BH vs JETS: Correlation
Biglari Holdings Inc. (BH) and US Global Jets ETF (JETS) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BH and JETS?
Across a 3-year window, the weekly returns of BH and JETS correlate at 0.45, moderate. The link has tightened recently: the 1-year correlation (0.56) runs above the 3-year figure (0.45). Stretching to 5 years gives 0.29, with an annualized covariance of 590.8 %².
Few assets follow BH as closely as JETS, which ranks #2 of 12 tracked partners. The trailing year gives BH the advantage: +19.6% versus +13.2%, a 6.4-point spread. One caveat on sizing: BH is 1.5 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.
BH vs JETS: side by side
| BH (Biglari Holdings Inc.) | JETS (US Global Jets ETF) | |
|---|---|---|
| 1-year return | +19.6% | +13.2% |
| 5-year return | +115.0% | +30.9% |
| Volatility (ann.) | 45.1% | 29.2% |
| Beta vs S&P 500 | 0.45 | 1.16 |
| Max drawdown (3Y) | -48.0% | -35.2% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | BH | JETS |
|---|---|---|
| 2022 | -2.6% | -19.0% |
| 2023 | +18.8% | +11.4% |
| 2024 | +54.2% | +33.2% |
| 2025 | +30.7% | +11.6% |
| 2026 | +14.0% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BH and JETS good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BH and JETS?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.56 over the last year and 0.29 over 5 years.
Is JETS a good diversifier for BH?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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/bh-vs-jets.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bh-vs-jets/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BH correlations · JETS correlations
