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Relative Intelligence · Oil & Gas Midstream

How Targa Resources (TRGP) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on TRGP alone. It places TRGP (Targa Resources Corp.) against 17 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 TRGP stands in the market, and of the alternatives worth a closer look.

Period covered: TRGP's full trading record, from December 2010 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 TRGP →Chart TRGP vs. 17 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in TRGP over the past 15 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TRGP over the same span and TRGP'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: TRGP began trading on December 7, 2010, 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 TRGP'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. 166 of the 2,130 stocks and funds worth at least $500 million that traded the whole period ended ahead of TRGP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M201120142017202020232026$10,000$100,000$1M2011201520192023
  • FIX$2M+22,558% total · +43.6% a year
  • LNG$549,053+5,391% total · +30.6% a year
  • MPC$445,808+4,358% total · +28.8% a year
  • VLO$399,578+3,896% total · +27.9% a year
  • AAPL$291,870+2,819% total · +25.2% a year
  • TRGP$172,828+1,628% total · +20.9% a year
  • SPY (S&P 500)$87,526+775% total · +15.6% a year
  • EOG$55,422+454% total · +12.1% a year
  • PBA$40,673+307% total · +9.8% a year
  • OXY$12,449+24.5% total · +1.5% a year
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From the end of September 2021 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. 79 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of TRGP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000202120222023202420252026$10,000$20,000$50,000$100,000$200,000202120222023202420252026
  • FIX$236,701+2,267% total · +88.3% a year
  • LPG$96,257+863% total · +57.3% a year
  • HWM$73,554+636% total · +49.0% a year
  • MPC$71,516+615% total · +48.2% a year
  • VLO$64,131+541% total · +45.0% a year
  • TRGP$61,030+510% total · +43.6% a year
  • LNG$28,953+190% total · +23.7% a year
  • EOG$21,734+117% total · +16.8% a year
  • OXY$20,110+101% total · +15.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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TRGP 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: TRGP began trading on December 7, 2010, 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
$63B
Industry
Oil & Gas Midstream
Price history from
December 2010

Returns

Past 1 year
+98.1%total return
Past 3 years
+260%+53.3% a year
Past 5 years
+473%+41.8% a year
Past 10 years
+829%+25.0% a year
Best calendar year
+131%2016
Worst calendar year
−73.4%2015
Losing years
4 of 15full calendar years

Risk

Volatility
31.7%typical yearly swing, 5 years
Sharpe ratio
1.27return per unit of risk, 5 years
Worst decline ever
−95.2%Jun 2014 to Mar 2020
From its all-time high
−3.2%below the peak

TRGP against the whole market

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

How does TRGP rank among all stocks?

This section ranks TRGP 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 TRGP 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.

MeasureTRGPRankStanding
1-year return+98.1%186 of 3,287top 6%
3-year return+260%286 of 3,017top 9%
5-year return+473%70 of 2,893top 2%
10-year return+829%141 of 2,202top 6%
Volatility, 5 years31.7%885 of 2,893top 31%
Sharpe ratio, 5 years1.2715 of 2,893top 1%
Worst decline, past 10 years−90.8%1,947 of 2,187bottom 12%

What has beaten TRGP 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). TRGP sits where the dashed lines cross. Anything in the green box above and to the left earned more than TRGP 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 TRGP. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TRGPTRGP: +41.8% a year, volatility 31.7%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%VLO: +44.2% a year, volatility 36.9%CAH: +42.1% a year, volatility 24.7%FIX: +77.0% a year, volatility 46.7%HWM: +47.3% a year, volatility 32.5%LPG: +54.6% a year, volatility 43.6%AAPL: +18.5% a year, volatility 28.0%ASX: +48.8% a year, volatility 43.0%TRGPSPY (S&P 500)MPCVLOCAHFIXHWMLPGAAPLASX10.0%20.0%30.0%40.0%50.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TRGPTRGP: +41.8% a year, volatility 31.7%SPY (S&P 500): +12.7% a year, volatility 17.1%MPC: +51.2% a year, volatility 33.4%VLO: +44.2% a year, volatility 36.9%CAH: +42.1% a year, volatility 24.7%FIX: +77.0% a year, volatility 46.7%HWM: +47.3% a year, volatility 32.5%LPG: +54.6% a year, volatility 43.6%AAPL: +18.5% a year, volatility 28.0%ASX: +48.8% a year, volatility 43.0%TRGPSPY (S&P 500)MPCVLOCAHFIXHWMLPGAAPLASX
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than TRGP?

Investments that beat TRGP 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 TRGP 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 TRGP'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.

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 TRGP'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× TRGP's volatility counts as better.

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

Screen the whole market against TRGP for any period in BetterThanSPYOpen these 9 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 TRGP?lower diversifies moreExpenseper year
TRGPTarga Resources Corp. · this page
+41.8%31.7%1.27−90.8%+829%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.420.09%
Same and neighboring categories, and shared themesbest 2 shownEverything else in Oil & Gas Midstream and Oil & Gas and the categories next to it (Exploration & Production, Integrated Oil & Gas, Oilfield Services), plus TRGP's specific themes. 2 of 68 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.40—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.46—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 26 of 3,548 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+42.1%24.7%1.55−46.1%+349%0.30—
FIXComfort Systems USA, Inc. · Engineering & Construction
On the frontierHigher Sharpe, smaller worst declineSmaller losses in recent crashes+77.0%46.7%1.46−49.7%+5,305%0.26—
HWMHowmet Aerospace Inc. · Aerospace & Defense
On the frontierHigher return, similar volatilitySmaller losses in recent crashes+47.3%32.5%1.36−68.9%+1,028%0.40—
LPGDorian LPG Ltd. · Oil & Gas Midstream
On the frontierHigher return in most periodsSmaller losses in recent crashes+54.6%43.6%1.22−62.9%+1,821%0.10—
AAPLApple Inc. · Computer Hardware
Smaller losses in recent crashes+18.5%28.0%0.75−38.5%+1,168%0.19—
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return in most periods+48.8%43.0%1.15−52.5%+967%0.10—
What these numbers mean for TRGP
Annual return
TRGP returned 41.8% 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 $57,300. 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
TRGP's volatility over the past 5 years was 31.7%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TRGP's return lands within 31.7% 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
TRGP's Sharpe ratio over the past 5 years was 1.27, against 0.79 for the S&P 500, so TRGP 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
TRGP's worst fall from a peak to a low over the past 10 years was 90.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 90.8% fall takes a 983% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, TRGP's monthly returns had a correlation of 0.42 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 TRGP instead: the lower it is, the more that option would diversify a TRGP holding. Guide: Correlation and diversification →

TRGP against its popular alternatives

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

How do TRGP'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 TRGP, which divides the map into what did better or worse on each measure.

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

15.0%20.0%25.0%30.0%35.0%40.0%−10.0%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 volatilityTRGP: 41.8% a year, volatility 31.7%SPY (S&P 500): 12.7% a year, volatility 17.1%EOG: 16.6% a year, volatility 32.3%OXY: 15.2% a year, volatility 37.9%FANG: 17.6% a year, volatility 36.6%DOW: −7.6% a year, volatility 34.1%LNG: 23.4% a year, volatility 30.2%PBA: 13.8% a year, volatility 21.5%KMI: 18.7% a year, volatility 22.5%TRP: 10.8% a year, volatility 21.9%MPLX: 23.5% a year, volatility 18.8%WMB: 24.6% a year, volatility 24.0%OKE: 13.3% a year, volatility 28.0%EPD: 16.4% a year, volatility 17.1%WES: 23.5% a year, volatility 27.6%ENB: 9.1% a year, volatility 18.9%AM: 20.1% a year, volatility 25.9%DTM: 24.5% a year, volatility 25.2%HESM: 10.9% a year, volatility 27.0%TRGPSPY (S&P 500)EOGOXYFANGDOWLNGPBAKMITRPMPLXWMBOKEEPDWESENBAMDTMHESM15.0%20.0%25.0%30.0%35.0%40.0%−10.0%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 volatilityTRGP: 41.8% a year, volatility 31.7%SPY (S&P 500): 12.7% a year, volatility 17.1%EOG: 16.6% a year, volatility 32.3%OXY: 15.2% a year, volatility 37.9%FANG: 17.6% a year, volatility 36.6%DOW: −7.6% a year, volatility 34.1%LNG: 23.4% a year, volatility 30.2%PBA: 13.8% a year, volatility 21.5%KMI: 18.7% a year, volatility 22.5%TRP: 10.8% a year, volatility 21.9%MPLX: 23.5% a year, volatility 18.8%WMB: 24.6% a year, volatility 24.0%OKE: 13.3% a year, volatility 28.0%EPD: 16.4% a year, volatility 17.1%WES: 23.5% a year, volatility 27.6%ENB: 9.1% a year, volatility 18.9%AM: 20.1% a year, volatility 25.9%DTM: 24.5% a year, volatility 25.2%HESM: 10.9% a year, volatility 27.0%TRGPSPY (S&P 500)EOGOXYDOWLNGKMIMPLXWMBOKEEPDWESENBAMDTM
All figures
InvestmentAnnual returnVolatility
TRGP This pageTarga Resources Corp.+41.8%31.7%
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%
AM Antero Midstream Corporation+20.1%25.9%
KMI Kinder Morgan, Inc.+18.7%22.5%
FANG Diamondback Energy, Inc.+17.6%36.6%
EOG EOG Resources, Inc.+16.6%32.3%
EPD Enterprise Products Partners L.P.+16.4%17.1%
OXY Occidental Petroleum Corporation+15.2%37.9%
PBA Pembina Pipeline Corporation+13.8%21.5%
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%
ENB Enbridge Inc.+9.1%18.9%
DOW Dow Inc.−7.6%34.1%
Open these 19 in EasyCompare

Has TRGP consistently beaten its popular alternatives?

This section compares TRGP 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 TRGP helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than TRGP 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
TRGP Targa Resources Corp. (this page)—+1.1%+4.1%+27.6%+59.0%+98.1%+260%+473%+829%31.7%1.27−90.8%—$63B—
LNG Oil & Gas MidstreamCheniere Energy, Inc.2/5 short0/3 long+3.0%+7.2%+12.8%+44.3%+29.3%+69.8%+186%+616%30.2%0.85−57.5%—$59B—
EOG Oil & Gas Exploration & ProductionEOG Resources, Inc.2/5 short0/3 long+12.4%+12.7%+24.0%+51.9%+53.1%+31.9%+115%+131%32.3%0.64−77.1%—$83B—
OXY Oil & Gas Exploration & ProductionOccidental Petroleum Corporation2/5 short0/3 long+9.9%+14.5%+16.6%+50.6%+56.4%+2.0%+103%+11.6%37.9%0.56−88.4%—$63B—
PBA Oil & Gas MidstreamPembina Pipeline Corporation1/5 short0/3 long+8.0%−0.1%+20.5%+34.4%+39.3%+91.3%+90.5%+172%21.5%0.71−70.9%—$29B—
KMI Oil & Gas MidstreamKinder Morgan, Inc.1/5 short0/3 long+5.8%+4.0%+7.1%+24.6%+26.9%+129%+136%+163%22.5%0.88−55.1%—$75B—
FANG Oil & Gas Exploration & ProductionDiamondback Energy, Inc.1/5 short0/3 long+6.9%+4.2%+11.6%+35.1%+46.8%+35.7%+125%+160%36.6%0.63−88.7%—$57B—
TRP Oil & Gas MidstreamTC Energy Corporation1/5 short0/3 long+3.3%−8.8%+3.6%+13.8%+24.9%+136%+66.7%+160%21.9%0.58−41.6%—$64B—
DOW ChemicalsDow Inc.1/5 short0/3 long+8.6%+2.2%−14.7%+30.8%+48.8%−25.6%−32.7%—34.1%-0.06−64.4%—$22B—
MPLX Oil & Gas MidstreamMPLX Lp0/5 short0/3 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 short0/3 long−1.8%−4.5%+0.6%+18.1%+14.9%+125%+200%+288%24.0%1.04−68.1%—$86B—
OKE Oil & Gas MidstreamONEOK, Inc.0/5 short0/3 long+1.1%+0.4%+13.5%+29.6%+42.8%+59.9%+86.8%+233%28.0%0.59−80.2%—$59B—
EPD Oil & Gas MidstreamEnterprise Products Partners L.P.0/5 short0/3 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, LP0/5 short0/3 long−4.4%−2.6%+14.1%+19.4%+27.6%+110%+187%+128%27.6%0.91−91.9%—$18B—
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—
AM Oil & Gas MidstreamAntero Midstream Corporation0/5 short0/3 long−2.2%−8.0%+0.5%+18.4%+17.2%+95.0%+149%—25.9%0.84−92.9%—$9.8B—
DTM Oil & Gas MidstreamDT Midstream, Inc.0/5 short0/3 long−2.1%−14.2%−6.1%+3.2%+14.4%+147%+199%—25.2%1.00−23.6%—$12B—
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—
Open these 18 in EasyCompare

How did TRGP do year by year?

This table shows each investment's total return in every full calendar year since 2011, along with where TRGP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with TRGP and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: TRGP began trading on December 7, 2010, so the table starts with 2011, 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 TRGP; gray means the two finished within a fraction of a point. The rank row places TRGP among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of TRGP202520242023202220212020201920182017201620152014201320122011
TRGP This pageTarga Resources Corp.—+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%+56.2%
Rank among alternativesTop quarter in 8 of 1510 of 181 of 183 of 184 of 182 of 1713 of 177 of 1611 of 1612 of 142 of 1414 of 145 of 143 of 142 of 113 of 10
SPY S&P 500State Street SPDR S&P 500 ETF7 of 15+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%+1.9%
LNG Cheniere Energy, Inc.8 of 15−8.7%+27.2%+15.0%+49.3%+69.5%−1.7%+3.2%+9.9%+29.9%+11.2%−47.1%+63.3%+130%+116%+57.5%
EOG EOG Resources, Inc.4 of 15−11.4%+4.3%−2.0%+56.9%+88.6%−38.6%−2.8%−18.7%+7.5%+44.0%−22.5%+10.3%+39.7%+23.4%+8.5%
OXY Occidental Petroleum Corporation4 of 15−14.9%−15.9%−4.1%+119%+67.7%−56.6%−28.3%−13.1%+8.5%+9.8%−12.7%−8.9%+27.8%−16.1%−2.6%
PBA Pembina Pipeline Corporation6 of 15+8.6%+13.1%+7.8%+17.8%+36.8%−31.0%+31.1%−14.0%+20.4%+51.6%−37.1%+8.0%+29.6%+4.0%+43.0%
KMI Kinder Morgan, Inc.4 of 14+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%—
FANG Diamondback Energy, Inc.4 of 13−5.6%+10.3%+19.7%+35.4%+127%−46.0%+0.9%−26.4%+24.9%+51.1%+11.9%+13.0%+177%——
TRP TC Energy Corporation5 of 15+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%+20.0%
DOW Dow Inc.1 of 6−37.4%−22.8%+14.7%−6.6%+6.8%+7.9%—————————
MPLX MPLX Lp7 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.4 of 15+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%+37.3%
OKE ONEOK, Inc.6 of 15−22.9%+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%+61.2%
EPD Enterprise Products Partners L.P.5 of 15+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%+17.7%
WES Western Midstream Partners, LP4 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%——
ENB Enbridge Inc.6 of 15+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%+37.0%
AM Antero Midstream Corporation3 of 8+24.4%+28.4%+25.8%+21.9%+39.5%+27.6%−24.5%−41.8%———————
DTM DT Midstream, Inc.1 of 4+24.1%+89.0%+4.7%+20.7%———————————
HESM Hess Midstream LP3 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 TRGP 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 TRGP's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents TRGP's five deepest drawdowns since it began trading in 2010, 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: TRGP began trading on December 7, 2010, 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 TRGP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringTRGP fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2015 China and oil sell-off−95.2%+36.8%Jun 2014Mar 20205.8 yearsFeb 20243.9 years
No named crash−31.6%+10.5%Jan 2025Oct 20259 monthsFeb 20264 months
2011 euro debt crisis−25.2%−16.8%Apr 2011Aug 20114 monthsDec 20114 months
No named crash−17.6%−5.9%May 2012Jun 20121 monthSep 20123 months
No named crash−17.2%−1.2%Nov 2024Dec 20241 monthJan 20251 month

How did TRGP do in stock market crashes?

This section measures how far TRGP, 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: TRGP began trading on December 7, 2010, 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 TRGP.

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
TRGP This pageTarga Resources Corp.—−5.6%−30.0%−88.0%−40.6%−5.1%−79.1%−22.8%Not yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF6 of 7−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
LNG Cheniere Energy, Inc.5 of 7−1.3%−17.8%−46.1%−21.3%−5.1%−66.5%−62.4%0.0%−97.7%−84.4%
EOG EOG Resources, Inc.3 of 7−7.4%−33.4%−61.5%−37.3%−11.3%−31.7%−35.8%−1.5%−68.0%−52.7%
OXY Occidental Petroleum Corporation5 of 7−4.6%−22.9%−76.8%−30.5%−7.3%−21.4%−36.1%0.0%−58.1%−28.4%
PBA Pembina Pipeline Corporation6 of 7−4.0%−27.4%−70.9%−17.6%−5.8%−34.3%−12.0%———
KMI Kinder Morgan, Inc.7 of 7−3.2%−20.3%−55.1%−19.8%−4.0%−64.4%−16.2%———
FANG Diamondback Energy, Inc.3 of 6−7.7%−33.5%−80.3%−38.7%−9.8%−29.3%————
TRP TC Energy Corporation5 of 7−4.0%−30.7%−41.6%−15.3%−5.2%−18.5%−12.8%−0.6%−45.4%−13.7%
DOW Dow Inc.1 of 3−6.9%−37.1%−54.1%———————
MPLX MPLX Lp6 of 6−1.2%−18.4%−64.6%−17.9%−4.5%−66.8%————
WMB The Williams Companies, Inc.4 of 7−3.4%−23.0%−57.0%−25.4%−7.0%−78.9%−26.7%−3.4%−75.3%−98.0%
OKE ONEOK, Inc.5 of 7−5.1%−29.2%−80.2%−25.5%−5.9%−51.3%−21.0%−0.8%−63.1%−42.0%
EPD Enterprise Products Partners L.P.7 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, LP5 of 6−2.5%−23.5%−77.4%−17.6%−6.5%−63.0%————
ENB Enbridge Inc.7 of 7−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
AM Antero Midstream Corporation3 of 5−2.7%−21.9%−60.8%−43.1%−7.0%—————
DTM DT Midstream, Inc.2 of 2−3.7%−19.9%————————
HESM Hess Midstream LP4 of 5−3.9%−28.7%−70.8%−28.9%−8.0%—————
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How closely does TRGP 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 TRGP 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 TRGP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
TRGP This pageTarga Resources Corp.156%157%0.991.85
LNG Cheniere Energy, Inc.79%30%2.650.77
MPLX MPLX Lp87%76%1.141.16
WMB The Williams Companies, Inc.85%78%1.081.02
TRP TC Energy Corporation67%73%0.920.72
EPD Enterprise Products Partners L.P.81%94%0.860.93
PBA Pembina Pipeline Corporation79%92%0.851.02
KMI Kinder Morgan, Inc.68%82%0.830.82
OKE ONEOK, Inc.103%126%0.821.38
ENB Enbridge Inc.60%74%0.820.73
FANG Diamondback Energy, Inc.108%148%0.731.54
EOG EOG Resources, Inc.92%135%0.691.17
WES Western Midstream Partners, LP121%175%0.692.23
OXY Occidental Petroleum Corporation80%155%0.511.24
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What diversifies TRGP?

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 TRGP's. Because such investments tend not to fall at the same time, pairing TRGP 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 TRGP lost money. The last two columns show a portfolio that is 80% TRGP and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202020182017201580/20 mix volatility80/20 mix annual return
TRGP Targa Resources Corp. (this page)1.00+473%1.27−32.5%−19.9%−7.1%−73.4%29.6%+43.6%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.29+225%1.34+3.9%−19.8%+22.8%+7.7%24.6%+41.0%
SMH TechnologyVanEck Semiconductor ETF0.13+323%0.97+55.5%−9.1%+38.5%−0.3%25.5%+44.2%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.39+85.0%0.96+2.1%−9.5%+16.7%+4.1%24.6%+37.9%
GLD CommoditiesSPDR Gold Shares0.16+126%0.96+24.8%−1.9%+12.8%−10.7%24.5%+39.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.34+136%0.93+28.2%−0.9%+27.8%—25.4%+39.8%
DFIV InternationalDimensional - International Value ETF0.47+99.4%0.93————25.3%+38.2%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.42+109%0.90−0.2%−11.1%+21.9%−4.1%25.7%+38.8%
EWT TechnologyiShares MSCI Taiwan ETF0.17+153%0.89+31.5%−9.9%+26.9%−12.9%25.1%+40.3%

Stocks

InvestmentCorrelation5Y returnSharpe202020182017201580/20 mix volatility80/20 mix annual return
TRGP Targa Resources Corp. (this page)1.00+473%1.27−32.5%−19.9%−7.1%−73.4%29.6%+43.6%
CAH Medical - DistributionCardinal Health, Inc.0.30+479%1.55+10.1%−24.5%−12.7%+12.6%25.8%+43.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.15+3,143%1.47−2.4%−16.3%−11.6%−6.0%27.9%+59.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.26+1,636%1.46+6.7%+0.8%+32.1%+67.7%27.5%+54.0%
MCK Medical - DistributionMcKesson Corporation0.37+413%1.44+27.1%−28.4%+12.0%−4.5%26.0%+42.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.40+690%1.41−27.4%−8.2%+34.8%+17.4%27.0%+45.7%
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Common questions

What was TRGP's worst drawdown?

TRGP's deepest decline since it began trading in 2010 was 95.2%, from June 2014 to March 2020. It took about four years from the low to climb back to its old high. Because TRGP launched in December 2010, that record does not include the dot-com bust, the 2008 financial crisis or the 2010 flash crash.

What were TRGP's best and worst years?

Over 15 full calendar years, TRGP's best year was 2016, when it returned 131%. Its worst was 2015, with a return of -73.4%.

Is there a better investment than TRGP?

Looking beyond its popular alternatives, MPC (oil & gas) earned more for the risk it took than TRGP over the past 5 years, and its worst fall in 10 years was 79.7%, against 90.8% for TRGP. Nothing in the whole market did better on both counts: none of the 3,633 stocks and funds worth at least $500 million earned more than TRGP with less volatility over the past 5 years.

Is TRGP more volatile than the S&P 500?

Yes. TRGP's volatility over the past 5 years was 31.7%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TRGP's return lands within 31.7% 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 TRGP's Sharpe ratio?

TRGP's Sharpe ratio over the past 5 years was 1.27, against 0.79 for the S&P 500, so TRGP 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 TRGP with the S&P 500?

Over the past 5 years, TRGP's monthly returns had a correlation of 0.42 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 TRGP instead: the lower it is, the more that option would diversify a TRGP holding.

What are the best alternatives to TRGP?

None of the 17 popular alternatives we compared outperformed TRGP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about TRGP's strength than about its alternatives.

Did TRGP outperform the S&P 500?

TRGP finished ahead of the S&P 500 (SPY) in eight of 15 full calendar years. In 2025, it returned +5.6%, against +17.7% for the index.

How did TRGP do in stock market crashes?

TRGP fell less than the S&P 500 (SPY) in one of the seven major crashes it has traded through, and further in six. The clearest case was the 2015 China and oil sell-off, when TRGP fell 79.1% and the S&P 500 fell 12.8%.

What diversifies TRGP?

These had a low correlation with TRGP over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.29), SMH (correlation 0.13) and DBEF (correlation 0.39); among large stocks, CAH (correlation 0.30), CLS (correlation 0.15) and FIX (correlation 0.26). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to TRGP

Other stocks and ETFs