CLF vs. PAA
CLF (Cleveland-Cliffs Inc.) and PAA (Plains All American Pipeline, L.P.) are both stocks. CLF operates in Steel (Basic Materials), while PAA operates in Oil & Gas Midstream (Energy). Over the past 10 years, CLF returned 11.73%/yr vs 5.97%/yr for PAA. At a 0.27 correlation, their price movements are largely independent.
Performance
CLF vs. PAA - Performance Comparison
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Returns By Period
In the year-to-date period, CLF achieves a 3.77% return, which is significantly lower than PAA's 30.01% return. Over the past 10 years, CLF has outperformed PAA with an annualized return of 11.73%, while PAA has yielded a comparatively lower 5.97% annualized return.
CLF
- 1D
- 0.51%
- 1M
- 33.66%
- YTD
- 3.77%
- 6M
- 8.42%
- 1Y
- 92.19%
- 3Y*
- -6.24%
- 5Y*
- -10.83%
- 10Y*
- 11.73%
PAA
- 1D
- -0.18%
- 1M
- -2.01%
- YTD
- 30.01%
- 6M
- 31.47%
- 1Y
- 35.06%
- 3Y*
- 28.99%
- 5Y*
- 22.23%
- 10Y*
- 5.97%
CLF vs. PAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CLF Cleveland-Cliffs Inc. | 3.77% | 41.28% | -53.97% | 26.75% | -26.00% | 49.52% | 77.38% | 12.72% | 6.66% | -14.27% |
PAA Plains All American Pipeline, L.P. | 30.01% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
Correlation
The correlation between CLF and PAA is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 1998 | 0.27 |
The correlation between CLF and PAA shifts across timeframes, from -0.05 (1 year) to 0.32 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
CLF:
$7.78B
PAA:
$15.84B
CLF:
-$2.37
PAA:
$2.19
CLF:
0.37
PAA:
0.35
CLF:
1.34
PAA:
1.24
CLF:
$18.90B
PAA:
$45.25B
CLF:
-$528.00M
PAA:
$1.55B
CLF:
$134.00M
PAA:
$2.54B
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Return for Risk
CLF vs. PAA — Risk / Return Rank
CLF
PAA
CLF vs. PAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cleveland-Cliffs Inc. (CLF) 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.
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.
| CLF | PAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.33 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 2.51 | -0.72 |
| Martin ratioReturn relative to average drawdown | 3.68 | 7.17 | -3.49 |
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Drawdowns
CLF vs. PAA - Drawdown Comparison
The maximum CLF drawdown since its inception was -98.78%, which is greater than PAA's maximum drawdown of -91.99%. Use the drawdown chart below to compare losses from any high point for CLF and PAA.
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Drawdown Indicators
| CLF | PAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.78% | -91.99% | -6.79% |
Max Drawdown (1Y)Largest decline over 1 year | -51.67% | -14.53% | -37.14% |
Max Drawdown (3Y)Largest decline over 3 years | -74.46% | -22.26% | -52.20% |
Max Drawdown (5Y)Largest decline over 5 years | -82.37% | -25.01% | -57.36% |
Max Drawdown (10Y)Largest decline over 10 years | -82.37% | -87.92% | +5.55% |
Current DrawdownCurrent decline from peak | -85.95% | -10.03% | -75.92% |
Average DrawdownAverage peak-to-trough decline | -47.62% | -25.75% | -21.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.06% | 5.08% | +19.98% |
Volatility
CLF vs. PAA - Volatility Comparison
Cleveland-Cliffs Inc. (CLF) has a higher volatility of 22.19% compared to Plains All American Pipeline, L.P. (PAA) at 7.32%. This indicates that CLF's price experiences larger fluctuations and is considered to be riskier 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
| CLF | PAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.19% | 7.32% | +14.87% |
Volatility (6M)Calculated over the trailing 6-month period | 47.32% | 14.09% | +33.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.48% | 18.47% | +50.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.28% | 26.81% | +32.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.12% | 41.82% | +20.30% |
Dividends
CLF vs. PAA - Dividend Comparison
CLF has not paid dividends to shareholders, while PAA's dividend yield for the trailing twelve months is around 7.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLF Cleveland-Cliffs Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.82% | 3.10% | 0.00% | 0.00% | 0.00% | 0.00% |
PAA Plains All American Pipeline, L.P. | 7.11% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Financials
CLF vs. PAA - Financials Comparison
This section allows you to compare key financial metrics between Cleveland-Cliffs Inc. 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
CLF vs. PAA - Profitability Comparison
CLF - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cleveland-Cliffs Inc. reported a gross profit of -82.00M and revenue of 4.92B. Therefore, the gross margin over that period was -1.7%.
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%.
CLF - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cleveland-Cliffs Inc. reported an operating income of -207.00M and revenue of 4.92B, resulting in an operating margin of -4.2%.
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%.
CLF - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cleveland-Cliffs Inc. reported a net income of -237.00M and revenue of 4.92B, resulting in a net margin of -4.8%.
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
CLF and PAA have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLF has higher volatility (22.19%) compared to PAA (7.32%). In terms of maximum drawdown, CLF dropped -98.78% vs PAA's -91.99%.
PAA currently has the higher Sharpe Ratio (1.98 vs 1.35), 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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