YPF vs. PAM

Last updated Jun 3, 2026

YPF (YPF Sociedad Anónima) and PAM (Pampa Energía S.A.) are both stocks. YPF operates in Oil & Gas Integrated (Energy), while PAM operates in Utilities - Regulated Electric (Utilities). Over the past 10 years, YPF returned 10.27%/yr vs 13.61%/yr for PAM. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

YPF vs. PAM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YPF Sociedad Anónima (YPF) and Pampa Energía S.A. (PAM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YPF achieves a 52.96% return, which is significantly higher than PAM's -3.14% return. Over the past 10 years, YPF has underperformed PAM with an annualized return of 10.27%, while PAM has yielded a comparatively higher 13.61% annualized return.

YPF

• 1D: 1.04%
• 1M: 27.50%
• YTD: 52.96%
• 6M: 53.17%
• 1Y: 59.76%
• 3Y*: 68.90%
• 5Y*: 60.77%
• 10Y*: 10.27%

PAM

• 1D: -2.16%
• 1M: 8.18%
• YTD: -3.14%
• 6M: -4.06%
• 1Y: 14.05%
• 3Y*: 30.56%
• 5Y*: 38.64%
• 10Y*: 13.61%

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

YPF vs. PAM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YPF YPF Sociedad Anónima	52.96%	-14.94%	147.29%	87.05%	140.58%	-18.72%	-59.41%	-12.86%	-41.18%	39.31%
PAM Pampa Energía S.A.	-3.14%	0.65%	77.58%	55.04%	51.30%	53.19%	-16.13%	-48.35%	-52.72%	93.28%

Correlation

The correlation between YPF and PAM is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Oct 12, 2009	0.52

Over the past year, YPF and PAM have become more correlated (0.81) than their long-term average of 0.52, meaning their price movements have been converging.

Fundamentals

Market Cap YPF : $21.69B PAM : $4.66B
EPS YPF : -$3.19K PAM : $8.05
PS Ratio YPF : 0.00 PAM : 2.16
PB Ratio YPF : 1.91 PAM : 1.23
Total Revenue (TTM) YPF : $13.23T PAM : $2.16B
Gross Profit (TTM) YPF : $3.80T PAM : $682.00M
EBITDA (TTM) YPF : $4.05T PAM : $1.22B

Return for Risk

YPF vs. PAM — Risk / Return Rank

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

YPF

YPF Risk / Return Rank: 72
YPF Sharpe Ratio Rank: 74
YPF Sortino Ratio Rank: 73
YPF Omega Ratio Rank: 72
YPF Calmar Ratio Rank: 68
YPF Martin Ratio Rank: 71

PAM

PAM Risk / Return Rank: 49
PAM Sharpe Ratio Rank: 50
PAM Sortino Ratio Rank: 48
PAM Omega Ratio Rank: 47
PAM Calmar Ratio Rank: 49
PAM Martin Ratio Rank: 51

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.

YPF vs. PAM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YPF Sociedad Anónima (YPF) 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.

	YPF	PAM	Difference
Sharpe ratio Return per unit of total volatility	1.13	0.27	+0.85
Sortino ratio Return per unit of downside risk	1.90	0.81	+1.10
Omega ratio Gain probability vs. loss probability	1.24	1.10	+0.14
Calmar ratio Return relative to maximum drawdown	1.50	0.37	+1.12
Martin ratio Return relative to average drawdown	4.06	0.92	+3.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YPF vs. PAM - Sharpe Ratio Comparison

The current YPF Sharpe Ratio is 1.13, which is higher than the PAM Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of YPF and PAM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YPF	PAM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	0.27	+0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.84	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.26	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.25	-0.08

Drawdowns

YPF vs. PAM - Drawdown Comparison

The maximum YPF drawdown since its inception was -94.58%, which is greater than PAM's maximum drawdown of -87.41%. Use the drawdown chart below to compare losses from any high point for YPF and PAM.

Drawdown Indicators

	YPF	PAM	Difference
Max Drawdown Largest peak-to-trough decline	-94.58%	-87.41%	-7.17%
Max Drawdown (1Y) Largest decline over 1 year	-35.05%	-31.59%	-3.46%
Max Drawdown (3Y) Largest decline over 3 years	-48.79%	-40.40%	-8.39%
Max Drawdown (5Y) Largest decline over 5 years	-49.13%	-40.40%	-8.73%
Max Drawdown (10Y) Largest decline over 10 years	-90.08%	-87.41%	-2.67%
Current Drawdown Current decline from peak	0.00%	-9.64%	+9.64%
Average Drawdown Average peak-to-trough decline	-39.14%	-42.46%	+3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.95%	12.82%	+0.13%

Volatility

YPF vs. PAM - Volatility Comparison

YPF Sociedad Anónima (YPF) and Pampa Energía S.A. (PAM) have volatilities of 13.08% and 12.58%, 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.

Volatility by Period

	YPF	PAM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.08%	12.58%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	27.36%	23.90%	+3.46%
Volatility (1Y) Calculated over the trailing 1-year period	53.63%	51.52%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.93%	46.26%	+8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.72%	51.95%	+2.77%

Dividends

YPF vs. PAM - Dividend Comparison

Neither YPF nor PAM has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
YPF YPF Sociedad Anónima	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.19%	0.60%	0.32%	0.66%	0.80%

Financials

YPF vs. PAM - Profitability Comparison

The chart below illustrates the profitability comparison between YPF Sociedad Anónima and Pampa Energía S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

YPF - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, YPF Sociedad Anónima reported a gross profit of 1.76B and revenue of 4.94B. Therefore, the gross margin over that period was 35.5%.

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%.

YPF - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, YPF Sociedad Anónima reported an operating income of 873.00M and revenue of 4.94B, resulting in an operating margin of 17.7%.

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%.

YPF - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, YPF Sociedad Anónima reported a net income of 404.00M and revenue of 4.94B, resulting in a net margin of 8.2%.

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

Can I hold both YPF and PAM in my portfolio?

YPF and PAM have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YPF or PAM?

YPF has higher volatility (13.08%) compared to PAM (12.58%). In terms of maximum drawdown, YPF dropped -94.58% vs PAM's -87.41%.

Which has better risk-adjusted returns?

YPF currently has the higher Sharpe Ratio (1.13 vs 0.27), 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.