NI vs. ET

Last updated Apr 2, 2026

Compare and contrast key facts about NiSource Inc. (NI) and Energy Transfer LP (ET).

Performance

NI vs. ET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NiSource Inc. (NI) and Energy Transfer LP (ET). The values are adjusted to include any dividend payments, if applicable.

NI vs. ET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NI NiSource Inc.	13.08%	16.81%	43.48%	0.48%	2.67%	24.75%	-14.87%	13.03%	1.92%	19.28%
ET Energy Transfer LP	17.51%	-9.37%	53.87%	27.87%	55.74%	42.96%	-44.92%	5.88%	-17.74%	-4.66%

Fundamentals

Market Cap NI : $22.25B ET : $69.42B
EPS NI : $1.96 ET : $1.37
PE Ratio NI : 23.89 ET : 13.90
PS Ratio NI : 3.34 ET : 0.82
PB Ratio NI : 2.35 ET : 1.42
Total Revenue (TTM) NI : $6.64B ET : $82.63B
Gross Profit (TTM) NI : $3.52B ET : $18.01B
EBITDA (TTM) NI : $3.02B ET : $14.93B

Returns By Period

In the year-to-date period, NI achieves a 13.08% return, which is significantly lower than ET's 17.51% return. Over the past 10 years, NI has underperformed ET with an annualized return of 10.47%, while ET has yielded a comparatively higher 20.33% annualized return.

NI

• 1D: 0.51%
• 1M: -0.32%
• YTD: 13.08%
• 6M: 10.37%
• 1Y: 19.29%
• 3Y*: 22.77%
• 5Y*: 18.15%
• 10Y*: 10.47%

ET

• 1D: -1.45%
• 1M: -0.42%
• YTD: 17.51%
• 6M: 16.34%
• 1Y: 9.61%
• 3Y*: 24.91%
• 5Y*: 29.13%
• 10Y*: 20.33%

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

Return for Risk

NI vs. ET — Risk / Return Rank

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

NI

NI Risk / Return Rank: 71
NI Sharpe Ratio Rank: 73
NI Sortino Ratio Rank: 63
NI Omega Ratio Rank: 63
NI Calmar Ratio Rank: 78
NI Martin Ratio Rank: 79

ET

ET Risk / Return Rank: 53
ET Sharpe Ratio Rank: 55
ET Sortino Ratio Rank: 47
ET Omega Ratio Rank: 48
ET Calmar Ratio Rank: 56
ET Martin Ratio Rank: 57

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.

NI vs. ET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NiSource Inc. (NI) and Energy Transfer LP (ET). 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.

	NI	ET	Difference
Sharpe ratio Return per unit of total volatility	0.99	0.41	+0.58
Sortino ratio Return per unit of downside risk	1.34	0.72	+0.62
Omega ratio Gain probability vs. loss probability	1.18	1.10	+0.08
Calmar ratio Return relative to maximum drawdown	2.21	0.60	+1.61
Martin ratio Return relative to average drawdown	5.87	1.67	+4.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NI vs. ET - Sharpe Ratio Comparison

The current NI Sharpe Ratio is 0.99, which is higher than the ET Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of NI and ET, 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

	NI	ET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	0.41	+0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	1.15	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.56	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.35	-0.01

Correlation

The correlation between NI and ET is 0.24, 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

NI vs. ET - Dividend Comparison

NI's dividend yield for the trailing twelve months is around 2.43%, less than ET's 6.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NI NiSource Inc.	2.43%	2.68%	2.88%	3.77%	3.43%	3.19%	3.66%	2.87%	3.08%	2.73%	2.89%	4.25%
ET Energy Transfer LP	6.97%	7.97%	6.51%	8.95%	7.33%	7.41%	17.27%	9.51%	9.24%	6.66%	5.90%	7.42%

Drawdowns

NI vs. ET - Drawdown Comparison

The maximum NI drawdown since its inception was -66.51%, smaller than the maximum ET drawdown of -87.81%. Use the drawdown chart below to compare losses from any high point for NI and ET.

Drawdown Indicators

	NI	ET	Difference
Max Drawdown Largest peak-to-trough decline	-66.51%	-87.81%	+21.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.14%	-17.33%	+8.19%
Max Drawdown (5Y) Largest decline over 5 years	-24.76%	-25.82%	+1.06%
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	-72.82%	+41.87%
Current Drawdown Current decline from peak	-1.39%	-3.30%	+1.91%
Average Drawdown Average peak-to-trough decline	-19.49%	-25.95%	+6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	6.24%	-2.80%

Volatility

NI vs. ET - Volatility Comparison

NiSource Inc. (NI) has a higher volatility of 5.76% compared to Energy Transfer LP (ET) at 5.02%. This indicates that NI's price experiences larger fluctuations and is considered to be riskier than ET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NI	ET	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.76%	5.02%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	11.70%	11.78%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	19.63%	23.83%	-4.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.94%	25.47%	-5.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	36.63%	-13.46%

Financials

NI vs. ET - Profitability Comparison

The chart below illustrates the profitability comparison between NiSource Inc. and Energy Transfer LP over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, NiSource Inc. reported a gross profit of 1.11B and revenue of 1.90B. Therefore, the gross margin over that period was 58.1%.

ET - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Energy Transfer LP reported a gross profit of 5.78B and revenue of 22.41B. Therefore, the gross margin over that period was 25.8%.

NI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, NiSource Inc. reported an operating income of 515.50M and revenue of 1.90B, resulting in an operating margin of 27.1%.

ET - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Energy Transfer LP reported an operating income of 2.37B and revenue of 22.41B, resulting in an operating margin of 10.6%.

NI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, NiSource Inc. reported a net income of 257.80M and revenue of 1.90B, resulting in a net margin of 13.6%.

ET - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Energy Transfer LP reported a net income of 1.46B and revenue of 22.41B, resulting in a net margin of 6.5%.