PAM vs. TGS
PAM (Pampa Energía S.A.) and TGS (Transportadora de Gas del Sur S.A.) are both stocks. PAM operates in Utilities - Regulated Electric (Utilities), while TGS operates in Oil & Gas Midstream (Energy). Over the past 10 years, PAM returned 12.30%/yr vs 19.59%/yr for TGS. Their 0.56 correlation means they have sometimes moved together and sometimes differently.
Performance
PAM vs. TGS - Performance Comparison
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Returns By Period
In the year-to-date period, PAM achieves a -0.21% return, which is significantly lower than TGS's 2.38% return. Over the past 10 years, PAM has underperformed TGS with an annualized return of 12.30%, while TGS has yielded a comparatively higher 19.59% annualized return.
PAM
- 1D
- -0.42%
- 1M
- 9.61%
- 6M
- 1.94%
- YTD
- -0.21%
- 1Y
- 19.01%
- 3Y*
- 27.24%
- 5Y*
- 41.61%
- 10Y*
- 12.30%
- ALL TIME*
- 12.15%
TGS
- 1D
- 1.30%
- 1M
- 12.08%
- 6M
- -0.19%
- YTD
- 2.38%
- 1Y
- 12.47%
- 3Y*
- 38.54%
- 5Y*
- 48.55%
- 10Y*
- 19.59%
- ALL TIME*
- 13.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.34M | $12.23M | $17.41M | |
| $4.40M | $6.05M | $9.67M |
PAM vs. TGS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAM Pampa Energía S.A. | -0.21% | 0.65% | 77.58% | 55.04% | 51.30% | 53.19% | -16.13% | -48.35% | -52.72% | 93.28% |
TGS Transportadora de Gas del Sur S.A. | 2.38% | 6.22% | 93.97% | 27.88% | 165.77% | -14.62% | -27.48% | -45.44% | -28.91% | 146.45% |
Correlation
The correlation between PAM and TGS is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2009 | 0.56 |
Over the past year, PAM and TGS have become more correlated (0.86) than their long-term average of 0.56, meaning their price movements have been converging.
Fundamentals
PAM:
$4.80B
TGS:
$4.79B
PAM:
$8.05
TGS:
ARS 3.05K
PAM:
10.97
TGS:
15.53
PAM:
0.12
TGS:
0.04
PAM:
2.23
TGS:
3.93
PAM:
1.27
TGS:
1.99
PAM:
$2.16B
TGS:
ARS 1.82T
PAM:
$682.00M
TGS:
ARS 985.40B
PAM:
$1.22B
TGS:
ARS 1.03T
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Return for Risk
PAM vs. TGS — Risk / Return Rank
PAM
TGS
PAM vs. TGS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pampa Energía S.A. (PAM) and Transportadora de Gas del Sur S.A. (TGS). 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.
| PAM | TGS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.10 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | 0.34 | +0.17 |
| Martin ratioReturn relative to average drawdown | 1.23 | 0.81 | +0.43 |
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Drawdowns
PAM vs. TGS - Drawdown Comparison
The maximum PAM drawdown since its inception was -87.41%, smaller than the maximum TGS drawdown of -95.49%. Use the drawdown chart below to compare losses from any high point for PAM and TGS.
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Drawdown Indicators
| PAM | TGS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.41% | -95.49% | +8.08% |
Max Drawdown (1Y)Largest decline over 1 year | -31.59% | -32.28% | +0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -40.40% | -39.49% | -0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -40.40% | -39.49% | -0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -87.41% | -80.55% | -6.86% |
Current DrawdownCurrent decline from peak | -6.91% | -9.88% | +2.97% |
Average DrawdownAverage peak-to-trough decline | -42.23% | -46.90% | +4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.10% | 13.57% | -0.47% |
Volatility
PAM vs. TGS - Volatility Comparison
The current volatility for Pampa Energía S.A. (PAM) is 8.56%, while Transportadora de Gas del Sur S.A. (TGS) has a volatility of 11.91%. This indicates that PAM experiences smaller price fluctuations and is considered to be less risky than TGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAM | TGS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.56% | 11.91% | -3.35% |
Volatility (6M)Calculated over the trailing 6-month period | 24.74% | 28.27% | -3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.75% | 59.99% | -10.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.15% | 55.56% | -9.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.97% | 54.53% | -2.56% |
Dividends
PAM vs. TGS - Dividend Comparison
Neither PAM nor TGS has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
PAM Pampa Energía S.A. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TGS Transportadora de Gas del Sur S.A. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 14.46% | 5.04% | 0.00% | 0.34% |
Financials
PAM vs. TGS - Financials Comparison
This section allows you to compare key financial metrics between Pampa Energía S.A. and Transportadora de Gas del Sur S.A.. 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
PAM vs. TGS - Profitability Comparison
PAM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Pampa Energía S.A. reported a gross profit of 193.00M and revenue of 573.00M. Therefore, the gross margin over that period was 33.7%.
TGS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Transportadora de Gas del Sur S.A. reported a gross profit of 282.03B and revenue of 484.20B. Therefore, the gross margin over that period was 58.3%.
PAM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Pampa Energía S.A. reported an operating income of 107.00M and revenue of 573.00M, resulting in an operating margin of 18.7%.
TGS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Transportadora de Gas del Sur S.A. reported an operating income of 249.34B and revenue of 484.20B, resulting in an operating margin of 51.5%.
PAM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Pampa Energía S.A. reported a net income of 214.00M and revenue of 573.00M, resulting in a net margin of 37.4%.
TGS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Transportadora de Gas del Sur S.A. reported a net income of 159.98B and revenue of 484.20B, resulting in a net margin of 33.0%.
Frequently Asked Questions
PAM and TGS have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TGS has higher volatility (11.91%) compared to PAM (8.56%). In terms of maximum drawdown, PAM dropped -87.41% vs TGS's -95.49%.
PAM currently has the higher Sharpe Ratio (0.33 vs 0.18), 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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