BF-B vs. BRO

Last updated Jun 4, 2026

BF-B (Brown-Forman Corporation) and BRO (Brown & Brown, Inc.) are both stocks. BF-B operates in Beverages - Wineries & Distilleries (Consumer Defensive), while BRO operates in Insurance Brokers (Financial Services). Over the past 10 years, BF-B returned -2.72%/yr vs 12.83%/yr for BRO. At a 0.26 correlation, their price movements are largely independent.

Performance

BF-B vs. BRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Brown-Forman Corporation (BF-B) 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-B achieves a -4.11% return, which is significantly higher than BRO's -30.45% return. Over the past 10 years, BF-B has underperformed BRO with an annualized return of -2.72%, while BRO has yielded a comparatively higher 12.83% annualized return.

BF-B

• 1D: -0.72%
• 1M: 0.41%
• YTD: -4.11%
• 6M: -16.30%
• 1Y: -22.95%
• 3Y*: -25.48%
• 5Y*: -19.40%
• 10Y*: -2.72%

BRO

• 1D: -2.56%
• 1M: -4.06%
• YTD: -30.45%
• 6M: -30.41%
• 1Y: -50.59%
• 3Y*: -4.07%
• 5Y*: 1.75%
• 10Y*: 12.83%

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

BF-B vs. BRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BF-B Brown-Forman Corporation	-4.11%	-29.29%	-32.23%	-11.91%	-8.86%	-6.07%	18.67%	43.78%	-10.98%	55.01%
BRO Brown & Brown, Inc.	-30.45%	-21.37%	44.32%	25.73%	-18.39%	49.31%	21.06%	44.67%	8.30%	16.15%

Correlation

The correlation between BF-B and BRO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Mar 4, 1992	0.26

The correlation between BF-B and BRO shifts across timeframes, from 0.13 (1 year) to 0.34 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS BF-B : $2.56 BRO : $4.76
PE Ratio BF-B : 9.67 BRO : 11.58
PEG Ratio BF-B : 12.02 BRO : 0.85
PS Ratio BF-B : 1.99 BRO : 2.07
Total Revenue (TTM) BF-B : $3.92B BRO : $6.43B
Gross Profit (TTM) BF-B : $2.33B BRO : $3.82B
EBITDA (TTM) BF-B : $1.17B BRO : $1.51B

Return for Risk

BF-B vs. BRO — Risk / Return Rank

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

BF-B

BF-B Risk / Return Rank: 14
BF-B Sharpe Ratio Rank: 17
BF-B Sortino Ratio Rank: 18
BF-B Omega Ratio Rank: 18
BF-B Calmar Ratio Rank: 11
BF-B Martin Ratio Rank: 6

BRO

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

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-B vs. BRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brown-Forman Corporation (BF-B) 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-B	BRO	Difference
Sharpe ratio Return per unit of total volatility	-0.55	-1.81	+1.27
Sortino ratio Return per unit of downside risk	-0.54	-2.77	+2.23
Omega ratio Gain probability vs. loss probability	0.93	0.65	+0.28
Calmar ratio Return relative to maximum drawdown	-0.79	-1.00	+0.21
Martin ratio Return relative to average drawdown	-1.47	-1.73	+0.26
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-B vs. BRO - Sharpe Ratio Comparison

The current BF-B Sharpe Ratio is -0.55, which is higher than the BRO Sharpe Ratio of -1.81. The chart below compares the historical Sharpe Ratios of BF-B 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-B	BRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	-1.81	+1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	0.07	-0.72
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.10	0.54	-0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.50	-0.02

Drawdowns

BF-B vs. BRO - Drawdown Comparison

The maximum BF-B drawdown since its inception was -68.96%, 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-B and BRO.

Drawdown Indicators

	BF-B	BRO	Difference
Max Drawdown Largest peak-to-trough decline	-68.96%	-55.85%	-13.11%
Max Drawdown (1Y) Largest decline over 1 year	-29.03%	-50.65%	+21.62%
Max Drawdown (3Y) Largest decline over 3 years	-65.65%	-55.85%	-9.80%
Max Drawdown (5Y) Largest decline over 5 years	-68.68%	-55.85%	-12.83%
Max Drawdown (10Y) Largest decline over 10 years	-68.96%	-55.85%	-13.11%
Current Drawdown Current decline from peak	-66.29%	-55.23%	-11.06%
Average Drawdown Average peak-to-trough decline	-11.58%	-13.51%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.68%	29.99%	-14.31%

Volatility

BF-B vs. BRO - Volatility Comparison

Brown-Forman Corporation (BF-B) has a higher volatility of 9.84% compared to Brown & Brown, Inc. (BRO) at 8.61%. This indicates that BF-B'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-B	BRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.84%	8.61%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	31.19%	21.31%	+9.88%
Volatility (1Y) Calculated over the trailing 1-year period	42.17%	28.01%	+14.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.88%	24.72%	+5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.02%	23.64%	+4.38%

Dividends

BF-B vs. BRO - Dividend Comparison

BF-B's dividend yield for the trailing twelve months is around 3.70%, more than BRO's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BF-B Brown-Forman Corporation	3.70%	3.49%	2.32%	1.46%	1.17%	2.37%	0.88%	0.99%	3.10%	1.09%	1.54%	1.29%
BRO Brown & Brown, Inc.	1.17%	0.77%	0.53%	0.67%	0.74%	0.54%	0.73%	0.82%	1.11%	1.08%	1.12%	1.41%

Financials

BF-B 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-B - 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-B - 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-B - 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-B and BRO in my portfolio?

BF-B and BRO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BF-B or BRO?

BF-B has higher volatility (9.84%) compared to BRO (8.61%). In terms of maximum drawdown, BF-B dropped -68.96% vs BRO's -55.85%.

Which has better risk-adjusted returns?

BF-B currently has the higher Sharpe Ratio (-0.55 vs -1.81), 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.