LTL vs. BRK-B

Last updated Jul 14, 2026

LTL (ProShares Ultra Telecommunications) is Leveraged Equities fund tracking the Dow Jones U.S. Select Telecommunications Index (200%), while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, LTL returned 6.52%/yr vs 13.03%/yr for BRK-B. At a 0.41 correlation, their price movements are largely independent.

Performance

LTL vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Telecommunications (LTL) 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, LTL achieves a -13.08% return, which is significantly lower than BRK-B's -1.15% return. Over the past 10 years, LTL has underperformed BRK-B with an annualized return of 6.52%, while BRK-B has yielded a comparatively higher 13.03% annualized return.

LTL

• 1D: -0.25%
• 1M: -0.33%
• 6M: -12.54%
• YTD: -13.08%
• 1Y: 4.88%
• 3Y*: 30.53%
• 5Y*: 16.18%
• 10Y*: 6.52%

BRK-B

• 1D: 0.64%
• 1M: 1.55%
• 6M: -0.36%
• YTD: -1.15%
• 1Y: 4.41%
• 3Y*: 13.36%
• 5Y*: 12.29%
• 10Y*: 13.03%

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

LTL vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LTL ProShares Ultra Telecommunications	-13.08%	37.06%	65.15%	62.03%	-41.14%	40.42%	-3.25%	30.16%	-23.44%	-26.85%
BRK-B Berkshire Hathaway Inc.	-1.15%	10.89%	27.09%	15.46%	3.31%	28.95%	2.37%	10.93%	3.01%	21.62%

Correlation

The correlation between LTL and BRK-B is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since May 22, 2008	0.41

Over the past year, the correlation between LTL and BRK-B has dropped to 0.17 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

LTL vs. BRK-B — Risk / Return Rank

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

LTL

LTL Risk / Return Rank: 12
LTL Sharpe Ratio Rank: 12
LTL Sortino Ratio Rank: 12
LTL Omega Ratio Rank: 12
LTL Calmar Ratio Rank: 12
LTL Martin Ratio Rank: 12

BRK-B

BRK-B Risk / Return Rank: 53
BRK-B Sharpe Ratio Rank: 57
BRK-B Sortino Ratio Rank: 47
BRK-B Omega Ratio Rank: 47
BRK-B Calmar Ratio Rank: 57
BRK-B Martin Ratio Rank: 57

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.

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

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Telecommunications (LTL) 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.

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.

	LTL	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	0.18	0.31	-0.13
Sortino ratio: Return per unit of downside risk	0.44	0.52	-0.07
Omega ratio: Gain probability vs. loss probability	1.05	1.06	-0.01
Calmar ratio: Return relative to maximum drawdown	0.20	0.47	-0.27
Martin ratio: Return relative to average drawdown	0.52	0.99	-0.47

LTL vs. BRK-B - Sharpe Ratio Comparison

The current LTL Sharpe Ratio is 0.18, which is lower than the BRK-B Sharpe Ratio of 0.31. The chart below compares the historical Sharpe Ratios of LTL 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.

Drawdowns

LTL vs. BRK-B - Drawdown Comparison

The maximum LTL drawdown since its inception was -80.20%, which is greater than BRK-B's maximum drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for LTL and BRK-B.

Drawdown Indicators

	LTL	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-80.20%	-53.86%	-26.34%
Max Drawdown (1Y) Largest decline over 1 year	-24.33%	-9.42%	-14.91%
Max Drawdown (3Y) Largest decline over 3 years	-34.37%	-14.95%	-19.42%
Max Drawdown (5Y) Largest decline over 5 years	-52.60%	-26.58%	-26.02%
Max Drawdown (10Y) Largest decline over 10 years	-64.15%	-29.57%	-34.58%
Current Drawdown Current decline from peak	-16.14%	-7.96%	-8.18%
Average Drawdown Average peak-to-trough decline	-28.59%	-11.06%	-17.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.34%	4.45%	+4.89%

Volatility

LTL vs. BRK-B - Volatility Comparison

ProShares Ultra Telecommunications (LTL) has a higher volatility of 11.29% compared to Berkshire Hathaway Inc. (BRK-B) at 4.39%. This indicates that LTL'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

	LTL	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.29%	4.39%	+6.90%
Volatility (6M) Calculated over the trailing 6-month period	21.94%	10.97%	+10.97%
Volatility (1Y) Calculated over the trailing 1-year period	27.92%	14.54%	+13.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.83%	17.11%	+17.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.88%	19.40%	+17.48%

Dividends

LTL vs. BRK-B - Dividend Comparison

LTL's dividend yield for the trailing twelve months is around 0.99%, 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%
LTL ProShares Ultra Telecommunications	0.99%	0.64%	0.29%	0.97%	2.01%	1.14%	1.57%	0.83%	1.99%	1.96%	0.70%	1.55%

Frequently Asked Questions

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

LTL and BRK-B have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LTL or BRK-B?

LTL has higher volatility (11.29%) compared to BRK-B (4.39%). In terms of maximum drawdown, LTL dropped -80.20% vs BRK-B's -53.86%.

Which has better risk-adjusted returns?

BRK-B currently has the higher Sharpe Ratio (0.31 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.