DGAGX vs. BRK-B

Last updated Jun 5, 2026

DGAGX (BNY Mellon Appreciation Fund, Inc.) is Large Cap Growth Equities fund managed by T. Rowe Price, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, DGAGX returned 12.73%/yr vs 12.93%/yr for BRK-B. At a 0.49 correlation, their price movements are largely independent.

Performance

DGAGX vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Appreciation Fund, Inc. (DGAGX) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DGAGX achieves a 3.42% return, which is significantly higher than BRK-B's -4.78% return. Both investments have delivered pretty close results over the past 10 years, with DGAGX having a 12.73% annualized return and BRK-B not far ahead at 12.93%.

DGAGX

• 1D: -1.15%
• 1M: 1.29%
• YTD: 3.42%
• 6M: 3.64%
• 1Y: 10.92%
• 3Y*: 11.95%
• 5Y*: 7.73%
• 10Y*: 12.73%

BRK-B

• 1D: 0.69%
• 1M: 2.82%
• YTD: -4.78%
• 6M: -4.89%
• 1Y: -2.52%
• 3Y*: 13.36%
• 5Y*: 10.35%
• 10Y*: 12.93%

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

DGAGX vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DGAGX BNY Mellon Appreciation Fund, Inc.	3.42%	10.14%	12.35%	21.37%	-17.86%	27.10%	23.96%	35.22%	-6.59%	26.60%
BRK-B Berkshire Hathaway Inc.	-4.78%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between DGAGX and BRK-B is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since May 10, 1996	0.49

Over the past year, the correlation between DGAGX and BRK-B has dropped to 0.15 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.

Return for Risk

DGAGX vs. BRK-B — Risk / Return Rank

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

DGAGX

DGAGX Risk / Return Rank: 12
DGAGX Sharpe Ratio Rank: 12
DGAGX Sortino Ratio Rank: 12
DGAGX Omega Ratio Rank: 12
DGAGX Calmar Ratio Rank: 11
DGAGX Martin Ratio Rank: 14

BRK-B

BRK-B Risk / Return Rank: 31
BRK-B Sharpe Ratio Rank: 34
BRK-B Sortino Ratio Rank: 28
BRK-B Omega Ratio Rank: 27
BRK-B Calmar Ratio Rank: 33
BRK-B Martin Ratio Rank: 32

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.

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

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Appreciation Fund, Inc. (DGAGX) and Berkshire Hathaway Inc. (BRK-B). 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.

	DGAGX	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	0.95	-0.18	+1.13
Sortino ratio: Return per unit of downside risk	1.38	-0.15	+1.52
Omega ratio: Gain probability vs. loss probability	1.17	0.98	+0.19
Calmar ratio: Return relative to maximum drawdown	1.01	-0.27	+1.28
Martin ratio: Return relative to average drawdown	4.01	-0.57	+4.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DGAGX vs. BRK-B - Sharpe Ratio Comparison

The current DGAGX Sharpe Ratio is 0.95, which is higher than the BRK-B Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of DGAGX and BRK-B, 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

	DGAGX	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	-0.18	+1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.61	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.67	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.48	+0.17

Drawdowns

DGAGX vs. BRK-B - Drawdown Comparison

The maximum DGAGX drawdown since its inception was -48.80%, smaller than the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for DGAGX and BRK-B.

Drawdown Indicators

	DGAGX	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-48.80%	-53.86%	+5.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.21%	-9.42%	-1.79%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-14.95%	-2.48%
Max Drawdown (5Y) Largest decline over 5 years	-27.13%	-26.58%	-0.55%
Max Drawdown (10Y) Largest decline over 10 years	-31.99%	-29.57%	-2.42%
Current Drawdown Current decline from peak	-1.85%	-11.33%	+9.48%
Average Drawdown Average peak-to-trough decline	-7.13%	-11.07%	+3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.81%	4.46%	-1.65%

Volatility

DGAGX vs. BRK-B - Volatility Comparison

The current volatility for BNY Mellon Appreciation Fund, Inc. (DGAGX) is 3.02%, while Berkshire Hathaway Inc. (BRK-B) has a volatility of 3.72%. This indicates that DGAGX experiences smaller price fluctuations and is considered to be less risky than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DGAGX	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	3.72%	-0.70%
Volatility (6M) Calculated over the trailing 6-month period	9.28%	10.70%	-1.42%
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	14.32%	-2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	17.11%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.79%	19.43%	-1.64%

Dividends

DGAGX vs. BRK-B - Dividend Comparison

DGAGX's dividend yield for the trailing twelve months is around 19.49%, while BRK-B has not paid dividends to shareholders.

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%
DGAGX BNY Mellon Appreciation Fund, Inc.	19.49%	21.12%	17.23%	7.44%	9.16%	3.91%	5.29%	10.52%	21.70%	16.17%	27.17%	31.89%

Frequently Asked Questions

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

DGAGX and BRK-B have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DGAGX or BRK-B?

BRK-B has higher volatility (3.72%) compared to DGAGX (3.02%). In terms of maximum drawdown, DGAGX dropped -48.80% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

DGAGX currently has the higher Sharpe Ratio (0.95 vs -0.18), 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.