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Relative Intelligence · Insurance

How Berkshire Hathaway (BRK-A) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BRK-A alone. It places BRK-A (Berkshire Hathaway Inc.) against 20+ 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 BRK-A stands in the market, and of the alternatives worth a closer look.

Period covered: BRK-A's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against BRK-A →Chart BRK-A vs. 23 alternatives →
On this page12 sections

Key findings

How much would $10,000 in BRK-A have grown?

This chart tracks a hypothetical $10,000 investment in BRK-A over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BRK-A over the same span and BRK-A's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 355 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of BRK-A; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000$100,000$200,000199720022007201220172022$10,000$100,00019972004201120182025
  • WRB$427,501+4,175% total · +13.8% a year
  • RNR$333,219+3,232% total · +12.9% a year
  • JPM$189,407+1,794% total · +10.7% a year
  • TRV$178,972+1,690% total · +10.5% a year
  • NSC$171,092+1,611% total · +10.3% a year
  • BRK-A$166,749+1,567% total · +10.2% a year
  • AFG$153,838+1,438% total · +9.9% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • ALL$108,708+987% total · +8.6% a year
  • HIG$51,932+419% total · +5.8% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,038 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BRK-A; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000202120222023202420252026$0$10,000$20,000$30,000202120222023202420252026
  • MFC$28,001+180% total · +22.9% a year
  • TRV$25,788+158% total · +20.9% a year
  • RNR$23,680+137% total · +18.8% a year
  • JPM$22,905+129% total · +18.0% a year
  • IUS$19,997+100.0% total · +14.9% a year
  • ALL$19,616+96.2% total · +14.4% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • THG$18,550+85.5% total · +13.2% a year
  • BRK-A$18,159+81.6% total · +12.7% a year
  • AFG$15,796+58.0% total · +9.6% a year
Change the dates or add tickers to this chart in EasyCompare

BRK-A 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. These figures serve as the baseline for every comparison that follows.

The company

Market value
$1.2T
Industry
Insurance - Diversified
Price history from
October 1986

Returns

Past 1 year
+9.3%total return
Past 3 years
+58.4%+16.6% a year
Past 5 years
+87.2%+13.4% a year
Past 10 years
+273%+14.1% a year
Best calendar year
+52.2%1998
Worst calendar year
−31.8%2008
Losing years
5 of 29full calendar years

Risk

Volatility
17.2%typical yearly swing, 5 years
Sharpe ratio
0.82return per unit of risk, 5 years
Worst decline ever
−51.5%Dec 2007 to Mar 2009
From its all-time high
At its highwithin 1%

BRK-A against the whole market

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

How does BRK-A rank among all stocks?

This section ranks BRK-A on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how BRK-A stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureBRK-ARankStanding
1-year return+9.3%1,608 of 3,287top 49%
3-year return+58.4%1,422 of 3,017top 47%
5-year return+87.2%763 of 2,893top 26%
10-year return+273%654 of 2,202top 30%
Volatility, 5 years17.2%38 of 2,893top 1%
Sharpe ratio, 5 years0.82262 of 2,893top 9%
Worst decline, past 10 years−30.4%25 of 2,187top 1%

What has beaten BRK-A 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). BRK-A sits where the dashed lines cross. Anything in the green box above and to the left earned more than BRK-A with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to BRK-A; faint dots are 2 more of the 4 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BRK-APVAL: +16.1% a year, volatility 15.1%EMLP: +14.9% a year, volatility 14.5%BRK-A: +13.4% a year, volatility 17.2%SPY (S&P 500): +12.7% a year, volatility 17.1%TRV: +22.4% a year, volatility 22.3%ALL: +17.0% a year, volatility 26.2%AFG: +9.8% a year, volatility 22.6%MFC: +22.6% a year, volatility 24.0%AIZ: +13.3% a year, volatility 25.3%THG: +14.4% a year, volatility 22.9%IUS: +14.7% a year, volatility 14.9%ABBV: +26.1% a year, volatility 23.4%CAH: +42.1% a year, volatility 24.7%SDCI: +20.6% a year, volatility 18.4%LVHI: +17.0% a year, volatility 11.1%V: +12.8% a year, volatility 22.9%SIXA: +12.8% a year, volatility 12.7%HDV: +12.9% a year, volatility 13.0%BRK-ASPY (S&P 500)TRVALLAFGMFCAIZTHGIUSABBVCAHSDCILVHIVSIXAHDV10.0%15.0%20.0%25.0%30.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BRK-APVAL: +16.1% a year, volatility 15.1%EMLP: +14.9% a year, volatility 14.5%BRK-A: +13.4% a year, volatility 17.2%SPY (S&P 500): +12.7% a year, volatility 17.1%TRV: +22.4% a year, volatility 22.3%ALL: +17.0% a year, volatility 26.2%AFG: +9.8% a year, volatility 22.6%MFC: +22.6% a year, volatility 24.0%AIZ: +13.3% a year, volatility 25.3%THG: +14.4% a year, volatility 22.9%IUS: +14.7% a year, volatility 14.9%ABBV: +26.1% a year, volatility 23.4%CAH: +42.1% a year, volatility 24.7%SDCI: +20.6% a year, volatility 18.4%LVHI: +17.0% a year, volatility 11.1%V: +12.8% a year, volatility 22.9%SIXA: +12.8% a year, volatility 12.7%HDV: +12.9% a year, volatility 13.0%BRK-ASPY (S&P 500)TRVALLAFGMFCAIZTHGIUSABBVCAHSDCILVHISIXAHDV
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than BRK-A?

Investments that beat BRK-A over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat BRK-A 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. It checks BRK-A's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than BRK-A follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than BRK-A's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× BRK-A's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than BRK-A's.

Screen the whole market against BRK-A for any period in BetterThanSPYOpen these 15 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with BRK-A?lower diversifies moreExpenseper year
BRK-ABerkshire Hathaway Inc. · this page
+13.4%17.2%0.82−30.4%+273%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.500.09%
Popular alternativesbest 3 shownThe investments people most often weigh against BRK-A. 3 of 23 passed at least one test.
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return in most periods+22.4%22.3%1.02−46.3%+347%0.62—
ALLThe Allstate Corporation · Property & Casualty Insurance
Higher return in most periods+17.0%26.2%0.73−41.4%+356%0.49—
AFGAmerican Financial Group, Inc. · Property & Casualty Insurance
Higher return in most periods+9.8%22.6%0.53−59.0%+321%0.54—
Same and neighboring categories, and shared themesbest 3 shownEverything else in Insurance and the categories next to it (Property & Casualty Insurance, Life Insurance), plus BRK-A's specific themes. 3 of 42 passed at least one test.
MFCManulife Financial Corporation · Life Insurance
Higher return in most periods+22.6%24.0%0.97−57.5%+373%0.52—
AIZAssurant, Inc. · Property & Casualty Insurance
Higher return in most periods+13.3%25.3%0.62−44.6%+312%0.43—
THGThe Hanover Insurance Group, Inc. · Property & Casualty Insurance
Higher return in most periods+14.4%22.9%0.70−40.1%+291%0.49—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 65 of 3,568 passed at least one test.
IUSInvesco RAFI Strategic US ETF · Broad Market
Higher return, lower volatilityHigher return in most periods+14.7%14.9%1.00−34.7%—0.610.19%
ABBVAbbVie Inc. · Pharmaceuticals
On the frontierHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.48—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.40—
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
On the frontierHigher return, similar volatilityHigher return in most periods+20.6%18.4%1.12−45.7%—0.200.80%
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatility+17.0%11.1%1.48−32.4%+194%0.600.40%
VVisa Inc. · Payment Processing
Higher return in most periods+12.8%22.9%0.64−36.4%+429%0.60—
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Similar return, lower volatilityHigher Sharpe, smaller worst decline+12.8%12.7%1.01−18.4%—0.700.31%
HDViShares Core High Dividend ETF · US Dividend Equity
Similar return, lower volatility+12.9%13.0%1.00−37.0%+172%0.690.08%
What these numbers mean for BRK-A
Annual return
BRK-A returned 13.4% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $18,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
BRK-A's volatility over the past 5 years was 17.2%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BRK-A's return lands within 17.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
BRK-A's Sharpe ratio over the past 5 years was 0.82, against 0.79 for the S&P 500, so BRK-A earned more 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. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
BRK-A's worst fall from a peak to a low over the past 10 years was 30.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 30.4% fall takes a 43.7% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BRK-A's monthly returns had a correlation of 0.50 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 BRK-A instead: the lower it is, the more that option would diversify a BRK-A holding. Guide: Correlation and diversification →
Show all 4 stocks and funds worth at least $500 million that earned more than BRK-A with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BRK-AExpense
1
IUSInvesco RAFI Strategic US ETF · Broad Market
Whole market+14.7%14.9%1.00−34.7%—0.610.19%
2
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.600.40%
3
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.620.56%
4
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.650.95%

BRK-A against its popular alternatives

The investments people most often weigh against BRK-A, compared period by period and year by year.

How do BRK-A'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. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at BRK-A, which divides the map into what did better or worse on each measure.

Green points earned more than BRK-A with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

16.0%18.0%20.0%22.0%24.0%26.0%28.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBRK-A: 13.4% a year, volatility 17.2%SPY (S&P 500): 12.7% a year, volatility 17.1%AFG: 9.8% a year, volatility 22.6%NSC: 5.3% a year, volatility 24.8%UNP: 7.1% a year, volatility 22.9%CINF: 10.2% a year, volatility 25.7%BRK-B: 13.4% a year, volatility 17.1%NEE: 1.5% a year, volatility 26.8%CNA: 9.2% a year, volatility 21.6%EG: 9.4% a year, volatility 25.7%RLI: 8.1% a year, volatility 23.9%AIG: 9.0% a year, volatility 25.9%MKL: 7.3% a year, volatility 22.4%ALL: 17.0% a year, volatility 26.2%TRV: 22.4% a year, volatility 22.3%RNR: 20.1% a year, volatility 27.8%JPM: 17.3% a year, volatility 24.3%HIG: 15.6% a year, volatility 22.0%WRB: 18.9% a year, volatility 22.9%CB: 15.7% a year, volatility 20.4%ACGL: 20.1% a year, volatility 24.5%L: 14.3% a year, volatility 19.2%AXS: 16.7% a year, volatility 25.2%PGR: 21.3% a year, volatility 25.6%BRK-ASPY (S&P 500)AFGNSCUNPCINFBRK-BNEECNAEGRLIAIGMKLALLTRVRNRJPMHIGWRBCBACGLLAXSPGR15.0%17.5%20.0%22.5%25.0%27.5%30.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBRK-A: 13.4% a year, volatility 17.2%SPY (S&P 500): 12.7% a year, volatility 17.1%AFG: 9.8% a year, volatility 22.6%NSC: 5.3% a year, volatility 24.8%UNP: 7.1% a year, volatility 22.9%CINF: 10.2% a year, volatility 25.7%BRK-B: 13.4% a year, volatility 17.1%NEE: 1.5% a year, volatility 26.8%CNA: 9.2% a year, volatility 21.6%EG: 9.4% a year, volatility 25.7%RLI: 8.1% a year, volatility 23.9%AIG: 9.0% a year, volatility 25.9%MKL: 7.3% a year, volatility 22.4%ALL: 17.0% a year, volatility 26.2%TRV: 22.4% a year, volatility 22.3%RNR: 20.1% a year, volatility 27.8%JPM: 17.3% a year, volatility 24.3%HIG: 15.6% a year, volatility 22.0%WRB: 18.9% a year, volatility 22.9%CB: 15.7% a year, volatility 20.4%ACGL: 20.1% a year, volatility 24.5%L: 14.3% a year, volatility 19.2%AXS: 16.7% a year, volatility 25.2%PGR: 21.3% a year, volatility 25.6%BRK-ASPY (S&P 500)AFGNSCUNPCINFBRK-BNEECNAEGAIGMKLALLTRVRNRJPMHIGWRBCBACGLLPGR
All figures
InvestmentAnnual returnVolatility
TRV The Travelers Companies, Inc.+22.4%22.3%
PGR The Progressive Corporation+21.3%25.6%
ACGL Arch Capital Group Ltd.+20.1%24.5%
RNR RenaissanceRe Holdings Ltd.+20.1%27.8%
WRB W. R. Berkley Corporation+18.9%22.9%
JPM JPMorgan Chase & Co.+17.3%24.3%
ALL The Allstate Corporation+17.0%26.2%
AXS AXIS Capital Holdings Limited+16.7%25.2%
CB Chubb Limited+15.7%20.4%
HIG The Hartford Insurance Group, Inc.+15.6%22.0%
L Loews Corporation+14.3%19.2%
BRK-B Berkshire Hathaway Inc.+13.4%17.1%
BRK-A This pageBerkshire Hathaway Inc.+13.4%17.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
CINF Cincinnati Financial Corporation+10.2%25.7%
AFG American Financial Group, Inc.+9.8%22.6%
EG Everest Group, Ltd.+9.4%25.7%
CNA CNA Financial Corporation+9.2%21.6%
AIG American International Group, Inc.+9.0%25.9%
RLI RLI Corp.+8.1%23.9%
MKL Markel Corporation+7.3%22.4%
UNP Union Pacific Corporation+7.1%22.9%
NSC Norfolk Southern Corporation+5.3%24.8%
NEE NextEra Energy, Inc.+1.5%26.8%
Open these 24 in EasyCompare

Has BRK-A consistently beaten its popular alternatives?

This section compares BRK-A with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than BRK-A helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than BRK-A over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
BRK-A Berkshire Hathaway Inc. (this page)—+7.6%+10.0%+14.5%+8.8%+9.3%+58.4%+87.2%+273%17.2%0.82−30.4%—$1.2T—
ALL QualifiedThe Allstate Corporation3/5 short3/3 long+2.9%−1.1%+17.3%+24.4%+31.5%+116%+119%+356%26.2%0.73−41.4%—$63B—
TRV QualifiedThe Travelers Companies, Inc.3/5 short3/3 long+6.6%+7.8%+32.6%+40.3%+51.5%+158%+174%+347%22.3%1.02−46.3%—$83B—
AFG QualifiedAmerican Financial Group, Inc.3/5 short2/3 long+6.4%+5.6%+16.3%+15.0%+20.4%+66.9%+59.7%+321%22.6%0.53−59.0%—$12B—
RNR QualifiedRenaissanceRe Holdings Ltd.3/5 short2/3 long+8.6%+10.3%+13.6%+30.7%+43.3%+66.5%+149%+215%27.8%0.80−40.7%—$15B—
JPM Banks - DiversifiedJPMorgan Chase & Co.1/5 short3/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
HIG Insurance - DiversifiedThe Hartford Insurance Group, Inc.1/5 short3/3 long+4.3%−2.5%−0.9%+0.8%+12.1%+105%+106%+294%22.0%0.77−57.6%—$37B—
WRB Insurance - Property & CasualtyW. R. Berkley Corporation0/5 short3/3 long+6.3%+0.7%+11.7%+6.7%+2.3%+87.3%+138%+443%22.9%0.87−45.3%—$27B—
NSC RailroadsNorfolk Southern Corporation2/5 short2/3 long+5.3%−2.4%+7.9%+14.6%+13.8%+72.0%+29.5%+328%24.8%0.33−44.4%—$73B—
SPY Broad MarketState Street SPDR S&P 500 ETF2/5 short2/3 long−0.6%+3.9%+9.1%+13.5%+15.8%+89.3%+81.7%+321%17.1%0.79−33.7%0.09%$823B—
CB Insurance - Property & CasualtyChubb Limited2/5 short2/3 long+6.1%+1.8%+9.1%+16.4%+35.0%+78.9%+107%+248%20.4%0.82−42.6%—$138B—
ACGL Insurance - DiversifiedArch Capital Group Ltd.1/5 short2/3 long+5.8%−0.5%+3.9%+7.9%+16.5%+28.7%+150%+309%24.5%0.87−53.8%—$35B—
L Insurance - Property & CasualtyLoews Corporation1/5 short2/3 long+4.3%−2.8%+0.4%+6.6%+12.5%+78.4%+94.9%+180%19.2%0.80−48.5%—$23B—
AXS Insurance - DiversifiedAXIS Capital Holdings Limited1/5 short2/3 long+3.1%−12.2%−0.4%−2.3%+11.1%+90.4%+116%+137%25.2%0.74−49.3%—$7.3B—
PGR Insurance - Property & CasualtyThe Progressive Corporation0/5 short2/3 long+4.6%+4.6%+9.0%+4.8%+7.7%+56.8%+162%+816%25.6%0.89−30.3%—$129B—
UNP RailroadsUnion Pacific Corporation3/5 short1/3 long+6.7%−2.5%+15.2%+25.9%+29.2%+45.4%+41.2%+295%22.9%0.42−38.7%—$171B—
CINF Insurance - Property & CasualtyCincinnati Financial Corporation1/5 short1/3 long+3.7%−4.1%+4.8%+8.4%+13.6%+87.6%+62.7%+203%25.7%0.51−58.1%—$26B—
BRK-B Insurance - DiversifiedBerkshire Hathaway Inc.0/5 short1/3 long+7.5%+9.9%+14.3%+8.6%+9.3%+60.7%+87.8%+274%17.1%0.82−29.6%—$1.2T—
NEE Regulated ElectricNextEra Energy, Inc.0/5 short1/3 long−1.0%−9.7%−13.0%−0.4%−4.3%+65.9%+7.5%+228%26.8%0.19−45.0%—$165B—
CNA Insurance - Property & CasualtyCNA Financial Corporation2/5 short0/3 long+1.3%−7.7%+3.6%+10.9%+15.2%+56.4%+55.2%+183%21.6%0.52−45.9%—$13B—
EG Insurance - ReinsuranceEverest Group, Ltd.2/5 short0/3 long+6.4%+4.3%+13.4%+19.6%+14.8%+6.0%+57.0%+155%25.7%0.48−44.2%—$15B—
RLI Insurance - Property & CasualtyRLI Corp.1/5 short0/3 long+6.2%+1.9%+13.5%+5.4%+14.2%+8.4%+47.7%+206%23.9%0.45−43.5%—$5.8B—
AIG Insurance - DiversifiedAmerican International Group, Inc.1/5 short0/3 long+9.8%+3.3%+5.6%−1.0%+8.0%+47.1%+54.1%+75.5%25.9%0.47−69.6%—$43B—
MKL Insurance - Property & CasualtyMarkel Corporation0/5 short0/3 long+6.2%−4.8%−4.1%−11.6%−1.2%+29.8%+42.3%+110%22.4%0.43−44.7%—$23B—
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How did BRK-A do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where BRK-A ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BRK-A and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of BRK-A; gray means the two finished within a fraction of a point. The rank row places BRK-A among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of BRK-A20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
BRK-A This pageBerkshire Hathaway Inc.—+10.8%+25.5%+15.8%+4.0%+29.6%+2.4%+11.0%+2.8%+21.9%+23.4%−12.5%+27.0%+32.7%+16.8%−4.7%+21.4%+2.7%−31.8%+28.7%+24.1%+0.8%+4.3%+15.8%−3.8%+6.5%+26.6%−19.9%+52.2%+34.9%
Rank among alternativesTop quarter in 5 of 2915 of 2313 of 236 of 2314 of 235 of 237 of 2320 of 2311 of 2310 of 2310 of 2321 of 234 of 2315 of 2313 of 2317 of 2311 of 2314 of 2316 of 233 of 238 of 2320 of 2316 of 2317 of 2212 of 229 of 2215 of 2211 of 222 of 2213 of 22
SPY S&P 500State Street SPDR S&P 500 ETF11 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
ALL The Allstate Corporation14 of 29+10.1%+40.6%+6.4%+18.4%+9.9%−0.1%+38.8%−19.5%+43.6%+21.7%−9.9%+31.2%+38.6%+50.2%−11.4%+9.1%−5.1%−34.5%−17.6%+23.4%+6.9%+23.1%+19.4%+12.3%−21.0%+85.6%−36.4%−13.8%+58.5%
TRV The Travelers Companies, Inc.15 of 29+22.4%+28.8%+3.9%+22.4%+14.0%+5.3%+17.0%−9.7%+13.4%+11.0%+9.1%+19.6%+29.1%+24.8%+9.3%+14.8%+13.5%−13.8%+2.4%+22.9%+23.2%−3.6%+20.3%−20.1%−16.9%+65.7%0.0%−12.9%+43.6%
AFG American Financial Group, Inc.15 of 29+5.4%+23.8%−7.6%+10.9%+93.8%−16.2%+27.1%−13.0%+29.2%+25.8%+22.2%+8.7%+51.2%+9.9%+16.5%+32.2%+11.7%−19.1%−18.6%+42.4%+24.4%+20.2%+17.4%−4.1%−3.8%+5.0%−38.0%+11.6%+9.5%
RNR RenaissanceRe Holdings Ltd.17 of 29+13.7%+27.8%+7.2%+9.9%+3.1%−14.7%+47.8%+7.5%−6.9%+21.6%+17.8%+1.0%+21.3%+10.8%+18.6%+21.9%+5.1%−12.8%+2.0%+38.3%−13.8%+7.7%+25.7%+26.4%+24.4%+97.8%+16.2%−14.7%+36.9%
JPM JPMorgan Chase & Co.16 of 29+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
HIG The Hartford Insurance Group, Inc.15 of 29+28.1%+38.5%+8.6%+12.3%+44.3%−17.0%+39.8%−19.2%+20.3%+11.8%+6.1%+17.1%+64.1%+40.9%−37.5%+14.8%+43.8%−79.8%−4.6%+10.8%+25.8%+19.5%+33.0%−26.3%−9.6%+51.9%−12.1%+19.3%+41.5%
WRB W. R. Berkley Corporation14 of 29+23.0%+27.9%+0.3%+33.9%+27.4%−3.1%+43.8%+5.7%+9.9%+23.7%+7.8%+21.8%+16.1%+13.6%+27.1%+12.3%−19.9%+5.2%−13.1%+9.2%+52.6%+36.1%+33.2%+10.8%+15.2%+131%−37.4%−21.1%+32.0%
NSC Norfolk Southern Corporation16 of 29+25.7%+1.6%−1.6%−15.6%+27.3%+24.8%+32.4%+5.2%+36.8%+31.5%−20.3%+20.8%+54.2%−12.7%+18.8%+22.8%+15.2%−4.8%+2.2%+13.8%+25.6%+55.3%+20.2%+10.4%+39.5%−31.8%−33.5%+6.6%+6.6%
CB Chubb Limited13 of 29+14.5%+23.9%+4.2%+16.0%+27.9%+1.4%+22.9%−9.6%+12.8%+15.6%+5.3%+14.4%+31.9%+17.6%+14.5%+26.4%−1.8%−13.0%+3.8%+15.4%+27.5%+5.3%+44.3%−25.4%−3.7%+159%−50.6%+7.8%+62.3%
ACGL Arch Capital Group Ltd.14 of 29+3.9%+30.8%+18.3%+41.2%+23.2%−15.9%+60.5%−11.7%+5.2%+23.7%+18.1%−1.0%+35.6%+18.2%+26.9%+23.0%+2.0%−0.3%+4.1%+23.5%+41.3%−2.9%+28.0%+21.0%+72.2%+18.8%−42.2%−2.1%+14.6%
L Loews Corporation11 of 29+24.7%+22.1%+19.8%+1.4%+28.9%−13.7%+15.9%−8.6%+7.2%+22.7%−8.1%−12.4%+19.0%+8.9%−2.6%+7.8%+29.8%−43.5%+22.0%+32.0%+36.0%+43.6%+12.8%−18.8%+8.1%+73.3%−37.5%−6.4%+13.7%
AXS AXIS Capital Holdings Limited9 of 22+23.0%+63.9%+5.5%+2.6%+11.8%−11.9%+18.3%+5.7%−21.0%+19.1%+12.5%+10.0%+40.5%+11.6%−8.1%+29.7%+0.6%−23.4%+18.9%+8.8%+16.7%−4.8%———————
PGR The Progressive Corporation17 of 29−3.0%+51.4%+23.2%+26.8%+10.8%+41.5%+25.1%+9.4%+61.6%+14.9%+21.1%+5.3%+30.9%+15.5%+0.2%+17.2%+21.5%−22.1%−13.2%−16.9%+37.8%+1.7%+68.5%0.0%+44.3%+42.2%−56.6%+41.6%+78.3%
UNP Union Pacific Corporation19 of 29+3.9%−5.1%+21.6%−15.9%+23.3%+17.6%+33.7%+5.3%+32.3%+36.0%−32.9%+44.5%+36.3%+21.2%+16.7%+47.6%+36.6%−22.7%+38.3%+15.8%+21.8%−1.3%+17.9%+6.5%+14.0%+18.7%−1.5%−26.8%+7.0%
CINF Cincinnati Financial Corporation18 of 29+16.3%+42.5%+4.0%−7.9%+33.3%−14.1%+38.9%+6.3%+1.0%+31.5%+19.0%+2.6%+38.4%+34.2%+1.5%+27.5%−3.6%−22.8%−9.8%+4.4%+9.1%+14.2%+14.0%+0.7%−1.4%+29.5%−13.2%−20.7%+121%
BRK-B Berkshire Hathaway Inc.6 of 29+10.9%+27.1%+15.5%+3.3%+28.9%+2.4%+10.9%+3.0%+21.6%+23.4%−12.1%+26.6%+32.2%+17.6%−4.8%+21.9%+2.2%−32.1%+29.2%+24.9%0.0%+4.3%+16.2%−4.0%+7.3%+28.6%−22.1%+52.7%+38.4%
NEE NextEra Energy, Inc.16 of 29+15.5%+21.5%−25.3%−8.5%+23.4%+30.0%+42.6%+14.3%+34.4%+18.5%+0.8%+27.9%+27.9%+17.9%+21.9%+2.3%+9.0%−23.5%+27.9%+35.5%+15.2%+18.5%+13.0%+11.3%−18.5%+74.7%−28.0%+8.2%+33.0%
CNA CNA Financial Corporation9 of 29+7.0%+24.0%+7.1%+3.8%+19.0%−5.4%+9.5%−11.1%+37.1%+30.0%−2.3%−5.3%+56.5%+6.9%+0.3%+12.7%+45.9%−50.4%−15.8%+23.2%+22.4%+11.0%−5.9%−12.2%−24.7%−0.5%−3.3%−5.5%+19.4%
EG Everest Group, Ltd.13 of 29−4.1%+4.6%+8.7%+23.7%+19.8%−13.0%+30.2%+0.7%+3.9%+21.1%+9.9%+11.4%+44.0%+33.3%+1.4%+1.4%+15.5%−22.3%+4.3%−1.6%+12.6%+6.4%+53.8%−21.4%−0.8%+223%−42.2%−5.1%+44.2%
RLI RLI Corp.16 of 29−19.1%+27.6%+3.8%+24.8%+10.7%+18.1%+33.2%+16.7%+0.4%+6.8%+31.1%+9.6%+57.9%−2.7%+52.1%+13.7%−11.0%+9.6%+2.2%+14.5%+21.8%+12.5%+36.0%+24.6%+2.5%+33.8%+4.1%−15.2%+50.0%
AIG American International Group, Inc.12 of 29+20.0%+9.8%+9.8%+13.8%+53.9%−23.1%+33.6%−32.1%−6.9%+7.8%+12.1%+10.7%+45.2%+52.1%−43.6%+92.2%−4.6%−97.2%−17.6%+6.2%+5.0%−0.5%+15.1%−26.9%−19.3%+37.0%+40.2%+33.7%+51.2%
MKL Markel Corporation13 of 29+24.5%+21.6%+7.8%+6.8%+19.4%−9.6%+10.1%−8.9%+25.9%+2.4%+29.4%+17.7%+33.9%+4.5%+9.7%+11.2%+13.7%−39.1%+2.3%+51.4%−12.9%+43.6%+23.4%+14.4%−0.8%+16.8%−14.4%+15.9%+73.5%
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Risk and diversification

How BRK-A 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 BRK-A's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BRK-A's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means BRK-A fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBRK-A fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−51.5%−53.4%Dec 2007Mar 200915 monthsFeb 20133.9 years
Dot-com bust−48.9%+29.6%Jun 1998Mar 200021 monthsNov 20033.7 years
No named crash−37.5%—Oct 1989Oct 199012 monthsAug 199110 months
No named crash−37.1%—Oct 1987Oct 1987Under a monthJul 19889 months
Covid crash−30.4%−32.4%Jan 2020Mar 20202 monthsNov 20208 months

How did BRK-A do in stock market crashes?

This section measures how far BRK-A, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BRK-A.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
BRK-A This pageBerkshire Hathaway Inc.—−3.0%−26.0%−30.2%−15.8%−8.4%−13.1%−13.6%−1.8%−51.5%−21.5%
SPY S&P 500State Street SPDR S&P 500 ETF2 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
ALL The Allstate Corporation3 of 10−6.7%−20.3%−40.8%−23.7%−8.0%−10.8%−20.3%−0.8%−74.8%−30.6%
TRV The Travelers Companies, Inc.4 of 10−2.6%−18.9%−39.2%−15.7%−8.8%−11.4%−18.1%−1.1%−43.7%−55.1%
AFG American Financial Group, Inc.4 of 10−7.4%−16.2%−58.2%−23.5%−6.6%−11.8%−13.8%−0.5%−58.7%−38.0%
RNR RenaissanceRe Holdings Ltd.5 of 10−10.2%−27.1%−39.6%−14.1%−3.1%−8.5%−16.1%−0.7%−45.2%−25.1%
JPM JPMorgan Chase & Co.2 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
HIG The Hartford Insurance Group, Inc.1 of 10−9.0%−18.6%−54.5%−19.4%−8.1%−23.3%−37.2%−2.9%−96.0%−51.5%
WRB W. R. Berkley Corporation5 of 10−7.5%−14.7%−45.3%−12.2%−7.5%−17.6%−15.5%−0.9%−42.0%−25.9%
NSC Norfolk Southern Corporation1 of 10−4.0%−28.4%−43.6%−23.8%−5.6%−31.7%−21.1%−2.1%−62.9%−39.9%
CB Chubb Limited4 of 10−5.6%−19.1%−42.2%−13.6%−8.4%−9.7%−13.7%−0.2%−51.2%−52.4%
ACGL Arch Capital Group Ltd.5 of 10−7.3%−16.6%−51.7%−17.9%−5.5%−16.4%−12.6%−0.6%−43.9%−21.9%
L Loews Corporation2 of 10−5.6%−26.1%−44.8%−17.7%−9.4%−12.1%−18.0%−1.0%−64.2%−45.9%
AXS AXIS Capital Holdings Limited4 of 9−6.4%−19.0%−43.6%−15.5%−2.5%−10.7%−21.5%−0.9%−55.9%—
PGR The Progressive Corporation5 of 10−2.9%−10.5%−18.3%−22.3%−4.3%−12.3%−16.6%−1.2%−52.9%−36.2%
UNP Union Pacific Corporation1 of 10−4.2%−29.8%−37.5%−21.9%−4.8%−28.7%−23.4%−1.5%−59.5%−25.6%
CINF Cincinnati Financial Corporation2 of 10−7.0%−35.8%−40.5%−12.1%−7.9%−11.3%−15.4%−1.5%−57.1%−29.8%
BRK-B Berkshire Hathaway Inc.2 of 10−2.7%−26.6%−29.3%−16.1%−8.5%−13.5%−14.3%−0.2%−53.9%−23.3%
NEE NextEra Energy, Inc.7 of 10−1.7%−24.0%−35.6%−8.2%−6.9%−12.9%−12.8%0.0%−47.9%−32.2%
CNA CNA Financial Corporation1 of 10−8.7%−25.7%−43.3%−12.3%−8.9%−24.6%−22.7%−1.8%−83.9%−46.2%
EG Everest Group, Ltd.7 of 10−9.4%−19.0%−40.4%−12.0%−2.8%−10.3%−11.9%0.0%−46.7%−44.7%
RLI RLI Corp.5 of 10−4.3%−15.7%−27.0%−16.9%−6.1%−8.2%−14.7%−2.2%−34.8%−21.3%
AIG American International Group, Inc.3 of 10−12.7%−25.5%−61.8%−32.5%−7.6%−21.1%−30.6%0.0%−99.5%−50.5%
MKL Markel Corporation3 of 10−6.2%−28.9%−44.7%−21.5%−5.3%−13.3%−13.3%0.0%−61.3%−19.1%
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How closely does BRK-A 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. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares BRK-A with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than BRK-A's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BRK-A This pageBerkshire Hathaway Inc.78%70%1.110.75
WRB W. R. Berkley Corporation68%26%2.580.55
RNR RenaissanceRe Holdings Ltd.46%20%2.260.31
ALL The Allstate Corporation68%41%1.660.49
TRV The Travelers Companies, Inc.70%48%1.480.59
EG Everest Group, Ltd.46%32%1.430.46
NEE NextEra Energy, Inc.62%44%1.400.45
CB Chubb Limited63%48%1.320.54
ACGL Arch Capital Group Ltd.74%57%1.280.57
CNA CNA Financial Corporation57%45%1.260.54
JPM JPMorgan Chase & Co.117%103%1.141.09
AFG American Financial Group, Inc.84%75%1.120.78
BRK-B Berkshire Hathaway Inc.78%69%1.120.74
HIG The Hartford Insurance Group, Inc.83%77%1.070.78
CINF Cincinnati Financial Corporation66%63%1.050.60
RLI RLI Corp.57%54%1.050.39
AXS AXIS Capital Holdings Limited55%53%1.040.67
L Loews Corporation66%64%1.030.71
UNP Union Pacific Corporation104%119%0.871.05
NSC Norfolk Southern Corporation123%147%0.841.30
MKL Markel Corporation65%88%0.750.68
AIG American International Group, Inc.64%93%0.680.91
PGR The Progressive Corporation72%-5%—0.36
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What diversifies BRK-A?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with BRK-A's. Because such investments tend not to fall at the same time, pairing BRK-A with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which BRK-A lost money. The last two columns show a portfolio that is 80% BRK-A and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2015201120082002199980/20 mix volatility80/20 mix annual return
BRK-A Berkshire Hathaway Inc. (this page)1.00+87.2%0.82−12.5%−4.7%−31.8%−3.8%−19.9%18.6%+12.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.33+225%1.34+7.7%−16.1%−20.8%——15.9%+15.7%
EWP Broad MarketiShares MSCI Spain ETF0.49+140%0.97−15.6%−9.8%−36.8%−13.6%−1.5%17.1%+14.6%
SMH TechnologyVanEck Semiconductor ETF0.15+323%0.97−0.3%+6.8%−44.7%−47.0%—17.3%+18.4%
GLD CommoditiesSPDR Gold Shares0.12+126%0.96−10.7%+9.6%+4.9%——15.7%+14.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.39+136%0.93—————16.9%+14.8%
XLE EnergyState Street Energy Select Sector SPDR ETF0.44+177%0.93−21.5%+2.8%−39.0%−14.8%+18.1%17.8%+15.2%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.41+109%0.90−4.1%————17.0%+14.0%
EWT TechnologyiShares MSCI Taiwan ETF0.11+153%0.89−12.9%−21.8%−45.3%−24.4%—16.3%+15.2%

Stocks

InvestmentCorrelation5Y returnSharpe2015201120082002199980/20 mix volatility80/20 mix annual return
BRK-A Berkshire Hathaway Inc. (this page)1.00+87.2%0.82−12.5%−4.7%−31.8%−3.8%−19.9%18.6%+12.7%
CAH Medical - DistributionCardinal Health, Inc.0.40+479%1.55+12.6%+8.1%−39.6%−8.3%−36.8%17.7%+17.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.03+3,143%1.47−6.0%−24.4%−20.5%−65.1%+350%19.2%+31.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.23+1,636%1.46+67.7%−17.0%−15.2%−9.4%−58.7%19.1%+26.8%
MCK Medical - DistributionMcKesson Corporation0.42+413%1.44−4.5%+11.8%−40.4%−27.2%−71.3%17.6%+17.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.30+690%1.41+17.4%————18.0%+20.0%
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Common questions

What was BRK-A's worst drawdown?

BRK-A's deepest decline since it began trading in 1986 was 51.5%, from December 2007 to March 2009. It took about four years from the low to climb back to its old high.

What were BRK-A's best and worst years?

Over 29 full calendar years, BRK-A's best year was 1998, when it returned 52.2%. Its worst was 2008, with a return of -31.8%.

Is there a better investment than BRK-A?

Among BRK-A's popular alternatives, TRV, ALL and AFG were ahead of BRK-A in most short and long periods, though with much bigger swings (22.3%, 26.2% and 22.6% volatility against 17.2%). Looking beyond its popular alternatives, MFC (life insurance) and AIZ (property & casualty insurance) were ahead of BRK-A in most short and long periods, though with much bigger swings (24.0% and 25.3% volatility against 17.2%).

Is BRK-A more volatile than the S&P 500?

Yes. BRK-A's volatility over the past 5 years was 17.2%, 1.0 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BRK-A's return lands within 17.2% 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 BRK-A's Sharpe ratio?

BRK-A's Sharpe ratio over the past 5 years was 0.82, against 0.79 for the S&P 500, so BRK-A earned more 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 BRK-A with the S&P 500?

Over the past 5 years, BRK-A's monthly returns had a correlation of 0.50 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 BRK-A instead: the lower it is, the more that option would diversify a BRK-A holding.

What are the best alternatives to BRK-A?

Of the 23 popular alternatives we compared, four outperformed BRK-A in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: ALL, TRV and AFG.

Did BRK-A outperform the S&P 500?

BRK-A finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +10.9%, against +17.7% for the index.

How did BRK-A do in stock market crashes?

BRK-A fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in two. The clearest case was the dot-com bust, when BRK-A fell 21.5% and the S&P 500 fell 47.5%.

What diversifies BRK-A?

These had a low correlation with BRK-A over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.33), EWP (correlation 0.49) and SMH (correlation 0.15); among large stocks, CAH (correlation 0.40), CLS (correlation 0.03) and FIX (correlation 0.23). A correlation near zero means the two have moved largely independently.

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