PAGP vs TRGP: Correlation
How closely do Plains GP Holdings, L.P. - Class A Shares representing (PAGP) and Targa Resources (TRGP) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAGP and TRGP?
Across a 3-year window, the weekly returns of PAGP and TRGP correlate at 0.71, strong. Little has changed lately, as the 1-year reading of 0.65 lands near the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 518.7 %².
Among the 14 assets we track against PAGP, TRGP ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TRGP ahead by 19.8 points (+58.9% versus +78.7%).
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.
PAGP vs TRGP: side by side
| PAGP (Plains GP Holdings, L.P. - Class A Shares representing) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | +58.9% | +78.7% |
| 5-year return | +318.4% | +626.8% |
| Volatility (ann.) | 23.3% | 31.5% |
| Beta vs S&P 500 | 0.25 | 0.44 |
| Max drawdown (3Y) | -21.0% | -31.6% |
| Market cap | $6.5B | $62.0B |
| P/E (trailing) | 80.1 | 28.1 |
| Dividend yield | 5.81% | 1.53% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | PAGP | TRGP |
|---|---|---|
| 2022 | +31.8% | +43.7% |
| 2023 | +38.1% | +21.0% |
| 2024 | +23.7% | +110.1% |
| 2025 | +12.7% | +5.7% |
| 2026 | +54.5% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAGP and TRGP good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PAGP and TRGP?
The PAGP/TRGP correlation stands at 0.71 on a 3-year window (1 year: 0.65, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is TRGP a good diversifier for PAGP?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
A reading of 0.71 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/pagp-vs-trgp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pagp-vs-trgp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAGP correlations · TRGP correlations
