BGR vs PBR: Correlation
BlackRock Energy and Resources Trust (BGR) and Petroleo Brasileiro S.A. Petrobras (PBR) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGR and PBR?
Across a 3-year window, the weekly returns of BGR and PBR correlate at 0.60, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 389.9 %².
By 3-year correlation, PBR places #9 of the 19 assets tracked against BGR. Their recent paths diverged sharply: over the last 12 months PBR outperformed by 20.8 percentage points (+35.3% for BGR against +56.1% for PBR). Risk is not evenly split, since PBR carries 1.7 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BGR vs PBR: side by side
| BGR (BlackRock Energy and Resources Trust) | PBR (Petroleo Brasileiro S.A. Petrobras) | |
|---|---|---|
| 1-year return | +35.3% | +56.1% |
| 5-year return | +165.0% | +417.1% |
| Volatility (ann.) | 19.7% | 32.9% |
| Beta vs S&P 500 | 0.21 | -0.08 |
| Max drawdown (3Y) | -18.3% | -26.9% |
| Market cap | $0.4B | $117.6B |
| P/E (trailing) | 10.8 | 4.5 |
| Dividend yield | 6.86% | 20.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGR | PBR |
|---|---|---|
| 2022 | +38.9% | +57.2% |
| 2023 | +5.8% | +89.2% |
| 2024 | +8.1% | -2.3% |
| 2025 | +17.3% | -1.1% |
| 2026 | +30.7% | +60.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGR and PBR good diversifiers for each other?
Only partially. A correlation of 0.60 means BGR and PBR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BGR and PBR?
As of 2026-08-27, the correlation of weekly returns between BGR and PBR is 0.60 over 3 years, 0.65 over 1 year and 0.54 over 5 years.
Is PBR a good diversifier for BGR?
Only partially. A correlation of 0.60 means BGR and PBR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BGR correlations · PBR correlations
