GLD vs. BRK-B

Last updated Jun 6, 2026

GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, GLD returned 12.80%/yr vs 13.19%/yr for BRK-B. At a correlation of -0.01, they often move in opposite directions.

Performance

GLD vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) 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, GLD achieves a -0.02% return, which is significantly higher than BRK-B's -2.89% return. Both investments have delivered pretty close results over the past 10 years, with GLD having a 12.80% annualized return and BRK-B not far ahead at 13.19%.

GLD

• 1D: -3.65%
• 1M: -8.06%
• YTD: -0.02%
• 6M: 2.54%
• 1Y: 28.10%
• 3Y*: 29.53%
• 5Y*: 17.47%
• 10Y*: 12.80%

BRK-B

• 1D: 1.98%
• 1M: 3.90%
• YTD: -2.89%
• 6M: -3.21%
• 1Y: -0.12%
• 3Y*: 13.55%
• 5Y*: 10.78%
• 10Y*: 13.19%

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

GLD vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	-0.02%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%
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%

Correlation

The correlation between GLD and BRK-B is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Nov 19, 2004	-0.01

Return for Risk

GLD vs. BRK-B — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 30
GLD Sortino Ratio Rank: 27
GLD Omega Ratio Rank: 33
GLD Calmar Ratio Rank: 29
GLD Martin Ratio Rank: 26

BRK-B

BRK-B Risk / Return Rank: 38
BRK-B Sharpe Ratio Rank: 41
BRK-B Sortino Ratio Rank: 33
BRK-B Omega Ratio Rank: 32
BRK-B Calmar Ratio Rank: 41
BRK-B Martin Ratio Rank: 41

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.

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

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) 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.

	GLD	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	1.05	-0.01	+1.06
Sortino ratio: Return per unit of downside risk	1.43	0.09	+1.34
Omega ratio: Gain probability vs. loss probability	1.21	1.01	+0.20
Calmar ratio: Return relative to maximum drawdown	1.40	-0.01	+1.42
Martin ratio: Return relative to average drawdown	3.56	-0.03	+3.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLD vs. BRK-B - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 1.05, which is higher than the BRK-B Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of GLD 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

	GLD	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	-0.01	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.63	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.68	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.48	+0.11

Drawdowns

GLD vs. BRK-B - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for GLD and BRK-B.

Drawdown Indicators

	GLD	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-53.86%	+8.30%
Max Drawdown (1Y) Largest decline over 1 year	-20.10%	-9.42%	-10.68%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-14.95%	-5.15%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-26.58%	+5.55%
Max Drawdown (10Y) Largest decline over 10 years	-22.00%	-29.57%	+7.57%
Current Drawdown Current decline from peak	-20.10%	-9.57%	-10.53%
Average Drawdown Average peak-to-trough decline	-16.16%	-11.07%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	4.47%	+3.44%

Volatility

GLD vs. BRK-B - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 5.66% compared to Berkshire Hathaway Inc. (BRK-B) at 4.08%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than BRK-B based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.66%	4.08%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	23.47%	10.87%	+12.60%
Volatility (1Y) Calculated over the trailing 1-year period	26.86%	14.39%	+12.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.07%	17.13%	+0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.00%	19.43%	-3.43%

Dividends

GLD vs. BRK-B - Dividend Comparison

Neither GLD nor BRK-B has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

GLD and BRK-B have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLD or BRK-B?

GLD has higher volatility (5.66%) compared to BRK-B (4.08%). In terms of maximum drawdown, GLD dropped -45.56% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (1.05 vs -0.01), 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.