Equity risk factors / Industry
Restaurants, Hotels, Motels Meals
One of the 49 industry definitions in Ken French’s 49-industry scheme, value-weighted, 1,199 monthly observations from Jul 1926 to May 2026. The market line is the value-weighted total return (Mkt-RF + RF) compounded over exactly those same months.
Growth of $1 against the market, from Jul 1926
Source: Kenneth R. French, Data Library (Tuck School of Business, Dartmouth) Log axis. Both series are based at $1 immediately before the industry's first observed month, so the first plotted point already carries that month's return. Methodology
By decade
| Decade | Months | Meals, CAGR | Market, CAGR | Difference, pp a year |
|---|---|---|---|---|
| 1920spartial | 42 | +15.5% | +16.8% | -1.3 |
| 1930s | 120 | -9.5% | -0.3% | -9.3 |
| 1940s | 120 | +16.8% | +9.5% | +7.3 |
| 1950s | 120 | +21.5% | +18.3% | +3.1 |
| 1960s | 120 | +13.9% | +8.3% | +5.6 |
| 1970s | 120 | +2.9% | +6.1% | -3.2 |
| 1980s | 120 | +19.3% | +16.9% | +2.4 |
| 1990s | 120 | +10.8% | +18.0% | -7.2 |
| 2000s | 120 | +7.0% | -0.4% | +7.4 |
| 2010s | 120 | +17.9% | +13.6% | +4.3 |
| 2020spartial | 77 | +8.1% | +15.6% | -7.5 |
Source: Kenneth R. French, Data Library (Tuck School of Business, Dartmouth) Annualised compound return within each calendar decade, over the months of that decade the industry has. Rows with fewer than 120 months are marked partial. Methodology
Extremes and the recent window
| Best month | +30.6% in Jan 1934 |
| Worst month | -31.7% in Nov 1973 |
| Last 240 months, CAGR | +12.3% a year against +11.5% for the market |
| Last 240 months, $1 becomes | 10.14x |
| Last 240 months, volatility, annualised | 16.6% |
| Last 240 months, beta | 0.83 |
Source: Kenneth R. French, Data Library (Tuck School of Business, Dartmouth) Beta is the OLS slope of the industry's excess return on the market's excess return over the stated window. Methodology
All 49 industries, and the factors themselves, are on the factors index. Units, missing-value handling and the limits of these portfolios are on the methodology page.