# How BlackRock (BLK) compares with the whole market and its popular alternatives

> Source: BetterThanSPY research, https://betterthanspy.com/research/blk
> 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 BLK alone. It places BLK (BlackRock, 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 BLK stands in the market, and of the alternatives worth a closer look.

Period covered: BLK's full trading record, from October 1999 through September 2026. All returns include reinvested dividends. Data as of October 22, 2026.

## Key findings

- **Right now:** Not every peer went the same way. Over the past 3 months, AMG (Affiliated Managers Group) rose 14.1% and BNY (Bank of New York Mellon) fell 9.0%. Over the past 3 months, BLK rose 8.2% against 2.5% for the S&P 500.
- **Stock or market?:** BLK's 8.2% gain over the past 3 months far outran its industry: the asset management ETF XLF (State Street Financial Select Sector SPDR ETF) rose 1.4%. The S&P 500 rose 2.5%. Its asset management peers did not move as one over the past 3 months: AMG (Affiliated Managers Group) rose 14.1%, while BNY (Bank of New York Mellon) fell 9.0%.
- **Past 1 to 3 years:** BLK has trailed the market, rising 2.8% over the past year against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100.
- **Long term:** BLK's 10-year return of 324% puts it ahead of 76% of the stocks worth at least $300 million with that much history. The S&P 500 returned 316%. BLK turned $10,000 into $42,400 over the past decade, against $41,600 in the S&P 500.
- **In a crash:** Across seven sell-offs, BLK has typically fallen 1.3 times as far as the S&P 500. The 2022 bear market took 40.8% off BLK, against 24.5% for the S&P 500. That was more than BX (Blackstone, 38.5%) but less than TROW (T. Rowe Price Group, 48.2%).
- **Diversification:** BLK is more of the same, not a cushion: a correlation of 0.79 with the S&P 500 over 5 years and 0.80 with the total US market, more closely than 99% of stocks worth at least $300 million. Over 10 years, BLK's beta versus the S&P 500 was 1.30: in the S&P 500's rising months it gained 1.3 times as much as the index, and in falling months it lost 1.6 times as much.
- **Better options**
  - **Popular alternatives:** CME (CME Group), BNY (Bank of New York Mellon) and SEIC (SEI Investments) earned more than BLK with less volatility over the past 5 years. CME returned 11.6% a year at 20.8% volatility, against 7.0% a year at 27.1%.
  - **Nearby categories and themes:** NDAQ (Nasdaq, capital markets) and PBAM (Private Bancorp of America, regional banks) earned more than BLK with less volatility over the past 5 years. NDAQ returned 10.5% a year at 24.9% volatility, against 7.0% a year at 27.1%.
  - **Versus the S&P 500:** Simply owning the S&P 500 would have done better over the past 5 years: 12.5% a year at 17.2% volatility, against 7.0% at 27.1% for BLK.

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

This chart tracks a hypothetical $10,000 investment in BLK over the past 26 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BLK over the same span and BLK's popular alternatives, among those that traded for the entire period.

- $10,000 invested in BLK at the end of September 2000 would have grown to $562,061 by September 2026, more than the $84,332 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of BLK, and VTR finished highest, at $934,198.

## BLK 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.

- BLK's deepest decline since it began trading in 1999 was 60.4%, from August 2008 to March 2009. It took seven months from the low to climb back to its old high.
- Over 26 full calendar years, BLK's best was 2000, when it returned 144%, and its worst was 2008, when it lost 37.0%. It lost money in eight of those years.
- BLK is 3.4% below its all-time high.

- Type: Stock, Financials (Asset Management)
- Trading since: October 1, 1999
- Market value: $176B
- Volatility (5 years): 27.1%; Sharpe ratio: 0.39
- Worst decline ever: −60.4%, from August 11, 2008 to March 3, 2009; back at its high by October 14, 2009

| Period | BLK total return |
| --- | --- |
| 1 month | +6.6% |
| 3 months | +8.2% |
| 6 months | +8.2% |
| year to date | +6.5% |
| 1 year | +2.8% |
| 3 years | +97.8% |
| 5 years | +40.3% |
| 10 years | +324% |

## BLK against the whole market

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

### How does BLK rank among all stocks?

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

- BLK's worst decline of the past 10 years ranks in the top 12% of the 2,184 stocks worth at least $300 million, where the top fell the least.

| Measure | BLK | Rank |
| --- | --- | --- |
| 1-year return | +2.8% | 1,909 of 3,282 (top 59%) |
| 3-year return | +97.8% | 949 of 3,016 (top 32%) |
| 5-year return | +40.3% | 1,218 of 2,897 (top 43%) |
| 10-year return | +324% | 534 of 2,201 (top 25%) |
| Volatility, 5 years | 27.1% | 484 of 2,897 (top 17%) |
| Sharpe ratio, 5 years | 0.39 | 1,282 of 2,897 (top 45%) |
| Worst decline, past 10 years | −43.9% | 257 of 2,184 (top 12%) |

### What has beaten BLK 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).

- 151 stocks and 443 ETFs worth at least $500 million sit in the green region: each earned more than BLK over the past 5 years with smaller price swings. That is 16% of the 3,641 screened.
- Among those with at least half BLK's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 9% less than BLK's 27.1%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.39 for BLK.
- Among BLK's popular alternatives, BNY, FHI and CME are in the region. BNY earned 22.8% a year against 7.0% a year for BLK, at 24.4% volatility, 10% less than BLK's 27.1%.

### Is there a better investment than BLK?

The table below lists investments that beat BLK 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 BLK's popular alternatives, CME, BNY and SEIC earned more than BLK with less volatility over the past 5 years. CME returned 11.6% a year at 20.8% volatility, against 7.0% a year at 27.1%.
- Looking beyond its popular alternatives, NDAQ (capital markets) and PBAM (regional banks) earned more than BLK with less volatility over the past 5 years. NDAQ returned 10.5% a year at 24.9% volatility, against 7.0% a year at 27.1%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.5% a year at 17.2% volatility, against 7.0% at 27.1% for BLK.

The 15 strongest of 594 investments that beat BLK 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 BLK | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BLK: BlackRock, Inc. (this page) |  | +7.0% | 27.1% | 0.39 | −43.9% | +324% |  |  |
| [V](https://betterthanspy.com/research/v): Visa Inc. | Payment Processing | +13.2% | 22.9% | 0.66 | −36.4% | +435% | 0.53 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [COST](https://betterthanspy.com/research/cost): Costco Wholesale Corporation | Discount Retail | +17.4% | 22.9% | 0.82 | −31.4% | +692% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [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; Smaller losses in recent crashes |
| [RSG](https://betterthanspy.com/research/rsg): Republic Services, Inc. | Waste Management | +14.1% | 18.6% | 0.80 | −34.0% | +461% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MSI](https://betterthanspy.com/research/msi): Motorola Solutions, Inc. | Communications Equipment | +15.2% | 23.6% | 0.72 | −32.8% | +639% | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [FAST](https://betterthanspy.com/research/fast): Fastenal Company | Industrial Distribution | +16.2% | 24.6% | 0.74 | −30.7% | +582% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WMT](https://betterthanspy.com/research/wmt): Walmart Inc. | Discount Retail | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| RSPT: Invesco S&P 500 Equal Weight Technology ETF | Technology Equity | +16.6% | 25.1% | 0.74 | −33.7% | +559% | 0.64 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [NDAQ](https://betterthanspy.com/research/ndaq): Nasdaq, Inc. | Capital Markets | +10.5% | 24.9% | 0.53 | −38.3% | +447% | 0.70 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CME](https://betterthanspy.com/research/cme): CME Group Inc. | Capital Markets | +11.6% | 20.8% | 0.63 | −37.4% | +334% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [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 |
| [GILD](https://betterthanspy.com/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +202% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [COR](https://betterthanspy.com/research/cor): Cencora, Inc. | Health Care Distribution | +23.6% | 22.8% | 1.05 | −32.4% | +403% | 0.38 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| NXTG: First Trust Indxx NextG ETF | Technology Equity | +16.1% | 19.1% | 0.88 | −33.6% | +323% | 0.57 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VOO](https://betterthanspy.com/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.6% | 16.9% | 0.79 | −34.0% | +319% | 0.79 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |

## BLK against its popular alternatives

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

### How do BLK'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.

- Four of the 23 popular alternatives, led by BNY, FHI and SEIC, were both more rewarding and calmer than BLK over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BLK returned 7.0% a year, less than the S&P 500's 12.5%, with higher volatility (27.1% against 17.2%).

### Has BLK consistently beaten its popular alternatives?

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

- Six of the 23 popular alternatives, led by AMG, CME and VCTR, outperformed BLK in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- CME earned more for the risk it took than BLK (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.
- MS outperformed BLK over all three long-term periods but in only one of the five short-term ones, so BLK has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of BLK | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BLK: BlackRock, Inc. (this page) | +2.8% | +97.8% | +40.3% | +324% |  |  | 0.39 |
| AMG: Affiliated Managers Group, Inc. | +67.0% | +222% | +139% | +186% | 5/5 short-term, 2/3 long-term | consistent | 0.71 |
| [CME](https://betterthanspy.com/research/cme): CME Group Inc. | +18.7% | +62.8% | +73.2% | +334% | 4/5 short-term, 2/3 long-term | consistent | 0.63 |
| VCTR: Victory Capital Holdings, Inc. | +70.7% | +306% | +240% | — | 4/5 short-term, 2/3 long-term | consistent | 0.88 |
| [STT](https://betterthanspy.com/research/stt): State Street Corporation | +51.8% | +186% | +97.6% | +213% | 3/5 short-term, 2/3 long-term | consistent | 0.61 |
| WT: WisdomTree, Inc. | +70.1% | +232% | +282% | +156% | 3/5 short-term, 2/3 long-term | consistent | 0.98 |
| IVZ: Invesco Ltd. | +30.4% | +162% | +41.5% | +49.6% | 3/5 short-term, 2/3 long-term | consistent | 0.37 |
| [MS](https://betterthanspy.com/research/ms): Morgan Stanley | +19.0% | +181% | +112% | +630% | 1/5 short-term, 3/3 long-term |  | 0.67 |
| [BNY](https://betterthanspy.com/research/bny): Bank of New York Mellon Corp | +38.1% | +277% | +179% | +332% | 2/5 short-term, 2/3 long-term |  | 0.97 |
| FHI: Federated Hermes, Inc. | +16.1% | +108% | +110% | +226% | 2/5 short-term, 2/3 long-term |  | 0.73 |
| NTRS: Northern Trust Corporation | +34.9% | +181% | +53.5% | +206% | 2/5 short-term, 2/3 long-term |  | 0.44 |
| [ARES](https://betterthanspy.com/research/ares): Ares Management Corporation | −14.2% | +34.5% | +77.9% | +997% | 0/5 short-term, 2/3 long-term |  | 0.49 |
| [APO](https://betterthanspy.com/research/apo): Apollo Global Management, Inc. | −7.8% | +45.2% | +58.7% | +845% | 0/5 short-term, 2/3 long-term |  | 0.44 |
| SEIC: SEI Investments Company | +29.9% | +98.4% | +73.7% | +156% | 3/5 short-term, 1/3 long-term |  | 0.61 |
| [KKR](https://betterthanspy.com/research/kkr): KKR & Co. Inc. | −24.0% | +71.9% | +32.0% | +654% | 0/5 short-term, 1/3 long-term |  | 0.34 |
| [BX](https://betterthanspy.com/research/bx): Blackstone Inc. | −23.6% | +40.9% | +2.8% | +647% | 0/5 short-term, 1/3 long-term |  | 0.21 |
| [ICE](https://betterthanspy.com/research/ice): Intercontinental Exchange, Inc. | +5.8% | +57.9% | +33.0% | +249% | 3/5 short-term, 0/3 long-term |  | 0.37 |
| BEN: Franklin Resources, Inc. | +46.5% | +66.2% | +31.5% | +49.9% | 3/5 short-term, 0/3 long-term |  | 0.33 |
| CNS: Cohen & Steers, Inc. | +8.6% | +53.9% | −7.4% | +200% | 2/5 short-term, 0/3 long-term |  | 0.10 |
| [SPGI](https://betterthanspy.com/research/spgi): S&P Global Inc. | −4.7% | +32.6% | +4.9% | +298% | 1/5 short-term, 0/3 long-term |  | 0.17 |
| TROW: T. Rowe Price Group, Inc. | +6.0% | +25.4% | −37.3% | +126% | 1/5 short-term, 0/3 long-term |  | -0.16 |
| AB: AllianceBernstein Holding L.P. | −2.4% | +58.6% | −2.5% | +285% | 0/5 short-term, 0/3 long-term |  | 0.12 |
| [SCHW](https://betterthanspy.com/research/schw): The Charles Schwab Corporation | −1.8% | +93.2% | +17.0% | +223% | 0/5 short-term, 0/3 long-term |  | 0.26 |
| APAM: Artisan Partners Asset Management Inc. | −12.9% | +34.2% | +4.4% | +211% | 0/5 short-term, 0/3 long-term |  | 0.18 |

### How did BLK do year by year?

This table shows each investment's total return in every full calendar year since 2000, along with where BLK ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, BLK finished in the top quarter in seven of 26 years and in the bottom quarter in two. In 2025, it ranked 14 of 24.
- BLK finished ahead of the S&P 500 in 16 of its 26 full calendar years.
- Among its popular alternatives, APO came out ahead of BLK most often, in nine of the 14 years both traded.

| Year | BLK | SPY |
| --- | --- | --- |
| 2025 | +6.6% | +17.7% |
| 2024 | +29.3% | +24.9% |
| 2023 | +17.9% | +26.2% |
| 2022 | −20.4% | −18.2% |
| 2021 | +29.4% | +28.7% |
| 2020 | +47.2% | +18.3% |
| 2019 | +31.9% | +31.2% |
| 2018 | −21.6% | −4.6% |
| 2017 | +38.2% | +21.7% |
| 2016 | +14.6% | +12.0% |

## Risk and diversification

How BLK 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 BLK's worst declines?

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

- In all five of BLK's worst declines, the S&P 500 held up better over the same dates.
- The slowest recovery came after BLK fell 41.9% from January to August 2010; it did not regain that peak until January 2013, two years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −60.4% | August 11, 2008 | March 3, 2009 | October 14, 2009 | −45.6% | 2008 financial crisis |
| −43.9% | November 12, 2021 | October 12, 2022 | September 17, 2024 | −22.5% | 2022 bear market |
| −42.4% | February 12, 2020 | March 23, 2020 | July 15, 2020 | −33.5% | Covid crash |
| −41.9% | January 11, 2010 | August 26, 2010 | January 15, 2013 | −7.5% | 2010 flash crash |
| −37.5% | January 22, 2018 | December 24, 2018 | February 11, 2020 | −15.5% | late-2018 sell-off |

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

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

- BLK fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the 2022 bear market, when BLK fell 40.8% and the S&P 500 fell 24.5%.
- Among its popular alternatives, CME held up best, falling less than BLK in seven of the nine crashes they both traded through.

| Crash | Dates | BLK fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −33.0% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −60.4% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −23.9% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −19.9% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.1% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −25.2% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −42.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −40.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −7.2% | −3.4% |

### How closely does BLK 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.

- 13 of the 22 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BLK's 0.81, led by CME, ARES and MS.
- AB took just 112% of the S&P 500's losses, against 157% for BLK, while still keeping 102% of its gains.
- Over the past 10 years, BLK captured 127% of the S&P 500's gains in rising months and 157% of its losses in falling months, with a beta of 1.30. 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 |
| --- | --- | --- | --- |
| BLK: BlackRock, Inc. (this page) | 127% | 157% | 1.30 |
| AMG: Affiliated Managers Group, Inc. | 103% | 137% | 1.22 |
| [CME](https://betterthanspy.com/research/cme): CME Group Inc. | 50.0% | 11.0% | 0.33 |
| [STT](https://betterthanspy.com/research/stt): State Street Corporation | 128% | 166% | 1.48 |
| WT: WisdomTree, Inc. | 133% | 185% | 1.48 |
| IVZ: Invesco Ltd. | 119% | 201% | 1.46 |
| [MS](https://betterthanspy.com/research/ms): Morgan Stanley | 142% | 137% | 1.39 |
| [BNY](https://betterthanspy.com/research/bny): Bank of New York Mellon Corp | 115% | 120% | 1.08 |
| FHI: Federated Hermes, Inc. | 85.0% | 93.0% | 0.90 |
| NTRS: Northern Trust Corporation | 111% | 136% | 1.18 |
| [ARES](https://betterthanspy.com/research/ares): Ares Management Corporation | 157% | 146% | 1.29 |
| [APO](https://betterthanspy.com/research/apo): Apollo Global Management, Inc. | 166% | 168% | 1.58 |
| SEIC: SEI Investments Company | 97.0% | 127% | 1.03 |
| [KKR](https://betterthanspy.com/research/kkr): KKR & Co. Inc. | 171% | 191% | 1.62 |
| [BX](https://betterthanspy.com/research/bx): Blackstone Inc. | 156% | 170% | 1.48 |
| [ICE](https://betterthanspy.com/research/ice): Intercontinental Exchange, Inc. | 88.0% | 94.0% | 0.84 |
| BEN: Franklin Resources, Inc. | 102% | 170% | 1.39 |
| CNS: Cohen & Steers, Inc. | 104% | 134% | 1.27 |
| [SPGI](https://betterthanspy.com/research/spgi): S&P Global Inc. | 107% | 125% | 1.04 |
| TROW: T. Rowe Price Group, Inc. | 118% | 172% | 1.35 |
| AB: AllianceBernstein Holding L.P. | 102% | 112% | 1.10 |
| [SCHW](https://betterthanspy.com/research/schw): The Charles Schwab Corporation | 89.0% | 90.0% | 0.91 |
| APAM: Artisan Partners Asset Management Inc. | 160% | 224% | 1.79 |

### What diversifies BLK?

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 BLK into DBA would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+7.3% for BLK alone, +8.7% for the mix).
- Among large ETFs, DXJ, SMH and XLE have moved largely independently of BLK over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.
- FIX made money in five of the eight calendar years in which BLK lost money.

| Investment | Correlation with BLK | 5Y return | Volatility | Sharpe | Rose in BLK's 8 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.30 | +225% | 19.1% | 1.34 | 2 of 8 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.46 | +304% | 37.0% | 0.94 | 2 of 8 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.38 | +178% | 25.5% | 0.94 | 3 of 8 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | 0.25 | +120% | 19.0% | 0.93 | 3 of 8 |
| AMLP: Alerian MLP ETF | 0.43 | +114% | 18.9% | 0.90 | 2 of 8 |
| EWT: iShares MSCI Taiwan ETF | 0.45 | +147% | 24.3% | 0.87 | 2 of 8 |
| DBA: Invesco DB Agriculture Fund | 0.19 | +66.7% | 13.8% | 0.81 | 2 of 8 |
| IHE: iShares U.S. Pharmaceuticals ETF | 0.38 | +83.2% | 16.8% | 0.81 | 3 of 8 |

## Common questions

### What was BLK's worst drawdown?

BLK's deepest decline since it began trading in 1999 was 60.4%, from August 2008 to March 2009. It took seven months from the low to climb back to its old high.

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

Over 26 full calendar years, BLK's best year was 2000, when it returned 144%. Its worst was 2008, with a return of -37.0%.

### Is there a better investment than BLK?

Among BLK's popular alternatives, CME, BNY and SEIC earned more than BLK with less volatility over the past 5 years. CME returned 11.6% a year at 20.8% volatility, against 7.0% a year at 27.1%. Looking beyond its popular alternatives, NDAQ (capital markets) and PBAM (regional banks) earned more than BLK with less volatility over the past 5 years. NDAQ returned 10.5% a year at 24.9% volatility, against 7.0% a year at 27.1%.

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

Yes. BLK's volatility over the past 5 years was 27.1%, 1.6 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BLK's return lands within 27.1% 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 BLK's Sharpe ratio?

BLK's Sharpe ratio over the past 5 years was 0.39, against 0.78 for the S&P 500, so BLK 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 BLK with the S&P 500?

Over the past 5 years, BLK's monthly returns had a correlation of 0.79 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 BLK instead: the lower it is, the more that option would diversify a BLK holding.

### What are the best alternatives to BLK?

Of the 23 popular alternatives we compared, six outperformed BLK in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: AMG, CME and VCTR.

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

BLK finished ahead of the S&P 500 (SPY) in 16 of 26 full calendar years. In 2025, it returned +6.6%, against +17.7% for the index.

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

BLK fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the 2022 bear market, when BLK fell 40.8% and the S&P 500 fell 24.5%.

### What diversifies BLK?

These had a low correlation with BLK over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.30), SMH (correlation 0.46) and XLE (correlation 0.38); among large stocks, CAH (correlation 0.16), CLS (correlation 0.37) and MCK (correlation 0.14). A correlation near zero means the two have moved largely independently.

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## Explore further

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