# How Banco Santander (Brasil) (BSBR) compares with the whole market and its popular alternatives

> Source: BetterThanSPY research, https://betterthanspy.com/research/bsbr
> 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 BSBR alone. It places BSBR (Banco Santander (Brasil) S.A.) against 19 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 BSBR stands in the market, and of the alternatives worth a closer look.

Period covered: BSBR's full trading record, from October 2009 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.

## Key findings

- **Right now:** BSBR is 50.3% below its high, bear-market territory, while the S&P 500 sits 1.9% below a record. BSBR has gone against the market, falling 8.6% over the past 6 months while the S&P 500 rose 8.0%.
- **Stock or market?:** BSBR lagged its own industry over the past 3 months, rising 2.8% while the banks ETF EWZ (iShares MSCI Brazil ETF) rose 14.3%. The S&P 500 rose 2.5%. Its bank peers did not move as one over the past 3 months: BBDO (Banco Bradesco) rose 13.5%, while BCH (Banco de Chile) fell 7.1%.
- **Past 1 to 3 years:** Over the past year, BSBR rose 5.6% against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100. The same gap shows up over 3 years (12.2% against 88.4%).
- **Long term:** BSBR turned $10,000 into $9,630 over the past decade, against $41,600 in the S&P 500. BSBR's 10-year loss of 3.7% puts it behind 84% of the stocks worth at least $300 million with that much history. The S&P 500 returned 316%.
- **In a crash:** BSBR fell harder than the S&P 500 in four of five sell-offs. The late-2018 sell-off was the exception: BSBR fell 13.8%, less than the S&P 500's 19.3%.
- **Diversification:** Against the S&P 500, BSBR has a correlation of 0.22 over 5 years, less closely than 82% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. On the flip side, over 10 years, BSBR's beta versus the S&P 500 was 0.74: in the S&P 500's rising months it gained 56% as much as the index, and in falling months it lost 1.0 times as much.
- **Better options**
  - **Nearby categories and themes:** PBAM (Private Bancorp of America, regional banks) and CME (CME Group, capital markets) earned more than BSBR with less volatility over the past 5 years. PBAM returned 27.5% a year at 18.9% volatility, against 0.2% a year at 34.2%.
  - **Whole market:** 1,481 of the 3,641 stocks and funds worth at least $500 million earned more than BSBR with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and MSFT (Microsoft).

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

This chart tracks a hypothetical $10,000 investment in BSBR over the past 16 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BSBR over the same span and BSBR's popular alternatives, among those that traded for the entire period.

- $10,000 invested in BSBR at the end of September 2010 would have grown to $7,176 by September 2026, less than the $88,503 it would have become in SPY, an S&P 500 fund.
- All eight other investments on the chart ended ahead of BSBR, and BLX finished highest, at $97,902.

## BSBR 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.

- BSBR is still 50.3% below its all-time high.
- BSBR's deepest decline since it began trading in 2009 was 76.2%, from November 2010 to September 2015. It took 28 months from the low to climb back to its old high.
- Over 16 full calendar years, BSBR's best was 2016, when it returned 143%, and its worst was 2024, when it lost 39.6%. It lost money in eight of those years.

- Type: Stock, Financials (Banks - Regional)
- Trading since: October 7, 2009
- Market value: $41B
- Volatility (5 years): 34.2%; Sharpe ratio: 0.18
- Worst decline ever: −76.2%, from November 8, 2010 to September 28, 2015; back at its high by January 25, 2018

| Period | BSBR total return |
| --- | --- |
| 1 month | −4.5% |
| 3 months | +2.8% |
| 6 months | −8.6% |
| year to date | −9.1% |
| 1 year | +5.6% |
| 3 years | +12.2% |
| 5 years | +0.9% |
| 10 years | −3.7% |

## BSBR against the whole market

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

### How does BSBR rank among all stocks?

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

- BSBR's 10-year return ranks in the bottom 16% of the 2,201 stocks worth at least $300 million with 10 years of history.

| Measure | BSBR | Rank |
| --- | --- | --- |
| 1-year return | +5.6% | 1,790 of 3,282 (top 55%) |
| 3-year return | +12.2% | 2,144 of 3,016 (top 72%) |
| 5-year return | +0.9% | 1,725 of 2,897 (top 60%) |
| 10-year return | −3.7% | 1,844 of 2,201 (top 84%) |
| Volatility, 5 years | 34.2% | 1,088 of 2,897 (top 38%) |
| Sharpe ratio, 5 years | 0.18 | 1,926 of 2,897 (top 67%) |
| Worst decline, past 10 years | −70.6% | 1,312 of 2,184 (top 61%) |

### What has beaten BSBR 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).

- 667 stocks and 814 ETFs worth at least $500 million sit in the green region: each earned more than BSBR over the past 5 years with smaller price swings. That is 41% of the 3,641 screened.
- Among those with at least half BSBR's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 28% less than BSBR's 34.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.18 for BSBR. TRGP earned the most, 41.8% a year, while still swinging less than BSBR (31.7% against 34.2%).
- Among BSBR's popular alternatives, BLX, BAP and BCH are in the region. BLX earned 31.0% a year against 0.2% a year for BSBR, at 25.9% volatility, 24% less than BSBR's 34.2%.

### Is there a better investment than BSBR?

The table below lists investments that beat BSBR 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 BSBR's popular alternatives, BCH, BAP and BSAC earned more than BSBR with less volatility over the past 5 years. BCH returned 24.2% a year at 28.2% volatility, against 0.2% a year at 34.2%.
- Looking beyond its popular alternatives, PBAM (regional banks) and CME (capital markets) earned more than BSBR with less volatility over the past 5 years. PBAM returned 27.5% a year at 18.9% volatility, against 0.2% a year at 34.2%.
- Across the whole market, 1,481 of the 3,641 stocks and funds worth at least $500 million earned more than BSBR with less volatility over the past 5 years, among them AAPL, GOOG and MSFT.

The 15 strongest of 1,481 investments that beat BSBR 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 BSBR | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BSBR: Banco Santander (Brasil) S.A. (this page) |  | +0.2% | 34.2% | 0.18 | −70.6% | −3.7% |  |  |
| [KO](https://betterthanspy.com/research/ko): The Coca-Cola Company | Nonalcoholic Beverages | +15.2% | 16.8% | 0.93 | −37.0% | +205% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [NVS](https://betterthanspy.com/research/nvs): Novartis AG | Pharmaceuticals | +17.4% | 20.7% | 0.89 | −26.8% | +234% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MRK](https://betterthanspy.com/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.1% | 24.8% | 0.73 | −43.4% | +245% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [PG](https://betterthanspy.com/research/pg): The Procter & Gamble Company | Household & Personal Products | +5.8% | 18.4% | 0.40 | −23.8% | +156% | -0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LIN](https://betterthanspy.com/research/lin): Linde plc | Chemicals | +11.7% | 20.9% | 0.64 | −32.6% | +404% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [EP-PC](https://betterthanspy.com/research/ep-pc): El Paso Energy Capital Trust I PFD CV TR SECS | Preferred Stocks | +5.2% | 8.9% | 0.62 | −25.4% | +38.1% | 0.29 | 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% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [UL](https://betterthanspy.com/research/ul): Unilever PLC | Household & Personal Products | +5.7% | 21.6% | 0.37 | −30.1% | +96.5% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ORLY](https://betterthanspy.com/research/orly): O'Reilly Automotive, Inc. | Specialty Retail | +15.8% | 23.4% | 0.75 | −42.0% | +394% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [WM](https://betterthanspy.com/research/wm): Waste Management, Inc. | Waste Management | +9.5% | 19.3% | 0.57 | −30.1% | +357% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ETR](https://betterthanspy.com/research/etr): Entergy Corporation | Electric Utilities | +19.8% | 22.4% | 0.92 | −42.0% | +326% | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CCEP](https://betterthanspy.com/research/ccep): Coca-Cola Europacific Partners PLC | Food & Beverages | +20.4% | 23.3% | 0.92 | −48.8% | +294% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AEP](https://betterthanspy.com/research/aep): American Electric Power Company, Inc. | Electric Utilities | +12.8% | 20.2% | 0.70 | −32.9% | +192% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [AJG](https://betterthanspy.com/research/ajg): Arthur J. Gallagher & Co. | Insurance Brokers | +11.6% | 24.3% | 0.57 | −44.4% | +552% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [CAH](https://betterthanspy.com/research/cah): Cardinal Health, Inc. | Health Care Distribution | +41.7% | 24.7% | 1.54 | −46.1% | +345% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## BSBR against its popular alternatives

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

### How do BSBR'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.

- Seven of the 17 popular alternatives, led by CIB, SAN and BLX, were both more rewarding and calmer than BSBR over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, BSBR returned 0.2% a year, less than the S&P 500's 12.5%, with higher volatility (34.2% against 17.2%).

### Has BSBR consistently beaten its popular alternatives?

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

- Ten of the 19 popular alternatives, led by CIB, ITUB and BBD, outperformed BSBR in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- CIB, ITUB and BBD outperformed BSBR in every long-term period and in all but one short-term period, the most consistent record in the group.
- BLX, CIB and BAP earned more for the risk they took than BSBR (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of BSBR | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BSBR: Banco Santander (Brasil) S.A. (this page) | +5.6% | +12.2% | +0.9% | −3.7% |  |  | 0.18 |
| CIB: Grupo Cibest S.A. | +84.5% | +405% | +324% | +351% | 5/5 short-term, 3/3 long-term | all-weather | 1.04 |
| [ITUB](https://betterthanspy.com/research/itub): Itaú Unibanco Holding S.A. | +44.2% | +140% | +239% | +187% | 5/5 short-term, 3/3 long-term | all-weather | 0.90 |
| [BBD](https://betterthanspy.com/research/bbd): Banco Bradesco S.A. | +30.4% | +84.6% | +77.1% | +32.6% | 5/5 short-term, 3/3 long-term | all-weather | 0.49 |
| BLX: Bladex, Inc. | +29.2% | +203% | +286% | +278% | 4/5 short-term, 3/3 long-term | all-weather | 1.18 |
| [SAN](https://betterthanspy.com/research/san): Banco Santander, S.A. | +34.9% | +301% | +297% | +307% | 3/5 short-term, 3/3 long-term | consistent | 0.99 |
| BAP: Credicorp Ltd. | +53.7% | +258% | +267% | +281% | 3/5 short-term, 3/3 long-term | consistent | 1.01 |
| BCH: Banco de Chile | +21.7% | +133% | +195% | +168% | 3/5 short-term, 3/3 long-term | consistent | 0.91 |
| BSAC: Banco Santander-Chile | +19.7% | +114% | +132% | +140% | 3/5 short-term, 3/3 long-term | consistent | 0.73 |
| AVAL: Grupo Aval Acciones y Valores S.A. | +27.2% | +143% | +49.2% | +32.5% | 3/5 short-term, 3/3 long-term | consistent | 0.39 |
| [BBDO](https://betterthanspy.com/research/bbdo): Banco Bradesco S.A. | +39.4% | +84.2% | +67.1% | −21.4% | 5/5 short-term, 2/3 long-term | consistent | 0.46 |
| GGAL: Grupo Financiero Galicia S.A. | +12.9% | +256% | +306% | +52.7% | 1/5 short-term, 3/3 long-term |  | 0.77 |
| BMA: Banco Macro S.A. | +19.0% | +293% | +376% | +15.7% | 1/5 short-term, 3/3 long-term |  | 0.82 |
| BBAR: Banco BBVA Argentina S.A. | +34.0% | +282% | +325% | −11.5% | 1/5 short-term, 2/3 long-term |  | 0.77 |
| SUPV: Grupo Supervielle S.A. | +19.7% | +271% | +208% | −48.2% | 1/5 short-term, 2/3 long-term |  | 0.66 |
| PAGS: PagSeguro Digital Ltd. | +32.2% | +63.7% | −66.7% | — | 5/5 short-term, 1/3 long-term |  | -0.07 |
| XP: XP Inc. | +79.2% | +52.0% | −0.8% | — | 5/5 short-term, 1/3 long-term |  | 0.25 |
| INTR: Inter & Co, Inc. | −26.3% | +60.5% | — | — | 2/5 short-term, 1/3 long-term |  | — |
| [NU](https://betterthanspy.com/research/nu): Nu Holdings Ltd. | −2.8% | +80.5% | — | — | 2/5 short-term, 1/3 long-term |  | — |
| STNE: StoneCo Ltd. | −25.8% | +34.8% | −63.4% | — | 2/5 short-term, 1/3 long-term |  | 0.02 |

### How did BSBR do year by year?

This table shows each investment's total return in every full calendar year since 2010, along with where BSBR ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, BSBR finished in the top quarter in two of 16 years and in the bottom quarter in six. In 2025, it ranked 12 of 20.
- BSBR finished ahead of the S&P 500 in four of its 16 full calendar years.
- Among its popular alternatives, BLX came out ahead of BSBR most often, in 12 of the 16 years both traded.

| Year | BSBR | SPY |
| --- | --- | --- |
| 2025 | +62.6% | +17.7% |
| 2024 | −39.6% | +24.9% |
| 2023 | +22.9% | +26.2% |
| 2022 | +2.9% | −18.2% |
| 2021 | −34.1% | +28.7% |
| 2020 | −27.2% | +18.3% |
| 2019 | +14.1% | +31.2% |
| 2018 | +21.4% | −4.6% |
| 2017 | +12.0% | +21.7% |
| 2016 | +143% | +12.0% |

## Risk and diversification

How BSBR 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 BSBR's worst declines?

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

- In all five of BSBR's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: BSBR fell 76.2% from November 2010 to September 2015, while the S&P 500 rose 70.0%.
- The slowest recovery came after BSBR fell 76.2% from November 2010 to September 2015; it did not regain that peak until January 2018, two years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −76.2% | November 8, 2010 | September 28, 2015 | January 25, 2018 | +70.0% | 2011 euro debt crisis |
| −70.6% | February 4, 2019 | May 13, 2020 | not yet | +6.1% | Covid crash |
| −39.5% | March 29, 2018 | June 27, 2018 | October 30, 2018 | +2.8% |  |
| −30.4% | December 2, 2009 | June 7, 2010 | October 1, 2010 | −4.3% | 2010 flash crash |
| −14.4% | October 15, 2009 | November 2, 2009 | December 1, 2009 | −4.9% |  |

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

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

- BSBR fell further than the S&P 500 in six of the eight crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when BSBR fell 31.6% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BCH held up best, falling less than BSBR in all eight crashes they both traded through.
- BSBR began trading after the 2008 financial crisis, but 11 of its popular alternatives lived through it. The mildest fall among them was BSAC's 48.4%, against 55.2% for the S&P 500.

| Crash | Dates | BSBR fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −3.8% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −30.5% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −31.6% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.1% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −13.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −50.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −37.6% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −8.6% | −3.4% |

### How closely does BSBR 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.

- 11 of the 14 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BSBR's 0.55, led by BCH, ITUB and SAN.
- BCH took just 19% of the S&P 500's losses, against 102% for BSBR, while still keeping 45% of its gains.
- Over the past 10 years, BSBR captured 56% of the S&P 500's gains in rising months and 102% of its losses in falling months, with a beta of 0.74. Its share of the market's losses was larger than its share of the gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| BSBR: Banco Santander (Brasil) S.A. (this page) | 56.0% | 102% | 0.74 |
| CIB: Grupo Cibest S.A. | 119% | 133% | 0.99 |
| [ITUB](https://betterthanspy.com/research/itub): Itaú Unibanco Holding S.A. | 66.0% | 58.0% | 0.65 |
| [BBD](https://betterthanspy.com/research/bbd): Banco Bradesco S.A. | 62.0% | 103% | 0.72 |
| BLX: Bladex, Inc. | 91.0% | 90.0% | 1.07 |
| [SAN](https://betterthanspy.com/research/san): Banco Santander, S.A. | 101% | 92.0% | 1.02 |
| BAP: Credicorp Ltd. | 88.0% | 82.0% | 0.88 |
| BCH: Banco de Chile | 45.0% | 19.0% | 0.36 |
| BSAC: Banco Santander-Chile | 66.0% | 65.0% | 0.66 |
| AVAL: Grupo Aval Acciones y Valores S.A. | 89.0% | 156% | 1.03 |
| [BBDO](https://betterthanspy.com/research/bbdo): Banco Bradesco S.A. | 54.0% | 125% | 0.84 |
| GGAL: Grupo Financiero Galicia S.A. | 140% | 234% | 1.52 |
| BMA: Banco Macro S.A. | 113% | 202% | 1.36 |
| BBAR: Banco BBVA Argentina S.A. | 98.0% | 191% | 1.14 |
| SUPV: Grupo Supervielle S.A. | 95.0% | 224% | 1.51 |

### What diversifies BSBR?

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 BSBR into DXJ would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (-0.2% for BSBR alone, +5.7% for the mix).
- SMH made money in seven of the eight calendar years in which BSBR lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of BSBR over the past 5 years, with correlations of 0.30 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with BSBR | 5Y return | Volatility | Sharpe | Rose in BSBR's 8 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.30 | +119% | 11.1% | 1.48 | 2 of 8 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.09 | +225% | 19.1% | 1.34 | 7 of 8 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.28 | +103% | 14.5% | 1.06 | 4 of 8 |
| HDV: iShares Core High Dividend ETF | 0.32 | +86.8% | 13.0% | 1.03 | 5 of 8 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.23 | +83.6% | 13.8% | 0.95 | 7 of 8 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.08 | +304% | 37.0% | 0.94 | 7 of 8 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.30 | +178% | 25.5% | 0.94 | 5 of 8 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | 0.28 | +120% | 19.0% | 0.93 | 4 of 8 |

## Common questions

### What was BSBR's worst drawdown?

BSBR's deepest decline since it began trading in 2009 was 76.2%, from November 2010 to September 2015. It took 28 months from the low to climb back to its old high. Because BSBR launched in October 2009, that record does not include the dot-com bust or the 2008 financial crisis.

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

Over 16 full calendar years, BSBR's best year was 2016, when it returned 143%. Its worst was 2024, with a return of -39.6%.

### Is there a better investment than BSBR?

Among BSBR's popular alternatives, BCH, BAP and BSAC earned more than BSBR with less volatility over the past 5 years. BCH returned 24.2% a year at 28.2% volatility, against 0.2% a year at 34.2%. Looking beyond its popular alternatives, PBAM (regional banks) and CME (capital markets) earned more than BSBR with less volatility over the past 5 years. PBAM returned 27.5% a year at 18.9% volatility, against 0.2% a year at 34.2%.

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

Yes. BSBR's volatility over the past 5 years was 34.2%, about twice the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BSBR's return lands within 34.2% 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 BSBR's Sharpe ratio?

BSBR's Sharpe ratio over the past 5 years was 0.18, against 0.78 for the S&P 500, so BSBR 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 BSBR with the S&P 500?

Over the past 5 years, BSBR's monthly returns had a correlation of 0.22 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 BSBR instead: the lower it is, the more that option would diversify a BSBR holding.

### What are the best alternatives to BSBR?

Of the 19 popular alternatives we compared, ten outperformed BSBR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CIB, ITUB and BBD.

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

BSBR finished ahead of the S&P 500 (SPY) in four of 16 full calendar years. In 2025, it returned +62.6%, against +17.7% for the index.

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

BSBR fell less than the S&P 500 (SPY) in one of the eight major crashes it has traded through, and further in six. The clearest case was the 2015 China and oil sell-off, when BSBR fell 31.6% and the S&P 500 fell 12.8%.

### What diversifies BSBR?

These had a low correlation with BSBR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.30), DXJ (correlation 0.09) and EMLP (correlation 0.28); among large stocks, CAH (correlation 0.29), CLS (correlation -0.01) and MCK (correlation 0.19). A correlation near zero means the two have moved largely independently.

## More research

- [Itaú Unibanco Holding (ITUB) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/itub)
- [Banco Bradesco (BBD) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/bbd)
- [Banco Santander (SAN) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/san)
- [Banco Bradesco (BBDO) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/bbdo)
- [NU Performance, Alternatives and Market Rank](https://betterthanspy.com/research/nu)
- [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)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/amzn)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/vti)

## Explore further

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