BRK.B gains ground but remains 12.4 points behind the S&P 500 as 2026 enters its second half

Berkshire Hathaway Class B shares have recovered some ground as 2026 crosses into its second half, but the year-to-date deficit remains in focus. BRK.B is down 1.8% for the year. The S&P 500 has returned 10.7% over the same period, a gap of 12.4 percentage points.

The print at midyear

BRK.B is in the red; the index is not. That contrast is the setup. The B shares carry a negative 1.8% year-to-date return into the back half of the year, while the S&P 500 sits at plus 10.7%. The spread between them is 12.4 points.

The recent recovery in Berkshire's B shares has not shifted the year-to-date picture. The 1.8% loss stays on the tape. The 12.4-point gap to the S&P 500 is the number that defines where BRK.B stands heading into the second half of 2026.

The second-half setup

Closing a 12.4-point gap against an index up 10.7% is a specific challenge. BRK.B must first reclaim its 1.8% year-to-date loss before the index's return comes within reach. That is the arithmetic the second half inherits.

What the recent sessions have given the B shares is footing. The tape has moved higher. The year-to-date figure of negative 1.8% is still the level, and that is where the setup begins.

What to watch

The spread: 12.4 percentage points between BRK.B's negative 1.8% year-to-date return and the S&P 500's 10.7% gain. Whether that number narrows or widens as 2026 continues is the question the tape will answer. The S&P 500's 10.7% is the benchmark on record.