PAGP vs. PAA
Compare and contrast key facts about Plains GP Holdings, L.P. (PAGP) and Plains All American Pipeline, L.P. (PAA).
Performance
PAGP vs. PAA - Performance Comparison
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PAGP vs. PAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAGP Plains GP Holdings, L.P. | 29.45% | 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. | 27.03% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
Fundamentals
PAGP:
$17.14B
PAA:
$15.76B
PAGP:
$1.47
PAA:
$2.04
PAGP:
16.55
PAA:
10.95
PAGP:
0.15
PAA:
0.21
PAGP:
0.20
PAA:
0.35
PAGP:
1.31
PAA:
1.60
PAGP:
$44.26B
PAA:
$44.80B
PAGP:
$2.34B
PAA:
$2.17B
PAGP:
$2.70B
PAA:
$2.96B
Returns By Period
In the year-to-date period, PAGP achieves a 29.45% return, which is significantly higher than PAA's 27.03% return. Both investments have delivered pretty close results over the past 10 years, with PAGP having a 8.52% annualized return and PAA not far ahead at 8.77%.
PAGP
- 1D
- -0.57%
- 1M
- 7.72%
- YTD
- 29.45%
- 6M
- 38.81%
- 1Y
- 23.37%
- 3Y*
- 32.29%
- 5Y*
- 29.86%
- 10Y*
- 8.52%
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%
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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.
| PAGP | PAA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.99 | 0.90 | +0.09 |
Sortino ratioReturn per unit of downside risk | 1.38 | 1.28 | +0.10 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.18 | +0.02 |
Calmar ratioReturn relative to maximum drawdown | 1.12 | 0.98 | +0.14 |
Martin ratioReturn relative to average drawdown | 2.21 | 2.05 | +0.16 |
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
| PAGP | PAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.99 | 0.90 | +0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.08 | 1.08 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | 0.21 | -0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | 0.30 | -0.32 |
Correlation
The correlation between PAGP and PAA is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PAGP vs. PAA - Dividend Comparison
PAGP's dividend yield for the trailing twelve months is around 6.41%, less than PAA's 6.97% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAGP Plains GP Holdings, L.P. | 6.41% | 7.94% | 6.91% | 6.71% | 6.69% | 7.10% | 10.65% | 7.28% | 5.97% | 8.88% | 6.91% | 9.34% |
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% |
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 | -20.18% | -20.96% | +0.78% |
Max Drawdown (5Y)Largest decline over 5 years | -23.89% | -26.11% | +2.22% |
Max Drawdown (10Y)Largest decline over 10 years | -88.04% | -87.92% | -0.12% |
Current DrawdownCurrent decline from peak | -36.38% | -12.09% | -24.29% |
Average DrawdownAverage peak-to-trough decline | -58.04% | -25.87% | -32.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.17% | 9.99% | +0.18% |
Volatility
PAGP vs. PAA - Volatility Comparison
The current volatility for Plains GP Holdings, L.P. (PAGP) is 5.59%, while Plains All American Pipeline, L.P. (PAA) has a volatility of 5.97%. 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 | 5.59% | 5.97% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 11.49% | 11.96% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.70% | 24.36% | -0.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.70% | 27.11% | +0.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.30% | 42.28% | +0.02% |
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 Apr 2026, Plains GP Holdings, L.P. reported a gross profit of 0.00 and revenue of 10.03B. 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 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%.
PAGP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Plains GP Holdings, L.P. reported an operating income of 182.00M and revenue of 10.03B, resulting in an operating margin of 1.8%.
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%.
PAGP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Plains GP Holdings, L.P. reported a net income of 342.00M and revenue of 10.03B, resulting in a net margin of 3.4%.
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%.