BRSP vs. BXP

Last updated Jun 23, 2026

BRSP (BrightSpire Capital, Inc.) and BXP (Boston Properties, Inc.) are both stocks. Both are in the Real Estate sector — BRSP in REIT - Diversified, BXP in REIT - Office. Over the past 5 years, BRSP returned -1.35%/yr vs -6.68%/yr for BXP. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

BRSP vs. BXP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BrightSpire Capital, Inc. (BRSP) and Boston Properties, Inc. (BXP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRSP achieves a 1.10% return, which is significantly higher than BXP's -2.49% return.

BRSP

• 1D: -0.72%
• 1M: -3.00%
• YTD: 1.10%
• 6M: -0.96%
• 1Y: 18.93%
• 3Y*: 6.94%
• 5Y*: -1.35%
• 10Y*: —

BXP

• 1D: 0.32%
• 1M: 7.66%
• YTD: -2.49%
• 6M: -4.29%
• 1Y: -4.76%
• 3Y*: 14.23%
• 5Y*: -6.68%
• 10Y*: -2.65%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BRSP vs. BXP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BRSP BrightSpire Capital, Inc.	1.10%	11.61%	-14.45%	34.92%	-32.42%	45.52%	-40.97%	-6.95%	-15.98%
BXP Boston Properties, Inc.	-2.49%	-4.75%	12.28%	10.98%	-38.57%	26.21%	-28.33%	26.09%	-6.30%

Correlation

The correlation between BRSP and BXP is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Feb 1, 2018	0.51

The correlation between BRSP and BXP shifts across timeframes, from 0.40 (1 year) to 0.55 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap BRSP : $709.07M BXP : $10.30B
EPS BRSP : -$0.25 BXP : $2.00
PS Ratio BRSP : 2.83 BXP : 2.95
PB Ratio BRSP : 0.77 BXP : 2.00
Total Revenue (TTM) BRSP : $248.92M BXP : $3.49B
Gross Profit (TTM) BRSP : $107.84M BXP : $2.10B
EBITDA (TTM) BRSP : -$13.14M BXP : $1.88B

Return for Risk

BRSP vs. BXP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BRSP

BRSP Risk / Return Rank: 67
BRSP Sharpe Ratio Rank: 69
BRSP Sortino Ratio Rank: 62
BRSP Omega Ratio Rank: 60
BRSP Calmar Ratio Rank: 71
BRSP Martin Ratio Rank: 71

BXP

BXP Risk / Return Rank: 34
BXP Sharpe Ratio Rank: 35
BXP Sortino Ratio Rank: 30
BXP Omega Ratio Rank: 31
BXP Calmar Ratio Rank: 38
BXP Martin Ratio Rank: 37

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BRSP vs. BXP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BrightSpire Capital, Inc. (BRSP) and Boston Properties, Inc. (BXP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BRSP	BXP	Difference
Sharpe ratio: Return per unit of total volatility	0.85	-0.17	+1.01
Sortino ratio: Return per unit of downside risk	1.30	-0.04	+1.33
Omega ratio: Gain probability vs. loss probability	1.16	1.00	+0.16
Calmar ratio: Return relative to maximum drawdown	1.57	-0.14	+1.71
Martin ratio: Return relative to average drawdown	3.56	-0.28	+3.84

BRSP vs. BXP - Sharpe Ratio Comparison

The current BRSP Sharpe Ratio is 0.85, which is higher than the BXP Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of BRSP and BXP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BRSP vs. BXP - Drawdown Comparison

The maximum BRSP drawdown since its inception was -85.71%, which is greater than BXP's maximum drawdown of -72.80%. Use the drawdown chart below to compare losses from any high point for BRSP and BXP.

Drawdown Indicators

	BRSP	BXP	Difference
Max Drawdown Largest peak-to-trough decline	-85.71%	-72.80%	-12.91%
Max Drawdown (1Y) Largest decline over 1 year	-12.12%	-33.56%	+21.44%
Max Drawdown (3Y) Largest decline over 3 years	-35.31%	-39.03%	+3.72%
Max Drawdown (5Y) Largest decline over 5 years	-41.28%	-62.57%	+21.29%
Max Drawdown (10Y) Largest decline over 10 years	—	-63.59%	—
Current Drawdown Current decline from peak	-50.19%	-39.89%	-10.30%
Average Drawdown Average peak-to-trough decline	-47.03%	-16.75%	-30.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	16.77%	-11.44%

Volatility

BRSP vs. BXP - Volatility Comparison

The current volatility for BrightSpire Capital, Inc. (BRSP) is 6.57%, while Boston Properties, Inc. (BXP) has a volatility of 8.40%. This indicates that BRSP experiences smaller price fluctuations and is considered to be less risky than BXP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRSP	BXP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	8.40%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	16.05%	20.95%	-4.90%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	28.51%	-6.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.95%	32.97%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.42%	32.12%	+19.30%

Dividends

BRSP vs. BXP - Dividend Comparison

BRSP's dividend yield for the trailing twelve months is around 11.64%, more than BXP's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRSP BrightSpire Capital, Inc.	11.64%	11.43%	12.77%	10.75%	12.68%	5.65%	4.00%	12.54%	10.10%	0.00%	0.00%	0.00%
BXP Boston Properties, Inc.	4.75%	4.98%	5.27%	5.59%	5.80%	3.40%	4.15%	2.78%	3.11%	2.35%	2.15%	3.02%

Financials

Frequently Asked Questions

Can I hold both BRSP and BXP in my portfolio?

BRSP and BXP have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRSP or BXP?

BXP has higher volatility (8.40%) compared to BRSP (6.57%). In terms of maximum drawdown, BRSP dropped -85.71% vs BXP's -72.80%.

Which has better risk-adjusted returns?

BRSP currently has the higher Sharpe Ratio (0.85 vs -0.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.