31.3% against 81.7%. Growth of $10,000 ↓
- In a crashCBRE fell harder than the S&P 500 in five of six sell-offs. The late-2018 sell-off was the exception: CBRE fell 17.2%, less than the S&P 500's 19.3%. Crash tests ↓
- DiversificationAgainst the S&P 500, CBRE has a correlation of 0.61 over 5 years, more closely than 92% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. Over 10 years, CBRE's beta versus the S&P 500 was 1.34: in the S&P 500's rising months it gained 1.3 times as much as the index, and in falling months it lost 1.5 times as much. Market capture ↓
- Better options
- Nearby categories and themes
- VRSN (VeriSign, internet services) earned more than CBRE with less volatility over the past 5 years: 7.8% a year at 25.9% volatility, against 5.6% a year at 31.0%.
- 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 5.6% at 31.0% for CBRE.
- Whole market
- 883 of the 3,633 stocks and funds worth at least $500 million earned more than CBRE with less volatility over the past 5 years, among them AAPL (Apple), MSFT (Microsoft) and VTI (Vanguard Morningstar Total Stock Market ETF).
How much would $10,000 in CBRE have grown?
This chart tracks a hypothetical $10,000 investment in CBRE over the past 22 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CBRE over the same span and CBRE'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: CBRE began trading on June 10, 2004, so the chart cannot reach back to the dot-com bust. It covers the most recent 22 years of CBRE's record, starting at the end of September 2004.
- $10,000 invested in CBRE at the end of September 2004 would have grown to $166,845 by September 2026, more than the $102,174 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CBRE, and GOOG finished highest, at $1,064,820.
Choose a period
From the end of September 2004 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. 257 of the 1,487 stocks and funds worth at least $500 million that traded the whole period ended ahead of CBRE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- GOOG$1M+10,548% total · +23.6% a year
- CASY$395,864+3,859% total · +18.2% a year
- LLY$357,666+3,477% total · +17.7% a year
- RY$189,945+1,799% total · +14.3% a year
- VRSN$170,091+1,601% total · +13.7% a year
- CBRE$166,845+1,568% total · +13.6% a year
- SPY (S&P 500)$102,174+922% total · +11.1% a year
- JLL$101,490+915% total · +11.1% a year
- PLD$73,607+636% total · +9.5% a year
- SLG$21,447+114% total · +3.5% 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. 1,921 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CBRE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- GOOG$25,811+158% total · +20.9% a year
- RY$23,646+136% total · +18.8% a year
- META$21,571+116% total · +16.6% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- RSG$18,545+85.5% total · +13.1% a year
- VRSN$14,004+40.0% total · +7.0% a year
- CBRE$13,195+31.9% total · +5.7% a year
- JLL$12,315+23.2% total · +4.3% a year
- BX$11,476+14.8% total · +2.8% a year
- COMP$6,697−33.0% total · −7.7% a year
CBRE 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: CBRE began trading on June 10, 2004, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- CBRE is still 21.8% below its all-time high.
- CBRE's deepest decline since it began trading in 2004 was 94.3%, from July 2007 to March 2009. It took about nine years from the low to climb back to its old high.
- Over 21 full calendar years, CBRE's best was 2009, when it returned 214%, and its worst was 2008, when it lost 80.0%. It lost money in six of those years.
The company
- Market value
- $39B
- Industry
- Real Estate - Services
- Price history from
- June 2004
Returns
- Past 1 year
- −16.0%total return
- Past 3 years
- +98.9%+25.8% a year
- Past 5 years
- +31.3%+5.6% a year
- Past 10 years
- +387%+17.1% a year
- Best calendar year
- +214%2009
- Worst calendar year
- −80.0%2008
- Losing years
- 6 of 21full calendar years
Risk
- Volatility
- 31.0%typical yearly swing, 5 years
- Sharpe ratio
- 0.33return per unit of risk, 5 years
- Worst decline ever
- −94.3%Jul 2007 to Mar 2009
- From its all-time high
- −21.8%below the peak
CBRE against the whole market
Where CBRE ranks among every stock and fund, and what across the market has done better.
How does CBRE rank among all stocks?
This section ranks CBRE 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 CBRE stacks up against its peers, these rankings show where it stands in the market as a whole.
- CBRE's 10-year return ranks in the top 20% of the 2,202 stocks worth at least $300 million with 10 years of history.
- CBRE's 1-year return ranks in the bottom 23% of the 3,287 stocks worth at least $300 million with 1 year 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 | CBRE | Rank | Standing |
|---|---|---|---|
| 1-year return | −16.0% | 2,533 of 3,287 | bottom 24% |
| 3-year return | +98.9% | 927 of 3,017 | top 31% |
| 5-year return | +31.3% | 1,325 of 2,893 | top 46% |
| 10-year return | +387% | 437 of 2,202 | top 20% |
| Volatility, 5 years | 31.0% | 817 of 2,893 | top 28% |
| Sharpe ratio, 5 years | 0.33 | 1,450 of 2,893 | top 50% |
| Worst decline, past 10 years | −53.6% | 595 of 2,187 | top 27% |
What has beaten CBRE 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). CBRE sits where the dashed lines cross. Anything in the green box above and to the left earned more than CBRE 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.
- 326 stocks and 557 ETFs worth at least $500 million sit in the green region: each earned more than CBRE over the past 5 years with smaller price swings. That is 24% of the 3,633 screened.
- Among those with at least half CBRE's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 20% less than CBRE's 31.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.33 for CBRE.
- None of CBRE's popular alternatives made it, but VRSN (internet services) did: 7.8% a year at 25.9% volatility, 16% less than CBRE's 31.0%.
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 CBRE; faint dots are 94 more of the 883 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.
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than CBRE?
Investments that beat CBRE over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Looking beyond its popular alternatives, VRSN (internet services) earned more than CBRE with less volatility over the past 5 years: 7.8% a year at 25.9% volatility, against 5.6% a year at 31.0%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 5.6% at 31.0% for CBRE.
- Across the whole market, 883 of the 3,633 stocks and funds worth at least $500 million earned more than CBRE with less volatility over the past 5 years, among them AAPL, MSFT and VTI.
How this works
The table below lists investments that beat CBRE 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 CBRE'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 CBRE 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 CBRE'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× CBRE's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than CBRE'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 CBRE?lower diversifies more | Expenseper year | |||
| CBRECBRE Group, Inc. · this page | +5.6% | 31.0% | 0.33 | −53.6% | +387% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.61 | 0.09% | ||
| Same and neighboring categories, and shared themesbest 3 shownEverything else in Real Estate Services and the categories next to it (Internet Services, Office REITs, Alternative Asset Management, Mortgage Finance), plus CBRE's specific themes. 3 of 28 passed at least one test. | |||||||||
 GOOGAlphabet Inc. · Internet Services | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.29 | — | |
 METAMeta Platforms, Inc. · Internet Services | Higher return in most periods | +15.5% | 45.4% | 0.55 | −76.7% | +439% | 0.25 | — | |
VRSNVeriSign, Inc. · Internet Services | Higher return, lower volatility | +7.8% | 25.9% | 0.42 | −38.9% | +308% | 0.25 | — | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,441 of 3,590 passed at least one test. | |||||||||
 RSGRepublic Services, Inc. · Environmental Services | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.25 | — | |
 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% | 0.56 | — | |
 AJGArthur J. Gallagher & Co. · Insurance | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +10.9% | 24.2% | 0.55 | −44.4% | +516% | 0.37 | — | |
 CAHCardinal Health, Inc. · Health Care Distribution | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.23 | — | |
CASYCasey's General Stores, Inc. · Convenience Stores | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.30 | — | |
 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% | -0.04 | — | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.17 | 0.48% | |
JAAAJanus Henderson AAA CLO ETF · CLO Bonds | On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.43 | 0.20% | |
What these numbers mean for CBRE
- Annual return
- CBRE returned 5.6% 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 $13,100. 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
- CBRE's volatility over the past 5 years was 31.0%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CBRE's return lands within 31.0% 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
- CBRE's Sharpe ratio over the past 5 years was 0.33, against 0.79 for the S&P 500, so CBRE 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
- CBRE's worst fall from a peak to a low over the past 10 years was 53.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 53.6% fall takes a 115% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, CBRE's monthly returns had a correlation of 0.61 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 CBRE instead: the lower it is, the more that option would diversify a CBRE holding. Guide: Correlation and diversification →
Show all 883 stocks and funds worth at least $500 million that earned more than CBRE 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 CBRE | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | RSGRepublic Services, Inc. · Environmental Services | Whole market | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.25 | — |
| 2 | RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.56 | — |
| 3 | AJGArthur J. Gallagher & Co. · Insurance | Whole market | +10.9% | 24.2% | 0.55 | −44.4% | +516% | 0.37 | — |
| 4 | CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.23 | — |
| 5 | CASYCasey's General Stores, Inc. · Convenience Stores | Whole market | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.30 | — |
| 6 |  AAPLApple Inc. · Computer Hardware | Whole market | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.28 | — |
| 7 | WRBW. R. Berkley Corporation · Property & Casualty Insurance | Whole market | +18.9% | 22.9% | 0.87 | −45.3% | +443% | 0.15 | — |
| 8 |  MSFTMicrosoft Corporation · Software | Whole market | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.24 | — |
| 9 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.30 | — |
| 10 | NHCNational HealthCare Corporation · Medical - Care Facilities | Whole market | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.35 | — |
| 11 |  JPMJPMorgan Chase & Co. · Banks | Whole market | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.66 | — |
| 12 |  ABBVAbbVie Inc. · Pharmaceuticals | Whole market | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.24 | — |
| 13 |  VVisa Inc. · Payment Processing | Whole market | +12.8% | 22.9% | 0.64 | −36.4% | +429% | 0.51 | — |
| 14 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.17 | 0.48% |
| 15 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.34 | — |
| 16 |  QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth | Whole market | +14.5% | 23.0% | 0.71 | −35.1% | +553% | 0.41 | 0.18% |
| 17 |  MAMastercard Incorporated · Payment Processing | Whole market | +12.4% | 23.8% | 0.61 | −41.0% | +541% | 0.62 | — |
| 18 |  PMPhilip Morris International Inc. · Tobacco | Whole market | +21.0% | 23.4% | 0.94 | −42.9% | +242% | 0.35 | — |
| 19 |  CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +16.8% | 26.1% | 0.73 | −42.0% | +374% | 0.27 | — |
| 20 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.10 | — |
| 21 |  GILDGilead Sciences, Inc. · Biotechnology | Whole market | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.22 | — |
| 22 |  TDThe Toronto-Dominion Bank · Banks | Whole market | +15.8% | 20.0% | 0.84 | −42.0% | +310% | 0.48 | — |
| 23 | BFCBank First Corporation · Banks - Regional | Whole market | +19.0% | 27.3% | 0.78 | −39.8% | +496% | 0.41 | — |
| 24 |  GLDSPDR Gold Shares · Gold | Whole market | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.14 | 0.40% |
| 25 |  VGTVanguard Information Technology ETF · Technology Equity | Whole market | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.36 | 0.09% |
| 26 |  SMFGSumitomo Mitsui Financial Group, Inc. · Banks | Whole market | +33.7% | 29.4% | 1.14 | −47.6% | +474% | 0.36 | — |
| 27 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.16 | — |
| 28 |  VRTXVertex Pharmaceuticals Incorporated · Biotechnology | Whole market | +22.6% | 29.1% | 0.85 | −41.6% | +521% | 0.14 | — |
| 29 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +19.2% | 21.6% | 0.93 | −47.3% | +395% | 0.60 | — |
| 30 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.38 | — |
| 31 |  TTTrane Technologies plc · Building Products | Whole market | +22.7% | 27.7% | 0.88 | −40.5% | +955% | 0.43 | — |
| 32 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.38 | — |
| 33 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.45 | — |
| 34 |  BNSThe Bank of Nova Scotia · Banks | Whole market | +12.9% | 19.9% | 0.71 | −46.9% | +187% | 0.62 | — |
| 35 |  RIORio Tinto Group · Metals & Mining | Whole market | +12.2% | 29.0% | 0.54 | −37.5% | +464% | 0.22 | — |
| 36 |  CTASCintas Corporation · Business Services | Whole market | +16.5% | 23.1% | 0.78 | −48.4% | +808% | 0.53 | — |
| 37 |  JCIJohnson Controls International plc · Building Products | Whole market | +17.4% | 29.1% | 0.70 | −46.4% | +426% | 0.49 | — |
| 38 |  MSIMotorola Solutions, Inc. · Communications Equipment | Whole market | +14.8% | 23.6% | 0.71 | −32.8% | +625% | 0.38 | — |
| 39 |  ETREntergy Corporation · Electric Utilities | Whole market | +19.2% | 22.4% | 0.90 | −42.0% | +311% | 0.37 | — |
| 40 |  ALLThe Allstate Corporation · Property & Casualty Insurance | Whole market | +17.0% | 26.2% | 0.73 | −41.4% | +356% | 0.27 | — |
| 41 |  FASTFastenal Company · Industrial Distribution | Whole market | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.50 | — |
| 42 |  CSXCSX Corporation · Railroads | Whole market | +8.3% | 23.3% | 0.46 | −40.5% | +446% | 0.53 | — |
| 43 |  SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth | Whole market | +13.1% | 22.4% | 0.67 | −34.5% | +451% | 0.48 | 0.04% |
| 44 |  AMEAMETEK, Inc. · Electronic Instruments | Whole market | +14.4% | 22.1% | 0.72 | −42.7% | +481% | 0.56 | — |
| 45 |  DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity | Whole market | +14.7% | 17.5% | 0.87 | −34.7% | — | 0.59 | 0.26% |
| 46 |  TRPTC Energy Corporation · Oil & Gas Midstream | Whole market | +10.8% | 21.9% | 0.58 | −41.6% | +160% | 0.44 | — |
| 47 | CBOECboe Global Markets, Inc. · Capital Markets | Whole market | +21.5% | 25.1% | 0.91 | −43.2% | +463% | 0.17 | — |
| 48 |  IXORIX Corporation · Diversified Financials | Whole market | +17.9% | 25.4% | 0.78 | −42.5% | +284% | 0.39 | — |
| 49 |  NDAQNasdaq, Inc. · Capital Markets | Whole market | +8.9% | 24.7% | 0.47 | −38.3% | +407% | 0.61 | — |
| 50 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.39 | 0.13% |
| 51 | RSReliance Steel & Aluminum Co. · Metals & Mining | Whole market | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.45 | — |
| 52 | AVDVAvantis International Small Cap Value ETF · International Equity | Whole market | +13.9% | 17.4% | 0.84 | −43.0% | — | 0.54 | 0.36% |
| 53 | DGXQuest Diagnostics Incorporated · Medical Diagnostics | Whole market | +12.3% | 22.5% | 0.63 | −36.6% | +243% | 0.33 | — |
| 54 | EMXCiShares MSCI Emerging Markets ex China ETF · Emerging Markets Equity | Whole market | +11.1% | 19.5% | 0.64 | −42.8% | — | 0.35 | 0.25% |
| 55 | DTMDT Midstream, Inc. · Oil & Gas Midstream | Whole market | +24.5% | 25.2% | 1.00 | −23.6% | — | 0.37 | — |
| 56 | EWTiShares MSCI Taiwan ETF · International Equity | Whole market | +20.4% | 24.2% | 0.89 | −38.9% | +468% | 0.29 | 0.59% |
| 57 | CIBRFirst Trust Nasdaq Cybersecurity ETF · Cybersecurity | Whole market | +14.1% | 26.1% | 0.64 | −33.9% | +454% | 0.19 | 0.58% |
| 58 | IOOiShares Global 100 ETF · Global Equity | Whole market | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.53 | 0.40% |
| 59 | VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value | Whole market | +15.9% | 18.4% | 0.90 | −39.5% | +286% | 0.50 | 0.15% |
| 60 | AIZAssurant, Inc. · Property & Casualty Insurance | Whole market | +13.3% | 25.3% | 0.62 | −44.6% | +312% | 0.39 | — |
| 61 | MSGSMadison Square Garden Sports Corp. · Entertainment | Whole market | +18.4% | 25.6% | 0.79 | −41.6% | +432% | 0.21 | — |
| 62 | WTSWatts Water Technologies, Inc. · Industrial Machinery | Whole market | +15.3% | 28.4% | 0.65 | −44.1% | +539% | 0.56 | — |
| 63 | NEUNewMarket Corporation · Specialty Chemicals | Whole market | +21.0% | 26.8% | 0.85 | −40.7% | +165% | 0.29 | — |
| 64 | THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance | Whole market | +14.4% | 22.9% | 0.70 | −40.1% | +291% | 0.25 | — |
| 65 |  LINLinde plc · Chemicals | Whole market | +11.5% | 20.9% | 0.63 | −32.6% | +394% | 0.42 | — |
| 66 | FLTWFranklin FTSE Taiwan ETF · Technology | Whole market | +21.8% | 24.3% | 0.94 | −38.0% | — | 0.27 | 0.19% |
| 67 | QTUMDefiance Quantum ETF · Technology | Whole market | +22.8% | 28.1% | 0.87 | −38.5% | — | 0.31 | 0.40% |
| 68 | RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity | Whole market | +16.9% | 25.1% | 0.75 | −33.7% | +572% | 0.42 | 0.40% |
| 69 | AWIArmstrong World Industries, Inc. · Building Products | Whole market | +12.5% | 26.6% | 0.58 | −46.4% | +368% | 0.76 | — |
| 70 | TDIVFirst Trust NASDAQ Technology Dividend Index Fund · Technology Equity | Whole market | +16.2% | 21.3% | 0.81 | −32.0% | +388% | 0.43 | 0.50% |
| 71 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.40 | — |
| 72 | GARPiShares MSCI USA Quality GARP ETF · Broad Market | Whole market | +17.5% | 22.5% | 0.83 | −31.4% | — | 0.45 | 0.15% |
| 73 | FRDMFreedom 100 Emerging Markets ETF · International | Whole market | +17.3% | 22.8% | 0.82 | −40.5% | — | 0.32 | 0.49% |
| 74 | DIVBiShares Core Dividend ETF · Dividend & Income | Whole market | +13.9% | 15.4% | 0.93 | −36.9% | — | 0.71 | 0.05% |
| 75 |  ORLYO'Reilly Automotive, Inc. · Specialty Retail | Whole market | +15.9% | 23.4% | 0.75 | −42.0% | +393% | 0.46 | — |
| 76 | PWBInvesco Large Cap Growth ETF · Broad Market | Whole market | +14.8% | 22.2% | 0.74 | −32.4% | +409% | 0.42 | 0.55% |
| 77 | JMOMJPMorgan U.S. Momentum Factor ETF · Broad Market | Whole market | +12.9% | 19.1% | 0.73 | −34.3% | — | 0.54 | 0.12% |
| 78 | HACKAmplify Cybersecurity ETF · Technology | Whole market | +12.6% | 25.8% | 0.59 | −38.7% | +373% | 0.22 | 0.60% |
| 79 | GLTRabrdn Physical Precious Metals Basket Shares ETF · Alternatives | Whole market | +14.9% | 24.6% | 0.69 | −37.9% | +191% | 0.14 | 0.60% |
| 80 | FXLFirst Trust Technology AlphaDEX Fund · Technology | Whole market | +11.0% | 26.2% | 0.53 | −38.5% | +523% | 0.44 | 0.60% |
| 81 | XNTKState Street SPDR NYSE Technology ETF · Technology | Whole market | +16.9% | 29.3% | 0.68 | −48.3% | +728% | 0.33 | 0.35% |
| 82 | TRMKTrustmark Corporation · Banks - Regional | Whole market | +9.3% | 28.6% | 0.46 | −47.8% | +117% | 0.55 | — |
| 83 | VFMOVanguard U.S. Momentum Factor ETF · Broad Market | Whole market | +11.4% | 22.1% | 0.60 | −36.8% | — | 0.57 | 0.13% |
| 84 | DTCRGlobal X - Data Center & Digital Infrastructure ETF · International | Whole market | +10.2% | 22.9% | 0.54 | −39.0% | — | 0.42 | 0.50% |
| 85 | RBCAARepublic Bancorp, Inc. · Banks - Regional | Whole market | +14.8% | 27.9% | 0.64 | −44.7% | +318% | 0.47 | — |
| 86 | DBJPXtrackers MSCI Japan Hedged Equity ETF · International | Whole market | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.20 | 0.45% |
| 87 | CTBICommunity Trust Bancorp, Inc. · Banks - Regional | Whole market | +16.0% | 26.0% | 0.70 | −43.0% | +192% | 0.59 | — |
| 88 | FDTFirst Trust Developed Markets ex-US AlphaDEX Fund · International | Whole market | +11.5% | 18.8% | 0.68 | −46.1% | +151% | 0.46 | 0.80% |
| 89 |  HSBCHSBC Holdings plc · Banks | Whole market | +33.1% | 25.9% | 1.24 | −62.3% | +319% | 0.39 | — |
| 90 | NPKNational Presto Industries, Inc. · Aerospace & Defense | Whole market | +16.3% | 27.3% | 0.69 | −45.5% | +181% | 0.20 | — |
| 91 | FDDFirst Trust STOXX European Select Dividend Index Fund · Dividend & Income | Whole market | +12.6% | 18.5% | 0.74 | −41.4% | +175% | 0.56 | 0.56% |
| 92 | FYCFirst Trust Small Cap Growth AlphaDEX Fund · Broad Market | Whole market | +9.4% | 23.7% | 0.50 | −47.9% | +263% | 0.65 | 0.70% |
| 93 | THFFFirst Financial Corporation · Banks - Regional | Whole market | +15.9% | 26.2% | 0.69 | −42.8% | +161% | 0.61 | — |
| 94 | IXGiShares Global Financials ETF · International | Whole market | +12.2% | 17.2% | 0.76 | −43.5% | +220% | 0.77 | 0.38% |
| 95 | GVALCambria Global Value ETF · International | Whole market | +14.4% | 18.7% | 0.82 | −46.8% | +173% | 0.50 | 0.68% |
| 96 | RCBCRiver City Bank · Banks - Regional | Whole market | +14.6% | 27.2% | 0.64 | −45.5% | +345% | 0.21 | — |
| 97 |  MUFGMitsubishi UFJ Financial Group, Inc. · Banks | Whole market | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.35 | — |
| 98 |  VTIVanguard Morningstar Total Stock Market ETF · US Total Market | Whole market | +11.5% | 17.5% | 0.71 | −35.0% | +302% | 0.64 | 0.03% |
| 99 | RRBIRed River Bancshares, Inc. · Banks - Regional | Whole market | +15.2% | 28.6% | 0.64 | −46.9% | — | 0.44 | — |
| 100 |  VOOVanguard S&P 500 ETF · US Large-Cap Equity | Whole market | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.61 | 0.03% |
CBRE against its popular alternatives
The investments people most often weigh against CBRE, compared period by period and year by year.
How do CBRE'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 CBRE, which divides the map into what did better or worse on each measure.
- None of the 16 popular alternatives earned more than CBRE over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- 13 of the 16 popular alternatives earned less than CBRE over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, CBRE returned 5.6% a year, less than the S&P 500's 12.7%, with higher volatility (31.0% against 17.1%).
Green points earned more than CBRE with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| CBRE This pageCBRE Group, Inc. | +5.6% | 31.0% |
| FOR Forestar Group Inc. | +5.1% | 37.8% |
| JLL Jones Lang LaSalle Incorporated | +4.0% | 35.2% |
| PLD Prologis, Inc. | +0.6% | 27.2% |
| BX Blackstone Inc. | +0.4% | 39.8% |
| SLG SL Green Realty Corp. | −2.4% | 44.0% |
| VNO Vornado Realty Trust | −3.5% | 41.8% |
| NMRK Newmark Group, Inc. | −3.7% | 43.0% |
| COMP Compass, Inc. | −5.0% | 80.3% |
| RMR The RMR Group Inc. | −5.4% | 26.5% |
| FSV FirstService Corporation | −6.4% | 26.5% |
| MMI Marcus & Millichap, Inc. | −7.5% | 32.1% |
| CIGI Colliers International Group Inc. | −7.9% | 33.6% |
| CWK Cushman & Wakefield plc | −8.7% | 43.5% |
| CSGP CoStar Group, Inc. | −19.3% | 36.5% |
| WD Walker & Dunlop, Inc. | −20.9% | 38.0% |
| OPEN Opendoor Technologies Inc. | −38.6% | 114% |
Has CBRE consistently beaten its popular alternatives?
This section compares CBRE 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 CBRE helps separate lasting outperformance from a single strong stretch.
- None of the 16 popular alternatives outperformed CBRE in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was COMP.
A green cell means the alternative earned more than CBRE 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 | ||
| CBRE CBRE Group, Inc. (this page) | — | −6.3% | −3.2% | −12.0% | −16.2% | −16.0% | +98.9% | +31.3% | +387% | 31.0% | 0.33 | −53.6% | — | $39B | — |
| COMP Real Estate - ServicesCompass, Inc. | 3/5 short1/3 long | −6.0% | −18.9% | +17.8% | −9.3% | +27.1% | +362% | −22.6% | — | 80.3% | 0.32 | −90.8% | — | $7.2B | — |
| JLL Real Estate - ServicesJones Lang LaSalle Incorporated | 2/5 short1/3 long | −9.1% | −5.2% | −12.6% | −8.0% | +0.9% | +144% | +21.5% | +209% | 35.2% | 0.29 | −55.5% | — | $14B | — |
| BX Asset ManagementBlackstone Inc. | 0/5 short1/3 long | −12.7% | −9.8% | −12.8% | −28.3% | −28.4% | +28.6% | +2.1% | +628% | 39.8% | 0.21 | −49.3% | — | $127B | — |
| NMRK Real Estate - ServicesNewmark Group, Inc. | 0/5 short1/3 long | −16.7% | −24.7% | −29.2% | −30.8% | −36.7% | +127% | −17.0% | — | 43.0% | 0.13 | −83.9% | — | $1.9B | — |
| FOR Real Estate - DevelopmentForestar Group Inc. | 4/5 short0/3 long | −3.0% | −9.3% | −3.3% | +5.2% | −1.1% | +10.3% | +28.2% | +122% | 37.8% | 0.32 | −63.4% | — | $1.3B | — |
| RMR Real Estate - ServicesThe RMR Group Inc. | 4/5 short0/3 long | −4.2% | −9.2% | +11.2% | +29.0% | +33.0% | +2.3% | −24.2% | −0.7% | 26.5% | -0.08 | −75.8% | — | $283M | — |
| FSV Real Estate - ServicesFirstService Corporation | 3/5 short0/3 long | +4.4% | −5.4% | −7.2% | −7.6% | −23.9% | +1.6% | −28.3% | +229% | 26.5% | -0.12 | −47.4% | — | $6.3B | — |
| PLD REIT - IndustrialPrologis, Inc. | 3/5 short0/3 long | −6.1% | −12.9% | −10.8% | +1.1% | +3.4% | +37.1% | +3.0% | +221% | 27.2% | 0.16 | −43.3% | — | $121B | — |
| MMI Real Estate - ServicesMarcus & Millichap, Inc. | 3/5 short0/3 long | −9.2% | −8.2% | +1.1% | +5.7% | −3.6% | +6.6% | −32.3% | +25.8% | 32.1% | -0.08 | −53.7% | — | $1.1B | — |
| SLG REIT - OfficeSL Green Realty Corp. | 3/5 short0/3 long | −10.0% | −6.3% | +9.3% | +4.4% | −4.2% | +72.2% | −11.5% | −23.1% | 44.0% | 0.16 | −76.4% | — | $3.3B | — |
| VNO REIT - OfficeVornado Realty Trust | 3/5 short0/3 long | −6.9% | −16.7% | +11.9% | −1.0% | −11.6% | +71.3% | −16.4% | −36.8% | 41.8% | 0.12 | −80.9% | — | $6.2B | — |
| CSGP Real Estate - ServicesCoStar Group, Inc. | 2/5 short0/3 long | +13.8% | +11.4% | −17.5% | −49.7% | −55.9% | −55.2% | −65.9% | +58.4% | 36.5% | -0.41 | −73.0% | — | $13B | — |
| CIGI Real Estate - ServicesColliers International Group Inc. | 1/5 short0/3 long | +1.0% | −6.4% | −20.7% | −35.7% | −41.2% | +7.9% | −33.9% | +132% | 33.6% | -0.08 | −60.4% | — | $4.6B | — |
| WD Financial - MortgagesWalker & Dunlop, Inc. | 0/5 short0/3 long | −12.9% | −29.9% | −32.2% | −40.4% | −57.2% | −43.6% | −69.0% | +74.8% | 38.0% | -0.43 | −76.0% | — | $1.1B | — |
| CWK Real Estate - ServicesCushman & Wakefield plc | 0/5 short0/3 long | −10.8% | −11.9% | −22.5% | −27.3% | −28.7% | +70.3% | −36.7% | — | 43.5% | 0.01 | −71.8% | — | $2.7B | — |
| OPEN Real Estate - ServicesOpendoor Technologies Inc. | 0/5 short0/3 long | −23.1% | −53.7% | −61.5% | −66.1% | −72.0% | −5.5% | −91.2% | — | 114% | 0.10 | −98.6% | — | $2.0B | — |
How did CBRE do year by year?
This table shows each investment's total return in every full calendar year since 2005, along with where CBRE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CBRE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: CBRE began trading on June 10, 2004, so the table starts with 2005, its first full calendar year, and cannot show how it fared during the dot-com bust.
- CBRE finished ahead of the S&P 500 in 11 of its 21 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, CSGP came out ahead of CBRE most often, in 11 of the 21 years both traded.
- Ranked against its popular alternatives each year, CBRE finished in the top quarter in six of 21 years and in the bottom quarter in four. In 2025, it ranked 7 of 17.
Newest year first. Green marks a year in which the fund came out ahead of CBRE; gray means the two finished within a fraction of a point. The rank row places CBRE among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of CBRE | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CBRE This pageCBRE Group, Inc. | — | +22.5% | +41.0% | +21.0% | −29.1% | +73.0% | +2.3% | +53.1% | −7.5% | +37.5% | −8.9% | +1.0% | +30.2% | +32.2% | +30.8% | −25.7% | +50.9% | +214% | −80.0% | −35.1% | +69.2% | +75.5% |
| Rank among alternatives | Top quarter in 6 of 21 | 7 of 17 | 4 of 17 | 13 of 17 | 3 of 17 | 4 of 16 | 7 of 15 | 5 of 15 | 7 of 14 | 8 of 13 | 11 of 13 | 6 of 11 | 5 of 11 | 4 of 10 | 5 of 10 | 9 of 10 | 2 of 9 | 1 of 9 | 9 of 9 | 7 of 7 | 3 of 7 | 1 of 7 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 8 of 21 | +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% | +5.1% | +15.9% | +4.8% |
| COMP Compass, Inc. | 3 of 4 | +80.7% | +55.6% | +61.4% | −74.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| JLL Jones Lang LaSalle Incorporated | 9 of 21 | +32.9% | +34.0% | +18.5% | −40.8% | +81.5% | −14.8% | +38.3% | −14.5% | +48.2% | −36.4% | +7.0% | +47.3% | +22.7% | +37.7% | −26.7% | +39.3% | +119% | −60.4% | −22.1% | +84.3% | +35.3% |
| BX Blackstone Inc. | 9 of 18 | −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% | — | — | — |
| NMRK Newmark Group, Inc. | 4 of 8 | +36.5% | +18.1% | +39.9% | −57.0% | +157% | −44.8% | +74.9% | −48.4% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| FOR Forestar Group Inc. | 5 of 18 | −5.0% | −21.6% | +115% | −29.1% | +7.8% | −3.2% | +50.5% | −37.0% | +65.4% | +21.6% | −29.0% | −27.6% | +22.7% | +14.5% | −21.6% | −12.2% | +131% | −59.6% | — | — | — |
| RMR The RMR Group Inc. | 3 of 10 | −19.4% | −21.5% | +6.5% | −13.9% | +10.3% | −11.2% | −11.7% | −9.2% | +53.3% | +181% | — | — | — | — | — | — | — | — | — | — | — |
| FSV FirstService Corporation | 5 of 10 | −13.5% | +12.3% | +33.1% | −37.2% | +44.3% | +47.9% | +36.7% | −1.4% | +48.4% | +18.6% | — | — | — | — | — | — | — | — | — | — | — |
| PLD Prologis, Inc. | 10 of 21 | +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% | +1.6% | +23.3% | +26.8% |
| MMI Marcus & Millichap, Inc. | 4 of 12 | −27.6% | −11.2% | +28.8% | −30.8% | +38.2% | −0.1% | +8.5% | +5.3% | +22.0% | −8.3% | −12.3% | +123% | — | — | — | — | — | — | — | — | — |
| SLG SL Green Realty Corp. | 8 of 21 | −29.0% | +58.3% | +48.7% | −50.9% | +26.6% | −29.6% | +21.0% | −18.8% | −3.3% | −2.0% | −3.0% | +31.4% | +22.6% | +16.7% | −0.5% | +35.3% | +102% | −71.0% | −27.8% | +77.8% | +30.6% |
| VNO Vornado Realty Trust | 7 of 21 | −19.1% | +51.3% | +39.5% | −46.7% | +17.8% | −40.4% | +14.9% | −17.8% | −4.5% | +7.3% | −3.9% | +36.4% | +14.7% | +9.2% | −4.7% | +23.2% | +23.8% | −28.3% | −25.4% | +51.1% | +15.1% |
| CSGP CoStar Group, Inc. | 11 of 21 | −6.1% | −18.1% | +13.1% | −2.2% | −14.5% | +54.5% | +77.4% | +13.6% | +57.6% | −8.8% | +12.6% | −0.5% | +106% | +34.0% | +15.8% | +37.8% | +27.1% | −30.3% | −11.9% | +24.1% | −6.5% |
| CIGI Colliers International Group Inc. | 9 of 21 | +8.3% | +7.7% | +37.8% | −37.9% | +67.0% | +14.5% | +41.9% | −8.7% | +64.5% | −17.3% | +29.0% | +18.9% | +53.7% | +6.5% | −12.2% | +57.9% | +45.3% | −56.9% | +69.9% | −9.8% | +56.7% |
| WD Walker & Dunlop, Inc. | 7 of 15 | −35.9% | −10.1% | +46.0% | −46.8% | +67.0% | +45.9% | +52.7% | −7.2% | +52.2% | +8.3% | +64.2% | +8.5% | −3.0% | +32.6% | +24.6% | — | — | — | — | — | — |
| CWK Cushman & Wakefield plc | 1 of 7 | +23.8% | +21.1% | −13.3% | −44.0% | +50.0% | −27.5% | +41.3% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPEN Opendoor Technologies Inc. | 2 of 5 | +264% | −64.3% | +286% | −92.1% | −35.7% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How CBRE 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 CBRE's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents CBRE's five deepest drawdowns since it began trading in 2004, 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: CBRE began trading on June 10, 2004, 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.
- In all five of CBRE's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CBRE fell 30.6% from April to August 2006, while the S&P 500 slipped only 2.9%.
- The slowest recovery came after CBRE fell 94.3% from July 2007 to March 2009; it did not regain that peak until November 2017, nine years later.
Green means CBRE fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | CBRE fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −94.3% | −48.5% | Jul 2007 | Mar 2009 | 20 months | Nov 2017 | 8.7 years |
| Covid crash | −53.6% | −33.0% | Feb 2020 | Mar 2020 | 1 month | Dec 2020 | 9 months |
| 2022 bear market | −40.4% | −10.2% | Jan 2022 | Oct 2023 | 21 months | Jul 2024 | 9 months |
| No named crash | −30.6% | −2.9% | Apr 2006 | Aug 2006 | 4 months | Oct 2006 | 2 months |
| No named crash | −27.4% | +9.6% | Jan 2026 | Jun 2026 | 5 months | Not yet | — |
How did CBRE do in stock market crashes?
This section measures how far CBRE, 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: CBRE began trading on June 10, 2004, 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.
- CBRE fell further than the S&P 500 in seven of the nine crashes it has traded through. The clearest case was the 2008 financial crisis, when CBRE fell 90.7% and the S&P 500 fell 55.2%.
- Among its popular alternatives, CSGP held up best, falling less than CBRE in seven of the nine crashes they both traded through.
- CBRE began trading after the dot-com bust, but six 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.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than CBRE.
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CBRE This pageCBRE Group, Inc. | — | −9.6% | −38.8% | −53.2% | −17.2% | −5.3% | −39.4% | −46.2% | −4.1% | −90.7% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 7 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| COMP Compass, Inc. | 0 of 2 | −13.6% | −75.2% | — | — | — | — | — | — | — | — |
| JLL Jones Lang LaSalle Incorporated | 4 of 9 | −11.0% | −45.8% | −50.9% | −15.7% | −3.7% | −44.9% | −49.9% | −4.1% | −83.5% | −26.6% |
| BX Blackstone Inc. | 6 of 9 | −12.3% | −38.5% | −42.6% | −29.1% | −4.2% | −37.7% | −35.6% | −3.5% | −84.9% | — |
| NMRK Newmark Group, Inc. | 0 of 5 | −10.7% | −56.5% | −79.0% | −32.5% | −7.0% | — | — | — | — | — |
| FOR Forestar Group Inc. | 3 of 8 | −2.4% | −50.4% | −49.2% | −48.9% | −5.3% | −42.4% | −41.5% | −5.0% | — | — |
| RMR The RMR Group Inc. | 2 of 5 | −10.8% | −33.3% | −46.9% | −43.1% | −8.9% | — | — | — | — | — |
| FSV FirstService Corporation | 4 of 6 | −2.9% | −40.4% | −46.7% | −22.4% | −0.4% | −21.2% | — | — | — | — |
| PLD Prologis, Inc. | 5 of 9 | −6.5% | −42.1% | −36.2% | −17.9% | −8.6% | −18.4% | −36.2% | −4.2% | −84.7% | −17.1% |
| MMI Marcus & Millichap, Inc. | 3 of 6 | −7.3% | −43.8% | −39.2% | −14.4% | −6.1% | −64.1% | — | — | — | — |
| SLG SL Green Realty Corp. | 2 of 9 | −12.6% | −53.2% | −56.3% | −21.9% | −7.6% | −33.5% | −36.8% | −5.8% | −92.6% | −22.2% |
| VNO Vornado Realty Trust | 5 of 9 | −8.8% | −53.6% | −53.9% | −19.1% | −5.9% | −21.5% | −27.9% | −2.4% | −73.3% | −22.2% |
| CSGP CoStar Group, Inc. | 7 of 9 | −5.0% | −31.2% | −29.1% | −23.9% | −4.5% | −29.2% | −20.8% | −3.8% | −60.8% | −71.0% |
| CIGI Colliers International Group Inc. | 6 of 9 | −5.9% | −42.3% | −60.3% | −34.4% | −3.1% | −36.1% | −31.2% | −1.8% | −80.5% | −41.1% |
| WD Walker & Dunlop, Inc. | 3 of 7 | −10.2% | −44.3% | −53.8% | −28.7% | −3.2% | −38.8% | −20.5% | — | — | — |
| CWK Cushman & Wakefield plc | 0 of 4 | −11.5% | −51.7% | −58.3% | −29.2% | — | — | — | — | — | — |
| OPEN Opendoor Technologies Inc. | 0 of 2 | −23.7% | −80.8% | — | — | — | — | — | — | — | — |
How closely does CBRE 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 CBRE with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Only BX had a higher capture ratio (upside capture divided by downside capture) than CBRE's 0.87, out of 12 popular alternatives with the same record.
- Over the past 10 years, CBRE captured 131% of the S&P 500's gains in rising months and 151% of its losses in falling months, with a beta of 1.34. It amplified the market's moves in both directions.
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 CBRE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| CBRE This pageCBRE Group, Inc. | 131% | 151% | 0.87 | 1.34 |
| BX Blackstone Inc. | 156% | 170% | 0.92 | 1.48 |
| FSV FirstService Corporation | 93% | 109% | 0.85 | 0.94 |
| PLD Prologis, Inc. | 103% | 122% | 0.84 | 1.04 |
| JLL Jones Lang LaSalle Incorporated | 127% | 177% | 0.72 | 1.33 |
| CIGI Colliers International Group Inc. | 116% | 171% | 0.68 | 1.42 |
| FOR Forestar Group Inc. | 132% | 200% | 0.66 | 1.70 |
| WD Walker & Dunlop, Inc. | 108% | 170% | 0.63 | 1.42 |
| CSGP CoStar Group, Inc. | 79% | 139% | 0.57 | 0.85 |
| MMI Marcus & Millichap, Inc. | 75% | 134% | 0.56 | 1.07 |
| RMR The RMR Group Inc. | 84% | 166% | 0.51 | 1.37 |
| SLG SL Green Realty Corp. | 90% | 190% | 0.47 | 1.61 |
| VNO Vornado Realty Trust | 76% | 181% | 0.42 | 1.47 |
What diversifies CBRE?
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 CBRE's. Because such investments tend not to fall at the same time, pairing CBRE with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in CBRE into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+5.7% for CBRE alone, +10.5% for the mix).
- Among large ETFs, DXJ, MLPX and SMH have moved largely independently of CBRE over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- GLD made money in four of the six calendar years in which CBRE lost money.
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 CBRE lost money. The last two columns show a portfolio that is 80% CBRE and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2016 | 2011 | 2008 | 2007 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CBRE CBRE Group, Inc. (this page) | 1.00 | +31.3% | 0.33 | −29.1% | −7.5% | −8.9% | −25.7% | −80.0% | −35.1% | 31.5% | +5.7% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.17 | +225% | 1.34 | +6.0% | −19.8% | +1.1% | −16.1% | −20.8% | −7.4% | 25.8% | +10.5% |
| MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF | 0.47 | +135% | 0.97 | +21.5% | −15.5% | +36.3% | — | — | — | 27.2% | +9.1% |
| SMH TechnologyVanEck Semiconductor ETF | 0.32 | +323% | 0.97 | −33.5% | −9.1% | +35.6% | +6.8% | −44.7% | +6.0% | 28.2% | +12.7% |
| GLD CommoditiesSPDR Gold Shares | 0.14 | +126% | 0.96 | −0.8% | −1.9% | +8.0% | +9.6% | +4.9% | +30.4% | 25.9% | +9.1% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.39 | +136% | 0.93 | −10.4% | −0.9% | +7.4% | — | — | — | 27.1% | +9.5% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.27 | +177% | 0.93 | +64.4% | −18.2% | +28.0% | +2.8% | −39.0% | +36.8% | 27.1% | +10.0% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.29 | +153% | 0.89 | −28.9% | −9.9% | +17.7% | −21.8% | −45.3% | +6.4% | 27.1% | +9.7% |
| AMLP EnergyAlerian MLP ETF | 0.40 | +111% | 0.89 | +25.5% | −12.6% | +14.9% | +10.2% | — | — | 26.9% | +8.8% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2018 | 2016 | 2011 | 2008 | 2007 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CBRE CBRE Group, Inc. (this page) | 1.00 | +31.3% | 0.33 | −29.1% | −7.5% | −8.9% | −25.7% | −80.0% | −35.1% | 31.5% | +5.7% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.23 | +479% | 1.55 | +54.1% | −24.5% | −17.5% | +8.1% | −39.6% | −9.8% | 26.9% | +12.6% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.27 | +3,143% | 1.47 | +1.3% | −16.3% | +7.4% | −24.4% | −20.5% | −25.7% | 30.5% | +24.5% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.36 | +1,636% | 1.46 | +17.0% | +0.8% | +18.3% | −17.0% | −15.2% | +2.1% | 29.6% | +20.6% |
| MCK Medical - DistributionMcKesson Corporation | 0.10 | +413% | 1.44 | +51.8% | −28.4% | −28.3% | +11.8% | −40.4% | +29.7% | 26.2% | +12.2% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.11 | +690% | 1.41 | +86.6% | −8.2% | +0.7% | — | — | — | 26.7% | +14.8% |
Common questions
What was CBRE's worst drawdown?
CBRE's deepest decline since it began trading in 2004 was 94.3%, from July 2007 to March 2009. It took about nine years from the low to climb back to its old high. Because CBRE launched in June 2004, that record does not include the dot-com bust.
What were CBRE's best and worst years?
Over 21 full calendar years, CBRE's best year was 2009, when it returned 214%. Its worst was 2008, with a return of -80.0%.
Is there a better investment than CBRE?
Looking beyond its popular alternatives, VRSN (internet services) earned more than CBRE with less volatility over the past 5 years: 7.8% a year at 25.9% volatility, against 5.6% a year at 31.0%. Simply owning the S&P 500 would have done better over the past 5 years: 12.7% a year at 17.1% volatility, against 5.6% at 31.0% for CBRE.
Is CBRE more volatile than the S&P 500?
Yes. CBRE's volatility over the past 5 years was 31.0%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CBRE's return lands within 31.0% 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 CBRE's Sharpe ratio?
CBRE's Sharpe ratio over the past 5 years was 0.33, against 0.79 for the S&P 500, so CBRE 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 CBRE with the S&P 500?
Over the past 5 years, CBRE's monthly returns had a correlation of 0.61 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 CBRE instead: the lower it is, the more that option would diversify a CBRE holding.
What are the best alternatives to CBRE?
None of the 16 popular alternatives we compared outperformed CBRE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about CBRE's strength than about its alternatives.
Did CBRE outperform the S&P 500?
CBRE finished ahead of the S&P 500 (SPY) in 11 of 21 full calendar years. In 2025, it returned +22.5%, against +17.7% for the index.
How did CBRE do in stock market crashes?
CBRE fell less than the S&P 500 (SPY) in two of the nine major crashes it has traded through, and further in seven. The clearest case was the 2008 financial crisis, when CBRE fell 90.7% and the S&P 500 fell 55.2%.
What diversifies CBRE?
These had a low correlation with CBRE over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.17), MLPX (correlation 0.47) and SMH (correlation 0.32); among large stocks, CAH (correlation 0.23), CLS (correlation 0.27) and FIX (correlation 0.36). 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 CBRE's. Returns within 0.5 points or 3% of CBRE'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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