The rivalry between BHP Group Ltd (ASX: BHP) and Commonwealth Bank of Australia (ASX: CBA) shares has been on clear display this year.
This came as the two mega-cap stocks traded places (several times) as the biggest company on the ASX by market cap.
As 2026 progressed, BHP shares pulled ahead of CBA shares to cement that lead.
At least for now.
But if you'd invested $10,000 in both CommBank and BHP three years ago, which would have been the better investment?
(To put the below performances in some perspective, the ASX 200 has gained 25% in three years, as of intraday trade on Tuesday.)
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Investing $10,000 in CBA shares
Turning back the clock to September 8 2023, you could have picked up CBA stock for $100.81 a share.
Meaning you could have bought 99 CBA shares for $10,000.
Those same shares were recently trading at $160.16 apiece, representing a 59% gain.
But we shouldn't forget the passive income CBA has paid out over this time.
If you'd own the ASX 200 bank stock for the past three years, you would have received (or shortly will) the past six fully franked dividend payments totalling $14.55 a share.
So if we add that back into the recent share price, then the accumulated value of the CommBank shares you bought three years ago comes out to $174.71 apiece.
That's a gain of 73%.
And it would have seen your $10,000 investment in those 99 CBA shares grow to $17,296 today.
Buying $10,000 worth of BHP shares
So, how would the same investment in BHP stack up to the returns from CBA shares?
Well, on September 8 2023, BHP shares closed the day trading for $43.19. Meaning you could have picked yup 231 BHP shares for $10,000.
On Tuesday, shares in the ASX 200 mining stock were swapping hands for $62.52. That's a gain of 45% over three years.
Of course, BHP also pays two fully franked dividends a year.
If you'd owned the stock for three years, you'd have received (or shortly will) the past six passive income payouts. Those total (a rounded) $6.35 a share.
Adding that back into the recent share price, then the accumulated value of those BHP shares you bought in September 2023 is now worth $68.87.
That's a gain of 60%.
And those 231 BHP shares you picked up for $10,000 three years ago would be worth $15,909 today.
The winner is…
While BHP shares have strongly outperformed over the past year, CBA shares are the clear winner over the last three years, gaining 73% to BHP's 60%, inclusive of those dividends.
