OGS vs. HESM
OGS (ONE Gas, Inc.) and HESM (Hess Midstream LP) are both stocks. OGS operates in Utilities - Regulated Gas (Utilities), while HESM operates in Oil & Gas Midstream (Energy). Over the past 5 years, OGS returned 4.62%/yr vs 18.37%/yr for HESM. Their 0.20 correlation means their historical movements had little consistent relationship.
Performance
OGS vs. HESM - Performance Comparison
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Returns By Period
In the year-to-date period, OGS achieves a 2.17% return, which is significantly lower than HESM's 23.43% return.
OGS
- 1D
- -0.56%
- 1M
- 0.43%
- 6M
- -0.80%
- YTD
- 2.17%
- 1Y
- 10.72%
- 3Y*
- 3.60%
- 5Y*
- 4.62%
- 10Y*
- 5.05%
- ALL TIME*
- 10.20%
HESM
- 1D
- 1.39%
- 1M
- 7.00%
- 6M
- 20.05%
- YTD
- 23.43%
- 1Y
- 4.27%
- 3Y*
- 17.90%
- 5Y*
- 18.37%
- 10Y*
- —
- ALL TIME*
- 13.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $35.91M | $33.50M | $60.81M | |
| $35.52M | $41.73M | $52.68M |
OGS vs. HESM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
OGS ONE Gas, Inc. | 2.17% | 15.57% | 13.08% | -12.77% | 0.63% | 4.36% | -15.74% | 20.26% | 11.40% | 9.68% |
HESM Hess Midstream LP | 23.43% | 0.56% | 26.41% | 14.36% | 16.62% | 52.91% | -5.29% | 43.83% | -8.61% | -20.06% |
Correlation
The correlation between OGS and HESM is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.24 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2017 | 0.20 |
Fundamentals
OGS:
$4.87B
HESM:
$8.44B
OGS:
$6.77
HESM:
$2.85
OGS:
11.47
HESM:
14.35
OGS:
3.24
HESM:
1.16
OGS:
1.35
HESM:
3.25
OGS:
$2.32B
HESM:
$1.63B
OGS:
$1.58B
HESM:
$1.13B
OGS:
$718.37M
HESM:
$1.24B
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Return for Risk
OGS vs. HESM — Risk / Return Rank
OGS
HESM
OGS vs. HESM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ONE Gas, Inc. (OGS) and Hess Midstream LP (HESM). 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.
| OGS | HESM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.03 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 0.07 | +0.59 |
| Martin ratioReturn relative to average drawdown | 1.57 | 0.15 | +1.42 |
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Drawdowns
OGS vs. HESM - Drawdown Comparison
The maximum OGS drawdown since its inception was -33.50%, smaller than the maximum HESM drawdown of -75.16%. Use the drawdown chart below to compare losses from any high point for OGS and HESM.
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Drawdown Indicators
| OGS | HESM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.50% | -75.16% | +41.66% |
Max Drawdown (1Y)Largest decline over 1 year | -15.84% | -25.05% | +9.21% |
Max Drawdown (3Y)Largest decline over 3 years | -24.48% | -25.78% | +1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -33.50% | -28.72% | -4.78% |
Max Drawdown (10Y)Largest decline over 10 years | -33.50% | — | — |
Current DrawdownCurrent decline from peak | -13.62% | 0.00% | -13.62% |
Average DrawdownAverage peak-to-trough decline | -9.68% | -11.66% | +1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.66% | 12.78% | -6.12% |
Volatility
OGS vs. HESM - Volatility Comparison
ONE Gas, Inc. (OGS) has a higher volatility of 6.55% compared to Hess Midstream LP (HESM) at 5.55%. This indicates that OGS's price experiences larger fluctuations and is considered to be riskier than HESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| OGS | HESM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 5.55% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.86% | 15.55% | -1.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.88% | 22.79% | -4.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.59% | 26.82% | -3.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.96% | 38.59% | -12.63% |
Dividends
OGS vs. HESM - Dividend Comparison
OGS's dividend yield for the trailing twelve months is around 3.48%, less than HESM's 7.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HESM Hess Midstream LP | 7.43% | 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. | 3.48% | 3.47% | 3.81% | 4.08% | 3.28% | 2.99% | 2.81% | 2.14% | 2.31% | 2.29% | 2.19% | 2.39% |
Financials
OGS vs. HESM - Financials Comparison
This section allows you to compare key financial metrics between ONE Gas, Inc. and Hess Midstream LP. 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
OGS vs. HESM - Profitability Comparison
OGS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, ONE Gas, Inc. reported a gross profit of 438.14M and revenue of 831.71M. Therefore, the gross margin over that period was 52.7%.
HESM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 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%.
OGS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, ONE Gas, Inc. reported an operating income of 189.59M and revenue of 831.71M, resulting in an operating margin of 22.8%.
HESM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Hess Midstream LP reported an operating income of 238.10M and revenue of 390.10M, resulting in an operating margin of 61.0%.
OGS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, ONE Gas, Inc. reported a net income of 128.67M and revenue of 831.71M, resulting in a net margin of 15.5%.
HESM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Hess Midstream LP reported a net income of 87.60M and revenue of 390.10M, resulting in a net margin of 22.5%.
Frequently Asked Questions
OGS and HESM have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OGS has higher volatility (6.55%) compared to HESM (5.55%). In terms of maximum drawdown, OGS dropped -33.50% vs HESM's -75.16%.
OGS currently has the higher Sharpe Ratio (0.59 vs 0.08), 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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