BAK vs BH: Correlation
Measured on weekly returns over the past three years, Braskem SA ADR (BAK) and Biglari Holdings Inc. (BH) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAK and BH?
Across a 3-year window, the weekly returns of BAK and BH correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.35) runs below the 3-year figure (-0.22). Stretching to 5 years gives -0.12, with an annualized covariance of -636.4 %².
Among the 11 assets we track against BAK, BH sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months BH outperformed by 72.5 percentage points (-52.9% for BAK against +19.6% for BH).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BAK vs BH: side by side
| BAK (Braskem SA ADR) | BH (Biglari Holdings Inc.) | |
|---|---|---|
| 1-year return | -52.9% | +19.6% |
| 5-year return | -91.9% | +115.0% |
| Volatility (ann.) | 63.5% | 45.1% |
| Beta vs S&P 500 | 0.83 | 0.45 |
| Max drawdown (3Y) | -86.4% | -48.0% |
| Market cap | $0.7B | $1.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BAK | BH |
|---|---|---|
| 2022 | -54.7% | -2.6% |
| 2023 | -4.1% | +18.8% |
| 2024 | -56.2% | +54.2% |
| 2025 | -23.6% | +30.7% |
| 2026 | -44.4% | +14.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAK and BH good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BAK and BH?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.35 over the last year and -0.12 over 5 years.
Is BH a good diversifier for BAK?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: BAK correlations · BH correlations
