MDST vs. PBOG

Last updated Jun 4, 2026

MDST (Westwood Salient Enhanced Midstream Income ETF) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both exchange-traded funds - MDST is a Energy Equities fund actively managed by Westwood, while PBOG is a Oil & Gas fund tracking the BITA Global Oil & Gas Select Index. MDST is actively managed, while PBOG is passively managed. A 0.63 correlation means they provide meaningful diversification when combined. MDST charges 0.80%/yr vs 0.13%/yr for PBOG.

Performance

MDST vs. PBOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Westwood Salient Enhanced Midstream Income ETF (MDST) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDST achieves a 14.94% return, which is significantly lower than PBOG's 32.22% return.

MDST

• 1D: 0.14%
• 1M: -0.74%
• YTD: 14.94%
• 6M: 14.77%
• 1Y: 17.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBOG

• 1D: 1.23%
• 1M: -2.32%
• YTD: 32.22%
• 6M: 29.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MDST vs. PBOG - Yearly Performance Comparison

	2026 (YTD)	2025
MDST Westwood Salient Enhanced Midstream Income ETF	14.94%	1.99%
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	32.22%	1.62%

Correlation

The correlation between MDST and PBOG is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025	0.63

Return for Risk

MDST vs. PBOG — Risk / Return Rank

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

MDST

MDST Risk / Return Rank: 44
MDST Sharpe Ratio Rank: 41
MDST Sortino Ratio Rank: 42
MDST Omega Ratio Rank: 41
MDST Calmar Ratio Rank: 53
MDST Martin Ratio Rank: 45

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.

MDST vs. PBOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Westwood Salient Enhanced Midstream Income ETF (MDST) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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.

	MDST	PBOG	Difference
Sharpe ratio: Return per unit of total volatility	1.47	—	—
Sortino ratio: Return per unit of downside risk	2.13	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	2.63	—	—
Martin ratio: Return relative to average drawdown	7.46	—	—
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

	MDST	PBOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	3.31	-2.15

Drawdowns

MDST vs. PBOG - Drawdown Comparison

The maximum MDST drawdown since its inception was -14.19%, which is greater than PBOG's maximum drawdown of -11.45%. Use the drawdown chart below to compare losses from any high point for MDST and PBOG.

Drawdown Indicators

	MDST	PBOG	Difference
Max Drawdown Largest peak-to-trough decline	-14.19%	-11.45%	-2.74%
Max Drawdown (1Y) Largest decline over 1 year	-6.74%	—	—
Current Drawdown Current decline from peak	-3.53%	-6.81%	+3.28%
Average Drawdown Average peak-to-trough decline	-2.17%	-3.10%	+0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	—	—

Volatility

Volatility by Period

	MDST	PBOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.36%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	23.67%	-11.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	23.67%	-7.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	23.67%	-7.56%

MDST vs. PBOG - Expense Ratio Comparison

MDST has a 0.80% expense ratio, which is higher than PBOG's 0.13% expense ratio.

Dividends

MDST vs. PBOG - Dividend Comparison

MDST's dividend yield for the trailing twelve months is around 9.33%, more than PBOG's 0.13% yield.

Position	TTM	2025	2024
MDST Westwood Salient Enhanced Midstream Income ETF	9.33%	10.22%	6.60%
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	0.13%	0.17%	0.00%

Frequently Asked Questions

Can I hold both MDST and PBOG in my portfolio?

MDST and PBOG have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MDST or PBOG?

On fees, PBOG 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, MDST or PBOG?

PBOG is cheaper with a 0.13% expense ratio, compared with 0.80% for MDST.

Which ETF pays a higher dividend yield, MDST or PBOG?

MDST has the higher dividend yield at 9.33%, compared with 0.13% for PBOG.

What is the main difference between MDST and PBOG?

MDST is categorized as Energy Equities, while PBOG is Oil & Gas. They also come from different issuers: Westwood and Portfolio Building Blocks. Their fees differ too: 0.80% for MDST and 0.13% for PBOG.