BetterThanSPY

Relative Intelligence · Junior Subordinated Debt

How Brookfield Finance Inc. 4.50% P (BNJ) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BNJ alone. It places BNJ (Brookfield Finance Inc. 4.50% P) against 9 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 BNJ stands in the market, and of the alternatives worth a closer look.

Period covered: BNJ's full trading record, from November 2020 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 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against BNJ →Chart BNJ vs. 9 alternatives →

This page answers the following questions about BNJ

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in BNJ have grown?

This chart tracks a hypothetical $10,000 investment in BNJ over the past 5 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BNJ over the same span and BNJ's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: BNJ began trading on November 27, 2020, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or six other sell-offs. It covers the most recent 5 years of BNJ's record, starting at the end of September 2021.

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,923 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of BNJ; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000202120222023202420252026$5,000$10,000$15,000$20,000202120222023202420252026
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • BN$13,162+31.6% total · +5.6% a year
  • PFF$10,208+2.1% total · +0.4% a year
  • BND$9,657−3.4% total · −0.7% a year
  • PGX$9,018−9.8% total · −2.0% a year
  • BIPH$8,379−16.2% total · −3.5% a year
  • BEPH$8,291−17.1% total · −3.7% a year
  • BNJ$7,879−21.2% total · −4.7% a year
  • BNH$7,815−21.9% total · −4.8% a year
Change the dates or add tickers to this chart in EasyCompare

BNJ 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: BNJ began trading on November 27, 2020, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or six other sell-offs.

The company

Market value
$83B
Industry
Asset Management
Price history from
November 2020

Returns

Past 1 year
−4.5%total return
Past 3 years
+23.7%+7.3% a year
Past 5 years
−23.5%−5.2% a year
Best calendar year
+15.2%2023
Worst calendar year
−35.6%2022
Losing years
2 of 5full calendar years

Risk

Volatility
18.6%typical yearly swing, 5 years
Sharpe ratio
-0.20return per unit of risk, 5 years
Worst decline ever
−39.3%Oct 2021 to Oct 2023
From its all-time high
−24.3%below the peak

BNJ against the whole market

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

How does BNJ rank among all stocks?

This section ranks BNJ 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 BNJ stacks up against its peers, these rankings show where it stands in the market as a whole.

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.

MeasureBNJRankStanding
1-year return−4.5%2,196 of 3,282bottom 34%
3-year return+23.7%1,986 of 3,016bottom 35%
5-year return−23.5%2,076 of 2,897bottom 29%
Volatility, 5 years18.6%53 of 2,897top 2%
Sharpe ratio, 5 years-0.202,695 of 2,897bottom 8%

What has beaten BNJ 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). BNJ sits where the dashed lines cross. Anything in the green box above and to the left earned more than BNJ 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.

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 BNJ; faint dots are 90 more of the 646 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−5.0%0.0%5.0%10.0%15.0%20.0%25.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BNJSCHD: +10.2% a year, volatility 14.4%VT: +10.1% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%DFAC: +11.3% a year, volatility 17.0%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%EFA: +8.4% a year, volatility 16.6%QUAL: +11.2% a year, volatility 17.3%JEPI: +7.3% a year, volatility 11.0%DOCT: +8.2% a year, volatility 7.4%XLV: +8.4% a year, volatility 15.3%CHT: +8.2% a year, volatility 13.3%DFIV: +14.8% a year, volatility 16.4%AVLV: +13.9% a year, volatility 16.9%DGRW: +11.7% a year, volatility 14.0%USMV: +7.7% a year, volatility 12.3%SPHQ: +11.7% a year, volatility 16.7%BUFR: +9.8% a year, volatility 10.5%DBEF: +12.9% a year, volatility 13.8%IOO: +15.6% a year, volatility 17.2%JQUA: +13.5% a year, volatility 15.7%XLP: +7.6% a year, volatility 13.8%DIVO: +10.9% a year, volatility 11.9%DFAX: +9.6% a year, volatility 16.1%IQLT: +7.6% a year, volatility 16.5%JAVA: +11.4% a year, volatility 14.5%QYLD: +8.2% a year, volatility 15.0%DBMF: +9.5% a year, volatility 12.4%FTCS: +6.5% a year, volatility 13.3%VIGI: +5.1% a year, volatility 14.5%EMB: +1.5% a year, volatility 9.8%SGOV: +3.8% a year, volatility 0.3%FTLS: +10.1% a year, volatility 10.5%OMFL: +8.9% a year, volatility 16.4%PTLC: +9.3% a year, volatility 11.9%AOR: +6.4% a year, volatility 10.7%EQWL: +11.7% a year, volatility 15.0%BCI: +10.1% a year, volatility 16.7%FTHI: +10.0% a year, volatility 13.3%ACIO: +9.1% a year, volatility 11.2%SCHY: +9.5% a year, volatility 13.3%FLQL: +13.4% a year, volatility 16.3%HFXI: +11.2% a year, volatility 15.3%EMLC: +2.5% a year, volatility 9.1%DSTL: +11.7% a year, volatility 16.2%FJUN: +10.4% a year, volatility 10.6%EEMV: +5.0% a year, volatility 12.9%QDPL: +11.6% a year, volatility 15.0%NFRA: +5.4% a year, volatility 13.0%IHDG: +7.4% a year, volatility 14.9%QUS: +11.1% a year, volatility 14.2%IHE: +12.9% a year, volatility 16.8%FFLC: +15.5% a year, volatility 16.8%RLY: +10.0% a year, volatility 13.3%RAAX: +11.5% a year, volatility 15.7%JAAA: +5.1% a year, volatility 1.7%PPH: +11.6% a year, volatility 15.8%FTXH: +12.3% a year, volatility 16.9%PTNQ: +9.4% a year, volatility 14.2%FTQI: +11.4% a year, volatility 14.8%EQL: +13.4% a year, volatility 14.5%AVES: +7.7% a year, volatility 17.5%PJUN: +6.8% a year, volatility 8.3%FLSP: +8.6% a year, volatility 13.4%SIXH: +10.3% a year, volatility 10.3%OAK-PA: +1.7% a year, volatility 17.5%SMIG: +6.5% a year, volatility 16.0%OAK-PB: +1.1% a year, volatility 17.4%SIXA: +12.9% a year, volatility 12.7%XLSR: +9.1% a year, volatility 17.2%ANGL: +2.0% a year, volatility 7.7%QAI: +4.1% a year, volatility 6.8%IMFL: +8.5% a year, volatility 16.2%QSPT: +11.9% a year, volatility 14.9%HFSI: +2.4% a year, volatility 4.9%KO: +15.2% a year, volatility 16.8%OUSA: +9.5% a year, volatility 13.4%VSLU: +13.7% a year, volatility 16.2%YLD: +4.2% a year, volatility 6.4%BSJR: +3.4% a year, volatility 6.7%DRSK: +2.1% a year, volatility 7.5%WTPI: +8.9% a year, volatility 12.2%RSPH: +6.1% a year, volatility 16.8%PJP: +11.3% a year, volatility 16.6%CDC: +6.5% a year, volatility 12.6%FXH: +3.1% a year, volatility 16.8%LGH: +9.2% a year, volatility 16.7%FDEM: +8.8% a year, volatility 17.0%AFGD: +0.1% a year, volatility 15.9%HNDL: +4.0% a year, volatility 11.6%BNJ: −5.2% a year, volatility 18.6%SPY (S&P 500): +12.5% a year, volatility 17.2%BND: −0.2% a year, volatility 6.1%PFF: −0.2% a year, volatility 10.5%BEPH: −4.1% a year, volatility 21.4%HYGH: +6.6% a year, volatility 7.1%SHYG: +4.6% a year, volatility 5.8%JNK: +3.2% a year, volatility 7.6%FPE: +2.0% a year, volatility 6.7%SOJE: −4.5% a year, volatility 14.1%SFB: −2.0% a year, volatility 19.5%VOO: +12.6% a year, volatility 16.9%BRK-A: +13.5% a year, volatility 17.2%LVHI: +16.9% a year, volatility 11.1%BALT: +6.2% a year, volatility 3.3%FLRT: +6.0% a year, volatility 2.3%VIG: +10.4% a year, volatility 14.1%JNJ: +13.5% a year, volatility 18.0%TLH: −4.6% a year, volatility 12.6%TPYP: +17.2% a year, volatility 17.3%PGX: −2.3% a year, volatility 11.2%BNJSPY (S&P 500)BNDPFFBEPHHYGHSHYGJNKFPESOJESFBVOOLVHIBALTFLRTVIGTLHTPYPPGX−5.0%0.0%5.0%10.0%15.0%20.0%25.0%−10.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BNJSCHD: +10.2% a year, volatility 14.4%VT: +10.1% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%DFAC: +11.3% a year, volatility 17.0%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%EFA: +8.4% a year, volatility 16.6%QUAL: +11.2% a year, volatility 17.3%JEPI: +7.3% a year, volatility 11.0%DOCT: +8.2% a year, volatility 7.4%XLV: +8.4% a year, volatility 15.3%CHT: +8.2% a year, volatility 13.3%DFIV: +14.8% a year, volatility 16.4%AVLV: +13.9% a year, volatility 16.9%DGRW: +11.7% a year, volatility 14.0%USMV: +7.7% a year, volatility 12.3%SPHQ: +11.7% a year, volatility 16.7%BUFR: +9.8% a year, volatility 10.5%DBEF: +12.9% a year, volatility 13.8%IOO: +15.6% a year, volatility 17.2%JQUA: +13.5% a year, volatility 15.7%XLP: +7.6% a year, volatility 13.8%DIVO: +10.9% a year, volatility 11.9%DFAX: +9.6% a year, volatility 16.1%IQLT: +7.6% a year, volatility 16.5%JAVA: +11.4% a year, volatility 14.5%QYLD: +8.2% a year, volatility 15.0%DBMF: +9.5% a year, volatility 12.4%FTCS: +6.5% a year, volatility 13.3%VIGI: +5.1% a year, volatility 14.5%EMB: +1.5% a year, volatility 9.8%SGOV: +3.8% a year, volatility 0.3%FTLS: +10.1% a year, volatility 10.5%OMFL: +8.9% a year, volatility 16.4%PTLC: +9.3% a year, volatility 11.9%AOR: +6.4% a year, volatility 10.7%EQWL: +11.7% a year, volatility 15.0%BCI: +10.1% a year, volatility 16.7%FTHI: +10.0% a year, volatility 13.3%ACIO: +9.1% a year, volatility 11.2%SCHY: +9.5% a year, volatility 13.3%FLQL: +13.4% a year, volatility 16.3%HFXI: +11.2% a year, volatility 15.3%EMLC: +2.5% a year, volatility 9.1%DSTL: +11.7% a year, volatility 16.2%FJUN: +10.4% a year, volatility 10.6%EEMV: +5.0% a year, volatility 12.9%QDPL: +11.6% a year, volatility 15.0%NFRA: +5.4% a year, volatility 13.0%IHDG: +7.4% a year, volatility 14.9%QUS: +11.1% a year, volatility 14.2%IHE: +12.9% a year, volatility 16.8%FFLC: +15.5% a year, volatility 16.8%RLY: +10.0% a year, volatility 13.3%RAAX: +11.5% a year, volatility 15.7%JAAA: +5.1% a year, volatility 1.7%PPH: +11.6% a year, volatility 15.8%FTXH: +12.3% a year, volatility 16.9%PTNQ: +9.4% a year, volatility 14.2%FTQI: +11.4% a year, volatility 14.8%EQL: +13.4% a year, volatility 14.5%AVES: +7.7% a year, volatility 17.5%PJUN: +6.8% a year, volatility 8.3%FLSP: +8.6% a year, volatility 13.4%SIXH: +10.3% a year, volatility 10.3%OAK-PA: +1.7% a year, volatility 17.5%SMIG: +6.5% a year, volatility 16.0%OAK-PB: +1.1% a year, volatility 17.4%SIXA: +12.9% a year, volatility 12.7%XLSR: +9.1% a year, volatility 17.2%ANGL: +2.0% a year, volatility 7.7%QAI: +4.1% a year, volatility 6.8%IMFL: +8.5% a year, volatility 16.2%QSPT: +11.9% a year, volatility 14.9%HFSI: +2.4% a year, volatility 4.9%KO: +15.2% a year, volatility 16.8%OUSA: +9.5% a year, volatility 13.4%VSLU: +13.7% a year, volatility 16.2%YLD: +4.2% a year, volatility 6.4%BSJR: +3.4% a year, volatility 6.7%DRSK: +2.1% a year, volatility 7.5%WTPI: +8.9% a year, volatility 12.2%RSPH: +6.1% a year, volatility 16.8%PJP: +11.3% a year, volatility 16.6%CDC: +6.5% a year, volatility 12.6%FXH: +3.1% a year, volatility 16.8%LGH: +9.2% a year, volatility 16.7%FDEM: +8.8% a year, volatility 17.0%AFGD: +0.1% a year, volatility 15.9%HNDL: +4.0% a year, volatility 11.6%BNJ: −5.2% a year, volatility 18.6%SPY (S&P 500): +12.5% a year, volatility 17.2%BND: −0.2% a year, volatility 6.1%PFF: −0.2% a year, volatility 10.5%BEPH: −4.1% a year, volatility 21.4%HYGH: +6.6% a year, volatility 7.1%SHYG: +4.6% a year, volatility 5.8%JNK: +3.2% a year, volatility 7.6%FPE: +2.0% a year, volatility 6.7%SOJE: −4.5% a year, volatility 14.1%SFB: −2.0% a year, volatility 19.5%VOO: +12.6% a year, volatility 16.9%BRK-A: +13.5% a year, volatility 17.2%LVHI: +16.9% a year, volatility 11.1%BALT: +6.2% a year, volatility 3.3%FLRT: +6.0% a year, volatility 2.3%VIG: +10.4% a year, volatility 14.1%JNJ: +13.5% a year, volatility 18.0%TLH: −4.6% a year, volatility 12.6%TPYP: +17.2% a year, volatility 17.3%PGX: −2.3% a year, volatility 11.2%BNJSPY (S&P 500)BNDPFFBEPHHYGHSHYGJNKFPESOJESFBVOOLVHIBALTFLRTVIGTLHTPYPPGX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than BNJ?

Investments that beat BNJ over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat BNJ 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 BNJ'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 BNJ 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 BNJ'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× BNJ's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than BNJ's.

Screen the whole market against BNJ for any period in BetterThanSPYOpen these 18 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with BNJ?lower diversifies moreExpenseper year
BNJBrookfield Finance Inc. 4.50% P · this page
−5.2%18.6%-0.20−39.3%−23.5%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+80.3%0.520.09%
Popular alternativesbest 3 shownThe investments people most often weigh against BNJ. 4 of 7 passed at least one test.
BNDVanguard Total Bond Market ETF · US Aggregate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline−0.2%6.1%0.00−18.6%−1.0%0.560.03%
PFFiShares Preferred and Income Securities ETF · Preferred Securities
Higher return, lower volatilityHigher Sharpe, smaller worst decline−0.2%10.5%0.04−34.1%−0.8%0.860.45%
BEPHBrookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub · Preferred Securities
Higher return in most periods−4.1%21.4%-0.09−44.0%−19.0%0.89—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Junior Subordinated Debt and Corporate Bonds and the categories next to it (Preferred Securities, Investment Grade Bonds, US Corporate Bonds, High Yield Bonds), plus BNJ's specific themes. 133 of 144 passed at least one test.
HYGHiShares Interest Rate Hedged High Yield Bond ETF · High Yield Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.6%7.1%0.95−23.9%+37.8%0.511.12%
SHYGiShares 0-5 Year High Yield Corporate Bond ETF · Short-Term High Yield
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.6%5.8%0.81−19.3%+25.0%0.590.30%
JNKState Street SPDR Bloomberg High Yield Bond ETF · High Yield Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+3.2%7.6%0.46−22.9%+17.0%0.610.40%
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+2.0%6.7%0.33−33.3%+10.4%0.820.83%
SOJESouthern Company (The) Series 2 · Junior Subordinated Debt
Similar return, lower volatility−4.5%14.1%-0.26−30.4%−20.5%0.80—
SFBStifel Financial Corporation 5.20% Senior Notes due 2047 · Exchange-Traded Debt
Higher return, similar volatility−2.0%19.5%-0.01−39.1%−9.4%0.73—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,155 of 3,508 passed at least one test.
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.6%16.9%0.79−34.0%+80.8%0.520.03%
BRK-ABerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.5%17.2%0.83−30.4%+88.5%0.30—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.9%11.1%1.48−32.4%+119%0.470.40%
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.2%3.3%1.84−4.9%+35.3%0.420.69%
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+6.0%2.3%2.55−20.9%+33.8%0.380.60%
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+10.4%14.1%0.77−31.7%+63.9%0.450.04%
JNJJohnson & Johnson · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.5%18.0%0.80−27.4%+88.0%0.11—
TLHiShares 10-20 Year Treasury Bond ETF · Treasury Bonds
Similar return, lower volatility−4.6%12.6%-0.32−41.1%−21.1%0.510.15%
What these numbers mean for BNJ
Annual return
BNJ lost 5.2% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $7,650. 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
BNJ's volatility over the past 5 years was 18.6%, 1.1 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BNJ's return lands within 18.6% 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
BNJ's Sharpe ratio over the past 5 years was -0.20, against 0.78 for the S&P 500, so BNJ 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
BNJ's worst fall from a peak to a low over the past 10 years was 39.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 39.3% fall takes a 64.8% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BNJ's monthly returns had a correlation of 0.52 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 BNJ instead: the lower it is, the more that option would diversify a BNJ holding. Guide: Correlation and diversification →
Show all 646 stocks and funds worth at least $500 million that earned more than BNJ with less volatility

Out of 3,641 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with BNJExpense
1
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+80.8%0.520.03%
2
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+88.5%0.30—
3
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+119%0.470.40%
4
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.3%1.84−4.9%+35.3%0.420.69%
5
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+33.8%0.380.60%
6
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Whole market+10.4%14.1%0.77−31.7%+63.9%0.450.04%
7
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+10.2%14.4%0.75−33.4%+62.8%0.410.06%
8
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.1%16.2%0.68−34.2%+62.0%0.570.06%
9
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.62−25.4%+28.7%0.42—
10
DFACDimensional - US Core Equity 2 ETF · US Total Market
Whole market+11.3%17.0%0.72−23.1%+70.6%0.540.21%
11
FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer
Whole market+11.0%10.5%1.04−13.6%+68.3%0.530.85%
12
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
Whole market+9.9%8.0%1.22−18.8%+60.2%0.560.79%
13
EFAiShares MSCI EAFE ETF · Developed International Equity
Whole market+8.4%16.6%0.57−34.2%+50.0%0.570.32%
14
QUALiShares MSCI USA Quality Factor ETF · US Quality Equity
Whole market+11.2%17.3%0.70−34.1%+69.8%0.530.15%
15
JEPIJPMorgan Equity Premium Income ETF · Covered Call Income
Whole market+7.3%11.0%0.70−13.7%+42.3%0.410.35%
16
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer
Whole market+8.2%7.4%1.10−9.9%+48.0%0.580.85%
17
XLVState Street Health Care Select Sector SPDR ETF · Health Care Equity
Whole market+8.4%15.3%0.60−28.4%+49.4%0.230.08%
18
CHTChunghwa Telecom Co., Ltd. · Integrated Telecommunications
Whole market+8.2%13.3%0.66−23.8%+48.3%0.15—
19
HYGHiShares Interest Rate Hedged High Yield Bond ETF · High Yield Bonds
Same or nearby category+6.6%7.1%0.95−23.9%+37.8%0.511.12%
20
DFIVDimensional - International Value ETF · International Large-Cap Value
Whole market+14.8%16.4%0.93−25.4%+99.4%0.520.27%
21
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+13.9%16.9%0.86−19.5%+92.0%0.490.15%
22
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity
Whole market+11.7%14.0%0.87−32.0%+74.0%0.440.28%
23
USMViShares MSCI USA Min Vol Factor ETF · US Low-Volatility Equity
Whole market+7.7%12.3%0.66−33.1%+44.8%0.390.15%
24
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+11.7%16.7%0.75−31.6%+73.7%0.440.20%
25
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.8%10.5%0.95−13.7%+59.5%0.520.10%
26
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+12.9%13.8%0.95−32.5%+83.6%0.560.35%
27
IOOiShares Global 100 ETF · Global Equity
Whole market+15.6%17.2%0.94−31.4%+107%0.500.40%
28
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.5%15.7%0.89−32.9%+88.7%0.490.12%
29
XLPState Street Consumer Staples Select Sector SPDR ETF · Consumer Staples
Whole market+7.6%13.8%0.60−24.5%+44.1%0.190.08%
30
DIVOAmplify CWP Enhanced Dividend Income ETF · Covered Call Income
Whole market+10.9%11.9%0.94−30.0%+67.8%0.340.56%
31
DFAXDimensional World ex U.S. Core Equity 2 ETF · International Equity
Whole market+9.6%16.1%0.65−28.1%+57.8%0.540.28%
32
IQLTiShares MSCI Intl Quality Factor ETF · International Equity
Whole market+7.6%16.5%0.53−32.2%+44.1%0.540.30%
33
JAVAJPMorgan Active Value ETF · US Large-Cap Value
Whole market+11.4%14.5%0.82−16.5%+71.6%—0.44%
34
QYLDGlobal X - Nasdaq 100 Covered Call ETF · Covered Call Income
Whole market+8.2%15.0%0.60−24.7%+48.2%0.390.60%
35
DBMFiMGP DBi Managed Futures Strategy ETF · Managed Futures
Whole market+9.5%12.4%0.80−20.4%+57.5%-0.270.85%
36
FTCSFirst Trust Capital Strength ETF · US Quality Equity
Whole market+6.5%13.3%0.54−31.9%+36.8%0.410.53%
37
VIGIVanguard International Dividend Appreciation ETF · International Dividend Equity
Whole market+5.1%14.5%0.42−31.0%+28.5%0.550.07%
38
EMBiShares J.P. Morgan USD Emerging Markets Bond ETF · Emerging Market Bonds
Whole market+1.5%9.8%0.20−28.7%+7.5%0.610.39%
39
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bills
Whole market+3.8%0.3%13.25−0.3%+20.3%0.210.09%
40
FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity
Whole market+10.1%10.5%0.97−20.6%+61.5%0.430.95%
41
OMFLInvesco Russell 1000 Dynamic Multifactor ETF · US Multifactor Equity
Whole market+8.9%16.4%0.60−33.2%+53.0%0.550.29%
42
PTLCPacer Trendpilot US Large Cap ETF · Tactical Equity
Whole market+9.3%11.9%0.81−26.6%+56.0%0.350.60%
43
AORiShares Core 60/40 Balanced Allocation ETF · Balanced Allocation
Whole market+6.4%10.7%0.64−23.0%+36.6%0.610.20%
44
EQWLInvesco S&P 100 Equal Weight ETF · US Large-Cap Equity
Whole market+11.7%15.0%0.82−34.3%+73.9%0.510.30%
45
BCIabrdn Bloomberg All Commodity Strategy K-1 Free ETF · Broad Commodities
Whole market+10.1%16.7%0.66−32.7%+62.0%0.060.26%
46
SHYGiShares 0-5 Year High Yield Corporate Bond ETF · Short-Term High Yield
Same or nearby category+4.6%5.8%0.81−19.3%+25.0%0.590.30%
47
FTHIFirst Trust BuyWrite Income ETF · Covered Call Income
Whole market+10.0%13.3%0.79−32.6%+61.4%0.510.75%
48
ACIOAptus Collared Income Opportunity ETF · Hedged Equity
Whole market+9.1%11.2%0.84−14.2%+54.2%0.470.79%
49
SCHYSchwab International Dividend Equity ETF · International Dividend Equity
Whole market+9.5%13.3%0.76−24.0%+57.7%0.480.08%
50
FLQLFranklin U.S. Large Cap Multifactor Index ETF · US Multifactor Equity
Whole market+13.4%16.3%0.85−33.6%+87.4%0.460.15%
51
HFXINYLI FTSE International Equity Currency Neutral ETF · International Large-Cap Equity
Whole market+11.2%15.3%0.78−32.4%+70.3%0.560.19%
52
EMLCVanEck J.P. Morgan EM Local Currency Bond ETF · Emerging Market Bonds
Whole market+2.5%9.1%0.32−26.4%+13.0%0.500.30%
53
DSTLDistillate U.S. Fundamental Stability & Value ETF · US Large-Cap Value
Whole market+11.7%16.2%0.77−33.1%+73.6%0.510.39%
54
FJUNFT Vest U.S. Equity Buffer ETF - June · S&P 500 Buffer
Whole market+10.4%10.6%0.99−13.3%+64.3%0.490.85%
55
EEMViShares MSCI Emerging Markets Min Vol Factor ETF · Emerging Markets Equity
Whole market+5.0%12.9%0.45−31.6%+27.6%0.380.25%
56
QDPLPacer Metaurus US Large Cap Dividend Multiplier 400 ETF · US Dividend Equity
Whole market+11.6%15.0%0.81−22.6%+72.9%0.520.60%
57
NFRANorthern Trust STOXX Global Broad Infrastructure ETF · Infrastructure Equity
Whole market+5.4%13.0%0.47−32.5%+30.1%0.480.48%
58
IHDGWisdomTree International Hedged Quality Dividend Growth Fund · International Dividend Equity
Whole market+7.4%14.9%0.56−29.2%+43.1%0.560.58%
59
QUSState Street SPDR MSCI USA StrategicFactors ETF · US Multifactor Equity
Whole market+11.1%14.2%0.81−33.8%+69.3%0.500.15%
60
IHEiShares U.S. Pharmaceuticals ETF · Pharmaceuticals
Whole market+12.9%16.8%0.81−29.6%+83.2%0.280.37%
61
FFLCFidelity Fundamental Large Cap Core ETF · Active Core Equity
Whole market+15.5%16.8%0.94−19.7%+105%0.450.38%
62
RLYState Street Multi-Asset Real Return ETF · Inflation Protection
Whole market+10.0%13.3%0.79−34.2%+61.2%0.330.50%
63
JNKState Street SPDR Bloomberg High Yield Bond ETF · High Yield Bonds
Same or nearby category+3.2%7.6%0.46−22.9%+17.0%0.610.40%
64
RAAXVanEck Real Assets ETF · Real Assets
Whole market+11.5%15.7%0.78−33.9%+72.0%0.320.55%
65
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%+28.0%0.430.20%
66
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Same or nearby category+2.0%6.7%0.33−33.3%+10.4%0.820.83%
67
PPHVanEck Pharmaceutical ETF · Pharmaceuticals
Whole market+11.6%15.8%0.78−29.7%+72.9%0.220.36%
68
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Pharmaceuticals
Whole market+12.3%16.9%0.77−32.1%+78.5%0.240.60%
69
PTNQPacer Trendpilot 100 ETF · Tactical Asset Allocation
Whole market+9.4%14.2%0.70−28.1%+56.4%0.320.65%
70
FTQIFirst Trust Nasdaq BuyWrite Income ETF · Nasdaq Options Income
Whole market+11.4%14.8%0.81−19.5%+71.9%0.490.75%
71
EQLALPS Equal Sector Weight ETF · US Large-Cap Equity
Whole market+13.4%14.5%0.94−34.2%+87.2%0.510.19%
72
AVESAvantis Emerging Markets Value ETF · International Equity
Whole market+7.7%17.5%0.51−27.4%+44.7%0.480.36%
73
PJUNInnovator U.S. Equity Power Buffer ETF - June · S&P 500 Buffer
Whole market+6.8%8.3%0.83−16.3%+38.7%0.490.79%
74
FLSPFranklin Systematic Style Premia ETF · Liquid Alternatives
Whole market+8.6%13.4%0.69−22.9%+51.1%0.030.65%
75
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity
Whole market+10.3%10.3%1.01−11.7%+63.2%0.270.31%
76
OAK-PABrookfield Oaktree Holdings, LLC 6.625 % Non-Cum Red Perp Pfd Units Series A · Preferred Stocks
Whole market+1.7%17.5%0.18−29.9%+8.7%0.65—
77
SMIGBahl & Gaynor Small/Mid Cap Income Growth ETF · US Dividend Equity
Whole market+6.5%16.0%0.48−19.7%+37.0%0.480.60%
78
OAK-PBBrookfield Oaktree Holdings LLC 6.55% Non-Cum Red Pfd Units Series B · Asset Management
Whole market+1.1%17.4%0.15−29.1%+5.6%0.79—
79
SIXAETC 6 Meridian Mega Cap Equity ETF · US Large-Cap Equity
Whole market+12.9%12.7%1.02−18.4%+83.1%0.430.31%
80
XLSRState Street US Sector Rotation ETF · Tactical Equity
Whole market+9.1%17.2%0.59−32.9%+54.5%0.480.70%
81
ANGLVanEck Fallen Angel High Yield Bond ETF · High Yield Bonds
Same or nearby category+2.0%7.7%0.30−29.3%+10.6%0.600.25%
82
QAINYLI Hedge Multi-Strategy Tracker ETF · Liquid Alternatives
Whole market+4.1%6.8%0.63−14.9%+22.4%0.550.75%
83
IMFLInvesco International Developed Dynamic Multifactor ETF · International Multifactor Equity
Whole market+8.5%16.2%0.59−33.3%+50.5%0.500.34%
84
QSPTFT Vest Nasdaq-100 Buffer ETF - September · Nasdaq-100 Buffer
Whole market+11.9%14.9%0.83−22.6%+75.6%0.540.90%
85
HFSIHartford Strategic Income ETF · Multisector Bonds
Whole market+2.4%4.9%0.51−19.3%+12.6%0.580.49%
86
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+103%0.07—
87
OUSAALPS Funds O’Shares U.S. Quality Dividend ETF · US Dividend Equity
Whole market+9.5%13.4%0.75−33.1%+57.2%0.460.48%
88
VSLUApplied Finance Valuation Large Cap ETF · US Large-Cap Value
Whole market+13.7%16.2%0.88−23.8%+89.7%0.520.49%
89
YLDPrincipal Active High Yield ETF · Active High Yield
Same or nearby category+4.2%6.4%0.67−28.3%+22.6%0.580.39%
90
BSJRInvesco BulletShares 2027 High Yield Corporate Bond ETF · High Yield Bonds
Same or nearby category+3.4%6.7%0.54−22.6%+18.2%0.570.42%
91
DRSKAptus Defined Risk ETF · Balanced Allocation
Whole market+2.1%7.5%0.32−19.9%+10.9%0.500.79%
92
WTPIWisdomTree Equity Premium Income Fund · Equity Income
Whole market+8.9%12.2%0.77−28.4%+53.1%0.490.44%
93
RSPHInvesco S&P 500 Equal Weight Health Care ETF · Health Care Equity
Whole market+6.1%16.8%0.44−30.4%+34.4%0.380.40%
94
PJPInvesco Pharmaceuticals ETF · Pharmaceuticals
Whole market+11.3%16.6%0.73−34.0%+70.5%0.260.58%
95
CDCVictoryShares US EQ Income Enhanced Volatility Wtd ETF · US Dividend Equity
Whole market+6.5%12.6%0.56−21.4%+36.8%0.420.38%
96
FXHFirst Trust Health Care AlphaDEX Fund · Health Care Equity
Whole market+3.1%16.8%0.27−30.6%+16.6%0.400.61%
97
LGHHCM Defender 500 Index ETF · Tactical Asset Allocation
Whole market+9.2%16.7%0.61−29.6%+55.5%0.481.00%
98
FDEMFidelity Emerging Markets Multifactor ETF · Emerging Markets Equity
Whole market+8.8%17.0%0.59−33.7%+52.7%0.430.25%
99
AFGDAmerican Financial Group, Inc. · Exchange-Traded Debt
Same or nearby category+0.1%15.9%0.09−27.3%+0.6%0.74—
100
HNDLStrategy Shares Nasdaq 7HANDL Index ETF · Multi-Asset Income
Whole market+4.0%11.6%0.40−23.7%+21.5%0.610.95%

BNJ against its popular alternatives

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

How do BNJ'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 BNJ, which divides the map into what did better or worse on each measure.

Green points earned more than BNJ with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

5.0%10.0%15.0%20.0%25.0%30.0%35.0%−7.5%−5.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBNJ: −5.2% a year, volatility 18.6%SPY (S&P 500): 12.5% a year, volatility 17.2%BND: −0.2% a year, volatility 6.1%PFF: −0.2% a year, volatility 10.5%PGX: −2.3% a year, volatility 11.2%BEPH: −4.1% a year, volatility 21.4%BN: 3.9% a year, volatility 31.1%BIPH: −3.5% a year, volatility 24.5%BNH: −4.6% a year, volatility 19.9%BNJSPY (S&P 500)BNDPFFPGXBEPHBNBIPHBNH0.0%10.0%20.0%30.0%40.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBNJ: −5.2% a year, volatility 18.6%SPY (S&P 500): 12.5% a year, volatility 17.2%BND: −0.2% a year, volatility 6.1%PFF: −0.2% a year, volatility 10.5%PGX: −2.3% a year, volatility 11.2%BEPH: −4.1% a year, volatility 21.4%BN: 3.9% a year, volatility 31.1%BIPH: −3.5% a year, volatility 24.5%BNH: −4.6% a year, volatility 19.9%BNJSPY (S&P 500)BNDPFFPGXBEPHBNBNH
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
BN Brookfield Corporation+3.9%31.1%
PFF iShares Preferred and Income Securities ETF−0.2%10.5%
BND Vanguard Total Bond Market ETF−0.2%6.1%
PGX Invesco Preferred ETF−2.3%11.2%
BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global−3.5%24.5%
BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub−4.1%21.4%
BNH Brookfield Finance Inc.−4.6%19.9%
BNJ This pageBrookfield Finance Inc. 4.50% P−5.2%18.6%
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Has BNJ consistently beaten its popular alternatives?

This section compares BNJ with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than BNJ helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than BNJ over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
BNJ Brookfield Finance Inc. 4.50% P (this page)—−2.3%−8.2%−3.8%−2.3%−4.5%+23.7%−23.5%18.6%-0.20−39.3%—$83B—
BEPH QualifiedBrookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub4/5 short2/2 longAll-weather−3.0%−4.7%−1.7%−1.5%−2.5%+33.0%−19.0%21.4%-0.09−44.0%—$8.8B—
BN Asset ManagementBrookfield Corporation1/5 short2/2 long+1.1%−8.3%−16.9%−17.5%−14.6%+90.5%+21.2%31.1%0.28−51.4%—$85B—
BND BondsVanguard Total Bond Market ETF5/5 short1/2 long+0.3%−0.7%−1.7%−1.0%−1.4%+16.3%−1.0%6.1%0.00−18.6%0.03%$389B—
BEPI Renewable UtilitiesBrookfield Renewable Partners L.P.4/5 short1/2 long−4.7%−4.1%+0.1%−0.7%−2.9%+34.6%———−43.1%—$8.8B—
BAM Asset ManagementBrookfield Asset Management Ltd.3/5 short1/2 long+3.5%+3.7%+0.2%−8.1%−8.3%+74.1%———−30.4%—$76B—
PFF Dividend & IncomeiShares Preferred and Income Securities ETF2/5 short1/2 long−3.9%−4.0%−5.9%−4.1%−3.4%+21.1%−0.8%10.5%0.04−34.1%0.45%$12B—
PGX FinancialsInvesco Preferred ETF1/5 short1/2 long−3.6%−6.2%−8.3%−7.7%−8.6%+16.0%−11.0%11.2%-0.15−34.1%0.50%$3.6B—
BIPH Diversified UtilitiesBrookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global1/5 short1/2 long−2.6%−5.4%−4.5%−2.6%−5.1%+22.6%−16.5%24.5%-0.03−38.2%—$5.5B—
BNH Asset ManagementBrookfield Finance Inc.1/5 short1/2 long−2.4%−5.9%−6.8%−6.5%−5.0%+18.5%−21.1%19.9%-0.14−37.0%—$83B—
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How did BNJ do year by year?

This table shows each investment's total return in every full calendar year since 2021, along with where BNJ ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BNJ and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: BNJ began trading on November 27, 2020, so the table starts with 2021, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or six other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of BNJ; gray means the two finished within a fraction of a point. The rank row places BNJ among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of BNJ20252024202320222021
BNJ This pageBrookfield Finance Inc. 4.50% P—+2.5%+4.7%+15.2%−35.6%−0.7%
Rank among alternativesTop quarter in 0 of 59 of 108 of 107 of 107 of 95 of 6
SPY S&P 500State Street SPDR S&P 500 ETF5 of 5+17.7%+24.9%+26.2%−18.2%+28.7%
BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub3 of 4+5.2%+8.2%+21.7%−39.7%—
BN Brookfield Corporation4 of 5+20.6%+44.1%+29.1%−35.0%+48.9%
BND Vanguard Total Bond Market ETF2 of 5+7.1%+1.4%+5.7%−13.1%−1.9%
BEPI Brookfield Renewable Partners L.P.3 of 4+5.0%+10.5%+21.4%−41.8%—
BAM Brookfield Asset Management Ltd.2 of 3−0.3%+39.7%+45.6%——
PFF iShares Preferred and Income Securities ETF4 of 5+4.9%+7.2%+9.3%−18.2%+7.2%
PGX Invesco Preferred ETF4 of 5+3.4%+6.6%+9.4%−21.1%+3.1%
BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global3 of 4+5.3%+6.3%+17.3%−34.5%—
BNH Brookfield Finance Inc.3 of 5+5.8%+4.1%+19.3%−35.5%+1.8%
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Risk and diversification

How BNJ 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 BNJ's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BNJ's two deepest drawdowns since it began trading in 2020, 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: BNJ began trading on November 27, 2020, so this list cannot include the dot-com bust, the 2008 financial crisis or six other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means BNJ fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBNJ fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−39.3%−0.6%Oct 2021Oct 20232 yearsNot yet—
No named crash−10.2%+2.3%Dec 2020Feb 20212 monthsJul 20215 months

How did BNJ do in stock market crashes?

This section measures how far BNJ, 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: BNJ began trading on November 27, 2020, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or six other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BNJ.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
BNJ This pageBrookfield Finance Inc. 4.50% P—−4.0%−31.5%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 2−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub0 of 2−6.6%−35.3%————————
BN Brookfield Corporation0 of 2−10.5%−36.2%−51.4%−18.1%−5.2%−22.7%−18.7%0.0%−70.9%−20.7%
BND Vanguard Total Bond Market ETF2 of 20.0%−14.6%−8.7%−1.1%−0.9%−1.5%−1.1%−0.2%−9.3%—
BEPI Brookfield Renewable Partners L.P.0 of 2−8.7%−36.3%————————
BAM Brookfield Asset Management Ltd.0 of 1−7.1%—————————
PFF iShares Preferred and Income Securities ETF1 of 2−7.0%−18.1%−33.9%−8.2%−0.7%−6.8%−14.4%0.0%−64.7%—
PGX Invesco Preferred ETF1 of 2−7.7%−19.3%−33.7%−6.7%−0.6%−6.0%−10.6%0.0%——
BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global1 of 2−10.5%−30.9%————————
BNH Brookfield Finance Inc.0 of 2−5.4%−31.7%————————
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How closely does BNJ 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 BNJ with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 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 BNJ's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BNJ This pageBrookfield Finance Inc. 4.50% P52%123%0.420.68
BN Brookfield Corporation133%199%0.671.57
PFF iShares Preferred and Income Securities ETF45%79%0.570.54
BND Vanguard Total Bond Market ETF19%39%0.480.26
BIPH Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global72%150%0.480.96
PGX Invesco Preferred ETF41%87%0.470.55
BEPH Brookfield BRP Holdings (Canada) Inc 4.625 % Notes 2021-Without Fixed Maturity Global Sub57%126%0.450.78
BNH Brookfield Finance Inc.60%138%0.430.76
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What diversifies BNJ?

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 BNJ's. Because such investments tend not to fall at the same time, pairing BNJ with them can reduce a portfolio's overall swings.

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 BNJ lost money. The last two columns show a portfolio that is 80% BNJ and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
BNJ Brookfield Finance Inc. 4.50% P (this page)1.00−23.5%-0.20−35.6%−0.7%20.4%−4.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.47+119%1.48+3.8%+17.8%17.3%−0.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.30+225%1.34+6.0%+18.0%17.3%+1.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.33+103%1.06+10.4%+23.1%17.5%−0.6%
HDV Dividend & IncomeiShares Core High Dividend ETF0.29+86.8%1.03+7.0%+19.6%17.4%−1.2%
FJUN Multi-AssetFT Vest U.S. Equity Buffer ETF - June0.49+64.3%0.99−5.0%+11.5%17.3%−1.5%
EWP Broad MarketiShares MSCI Spain ETF0.45+141%0.97−5.2%+0.2%18.4%+0.3%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.43+61.5%0.97−5.6%+19.7%17.1%−1.5%
SMH TechnologyVanEck Semiconductor ETF0.43+304%0.94−33.5%+42.1%20.3%+3.5%

Stocks

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
BNJ Brookfield Finance Inc. 4.50% P (this page)1.00−23.5%-0.20−35.6%−0.7%20.4%−4.7%
CAH Medical - DistributionCardinal Health, Inc.0.07+471%1.54+54.1%−0.4%17.5%+3.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.14+2,780%1.43+1.3%+37.9%21.4%+14.8%
MCK Medical - DistributionMcKesson Corporation-0.05+397%1.41+51.8%+44.2%16.9%+3.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.21+1,452%1.41+17.0%+89.0%20.2%+11.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.11+660%1.39+86.6%+61.0%18.2%+5.3%
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Common questions

What was BNJ's worst drawdown?

BNJ's deepest decline since it began trading in 2020 was 39.3%, from October 2021 to October 2023. It has not yet climbed back to that peak. Because BNJ launched in November 2020, that record does not include the dot-com bust, the 2008 financial crisis or six other sell-offs.

What were BNJ's best and worst years?

Over five full calendar years, BNJ's best year was 2023, when it returned 15.2%. Its worst was 2022, with a return of -35.6%.

Is there a better investment than BNJ?

Among BNJ's popular alternatives, BND and PFF earned more than BNJ with less volatility over the past 5 years. BND returned a loss of 0.2% a year at 6.1% volatility, against a loss of 5.2% a year at 18.6%. Looking beyond its popular alternatives, HYGH (high yield bonds) and SHYG (short-term high yield) earned more than BNJ with less volatility over the past 5 years. HYGH returned 6.6% a year at 7.1% volatility, against a loss of 5.2% a year at 18.6%.

Is BNJ more volatile than the S&P 500?

Yes. BNJ's volatility over the past 5 years was 18.6%, 1.1 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BNJ's return lands within 18.6% 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 BNJ's Sharpe ratio?

BNJ's Sharpe ratio over the past 5 years was -0.20, against 0.78 for the S&P 500, so BNJ 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 BNJ with the S&P 500?

Over the past 5 years, BNJ's monthly returns had a correlation of 0.52 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 BNJ instead: the lower it is, the more that option would diversify a BNJ holding.

What are the best alternatives to BNJ?

Of the nine popular alternatives we compared, one outperformed BNJ in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: BEPH.

Did BNJ outperform the S&P 500?

BNJ finished ahead of the S&P 500 (SPY) in no of five full calendar years. In 2025, it returned +2.5%, against +17.7% for the index.

How did BNJ do in stock market crashes?

BNJ fell less than the S&P 500 (SPY) in none of the two major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when BNJ fell 31.5% and the S&P 500 fell 24.5%.

What diversifies BNJ?

These had a low correlation with BNJ over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.47), DXJ (correlation 0.30) and EMLP (correlation 0.33); among large stocks, CAH (correlation 0.07), CLS (correlation 0.14) and MCK (correlation -0.05). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to BNJ

Other stocks and ETFs