EPM vs. PAA

Last updated Jun 4, 2026

EPM (Evolution Petroleum Corporation) and PAA (Plains All American Pipeline, L.P.) are both stocks. Both are in the Energy sector — EPM in Oil & Gas E&P, PAA in Oil & Gas Midstream. Over the past 10 years, EPM returned 3.89%/yr vs 6.90%/yr for PAA. At a 0.25 correlation, their price movements are largely independent.

Performance

EPM vs. PAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Evolution Petroleum Corporation (EPM) and Plains All American Pipeline, L.P. (PAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EPM achieves a 25.82% return, which is significantly lower than PAA's 32.73% return. Over the past 10 years, EPM has underperformed PAA with an annualized return of 3.89%, while PAA has yielded a comparatively higher 6.90% annualized return.

EPM

• 1D: -0.23%
• 1M: -11.97%
• YTD: 25.82%
• 6M: 11.10%
• 1Y: 2.26%
• 3Y*: -11.56%
• 5Y*: 7.68%
• 10Y*: 3.89%

PAA

• 1D: -0.22%
• 1M: 1.15%
• YTD: 32.73%
• 6M: 34.61%
• 1Y: 45.13%
• 3Y*: 29.04%
• 5Y*: 24.34%
• 10Y*: 6.90%

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

EPM vs. PAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EPM Evolution Petroleum Corporation	25.82%	-25.17%	-2.04%	-17.30%	58.73%	86.00%	-44.78%	-14.47%	4.19%	-28.70%
PAA Plains All American Pipeline, L.P.	32.73%	14.30%	21.38%	39.18%	35.79%	22.24%	-50.79%	-2.28%	2.31%	-31.34%

Correlation

The correlation between EPM and PAA is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Nov 19, 1998	0.25

The correlation between EPM and PAA shifts across timeframes, from 0.25 (all time) to 0.46 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap EPM : $147.47M PAA : $16.17B
EPS EPM : -$0.11 PAA : $2.19
PS Ratio EPM : 1.77 PAA : 0.36
PB Ratio EPM : 2.52 PAA : 1.26
Total Revenue (TTM) EPM : $83.24M PAA : $45.25B
Gross Profit (TTM) EPM : $3.92M PAA : $1.55B
EBITDA (TTM) EPM : $2.18M PAA : $2.54B

Return for Risk

EPM vs. PAA — Risk / Return Rank

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

EPM

EPM Risk / Return Rank: 40
EPM Sharpe Ratio Rank: 42
EPM Sortino Ratio Rank: 38
EPM Omega Ratio Rank: 38
EPM Calmar Ratio Rank: 42
EPM Martin Ratio Rank: 42

PAA

PAA Risk / Return Rank: 87
PAA Sharpe Ratio Rank: 91
PAA Sortino Ratio Rank: 90
PAA Omega Ratio Rank: 87
PAA Calmar Ratio Rank: 83
PAA Martin Ratio Rank: 85

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.

EPM vs. PAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolution Petroleum Corporation (EPM) 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.

	EPM	PAA	Difference
Sharpe ratio Return per unit of total volatility	0.06	2.44	-2.38
Sortino ratio Return per unit of downside risk	0.35	3.28	-2.94
Omega ratio Gain probability vs. loss probability	1.04	1.40	-0.35
Calmar ratio Return relative to maximum drawdown	0.06	3.12	-3.06
Martin ratio Return relative to average drawdown	0.14	9.10	-8.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPM vs. PAA - Sharpe Ratio Comparison

The current EPM Sharpe Ratio is 0.06, which is lower than the PAA Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of EPM and PAA, 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

	EPM	PAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.06	2.44	-2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.91	-0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.17	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.31	-0.42

Drawdowns

EPM vs. PAA - Drawdown Comparison

The maximum EPM drawdown since its inception was -99.99%, which is greater than PAA's maximum drawdown of -91.99%. Use the drawdown chart below to compare losses from any high point for EPM and PAA.

Drawdown Indicators

	EPM	PAA	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-91.99%	-8.00%
Max Drawdown (1Y) Largest decline over 1 year	-38.29%	-14.53%	-23.76%
Max Drawdown (3Y) Largest decline over 3 years	-59.45%	-22.26%	-37.19%
Max Drawdown (5Y) Largest decline over 5 years	-59.45%	-26.11%	-33.34%
Max Drawdown (10Y) Largest decline over 10 years	-80.49%	-87.92%	+7.43%
Current Drawdown Current decline from peak	-99.85%	-8.14%	-91.71%
Average Drawdown Average peak-to-trough decline	-96.49%	-25.77%	-70.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.48%	4.97%	+11.51%

Volatility

EPM vs. PAA - Volatility Comparison

Evolution Petroleum Corporation (EPM) has a higher volatility of 17.57% compared to Plains All American Pipeline, L.P. (PAA) at 7.38%. This indicates that EPM'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.

Volatility by Period

	EPM	PAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.57%	7.38%	+10.19%
Volatility (6M) Calculated over the trailing 6-month period	30.95%	14.05%	+16.90%
Volatility (1Y) Calculated over the trailing 1-year period	38.74%	18.70%	+20.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.67%	26.87%	+18.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.08%	41.87%	+8.21%

Dividends

EPM vs. PAA - Dividend Comparison

EPM's dividend yield for the trailing twelve months is around 11.06%, more than PAA's 6.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPM Evolution Petroleum Corporation	11.06%	13.56%	9.18%	8.26%	5.83%	4.55%	6.14%	7.31%	5.87%	4.23%	2.15%	4.16%
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

EPM vs. PAA - Profitability Comparison

The chart below illustrates the profitability comparison between Evolution Petroleum Corporation and Plains All American Pipeline, L.P. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

EPM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Evolution Petroleum Corporation reported a gross profit of -11.45M and revenue of 20.17M. Therefore, the gross margin over that period was -56.8%.

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%.

EPM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Evolution Petroleum Corporation reported an operating income of -558.00K and revenue of 20.17M, resulting in an operating margin of -2.8%.

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%.

EPM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Evolution Petroleum Corporation reported a net income of -8.93M and revenue of 20.17M, resulting in a net margin of -44.3%.

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

Can I hold both EPM and PAA in my portfolio?

EPM and PAA have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EPM or PAA?

EPM has higher volatility (17.57%) compared to PAA (7.38%). In terms of maximum drawdown, EPM dropped -99.99% vs PAA's -91.99%.

Which has better risk-adjusted returns?

PAA currently has the higher Sharpe Ratio (2.44 vs 0.06), 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.