BF-A vs. BRO

Last updated Jun 3, 2026

BF-A (Brown-Forman Corporation) and BRO (Brown & Brown, Inc.) are both stocks. BF-A operates in Beverages - Wineries & Distilleries (Consumer Defensive), while BRO operates in Insurance Brokers (Financial Services). Over the past 10 years, BF-A returned -3.10%/yr vs 13.13%/yr for BRO. At a 0.23 correlation, their price movements are largely independent.

Performance

BF-A vs. BRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown-Forman Corporation (BF-A) and Brown & Brown, Inc. (BRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BF-A achieves a -1.09% return, which is significantly higher than BRO's -28.62% return. Over the past 10 years, BF-A has underperformed BRO with an annualized return of -3.10%, while BRO has yielded a comparatively higher 13.13% annualized return.

BF-A

• 1D: -0.35%
• 1M: -1.49%
• YTD: -1.09%
• 6M: -10.30%
• 1Y: -19.18%
• 3Y*: -24.87%
• 5Y*: -17.67%
• 10Y*: -3.10%

BRO

• 1D: -0.68%
• 1M: -1.52%
• YTD: -28.62%
• 6M: -28.75%
• 1Y: -49.65%
• 3Y*: -3.23%
• 5Y*: 2.31%
• 10Y*: 13.13%

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

BF-A vs. BRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BF-A Brown-Forman Corporation	-1.09%	-28.07%	-35.56%	-8.20%	-1.88%	-5.36%	18.31%	34.00%	-9.34%	47.37%
BRO Brown & Brown, Inc.	-28.62%	-21.37%	44.32%	25.73%	-18.39%	49.31%	21.06%	44.67%	8.30%	16.15%

Correlation

The correlation between BF-A and BRO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 4, 1992	0.23

The correlation between BF-A and BRO shifts across timeframes, from 0.10 (1 year) to 0.33 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS BF-A : $2.56 BRO : $4.76
PE Ratio BF-A : 10.07 BRO : 11.88
PEG Ratio BF-A : 12.52 BRO : 0.87
PS Ratio BF-A : 2.08 BRO : 2.12
Total Revenue (TTM) BF-A : $3.92B BRO : $6.43B
Gross Profit (TTM) BF-A : $2.33B BRO : $3.82B
EBITDA (TTM) BF-A : $1.17B BRO : $1.51B

Return for Risk

BF-A vs. BRO — Risk / Return Rank

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

BF-A

BF-A Risk / Return Rank: 16
BF-A Sharpe Ratio Rank: 19
BF-A Sortino Ratio Rank: 20
BF-A Omega Ratio Rank: 20
BF-A Calmar Ratio Rank: 14
BF-A Martin Ratio Rank: 9

BRO

BRO Risk / Return Rank: 2
BRO Sharpe Ratio Rank: 0
BRO Sortino Ratio Rank: 1
BRO Omega Ratio Rank: 1
BRO Calmar Ratio Rank: 3
BRO Martin Ratio Rank: 3

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.

BF-A vs. BRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown-Forman Corporation (BF-A) and Brown & Brown, Inc. (BRO). 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.

	BF-A	BRO	Difference
Sharpe ratio Return per unit of total volatility	-0.48	-1.78	+1.30
Sortino ratio Return per unit of downside risk	-0.43	-2.71	+2.28
Omega ratio Gain probability vs. loss probability	0.94	0.66	+0.28
Calmar ratio Return relative to maximum drawdown	-0.72	-0.96	+0.24
Martin ratio Return relative to average drawdown	-1.34	-1.63	+0.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BF-A vs. BRO - Sharpe Ratio Comparison

The current BF-A Sharpe Ratio is -0.48, which is higher than the BRO Sharpe Ratio of -1.78. The chart below compares the historical Sharpe Ratios of BF-A and BRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BF-A	BRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-1.78	+1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.61	0.09	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.11	0.56	-0.67
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.50	-0.22

Drawdowns

BF-A vs. BRO - Drawdown Comparison

The maximum BF-A drawdown since its inception was -70.24%, which is greater than BRO's maximum drawdown of -55.85%. Use the drawdown chart below to compare losses from any high point for BF-A and BRO.

Drawdown Indicators

	BF-A	BRO	Difference
Max Drawdown Largest peak-to-trough decline	-70.24%	-55.85%	-14.39%
Max Drawdown (1Y) Largest decline over 1 year	-27.65%	-51.27%	+23.62%
Max Drawdown (3Y) Largest decline over 3 years	-65.74%	-55.85%	-9.89%
Max Drawdown (5Y) Largest decline over 5 years	-67.09%	-55.85%	-11.24%
Max Drawdown (10Y) Largest decline over 10 years	-68.32%	-55.85%	-12.47%
Current Drawdown Current decline from peak	-64.79%	-54.05%	-10.74%
Average Drawdown Average peak-to-trough decline	-14.78%	-13.50%	-1.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.79%	30.24%	-15.45%

Volatility

BF-A vs. BRO - Volatility Comparison

Brown-Forman Corporation (BF-A) has a higher volatility of 11.16% compared to Brown & Brown, Inc. (BRO) at 8.24%. This indicates that BF-A's price experiences larger fluctuations and is considered to be riskier than BRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BF-A	BRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.16%	8.24%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	29.69%	21.22%	+8.47%
Volatility (1Y) Calculated over the trailing 1-year period	40.10%	27.93%	+12.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.21%	24.69%	+4.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.16%	23.63%	+4.53%

Dividends

BF-A vs. BRO - Dividend Comparison

BF-A's dividend yield for the trailing twelve months is around 3.55%, more than BRO's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BF-A Brown-Forman Corporation	3.55%	3.46%	2.33%	1.40%	1.17%	2.55%	0.96%	1.07%	3.11%	1.11%	1.50%	1.17%
BRO Brown & Brown, Inc.	1.14%	0.77%	0.53%	0.67%	0.74%	0.54%	0.73%	0.82%	1.11%	1.08%	1.12%	1.41%

Financials

BF-A vs. BRO - Profitability Comparison

The chart below illustrates the profitability comparison between Brown-Forman Corporation and Brown & Brown, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BF-A - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Brown-Forman Corporation reported a gross profit of 640.00M and revenue of 1.06B. Therefore, the gross margin over that period was 60.6%.

BRO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Brown & Brown, Inc. reported a gross profit of 994.00M and revenue of 1.90B. Therefore, the gross margin over that period was 52.3%.

BF-A - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Brown-Forman Corporation reported an operating income of 340.00M and revenue of 1.06B, resulting in an operating margin of 32.2%.

BRO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Brown & Brown, Inc. reported an operating income of 0.00 and revenue of 1.90B, resulting in an operating margin of 0.0%.

BF-A - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Brown-Forman Corporation reported a net income of 267.00M and revenue of 1.06B, resulting in a net margin of 25.3%.

BRO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Brown & Brown, Inc. reported a net income of 426.00M and revenue of 1.90B, resulting in a net margin of 22.4%.

Frequently Asked Questions

Can I hold both BF-A and BRO in my portfolio?

BF-A and BRO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BF-A or BRO?

BF-A has higher volatility (11.16%) compared to BRO (8.24%). In terms of maximum drawdown, BF-A dropped -70.24% vs BRO's -55.85%.

Which has better risk-adjusted returns?

BF-A currently has the higher Sharpe Ratio (-0.48 vs -1.78), 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.