# How KKR & Co. Inc. (KKR) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/kkr
> 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 KKR alone. It places KKR (KKR & Co. 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 KKR stands in the market, and of the alternatives worth a closer look.

Period covered: KKR's full trading record, from January 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:** Over the past 6 months, KKR fell 13.8% while the S&P 500 rose 9.1%. KKR is 46.0% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record.
- **Stock or market?:** The weakness is KKR's own: it fell 7.8% over the past 3 months while the alternative asset management ETF PSP (Invesco Global Listed Private Equity ETF) fell 0.8%. 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:** KKR has gone against the market, falling 25.2% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (65.7% against 89.3%). KKR led its alternative asset management peers in 2023, then fell behind BLK (BlackRock) and BN (Brookfield) in 2025.
- **Long term:** KKR turned $10,000 into $75,300 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 (31.8% against 81.7%), after a much stronger decade (653% against 321%).
- **In a crash:** Across six sell-offs, KKR has typically fallen about twice as far as the S&P 500.
- **Diversification:** Against the S&P 500, KKR has a correlation of 0.69 over 5 years, more closely than 98% 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:** GS (Goldman Sachs Group), MS (Morgan Stanley) and BLK (BlackRock) earned more than KKR with less volatility over the past 5 years. GS returned 19.6% a year at 28.6% volatility, against 5.7% a year at 39.8%.
  - **Nearby categories and themes:** RY (Royal Bank of Canada, banks) and JPM (JPMorgan Chase & Co., banks) earned more than KKR with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 5.7% 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 5.7% at 39.8% for KKR.

## How much would $10,000 in KKR have grown?

This chart tracks a hypothetical $10,000 investment in KKR over the past 19 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of KKR over the same span and KKR's popular alternatives, among those that traded for the entire period.

- $10,000 invested in KKR at the end of September 2007 would have grown to $80,582 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 KKR, and IBKR finished highest, at $182,133.

## KKR 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.

- KKR is still 46.0% below its all-time high.
- KKR's deepest decline since it began trading in 2007 was 93.8%, from March 2007 to February 2009. It took about five years from the low to climb back to its old high.
- Over 18 full calendar years, KKR's best was 2009, when it returned 153%, and its worst was 2008, when it lost 81.2%. It lost money in six of those years.

- Type: Stock, Financials (Asset Management)
- Trading since: January 11, 2007
- Market value: $80B
- Volatility (5 years): 39.8%; Sharpe ratio: 0.34
- Worst decline ever: −93.8%, from March 1, 2007 to February 24, 2009; back at its high by January 7, 2014

| Period | KKR total return |
| --- | --- |
| 1 month | −11.5% |
| 3 months | −7.8% |
| 6 months | −13.8% |
| year to date | −30.4% |
| 1 year | −25.2% |
| 3 years | +65.7% |
| 5 years | +31.8% |
| 10 years | +653% |

## KKR against the whole market

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

### How does KKR rank among all stocks?

This section ranks KKR on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- KKR's 10-year return ranks in the top 10% of the 2,202 stocks worth at least $300 million with 10 years of history.
- KKR's 1-year return ranks in the bottom 16% of the 3,287 stocks worth at least $300 million with 1 year of history.

| Measure | KKR | Rank |
| --- | --- | --- |
| 1-year return | −25.2% | 2,758 of 3,287 (top 84%) |
| 3-year return | +65.7% | 1,316 of 3,017 (top 44%) |
| 5-year return | +31.8% | 1,320 of 2,893 (top 46%) |
| 10-year return | +653% | 214 of 2,202 (top 10%) |
| Volatility, 5 years | 39.8% | 1,449 of 2,893 (top 51%) |
| Sharpe ratio, 5 years | 0.34 | 1,433 of 2,893 (top 50%) |
| Worst decline, past 10 years | −49.4% | 438 of 2,187 (top 21%) |

### What has beaten KKR 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).

- 642 stocks and 581 ETFs worth at least $500 million sit in the green region: each earned more than KKR over the past 5 years with smaller price swings. That is 34% of the 3,633 screened.
- Among those with at least half KKR's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 38% less than KKR's 39.8%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.34 for KKR. PBR-A earned the most, 51.8% a year, while still swinging less than KKR (37.5% against 39.8%).
- Among KKR's popular alternatives, GS, AMG and MS are in the region. GS earned 19.6% a year against 5.7% a year for KKR, at 28.6% volatility, 28% less than KKR's 39.8%.

### Is there a better investment than KKR?

The table below lists investments that beat KKR 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 KKR's popular alternatives, GS, MS and BLK earned more than KKR with less volatility over the past 5 years. GS returned 19.6% a year at 28.6% volatility, against 5.7% a year at 39.8%.
- Looking beyond its popular alternatives, RY (banks) and JPM (banks) earned more than KKR with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 5.7% 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 5.7% at 39.8% for KKR.

The 15 strongest of 1,223 investments that beat KKR 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 KKR | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| KKR: KKR & Co. Inc. (this page) |  | +5.7% | 39.8% | 0.34 | −49.4% | +653% |  |  |
| [MSFT](https://easycompare.io/research/msft): Microsoft Corporation | Software | +12.5% | 28.2% | 0.56 | −37.1% | +946% | 0.52 | 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% | 0.00 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAT](https://easycompare.io/research/cat): Caterpillar Inc. | Industrial Machinery | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.37 | 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% | 0.38 | 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% | 0.37 | 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% | 0.54 | 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% | 0.30 | 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% | 0.17 | 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% | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [TT](https://easycompare.io/research/tt): Trane Technologies plc | Building Products | +22.7% | 27.7% | 0.88 | −40.5% | +955% | 0.45 | 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% | 0.50 | 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% | 0.03 | 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% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [KEYS](https://easycompare.io/research/keys): Keysight Technologies, Inc. | Electronic Equipment | +13.9% | 34.5% | 0.55 | −42.6% | +923% | 0.21 | 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% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## KKR against its popular alternatives

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

### How do KKR'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.

- Nine of the 18 popular alternatives, led by GS, AMG and MS, were both more rewarding and calmer than KKR over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, KKR returned 5.7% a year, less than the S&P 500's 12.7%, with higher volatility (39.8% against 17.1%).

### Has KKR consistently beaten its popular alternatives?

This section compares KKR with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Eight of the 20 popular alternatives, led by LPLA, ARES and BLK, outperformed KKR in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- GS and BLK earned more for the risk they took than KKR (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 KKR | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| KKR: KKR & Co. Inc. (this page) | −25.2% | +65.7% | +31.8% | +653% |  |  | 0.34 |
| LPLA: LPL Financial Holdings Inc. | −4.9% | +47.1% | +88.9% | +1,057% | 5/5 short-term, 2/3 long-term | consistent | 0.54 |
| [ARES](https://easycompare.io/research/ares): Ares Management Corporation | −17.4% | +24.9% | +71.4% | +926% | 5/5 short-term, 2/3 long-term | consistent | 0.48 |
| [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 |
| AMG: Affiliated Managers Group, Inc. | +59.9% | +214% | +137% | +185% | 5/5 short-term, 2/3 long-term | consistent | 0.70 |
| GCMG: GCM Grosvenor Inc. | +13.0% | +82.8% | +38.2% | — | 5/5 short-term, 2/3 long-term | consistent | 0.38 |
| [APO](https://easycompare.io/research/apo): Apollo Global Management, Inc. | −9.7% | +41.4% | +64.9% | +825% | 4/5 short-term, 2/3 long-term | consistent | 0.46 |
| [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 |
| [MS](https://easycompare.io/research/ms): Morgan Stanley | +13.9% | +170% | +110% | +627% | 3/5 short-term, 2/3 long-term | consistent | 0.66 |
| ARCC: Ares Capital Corporation | +4.4% | +30.5% | +41.5% | +212% | 5/5 short-term, 1/3 long-term |  | 0.45 |
| [BAM](https://easycompare.io/research/bam): Brookfield Asset Management Ltd. | −12.5% | +67.9% | — | — | 5/5 short-term, 1/3 long-term |  | — |
| TPG: TPG Inc. | −16.9% | +84.5% | — | — | 4/5 short-term, 1/3 long-term |  | — |
| [BN](https://easycompare.io/research/bn): Brookfield Corporation | −16.8% | +85.9% | +20.8% | +226% | 3/5 short-term, 1/3 long-term |  | 0.28 |
| OBDC: Blue Owl Capital Corporation | −11.7% | +5.1% | +20.2% | — | 5/5 short-term, 0/3 long-term |  | 0.28 |
| PAX: Patria Investments Ltd | −14.2% | +6.9% | −7.7% | — | 5/5 short-term, 0/3 long-term |  | 0.11 |
| VRTS: Virtus Investment Partners, Inc. | −29.3% | −18.9% | −54.4% | +64.8% | 3/5 short-term, 0/3 long-term |  | -0.26 |
| OWL: Blue Owl Capital Inc. | −40.5% | −13.5% | −31.5% | — | 3/5 short-term, 0/3 long-term |  | 0.03 |
| [BX](https://easycompare.io/research/bx): Blackstone Inc. | −28.4% | +28.6% | +2.1% | +628% | 2/5 short-term, 0/3 long-term |  | 0.21 |
| HLNE: Hamilton Lane Incorporated | −28.5% | +10.6% | −3.9% | — | 2/5 short-term, 0/3 long-term |  | 0.16 |
| STEP: StepStone Group Inc. | −26.9% | +66.0% | +15.2% | — | 2/5 short-term, 0/3 long-term |  | 0.28 |
| CG: The Carlyle Group Inc. | −34.2% | +47.2% | −18.0% | +287% | 1/5 short-term, 0/3 long-term |  | 0.10 |

### How did KKR do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where KKR ranked among its popular alternatives each year.

- None of the 17 popular alternatives came out ahead of KKR in most of the years they have in common.
- Ranked against its popular alternatives each year, KKR finished in the top quarter in seven of 18 years and in the bottom quarter in three. In 2025, it ranked 19 of 21.
- KKR finished ahead of the S&P 500 in ten of its 18 full calendar years.

| Year | KKR | SPY |
| --- | --- | --- |
| 2025 | −13.3% | +17.7% |
| 2024 | +79.6% | +24.9% |
| 2023 | +80.5% | +26.2% |
| 2022 | −37.0% | −18.2% |
| 2021 | +85.8% | +28.7% |
| 2020 | +41.1% | +18.3% |
| 2019 | +51.5% | +31.2% |
| 2018 | −4.3% | −4.6% |
| 2017 | +41.8% | +21.7% |
| 2016 | +3.4% | +12.0% |

## Risk and diversification

How KKR 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 KKR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of KKR's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: KKR fell 49.4% from January 2025 to March 2026, while the S&P 500 rose 12.0%.
- The slowest recovery came after KKR fell 93.8% from March 2007 to February 2009; it did not regain that peak until January 2014, five years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −93.8% | March 1, 2007 | February 24, 2009 | January 7, 2014 | −42.5% | 2008 financial crisis |
| −53.1% | July 29, 2015 | February 11, 2016 | January 3, 2018 | −12.3% | 2015 China and oil sell-off |
| −49.4% | January 31, 2025 | March 12, 2026 | not yet | +12.0% |  |
| −47.9% | November 3, 2021 | September 30, 2022 | December 14, 2023 | −22.0% | 2022 bear market |
| −45.5% | February 19, 2020 | March 23, 2020 | July 8, 2020 | −33.7% | Covid crash |

### How did KKR do in stock market crashes?

This section measures how far KKR, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- KKR fell further than the S&P 500 in all nine crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when KKR fell 51.3% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BLK held up best, falling less than KKR in all nine crashes they both traded through.
- KKR began trading after the dot-com bust, but five of its popular alternatives lived through it. The mildest fall among them was BN's 20.7%, against 47.5% for the S&P 500.

| Crash | Dates | KKR 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 | −90.1% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −2.2% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −37.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −51.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −10.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −33.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −45.5% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −41.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −12.6% | −3.4% |

### How closely does KKR 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.

- Seven of the 12 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than KKR's 0.89, led by LPLA, ARES and ARCC.
- MS took just 137% of the S&P 500's losses, against 191% for KKR, while still keeping 142% of its gains.
- Over the past 10 years, KKR captured 171% of the S&P 500's gains in rising months and 191% of its losses in falling months, with a beta of 1.62. It amplified the market's moves in both directions.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| KKR: KKR & Co. Inc. (this page) | 171% | 191% | 1.62 |
| LPLA: LPL Financial Holdings Inc. | 110% | 52.0% | 0.85 |
| [ARES](https://easycompare.io/research/ares): Ares Management Corporation | 157% | 146% | 1.29 |
| [BLK](https://easycompare.io/research/blk): BlackRock, Inc. | 127% | 157% | 1.30 |
| AMG: Affiliated Managers Group, Inc. | 103% | 137% | 1.22 |
| [APO](https://easycompare.io/research/apo): Apollo Global Management, Inc. | 166% | 168% | 1.58 |
| [GS](https://easycompare.io/research/gs): The Goldman Sachs Group, Inc. | 136% | 133% | 1.39 |
| [MS](https://easycompare.io/research/ms): Morgan Stanley | 142% | 137% | 1.39 |
| ARCC: Ares Capital Corporation | 75.0% | 70.0% | 0.87 |
| [BN](https://easycompare.io/research/bn): Brookfield Corporation | 125% | 162% | 1.42 |
| VRTS: Virtus Investment Partners, Inc. | 116% | 183% | 1.49 |
| [BX](https://easycompare.io/research/bx): Blackstone Inc. | 156% | 170% | 1.48 |
| CG: The Carlyle Group Inc. | 156% | 206% | 1.65 |

### What diversifies KKR?

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 KKR into GLD would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+9.3% for KKR alone, +12.9% for the mix).
- Among large ETFs, LVHI, DXJ and HDV have moved largely independently of KKR over the past 5 years, with correlations of 0.41 or lower, and each still earned a positive 5-year return.
- CAH made money in four of the six calendar years in which KKR lost money.

| Investment | Correlation with KKR | 5Y return | Volatility | Sharpe | Rose in KKR's 6 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.38 | +119% | 11.1% | 1.48 | 2 of 6 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.15 | +225% | 19.1% | 1.34 | 3 of 6 |
| HDV: iShares Core High Dividend ETF | 0.41 | +83.3% | 13.0% | 1.00 | 2 of 6 |
| EWP: iShares MSCI Spain ETF | 0.42 | +140% | 20.3% | 0.97 | 1 of 6 |
| MLPX: Global X - MLP & Energy Infrastructure ETF | 0.49 | +135% | 19.7% | 0.97 | 2 of 6 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.38 | +323% | 36.9% | 0.97 | 2 of 6 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.49 | +85.0% | 13.8% | 0.96 | 2 of 6 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | -0.07 | +126% | 18.9% | 0.96 | 3 of 6 |

## Common questions

### What was KKR's worst drawdown?

KKR's deepest decline since it began trading in 2007 was 93.8%, from March 2007 to February 2009. It took about five years from the low to climb back to its old high. Because KKR launched in January 2007, that record does not include the dot-com bust.

### What were KKR's best and worst years?

Over 18 full calendar years, KKR's best year was 2009, when it returned 153%. Its worst was 2008, with a return of -81.2%.

### Is there a better investment than KKR?

Among KKR's popular alternatives, GS, MS and BLK earned more than KKR with less volatility over the past 5 years. GS returned 19.6% a year at 28.6% volatility, against 5.7% a year at 39.8%. Looking beyond its popular alternatives, RY (banks) and JPM (banks) earned more than KKR with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 5.7% a year at 39.8%.

### Is KKR more volatile than the S&P 500?

Yes. KKR'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, KKR'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 KKR's Sharpe ratio?

KKR's Sharpe ratio over the past 5 years was 0.34, against 0.79 for the S&P 500, so KKR 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 KKR with the S&P 500?

Over the past 5 years, KKR's monthly returns had a correlation of 0.69 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 KKR instead: the lower it is, the more that option would diversify a KKR holding.

### What are the best alternatives to KKR?

Of the 20 popular alternatives we compared, eight outperformed KKR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: LPLA, ARES and BLK.

### Did KKR outperform the S&P 500?

KKR finished ahead of the S&P 500 (SPY) in ten of 18 full calendar years. In 2025, it returned -13.3%, against +17.7% for the index.

### How did KKR do in stock market crashes?

KKR fell less than the S&P 500 (SPY) in none of the nine major crashes it has traded through, and further in nine. The clearest case was the 2015 China and oil sell-off, when KKR fell 51.3% and the S&P 500 fell 12.8%.

### What diversifies KKR?

These had a low correlation with KKR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.38), DXJ (correlation 0.15) and HDV (correlation 0.41); among large stocks, CAH (correlation 0.09), CLS (correlation 0.41) and FIX (correlation 0.41). A correlation near zero means the two have moved largely independently.

## More research

- [Ares Management (ARES) Performance, Alternatives and Market Rank](https://easycompare.io/research/ares)
- [BlackRock (BLK) Performance, Alternatives and Market Rank](https://easycompare.io/research/blk)
- [Apollo Global Management (APO) Performance, Alternatives and Market Rank](https://easycompare.io/research/apo)
- [Goldman Sachs Group (GS) Performance, Alternatives and Market Rank](https://easycompare.io/research/gs)
- [Morgan Stanley (MS) Performance, Alternatives and Market Rank](https://easycompare.io/research/ms)
- [Brookfield Asset Management (BAM) Performance, Alternatives and Market Rank](https://easycompare.io/research/bam)
- [Brookfield (BN) Performance, Alternatives and Market Rank](https://easycompare.io/research/bn)
- [Blackstone (BX) Performance, Alternatives and Market Rank](https://easycompare.io/research/bx)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)

## Explore further

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