TGS vs. PAM
TGS (Transportadora de Gas del Sur S.A.) and PAM (Pampa Energía S.A.) are both stocks. TGS operates in Oil & Gas Midstream (Energy), while PAM operates in Utilities - Regulated Electric (Utilities). Over the past 10 years, TGS returned 19.37%/yr vs 12.41%/yr for PAM. A 0.56 correlation means they provide meaningful diversification when combined.
Performance
TGS vs. PAM - Performance Comparison
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Returns By Period
In the year-to-date period, TGS achieves a 1.35% return, which is significantly higher than PAM's -4.50% return. Over the past 10 years, TGS has outperformed PAM with an annualized return of 19.37%, while PAM has yielded a comparatively lower 12.41% annualized return.
TGS
- 1D
- -0.28%
- 1M
- 8.39%
- YTD
- 1.35%
- 6M
- 1.48%
- 1Y
- 15.08%
- 3Y*
- 33.68%
- 5Y*
- 43.49%
- 10Y*
- 19.37%
PAM
- 1D
- -2.37%
- 1M
- 4.77%
- YTD
- -4.50%
- 6M
- -4.50%
- 1Y
- 19.39%
- 3Y*
- 26.22%
- 5Y*
- 38.70%
- 10Y*
- 12.41%
TGS vs. PAM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TGS Transportadora de Gas del Sur S.A. | 1.35% | 6.22% | 93.97% | 27.88% | 165.77% | -14.62% | -27.48% | -45.44% | -28.91% | 146.45% |
PAM Pampa Energía S.A. | -4.50% | 0.65% | 77.58% | 55.04% | 51.30% | 53.19% | -16.13% | -48.35% | -52.72% | 93.28% |
Correlation
The correlation between TGS and PAM is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2009 | 0.56 |
Over the past year, TGS and PAM have become more correlated (0.86) than their long-term average of 0.56, meaning their price movements have been converging.
Fundamentals
TGS:
$4.74B
PAM:
$4.60B
TGS:
ARS 3.05K
PAM:
$8.05
TGS:
15.11
PAM:
10.50
TGS:
0.04
PAM:
0.11
TGS:
3.82
PAM:
2.13
TGS:
1.94
PAM:
1.22
TGS:
ARS 1.82T
PAM:
$2.16B
TGS:
ARS 985.40B
PAM:
$682.00M
TGS:
ARS 1.03T
PAM:
$1.22B
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Return for Risk
TGS vs. PAM — Risk / Return Rank
TGS
PAM
TGS vs. PAM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Transportadora de Gas del Sur S.A. (TGS) and Pampa Energía S.A. (PAM). 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.
| TGS | PAM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.12 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 0.62 | -0.16 |
| Martin ratioReturn relative to average drawdown | 1.16 | 1.52 | -0.36 |
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Drawdowns
TGS vs. PAM - Drawdown Comparison
The maximum TGS drawdown since its inception was -95.49%, which is greater than PAM's maximum drawdown of -87.41%. Use the drawdown chart below to compare losses from any high point for TGS and PAM.
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Drawdown Indicators
| TGS | PAM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.49% | -87.41% | -8.08% |
Max Drawdown (1Y)Largest decline over 1 year | -32.96% | -31.59% | -1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -39.49% | -40.40% | +0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -39.49% | -40.40% | +0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -80.55% | -87.41% | +6.86% |
Current DrawdownCurrent decline from peak | -10.79% | -10.91% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -47.01% | -42.43% | -4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.03% | 12.77% | +0.26% |
Volatility
TGS vs. PAM - Volatility Comparison
Transportadora de Gas del Sur S.A. (TGS) has a higher volatility of 12.95% compared to Pampa Energía S.A. (PAM) at 9.67%. This indicates that TGS's price experiences larger fluctuations and is considered to be riskier than PAM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TGS | PAM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.95% | 9.67% | +3.28% |
Volatility (6M)Calculated over the trailing 6-month period | 27.30% | 24.56% | +2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.85% | 51.20% | +9.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.49% | 46.33% | +9.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.44% | 51.98% | +2.46% |
Dividends
TGS vs. PAM - Dividend Comparison
Neither TGS nor PAM 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
TGS vs. PAM - Financials Comparison
This section allows you to compare key financial metrics between Transportadora de Gas del Sur S.A. and Pampa Energía 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
TGS vs. PAM - Profitability Comparison
TGS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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 - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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 - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 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 - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 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 - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 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%.
PAM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 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%.
Frequently Asked Questions
TGS and PAM 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 (12.95%) compared to PAM (9.67%). In terms of maximum drawdown, TGS dropped -95.49% vs PAM's -87.41%.
PAM currently has the higher Sharpe Ratio (0.38 vs 0.25), 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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