Which was the better investment since 2023, Berkshire Hathaway or S&P 500 (SPY)?

S&P 500 (SPY) was the better investment. $1,000 invested in S&P 500 (SPY) in 2023 would be worth $1,916 today, compared to $1,606 for Berkshire Hathaway.

What would $1,000 in Berkshire Hathaway vs S&P 500 (SPY) be worth today?

$1,000 invested in Berkshire Hathaway in 2023 would be worth $1,606 today (+60.6%). The same $1,000 in S&P 500 (SPY) would be worth $1,916 (+91.6%).

How do Berkshire Hathaway and S&P 500 (SPY) compare to the S&P 500 since 2023?

The same $1,000 invested in the S&P 500 in 2023 would be worth $1,916 today (+91.6%). Berkshire Hathaway returned $1,606 and S&P 500 (SPY) returned $1,916 over the same period.

Berkshire Hathaway vs S&P 500 (SPY): $1,000 invested since 2023

BRK-B vs SPY · Data through 2026-06-01

Investment amount

$1,000 invested in 2023 would be worth

Berkshire Hathaway

$1,606

+60.6%

S&P 500 (SPY)Winner

$1,916

+91.6%

The same $1,000 in the S&P 500 would be worth $1,916(+91.6%)

Growth of $1,000

Berkshire Hathaway vs. S&P 500 (SPY) vs. S&P 500, 2023 to present

Year-by-year comparison

Berkshire Hathaway vs. S&P 500 (SPY), 2023 to present

Year	Berkshire Hathaway	Return	S&P 500 (SPY)	Return	S&P 500
2023	$1,000	-	$1,000	-	$1,000
2024	$1,232	+23.2%	$1,206	+20.6%	$1,206
2025	$1,504	+22.1%	$1,522	+26.2%	$1,522
2026	$1,543	+2.5%	$1,771	+16.3%	$1,771

Which came out ahead

Starting in 2023, S&P 500 (SPY) was the better of the two against Berkshire Hathaway (BRK-B). That $1,000 grew to $1,916 in SPY versus $1,606 in BRK-B as of 2026-06-01, roughly $310 more in the end.

The headline returns line up with the dollar figures. S&P 500 (SPY) returned +91.6% against Berkshire Hathaway at +60.6%, a gap of about 31.0 percentage points over the 3.6-year window. Compounded, that is about 19.9% a year for SPY against 14.1% for BRK-B.

Because S&P 500 (SPY) is itself a broad index fund, this matchup measures a single position against the market rather than against another single stock. In a window this short, one strong or weak stretch can swing the result more than a long-run average would. All figures use split-adjusted closing prices and exclude dividends, taxes, fees, and inflation, so a real after-tax result would differ.

None of this recommends one holding over the other. It is historical math, and past performance does not guarantee future results.

Other start years

Berkshire Hathaway vs S&P 500 (SPY) from a different starting point

Since 2000 Since 2005 Since 2010 Since 2015 Since 2020

Individual stock pages

Berkshire Hathaway since 2023+60.6%S&P 500 (SPY) since 2023+91.6%

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For informational and educational purposes only. Not financial advice. Past performance does not guarantee future results. All calculations are based on split-adjusted closing prices from Yahoo Finance and do not account for dividends, taxes, or trading fees. See our methodology and full disclaimer.