SMT.L vs. BRK-B

Last updated Jun 5, 2026

SMT.L (Scottish Mortgage Investment Trust plc) is Global Equities fund actively managed by Baillie Gifford Funds, while BRK-B (Berkshire Hathaway Inc.) is a stock. Over the past 10 years, SMT.L returned 19.70%/yr vs 13.69%/yr for BRK-B. At a 0.26 correlation, their price movements are largely independent.

Performance

SMT.L vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Scottish Mortgage Investment Trust plc (SMT.L) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMT.L is traded in GBp, while BRK-B is traded in USD. To make them comparable, the BRK-B values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMT.L achieves a 27.32% return, which is significantly higher than BRK-B's -5.08% return. Over the past 10 years, SMT.L has outperformed BRK-B with an annualized return of 19.70%, while BRK-B has yielded a comparatively lower 13.69% annualized return.

SMT.L

• 1D: -1.53%
• 1M: 5.30%
• YTD: 27.32%
• 6M: 42.05%
• 1Y: 51.19%
• 3Y*: 30.43%
• 5Y*: 4.67%
• 10Y*: 19.70%

BRK-B

• 1D: 0.00%
• 1M: 3.02%
• YTD: -5.08%
• 6M: -6.22%
• 1Y: -2.28%
• 3Y*: 10.25%
• 5Y*: 11.38%
• 10Y*: 13.69%

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

SMT.L vs. BRK-B - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SMT.L Scottish Mortgage Investment Trust plc	27.32%	24.72%	18.75%	12.46%	-45.71%	10.46%	110.49%	24.76%	4.64%	41.09%
BRK-B Berkshire Hathaway Inc.	-4.39%	2.99%	29.31%	9.69%	15.59%	30.17%	-0.64%	6.71%	9.11%	11.10%

Correlation

The correlation between SMT.L and BRK-B is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jul 3, 2007	0.26

The correlation between SMT.L and BRK-B shifts across timeframes, from -0.16 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SMT.L vs. BRK-B — Risk / Return Rank

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

SMT.L

SMT.L Risk / Return Rank: 79
SMT.L Sharpe Ratio Rank: 80
SMT.L Sortino Ratio Rank: 83
SMT.L Omega Ratio Rank: 78
SMT.L Calmar Ratio Rank: 81
SMT.L Martin Ratio Rank: 75

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.

SMT.L vs. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Scottish Mortgage Investment Trust plc (SMT.L) 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.

	SMT.L	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	2.54	-0.15	+2.69
Sortino ratio: Return per unit of downside risk	3.65	-0.10	+3.75
Omega ratio: Gain probability vs. loss probability	1.45	0.99	+0.47
Calmar ratio: Return relative to maximum drawdown	4.16	-0.19	+4.35
Martin ratio: Return relative to average drawdown	14.08	-0.42	+14.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMT.L vs. BRK-B - Sharpe Ratio Comparison

The current SMT.L Sharpe Ratio is 2.54, which is higher than the BRK-B Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of SMT.L 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

	SMT.L	BRK-B	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	-0.15	+2.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.68	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.69	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.59	-0.03

Drawdowns

SMT.L vs. BRK-B - Drawdown Comparison

The maximum SMT.L drawdown since its inception was -62.61%, which is greater than BRK-B's maximum drawdown of -37.92%. Use the drawdown chart below to compare losses from any high point for SMT.L and BRK-B.

Drawdown Indicators

	SMT.L	BRK-B	Difference
Max Drawdown Largest peak-to-trough decline	-62.61%	-37.92%	-24.69%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	-11.88%	-0.38%
Max Drawdown (3Y) Largest decline over 3 years	-28.05%	-17.26%	-10.79%
Max Drawdown (5Y) Largest decline over 5 years	-60.11%	-20.84%	-39.27%
Max Drawdown (10Y) Largest decline over 10 years	-60.11%	-21.44%	-38.67%
Current Drawdown Current decline from peak	-2.27%	-14.52%	+12.25%
Average Drawdown Average peak-to-trough decline	-16.03%	-7.39%	-8.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.62%	5.50%	-1.88%

Volatility

SMT.L vs. BRK-B - Volatility Comparison

Scottish Mortgage Investment Trust plc (SMT.L) has a higher volatility of 4.49% compared to Berkshire Hathaway Inc. (BRK-B) at 3.82%. This indicates that SMT.L'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

	SMT.L	BRK-B	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	3.82%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	16.02%	11.92%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	20.11%	15.39%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.68%	16.89%	+12.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.76%	19.85%	+8.91%

Dividends

SMT.L vs. BRK-B - Dividend Comparison

SMT.L's dividend yield for the trailing twelve months is around 0.29%, 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%
SMT.L Scottish Mortgage Investment Trust plc	0.29%	0.37%	0.44%	0.51%	0.51%	0.26%	0.27%	0.54%	0.66%	0.67%	0.93%	1.05%

Frequently Asked Questions

Can I hold both SMT.L and BRK-B in my portfolio?

SMT.L and BRK-B have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.