MATH vs. SBR

Last updated Aug 1, 2026

MATH (Metalpha Technology Holding Limited) and SBR (Sabine Royalty Trust) are both stocks. MATH operates in Capital Markets (Financial Services), while SBR operates in Oil & Gas E&P (Energy). Over the past 5 years, MATH returned -6.79%/yr vs 23.09%/yr for SBR. Their 0.05 correlation means their historical movements had little consistent relationship.

Performance

MATH vs. SBR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Metalpha Technology Holding Limited (MATH) and Sabine Royalty Trust (SBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MATH achieves a -54.76% return, which is significantly lower than SBR's 10.39% return.

MATH

• 1D: 3.26%
• 1M: 3.36%
• 6M: -53.20%
• YTD: -54.76%
• 1Y: -70.40%
• 3Y*: -11.05%
• 5Y*: -6.79%
• 10Y*: —
• ALL TIME*: -20.84%

SBR

• 1D: 0.48%
• 1M: 0.46%
• 6M: 5.58%
• YTD: 10.39%
• 1Y: 18.31%
• 3Y*: 11.03%
• 5Y*: 23.09%
• 10Y*: 16.61%
• ALL TIME*: 15.34%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MATH Metalpha Technology Holding Limited	$36.15K	$32.00K	$80.34K
SBR Sabine Royalty Trust	$2.70M	$2.50M	$2.74M

MATH vs. SBR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MATH Metalpha Technology Holding Limited	-54.76%	82.61%	-47.25%	323.71%	-57.48%	-48.29%	80.00%	-0.01%	-70.18%	-41.00%
SBR Sabine Royalty Trust	10.39%	14.04%	4.06%	-13.10%	132.08%	60.71%	-24.24%	15.77%	-9.61%	10.22%

Correlation

The correlation between MATH and SBR is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (3Y) Balances recent behavior with more history.	0.08
Correlation (5Y) Shows whether the relationship held over a longer period.	0.04
Correlation (All Time) Calculated using the full available price history since Oct 20, 2017	0.05

Fundamentals

Market Cap MATH : $41.24M SBR : $1.06B
EPS MATH : $0.32 SBR : $5.69
PE Ratio MATH : 2.96 SBR : 12.83
PEG Ratio MATH : 0.00 SBR : 0.78
Total Revenue (TTM) MATH : $0.00 SBR : $57.67M
Gross Profit (TTM) MATH : -$41.12M SBR : $58.05M
EBITDA (TTM) MATH : $1.29M SBR : $55.09M

Return for Risk

MATH vs. SBR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MATH

MATH Risk / Return Rank: 8
MATH Sharpe Ratio Rank: 7
MATH Sortino Ratio Rank: 6
MATH Omega Ratio Rank: 8
MATH Calmar Ratio Rank: 8
MATH Martin Ratio Rank: 12

SBR

SBR Risk / Return Rank: 64
SBR Sharpe Ratio Rank: 69
SBR Sortino Ratio Rank: 61
SBR Omega Ratio Rank: 61
SBR Calmar Ratio Rank: 66
SBR Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MATH vs. SBR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Metalpha Technology Holding Limited (MATH) and Sabine Royalty Trust (SBR). 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.

	MATH	SBR	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	0.73	-1.61
Sortino ratio: Return per unit of downside risk	-1.58	1.06	-2.64
Omega ratio: Gain probability vs. loss probability	0.83	1.14	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.89	0.96	-1.86
Martin ratio: Return relative to average drawdown	-1.29	1.96	-3.25

MATH vs. SBR - Sharpe Ratio Comparison

The current MATH Sharpe Ratio is -0.87, which is lower than the SBR Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of MATH and SBR, 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

MATH vs. SBR - Drawdown Comparison

The maximum MATH drawdown since its inception was -96.71%, which is greater than SBR's maximum drawdown of -56.40%. Use the drawdown chart below to compare losses from any high point for MATH and SBR.

Drawdown Indicators

	MATH	SBR	Difference
Max Drawdown Largest peak-to-trough decline	-96.71%	-56.40%	-40.31%
Max Drawdown (1Y) Largest decline over 1 year	-79.45%	-18.54%	-60.91%
Max Drawdown (3Y) Largest decline over 3 years	-80.05%	-18.54%	-61.51%
Max Drawdown (5Y) Largest decline over 5 years	-80.05%	-34.56%	-45.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.71%	—
Current Drawdown Current decline from peak	-93.05%	-6.63%	-86.42%
Average Drawdown Average peak-to-trough decline	-87.12%	-13.61%	-73.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.76%	9.10%	+45.66%

Volatility

MATH vs. SBR - Volatility Comparison

Metalpha Technology Holding Limited (MATH) has a higher volatility of 21.40% compared to Sabine Royalty Trust (SBR) at 3.84%. This indicates that MATH's price experiences larger fluctuations and is considered to be riskier than SBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MATH	SBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.40%	3.84%	+17.56%
Volatility (6M) Calculated over the trailing 6-month period	62.65%	15.20%	+47.45%
Volatility (1Y) Calculated over the trailing 1-year period	83.14%	24.44%	+58.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.51%	31.69%	+57.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	112.10%	31.21%	+80.89%

Dividends

MATH vs. SBR - Dividend Comparison

MATH has not paid dividends to shareholders, while SBR's dividend yield for the trailing twelve months is around 6.71%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MATH Metalpha Technology Holding Limited	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SBR Sabine Royalty Trust	6.71%	7.53%	8.41%	9.41%	10.13%	7.72%	8.59%	7.49%	8.98%	5.31%	5.50%	11.82%

Financials

Frequently Asked Questions

Can I hold both MATH and SBR in my portfolio?

MATH and SBR have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MATH or SBR?

MATH has higher volatility (21.40%) compared to SBR (3.84%). In terms of maximum drawdown, MATH dropped -96.71% vs SBR's -56.40%.

Which has better risk-adjusted returns?

SBR currently has the higher Sharpe Ratio (0.73 vs -0.87), 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.