Investor interest in electronics retailer Circuit City (NYSE:CC) has been strong since early 2003, its shares more than doubling since it reported upbeat fourth-quarter sales in March. Mexican investor Carlos Slim's buyout attempt in June has only helped. (The company was in the news again Friday, reporting declining revenues and same-store sales for its fiscal quarter ended August 31. )

But while Circuit City's short-term price performance may encourage investors who've watched their company zig, zag, and eventually do little more than track the S&P 500 over the last five years, it may also be worth noting the stock's performance relative to that of chief competitor and market leader Best Buy (NYSE:BBY).

The companies' shares have tended to trade in similar patterns in recent years, with Best Buy unsurprisingly afforded a premium for its hard-earned positioning and power. It's notable, however, that while Circuit City's market value has risen nearly 50% this year, Best Buy's has more than doubled.

While Circuit City is the unquestioned second fiddle, it's also arguably done more to improve its financial fortunes in recent years. It's dropped appliance sales, remodeled its stores (many were older and poorly laid out, providing a poor contrast to Best Buy's huge, bright spaces), spun off its CarMax (NYSE:KMX) operation, taken its salespeople off commission to improve store atmosphere, and even put its credit card operation on the block.

All of these are legitimate, meaningful, and commendable moves. But with Best Buy last week beating Wall Street's sales growth and quarterly earnings expectations -- and concerns about continually dwindling market share at Circuit City -- it remains clear why investors continue to pay more for the sector's top dog.

Circuit City plans to report results for the fiscal second quarter on September 17.

Dave Marino-Nachison doesn't own shares in any of the companies in this story.