SMT.L vs. BRK-B

Last updated Jul 18, 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 17.21%/yr vs 12.52%/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 14.83% return, which is significantly higher than BRK-B's -2.20% return. Over the past 10 years, SMT.L has outperformed BRK-B with an annualized return of 17.21%, while BRK-B has yielded a comparatively lower 12.52% annualized return.

SMT.L

• 1D: -3.58%
• 1M: -9.10%
• 6M: 12.09%
• YTD: 14.83%
• 1Y: 27.77%
• 3Y*: 26.51%
• 5Y*: 1.28%
• 10Y*: 17.21%

BRK-B

• 1D: -0.28%
• 1M: -1.30%
• 6M: -1.06%
• YTD: -2.20%
• 1Y: 3.41%
• 3Y*: 11.27%
• 5Y*: 12.56%
• 10Y*: 12.52%

*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	14.83%	24.72%	18.75%	12.46%	-45.71%	10.46%	110.49%	24.76%	4.00%	40.09%
BRK-B Berkshire Hathaway Inc.	-2.20%	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 -0.12, 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	-0.12
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 Aug 22, 2007	0.26

The correlation between SMT.L and BRK-B shifts across timeframes, from -0.12 (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: 48
SMT.L Sharpe Ratio Rank: 44
SMT.L Sortino Ratio Rank: 47
SMT.L Omega Ratio Rank: 44
SMT.L Calmar Ratio Rank: 57
SMT.L Martin Ratio Rank: 48

BRK-B

BRK-B Risk / Return Rank: 50
BRK-B Sharpe Ratio Rank: 54
BRK-B Sortino Ratio Rank: 45
BRK-B Omega Ratio Rank: 44
BRK-B Calmar Ratio Rank: 55
BRK-B Martin Ratio Rank: 55

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.

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.

	SMT.L	BRK-B	Difference
Sharpe ratio: Return per unit of total volatility	1.27	0.21	+1.05
Sortino ratio: Return per unit of downside risk	1.90	0.40	+1.50
Omega ratio: Gain probability vs. loss probability	1.23	1.05	+0.18
Calmar ratio: Return relative to maximum drawdown	2.25	0.29	+1.97
Martin ratio: Return relative to average drawdown	6.45	0.61	+5.85

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

The current SMT.L Sharpe Ratio is 1.27, which is higher than the BRK-B Sharpe Ratio of 0.21. 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.

Drawdowns

SMT.L vs. BRK-B - Drawdown Comparison

The maximum SMT.L drawdown since its inception was -60.25%, 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	-60.25%	-37.92%	-22.33%
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	-11.85%	-11.93%	+0.08%
Average Drawdown Average peak-to-trough decline	-14.88%	-7.45%	-7.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	5.64%	-1.35%

Volatility

SMT.L vs. BRK-B - Volatility Comparison

Scottish Mortgage Investment Trust plc (SMT.L) has a higher volatility of 8.19% compared to Berkshire Hathaway Inc. (BRK-B) at 5.17%. 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	8.19%	5.17%	+3.02%
Volatility (6M) Calculated over the trailing 6-month period	18.04%	12.52%	+5.52%
Volatility (1Y) Calculated over the trailing 1-year period	21.89%	16.03%	+5.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.85%	16.97%	+12.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.82%	19.77%	+9.05%

Dividends

SMT.L vs. BRK-B - Dividend Comparison

SMT.L's dividend yield for the trailing twelve months is around 0.34%, while BRK-B has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BRK-B Berkshire Hathaway Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMT.L Scottish Mortgage Investment Trust plc	0.34%	0.37%	0.44%	0.51%	0.51%	0.26%	0.27%	0.54%

Frequently Asked Questions

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

SMT.L and BRK-B have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.