NVIR vs. PBOG

Last updated Jun 26, 2026

NVIR (Horizon Kinetics Energy Remediation ETF) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both Energy Equities funds. NVIR is actively managed, while PBOG is passively managed. A 0.76 correlation means they provide meaningful diversification when combined. NVIR charges 0.85%/yr vs 0.13%/yr for PBOG.

Performance

NVIR vs. PBOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Energy Remediation ETF (NVIR) 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

The year-to-date returns for both investments are quite close, with NVIR having a 16.77% return and PBOG slightly higher at 17.47%.

NVIR

• 1D: 1.81%
• 1M: -5.35%
• YTD: 16.77%
• 6M: 16.83%
• 1Y: 28.02%
• 3Y*: 17.81%
• 5Y*: —
• 10Y*: —

PBOG

• 1D: 0.02%
• 1M: -9.31%
• YTD: 17.47%
• 6M: 18.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVIR vs. PBOG - Yearly Performance Comparison

	2026 (YTD)	2025
NVIR Horizon Kinetics Energy Remediation ETF	16.77%	0.96%
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	17.47%	1.39%

Correlation

The correlation between NVIR and PBOG is 0.76, 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 25, 2025	0.76

Return for Risk

NVIR vs. PBOG — Risk / Return Rank

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

NVIR

NVIR Risk / Return Rank: 58
NVIR Sharpe Ratio Rank: 57
NVIR Sortino Ratio Rank: 52
NVIR Omega Ratio Rank: 52
NVIR Calmar Ratio Rank: 70
NVIR Martin Ratio Rank: 61

PBOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

NVIR vs. PBOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Energy Remediation ETF (NVIR) 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.

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.

	NVIR	PBOG	Difference
Sharpe ratio: Return per unit of total volatility	1.69	—	—
Sortino ratio: Return per unit of downside risk	2.26	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	3.10	—	—
Martin ratio: Return relative to average drawdown	9.53	—	—

Drawdowns

NVIR vs. PBOG - Drawdown Comparison

The maximum NVIR drawdown since its inception was -22.47%, which is greater than PBOG's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for NVIR and PBOG.

Drawdown Indicators

	NVIR	PBOG	Difference
Max Drawdown Largest peak-to-trough decline	-22.47%	-17.22%	-5.25%
Max Drawdown (1Y) Largest decline over 1 year	-9.09%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-22.47%	—	—
Current Drawdown Current decline from peak	-7.37%	-17.20%	+9.83%
Average Drawdown Average peak-to-trough decline	-4.62%	-4.04%	-0.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	—	—

Volatility

Volatility by Period

	NVIR	PBOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	24.02%	-7.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.33%	24.02%	-4.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.33%	24.02%	-4.69%

NVIR vs. PBOG - Expense Ratio Comparison

NVIR has a 0.85% expense ratio, which is higher than PBOG's 0.13% expense ratio.

Dividends

NVIR vs. PBOG - Dividend Comparison

NVIR's dividend yield for the trailing twelve months is around 0.78%, more than PBOG's 0.15% yield.

Position	TTM	2025	2024	2023
NVIR Horizon Kinetics Energy Remediation ETF	0.78%	0.92%	1.50%	1.34%
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	0.15%	0.17%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVIR and PBOG in my portfolio?

NVIR and PBOG have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NVIR 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, NVIR or PBOG?

PBOG is cheaper with a 0.13% expense ratio, compared with 0.85% for NVIR.

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

NVIR has the higher dividend yield at 0.78%, compared with 0.15% for PBOG.

What is the main difference between NVIR and PBOG?

They also come from different issuers: Horizon and Portfolio Building Blocks. Their fees differ too: 0.85% for NVIR and 0.13% for PBOG.