BKH vs. MO

Last updated Jun 3, 2026

BKH (Black Hills Corporation) and MO (Altria Group, Inc.) are both stocks. BKH operates in Utilities - Diversified (Utilities), while MO operates in Tobacco (Consumer Defensive). Over the past 10 years, BKH returned 5.22%/yr vs 7.61%/yr for MO. At a 0.22 correlation, their price movements are largely independent.

Performance

BKH vs. MO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Black Hills Corporation (BKH) and Altria Group, Inc. (MO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKH achieves a 5.78% return, which is significantly lower than MO's 22.10% return. Over the past 10 years, BKH has underperformed MO with an annualized return of 5.22%, while MO has yielded a comparatively higher 7.61% annualized return.

BKH

• 1D: 2.31%
• 1M: -3.66%
• YTD: 5.78%
• 6M: 2.33%
• 1Y: 28.42%
• 3Y*: 9.68%
• 5Y*: 5.37%
• 10Y*: 5.22%

MO

• 1D: 0.86%
• 1M: -7.12%
• YTD: 22.10%
• 6M: 21.88%
• 1Y: 22.23%
• 3Y*: 24.53%
• 5Y*: 15.47%
• 10Y*: 7.61%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BKH vs. MO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BKH Black Hills Corporation	5.78%	23.93%	13.57%	-19.95%	3.08%	18.86%	-19.05%	28.60%	7.98%	0.81%
MO Altria Group, Inc.	22.10%	18.17%	40.76%	-3.70%	4.37%	24.18%	-10.21%	7.87%	-27.14%	9.45%

Correlation

The correlation between BKH and MO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 10, 1984	0.22

The correlation between BKH and MO shifts across timeframes, from 0.22 (all time) to 0.38 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap BKH : $5.45B MO : $115.84B
EPS BKH : $2.10 MO : $4.79
PE Ratio BKH : 34.39 MO : 14.44
PEG Ratio BKH : 20.52 MO : 0.31
PS Ratio BKH : 2.34 MO : 5.33
Total Revenue (TTM) BKH : $2.29B MO : $21.82B
Gross Profit (TTM) BKH : $596.90M MO : $14.80B
EBITDA (TTM) BKH : $554.70M MO : $11.70B

Return for Risk

BKH vs. MO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BKH

BKH Risk / Return Rank: 78
BKH Sharpe Ratio Rank: 80
BKH Sortino Ratio Rank: 75
BKH Omega Ratio Rank: 73
BKH Calmar Ratio Rank: 80
BKH Martin Ratio Rank: 83

MO

MO Risk / Return Rank: 67
MO Sharpe Ratio Rank: 71
MO Sortino Ratio Rank: 64
MO Omega Ratio Rank: 65
MO Calmar Ratio Rank: 66
MO Martin Ratio Rank: 68

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BKH vs. MO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Black Hills Corporation (BKH) and Altria Group, Inc. (MO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BKH	MO	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.00	+0.41
Sortino ratio Return per unit of downside risk	2.04	1.45	+0.59
Omega ratio Gain probability vs. loss probability	1.25	1.20	+0.05
Calmar ratio Return relative to maximum drawdown	2.70	1.36	+1.34
Martin ratio Return relative to average drawdown	7.96	3.44	+4.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKH vs. MO - Sharpe Ratio Comparison

The current BKH Sharpe Ratio is 1.41, which is higher than the MO Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of BKH and MO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BKH	MO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.00	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.75	-0.51
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.33	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.69	-0.25

Drawdowns

BKH vs. MO - Drawdown Comparison

The maximum BKH drawdown since its inception was -65.72%, roughly equal to the maximum MO drawdown of -65.43%. Use the drawdown chart below to compare losses from any high point for BKH and MO.

Drawdown Indicators

	BKH	MO	Difference
Max Drawdown Largest peak-to-trough decline	-65.72%	-65.43%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.45%	-16.40%	+5.95%
Max Drawdown (3Y) Largest decline over 3 years	-24.45%	-16.40%	-8.05%
Max Drawdown (5Y) Largest decline over 5 years	-36.98%	-25.83%	-11.15%
Max Drawdown (10Y) Largest decline over 10 years	-40.45%	-53.69%	+13.24%
Current Drawdown Current decline from peak	-5.33%	-7.12%	+1.79%
Average Drawdown Average peak-to-trough decline	-16.20%	-11.93%	-4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	6.47%	-2.93%

Volatility

BKH vs. MO - Volatility Comparison

The current volatility for Black Hills Corporation (BKH) is 6.40%, while Altria Group, Inc. (MO) has a volatility of 7.29%. This indicates that BKH experiences smaller price fluctuations and is considered to be less risky than MO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKH	MO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	7.29%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	15.80%	17.12%	-1.32%
Volatility (1Y) Calculated over the trailing 1-year period	20.26%	22.38%	-2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.11%	20.62%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	22.94%	+2.45%

Dividends

BKH vs. MO - Dividend Comparison

BKH's dividend yield for the trailing twelve months is around 3.83%, less than MO's 6.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKH Black Hills Corporation	3.83%	3.90%	4.44%	4.63%	3.43%	3.25%	3.53%	2.61%	3.07%	3.01%	2.74%	3.49%
MO Altria Group, Inc.	6.07%	7.21%	7.65%	9.52%	8.05%	7.43%	8.29%	6.57%	6.07%	3.56%	3.48%	3.73%

Financials

BKH vs. MO - Profitability Comparison

The chart below illustrates the profitability comparison between Black Hills Corporation and Altria Group, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BKH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Black Hills Corporation reported a gross profit of 0.00 and revenue of 780.70M. Therefore, the gross margin over that period was 0.0%.

MO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Altria Group, Inc. reported a gross profit of 3.51B and revenue of 5.43B. Therefore, the gross margin over that period was 64.6%.

BKH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Black Hills Corporation reported an operating income of 201.90M and revenue of 780.70M, resulting in an operating margin of 25.9%.

MO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Altria Group, Inc. reported an operating income of 2.96B and revenue of 5.43B, resulting in an operating margin of 54.5%.

BKH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Black Hills Corporation reported a net income of -2.10M and revenue of 780.70M, resulting in a net margin of -0.3%.

MO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Altria Group, Inc. reported a net income of 2.18B and revenue of 5.43B, resulting in a net margin of 40.2%.

Frequently Asked Questions

Can I hold both BKH and MO in my portfolio?

BKH and MO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKH or MO?

MO has higher volatility (7.29%) compared to BKH (6.40%). In terms of maximum drawdown, BKH dropped -65.72% vs MO's -65.43%.

Which has better risk-adjusted returns?

BKH currently has the higher Sharpe Ratio (1.41 vs 1.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.