SMT.L vs. BRK-B

Last updated Jun 25, 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 18.95%/yr vs 13.91%/yr for BRK-B. At a 0.25 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 18.80% return, which is significantly higher than BRK-B's 0.65% return. Over the past 10 years, SMT.L has outperformed BRK-B with an annualized return of 18.95%, while BRK-B has yielded a comparatively lower 13.91% annualized return.

SMT.L

• 1D: 0.79%
• 1M: -5.94%
• YTD: 18.80%
• 6M: 18.85%
• 1Y: 40.41%
• 3Y*: 30.43%
• 5Y*: 2.05%
• 10Y*: 18.95%

BRK-B

• 1D: 0.59%
• 1M: 3.70%
• YTD: 0.65%
• 6M: 1.16%
• 1Y: 3.53%
• 3Y*: 12.51%
• 5Y*: 13.36%
• 10Y*: 13.91%

*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	18.80%	24.72%	18.75%	12.46%	-45.71%	10.46%	110.49%	24.76%	4.64%	41.09%
BRK-B Berkshire Hathaway Inc.	0.65%	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	0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jul 25, 2007	0.25

The correlation between SMT.L and BRK-B shifts across timeframes, from -0.16 (1 year) to 0.25 (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: 67
SMT.L Sharpe Ratio Rank: 67
SMT.L Sortino Ratio Rank: 69
SMT.L Omega Ratio Rank: 65
SMT.L Calmar Ratio Rank: 72
SMT.L Martin Ratio Rank: 63

BRK-B

BRK-B Risk / Return Rank: 40
BRK-B Sharpe Ratio Rank: 44
BRK-B Sortino Ratio Rank: 35
BRK-B Omega Ratio Rank: 35
BRK-B Calmar Ratio Rank: 44
BRK-B Martin Ratio Rank: 43

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	1.93	0.23	+1.70
Sortino ratio: Return per unit of downside risk	2.79	0.42	+2.38
Omega ratio: Gain probability vs. loss probability	1.35	1.05	+0.29
Calmar ratio: Return relative to maximum drawdown	3.28	0.30	+2.98
Martin ratio: Return relative to average drawdown	10.24	0.64	+9.60

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

The current SMT.L Sharpe Ratio is 1.93, which is higher than the BRK-B Sharpe Ratio of 0.23. 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	-8.80%	-9.36%	+0.56%
Average Drawdown Average peak-to-trough decline	-14.80%	-7.41%	-7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	5.59%	-1.65%

Volatility

SMT.L vs. BRK-B - Volatility Comparison

Scottish Mortgage Investment Trust plc (SMT.L) has a higher volatility of 6.83% compared to Berkshire Hathaway Inc. (BRK-B) at 4.08%. 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	6.83%	4.08%	+2.75%
Volatility (6M) Calculated over the trailing 6-month period	16.78%	11.75%	+5.03%
Volatility (1Y) Calculated over the trailing 1-year period	20.95%	15.60%	+5.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.76%	16.91%	+12.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.79%	19.78%	+9.01%

Dividends

SMT.L vs. BRK-B - Dividend Comparison

SMT.L's dividend yield for the trailing twelve months is around 0.33%, 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	0.33%	0.37%	0.44%	0.51%	0.51%	0.26%	0.27%	0.54%	0.66%	0.67%	0.93%	1.17%

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.