It seems strange to think about now, but it really wasn’t that long ago that bank stock Commonwealth Bank of Australia (ASX: CBA) was the largest share on the S&P/ASX 200 Index (ASX: XJO).
CBA held this crown for a long time, but it was usurped back in January by none other than BHP Group Ltd (ASX: BHP). The mining giant only held on to said crown for a few weeks, returning it to CBA in February. By March, though, BHP was back on top, and has been there ever since.
Today, the gap looks almost insurmountable. As we speak, BHP rules the ASX 200 roost with its market capitalisation of just over $344 billion. CBA comes in a distant second at a value of $262.75 billion.
In an ASX 200 index fund, this means that BHP commands about a 12% weighting, with CBA taking up 9.6%.
Given that just a few months ago, these two titans of the ASX were in lockstep, it is worth asking the question: ‘Will CBA shareholders take back the crown that it relinquished to BHP many moons ago?’
Well, the theoretical answer is of course yes. The ASX has seen many swings and roundabouts in the makeup of its top echelons over many decades. If CBA has supplanted BHP before, there’s no reason it cannot do so again. And vice versa.
So let’s look at what it took to get where we are today.
CBA vs BHP shares: The race to the top of the ASX 200
CBA shares have really had a year to forget in 2026. The stock is down about 2.5% year to date. It has had a lacklustre 12 months too, with the bank last hitting a record high of $192 a share back in June of 2025. Today, at $157.01, it is down more than 18% from that all-time high. An arguably stretched valuation, as well as concerns over housing and financial markets in Australia, are the likely culprits for this drop.
Meanwhile, BHP has been firing on all cylinders. The ‘Big Australian’s bet on copper has paid off handsomely, with roaring prices pushing BHP stock to reset its own record highs several times over 2026 to date. The most recent record came just yesterday, seeing the miner hit $68.22 a share.
Year to date, BHP has now lifted an astonishing 47.88%.
So we can see how the disparity between BHP and CBA shares has established itself.
But all it would take for the gap to narrow, or even invert, would be a change in economic conditions. BHP is a resources stock, and thus highly sensitive to commodity prices. If prices came off the boil, you can bet that BHP’s shares would follow, and sharply.
If CBA held its own or even attracted buyers looking for a safe haven (the company has benefited from this before), we could well see Commonwealth Bank regain its ASX 200 crown. It’s entirely possible. But whether it happens next month, next year or next decade is the $80 billion question.
The post Will CBA shares ever get back to the top of the ASX 200? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Commonwealth Bank Of Australia right now?
Before you buy Commonwealth Bank Of Australia shares, consider this:
Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Commonwealth Bank Of Australia wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
And right now, Scott thinks there are 5 stocks that may be better buys…
* Returns as of 1 August 2026
.custom-cta-button p {
margin-bottom: 0 !important;
}
More reading
- 5 things to watch on the ASX 200 on Wednesday
- I put $25,000 into BHP shares 5 years ago. Here’s what it’s worth now
- How much passive income can I earn off my $800,000 superannuation balance?
- Here are the top 10 ASX 200 shares today
- How I’d use ASX shares to build a second source of wealth
Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
