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 PerformanceSPY has outperformed BH-A, delivering a return of +13.9% compared to +11.5%
BH-A vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Market Cap / Net Assets
BH-A
$4.28B
Winner
SPY
$735B
Expense Ratio
BH-A
N/A
SPY
0.09%
Max Drawdown
BH-A
77.48%
Winner
SPY
56.47%
Sharpe Ratio
BH-A
0.64
Winner
SPY
1.72
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
28.68
Forward P/E
BH-A
N/A
SPY
22.00
5Y Dividends CAGR
BH-A
N/A
SPY
5.43%
5Y EPS CAGR
BH-A
N/A
SPY
26.37%
Debt to Equity
BH-A
40.64%
Winner
SPY
34.04%
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
5.68
BH-A vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
BH-A
-11.03%
Winner
SPY
+5.49%
3M
BH-A
-29.94%
Winner
SPY
+8.03%
6M
BH-A
+2.09%
Winner
SPY
+13.34%
1Y
BH-A
+24.01%
Winner
SPY
+28.89%
5Y(CAGR)
BH-A
+11.48%
Winner
SPY
+13.90%
10Y(CAGR)
BH-A
+2.64%
Winner
SPY
+15.59%
Max(CAGR)
BH-A
+2.64%
Winner
SPY
+8.51%
BH-A vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | BH-A | SPY |
|---|---|---|
| 2026 | -20.16% | +9.02% |
| 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% |
| 2017 | N/A | +20.78% |
| 2016 | N/A | +13.59% |
| 2015 | N/A | +1.31% |
| 2014 | N/A | +14.56% |
| 2013 | N/A | +29.00% |
| 2012 | N/A | +14.17% |
| 2011 | N/A | +0.85% |
| 2010 | N/A | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/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 -41.13%. The current SPY drawdown is -0.73%.
| Rank | BH-A | SPY |
|---|---|---|
| #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 0.83 which considered as a strong positive correlation - the stocks tend to move together.
0.83
-101
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