Legendary investor Warren Buffett is officially out as the CEO of Berkshire Hathaway Inc (NYSE:BRK)(NYSE:BRK), ending a multi-decade run leading the conglomerate. After years of outperforming the S&P 500, 2025 was a year to forget for Buffett and marked a miss in his final year leading the company.
Buffett Vs. S&P 500
The S&P 500, tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), set several records in 2025 and ended the year near all-time highs, with record levels reached during the week of Christmas.
Overall, Berkshire Hathaway stock was up 11.5% in 2025 versus a 16.6% gain for SPDR S&P 500 ETF Trust
Here’s a look at the gains of Berkshire Hathaway B shares vs. the SPY over the last 25 years, using data from Macrotrends.
| Year | BRK-B | SPY | Winner |
| 2025 | +11.5% | +16.6% | SPY |
| 2024 | +27.1% | +24.1% | Buffett |
| 2023 | +15.5% | +26.7% | SPY |
| 2022 | +3.3% | -17.5% | Buffett |
| 2021 | +29.0% | +28.7% | Buffett |
| 2020 | +2.4% | +18.4% | SPY |
| 2019 | +10.9% | +31.2% | SPY |
| 2018 | +3.0% | -4.6% | Buffett |
| 2017 | +21.6% | +21.7% | SPY |
| 2016 | +23.4% | +12.0% | Buffett |
| 2015 | -12.1% | +1.3% | SPY |
| 2014 | +26.6% | +13.5% | Buffett |
| 2013 | +32.2% | +32.3% | SPY |
| 2012 | +17.6% | +16.0% | Buffett |
| 2011 | -4.8% | +1.9% | SPY |
| 2010 | +21.9% | +15.1% | Buffett |
| 2009 | +2.2% | +26.4% | SPY |
| 2008 | -32.1% | -36.8% | Buffett |
| 2007 | +29.2% | +5.1% | Buffett |
| 2006 | +24.9% | +15.9% | Buffett |
| 2005 | -0.02% | +4.8% | SPY |
| 2004 | +4.3% | +10.7% | SPY |
| 2003 | +16.2% | +28.2% | SPY |
| 2002 | -4.0% | -21.6% | Buffett |
| 2001 | +7.3% | -11.8% | Buffett |
The chart shows which stock performed better in the right-hand column.
Read Also: Warren Buffett Exits Berkshire Hathaway: 3 Simple Rules To Copy Oracle Of Omaha
Key Points: Buffett Vs. SPY
After beating the S&P 500 in three of the last four years, the down year in 2025 makes the overall performance closer.
Over the last 25 years, Berkshire Hathaway outperformed the S&P 500 in 13 years, while the S&P 500 won in 12.
The last down year for the S&P 500 was 2022, with SPY down 17.5%. For Berkshire Hathaway, the last down year was in 2015, with a 12.1% decline.
Over the last 25 years, the best return for the SPY was +32.3% in 2013, just outperforming Berkshire Hathaway at +32.2% in the same year.
A look at the worst year also shows SPY outperforming Berkshire Hathaway, with a 36.8% decline in 2008 versus a 32.1% decline for Berkshire Hathaway in the same year.
Taking the average return of the last 25 years, Berkshire Hathaway leads at 11.1% to 10.3%.
When it comes to investing in SPY vs. Berkshire Hathaway, the Oracle of Omaha has led across many metrics over the last 20 years, including overall returns.
Greg Abel takes over as the new CEO of Berkshire Hathaway. Investors will closely watch for any new holdings announced under the new leadership.
Berkshire Hathaway surprised some investors by acquiring new stakes in UnitedHealth Group (NYSE:UNH) and Alphabet Inc. (NASDAQ: GOOGL) in 2025. Investors will be watching to see whether these positions are added to or quickly exited after profits are realized.
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This article was previously published by Benzinga and has been updated.
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