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Relative Intelligence · Integrated Oil & Gas

How Petróleo Brasileiro S.A. - Petrobras (PBR) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PBR alone. It places PBR (Petróleo Brasileiro S.A. - Petrobras) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where PBR stands in the market, and of the alternatives worth a closer look.

Period covered: PBR's full trading record, from August 2000 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against PBR →Chart PBR vs. 21 alternatives →
On this page12 sections

Key findings

How much would $10,000 in PBR have grown?

This chart tracks a hypothetical $10,000 investment in PBR over the past 26 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PBR over the same span and PBR's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 2000 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 372 of the 1,261 stocks and funds worth at least $500 million that traded the whole period ended ahead of PBR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000$200,000$500,0002000200420082012201620202024$10,000$100,0002000200720142021
  • VLO$914,106+9,041% total · +19.0% a year
  • CNQ$448,299+4,383% total · +15.8% a year
  • LLY$284,700+2,747% total · +13.7% a year
  • IMO$229,138+2,191% total · +12.8% a year
  • SU$223,258+2,133% total · +12.7% a year
  • PBR$178,371+1,684% total · +11.7% a year
  • CVX$126,757+1,168% total · +10.3% a year
  • COP$118,181+1,082% total · +10.0% a year
  • SPY (S&P 500)$84,332+743% total · +8.5% a year
  • YPF$48,815+388% total · +6.3% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 69 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of PBR; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$20,000$50,000$100,000$200,000202120222023202420252026
  • FIX$236,701+2,267% total · +88.3% a year
  • DELL$112,363+1,024% total · +62.2% a year
  • YPF$107,580+976% total · +60.8% a year
  • INSW$102,075+921% total · +59.1% a year
  • MPC$71,516+615% total · +48.2% a year
  • ASX$70,798+608% total · +47.9% a year
  • PBR-A$67,821+578% total · +46.6% a year
  • PBR$64,214+542% total · +45.1% a year
  • VLO$64,131+541% total · +45.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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PBR at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$166B
Industry
Oil & Gas Integrated
Price history from
August 2000

Returns

Past 1 year
+140%total return
Past 3 years
+132%+32.4% a year
Past 5 years
+667%+50.3% a year
Past 10 years
+674%+22.7% a year
Best calendar year
+135%2016
Worst calendar year
−55.6%2008
Losing years
11 of 25full calendar years

Risk

Volatility
37.5%typical yearly swing, 5 years
Sharpe ratio
1.28return per unit of risk, 5 years
Worst decline ever
−95.3%May 2008 to Feb 2016
From its all-time high
−1.1%below the peak

PBR against the whole market

Where PBR ranks among every stock and fund, and what across the market has done better.

How does PBR rank among all stocks?

This section ranks PBR on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how PBR stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasurePBRRankStanding
1-year return+140%89 of 3,287top 3%
3-year return+132%694 of 3,017top 23%
5-year return+667%45 of 2,893top 2%
10-year return+674%202 of 2,202top 9%
Volatility, 5 years37.5%1,301 of 2,893top 45%
Sharpe ratio, 5 years1.2813 of 2,893top 1%
Worst decline, past 10 years−75.3%1,468 of 2,187bottom 34%

What has beaten PBR on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). PBR sits where the dashed lines cross. Anything in the green box above and to the left earned more than PBR with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to PBR. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PBRPBR: +50.3% a year, volatility 37.5%SPY (S&P 500): +12.7% a year, volatility 17.1%VLO: +44.2% a year, volatility 36.9%INSW: +56.5% a year, volatility 40.5%MPC: +51.2% a year, volatility 33.4%LLY: +40.7% a year, volatility 32.8%FIX: +77.0% a year, volatility 46.7%DELL: +55.2% a year, volatility 54.4%ASX: +48.8% a year, volatility 43.0%PGR: +21.3% a year, volatility 25.6%P: +37.3% a year, volatility 55.0%PBRSPY (S&P 500)VLOINSWMPCLLYFIXDELLASXPGRP10.0%20.0%30.0%40.0%50.0%60.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PBRPBR: +50.3% a year, volatility 37.5%SPY (S&P 500): +12.7% a year, volatility 17.1%VLO: +44.2% a year, volatility 36.9%INSW: +56.5% a year, volatility 40.5%MPC: +51.2% a year, volatility 33.4%LLY: +40.7% a year, volatility 32.8%FIX: +77.0% a year, volatility 46.7%DELL: +55.2% a year, volatility 54.4%ASX: +48.8% a year, volatility 43.0%PGR: +21.3% a year, volatility 25.6%P: +37.3% a year, volatility 55.0%PBRSPY (S&P 500)VLOINSWMPCLLYFIXDELLASXPGRP
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than PBR?

Investments that beat PBR over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat PBR over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks PBR's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than PBR's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× PBR's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than PBR's.

Screen the whole market against PBR for any period in BetterThanSPYOpen these 10 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with PBR?lower diversifies moreExpenseper year
PBRPetróleo Brasileiro S.A. - Petrobras · this page
+50.3%37.5%1.28−75.3%+674%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.130.09%
Popular alternativesbest 1 shownThe investments people most often weigh against PBR. 1 of 21 passed at least one test.
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.41—
Same and neighboring categories, and shared themesbest 2 shownEverything else in Integrated Oil & Gas and Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Oilfield Services), plus PBR's specific themes. 2 of 65 passed at least one test.
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+56.5%40.5%1.31−57.4%—0.30—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.43—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 20 of 3,547 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
On the frontierSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.23—
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher Sharpe, smaller worst decline+77.0%46.7%1.46−49.7%+5,305%0.02—
DELLDell Technologies Inc. · Computer Hardware
Higher return in most periods+55.2%54.4%1.08−59.6%+3,701%-0.13—
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return in most periods+48.8%43.0%1.15−52.5%+967%-0.02—
PGRThe Progressive Corporation · Property & Casualty Insurance
On the frontierSmaller losses in recent crashes+21.3%25.6%0.89−30.3%+816%0.06—
PEverpure, Inc. · Computer Hardware
Higher return in most periods+37.3%55.0%0.85−69.4%+899%0.01—
What these numbers mean for PBR
Annual return
PBR returned 50.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $76,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
PBR's volatility over the past 5 years was 37.5%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PBR's return lands within 37.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
PBR's Sharpe ratio over the past 5 years was 1.28, against 0.79 for the S&P 500, so PBR earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
PBR's worst fall from a peak to a low over the past 10 years was 75.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 75.2% fall takes a 304% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, PBR's monthly returns had a correlation of 0.13 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against PBR instead: the lower it is, the more that option would diversify a PBR holding. Guide: Correlation and diversification →

PBR against its popular alternatives

The investments people most often weigh against PBR, compared period by period and year by year.

How do PBR's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at PBR, which divides the map into what did better or worse on each measure.

Green points earned more than PBR with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPBR: 50.3% a year, volatility 37.5%SPY (S&P 500): 12.7% a year, volatility 17.1%EC: 18.0% a year, volatility 37.9%CVE: 26.6% a year, volatility 39.4%OXY: 15.2% a year, volatility 37.9%SLB: 10.0% a year, volatility 37.5%RIG: 7.3% a year, volatility 60.7%VLO: 44.2% a year, volatility 36.9%PBR-A: 51.8% a year, volatility 37.5%YPF: 60.7% a year, volatility 54.1%IMO: 34.3% a year, volatility 32.0%SU: 33.1% a year, volatility 32.5%CNQ: 26.5% a year, volatility 32.5%EQNR: 19.2% a year, volatility 34.4%COP: 18.2% a year, volatility 32.6%VALE: 7.4% a year, volatility 35.0%CVX: 19.5% a year, volatility 25.2%TTE: 18.0% a year, volatility 25.8%SHEL: 21.0% a year, volatility 24.8%XOM: 27.1% a year, volatility 26.5%PBA: 13.8% a year, volatility 21.5%BP: 16.0% a year, volatility 28.7%EWZ: 14.9% a year, volatility 27.7%PBRSPY (S&P 500)ECCVEOXYSLBRIGVLOPBR-AYPFIMOSUCNQEQNRCOPVALECVXTTESHELXOMBPEWZ10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPBR: 50.3% a year, volatility 37.5%SPY (S&P 500): 12.7% a year, volatility 17.1%EC: 18.0% a year, volatility 37.9%CVE: 26.6% a year, volatility 39.4%OXY: 15.2% a year, volatility 37.9%SLB: 10.0% a year, volatility 37.5%RIG: 7.3% a year, volatility 60.7%VLO: 44.2% a year, volatility 36.9%PBR-A: 51.8% a year, volatility 37.5%YPF: 60.7% a year, volatility 54.1%IMO: 34.3% a year, volatility 32.0%SU: 33.1% a year, volatility 32.5%CNQ: 26.5% a year, volatility 32.5%EQNR: 19.2% a year, volatility 34.4%COP: 18.2% a year, volatility 32.6%VALE: 7.4% a year, volatility 35.0%CVX: 19.5% a year, volatility 25.2%TTE: 18.0% a year, volatility 25.8%SHEL: 21.0% a year, volatility 24.8%XOM: 27.1% a year, volatility 26.5%PBA: 13.8% a year, volatility 21.5%BP: 16.0% a year, volatility 28.7%EWZ: 14.9% a year, volatility 27.7%PBRSPY (S&P 500)ECCVESLBRIGVLOPBR-AYPFIMOSUCNQEQNRCOPVALECVXXOMBP
All figures
InvestmentAnnual returnVolatility
YPF YPF Sociedad Anónima+60.7%54.1%
PBR-A Petróleo Brasileiro S.A. - Petrobras+51.8%37.5%
PBR This pagePetróleo Brasileiro S.A. - Petrobras+50.3%37.5%
VLO Valero Energy Corporation+44.2%36.9%
IMO Imperial Oil Limited+34.3%32.0%
SU Suncor Energy Inc.+33.1%32.5%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
CVE Cenovus Energy Inc.+26.6%39.4%
CNQ Canadian Natural Resources Limited+26.5%32.5%
SHEL Shell plc+21.0%24.8%
CVX Chevron Corporation+19.5%25.2%
EQNR Equinor ASA+19.2%34.4%
COP ConocoPhillips+18.2%32.6%
TTE TotalEnergies SE+18.0%25.8%
EC Ecopetrol S.A.+18.0%37.9%
BP BP p.l.c.+16.0%28.7%
OXY Occidental Petroleum Corporation+15.2%37.9%
EWZ iShares MSCI Brazil ETF+14.9%27.7%
PBA Pembina Pipeline Corporation+13.8%21.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
SLB Slb N.V.+10.0%37.5%
VALE Vale S.A.+7.4%35.0%
RIG Transocean Ltd.+7.3%60.7%
Open these 23 in EasyCompare

Has PBR consistently beaten its popular alternatives?

This section compares PBR with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than PBR helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than PBR over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
PBR Petróleo Brasileiro S.A. - Petrobras (this page)—+24.6%+45.4%+31.0%+128%+140%+132%+667%+674%37.5%1.28−75.3%—$166B—
VLO QualifiedValero Energy Corporation3/5 short2/3 long+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
PBR-A Oil & Gas IntegratedPetróleo Brasileiro S.A. - Petrobras1/5 short2/3 long+23.3%+47.0%+30.3%+117%+130%+133%+705%+768%37.5%1.31−71.7%—$157B—
YPF Oil & Gas IntegratedYPF Sociedad Anónima0/5 short2/3 long−4.5%+0.7%+23.9%+39.9%+102%+313%+971%+173%54.1%1.14−90.1%—$20B—
IMO Oil & Gas IntegratedImperial Oil Limited0/5 short1/3 long+7.0%+10.5%+11.0%+53.8%+59.7%+143%+337%+430%32.0%1.09−77.1%—$65B—
SU Oil & Gas IntegratedSuncor Energy Inc.0/5 short1/3 long+16.7%+26.8%+28.9%+75.6%+111%+161%+318%+295%32.5%1.05−73.5%—$93B—
EC Oil & Gas IntegratedEcopetrol S.A.1/5 short0/3 long+5.0%+10.3%+35.7%+81.5%+112%+116%+129%+401%37.9%0.63−73.3%—$36B—
CVE Oil & Gas IntegratedCenovus Energy Inc.1/5 short0/3 long+5.1%+18.0%+34.6%+92.4%+101%+76.2%+225%+163%39.4%0.80−89.2%—$61B—
CNQ Oil & Gas Exploration & ProductionCanadian Natural Resources Limited0/5 short0/3 long+12.2%+24.4%+27.6%+62.5%+87.7%+90.4%+224%+433%32.5%0.89−77.5%—$112B—
EQNR Oil & Gas IntegratedEquinor ASA0/5 short0/3 long+7.7%+23.4%+29.6%+92.7%+107%+73.2%+141%+416%34.4%0.69−66.8%—$109B—
COP Oil & Gas Exploration & ProductionConocoPhillips0/5 short0/3 long+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
VALE Industrial MaterialsVale S.A.0/5 short0/3 long−8.0%−5.5%−24.9%+1.0%+23.6%+37.8%+42.6%+334%35.0%0.38−57.6%—$55B—
CVX Oil & Gas IntegratedChevron Corporation0/5 short0/3 long+10.8%+20.0%+25.4%+48.8%+51.9%+53.4%+144%+238%25.2%0.84−55.8%—$446B—
TTE Oil & Gas IntegratedTotalEnergies SE0/5 short0/3 long+1.2%+12.8%+5.7%+40.3%+55.2%+60.5%+129%+234%25.8%0.78−59.6%—$201B—
SHEL Oil & Gas IntegratedShell plc0/5 short0/3 long+13.2%+23.5%+22.1%+43.7%+50.3%+77.1%+159%+233%24.8%0.90−67.2%—$301B—
XOM Oil & Gas IntegratedExxonmobil Holdings Corporation0/5 short0/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
PBA Oil & Gas MidstreamPembina Pipeline Corporation0/5 short0/3 long+8.0%−0.1%+20.5%+34.4%+39.3%+91.3%+90.5%+172%21.5%0.71−70.9%—$29B—
BP Oil & Gas IntegratedBP p.l.c.0/5 short0/3 long+14.4%+19.0%+12.1%+43.0%+56.3%+46.5%+110%+141%28.7%0.66−63.9%—$130B—
EWZ InternationaliShares MSCI Brazil ETF0/5 short0/3 long+12.8%+21.0%+5.0%+34.6%+48.5%+70.8%+100%+90.3%27.7%0.64−57.0%0.59%$14B—
OXY Oil & Gas Exploration & ProductionOccidental Petroleum Corporation0/5 short0/3 long+9.9%+14.5%+16.6%+50.6%+56.4%+2.0%+103%+11.6%37.9%0.56−88.4%—$63B—
SLB Oil & Gas Equipment & ServicesSlb N.V.0/5 short0/3 long−3.4%+8.3%−3.3%+26.4%+53.2%−7.2%+60.7%−21.3%37.5%0.44−84.5%—$74B—
RIG Oil & Gas DrillingTransocean Ltd.0/5 short0/3 long+6.8%+15.9%−1.2%+37.3%+76.9%−18.7%+42.0%−45.0%60.7%0.42−95.8%—$6.5B—
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How did PBR do year by year?

This table shows each investment's total return in every full calendar year since 2001, along with where PBR ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PBR and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of PBR; gray means the two finished within a fraction of a point. The rank row places PBR among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of PBR2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022001
PBR This pagePetróleo Brasileiro S.A. - Petrobras—+2.3%−2.9%+89.6%+55.4%+19.3%−29.0%+24.2%+27.7%+1.8%+135%−41.1%−45.1%−28.3%−20.0%−32.1%−18.1%+101%−55.6%+132%+51.1%+85.0%+43.9%+111%−32.0%−1.9%
Rank among alternativesTop quarter in 8 of 2519 of 229 of 222 of 2210 of 2217 of 229 of 228 of 221 of 2217 of 222 of 2218 of 2219 of 2221 of 2220 of 2220 of 2220 of 214 of 2013 of 191 of 191 of 193 of 196 of 193 of 1916 of 189 of 16
SPY S&P 500State Street SPDR S&P 500 ETF14 of 25+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%
VLO Valero Energy Corporation15 of 25+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%+66.3%−7.8%+39.6%−20.3%−68.5%+37.9%−0.4%+128%+97.9%+26.6%−2.1%+3.6%
PBR-A Petróleo Brasileiro S.A. - Petrobras11 of 24+6.3%−5.1%+113%+54.4%+12.8%−25.8%+32.4%+23.2%+11.5%+159%−55.2%−45.3%−21.1%−15.9%−29.3%−16.5%+114%−55.4%+113%+50.0%+81.6%+43.4%+109%−39.8%—
YPF YPF Sociedad Anónima9 of 25−14.9%+147%+87.1%+141%−18.7%−59.4%−12.9%−41.2%+39.5%+5.8%−40.3%−19.3%+128%−57.4%−24.8%+23.2%+5.2%+26.5%−5.7%−4.0%+27.4%+32.8%+246%−31.6%−25.3%
IMO Imperial Oil Limited13 of 25+43.8%+10.5%+20.6%+38.0%+95.3%−25.4%+7.2%−17.2%−8.8%+8.5%−23.5%−1.7%+4.0%−2.3%+10.9%+6.0%+15.8%−38.0%+49.9%+11.9%+69.7%+36.1%+58.5%+6.2%+9.3%
SU Suncor Energy Inc.12 of 25+29.7%+16.2%+6.0%+32.3%+55.0%−46.6%+22.1%−21.3%+15.8%+31.2%−16.3%−7.0%+8.6%+16.2%−23.8%+9.9%+82.6%−64.0%+38.4%+25.4%+79.0%+42.3%+61.2%−3.9%+29.7%
EC Ecopetrol S.A.6 of 17+48.5%−24.6%+40.1%−5.0%+0.8%−29.3%+38.7%+13.5%+64.4%+28.9%−55.7%−52.3%−31.5%+41.5%+6.1%+85.1%+41.2%————————
CVE Cenovus Energy Inc.10 of 16+15.8%−5.9%−12.3%+61.1%+105%−39.6%+47.2%−21.6%−38.6%+21.1%−36.1%−25.3%−11.9%+3.6%+2.3%+35.6%—————————
CNQ Canadian Natural Resources Limited15 of 25+15.5%−1.3%+23.7%+39.9%+83.3%−19.1%+39.6%−28.9%+15.0%+51.6%−27.4%−6.8%+19.1%−21.7%−15.2%+24.4%+81.4%−44.9%+38.1%+7.6%+133%+71.3%+72.2%+24.3%−10.9%
EQNR Equinor ASA13 of 24+7.7%−16.0%−0.8%+42.9%+64.6%−13.6%−1.0%+3.4%+23.4%+38.3%−16.6%−22.5%+1.4%+2.1%+12.7%−0.1%+57.8%−43.2%+22.8%+22.0%+51.4%+45.6%+43.8%+31.8%—
COP ConocoPhillips12 of 25−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%+8.0%+11.0%+38.6%+2.8%−39.9%+25.4%+26.5%+36.9%+35.6%+39.8%−17.5%+8.6%
VALE Vale S.A.8 of 23+66.3%−38.8%+1.6%+32.5%−1.7%+32.0%+2.7%+12.3%+62.2%+134%−57.8%−44.1%−23.2%+3.3%−34.0%+21.2%+145%−61.8%+123%+47.5%+46.9%+50.6%+108%——
CVX Chevron Corporation15 of 25+10.1%+1.3%−13.6%+58.5%+46.2%−25.9%+15.3%−9.7%+10.6%+36.7%−16.2%−7.0%+19.3%+5.1%+20.3%+22.9%+8.1%−18.3%+30.5%+33.7%+11.5%+25.6%+35.4%−23.2%+9.4%
TTE TotalEnergies SE13 of 25+27.6%−14.7%+14.1%+34.9%+26.0%−16.6%+10.3%−0.8%+14.3%+20.0%−7.0%−12.1%+25.0%+8.0%+1.7%−11.3%+22.6%−29.8%+18.9%+21.3%+18.8%+22.6%+33.4%+4.0%−1.3%
SHEL Shell plc12 of 25+22.2%−0.9%+20.2%+36.0%+28.4%−37.4%+7.7%−7.5%+31.0%+28.2%−27.1%−1.3%+9.0%−0.9%+14.8%+17.6%+20.9%−34.2%+23.5%+19.3%+12.8%+14.4%+24.5%−7.3%−17.1%
XOM Exxonmobil Holdings Corporation12 of 25+16.0%+11.3%−6.3%+87.4%+57.6%−36.2%+7.2%−15.1%−3.8%+19.9%−12.8%−6.0%+20.1%+4.7%+18.7%+10.1%−12.6%−13.1%+24.3%+39.1%+11.8%+28.1%+20.7%−8.9%−7.5%
PBA Pembina Pipeline Corporation10 of 15+8.6%+13.1%+7.8%+17.8%+36.8%−31.0%+31.1%−14.0%+20.4%+51.6%−37.1%+8.0%+29.6%+4.0%+43.0%——————————
BP BP p.l.c.11 of 25+24.5%−11.9%+6.0%+37.0%+36.4%−41.3%+5.9%−4.6%+20.0%+28.8%−12.8%−17.6%+22.8%+2.0%+0.5%−22.7%+32.9%−32.5%+13.2%+8.0%+13.6%+22.2%+26.4%−9.5%−0.1%
EWZ iShares MSCI Brazil ETF11 of 25+48.8%−30.4%+32.6%+12.1%−17.3%−20.3%+27.7%−2.5%+23.6%+64.5%−41.8%−15.5%−17.5%+0.3%−24.1%+7.8%+122%−56.0%+74.8%+43.3%+52.7%+33.6%+117%−36.4%−18.9%
OXY Occidental Petroleum Corporation12 of 25−14.9%−15.9%−4.1%+119%+67.7%−56.6%−28.3%−13.1%+8.5%+9.8%−12.7%−8.9%+27.8%−16.1%−2.6%+22.7%+38.4%−20.7%+60.2%+24.2%+39.2%+41.3%+53.1%+11.0%+13.4%
SLB Slb N.V.10 of 25+3.3%−24.5%−0.8%+81.1%+39.6%−43.8%+17.8%−44.7%−18.5%+23.5%−16.3%−3.6%+32.1%+3.0%−17.2%+30.0%+56.2%−56.5%+57.1%+31.1%+46.6%+23.8%+32.0%−22.2%−30.3%
RIG Transocean Ltd.7 of 25+10.1%−40.9%+39.3%+65.2%+19.5%−66.4%−0.9%−35.0%−27.5%+19.1%−28.3%−60.0%+14.4%+18.2%−42.3%−16.1%+75.3%−67.0%+50.7%+16.1%+64.4%+76.5%+3.5%−31.3%−26.2%
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Risk and diversification

How PBR has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were PBR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents PBR's five deepest drawdowns since it began trading in 2000, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means PBR fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringPBR fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−95.3%+54.4%May 2008Feb 20167.8 yearsMar 202610.1 years
Dot-com bust−68.4%−40.4%Sep 2000Oct 20022.1 yearsDec 200314 months
No named crash−34.4%−7.6%May 2006Jun 20061 monthApr 200710 months
No named crash−31.0%−4.4%Apr 2004May 20041 monthSep 20044 months
No named crash−26.3%+4.0%Apr 2026Jul 20263 monthsSep 20262 months

How did PBR do in stock market crashes?

This section measures how far PBR, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: PBR began trading on August 10, 2000, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than PBR.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
PBR This pagePetróleo Brasileiro S.A. - Petrobras—−7.6%−26.6%−71.2%−26.3%−8.4%−54.9%−37.6%−1.6%−80.1%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF8 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VLO Valero Energy Corporation5 of 9−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
PBR-A Petróleo Brasileiro S.A. - Petrobras3 of 9−7.2%−27.1%−69.1%−27.8%−7.8%−65.8%−36.3%−1.2%−80.2%—
YPF YPF Sociedad Anónima3 of 9−17.8%−45.2%−73.5%−27.3%−8.9%−48.7%−22.0%−1.6%−65.2%−75.8%
IMO Imperial Oil Limited7 of 9−5.1%−29.7%−67.5%−27.3%−6.9%−29.0%−28.8%0.0%−60.8%−20.8%
SU Suncor Energy Inc.5 of 9−6.4%−36.6%−65.3%−34.0%−7.0%−34.7%−42.2%−0.2%−79.9%−25.4%
EC Ecopetrol S.A.4 of 8−8.4%−48.6%−67.3%−44.6%−12.6%−49.1%−15.5%−0.3%——
CVE Cenovus Energy Inc.4 of 8−7.1%−40.4%−82.3%−37.9%−16.4%−42.5%−26.3%−0.9%——
CNQ Canadian Natural Resources Limited5 of 9−5.8%−32.2%−74.4%−32.1%−11.7%−38.1%−36.9%−0.2%−74.8%—
EQNR Equinor ASA8 of 9−2.8%−24.5%−49.0%−29.1%−4.4%−34.9%−19.9%−1.0%−68.4%—
COP ConocoPhillips6 of 9−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
VALE Vale S.A.7 of 9−3.1%−41.4%−45.5%−20.9%−5.3%−61.1%−33.4%−0.8%−79.5%—
CVX Chevron Corporation9 of 9−2.6%−24.9%−51.0%−19.6%−5.3%−18.5%−17.2%−0.1%−43.8%−29.5%
TTE TotalEnergies SE8 of 9−4.5%−24.6%−49.3%−22.2%−5.4%−21.5%−26.0%−2.1%−50.8%−25.1%
SHEL Shell plc8 of 9−3.7%−25.0%−57.0%−19.1%−6.3%−35.9%−19.6%−2.6%−53.7%−36.2%
XOM Exxonmobil Holdings Corporation8 of 9−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
PBA Pembina Pipeline Corporation5 of 7−4.0%−27.4%−70.9%−17.6%−5.8%−34.3%−12.0%———
BP BP p.l.c.8 of 9−4.2%−23.9%−55.5%−20.9%−5.0%−22.9%−23.9%−2.5%−53.4%−31.1%
EWZ iShares MSCI Brazil ETF8 of 9−5.6%−32.2%−52.6%−10.6%−6.3%−36.9%−29.1%−0.7%−73.0%—
OXY Occidental Petroleum Corporation7 of 9−4.6%−22.9%−76.8%−30.5%−7.3%−21.4%−36.1%0.0%−58.1%−28.4%
SLB Slb N.V.3 of 9−8.8%−36.8%−64.9%−43.6%−10.9%−27.1%−38.9%−3.8%−68.0%−59.8%
RIG Transocean Ltd.3 of 9−11.3%−53.1%−75.9%−55.3%−11.1%−49.3%−28.3%−2.4%−73.8%−70.4%
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How closely does PBR move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares PBR with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than PBR's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
PBR This pagePetróleo Brasileiro S.A. - Petrobras104%63%1.660.99
PBR-A Petróleo Brasileiro S.A. - Petrobras106%54%1.950.97
EQNR Equinor ASA79%52%1.510.62
SHEL Shell plc60%43%1.400.45
VLO Valero Energy Corporation142%114%1.241.31
TTE TotalEnergies SE69%57%1.220.51
VALE Vale S.A.100%88%1.130.74
IMO Imperial Oil Limited110%105%1.041.18
COP ConocoPhillips94%92%1.020.91
CNQ Canadian Natural Resources Limited110%109%1.011.13
SU Suncor Energy Inc.90%90%1.000.96
XOM Exxonmobil Holdings Corporation78%83%0.940.76
BP BP p.l.c.58%62%0.940.51
EC Ecopetrol S.A.127%139%0.911.13
CVX Chevron Corporation86%94%0.910.89
PBA Pembina Pipeline Corporation79%92%0.851.02
EWZ iShares MSCI Brazil ETF69%95%0.730.83
CVE Cenovus Energy Inc.124%173%0.721.69
YPF YPF Sociedad Anónima144%206%0.701.58
OXY Occidental Petroleum Corporation80%155%0.511.24
SLB Slb N.V.104%212%0.491.54
RIG Transocean Ltd.149%322%0.462.44
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What diversifies PBR?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with PBR's. Because such investments tend not to fall at the same time, pairing PBR with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which PBR lost money. The last two columns show a portfolio that is 80% PBR and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2024202020152014201320122011201020082002200180/20 mix volatility80/20 mix annual return
PBR Petróleo Brasileiro S.A. - Petrobras (this page)1.00+667%1.28−2.9%−29.0%−41.1%−45.1%−28.3%−20.0%−32.1%−18.1%−55.6%−32.0%−1.9%37.2%+45.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.28+119%1.48+15.9%−9.0%—————————30.4%+40.2%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.17+225%1.34+29.8%+3.9%+7.7%+8.1%+41.3%+19.6%−16.1%−1.8%−20.8%——30.3%+42.7%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.39+101%1.04+33.4%−13.4%−25.3%+23.8%+16.6%——————31.0%+39.8%
HDV Dividend & IncomeiShares Core High Dividend ETF0.34+83.3%1.00+14.1%−6.5%−0.3%+12.6%+23.8%+9.6%—————30.9%+39.0%
SMH TechnologyVanEck Semiconductor ETF0.01+323%0.97+39.1%+55.5%−0.3%+30.2%+33.4%+8.6%+6.8%+19.0%−44.7%−47.0%−14.6%30.7%+46.2%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.10+85.0%0.96+13.4%+2.1%+4.1%+3.4%+26.4%+20.9%—————30.1%+39.6%
GLD CommoditiesSPDR Gold Shares-0.05+126%0.96+26.7%+24.8%−10.7%−2.2%−28.3%+6.6%+9.6%+29.3%+4.9%——29.8%+41.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF-0.10+136%0.93+45.8%+28.2%—————————29.7%+42.0%

Stocks

InvestmentCorrelation5Y returnSharpe2024202020152014201320122011201020082002200180/20 mix volatility80/20 mix annual return
PBR Petróleo Brasileiro S.A. - Petrobras (this page)1.00+667%1.28−2.9%−29.0%−41.1%−45.1%−28.3%−20.0%−32.1%−18.1%−55.6%−32.0%−1.9%37.2%+45.1%
CAH Medical - DistributionCardinal Health, Inc.0.18+479%1.55+19.0%+10.1%+12.6%+23.0%+66.0%+3.8%+8.1%+21.4%−39.6%−8.3%−2.5%31.2%+45.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.06+3,143%1.47+215%−2.4%−6.0%+12.9%+27.6%+11.2%−24.4%+2.8%−20.5%−65.1%−25.6%32.7%+61.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.02+1,636%1.46+107%+6.7%+67.7%−10.4%+61.7%+15.7%−17.0%+8.7%−15.2%−9.4%+73.7%31.2%+56.5%
MCK Medical - DistributionMcKesson Corporation0.23+413%1.44+23.7%+27.1%−4.5%+29.3%+67.7%+25.6%+11.8%+13.8%−40.4%−27.2%+4.9%31.3%+44.5%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.43+690%1.41−4.0%−27.4%+17.4%+0.4%+48.6%+94.3%—————33.1%+47.2%
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Common questions

What was PBR's worst drawdown?

PBR's deepest decline since it began trading in 2000 was 95.3%, from May 2008 to February 2016. It took about ten years from the low to climb back to its old high.

What were PBR's best and worst years?

Over 25 full calendar years, PBR's best year was 2016, when it returned 135%. Its worst was 2008, with a return of -55.6%.

Is there a better investment than PBR?

Among PBR's popular alternatives, VLO was ahead of PBR in most short and long periods. Looking beyond its popular alternatives, INSW (oil & gas) earned more than PBR over the past 5 years with similar volatility: 56.5% a year at 40.5% volatility, against 50.3% a year at 37.5%.

Is PBR more volatile than the S&P 500?

Yes. PBR's volatility over the past 5 years was 37.5%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PBR's return lands within 37.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is PBR's Sharpe ratio?

PBR's Sharpe ratio over the past 5 years was 1.28, against 0.79 for the S&P 500, so PBR earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is PBR with the S&P 500?

Over the past 5 years, PBR's monthly returns had a correlation of 0.13 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against PBR instead: the lower it is, the more that option would diversify a PBR holding.

What are the best alternatives to PBR?

Of the 21 popular alternatives we compared, one outperformed PBR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VLO.

Did PBR outperform the S&P 500?

PBR finished ahead of the S&P 500 (SPY) in 11 of 25 full calendar years. In 2025, it returned +2.3%, against +17.7% for the index.

How did PBR do in stock market crashes?

PBR fell less than the S&P 500 (SPY) in none of the nine major crashes it has traded through, and further in eight. The clearest case was the 2015 China and oil sell-off, when PBR fell 54.9% and the S&P 500 fell 12.8%.

What diversifies PBR?

These had a low correlation with PBR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.28), DXJ (correlation 0.17) and EMLP (correlation 0.39); among large stocks, CAH (correlation 0.18), CLS (correlation 0.06) and FIX (correlation 0.02). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to PBR