NBR vs PBT: Correlation
How closely do Nabors Industries Ltd. (NBR) and Permian Basin Royalty Trust (PBT) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBR and PBT?
Across a 3-year window, the weekly returns of NBR and PBT correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.44) sits close to the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 1116.1 %².
By 3-year correlation, PBT places #12 of the 18 assets tracked against NBR. Correlation aside, the last 12 months split them widely, with NBR ahead by 44.9 points (+153.3% versus +108.4%). Note the risk asymmetry: NBR runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NBR vs PBT: side by side
| NBR (Nabors Industries Ltd.) | PBT (Permian Basin Royalty Trust) | |
|---|---|---|
| 1-year return | +153.3% | +108.4% |
| 5-year return | +10.3% | +669.6% |
| Volatility (ann.) | 65.2% | 39.6% |
| Beta vs S&P 500 | 0.88 | 0.48 |
| Max drawdown (3Y) | -82.2% | -57.6% |
| Market cap | $1.4B | $1.6B |
| P/E (trailing) | 5.9 | 96.2 |
| Dividend yield | 0.00% | 0.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBR | PBT |
|---|---|---|
| 2022 | +91.0% | +166.2% |
| 2023 | -47.3% | -42.8% |
| 2024 | -30.0% | -16.9% |
| 2025 | -5.0% | +56.6% |
| 2026 | +68.8% | +100.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBR and PBT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NBR and PBT?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.44 over the last year and 0.44 over 5 years.
Is PBT a good diversifier for NBR?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nbr-vs-pbt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nbr-vs-pbt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NBR correlations · PBT correlations
