Commonwealth Bank of Australia (ASX: CBA) shares have been incredibly resilient so far this year.
After posting an unexpectedly positive half-year result in February this year, the banking giant's shares jumped over 12%, and they've remained relatively consistent ever since.
At the time of writing on Tuesday afternoon, CBA shares are up 0.3% to $173.60.
For the year to date, the shares are nearly 8% higher, and they're up 6.6% on this time last year.
The gains go even further back, too.
CBA shares have risen mostly consistently since joining the ASX back in 1999.
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How many shares could I have bought with $10,000 five years ago?
On this day five years ago, CBA shares were trading at $89.04 each. That means that $10,000 invested in CBA shares five years ago would have bought 112 shares.
What would that investment be worth now?
CBA shares have increased 95% over the past five years. That means that $10,000 invested in April 2021 would be worth $19,500 today.
And how many CBA shares would I get with the same $10,000 investment today?
While a $10,000 investment would have bought 112 shares in April 2021, today it would only buy 57 shares.
Are CBA shares still a buy today?
Not according to the experts. Analysts widely comment that the bank's share price is overvalued relative to its peers, and that its bumper price tag isn't supported by its business fundamentals.
Brokers are mostly bearish on the outlook for CBA shares, with consensus of a steep share price downturn ahead.
TradingView data shows that 14 out of 16 analysts have a sell or strong sell rating on the stock. Another two rate CBA shares as a hold.
The average target price is $129.98, which implies a 25% downside at the time of writing. But some think the share price could crash 48% to just $90 within the next 12 months.
Are CBA shares worth buying for passive income?
While the 12-month outlook for CBA shares doesn't look too positive, and a sharp correction is expected ahead, it's worth remembering that the banking giant is a classic defensive stock.
This means it is able to remain stable in times of economic crisis. Because of this, it generally has strong and consistent operational performance and earnings, even when markets are mostly weak.
Also, the bank is huge, dominant, and highly profitable, which means investors are struggling to see it as anything other than a safe haven during times of volatility. And so far in 2026, the sharemarket has been very volatile.
The best part is that because CBA is generally stable and defensive in nature, it is able to pay a reliable passive income to investors.
CBA has paid dividends twice per year consistently since 2006. The bank last paid a fully-franked dividend of $2.35 per share to investors in late March.
