OGS vs. MBIN

Last updated Jun 4, 2026

OGS (ONE Gas, Inc.) and MBIN (Merchants Bancorp) are both stocks. OGS operates in Utilities - Regulated Gas (Utilities), while MBIN operates in Banks - Regional (Financial Services). Over the past 5 years, OGS returned 3.99%/yr vs 10.96%/yr for MBIN. At a 0.23 correlation, their price movements are largely independent.

Performance

OGS vs. MBIN - Performance Comparison

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

Returns By Period

In the year-to-date period, OGS achieves a 1.05% return, which is significantly lower than MBIN's 34.11% return.

OGS

• 1D: -0.86%
• 1M: -12.81%
• YTD: 1.05%
• 6M: -2.17%
• 1Y: 5.45%
• 3Y*: 1.79%
• 5Y*: 3.99%
• 10Y*: 5.57%

MBIN

• 1D: -2.88%
• 1M: -0.76%
• YTD: 34.11%
• 6M: 32.92%
• 1Y: 44.75%
• 3Y*: 24.06%
• 5Y*: 10.96%
• 10Y*: —

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

OGS vs. MBIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OGS ONE Gas, Inc.	1.05%	15.57%	13.08%	-12.77%	0.63%	4.36%	-15.74%	20.26%	11.40%	-3.62%
MBIN Merchants Bancorp	34.11%	-5.51%	-13.59%	77.01%	-22.06%	72.80%	42.55%	0.30%	2.43%	17.43%

Correlation

The correlation between OGS and MBIN is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Oct 30, 2017	0.23

Fundamentals

EPS OGS : $6.02 MBIN : $4.97
PE Ratio OGS : 12.76 MBIN : 9.17
PS Ratio OGS : 1.50 MBIN : 1.58
Total Revenue (TTM) OGS : $2.32B MBIN : $1.32B
Gross Profit (TTM) OGS : $1.58B MBIN : $423.13M
EBITDA (TTM) OGS : $718.37M MBIN : $188.84M

Return for Risk

OGS vs. MBIN — Risk / Return Rank

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

OGS

OGS Risk / Return Rank: 48
OGS Sharpe Ratio Rank: 52
OGS Sortino Ratio Rank: 43
OGS Omega Ratio Rank: 42
OGS Calmar Ratio Rank: 48
OGS Martin Ratio Rank: 54

MBIN

MBIN Risk / Return Rank: 75
MBIN Sharpe Ratio Rank: 77
MBIN Sortino Ratio Rank: 72
MBIN Omega Ratio Rank: 72
MBIN Calmar Ratio Rank: 78
MBIN Martin Ratio Rank: 76

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.

OGS vs. MBIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ONE Gas, Inc. (OGS) and Merchants Bancorp (MBIN). 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.

	OGS	MBIN	Difference
Sharpe ratio: Return per unit of total volatility	0.32	1.23	-0.90
Sortino ratio: Return per unit of downside risk	0.57	1.82	-1.26
Omega ratio: Gain probability vs. loss probability	1.07	1.24	-0.18
Calmar ratio: Return relative to maximum drawdown	0.35	2.37	-2.02
Martin ratio: Return relative to average drawdown	1.29	5.30	-4.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OGS vs. MBIN - Sharpe Ratio Comparison

The current OGS Sharpe Ratio is 0.32, which is lower than the MBIN Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of OGS and MBIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OGS	MBIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	1.23	-0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.31	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.22	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.48	-0.07

Drawdowns

OGS vs. MBIN - Drawdown Comparison

The maximum OGS drawdown since its inception was -33.50%, smaller than the maximum MBIN drawdown of -53.77%. Use the drawdown chart below to compare losses from any high point for OGS and MBIN.

Drawdown Indicators

	OGS	MBIN	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-53.77%	+20.27%
Max Drawdown (1Y) Largest decline over 1 year	-15.43%	-18.94%	+3.51%
Max Drawdown (3Y) Largest decline over 3 years	-29.71%	-43.94%	+14.23%
Max Drawdown (5Y) Largest decline over 5 years	-33.50%	-43.94%	+10.44%
Max Drawdown (10Y) Largest decline over 10 years	-33.50%	—	—
Current Drawdown Current decline from peak	-14.56%	-11.73%	-2.83%
Average Drawdown Average peak-to-trough decline	-9.64%	-19.93%	+10.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.34%	8.46%	-4.12%

Volatility

OGS vs. MBIN - Volatility Comparison

The current volatility for ONE Gas, Inc. (OGS) is 5.63%, while Merchants Bancorp (MBIN) has a volatility of 6.67%. This indicates that OGS experiences smaller price fluctuations and is considered to be less risky than MBIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OGS	MBIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	6.67%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	12.35%	27.27%	-14.92%
Volatility (1Y) Calculated over the trailing 1-year period	16.91%	36.59%	-19.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.55%	35.97%	-12.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.90%	40.23%	-14.33%

Dividends

OGS vs. MBIN - Dividend Comparison

OGS's dividend yield for the trailing twelve months is around 3.52%, more than MBIN's 0.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MBIN Merchants Bancorp	0.90%	1.17%	0.99%	0.75%	1.15%	0.76%	1.16%	1.42%	1.20%	0.25%	0.00%	0.00%
OGS ONE Gas, Inc.	3.52%	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. MBIN - Profitability Comparison

The chart below illustrates the profitability comparison between ONE Gas, Inc. and Merchants Bancorp over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

OGS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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%.

MBIN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Merchants Bancorp reported a gross profit of 0.00 and revenue of 270.51M. Therefore, the gross margin over that period was 0.0%.

OGS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, ONE Gas, Inc. reported an operating income of 189.59M and revenue of 831.71M, resulting in an operating margin of 22.8%.

MBIN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Merchants Bancorp reported an operating income of 0.00 and revenue of 270.51M, resulting in an operating margin of 0.0%.

OGS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, ONE Gas, Inc. reported a net income of 128.67M and revenue of 831.71M, resulting in a net margin of 15.5%.

MBIN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Merchants Bancorp reported a net income of 67.73M and revenue of 270.51M, resulting in a net margin of 25.0%.

Frequently Asked Questions

Can I hold both OGS and MBIN in my portfolio?

OGS and MBIN have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OGS or MBIN?

MBIN has higher volatility (6.67%) compared to OGS (5.63%). In terms of maximum drawdown, OGS dropped -33.50% vs MBIN's -53.77%.

Which has better risk-adjusted returns?

MBIN currently has the higher Sharpe Ratio (1.23 vs 0.32), 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.