PEO vs. UTG

Last updated Jun 24, 2026

PEO (Adams Natural Resources Closed Fund) is Energy Equities fund actively managed by Adams Funds, while UTG (Reaves Utility Income Trust) is a stock. Over the past 10 years, PEO returned 9.52%/yr vs 10.67%/yr for UTG. At a 0.33 correlation, their price movements are largely independent.

Performance

PEO vs. UTG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adams Natural Resources Closed Fund (PEO) and Reaves Utility Income Trust (UTG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PEO having a 18.52% return and UTG slightly higher at 18.90%. Over the past 10 years, PEO has underperformed UTG with an annualized return of 9.52%, while UTG has yielded a comparatively higher 10.67% annualized return.

PEO

• 1D: 0.77%
• 1M: -6.32%
• YTD: 18.52%
• 6M: 18.19%
• 1Y: 24.20%
• 3Y*: 17.64%
• 5Y*: 17.01%
• 10Y*: 9.52%

UTG

• 1D: -0.23%
• 1M: 0.27%
• YTD: 18.90%
• 6M: 19.91%
• 1Y: 27.50%
• 3Y*: 25.02%
• 5Y*: 12.24%
• 10Y*: 10.67%

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

PEO vs. UTG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PEO Adams Natural Resources Closed Fund	18.52%	9.98%	13.58%	0.91%	41.77%	53.75%	-26.37%	20.96%	-23.11%	4.65%
UTG Reaves Utility Income Trust	18.90%	23.24%	28.10%	2.84%	-13.38%	14.26%	-5.25%	33.65%	1.84%	6.74%

Correlation

The correlation between PEO and UTG 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	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Feb 25, 2004	0.33

Over the past year, the correlation between PEO and UTG has dropped to 0.02 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Return for Risk

PEO vs. UTG — Risk / Return Rank

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

PEO

PEO Risk / Return Rank: 27
PEO Sharpe Ratio Rank: 27
PEO Sortino Ratio Rank: 23
PEO Omega Ratio Rank: 25
PEO Calmar Ratio Rank: 33
PEO Martin Ratio Rank: 29

UTG

UTG Risk / Return Rank: 79
UTG Sharpe Ratio Rank: 84
UTG Sortino Ratio Rank: 78
UTG Omega Ratio Rank: 78
UTG Calmar Ratio Rank: 79
UTG Martin Ratio Rank: 77

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.

PEO vs. UTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adams Natural Resources Closed Fund (PEO) and Reaves Utility Income Trust (UTG). 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.

	PEO	UTG	Difference
Sharpe ratio: Return per unit of total volatility	1.38	1.61	-0.22
Sortino ratio: Return per unit of downside risk	1.88	2.09	-0.22
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.03
Calmar ratio: Return relative to maximum drawdown	2.04	2.38	-0.35
Martin ratio: Return relative to average drawdown	6.31	5.17	+1.14

PEO vs. UTG - Sharpe Ratio Comparison

The current PEO Sharpe Ratio is 1.38, which is comparable to the UTG Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of PEO and UTG, 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

PEO vs. UTG - Drawdown Comparison

The maximum PEO drawdown since its inception was -71.88%, which is greater than UTG's maximum drawdown of -67.77%. Use the drawdown chart below to compare losses from any high point for PEO and UTG.

Drawdown Indicators

	PEO	UTG	Difference
Max Drawdown Largest peak-to-trough decline	-71.88%	-67.77%	-4.11%
Max Drawdown (1Y) Largest decline over 1 year	-11.93%	-11.59%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-18.86%	-15.03%	-3.83%
Max Drawdown (5Y) Largest decline over 5 years	-24.30%	-26.54%	+2.24%
Max Drawdown (10Y) Largest decline over 10 years	-67.74%	-47.91%	-19.83%
Current Drawdown Current decline from peak	-10.96%	-1.82%	-9.14%
Average Drawdown Average peak-to-trough decline	-15.31%	-8.73%	-6.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	5.33%	-1.48%

Volatility

PEO vs. UTG - Volatility Comparison

The current volatility for Adams Natural Resources Closed Fund (PEO) is 5.41%, while Reaves Utility Income Trust (UTG) has a volatility of 5.85%. This indicates that PEO experiences smaller price fluctuations and is considered to be less risky than UTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEO	UTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	5.85%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	14.73%	13.30%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	17.29%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.37%	16.95%	+6.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.33%	21.64%	+5.69%

Dividends

PEO vs. UTG - Dividend Comparison

PEO's dividend yield for the trailing twelve months is around 8.12%, more than UTG's 5.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEO Adams Natural Resources Closed Fund	8.12%	9.43%	8.14%	6.54%	7.48%	5.51%	6.42%	6.68%	5.63%	5.95%	5.65%	7.78%
UTG Reaves Utility Income Trust	5.65%	6.42%	7.19%	8.53%	8.07%	6.35%	6.59%	5.69%	6.86%	6.21%	9.02%	6.86%

Frequently Asked Questions

Can I hold both PEO and UTG in my portfolio?

PEO and UTG 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, PEO or UTG?

UTG has higher volatility (5.85%) compared to PEO (5.41%). In terms of maximum drawdown, PEO dropped -71.88% vs UTG's -67.77%.

Which has better risk-adjusted returns?

UTG currently has the higher Sharpe Ratio (1.61 vs 1.38), 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.