HESM vs. OGS

Last updated Apr 1, 2026

Compare and contrast key facts about Hess Midstream LP (HESM) and ONE Gas, Inc. (OGS).

Performance

HESM vs. OGS - Performance Comparison

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

HESM vs. OGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HESM Hess Midstream LP	15.11%	0.56%	26.41%	14.36%	16.62%	52.91%	-5.29%	43.83%	-8.61%	-20.37%
OGS ONE Gas, Inc.	12.39%	15.57%	13.08%	-12.77%	0.63%	4.36%	-15.74%	20.26%	11.40%	9.26%

Fundamentals

EPS HESM : $2.78 OGS : $6.56
PE Ratio HESM : 14.01 OGS : 13.14
PEG Ratio HESM : 1.13 OGS : 8.44
PS Ratio HESM : 3.05 OGS : 1.43
Total Revenue (TTM) HESM : $1.62B OGS : $2.43B
Gross Profit (TTM) HESM : $1.21B OGS : $1.43B
EBITDA (TTM) HESM : $1.24B OGS : $708.60M

Returns By Period

In the year-to-date period, HESM achieves a 15.11% return, which is significantly higher than OGS's 12.39% return.

HESM

• 1D: -1.59%
• 1M: 0.49%
• YTD: 15.11%
• 6M: 17.56%
• 1Y: -0.34%
• 3Y*: 19.30%
• 5Y*: 19.49%
• 10Y*: —

OGS

• 1D: -0.05%
• 1M: -1.50%
• YTD: 12.39%
• 6M: 8.15%
• 1Y: 17.89%
• 3Y*: 6.69%
• 5Y*: 5.94%
• 10Y*: 6.60%

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

Return for Risk

HESM vs. OGS — Risk / Return Rank

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

HESM

HESM Risk / Return Rank: 38
HESM Sharpe Ratio Rank: 41
HESM Sortino Ratio Rank: 34
HESM Omega Ratio Rank: 34
HESM Calmar Ratio Rank: 41
HESM Martin Ratio Rank: 41

OGS

OGS Risk / Return Rank: 69
OGS Sharpe Ratio Rank: 75
OGS Sortino Ratio Rank: 66
OGS Omega Ratio Rank: 64
OGS Calmar Ratio Rank: 71
OGS 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. OGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hess Midstream LP (HESM) and ONE Gas, Inc. (OGS). 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	OGS	Difference
Sharpe ratio Return per unit of total volatility	-0.01	0.99	-1.01
Sortino ratio Return per unit of downside risk	0.16	1.41	-1.25
Omega ratio Gain probability vs. loss probability	1.02	1.18	-0.15
Calmar ratio Return relative to maximum drawdown	-0.03	1.47	-1.51
Martin ratio Return relative to average drawdown	-0.06	2.98	-3.04
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. OGS - Sharpe Ratio Comparison

The current HESM Sharpe Ratio is -0.01, which is lower than the OGS Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of HESM and OGS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HESM	OGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	0.99	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.25	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.46	-0.13

Correlation

The correlation between HESM and OGS is 0.20, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HESM vs. OGS - Dividend Comparison

HESM's dividend yield for the trailing twelve months is around 7.63%, more than OGS's 3.12% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HESM Hess Midstream LP	7.63%	8.41%	7.12%	7.50%	7.30%	6.93%	8.86%	6.89%	8.00%	2.93%	0.00%	0.00%
OGS ONE Gas, Inc.	3.12%	3.47%	3.81%	4.08%	3.28%	2.99%	2.81%	2.14%	2.31%	2.29%	2.19%	2.39%

Drawdowns

HESM vs. OGS - Drawdown Comparison

The maximum HESM drawdown since its inception was -75.16%, which is greater than OGS's maximum drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for HESM and OGS.

Drawdown Indicators

	HESM	OGS	Difference
Max Drawdown Largest peak-to-trough decline	-75.16%	-33.50%	-41.66%
Max Drawdown (1Y) Largest decline over 1 year	-25.78%	-11.75%	-14.03%
Max Drawdown (5Y) Largest decline over 5 years	-28.72%	-33.50%	+4.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.50%	—
Current Drawdown Current decline from peak	-5.01%	-1.79%	-3.22%
Average Drawdown Average peak-to-trough decline	-11.92%	-9.71%	-2.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.65%	5.81%	+7.84%

Volatility

HESM vs. OGS - Volatility Comparison

The current volatility for Hess Midstream LP (HESM) is 3.90%, while ONE Gas, Inc. (OGS) has a volatility of 4.46%. This indicates that HESM experiences smaller price fluctuations and is considered to be less risky than OGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HESM	OGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	4.46%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	12.90%	10.86%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	26.75%	18.07%	+8.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.33%	23.45%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.04%	25.91%	+13.13%

Financials

HESM vs. OGS - Profitability Comparison

The chart below illustrates the profitability comparison between Hess Midstream LP and ONE Gas, Inc. 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 Apr 2026, Hess Midstream LP reported a gross profit of 257.20M and revenue of 404.20M. Therefore, the gross margin over that period was 63.6%.

OGS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, ONE Gas, Inc. reported a gross profit of 663.76M and revenue of 689.37M. Therefore, the gross margin over that period was 96.3%.

HESM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Hess Midstream LP reported an operating income of 251.60M and revenue of 404.20M, resulting in an operating margin of 62.3%.

OGS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, ONE Gas, Inc. reported an operating income of 139.73M and revenue of 689.37M, resulting in an operating margin of 20.3%.

HESM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Hess Midstream LP reported a net income of 93.30M and revenue of 404.20M, resulting in a net margin of 23.1%.

OGS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, ONE Gas, Inc. reported a net income of 86.31M and revenue of 689.37M, resulting in a net margin of 12.5%.