AM vs. WES

Last updated Jun 3, 2026

AM (Antero Midstream Corporation) and WES (Western Midstream Partners, LP) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, AM returned 7.39%/yr vs 8.66%/yr for WES. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

AM vs. WES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Antero Midstream Corporation (AM) and Western Midstream Partners, LP (WES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AM achieves a 21.93% return, which is significantly higher than WES's 15.38% return. Over the past 10 years, AM has underperformed WES with an annualized return of 7.39%, while WES has yielded a comparatively higher 8.66% annualized return.

AM

• 1D: 1.82%
• 1M: -2.26%
• YTD: 21.93%
• 6M: 22.13%
• 1Y: 17.18%
• 3Y*: 33.24%
• 5Y*: 24.82%
• 10Y*: 7.39%

WES

• 1D: 0.88%
• 1M: 3.46%
• YTD: 15.38%
• 6M: 17.49%
• 1Y: 26.64%
• 3Y*: 29.71%
• 5Y*: 25.93%
• 10Y*: 8.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AM vs. WES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AM Antero Midstream Corporation	21.93%	24.37%	28.46%	25.73%	21.98%	39.55%	27.59%	-60.29%	-22.28%	-2.32%
WES Western Midstream Partners, LP	15.38%	12.77%	43.58%	19.46%	29.29%	72.31%	-19.13%	-22.65%	-20.23%	-8.01%

Correlation

The correlation between AM and WES is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Nov 6, 2014	0.52

The correlation between AM and WES shifts across timeframes, from 0.42 (1 year) to 0.59 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap AM : $10.14B WES : $17.47B
EPS AM : $0.85 WES : $3.09
PE Ratio AM : 24.85 WES : 14.12
PEG Ratio AM : 4.29 WES : 1.04
PS Ratio AM : 8.07 WES : 4.22
PB Ratio AM : 5.24 WES : 4.98
Total Revenue (TTM) AM : $1.26B WES : $4.05B
Gross Profit (TTM) AM : $620.66M WES : $2.79B
EBITDA (TTM) AM : $955.64M WES : $2.16B

Return for Risk

AM vs. WES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AM

AM Risk / Return Rank: 64
AM Sharpe Ratio Rank: 67
AM Sortino Ratio Rank: 60
AM Omega Ratio Rank: 57
AM Calmar Ratio Rank: 68
AM Martin Ratio Rank: 66

WES

WES Risk / Return Rank: 76
WES Sharpe Ratio Rank: 78
WES Sortino Ratio Rank: 71
WES Omega Ratio Rank: 71
WES Calmar Ratio Rank: 82
WES Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AM vs. WES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Antero Midstream Corporation (AM) and Western Midstream Partners, LP (WES). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AM	WES	Difference
Sharpe ratio Return per unit of total volatility	0.83	1.33	-0.50
Sortino ratio Return per unit of downside risk	1.29	1.80	-0.50
Omega ratio Gain probability vs. loss probability	1.15	1.24	-0.08
Calmar ratio Return relative to maximum drawdown	1.46	2.94	-1.48
Martin ratio Return relative to average drawdown	3.04	6.81	-3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AM vs. WES - Sharpe Ratio Comparison

The current AM Sharpe Ratio is 0.83, which is lower than the WES Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of AM and WES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AM	WES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.33	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.89	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.19	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.24	-0.10

Drawdowns

AM vs. WES - Drawdown Comparison

The maximum AM drawdown since its inception was -93.01%, roughly equal to the maximum WES drawdown of -93.66%. Use the drawdown chart below to compare losses from any high point for AM and WES.

Drawdown Indicators

	AM	WES	Difference
Max Drawdown Largest peak-to-trough decline	-93.01%	-93.66%	+0.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.67%	-9.42%	-3.25%
Max Drawdown (3Y) Largest decline over 3 years	-13.98%	-16.65%	+2.67%
Max Drawdown (5Y) Largest decline over 5 years	-21.91%	-23.54%	+1.63%
Max Drawdown (10Y) Largest decline over 10 years	-93.01%	-91.90%	-1.11%
Current Drawdown Current decline from peak	-9.19%	-7.84%	-1.35%
Average Drawdown Average peak-to-trough decline	-31.45%	-28.55%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.08%	4.06%	+2.02%

Volatility

AM vs. WES - Volatility Comparison

The current volatility for Antero Midstream Corporation (AM) is 6.54%, while Western Midstream Partners, LP (WES) has a volatility of 9.11%. This indicates that AM experiences smaller price fluctuations and is considered to be less risky than WES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AM	WES	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.54%	9.11%	-2.57%
Volatility (6M) Calculated over the trailing 6-month period	14.57%	15.52%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	20.92%	20.15%	+0.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.60%	29.22%	-2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.02%	46.64%	-4.62%

Dividends

AM vs. WES - Dividend Comparison

AM's dividend yield for the trailing twelve months is around 4.24%, less than WES's 8.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AM Antero Midstream Corporation	4.24%	5.06%	5.96%	7.18%	8.34%	10.15%	15.95%	18.28%	7.53%	4.27%	3.14%	2.93%
WES Western Midstream Partners, LP	8.39%	9.13%	8.33%	8.52%	6.80%	5.69%	11.25%	12.45%	8.28%	5.43%	4.03%	3.86%

Financials

AM vs. WES - Profitability Comparison

The chart below illustrates the profitability comparison between Antero Midstream Corporation and Western Midstream Partners, LP over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

AM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported a gross profit of 0.00 and revenue of 314.21M. Therefore, the gross margin over that period was 0.0%.

WES - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a gross profit of 859.34M and revenue of 1.12B. Therefore, the gross margin over that period was 76.5%.

AM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported an operating income of 188.61M and revenue of 314.21M, resulting in an operating margin of 60.0%.

WES - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported an operating income of 469.19M and revenue of 1.12B, resulting in an operating margin of 41.8%.

AM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported a net income of 118.27M and revenue of 314.21M, resulting in a net margin of 37.6%.

WES - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a net income of 350.28M and revenue of 1.12B, resulting in a net margin of 31.2%.

Frequently Asked Questions

Can I hold both AM and WES in my portfolio?

AM and WES have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AM or WES?

WES has higher volatility (9.11%) compared to AM (6.54%). In terms of maximum drawdown, AM dropped -93.01% vs WES's -93.66%.

Which has better risk-adjusted returns?

WES currently has the higher Sharpe Ratio (1.33 vs 0.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.