PBT vs. GECC

Last updated Jun 24, 2026

PBT (Permian Basin Royalty Trust) and GECC (Great Elm Capital Corp.) are both stocks. PBT operates in Oil & Gas Midstream (Energy), while GECC operates in Asset Management (Financial Services). Over the past 5 years, PBT returned 42.01%/yr vs -9.76%/yr for GECC. At a 0.06 correlation, their price movements are largely independent.

Performance

PBT vs. GECC - Performance Comparison

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

Returns By Period

In the year-to-date period, PBT achieves a 51.40% return, which is significantly higher than GECC's -10.06% return.

PBT

• 1D: 1.19%
• 1M: -17.52%
• YTD: 51.40%
• 6M: 49.93%
• 1Y: 116.28%
• 3Y*: 7.69%
• 5Y*: 42.01%
• 10Y*: 20.05%

GECC

• 1D: 2.60%
• 1M: 5.01%
• YTD: -10.06%
• 6M: -7.09%
• 1Y: -33.33%
• 3Y*: 6.39%
• 5Y*: -9.76%
• 10Y*: —

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

PBT vs. GECC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBT Permian Basin Royalty Trust	51.40%	56.75%	-16.91%	-42.84%	166.22%	218.45%	-7.68%	-29.15%	-28.11%	23.21%
GECC Great Elm Capital Corp.	-10.06%	-25.44%	18.85%	50.81%	-47.39%	-4.46%	-36.93%	12.30%	-11.10%	-7.41%

Correlation

The correlation between PBT and GECC is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Nov 4, 2016	0.06

Fundamentals

EPS PBT : $0.33 GECC : -$2.16
PS Ratio PBT : 68.43 GECC : 1.82
Total Revenue (TTM) PBT : $13.06M GECC : $37.98M
Gross Profit (TTM) PBT : $13.06M GECC : $32.17M
EBITDA (TTM) PBT : $11.70M GECC : -$7.56M

Return for Risk

PBT vs. GECC — Risk / Return Rank

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

PBT

PBT Risk / Return Rank: 93
PBT Sharpe Ratio Rank: 94
PBT Sortino Ratio Rank: 92
PBT Omega Ratio Rank: 89
PBT Calmar Ratio Rank: 94
PBT Martin Ratio Rank: 94

GECC

GECC Risk / Return Rank: 15
GECC Sharpe Ratio Rank: 9
GECC Sortino Ratio Rank: 12
GECC Omega Ratio Rank: 11
GECC Calmar Ratio Rank: 19
GECC Martin Ratio Rank: 22

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. GECC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permian Basin Royalty Trust (PBT) and Great Elm Capital Corp. (GECC). 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.

	PBT	GECC	Difference
Sharpe ratio: Return per unit of total volatility	2.71	-0.83	+3.54
Sortino ratio: Return per unit of downside risk	3.43	-1.00	+4.43
Omega ratio: Gain probability vs. loss probability	1.41	0.86	+0.55
Calmar ratio: Return relative to maximum drawdown	6.02	-0.62	+6.64
Martin ratio: Return relative to average drawdown	15.92	-0.97	+16.89

PBT vs. GECC - Sharpe Ratio Comparison

The current PBT Sharpe Ratio is 2.71, which is higher than the GECC Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of PBT and GECC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBT vs. GECC - Drawdown Comparison

The maximum PBT drawdown since its inception was -83.17%, which is greater than GECC's maximum drawdown of -74.01%. Use the drawdown chart below to compare losses from any high point for PBT and GECC.

Drawdown Indicators

	PBT	GECC	Difference
Max Drawdown Largest peak-to-trough decline	-83.17%	-74.01%	-9.16%
Max Drawdown (1Y) Largest decline over 1 year	-19.42%	-53.97%	+34.55%
Max Drawdown (3Y) Largest decline over 3 years	-62.52%	-53.97%	-8.55%
Max Drawdown (5Y) Largest decline over 5 years	-65.05%	-56.35%	-8.70%
Max Drawdown (10Y) Largest decline over 10 years	-73.87%	—	—
Current Drawdown Current decline from peak	-17.52%	-66.23%	+48.71%
Average Drawdown Average peak-to-trough decline	-25.66%	-40.48%	+14.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.33%	34.25%	-26.92%

Volatility

PBT vs. GECC - Volatility Comparison

Permian Basin Royalty Trust (PBT) has a higher volatility of 16.21% compared to Great Elm Capital Corp. (GECC) at 13.31%. This indicates that PBT's price experiences larger fluctuations and is considered to be riskier than GECC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBT	GECC	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.21%	13.31%	+2.90%
Volatility (6M) Calculated over the trailing 6-month period	31.80%	30.57%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	43.15%	40.44%	+2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.73%	30.66%	+17.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.86%	37.02%	+5.84%

Dividends

PBT vs. GECC - Dividend Comparison

PBT's dividend yield for the trailing twelve months is around 1.39%, less than GECC's 27.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GECC Great Elm Capital Corp.	27.52%	21.01%	13.19%	14.09%	23.52%	12.99%	31.60%	13.44%	12.69%	10.12%	1.42%	0.00%
PBT Permian Basin Royalty Trust	1.39%	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 GECC in my portfolio?

PBT and GECC have a correlation of -0.02, 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 GECC?

PBT has higher volatility (16.21%) compared to GECC (13.31%). In terms of maximum drawdown, PBT dropped -83.17% vs GECC's -74.01%.

Which has better risk-adjusted returns?

PBT currently has the higher Sharpe Ratio (2.71 vs -0.83), 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.