PAA vs. IGSB
PAA (Plains All American Pipeline, L.P.) is a stock, while IGSB (iShares 1-5 Year Investment Grade Corporate Bond ETF) is Corporate Bonds fund tracking the ICE BofA 1-5 Year US Corporate Index. Over the past 10 years, PAA returned 5.39%/yr vs 2.73%/yr for IGSB. At a 0.01 correlation, their price movements are largely independent.
Performance
PAA vs. IGSB - Performance Comparison
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Returns By Period
In the year-to-date period, PAA achieves a 24.39% return, which is significantly higher than IGSB's 0.91% return. Over the past 10 years, PAA has outperformed IGSB with an annualized return of 5.39%, while IGSB has yielded a comparatively lower 2.73% annualized return.
PAA
- 1D
- -2.01%
- 1M
- -11.10%
- YTD
- 24.39%
- 6M
- 25.93%
- 1Y
- 28.73%
- 3Y*
- 26.78%
- 5Y*
- 23.04%
- 10Y*
- 5.39%
IGSB
- 1D
- 0.15%
- 1M
- 0.46%
- YTD
- 0.91%
- 6M
- 0.97%
- 1Y
- 4.10%
- 3Y*
- 5.77%
- 5Y*
- 2.50%
- 10Y*
- 2.73%
PAA vs. IGSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAA Plains All American Pipeline, L.P. | 24.39% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 0.91% | 6.96% | 4.97% | 6.40% | -5.63% | -0.56% | 5.37% | 7.11% | 1.25% | 1.27% |
Correlation
The correlation between PAA and IGSB is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2007 | 0.01 |
The correlation between PAA and IGSB shifts across timeframes, from -0.12 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PAA vs. IGSB — Risk / Return Rank
PAA
IGSB
PAA vs. IGSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and iShares 1-5 Year Investment Grade Corporate Bond ETF (IGSB). 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 | IGSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.42 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 2.82 | -0.84 |
| Martin ratioReturn relative to average drawdown | 5.37 | 11.30 | -5.93 |
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Drawdowns
PAA vs. IGSB - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, which is greater than IGSB's maximum drawdown of -13.38%. Use the drawdown chart below to compare losses from any high point for PAA and IGSB.
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Drawdown Indicators
| PAA | IGSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -13.38% | -78.61% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -1.46% | -13.07% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -1.46% | -20.80% |
Max Drawdown (5Y)Largest decline over 5 years | -22.51% | -9.46% | -13.05% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -13.38% | -74.54% |
Current DrawdownCurrent decline from peak | -13.92% | -0.13% | -13.79% |
Average DrawdownAverage peak-to-trough decline | -25.74% | -0.85% | -24.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.36% | 0.36% | +5.00% |
Volatility
PAA vs. IGSB - Volatility Comparison
Plains All American Pipeline, L.P. (PAA) has a higher volatility of 6.30% compared to iShares 1-5 Year Investment Grade Corporate Bond ETF (IGSB) at 0.70%. This indicates that PAA's price experiences larger fluctuations and is considered to be riskier than IGSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAA | IGSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.30% | 0.70% | +5.60% |
Volatility (6M)Calculated over the trailing 6-month period | 14.50% | 1.51% | +12.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.47% | 1.95% | +16.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.59% | 2.94% | +23.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.78% | 3.47% | +38.31% |
Dividends
PAA vs. IGSB - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.43%, more than IGSB's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 4.57% | 4.44% | 4.02% | 3.26% | 2.07% | 1.82% | 2.36% | 3.06% | 2.46% | 1.65% | 1.45% | 1.18% |
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% |
Frequently Asked Questions
PAA and IGSB have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAA has higher volatility (6.30%) compared to IGSB (0.70%). In terms of maximum drawdown, PAA dropped -91.99% vs IGSB's -13.38%.
IGSB currently has the higher Sharpe Ratio (2.11 vs 1.56), 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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