BRK-B vs. GUNR

Last updated Jun 9, 2026

BRK-B (Berkshire Hathaway Inc.) is a stock, while GUNR (FlexShares Morningstar Global Upstream Natural Resources Index Fund) is Commodity Producers Equities fund tracking the Morningstar Global Upstream Natural Resources Index. Over the past 10 years, BRK-B returned 13.14%/yr vs 10.77%/yr for GUNR. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

BRK-B vs. GUNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Berkshire Hathaway Inc. (BRK-B) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRK-B achieves a -3.11% return, which is significantly lower than GUNR's 14.67% return. Over the past 10 years, BRK-B has outperformed GUNR with an annualized return of 13.14%, while GUNR has yielded a comparatively lower 10.77% annualized return.

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%

GUNR

• 1D: -0.02%
• 1M: -3.68%
• YTD: 14.67%
• 6M: 18.35%
• 1Y: 35.94%
• 3Y*: 12.40%
• 5Y*: 9.27%
• 10Y*: 10.77%

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

BRK-B vs. GUNR - 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%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	14.67%	30.03%	-8.37%	-2.40%	14.83%	26.06%	0.46%	18.41%	-9.42%	18.74%

Correlation

The correlation between BRK-B and GUNR is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 23, 2011	0.53

Over the past year, the correlation between BRK-B and GUNR has dropped to 0.02 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

BRK-B vs. GUNR — Risk / Return Rank

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

BRK-B

BRK-B Risk / Return Rank: 35
BRK-B Sharpe Ratio Rank: 38
BRK-B Sortino Ratio Rank: 30
BRK-B Omega Ratio Rank: 30
BRK-B Calmar Ratio Rank: 38
BRK-B Martin Ratio Rank: 37

GUNR

GUNR Risk / Return Rank: 82
GUNR Sharpe Ratio Rank: 80
GUNR Sortino Ratio Rank: 73
GUNR Omega Ratio Rank: 77
GUNR Calmar Ratio Rank: 91
GUNR Martin Ratio Rank: 90

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.

BRK-B vs. GUNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Berkshire Hathaway Inc. (BRK-B) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR). 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	GUNR	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	2.32	-2.41
Sortino ratio: Return per unit of downside risk	-0.03	2.93	-2.96
Omega ratio: Gain probability vs. loss probability	1.00	1.41	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.14	5.30	-5.44
Martin ratio: Return relative to average drawdown	-0.30	19.13	-19.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRK-B vs. GUNR - Sharpe Ratio Comparison

The current BRK-B Sharpe Ratio is -0.09, which is lower than the GUNR Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of BRK-B and GUNR, 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

	BRK-B	GUNR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.09	2.32	-2.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.49	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.53	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.31	+0.17

Drawdowns

BRK-B vs. GUNR - Drawdown Comparison

The maximum BRK-B drawdown since its inception was -53.86%, which is greater than GUNR's maximum drawdown of -45.64%. Use the drawdown chart below to compare losses from any high point for BRK-B and GUNR.

Drawdown Indicators

	BRK-B	GUNR	Difference
Max Drawdown Largest peak-to-trough decline	-53.86%	-45.64%	-8.22%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-6.81%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-19.59%	+4.64%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-24.06%	-2.52%
Max Drawdown (10Y) Largest decline over 10 years	-29.57%	-43.04%	+13.47%
Current Drawdown Current decline from peak	-9.78%	-6.26%	-3.52%
Average Drawdown Average peak-to-trough decline	-11.07%	-10.40%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	1.88%	+2.61%

Volatility

BRK-B vs. GUNR - Volatility Comparison

The current volatility for Berkshire Hathaway Inc. (BRK-B) is 3.98%, while FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) has a volatility of 5.20%. This indicates that BRK-B experiences smaller price fluctuations and is considered to be less risky than GUNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRK-B	GUNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	5.20%	-1.22%
Volatility (6M) Calculated over the trailing 6-month period	10.87%	13.06%	-2.19%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	15.61%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.13%	19.04%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	20.45%	-1.01%

Dividends

BRK-B vs. GUNR - Dividend Comparison

BRK-B has not paid dividends to shareholders, while GUNR's dividend yield for the trailing twelve months is around 2.33%.

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%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund	2.33%	2.81%	3.39%	3.55%	4.12%	3.61%	2.79%	3.25%	3.27%	2.00%	1.73%	4.50%

Frequently Asked Questions

Can I hold both BRK-B and GUNR in my portfolio?

BRK-B and GUNR have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRK-B or GUNR?

GUNR has higher volatility (5.20%) compared to BRK-B (3.98%). In terms of maximum drawdown, BRK-B dropped -53.86% vs GUNR's -45.64%.

Which has better risk-adjusted returns?

GUNR currently has the higher Sharpe Ratio (2.32 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.