PAA vs. PAGP
PAA (Plains All American Pipeline, L.P.) and PAGP (Plains GP Holdings, L.P.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, PAA returned 5.94%/yr vs 6.02%/yr for PAGP. Their correlation of 0.85 suggests significant overlap in exposure.
Performance
PAA vs. PAGP - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with PAA having a 32.09% return and PAGP slightly higher at 33.60%. Both investments have delivered pretty close results over the past 10 years, with PAA having a 5.94% annualized return and PAGP not far ahead at 6.02%.
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%
PAGP
- 1D
- 0.70%
- 1M
- 6.21%
- YTD
- 33.60%
- 6M
- 36.96%
- 1Y
- 43.47%
- 3Y*
- 29.22%
- 5Y*
- 22.80%
- 10Y*
- 6.02%
PAA vs. PAGP - 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% |
PAGP Plains GP Holdings, L.P. | 33.60% | 12.69% | 23.64% | 38.09% | 31.78% | 28.97% | -51.17% | 0.30% | -3.49% | -32.11% |
Correlation
The correlation between PAA and PAGP is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013 | 0.85 |
The correlation between PAA and PAGP shifts across timeframes, from 0.85 (all time) to 0.95 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
PAA:
$16.10B
PAGP:
$17.39B
PAA:
$2.19
PAGP:
$2.23
PAA:
10.41
PAGP:
11.03
PAA:
0.19
PAGP:
0.15
PAA:
0.36
PAGP:
0.18
PAA:
1.26
PAGP:
1.36
PAA:
$45.25B
PAGP:
$45.26B
PAA:
$1.55B
PAGP:
$2.07B
PAA:
$2.54B
PAGP:
$2.44B
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Return for Risk
PAA vs. PAGP — Risk / Return Rank
PAA
PAGP
PAA vs. PAGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings, L.P. (PAGP). 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 | PAGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.41 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 3.02 | -0.12 |
| Martin ratioReturn relative to average drawdown | 8.41 | 8.86 | -0.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAA | PAGP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 2.43 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.84 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | 0.14 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | -0.01 | +0.31 |
Drawdowns
PAA vs. PAGP - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, roughly equal to the maximum PAGP drawdown of -94.21%. Use the drawdown chart below to compare losses from any high point for PAA and PAGP.
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Drawdown Indicators
| PAA | PAGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -94.21% | +2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -14.44% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -21.02% | -1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -23.89% | -2.22% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -88.04% | +0.12% |
Current DrawdownCurrent decline from peak | -8.58% | -34.35% | +25.77% |
Average DrawdownAverage peak-to-trough decline | -25.77% | -57.72% | +31.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 4.92% | +0.09% |
Volatility
PAA vs. PAGP - Volatility Comparison
Plains All American Pipeline, L.P. (PAA) has a higher volatility of 7.29% compared to Plains GP Holdings, L.P. (PAGP) at 6.71%. This indicates that PAA's price experiences larger fluctuations and is considered to be riskier than PAGP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAA | PAGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.29% | 6.71% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 13.28% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.45% | 18.01% | +0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.80% | 27.38% | -0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.83% | 41.75% | +0.08% |
Dividends
PAA vs. PAGP - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.00%, more than PAGP's 6.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PAGP Plains GP Holdings, L.P. | 6.48% | 7.94% | 6.91% | 6.71% | 6.69% | 7.10% | 10.65% | 7.28% | 5.97% | 8.88% | 6.91% | 9.34% |
Financials
PAA vs. PAGP - Financials Comparison
This section allows you to compare key financial metrics between Plains All American Pipeline, L.P. and Plains GP Holdings, 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. PAGP - 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%.
PAGP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Plains GP Holdings, L.P. reported a gross profit of 0.00 and revenue of 12.47B. 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%.
PAGP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Plains GP Holdings, L.P. reported an operating income of 405.00M and revenue of 12.47B, resulting in an operating margin of 3.3%.
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%.
PAGP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Plains GP Holdings, L.P. reported a net income of 551.00M and revenue of 12.47B, resulting in a net margin of 4.4%.
Frequently Asked Questions
With a correlation of 0.95, PAA and PAGP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PAA has higher volatility (7.29%) compared to PAGP (6.71%). In terms of maximum drawdown, PAA dropped -91.99% vs PAGP's -94.21%.
PAGP currently has the higher Sharpe Ratio (2.43 vs 2.29), 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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