NA.TO vs. BRK-B
NA.TO (National Bank of Canada) and BRK-B (Berkshire Hathaway Inc.) are both stocks. Both are in the Financial Services sector — NA.TO in Banks - Diversified, BRK-B in Insurance - Diversified. Over the past 10 years, NA.TO returned 20.59%/yr vs 14.22%/yr for BRK-B. At a 0.29 correlation, their price movements are largely independent.
Performance
NA.TO vs. BRK-B - Performance Comparison
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Different Trading Currencies
NA.TO is traded in CAD, while BRK-B is traded in USD. To make them comparable, the BRK-B values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, NA.TO achieves a 19.22% return, which is significantly higher than BRK-B's -1.36% return. Over the past 10 years, NA.TO has outperformed BRK-B with an annualized return of 20.59%, while BRK-B has yielded a comparatively lower 14.22% annualized return.
NA.TO
- 1D
- 0.45%
- 1M
- -1.12%
- YTD
- 19.22%
- 6M
- 21.37%
- 1Y
- 57.45%
- 3Y*
- 32.85%
- 5Y*
- 21.46%
- 10Y*
- 20.59%
BRK-B
- 1D
- 2.20%
- 1M
- 4.80%
- YTD
- -1.36%
- 6M
- -2.35%
- 1Y
- 0.71%
- 3Y*
- 15.04%
- 5Y*
- 14.02%
- 10Y*
- 14.22%
NA.TO vs. BRK-B - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NA.TO National Bank of Canada | 19.22% | 36.15% | 34.65% | 15.53% | -1.45% | 39.02% | 4.01% | 34.04% | -6.92% | 19.77% |
BRK-B Berkshire Hathaway Inc. | -1.39% | 5.83% | 37.85% | 12.71% | 9.86% | 28.89% | -0.06% | 6.36% | 11.67% | 13.39% |
Correlation
The correlation between NA.TO and BRK-B is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2006 | 0.29 |
Over the past year, the correlation between NA.TO and BRK-B has dropped to 0.06 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.
Fundamentals
NA.TO:
CA$79.99B
BRK-B:
$1.05T
NA.TO:
CA$11.69
BRK-B:
$33.62
NA.TO:
17.48
BRK-B:
14.52
NA.TO:
4.89
BRK-B:
0.56
NA.TO:
2.95
BRK-B:
2.81
NA.TO:
2.58
BRK-B:
1.45
NA.TO:
CA$27.33B
BRK-B:
$375.39B
NA.TO:
CA$14.01B
BRK-B:
$94.36B
NA.TO:
CA$6.37B
BRK-B:
$71.92B
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Return for Risk
NA.TO vs. BRK-B — Risk / Return Rank
NA.TO
BRK-B
NA.TO vs. BRK-B - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for National Bank of Canada (NA.TO) 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.
| NA.TO | BRK-B | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.52 | ||
| Sortino ratioReturn per unit of downside risk | +4.65 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.03 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 6.46 | 0.15 | +6.31 |
| Martin ratioReturn relative to average drawdown | 21.87 | 0.32 | +21.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NA.TO | BRK-B | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.64 | 0.12 | +3.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.23 | 0.87 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.99 | 0.78 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.75 | 0.84 | -0.10 |
Drawdowns
NA.TO vs. BRK-B - Drawdown Comparison
The maximum NA.TO drawdown since its inception was -55.45%, which is greater than BRK-B's maximum drawdown of -22.96%. Use the drawdown chart below to compare losses from any high point for NA.TO and BRK-B.
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Drawdown Indicators
| NA.TO | BRK-B | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.45% | -22.96% | -32.49% |
Max Drawdown (1Y)Largest decline over 1 year | -8.99% | -11.97% | +2.98% |
Max Drawdown (3Y)Largest decline over 3 years | -22.58% | -17.44% | -5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | -22.78% | +0.20% |
Max Drawdown (10Y)Largest decline over 10 years | -48.22% | -22.96% | -25.26% |
Current DrawdownCurrent decline from peak | -4.23% | -11.21% | +6.98% |
Average DrawdownAverage peak-to-trough decline | -6.76% | -5.29% | -1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 5.57% | -2.92% |
Volatility
NA.TO vs. BRK-B - Volatility Comparison
National Bank of Canada (NA.TO) has a higher volatility of 6.03% compared to Berkshire Hathaway Inc. (BRK-B) at 4.32%. This indicates that NA.TO'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.
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Volatility by Period
| NA.TO | BRK-B | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.03% | 4.32% | +1.71% |
Volatility (6M)Calculated over the trailing 6-month period | 13.72% | 11.71% | +2.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.98% | 15.19% | +0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.48% | 16.12% | +1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.97% | 18.32% | +2.65% |
Dividends
NA.TO vs. BRK-B - Dividend Comparison
NA.TO's dividend yield for the trailing twelve months is around 2.37%, 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% |
NA.TO National Bank of Canada | 2.37% | 2.75% | 3.36% | 4.03% | 4.03% | 3.11% | 3.96% | 3.77% | 4.44% | 3.70% | 4.03% | 5.16% |
Financials
NA.TO vs. BRK-B - Financials Comparison
This section allows you to compare key financial metrics between National Bank of Canada and Berkshire Hathaway Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NA.TO vs. BRK-B - Profitability Comparison
NA.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a gross profit of 3.66B and revenue of 8.07B. Therefore, the gross margin over that period was 45.4%.
BRK-B - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Berkshire Hathaway Inc. reported a gross profit of 26.98B and revenue of 93.68B. Therefore, the gross margin over that period was 28.8%.
NA.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported an operating income of 1.62B and revenue of 8.07B, resulting in an operating margin of 20.0%.
BRK-B - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Berkshire Hathaway Inc. reported an operating income of 15.05B and revenue of 93.68B, resulting in an operating margin of 16.1%.
NA.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a net income of 1.23B and revenue of 8.07B, resulting in a net margin of 15.3%.
BRK-B - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Berkshire Hathaway Inc. reported a net income of 10.18B and revenue of 93.68B, resulting in a net margin of 10.9%.
Frequently Asked Questions
NA.TO and BRK-B have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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