PAA vs. QS

Last updated Jun 13, 2026

PAA (Plains All American Pipeline, L.P.) and QS (QuantumScape Corporation) are both stocks. PAA operates in Oil & Gas Midstream (Energy), while QS operates in Auto Parts (Consumer Cyclical). Over the past 5 years, PAA returned 22.23%/yr vs -23.97%/yr for QS. At a 0.19 correlation, their price movements are largely independent.

Performance

PAA vs. QS - Performance Comparison

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

Returns By Period

In the year-to-date period, PAA achieves a 30.01% return, which is significantly higher than QS's -31.96% 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%

QS

• 1D: -1.94%
• 1M: -18.13%
• YTD: -31.96%
• 6M: -39.92%
• 1Y: 57.91%
• 3Y*: -1.86%
• 5Y*: -23.97%
• 10Y*: —

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

PAA vs. QS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PAA Plains All American Pipeline, L.P.	30.01%	14.30%	21.38%	39.18%	35.79%	22.24%	9.16%
QS QuantumScape Corporation	-31.96%	100.77%	-25.32%	22.57%	-74.45%	-73.72%	757.36%

Correlation

The correlation between PAA and QS is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (All Time) Calculated using the full available price history since Aug 17, 2020	0.19

The correlation between PAA and QS shifts across timeframes, from -0.05 (1 year) to 0.20 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap PAA : $15.84B QS : $4.33B
EPS PAA : $2.19 QS : -$0.72
PB Ratio PAA : 1.24 QS : 3.90
Total Revenue (TTM) PAA : $45.25B QS : $0.00
Gross Profit (TTM) PAA : $1.55B QS : -$49.03M
EBITDA (TTM) PAA : $2.54B QS : -$378.92M

Return for Risk

PAA vs. QS — Risk / Return Rank

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

PAA

PAA Risk / Return Rank: 85
PAA Sharpe Ratio Rank: 89
PAA Sortino Ratio Rank: 87
PAA Omega Ratio Rank: 84
PAA Calmar Ratio Rank: 81
PAA Martin Ratio Rank: 83

QS

QS Risk / Return Rank: 63
QS Sharpe Ratio Rank: 62
QS Sortino Ratio Rank: 70
QS Omega Ratio Rank: 67
QS Calmar Ratio Rank: 61
QS Martin Ratio Rank: 57

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. QS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and QuantumScape Corporation (QS). 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	QS	Difference
Sharpe ratio: Return per unit of total volatility	1.98	0.56	+1.41
Sortino ratio: Return per unit of downside risk	2.74	1.64	+1.10
Omega ratio: Gain probability vs. loss probability	1.33	1.19	+0.14
Calmar ratio: Return relative to maximum drawdown	2.51	0.86	+1.65
Martin ratio: Return relative to average drawdown	7.17	1.33	+5.84

PAA vs. QS - Sharpe Ratio Comparison

The current PAA Sharpe Ratio is 1.98, which is higher than the QS Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of PAA and QS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PAA vs. QS - Drawdown Comparison

The maximum PAA drawdown since its inception was -91.99%, smaller than the maximum QS drawdown of -97.36%. Use the drawdown chart below to compare losses from any high point for PAA and QS.

Drawdown Indicators

	PAA	QS	Difference
Max Drawdown Largest peak-to-trough decline	-91.99%	-97.36%	+5.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.53%	-67.68%	+53.15%
Max Drawdown (3Y) Largest decline over 3 years	-22.26%	-73.93%	+51.67%
Max Drawdown (5Y) Largest decline over 5 years	-26.11%	-91.45%	+65.34%
Max Drawdown (10Y) Largest decline over 10 years	-87.92%	—	—
Current Drawdown Current decline from peak	-10.03%	-94.62%	+84.59%
Average Drawdown Average peak-to-trough decline	-25.75%	-85.52%	+59.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.08%	43.64%	-38.56%

Volatility

PAA vs. QS - Volatility Comparison

The current volatility for Plains All American Pipeline, L.P. (PAA) is 7.32%, while QuantumScape Corporation (QS) has a volatility of 25.60%. This indicates that PAA experiences smaller price fluctuations and is considered to be less risky than QS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAA	QS	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.32%	25.60%	-18.28%
Volatility (6M) Calculated over the trailing 6-month period	14.09%	48.92%	-34.83%
Volatility (1Y) Calculated over the trailing 1-year period	18.47%	103.22%	-84.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.81%	85.76%	-58.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.82%	105.87%	-64.05%

Dividends

PAA vs. QS - Dividend Comparison

PAA's dividend yield for the trailing twelve months is around 7.11%, while QS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QS QuantumScape Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both PAA and QS in my portfolio?

PAA and QS have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAA or QS?

QS has higher volatility (25.60%) compared to PAA (7.32%). In terms of maximum drawdown, PAA dropped -91.99% vs QS's -97.36%.

Which has better risk-adjusted returns?

PAA currently has the higher Sharpe Ratio (1.98 vs 0.56), 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.