WES vs. PAA
Compare and contrast key facts about Western Midstream Partners, LP (WES) and Plains All American Pipeline, L.P. (PAA).
Performance
WES vs. PAA - Performance Comparison
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WES vs. PAA - 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% |
PAA Plains All American Pipeline, L.P. | 27.03% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
Fundamentals
WES:
$16.57B
PAA:
$15.76B
WES:
$3.03
PAA:
$2.04
WES:
13.57
PAA:
10.95
WES:
0.98
PAA:
0.21
WES:
4.17
PAA:
0.35
WES:
3.98
PAA:
1.60
WES:
$3.84B
PAA:
$44.80B
WES:
$2.93B
PAA:
$2.17B
WES:
$2.11B
PAA:
$2.96B
Returns By Period
In the year-to-date period, WES achieves a 6.57% return, which is significantly lower than PAA's 27.03% return. Over the past 10 years, WES has outperformed PAA with an annualized return of 10.75%, while PAA has yielded a comparatively lower 8.77% 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%
PAA
- 1D
- -0.62%
- 1M
- 6.79%
- YTD
- 27.03%
- 6M
- 36.78%
- 1Y
- 21.75%
- 3Y*
- 31.34%
- 5Y*
- 29.02%
- 10Y*
- 8.77%
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Return for Risk
WES vs. PAA — Risk / Return Rank
WES
PAA
WES vs. PAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Midstream Partners, LP (WES) and Plains All American Pipeline, L.P. (PAA). 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 | PAA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.45 | 0.90 | -0.45 |
Sortino ratioReturn per unit of downside risk | 0.72 | 1.28 | -0.56 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.18 | -0.09 |
Calmar ratioReturn relative to maximum drawdown | 0.57 | 0.98 | -0.41 |
Martin ratioReturn relative to average drawdown | 1.74 | 2.05 | -0.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WES | PAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.45 | 0.90 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 1.08 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | 0.21 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.30 | -0.08 |
Correlation
The correlation between WES and PAA is 0.59, 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. PAA - Dividend Comparison
WES's dividend yield for the trailing twelve months is around 8.84%, more than PAA's 6.97% 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% |
PAA Plains All American Pipeline, L.P. | 6.97% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Drawdowns
WES vs. PAA - Drawdown Comparison
The maximum WES drawdown since its inception was -93.66%, roughly equal to the maximum PAA drawdown of -91.99%. Use the drawdown chart below to compare losses from any high point for WES and PAA.
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Drawdown Indicators
| WES | PAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.66% | -91.99% | -1.67% |
Max Drawdown (1Y)Largest decline over 1 year | -15.91% | -20.96% | +5.05% |
Max Drawdown (5Y)Largest decline over 5 years | -23.54% | -26.11% | +2.57% |
Max Drawdown (10Y)Largest decline over 10 years | -91.90% | -87.92% | -3.98% |
Current DrawdownCurrent decline from peak | -6.22% | -12.09% | +5.87% |
Average DrawdownAverage peak-to-trough decline | -28.86% | -25.87% | -2.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.19% | 9.99% | -4.80% |
Volatility
WES vs. PAA - Volatility Comparison
Western Midstream Partners, LP (WES) and Plains All American Pipeline, L.P. (PAA) have volatilities of 5.82% and 5.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WES | PAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.82% | 5.97% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 14.07% | 11.96% | +2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.20% | 24.36% | -1.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.59% | 27.11% | +2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.92% | 42.28% | +4.64% |
Financials
WES vs. PAA - Financials Comparison
This section allows you to compare key financial metrics between Western Midstream Partners, LP and Plains All American Pipeline, L.P.. 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
WES vs. PAA - Profitability Comparison
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%.
PAA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported a gross profit of 712.00M and revenue of 10.56B. Therefore, the gross margin over that period was 6.7%.
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%.
PAA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported an operating income of 354.00M and revenue of 10.56B, resulting in an operating margin of 3.4%.
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%.
PAA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Plains All American Pipeline, L.P. reported a net income of 342.00M and revenue of 10.56B, resulting in a net margin of 3.2%.