DMLP vs. BSM

Last updated Apr 1, 2026

Compare and contrast key facts about Dorchester Minerals, L.P. (DMLP) and Black Stone Minerals, L.P. (BSM).

Performance

DMLP vs. BSM - Performance Comparison

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

DMLP vs. BSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DMLP Dorchester Minerals, L.P.	24.91%	-25.92%	16.59%	18.99%	71.68%	98.93%	-37.39%	48.52%	6.12%	-6.93%
BSM Black Stone Minerals, L.P.	16.05%	0.56%	1.47%	5.85%	80.82%	67.42%	-42.97%	-9.53%	-7.04%	2.49%

Fundamentals

EPS DMLP : $1.14 BSM : $1.38
PE Ratio DMLP : 23.84 BSM : 10.93
PS Ratio DMLP : 8.54 BSM : 8.30
Total Revenue (TTM) DMLP : $150.69M BSM : $395.04M
Gross Profit (TTM) DMLP : $85.68M BSM : $296.51M
EBITDA (TTM) DMLP : $121.82M BSM : $323.06M

Returns By Period

In the year-to-date period, DMLP achieves a 24.91% return, which is significantly higher than BSM's 16.05% return. Over the past 10 years, DMLP has outperformed BSM with an annualized return of 20.98%, while BSM has yielded a comparatively lower 10.27% annualized return.

DMLP

• 1D: -2.80%
• 1M: 4.27%
• YTD: 24.91%
• 6M: 10.91%
• 1Y: 0.12%
• 3Y*: 7.23%
• 5Y*: 27.02%
• 10Y*: 20.98%

BSM

• 1D: -0.92%
• 1M: 0.13%
• YTD: 16.05%
• 6M: 20.08%
• 1Y: 8.82%
• 3Y*: 9.41%
• 5Y*: 22.22%
• 10Y*: 10.27%

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

Return for Risk

DMLP vs. BSM — Risk / Return Rank

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

DMLP

DMLP Risk / Return Rank: 39
DMLP Sharpe Ratio Rank: 42
DMLP Sortino Ratio Rank: 35
DMLP Omega Ratio Rank: 34
DMLP Calmar Ratio Rank: 42
DMLP Martin Ratio Rank: 42

BSM

BSM Risk / Return Rank: 51
BSM Sharpe Ratio Rank: 56
BSM Sortino Ratio Rank: 47
BSM Omega Ratio Rank: 47
BSM Calmar Ratio Rank: 53
BSM Martin Ratio Rank: 52

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.

DMLP vs. BSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dorchester Minerals, L.P. (DMLP) and Black Stone Minerals, L.P. (BSM). 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.

	DMLP	BSM	Difference
Sharpe ratio Return per unit of total volatility	0.00	0.38	-0.37
Sortino ratio Return per unit of downside risk	0.18	0.67	-0.49
Omega ratio Gain probability vs. loss probability	1.02	1.08	-0.06
Calmar ratio Return relative to maximum drawdown	0.01	0.46	-0.45
Martin ratio Return relative to average drawdown	0.02	0.93	-0.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DMLP vs. BSM - Sharpe Ratio Comparison

The current DMLP Sharpe Ratio is 0.00, which is lower than the BSM Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of DMLP and BSM, 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

	DMLP	BSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.00	0.38	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.84	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.33	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.22	+0.15

Correlation

The correlation between DMLP and BSM is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

DMLP vs. BSM - Dividend Comparison

DMLP's dividend yield for the trailing twelve months is around 10.30%, more than BSM's 8.43% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DMLP Dorchester Minerals, L.P.	10.30%	12.41%	10.46%	10.67%	11.68%	7.75%	12.75%	10.32%	11.87%	7.60%	4.88%	11.67%
BSM Black Stone Minerals, L.P.	8.43%	10.16%	10.96%	11.90%	9.13%	8.23%	10.18%	11.64%	8.61%	6.69%	5.86%	2.94%

Drawdowns

DMLP vs. BSM - Drawdown Comparison

The maximum DMLP drawdown since its inception was -72.35%, roughly equal to the maximum BSM drawdown of -75.58%. Use the drawdown chart below to compare losses from any high point for DMLP and BSM.

Drawdown Indicators

	DMLP	BSM	Difference
Max Drawdown Largest peak-to-trough decline	-72.35%	-75.58%	+3.23%
Max Drawdown (1Y) Largest decline over 1 year	-24.52%	-19.66%	-4.86%
Max Drawdown (5Y) Largest decline over 5 years	-32.31%	-25.52%	-6.79%
Max Drawdown (10Y) Largest decline over 10 years	-56.80%	-75.58%	+18.78%
Current Drawdown Current decline from peak	-11.07%	-2.07%	-9.00%
Average Drawdown Average peak-to-trough decline	-19.91%	-16.53%	-3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.28%	9.76%	+2.52%

Volatility

DMLP vs. BSM - Volatility Comparison

Dorchester Minerals, L.P. (DMLP) has a higher volatility of 6.04% compared to Black Stone Minerals, L.P. (BSM) at 5.26%. This indicates that DMLP's price experiences larger fluctuations and is considered to be riskier than BSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DMLP	BSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	5.26%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	17.67%	14.40%	+3.27%
Volatility (1Y) Calculated over the trailing 1-year period	24.39%	23.57%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.13%	26.82%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.22%	31.68%	+0.54%

Financials

DMLP vs. BSM - Profitability Comparison

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

DMLP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Dorchester Minerals, L.P. reported a gross profit of 31.09M and revenue of 35.42M. Therefore, the gross margin over that period was 87.8%.

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%.

DMLP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Dorchester Minerals, L.P. reported an operating income of 28.16M and revenue of 35.42M, resulting in an operating margin of 79.5%.

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%.

DMLP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Dorchester Minerals, L.P. reported a net income of 10.77M and revenue of 35.42M, resulting in a net margin of 30.4%.

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%.