PAA vs. TRP
PAA (Plains All American Pipeline, L.P.) and TRP (TC Energy Corporation) 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 12.24%/yr for TRP. At a 0.34 correlation, their price movements are largely independent.
Performance
PAA vs. TRP - 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 TRP's 27.41% return. Over the past 10 years, PAA has underperformed TRP with an annualized return of 5.97%, while TRP has yielded a comparatively higher 12.24% 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%
TRP
- 1D
- 0.12%
- 1M
- 3.47%
- YTD
- 27.41%
- 6M
- 29.66%
- 1Y
- 45.12%
- 3Y*
- 30.95%
- 5Y*
- 14.55%
- 10Y*
- 12.24%
PAA vs. TRP - 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% |
TRP TC Energy Corporation | 27.41% | 24.02% | 39.88% | 6.09% | -7.83% | 20.99% | -19.09% | 56.30% | -22.64% | 13.51% |
Correlation
The correlation between PAA and TRP is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 1998 | 0.34 |
The correlation between PAA and TRP shifts across timeframes, from 0.25 (1 year) to 0.45 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
PAA:
$15.84B
TRP:
$72.30B
PAA:
$2.19
TRP:
CA$3.31
PAA:
10.24
TRP:
29.33
PAA:
0.19
TRP:
0.40
PAA:
0.35
TRP:
6.40
PAA:
1.24
TRP:
3.99
PAA:
$45.25B
TRP:
CA$15.76B
PAA:
$1.55B
TRP:
CA$8.07B
PAA:
$2.54B
TRP:
CA$10.90B
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Return for Risk
PAA vs. TRP — Risk / Return Rank
PAA
TRP
PAA vs. TRP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and TC Energy Corporation (TRP). 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 | TRP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.59 | ||
| Sortino ratioReturn per unit of downside risk | -1.02 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.42 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 4.70 | -2.18 |
| Martin ratioReturn relative to average drawdown | 7.17 | 14.42 | -7.25 |
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Drawdowns
PAA vs. TRP - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, which is greater than TRP's maximum drawdown of -62.52%. Use the drawdown chart below to compare losses from any high point for PAA and TRP.
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Drawdown Indicators
| PAA | TRP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -62.52% | -29.47% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -9.65% | -4.88% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -17.00% | -5.26% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -37.05% | +10.94% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -41.64% | -46.28% |
Current DrawdownCurrent decline from peak | -10.03% | -2.14% | -7.89% |
Average DrawdownAverage peak-to-trough decline | -25.75% | -11.72% | -14.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.08% | 3.26% | +1.82% |
Volatility
PAA vs. TRP - Volatility Comparison
Plains All American Pipeline, L.P. (PAA) has a higher volatility of 7.32% compared to TC Energy Corporation (TRP) at 5.62%. This indicates that PAA's price experiences larger fluctuations and is considered to be riskier than TRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAA | TRP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.32% | 5.62% | +1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 14.09% | 13.27% | +0.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.47% | 17.71% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.81% | 21.86% | +4.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.82% | 24.83% | +16.99% |
Dividends
PAA vs. TRP - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.11%, more than TRP's 3.58% yield.
| 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% |
TRP TC Energy Corporation | 3.58% | 4.45% | 5.93% | 7.73% | 8.52% | 5.94% | 5.92% | 4.25% | 5.85% | 5.14% | 5.01% | 6.38% |
Financials
PAA vs. TRP - Financials Comparison
This section allows you to compare key financial metrics between Plains All American Pipeline, L.P. and TC Energy Corporation. 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. TRP - 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%.
TRP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported a gross profit of 2.41B and revenue of 4.24B. Therefore, the gross margin over that period was 56.7%.
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%.
TRP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported an operating income of 2.21B and revenue of 4.24B, resulting in an operating margin of 52.1%.
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%.
TRP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported a net income of 929.40M and revenue of 4.24B, resulting in a net margin of 21.9%.
Frequently Asked Questions
PAA and TRP have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAA has higher volatility (7.32%) compared to TRP (5.62%). In terms of maximum drawdown, PAA dropped -91.99% vs TRP's -62.52%.
TRP currently has the higher Sharpe Ratio (2.56 vs 1.98), 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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