^TNX vs. BRK-B
^TNX (Cboe 10-Year Treasury Note Yield Index) is an index, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, ^TNX returned 10.79%/yr vs 13.22%/yr for BRK-B. At a 0.17 correlation, their price movements are largely independent.
Performance
^TNX vs. BRK-B - Performance Comparison
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Returns By Period
In the year-to-date period, ^TNX achieves a 7.78% return, which is significantly higher than BRK-B's -2.67% return. Over the past 10 years, ^TNX has underperformed BRK-B with an annualized return of 10.79%, while BRK-B has yielded a comparatively higher 13.22% annualized return.
^TNX
- 1D
- 0.54%
- 1M
- 0.58%
- YTD
- 7.78%
- 6M
- 6.99%
- 1Y
- 1.42%
- 3Y*
- 5.34%
- 5Y*
- 25.14%
- 10Y*
- 10.79%
BRK-B
- 1D
- 0.71%
- 1M
- 1.07%
- YTD
- -2.67%
- 6M
- -2.06%
- 1Y
- 0.35%
- 3Y*
- 13.30%
- 5Y*
- 11.27%
- 10Y*
- 13.22%
^TNX vs. BRK-B - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^TNX Cboe 10-Year Treasury Note Yield Index | 7.78% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
BRK-B Berkshire Hathaway Inc. | -2.67% | 10.89% | 27.09% | 15.46% | 3.31% | 28.95% | 2.37% | 10.93% | 3.01% | 21.62% |
Correlation
The correlation between ^TNX and BRK-B is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 9, 1996 | 0.17 |
The correlation between ^TNX and BRK-B shifts across timeframes, from -0.07 (3 years) to 0.19 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
^TNX vs. BRK-B — Risk / Return Rank
^TNX
BRK-B
^TNX vs. BRK-B - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cboe 10-Year Treasury Note Yield Index (^TNX) and Berkshire Hathaway Inc. (BRK-B). 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.
| ^TNX | BRK-B | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.01 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | -0.02 | +0.27 |
| Martin ratioReturn relative to average drawdown | 0.45 | -0.05 | +0.50 |
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Drawdowns
^TNX vs. BRK-B - Drawdown Comparison
The maximum ^TNX drawdown since its inception was -96.85%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for ^TNX and BRK-B.
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Drawdown Indicators
| ^TNX | BRK-B | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.85% | -53.86% | -42.99% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -9.42% | -2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -27.41% | -14.95% | -12.46% |
Max Drawdown (5Y)Largest decline over 5 years | -27.41% | -26.58% | -0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -84.57% | -29.57% | -55.00% |
Current DrawdownCurrent decline from peak | -71.67% | -9.36% | -62.31% |
Average DrawdownAverage peak-to-trough decline | -55.00% | -11.07% | -43.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 4.53% | +2.06% |
Volatility
^TNX vs. BRK-B - Volatility Comparison
Cboe 10-Year Treasury Note Yield Index (^TNX) has a higher volatility of 5.04% compared to Berkshire Hathaway Inc. (BRK-B) at 3.95%. This indicates that ^TNX's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^TNX | BRK-B | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.04% | 3.95% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 10.78% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.22% | 14.38% | +0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.36% | 17.12% | +15.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.97% | 19.44% | +28.53% |
Frequently Asked Questions
^TNX and BRK-B have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TNX has higher volatility (5.04%) compared to BRK-B (3.95%). In terms of maximum drawdown, ^TNX dropped -96.85% vs BRK-B's -53.86%.
^TNX currently has the higher Sharpe Ratio (0.20 vs -0.02), 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.
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