GECC vs. PBT

Last updated Jun 24, 2026

GECC (Great Elm Capital Corp.) and PBT (Permian Basin Royalty Trust) are both stocks. GECC operates in Asset Management (Financial Services), while PBT operates in Oil & Gas Midstream (Energy). Over the past 5 years, GECC returned -9.76%/yr vs 42.01%/yr for PBT. At a 0.06 correlation, their price movements are largely independent.

Performance

GECC vs. PBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Great Elm Capital Corp. (GECC) and Permian Basin Royalty Trust (PBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GECC achieves a -10.06% return, which is significantly lower than PBT's 51.40% return.

GECC

• 1D: 2.60%
• 1M: 5.01%
• YTD: -10.06%
• 6M: -7.09%
• 1Y: -33.33%
• 3Y*: 6.39%
• 5Y*: -9.76%
• 10Y*: —

PBT

• 1D: 1.19%
• 1M: -17.52%
• YTD: 51.40%
• 6M: 49.93%
• 1Y: 116.28%
• 3Y*: 7.69%
• 5Y*: 42.01%
• 10Y*: 20.05%

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

GECC vs. PBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GECC Great Elm Capital Corp.	-10.06%	-25.44%	18.85%	50.81%	-47.39%	-4.46%	-36.93%	12.30%	-11.10%	-7.41%
PBT Permian Basin Royalty Trust	51.40%	56.75%	-16.91%	-42.84%	166.22%	218.45%	-7.68%	-29.15%	-28.11%	23.21%

Correlation

The correlation between GECC and PBT is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Nov 4, 2016	0.06

Fundamentals

EPS GECC : -$2.16 PBT : $0.33
PS Ratio GECC : 1.82 PBT : 68.43
Total Revenue (TTM) GECC : $37.98M PBT : $13.06M
Gross Profit (TTM) GECC : $32.17M PBT : $13.06M
EBITDA (TTM) GECC : -$7.56M PBT : $11.70M

Return for Risk

GECC vs. PBT — Risk / Return Rank

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

GECC

GECC Risk / Return Rank: 15
GECC Sharpe Ratio Rank: 9
GECC Sortino Ratio Rank: 12
GECC Omega Ratio Rank: 11
GECC Calmar Ratio Rank: 19
GECC Martin Ratio Rank: 22

PBT

PBT Risk / Return Rank: 93
PBT Sharpe Ratio Rank: 94
PBT Sortino Ratio Rank: 92
PBT Omega Ratio Rank: 89
PBT Calmar Ratio Rank: 94
PBT Martin Ratio Rank: 94

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.

GECC vs. PBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Great Elm Capital Corp. (GECC) and Permian Basin Royalty Trust (PBT). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GECC	PBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	2.71	-3.54
Sortino ratio: Return per unit of downside risk	-1.00	3.43	-4.43
Omega ratio: Gain probability vs. loss probability	0.86	1.41	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.62	6.02	-6.64
Martin ratio: Return relative to average drawdown	-0.97	15.92	-16.89

GECC vs. PBT - Sharpe Ratio Comparison

The current GECC Sharpe Ratio is -0.83, which is lower than the PBT Sharpe Ratio of 2.71. The chart below compares the historical Sharpe Ratios of GECC and PBT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GECC vs. PBT - Drawdown Comparison

The maximum GECC drawdown since its inception was -74.01%, smaller than the maximum PBT drawdown of -83.17%. Use the drawdown chart below to compare losses from any high point for GECC and PBT.

Drawdown Indicators

	GECC	PBT	Difference
Max Drawdown Largest peak-to-trough decline	-74.01%	-83.17%	+9.16%
Max Drawdown (1Y) Largest decline over 1 year	-53.97%	-19.42%	-34.55%
Max Drawdown (3Y) Largest decline over 3 years	-53.97%	-62.52%	+8.55%
Max Drawdown (5Y) Largest decline over 5 years	-56.35%	-65.05%	+8.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-73.87%	—
Current Drawdown Current decline from peak	-66.23%	-17.52%	-48.71%
Average Drawdown Average peak-to-trough decline	-40.48%	-25.66%	-14.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.25%	7.33%	+26.92%

Volatility

GECC vs. PBT - Volatility Comparison

The current volatility for Great Elm Capital Corp. (GECC) is 13.31%, while Permian Basin Royalty Trust (PBT) has a volatility of 16.21%. This indicates that GECC experiences smaller price fluctuations and is considered to be less risky than PBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GECC	PBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.31%	16.21%	-2.90%
Volatility (6M) Calculated over the trailing 6-month period	30.57%	31.80%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	40.44%	43.15%	-2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.66%	47.73%	-17.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.02%	42.86%	-5.84%

Dividends

GECC vs. PBT - Dividend Comparison

GECC's dividend yield for the trailing twelve months is around 27.52%, more than PBT's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GECC Great Elm Capital Corp.	27.52%	21.01%	13.19%	14.09%	23.52%	12.99%	31.60%	13.44%	12.69%	10.12%	1.42%	0.00%
PBT Permian Basin Royalty Trust	1.39%	1.92%	4.92%	4.30%	4.56%	2.28%	7.10%	10.80%	11.20%	7.09%	5.38%	6.81%

Financials

Frequently Asked Questions

Can I hold both GECC and PBT in my portfolio?

GECC and PBT have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GECC or PBT?

PBT has higher volatility (16.21%) compared to GECC (13.31%). In terms of maximum drawdown, GECC dropped -74.01% vs PBT's -83.17%.

Which has better risk-adjusted returns?

PBT currently has the higher Sharpe Ratio (2.71 vs -0.83), 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.