AM vs. WES

Last updated Apr 1, 2026

Compare and contrast key facts about Antero Midstream Corporation (AM) and Western Midstream Partners, LP (WES).

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.

AM vs. WES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AM Antero Midstream Corporation	29.72%	24.37%	28.46%	25.73%	21.98%	39.55%	27.59%	-60.29%	-22.28%	-2.32%
WES Western Midstream Partners, LP	6.57%	12.77%	43.58%	19.46%	29.29%	72.31%	-19.13%	-22.65%	-20.23%	-8.01%

Fundamentals

Market Cap AM : $10.99B WES : $16.57B
EPS AM : $0.86 WES : $3.03
PE Ratio AM : 26.61 WES : 13.57
PEG Ratio AM : 4.59 WES : 0.98
PS Ratio AM : 8.73 WES : 4.17
PB Ratio AM : 5.57 WES : 3.98
Total Revenue (TTM) AM : $1.26B WES : $3.84B
Gross Profit (TTM) AM : $822.21M WES : $2.93B
EBITDA (TTM) AM : $1.02B WES : $2.11B

Returns By Period

In the year-to-date period, AM achieves a 29.72% return, which is significantly higher than WES's 6.57% return. Over the past 10 years, AM has underperformed WES with an annualized return of 9.54%, while WES has yielded a comparatively higher 10.75% annualized return.

AM

• 1D: -1.38%
• 1M: 1.42%
• YTD: 29.72%
• 6M: 20.19%
• 1Y: 33.32%
• 3Y*: 37.98%
• 5Y*: 29.24%
• 10Y*: 9.54%

WES

• 1D: -1.08%
• 1M: -1.01%
• YTD: 6.57%
• 6M: 9.73%
• 1Y: 10.36%
• 3Y*: 27.25%
• 5Y*: 26.64%
• 10Y*: 10.75%

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

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: 80
AM Sharpe Ratio Rank: 84
AM Sortino Ratio Rank: 77
AM Omega Ratio Rank: 78
AM Calmar Ratio Rank: 82
AM Martin Ratio Rank: 80

WES

WES Risk / Return Rank: 55
WES Sharpe Ratio Rank: 59
WES Sortino Ratio Rank: 49
WES Omega Ratio Rank: 50
WES Calmar Ratio Rank: 56
WES Martin Ratio Rank: 60

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	1.43	0.45	+0.98
Sortino ratio Return per unit of downside risk	1.90	0.72	+1.18
Omega ratio Gain probability vs. loss probability	1.27	1.10	+0.17
Calmar ratio Return relative to maximum drawdown	2.42	0.57	+1.85
Martin ratio Return relative to average drawdown	5.81	1.74	+4.07
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 1.43, which is higher than the WES Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of AM and WES, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AM	WES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	0.45	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.09	0.91	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.23	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.22	-0.07

Correlation

The correlation between AM and WES is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

AM vs. WES - Dividend Comparison

AM's dividend yield for the trailing twelve months is around 3.95%, less than WES's 8.84% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AM Antero Midstream Corporation	3.95%	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	8.84%	9.13%	8.33%	8.52%	6.80%	5.69%	11.25%	12.45%	8.28%	5.43%	4.03%	3.86%

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	-13.98%	-15.91%	+1.93%
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	-3.39%	-6.22%	+2.83%
Average Drawdown Average peak-to-trough decline	-31.81%	-28.86%	-2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.82%	5.19%	+0.63%

Volatility

AM vs. WES - Volatility Comparison

The current volatility for Antero Midstream Corporation (AM) is 5.42%, while Western Midstream Partners, LP (WES) has a volatility of 5.82%. 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	5.42%	5.82%	-0.40%
Volatility (6M) Calculated over the trailing 6-month period	13.98%	14.07%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	23.44%	23.20%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	29.59%	-2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.17%	46.92%	-4.75%

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 Apr 2026, Antero Midstream Corporation reported a gross profit of 209.19M and revenue of 314.67M. Therefore, the gross margin over that period was 66.5%.

WES - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Western Midstream Partners, LP reported a gross profit of 805.90M and revenue of 1.03B. Therefore, the gross margin over that period was 78.1%.

AM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Antero Midstream Corporation reported an operating income of 187.18M and revenue of 314.67M, resulting in an operating margin of 59.5%.

WES - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Western Midstream Partners, LP reported an operating income of 305.56M and revenue of 1.03B, resulting in an operating margin of 29.6%.

AM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Antero Midstream Corporation reported a net income of 51.93M and revenue of 314.67M, resulting in a net margin of 16.5%.

WES - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Western Midstream Partners, LP reported a net income of 198.57M and revenue of 1.03B, resulting in a net margin of 19.3%.