BATL vs BH: Correlation
Battalion Oil Corporation (BATL) and Biglari Holdings Inc. (BH) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and BH?
Over the past 3 years, BATL and BH moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.50) than the 3-year average (-0.29). Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -3290.1 %².
Out of 44 assets tracked against BATL, BH lands near the bottom at #40. The trailing year gives BH the advantage: +12.7% versus +19.6%, a 6.9-point spread. One caveat on sizing: BATL is 5.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BATL vs BH: side by side
| BATL (Battalion Oil Corporation) | BH (Biglari Holdings Inc.) | |
|---|---|---|
| 1-year return | +12.7% | +19.6% |
| 5-year return | -87.1% | +115.0% |
| Volatility (ann.) | 252.0% | 45.1% |
| Beta vs S&P 500 | -0.19 | 0.45 |
| Max drawdown (3Y) | -95.8% | -48.0% |
| Market cap | $0.1B | $1.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BATL | BH |
|---|---|---|
| 2022 | -0.9% | -2.6% |
| 2023 | -1.0% | +18.8% |
| 2024 | -82.1% | +54.2% |
| 2025 | -34.3% | +30.7% |
| 2026 | +17.7% | +14.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and BH good diversifiers for each other?
Yes. With a correlation of -0.29, BATL and BH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BATL and BH?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.50 over the last year and -0.21 over 5 years.
Is BH a good diversifier for BATL?
Yes. With a correlation of -0.29, BATL and BH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/batl-vs-bh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/batl-vs-bh/)
No key needed, free to use. Full endpoint list in the API documentation.
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Hubs: BATL correlations · BH correlations
