PAGP vs. WES
PAGP (Plains GP Holdings, L.P.) and WES (Western Midstream Partners, LP) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, PAGP returned 6.02%/yr vs 8.93%/yr for WES. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
PAGP vs. WES - Performance Comparison
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Returns By Period
In the year-to-date period, PAGP achieves a 33.60% return, which is significantly higher than WES's 17.33% return. Over the past 10 years, PAGP has underperformed WES with an annualized return of 6.02%, while WES has yielded a comparatively higher 8.93% annualized return.
PAGP
- 1D
- 0.70%
- 1M
- 6.21%
- YTD
- 33.60%
- 6M
- 36.96%
- 1Y
- 43.47%
- 3Y*
- 29.22%
- 5Y*
- 22.80%
- 10Y*
- 6.02%
WES
- 1D
- -0.02%
- 1M
- 2.00%
- YTD
- 17.33%
- 6M
- 17.99%
- 1Y
- 27.17%
- 3Y*
- 30.04%
- 5Y*
- 25.05%
- 10Y*
- 8.93%
PAGP vs. WES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAGP Plains GP Holdings, L.P. | 33.60% | 12.69% | 23.64% | 38.09% | 31.78% | 28.97% | -51.17% | 0.30% | -3.49% | -32.11% |
WES Western Midstream Partners, LP | 17.33% | 12.77% | 43.58% | 19.46% | 29.29% | 72.31% | -19.13% | -22.65% | -20.23% | -8.01% |
Correlation
The correlation between PAGP and WES is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2013 | 0.58 |
The correlation between PAGP and WES has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.
Fundamentals
PAGP:
$17.39B
WES:
$17.77B
PAGP:
$2.23
WES:
$3.09
PAGP:
11.03
WES:
14.36
PAGP:
0.15
WES:
1.06
PAGP:
0.18
WES:
4.29
PAGP:
1.36
WES:
5.07
PAGP:
$45.26B
WES:
$4.05B
PAGP:
$2.07B
WES:
$2.79B
PAGP:
$2.44B
WES:
$2.16B
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Return for Risk
PAGP vs. WES — Risk / Return Rank
PAGP
WES
PAGP vs. WES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains GP Holdings, L.P. (PAGP) and Western Midstream Partners, LP (WES). 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 | WES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.24 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.90 | +0.13 |
| Martin ratioReturn relative to average drawdown | 8.86 | 6.59 | +2.27 |
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 | WES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.43 | 1.35 | +1.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.86 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | 0.19 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | 0.24 | -0.24 |
Drawdowns
PAGP vs. WES - Drawdown Comparison
The maximum PAGP drawdown since its inception was -94.21%, roughly equal to the maximum WES drawdown of -93.66%. Use the drawdown chart below to compare losses from any high point for PAGP and WES.
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Drawdown Indicators
| PAGP | WES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.21% | -93.66% | -0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -14.44% | -9.42% | -5.02% |
Max Drawdown (3Y)Largest decline over 3 years | -21.02% | -16.65% | -4.37% |
Max Drawdown (5Y)Largest decline over 5 years | -23.89% | -23.54% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -88.04% | -91.90% | +3.86% |
Current DrawdownCurrent decline from peak | -34.35% | -6.28% | -28.07% |
Average DrawdownAverage peak-to-trough decline | -57.72% | -28.52% | -29.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.92% | 4.14% | +0.78% |
Volatility
PAGP vs. WES - Volatility Comparison
The current volatility for Plains GP Holdings, L.P. (PAGP) is 6.71%, while Western Midstream Partners, LP (WES) has a volatility of 7.29%. This indicates that PAGP experiences smaller price fluctuations and is considered to be less risky than WES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAGP | WES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 7.29% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 13.28% | 15.48% | -2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.01% | 20.31% | -2.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.38% | 29.22% | -1.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.75% | 46.64% | -4.89% |
Dividends
PAGP vs. WES - Dividend Comparison
PAGP's dividend yield for the trailing twelve months is around 6.48%, less than WES's 8.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAGP Plains GP Holdings, L.P. | 6.48% | 7.94% | 6.91% | 6.71% | 6.69% | 7.10% | 10.65% | 7.28% | 5.97% | 8.88% | 6.91% | 9.34% |
WES Western Midstream Partners, LP | 8.25% | 9.13% | 8.33% | 8.52% | 6.80% | 5.69% | 11.25% | 12.45% | 8.28% | 5.43% | 4.03% | 3.86% |
Financials
PAGP vs. WES - Financials Comparison
This section allows you to compare key financial metrics between Plains GP Holdings, L.P. and Western Midstream Partners, 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. WES - 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%.
WES - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a gross profit of 859.34M and revenue of 1.12B. Therefore, the gross margin over that period was 76.5%.
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%.
WES - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported an operating income of 469.19M and revenue of 1.12B, resulting in an operating margin of 41.8%.
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%.
WES - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a net income of 350.28M and revenue of 1.12B, resulting in a net margin of 31.2%.
Frequently Asked Questions
PAGP and WES have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WES has higher volatility (7.29%) compared to PAGP (6.71%). In terms of maximum drawdown, PAGP dropped -94.21% vs WES's -93.66%.
PAGP currently has the higher Sharpe Ratio (2.43 vs 1.35), 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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