PAGP vs. HESM
PAGP (Plains GP Holdings, L.P.) and HESM (Hess Midstream LP) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 5 years, PAGP returned 22.53%/yr vs 16.87%/yr for HESM. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
PAGP vs. HESM - Performance Comparison
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Returns By Period
In the year-to-date period, PAGP achieves a 32.24% return, which is significantly higher than HESM's 16.35% return.
PAGP
- 1D
- -0.04%
- 1M
- 3.70%
- YTD
- 32.24%
- 6M
- 34.35%
- 1Y
- 38.87%
- 3Y*
- 29.64%
- 5Y*
- 22.53%
- 10Y*
- 6.62%
HESM
- 1D
- -0.36%
- 1M
- -0.85%
- YTD
- 16.35%
- 6M
- 15.25%
- 1Y
- 5.94%
- 3Y*
- 19.10%
- 5Y*
- 16.87%
- 10Y*
- —
PAGP vs. HESM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAGP Plains GP Holdings, L.P. | 32.24% | 12.69% | 23.64% | 38.09% | 31.78% | 28.97% | -51.17% | 0.30% | -3.49% | -25.55% |
HESM Hess Midstream LP | 16.35% | 0.56% | 26.41% | 14.36% | 16.62% | 52.91% | -5.29% | 43.83% | -8.61% | -20.06% |
Correlation
The correlation between PAGP and HESM is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2017 | 0.53 |
The correlation between PAGP and HESM shifts across timeframes, from 0.50 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
PAGP:
$17.21B
HESM:
$4.97B
PAGP:
$2.23
HESM:
$2.89
PAGP:
10.91
HESM:
13.32
PAGP:
0.15
HESM:
1.08
PAGP:
0.18
HESM:
3.02
PAGP:
1.34
HESM:
13.27
PAGP:
$45.26B
HESM:
$1.63B
PAGP:
$2.07B
HESM:
$1.13B
PAGP:
$2.44B
HESM:
$1.24B
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Return for Risk
PAGP vs. HESM — Risk / Return Rank
PAGP
HESM
PAGP vs. HESM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains GP Holdings, L.P. (PAGP) and Hess Midstream LP (HESM). 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.
| PAGP | HESM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +2.44 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.07 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 0.23 | +2.47 |
| Martin ratioReturn relative to average drawdown | 7.83 | 0.47 | +7.36 |
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Drawdowns
PAGP vs. HESM - Drawdown Comparison
The maximum PAGP drawdown since its inception was -94.21%, which is greater than HESM's maximum drawdown of -75.16%. Use the drawdown chart below to compare losses from any high point for PAGP and HESM.
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Drawdown Indicators
| PAGP | HESM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.21% | -75.16% | -19.05% |
Max Drawdown (1Y)Largest decline over 1 year | -14.44% | -25.78% | +11.34% |
Max Drawdown (3Y)Largest decline over 3 years | -21.02% | -25.78% | +4.76% |
Max Drawdown (5Y)Largest decline over 5 years | -23.89% | -28.72% | +4.83% |
Max Drawdown (10Y)Largest decline over 10 years | -88.04% | — | — |
Current DrawdownCurrent decline from peak | -35.01% | -5.50% | -29.51% |
Average DrawdownAverage peak-to-trough decline | -57.68% | -11.77% | -45.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.98% | 12.67% | -7.69% |
Volatility
PAGP vs. HESM - Volatility Comparison
Plains GP Holdings, L.P. (PAGP) and Hess Midstream LP (HESM) have volatilities of 6.57% and 6.71%, 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
| PAGP | HESM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.57% | 6.71% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 13.32% | 14.72% | -1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.05% | 24.01% | -5.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.38% | 27.34% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.71% | 38.79% | +2.92% |
Dividends
PAGP vs. HESM - Dividend Comparison
PAGP's dividend yield for the trailing twelve months is around 6.54%, less than HESM's 7.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HESM Hess Midstream LP | 7.89% | 8.41% | 7.12% | 7.50% | 7.30% | 6.93% | 8.86% | 6.89% | 8.00% | 2.93% | 0.00% | 0.00% |
PAGP Plains GP Holdings, L.P. | 6.54% | 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. HESM - Financials Comparison
This section allows you to compare key financial metrics between Plains GP Holdings, L.P. and Hess Midstream 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
PAGP vs. HESM - Profitability Comparison
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%.
HESM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hess Midstream LP reported a gross profit of 246.00M and revenue of 390.10M. Therefore, the gross margin over that period was 63.1%.
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%.
HESM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hess Midstream LP reported an operating income of 238.10M and revenue of 390.10M, resulting in an operating margin of 61.0%.
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%.
HESM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hess Midstream LP reported a net income of 87.60M and revenue of 390.10M, resulting in a net margin of 22.5%.
Frequently Asked Questions
PAGP and HESM have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HESM has higher volatility (6.71%) compared to PAGP (6.57%). In terms of maximum drawdown, PAGP dropped -94.21% vs HESM's -75.16%.
PAGP currently has the higher Sharpe Ratio (2.16 vs 0.25), 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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