Ares Management (ARES) seasonality heatmap
Returns across monthly, quarterly, and yearly periods. Cell color encodes signed magnitude; the scale auto-fits each table.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -7.4% | -25.2% | -1.3% | +7.6% | +9.5% | +5.0% | — | — | — | — | — | — |
| 2025 | +12.0% | -13.8% | -13.6% | +4.0% | +8.5% | +5.4% | +7.1% | -3.4% | -10.2% | -7.0% | +5.5% | +3.7% |
| 2024 | +2.1% | +9.2% | +1.0% | +0.1% | +5.3% | -4.2% | +14.9% | -4.4% | +7.1% | +7.6% | +5.4% | +0.7% |
| 2023 | +21.3% | -2.8% | +4.6% | +5.0% | -0.6% | +11.5% | +3.0% | +4.3% | +0.2% | -4.2% | +13.9% | +6.7% |
| 2022 | -1.9% | +1.7% | +1.0% | -18.5% | +7.5% | -19.3% | +26.0% | +3.5% | -15.8% | +22.4% | +3.4% | -12.0% |
| 2021 | -4.0% | +15.1% | +8.7% | -6.3% | +5.1% | +16.2% | +12.6% | +7.8% | -3.8% | +14.8% | -4.2% | +0.7% |
| 2020 | +1.0% | -4.1% | -9.5% | +8.5% | +12.6% | +6.3% | +0.6% | +1.3% | +0.9% | +4.6% | +6.5% | +5.3% |
| 2019 | +17.3% | +13.2% | -0.4% | +5.3% | +5.1% | +3.2% | +11.8% | -0.5% | -6.9% | +10.3% | +11.9% | +8.9% |
| 2018 | +16.7% | +6.3% | -12.3% | +3.3% | +0.7% | -5.3% | +3.2% | -0.2% | +10.4% | -15.5% | +14.5% | -19.8% |
| 2017 | +2.4% | +10.0% | -11.0% | +3.6% | -6.8% | -0.3% | +2.8% | -0.2% | +2.8% | -1.6% | +2.7% | +8.4% |
| 2016 | -9.0% | +1.2% | +31.4% | -5.7% | -1.8% | +0.0% | +23.1% | +7.0% | -4.8% | -3.7% | +3.3% | +12.2% |
| 2015 | +10.8% | +6.9% | -7.5% | -2.3% | +9.1% | -5.1% | +2.6% | -7.7% | +1.3% | -7.3% | -12.3% | -8.1% |
| 2014 | — | — | — | — | — | +1.0% | +1.3% | -7.1% | -2.1% | -9.2% | +3.4% | +5.8% |
| Avg | +5.1% | +1.5% | -0.7% | +0.4% | +4.5% | +0.8% | +9.1% | +0.0% | -1.7% | +0.9% | +4.5% | +1.1% |
| Median | +2.3% | +4.0% | -0.8% | +3.5% | +5.2% | +0.5% | +5.2% | -0.2% | -1.0% | -2.7% | +4.4% | +4.5% |
| Last 5Y Avg | +5.2% | -6.2% | -1.7% | -0.3% | +6.0% | +1.9% | +12.7% | +1.5% | -4.5% | +6.7% | +4.8% | -0.0% |
| Std Dev (σ) | 10.2% | 11.7% | 12.4% | 7.6% | 5.6% | 9.1% | 8.7% | 5.1% | 7.2% | 11.1% | 7.5% | 9.6% |
| Consistency (μ/σ) | 0.50 | 0.13 | -0.06 | 0.05 | 0.81 | 0.08 | 1.05 | 0.00 | -0.24 | 0.08 | 0.60 | 0.11 |
| Win Rate (%) | 67% | 67% | 42% | 67% | 75% | 50% | 100% | 42% | 50% | 42% | 83% | 75% |
| Winning / Losing Months | ▲8▼4 | ▲8▼4 | ▲5▼7 | ▲8▼4 | ▲9▼3 | ▲6▼6 | ▲12▼0 | ▲5▼7 | ▲6▼6 | ▲5▼7 | ▲10▼2 | ▲9▼3 |
| Longest Win / Loss Streak | ▲4▼2 | ▲5▼2 | ▲4▼4 | ▲4▼2 | ▲5▼2 | ▲3▼4 | ▲12▼0 | ▲4▼3 | ▲2▼2 | ▲4▼5 | ▲5▼1 | ▲3▼1 |
| Best | +21.3%in January 2023 | +15.1%in February 2021 | +31.4%in March 2016 | +8.5%in April 2020 | +12.6%in May 2020 | +16.2%in June 2021 | +26.0%in July 2022 | +7.8%in August 2021 | +10.4%in September 2018 | +22.4%in October 2022 | +14.5%in November 2018 | +12.2%in December 2016 |
| Worst | -9.0%in January 2016 | -25.2%in February 2026 | -13.6%in March 2025 | -18.5%in April 2022 | -6.8%in May 2017 | -19.3%in June 2022 | +0.6%in July 2020 | -7.7%in August 2015 | -15.8%in September 2022 | -15.5%in October 2018 | -12.3%in November 2015 | -19.8%in December 2018 |
−25.2%+31.4%
2026
Jan-7.4%
Feb-25.2%
Mar-1.3%
Apr+7.6%
May+9.5%
Jun+5.0%
Jul—
Aug—
Sep—
Oct—
Nov—
Dec—
2025
Jan+12.0%
Feb-13.8%
Mar-13.6%
Apr+4.0%
May+8.5%
Jun+5.4%
Jul+7.1%
Aug-3.4%
Sep-10.2%
Oct-7.0%
Nov+5.5%
Dec+3.7%
2024
Jan+2.1%
Feb+9.2%
Mar+1.0%
Apr+0.1%
May+5.3%
Jun-4.2%
Jul+14.9%
Aug-4.4%
Sep+7.1%
Oct+7.6%
Nov+5.4%
Dec+0.7%
2023
Jan+21.3%
Feb-2.8%
Mar+4.6%
Apr+5.0%
May-0.6%
Jun+11.5%
Jul+3.0%
Aug+4.3%
Sep+0.2%
Oct-4.2%
Nov+13.9%
Dec+6.7%
2022
Jan-1.9%
Feb+1.7%
Mar+1.0%
Apr-18.5%
May+7.5%
Jun-19.3%
Jul+26.0%
Aug+3.5%
Sep-15.8%
Oct+22.4%
Nov+3.4%
Dec-12.0%
2021
Jan-4.0%
Feb+15.1%
Mar+8.7%
Apr-6.3%
May+5.1%
Jun+16.2%
Jul+12.6%
Aug+7.8%
Sep-3.8%
Oct+14.8%
Nov-4.2%
Dec+0.7%
2020
Jan+1.0%
Feb-4.1%
Mar-9.5%
Apr+8.5%
May+12.6%
Jun+6.3%
Jul+0.6%
Aug+1.3%
Sep+0.9%
Oct+4.6%
Nov+6.5%
Dec+5.3%
2019
Jan+17.3%
Feb+13.2%
Mar-0.4%
Apr+5.3%
May+5.1%
Jun+3.2%
Jul+11.8%
Aug-0.5%
Sep-6.9%
Oct+10.3%
Nov+11.9%
Dec+8.9%
2018
Jan+16.7%
Feb+6.3%
Mar-12.3%
Apr+3.3%
May+0.7%
Jun-5.3%
Jul+3.2%
Aug-0.2%
Sep+10.4%
Oct-15.5%
Nov+14.5%
Dec-19.8%
2017
Jan+2.4%
Feb+10.0%
Mar-11.0%
Apr+3.6%
May-6.8%
Jun-0.3%
Jul+2.8%
Aug-0.2%
Sep+2.8%
Oct-1.6%
Nov+2.7%
Dec+8.4%
2016
Jan-9.0%
Feb+1.2%
Mar+31.4%
Apr-5.7%
May-1.8%
Jun+0.0%
Jul+23.1%
Aug+7.0%
Sep-4.8%
Oct-3.7%
Nov+3.3%
Dec+12.2%
2015
Jan+10.8%
Feb+6.9%
Mar-7.5%
Apr-2.3%
May+9.1%
Jun-5.1%
Jul+2.6%
Aug-7.7%
Sep+1.3%
Oct-7.3%
Nov-12.3%
Dec-8.1%
2014
Jan—
Feb—
Mar—
Apr—
May—
Jun+1.0%
Jul+1.3%
Aug-7.1%
Sep-2.1%
Oct-9.2%
Nov+3.4%
Dec+5.8%
Avg
Jan+5.1%
Feb+1.5%
Mar-0.7%
Apr+0.4%
May+4.5%
Jun+0.8%
Jul+9.1%
Aug+0.0%
Sep-1.7%
Oct+0.9%
Nov+4.5%
Dec+1.1%
Median
Jan+2.3%
Feb+4.0%
Mar-0.8%
Apr+3.5%
May+5.2%
Jun+0.5%
Jul+5.2%
Aug-0.2%
Sep-1.0%
Oct-2.7%
Nov+4.4%
Dec+4.5%
Last 5Y Avg
Jan+5.2%
Feb-6.2%
Mar-1.7%
Apr-0.3%
May+6.0%
Jun+1.9%
Jul+12.7%
Aug+1.5%
Sep-4.5%
Oct+6.7%
Nov+4.8%
Dec-0.0%
Std Dev (σ)
Jan10.2%
Feb11.7%
Mar12.4%
Apr7.6%
May5.6%
Jun9.1%
Jul8.7%
Aug5.1%
Sep7.2%
Oct11.1%
Nov7.5%
Dec9.6%
Consistency (μ/σ)
Jan0.50
Feb0.13
Mar-0.06
Apr0.05
May0.81
Jun0.08
Jul1.05
Aug0.00
Sep-0.24
Oct0.08
Nov0.60
Dec0.11
Win Rate (%)
Jan67%
Feb67%
Mar42%
Apr67%
May75%
Jun50%
Jul100%
Aug42%
Sep50%
Oct42%
Nov83%
Dec75%
Winning / Losing Months
Jan▲8▼4
Feb▲8▼4
Mar▲5▼7
Apr▲8▼4
May▲9▼3
Jun▲6▼6
Jul▲12▼0
Aug▲5▼7
Sep▲6▼6
Oct▲5▼7
Nov▲10▼2
Dec▲9▼3
Longest Win / Loss Streak
Jan▲4▼2
Feb▲5▼2
Mar▲4▼4
Apr▲4▼2
May▲5▼2
Jun▲3▼4
Jul▲12▼0
Aug▲4▼3
Sep▲2▼2
Oct▲4▼5
Nov▲5▼1
Dec▲3▼1
Best
Jan+21.3%2023
Feb+15.1%2021
Mar+31.4%2016
Apr+8.5%2020
May+12.6%2020
Jun+16.2%2021
Jul+26.0%2022
Aug+7.8%2021
Sep+10.4%2018
Oct+22.4%2022
Nov+14.5%2018
Dec+12.2%2016
Worst
Jan-9.0%2016
Feb-25.2%2026
Mar-13.6%2025
Apr-18.5%2022
May-6.8%2017
Jun-19.3%2022
Jul+0.6%2020
Aug-7.7%2015
Sep-15.8%2022
Oct-15.5%2018
Nov-12.3%2015
Dec-19.8%2018
−25.2%+31.4%
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