WES vs. TRGP
WES (Western Midstream Partners, LP) and TRGP (Targa Resources Corp.) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, WES returned 10.52%/yr vs 26.71%/yr for TRGP. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
WES vs. TRGP - Performance Comparison
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Returns By Period
In the year-to-date period, WES achieves a 17.89% return, which is significantly lower than TRGP's 49.23% return. Over the past 10 years, WES has underperformed TRGP with an annualized return of 10.52%, while TRGP has yielded a comparatively higher 26.71% annualized return.
WES
- 1D
- 1.43%
- 1M
- -1.81%
- YTD
- 17.89%
- 6M
- 18.16%
- 1Y
- 25.96%
- 3Y*
- 30.48%
- 5Y*
- 24.68%
- 10Y*
- 10.52%
TRGP
- 1D
- 1.20%
- 1M
- 3.54%
- YTD
- 49.23%
- 6M
- 50.30%
- 1Y
- 64.85%
- 3Y*
- 60.15%
- 5Y*
- 45.14%
- 10Y*
- 26.71%
WES vs. TRGP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WES Western Midstream Partners, LP | 17.89% | 12.77% | 43.58% | 19.46% | 29.29% | 72.31% | -19.13% | -22.65% | -20.23% | -8.01% |
TRGP Targa Resources Corp. | 49.23% | 5.65% | 110.12% | 21.01% | 43.71% | 100.15% | -32.48% | 23.98% | -19.88% | -7.09% |
Correlation
The correlation between WES and TRGP is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2012 | 0.58 |
The correlation between WES and TRGP has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.
Fundamentals
WES:
$3.09
TRGP:
$13.11
WES:
14.43
TRGP:
20.79
WES:
1.07
TRGP:
0.23
WES:
4.31
TRGP:
2.70
WES:
$4.05B
TRGP:
$16.38B
WES:
$2.79B
TRGP:
$3.62B
WES:
$2.16B
TRGP:
$4.49B
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Return for Risk
WES vs. TRGP — Risk / Return Rank
WES
TRGP
WES vs. TRGP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Midstream Partners, LP (WES) and Targa Resources Corp. (TRGP). 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.
| WES | TRGP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.22 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.37 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 4.00 | -1.23 |
| Martin ratioReturn relative to average drawdown | 6.16 | 13.02 | -6.86 |
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Drawdowns
WES vs. TRGP - Drawdown Comparison
The maximum WES drawdown since its inception was -93.66%, roughly equal to the maximum TRGP drawdown of -95.21%. Use the drawdown chart below to compare losses from any high point for WES and TRGP.
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Drawdown Indicators
| WES | TRGP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.66% | -95.21% | +1.55% |
Max Drawdown (1Y)Largest decline over 1 year | -9.42% | -16.30% | +6.88% |
Max Drawdown (3Y)Largest decline over 3 years | -16.65% | -31.61% | +14.96% |
Max Drawdown (5Y)Largest decline over 5 years | -23.54% | -31.61% | +8.07% |
Max Drawdown (10Y)Largest decline over 10 years | -91.90% | -90.78% | -1.12% |
Current DrawdownCurrent decline from peak | -5.83% | -1.50% | -4.33% |
Average DrawdownAverage peak-to-trough decline | -28.49% | -33.55% | +5.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.23% | 5.00% | -0.77% |
Volatility
WES vs. TRGP - Volatility Comparison
Western Midstream Partners, LP (WES) and Targa Resources Corp. (TRGP) have volatilities of 7.47% and 7.77%, 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 | TRGP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.47% | 7.77% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 15.58% | 18.59% | -3.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.24% | 27.29% | -7.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.20% | 31.90% | -2.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.62% | 47.62% | -1.00% |
Dividends
WES vs. TRGP - Dividend Comparison
WES's dividend yield for the trailing twelve months is around 8.21%, more than TRGP's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRGP Targa Resources Corp. | 1.56% | 2.03% | 1.54% | 2.13% | 1.90% | 0.77% | 4.59% | 8.92% | 10.11% | 7.52% | 6.49% | 12.53% |
WES Western Midstream Partners, LP | 8.21% | 9.13% | 8.33% | 8.52% | 6.80% | 5.69% | 11.25% | 12.45% | 8.28% | 5.43% | 4.03% | 3.86% |
Financials
WES vs. TRGP - Financials Comparison
This section allows you to compare key financial metrics between Western Midstream Partners, LP and Targa Resources Corp.. 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. TRGP - Profitability Comparison
WES - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a gross profit of 859.34M and revenue of 1.12B. Therefore, the gross margin over that period was 76.5%.
TRGP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Targa Resources Corp. reported a gross profit of 0.00 and revenue of 4.09B. Therefore, the gross margin over that period was 0.0%.
WES - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported an operating income of 469.19M and revenue of 1.12B, resulting in an operating margin of 41.8%.
TRGP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Targa Resources Corp. reported an operating income of 846.90M and revenue of 4.09B, resulting in an operating margin of 20.7%.
WES - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Western Midstream Partners, LP reported a net income of 350.28M and revenue of 1.12B, resulting in a net margin of 31.2%.
TRGP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Targa Resources Corp. reported a net income of 479.60M and revenue of 4.09B, resulting in a net margin of 11.7%.
Frequently Asked Questions
WES and TRGP have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRGP has higher volatility (7.77%) compared to WES (7.47%). In terms of maximum drawdown, WES dropped -93.66% vs TRGP's -95.21%.
TRGP currently has the higher Sharpe Ratio (2.39 vs 1.29), 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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