KMI vs. PAA
KMI (Kinder Morgan, Inc.) and PAA (Plains All American Pipeline, L.P.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, KMI returned 11.73%/yr vs 5.39%/yr for PAA. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
KMI vs. PAA - Performance Comparison
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Returns By Period
In the year-to-date period, KMI achieves a 21.81% return, which is significantly lower than PAA's 24.45% return. Over the past 10 years, KMI has outperformed PAA with an annualized return of 11.73%, while PAA has yielded a comparatively lower 5.39% annualized return.
KMI
- 1D
- 2.09%
- 1M
- -2.75%
- YTD
- 21.81%
- 6M
- 24.53%
- 1Y
- 22.17%
- 3Y*
- 32.85%
- 5Y*
- 19.07%
- 10Y*
- 11.73%
PAA
- 1D
- 0.66%
- 1M
- -11.06%
- YTD
- 24.45%
- 6M
- 26.56%
- 1Y
- 26.55%
- 3Y*
- 26.80%
- 5Y*
- 22.42%
- 10Y*
- 5.39%
KMI vs. PAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KMI Kinder Morgan, Inc. | 21.81% | 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. | 24.45% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
Correlation
The correlation between KMI and PAA is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2011 | 0.57 |
The correlation between KMI and PAA shifts across timeframes, from 0.41 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
KMI:
$71.76B
PAA:
$15.16B
KMI:
$1.53
PAA:
$2.19
KMI:
21.08
PAA:
9.80
KMI:
1.28
PAA:
0.18
KMI:
4.09
PAA:
0.33
KMI:
2.29
PAA:
1.18
KMI:
$17.52B
PAA:
$45.25B
KMI:
$5.86B
PAA:
$1.55B
KMI:
$6.90B
PAA:
$2.54B
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Return for Risk
KMI vs. PAA — Risk / Return Rank
KMI
PAA
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.
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.
| KMI | PAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.24 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.84 | +0.17 |
| Martin ratioReturn relative to average drawdown | 3.92 | 5.04 | -1.12 |
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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.
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Drawdown Indicators
| KMI | PAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -72.70% | -91.99% | +19.29% |
Max Drawdown (1Y)Largest decline over 1 year | -11.11% | -14.53% | +3.42% |
Max Drawdown (3Y)Largest decline over 3 years | -18.40% | -22.26% | +3.86% |
Max Drawdown (5Y)Largest decline over 5 years | -20.31% | -22.51% | +2.20% |
Max Drawdown (10Y)Largest decline over 10 years | -55.13% | -87.92% | +32.79% |
Current DrawdownCurrent decline from peak | -4.22% | -13.88% | +9.66% |
Average DrawdownAverage peak-to-trough decline | -32.02% | -25.74% | -6.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.67% | 5.29% | +0.38% |
Volatility
KMI vs. PAA - Volatility Comparison
Kinder Morgan, Inc. (KMI) and Plains All American Pipeline, L.P. (PAA) have volatilities of 6.51% and 6.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KMI | PAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.51% | 6.42% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 14.65% | 14.26% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.42% | 18.32% | +2.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.48% | 26.57% | -4.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.69% | 41.82% | -14.13% |
Dividends
KMI vs. PAA - Dividend Comparison
KMI's dividend yield for the trailing twelve months is around 5.48%, less than PAA's 7.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KMI Kinder Morgan, Inc. | 5.48% | 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. | 7.43% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Financials
KMI vs. PAA - Financials Comparison
This section allows you to compare key financial metrics between Kinder Morgan, Inc. and Plains All American Pipeline, 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
KMI vs. PAA - Profitability Comparison
KMI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Kinder Morgan, Inc. reported a gross profit of 0.00 and revenue of 4.83B. 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 Jun 2026, Plains All American Pipeline, L.P. reported a gross profit of 0.00 and revenue of 12.47B. Therefore, the gross margin over that period was 0.0%.
KMI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Kinder Morgan, Inc. reported an operating income of 1.44B and revenue of 4.83B, resulting in an operating margin of 29.9%.
PAA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported an operating income of 405.00M and revenue of 12.47B, resulting in an operating margin of 3.3%.
KMI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Kinder Morgan, Inc. reported a net income of 1.06B and revenue of 4.83B, resulting in a net margin of 22.0%.
PAA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a net income of 551.00M and revenue of 12.47B, resulting in a net margin of 4.4%.
Frequently Asked Questions
KMI and PAA have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KMI has higher volatility (6.51%) compared to PAA (6.42%). In terms of maximum drawdown, KMI dropped -72.70% vs PAA's -91.99%.
PAA currently has the higher Sharpe Ratio (1.46 vs 1.09), 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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