BRK-B vs. TMF

Last updated Jun 9, 2026

BRK-B (Berkshire Hathaway Inc.) is a stock, while TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) is Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Over the past 10 years, BRK-B returned 13.14%/yr vs -17.04%/yr for TMF. At a correlation of -0.26, they often move in opposite directions.

Performance

BRK-B vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Berkshire Hathaway Inc. (BRK-B) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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 higher than TMF's -8.42% return. Over the past 10 years, BRK-B has outperformed TMF with an annualized return of 13.14%, while TMF has yielded a comparatively lower -17.04% 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%

TMF

• 1D: -1.45%
• 1M: -4.55%
• YTD: -8.42%
• 6M: -10.21%
• 1Y: -2.46%
• 3Y*: -21.29%
• 5Y*: -31.41%
• 10Y*: -17.04%

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

BRK-B vs. TMF - 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%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	-8.42%	-2.94%	-35.95%	-13.01%	-72.60%	-19.80%	39.02%	34.75%	-11.01%	22.72%

Correlation

The correlation between BRK-B and TMF is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Apr 17, 2009	-0.26

The correlation between BRK-B and TMF shifts across timeframes, from -0.26 (all time) to 0.09 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BRK-B vs. TMF — 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

TMF

TMF Risk / Return Rank: 8
TMF Sharpe Ratio Rank: 8
TMF Sortino Ratio Rank: 9
TMF Omega Ratio Rank: 9
TMF Calmar Ratio Rank: 8
TMF Martin Ratio Rank: 8

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. TMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Berkshire Hathaway Inc. (BRK-B) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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	TMF	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	-0.09	0.00
Sortino ratio: Return per unit of downside risk	-0.03	0.07	-0.10
Omega ratio: Gain probability vs. loss probability	1.00	1.01	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.14	-0.09	-0.05
Martin ratio: Return relative to average drawdown	-0.30	-0.21	-0.08
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. TMF - Sharpe Ratio Comparison

The current BRK-B Sharpe Ratio is -0.09, which is comparable to the TMF Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of BRK-B and TMF, 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	TMF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.09	-0.09	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	-0.68	+1.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	-0.39	+1.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	-0.14	+0.62

Drawdowns

BRK-B vs. TMF - Drawdown Comparison

The maximum BRK-B drawdown since its inception was -53.86%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for BRK-B and TMF.

Drawdown Indicators

	BRK-B	TMF	Difference
Max Drawdown Largest peak-to-trough decline	-53.86%	-92.89%	+39.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-26.51%	+17.09%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-56.31%	+41.36%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-88.81%	+62.23%
Max Drawdown (10Y) Largest decline over 10 years	-29.57%	-92.89%	+63.32%
Current Drawdown Current decline from peak	-9.78%	-92.42%	+82.64%
Average Drawdown Average peak-to-trough decline	-11.07%	-43.66%	+32.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.49%	11.70%	-7.21%

Volatility

BRK-B vs. TMF - Volatility Comparison

The current volatility for Berkshire Hathaway Inc. (BRK-B) is 3.98%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 7.77%. This indicates that BRK-B experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRK-B	TMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	7.77%	-3.79%
Volatility (6M) Calculated over the trailing 6-month period	10.87%	19.06%	-8.19%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	28.25%	-13.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.13%	46.72%	-29.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.44%	43.92%	-24.48%

Dividends

BRK-B vs. TMF - Dividend Comparison

BRK-B has not paid dividends to shareholders, while TMF's dividend yield for the trailing twelve months is around 4.26%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF	4.26%	4.06%	4.29%	2.82%	1.62%	0.13%	2.23%	0.94%	1.49%	0.41%

Frequently Asked Questions

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

BRK-B and TMF have a correlation of 0.05, 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 TMF?

TMF has higher volatility (7.77%) compared to BRK-B (3.98%). In terms of maximum drawdown, BRK-B dropped -53.86% vs TMF's -92.89%.

Which has better risk-adjusted returns?

TMF currently has the higher Sharpe Ratio (-0.09 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.