TPL vs. PBT

Last updated Aug 1, 2026

TPL (Texas Pacific Land Corporation) and PBT (Permian Basin Royalty Trust) are both stocks. Both are in the Energy sector — TPL in Oil & Gas E&P, PBT in Oil & Gas Midstream. Over the past 10 years, TPL returned 37.81%/yr vs 23.57%/yr for PBT. Their 0.18 correlation means their historical movements had little consistent relationship.

Performance

TPL vs. PBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Pacific Land Corporation (TPL) and Permian Basin Royalty Trust (PBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TPL achieves a 40.54% return, which is significantly lower than PBT's 75.82% return. Over the past 10 years, TPL has outperformed PBT with an annualized return of 37.81%, while PBT has yielded a comparatively lower 23.57% annualized return.

TPL

• 1D: 2.11%
• 1M: -1.13%
• 6M: 15.87%
• YTD: 40.54%
• 1Y: 30.01%
• 3Y*: 36.08%
• 5Y*: 20.85%
• 10Y*: 37.81%
• ALL TIME*: 20.00%

PBT

• 1D: -0.39%
• 1M: 19.57%
• 6M: 63.23%
• YTD: 75.82%
• 1Y: 127.41%
• 3Y*: 11.02%
• 5Y*: 45.95%
• 10Y*: 23.57%
• ALL TIME*: 12.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBT Permian Basin Royalty Trust	$3.31M	$2.81M	$4.19M
TPL Texas Pacific Land Corporation	$111.11M	$116.94M	$156.85M

TPL vs. PBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPL Texas Pacific Land Corporation	40.54%	-21.61%	115.31%	-32.40%	91.29%	73.25%	-4.69%	44.58%	21.96%	51.18%
PBT Permian Basin Royalty Trust	75.82%	56.75%	-16.91%	-42.84%	166.22%	218.45%	-7.68%	-29.15%	-28.11%	23.21%

Correlation

The correlation between TPL and PBT is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (3Y) Balances recent behavior with more history.	0.31
Correlation (5Y) Shows whether the relationship held over a longer period.	0.36
Correlation (10Y) Provides a long-term view across more market conditions.	0.31
Correlation (All Time) Calculated using the full available price history since Dec 31, 1987	0.18

The correlation between TPL and PBT shifts across timeframes, from 0.18 (all time) to 0.36 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap TPL : $27.77B PBT : $1.38B
EPS TPL : $7.30 PBT : $0.38
PE Ratio TPL : 55.17 PBT : 78.61
PEG Ratio TPL : 2.92 PBT : 1.05
PS Ratio TPL : 33.12 PBT : 70.47
Total Revenue (TTM) TPL : $839.03M PBT : $13.06M
Gross Profit (TTM) TPL : $625.27M PBT : $13.06M
EBITDA (TTM) TPL : $690.06M PBT : $11.70M

Return for Risk

TPL vs. PBT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TPL

TPL Risk / Return Rank: 62
TPL Sharpe Ratio Rank: 63
TPL Sortino Ratio Rank: 60
TPL Omega Ratio Rank: 60
TPL Calmar Ratio Rank: 62
TPL Martin Ratio Rank: 62

PBT

PBT Risk / Return Rank: 95
PBT Sharpe Ratio Rank: 97
PBT Sortino Ratio Rank: 95
PBT Omega Ratio Rank: 93
PBT Calmar Ratio Rank: 96
PBT Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TPL vs. PBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Pacific Land Corporation (TPL) and Permian Basin Royalty Trust (PBT). 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.

	TPL	PBT	Difference
Sharpe ratio: Return per unit of total volatility	0.54	2.85	-2.31
Sortino ratio: Return per unit of downside risk	1.04	3.55	-2.50
Omega ratio: Gain probability vs. loss probability	1.14	1.41	-0.28
Calmar ratio: Return relative to maximum drawdown	0.75	5.89	-5.14
Martin ratio: Return relative to average drawdown	1.62	14.86	-13.23

TPL vs. PBT - Sharpe Ratio Comparison

The current TPL Sharpe Ratio is 0.54, which is lower than the PBT Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of TPL and PBT, 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

TPL vs. PBT - Drawdown Comparison

The maximum TPL drawdown since its inception was -73.05%, smaller than the maximum PBT drawdown of -83.17%. Use the drawdown chart below to compare losses from any high point for TPL and PBT.

Drawdown Indicators

	TPL	PBT	Difference
Max Drawdown Largest peak-to-trough decline	-73.05%	-83.17%	+10.12%
Max Drawdown (1Y) Largest decline over 1 year	-34.23%	-21.46%	-12.77%
Max Drawdown (3Y) Largest decline over 3 years	-52.22%	-60.31%	+8.09%
Max Drawdown (5Y) Largest decline over 5 years	-52.50%	-65.05%	+12.55%
Max Drawdown (10Y) Largest decline over 10 years	-65.46%	-73.87%	+8.41%
Current Drawdown Current decline from peak	-29.50%	-4.21%	-25.29%
Average Drawdown Average peak-to-trough decline	-27.28%	-25.62%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.80%	8.48%	+7.32%

Volatility

TPL vs. PBT - Volatility Comparison

The current volatility for Texas Pacific Land Corporation (TPL) is 10.07%, while Permian Basin Royalty Trust (PBT) has a volatility of 12.43%. This indicates that TPL experiences smaller price fluctuations and is considered to be less risky than PBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPL	PBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.07%	12.43%	-2.36%
Volatility (6M) Calculated over the trailing 6-month period	37.29%	33.49%	+3.80%
Volatility (1Y) Calculated over the trailing 1-year period	47.83%	44.35%	+3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.29%	47.53%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.30%	42.96%	+4.34%

Dividends

TPL vs. PBT - Dividend Comparison

TPL's dividend yield for the trailing twelve months is around 0.56%, less than PBT's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBT Permian Basin Royalty Trust	1.34%	1.92%	4.92%	4.30%	4.56%	2.28%	7.10%	10.80%	11.20%	7.09%	5.38%	6.81%
TPL Texas Pacific Land Corporation	0.56%	0.74%	1.37%	0.83%	1.37%	0.88%	2.20%	0.22%	0.55%	0.30%	0.10%	0.22%

Financials

Frequently Asked Questions

Can I hold both TPL and PBT in my portfolio?

TPL and PBT have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TPL or PBT?

PBT has higher volatility (12.43%) compared to TPL (10.07%). In terms of maximum drawdown, TPL dropped -73.05% vs PBT's -83.17%.

Which has better risk-adjusted returns?

PBT currently has the higher Sharpe Ratio (2.85 vs 0.54), 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.