BRK-B vs. ^TNX
BRK-B (Berkshire Hathaway Inc.) is a stock, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 10 years, BRK-B returned 13.22%/yr vs 10.79%/yr for ^TNX. At a 0.17 correlation, their price movements are largely independent.
Performance
BRK-B vs. ^TNX - Performance Comparison
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Returns By Period
In the year-to-date period, BRK-B achieves a -2.67% return, which is significantly lower than ^TNX's 7.78% return. Over the past 10 years, BRK-B has outperformed ^TNX with an annualized return of 13.22%, while ^TNX has yielded a comparatively lower 10.79% annualized return.
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
- 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 vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
^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% |
Correlation
The correlation between BRK-B and ^TNX 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 BRK-B and ^TNX 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
BRK-B vs. ^TNX — Risk / Return Rank
BRK-B
^TNX
BRK-B vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Berkshire Hathaway Inc. (BRK-B) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.
| BRK-B | ^TNX | 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 | 1.01 | 1.04 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.25 | -0.27 |
| Martin ratioReturn relative to average drawdown | -0.05 | 0.45 | -0.50 |
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Drawdowns
BRK-B vs. ^TNX - Drawdown Comparison
The maximum BRK-B drawdown since its inception was -53.86%, smaller than the maximum ^TNX drawdown of -96.85%. Use the drawdown chart below to compare losses from any high point for BRK-B and ^TNX.
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Drawdown Indicators
| BRK-B | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.86% | -96.85% | +42.99% |
Max Drawdown (1Y)Largest decline over 1 year | -9.42% | -11.94% | +2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -14.95% | -27.41% | +12.46% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -27.41% | +0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | -84.57% | +55.00% |
Current DrawdownCurrent decline from peak | -9.36% | -71.67% | +62.31% |
Average DrawdownAverage peak-to-trough decline | -11.07% | -55.00% | +43.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.53% | 6.59% | -2.06% |
Volatility
BRK-B vs. ^TNX - Volatility Comparison
The current volatility for Berkshire Hathaway Inc. (BRK-B) is 3.95%, while Cboe 10-Year Treasury Note Yield Index (^TNX) has a volatility of 5.04%. This indicates that BRK-B experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BRK-B | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.95% | 5.04% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 10.78% | 10.72% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.38% | 15.22% | -0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 32.36% | -15.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.44% | 47.97% | -28.53% |
Frequently Asked Questions
BRK-B and ^TNX 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, BRK-B dropped -53.86% vs ^TNX's -96.85%.
^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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