BSM vs. PAA
BSM (Black Stone Minerals, L.P.) and PAA (Plains All American Pipeline, L.P.) are both stocks. Both are in the Energy sector — BSM in Oil & Gas E&P, PAA in Oil & Gas Midstream. Over the past 10 years, BSM returned 8.10%/yr vs 6.33%/yr for PAA. At a 0.43 correlation, their price movements are largely independent.
Performance
BSM vs. PAA - Performance Comparison
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Returns By Period
In the year-to-date period, BSM achieves a 8.98% return, which is significantly lower than PAA's 32.79% return. Over the past 10 years, BSM has outperformed PAA with an annualized return of 8.10%, while PAA has yielded a comparatively lower 6.33% annualized return.
BSM
- 1D
- -0.29%
- 1M
- 3.72%
- YTD
- 8.98%
- 6M
- -0.25%
- 1Y
- 11.82%
- 3Y*
- 5.22%
- 5Y*
- 18.11%
- 10Y*
- 8.10%
PAA
- 1D
- 0.04%
- 1M
- 1.51%
- YTD
- 32.79%
- 6M
- 34.21%
- 1Y
- 48.04%
- 3Y*
- 28.99%
- 5Y*
- 24.35%
- 10Y*
- 6.33%
BSM vs. PAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BSM Black Stone Minerals, L.P. | 8.98% | 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. | 32.79% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
Correlation
The correlation between BSM and PAA is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since May 4, 2015 | 0.43 |
The correlation between BSM and PAA shifts across timeframes, from 0.38 (1 year) to 0.50 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
BSM:
$2.95B
PAA:
$16.18B
BSM:
$1.38
PAA:
$2.19
BSM:
10.07
PAA:
10.46
BSM:
0.28
PAA:
0.20
BSM:
6.39
PAA:
0.36
BSM:
3.81
PAA:
1.26
BSM:
$468.25M
PAA:
$45.25B
BSM:
$365.30M
PAA:
$1.55B
BSM:
$475.89M
PAA:
$2.54B
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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 | -2.03 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.43 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 3.32 | -2.46 |
| Martin ratioReturn relative to average drawdown | 1.77 | 9.67 | -7.90 |
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 | 0.58 | 2.61 | -2.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 0.91 | -0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.15 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.31 | -0.11 |
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 | -13.79% | -14.53% | +0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -21.48% | -22.26% | +0.78% |
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 | -8.04% | -8.10% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -16.41% | -25.77% | +9.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.70% | 4.98% | +1.72% |
Volatility
BSM vs. PAA - Volatility Comparison
The current volatility for Black Stone Minerals, L.P. (BSM) is 6.24%, while Plains All American Pipeline, L.P. (PAA) has a volatility of 7.37%. 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 | 6.24% | 7.37% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 15.63% | 14.02% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.64% | 18.61% | +2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.42% | 26.86% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.52% | 41.86% | -10.34% |
Dividends
BSM vs. PAA - Dividend Comparison
BSM's dividend yield for the trailing twelve months is around 8.65%, more than PAA's 6.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSM Black Stone Minerals, L.P. | 8.65% | 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. | 6.96% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
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 Jun 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%.
PAA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a gross profit of 0.00 and revenue of 12.47B. 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 Jun 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%.
PAA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported an operating income of 405.00M and revenue of 12.47B, resulting in an operating margin of 3.3%.
BSM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 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%.
PAA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a net income of 551.00M and revenue of 12.47B, resulting in a net margin of 4.4%.
Frequently Asked Questions
BSM and PAA have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAA has higher volatility (7.37%) compared to BSM (6.24%). In terms of maximum drawdown, BSM dropped -75.58% vs PAA's -91.99%.
PAA currently has the higher Sharpe Ratio (2.61 vs 0.58), 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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