ET vs. WES
ET (Energy Transfer LP) and WES (Western Midstream Partners, LP) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, ET returned 12.68%/yr vs 10.37%/yr for WES. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
ET vs. WES - Performance Comparison
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Returns By Period
In the year-to-date period, ET achieves a 17.84% return, which is significantly higher than WES's 15.54% return. Over the past 10 years, ET has outperformed WES with an annualized return of 12.68%, while WES has yielded a comparatively lower 10.37% annualized return.
ET
- 1D
- -0.85%
- 1M
- -7.13%
- YTD
- 17.84%
- 6M
- 18.55%
- 1Y
- 12.66%
- 3Y*
- 22.86%
- 5Y*
- 21.38%
- 10Y*
- 12.68%
WES
- 1D
- -0.16%
- 1M
- -7.40%
- YTD
- 15.54%
- 6M
- 16.45%
- 1Y
- 24.44%
- 3Y*
- 28.09%
- 5Y*
- 25.49%
- 10Y*
- 10.37%
ET vs. WES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ET Energy Transfer LP | 17.84% | -9.37% | 53.87% | 27.87% | 55.74% | 42.96% | -44.92% | 5.88% | -17.74% | -4.66% |
WES Western Midstream Partners, LP | 15.54% | 12.77% | 43.58% | 19.46% | 29.29% | 72.31% | -19.13% | -22.65% | -20.23% | -8.01% |
Correlation
The correlation between ET and WES is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2012 | 0.53 |
The correlation between ET and WES shifts across timeframes, from 0.53 (all time) to 0.64 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
ET:
$64.83B
WES:
$17.50B
ET:
$1.36
WES:
$3.09
ET:
13.78
WES:
14.14
ET:
0.74
WES:
4.23
ET:
1.30
WES:
4.99
ET:
$89.38B
WES:
$4.05B
ET:
$20.48B
WES:
$2.79B
ET:
$13.02B
WES:
$2.16B
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Return for Risk
ET vs. WES — Risk / Return Rank
ET
WES
ET vs. WES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Energy Transfer LP (ET) and Western Midstream Partners, LP (WES). 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.
| ET | WES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.22 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 2.61 | -1.16 |
| Martin ratioReturn relative to average drawdown | 3.25 | 5.70 | -2.45 |
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Drawdowns
ET vs. WES - Drawdown Comparison
The maximum ET drawdown since its inception was -87.81%, smaller than the maximum WES drawdown of -93.66%. Use the drawdown chart below to compare losses from any high point for ET and WES.
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Drawdown Indicators
| ET | WES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.81% | -93.66% | +5.85% |
Max Drawdown (1Y)Largest decline over 1 year | -8.79% | -9.42% | +0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -24.56% | -16.65% | -7.91% |
Max Drawdown (5Y)Largest decline over 5 years | -24.56% | -23.54% | -1.02% |
Max Drawdown (10Y)Largest decline over 10 years | -72.82% | -91.90% | +19.08% |
Current DrawdownCurrent decline from peak | -8.04% | -7.71% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -25.71% | -28.47% | +2.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.90% | 4.30% | -0.40% |
Volatility
ET vs. WES - Volatility Comparison
The current volatility for Energy Transfer LP (ET) is 4.80%, while Western Midstream Partners, LP (WES) has a volatility of 6.91%. This indicates that ET experiences smaller price fluctuations and is considered to be less risky than WES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ET | WES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.80% | 6.91% | -2.11% |
Volatility (6M)Calculated over the trailing 6-month period | 12.07% | 15.53% | -3.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.10% | 20.27% | -4.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.72% | 29.09% | -4.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.99% | 46.48% | -11.49% |
Dividends
ET vs. WES - Dividend Comparison
ET's dividend yield for the trailing twelve months is around 7.12%, less than WES's 8.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ET Energy Transfer LP | 7.12% | 7.97% | 6.51% | 8.95% | 7.33% | 7.41% | 17.27% | 9.51% | 9.24% | 6.66% | 5.90% | 7.42% |
WES Western Midstream Partners, LP | 8.38% | 9.13% | 8.33% | 8.52% | 6.80% | 5.69% | 11.25% | 12.45% | 8.28% | 5.43% | 4.03% | 3.86% |
Financials
ET vs. WES - Financials Comparison
This section allows you to compare key financial metrics between Energy Transfer LP and Western Midstream Partners, LP. 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
ET vs. WES - Profitability Comparison
ET - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Energy Transfer LP reported a gross profit of 6.62B and revenue of 27.77B. Therefore, the gross margin over that period was 23.9%.
WES - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a gross profit of 859.34M and revenue of 1.12B. Therefore, the gross margin over that period was 76.5%.
ET - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Energy Transfer LP reported an operating income of 2.98B and revenue of 27.77B, resulting in an operating margin of 10.7%.
WES - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported an operating income of 469.19M and revenue of 1.12B, resulting in an operating margin of 41.8%.
ET - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Energy Transfer LP reported a net income of 1.25B and revenue of 27.77B, resulting in a net margin of 4.5%.
WES - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a net income of 350.28M and revenue of 1.12B, resulting in a net margin of 31.2%.
Frequently Asked Questions
ET and WES have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WES has higher volatility (6.91%) compared to ET (4.80%). In terms of maximum drawdown, ET dropped -87.81% vs WES's -93.66%.
WES currently has the higher Sharpe Ratio (1.21 vs 0.79), 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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