KMI vs. PAA

Last updated Apr 1, 2026

Compare and contrast key facts about Kinder Morgan, Inc. (KMI) and Plains All American Pipeline, L.P. (PAA).

Performance

KMI vs. PAA - Performance Comparison

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

KMI vs. PAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KMI Kinder Morgan, Inc.	23.15%	4.74%	64.42%	4.10%	21.23%	23.75%	-30.77%	44.43%	-11.18%	-10.56%
PAA Plains All American Pipeline, L.P.	27.03%	14.30%	21.38%	39.18%	35.79%	22.24%	-50.79%	-2.28%	2.31%	-31.34%

Fundamentals

Market Cap KMI : $74.60B PAA : $15.76B
EPS KMI : $1.32 PAA : $2.04
PE Ratio KMI : 25.48 PAA : 10.95
PEG Ratio KMI : 0.06 PAA : 0.21
PS Ratio KMI : 4.40 PAA : 0.35
PB Ratio KMI : 2.39 PAA : 1.60
Total Revenue (TTM) KMI : $16.95B PAA : $44.80B
Gross Profit (TTM) KMI : $4.34B PAA : $2.17B
EBITDA (TTM) KMI : $7.08B PAA : $2.96B

Returns By Period

In the year-to-date period, KMI achieves a 23.15% return, which is significantly lower than PAA's 27.03% return. Over the past 10 years, KMI has outperformed PAA with an annualized return of 12.36%, while PAA has yielded a comparatively lower 8.77% annualized return.

KMI

• 1D: -0.36%
• 1M: 0.78%
• YTD: 23.15%
• 6M: 20.94%
• 1Y: 22.59%
• 3Y*: 30.96%
• 5Y*: 21.44%
• 10Y*: 12.36%

PAA

• 1D: -0.62%
• 1M: 6.79%
• YTD: 27.03%
• 6M: 36.78%
• 1Y: 21.75%
• 3Y*: 31.34%
• 5Y*: 29.02%
• 10Y*: 8.77%

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

Return for Risk

KMI vs. PAA — Risk / Return Rank

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

KMI

KMI Risk / Return Rank: 72
KMI Sharpe Ratio Rank: 75
KMI Sortino Ratio Rank: 65
KMI Omega Ratio Rank: 68
KMI Calmar Ratio Rank: 76
KMI Martin Ratio Rank: 74

PAA

PAA Risk / Return Rank: 65
PAA Sharpe Ratio Rank: 73
PAA Sortino Ratio Rank: 63
PAA Omega Ratio Rank: 66
PAA Calmar Ratio Rank: 64
PAA Martin Ratio Rank: 62

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.

KMI vs. PAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinder Morgan, Inc. (KMI) 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.

	KMI	PAA	Difference
Sharpe ratio Return per unit of total volatility	0.99	0.90	+0.09
Sortino ratio Return per unit of downside risk	1.33	1.28	+0.05
Omega ratio Gain probability vs. loss probability	1.20	1.18	+0.01
Calmar ratio Return relative to maximum drawdown	1.81	0.98	+0.84
Martin ratio Return relative to average drawdown	4.13	2.05	+2.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KMI vs. PAA - Sharpe Ratio Comparison

The current KMI Sharpe Ratio is 0.99, which is comparable to the PAA Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of KMI and PAA, 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

	KMI	PAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	0.90	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	1.08	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.21	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.30	-0.12

Correlation

The correlation between KMI and PAA is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

KMI vs. PAA - Dividend Comparison

KMI's dividend yield for the trailing twelve months is around 3.49%, less than PAA's 6.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KMI Kinder Morgan, Inc.	3.49%	4.24%	4.18%	6.38%	6.10%	6.76%	7.59%	4.49%	4.71%	2.77%	2.41%	12.94%
PAA Plains All American Pipeline, L.P.	6.97%	8.46%	7.44%	7.06%	7.08%	7.71%	10.92%	7.50%	5.99%	9.45%	8.21%	11.93%

Drawdowns

KMI vs. PAA - Drawdown Comparison

The maximum KMI drawdown since its inception was -72.70%, smaller than the maximum PAA drawdown of -91.99%. Use the drawdown chart below to compare losses from any high point for KMI and PAA.

Drawdown Indicators

	KMI	PAA	Difference
Max Drawdown Largest peak-to-trough decline	-72.70%	-91.99%	+19.29%
Max Drawdown (1Y) Largest decline over 1 year	-12.83%	-20.96%	+8.13%
Max Drawdown (5Y) Largest decline over 5 years	-20.31%	-26.11%	+5.80%
Max Drawdown (10Y) Largest decline over 10 years	-55.13%	-87.92%	+32.79%
Current Drawdown Current decline from peak	-1.58%	-12.09%	+10.51%
Average Drawdown Average peak-to-trough decline	-32.37%	-25.87%	-6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.64%	9.99%	-4.35%

Volatility

KMI vs. PAA - Volatility Comparison

The current volatility for Kinder Morgan, Inc. (KMI) is 5.41%, while Plains All American Pipeline, L.P. (PAA) has a volatility of 5.97%. This indicates that KMI experiences smaller price fluctuations and is considered to be less risky than PAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KMI	PAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	5.97%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	11.96%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	22.91%	24.36%	-1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.47%	27.11%	-4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.90%	42.28%	-14.38%

Financials

KMI vs. PAA - Profitability Comparison

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

KMI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Kinder Morgan, Inc. reported a gross profit of 0.00 and revenue of 4.51B. Therefore, the gross margin over that period was 0.0%.

PAA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported a gross profit of 712.00M and revenue of 10.56B. Therefore, the gross margin over that period was 6.7%.

KMI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Kinder Morgan, Inc. reported an operating income of 1.36B and revenue of 4.51B, resulting in an operating margin of 30.3%.

PAA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported an operating income of 354.00M and revenue of 10.56B, resulting in an operating margin of 3.4%.

KMI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Kinder Morgan, Inc. reported a net income of 866.00M and revenue of 4.51B, resulting in a net margin of 19.2%.

PAA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported a net income of 342.00M and revenue of 10.56B, resulting in a net margin of 3.2%.