CQP vs. HESM

Last updated Apr 1, 2026

Compare and contrast key facts about Cheniere Energy Partners, L.P. (CQP) and Hess Midstream LP (HESM).

Performance

CQP vs. HESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cheniere Energy Partners, L.P. (CQP) and Hess Midstream LP (HESM). The values are adjusted to include any dividend payments, if applicable.

CQP vs. HESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CQP Cheniere Energy Partners, L.P.	22.61%	6.80%	12.59%	-5.09%	44.79%	27.83%	-4.97%	16.60%	30.13%	-2.67%
HESM Hess Midstream LP	15.11%	0.56%	26.41%	14.36%	16.62%	52.91%	-5.29%	43.83%	-8.61%	-20.37%

Fundamentals

Market Cap CQP : $31.28B HESM : $5.03B
EPS CQP : $6.15 HESM : $2.78
PE Ratio CQP : 10.51 HESM : 14.01
PEG Ratio CQP : 0.33 HESM : 1.13
PS Ratio CQP : 2.91 HESM : 3.05
PB Ratio CQP : 9.91 HESM : 11.79
Total Revenue (TTM) CQP : $10.76B HESM : $1.62B
Gross Profit (TTM) CQP : $4.31B HESM : $1.21B
EBITDA (TTM) CQP : $4.42B HESM : $1.24B

Returns By Period

In the year-to-date period, CQP achieves a 22.61% return, which is significantly higher than HESM's 15.11% return.

CQP

• 1D: -3.71%
• 1M: 5.43%
• YTD: 22.61%
• 6M: 23.85%
• 1Y: 3.94%
• 3Y*: 18.14%
• 5Y*: 16.24%
• 10Y*: 16.02%

HESM

• 1D: -1.59%
• 1M: 0.49%
• YTD: 15.11%
• 6M: 17.56%
• 1Y: -0.34%
• 3Y*: 19.30%
• 5Y*: 19.49%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

CQP vs. HESM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CQP

CQP Risk / Return Rank: 45
CQP Sharpe Ratio Rank: 47
CQP Sortino Ratio Rank: 39
CQP Omega Ratio Rank: 40
CQP Calmar Ratio Rank: 50
CQP Martin Ratio Rank: 47

HESM

HESM Risk / Return Rank: 38
HESM Sharpe Ratio Rank: 41
HESM Sortino Ratio Rank: 34
HESM Omega Ratio Rank: 34
HESM Calmar Ratio Rank: 41
HESM Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CQP vs. HESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cheniere Energy Partners, L.P. (CQP) and Hess Midstream LP (HESM). 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.

	CQP	HESM	Difference
Sharpe ratio Return per unit of total volatility	0.13	-0.01	+0.14
Sortino ratio Return per unit of downside risk	0.38	0.16	+0.22
Omega ratio Gain probability vs. loss probability	1.05	1.02	+0.03
Calmar ratio Return relative to maximum drawdown	0.31	-0.03	+0.34
Martin ratio Return relative to average drawdown	0.47	-0.06	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CQP vs. HESM - Sharpe Ratio Comparison

The current CQP Sharpe Ratio is 0.13, which is higher than the HESM Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of CQP and HESM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CQP	HESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.13	-0.01	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.72	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.33	+0.03

Correlation

The correlation between CQP and HESM is 0.42, 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

CQP vs. HESM - Dividend Comparison

CQP's dividend yield for the trailing twelve months is around 5.11%, less than HESM's 7.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CQP Cheniere Energy Partners, L.P.	5.11%	6.15%	5.06%	8.36%	6.82%	6.30%	7.28%	6.08%	6.07%	5.79%	5.90%	6.52%
HESM Hess Midstream LP	7.63%	8.41%	7.12%	7.50%	7.30%	6.93%	8.86%	6.89%	8.00%	2.93%	0.00%	0.00%

Drawdowns

CQP vs. HESM - Drawdown Comparison

The maximum CQP drawdown since its inception was -78.46%, roughly equal to the maximum HESM drawdown of -75.16%. Use the drawdown chart below to compare losses from any high point for CQP and HESM.

Drawdown Indicators

	CQP	HESM	Difference
Max Drawdown Largest peak-to-trough decline	-78.46%	-75.16%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	-23.58%	-25.78%	+2.20%
Max Drawdown (5Y) Largest decline over 5 years	-29.12%	-28.72%	-0.40%
Max Drawdown (10Y) Largest decline over 10 years	-60.31%	—	—
Current Drawdown Current decline from peak	-7.86%	-5.01%	-2.85%
Average Drawdown Average peak-to-trough decline	-14.69%	-11.92%	-2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.75%	13.65%	+2.10%

Volatility

CQP vs. HESM - Volatility Comparison

Cheniere Energy Partners, L.P. (CQP) has a higher volatility of 12.49% compared to Hess Midstream LP (HESM) at 3.90%. This indicates that CQP's price experiences larger fluctuations and is considered to be riskier than HESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CQP	HESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.49%	3.90%	+8.59%
Volatility (6M) Calculated over the trailing 6-month period	19.04%	12.90%	+6.14%
Volatility (1Y) Calculated over the trailing 1-year period	30.56%	26.75%	+3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.29%	27.33%	+4.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.17%	39.04%	-6.87%

Financials

CQP vs. HESM - Profitability Comparison

The chart below illustrates the profitability comparison between Cheniere Energy Partners, L.P. and Hess Midstream LP over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CQP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Cheniere Energy Partners, L.P. reported a gross profit of 1.49B and revenue of 2.91B. Therefore, the gross margin over that period was 51.3%.

HESM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Hess Midstream LP reported a gross profit of 257.20M and revenue of 404.20M. Therefore, the gross margin over that period was 63.6%.

CQP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Cheniere Energy Partners, L.P. reported an operating income of 1.46B and revenue of 2.91B, resulting in an operating margin of 50.3%.

HESM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Hess Midstream LP reported an operating income of 251.60M and revenue of 404.20M, resulting in an operating margin of 62.3%.

CQP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Cheniere Energy Partners, L.P. reported a net income of 1.28B and revenue of 2.91B, resulting in a net margin of 43.9%.

HESM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Hess Midstream LP reported a net income of 93.30M and revenue of 404.20M, resulting in a net margin of 23.1%.