BH vs SPY: Correlation
Biglari Holdings Inc. (BH) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BH and SPY?
Across a 3-year window, the weekly returns of BH and SPY correlate at 0.14, weak. Recent behaviour matches the longer record: 0.07 over 1 year against 0.14 over 3. Stretching to 5 years gives 0.19, with an annualized covariance of 93.0 %².
Among the 12 assets we track against BH, SPY ranks #7 by 3-year correlation. Their 12-month results are close: +19.6% for BH against +20.6% for SPY. One caveat on sizing: BH is 3.1 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 SPY: side by side
| BH (Biglari Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.6% | +20.6% |
| 5-year return | +115.0% | +82.4% |
| Volatility (ann.) | 45.1% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -48.0% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | BH | SPY |
|---|---|---|
| 2022 | -2.6% | -18.2% |
| 2023 | +18.8% | +26.2% |
| 2024 | +54.2% | +24.9% |
| 2025 | +30.7% | +17.7% |
| 2026 | +14.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BH and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, BH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BH and SPY?
The BH/SPY correlation stands at 0.14 on a 3-year window (1 year: 0.07, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for BH?
Yes. With a correlation of 0.14, BH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
A reading of 0.14 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BH correlations · SPY correlations
