BRK-B vs. GDX
BRK-B (Berkshire Hathaway Inc.) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, BRK-B returned 13.14%/yr vs 12.82%/yr for GDX. At a 0.10 correlation, their price movements are largely independent.
Performance
BRK-B vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, BRK-B achieves a -3.11% return, which is significantly higher than GDX's -8.28% return. Both investments have delivered pretty close results over the past 10 years, with BRK-B having a 13.14% annualized return and GDX not far behind at 12.82%.
BRK-B
- 1D
- -0.23%
- 1M
- 2.32%
- YTD
- -3.11%
- 6M
- -2.06%
- 1Y
- -1.32%
- 3Y*
- 13.25%
- 5Y*
- 11.03%
- 10Y*
- 13.14%
GDX
- 1D
- -0.22%
- 1M
- -16.83%
- YTD
- -8.28%
- 6M
- 0.10%
- 1Y
- 53.51%
- 3Y*
- 37.89%
- 5Y*
- 17.28%
- 10Y*
- 12.82%
BRK-B vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BRK-B Berkshire Hathaway Inc. | -3.11% | 10.89% | 27.09% | 15.46% | 3.31% | 28.95% | 2.37% | 10.93% | 3.01% | 21.62% |
GDX VanEck Gold Miners ETF | -8.28% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between BRK-B and GDX is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 23, 2006 | 0.10 |
The correlation between BRK-B and GDX shifts across timeframes, from -0.01 (1 year) to 0.15 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BRK-B vs. GDX — Risk / Return Rank
BRK-B
GDX
BRK-B vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Berkshire Hathaway Inc. (BRK-B) and VanEck Gold Miners ETF (GDX). 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.
| BRK-B | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.22 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.14 | 1.68 | -1.82 |
| Martin ratioReturn relative to average drawdown | -0.30 | 4.32 | -4.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BRK-B | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.09 | 1.16 | -1.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.47 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.35 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.12 | +0.37 |
Drawdowns
BRK-B vs. GDX - Drawdown Comparison
The maximum BRK-B drawdown since its inception was -53.86%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for BRK-B and GDX.
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Drawdown Indicators
| BRK-B | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.86% | -80.34% | +26.48% |
Max Drawdown (1Y)Largest decline over 1 year | -9.42% | -32.09% | +22.67% |
Max Drawdown (3Y)Largest decline over 3 years | -14.95% | -32.09% | +17.14% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -46.51% | +19.93% |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | -49.79% | +20.22% |
Current DrawdownCurrent decline from peak | -9.78% | -32.09% | +22.31% |
Average DrawdownAverage peak-to-trough decline | -11.07% | -40.43% | +29.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.49% | 12.42% | -7.93% |
Volatility
BRK-B vs. GDX - Volatility Comparison
The current volatility for Berkshire Hathaway Inc. (BRK-B) is 3.98%, while VanEck Gold Miners ETF (GDX) has a volatility of 16.05%. This indicates that BRK-B experiences smaller price fluctuations and is considered to be less risky than GDX 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 | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.98% | 16.05% | -12.07% |
Volatility (6M)Calculated over the trailing 6-month period | 10.87% | 38.61% | -27.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.38% | 46.36% | -31.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.13% | 36.61% | -19.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.44% | 37.27% | -17.83% |
Dividends
BRK-B vs. GDX - Dividend Comparison
BRK-B has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BRK-B Berkshire Hathaway Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.80% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Frequently Asked Questions
BRK-B and GDX have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (16.05%) compared to BRK-B (3.98%). In terms of maximum drawdown, BRK-B dropped -53.86% vs GDX's -80.34%.
GDX currently has the higher Sharpe Ratio (1.16 vs -0.09), 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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