HESM vs. AM

Last updated Jun 9, 2026

HESM (Hess Midstream LP) and AM (Antero Midstream Corporation) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 5 years, HESM returned 17.19%/yr vs 24.10%/yr for AM. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

HESM vs. AM - Performance Comparison

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

Returns By Period

In the year-to-date period, HESM achieves a 17.71% return, which is significantly lower than AM's 22.62% return.

HESM

• 1D: 0.31%
• 1M: 2.02%
• YTD: 17.71%
• 6M: 18.47%
• 1Y: 8.48%
• 3Y*: 19.59%
• 5Y*: 17.19%
• 10Y*: —

AM

• 1D: -0.88%
• 1M: 1.96%
• YTD: 22.62%
• 6M: 16.77%
• 1Y: 19.29%
• 3Y*: 32.87%
• 5Y*: 24.10%
• 10Y*: 7.20%

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

HESM vs. AM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HESM Hess Midstream LP	17.71%	0.56%	26.41%	14.36%	16.62%	52.91%	-5.29%	43.83%	-8.61%	-20.37%
AM Antero Midstream Corporation	22.62%	24.37%	28.46%	25.73%	21.98%	39.55%	27.59%	-60.29%	-22.28%	-10.84%

Correlation

The correlation between HESM and AM is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Apr 6, 2017	0.51

The correlation between HESM and AM shifts across timeframes, from 0.51 (all time) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap HESM : $5.03B AM : $10.19B
EPS HESM : $2.89 AM : $0.85
PE Ratio HESM : 13.48 AM : 24.99
PEG Ratio HESM : 1.09 AM : 4.31
PS Ratio HESM : 3.05 AM : 8.12
PB Ratio HESM : 13.42 AM : 5.26
Total Revenue (TTM) HESM : $1.63B AM : $1.26B
Gross Profit (TTM) HESM : $1.13B AM : $620.66M
EBITDA (TTM) HESM : $1.24B AM : $955.64M

Return for Risk

HESM vs. AM — Risk / Return Rank

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

HESM

HESM Risk / Return Rank: 50
HESM Sharpe Ratio Rank: 55
HESM Sortino Ratio Rank: 47
HESM Omega Ratio Rank: 47
HESM Calmar Ratio Rank: 50
HESM Martin Ratio Rank: 50

AM

AM Risk / Return Rank: 67
AM Sharpe Ratio Rank: 71
AM Sortino Ratio Rank: 66
AM Omega Ratio Rank: 63
AM Calmar Ratio Rank: 70
AM Martin Ratio Rank: 68

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.

HESM vs. AM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hess Midstream LP (HESM) and Antero Midstream Corporation (AM). 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.

	HESM	AM	Difference
Sharpe ratio: Return per unit of total volatility	0.35	0.93	-0.58
Sortino ratio: Return per unit of downside risk	0.62	1.43	-0.81
Omega ratio: Gain probability vs. loss probability	1.09	1.17	-0.09
Calmar ratio: Return relative to maximum drawdown	0.33	1.53	-1.20
Martin ratio: Return relative to average drawdown	0.67	3.18	-2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HESM vs. AM - Sharpe Ratio Comparison

The current HESM Sharpe Ratio is 0.35, which is lower than the AM Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of HESM and AM, 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

	HESM	AM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	0.93	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.91	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.13	+0.20

Drawdowns

HESM vs. AM - Drawdown Comparison

The maximum HESM drawdown since its inception was -75.16%, smaller than the maximum AM drawdown of -93.01%. Use the drawdown chart below to compare losses from any high point for HESM and AM.

Drawdown Indicators

	HESM	AM	Difference
Max Drawdown Largest peak-to-trough decline	-75.16%	-93.01%	+17.85%
Max Drawdown (1Y) Largest decline over 1 year	-25.78%	-12.67%	-13.11%
Max Drawdown (3Y) Largest decline over 3 years	-25.78%	-13.98%	-11.80%
Max Drawdown (5Y) Largest decline over 5 years	-28.72%	-21.91%	-6.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-93.01%	—
Current Drawdown Current decline from peak	-4.39%	-8.68%	+4.29%
Average Drawdown Average peak-to-trough decline	-11.78%	-31.42%	+19.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.65%	6.10%	+6.55%

Volatility

HESM vs. AM - Volatility Comparison

Hess Midstream LP (HESM) has a higher volatility of 7.26% compared to Antero Midstream Corporation (AM) at 5.87%. This indicates that HESM's price experiences larger fluctuations and is considered to be riskier than AM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HESM	AM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	5.87%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	14.73%	14.39%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	24.06%	20.88%	+3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.34%	26.55%	+0.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.83%	42.01%	-3.18%

Dividends

HESM vs. AM - Dividend Comparison

HESM's dividend yield for the trailing twelve months is around 7.79%, more than AM's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AM Antero Midstream Corporation	4.22%	5.06%	5.96%	7.18%	8.34%	10.15%	15.95%	18.28%	7.53%	4.27%	3.14%	2.93%
HESM Hess Midstream LP	7.79%	8.41%	7.12%	7.50%	7.30%	6.93%	8.86%	6.89%	8.00%	2.93%	0.00%	0.00%

Financials

HESM vs. AM - Profitability Comparison

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

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%.

AM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported a gross profit of 0.00 and revenue of 314.21M. Therefore, the gross margin over that period was 0.0%.

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%.

AM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported an operating income of 188.61M and revenue of 314.21M, resulting in an operating margin of 60.0%.

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%.

AM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported a net income of 118.27M and revenue of 314.21M, resulting in a net margin of 37.6%.

Frequently Asked Questions

Can I hold both HESM and AM in my portfolio?

HESM and AM have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HESM or AM?

HESM has higher volatility (7.26%) compared to AM (5.87%). In terms of maximum drawdown, HESM dropped -75.16% vs AM's -93.01%.

Which has better risk-adjusted returns?

AM currently has the higher Sharpe Ratio (0.93 vs 0.35), 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.