Can both sides lose the same naval campaign?

Is it possible for both sides to lose a campaign such as Operation Berlin?

Yes; Germany could claim survival, sinkings, and propaganda while missing its major convoy objective, and Britain could protect the convoys while failing to catch the raiders.

Operation Berlin can reasonably be listed as a German victory because both ships survived and sank valuable merchant shipping against long odds. It was also a propaganda success. Yet the raiders failed to destroy either HX 106 or SL 67, the two large protected prizes that would have demonstrated a strategic defeat for the convoy system. Britain preserved those convoys but never brought its superior battle groups to action. Judging the campaign therefore depends on distinguishing survival, tonnage, propaganda, and strategic objectives rather than forcing every measure into one winner-and-loser label.