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SPY vs. BRK-B
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPY vs. BRK-B

Last updated Apr 5, 2026

Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Berkshire Hathaway Inc. (BRK-B).

SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

SPY vs. BRK-B - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Berkshire Hathaway Inc. (BRK-B). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPY achieves a -3.56% return, which is significantly higher than BRK-B's -5.03% return. Over the past 10 years, SPY has outperformed BRK-B with an annualized return of 14.11%, while BRK-B has yielded a comparatively lower 12.79% annualized return.

SPY

1D
0.09%
1M
-3.48%
YTD
-3.56%
6M
-1.44%
1Y
31.28%
3Y*
18.37%
5Y*
11.88%
10Y*
14.11%

BRK-B

1D
-0.24%
1M
-4.61%
YTD
-5.03%
6M
-4.29%
1Y
-3.28%
3Y*
15.44%
5Y*
13.08%
10Y*
12.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPY vs. BRK-B - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPY
State Street SPDR S&P 500 ETF		-3.56%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%
BRK-B
Berkshire Hathaway Inc.		-5.03%10.89%27.09%15.46%3.31%28.95%2.37%10.93%3.01%21.62%

Correlation

The correlation between SPY and BRK-B is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.

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State Street SPDR S&P 500 ETF

Berkshire Hathaway Inc.

Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLDSPY vs. FXAIX
Often compared with BRK-B:
BRK-B vs. VOOBRK-B vs. BRK-ABRK-B vs. QQQBRK-B vs. ^NDXBRK-B vs. VTIBRK-B vs. VGTBRK-B vs. ARKK

Return for Risk

SPY vs. BRK-B — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPY
SPY Risk / Return Rank: 5252
Overall Rank
SPY Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 5151
Sortino Ratio Rank
SPY Omega Ratio Rank: 5757
Omega Ratio Rank
SPY Calmar Ratio Rank: 4545
Calmar Ratio Rank
SPY Martin Ratio Rank: 5757
Martin Ratio Rank
BRK-B
BRK-B Risk / Return Rank: 1515
Overall Rank
BRK-B Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
BRK-B Sortino Ratio Rank: 1515
Sortino Ratio Rank
BRK-B Omega Ratio Rank: 1414
Omega Ratio Rank
BRK-B Calmar Ratio Rank: 1515
Calmar Ratio Rank
BRK-B Martin Ratio Rank: 1616
Martin Ratio Rank
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.

SPY vs. BRK-B - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.

SPYBRK-BDifference

Sharpe ratio

Return per unit of total volatility

0.92

-0.62

+1.54

Sortino ratio

Return per unit of downside risk

1.45

-0.73

+2.18

Omega ratio

Gain probability vs. loss probability

1.22

0.90

+0.32

Calmar ratio

Return relative to maximum drawdown

1.51

-0.70

+2.21

Martin ratio

Return relative to average drawdown

7.11

-1.19

+8.31

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. BRK-B - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 0.92, which is higher than the BRK-B Sharpe Ratio of -0.62. The chart below compares the historical Sharpe Ratios of SPY 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.

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Sharpe Ratios by Period

SPYBRK-BDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.92

-0.62

+1.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

0.76

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

0.66

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.56

0.48

+0.08

Drawdowns

SPY vs. BRK-B - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, roughly equal to the maximum BRK-B drawdown of -53.86%. Use the drawdown chart below to compare losses from any high point for SPY and BRK-B.

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Drawdown Indicators

SPYBRK-BDifference

Max Drawdown

Largest peak-to-trough decline

-55.19%

-53.86%

-1.33%

Max Drawdown (1Y)

Largest decline over 1 year

-8.88%

-14.95%

+6.07%

Max Drawdown (5Y)

Largest decline over 5 years

-24.50%

-26.58%

+2.08%

Max Drawdown (10Y)

Largest decline over 10 years

-33.72%

-29.57%

-4.15%

Current Drawdown

Current decline from peak

-5.44%

-11.57%

+6.13%

Average Drawdown

Average peak-to-trough decline

-9.09%

-11.07%

+1.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.57%

8.75%

-6.18%

Volatility

SPY vs. BRK-B - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 5.28% compared to Berkshire Hathaway Inc. (BRK-B) at 4.12%. This indicates that SPY'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

SPYBRK-BDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.28%

4.12%

+1.16%

Volatility (6M)

Calculated over the trailing 6-month period

9.49%

11.11%

-1.62%

Volatility (1Y)

Calculated over the trailing 1-year period

19.06%

18.30%

+0.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.05%

17.20%

-0.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.92%

19.44%

-1.52%

Dividends

SPY vs. BRK-B - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.13%, while BRK-B has not paid dividends to shareholders.

TTM20252024202320222021202020192018201720162015
SPY
State Street SPDR S&P 500 ETF		1.13%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%
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%