PAA vs. KMI

Last updated Apr 1, 2026

Compare and contrast key facts about Plains All American Pipeline, L.P. (PAA) and Kinder Morgan, Inc. (KMI).

Performance

PAA vs. KMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Plains All American Pipeline, L.P. (PAA) and Kinder Morgan, Inc. (KMI). The values are adjusted to include any dividend payments, if applicable.

PAA vs. KMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAA Plains All American Pipeline, L.P.	27.03%	14.30%	21.38%	39.18%	35.79%	22.24%	-50.79%	-2.28%	2.31%	-31.34%
KMI Kinder Morgan, Inc.	23.15%	4.74%	64.42%	4.10%	21.23%	23.75%	-30.77%	44.43%	-11.18%	-10.56%

Fundamentals

Market Cap PAA : $15.76B KMI : $74.60B
EPS PAA : $2.04 KMI : $1.32
PE Ratio PAA : 10.95 KMI : 25.48
PEG Ratio PAA : 0.21 KMI : 0.06
PS Ratio PAA : 0.35 KMI : 4.40
PB Ratio PAA : 1.60 KMI : 2.39
Total Revenue (TTM) PAA : $44.80B KMI : $16.95B
Gross Profit (TTM) PAA : $2.17B KMI : $4.34B
EBITDA (TTM) PAA : $2.96B KMI : $7.08B

Returns By Period

In the year-to-date period, PAA achieves a 27.03% return, which is significantly higher than KMI's 23.15% return. Over the past 10 years, PAA has underperformed KMI with an annualized return of 8.77%, while KMI has yielded a comparatively higher 12.36% annualized return.

PAA

• 1D: -0.62%
• 1M: 6.79%
• YTD: 27.03%
• 6M: 36.78%
• 1Y: 21.75%
• 3Y*: 31.34%
• 5Y*: 29.02%
• 10Y*: 8.77%

KMI

• 1D: -0.36%
• 1M: 0.78%
• YTD: 23.15%
• 6M: 20.94%
• 1Y: 22.59%
• 3Y*: 30.96%
• 5Y*: 21.44%
• 10Y*: 12.36%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

PAA vs. KMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAA

PAA Risk / Return Rank: 65
PAA Sharpe Ratio Rank: 73
PAA Sortino Ratio Rank: 63
PAA Omega Ratio Rank: 66
PAA Calmar Ratio Rank: 64
PAA Martin Ratio Rank: 62

KMI

KMI Risk / Return Rank: 72
KMI Sharpe Ratio Rank: 75
KMI Sortino Ratio Rank: 65
KMI Omega Ratio Rank: 68
KMI Calmar Ratio Rank: 76
KMI Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PAA vs. KMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and Kinder Morgan, Inc. (KMI). 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	KMI	Difference
Sharpe ratio Return per unit of total volatility	0.90	0.99	-0.09
Sortino ratio Return per unit of downside risk	1.28	1.33	-0.05
Omega ratio Gain probability vs. loss probability	1.18	1.20	-0.01
Calmar ratio Return relative to maximum drawdown	0.98	1.81	-0.84
Martin ratio Return relative to average drawdown	2.05	4.13	-2.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAA vs. KMI - Sharpe Ratio Comparison

The current PAA Sharpe Ratio is 0.90, which is comparable to the KMI Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of PAA and KMI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PAA	KMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	0.99	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	0.96	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.44	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.19	+0.12

Correlation

The correlation between PAA and KMI is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PAA vs. KMI - Dividend Comparison

PAA's dividend yield for the trailing twelve months is around 6.97%, more than KMI's 3.49% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAA Plains All American Pipeline, L.P.	6.97%	8.46%	7.44%	7.06%	7.08%	7.71%	10.92%	7.50%	5.99%	9.45%	8.21%	11.93%
KMI Kinder Morgan, Inc.	3.49%	4.24%	4.18%	6.38%	6.10%	6.76%	7.59%	4.49%	4.71%	2.77%	2.41%	12.94%

Drawdowns

PAA vs. KMI - Drawdown Comparison

The maximum PAA drawdown since its inception was -91.99%, which is greater than KMI's maximum drawdown of -72.70%. Use the drawdown chart below to compare losses from any high point for PAA and KMI.

Drawdown Indicators

	PAA	KMI	Difference
Max Drawdown Largest peak-to-trough decline	-91.99%	-72.70%	-19.29%
Max Drawdown (1Y) Largest decline over 1 year	-20.96%	-12.83%	-8.13%
Max Drawdown (5Y) Largest decline over 5 years	-26.11%	-20.31%	-5.80%
Max Drawdown (10Y) Largest decline over 10 years	-87.92%	-55.13%	-32.79%
Current Drawdown Current decline from peak	-12.09%	-1.58%	-10.51%
Average Drawdown Average peak-to-trough decline	-25.87%	-32.37%	+6.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.99%	5.64%	+4.35%

Volatility

PAA vs. KMI - Volatility Comparison

Plains All American Pipeline, L.P. (PAA) has a higher volatility of 5.97% compared to Kinder Morgan, Inc. (KMI) at 5.41%. This indicates that PAA's price experiences larger fluctuations and is considered to be riskier than KMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAA	KMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.97%	5.41%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	11.96%	14.25%	-2.29%
Volatility (1Y) Calculated over the trailing 1-year period	24.36%	22.91%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.11%	22.47%	+4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.28%	27.90%	+14.38%

Financials

PAA vs. KMI - Profitability Comparison

The chart below illustrates the profitability comparison between Plains All American Pipeline, L.P. and Kinder Morgan, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PAA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported a gross profit of 712.00M and revenue of 10.56B. Therefore, the gross margin over that period was 6.7%.

KMI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Kinder Morgan, Inc. reported a gross profit of 0.00 and revenue of 4.51B. 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 Apr 2026, Plains All American Pipeline, L.P. reported an operating income of 354.00M and revenue of 10.56B, resulting in an operating margin of 3.4%.

KMI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Kinder Morgan, Inc. reported an operating income of 1.36B and revenue of 4.51B, resulting in an operating margin of 30.3%.

PAA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported a net income of 342.00M and revenue of 10.56B, resulting in a net margin of 3.2%.

KMI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Kinder Morgan, Inc. reported a net income of 866.00M and revenue of 4.51B, resulting in a net margin of 19.2%.