GGB vs. PBR

Last updated Jun 3, 2026

GGB (Gerdau S.A.) and PBR (Petróleo Brasileiro S.A. - Petrobras) are both stocks. GGB operates in Steel (Basic Materials), while PBR operates in Oil & Gas Integrated (Energy). Over the past 10 years, GGB returned 19.17%/yr vs 23.74%/yr for PBR. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

GGB vs. PBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gerdau S.A. (GGB) and Petróleo Brasileiro S.A. - Petrobras (PBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GGB achieves a 34.27% return, which is significantly lower than PBR's 58.90% return. Over the past 10 years, GGB has underperformed PBR with an annualized return of 19.17%, while PBR has yielded a comparatively higher 23.74% annualized return.

GGB

• 1D: 7.24%
• 1M: 9.26%
• YTD: 34.27%
• 6M: 38.39%
• 1Y: 81.45%
• 3Y*: 9.79%
• 5Y*: 7.06%
• 10Y*: 19.17%

PBR

• 1D: -0.74%
• 1M: -14.52%
• YTD: 58.90%
• 6M: 52.46%
• 1Y: 72.27%
• 3Y*: 26.96%
• 5Y*: 33.44%
• 10Y*: 23.74%

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

GGB vs. PBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GGB Gerdau S.A.	34.27%	32.78%	-25.80%	-1.92%	28.40%	18.51%	-3.34%	33.07%	2.53%	18.92%
PBR Petróleo Brasileiro S.A. - Petrobras	58.90%	-1.01%	-8.38%	71.48%	47.76%	20.44%	-28.83%	24.65%	27.68%	1.78%

Correlation

The correlation between GGB and PBR is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Aug 11, 2000	0.58

Over the past year, the correlation between GGB and PBR has dropped to 0.20 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

Fundamentals

Market Cap GGB : $9.70B PBR : $120.64B
EPS GGB : $0.82 PBR : $3.16
PE Ratio GGB : 5.95 PBR : 5.93
PS Ratio GGB : 0.14 PBR : 1.29
PB Ratio GGB : 0.18 PBR : 1.42
Total Revenue (TTM) GGB : $69.20B PBR : $93.27B
Gross Profit (TTM) GGB : $8.31B PBR : $43.47B
EBITDA (TTM) GGB : $8.02B PBR : $41.03B

Return for Risk

GGB vs. PBR — Risk / Return Rank

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

GGB

GGB Risk / Return Rank: 87
GGB Sharpe Ratio Rank: 91
GGB Sortino Ratio Rank: 89
GGB Omega Ratio Rank: 85
GGB Calmar Ratio Rank: 83
GGB Martin Ratio Rank: 88

PBR

PBR Risk / Return Rank: 88
PBR Sharpe Ratio Rank: 90
PBR Sortino Ratio Rank: 87
PBR Omega Ratio Rank: 86
PBR Calmar Ratio Rank: 91
PBR Martin Ratio Rank: 88

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.

GGB vs. PBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gerdau S.A. (GGB) and Petróleo Brasileiro S.A. - Petrobras (PBR). 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.

	GGB	PBR	Difference
Sharpe ratio Return per unit of total volatility	2.41	2.30	+0.11
Sortino ratio Return per unit of downside risk	3.13	2.92	+0.21
Omega ratio Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio Return relative to maximum drawdown	3.27	4.88	-1.61
Martin ratio Return relative to average drawdown	10.63	10.89	-0.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GGB vs. PBR - Sharpe Ratio Comparison

The current GGB Sharpe Ratio is 2.41, which is comparable to the PBR Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of GGB and PBR, 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

	GGB	PBR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.30	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.89	-0.71
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.51	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.20	+0.10

Drawdowns

GGB vs. PBR - Drawdown Comparison

The maximum GGB drawdown since its inception was -96.39%, roughly equal to the maximum PBR drawdown of -95.62%. Use the drawdown chart below to compare losses from any high point for GGB and PBR.

Drawdown Indicators

	GGB	PBR	Difference
Max Drawdown Largest peak-to-trough decline	-96.39%	-95.62%	-0.77%
Max Drawdown (1Y) Largest decline over 1 year	-28.28%	-15.02%	-13.26%
Max Drawdown (3Y) Largest decline over 3 years	-51.23%	-28.24%	-22.99%
Max Drawdown (5Y) Largest decline over 5 years	-51.23%	-39.62%	-11.61%
Max Drawdown (10Y) Largest decline over 10 years	-67.55%	-75.13%	+7.58%
Current Drawdown Current decline from peak	-55.98%	-22.58%	-33.40%
Average Drawdown Average peak-to-trough decline	-52.32%	-52.74%	+0.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.70%	6.73%	+1.97%

Volatility

GGB vs. PBR - Volatility Comparison

Gerdau S.A. (GGB) has a higher volatility of 12.58% compared to Petróleo Brasileiro S.A. - Petrobras (PBR) at 9.16%. This indicates that GGB's price experiences larger fluctuations and is considered to be riskier than PBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGB	PBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.58%	9.16%	+3.42%
Volatility (6M) Calculated over the trailing 6-month period	25.97%	24.99%	+0.98%
Volatility (1Y) Calculated over the trailing 1-year period	34.53%	31.62%	+2.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.97%	37.90%	+1.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.04%	47.11%	-0.07%

Dividends

GGB vs. PBR - Dividend Comparison

GGB's dividend yield for the trailing twelve months is around 2.64%, less than PBR's 4.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GGB Gerdau S.A.	2.64%	3.05%	5.07%	6.63%	12.79%	11.48%	1.33%	1.48%	1.60%	0.34%	0.38%	4.15%
PBR Petróleo Brasileiro S.A. - Petrobras	4.46%	7.10%	14.73%	10.91%	55.64%	18.95%	0.84%	1.59%	1.03%	0.00%	0.00%	0.00%

Financials

GGB vs. PBR - Profitability Comparison

The chart below illustrates the profitability comparison between Gerdau S.A. and Petróleo Brasileiro S.A. - Petrobras over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

GGB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Gerdau S.A. reported a gross profit of 2.29B and revenue of 16.72B. Therefore, the gross margin over that period was 13.7%.

PBR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Petróleo Brasileiro S.A. - Petrobras reported a gross profit of 10.60B and revenue of 23.53B. Therefore, the gross margin over that period was 45.0%.

GGB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Gerdau S.A. reported an operating income of 1.75B and revenue of 16.72B, resulting in an operating margin of 10.5%.

PBR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Petróleo Brasileiro S.A. - Petrobras reported an operating income of 7.37B and revenue of 23.53B, resulting in an operating margin of 31.3%.

GGB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Gerdau S.A. reported a net income of 1.00B and revenue of 16.72B, resulting in a net margin of 6.0%.

PBR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Petróleo Brasileiro S.A. - Petrobras reported a net income of 6.21B and revenue of 23.53B, resulting in a net margin of 26.4%.

Frequently Asked Questions

Can I hold both GGB and PBR in my portfolio?

GGB and PBR have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGB or PBR?

GGB has higher volatility (12.58%) compared to PBR (9.16%). In terms of maximum drawdown, GGB dropped -96.39% vs PBR's -95.62%.

Which has better risk-adjusted returns?

GGB currently has the higher Sharpe Ratio (2.41 vs 2.30), 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.