PBT vs. DMLP

Last updated Apr 1, 2026

Compare and contrast key facts about Permian Basin Royalty Trust (PBT) and Dorchester Minerals, L.P. (DMLP).

Performance

PBT vs. DMLP - Performance Comparison

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

PBT vs. DMLP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBT Permian Basin Royalty Trust	27.17%	56.75%	-16.91%	-42.84%	166.22%	218.45%	-7.68%	-29.15%	-28.11%	23.21%
DMLP Dorchester Minerals, L.P.	24.91%	-25.92%	16.59%	18.99%	71.68%	98.93%	-37.39%	48.52%	6.12%	-6.93%

Fundamentals

EPS PBT : $0.31 DMLP : $1.14
PE Ratio PBT : 70.14 DMLP : 23.84
PS Ratio PBT : 62.19 DMLP : 8.54
Total Revenue (TTM) PBT : $16.13M DMLP : $150.69M
Gross Profit (TTM) PBT : $16.13M DMLP : $85.68M
EBITDA (TTM) PBT : $14.30M DMLP : $121.82M

Returns By Period

In the year-to-date period, PBT achieves a 27.17% return, which is significantly higher than DMLP's 24.91% return. Both investments have delivered pretty close results over the past 10 years, with PBT having a 20.01% annualized return and DMLP not far ahead at 20.98%.

PBT

• 1D: -1.19%
• 1M: 8.80%
• YTD: 27.17%
• 6M: 18.80%
• 1Y: 121.69%
• 3Y*: -0.89%
• 5Y*: 44.88%
• 10Y*: 20.01%

DMLP

• 1D: -2.80%
• 1M: 4.27%
• YTD: 24.91%
• 6M: 10.91%
• 1Y: 0.12%
• 3Y*: 7.23%
• 5Y*: 27.02%
• 10Y*: 20.98%

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

Return for Risk

PBT vs. DMLP — 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: 96
PBT Omega Ratio Rank: 94
PBT Calmar Ratio Rank: 96
PBT Martin Ratio Rank: 96

DMLP

DMLP Risk / Return Rank: 39
DMLP Sharpe Ratio Rank: 42
DMLP Sortino Ratio Rank: 35
DMLP Omega Ratio Rank: 34
DMLP Calmar Ratio Rank: 42
DMLP Martin Ratio Rank: 42

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. DMLP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permian Basin Royalty Trust (PBT) and Dorchester Minerals, L.P. (DMLP). 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	DMLP	Difference
Sharpe ratio Return per unit of total volatility	3.26	0.00	+3.25
Sortino ratio Return per unit of downside risk	3.85	0.18	+3.67
Omega ratio Gain probability vs. loss probability	1.48	1.02	+0.45
Calmar ratio Return relative to maximum drawdown	6.34	0.01	+6.33
Martin ratio Return relative to average drawdown	17.63	0.02	+17.61
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. DMLP - Sharpe Ratio Comparison

The current PBT Sharpe Ratio is 3.26, which is higher than the DMLP Sharpe Ratio of 0.00. The chart below compares the historical Sharpe Ratios of PBT and DMLP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PBT	DMLP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	0.00	+3.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	0.90	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.65	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.37	-0.05

Correlation

The correlation between PBT and DMLP is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PBT vs. DMLP - Dividend Comparison

PBT's dividend yield for the trailing twelve months is around 1.56%, less than DMLP's 10.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBT Permian Basin Royalty Trust	1.56%	1.92%	4.92%	4.30%	4.56%	2.28%	7.10%	10.80%	11.20%	7.09%	5.38%	6.81%
DMLP Dorchester Minerals, L.P.	10.30%	12.41%	10.46%	10.67%	11.68%	7.75%	12.75%	10.32%	11.87%	7.60%	4.88%	11.67%

Drawdowns

PBT vs. DMLP - Drawdown Comparison

The maximum PBT drawdown since its inception was -83.17%, which is greater than DMLP's maximum drawdown of -72.35%. Use the drawdown chart below to compare losses from any high point for PBT and DMLP.

Drawdown Indicators

	PBT	DMLP	Difference
Max Drawdown Largest peak-to-trough decline	-83.17%	-72.35%	-10.82%
Max Drawdown (1Y) Largest decline over 1 year	-19.04%	-24.52%	+5.48%
Max Drawdown (5Y) Largest decline over 5 years	-65.05%	-32.31%	-32.74%
Max Drawdown (10Y) Largest decline over 10 years	-73.87%	-56.80%	-17.07%
Current Drawdown Current decline from peak	-12.85%	-11.07%	-1.78%
Average Drawdown Average peak-to-trough decline	-25.76%	-19.91%	-5.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.85%	12.28%	-5.43%

Volatility

PBT vs. DMLP - Volatility Comparison

Permian Basin Royalty Trust (PBT) has a higher volatility of 11.09% compared to Dorchester Minerals, L.P. (DMLP) at 6.04%. This indicates that PBT's price experiences larger fluctuations and is considered to be riskier than DMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBT	DMLP	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.09%	6.04%	+5.05%
Volatility (6M) Calculated over the trailing 6-month period	26.94%	17.67%	+9.27%
Volatility (1Y) Calculated over the trailing 1-year period	37.59%	24.39%	+13.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.86%	30.13%	+16.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.31%	32.22%	+10.09%

Financials

PBT vs. DMLP - Profitability Comparison

The chart below illustrates the profitability comparison between Permian Basin Royalty Trust and Dorchester Minerals, L.P. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PBT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Permian Basin Royalty Trust reported a gross profit of 2.68M and revenue of 2.68M. Therefore, the gross margin over that period was 100.0%.

DMLP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Dorchester Minerals, L.P. reported a gross profit of 31.09M and revenue of 35.42M. Therefore, the gross margin over that period was 87.8%.

PBT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Permian Basin Royalty Trust reported an operating income of 2.44M and revenue of 2.68M, resulting in an operating margin of 91.3%.

DMLP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Dorchester Minerals, L.P. reported an operating income of 28.16M and revenue of 35.42M, resulting in an operating margin of 79.5%.

PBT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Permian Basin Royalty Trust reported a net income of 2.44M and revenue of 2.68M, resulting in a net margin of 91.3%.

DMLP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Dorchester Minerals, L.P. reported a net income of 10.77M and revenue of 35.42M, resulting in a net margin of 30.4%.