GJT vs PBT: Correlation
How closely do Synthetic Fixed-Income Securities, Inc. Floating Rate (GJT) and Permian Basin Royalty Trust (PBT) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GJT and PBT?
Over the past 3 years, GJT and PBT moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.26 over 3 years. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -74.2 %².
PBT is close to the least connected end of GJT's tracked universe, ranking #17 of 20. Their recent paths diverged sharply: over the last 12 months PBT outperformed by 99.8 percentage points (+8.6% for GJT against +108.4% for PBT). One caveat on sizing: PBT is 5.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GJT vs PBT: side by side
| GJT (Synthetic Fixed-Income Securities, Inc. Floating Rate) | PBT (Permian Basin Royalty Trust) | |
|---|---|---|
| 1-year return | +8.6% | +108.4% |
| 5-year return | +44.3% | +669.6% |
| Volatility (ann.) | 7.3% | 39.6% |
| Beta vs S&P 500 | -0.02 | 0.48 |
| Max drawdown (3Y) | -5.3% | -57.6% |
| Market cap | – | $1.6B |
| P/E (trailing) | – | 96.2 |
| Dividend yield | – | 0.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GJT | PBT |
|---|---|---|
| 2022 | +4.5% | +166.2% |
| 2023 | +13.6% | -42.8% |
| 2024 | +10.6% | -16.9% |
| 2025 | +6.2% | +56.6% |
| 2026 | +3.5% | +100.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GJT and PBT good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GJT and PBT?
The GJT/PBT correlation stands at -0.26 on a 3-year window (1 year: -0.05, 5 years: -0.17), computed from weekly returns as of 2026-08-27.
Is PBT a good diversifier for GJT?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gjt-vs-pbt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gjt-vs-pbt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GJT correlations · PBT correlations
