# How Barrick Mining (B) compares with the whole market and its popular alternatives

> Source: BetterThanSPY research, https://betterthanspy.com/research/b
> Data as of October 22, 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 B alone. It places B (Barrick Mining Corporation) 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 B stands in the market, and of the alternatives worth a closer look.

Period covered: B's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

## Key findings

- **Right now:** The slide is B's own: it is 25.8% below its high, against 1.9% for the S&P 500. Over the past 6 months, B fell 4.4% while the S&P 500 rose 8.0%.
- **Stock or market?:** B's 3.4% gain over the past 3 months is part of a broader gold mining rally: the gold mining ETF GDX (VanEck Gold Miners ETF) rose 6.5%, with NEM (Newmont, up 19.4%) and AEM (Agnico Eagle Mines, up 20.1%). Its gold mining peers did not move as one over the past 3 months: AEM rose 20.1%, while CDE (Coeur Mining) fell 12.4%.
- **Past 1 to 3 years:** B has outpaced the market, rising 25.2% over the past year against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. The same gap shows up over 3 years (150% against 88.4%).
- **Long term:** B turned $10,000 into $28,900 over the past decade, against $41,600 in the S&P 500. Even so, the past 5 years have been the better stretch: B rose 127% against 80.3% for the S&P 500, after trailing over the decade.
- **In a crash:** Across seven sell-offs, B has typically fallen 1.2 times as far as the S&P 500. The 2022 bear market took 43.6% off B, against 24.5% for the S&P 500. That was more than AEM (Agnico Eagle Mines, 42.0%) but less than NEM (Newmont, 51.8%).
- **Diversification:** B is a real diversifier: a correlation of 0.21 with the S&P 500 over 5 years and 0.21 with the total US market, less closely than 85% of stocks worth at least $300 million. Over 10 years B kept more of the market's gains than of its losses: 57% of the S&P 500's gains in rising months and 43% of its losses in falling ones, with a beta of 0.40.
- **Better options**
  - **Popular alternatives:** RGLD (Royal Gold) earned more than B with less volatility over the past 5 years: 20.2% a year at 32.4% volatility, against 17.8% a year at 37.4%.
  - **Nearby categories and themes:** RS (Reliance Steel & Aluminum, metals & mining) and EPU (iShares MSCI Peru and Global Exposure ETF, copper mining theme) earned more than B with less volatility over the past 5 years. RS returned 24.8% a year at 28.1% volatility, against 17.8% a year at 37.4%.
  - **Whole market:** 175 of the 3,641 stocks and funds worth at least $500 million earned more than B with less volatility over the past 5 years, among them AAPL (Apple), LLY (Eli Lilly and Company) and WMT (Walmart).

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

This chart tracks a hypothetical $10,000 investment in B over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of B over the same span and B's popular alternatives, among those that traded for the entire period.

- $10,000 invested in B at the end of September 1997 would have grown to $25,905 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of B, and RGLD finished highest, at $370,307.

## B 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.

- B is still 25.8% below its all-time high.
- B's deepest decline since it began trading in 1986 was 88.5%, from April 2011 to September 2015. It took about ten years from the low to climb back to its old high.
- Over 29 full calendar years, B's best was 2025, when it returned 187%, and its worst was 2013, when it lost 48.5%. It lost money in 16 of those years.

- Type: Stock, Materials (Gold)
- Trading since: October 17, 1986
- Market value: $64B
- Volatility (5 years): 37.4%; Sharpe ratio: 0.63
- Worst decline ever: −88.5%, from April 21, 2011 to September 23, 2015; back at its high by December 1, 2025

| Period | B total return |
| --- | --- |
| 1 month | −11.9% |
| 3 months | +3.4% |
| 6 months | −4.4% |
| year to date | −10.9% |
| 1 year | +25.2% |
| 3 years | +150% |
| 5 years | +127% |
| 10 years | +189% |

## B against the whole market

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

### How does B rank among all stocks?

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

- B's 5-year return ranks in the top 19% of the 2,897 stocks worth at least $300 million with 5 years of history.

| Measure | B | Rank |
| --- | --- | --- |
| 1-year return | +25.2% | 1,130 of 3,282 (top 35%) |
| 3-year return | +150% | 600 of 3,016 (top 20%) |
| 5-year return | +127% | 546 of 2,897 (top 19%) |
| 10-year return | +189% | 904 of 2,201 (top 42%) |
| Volatility, 5 years | 37.4% | 1,305 of 2,897 (top 46%) |
| Sharpe ratio, 5 years | 0.63 | 616 of 2,897 (top 22%) |
| Worst decline, past 10 years | −53.9% | 611 of 2,184 (top 28%) |

### What has beaten B 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).

- 152 stocks and 23 ETFs worth at least $500 million sit in the green region: each earned more than B over the past 5 years with smaller price swings. That is 5% of the 3,641 screened.
- Among those with at least half B's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 34% less than B's 37.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.63 for B. MPC earned the most, 50.0% a year, while still swinging less than B (33.4% against 37.4%).
- Among B's popular alternatives, RGLD is in the region. RGLD earned 20.2% a year against 17.8% a year for B, at 32.4% volatility, 13% less than B's 37.4%.

### Is there a better investment than B?

The table below lists investments that beat B 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 B's popular alternatives, RGLD earned more than B with less volatility over the past 5 years: 20.2% a year at 32.4% volatility, against 17.8% a year at 37.4%.
- Looking beyond its popular alternatives, RS (metals & mining) and EPU (copper mining theme) earned more than B with less volatility over the past 5 years. RS returned 24.8% a year at 28.1% volatility, against 17.8% a year at 37.4%.
- Across the whole market, 175 of the 3,641 stocks and funds worth at least $500 million earned more than B with less volatility over the past 5 years, among them AAPL, LLY and WMT.

The 15 strongest of 175 investments that beat B over the past 5 years, out of 3,641 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with B | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| B: Barrick Mining Corporation (this page) |  | +17.8% | 37.4% | 0.63 | −53.9% | +189% |  |  |
| [CAH](https://betterthanspy.com/research/cah): Cardinal Health, Inc. | Health Care Distribution | +41.7% | 24.7% | 1.54 | −46.1% | +345% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AAPL](https://betterthanspy.com/research/aapl): Apple Inc. | Computer Hardware | +19.1% | 28.0% | 0.77 | −38.5% | +1,194% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [LLY](https://betterthanspy.com/research/lly): Eli Lilly and Company | Pharmaceuticals | +41.2% | 32.8% | 1.22 | −34.5% | +1,870% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ABBV](https://betterthanspy.com/research/abbv): AbbVie Inc. | Specialty Pharmaceuticals | +25.5% | 23.4% | 1.09 | −45.1% | +600% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | Japan Equity | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [PM](https://betterthanspy.com/research/pm): Philip Morris International Inc. | Tobacco | +21.3% | 23.4% | 0.94 | −42.9% | +240% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MCK](https://betterthanspy.com/research/mck): McKesson Corporation | Health Care Distribution | +37.8% | 25.1% | 1.41 | −38.1% | +582% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AMGN](https://betterthanspy.com/research/amgn): Amgen Inc. | Biotechnology | +20.1% | 24.9% | 0.86 | −24.9% | +280% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GILD](https://betterthanspy.com/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +202% | 0.21 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MFG](https://betterthanspy.com/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.9% | 30.6% | 1.11 | −45.7% | +343% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SMFG](https://betterthanspy.com/research/smfg): Sumitomo Mitsui Financial Group, Inc. | Banks | +34.0% | 29.4% | 1.15 | −47.6% | +470% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [PGR](https://betterthanspy.com/research/pgr): The Progressive Corporation | Property & Casualty Insurance | +21.8% | 25.7% | 0.90 | −30.3% | +849% | 0.11 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VRTX](https://betterthanspy.com/research/vrtx): Vertex Pharmaceuticals Incorporated | Rare Disease Therapeutics | +23.9% | 29.1% | 0.89 | −41.6% | +580% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CM](https://betterthanspy.com/research/cm): Canadian Imperial Bank of Commerce | Banks | +19.5% | 21.6% | 0.94 | −47.3% | +409% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [XLK](https://betterthanspy.com/research/xlk): State Street Technology Select Sector SPDR ETF | Technology Equity | +19.0% | 26.1% | 0.80 | −33.6% | +741% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## B against its popular alternatives

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

### How do B'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.

- Only WPM and RGLD were both more rewarding and calmer than B over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, B returned 17.8% a year, more than the S&P 500's 12.5%, with higher volatility (37.4% against 17.2%).

### Has B consistently beaten its popular alternatives?

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

- Six of the 21 popular alternatives, led by AU, WPM and IAG, outperformed B in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- GLD, WPM and RGLD earned more for the risk they took than B (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- GFI outperformed B over all three long-term periods but in only one of the five short-term ones, so B has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of B | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| B: Barrick Mining Corporation (this page) | +25.2% | +150% | +127% | +189% |  |  | 0.63 |
| [AU](https://betterthanspy.com/research/au): AngloGold Ashanti Plc | +33.7% | +395% | +400% | +661% | 3/5 short-term, 3/3 long-term | consistent | 0.90 |
| [WPM](https://betterthanspy.com/research/wpm): Wheaton Precious Metals Corp. | +27.9% | +191% | +215% | +488% | 3/5 short-term, 3/3 long-term | consistent | 0.81 |
| IAG: Iamgold Corporation | +36.3% | +590% | +474% | +304% | 3/5 short-term, 3/3 long-term | consistent | 0.88 |
| [NEM](https://betterthanspy.com/research/nem): Newmont Corporation | +32.4% | +214% | +127% | +307% | 5/5 short-term, 2/3 long-term | consistent | 0.62 |
| RGLD: Royal Gold, Inc. | +28.9% | +124% | +151% | +291% | 4/5 short-term, 2/3 long-term | consistent | 0.73 |
| EGO: Eldorado Gold Corporation | +26.2% | +223% | +243% | +86.4% | 3/5 short-term, 2/3 long-term | consistent | 0.76 |
| HMY: Harmony Gold Mining Company Limited | −4.6% | +261% | +353% | +516% | 2/5 short-term, 3/3 long-term |  | 0.81 |
| [AEM](https://betterthanspy.com/research/aem): Agnico Eagle Mines Limited | +8.7% | +275% | +246% | +335% | 2/5 short-term, 3/3 long-term |  | 0.84 |
| GFI: Gold Fields Limited | −6.8% | +179% | +333% | +1,041% | 1/5 short-term, 3/3 long-term |  | 0.82 |
| KGC: Kinross Gold Corporation | −3.2% | +336% | +291% | +573% | 0/5 short-term, 3/3 long-term |  | 0.83 |
| AGI: Alamos Gold Inc. | −4.5% | +140% | +292% | +276% | 0/5 short-term, 2/3 long-term |  | 0.86 |
| [FCX](https://betterthanspy.com/research/fcx): Freeport-McMoRan Inc. | +59.9% | +100% | +83.7% | +606% | 2/5 short-term, 1/3 long-term |  | 0.50 |
| [FNV](https://betterthanspy.com/research/fnv): Franco-Nevada Corporation | +23.0% | +71.5% | +69.7% | +302% | 2/5 short-term, 1/3 long-term |  | 0.50 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | −2.2% | +102% | +120% | +206% | 2/5 short-term, 1/3 long-term |  | 0.93 |
| FSM: Fortuna Mining Corp. | +17.5% | +219% | +93.9% | +39.8% | 2/5 short-term, 1/3 long-term |  | 0.52 |
| CDE: Coeur Mining, Inc. | −26.8% | +436% | +107% | +25.3% | 0/5 short-term, 1/3 long-term |  | 0.55 |
| SSRM: SSR Mining Inc. | +30.2% | +105% | +86.6% | +183% | 3/5 short-term, 0/3 long-term |  | 0.54 |
| BTG: B2Gold Corp. | −5.1% | +62.3% | +36.0% | +129% | 3/5 short-term, 0/3 long-term |  | 0.36 |
| EQX: Equinox Gold Corp. | −5.8% | +128% | +34.2% | — | 1/5 short-term, 0/3 long-term |  | 0.39 |
| SA: Seabridge Gold Inc. | +5.6% | +120% | +37.5% | +126% | 0/5 short-term, 0/3 long-term |  | 0.39 |
| NG: NovaGold Resources Inc. | −28.3% | +69.1% | −18.3% | +35.1% | 0/5 short-term, 0/3 long-term |  | 0.24 |

### How did B do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where B ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, B finished in the top quarter in four of 29 years and in the bottom quarter in seven. In 2025, it ranked 7 of 22.
- B finished ahead of the S&P 500 in 13 of its 29 full calendar years.
- Among its popular alternatives, AGI came out ahead of B most often, in 16 of the 22 years both traded.

| Year | B | SPY |
| --- | --- | --- |
| 2025 | +187% | +17.7% |
| 2024 | −12.3% | +24.9% |
| 2023 | +7.9% | +26.2% |
| 2022 | −6.2% | −18.2% |
| 2021 | −13.4% | +28.7% |
| 2020 | +24.2% | +18.3% |
| 2019 | +40.1% | +31.2% |
| 2018 | −5.6% | −4.6% |
| 2017 | −8.6% | +21.7% |
| 2016 | +118% | +12.0% |

## Risk and diversification

How B 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 B's worst declines?

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

- In all four of B's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: B fell 88.5% from April 2011 to September 2015, while the S&P 500 rose 58.7%.
- The slowest recovery came after B fell 88.5% from April 2011 to September 2015; it did not regain that peak until December 2025, ten years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −88.5% | April 21, 2011 | September 23, 2015 | December 1, 2025 | +58.7% | 2011 euro debt crisis |
| −65.8% | March 3, 2008 | October 27, 2008 | November 10, 2010 | −36.1% | 2008 financial crisis |
| −58.7% | February 5, 1996 | October 24, 2000 | September 16, 2005 | +132% | dot-com bust |
| −52.1% | September 18, 1987 | November 10, 1987 | November 3, 1989 | — |  |
| −35.0% | January 17, 1994 | January 31, 1995 | February 1, 1996 | +2.0% |  |

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

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

- Among its popular alternatives, GLD held up best, falling less than B in eight of the nine crashes they both traded through.
- B fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the late-2018 sell-off, when B fell 8.7% and the S&P 500 fell 19.3%.

| Crash | Dates | B fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −40.3% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −65.8% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.9% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −16.9% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −27.8% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.9% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −8.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −28.6% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −43.6% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −0.3% | −3.4% |

### How closely does B 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.

- Over the past 10 years, B captured 57% of the S&P 500's gains in rising months and 43% of its losses in falling months, with a beta of 0.40. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Ten of the 20 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than B's 1.34, led by GLD, SSRM and GFI.
- WPM took just 37% of the S&P 500's losses, against 43% for B, while still keeping 78% of its gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| B: Barrick Mining Corporation (this page) | 57.0% | 43.0% | 0.40 |
| [AU](https://betterthanspy.com/research/au): AngloGold Ashanti Plc | 88.0% | 40.0% | 0.61 |
| [WPM](https://betterthanspy.com/research/wpm): Wheaton Precious Metals Corp. | 78.0% | 37.0% | 0.48 |
| IAG: Iamgold Corporation | 120% | 131% | 1.17 |
| [NEM](https://betterthanspy.com/research/nem): Newmont Corporation | 68.0% | 45.0% | 0.39 |
| RGLD: Royal Gold, Inc. | 69.0% | 54.0% | 0.56 |
| EGO: Eldorado Gold Corporation | 82.0% | 115% | 1.06 |
| HMY: Harmony Gold Mining Company Limited | 89.0% | 57.0% | 1.07 |
| [AEM](https://betterthanspy.com/research/aem): Agnico Eagle Mines Limited | 77.0% | 57.0% | 0.70 |
| GFI: Gold Fields Limited | 102% | 46.0% | 0.69 |
| KGC: Kinross Gold Corporation | 100% | 70.0% | 0.83 |
| AGI: Alamos Gold Inc. | 76.0% | 52.0% | 0.80 |
| [FCX](https://betterthanspy.com/research/fcx): Freeport-McMoRan Inc. | 164% | 181% | 1.74 |
| [FNV](https://betterthanspy.com/research/fnv): Franco-Nevada Corporation | 69.0% | 47.0% | 0.49 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | 40.0% | 3.0% | 0.14 |
| FSM: Fortuna Mining Corp. | 81.0% | 128% | 1.10 |
| CDE: Coeur Mining, Inc. | 126% | 213% | 1.56 |
| SSRM: SSR Mining Inc. | 39.0% | 5.0% | 0.46 |
| BTG: B2Gold Corp. | 63.0% | 61.0% | 0.78 |
| SA: Seabridge Gold Inc. | 88.0% | 110% | 0.91 |
| NG: NovaGold Resources Inc. | 51.0% | 91.0% | 0.80 |

### What diversifies B?

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 B into FIX would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+20.8% for B alone, +35.8% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of B over the past 5 years, with correlations of 0.36 or lower, and each still earned a positive 5-year return.
- MCK made money in 11 of the 16 calendar years in which B lost money.

| Investment | Correlation with B | 5Y return | Volatility | Sharpe | Rose in B's 16 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.36 | +119% | 11.1% | 1.48 | 4 of 16 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.13 | +225% | 19.1% | 1.34 | 8 of 16 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.23 | +103% | 14.5% | 1.06 | 6 of 16 |
| HDV: iShares Core High Dividend ETF | 0.36 | +86.8% | 13.0% | 1.03 | 7 of 16 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.25 | +83.6% | 13.8% | 0.95 | 7 of 16 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.08 | +304% | 37.0% | 0.94 | 7 of 16 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.16 | +178% | 25.5% | 0.94 | 8 of 16 |
| DFIV: Dimensional - International Value ETF | 0.43 | +99.4% | 16.4% | 0.93 | 1 of 16 |

## Common questions

### What was B's worst drawdown?

B's deepest decline since it began trading in 1986 was 88.5%, from April 2011 to September 2015. It took about ten years from the low to climb back to its old high.

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

Over 29 full calendar years, B's best year was 2025, when it returned 187%. Its worst was 2013, with a return of -48.5%.

### Is there a better investment than B?

Among B's popular alternatives, RGLD earned more than B with less volatility over the past 5 years: 20.2% a year at 32.4% volatility, against 17.8% a year at 37.4%. Looking beyond its popular alternatives, RS (metals & mining) and EPU (copper mining theme) earned more than B with less volatility over the past 5 years. RS returned 24.8% a year at 28.1% volatility, against 17.8% a year at 37.4%.

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

Yes. B's volatility over the past 5 years was 37.4%, 2.2 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, B's return lands within 37.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is B's Sharpe ratio?

B's Sharpe ratio over the past 5 years was 0.63, against 0.78 for the S&P 500, so B 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 B with the S&P 500?

Over the past 5 years, B's monthly returns had a correlation of 0.21 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against B instead: the lower it is, the more that option would diversify a B holding.

### What are the best alternatives to B?

Of the 21 popular alternatives we compared, six outperformed B in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: AU, WPM and IAG.

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

B finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +187%, against +17.7% for the index.

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

B fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in three. The clearest case was the late-2018 sell-off, when B fell 8.7% and the S&P 500 fell 19.3%.

### What diversifies B?

These had a low correlation with B over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.36), DXJ (correlation 0.13) and EMLP (correlation 0.23); among large stocks, CAH (correlation 0.09), CLS (correlation -0.14) and MCK (correlation 0.14). A correlation near zero means the two have moved largely independently.

## More research

- [AngloGold Ashanti (AU) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/au)
- [Wheaton Precious Metals (WPM) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/wpm)
- [Newmont (NEM) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/nem)
- [Agnico Eagle Mines (AEM) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/aem)
- [Freeport-McMoRan (FCX) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/fcx)
- [Franco-Nevada (FNV) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/fnv)
- [SPDR Gold Shares (GLD) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/gld)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/msft)

## Explore further

- Full page with charts: https://betterthanspy.com/research/b
- All research pages: https://betterthanspy.com/llms.txt
- Compare the entire market against B live: https://betterthanspy.com/?b=B