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BH-A vs SPY

Comparison between Biglari Holdings Inc - Class A (BH-A, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceBH-A has outperformed SPY, delivering a return of +18.2% compared to +13.1%

BH-A vs SPY - Performance Comparison

Key Characteristics

Financial metrics and valuation ratios

Market Cap / Net Assets
BH-A
$4.28B
Winner
SPY
$784B
Expense Ratio
BH-A
N/A
SPY
0.09%
Max Drawdown
BH-A
77.48%
Winner
SPY
56.47%
Sharpe Ratio
BH-A
0.73
Winner
SPY
1.37
5Y Beta
Winner
BH-A
0.52
SPY
1.00
Industry
BH-A
Restaurants
SPY
N/A
P/E Ratio
BH-A
192.33
Winner
SPY
28.84
Forward P/E
BH-A
N/A
SPY
21.45
5Y Dividends CAGR
BH-A
N/A
SPY
6.00%
5Y EPS CAGR
BH-A
N/A
SPY
25.26%
Debt to Equity
BH-A
40.64%
Winner
SPY
31.47%
Free Cash Flow Yield
BH-A
1.90%
SPY
N/A
P/S Ratio
Winner
BH-A
3.32
SPY
3.85
P/B Ratio
Winner
BH-A
1.70
SPY
5.70

BH-A vs SPY - Historical Returns

Returns include dividend reinvestment.

1M
Winner
BH-A
+15.70%
SPY
+4.33%
3M
BH-A
+8.74%
Winner
SPY
+11.39%
6M
BH-A
-11.55%
Winner
SPY
+9.35%
1Y
Winner
BH-A
+31.57%
SPY
+21.97%
5Y(CAGR)
Winner
BH-A
+18.25%
SPY
+13.15%
10Y(CAGR)
BH-A
+6.05%
Winner
SPY
+15.32%
Max(CAGR)
BH-A
+6.05%
Winner
SPY
+8.54%

BH-A vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

YearBH-ASPY
2026+4.71%+11.10%
2025+37.01%+18.00%
2024+60.59%+25.59%
2023+14.88%+26.72%
2022-1.08%-18.64%
2021+20.87%+30.52%
2020-0.68%+17.28%
2019-5.44%+31.09%
2018-50.01%-5.24%
2017N/A+20.78%
2016N/A+13.59%
2015N/A+1.31%
2014N/A+14.56%
2013N/A+29.00%
2012N/A+14.17%
2011N/A+0.85%
2010N/A+13.14%
2009N/A+22.67%
2008N/A-36.25%
2007N/A+5.32%
2006N/A+13.85%
2005N/A+5.32%
2004N/A+10.75%
2003N/A+24.18%
2002N/A-22.42%
2001N/A-10.13%
2000N/A-8.84%
1999N/A+8.61%

BH-A vs SPY Drawdown Comparison

The maximum drawdown for BH-A was -77.48%, occurring on May 15, 2020. Recovery took 1668 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current BH-A drawdown is -22.79%. The current SPY drawdown is -0.35%.

RankBH-ASPY
#1-77.48%
May 1, 2018 - Dec 16, 2024		-55.20%
Oct 9, 2007 - Aug 16, 2012
#2-45.84%
Jan 21, 2026 - May 11, 2026		-47.50%
Mar 24, 2000 - Oct 26, 2006
#3-24.85%
Dec 26, 2024 - Jun 18, 2025		-33.70%
Feb 19, 2020 - Aug 10, 2020
#4-22.73%
Oct 27, 2025 - Dec 23, 2025		-24.50%
Jan 3, 2022 - Dec 13, 2023
#5-13.54%
Jul 23, 2025 - Aug 15, 2025		-19.34%
Sep 20, 2018 - Apr 12, 2019
#6-8.99%
Dec 17, 2024 - Dec 26, 2024		-18.76%
Feb 19, 2025 - Jun 26, 2025
#7-7.47%
Dec 23, 2025 - Jan 6, 2026		-13.02%
Jul 20, 2015 - Apr 18, 2016
#8-5.99%
Aug 28, 2025 - Oct 2, 2025		-10.10%
Jan 26, 2018 - Aug 6, 2018
#9-5.15%
Aug 15, 2025 - Aug 27, 2025		-9.44%
Sep 2, 2020 - Nov 11, 2020
#10-3.02%
Oct 9, 2025 - Oct 13, 2025		-9.30%
Jan 19, 2000 - Mar 17, 2000
#11-2.74%
Jun 23, 2025 - Jul 8, 2025		-9.05%
Jul 19, 2007 - Oct 5, 2007
#12-2.20%
Jan 16, 2026 - Jan 21, 2026		-8.88%
Jan 27, 2026 - Apr 14, 2026
#13-2.01%
Jul 9, 2025 - Jul 17, 2025		-8.41%
Jul 16, 2024 - Sep 19, 2024
#14-1.31%
Oct 15, 2025 - Oct 17, 2025		-7.35%
Sep 14, 2012 - Jan 2, 2013
#15-1.00%
Oct 2, 2025 - Oct 7, 2025		-7.27%
Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between BH-A and SPY is 0.85 which considered as a strong positive correlation - the stocks tend to move together.

0.85
-101

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