BIP vs. TRP
BIP (Brookfield Infrastructure Partners L.P.) and TRP (TC Energy Corporation) are both stocks. BIP operates in Utilities - Diversified (Utilities), while TRP operates in Oil & Gas Midstream (Energy). Over the past 10 years, BIP returned 12.55%/yr vs 10.88%/yr for TRP. At a 0.38 correlation, their price movements are largely independent.
Performance
BIP vs. TRP - Performance Comparison
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Returns By Period
In the year-to-date period, BIP achieves a 13.04% return, which is significantly lower than TRP's 25.89% return. Over the past 10 years, BIP has outperformed TRP with an annualized return of 12.55%, while TRP has yielded a comparatively lower 10.88% annualized return.
BIP
- 1D
- -0.11%
- 1M
- 0.25%
- 6M
- 14.82%
- YTD
- 13.04%
- 1Y
- 24.35%
- 3Y*
- 7.36%
- 5Y*
- 5.43%
- 10Y*
- 12.55%
TRP
- 1D
- 0.91%
- 1M
- -1.20%
- 6M
- 28.55%
- YTD
- 25.89%
- 1Y
- 49.79%
- 3Y*
- 31.66%
- 5Y*
- 15.72%
- 10Y*
- 10.88%
BIP vs. TRP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIP Brookfield Infrastructure Partners L.P. | 13.04% | 15.15% | 6.40% | 6.64% | -20.73% | 27.77% | 15.45% | 51.38% | -19.15% | 39.72% |
TRP TC Energy Corporation | 25.89% | 24.02% | 39.88% | 6.09% | -7.83% | 20.99% | -19.09% | 56.30% | -22.64% | 13.51% |
Correlation
The correlation between BIP and TRP is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2008 | 0.38 |
The correlation between BIP and TRP shifts across timeframes, from 0.21 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
BIP:
$17.38B
TRP:
$70.78B
BIP:
$0.91
TRP:
CA$3.31
BIP:
41.48
TRP:
29.12
BIP:
0.22
TRP:
0.40
BIP:
0.72
TRP:
6.36
BIP:
3.75
TRP:
3.96
BIP:
$24.01B
TRP:
CA$15.76B
BIP:
$6.49B
TRP:
CA$8.07B
BIP:
$11.14B
TRP:
CA$10.90B
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Return for Risk
BIP vs. TRP — Risk / Return Rank
BIP
TRP
BIP vs. TRP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Brookfield Infrastructure Partners L.P. (BIP) and TC Energy Corporation (TRP). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BIP | TRP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.46 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 5.18 | -3.19 |
| Martin ratioReturn relative to average drawdown | 5.13 | 15.86 | -10.73 |
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Drawdowns
BIP vs. TRP - Drawdown Comparison
The maximum BIP drawdown since its inception was -56.07%, smaller than the maximum TRP drawdown of -62.52%. Use the drawdown chart below to compare losses from any high point for BIP and TRP.
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Drawdown Indicators
| BIP | TRP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.07% | -62.52% | +6.45% |
Max Drawdown (1Y)Largest decline over 1 year | -12.25% | -9.65% | -2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -40.19% | -14.57% | -25.62% |
Max Drawdown (5Y)Largest decline over 5 years | -49.85% | -37.05% | -12.80% |
Max Drawdown (10Y)Largest decline over 10 years | -51.33% | -41.64% | -9.69% |
Current DrawdownCurrent decline from peak | -2.33% | -3.32% | +0.99% |
Average DrawdownAverage peak-to-trough decline | -10.22% | -11.71% | +1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.76% | 3.15% | +1.61% |
Volatility
BIP vs. TRP - Volatility Comparison
Brookfield Infrastructure Partners L.P. (BIP) has a higher volatility of 6.41% compared to TC Energy Corporation (TRP) at 5.73%. This indicates that BIP's price experiences larger fluctuations and is considered to be riskier than TRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIP | TRP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 5.73% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 15.49% | 13.55% | +1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.86% | 17.82% | +2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.76% | 21.94% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.97% | 24.86% | +3.11% |
Dividends
BIP vs. TRP - Dividend Comparison
BIP's dividend yield for the trailing twelve months is around 6.74%, more than TRP's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIP Brookfield Infrastructure Partners L.P. | 6.74% | 4.95% | 5.10% | 4.86% | 4.65% | 3.35% | 3.92% | 4.02% | 5.44% | 3.88% | 4.62% | 5.59% |
TRP TC Energy Corporation | 3.65% | 4.45% | 5.93% | 7.73% | 8.52% | 5.94% | 5.92% | 4.25% | 5.85% | 5.14% | 5.01% | 6.38% |
Financials
BIP vs. TRP - Financials Comparison
This section allows you to compare key financial metrics between Brookfield Infrastructure Partners L.P. and TC Energy Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BIP vs. TRP - Profitability Comparison
BIP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Brookfield Infrastructure Partners L.P. reported a gross profit of 1.70B and revenue of 6.30B. Therefore, the gross margin over that period was 26.9%.
TRP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, TC Energy Corporation reported a gross profit of 2.41B and revenue of 4.24B. Therefore, the gross margin over that period was 56.7%.
BIP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Brookfield Infrastructure Partners L.P. reported an operating income of 1.59B and revenue of 6.30B, resulting in an operating margin of 25.2%.
TRP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, TC Energy Corporation reported an operating income of 2.21B and revenue of 4.24B, resulting in an operating margin of 52.1%.
BIP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Brookfield Infrastructure Partners L.P. reported a net income of -86.00M and revenue of 6.30B, resulting in a net margin of -1.4%.
TRP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, TC Energy Corporation reported a net income of 929.40M and revenue of 4.24B, resulting in a net margin of 21.9%.
Frequently Asked Questions
BIP and TRP have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIP has higher volatility (6.41%) compared to TRP (5.73%). In terms of maximum drawdown, BIP dropped -56.07% vs TRP's -62.52%.
TRP currently has the higher Sharpe Ratio (2.81 vs 1.23), 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.
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