TEXX vs. PBOG

Last updated Jun 6, 2026

TEXX (Horizon Kinetics Texas ETF) and PBOG (Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF) are both exchange-traded funds - TEXX is a Energy Equities fund actively managed by Horizon Kinetics, while PBOG is a Oil & Gas fund tracking the BITA Global Oil & Gas Select Index. TEXX is actively managed, while PBOG is passively managed. A 0.69 correlation means they provide meaningful diversification when combined. TEXX charges 0.85%/yr vs 0.13%/yr for PBOG.

Performance

TEXX vs. PBOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Texas ETF (TEXX) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TEXX

• 1D: -2.36%
• 1M: 0.99%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBOG

• 1D: -2.19%
• 1M: -0.58%
• YTD: 28.86%
• 6M: 27.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TEXX vs. PBOG - Yearly Performance Comparison

	2026 (YTD)
TEXX Horizon Kinetics Texas ETF	12.44%
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	21.98%

Correlation

The correlation between TEXX and PBOG is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 23, 2026	0.69

Return for Risk

TEXX vs. PBOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Texas ETF (TEXX) and Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF (PBOG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TEXX	PBOG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.26	2.87	-0.62

Drawdowns

TEXX vs. PBOG - Drawdown Comparison

The maximum TEXX drawdown since its inception was -4.97%, smaller than the maximum PBOG drawdown of -11.45%. Use the drawdown chart below to compare losses from any high point for TEXX and PBOG.

Drawdown Indicators

	TEXX	PBOG	Difference
Max Drawdown Largest peak-to-trough decline	-4.97%	-11.45%	+6.48%
Current Drawdown Current decline from peak	-3.28%	-9.18%	+5.90%
Average Drawdown Average peak-to-trough decline	-1.55%	-3.18%	+1.63%

Volatility

Volatility by Period

	TEXX	PBOG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	16.66%	23.74%	-7.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.66%	23.74%	-7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.66%	23.74%	-7.08%

TEXX vs. PBOG - Expense Ratio Comparison

TEXX has a 0.85% expense ratio, which is higher than PBOG's 0.13% expense ratio.

Dividends

TEXX vs. PBOG - Dividend Comparison

TEXX has not paid dividends to shareholders, while PBOG's dividend yield for the trailing twelve months is around 0.13%.

Position	TTM	2025
PBOG Portfolio Building Block Integrated Oil & Gas and Exploration & Production Index ETF	0.13%	0.17%
TEXX Horizon Kinetics Texas ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEXX and PBOG in my portfolio?

TEXX and PBOG have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEXX or PBOG?

On fees, PBOG is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TEXX or PBOG?

PBOG is cheaper with a 0.13% expense ratio, compared with 0.85% for TEXX.

Which ETF pays a higher dividend yield, TEXX or PBOG?

PBOG has the higher dividend yield at 0.13%, compared with 0.00% for TEXX.

What is the main difference between TEXX and PBOG?

TEXX is categorized as Energy Equities, while PBOG is Oil & Gas. They also come from different issuers: Horizon Kinetics and Portfolio Building Blocks. Their fees differ too: 0.85% for TEXX and 0.13% for PBOG.