BSM vs. PFXF

Last updated Jun 5, 2026

BSM (Black Stone Minerals, L.P.) is a stock, while PFXF (VanEck Vectors Preferred Securities ex Financials ETF) is Preferred Stock/Convertible Bonds fund tracking the Wells Fargo Hybrid and Preferred Securities ex Financials Index. Over the past 10 years, BSM returned 8.10%/yr vs 5.42%/yr for PFXF. At a 0.24 correlation, their price movements are largely independent.

Performance

BSM vs. PFXF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Black Stone Minerals, L.P. (BSM) and VanEck Vectors Preferred Securities ex Financials ETF (PFXF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BSM having a 8.98% return and PFXF slightly lower at 8.59%. Over the past 10 years, BSM has outperformed PFXF with an annualized return of 8.10%, while PFXF has yielded a comparatively lower 5.42% annualized return.

BSM

• 1D: -0.29%
• 1M: 3.72%
• YTD: 8.98%
• 6M: -0.25%
• 1Y: 11.82%
• 3Y*: 5.22%
• 5Y*: 18.11%
• 10Y*: 8.10%

PFXF

• 1D: 0.05%
• 1M: 1.54%
• YTD: 8.59%
• 6M: 9.97%
• 1Y: 18.20%
• 3Y*: 10.39%
• 5Y*: 4.49%
• 10Y*: 5.42%

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

BSM vs. PFXF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BSM Black Stone Minerals, L.P.	8.98%	0.56%	1.47%	5.85%	80.82%	67.42%	-42.97%	-9.53%	-7.04%	2.49%
PFXF VanEck Vectors Preferred Securities ex Financials ETF	8.59%	9.64%	8.42%	11.20%	-18.83%	11.61%	7.61%	20.52%	-4.17%	7.93%

Correlation

The correlation between BSM and PFXF is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since May 4, 2015	0.24

Over the past year, the correlation between BSM and PFXF has dropped to 0.03 - well below their long-term average of 0.24, suggesting their price drivers have been diverging.

Return for Risk

BSM vs. PFXF — Risk / Return Rank

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

BSM

BSM Risk / Return Rank: 56
BSM Sharpe Ratio Rank: 60
BSM Sortino Ratio Rank: 52
BSM Omega Ratio Rank: 50
BSM Calmar Ratio Rank: 60
BSM Martin Ratio Rank: 59

PFXF

PFXF Risk / Return Rank: 63
PFXF Sharpe Ratio Rank: 62
PFXF Sortino Ratio Rank: 65
PFXF Omega Ratio Rank: 62
PFXF Calmar Ratio Rank: 64
PFXF Martin Ratio Rank: 62

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.

BSM vs. PFXF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Black Stone Minerals, L.P. (BSM) and VanEck Vectors Preferred Securities ex Financials ETF (PFXF). 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.

	BSM	PFXF	Difference
Sharpe ratio: Return per unit of total volatility	0.58	2.05	-1.47
Sortino ratio: Return per unit of downside risk	0.89	2.97	-2.08
Omega ratio: Gain probability vs. loss probability	1.11	1.37	-0.26
Calmar ratio: Return relative to maximum drawdown	0.86	3.13	-2.27
Martin ratio: Return relative to average drawdown	1.77	11.03	-9.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSM vs. PFXF - Sharpe Ratio Comparison

The current BSM Sharpe Ratio is 0.58, which is lower than the PFXF Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of BSM and PFXF, 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

	BSM	PFXF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	2.05	-1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.41	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.41	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.49	-0.29

Drawdowns

BSM vs. PFXF - Drawdown Comparison

The maximum BSM drawdown since its inception was -75.58%, which is greater than PFXF's maximum drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for BSM and PFXF.

Drawdown Indicators

	BSM	PFXF	Difference
Max Drawdown Largest peak-to-trough decline	-75.58%	-35.49%	-40.09%
Max Drawdown (1Y) Largest decline over 1 year	-13.79%	-5.83%	-7.96%
Max Drawdown (3Y) Largest decline over 3 years	-21.48%	-11.90%	-9.58%
Max Drawdown (5Y) Largest decline over 5 years	-25.52%	-21.80%	-3.72%
Max Drawdown (10Y) Largest decline over 10 years	-75.58%	-35.49%	-40.09%
Current Drawdown Current decline from peak	-8.04%	-0.90%	-7.14%
Average Drawdown Average peak-to-trough decline	-16.41%	-3.91%	-12.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.70%	1.65%	+5.05%

Volatility

BSM vs. PFXF - Volatility Comparison

Black Stone Minerals, L.P. (BSM) has a higher volatility of 6.24% compared to VanEck Vectors Preferred Securities ex Financials ETF (PFXF) at 3.08%. This indicates that BSM's price experiences larger fluctuations and is considered to be riskier than PFXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSM	PFXF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.24%	3.08%	+3.16%
Volatility (6M) Calculated over the trailing 6-month period	15.63%	6.69%	+8.94%
Volatility (1Y) Calculated over the trailing 1-year period	20.64%	8.93%	+11.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.42%	10.91%	+15.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.52%	13.21%	+18.31%

Dividends

BSM vs. PFXF - Dividend Comparison

BSM's dividend yield for the trailing twelve months is around 8.65%, more than PFXF's 6.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSM Black Stone Minerals, L.P.	8.65%	10.16%	10.96%	11.90%	9.13%	8.23%	10.18%	11.64%	8.61%	6.69%	5.86%	2.94%
PFXF VanEck Vectors Preferred Securities ex Financials ETF	6.08%	6.72%	7.82%	7.88%	6.74%	4.66%	5.19%	5.35%	6.56%	5.93%	5.81%	5.99%

Frequently Asked Questions

Can I hold both BSM and PFXF in my portfolio?

BSM and PFXF have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSM or PFXF?

BSM has higher volatility (6.24%) compared to PFXF (3.08%). In terms of maximum drawdown, BSM dropped -75.58% vs PFXF's -35.49%.

Which has better risk-adjusted returns?

PFXF currently has the higher Sharpe Ratio (2.05 vs 0.58), 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.