PBT vs PEO: Correlation
Permian Basin Royalty Trust (PBT) and Adams Natural Resources Fund, Inc. (PEO) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBT and PEO?
On 3 years of weekly data the PBT/PEO correlation comes out at 0.43, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 348.4 %².
Within PBT's tracked universe of 11 assets, PEO comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PBT outperformed by 66.8 percentage points (+108.4% for PBT against +41.6% for PEO). Note the risk asymmetry: PBT runs 2.0 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.
PBT vs PEO: side by side
| PBT (Permian Basin Royalty Trust) | PEO (Adams Natural Resources Fund, Inc.) | |
|---|---|---|
| 1-year return | +108.4% | +41.6% |
| 5-year return | +669.6% | +179.3% |
| Volatility (ann.) | 39.6% | 20.2% |
| Beta vs S&P 500 | 0.48 | 0.30 |
| Max drawdown (3Y) | -57.6% | -18.9% |
| Market cap | $1.6B | $0.8B |
| P/E (trailing) | 96.2 | 4.8 |
| Dividend yield | 0.81% | 7.09% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PBT | PEO |
|---|---|---|
| 2022 | +166.2% | +41.8% |
| 2023 | -42.8% | +0.9% |
| 2024 | -16.9% | +13.6% |
| 2025 | +56.6% | +10.0% |
| 2026 | +100.0% | +38.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBT and PEO good diversifiers for each other?
Reasonably. At 0.43, PBT and PEO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PBT and PEO?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.51 over the last year and 0.47 over 5 years.
Is PEO a good diversifier for PBT?
Reasonably. At 0.43, PBT and PEO keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pbt-vs-peo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pbt-vs-peo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PBT correlations · PEO correlations
