TRP vs. HESM
TRP (TC Energy Corporation) and HESM (Hess Midstream LP) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 5 years, TRP returned 14.55%/yr vs 16.87%/yr for HESM. At a 0.39 correlation, their price movements are largely independent.
Performance
TRP vs. HESM - Performance Comparison
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Returns By Period
In the year-to-date period, TRP achieves a 27.41% return, which is significantly higher than HESM's 16.35% return.
TRP
- 1D
- 0.12%
- 1M
- 3.47%
- YTD
- 27.41%
- 6M
- 29.66%
- 1Y
- 45.12%
- 3Y*
- 30.95%
- 5Y*
- 14.55%
- 10Y*
- 12.24%
HESM
- 1D
- -0.36%
- 1M
- -0.85%
- YTD
- 16.35%
- 6M
- 15.25%
- 1Y
- 5.94%
- 3Y*
- 19.10%
- 5Y*
- 16.87%
- 10Y*
- —
TRP vs. HESM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRP TC Energy Corporation | 27.41% | 24.02% | 39.88% | 6.09% | -7.83% | 20.99% | -19.09% | 56.30% | -22.64% | 9.68% |
HESM Hess Midstream LP | 16.35% | 0.56% | 26.41% | 14.36% | 16.62% | 52.91% | -5.29% | 43.83% | -8.61% | -20.06% |
Correlation
The correlation between TRP and HESM is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2017 | 0.39 |
The correlation between TRP and HESM shifts across timeframes, from 0.27 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
TRP:
$72.30B
HESM:
$4.97B
TRP:
CA$3.31
HESM:
$2.89
TRP:
29.33
HESM:
13.32
TRP:
0.40
HESM:
1.08
TRP:
6.40
HESM:
3.02
TRP:
3.99
HESM:
13.27
TRP:
CA$15.76B
HESM:
$1.63B
TRP:
CA$8.07B
HESM:
$1.13B
TRP:
CA$10.90B
HESM:
$1.24B
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Return for Risk
TRP vs. HESM — Risk / Return Rank
TRP
HESM
TRP vs. HESM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TC Energy Corporation (TRP) and Hess Midstream LP (HESM). 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.
| TRP | HESM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.31 | ||
| Sortino ratioReturn per unit of downside risk | +3.28 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.07 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 4.70 | 0.23 | +4.46 |
| Martin ratioReturn relative to average drawdown | 14.42 | 0.47 | +13.95 |
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Drawdowns
TRP vs. HESM - Drawdown Comparison
The maximum TRP drawdown since its inception was -62.52%, smaller than the maximum HESM drawdown of -75.16%. Use the drawdown chart below to compare losses from any high point for TRP and HESM.
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Drawdown Indicators
| TRP | HESM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.52% | -75.16% | +12.64% |
Max Drawdown (1Y)Largest decline over 1 year | -9.65% | -25.78% | +16.13% |
Max Drawdown (3Y)Largest decline over 3 years | -17.00% | -25.78% | +8.78% |
Max Drawdown (5Y)Largest decline over 5 years | -37.05% | -28.72% | -8.33% |
Max Drawdown (10Y)Largest decline over 10 years | -41.64% | — | — |
Current DrawdownCurrent decline from peak | -2.14% | -5.50% | +3.36% |
Average DrawdownAverage peak-to-trough decline | -11.72% | -11.77% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 12.67% | -9.41% |
Volatility
TRP vs. HESM - Volatility Comparison
The current volatility for TC Energy Corporation (TRP) is 5.62%, while Hess Midstream LP (HESM) has a volatility of 6.71%. This indicates that TRP experiences smaller price fluctuations and is considered to be less risky than HESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRP | HESM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.62% | 6.71% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 13.27% | 14.72% | -1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.71% | 24.01% | -6.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.86% | 27.34% | -5.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.83% | 38.79% | -13.96% |
Dividends
TRP vs. HESM - Dividend Comparison
TRP's dividend yield for the trailing twelve months is around 3.58%, less than HESM's 7.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HESM Hess Midstream LP | 7.89% | 8.41% | 7.12% | 7.50% | 7.30% | 6.93% | 8.86% | 6.89% | 8.00% | 2.93% | 0.00% | 0.00% |
TRP TC Energy Corporation | 3.58% | 4.45% | 5.93% | 7.73% | 8.52% | 5.94% | 5.92% | 4.25% | 5.85% | 5.14% | 5.01% | 6.38% |
Financials
TRP vs. HESM - Financials Comparison
This section allows you to compare key financial metrics between TC Energy Corporation and Hess Midstream 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
TRP vs. HESM - Profitability Comparison
TRP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported a gross profit of 2.41B and revenue of 4.24B. Therefore, the gross margin over that period was 56.7%.
HESM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hess Midstream LP reported a gross profit of 246.00M and revenue of 390.10M. Therefore, the gross margin over that period was 63.1%.
TRP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported an operating income of 2.21B and revenue of 4.24B, resulting in an operating margin of 52.1%.
HESM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hess Midstream LP reported an operating income of 238.10M and revenue of 390.10M, resulting in an operating margin of 61.0%.
TRP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TC Energy Corporation reported a net income of 929.40M and revenue of 4.24B, resulting in a net margin of 21.9%.
HESM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hess Midstream LP reported a net income of 87.60M and revenue of 390.10M, resulting in a net margin of 22.5%.
Frequently Asked Questions
TRP and HESM have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HESM has higher volatility (6.71%) compared to TRP (5.62%). In terms of maximum drawdown, TRP dropped -62.52% vs HESM's -75.16%.
TRP currently has the higher Sharpe Ratio (2.56 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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