Coffee chain Dutch Bros ( BROS +0.31% ) has been around since 1992, but joined the public stock market much later. The company raised $557 million in its initial public offering (IPO) on Sept. 17, 2021.

How have early investors fared in the roughly four years since then?

Dutch Bros beat the market, but just barely

As of Dec. 9, Dutch Bros stock has gained 60.6% since the IPO. The S&P 500 ( ^GSPC 0.33% ) stock market index rose 53% over the same period, though. In other words, Dutch Bros hasn't exactly crushed the market since going public.

Move the goalposts, change the story

Dutch Bros' stock returns change dramatically if I shift the starting point of the comparison by just a few days. For example, the stock posted an underwhelming 14% return since Sept. 20, 2021 --

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