BRK-B vs. TMF

Last updated Jul 21, 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 13.01%/yr vs -17.99%/yr for TMF. At a correlation of -0.25, 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 -2.27% return, which is significantly higher than TMF's -11.04% return. Over the past 10 years, BRK-B has outperformed TMF with an annualized return of 13.01%, while TMF has yielded a comparatively lower -17.99% annualized return.

BRK-B

• 1D: 0.07%
• 1M: 0.37%
• 6M: -0.41%
• YTD: -2.27%
• 1Y: 3.68%
• 3Y*: 12.42%
• 5Y*: 11.91%
• 10Y*: 13.01%
• ALL TIME*: 10.58%

TMF

• 1D: -2.07%
• 1M: -9.25%
• 6M: -12.35%
• YTD: -11.04%
• 1Y: -4.28%
• 3Y*: -21.59%
• 5Y*: -33.52%
• 10Y*: -17.99%
• ALL TIME*: -6.34%

*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.	-2.27%	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	-11.04%	-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 0.02, 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	0.09
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 16, 2009	-0.25

The correlation between BRK-B and TMF shifts across timeframes, from -0.25 (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: 51
BRK-B Sharpe Ratio Rank: 55
BRK-B Sortino Ratio Rank: 46
BRK-B Omega Ratio Rank: 45
BRK-B Calmar Ratio Rank: 56
BRK-B Martin Ratio Rank: 55

TMF

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

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.

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	TMF	Difference
Sharpe ratio: Return per unit of total volatility	0.25	-0.16	+0.41
Sortino ratio: Return per unit of downside risk	0.45	-0.03	+0.48
Omega ratio: Gain probability vs. loss probability	1.05	1.00	+0.06
Calmar ratio: Return relative to maximum drawdown	0.39	-0.16	+0.55
Martin ratio: Return relative to average drawdown	0.82	-0.32	+1.15

BRK-B vs. TMF - Sharpe Ratio Comparison

The current BRK-B Sharpe Ratio is 0.25, which is higher than the TMF Sharpe Ratio of -0.16. 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.

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%	-53.47%	+38.52%
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	-8.99%	-92.64%	+83.65%
Average Drawdown Average peak-to-trough decline	-11.06%	-43.97%	+32.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	13.22%	-8.72%

Volatility

BRK-B vs. TMF - Volatility Comparison

The current volatility for Berkshire Hathaway Inc. (BRK-B) is 4.42%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 7.53%. 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	4.42%	7.53%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	11.07%	19.87%	-8.80%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	27.62%	-13.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.09%	46.39%	-29.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.40%	43.72%	-24.32%

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 4.44%.

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	4.44%	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 0.02, 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 TMF?

TMF has higher volatility (7.53%) compared to BRK-B (4.42%). In terms of maximum drawdown, BRK-B dropped -53.86% vs TMF's -92.89%.

Which has better risk-adjusted returns?

BRK-B currently has the higher Sharpe Ratio (0.25 vs -0.16), 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.