VOC vs. BSM

Last updated Apr 2, 2026

Compare and contrast key facts about VOC Energy Trust (VOC) and Black Stone Minerals, L.P. (BSM).

Performance

VOC vs. BSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VOC Energy Trust (VOC) and Black Stone Minerals, L.P. (BSM). The values are adjusted to include any dividend payments, if applicable.

VOC vs. BSM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOC VOC Energy Trust	25.96%	-35.74%	-24.87%	-23.37%	161.55%	138.08%	-47.61%	45.58%	-30.78%	108.09%
BSM Black Stone Minerals, L.P.	12.75%	0.56%	1.47%	5.85%	80.82%	67.42%	-42.97%	-9.53%	-7.04%	2.49%

Fundamentals

EPS VOC : $0.51 BSM : $1.38
PE Ratio VOC : 6.53 BSM : 10.62
PEG Ratio VOC : 0.12 BSM : 0.30
PS Ratio VOC : 5.73 BSM : 8.06
Total Revenue (TTM) VOC : $9.78M BSM : $395.04M
Gross Profit (TTM) VOC : $9.78M BSM : $296.51M
EBITDA (TTM) VOC : $16.90M BSM : $323.06M

Returns By Period

In the year-to-date period, VOC achieves a 25.96% return, which is significantly higher than BSM's 12.75% return. Over the past 10 years, VOC has outperformed BSM with an annualized return of 15.15%, while BSM has yielded a comparatively lower 9.95% annualized return.

VOC

• 1D: -4.62%
• 1M: -5.98%
• YTD: 25.96%
• 6M: 20.69%
• 1Y: 20.34%
• 3Y*: -17.00%
• 5Y*: 12.71%
• 10Y*: 15.15%

BSM

• 1D: -2.84%
• 1M: -3.55%
• YTD: 12.75%
• 6M: 15.61%
• 1Y: 5.45%
• 3Y*: 8.36%
• 5Y*: 21.52%
• 10Y*: 9.95%

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

Return for Risk

VOC vs. BSM — Risk / Return Rank

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

VOC

VOC Risk / Return Rank: 56
VOC Sharpe Ratio Rank: 56
VOC Sortino Ratio Rank: 53
VOC Omega Ratio Rank: 52
VOC Calmar Ratio Rank: 61
VOC Martin Ratio Rank: 59

BSM

BSM Risk / Return Rank: 45
BSM Sharpe Ratio Rank: 49
BSM Sortino Ratio Rank: 40
BSM Omega Ratio Rank: 40
BSM Calmar Ratio Rank: 48
BSM Martin Ratio Rank: 48

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.

VOC vs. BSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VOC Energy Trust (VOC) and Black Stone Minerals, L.P. (BSM). 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.

	VOC	BSM	Difference
Sharpe ratio Return per unit of total volatility	0.43	0.23	+0.20
Sortino ratio Return per unit of downside risk	0.99	0.48	+0.51
Omega ratio Gain probability vs. loss probability	1.12	1.06	+0.06
Calmar ratio Return relative to maximum drawdown	0.94	0.29	+0.65
Martin ratio Return relative to average drawdown	1.92	0.59	+1.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOC vs. BSM - Sharpe Ratio Comparison

The current VOC Sharpe Ratio is 0.43, which is higher than the BSM Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of VOC and BSM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VOC	BSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	0.23	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	0.81	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.31	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.21	-0.23

Correlation

The correlation between VOC and BSM is 0.31, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VOC vs. BSM - Dividend Comparison

VOC's dividend yield for the trailing twelve months is around 13.33%, more than BSM's 8.68% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOC VOC Energy Trust	13.33%	16.11%	15.27%	12.43%	12.30%	10.87%	10.14%	15.01%	19.67%	8.36%	8.96%	19.11%
BSM Black Stone Minerals, L.P.	8.68%	10.16%	10.96%	11.90%	9.13%	8.23%	10.18%	11.64%	8.61%	6.69%	5.86%	2.94%

Drawdowns

VOC vs. BSM - Drawdown Comparison

The maximum VOC drawdown since its inception was -87.00%, which is greater than BSM's maximum drawdown of -75.58%. Use the drawdown chart below to compare losses from any high point for VOC and BSM.

Drawdown Indicators

	VOC	BSM	Difference
Max Drawdown Largest peak-to-trough decline	-87.00%	-75.58%	-11.42%
Max Drawdown (1Y) Largest decline over 1 year	-21.62%	-19.66%	-1.96%
Max Drawdown (5Y) Largest decline over 5 years	-75.56%	-25.52%	-50.04%
Max Drawdown (10Y) Largest decline over 10 years	-78.42%	-75.58%	-2.84%
Current Drawdown Current decline from peak	-63.09%	-4.86%	-58.23%
Average Drawdown Average peak-to-trough decline	-47.84%	-16.52%	-31.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.57%	9.76%	+0.81%

Volatility

VOC vs. BSM - Volatility Comparison

VOC Energy Trust (VOC) has a higher volatility of 17.94% compared to Black Stone Minerals, L.P. (BSM) at 5.71%. This indicates that VOC's price experiences larger fluctuations and is considered to be riskier than BSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOC	BSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.94%	5.71%	+12.23%
Volatility (6M) Calculated over the trailing 6-month period	31.24%	14.68%	+16.56%
Volatility (1Y) Calculated over the trailing 1-year period	47.20%	23.75%	+23.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.22%	26.77%	+22.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.67%	31.68%	+22.99%

Financials

VOC vs. BSM - Profitability Comparison

The chart below illustrates the profitability comparison between VOC Energy Trust and Black Stone Minerals, L.P. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

VOC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, VOC Energy Trust reported a gross profit of 2.16M and revenue of 2.16M. Therefore, the gross margin over that period was 100.0%.

BSM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Black Stone Minerals, L.P. reported a gross profit of 65.41M and revenue of 95.18M. Therefore, the gross margin over that period was 68.7%.

VOC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, VOC Energy Trust reported an operating income of 1.87M and revenue of 2.16M, resulting in an operating margin of 86.7%.

BSM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Black Stone Minerals, L.P. reported an operating income of 51.33M and revenue of 95.18M, resulting in an operating margin of 53.9%.

VOC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, VOC Energy Trust reported a net income of 1.87M and revenue of 2.16M, resulting in a net margin of 86.7%.

BSM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Black Stone Minerals, L.P. reported a net income of 72.23M and revenue of 95.18M, resulting in a net margin of 75.9%.