PAGP vs. MPLX
PAGP (Plains GP Holdings, L.P.) and MPLX (MPLX LP) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, PAGP returned 5.68%/yr vs 15.78%/yr for MPLX. A 0.56 correlation means they provide meaningful diversification when combined.
Performance
PAGP vs. MPLX - Performance Comparison
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Returns By Period
In the year-to-date period, PAGP achieves a 29.26% return, which is significantly higher than MPLX's 12.34% return. Over the past 10 years, PAGP has underperformed MPLX with an annualized return of 5.68%, while MPLX has yielded a comparatively higher 15.78% annualized return.
PAGP
- 1D
- 2.06%
- 1M
- -8.17%
- YTD
- 29.26%
- 6M
- 30.76%
- 1Y
- 32.67%
- 3Y*
- 29.09%
- 5Y*
- 23.42%
- 10Y*
- 5.68%
MPLX
- 1D
- 1.37%
- 1M
- 2.14%
- YTD
- 12.34%
- 6M
- 11.05%
- 1Y
- 22.03%
- 3Y*
- 30.46%
- 5Y*
- 25.13%
- 10Y*
- 15.78%
PAGP vs. MPLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAGP Plains GP Holdings, L.P. | 29.26% | 12.69% | 23.64% | 38.09% | 31.78% | 28.97% | -51.17% | 0.30% | -3.49% | -32.11% |
MPLX MPLX LP | 12.34% | 20.54% | 41.72% | 22.46% | 21.09% | 53.92% | -1.79% | -8.25% | -8.43% | 9.00% |
Correlation
The correlation between PAGP and MPLX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.56 |
The correlation between PAGP and MPLX shifts across timeframes, from 0.43 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
PAGP:
$2.23
MPLX:
$6.16
PAGP:
10.67
MPLX:
9.36
PAGP:
0.14
MPLX:
0.65
PAGP:
0.17
MPLX:
3.51
PAGP:
$45.26B
MPLX:
$12.54B
PAGP:
$2.07B
MPLX:
$7.52B
PAGP:
$2.44B
MPLX:
$6.90B
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Return for Risk
PAGP vs. MPLX — Risk / Return Rank
PAGP
MPLX
PAGP vs. MPLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains GP Holdings, L.P. (PAGP) and MPLX LP (MPLX). 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 | MPLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.24 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 2.87 | -0.60 |
| Martin ratioReturn relative to average drawdown | 6.35 | 6.65 | -0.29 |
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Drawdowns
PAGP vs. MPLX - Drawdown Comparison
The maximum PAGP drawdown since its inception was -94.21%, which is greater than MPLX's maximum drawdown of -85.72%. Use the drawdown chart below to compare losses from any high point for PAGP and MPLX.
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Drawdown Indicators
| PAGP | MPLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.21% | -85.72% | -8.49% |
Max Drawdown (1Y)Largest decline over 1 year | -14.44% | -7.71% | -6.73% |
Max Drawdown (3Y)Largest decline over 3 years | -21.02% | -14.58% | -6.44% |
Max Drawdown (5Y)Largest decline over 5 years | -22.28% | -18.46% | -3.82% |
Max Drawdown (10Y)Largest decline over 10 years | -88.04% | -75.21% | -12.83% |
Current DrawdownCurrent decline from peak | -36.48% | -0.62% | -35.86% |
Average DrawdownAverage peak-to-trough decline | -57.64% | -29.90% | -27.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 3.32% | +1.84% |
Volatility
PAGP vs. MPLX - Volatility Comparison
Plains GP Holdings, L.P. (PAGP) has a higher volatility of 5.86% compared to MPLX LP (MPLX) at 4.86%. This indicates that PAGP's price experiences larger fluctuations and is considered to be riskier than MPLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAGP | MPLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.86% | 4.86% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 13.52% | 11.30% | +2.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.79% | 15.82% | +1.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.13% | 19.35% | +7.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.67% | 30.62% | +11.05% |
Dividends
PAGP vs. MPLX - Dividend Comparison
PAGP's dividend yield for the trailing twelve months is around 6.69%, less than MPLX's 7.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MPLX MPLX LP | 7.26% | 7.39% | 7.33% | 8.65% | 8.80% | 11.30% | 12.70% | 10.41% | 8.22% | 6.23% | 5.86% | 4.33% |
PAGP Plains GP Holdings, L.P. | 6.69% | 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. MPLX - Financials Comparison
This section allows you to compare key financial metrics between Plains GP Holdings, L.P. and MPLX 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. MPLX - 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%.
MPLX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, MPLX LP reported a gross profit of 2.64B and revenue of 3.04B. Therefore, the gross margin over that period was 86.8%.
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%.
MPLX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, MPLX LP reported an operating income of 1.21B and revenue of 3.04B, resulting in an operating margin of 40.0%.
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%.
MPLX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, MPLX LP reported a net income of 922.00M and revenue of 3.04B, resulting in a net margin of 30.4%.
Frequently Asked Questions
PAGP and MPLX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAGP has higher volatility (5.86%) compared to MPLX (4.86%). In terms of maximum drawdown, PAGP dropped -94.21% vs MPLX's -85.72%.
PAGP currently has the higher Sharpe Ratio (1.85 vs 1.40), 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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