PPL.TO vs. CRAK

Last updated Jun 13, 2026

PPL.TO (Pembina Pipeline Corporation) is a stock, while CRAK (VanEck Oil Refiners ETF) is Energy Equities fund tracking the MVIS Global Oil Refiners Index. Over the past 10 years, PPL.TO returned 11.55%/yr vs 14.47%/yr for CRAK. At a 0.43 correlation, their price movements are largely independent.

Performance

PPL.TO vs. CRAK - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Pembina Pipeline Corporation (PPL.TO) and VanEck Oil Refiners ETF (CRAK). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PPL.TO is traded in CAD, while CRAK is traded in USD. To make them comparable, the CRAK values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with PPL.TO having a 30.78% return and CRAK slightly higher at 31.88%. Over the past 10 years, PPL.TO has underperformed CRAK with an annualized return of 11.55%, while CRAK has yielded a comparatively higher 14.47% annualized return.

PPL.TO

• 1D: -0.46%
• 1M: 0.36%
• YTD: 30.78%
• 6M: 28.18%
• 1Y: 36.20%
• 3Y*: 23.83%
• 5Y*: 17.18%
• 10Y*: 11.55%

CRAK

• 1D: 0.19%
• 1M: 0.86%
• YTD: 31.88%
• 6M: 27.97%
• 1Y: 59.53%
• 3Y*: 22.27%
• 5Y*: 16.44%
• 10Y*: 14.47%

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

PPL.TO vs. CRAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PPL.TO Pembina Pipeline Corporation	30.78%	3.76%	22.71%	5.56%	26.63%	36.13%	-32.39%	24.75%	-6.28%	13.75%
CRAK VanEck Oil Refiners ETF	31.88%	32.76%	-7.86%	11.03%	26.65%	10.84%	-13.33%	4.65%	-2.93%	39.71%

Correlation

The correlation between PPL.TO and CRAK is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.43

Over the past year, the correlation between PPL.TO and CRAK has dropped to 0.21 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.

Return for Risk

PPL.TO vs. CRAK — Risk / Return Rank

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

PPL.TO

PPL.TO Risk / Return Rank: 86
PPL.TO Sharpe Ratio Rank: 89
PPL.TO Sortino Ratio Rank: 87
PPL.TO Omega Ratio Rank: 86
PPL.TO Calmar Ratio Rank: 84
PPL.TO Martin Ratio Rank: 83

CRAK

CRAK Risk / Return Rank: 92
CRAK Sharpe Ratio Rank: 93
CRAK Sortino Ratio Rank: 92
CRAK Omega Ratio Rank: 90
CRAK Calmar Ratio Rank: 94
CRAK Martin Ratio Rank: 89

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.

PPL.TO vs. CRAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pembina Pipeline Corporation (PPL.TO) and VanEck Oil Refiners ETF (CRAK). 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.

	PPL.TO	CRAK	Difference
Sharpe ratio: Return per unit of total volatility	1.99	3.07	-1.08
Sortino ratio: Return per unit of downside risk	2.71	4.03	-1.32
Omega ratio: Gain probability vs. loss probability	1.35	1.50	-0.15
Calmar ratio: Return relative to maximum drawdown	2.94	5.93	-2.99
Martin ratio: Return relative to average drawdown	6.93	17.44	-10.52

PPL.TO vs. CRAK - Sharpe Ratio Comparison

The current PPL.TO Sharpe Ratio is 1.99, which is lower than the CRAK Sharpe Ratio of 3.07. The chart below compares the historical Sharpe Ratios of PPL.TO and CRAK, 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

PPL.TO vs. CRAK - Drawdown Comparison

The maximum PPL.TO drawdown since its inception was -68.76%, which is greater than CRAK's maximum drawdown of -54.56%. Use the drawdown chart below to compare losses from any high point for PPL.TO and CRAK.

Drawdown Indicators

	PPL.TO	CRAK	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-54.56%	-14.20%
Max Drawdown (1Y) Largest decline over 1 year	-12.82%	-9.97%	-2.85%
Max Drawdown (3Y) Largest decline over 3 years	-16.36%	-32.61%	+16.25%
Max Drawdown (5Y) Largest decline over 5 years	-20.19%	-32.61%	+12.42%
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	-54.56%	-14.20%
Current Drawdown Current decline from peak	-1.26%	-4.27%	+3.01%
Average Drawdown Average peak-to-trough decline	-10.20%	-11.97%	+1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.43%	3.38%	+2.05%

Volatility

PPL.TO vs. CRAK - Volatility Comparison

Pembina Pipeline Corporation (PPL.TO) has a higher volatility of 6.30% compared to VanEck Oil Refiners ETF (CRAK) at 5.96%. This indicates that PPL.TO's price experiences larger fluctuations and is considered to be riskier than CRAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPL.TO	CRAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.30%	5.96%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	13.47%	15.54%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	18.99%	19.28%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	21.46%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.89%	22.74%	+8.15%

Dividends

PPL.TO vs. CRAK - Dividend Comparison

PPL.TO's dividend yield for the trailing twelve months is around 4.20%, more than CRAK's 1.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRAK VanEck Oil Refiners ETF	1.56%	2.02%	5.60%	3.65%	3.08%	2.40%	2.64%	1.49%	2.42%	1.66%	3.42%	0.47%
PPL.TO Pembina Pipeline Corporation	4.20%	5.39%	5.15%	5.82%	5.55%	6.57%	8.37%	4.90%	5.53%	4.48%	4.52%	5.97%

Frequently Asked Questions

Can I hold both PPL.TO and CRAK in my portfolio?

PPL.TO and CRAK have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.