BSM vs. PAA
Compare and contrast key facts about Black Stone Minerals, L.P. (BSM) and Plains All American Pipeline, L.P. (PAA).
Performance
BSM vs. PAA - Performance Comparison
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BSM vs. PAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BSM Black Stone Minerals, L.P. | 16.05% | 0.56% | 1.47% | 5.85% | 80.82% | 67.42% | -42.97% | -9.53% | -7.04% | 2.49% |
PAA Plains All American Pipeline, L.P. | 27.03% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
Fundamentals
BSM:
$3.21B
PAA:
$15.76B
BSM:
$1.38
PAA:
$2.04
BSM:
10.93
PAA:
10.95
BSM:
0.31
PAA:
0.21
BSM:
8.30
PAA:
0.35
BSM:
3.87
PAA:
1.60
BSM:
$395.04M
PAA:
$44.80B
BSM:
$296.51M
PAA:
$2.17B
BSM:
$323.06M
PAA:
$2.96B
Returns By Period
In the year-to-date period, BSM achieves a 16.05% return, which is significantly lower than PAA's 27.03% return. Over the past 10 years, BSM has outperformed PAA with an annualized return of 10.27%, while PAA has yielded a comparatively lower 8.77% annualized return.
BSM
- 1D
- -0.92%
- 1M
- 0.13%
- YTD
- 16.05%
- 6M
- 20.08%
- 1Y
- 8.82%
- 3Y*
- 9.41%
- 5Y*
- 22.22%
- 10Y*
- 10.27%
PAA
- 1D
- -0.62%
- 1M
- 6.79%
- YTD
- 27.03%
- 6M
- 36.78%
- 1Y
- 21.75%
- 3Y*
- 31.34%
- 5Y*
- 29.02%
- 10Y*
- 8.77%
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Return for Risk
BSM vs. PAA — Risk / Return Rank
BSM
PAA
BSM vs. PAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Black Stone Minerals, L.P. (BSM) and Plains All American Pipeline, L.P. (PAA). 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.
| BSM | PAA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.38 | 0.90 | -0.52 |
Sortino ratioReturn per unit of downside risk | 0.67 | 1.28 | -0.61 |
Omega ratioGain probability vs. loss probability | 1.08 | 1.18 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 0.46 | 0.98 | -0.51 |
Martin ratioReturn relative to average drawdown | 0.93 | 2.05 | -1.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BSM | PAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.38 | 0.90 | -0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 1.08 | -0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 0.21 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.30 | -0.08 |
Correlation
The correlation between BSM and PAA is 0.43, 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
BSM vs. PAA - Dividend Comparison
BSM's dividend yield for the trailing twelve months is around 8.43%, more than PAA's 6.97% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSM Black Stone Minerals, L.P. | 8.43% | 10.16% | 10.96% | 11.90% | 9.13% | 8.23% | 10.18% | 11.64% | 8.61% | 6.69% | 5.86% | 2.94% |
PAA Plains All American Pipeline, L.P. | 6.97% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Drawdowns
BSM vs. PAA - Drawdown Comparison
The maximum BSM drawdown since its inception was -75.58%, smaller than the maximum PAA drawdown of -91.99%. Use the drawdown chart below to compare losses from any high point for BSM and PAA.
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Drawdown Indicators
| BSM | PAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.58% | -91.99% | +16.41% |
Max Drawdown (1Y)Largest decline over 1 year | -19.66% | -20.96% | +1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -25.52% | -26.11% | +0.59% |
Max Drawdown (10Y)Largest decline over 10 years | -75.58% | -87.92% | +12.34% |
Current DrawdownCurrent decline from peak | -2.07% | -12.09% | +10.02% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -25.87% | +9.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.76% | 9.99% | -0.23% |
Volatility
BSM vs. PAA - Volatility Comparison
The current volatility for Black Stone Minerals, L.P. (BSM) is 5.26%, while Plains All American Pipeline, L.P. (PAA) has a volatility of 5.97%. This indicates that BSM experiences smaller price fluctuations and is considered to be less risky than PAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BSM | PAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.26% | 5.97% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 14.40% | 11.96% | +2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.57% | 24.36% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.82% | 27.11% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.68% | 42.28% | -10.60% |
Financials
BSM vs. PAA - Financials Comparison
This section allows you to compare key financial metrics between Black Stone Minerals, L.P. and Plains All American Pipeline, L.P.. 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. PAA - Profitability Comparison
BSM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Black Stone Minerals, L.P. reported a gross profit of 65.41M and revenue of 95.18M. Therefore, the gross margin over that period was 68.7%.
PAA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported a gross profit of 712.00M and revenue of 10.56B. Therefore, the gross margin over that period was 6.7%.
BSM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Black Stone Minerals, L.P. reported an operating income of 51.33M and revenue of 95.18M, resulting in an operating margin of 53.9%.
PAA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported an operating income of 354.00M and revenue of 10.56B, resulting in an operating margin of 3.4%.
BSM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Black Stone Minerals, L.P. reported a net income of 72.23M and revenue of 95.18M, resulting in a net margin of 75.9%.
PAA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported a net income of 342.00M and revenue of 10.56B, resulting in a net margin of 3.2%.