HESM vs. CQP
HESM (Hess Midstream LP) and CQP (Cheniere Energy Partners, L.P.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 5 years, HESM returned 16.87%/yr vs 15.15%/yr for CQP. At a 0.41 correlation, their price movements are largely independent.
Performance
HESM vs. CQP - Performance Comparison
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Returns By Period
In the year-to-date period, HESM achieves a 16.35% return, which is significantly lower than CQP's 21.40% return.
HESM
- 1D
- -0.36%
- 1M
- -0.85%
- YTD
- 16.35%
- 6M
- 15.25%
- 1Y
- 5.94%
- 3Y*
- 19.10%
- 5Y*
- 16.87%
- 10Y*
- —
CQP
- 1D
- -3.81%
- 1M
- 0.64%
- YTD
- 21.40%
- 6M
- 22.64%
- 1Y
- 15.22%
- 3Y*
- 19.41%
- 5Y*
- 15.15%
- 10Y*
- 14.69%
HESM vs. CQP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HESM Hess Midstream LP | 16.35% | 0.56% | 26.41% | 14.36% | 16.62% | 52.91% | -5.29% | 43.83% | -8.61% | -20.06% |
CQP Cheniere Energy Partners, L.P. | 21.40% | 6.80% | 12.59% | -5.09% | 44.79% | 27.83% | -4.97% | 16.60% | 30.13% | -3.70% |
Correlation
The correlation between HESM and CQP is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2017 | 0.41 |
Fundamentals
HESM:
$4.97B
CQP:
$30.58B
HESM:
$2.89
CQP:
$5.21
HESM:
13.32
CQP:
12.13
HESM:
1.08
CQP:
0.38
HESM:
3.02
CQP:
2.69
HESM:
13.27
CQP:
392.10
HESM:
$1.63B
CQP:
$11.37B
HESM:
$1.13B
CQP:
$3.20B
HESM:
$1.24B
CQP:
$3.96B
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Return for Risk
HESM vs. CQP — Risk / Return Rank
HESM
CQP
HESM vs. CQP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hess Midstream LP (HESM) and Cheniere Energy Partners, L.P. (CQP). 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.
| HESM | CQP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.12 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | 1.04 | -0.81 |
| Martin ratioReturn relative to average drawdown | 0.47 | 2.51 | -2.04 |
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Drawdowns
HESM vs. CQP - Drawdown Comparison
The maximum HESM drawdown since its inception was -75.16%, roughly equal to the maximum CQP drawdown of -78.70%. Use the drawdown chart below to compare losses from any high point for HESM and CQP.
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Drawdown Indicators
| HESM | CQP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.16% | -78.70% | +3.54% |
Max Drawdown (1Y)Largest decline over 1 year | -25.78% | -14.72% | -11.06% |
Max Drawdown (3Y)Largest decline over 3 years | -25.78% | -24.87% | -0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -28.72% | -29.12% | +0.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.31% | — |
Current DrawdownCurrent decline from peak | -5.50% | -8.77% | +3.27% |
Average DrawdownAverage peak-to-trough decline | -11.77% | -14.73% | +2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.67% | 6.41% | +6.26% |
Volatility
HESM vs. CQP - Volatility Comparison
The current volatility for Hess Midstream LP (HESM) is 6.71%, while Cheniere Energy Partners, L.P. (CQP) has a volatility of 9.30%. This indicates that HESM experiences smaller price fluctuations and is considered to be less risky than CQP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HESM | CQP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 9.30% | -2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 14.72% | 19.67% | -4.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.01% | 26.21% | -2.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.34% | 32.44% | -5.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.79% | 32.14% | +6.65% |
Dividends
HESM vs. CQP - Dividend Comparison
HESM's dividend yield for the trailing twelve months is around 7.89%, more than CQP's 5.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CQP Cheniere Energy Partners, L.P. | 5.17% | 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 | 7.89% | 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. CQP - Financials Comparison
This section allows you to compare key financial metrics between Hess Midstream LP and Cheniere Energy Partners, L.P.. 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
HESM vs. CQP - Profitability Comparison
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%.
CQP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cheniere Energy Partners, L.P. reported a gross profit of 0.00 and revenue of 3.60B. 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%.
CQP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cheniere Energy Partners, L.P. reported an operating income of 361.00M and revenue of 3.60B, resulting in an operating margin of 10.0%.
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%.
CQP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cheniere Energy Partners, L.P. reported a net income of 186.00M and revenue of 3.60B, resulting in a net margin of 5.2%.
Frequently Asked Questions
HESM and CQP have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CQP has higher volatility (9.30%) compared to HESM (6.71%). In terms of maximum drawdown, HESM dropped -75.16% vs CQP's -78.70%.
CQP currently has the higher Sharpe Ratio (0.58 vs 0.25), 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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