LTL vs. BRK-B

Last updated Aug 2, 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 6.41%/yr vs 13.57%/yr for BRK-B. Their 0.41 correlation means their historical movements had little consistent relationship.

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 -18.73% return, which is significantly lower than BRK-B's 1.77% return. Over the past 10 years, LTL has underperformed BRK-B with an annualized return of 6.41%, while BRK-B has yielded a comparatively higher 13.57% annualized return.

LTL

• 1D: 3.03%
• 1M: -3.61%
• 6M: -21.05%
• YTD: -18.73%
• 1Y: -1.62%
• 3Y*: 25.79%
• 5Y*: 14.19%
• 10Y*: 6.41%
• ALL TIME*: 5.81%

BRK-B

• 1D: 0.36%
• 1M: 0.74%
• 6M: 6.45%
• YTD: 1.77%
• 1Y: 8.18%
• 3Y*: 13.24%
• 5Y*: 12.95%
• 10Y*: 13.57%
• ALL TIME*: 10.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BRK-B Berkshire Hathaway Inc.	$2.04B	$2.04B	$2.42B
LTL ProShares Ultra Telecommunications	$123.54K	$121.65K	$82.18K

LTL vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LTL ProShares Ultra Telecommunications	-18.73%	37.06%	65.15%	62.03%	-41.14%	40.42%	-3.25%	30.16%	-23.44%	-26.85%
BRK-B Berkshire Hathaway Inc.	1.77%	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 historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (3Y) Balances recent behavior with more history.	0.30
Correlation (5Y) Shows whether the relationship held over a longer period.	0.44
Correlation (10Y) Provides a long-term view across more market conditions.	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 historical risk-adjusted metric ranks over the past 12 months.

LTL

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

BRK-B

BRK-B Risk / Return Rank: 61
BRK-B Sharpe Ratio Rank: 65
BRK-B Sortino Ratio Rank: 56
BRK-B Omega Ratio Rank: 55
BRK-B Calmar Ratio Rank: 65
BRK-B Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	-0.14	0.57	-0.71
Sortino ratio: Return per unit of downside risk	0.01	0.89	-0.88
Omega ratio: Gain probability vs. loss probability	1.00	1.11	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.17	0.90	-1.06
Martin ratio: Return relative to average drawdown	-0.40	1.88	-2.28

LTL vs. BRK-B - Sharpe Ratio Comparison

The current LTL Sharpe Ratio is -0.14, which is lower than the BRK-B Sharpe Ratio of 0.57. 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	-25.25%	-9.42%	-15.83%
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	-21.59%	-5.24%	-16.35%
Average Drawdown Average peak-to-trough decline	-28.56%	-11.06%	-17.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.42%	4.49%	+5.93%

Volatility

LTL vs. BRK-B - Volatility Comparison

ProShares Ultra Telecommunications (LTL) has a higher volatility of 13.00% compared to Berkshire Hathaway Inc. (BRK-B) at 4.59%. 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	13.00%	4.59%	+8.41%
Volatility (6M) Calculated over the trailing 6-month period	23.65%	11.13%	+12.52%
Volatility (1Y) Calculated over the trailing 1-year period	29.78%	14.79%	+14.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.15%	17.12%	+18.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.01%	19.42%	+17.59%

Dividends

LTL vs. BRK-B - Dividend Comparison

LTL's dividend yield for the trailing twelve months is around 1.06%, 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	1.06%	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 (13.00%) compared to BRK-B (4.59%). 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 (0.57 vs -0.14), 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.