PAA vs. GEL
PAA (Plains All American Pipeline, L.P.) and GEL (Genesis Energy, L.P.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, PAA returned 5.97%/yr vs -1.69%/yr for GEL. At a 0.42 correlation, their price movements are largely independent.
Performance
PAA vs. GEL - Performance Comparison
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Returns By Period
In the year-to-date period, PAA achieves a 30.01% return, which is significantly higher than GEL's -0.96% return. Over the past 10 years, PAA has outperformed GEL with an annualized return of 5.97%, while GEL has yielded a comparatively lower -1.69% annualized return.
PAA
- 1D
- -0.18%
- 1M
- 2.51%
- YTD
- 30.01%
- 6M
- 31.47%
- 1Y
- 36.35%
- 3Y*
- 28.99%
- 5Y*
- 22.23%
- 10Y*
- 5.97%
GEL
- 1D
- -3.38%
- 1M
- -3.88%
- YTD
- -0.96%
- 6M
- -1.90%
- 1Y
- -5.86%
- 3Y*
- 20.79%
- 5Y*
- 9.43%
- 10Y*
- -1.69%
PAA vs. GEL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAA Plains All American Pipeline, L.P. | 30.01% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
GEL Genesis Energy, L.P. | -0.96% | 61.77% | -8.37% | 19.90% | 1.05% | 84.99% | -66.17% | 22.60% | -9.18% | -32.37% |
Correlation
The correlation between PAA and GEL is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 1998 | 0.42 |
The correlation between PAA and GEL shifts across timeframes, from 0.42 (all time) to 0.58 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
PAA:
$15.84B
GEL:
$1.85B
PAA:
$2.19
GEL:
$0.39
PAA:
10.24
GEL:
38.57
PAA:
0.19
GEL:
0.53
PAA:
0.35
GEL:
1.10
PAA:
1.24
GEL:
3.46
PAA:
$45.25B
GEL:
$1.68B
PAA:
$1.55B
GEL:
$281.95M
PAA:
$2.54B
GEL:
$437.85M
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Return for Risk
PAA vs. GEL — Risk / Return Rank
PAA
GEL
PAA vs. GEL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and Genesis Energy, L.P. (GEL). 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 | GEL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.19 | ||
| Sortino ratioReturn per unit of downside risk | +2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 0.99 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | -0.33 | +2.84 |
| Martin ratioReturn relative to average drawdown | 7.17 | -0.79 | +7.96 |
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Drawdowns
PAA vs. GEL - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, roughly equal to the maximum GEL drawdown of -91.63%. Use the drawdown chart below to compare losses from any high point for PAA and GEL.
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Drawdown Indicators
| PAA | GEL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -91.63% | -0.36% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -17.85% | +3.32% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -31.46% | +9.20% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -38.79% | +12.68% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -89.61% | +1.69% |
Current DrawdownCurrent decline from peak | -10.03% | -38.19% | +28.16% |
Average DrawdownAverage peak-to-trough decline | -25.75% | -34.14% | +8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 7.45% | -2.37% |
Volatility
PAA vs. GEL - Volatility Comparison
The current volatility for Plains All American Pipeline, L.P. (PAA) is 7.32%, while Genesis Energy, L.P. (GEL) has a volatility of 9.38%. This indicates that PAA experiences smaller price fluctuations and is considered to be less risky than GEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAA | GEL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 9.38% | -2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 14.09% | 18.98% | -4.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.47% | 27.84% | -9.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.81% | 41.26% | -14.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.82% | 51.19% | -9.37% |
Dividends
PAA vs. GEL - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.11%, more than GEL's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GEL Genesis Energy, L.P. | 4.56% | 4.23% | 6.08% | 5.18% | 5.88% | 5.60% | 16.10% | 10.74% | 11.37% | 11.87% | 7.54% | 6.72% |
PAA Plains All American Pipeline, L.P. | 7.11% | 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. GEL - Financials Comparison
This section allows you to compare key financial metrics between Plains All American Pipeline, L.P. and Genesis Energy, 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. GEL - 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%.
GEL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Genesis Energy, L.P. reported a gross profit of 0.00 and revenue of 446.56M. 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%.
GEL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Genesis Energy, L.P. reported an operating income of 76.61M and revenue of 446.56M, resulting in an operating margin of 17.2%.
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%.
GEL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Genesis Energy, L.P. reported a net income of 19.37M and revenue of 446.56M, resulting in a net margin of 4.3%.
Frequently Asked Questions
PAA and GEL have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GEL has higher volatility (9.38%) compared to PAA (7.32%). In terms of maximum drawdown, PAA dropped -91.99% vs GEL's -91.63%.
PAA currently has the higher Sharpe Ratio (1.98 vs -0.21), 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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