WES vs. AM

Last updated Apr 1, 2026

Compare and contrast key facts about Western Midstream Partners, LP (WES) and Antero Midstream Corporation (AM).

Performance

WES vs. AM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Midstream Partners, LP (WES) and Antero Midstream Corporation (AM). The values are adjusted to include any dividend payments, if applicable.

WES vs. AM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WES Western Midstream Partners, LP	6.57%	12.77%	43.58%	19.46%	29.29%	72.31%	-19.13%	-22.65%	-20.23%	-8.01%
AM Antero Midstream Corporation	29.72%	24.37%	28.46%	25.73%	21.98%	39.55%	27.59%	-60.29%	-22.28%	-2.32%

Fundamentals

Market Cap WES : $16.57B AM : $10.99B
EPS WES : $3.03 AM : $0.86
PE Ratio WES : 13.57 AM : 26.61
PEG Ratio WES : 0.98 AM : 4.59
PS Ratio WES : 4.17 AM : 8.73
PB Ratio WES : 3.98 AM : 5.57
Total Revenue (TTM) WES : $3.84B AM : $1.26B
Gross Profit (TTM) WES : $2.93B AM : $822.21M
EBITDA (TTM) WES : $2.11B AM : $1.02B

Returns By Period

In the year-to-date period, WES achieves a 6.57% return, which is significantly lower than AM's 29.72% return. Over the past 10 years, WES has outperformed AM with an annualized return of 10.75%, while AM has yielded a comparatively lower 9.54% annualized return.

WES

• 1D: -1.08%
• 1M: -1.01%
• YTD: 6.57%
• 6M: 9.73%
• 1Y: 10.36%
• 3Y*: 27.25%
• 5Y*: 26.64%
• 10Y*: 10.75%

AM

• 1D: -1.38%
• 1M: 1.42%
• YTD: 29.72%
• 6M: 20.19%
• 1Y: 33.32%
• 3Y*: 37.98%
• 5Y*: 29.24%
• 10Y*: 9.54%

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

Return for Risk

WES vs. AM — Risk / Return Rank

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

WES

WES Risk / Return Rank: 55
WES Sharpe Ratio Rank: 59
WES Sortino Ratio Rank: 49
WES Omega Ratio Rank: 50
WES Calmar Ratio Rank: 56
WES Martin Ratio Rank: 60

AM

AM Risk / Return Rank: 80
AM Sharpe Ratio Rank: 84
AM Sortino Ratio Rank: 77
AM Omega Ratio Rank: 78
AM Calmar Ratio Rank: 82
AM Martin Ratio Rank: 80

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.

WES vs. AM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Midstream Partners, LP (WES) and Antero Midstream Corporation (AM). 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.

	WES	AM	Difference
Sharpe ratio Return per unit of total volatility	0.45	1.43	-0.98
Sortino ratio Return per unit of downside risk	0.72	1.90	-1.18
Omega ratio Gain probability vs. loss probability	1.10	1.27	-0.17
Calmar ratio Return relative to maximum drawdown	0.57	2.42	-1.85
Martin ratio Return relative to average drawdown	1.74	5.81	-4.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WES vs. AM - Sharpe Ratio Comparison

The current WES Sharpe Ratio is 0.45, which is lower than the AM Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of WES and AM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WES	AM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.45	1.43	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	1.09	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.23	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.15	+0.07

Correlation

The correlation between WES and AM is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

WES vs. AM - Dividend Comparison

WES's dividend yield for the trailing twelve months is around 8.84%, more than AM's 3.95% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WES Western Midstream Partners, LP	8.84%	9.13%	8.33%	8.52%	6.80%	5.69%	11.25%	12.45%	8.28%	5.43%	4.03%	3.86%
AM Antero Midstream Corporation	3.95%	5.06%	5.96%	7.18%	8.34%	10.15%	15.95%	18.28%	7.53%	4.27%	3.14%	2.93%

Drawdowns

WES vs. AM - Drawdown Comparison

The maximum WES drawdown since its inception was -93.66%, roughly equal to the maximum AM drawdown of -93.01%. Use the drawdown chart below to compare losses from any high point for WES and AM.

Drawdown Indicators

	WES	AM	Difference
Max Drawdown Largest peak-to-trough decline	-93.66%	-93.01%	-0.65%
Max Drawdown (1Y) Largest decline over 1 year	-15.91%	-13.98%	-1.93%
Max Drawdown (5Y) Largest decline over 5 years	-23.54%	-21.91%	-1.63%
Max Drawdown (10Y) Largest decline over 10 years	-91.90%	-93.01%	+1.11%
Current Drawdown Current decline from peak	-6.22%	-3.39%	-2.83%
Average Drawdown Average peak-to-trough decline	-28.86%	-31.81%	+2.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.19%	5.82%	-0.63%

Volatility

WES vs. AM - Volatility Comparison

Western Midstream Partners, LP (WES) has a higher volatility of 5.82% compared to Antero Midstream Corporation (AM) at 5.42%. This indicates that WES's price experiences larger fluctuations and is considered to be riskier than AM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WES	AM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.82%	5.42%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	14.07%	13.98%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	23.20%	23.44%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.59%	26.97%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.92%	42.17%	+4.75%

Financials

WES vs. AM - Profitability Comparison

The chart below illustrates the profitability comparison between Western Midstream Partners, LP and Antero Midstream Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

WES - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Western Midstream Partners, LP reported a gross profit of 805.90M and revenue of 1.03B. Therefore, the gross margin over that period was 78.1%.

AM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Antero Midstream Corporation reported a gross profit of 209.19M and revenue of 314.67M. Therefore, the gross margin over that period was 66.5%.

WES - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Western Midstream Partners, LP reported an operating income of 305.56M and revenue of 1.03B, resulting in an operating margin of 29.6%.

AM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Antero Midstream Corporation reported an operating income of 187.18M and revenue of 314.67M, resulting in an operating margin of 59.5%.

WES - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Western Midstream Partners, LP reported a net income of 198.57M and revenue of 1.03B, resulting in a net margin of 19.3%.

AM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Antero Midstream Corporation reported a net income of 51.93M and revenue of 314.67M, resulting in a net margin of 16.5%.