GGB vs. PBR
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 17.41%/yr vs 21.84%/yr for PBR. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
GGB vs. PBR - Performance Comparison
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Returns By Period
In the year-to-date period, GGB achieves a 13.68% return, which is significantly lower than PBR's 41.30% return. Over the past 10 years, GGB has underperformed PBR with an annualized return of 17.41%, while PBR has yielded a comparatively higher 21.84% annualized return.
GGB
- 1D
- 1.22%
- 1M
- -11.54%
- YTD
- 13.68%
- 6M
- 12.16%
- 1Y
- 50.92%
- 3Y*
- 2.13%
- 5Y*
- 4.48%
- 10Y*
- 17.41%
PBR
- 1D
- 0.43%
- 1M
- -14.19%
- YTD
- 41.30%
- 6M
- 44.51%
- 1Y
- 41.60%
- 3Y*
- 13.45%
- 5Y*
- 28.85%
- 10Y*
- 21.84%
GGB vs. PBR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GGB Gerdau S.A. | 13.68% | 32.78% | -25.80% | -1.92% | 28.40% | 18.51% | -3.34% | 33.07% | 2.53% | 18.92% |
PBR Petróleo Brasileiro S.A. - Petrobras | 41.30% | -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 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
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 10, 2000 | 0.58 |
Over the past year, the correlation between GGB and PBR has dropped to 0.29 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.
Fundamentals
GGB:
$8.21B
PBR:
$106.46B
GGB:
R$0.82
PBR:
$3.16
GGB:
26.12
PBR:
5.23
GGB:
0.62
PBR:
1.14
GGB:
0.81
PBR:
1.25
GGB:
R$69.20B
PBR:
$93.27B
GGB:
R$8.31B
PBR:
$43.47B
GGB:
R$8.02B
PBR:
$41.03B
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Return for Risk
GGB vs. PBR — Risk / Return Rank
GGB
PBR
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.
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.
| GGB | PBR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | 1.69 | +0.12 |
| Martin ratioReturn relative to average drawdown | 5.91 | 4.95 | +0.96 |
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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.
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Drawdown Indicators
| GGB | PBR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.39% | -95.62% | -0.77% |
Max Drawdown (1Y)Largest decline over 1 year | -28.28% | -24.76% | -3.52% |
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 DrawdownCurrent decline from peak | -62.73% | -31.16% | -31.57% |
Average DrawdownAverage peak-to-trough decline | -52.32% | -52.67% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.64% | 8.43% | +0.21% |
Volatility
GGB vs. PBR - Volatility Comparison
Gerdau S.A. (GGB) has a higher volatility of 13.21% compared to Petróleo Brasileiro S.A. - Petrobras (PBR) at 8.01%. 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.
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Volatility by Period
| GGB | PBR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.21% | 8.01% | +5.20% |
Volatility (6M)Calculated over the trailing 6-month period | 26.71% | 25.32% | +1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.97% | 31.60% | +2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.02% | 37.95% | +1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.75% | 46.80% | -0.05% |
Dividends
GGB vs. PBR - Dividend Comparison
GGB's dividend yield for the trailing twelve months is around 3.12%, less than PBR's 4.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GGB Gerdau S.A. | 3.12% | 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 | 4.28% | 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 - Financials Comparison
This section allows you to compare key financial metrics between Gerdau S.A. and Petróleo Brasileiro S.A. - Petrobras. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
GGB vs. PBR - Profitability Comparison
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
GGB and PBR have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GGB has higher volatility (13.21%) compared to PBR (8.01%). In terms of maximum drawdown, GGB dropped -96.39% vs PBR's -95.62%.
GGB currently has the higher Sharpe Ratio (1.51 vs 1.32), 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.
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