BSM vs. SBR

Last updated Apr 2, 2026

Compare and contrast key facts about Black Stone Minerals, L.P. (BSM) and Sabine Royalty Trust (SBR).

Performance

BSM vs. SBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Black Stone Minerals, L.P. (BSM) and Sabine Royalty Trust (SBR). The values are adjusted to include any dividend payments, if applicable.

BSM vs. SBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BSM Black Stone Minerals, L.P.	12.75%	0.56%	1.47%	5.85%	80.82%	67.42%	-42.97%	-9.53%	-7.04%	2.49%
SBR Sabine Royalty Trust	8.14%	14.04%	4.06%	-13.10%	132.08%	60.71%	-24.24%	15.77%	-9.61%	34.83%

Fundamentals

EPS BSM : $1.38 SBR : $5.44
PE Ratio BSM : 10.62 SBR : 13.47
PEG Ratio BSM : 0.30 SBR : 0.36
PS Ratio BSM : 8.06 SBR : 12.88
Total Revenue (TTM) BSM : $395.04M SBR : $82.92M
Gross Profit (TTM) BSM : $296.51M SBR : $82.92M
EBITDA (TTM) BSM : $323.06M SBR : $78.91M

Returns By Period

In the year-to-date period, BSM achieves a 12.75% return, which is significantly higher than SBR's 8.14% return. Over the past 10 years, BSM has underperformed SBR with an annualized return of 9.95%, while SBR has yielded a comparatively higher 18.76% annualized return.

BSM

• 1D: -2.84%
• 1M: -3.55%
• YTD: 12.75%
• 6M: 15.61%
• 1Y: 5.45%
• 3Y*: 8.36%
• 5Y*: 21.52%
• 10Y*: 9.95%

SBR

• 1D: -2.80%
• 1M: -0.05%
• YTD: 8.14%
• 6M: -5.50%
• 1Y: 14.18%
• 3Y*: 9.12%
• 5Y*: 30.01%
• 10Y*: 18.76%

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

Return for Risk

BSM vs. SBR — Risk / Return Rank

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

BSM

BSM Risk / Return Rank: 45
BSM Sharpe Ratio Rank: 49
BSM Sortino Ratio Rank: 40
BSM Omega Ratio Rank: 40
BSM Calmar Ratio Rank: 48
BSM Martin Ratio Rank: 48

SBR

SBR Risk / Return Rank: 56
SBR Sharpe Ratio Rank: 61
SBR Sortino Ratio Rank: 51
SBR Omega Ratio Rank: 52
SBR Calmar Ratio Rank: 60
SBR Martin Ratio Rank: 59

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. SBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Black Stone Minerals, L.P. (BSM) and Sabine Royalty Trust (SBR). 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	SBR	Difference
Sharpe ratio Return per unit of total volatility	0.23	0.56	-0.33
Sortino ratio Return per unit of downside risk	0.48	0.87	-0.39
Omega ratio Gain probability vs. loss probability	1.06	1.12	-0.06
Calmar ratio Return relative to maximum drawdown	0.29	0.86	-0.57
Martin ratio Return relative to average drawdown	0.59	1.83	-1.24
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. SBR - Sharpe Ratio Comparison

The current BSM Sharpe Ratio is 0.23, which is lower than the SBR Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of BSM and SBR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BSM	SBR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	0.56	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	0.95	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.60	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.53	-0.32

Correlation

The correlation between BSM and SBR is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BSM vs. SBR - Dividend Comparison

BSM's dividend yield for the trailing twelve months is around 8.68%, more than SBR's 6.65% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSM Black Stone Minerals, L.P.	8.68%	10.16%	10.96%	11.90%	9.13%	8.23%	10.18%	11.64%	8.61%	6.69%	5.86%	2.94%
SBR Sabine Royalty Trust	6.65%	7.53%	8.41%	9.41%	10.13%	7.72%	8.59%	7.49%	8.98%	5.31%	5.50%	11.82%

Drawdowns

BSM vs. SBR - Drawdown Comparison

The maximum BSM drawdown since its inception was -75.58%, which is greater than SBR's maximum drawdown of -56.40%. Use the drawdown chart below to compare losses from any high point for BSM and SBR.

Drawdown Indicators

	BSM	SBR	Difference
Max Drawdown Largest peak-to-trough decline	-75.58%	-56.40%	-19.18%
Max Drawdown (1Y) Largest decline over 1 year	-19.66%	-18.54%	-1.12%
Max Drawdown (5Y) Largest decline over 5 years	-25.52%	-34.56%	+9.04%
Max Drawdown (10Y) Largest decline over 10 years	-75.58%	-50.71%	-24.87%
Current Drawdown Current decline from peak	-4.86%	-8.54%	+3.68%
Average Drawdown Average peak-to-trough decline	-16.52%	-13.68%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.76%	8.75%	+1.01%

Volatility

BSM vs. SBR - Volatility Comparison

The current volatility for Black Stone Minerals, L.P. (BSM) is 5.71%, while Sabine Royalty Trust (SBR) has a volatility of 7.77%. This indicates that BSM experiences smaller price fluctuations and is considered to be less risky than SBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSM	SBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.71%	7.77%	-2.06%
Volatility (6M) Calculated over the trailing 6-month period	14.68%	19.35%	-4.67%
Volatility (1Y) Calculated over the trailing 1-year period	23.75%	25.62%	-1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.77%	31.86%	-5.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.68%	31.36%	+0.32%

Financials

BSM vs. SBR - Profitability Comparison

The chart below illustrates the profitability comparison between Black Stone Minerals, L.P. and Sabine Royalty Trust over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BSM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Black Stone Minerals, L.P. reported a gross profit of 65.41M and revenue of 95.18M. Therefore, the gross margin over that period was 68.7%.

SBR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Sabine Royalty Trust reported a gross profit of 25.52M and revenue of 25.52M. Therefore, the gross margin over that period was 100.0%.

BSM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Black Stone Minerals, L.P. reported an operating income of 51.33M and revenue of 95.18M, resulting in an operating margin of 53.9%.

SBR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Sabine Royalty Trust reported an operating income of 24.75M and revenue of 25.52M, resulting in an operating margin of 97.0%.

BSM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Black Stone Minerals, L.P. reported a net income of 72.23M and revenue of 95.18M, resulting in a net margin of 75.9%.

SBR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Sabine Royalty Trust reported a net income of 24.75M and revenue of 25.52M, resulting in a net margin of 97.0%.