The investment approaches of Cathie Wood and Warren Buffett couldn’t be more different. But over the past two years, their investors have ended up with almost exactly the same results.

Wood’s ARK Innovation ETF and Buffett’s Berkshire Hathaway Inc. have both delivered returns of about 35% over the past 24 months, excluding the contribution from dividends. But the two -- which might be the ultimate example of opposing investment styles -- took very different paths to get there. ARK’s focus on dynamic growth stocks has been full of highs and lows, while Berkshire’s classic value approach has achieved slower and steadier gains.

The ARK fund -- which counts Telsa Inc., Zoom Video Communications Inc. and Coinbase Global Inc. among its biggest holdings -- jumped almost 200% between Jan. 2020 and a high in Feb. 2021 as investors piled into pandemic winners and technology stocks. But it has been hard hit in recent months by a selloff in frothier parts of the market amid a persistent spike in bond yields and expectations that the Federal Reserve will undertake more aggressive tightening.

Those concerns have been a boon for Buffett’s investment style, however, with the marketwide shift to cheaper and more defensive sectors benefiting his value-driven approach. While Berkshire’s top holding is tech behemoth Apple Inc., the investment adviser also counts consumer-staples giants Coca-Cola Co. and Kraft Heinz Co. among its biggest holdings, according to a November filing. A large stake in Bank of America Corp. has also helped, with lenders back in favor as rates are set to rise.

On a total return basis, when taking dividends into account, Wood has slightly outperformed Buffett, with a 39% return for the ARK fund compared to 35% for Berkshire.

This article was provided by Bloomberg News.