PAGP vs. SPY

Last updated Jun 24, 2026

PAGP (Plains GP Holdings, L.P.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, PAGP returned 5.68%/yr vs 15.53%/yr for SPY. At a 0.38 correlation, their price movements are largely independent.

Performance

PAGP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Plains GP Holdings, L.P. (PAGP) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAGP achieves a 29.26% return, which is significantly higher than SPY's 8.15% return. Over the past 10 years, PAGP has underperformed SPY with an annualized return of 5.68%, while SPY has yielded a comparatively higher 15.53% 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%

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

PAGP vs. SPY - 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%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between PAGP and SPY is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013	0.38

The correlation between PAGP and SPY shifts across timeframes, from -0.12 (1 year) to 0.38 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

PAGP vs. SPY — Risk / Return Rank

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

PAGP

PAGP Risk / Return Rank: 82
PAGP Sharpe Ratio Rank: 87
PAGP Sortino Ratio Rank: 84
PAGP Omega Ratio Rank: 82
PAGP Calmar Ratio Rank: 78
PAGP Martin Ratio Rank: 81

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Plains GP Holdings, L.P. (PAGP) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.90	-0.05
Sortino ratio: Return per unit of downside risk	2.51	2.58	-0.07
Omega ratio: Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio: Return relative to maximum drawdown	2.27	2.67	-0.39
Martin ratio: Return relative to average drawdown	6.35	11.92	-5.57

PAGP vs. SPY - Sharpe Ratio Comparison

The current PAGP Sharpe Ratio is 1.85, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of PAGP and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PAGP vs. SPY - Drawdown Comparison

The maximum PAGP drawdown since its inception was -94.21%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PAGP and SPY.

Drawdown Indicators

	PAGP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-94.21%	-55.19%	-39.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-8.88%	-5.56%
Max Drawdown (3Y) Largest decline over 3 years	-21.02%	-18.76%	-2.26%
Max Drawdown (5Y) Largest decline over 5 years	-22.28%	-24.50%	+2.22%
Max Drawdown (10Y) Largest decline over 10 years	-88.04%	-33.72%	-54.32%
Current Drawdown Current decline from peak	-36.48%	-3.17%	-33.31%
Average Drawdown Average peak-to-trough decline	-57.64%	-9.04%	-48.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	1.98%	+3.18%

Volatility

PAGP vs. SPY - Volatility Comparison

Plains GP Holdings, L.P. (PAGP) has a higher volatility of 5.86% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that PAGP's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAGP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	4.87%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	9.85%	+3.67%
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	12.50%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.13%	17.15%	+9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.67%	17.95%	+23.72%

Dividends

PAGP vs. SPY - Dividend Comparison

PAGP's dividend yield for the trailing twelve months is around 6.69%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both PAGP and SPY in my portfolio?

PAGP and SPY have a correlation of -0.12, 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 SPY?

PAGP has higher volatility (5.86%) compared to SPY (4.87%). In terms of maximum drawdown, PAGP dropped -94.21% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.85), 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.