PAA vs. AM
PAA (Plains All American Pipeline, L.P.) and AM (Antero Midstream Corporation) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, PAA returned 5.94%/yr vs 7.20%/yr for AM. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
PAA vs. AM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PAA achieves a 32.09% return, which is significantly higher than AM's 22.62% return. Over the past 10 years, PAA has underperformed AM with an annualized return of 5.94%, while AM has yielded a comparatively higher 7.20% annualized return.
PAA
- 1D
- 0.88%
- 1M
- 4.97%
- YTD
- 32.09%
- 6M
- 35.41%
- 1Y
- 42.03%
- 3Y*
- 29.12%
- 5Y*
- 22.64%
- 10Y*
- 5.94%
AM
- 1D
- -0.88%
- 1M
- 1.96%
- YTD
- 22.62%
- 6M
- 16.77%
- 1Y
- 19.29%
- 3Y*
- 32.87%
- 5Y*
- 24.10%
- 10Y*
- 7.20%
PAA vs. AM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAA Plains All American Pipeline, L.P. | 32.09% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
AM Antero Midstream Corporation | 22.62% | 24.37% | 28.46% | 25.73% | 21.98% | 39.55% | 27.59% | -60.29% | -22.28% | -2.32% |
Correlation
The correlation between PAA and AM 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 | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2014 | 0.53 |
The correlation between PAA and AM shifts across timeframes, from 0.41 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
PAA:
$16.10B
AM:
$10.19B
PAA:
$2.19
AM:
$0.85
PAA:
10.41
AM:
24.99
PAA:
0.19
AM:
4.31
PAA:
0.36
AM:
8.12
PAA:
1.26
AM:
5.26
PAA:
$45.25B
AM:
$1.26B
PAA:
$1.55B
AM:
$620.66M
PAA:
$2.54B
AM:
$955.64M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PAA vs. AM — Risk / Return Rank
PAA
AM
PAA vs. AM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and Antero Midstream Corporation (AM). 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.
| PAA | AM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.17 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 1.53 | +1.38 |
| Martin ratioReturn relative to average drawdown | 8.41 | 3.18 | +5.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PAA | AM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 0.93 | +1.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.91 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | 0.17 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.13 | +0.17 |
Drawdowns
PAA vs. AM - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, roughly equal to the maximum AM drawdown of -93.01%. Use the drawdown chart below to compare losses from any high point for PAA and AM.
Loading charts...
Drawdown Indicators
| PAA | AM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -93.01% | +1.02% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -12.67% | -1.86% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -13.98% | -8.28% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -21.91% | -4.20% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -93.01% | +5.09% |
Current DrawdownCurrent decline from peak | -8.58% | -8.68% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -25.77% | -31.42% | +5.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 6.10% | -1.09% |
Volatility
PAA vs. AM - Volatility Comparison
Plains All American Pipeline, L.P. (PAA) has a higher volatility of 7.29% compared to Antero Midstream Corporation (AM) at 5.87%. This indicates that PAA's price experiences larger fluctuations and is considered to be riskier than AM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PAA | AM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.29% | 5.87% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 14.39% | -0.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.45% | 20.88% | -2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.80% | 26.55% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.83% | 42.01% | -0.18% |
Dividends
PAA vs. AM - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.00%, more than AM's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AM Antero Midstream Corporation | 4.22% | 5.06% | 5.96% | 7.18% | 8.34% | 10.15% | 15.95% | 18.28% | 7.53% | 4.27% | 3.14% | 2.93% |
PAA Plains All American Pipeline, L.P. | 7.00% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Financials
PAA vs. AM - Financials Comparison
This section allows you to compare key financial metrics between Plains All American Pipeline, L.P. and Antero Midstream Corporation. 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
PAA vs. AM - Profitability Comparison
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%.
AM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported a gross profit of 0.00 and revenue of 314.21M. Therefore, the gross margin over that period was 0.0%.
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%.
AM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported an operating income of 188.61M and revenue of 314.21M, resulting in an operating margin of 60.0%.
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%.
AM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported a net income of 118.27M and revenue of 314.21M, resulting in a net margin of 37.6%.
Frequently Asked Questions
PAA and AM 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.
PAA has higher volatility (7.29%) compared to AM (5.87%). In terms of maximum drawdown, PAA dropped -91.99% vs AM's -93.01%.
PAA currently has the higher Sharpe Ratio (2.29 vs 0.93), 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.
Find the right allocation for PAA and AM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer