LBO vs. PBEU

Last updated Jun 4, 2026

LBO (WHITEWOLF Publicly Listed Private Equity ETF) and PBEU (Portfolio Building Block European Banks Index ETF) are both Financials Equities funds. LBO is actively managed, while PBEU is passively managed. At a 0.44 correlation, their price movements are largely independent. LBO charges 0.70%/yr vs 0.13%/yr for PBEU.

Performance

LBO vs. PBEU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WHITEWOLF Publicly Listed Private Equity ETF (LBO) and Portfolio Building Block European Banks Index ETF (PBEU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LBO achieves a -14.28% return, which is significantly lower than PBEU's 6.67% return.

LBO

• 1D: -3.31%
• 1M: -6.31%
• YTD: -14.28%
• 6M: -13.74%
• 1Y: -13.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBEU

• 1D: -2.01%
• 1M: 5.50%
• YTD: 6.67%
• 6M: 14.38%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LBO vs. PBEU - Yearly Performance Comparison

	2026 (YTD)	2025
LBO WHITEWOLF Publicly Listed Private Equity ETF	-14.28%	4.27%
PBEU Portfolio Building Block European Banks Index ETF	6.67%	11.49%

Correlation

The correlation between LBO and PBEU is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.44

Return for Risk

LBO vs. PBEU — Risk / Return Rank

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

LBO

LBO Risk / Return Rank: 4
LBO Sharpe Ratio Rank: 4
LBO Sortino Ratio Rank: 4
LBO Omega Ratio Rank: 4
LBO Calmar Ratio Rank: 5
LBO Martin Ratio Rank: 5

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.

LBO vs. PBEU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WHITEWOLF Publicly Listed Private Equity ETF (LBO) and Portfolio Building Block European Banks Index ETF (PBEU). 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.

	LBO	PBEU	Difference
Sharpe ratio Return per unit of total volatility	-0.63	—	—
Sortino ratio Return per unit of downside risk	-0.75	—	—
Omega ratio Gain probability vs. loss probability	0.91	—	—
Calmar ratio Return relative to maximum drawdown	-0.46	—	—
Martin ratio Return relative to average drawdown	-0.95	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	LBO	PBEU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	1.45	-1.22

Drawdowns

LBO vs. PBEU - Drawdown Comparison

The maximum LBO drawdown since its inception was -31.40%, which is greater than PBEU's maximum drawdown of -17.26%. Use the drawdown chart below to compare losses from any high point for LBO and PBEU.

Drawdown Indicators

	LBO	PBEU	Difference
Max Drawdown Largest peak-to-trough decline	-31.40%	-17.26%	-14.14%
Max Drawdown (1Y) Largest decline over 1 year	-29.19%	—	—
Current Drawdown Current decline from peak	-24.64%	-2.18%	-22.46%
Average Drawdown Average peak-to-trough decline	-8.34%	-4.23%	-4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.23%	—	—

Volatility

Volatility by Period

	LBO	PBEU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	18.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.56%	27.88%	-6.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.20%	27.88%	-6.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.20%	27.88%	-6.68%

LBO vs. PBEU - Expense Ratio Comparison

LBO has a 0.70% expense ratio, which is higher than PBEU's 0.13% expense ratio.

Dividends

LBO vs. PBEU - Dividend Comparison

LBO's dividend yield for the trailing twelve months is around 7.95%, more than PBEU's 0.01% yield.

Position	TTM	2025	2024	2023
LBO WHITEWOLF Publicly Listed Private Equity ETF	7.95%	7.04%	5.79%	1.20%
PBEU Portfolio Building Block European Banks Index ETF	0.01%	0.01%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LBO and PBEU in my portfolio?

LBO and PBEU have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LBO or PBEU?

On fees, PBEU is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LBO or PBEU?

PBEU is cheaper with a 0.13% expense ratio, compared with 0.70% for LBO.

Which ETF pays a higher dividend yield, LBO or PBEU?

LBO has the higher dividend yield at 7.95%, compared with 0.01% for PBEU.

What is the main difference between LBO and PBEU?

They also come from different issuers: White Wolf and Portfolio Building Block. Their fees differ too: 0.70% for LBO and 0.13% for PBEU.