PAGP vs. XLE

Last updated Jun 24, 2026

PAGP (Plains GP Holdings, L.P.) is a stock, while XLE (State Street Energy Select Sector SPDR ETF) is Energy Equities fund tracking the Energy Select Sector Index. Over the past 10 years, PAGP returned 5.68%/yr vs 9.37%/yr for XLE. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

PAGP vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Plains GP Holdings, L.P. (PAGP) and State Street Energy Select Sector SPDR ETF (XLE). 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 XLE's 23.49% return. Over the past 10 years, PAGP has underperformed XLE with an annualized return of 5.68%, while XLE has yielded a comparatively higher 9.37% 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%

XLE

• 1D: 0.74%
• 1M: -7.80%
• YTD: 23.49%
• 6M: 24.07%
• 1Y: 30.55%
• 3Y*: 15.73%
• 5Y*: 18.87%
• 10Y*: 9.37%

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

PAGP vs. XLE - 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%
XLE State Street Energy Select Sector SPDR ETF	23.49%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between PAGP and XLE is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013	0.63

The correlation between PAGP and XLE has been stable across timeframes, ranging from 0.59 to 0.68 - a consistent structural relationship.

Return for Risk

PAGP vs. XLE — 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

XLE

XLE Risk / Return Rank: 42
XLE Sharpe Ratio Rank: 44
XLE Sortino Ratio Rank: 41
XLE Omega Ratio Rank: 39
XLE Calmar Ratio Rank: 45
XLE Martin Ratio Rank: 42

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. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Plains GP Holdings, L.P. (PAGP) and State Street Energy Select Sector SPDR ETF (XLE). 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	XLE	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.48	+0.37
Sortino ratio: Return per unit of downside risk	2.51	2.00	+0.50
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	2.27	2.18	+0.09
Martin ratio: Return relative to average drawdown	6.35	6.53	-0.18

PAGP vs. XLE - Sharpe Ratio Comparison

The current PAGP Sharpe Ratio is 1.85, which is comparable to the XLE Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of PAGP and XLE, 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. XLE - Drawdown Comparison

The maximum PAGP drawdown since its inception was -94.21%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for PAGP and XLE.

Drawdown Indicators

	PAGP	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-94.21%	-71.26%	-22.95%
Max Drawdown (1Y) Largest decline over 1 year	-14.44%	-14.05%	-0.39%
Max Drawdown (3Y) Largest decline over 3 years	-21.02%	-20.14%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-22.28%	-26.04%	+3.76%
Max Drawdown (10Y) Largest decline over 10 years	-88.04%	-66.81%	-21.23%
Current Drawdown Current decline from peak	-36.48%	-12.32%	-24.16%
Average Drawdown Average peak-to-trough decline	-57.64%	-17.96%	-39.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	4.69%	+0.47%

Volatility

PAGP vs. XLE - Volatility Comparison

The current volatility for Plains GP Holdings, L.P. (PAGP) is 5.86%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 7.12%. This indicates that PAGP experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAGP	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	7.12%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	16.82%	-3.30%
Volatility (1Y) Calculated over the trailing 1-year period	17.79%	20.93%	-3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.13%	25.98%	+1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.67%	29.60%	+12.07%

Dividends

PAGP vs. XLE - Dividend Comparison

PAGP's dividend yield for the trailing twelve months is around 6.69%, more than XLE's 2.79% 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%
XLE State Street Energy Select Sector SPDR ETF	2.79%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both PAGP and XLE in my portfolio?

PAGP and XLE have a correlation of 0.60, 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 XLE?

XLE has higher volatility (7.12%) compared to PAGP (5.86%). In terms of maximum drawdown, PAGP dropped -94.21% vs XLE's -71.26%.

Which has better risk-adjusted returns?

PAGP currently has the higher Sharpe Ratio (1.85 vs 1.48), 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.