PBT vs. XLE

Last updated Jun 23, 2026

PBT (Permian Basin Royalty Trust) is a stock, while XLE (State Street Energy Select Sector SPDR ETF) is Energy Equities fund tracking the Energy Select Sector Index. Over the past 10 years, PBT returned 19.91%/yr vs 9.29%/yr for XLE. At a 0.45 correlation, their price movements are largely independent.

Performance

PBT vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Permian Basin Royalty Trust (PBT) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBT achieves a 49.62% return, which is significantly higher than XLE's 22.58% return. Over the past 10 years, PBT has outperformed XLE with an annualized return of 19.91%, while XLE has yielded a comparatively lower 9.29% annualized return.

PBT

• 1D: 1.16%
• 1M: -18.49%
• YTD: 49.62%
• 6M: 46.97%
• 1Y: 115.71%
• 3Y*: 7.27%
• 5Y*: 41.52%
• 10Y*: 19.91%

XLE

• 1D: 1.26%
• 1M: -8.47%
• YTD: 22.58%
• 6M: 23.97%
• 1Y: 26.32%
• 3Y*: 15.44%
• 5Y*: 18.90%
• 10Y*: 9.29%

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

PBT vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBT Permian Basin Royalty Trust	49.62%	56.75%	-16.91%	-42.84%	166.22%	218.45%	-7.68%	-29.15%	-28.11%	23.21%
XLE State Street Energy Select Sector SPDR ETF	22.58%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between PBT and XLE is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Dec 22, 1998	0.45

The correlation between PBT and XLE has been stable across timeframes, ranging from 0.45 to 0.51 - a consistent structural relationship.

Return for Risk

PBT vs. XLE — 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

XLE

XLE Risk / Return Rank: 36
XLE Sharpe Ratio Rank: 36
XLE Sortino Ratio Rank: 34
XLE Omega Ratio Rank: 32
XLE Calmar Ratio Rank: 39
XLE Martin Ratio Rank: 38

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. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Permian Basin Royalty Trust (PBT) and State Street Energy Select Sector SPDR ETF (XLE). 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	XLE	Difference
Sharpe ratio: Return per unit of total volatility	2.70	1.26	+1.43
Sortino ratio: Return per unit of downside risk	3.42	1.75	+1.66
Omega ratio: Gain probability vs. loss probability	1.40	1.21	+0.19
Calmar ratio: Return relative to maximum drawdown	5.99	1.88	+4.11
Martin ratio: Return relative to average drawdown	16.02	5.70	+10.32

PBT vs. XLE - Sharpe Ratio Comparison

The current PBT Sharpe Ratio is 2.70, which is higher than the XLE Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of PBT and XLE, 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. XLE - Drawdown Comparison

The maximum PBT drawdown since its inception was -83.17%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for PBT and XLE.

Drawdown Indicators

	PBT	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-83.17%	-71.26%	-11.91%
Max Drawdown (1Y) Largest decline over 1 year	-19.42%	-14.05%	-5.37%
Max Drawdown (3Y) Largest decline over 3 years	-62.52%	-20.14%	-42.38%
Max Drawdown (5Y) Largest decline over 5 years	-65.05%	-26.04%	-39.01%
Max Drawdown (10Y) Largest decline over 10 years	-73.87%	-66.81%	-7.06%
Current Drawdown Current decline from peak	-18.49%	-12.96%	-5.53%
Average Drawdown Average peak-to-trough decline	-25.66%	-17.97%	-7.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.25%	4.66%	+2.59%

Volatility

PBT vs. XLE - Volatility Comparison

Permian Basin Royalty Trust (PBT) has a higher volatility of 16.17% compared to State Street Energy Select Sector SPDR ETF (XLE) at 7.06%. This indicates that PBT's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBT	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.17%	7.06%	+9.11%
Volatility (6M) Calculated over the trailing 6-month period	31.82%	16.89%	+14.93%
Volatility (1Y) Calculated over the trailing 1-year period	43.23%	20.96%	+22.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.75%	25.98%	+21.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.86%	29.62%	+13.24%

Dividends

PBT vs. XLE - Dividend Comparison

PBT's dividend yield for the trailing twelve months is around 1.41%, less than XLE's 3.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBT Permian Basin Royalty Trust	1.41%	1.92%	4.92%	4.30%	4.56%	2.28%	7.10%	10.80%	11.20%	7.09%	5.38%	6.81%
XLE State Street Energy Select Sector SPDR ETF	3.47%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both PBT and XLE in my portfolio?

PBT and XLE have a correlation of 0.50, 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 XLE?

PBT has higher volatility (16.17%) compared to XLE (7.06%). In terms of maximum drawdown, PBT dropped -83.17% vs XLE's -71.26%.

Which has better risk-adjusted returns?

PBT currently has the higher Sharpe Ratio (2.70 vs 1.26), 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.