PAA vs. BTG
PAA (Plains All American Pipeline, L.P.) and BTG (B2Gold Corp.) are both stocks. PAA operates in Oil & Gas Midstream (Energy), while BTG operates in Gold (Basic Materials). Over the past 10 years, PAA returned 5.94%/yr vs 9.81%/yr for BTG. At a 0.13 correlation, their price movements are largely independent.
Performance
PAA vs. BTG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PAA achieves a 32.09% return, which is significantly higher than BTG's -7.85% return. Over the past 10 years, PAA has underperformed BTG with an annualized return of 5.94%, while BTG has yielded a comparatively higher 9.81% 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%
BTG
- 1D
- -0.96%
- 1M
- -21.89%
- YTD
- -7.85%
- 6M
- -7.23%
- 1Y
- 14.91%
- 3Y*
- 6.93%
- 5Y*
- 0.85%
- 10Y*
- 9.81%
PAA vs. BTG - 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% |
BTG B2Gold Corp. | -7.85% | 88.95% | -18.07% | -7.22% | -5.13% | -26.97% | 42.35% | 37.72% | -5.81% | 30.80% |
Correlation
The correlation between PAA and BTG is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2008 | 0.13 |
The correlation between PAA and BTG shifts across timeframes, from -0.11 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
PAA:
$16.10B
BTG:
$6.22B
PAA:
$2.19
BTG:
$0.36
PAA:
10.41
BTG:
11.62
PAA:
0.19
BTG:
0.01
PAA:
0.36
BTG:
1.71
PAA:
1.26
BTG:
1.69
PAA:
$45.25B
BTG:
$3.67B
PAA:
$1.55B
BTG:
$1.89B
PAA:
$2.54B
BTG:
$1.96B
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. BTG — Risk / Return Rank
PAA
BTG
PAA vs. BTG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and B2Gold Corp. (BTG). 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 | BTG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.02 | ||
| Sortino ratioReturn per unit of downside risk | +2.38 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.09 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 0.41 | +2.50 |
| Martin ratioReturn relative to average drawdown | 8.41 | 0.82 | +7.59 |
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 | BTG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 0.27 | +2.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.02 | +0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | 0.20 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.13 | +0.18 |
Drawdowns
PAA vs. BTG - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, which is greater than BTG's maximum drawdown of -85.97%. Use the drawdown chart below to compare losses from any high point for PAA and BTG.
Loading charts...
Drawdown Indicators
| PAA | BTG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -85.97% | -6.02% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -36.63% | +22.10% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -36.72% | +14.46% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -48.92% | +22.81% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -63.35% | -24.57% |
Current DrawdownCurrent decline from peak | -8.58% | -33.08% | +24.50% |
Average DrawdownAverage peak-to-trough decline | -25.77% | -38.36% | +12.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 18.20% | -13.19% |
Volatility
PAA vs. BTG - Volatility Comparison
The current volatility for Plains All American Pipeline, L.P. (PAA) is 7.29%, while B2Gold Corp. (BTG) has a volatility of 15.99%. This indicates that PAA experiences smaller price fluctuations and is considered to be less risky than BTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PAA | BTG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.29% | 15.99% | -8.70% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 44.03% | -29.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.45% | 55.17% | -36.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.80% | 44.73% | -17.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.83% | 48.23% | -6.40% |
Dividends
PAA vs. BTG - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.00%, more than BTG's 1.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTG B2Gold Corp. | 1.93% | 1.77% | 6.56% | 5.06% | 4.48% | 4.07% | 1.96% | 0.25% | 0.00% | 0.00% | 0.00% | 0.00% |
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. BTG - Financials Comparison
This section allows you to compare key financial metrics between Plains All American Pipeline, L.P. and B2Gold Corp.. 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. BTG - 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%.
BTG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported a gross profit of 601.32M and revenue of 1.14B. Therefore, the gross margin over that period was 52.6%.
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%.
BTG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported an operating income of 572.52M and revenue of 1.14B, resulting in an operating margin of 50.1%.
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%.
BTG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported a net income of 197.17M and revenue of 1.14B, resulting in a net margin of 17.3%.
Frequently Asked Questions
PAA and BTG have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTG has higher volatility (15.99%) compared to PAA (7.29%). In terms of maximum drawdown, PAA dropped -91.99% vs BTG's -85.97%.
PAA currently has the higher Sharpe Ratio (2.29 vs 0.27), 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 BTG
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