PBT vs. CRT

Last updated Jun 5, 2026

PBT (Permian Basin Royalty Trust) and CRT (Cross Timbers Royalty Trust) are both stocks. Both are in the Energy sector — PBT in Oil & Gas Midstream, CRT in Oil & Gas E&P. Over the past 10 years, PBT returned 21.42%/yr vs 4.31%/yr for CRT. At a 0.27 correlation, their price movements are largely independent.

Performance

PBT vs. CRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Permian Basin Royalty Trust (PBT) and Cross Timbers Royalty Trust (CRT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBT achieves a 72.61% return, which is significantly higher than CRT's 38.60% return. Over the past 10 years, PBT has outperformed CRT with an annualized return of 21.42%, while CRT has yielded a comparatively lower 4.31% annualized return.

PBT

• 1D: 0.80%
• 1M: 25.42%
• YTD: 72.61%
• 6M: 58.80%
• 1Y: 172.34%
• 3Y*: 10.01%
• 5Y*: 50.63%
• 10Y*: 21.42%

CRT

• 1D: 0.14%
• 1M: 0.79%
• YTD: 38.60%
• 6M: 30.15%
• 1Y: 17.18%
• 3Y*: -15.41%
• 5Y*: 10.75%
• 10Y*: 4.31%

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

PBT vs. CRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBT Permian Basin Royalty Trust	72.61%	56.75%	-16.91%	-42.84%	166.22%	218.45%	-7.68%	-29.15%	-28.11%	23.21%
CRT Cross Timbers Royalty Trust	38.60%	-13.15%	-39.15%	-24.36%	145.90%	53.31%	5.38%	-13.04%	-17.93%	-12.70%

Correlation

The correlation between PBT and CRT is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Mar 2, 1992	0.27

The correlation between PBT and CRT shifts across timeframes, from 0.10 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS PBT : $0.33 CRT : $0.54
PE Ratio PBT : 87.03 CRT : 20.21
PEG Ratio PBT : 1.16 CRT : 27.29
PS Ratio PBT : 78.02 CRT : 14.43
Total Revenue (TTM) PBT : $13.06M CRT : $4.50M
Gross Profit (TTM) PBT : $13.06M CRT : $4.33M
EBITDA (TTM) PBT : $11.70M CRT : $3.36M

Return for Risk

PBT vs. CRT — Risk / Return Rank

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

PBT

PBT Risk / Return Rank: 96
PBT Sharpe Ratio Rank: 97
PBT Sortino Ratio Rank: 97
PBT Omega Ratio Rank: 95
PBT Calmar Ratio Rank: 97
PBT Martin Ratio Rank: 97

CRT

CRT Risk / Return Rank: 56
CRT Sharpe Ratio Rank: 61
CRT Sortino Ratio Rank: 55
CRT Omega Ratio Rank: 55
CRT Calmar Ratio Rank: 55
CRT Martin Ratio Rank: 55

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.

PBT vs. CRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permian Basin Royalty Trust (PBT) and Cross Timbers Royalty Trust (CRT). 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.

	PBT	CRT	Difference
Sharpe ratio: Return per unit of total volatility	4.13	0.57	+3.56
Sortino ratio: Return per unit of downside risk	4.59	1.05	+3.54
Omega ratio: Gain probability vs. loss probability	1.56	1.13	+0.43
Calmar ratio: Return relative to maximum drawdown	9.11	0.60	+8.51
Martin ratio: Return relative to average drawdown	25.68	1.28	+24.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBT vs. CRT - Sharpe Ratio Comparison

The current PBT Sharpe Ratio is 4.13, which is higher than the CRT Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of PBT and CRT, 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

	PBT	CRT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.13	0.57	+3.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.21	+0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.09	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.25	+0.09

Drawdowns

PBT vs. CRT - Drawdown Comparison

The maximum PBT drawdown since its inception was -83.17%, roughly equal to the maximum CRT drawdown of -83.57%. Use the drawdown chart below to compare losses from any high point for PBT and CRT.

Drawdown Indicators

	PBT	CRT	Difference
Max Drawdown Largest peak-to-trough decline	-83.17%	-83.57%	+0.40%
Max Drawdown (1Y) Largest decline over 1 year	-19.04%	-28.94%	+9.90%
Max Drawdown (3Y) Largest decline over 3 years	-62.52%	-67.06%	+4.54%
Max Drawdown (5Y) Largest decline over 5 years	-65.05%	-71.10%	+6.05%
Max Drawdown (10Y) Largest decline over 10 years	-73.87%	-71.10%	-2.77%
Current Drawdown Current decline from peak	-5.97%	-53.71%	+47.74%
Average Drawdown Average peak-to-trough decline	-25.68%	-29.40%	+3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.74%	13.48%	-6.74%

Volatility

PBT vs. CRT - Volatility Comparison

Permian Basin Royalty Trust (PBT) has a higher volatility of 21.66% compared to Cross Timbers Royalty Trust (CRT) at 5.76%. This indicates that PBT's price experiences larger fluctuations and is considered to be riskier than CRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBT	CRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.66%	5.76%	+15.90%
Volatility (6M) Calculated over the trailing 6-month period	31.07%	22.32%	+8.75%
Volatility (1Y) Calculated over the trailing 1-year period	42.05%	30.24%	+11.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.80%	50.47%	-2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.77%	46.01%	-3.24%

Dividends

PBT vs. CRT - Dividend Comparison

PBT's dividend yield for the trailing twelve months is around 1.22%, less than CRT's 4.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRT Cross Timbers Royalty Trust	4.82%	9.41%	9.56%	10.96%	7.69%	9.71%	9.45%	10.04%	13.06%	6.87%	5.90%	10.41%
PBT Permian Basin Royalty Trust	1.22%	1.92%	4.92%	4.30%	4.56%	2.28%	7.10%	10.80%	11.20%	7.09%	5.38%	6.81%

Financials

Frequently Asked Questions

Can I hold both PBT and CRT in my portfolio?

PBT and CRT have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBT or CRT?

PBT has higher volatility (21.66%) compared to CRT (5.76%). In terms of maximum drawdown, PBT dropped -83.17% vs CRT's -83.57%.

Which has better risk-adjusted returns?

PBT currently has the higher Sharpe Ratio (4.13 vs 0.57), 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.