DKL vs. HESM

Last updated Jun 3, 2026

DKL (Delek Logistics Partners, LP) and HESM (Hess Midstream LP) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 5 years, DKL returned 14.31%/yr vs 17.07%/yr for HESM. At a 0.33 correlation, their price movements are largely independent.

Performance

DKL vs. HESM - Performance Comparison

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

Returns By Period

In the year-to-date period, DKL achieves a 21.50% return, which is significantly higher than HESM's 15.44% return.

DKL

• 1D: 1.60%
• 1M: -1.65%
• YTD: 21.50%
• 6M: 19.65%
• 1Y: 35.71%
• 3Y*: 9.60%
• 5Y*: 14.31%
• 10Y*: 18.39%

HESM

• 1D: 0.71%
• 1M: 2.27%
• YTD: 15.44%
• 6M: 20.00%
• 1Y: 10.32%
• 3Y*: 18.82%
• 5Y*: 17.07%
• 10Y*: —

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

DKL vs. HESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DKL Delek Logistics Partners, LP	21.50%	17.18%	9.40%	4.36%	14.39%	45.88%	14.34%	21.52%	2.07%	9.16%
HESM Hess Midstream LP	15.44%	0.56%	26.41%	14.36%	16.62%	52.91%	-5.29%	43.83%	-8.61%	-20.37%

Correlation

The correlation between DKL and HESM is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 6, 2017	0.33

Fundamentals

Market Cap DKL : $2.78B HESM : $4.93B
EPS DKL : $3.17 HESM : $2.89
PE Ratio DKL : 16.38 HESM : 13.22
PS Ratio DKL : 2.62 HESM : 2.99
Total Revenue (TTM) DKL : $1.06B HESM : $1.63B
Gross Profit (TTM) DKL : $158.42M HESM : $1.13B
EBITDA (TTM) DKL : $449.11M HESM : $1.24B

Return for Risk

DKL vs. HESM — Risk / Return Rank

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

DKL

DKL Risk / Return Rank: 80
DKL Sharpe Ratio Rank: 81
DKL Sortino Ratio Rank: 76
DKL Omega Ratio Rank: 74
DKL Calmar Ratio Rank: 83
DKL Martin Ratio Rank: 85

HESM

HESM Risk / Return Rank: 50
HESM Sharpe Ratio Rank: 56
HESM Sortino Ratio Rank: 46
HESM Omega Ratio Rank: 47
HESM Calmar Ratio Rank: 51
HESM Martin Ratio Rank: 51

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.

DKL vs. HESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Delek Logistics Partners, LP (DKL) 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.

	DKL	HESM	Difference
Sharpe ratio Return per unit of total volatility	1.49	0.43	+1.06
Sortino ratio Return per unit of downside risk	2.09	0.72	+1.37
Omega ratio Gain probability vs. loss probability	1.26	1.10	+0.16
Calmar ratio Return relative to maximum drawdown	3.14	0.47	+2.67
Martin ratio Return relative to average drawdown	9.14	0.96	+8.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DKL vs. HESM - Sharpe Ratio Comparison

The current DKL Sharpe Ratio is 1.49, which is higher than the HESM Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of DKL and HESM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DKL	HESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	0.43	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	0.63	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.33	+0.05

Drawdowns

DKL vs. HESM - Drawdown Comparison

The maximum DKL drawdown since its inception was -82.68%, which is greater than HESM's maximum drawdown of -75.16%. Use the drawdown chart below to compare losses from any high point for DKL and HESM.

Drawdown Indicators

	DKL	HESM	Difference
Max Drawdown Largest peak-to-trough decline	-82.68%	-75.16%	-7.52%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	-25.78%	+14.20%
Max Drawdown (3Y) Largest decline over 3 years	-35.26%	-25.78%	-9.48%
Max Drawdown (5Y) Largest decline over 5 years	-36.61%	-28.72%	-7.89%
Max Drawdown (10Y) Largest decline over 10 years	-82.68%	—	—
Current Drawdown Current decline from peak	-3.40%	-6.24%	+2.84%
Average Drawdown Average peak-to-trough decline	-15.26%	-11.79%	-3.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	12.64%	-8.66%

Volatility

DKL vs. HESM - Volatility Comparison

The current volatility for Delek Logistics Partners, LP (DKL) is 8.13%, while Hess Midstream LP (HESM) has a volatility of 8.98%. This indicates that DKL experiences smaller price fluctuations and is considered to be less risky than HESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DKL	HESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	8.98%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	20.15%	14.99%	+5.16%
Volatility (1Y) Calculated over the trailing 1-year period	24.15%	24.24%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.01%	27.36%	+3.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.91%	38.86%	+5.05%

Dividends

DKL vs. HESM - Dividend Comparison

DKL's dividend yield for the trailing twelve months is around 8.64%, more than HESM's 7.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DKL Delek Logistics Partners, LP	8.64%	9.97%	10.79%	9.56%	8.69%	8.71%	11.19%	10.51%	10.38%	8.80%	8.70%	6.05%
HESM Hess Midstream LP	7.95%	8.41%	7.12%	7.50%	7.30%	6.93%	8.86%	6.89%	8.00%	2.93%	0.00%	0.00%

Financials

DKL vs. HESM - Profitability Comparison

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

DKL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Delek Logistics Partners, LP reported a gross profit of 0.00 and revenue of 297.47M. Therefore, the gross margin over that period was 0.0%.

HESM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hess Midstream LP reported a gross profit of 246.00M and revenue of 390.10M. Therefore, the gross margin over that period was 63.1%.

DKL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Delek Logistics Partners, LP reported an operating income of 40.01M and revenue of 297.47M, resulting in an operating margin of 13.5%.

HESM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hess Midstream LP reported an operating income of 238.10M and revenue of 390.10M, resulting in an operating margin of 61.0%.

DKL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Delek Logistics Partners, LP reported a net income of 32.35M and revenue of 297.47M, resulting in a net margin of 10.9%.

HESM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hess Midstream LP reported a net income of 87.60M and revenue of 390.10M, resulting in a net margin of 22.5%.

Frequently Asked Questions

Can I hold both DKL and HESM in my portfolio?

DKL and HESM have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DKL or HESM?

HESM has higher volatility (8.98%) compared to DKL (8.13%). In terms of maximum drawdown, DKL dropped -82.68% vs HESM's -75.16%.

Which has better risk-adjusted returns?

DKL currently has the higher Sharpe Ratio (1.49 vs 0.43), 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.