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When it comes to passive investing in the stock market, investors can choose to follow a stock market index like the Dow Jones Industrial Average or a strong, consistent performer like Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK), a conglomerate led by Warren Buffett.
Here's a look at the stocks the two investment vehicles have in common and who has had the better performance over the last 20 years.
A recent 13F filing from Berkshire Hathaway revealed several new positions added to the portfolio, including a bet on health insurance company UnitedHealth Group (NYSE: UNH). This added another member of the Dow Jones Industrial Average to the Berkshire stock portfolio.
The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) tracks the 30 members of the Dow Jones Industrial Average, which are price-weighted in both the index and the ETF.
Here are the stocks that Berkshire Hathaway and the Dow Jones Industrial Average have in common, along with a look at the percentage of Berkshire’s stock portfolio and the SPDR Dow Jones Industrial Average ETF.
| Stock | Berkshire Hathaway | SPDR Dow Jones Industrial ETF |
| Amazon.com Inc | 0.8% of assets | 3.0% of assets |
| American Express | 16.2% of assets | 4.2% of assets |
| Apple Inc | 21.2% of assets | 3.1% of assets |
| Chevron Inc | 6.5% of assets | 2.1% of assets |
| Coca-Cola | 9.4% of assets | 1.0% of assets |
| UnitedHealth | 0.5% of assets | 4.2% of assets |
| Visa Inc | 1.0% of assets | 4.7% of assets |
Among the largest holdings in the Berkshire Hathaway stock portfolio, four of the top five holdings are also members of the Dow Jones Industrial Average. Bank of America, Berkshire's third-largest holding by percentage, is not a member of the Dow Jones Industrial Average, but it was previously one of the 30 components.
Among the stocks with overlap, American Express, Apple and Chevron are the stocks that have the most considerable weight in both investment vehicles due to the price-weighted structure of the Dow Jones Industrial Average.
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Benzinga previously highlighted that Berkshire Hathaway had beaten the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500, in 11 of the last 20 years. The Buffett-led conglomerate has outperformed the S&P 500 in three of the last four years.
The same can be said when it comes to Buffett versus the Dow Jones Industrial Average, with Berkshire having higher gains in three of the last four years.
Overall, Berkshire has outperformed the Dow Jones Industrial Average in 11 of the last 20 years, with the Dow Jones Industrial Average outperforming Berkshire eight times and there being one tie between the two.
Here's a look at the head-to-head performance of the last 20 years and the winner.
| Year | BRK-B | DIA | Winner |
| 2024 | +27.1% | +14.8% | Buffett |
| 2023 | +15.5% | +16.0% | DIA |
| 2022 | +3.3% | -7.0% | Buffett |
| 2021 | +29.0% | +20.8% | Buffett |
| 2020 | +2.4% | +9.6% | DIA |
| 2019 | +10.9% | +25.0% | DIA |
| 2018 | +3.0% | -3.7% | Buffett |
| 2017 | +21.6% | +28.1% | DIA |
| 2016 | +23.4% | +16.4% | Buffett |
| 2015 | -12.1% | +0.1% | DIA |
| 2014 | +26.6% | +9.8% | Buffett |
| 2013 | +32.2% | +29.6% | Buffett |
| 2012 | +17.6% | +9.9% | Buffett |
| 2011 | -4.8% | +8.1% | DIA |
| 2010: | +21.9% | +14.0% | Buffett |
| 2009 | +2.2% | 22.7% | DIA |
| 2008 | -32.1% | -32.1% | Tie |
| 2007 | +29.2% | +8.8% | Buffett |
| 2006 | +24.9% | +18.9% | Buffett |
| 2005 | -.02% | +1.6% | DIA |
While Buffett had a strong recent streak going, his last year leading Berkshire Hathaway could also be the one that underperforms both the S&P 500 and Dow Jones Industrial Average.
With an 8.49% gain in 2025 year-to-date, Berkshire is currently ahead of the Dow Jones Industrial Average (+7.46%) and trails the S&P 500 (+10.32%).
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