How Can I Beat the S&P 500? What the Evidence Says
The honest answer to the most asked question in investing: how many people beat the index, why it is so hard, why investors trail even their own funds, and how daily market context fits in.
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BAM Stock vs the S&P 500: Returns, Risk and Crash History
Brookfield Asset Management Ltd., financial services (market value $73.6 billion): how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns and what analysts said. Data as of Sep 30, 2026.
Key takeaways
- BAM returned +48.6% over the 3 years to Sep 30, 2026 versus +85.0% for the S&P 500: it lagged the index.
- Its 3-year Sharpe ratio was 0.43 against 1.38 for the S&P 500.
- Its deepest crisis drawdown was −29.3% in the 2025 tariff selloff (S&P 500: −19.0%).
- Five‑year volatility was 30.1% and beta 1.44.
- BAM beat earnings estimates in 9 of its last 12 reports; the stock moved 2.0% on average, up or down, around each report.
In this article
- Did BAM beat the S&P 500?
- BAM returns by year vs the S&P 500
- BAM risk-adjusted returns: Sharpe, Sortino and volatility
- How BAM behaved in past crashes
- What moves with BAM, and what doesn’t
- What Wall Street analysts say about BAM
- Latest BAM upgrades, downgrades and price‑target changes
- How BAM moves after earnings
- Where BAM’s revenue comes from
- Members of Congress who traded BAM
- Are BAM insiders buying or selling?
- How much of BAM is sold short?
- How many institutions own BAM?
- Is BAM diluting shareholders?
- BAM financial health scores
- Which ETFs hold BAM?
- The right benchmark for BAM
- Other financial services stocks
- Data and methodology
Did BAM beat the S&P 500?
Over the 3 years to Sep 30, 2026, Brookfield Asset Management Ltd. (BAM) returned +48.6% including dividends, versus +85.0% for the S&P 500 (SPY). It lagged the index by 36.4 percentage points, or +14.1% a year against +22.8%.
| Period | BAM | S&P 500 | BAM per year | S&P 500 per year | Result |
|---|---|---|---|---|---|
| 1 year | −18.6% | +15.7% | −18.6% | +15.7% | Lagged |
| 3 years | +48.6% | +85.0% | +14.1% | +22.8% | Lagged |
| Period | 1 year | 3 years |
|---|---|---|
| BAM | −18.6% | +48.6% |
| S&P 500 | +15.7% | +85.0% |
| BAM per year | −18.6% | +14.1% |
| S&P 500 per year | +15.7% | +22.8% |
| Result | Lagged | Lagged |
Total return with dividends reinvested, from month-end prices to Sep 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also how to beat the S&P 500.
BAM returns by year vs the S&P 500
BAM beat the S&P 500 in 2 of the 3 full calendar years shown.
| Year | BAM | S&P 500 | Difference |
|---|---|---|---|
| 2026 (to Sep 30, 2026) | −12.3% | +12.7% | −25.0% |
| 2025 | −0.3% | +17.7% | −18.0% |
| 2024 | +39.7% | +24.9% | +14.8% |
| 2023 | +45.6% | +26.2% | +19.4% |
BAM risk-adjusted returns: Sharpe, Sortino and volatility
Over 3 years, BAM had a Sharpe ratio of 0.43 against 1.38 for the S&P 500, so it earned less return per unit of risk than the index. Its annualized volatility was 31.6% and its beta 1.44: it tended to move about 1.4× as much as the market.
| Metric | BAM | S&P 500 |
|---|---|---|
| Annual return | +14.1% | +22.8% |
| Volatility (annualized) | 31.6% | 12.4% |
| Sharpe ratio | 0.43 | 1.38 |
| Sortino ratio | 0.74 | 2.87 |
| Max drawdown (month-end) | −26.0% | −7.6% |
| Beta to the S&P 500 | 1.44 | 1.00 |
Sharpe divides return above cash by total volatility; Sortino counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.
How BAM behaved in past crashes
BAM’s deepest fall in the crises below was −29.3% in the 2025 tariff selloff, against −19.0% for the S&P 500. The last column turns that into money: what a $100,000 position would have lost from peak to trough.
| Crisis | BAM | S&P 500 | Loss on $100,000 |
|---|---|---|---|
| 2025 tariff selloff | −29.3% | −19.0% | −$29,310 |
| Window | BAM max drawdown |
|---|---|
| Last 1 year | −22.2% |
| Last 3 years | −30.4% |
| Last 5 years | −30.4% |
| Last 10 years | −30.1% |
Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the crash test.
What moves with BAM, and what doesn’t
Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 36 months of monthly returns, BAM’s correlation with the S&P 500 was 0.57, with the Nasdaq‑100 0.41, with long Treasuries (TLT) 0.40 and with gold (GLD) 0.06.
| Least correlated large caps | Correlation | Most correlated large caps | Correlation |
|---|---|---|---|
| MRK | −0.21 | BX | 0.82 |
| LLY | −0.18 | BLK | 0.75 |
| KLAC | −0.17 | BNY | 0.72 |
| ELV | −0.15 | MS | 0.69 |
| AMAT | −0.14 | MA | 0.65 |
Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.
What Wall Street analysts say about BAM
The consensus 12‑month price target was $61.05 (range $44.00–$75.00), +32.6% from the last price. Remember that the average analyst’s target is hit only about half the time: how accurate are price targets?
Ratings are shown with a 30‑day delay. Who the top‑ranked analysts on BAM are, their live calls and the median target of only the top‑rated analysts are in Exent Gems.
Latest BAM upgrades, downgrades and price‑target changes
No named analyst changed a rating or price target on BAM in the 5 weeks to Sep 22, 2026 (calls are shown 30 days after publication). The top‑ranked analysts’ calls are in Exent Gems. See all of the latest analyst upgrades and downgrades.
How BAM moves after earnings
BAM beat the consensus earnings‑per‑share estimate in 9 of its last 12 quarterly reports, through the one on Aug 5, 2026, and the revenue estimate in 1 of 12. From the close before each report to the close after it, the stock moved 2.0% on average, up or down, against 6.8% for the average report across the 1,002 US stocks Exent tracks. It rose after 9 of the 12 reports. In 1 of the 9 beats the stock still fell. The next report is expected on Nov 6, 2026.
9/12earnings beats
±2.0%average move per report
Nov 6, 2026next report (expected)
| Report | EPS vs estimate | Revenue vs estimate | Stock move |
|---|---|---|---|
| Aug 5, 2026 | $0.44 vs $0.43 | +18.0% | +2.4% |
| May 8, 2026 | $0.43 vs $0.41 | −8.2% | +0.3% |
| Feb 4, 2026 | $0.47 vs $0.44 | −4.8% | +2.7% |
| Nov 7, 2025 | $0.41 vs $0.40 | −7.2% | +0.5% |
| Aug 6, 2025 | $0.38 vs $0.39 | −14.7% | −1.0% |
| May 6, 2025 | $0.40 vs $0.39 | −15.8% | +3.5% |
| Feb 12, 2025 | $0.40 vs $0.39 | −90.4% | +3.5% |
| Nov 4, 2024 | $0.38 vs $0.36 | −7.3% | +4.5% |
Reported earnings per share against the consensus estimate, revenue surprise in percent, and the stock’s price change over the two sessions around the report. How stocks move after earnings
Where BAM’s revenue comes from
In fiscal 2025 (the year to Dec 31, 2025), BAM’s largest reported region was the United States, with 40.2% of its $68.1 billion revenue. By region: United States 40.2%; Canada 11.5%; Other Europe 10.3%; Brazil 8.0%.
By business, the largest segment was Management Service, with 85.8% of $3.9 billion revenue.
| Segment | Revenue | Share | Growth |
|---|---|---|---|
| Management Service | $3.4 billion | 85.8% | — |
| Incentive Fees | $560.0 million | 14.2% | — |
From BAM’s annual filings; segment growth compares fiscal 2025 with the year before. Regions are as each company reports them, so one company’s “Asia Pacific” is not another’s. China counts the regions a company reports as China, Greater China or Hong Kong; a separately reported Taiwan is not counted. Which S&P 500 companies depend most on China?
Members of Congress who traded BAM
As of Oct 20, 2026, 3 members of Congress had disclosed 8 trades in BAM (1 buy and 7 sales) in STOCK Act disclosures filed with the House and Senate. The latest public trade is dated Apr 5, 2022.
| Trade date | Member | Type | Amount |
|---|---|---|---|
| Apr 5, 2022 | Kurt Schrader | Buy | $1,001–$15,000 |
| Jun 4, 2021 | Ro Khanna | Sale | $15,001–$50,000 |
| Jun 29, 2020 | James Inhofe | Sale | $1,001–$15,000 |
| Mar 20, 2020 | James Inhofe | Sale | $1,001–$15,000 |
| Feb 20, 2020 | James Inhofe | Sale | $50,001–$100,000 |
| Jan 27, 2020 | James Inhofe | Sale | $50,001–$100,000 |
| Aug 14, 2018 | James Inhofe | Sale | $15,001–$50,000 |
| May 3, 2018 | James Inhofe | Sale | $15,001–$50,000 |
Amounts are the ranges members report, not exact values. The STOCK Act gives members up to 45 days to disclose a trade, so trades appear weeks after they are made. See every member’s disclosed trades
Are BAM insiders buying or selling?
In the 12 months to Oct 20, 2026, BAM insiders made no open‑market purchases and 50 sales, according to SEC Form 4 filings. The last open‑market purchase on record was on Jun 13, 2013.
| Date | Insider | Role | Value |
|---|---|---|---|
| Jun 13, 2013 | Cavanagh Richard | Director | $1,435 |
| Sep 8, 2011 | Bank of America Corp /De/ | 10 percent owner | $2,930 |
The table lists the latest open‑market purchases on record, leaving out the last 30 days. Purchases are open‑market buys; sales include planned sales under 10b5‑1 trading plans. Do insider buys beat the market?
How much of BAM is sold short?
As of the Sep 30, 2026 settlement date, 6.23% of BAM’s float was sold short: 19.9 million shares, or 6.5 days of average trading volume to cover. A year earlier (Oct 15, 2025) it was 4.58%. The median across the 997 US stocks Exent tracks was 4.77%, so BAM is more heavily shorted than most.
From FINRA short‑interest reports, filed twice a month; the bars show the short share of the float at each month‑end. Days to cover divides the shares short by the average daily volume. The most shorted stocks
How many institutions own BAM?
At the end of Q2 2026 (Jun 30, 2026), 654 institutions reported holding BAM in 13F filings, the same as a quarter earlier and up from 630 a year earlier. Their reported holdings add up to 92.8% of BAM’s shares. In the quarter 291 institutions added to their positions and 216 cut them.
65413F holders
72new positions
76positions closed
92.8%of shares held by 13F filers
Investment managers with over $100 million in US equities file 13F reports within 45 days of each quarter end, so this is the latest complete quarter. Holdings can add up to more than 100% when shares are lent and counted twice. Which stocks institutions are buying and selling
Is BAM diluting shareholders?
BAM’s diluted share count rose 46.8% in fiscal 2025 alone. Each share now owns a smaller slice of the company.
Stock‑based compensation was $352.0 million in fiscal 2025, 7.6% of revenue. BAM spent $412.0 million buying back shares, a buyback yield of 0.56% of its market value; stock pay equaled 85.4% of the buybacks.
+46.8%share count, 1 year
7.6%stock pay as % of revenue
0.56%buyback yield
Weighted‑average diluted shares from BAM’s annual income statements; stock‑based compensation and buybacks from its cash‑flow statement. Stock dilution and stock‑based compensation, explained
BAM financial health scores
In Exent’s Oct 20, 2026 snapshot, BAM’s Piotroski F‑score was 4 out of 9; 88% of scored stocks reach 4 or more. The Altman Z‑score is not meaningful for financial services companies, so it is left out.
The Altman Z‑score combines five balance‑sheet and earnings ratios into one bankruptcy‑risk score: below 1.81 is the distress zone, 1.81–2.99 grey, above 2.99 safe. It is not meaningful for banks, insurers and REITs. The Piotroski F‑score counts nine yes/no tests of profitability, leverage and efficiency; 8–9 is strong, 0–2 weak. Both come from the latest annual statements. Which stocks have the highest bankruptcy risk?
Which ETFs hold BAM?
As of Oct 20, 2026, 8 of the 304 ETFs Exent tracks held BAM. Its largest weight is in IWY (iShares Russell Top 200 Growth ETF), at 0.06% of the fund.
| ETF | Fund | Weight of BAM |
|---|---|---|
| IWY | iShares Russell Top 200 Growth ETF | 0.06% |
| IWF | iShares Russell 1000 Growth ETF | 0.05% |
| VONG | Vanguard Russell 1000 Growth Index Fund | 0.05% |
| IWB | iShares Russell 1000 ETF | 0.02% |
| IWV | iShares Russell 3000 ETF | 0.02% |
Owning several of these funds stacks the same position. How much do VOO, QQQ and VTI overlap?
The right benchmark for BAM
Exent matches every holding to the index with the most similar risk. For BAM that is SPY (the S&P 500). Comparing a holding with an index that carries very different risk makes good results look bad and risky ones look clever. Read why the S&P 500 is the wrong benchmark for most portfolios.
Other financial services stocks
| Ticker | Name | 5‑year return | Volatility (5y) |
|---|---|---|---|
| BRK-B | Berkshire Hathaway Inc. | +82.4% | 17.1% |
| JPM | JPMorgan Chase & Co. | +128.0% | 24.4% |
| V | Visa Inc. | +67.2% | 22.7% |
| MA | Mastercard Incorporated | +63.1% | 23.9% |
| BAC | Bank of America Corporation | +43.4% | 26.5% |
| MS | Morgan Stanley | +125.4% | 28.6% |
| GS | The Goldman Sachs Group, Inc. | +166.4% | 28.6% |
| WFC | Wells Fargo & Company | +93.7% | 30.1% |
Data and methodology
Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Sep 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: Exent methodology.
Company data as of Oct 20, 2026. The move around an earnings report runs from the close before it to the close after it; a price target counts as hit when the stock closed at or beyond it within 12 months (Exent analyst data). Revenue by region and segment, share counts and executive pay come from company filings; insider trades from SEC Form 4, short interest from FINRA, institutional ownership from 13F filings, Congress trades from STOCK Act disclosures filed with the House and Senate, federal contracts from USAspending.gov. Filings from the last 30 days are shown as counts only.
Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.
See what BAM does to your own portfolio
- Upload a screenshot of your holdings (or a CSV, Excel, PDF or Google Sheet); no brokerage login.
- Exent replays your whole portfolio, BAM included, through the 2008, 2018, 2020, 2022 and 2025 selloffs and shows which holdings drive the losses.
- It finds holdings that move together with BAM and compares your portfolio with a risk‑matched benchmark, Sharpe and Sortino included.
- Use the what‑if simulator to change weights and see the effect before you trade.
Frequently asked questions
No. As of Oct 20, 2026, BAM (Brookfield Asset Management Ltd.) is not one of the 503 stocks in the S&P 500.
Over the 3 years to Sep 30, 2026, BAM’s Sharpe ratio was 0.43 and its Sortino ratio 0.74, versus 1.38 and 2.87 for the S&P 500.
BAM’s 5‑year annualized volatility was 30.1%, higher than the S&P 500’s 17.0%, with a beta of 1.44.
Among large US stocks, the lowest correlations with BAM over the last 36 months were MRK (−0.21), LLY (−0.18), KLAC (−0.17). Its correlation with long Treasuries (TLT) was 0.40 and with gold (GLD) 0.06.
BAM beat the consensus earnings-per-share estimate in 9 of its last 12 quarterly reports through Aug 5, 2026, and the revenue estimate in 1 of 12. The stock moved 2.0% on average, up or down, from the close before each report to the close after it. Its next report is expected on Nov 6, 2026.
Yes. As of Oct 20, 2026, 3 members of Congress had disclosed 8 trades in BAM (1 buy and 7 sales) in STOCK Act disclosures filed with the House and Senate.
As of the Sep 30, 2026 settlement date, 6.23% of BAM’s float was sold short (19.9 million shares, 6.5 days to cover), according to FINRA short-interest reports. A year earlier it was 4.58%.
What would BAM do to your portfolio?
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Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.