HESM vs PAGP: Correlation
How closely do Hess Midstream LP Class A Representing Limited Partner (HESM) and Plains GP Holdings, L.P. - Class A Shares representing (PAGP) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HESM and PAGP?
Over the past 3 years, HESM and PAGP moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.62 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 337.2 %².
Among the 10 assets we track against HESM, PAGP ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PAGP outperformed by 54.3 percentage points (+4.6% for HESM against +58.9% for PAGP).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
HESM vs PAGP: side by side
| HESM (Hess Midstream LP Class A Representing Limited Partner) | PAGP (Plains GP Holdings, L.P. - Class A Shares representing) | |
|---|---|---|
| 1-year return | +4.6% | +58.9% |
| 5-year return | +131.3% | +318.4% |
| Volatility (ann.) | 21.7% | 23.3% |
| Beta vs S&P 500 | 0.36 | 0.25 |
| Max drawdown (3Y) | -25.8% | -21.0% |
| Market cap | $8.2B | $6.5B |
| P/E (trailing) | 13.8 | 80.1 |
| Dividend yield | 7.70% | 5.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HESM | PAGP |
|---|---|---|
| 2022 | +16.6% | +31.8% |
| 2023 | +14.4% | +38.1% |
| 2024 | +26.4% | +23.7% |
| 2025 | +0.6% | +12.7% |
| 2026 | +22.8% | +54.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HESM and PAGP good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HESM and PAGP?
As of 2026-08-27, the correlation of weekly returns between HESM and PAGP is 0.67 over 3 years, 0.62 over 1 year and 0.64 over 5 years.
Is PAGP a good diversifier for HESM?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
A reading of 0.67 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hesm-vs-pagp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hesm-vs-pagp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HESM correlations · PAGP correlations
