PAA vs. EPD
PAA (Plains All American Pipeline, L.P.) and EPD (Enterprise Products Partners L.P.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, PAA returned 5.39%/yr vs 10.01%/yr for EPD. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
PAA vs. EPD - Performance Comparison
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Returns By Period
In the year-to-date period, PAA achieves a 24.45% return, which is significantly higher than EPD's 17.12% return. Over the past 10 years, PAA has underperformed EPD with an annualized return of 5.39%, while EPD has yielded a comparatively higher 10.01% annualized return.
PAA
- 1D
- 0.66%
- 1M
- -11.06%
- YTD
- 24.45%
- 6M
- 26.56%
- 1Y
- 26.55%
- 3Y*
- 26.80%
- 5Y*
- 22.42%
- 10Y*
- 5.39%
EPD
- 1D
- -0.49%
- 1M
- -8.10%
- YTD
- 17.12%
- 6M
- 17.20%
- 1Y
- 24.66%
- 3Y*
- 20.30%
- 5Y*
- 16.61%
- 10Y*
- 10.01%
PAA vs. EPD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAA Plains All American Pipeline, L.P. | 24.45% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
EPD Enterprise Products Partners L.P. | 17.12% | 9.45% | 28.00% | 17.71% | 18.32% | 21.40% | -23.61% | 21.88% | -1.32% | 4.24% |
Correlation
The correlation between PAA and EPD is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 1998 | 0.52 |
The correlation between PAA and EPD shifts across timeframes, from 0.52 (all time) to 0.66 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
PAA:
$15.16B
EPD:
$79.65B
PAA:
$2.19
EPD:
$2.69
PAA:
9.80
EPD:
13.52
PAA:
0.18
EPD:
2.17
PAA:
0.33
EPD:
1.54
PAA:
$45.25B
EPD:
$51.57B
PAA:
$1.55B
EPD:
$7.31B
PAA:
$2.54B
EPD:
$10.11B
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Return for Risk
PAA vs. EPD — Risk / Return Rank
PAA
EPD
PAA vs. EPD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and Enterprise Products Partners L.P. (EPD). 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.
| PAA | EPD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.28 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 2.92 | -1.08 |
| Martin ratioReturn relative to average drawdown | 5.04 | 8.98 | -3.94 |
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Drawdowns
PAA vs. EPD - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, which is greater than EPD's maximum drawdown of -58.78%. Use the drawdown chart below to compare losses from any high point for PAA and EPD.
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Drawdown Indicators
| PAA | EPD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -58.78% | -33.21% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -8.49% | -6.04% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -15.40% | -6.86% |
Max Drawdown (5Y)Largest decline over 5 years | -22.51% | -18.06% | -4.45% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -58.04% | -29.88% |
Current DrawdownCurrent decline from peak | -13.88% | -8.49% | -5.39% |
Average DrawdownAverage peak-to-trough decline | -25.74% | -10.22% | -15.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.29% | 2.75% | +2.54% |
Volatility
PAA vs. EPD - Volatility Comparison
Plains All American Pipeline, L.P. (PAA) has a higher volatility of 6.42% compared to Enterprise Products Partners L.P. (EPD) at 5.44%. This indicates that PAA's price experiences larger fluctuations and is considered to be riskier than EPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAA | EPD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.42% | 5.44% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 14.26% | 13.32% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.32% | 15.94% | +2.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.57% | 17.16% | +9.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.82% | 24.14% | +17.68% |
Dividends
PAA vs. EPD - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.43%, more than EPD's 6.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPD Enterprise Products Partners L.P. | 6.01% | 6.74% | 6.63% | 7.51% | 7.79% | 8.20% | 9.09% | 6.23% | 6.97% | 6.29% | 5.88% | 5.90% |
PAA Plains All American Pipeline, L.P. | 7.43% | 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. EPD - Financials Comparison
This section allows you to compare key financial metrics between Plains All American Pipeline, L.P. and Enterprise Products Partners L.P.. 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. EPD - 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%.
EPD - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Enterprise Products Partners L.P. reported a gross profit of 1.88B and revenue of 14.39B. Therefore, the gross margin over that period was 13.1%.
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%.
EPD - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Enterprise Products Partners L.P. reported an operating income of 1.82B and revenue of 14.39B, resulting in an operating margin of 12.6%.
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%.
EPD - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Enterprise Products Partners L.P. reported a net income of 1.48B and revenue of 14.39B, resulting in a net margin of 10.3%.
Frequently Asked Questions
PAA and EPD have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAA has higher volatility (6.42%) compared to EPD (5.44%). In terms of maximum drawdown, PAA dropped -91.99% vs EPD's -58.78%.
EPD currently has the higher Sharpe Ratio (1.56 vs 1.46), 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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