PAGP vs. GEL

Last updated Jun 9, 2026

PAGP (Plains GP Holdings, L.P.) and GEL (Genesis Energy, L.P.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, PAGP returned 6.02%/yr vs -1.74%/yr for GEL. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

PAGP vs. GEL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Plains GP Holdings, L.P. (PAGP) and Genesis Energy, L.P. (GEL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAGP achieves a 33.60% return, which is significantly higher than GEL's 1.27% return. Over the past 10 years, PAGP has outperformed GEL with an annualized return of 6.02%, while GEL has yielded a comparatively lower -1.74% annualized return.

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%

GEL

• 1D: -1.02%
• 1M: -5.50%
• YTD: 1.27%
• 6M: -1.32%
• 1Y: -1.63%
• 3Y*: 21.73%
• 5Y*: 11.38%
• 10Y*: -1.74%

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

PAGP vs. GEL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
GEL Genesis Energy, L.P.	1.27%	61.77%	-8.37%	19.90%	1.05%	84.99%	-66.17%	22.60%	-9.18%	-32.37%

Correlation

The correlation between PAGP and GEL is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013	0.55

The correlation between PAGP and GEL shifts across timeframes, from 0.44 (1 year) to 0.56 (10 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap PAGP : $17.39B GEL : $1.89B
EPS PAGP : $2.23 GEL : $0.39
PE Ratio PAGP : 11.03 GEL : 39.44
PEG Ratio PAGP : 0.15 GEL : 0.54
PS Ratio PAGP : 0.18 GEL : 1.13
PB Ratio PAGP : 1.36 GEL : 3.54
Total Revenue (TTM) PAGP : $45.26B GEL : $1.68B
Gross Profit (TTM) PAGP : $2.07B GEL : $281.95M
EBITDA (TTM) PAGP : $2.44B GEL : $437.85M

Return for Risk

PAGP vs. GEL — Risk / Return Rank

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

PAGP

PAGP Risk / Return Rank: 88
PAGP Sharpe Ratio Rank: 92
PAGP Sortino Ratio Rank: 91
PAGP Omega Ratio Rank: 89
PAGP Calmar Ratio Rank: 84
PAGP Martin Ratio Rank: 86

GEL

GEL Risk / Return Rank: 37
GEL Sharpe Ratio Rank: 40
GEL Sortino Ratio Rank: 34
GEL Omega Ratio Rank: 34
GEL Calmar Ratio Rank: 40
GEL Martin Ratio Rank: 38

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.

PAGP vs. GEL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Plains GP Holdings, L.P. (PAGP) and Genesis Energy, L.P. (GEL). 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.

	PAGP	GEL	Difference
Sharpe ratio: Return per unit of total volatility	2.43	-0.06	+2.49
Sortino ratio: Return per unit of downside risk	3.23	0.12	+3.11
Omega ratio: Gain probability vs. loss probability	1.41	1.01	+0.39
Calmar ratio: Return relative to maximum drawdown	3.02	-0.09	+3.12
Martin ratio: Return relative to average drawdown	8.86	-0.23	+9.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAGP vs. GEL - Sharpe Ratio Comparison

The current PAGP Sharpe Ratio is 2.43, which is higher than the GEL Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of PAGP and GEL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAGP	GEL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	-0.06	+2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.28	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	-0.03	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.14	-0.15

Drawdowns

PAGP vs. GEL - Drawdown Comparison

The maximum PAGP drawdown since its inception was -94.21%, roughly equal to the maximum GEL drawdown of -91.63%. Use the drawdown chart below to compare losses from any high point for PAGP and GEL.

Drawdown Indicators

	PAGP	GEL	Difference
Max Drawdown Largest peak-to-trough decline	-94.21%	-91.63%	-2.58%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-17.85%	+3.41%
Max Drawdown (3Y) Largest decline over 3 years	-21.02%	-31.46%	+10.44%
Max Drawdown (5Y) Largest decline over 5 years	-23.89%	-38.79%	+14.90%
Max Drawdown (10Y) Largest decline over 10 years	-88.04%	-89.61%	+1.57%
Current Drawdown Current decline from peak	-34.35%	-36.80%	+2.45%
Average Drawdown Average peak-to-trough decline	-57.72%	-34.14%	-23.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.92%	7.18%	-2.26%

Volatility

PAGP vs. GEL - Volatility Comparison

The current volatility for Plains GP Holdings, L.P. (PAGP) is 6.71%, while Genesis Energy, L.P. (GEL) has a volatility of 9.14%. This indicates that PAGP experiences smaller price fluctuations and is considered to be less risky than GEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAGP	GEL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	9.14%	-2.43%
Volatility (6M) Calculated over the trailing 6-month period	13.28%	18.81%	-5.53%
Volatility (1Y) Calculated over the trailing 1-year period	18.01%	27.63%	-9.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.38%	41.32%	-13.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.75%	51.20%	-9.45%

Dividends

PAGP vs. GEL - Dividend Comparison

PAGP's dividend yield for the trailing twelve months is around 6.48%, more than GEL's 4.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GEL Genesis Energy, L.P.	4.46%	4.23%	6.08%	5.18%	5.88%	5.60%	16.10%	10.74%	11.37%	11.87%	7.54%	6.72%
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

PAGP vs. GEL - Profitability Comparison

The chart below illustrates the profitability comparison between Plains GP Holdings, L.P. and Genesis Energy, L.P. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

GEL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Genesis Energy, L.P. reported a gross profit of 0.00 and revenue of 446.56M. Therefore, the gross margin over that period was 0.0%.

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%.

GEL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Genesis Energy, L.P. reported an operating income of 76.61M and revenue of 446.56M, resulting in an operating margin of 17.2%.

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%.

GEL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Genesis Energy, L.P. reported a net income of 19.37M and revenue of 446.56M, resulting in a net margin of 4.3%.

Frequently Asked Questions

Can I hold both PAGP and GEL in my portfolio?

PAGP and GEL have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAGP or GEL?

GEL has higher volatility (9.14%) compared to PAGP (6.71%). In terms of maximum drawdown, PAGP dropped -94.21% vs GEL's -91.63%.

Which has better risk-adjusted returns?

PAGP currently has the higher Sharpe Ratio (2.43 vs -0.06), 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.