# How CBRE Group (CBRE) compares with the whole market and its popular alternatives

> Source: BetterThanSPY research, https://betterthanspy.com/research/cbre
> 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 CBRE alone. It places CBRE (CBRE Group, Inc.) against 16 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 CBRE stands in the market, and of the alternatives worth a closer look.

Period covered: CBRE's full trading record, from June 2004 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:** CBRE has gone against the market, falling 14.5% over the past 6 months while the S&P 500 rose 8.0%. CBRE is 23.5% below its high, bear-market territory, while the S&P 500 sits 1.9% below a record.
- **Stock or market?:** Not a move of its own: the real estate services ETF IYR (iShares U.S. Real Estate ETF) fell 5.6% over the past 3 months, with JLL (Jones Lang LaSalle, down 3.5%) and COMP (Compass, down 11.5%), while the S&P 500 rose 2.5%. Its real estate services peers did not move as one over the past 3 months: FSV (FirstService) rose 4.2%, while OPEN (Opendoor Technologies) fell 53.9%.
- **Past 1 to 3 years:** Over the past year, CBRE fell 19.9% while the S&P 500 rose 15.6%.
- **Long term:** CBRE turned $10,000 into $46,400 over the past decade, against $41,600 in the S&P 500. That said, over 5 years CBRE trailed the index: 26.3% against 80.3%.
- **In a crash:** CBRE fell harder than the S&P 500 in five of six sell-offs. The late-2018 sell-off was the exception: CBRE fell 17.2%, less than the S&P 500's 19.3%.
- **Diversification:** Against the S&P 500, CBRE has a correlation of 0.61 over 5 years, more closely than 92% of stocks worth at least $300 million. Next to an index fund it is more of the same, not a cushion. Over 10 years, CBRE's beta versus the S&P 500 was 1.34: in the S&P 500's rising months it gained 1.3 times as much as the index, and in falling months it lost 1.5 times as much.
- **Better options**
  - **Nearby categories and themes:** VRSN (VeriSign, internet services) and CDP (COPT Defense Properties, office reits) earned more than CBRE with less volatility over the past 5 years. VRSN returned 7.2% a year at 25.9% volatility, against 4.8% a year at 31.0%.
  - **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 4.8% at 31.0% for CBRE.
  - **Whole market:** 966 of the 3,641 stocks and funds worth at least $500 million earned more than CBRE with less volatility over the past 5 years, among them AAPL (Apple), MSFT (Microsoft) and VTI (Vanguard Morningstar Total Stock Market ETF).

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

This chart tracks a hypothetical $10,000 investment in CBRE over the past 22 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CBRE over the same span and CBRE's popular alternatives, among those that traded for the entire period.

- $10,000 invested in CBRE at the end of September 2004 would have grown to $166,845 by September 2026, more than the $102,174 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CBRE, and GOOG finished highest, at $1,064,820.

## CBRE 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.

- CBRE is still 23.5% below its all-time high.
- CBRE's deepest decline since it began trading in 2004 was 94.3%, from July 2007 to March 2009. It took about nine years from the low to climb back to its old high.
- Over 21 full calendar years, CBRE's best was 2009, when it returned 214%, and its worst was 2008, when it lost 80.0%. It lost money in six of those years.

- Type: Stock, Real Estate (Real Estate - Services)
- Trading since: June 10, 2004
- Market value: $38B
- Volatility (5 years): 31.0%; Sharpe ratio: 0.31
- Worst decline ever: −94.3%, from July 19, 2007 to March 20, 2009; back at its high by November 10, 2017

| Period | CBRE total return |
| --- | --- |
| 1 month | −7.0% |
| 3 months | −4.3% |
| 6 months | −14.5% |
| year to date | −18.1% |
| 1 year | −19.9% |
| 3 years | +96.3% |
| 5 years | +26.3% |
| 10 years | +364% |

## CBRE against the whole market

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

### How does CBRE rank among all stocks?

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

- CBRE's 10-year return ranks in the top 21% of the 2,201 stocks worth at least $300 million with 10 years of history.
- CBRE's 1-year return ranks in the bottom 19% of the 3,282 stocks worth at least $300 million with 1 year of history.

| Measure | CBRE | Rank |
| --- | --- | --- |
| 1-year return | −19.9% | 2,664 of 3,282 (top 82%) |
| 3-year return | +96.3% | 962 of 3,016 (top 32%) |
| 5-year return | +26.3% | 1,390 of 2,897 (top 48%) |
| 10-year return | +364% | 457 of 2,201 (top 21%) |
| Volatility, 5 years | 31.0% | 818 of 2,897 (top 29%) |
| Sharpe ratio, 5 years | 0.31 | 1,547 of 2,897 (top 54%) |
| Worst decline, past 10 years | −53.6% | 595 of 2,184 (top 28%) |

### What has beaten CBRE 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).

- 356 stocks and 610 ETFs worth at least $500 million sit in the green region: each earned more than CBRE over the past 5 years with smaller price swings. That is 27% of the 3,641 screened.
- Among those with at least half CBRE's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 20% less than CBRE's 31.0%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.31 for CBRE.
- None of CBRE's popular alternatives made it, but CDP (office reits) did: 8.5% a year at 22.9% volatility, 26% less than CBRE's 31.0%.

### Is there a better investment than CBRE?

The table below lists investments that beat CBRE 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.

- Looking beyond its popular alternatives, VRSN (internet services) and CDP (office reits) earned more than CBRE with less volatility over the past 5 years. VRSN returned 7.2% a year at 25.9% volatility, against 4.8% a year at 31.0%.
- Simply owning the S&P 500 would have done better over the past 5 years: 12.5% a year at 17.2% volatility, against 4.8% at 31.0% for CBRE.
- Across the whole market, 966 of the 3,641 stocks and funds worth at least $500 million earned more than CBRE with less volatility over the past 5 years, among them AAPL, MSFT and VTI.

The 15 strongest of 966 investments that beat CBRE 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 CBRE | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CBRE: CBRE Group, Inc. (this page) |  | +4.8% | 31.0% | 0.31 | −53.6% | +364% |  |  |
| [LIN](https://betterthanspy.com/research/lin): Linde plc | Chemicals | +11.7% | 20.9% | 0.64 | −32.6% | +404% | 0.42 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [TRV](https://betterthanspy.com/research/trv): The Travelers Companies, Inc. | Property & Casualty Insurance | +22.4% | 22.3% | 1.02 | −46.3% | +360% | 0.38 | 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% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [RY](https://betterthanspy.com/research/ry): Royal Bank of Canada | Banks | +17.5% | 18.2% | 0.98 | −40.0% | +361% | 0.56 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ORLY](https://betterthanspy.com/research/orly): O'Reilly Automotive, Inc. | Specialty Retail | +15.8% | 23.4% | 0.75 | −42.0% | +394% | 0.46 | 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% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| CASY: Casey's General Stores, Inc. | Convenience Stores | +30.8% | 29.4% | 1.06 | −36.1% | +560% | 0.30 | 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% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AAPL](https://betterthanspy.com/research/aapl): Apple Inc. | Computer Hardware | +19.1% | 28.0% | 0.77 | −38.5% | +1,194% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| WRB: W. R. Berkley Corporation | Property & Casualty Insurance | +18.6% | 22.9% | 0.86 | −45.3% | +466% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MSFT](https://betterthanspy.com/research/msft): Microsoft Corporation | Software | +11.9% | 28.2% | 0.54 | −37.1% | +862% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [WMT](https://betterthanspy.com/research/wmt): Walmart Inc. | Discount Retail | +21.1% | 22.6% | 0.97 | −25.7% | +521% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JPM](https://betterthanspy.com/research/jpm): JPMorgan Chase & Co. | Banks | +17.3% | 24.3% | 0.78 | −43.6% | +534% | 0.66 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| NHC: National HealthCare Corporation | Health Care Facilities | +31.2% | 28.6% | 1.10 | −35.3% | +385% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [ABBV](https://betterthanspy.com/research/abbv): AbbVie Inc. | Specialty Pharmaceuticals | +25.5% | 23.4% | 1.09 | −45.1% | +600% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## CBRE against its popular alternatives

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

### How do CBRE'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.

- None of the 16 popular alternatives earned more than CBRE over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- 12 of the 16 popular alternatives earned less than CBRE over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, CBRE returned 4.8% a year, less than the S&P 500's 12.5%, with higher volatility (31.0% against 17.2%).

### Has CBRE consistently beaten its popular alternatives?

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

- None of the 16 popular alternatives outperformed CBRE in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was JLL.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of CBRE | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CBRE: CBRE Group, Inc. (this page) | −19.9% | +96.3% | +26.3% | +364% |  |  | 0.31 |
| JLL: Jones Lang LaSalle Incorporated | −0.1% | +151% | +18.8% | +206% | 4/5 short-term, 1/3 long-term |  | 0.27 |
| FOR: Forestar Group Inc. | −0.4% | +12.1% | +31.0% | +132% | 4/5 short-term, 1/3 long-term |  | 0.33 |
| COMP: Compass, Inc. | +31.0% | +377% | −22.7% | — | 4/5 short-term, 1/3 long-term |  | 0.32 |
| [BX](https://betterthanspy.com/research/bx): Blackstone Inc. | −23.6% | +40.9% | +2.8% | +647% | 3/5 short-term, 1/3 long-term |  | 0.21 |
| NMRK: Newmark Group, Inc. | −38.0% | +131% | −16.8% | — | 0/5 short-term, 1/3 long-term |  | 0.13 |
| SLG: SL Green Realty Corp. | −2.4% | +87.4% | −5.1% | −17.4% | 5/5 short-term, 0/3 long-term |  | 0.20 |
| FSV: FirstService Corporation | −19.6% | +6.9% | −24.7% | +252% | 4/5 short-term, 0/3 long-term |  | -0.08 |
| RMR: The RMR Group Inc. | +33.5% | +4.2% | −23.9% | +0.5% | 4/5 short-term, 0/3 long-term |  | -0.07 |
| VNO: Vornado Realty Trust | −11.5% | +81.6% | −11.3% | −34.0% | 4/5 short-term, 0/3 long-term |  | 0.15 |
| [PLD](https://betterthanspy.com/research/pld): Prologis, Inc. | +3.7% | +38.4% | +1.9% | +218% | 3/5 short-term, 0/3 long-term |  | 0.15 |
| CSGP: CoStar Group, Inc. | −54.1% | −51.6% | −64.3% | +67.0% | 3/5 short-term, 0/3 long-term |  | -0.38 |
| MMI: Marcus & Millichap, Inc. | −4.9% | +7.5% | −32.6% | +25.1% | 3/5 short-term, 0/3 long-term |  | -0.09 |
| CIGI: Colliers International Group Inc. | −40.7% | +11.0% | −32.6% | +139% | 2/5 short-term, 0/3 long-term |  | -0.07 |
| CWK: Cushman & Wakefield plc | −26.7% | +82.2% | −34.9% | — | 2/5 short-term, 0/3 long-term |  | 0.02 |
| WD: Walker & Dunlop, Inc. | −56.5% | −41.3% | −67.7% | +83.0% | 0/5 short-term, 0/3 long-term |  | -0.41 |
| OPEN: Opendoor Technologies Inc. | −70.4% | −5.2% | −91.4% | — | 0/5 short-term, 0/3 long-term |  | 0.10 |

### How did CBRE do year by year?

This table shows each investment's total return in every full calendar year since 2005, along with where CBRE ranked among its popular alternatives each year.

- CBRE finished ahead of the S&P 500 in 11 of its 21 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, CSGP came out ahead of CBRE most often, in 11 of the 21 years both traded.
- Ranked against its popular alternatives each year, CBRE finished in the top quarter in six of 21 years and in the bottom quarter in four. In 2025, it ranked 7 of 17.

| Year | CBRE | SPY |
| --- | --- | --- |
| 2025 | +22.5% | +17.7% |
| 2024 | +41.0% | +24.9% |
| 2023 | +21.0% | +26.2% |
| 2022 | −29.1% | −18.2% |
| 2021 | +73.0% | +28.7% |
| 2020 | +2.3% | +18.3% |
| 2019 | +53.1% | +31.2% |
| 2018 | −7.5% | −4.6% |
| 2017 | +37.5% | +21.7% |
| 2016 | −8.9% | +12.0% |

## Risk and diversification

How CBRE 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 CBRE's worst declines?

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

- In all five of CBRE's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CBRE fell 30.6% from April to August 2006, while the S&P 500 slipped only 2.9%.
- The slowest recovery came after CBRE fell 94.3% from July 2007 to March 2009; it did not regain that peak until November 2017, nine years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −94.3% | July 19, 2007 | March 20, 2009 | November 10, 2017 | −48.5% | 2008 financial crisis |
| −53.6% | February 10, 2020 | March 23, 2020 | December 4, 2020 | −33.0% | Covid crash |
| −40.4% | January 4, 2022 | October 25, 2023 | July 26, 2024 | −10.2% | 2022 bear market |
| −30.6% | April 28, 2006 | August 14, 2006 | October 31, 2006 | −2.9% |  |
| −27.4% | January 29, 2026 | June 1, 2026 | not yet | +9.6% |  |

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

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

- CBRE fell further than the S&P 500 in seven of the nine crashes it has traded through. The clearest case was the 2008 financial crisis, when CBRE fell 90.7% and the S&P 500 fell 55.2%.
- Among its popular alternatives, CSGP held up best, falling less than CBRE in seven of the nine crashes they both traded through.
- CBRE began trading after the dot-com bust, but six of its popular alternatives lived through it. The mildest fall among them was PLD's 17.1%, against 47.5% for the S&P 500.

| Crash | Dates | CBRE fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −90.7% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −4.1% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −46.2% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −39.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.3% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −17.2% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −53.2% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −38.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −9.6% | −3.4% |

### How closely does CBRE 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.

- Only BX had a higher capture ratio (upside capture divided by downside capture) than CBRE's 0.87, out of 12 popular alternatives with the same record.
- Over the past 10 years, CBRE captured 131% of the S&P 500's gains in rising months and 151% of its losses in falling months, with a beta of 1.34. 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 |
| --- | --- | --- | --- |
| CBRE: CBRE Group, Inc. (this page) | 131% | 151% | 1.34 |
| JLL: Jones Lang LaSalle Incorporated | 127% | 177% | 1.33 |
| FOR: Forestar Group Inc. | 132% | 200% | 1.70 |
| [BX](https://betterthanspy.com/research/bx): Blackstone Inc. | 156% | 170% | 1.48 |
| SLG: SL Green Realty Corp. | 90.0% | 190% | 1.61 |
| FSV: FirstService Corporation | 93.0% | 109% | 0.94 |
| RMR: The RMR Group Inc. | 84.0% | 166% | 1.37 |
| VNO: Vornado Realty Trust | 76.0% | 181% | 1.47 |
| [PLD](https://betterthanspy.com/research/pld): Prologis, Inc. | 103% | 122% | 1.04 |
| CSGP: CoStar Group, Inc. | 79.0% | 139% | 0.85 |
| MMI: Marcus & Millichap, Inc. | 75.0% | 134% | 1.07 |
| CIGI: Colliers International Group Inc. | 116% | 171% | 1.42 |
| WD: Walker & Dunlop, Inc. | 108% | 170% | 1.42 |

### What diversifies CBRE?

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 CBRE into DXJ would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+5.7% for CBRE alone, +10.5% for the mix).
- Among large ETFs, DXJ, MLPX and SMH have moved largely independently of CBRE over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
- GLD made money in four of the six calendar years in which CBRE lost money.

| Investment | Correlation with CBRE | 5Y return | Volatility | Sharpe | Rose in CBRE's 6 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.17 | +225% | 19.1% | 1.34 | 2 of 6 |
| MLPX: Global X - MLP & Energy Infrastructure ETF | 0.47 | +138% | 19.7% | 0.98 | 2 of 6 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.32 | +304% | 37.0% | 0.94 | 3 of 6 |
| [XLE](https://betterthanspy.com/research/xle): State Street Energy Select Sector SPDR ETF | 0.27 | +178% | 25.5% | 0.94 | 4 of 6 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | 0.14 | +120% | 19.0% | 0.93 | 4 of 6 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.39 | +130% | 20.9% | 0.91 | 1 of 6 |
| AMLP: Alerian MLP ETF | 0.40 | +114% | 18.9% | 0.90 | 3 of 6 |
| EWT: iShares MSCI Taiwan ETF | 0.29 | +147% | 24.3% | 0.87 | 2 of 6 |

## Common questions

### What was CBRE's worst drawdown?

CBRE's deepest decline since it began trading in 2004 was 94.3%, from July 2007 to March 2009. It took about nine years from the low to climb back to its old high. Because CBRE launched in June 2004, that record does not include the dot-com bust.

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

Over 21 full calendar years, CBRE's best year was 2009, when it returned 214%. Its worst was 2008, with a return of -80.0%.

### Is there a better investment than CBRE?

Looking beyond its popular alternatives, VRSN (internet services) and CDP (office reits) earned more than CBRE with less volatility over the past 5 years. VRSN returned 7.2% a year at 25.9% volatility, against 4.8% a year at 31.0%. Simply owning the S&P 500 would have done better over the past 5 years: 12.5% a year at 17.2% volatility, against 4.8% at 31.0% for CBRE.

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

Yes. CBRE's volatility over the past 5 years was 31.0%, 1.8 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CBRE's return lands within 31.0% 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 CBRE's Sharpe ratio?

CBRE's Sharpe ratio over the past 5 years was 0.31, against 0.78 for the S&P 500, so CBRE 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 CBRE with the S&P 500?

Over the past 5 years, CBRE's monthly returns had a correlation of 0.61 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 CBRE instead: the lower it is, the more that option would diversify a CBRE holding.

### What are the best alternatives to CBRE?

None of the 16 popular alternatives we compared outperformed CBRE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about CBRE's strength than about its alternatives.

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

CBRE finished ahead of the S&P 500 (SPY) in 11 of 21 full calendar years. In 2025, it returned +22.5%, against +17.7% for the index.

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

CBRE fell less than the S&P 500 (SPY) in two of the nine major crashes it has traded through, and further in seven. The clearest case was the 2008 financial crisis, when CBRE fell 90.7% and the S&P 500 fell 55.2%.

### What diversifies CBRE?

These had a low correlation with CBRE over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.17), MLPX (correlation 0.47) and SMH (correlation 0.32); among large stocks, CAH (correlation 0.23), CLS (correlation 0.27) and MCK (correlation 0.10). A correlation near zero means the two have moved largely independently.

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- [Prologis (PLD) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/pld)
- [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)
- [Taiwan Semiconductor Manufacturing (TSM) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/tsm)
- [Space Exploration Technologies (SPCX) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/spcx)
- [Meta Platforms (META) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/meta)

## Explore further

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