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BH vs SPY

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

5-Year PerformanceBH has outperformed SPY, delivering a return of +16.8% compared to +13.3%

BH vs SPY - Performance Comparison

Key Characteristics

Financial metrics and valuation ratios

Market Cap / Net Assets
BH
$1.21B
Winner
SPY
$795B
Expense Ratio
BH
N/A
SPY
0.09%
Max Drawdown
BH
87.84%
Winner
SPY
56.47%
Sharpe Ratio
BH
0.81
Winner
SPY
1.34
5Y Beta
Winner
BH
0.89
SPY
1.00
Industry
BH
Restaurants
SPY
N/A
P/E Ratio
BH
N/A
SPY
26.35
Forward P/E
Winner
BH
10.57
SPY
21.08
PEG Ratio
BH
N/A
SPY
0.31
5Y Dividends CAGR
BH
N/A
SPY
6.00%
5Y EPS CAGR
BH
N/A
SPY
26.26%
Debt to Equity
Winner
BH
43.86%
SPY
45.77%
Free Cash Flow Yield
BH
4.14%
SPY
N/A

BH vs SPY - Historical Returns

Returns include dividend reinvestment.

1M
BH
-0.51%
Winner
SPY
+3.83%
3M
Winner
BH
+53.25%
SPY
+5.06%
6M
BH
-2.17%
Winner
SPY
+14.71%
1Y
Winner
BH
+35.14%
SPY
+21.96%
5Y(CAGR)
Winner
BH
+16.82%
SPY
+13.30%
10Y(CAGR)
BH
+3.18%
Winner
SPY
+15.38%
Max(CAGR)
BH
+3.58%
Winner
SPY
+8.63%

BH vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

YearBHSPY
2026+12.95%+14.47%
2025+32.99%+18.00%
2024+59.80%+25.59%
2023+19.21%+26.72%
2022-1.68%-18.64%
2021+30.19%+30.52%
2020-2.97%+17.28%
2019-2.10%+31.09%
2018-59.43%-5.24%
2017-13.48%+20.78%
2016+41.03%+13.59%
2015-19.15%+1.31%
2014-20.21%+14.56%
2013+37.54%+29.00%
2012+4.01%+14.17%
2011-11.27%+0.85%
2010+30.54%+13.14%
2009+162.66%+22.67%
2008-43.33%-36.25%
2007-37.96%+5.32%
2006+5.20%+13.85%
2005-13.25%+5.32%
2004+11.56%+10.75%
2003+75.86%+24.18%
2002-5.03%-22.42%
2001+62.11%-10.13%
2000-31.20%-8.84%
1999-17.71%+8.61%

BH vs SPY Drawdown Comparison

The maximum drawdown for BH was -87.84%, occurring on Mar 20, 2020. Recovery took 2966 trading sessions.

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

The current BH drawdown is -18.61%.

RankBHSPY
#1-87.84%
Dec 26, 2013 - Oct 13, 2025		-55.20%
Oct 9, 2007 - Aug 16, 2012
#2-86.56%
Aug 1, 2005 - Dec 20, 2010		-47.50%
Mar 24, 2000 - Oct 26, 2006
#3-48.04%
Jan 21, 2026 - May 11, 2026		-33.70%
Feb 19, 2020 - Aug 10, 2020
#4-46.45%
Nov 2, 1999 - Jan 14, 2002		-24.50%
Jan 3, 2022 - Dec 13, 2023
#5-43.19%
Jun 28, 2002 - Jul 9, 2003		-19.34%
Sep 20, 2018 - Apr 12, 2019
#6-37.63%
Feb 8, 2011 - Aug 22, 2013		-18.76%
Feb 19, 2025 - Jun 26, 2025
#7-27.01%
Oct 24, 2025 - Jan 7, 2026		-13.02%
Jul 20, 2015 - Apr 18, 2016
#8-24.52%
Jan 21, 2004 - Aug 1, 2005		-10.10%
Jan 26, 2018 - Aug 6, 2018
#9-13.18%
Feb 25, 2002 - Jun 14, 2002		-9.44%
Sep 2, 2020 - Nov 11, 2020
#10-11.86%
Jun 17, 2002 - Jun 28, 2002		-9.30%
Jan 19, 2000 - Mar 17, 2000
#11-10.28%
Jul 9, 2003 - Sep 11, 2003		-9.05%
Jul 19, 2007 - Oct 5, 2007
#12-9.60%
Sep 18, 2003 - Oct 14, 2003		-8.88%
Jan 27, 2026 - Apr 14, 2026
#13-9.38%
Nov 3, 2003 - Dec 30, 2003		-8.41%
Jul 16, 2024 - Sep 19, 2024
#14-7.76%
Dec 20, 2010 - Jan 14, 2011		-7.35%
Sep 14, 2012 - Jan 2, 2013
#15-7.76%
Jan 23, 2002 - Feb 22, 2002		-7.27%
Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between BH and SPY is 0.23 which considered as a very weak or no correlation - the stocks move independently of each other.

0.23
-101

Dividend Comparison (1999 - 2026)

BH vs SPY dividend yield comparison.

YearBHSPY
20260.00%0.48%
20250.00%1.07%
20240.00%1.21%
20230.00%1.40%
20220.00%1.65%
20210.00%1.20%
20200.00%1.52%
20190.00%1.75%
20180.00%2.04%
20170.00%1.80%
20160.00%2.03%
20150.00%2.06%
20140.00%1.87%
20136.63%1.81%
20120.00%2.18%
20110.00%2.05%
20100.00%1.80%
20090.00%1.95%
20080.00%3.02%
20070.00%1.85%
20060.00%1.73%
20050.00%1.73%
20040.00%1.82%
20030.00%1.47%
20021.00%1.70%
20010.00%1.25%
20000.00%1.15%
19990.00%0.24%

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