PAA vs. WES
Compare and contrast key facts about Plains All American Pipeline, L.P. (PAA) and Western Midstream Partners, LP (WES).
Performance
PAA vs. WES - Performance Comparison
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PAA vs. WES - 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% |
WES Western Midstream Partners, LP | 6.57% | 12.77% | 43.58% | 19.46% | 29.29% | 72.31% | -19.13% | -22.65% | -20.23% | -8.01% |
Fundamentals
PAA:
$15.76B
WES:
$16.57B
PAA:
$2.04
WES:
$3.03
PAA:
10.95
WES:
13.57
PAA:
0.21
WES:
0.98
PAA:
0.35
WES:
4.17
PAA:
1.60
WES:
3.98
PAA:
$44.80B
WES:
$3.84B
PAA:
$2.17B
WES:
$2.93B
PAA:
$2.96B
WES:
$2.11B
Returns By Period
In the year-to-date period, PAA achieves a 27.03% return, which is significantly higher than WES's 6.57% return. Over the past 10 years, PAA has underperformed WES with an annualized return of 8.77%, while WES has yielded a comparatively higher 10.75% 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%
WES
- 1D
- -1.08%
- 1M
- -1.01%
- YTD
- 6.57%
- 6M
- 9.73%
- 1Y
- 10.36%
- 3Y*
- 27.25%
- 5Y*
- 26.64%
- 10Y*
- 10.75%
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Return for Risk
PAA vs. WES — Risk / Return Rank
PAA
WES
PAA vs. WES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) and Western Midstream Partners, LP (WES). 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 | WES | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.90 | 0.45 | +0.45 |
Sortino ratioReturn per unit of downside risk | 1.28 | 0.72 | +0.56 |
Omega ratioGain probability vs. loss probability | 1.18 | 1.10 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 0.98 | 0.57 | +0.41 |
Martin ratioReturn relative to average drawdown | 2.05 | 1.74 | +0.31 |
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 | WES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.90 | 0.45 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.08 | 0.91 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.23 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.22 | +0.08 |
Correlation
The correlation between PAA and WES is 0.59, 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. WES - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 6.97%, less than WES's 8.84% 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% |
WES Western Midstream Partners, LP | 8.84% | 9.13% | 8.33% | 8.52% | 6.80% | 5.69% | 11.25% | 12.45% | 8.28% | 5.43% | 4.03% | 3.86% |
Drawdowns
PAA vs. WES - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, roughly equal to the maximum WES drawdown of -93.66%. Use the drawdown chart below to compare losses from any high point for PAA and WES.
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Drawdown Indicators
| PAA | WES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -93.66% | +1.67% |
Max Drawdown (1Y)Largest decline over 1 year | -20.96% | -15.91% | -5.05% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -23.54% | -2.57% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -91.90% | +3.98% |
Current DrawdownCurrent decline from peak | -12.09% | -6.22% | -5.87% |
Average DrawdownAverage peak-to-trough decline | -25.87% | -28.86% | +2.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.99% | 5.19% | +4.80% |
Volatility
PAA vs. WES - Volatility Comparison
Plains All American Pipeline, L.P. (PAA) and Western Midstream Partners, LP (WES) have volatilities of 5.97% and 5.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAA | WES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.97% | 5.82% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 11.96% | 14.07% | -2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.36% | 23.20% | +1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.11% | 29.59% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.28% | 46.92% | -4.64% |
Financials
PAA vs. WES - Financials Comparison
This section allows you to compare key financial metrics between Plains All American Pipeline, L.P. and Western Midstream Partners, LP. 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. WES - Profitability Comparison
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%.
WES - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Western Midstream Partners, LP reported a gross profit of 805.90M and revenue of 1.03B. Therefore, the gross margin over that period was 78.1%.
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%.
WES - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Western Midstream Partners, LP reported an operating income of 305.56M and revenue of 1.03B, resulting in an operating margin of 29.6%.
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%.
WES - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Western Midstream Partners, LP reported a net income of 198.57M and revenue of 1.03B, resulting in a net margin of 19.3%.