BSM vs. AM
BSM (Black Stone Minerals, L.P.) and AM (Antero Midstream Corporation) are both stocks. Both are in the Energy sector — BSM in Oil & Gas E&P, AM in Oil & Gas Midstream. Over the past 10 years, BSM returned 8.92%/yr vs 7.67%/yr for AM. Their 0.40 correlation means their historical movements had little consistent relationship.
Performance
BSM vs. AM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BSM achieves a 17.38% return, which is significantly lower than AM's 27.62% return. Over the past 10 years, BSM has outperformed AM with an annualized return of 8.92%, while AM has yielded a comparatively lower 7.67% annualized return.
BSM
- 1D
- 1.01%
- 1M
- 8.41%
- 6M
- 5.62%
- YTD
- 17.38%
- 1Y
- 30.13%
- 3Y*
- 5.14%
- 5Y*
- 18.37%
- 10Y*
- 8.92%
- ALL TIME*
- 6.60%
AM
- 1D
- 1.95%
- 1M
- -1.16%
- 6M
- 19.18%
- YTD
- 27.62%
- 1Y
- 24.05%
- 3Y*
- 29.97%
- 5Y*
- 26.57%
- 10Y*
- 7.67%
- ALL TIME*
- 5.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $48.96M | $46.06M | $51.05M | |
| $4.76M | $4.43M | $4.97M |
BSM vs. AM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BSM Black Stone Minerals, L.P. | 17.38% | 0.56% | 1.47% | 5.85% | 80.82% | 67.42% | -42.97% | -9.53% | -7.04% | 2.49% |
AM Antero Midstream Corporation | 27.62% | 24.37% | 28.46% | 25.73% | 21.98% | 39.55% | 27.59% | -60.29% | -22.28% | -2.32% |
Correlation
The correlation between BSM and AM is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.39 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.49 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.42 |
Correlation (All Time) Calculated using the full available price history since May 1, 2015 | 0.40 |
The correlation between BSM and AM shifts across timeframes, from 0.37 (1 year) to 0.49 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
BSM:
$3.18B
AM:
$10.43B
BSM:
$1.40
AM:
$0.83
BSM:
10.66
AM:
26.37
BSM:
0.30
AM:
4.55
BSM:
6.77
AM:
8.17
BSM:
4.11
AM:
5.39
BSM:
$468.25M
AM:
$1.29B
BSM:
$365.30M
AM:
$620.54M
BSM:
$475.89M
AM:
$884.12M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BSM vs. AM — Risk / Return Rank
BSM
AM
BSM vs. AM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Black Stone Minerals, L.P. (BSM) and Antero Midstream Corporation (AM). 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.
| BSM | AM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.22 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.28 | 2.00 | +0.28 |
| Martin ratioReturn relative to average drawdown | 5.44 | 4.20 | +1.24 |
Loading charts...
Drawdowns
BSM vs. AM - Drawdown Comparison
The maximum BSM drawdown since its inception was -75.58%, smaller than the maximum AM drawdown of -93.01%. Use the drawdown chart below to compare losses from any high point for BSM and AM.
Loading charts...
Drawdown Indicators
| BSM | AM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.58% | -93.01% | +17.43% |
Max Drawdown (1Y)Largest decline over 1 year | -13.41% | -12.67% | -0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -21.48% | -13.98% | -7.50% |
Max Drawdown (5Y)Largest decline over 5 years | -25.52% | -21.91% | -3.61% |
Max Drawdown (10Y)Largest decline over 10 years | -75.58% | -93.01% | +17.43% |
Current DrawdownCurrent decline from peak | -0.95% | -4.96% | +4.01% |
Average DrawdownAverage peak-to-trough decline | -16.75% | -31.57% | +14.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.61% | 6.02% | -0.41% |
Volatility
BSM vs. AM - Volatility Comparison
The current volatility for Black Stone Minerals, L.P. (BSM) is 6.42%, while Antero Midstream Corporation (AM) has a volatility of 6.77%. This indicates that BSM experiences smaller price fluctuations and is considered to be less risky than AM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BSM | AM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.42% | 6.77% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 15.06% | 15.18% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.87% | 20.71% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.19% | 26.15% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.41% | 41.89% | -10.48% |
Dividends
BSM vs. AM - Dividend Comparison
BSM's dividend yield for the trailing twelve months is around 8.03%, more than AM's 4.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AM Antero Midstream Corporation | 4.10% | 5.06% | 5.96% | 7.18% | 8.34% | 10.15% | 15.95% | 18.28% | 7.53% | 4.27% | 3.14% | 2.93% |
BSM Black Stone Minerals, L.P. | 8.03% | 10.16% | 10.96% | 11.90% | 9.13% | 8.23% | 10.18% | 11.64% | 8.61% | 6.69% | 5.86% | 2.94% |
Financials
BSM vs. AM - Financials Comparison
This section allows you to compare key financial metrics between Black Stone Minerals, L.P. and Antero Midstream 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
BSM vs. AM - Profitability Comparison
BSM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Black Stone Minerals, L.P. reported a gross profit of 162.57M and revenue of 188.46M. Therefore, the gross margin over that period was 86.3%.
AM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Antero Midstream Corporation reported a gross profit of 0.00 and revenue of 327.24M. Therefore, the gross margin over that period was 0.0%.
BSM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Black Stone Minerals, L.P. reported an operating income of 145.74M and revenue of 188.46M, resulting in an operating margin of 77.3%.
AM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Antero Midstream Corporation reported an operating income of 181.91M and revenue of 327.24M, resulting in an operating margin of 55.6%.
BSM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Black Stone Minerals, L.P. reported a net income of 13.27M and revenue of 188.46M, resulting in a net margin of 7.0%.
AM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Antero Midstream Corporation reported a net income of 113.52M and revenue of 327.24M, resulting in a net margin of 34.7%.
Frequently Asked Questions
BSM and AM have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AM has higher volatility (6.77%) compared to BSM (6.42%). In terms of maximum drawdown, BSM dropped -75.58% vs AM's -93.01%.
BSM currently has the higher Sharpe Ratio (1.47 vs 1.30), 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.
Find the right allocation for BSM and AM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer