PAGP vs. PAA
PAGP (Plains GP Holdings, L.P.) and PAA (Plains All American Pipeline, L.P.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, PAGP returned 5.47%/yr vs 5.39%/yr for PAA. Their correlation of 0.85 suggests significant overlap in exposure.
Performance
PAGP vs. PAA - Performance Comparison
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Returns By Period
In the year-to-date period, PAGP achieves a 26.65% return, which is significantly higher than PAA's 24.45% return. Both investments have delivered pretty close results over the past 10 years, with PAGP having a 5.47% annualized return and PAA not far behind at 5.39%.
PAGP
- 1D
- 0.43%
- 1M
- -10.02%
- YTD
- 26.65%
- 6M
- 29.15%
- 1Y
- 28.47%
- 3Y*
- 28.22%
- 5Y*
- 22.84%
- 10Y*
- 5.47%
PAA
- 1D
- 0.66%
- 1M
- -11.06%
- YTD
- 24.45%
- 6M
- 26.56%
- 1Y
- 26.55%
- 3Y*
- 26.80%
- 5Y*
- 22.42%
- 10Y*
- 5.39%
PAGP vs. PAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAGP Plains GP Holdings, L.P. | 26.65% | 12.69% | 23.64% | 38.09% | 31.78% | 28.97% | -51.17% | 0.30% | -3.49% | -32.11% |
PAA Plains All American Pipeline, L.P. | 24.45% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
Correlation
The correlation between PAGP and PAA is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.85 |
The correlation between PAGP and PAA shifts across timeframes, from 0.85 (all time) to 0.96 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
PAGP:
$16.49B
PAA:
$15.16B
PAGP:
$2.23
PAA:
$2.19
PAGP:
10.45
PAA:
9.80
PAGP:
0.14
PAA:
0.18
PAGP:
0.17
PAA:
0.33
PAGP:
1.29
PAA:
1.18
PAGP:
$45.26B
PAA:
$45.25B
PAGP:
$2.07B
PAA:
$1.55B
PAGP:
$2.44B
PAA:
$2.54B
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Return for Risk
PAGP vs. PAA — Risk / Return Rank
PAGP
PAA
PAGP vs. PAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains GP Holdings, L.P. (PAGP) and Plains All American Pipeline, L.P. (PAA). 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 | PAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.24 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 1.84 | +0.15 |
| Martin ratioReturn relative to average drawdown | 5.56 | 5.04 | +0.53 |
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Drawdowns
PAGP vs. PAA - Drawdown Comparison
The maximum PAGP drawdown since its inception was -94.21%, roughly equal to the maximum PAA drawdown of -91.99%. Use the drawdown chart below to compare losses from any high point for PAGP and PAA.
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Drawdown Indicators
| PAGP | PAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.21% | -91.99% | -2.22% |
Max Drawdown (1Y)Largest decline over 1 year | -14.44% | -14.53% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -21.02% | -22.26% | +1.24% |
Max Drawdown (5Y)Largest decline over 5 years | -22.28% | -22.51% | +0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -88.04% | -87.92% | -0.12% |
Current DrawdownCurrent decline from peak | -37.76% | -13.88% | -23.88% |
Average DrawdownAverage peak-to-trough decline | -57.64% | -25.74% | -31.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.14% | 5.29% | -0.15% |
Volatility
PAGP vs. PAA - Volatility Comparison
The current volatility for Plains GP Holdings, L.P. (PAGP) is 5.67%, while Plains All American Pipeline, L.P. (PAA) has a volatility of 6.42%. This indicates that PAGP experiences smaller price fluctuations and is considered to be less risky than PAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAGP | PAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 6.42% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 13.43% | 14.26% | -0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.72% | 18.32% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.12% | 26.57% | +0.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.69% | 41.82% | -0.13% |
Dividends
PAGP vs. PAA - Dividend Comparison
PAGP's dividend yield for the trailing twelve months is around 6.83%, less than PAA's 7.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAA Plains All American Pipeline, L.P. | 7.43% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
PAGP Plains GP Holdings, L.P. | 6.83% | 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. PAA - Financials Comparison
This section allows you to compare key financial metrics between Plains GP Holdings, L.P. and Plains All American Pipeline, L.P.. 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. PAA - 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%.
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%.
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%.
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%.
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%.
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%.
Frequently Asked Questions
With a correlation of 0.96, PAGP and PAA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PAA has higher volatility (6.42%) compared to PAGP (5.67%). In terms of maximum drawdown, PAGP dropped -94.21% vs PAA's -91.99%.
PAGP currently has the higher Sharpe Ratio (1.62 vs 1.46), 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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