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

> Source: EasyCompare research, https://easycompare.io/research/trgp
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** Over the past 6 months, TRGP rose 27.6% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. TRGP has bounced back 41.6% from its October 2025 low after a 31.6% loss from January 2025 to October 2025 over the same months the S&P 500 rose 10.5%.
- **Stock or market?:** TRGP rose 4.1% over the past 3 months, 5.7 points ahead of the oil & gas midstream ETF AMLP (Alerian MLP ETF), which fell 1.6%. The S&P 500 rose 3.9%.
- **Past 1 to 3 years:** TRGP has run far ahead of the market, rising 98.1% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (260% against 89.3%). On the flip side, TRGP led its oil & gas midstream peers in 2023, then fell behind them in 2025.
- **Long term:** TRGP turned $10,000 into $92,900 over the past decade, against $42,100 in the S&P 500. TRGP's 10-year return of 829% puts it ahead of 94% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across five sell-offs, TRGP has typically fallen 2.7 times as far as the S&P 500. In the 2022 bear market, TRGP fell harder than most of its oil & gas midstream peers, including ENB (Enbridge), WMB and EPD.
- **Diversification:** Against the S&P 500, TRGP has a correlation of 0.42 over 5 years, more closely than 57% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge. Over 10 years, TRGP's beta versus the S&P 500 was 1.85: in the S&P 500's rising months it gained 1.6 times as much as the index, and in falling months it lost 1.6 times as much.
- **Better options**
  - **Nearby categories and themes:** MPC (Marathon Petroleum, 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.
  - **Whole market:** 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.

## 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.

- $10,000 invested in TRGP at the end of September 2011 would have grown to $172,828 by September 2026, more than the $87,526 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of TRGP, and FIX finished highest, at $2,265,778.

## 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.

- 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.
- Over 15 full calendar years, TRGP's best was 2016, when it returned 131%, and its worst was 2015, when it lost 73.4%. It lost money in four of those years.
- TRGP is 3.2% below its all-time high.

- Type: Stock, Energy (Oil & Gas Midstream)
- Trading since: December 7, 2010
- Market value: $63B
- Volatility (5 years): 31.7%; Sharpe ratio: 1.27
- Worst decline ever: −95.2%, from June 19, 2014 to March 18, 2020; back at its high by February 15, 2024

| Period | TRGP total return |
| --- | --- |
| 1 month | +1.1% |
| 3 months | +4.1% |
| 6 months | +27.6% |
| year to date | +59.0% |
| 1 year | +98.1% |
| 3 years | +260% |
| 5 years | +473% |
| 10 years | +829% |

## 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.

- On return for the risk taken (the Sharpe ratio), TRGP ranks in the top 1% of the 2,893 stocks worth at least $300 million.
- TRGP's worst decline of the past 10 years ranks in the bottom 11% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | TRGP | Rank |
| --- | --- | --- |
| 1-year return | +98.1% | 186 of 3,287 (top 6%) |
| 3-year return | +260% | 286 of 3,017 (top 10%) |
| 5-year return | +473% | 70 of 2,893 (top 3%) |
| 10-year return | +829% | 141 of 2,202 (top 7%) |
| Volatility, 5 years | 31.7% | 885 of 2,893 (top 31%) |
| Sharpe ratio, 5 years | 1.27 | 15 of 2,893 (top 1%) |
| Worst decline, past 10 years | −90.8% | 1,947 of 2,187 (top 90%) |

### 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).

- None of the 3,633 stocks and funds worth at least $500 million earned more than TRGP over the past 5 years with less volatility: nothing sits in the green region.

### Is there a better investment than TRGP?

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.

- 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.

## 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.

- None of the 17 popular alternatives earned more than TRGP over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Over the past 5 years, TRGP returned 41.8% a year, more than the S&P 500's 12.7%, with higher volatility (31.7% against 17.1%).

### 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.

- None of the 17 popular alternatives outperformed TRGP in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was LNG.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of TRGP | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| TRGP: Targa Resources Corp. (this page) | +98.1% | +260% | +473% | +829% |  |  | 1.27 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | +29.3% | +69.8% | +186% | +616% | 2/5 short-term, 0/3 long-term |  | 0.85 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | +53.1% | +31.9% | +115% | +131% | 2/5 short-term, 0/3 long-term |  | 0.64 |
| [OXY](https://easycompare.io/research/oxy): Occidental Petroleum Corporation | +56.4% | +2.0% | +103% | +11.6% | 2/5 short-term, 0/3 long-term |  | 0.56 |
| PBA: Pembina Pipeline Corporation | +39.3% | +91.3% | +90.5% | +172% | 1/5 short-term, 0/3 long-term |  | 0.71 |
| [KMI](https://easycompare.io/research/kmi): Kinder Morgan, Inc. | +26.9% | +129% | +136% | +163% | 1/5 short-term, 0/3 long-term |  | 0.88 |
| [FANG](https://easycompare.io/research/fang): Diamondback Energy, Inc. | +46.8% | +35.7% | +125% | +160% | 1/5 short-term, 0/3 long-term |  | 0.63 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | +24.9% | +136% | +66.7% | +160% | 1/5 short-term, 0/3 long-term |  | 0.58 |
| DOW: Dow Inc. | +48.8% | −25.6% | −32.7% | — | 1/5 short-term, 0/3 long-term |  | -0.06 |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | +27.2% | +105% | +187% | +350% | 0/5 short-term, 0/3 long-term |  | 1.22 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | +14.9% | +125% | +200% | +288% | 0/5 short-term, 0/3 long-term |  | 1.04 |
| [OKE](https://easycompare.io/research/oke): ONEOK, Inc. | +42.8% | +59.9% | +86.8% | +233% | 0/5 short-term, 0/3 long-term |  | 0.59 |
| [EPD](https://easycompare.io/research/epd): Enterprise Products Partners L.P. | +28.4% | +65.2% | +113% | +178% | 0/5 short-term, 0/3 long-term |  | 0.98 |
| WES: Western Midstream Partners, LP | +27.6% | +110% | +187% | +128% | 0/5 short-term, 0/3 long-term |  | 0.91 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | +8.5% | +84.0% | +54.3% | +103% | 0/5 short-term, 0/3 long-term |  | 0.56 |
| AM: Antero Midstream Corporation | +17.2% | +95.0% | +149% | — | 0/5 short-term, 0/3 long-term |  | 0.84 |
| DTM: DT Midstream, Inc. | +14.4% | +147% | +199% | — | 0/5 short-term, 0/3 long-term |  | 1.00 |
| HESM: Hess Midstream LP | +0.8% | +27.1% | +67.9% | — | 0/5 short-term, 0/3 long-term |  | 0.52 |

### 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.

- Ranked against its popular alternatives each year, TRGP finished in the top quarter in eight of 15 years and in the bottom quarter in two. In 2025, it ranked 10 of 18.
- TRGP finished ahead of the S&P 500 in eight of its 15 full calendar years.
- Among its popular alternatives, MPLX came out ahead of TRGP most often, in seven of the 13 years both traded.

| Year | TRGP | SPY |
| --- | --- | --- |
| 2025 | +5.7% | +17.7% |
| 2024 | +110% | +24.9% |
| 2023 | +21.0% | +26.2% |
| 2022 | +43.7% | −18.2% |
| 2021 | +100% | +28.7% |
| 2020 | −32.5% | +18.3% |
| 2019 | +24.0% | +31.2% |
| 2018 | −19.9% | −4.6% |
| 2017 | −7.1% | +21.7% |
| 2016 | +131% | +12.0% |

## 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.

- In all five of TRGP's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: TRGP fell 95.2% from June 2014 to March 2020, while the S&P 500 rose 36.8%.
- The slowest recovery came after TRGP fell 95.2% from June 2014 to March 2020; it did not regain that peak until February 2024, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −95.2% | June 19, 2014 | March 18, 2020 | February 15, 2024 | +36.8% | 2015 China and oil sell-off |
| −31.6% | January 21, 2025 | October 16, 2025 | February 9, 2026 | +10.5% |  |
| −25.2% | April 27, 2011 | August 8, 2011 | December 2, 2011 | −16.8% | 2011 euro debt crisis |
| −17.6% | May 2, 2012 | June 25, 2012 | September 14, 2012 | −5.9% |  |
| −17.2% | November 21, 2024 | December 18, 2024 | January 16, 2025 | −1.2% |  |

### 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.

- TRGP fell further than the S&P 500 in six of the seven crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when TRGP fell 79.1% and the S&P 500 fell 12.8%.
- Among its popular alternatives, KMI held up best, falling less than TRGP in all seven crashes they both traded through.
- TRGP began trading after the 2008 financial crisis, but eight of its popular alternatives lived through it. The mildest fall among them was ENB's 40.9%, against 55.2% for the S&P 500.

| Crash | Dates | TRGP fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −22.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −79.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.1% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −40.6% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −88.0% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −30.0% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −5.6% | −3.4% |

### 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.

- Only LNG, MPLX and WMB had a higher capture ratio (upside capture divided by downside capture) than TRGP's 0.99, out of 13 popular alternatives with the same record.
- Over the past 10 years, TRGP captured 156% of the S&P 500's gains in rising months and 157% of its losses in falling months, with a beta of 1.85. It amplified the market's moves in both directions.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| TRGP: Targa Resources Corp. (this page) | 156% | 157% | 1.85 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | 79.0% | 30.0% | 0.77 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | 92.0% | 135% | 1.17 |
| [OXY](https://easycompare.io/research/oxy): Occidental Petroleum Corporation | 80.0% | 155% | 1.24 |
| PBA: Pembina Pipeline Corporation | 79.0% | 92.0% | 1.02 |
| [KMI](https://easycompare.io/research/kmi): Kinder Morgan, Inc. | 68.0% | 82.0% | 0.82 |
| [FANG](https://easycompare.io/research/fang): Diamondback Energy, Inc. | 108% | 148% | 1.54 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | 67.0% | 73.0% | 0.72 |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | 87.0% | 76.0% | 1.16 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | 85.0% | 78.0% | 1.02 |
| [OKE](https://easycompare.io/research/oke): ONEOK, Inc. | 103% | 126% | 1.38 |
| [EPD](https://easycompare.io/research/epd): Enterprise Products Partners L.P. | 81.0% | 94.0% | 0.93 |
| WES: Western Midstream Partners, LP | 121% | 175% | 2.23 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | 60.0% | 74.0% | 0.73 |

### 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).

- Moving a fifth of the money in TRGP into SMH would have cut the portfolio's volatility by 14% over the past 5 years and raised its annual return (+43.6% for TRGP alone, +44.2% for the mix).
- FIX made money in four of the four calendar years in which TRGP lost money.
- Among large ETFs, DXJ, SMH and DBEF have moved largely independently of TRGP over the past 5 years, with correlations of 0.39 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with TRGP | 5Y return | Volatility | Sharpe | Rose in TRGP's 4 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.29 | +225% | 19.1% | 1.34 | 3 of 4 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.13 | +323% | 36.9% | 0.97 | 2 of 4 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.39 | +85.0% | 13.8% | 0.96 | 3 of 4 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.16 | +126% | 18.9% | 0.96 | 2 of 4 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.34 | +136% | 20.8% | 0.93 | 2 of 4 |
| DFIV: Dimensional - International Value ETF | 0.47 | +99.4% | 16.4% | 0.93 | 0 of 4 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.42 | +109% | 18.4% | 0.90 | 1 of 4 |
| EWT: iShares MSCI Taiwan ETF | 0.17 | +153% | 24.2% | 0.89 | 2 of 4 |

## 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.

## More research

- [Cheniere Energy (LNG) Performance, Alternatives and Market Rank](https://easycompare.io/research/lng)
- [EOG Resources (EOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/eog)
- [Occidental Petroleum (OXY) Performance, Alternatives and Market Rank](https://easycompare.io/research/oxy)
- [Kinder Morgan (KMI) Performance, Alternatives and Market Rank](https://easycompare.io/research/kmi)
- [Diamondback Energy (FANG) Performance, Alternatives and Market Rank](https://easycompare.io/research/fang)
- [TC Energy (TRP) Performance, Alternatives and Market Rank](https://easycompare.io/research/trp)
- [MPLX Performance, Alternatives and Market Rank](https://easycompare.io/research/mplx)
- [Williams Companies (WMB) Performance, Alternatives and Market Rank](https://easycompare.io/research/wmb)
- [ONEOK (OKE) Performance, Alternatives and Market Rank](https://easycompare.io/research/oke)
- [Enterprise Products Partners (EPD) Performance, Alternatives and Market Rank](https://easycompare.io/research/epd)
- [Enbridge (ENB) Performance, Alternatives and Market Rank](https://easycompare.io/research/enb)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)

## Explore further

- Full page with charts: https://easycompare.io/research/trgp
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against TRGP live: https://betterthanspy.com/?b=TRGP&utm_source=easycompare&utm_medium=research