BH vs QQQ: Correlation
Measured on weekly returns over the past three years, Biglari Holdings Inc. (BH) and Invesco QQQ Trust (QQQ) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BH and QQQ?
On 3 years of weekly data the BH/QQQ correlation comes out at 0.07, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.02) sits close to the 3-year figure. The 5-year figure is 0.13, and annualized covariance runs at 60.3 %².
QQQ is close to the least connected end of BH's tracked universe, ranking #8 of 12. Over the last 12 months QQQ came out ahead by 6.7 percentage points (+19.6% against +26.3%). Risk is not evenly split, since BH carries 2.3 times the volatility of the other side.
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 QQQ: side by side
| BH (Biglari Holdings Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +19.6% | +26.3% |
| 5-year return | +115.0% | +95.4% |
| Volatility (ann.) | 45.1% | 19.6% |
| Beta vs S&P 500 | 0.45 | 1.28 |
| Max drawdown (3Y) | -48.0% | -22.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | BH | QQQ |
|---|---|---|
| 2022 | -2.6% | -32.6% |
| 2023 | +18.8% | +54.9% |
| 2024 | +54.2% | +25.6% |
| 2025 | +30.7% | +20.8% |
| 2026 | +14.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BH and QQQ good diversifiers for each other?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
FAQ
What is the correlation between BH and QQQ?
Using weekly returns as of 2026-08-27: 0.07 over 3 years, with 0.02 over the last year and 0.13 over 5 years.
Is QQQ a good diversifier for BH?
By historical standards, yes. A correlation of 0.07 means the two rarely move for the same reasons.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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: BH correlations · QQQ correlations
