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Relative Intelligence · Oil & Gas Midstream

How Kinder Morgan (KMI) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on KMI alone. It places KMI (Kinder Morgan, Inc.) against 19 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where KMI stands in the market, and of the alternatives worth a closer look.

Period covered: KMI's full trading record, from February 2011 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against KMI →Chart KMI vs. 19 alternatives →
On this page12 sections

Key findings

How much would $10,000 in KMI have grown?

This chart tracks a hypothetical $10,000 investment in KMI over the past 15 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of KMI over the same span and KMI's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: KMI began trading on February 11, 2011, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or the 2010 flash crash. It covers the most recent 15 years of KMI's record, starting at the end of September 2011.

Choose a period

From the end of September 2011 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,623 of the 2,130 stocks and funds worth at least $500 million that traded the whole period ended ahead of KMI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000201120142017202020232026$10,000$100,0002011201520192023
  • LNG$549,053+5,391% total · +30.6% a year
  • TRGP$172,828+1,628% total · +20.9% a year
  • SPY (S&P 500)$87,526+775% total · +15.6% a year
  • WMB$76,286+663% total · +14.5% a year
  • OKE$66,879+569% total · +13.5% a year
  • COP$42,992+330% total · +10.2% a year
  • KMI$23,664+137% total · +5.9% a year
  • PAA$23,097+131% total · +5.7% a year
  • EQT$18,814+88.1% total · +4.3% a year
  • NGL$18,154+81.5% total · +4.1% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 572 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of KMI; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000202120222023202420252026$0$20,000$40,000$60,000$80,000$100,000202120222023202420252026
  • NGL$62,196+522% total · +44.1% a year
  • TRGP$61,030+510% total · +43.6% a year
  • PAA$34,327+243% total · +28.0% a year
  • WMB$32,631+226% total · +26.7% a year
  • DTM$31,724+217% total · +26.0% a year
  • MPLX$30,642+206% total · +25.1% a year
  • LNG$28,953+190% total · +23.7% a year
  • KMI$23,609+136% total · +18.7% a year
  • COP$22,182+122% total · +17.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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KMI at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: KMI began trading on February 11, 2011, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or the 2010 flash crash.

The company

Market value
$75B
Industry
Oil & Gas Midstream
Price history from
February 2011

Returns

Past 1 year
+26.9%total return
Past 3 years
+129%+31.7% a year
Past 5 years
+136%+18.7% a year
Past 10 years
+163%+10.1% a year
Best calendar year
+64.4%2024
Worst calendar year
−62.8%2015
Losing years
4 of 14full calendar years

Risk

Volatility
22.5%typical yearly swing, 5 years
Sharpe ratio
0.88return per unit of risk, 5 years
Worst decline ever
−72.8%Apr 2015 to Mar 2020
From its all-time high
−1.8%below the peak

KMI against the whole market

Where KMI ranks among every stock and fund, and what across the market has done better.

How does KMI rank among all stocks?

This section ranks KMI on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how KMI stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureKMIRankStanding
1-year return+26.9%1,058 of 3,287top 32%
3-year return+129%712 of 3,017top 24%
5-year return+136%503 of 2,893top 17%
10-year return+163%1,019 of 2,202top 46%
Volatility, 5 years22.5%173 of 2,893top 6%
Sharpe ratio, 5 years0.88194 of 2,893top 7%
Worst decline, past 10 years−55.1%683 of 2,187top 31%

What has beaten KMI on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). KMI sits where the dashed lines cross. Anything in the green box above and to the left earned more than KMI with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to KMI; faint dots are 2 more of the 6 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than KMISDCI: +20.6% a year, volatility 18.4%CRAK: +19.8% a year, volatility 20.9%KMI: +18.7% a year, volatility 22.5%SPY (S&P 500): +12.7% a year, volatility 17.1%MPLX: +23.5% a year, volatility 18.8%TRGP: +41.8% a year, volatility 31.7%LNG: +23.4% a year, volatility 30.2%DTM: +24.5% a year, volatility 25.2%WMB: +24.6% a year, volatility 24.0%EPD: +16.4% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%DXJ: +26.6% a year, volatility 19.1%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%NHC: +32.0% a year, volatility 28.5%MCK: +38.7% a year, volatility 25.0%KMISPY (S&P 500)MPLXTRGPLNGDTMWMBEPDMPCXOMCVXSHELPSXSUDXJTRVCAHLLYABBVDBJPNHCMCK15.0%20.0%25.0%30.0%35.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than KMISDCI: +20.6% a year, volatility 18.4%CRAK: +19.8% a year, volatility 20.9%KMI: +18.7% a year, volatility 22.5%SPY (S&P 500): +12.7% a year, volatility 17.1%MPLX: +23.5% a year, volatility 18.8%TRGP: +41.8% a year, volatility 31.7%LNG: +23.4% a year, volatility 30.2%DTM: +24.5% a year, volatility 25.2%WMB: +24.6% a year, volatility 24.0%EPD: +16.4% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%DXJ: +26.6% a year, volatility 19.1%TRV: +22.4% a year, volatility 22.3%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%DBJP: +20.9% a year, volatility 19.2%NHC: +32.0% a year, volatility 28.5%MCK: +38.7% a year, volatility 25.0%KMISPY (S&P 500)MPLXTRGPLNGDTMWMBEPDMPCXOMCVXPSXSUDXJCAHDBJPNHCMCK
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than KMI?

Investments that beat KMI over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat KMI over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks KMI's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than KMI follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than KMI's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× KMI's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than KMI's.

Screen the whole market against KMI for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with KMI?lower diversifies moreExpenseper year
KMIKinder Morgan, Inc. · this page
+18.7%22.5%0.88−55.1%+163%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.440.09%
Popular alternativesbest 6 shownThe investments people most often weigh against KMI. 7 of 19 passed at least one test.
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatility+23.5%18.8%1.22−75.2%+350%0.68—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return in most periods+41.8%31.7%1.27−90.8%+829%0.77—
LNGCheniere Energy, Inc. · Oil & Gas
Higher return in most periods+23.4%30.2%0.85−57.5%+616%0.52—
DTMDT Midstream, Inc. · Oil & Gas Midstream
Higher Sharpe, smaller worst decline+24.5%25.2%1.00−23.6%—0.83—
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Higher return, similar volatility+24.6%24.0%1.04−68.1%+288%0.88—
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Smaller losses in recent crashes+16.4%17.1%0.98−58.1%+178%0.72—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Oil & Gas Midstream and Oil & Gas and the categories next to it (Exploration & Production, Integrated Oil & Gas, Oilfield Services), plus KMI's specific themes. 9 of 73 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.43—
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return in most periods+27.1%26.5%1.04−61.0%+214%0.57—
CVXChevron Corporation · Integrated Oil & Gas
Higher return in most periods+19.5%25.2%0.84−55.8%+238%0.58—
SHELShell plc · Integrated Oil & Gas
Higher return in most periods+21.0%24.8%0.90−67.2%+233%0.48—
PSXPhillips 66 · Oil & Gas
Higher return in most periods+33.2%32.9%1.04−64.2%+430%0.50—
SUSuncor Energy Inc. · Integrated Oil & Gas
Higher return in most periods+33.1%32.5%1.05−73.5%+295%0.48—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 178 of 3,541 passed at least one test.
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.330.48%
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.4%22.3%1.02−46.3%+347%0.50—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.38—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.13—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.09—
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.9%19.2%1.09−31.3%+348%0.260.45%
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.28—
MCKMcKesson Corporation · Health Care Distribution
Higher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.44—
What these numbers mean for KMI
Annual return
KMI returned 18.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $23,600. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
KMI's volatility over the past 5 years was 22.5%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, KMI's return lands within 22.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
KMI's Sharpe ratio over the past 5 years was 0.88, against 0.79 for the S&P 500, so KMI earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
KMI's worst fall from a peak to a low over the past 10 years was 55.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 55.1% fall takes a 123% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, KMI's monthly returns had a correlation of 0.44 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against KMI instead: the lower it is, the more that option would diversify a KMI holding. Guide: Correlation and diversification →
Show all 6 stocks and funds worth at least $500 million that earned more than KMI with less volatility

Out of 3,633 tested over 5 years. The strongest 5 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with KMIExpense
1
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.330.48%
2
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.260.45%
3
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.450.80%
4
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.470.61%
5
MPLXMPLX Lp · Oil & Gas Midstream
Popular alternative+23.5%18.8%1.22−75.2%+350%0.68—

KMI against its popular alternatives

The investments people most often weigh against KMI, compared period by period and year by year.

How do KMI's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at KMI, which divides the map into what did better or worse on each measure.

Green points earned more than KMI with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityKMI: 18.7% a year, volatility 22.5%SPY (S&P 500): 12.7% a year, volatility 17.1%MPLX: 23.5% a year, volatility 18.8%COP: 18.2% a year, volatility 32.6%OKE: 13.3% a year, volatility 28.0%EXE: 13.4% a year, volatility 34.4%GEL: 10.6% a year, volatility 39.4%HESM: 10.9% a year, volatility 27.0%TRGP: 41.8% a year, volatility 31.7%LNG: 23.4% a year, volatility 30.2%NGL: 40.6% a year, volatility 57.1%WMB: 24.6% a year, volatility 24.0%DTM: 24.5% a year, volatility 25.2%PAA: 27.0% a year, volatility 25.6%PAGP: 26.8% a year, volatility 26.1%EQT: 22.4% a year, volatility 40.9%EPD: 16.4% a year, volatility 17.1%WES: 23.5% a year, volatility 27.6%TRP: 10.8% a year, volatility 21.9%DUK: 7.5% a year, volatility 18.0%ENB: 9.1% a year, volatility 18.9%KMISPY (S&P 500)MPLXCOPOKEEXEGELHESMTRGPLNGNGLWMBDTMPAAPAGPEQTEPDWESTRPDUKENB10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityKMI: 18.7% a year, volatility 22.5%SPY (S&P 500): 12.7% a year, volatility 17.1%MPLX: 23.5% a year, volatility 18.8%COP: 18.2% a year, volatility 32.6%OKE: 13.3% a year, volatility 28.0%EXE: 13.4% a year, volatility 34.4%GEL: 10.6% a year, volatility 39.4%HESM: 10.9% a year, volatility 27.0%TRGP: 41.8% a year, volatility 31.7%LNG: 23.4% a year, volatility 30.2%NGL: 40.6% a year, volatility 57.1%WMB: 24.6% a year, volatility 24.0%DTM: 24.5% a year, volatility 25.2%PAA: 27.0% a year, volatility 25.6%PAGP: 26.8% a year, volatility 26.1%EQT: 22.4% a year, volatility 40.9%EPD: 16.4% a year, volatility 17.1%WES: 23.5% a year, volatility 27.6%TRP: 10.8% a year, volatility 21.9%DUK: 7.5% a year, volatility 18.0%ENB: 9.1% a year, volatility 18.9%KMISPY (S&P 500)MPLXCOPEXEGELTRGPLNGNGLWMBPAAPAGPEQTEPDDUKENB
All figures
InvestmentAnnual returnVolatility
TRGP Targa Resources Corp.+41.8%31.7%
NGL NGL Energy Partners LP+40.6%57.1%
PAA Plains All American Pipeline, L.P.+27.0%25.6%
PAGP Plains GP Holdings LP+26.8%26.1%
WMB The Williams Companies, Inc.+24.6%24.0%
DTM DT Midstream, Inc.+24.5%25.2%
MPLX MPLX Lp+23.5%18.8%
WES Western Midstream Partners, LP+23.5%27.6%
LNG Cheniere Energy, Inc.+23.4%30.2%
EQT EQT Corporation+22.4%40.9%
KMI This pageKinder Morgan, Inc.+18.7%22.5%
COP ConocoPhillips+18.2%32.6%
EPD Enterprise Products Partners L.P.+16.4%17.1%
EXE Expand Energy Corporation+13.4%34.4%
OKE ONEOK, Inc.+13.3%28.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
HESM Hess Midstream LP+10.9%27.0%
TRP TC Energy Corporation+10.8%21.9%
GEL Genesis Energy, L.P.+10.6%39.4%
ENB Enbridge Inc.+9.1%18.9%
DUK Duke Energy Corporation+7.5%18.0%
Open these 21 in EasyCompare

Has KMI consistently beaten its popular alternatives?

This section compares KMI with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than KMI helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than KMI over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
KMI Kinder Morgan, Inc. (this page)—+5.8%+4.0%+7.1%+24.6%+26.9%+129%+136%+163%22.5%0.88−55.1%—$75B—
TRGP QualifiedTarga Resources Corp.3/5 short3/3 long+1.1%+4.1%+27.6%+59.0%+98.1%+260%+473%+829%31.7%1.27−90.8%—$63B—
LNG QualifiedCheniere Energy, Inc.4/5 short2/3 long+3.0%+7.2%+12.8%+44.3%+29.3%+69.8%+186%+616%30.2%0.85−57.5%—$59B—
NGL QualifiedNGL Energy Partners LP3/5 short2/3 long−4.9%+0.5%+12.3%+56.4%+146%+270%+449%+37.4%57.1%0.88−93.2%—$1.9B—
MPLX Oil & Gas MidstreamMPLX Lp1/5 short2/3 long−1.2%+4.1%+8.8%+14.7%+27.2%+105%+187%+350%18.8%1.22−75.2%—$59B—
WMB Oil & Gas MidstreamThe Williams Companies, Inc.0/5 short2/3 long−1.8%−4.5%+0.6%+18.1%+14.9%+125%+200%+288%24.0%1.04−68.1%—$86B—
DTM Oil & Gas MidstreamDT Midstream, Inc.0/5 short2/3 long−2.1%−14.2%−6.1%+3.2%+14.4%+147%+199%—25.2%1.00−23.6%—$12B—
COP Oil & Gas Exploration & ProductionConocoPhillips5/5 short1/3 long+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
PAA Oil & Gas MidstreamPlains All American Pipeline, L.P.4/5 short1/3 long+2.0%+6.7%+26.0%+48.2%+70.2%+105%+230%+64.0%25.6%1.06−87.9%—$18B—
PAGP Oil & Gas MidstreamPlains GP Holdings LP4/5 short1/3 long+0.7%+7.8%+25.3%+49.6%+73.6%+113%+228%+56.3%26.1%1.05−88.0%—$5.4B—
OKE Oil & Gas MidstreamONEOK, Inc.3/5 short1/3 long+1.1%+0.4%+13.5%+29.6%+42.8%+59.9%+86.8%+233%28.0%0.59−80.2%—$59B—
EQT Oil & Gas Exploration & ProductionEQT Corporation2/5 short1/3 long+9.4%+12.1%−3.3%+3.4%−1.8%+35.0%+175%+69.1%40.9%0.70−87.5%—$34B—
EPD Oil & Gas MidstreamEnterprise Products Partners L.P.1/5 short1/3 long−3.9%−3.2%+3.2%+20.3%+28.4%+65.2%+113%+178%17.1%0.98−58.1%—$80B—
WES Oil & Gas MidstreamWestern Midstream Partners, LP1/5 short1/3 long−4.4%−2.6%+14.1%+19.4%+27.6%+110%+187%+128%27.6%0.91−91.9%—$18B—
TRP Oil & Gas MidstreamTC Energy Corporation0/5 short1/3 long+3.3%−8.8%+3.6%+13.8%+24.9%+136%+66.7%+160%21.9%0.58−41.6%—$64B—
EXE Oil & Gas Exploration & ProductionExpand Energy Corporation1/5 short0/3 long+5.7%+7.2%−1.8%−14.1%−11.4%+14.6%+87.8%—34.4%0.54−30.4%—$21B—
DUK Regulated ElectricDuke Energy Corporation0/5 short0/3 long+3.9%−2.7%−3.5%+6.0%−2.6%+56.1%+43.9%+132%18.0%0.50−37.4%—$95B—
ENB Oil & Gas MidstreamEnbridge Inc.0/5 short0/3 long−0.6%−12.9%−4.6%+5.0%+8.5%+84.0%+54.3%+103%18.9%0.56−44.1%—$107B—
GEL Oil & Gas MidstreamGenesis Energy, L.P.0/5 short0/3 long−6.2%−2.8%−13.4%−8.1%−4.9%+44.2%+65.5%−21.8%39.4%0.45−89.3%—$1.7B—
HESM Oil & Gas MidstreamHess Midstream LP0/5 short0/3 long−22.5%−22.2%−13.6%−5.8%+0.8%+27.1%+67.9%—27.0%0.52−75.2%—$6.3B—
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How did KMI do year by year?

This table shows each investment's total return in every full calendar year since 2012, along with where KMI ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with KMI and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: KMI began trading on February 11, 2011, so the table starts with 2012, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or the 2010 flash crash.

Newest year first. Green marks a year in which the fund came out ahead of KMI; gray means the two finished within a fraction of a point. The rank row places KMI among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of KMI20252024202320222021202020192018201720162015201420132012
KMI This pageKinder Morgan, Inc.—+4.7%+64.4%+4.2%+21.2%+23.8%−30.8%+44.4%−11.1%−11.1%+42.7%−62.8%+23.2%+6.3%+13.0%
Rank among alternativesTop quarter in 3 of 1416 of 203 of 2016 of 2010 of 2013 of 1811 of 183 of 1811 of 1812 of 177 of 1716 of 175 of 1714 of 169 of 14
SPY S&P 500State Street SPDR S&P 500 ETF9 of 14+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%
TRGP Targa Resources Corp.9 of 14+5.7%+110%+21.0%+43.7%+100%−32.5%+24.0%−19.9%−7.1%+131%−73.4%+23.2%+72.0%+34.2%
LNG Cheniere Energy, Inc.10 of 14−8.7%+27.2%+15.0%+49.3%+69.5%−1.7%+3.2%+9.9%+29.9%+11.2%−47.1%+63.3%+130%+116%
NGL NGL Energy Partners LP6 of 14+100%−10.4%+360%−33.5%−24.2%−75.3%+34.0%−22.2%−25.6%+116%−56.5%−13.8%+58.6%+23.0%
MPLX MPLX Lp9 of 13+20.6%+41.7%+22.5%+21.1%+54.0%−1.8%−8.2%−8.4%+8.9%−6.3%−44.8%+69.0%+46.9%—
WMB The Williams Companies, Inc.9 of 14+14.9%+62.4%+11.8%+32.9%+38.4%−8.2%+14.2%−23.9%+2.0%+31.2%−39.2%+21.3%+22.8%+29.9%
DTM DT Midstream, Inc.3 of 4+24.1%+89.0%+4.7%+20.7%——————————
COP ConocoPhillips6 of 14−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%+8.0%
PAA Plains All American Pipeline, L.P.8 of 14+14.3%+21.4%+39.2%+35.9%+22.4%−50.8%−2.4%+2.3%−31.3%+55.6%−51.9%+3.9%+19.5%+29.4%
PAGP Plains GP Holdings LP6 of 12+12.7%+23.6%+38.2%+31.7%+28.8%−51.2%+0.4%−3.5%−32.1%+50.5%−61.7%−1.7%——
OKE ONEOK, Inc.8 of 14−22.9%+50.1%+13.2%+18.9%+64.7%−43.5%+47.8%+6.3%−2.1%+150%−47.4%−5.3%+49.6%+1.5%
EQT EQT Corporation7 of 14+17.6%+21.4%+16.2%+57.6%+71.6%+17.3%−41.9%−38.7%−12.8%+25.7%−31.1%−15.6%+52.5%+9.4%
EPD Enterprise Products Partners L.P.7 of 14+9.4%+28.0%+17.7%+18.3%+21.4%−23.6%+21.9%−1.4%+4.3%+12.5%−25.5%+13.3%+38.5%+12.0%
WES Western Midstream Partners, LP9 of 13+12.8%+43.6%+19.5%+29.2%+72.2%−19.2%−22.7%−20.3%−8.0%+22.3%−38.1%+55.5%+34.2%—
TRP TC Energy Corporation7 of 14+24.0%+39.9%+6.1%−8.8%+21.7%−18.7%+57.0%−22.2%+12.9%+46.1%−29.0%+12.3%+1.0%+13.2%
EXE Expand Energy Corporation2 of 4+14.4%+33.2%−14.8%+62.3%——————————
DUK Duke Energy Corporation7 of 14+12.7%+15.6%−1.6%+2.0%+19.1%+4.8%+10.3%+7.4%+12.9%+13.4%−10.8%+26.3%+13.0%+1.3%
ENB Enbridge Inc.6 of 14+19.5%+26.3%−1.1%+6.5%+30.9%−13.6%+36.0%−15.5%−3.7%+32.4%−33.3%+21.0%+3.7%+19.2%
GEL Genesis Energy, L.P.7 of 14+61.8%−8.4%+19.9%+1.1%+85.2%−66.2%+22.6%−9.2%−32.3%+6.3%−8.4%−15.8%+53.7%+35.2%
HESM Hess Midstream LP4 of 8+0.5%+26.4%+14.3%+16.6%+53.0%−5.2%+43.9%−8.6%——————
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Risk and diversification

How KMI has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were KMI's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents KMI's five deepest drawdowns since it began trading in 2011, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: KMI began trading on February 11, 2011, so this list cannot include the dot-com bust, the 2008 financial crisis or the 2010 flash crash. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means KMI fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringKMI fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2015 China and oil sell-off−72.8%+24.9%Apr 2015Mar 20204.9 yearsNov 20244.7 years
2011 euro debt crisis−23.3%−15.8%Feb 2011Aug 20116 monthsDec 20114 months
No named crash−22.1%−5.1%Apr 2012Jun 20122 monthsApr 201310 months
No named crash−22.1%+12.5%May 2013Mar 201410 monthsAug 20145 months
No named crash−18.4%−17.4%Jan 2025Apr 20253 monthsJan 20269 months

How did KMI do in stock market crashes?

This section measures how far KMI, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: KMI began trading on February 11, 2011, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or the 2010 flash crash. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than KMI.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
KMI This pageKinder Morgan, Inc.—−3.2%−20.3%−55.1%−19.8%−4.0%−64.4%−16.2%Not yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF2 of 7−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
TRGP Targa Resources Corp.0 of 7−5.6%−30.0%−88.0%−40.6%−5.1%−79.1%−22.8%———
LNG Cheniere Energy, Inc.3 of 7−1.3%−17.8%−46.1%−21.3%−5.1%−66.5%−62.4%0.0%−97.7%−84.4%
NGL NGL Energy Partners LP1 of 7−12.5%−53.7%−84.2%−24.0%−18.1%−77.1%−9.8%———
MPLX MPLX Lp3 of 6−1.2%−18.4%−64.6%−17.9%−4.5%−66.8%————
WMB The Williams Companies, Inc.0 of 7−3.4%−23.0%−57.0%−25.4%−7.0%−78.9%−26.7%−3.4%−75.3%−98.0%
DTM DT Midstream, Inc.0 of 2−3.7%−19.9%————————
COP ConocoPhillips1 of 7−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
PAA Plains All American Pipeline, L.P.3 of 7−6.4%−19.9%−79.8%−22.3%−2.0%−55.5%−10.1%0.0%−49.3%−23.1%
PAGP Plains GP Holdings LP1 of 6−6.4%−22.3%−79.3%−20.6%−1.8%−72.9%————
OKE ONEOK, Inc.1 of 7−5.1%−29.2%−80.2%−25.5%−5.9%−51.3%−21.0%−0.8%−63.1%−42.0%
EQT EQT Corporation2 of 7−5.9%−36.4%−36.4%−36.6%−11.9%−39.3%−24.4%−2.1%−69.3%−31.6%
EPD Enterprise Products Partners L.P.6 of 7−2.4%−18.0%−53.2%−18.6%−4.1%−31.3%−13.0%0.0%−44.4%−34.6%
WES Western Midstream Partners, LP3 of 6−2.5%−23.5%−77.4%−17.6%−6.5%−63.0%————
TRP TC Energy Corporation4 of 7−4.0%−30.7%−41.6%−15.3%−5.2%−18.5%−12.8%−0.6%−45.4%−13.7%
EXE Expand Energy Corporation0 of 2−5.3%−27.9%————————
DUK Duke Energy Corporation6 of 7−1.9%−24.1%−37.4%−7.7%−2.9%−13.7%−8.8%0.0%−38.9%−63.5%
ENB Enbridge Inc.6 of 7−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
GEL Genesis Energy, L.P.2 of 7−2.3%−38.8%−80.1%−27.5%−9.0%−52.3%−18.0%0.0%−70.1%−72.7%
HESM Hess Midstream LP0 of 5−3.9%−28.7%−70.8%−28.9%−8.0%—————
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How closely does KMI move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares KMI with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than KMI's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
KMI This pageKinder Morgan, Inc.68%82%0.830.82
LNG Cheniere Energy, Inc.79%30%2.650.77
DUK Duke Energy Corporation35%19%1.880.33
MPLX MPLX Lp87%76%1.141.16
WMB The Williams Companies, Inc.85%78%1.081.02
COP ConocoPhillips94%92%1.020.91
TRGP Targa Resources Corp.156%157%0.991.85
TRP TC Energy Corporation67%73%0.920.72
EPD Enterprise Products Partners L.P.81%94%0.860.93
OKE ONEOK, Inc.103%126%0.821.38
ENB Enbridge Inc.60%74%0.820.73
WES Western Midstream Partners, LP121%175%0.692.23
PAA Plains All American Pipeline, L.P.81%127%0.641.36
PAGP Plains GP Holdings LP77%123%0.631.29
EQT EQT Corporation62%101%0.610.90
NGL NGL Energy Partners LP111%193%0.571.73
GEL Genesis Energy, L.P.81%176%0.461.65
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What diversifies KMI?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with KMI's. Because such investments tend not to fall at the same time, pairing KMI with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which KMI lost money. The last two columns show a portfolio that is 80% KMI and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202020182017201580/20 mix volatility80/20 mix annual return
KMI Kinder Morgan, Inc. (this page)1.00+136%0.88−30.8%−11.1%−11.1%−62.8%20.9%+18.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.33+225%1.34+3.9%−19.8%+22.8%+7.7%17.8%+20.7%
SMH TechnologyVanEck Semiconductor ETF0.17+323%0.97+55.5%−9.1%+38.5%−0.3%19.2%+23.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.44+85.0%0.96+2.1%−9.5%+16.7%+4.1%17.8%+18.0%
GLD CommoditiesSPDR Gold Shares0.24+126%0.96+24.8%−1.9%+12.8%−10.7%17.9%+19.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.31+136%0.93+28.2%−0.9%+27.8%—18.4%+19.9%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.43+109%0.90−0.2%−11.1%+21.9%−4.1%18.9%+18.9%
EWT TechnologyiShares MSCI Taiwan ETF0.22+153%0.89+31.5%−9.9%+26.9%−12.9%18.6%+20.1%
EUFN InternationaliShares MSCI Europe Financials ETF0.42+133%0.89−8.5%−23.1%+27.0%−4.7%18.8%+19.6%

Stocks

InvestmentCorrelation5Y returnSharpe202020182017201580/20 mix volatility80/20 mix annual return
KMI Kinder Morgan, Inc. (this page)1.00+136%0.88−30.8%−11.1%−11.1%−62.8%20.9%+18.8%
CAH Medical - DistributionCardinal Health, Inc.0.38+479%1.55+10.1%−24.5%−12.7%+12.6%19.4%+23.0%
CLS Hardware, Equipment & PartsCelestica Inc.0.19+3,143%1.47−2.4%−16.3%−11.6%−6.0%22.2%+36.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.24+1,636%1.46+6.7%+0.8%+32.1%+67.7%20.8%+32.2%
MCK Medical - DistributionMcKesson Corporation0.44+413%1.44+27.1%−28.4%+12.0%−4.5%19.5%+22.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.43+690%1.41−27.4%−8.2%+34.8%+17.4%20.4%+25.0%
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Common questions

What was KMI's worst drawdown?

KMI's deepest decline since it began trading in 2011 was 72.8%, from April 2015 to March 2020. It took about five years from the low to climb back to its old high. Because KMI launched in February 2011, that record does not include the dot-com bust, the 2008 financial crisis or the 2010 flash crash.

What were KMI's best and worst years?

Over 14 full calendar years, KMI's best year was 2024, when it returned 64.4%. Its worst was 2015, with a return of -62.8%.

Is there a better investment than KMI?

Among KMI's popular alternatives, MPLX earned more than KMI with less volatility over the past 5 years: 23.5% a year at 18.8% volatility, against 18.7% a year at 22.5%. Looking beyond its popular alternatives, MPC (oil & gas) and XOM (integrated oil & gas) were ahead of KMI in most short and long periods.

Is KMI more volatile than the S&P 500?

Yes. KMI's volatility over the past 5 years was 22.5%, 1.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, KMI's return lands within 22.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is KMI's Sharpe ratio?

KMI's Sharpe ratio over the past 5 years was 0.88, against 0.79 for the S&P 500, so KMI earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is KMI with the S&P 500?

Over the past 5 years, KMI's monthly returns had a correlation of 0.44 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against KMI instead: the lower it is, the more that option would diversify a KMI holding.

What are the best alternatives to KMI?

Of the 19 popular alternatives we compared, three outperformed KMI in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: TRGP, LNG and NGL.

Did KMI outperform the S&P 500?

KMI finished ahead of the S&P 500 (SPY) in five of 14 full calendar years. In 2025, it returned +4.7%, against +17.7% for the index.

How did KMI do in stock market crashes?

KMI fell less than the S&P 500 (SPY) in three of the seven major crashes it has traded through, and further in two. The clearest case was the 2022 bear market, when KMI fell 20.3% and the S&P 500 fell 24.5%.

What diversifies KMI?

These had a low correlation with KMI over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.33), SMH (correlation 0.17) and DBEF (correlation 0.44); among large stocks, CAH (correlation 0.38), CLS (correlation 0.19) and FIX (correlation 0.24). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to KMI

Other stocks and ETFs