BRK-B vs. NA.TO
BRK-B (Berkshire Hathaway Inc.) and NA.TO (National Bank of Canada) are both stocks. Both are in the Financial Services sector — BRK-B in Insurance - Diversified, NA.TO in Banks - Diversified. Over the past 10 years, BRK-B returned 13.19%/yr vs 19.52%/yr for NA.TO. At a 0.33 correlation, their price movements are largely independent.
Performance
BRK-B vs. NA.TO - Performance Comparison
Loading charts...
Different Trading Currencies
BRK-B is traded in USD, while NA.TO is traded in CAD. To make them comparable, the NA.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, BRK-B achieves a -2.89% return, which is significantly lower than NA.TO's 17.39% return. Over the past 10 years, BRK-B has underperformed NA.TO with an annualized return of 13.19%, while NA.TO has yielded a comparatively higher 19.52% annualized return.
BRK-B
- 1D
- 1.98%
- 1M
- 2.56%
- YTD
- -2.89%
- 6M
- -3.21%
- 1Y
- -1.09%
- 3Y*
- 13.55%
- 5Y*
- 10.78%
- 10Y*
- 13.19%
NA.TO
- 1D
- 0.20%
- 1M
- -3.10%
- YTD
- 17.39%
- 6M
- 20.31%
- 1Y
- 54.69%
- 3Y*
- 31.12%
- 5Y*
- 18.04%
- 10Y*
- 19.52%
BRK-B vs. NA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BRK-B Berkshire Hathaway Inc. | -2.89% | 10.89% | 27.09% | 15.46% | 3.31% | 28.95% | 2.37% | 10.93% | 3.01% | 21.62% |
NA.TO National Bank of Canada | 17.41% | 42.66% | 24.14% | 18.35% | -7.33% | 39.09% | 6.54% | 39.80% | -14.14% | 28.47% |
Correlation
The correlation between BRK-B and NA.TO is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2006 | 0.33 |
Over the past year, the correlation between BRK-B and NA.TO has dropped to 0.08 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.
Fundamentals
BRK-B:
$1.05T
NA.TO:
CA$79.99B
BRK-B:
$33.62
NA.TO:
CA$11.69
BRK-B:
14.52
NA.TO:
17.48
BRK-B:
0.56
NA.TO:
4.89
BRK-B:
2.81
NA.TO:
2.95
BRK-B:
1.45
NA.TO:
2.58
BRK-B:
$375.39B
NA.TO:
CA$27.33B
BRK-B:
$94.36B
NA.TO:
CA$14.01B
BRK-B:
$71.92B
NA.TO:
CA$6.37B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BRK-B vs. NA.TO — Risk / Return Rank
BRK-B
NA.TO
BRK-B vs. NA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Berkshire Hathaway Inc. (BRK-B) and National Bank of Canada (NA.TO). 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 | NA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.27 | ||
| Sortino ratioReturn per unit of downside risk | -4.43 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.60 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 5.57 | -5.58 |
| Martin ratioReturn relative to average drawdown | -0.03 | 19.36 | -19.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BRK-B | NA.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.01 | 3.26 | -3.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.89 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.82 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.48 | 0.59 | -0.11 |
Drawdowns
BRK-B vs. NA.TO - Drawdown Comparison
The maximum BRK-B drawdown since its inception was -53.86%, smaller than the maximum NA.TO drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for BRK-B and NA.TO.
Loading charts...
Drawdown Indicators
| BRK-B | NA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.86% | -60.25% | +6.39% |
Max Drawdown (1Y)Largest decline over 1 year | -9.42% | -9.89% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -14.95% | -23.62% | +8.67% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -25.56% | -1.02% |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | -52.83% | +23.26% |
Current DrawdownCurrent decline from peak | -9.57% | -5.14% | -4.43% |
Average DrawdownAverage peak-to-trough decline | -11.07% | -9.08% | -1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 2.84% | +1.63% |
Volatility
BRK-B vs. NA.TO - Volatility Comparison
The current volatility for Berkshire Hathaway Inc. (BRK-B) is 4.08%, while National Bank of Canada (NA.TO) has a volatility of 6.26%. This indicates that BRK-B experiences smaller price fluctuations and is considered to be less risky than NA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BRK-B | NA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 6.26% | -2.18% |
Volatility (6M)Calculated over the trailing 6-month period | 10.87% | 14.40% | -3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 16.90% | -2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.13% | 20.25% | -3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.43% | 23.83% | -4.40% |
Dividends
BRK-B vs. NA.TO - Dividend Comparison
BRK-B has not paid dividends to shareholders, while NA.TO's dividend yield for the trailing twelve months is around 2.37%.
| 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% |
NA.TO National Bank of Canada | 2.37% | 2.75% | 3.36% | 4.03% | 4.03% | 3.11% | 3.96% | 3.77% | 4.44% | 3.70% | 4.03% | 5.16% |
Financials
BRK-B vs. NA.TO - Financials Comparison
This section allows you to compare key financial metrics between Berkshire Hathaway Inc. and National Bank of Canada. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BRK-B vs. NA.TO - Profitability Comparison
BRK-B - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Berkshire Hathaway Inc. reported a gross profit of 26.98B and revenue of 93.68B. Therefore, the gross margin over that period was 28.8%.
NA.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a gross profit of 3.66B and revenue of 8.07B. Therefore, the gross margin over that period was 45.4%.
BRK-B - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Berkshire Hathaway Inc. reported an operating income of 15.05B and revenue of 93.68B, resulting in an operating margin of 16.1%.
NA.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported an operating income of 1.62B and revenue of 8.07B, resulting in an operating margin of 20.0%.
BRK-B - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Berkshire Hathaway Inc. reported a net income of 10.18B and revenue of 93.68B, resulting in a net margin of 10.9%.
NA.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a net income of 1.23B and revenue of 8.07B, resulting in a net margin of 15.3%.
Frequently Asked Questions
BRK-B and NA.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for BRK-B and NA.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer