PBR vs. VALE

Last updated Jun 3, 2026

PBR (Petróleo Brasileiro S.A. - Petrobras) and VALE (Vale S.A.) are both stocks. PBR operates in Oil & Gas Integrated (Energy), while VALE operates in Other Industrial Metals & Mining (Basic Materials). Over the past 10 years, PBR returned 23.74%/yr vs 21.84%/yr for VALE. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

PBR vs. VALE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Petróleo Brasileiro S.A. - Petrobras (PBR) and Vale S.A. (VALE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBR achieves a 58.90% return, which is significantly higher than VALE's 29.09% return. Over the past 10 years, PBR has outperformed VALE with an annualized return of 23.74%, while VALE has yielded a comparatively lower 21.84% annualized return.

PBR

• 1D: -0.74%
• 1M: -14.52%
• YTD: 58.90%
• 6M: 52.46%
• 1Y: 72.27%
• 3Y*: 26.96%
• 5Y*: 33.44%
• 10Y*: 23.74%

VALE

• 1D: 3.19%
• 1M: 3.96%
• YTD: 29.09%
• 6M: 32.82%
• 1Y: 90.96%
• 3Y*: 16.06%
• 5Y*: 3.79%
• 10Y*: 21.84%

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

PBR vs. VALE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBR Petróleo Brasileiro S.A. - Petrobras	58.90%	-1.01%	-8.38%	71.48%	47.76%	20.44%	-28.83%	24.65%	27.68%	1.78%
VALE Vale S.A.	29.09%	60.70%	-38.83%	1.57%	32.54%	-1.45%	32.40%	2.72%	12.25%	68.03%

Correlation

The correlation between PBR and VALE is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Mar 22, 2002	0.62

Over the past year, the correlation between PBR and VALE has dropped to 0.18 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

Fundamentals

Market Cap PBR : $120.64B VALE : $71.90B
EPS PBR : $3.16 VALE : $0.65
PE Ratio PBR : 5.93 VALE : 25.74
PS Ratio PBR : 1.29 VALE : 1.82
PB Ratio PBR : 1.42 VALE : 1.96
Total Revenue (TTM) PBR : $93.27B VALE : $39.53B
Gross Profit (TTM) PBR : $43.47B VALE : $13.65B
EBITDA (TTM) PBR : $41.03B VALE : $14.33B

Return for Risk

PBR vs. VALE — Risk / Return Rank

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

PBR

PBR Risk / Return Rank: 88
PBR Sharpe Ratio Rank: 90
PBR Sortino Ratio Rank: 87
PBR Omega Ratio Rank: 86
PBR Calmar Ratio Rank: 91
PBR Martin Ratio Rank: 88

VALE

VALE Risk / Return Rank: 92
VALE Sharpe Ratio Rank: 94
VALE Sortino Ratio Rank: 91
VALE Omega Ratio Rank: 91
VALE Calmar Ratio Rank: 90
VALE Martin Ratio Rank: 94

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.

PBR vs. VALE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Petróleo Brasileiro S.A. - Petrobras (PBR) and Vale S.A. (VALE). 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.

	PBR	VALE	Difference
Sharpe ratio Return per unit of total volatility	2.30	2.93	-0.63
Sortino ratio Return per unit of downside risk	2.92	3.45	-0.53
Omega ratio Gain probability vs. loss probability	1.38	1.46	-0.08
Calmar ratio Return relative to maximum drawdown	4.88	4.73	+0.15
Martin ratio Return relative to average drawdown	10.89	17.06	-6.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBR vs. VALE - Sharpe Ratio Comparison

The current PBR Sharpe Ratio is 2.30, which is comparable to the VALE Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of PBR and VALE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBR	VALE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.93	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	0.11	+0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.53	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.31	-0.12

Drawdowns

PBR vs. VALE - Drawdown Comparison

The maximum PBR drawdown since its inception was -95.62%, roughly equal to the maximum VALE drawdown of -92.78%. Use the drawdown chart below to compare losses from any high point for PBR and VALE.

Drawdown Indicators

	PBR	VALE	Difference
Max Drawdown Largest peak-to-trough decline	-95.62%	-92.78%	-2.84%
Max Drawdown (1Y) Largest decline over 1 year	-15.02%	-19.85%	+4.83%
Max Drawdown (3Y) Largest decline over 3 years	-28.24%	-41.94%	+13.70%
Max Drawdown (5Y) Largest decline over 5 years	-39.62%	-49.79%	+10.17%
Max Drawdown (10Y) Largest decline over 10 years	-75.13%	-57.60%	-17.53%
Current Drawdown Current decline from peak	-22.58%	-5.61%	-16.97%
Average Drawdown Average peak-to-trough decline	-52.74%	-36.73%	-16.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.73%	5.50%	+1.23%

Volatility

PBR vs. VALE - Volatility Comparison

Petróleo Brasileiro S.A. - Petrobras (PBR) has a higher volatility of 9.16% compared to Vale S.A. (VALE) at 8.03%. This indicates that PBR's price experiences larger fluctuations and is considered to be riskier than VALE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBR	VALE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	8.03%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	24.99%	26.05%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	31.62%	31.22%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.90%	35.36%	+2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.11%	40.98%	+6.13%

Dividends

PBR vs. VALE - Dividend Comparison

PBR's dividend yield for the trailing twelve months is around 4.46%, more than VALE's 3.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBR Petróleo Brasileiro S.A. - Petrobras	4.46%	7.10%	14.73%	10.91%	55.64%	18.95%	0.84%	1.59%	1.03%	0.00%	0.00%	0.00%
VALE Vale S.A.	3.42%	7.29%	11.41%	7.75%	8.63%	19.70%	2.72%	2.63%	4.16%	3.77%	1.06%	7.48%

Financials

PBR vs. VALE - Profitability Comparison

The chart below illustrates the profitability comparison between Petróleo Brasileiro S.A. - Petrobras and Vale S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

VALE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Vale S.A. reported a gross profit of 3.06B and revenue of 9.26B. Therefore, the gross margin over that period was 33.0%.

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%.

VALE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Vale S.A. reported an operating income of 2.67B and revenue of 9.26B, resulting in an operating margin of 28.8%.

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%.

VALE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Vale S.A. reported a net income of 1.89B and revenue of 9.26B, resulting in a net margin of 20.5%.

Frequently Asked Questions

Can I hold both PBR and VALE in my portfolio?

PBR and VALE have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBR or VALE?

PBR has higher volatility (9.16%) compared to VALE (8.03%). In terms of maximum drawdown, PBR dropped -95.62% vs VALE's -92.78%.

Which has better risk-adjusted returns?

VALE currently has the higher Sharpe Ratio (2.93 vs 2.30), 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.