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Relative Intelligence · Oil & Gas Midstream

How TC Energy (TRP) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on TRP alone. It places TRP (TC Energy Corporation) against 16 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 TRP stands in the market, and of the alternatives worth a closer look.

Period covered: TRP's full trading record, from October 1986 through September 2026. 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 TRP →Chart TRP vs. 16 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in TRP over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TRP over the same span and TRP'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.

Choose a period

From the end of September 1997 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. 311 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of TRP; the chart shows 5, closest alternatives first. The other 1 line is a popular alternative, shown for context.

$1,000$10,000$100,000199720022007201220172022$1,000$10,000$100,00019972004201120182025
  • WMB$472,016+4,620% total · +14.2% a year
  • OKE$455,980+4,460% total · +14.1% a year
  • LNG$451,390+4,414% total · +14.0% a year
  • ENB$341,848+3,318% total · +13.0% a year
  • SRE$198,869+1,889% total · +10.9% a year
  • TRP$189,438+1,794% total · +10.7% a year
  • EQT$179,863+1,699% total · +10.5% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,078 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of TRP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • TRGP$61,030+510% total · +43.6% 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
  • EPD$23,444+134% total · +18.6% a year
  • OKE$19,267+92.7% total · +14.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • PBA$18,368+83.7% total · +12.9% a year
  • TRP$17,877+78.8% total · +12.3% a year
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TRP 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.

The company

Market value
$64B
Industry
Oil & Gas Midstream
Price history from
October 1986

Returns

Past 1 year
+24.9%total return
Past 3 years
+136%+33.1% a year
Past 5 years
+66.7%+10.8% a year
Past 10 years
+160%+10.0% a year
Best calendar year
+57.0%2019
Worst calendar year
−36.3%1999
Losing years
7 of 29full calendar years

Risk

Volatility
21.9%typical yearly swing, 5 years
Sharpe ratio
0.58return per unit of risk, 5 years
Worst decline ever
−61.6%Mar 1998 to Feb 2000
From its all-time high
−11.5%below the peak

TRP against the whole market

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

How does TRP rank among all stocks?

This section ranks TRP 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 TRP 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.

MeasureTRPRankStanding
1-year return+24.9%1,113 of 3,287top 34%
3-year return+136%672 of 3,017top 22%
5-year return+66.7%933 of 2,893top 32%
10-year return+160%1,029 of 2,202top 47%
Volatility, 5 years21.9%147 of 2,893top 5%
Sharpe ratio, 5 years0.58725 of 2,893top 25%
Worst decline, past 10 years−41.6%194 of 2,187top 9%

What has beaten TRP 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). TRP sits where the dashed lines cross. Anything in the green box above and to the left earned more than TRP 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 TRP; faint dots are 76 more of the 170 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.

10.0%15.0%20.0%25.0%30.0%35.0%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 yearsMore return, less volatility than TRPSPMO: +18.7% a year, volatility 20.8%DGRW: +11.8% a year, volatility 14.0%SPHQ: +12.0% a year, volatility 16.7%MGV: +12.6% a year, volatility 13.4%RY: +17.3% a year, volatility 18.2%RWL: +13.7% a year, volatility 14.4%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%GLD: +17.7% a year, volatility 18.9%HDV: +12.9% a year, volatility 13.0%IWX: +12.7% a year, volatility 13.8%AEP: +12.4% a year, volatility 20.2%FDL: +13.9% a year, volatility 14.4%QLC: +14.2% a year, volatility 16.9%DBJP: +20.9% a year, volatility 19.2%ATO: +14.9% a year, volatility 18.4%EQL: +13.5% a year, volatility 14.5%ROUS: +12.3% a year, volatility 14.4%FDRR: +12.6% a year, volatility 15.0%DGT: +13.8% a year, volatility 15.1%FDMO: +13.4% a year, volatility 19.5%NI: +15.1% a year, volatility 20.3%NXTG: +16.2% a year, volatility 19.1%DJD: +11.8% a year, volatility 13.3%TD: +15.8% a year, volatility 20.0%CB: +15.7% a year, volatility 20.4%BNS: +12.9% a year, volatility 19.9%GD: +12.9% a year, volatility 20.8%AFL: +19.0% a year, volatility 20.8%NVS: +17.1% a year, volatility 20.7%FNDF: +13.6% a year, volatility 16.3%VYMI: +13.2% a year, volatility 14.8%FDVV: +13.2% a year, volatility 14.6%VLUE: +15.9% a year, volatility 18.4%DYNF: +14.7% a year, volatility 17.5%ED: +12.0% a year, volatility 18.8%GCOW: +14.1% a year, volatility 13.6%AVLV: +14.0% a year, volatility 16.9%MLPX: +18.6% a year, volatility 19.7%WTV: +13.4% a year, volatility 17.0%PWV: +13.5% a year, volatility 14.2%JQUA: +13.6% a year, volatility 15.7%DTD: +11.8% a year, volatility 13.5%USMC: +14.1% a year, volatility 16.4%FYLD: +13.1% a year, volatility 16.0%FDD: +12.6% a year, volatility 18.5%EYLD: +11.9% a year, volatility 18.4%IDMO: +13.3% a year, volatility 18.2%FTGC: +12.9% a year, volatility 15.6%SPUS: +15.0% a year, volatility 19.5%IXG: +12.2% a year, volatility 17.2%FDUS: +13.5% a year, volatility 20.4%DIVI: +13.4% a year, volatility 15.5%DDWM: +12.3% a year, volatility 13.4%INFL: +11.8% a year, volatility 17.8%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%SIXA: +12.8% a year, volatility 12.7%QSPT: +12.1% a year, volatility 14.8%SFY: +13.9% a year, volatility 19.4%TAK: +11.9% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%AVUS: +12.2% a year, volatility 17.2%ITA: +14.6% a year, volatility 20.4%PNW: +13.4% a year, volatility 19.9%IDV: +12.8% a year, volatility 15.5%EMLP: +14.9% a year, volatility 14.5%DIVB: +13.9% a year, volatility 15.4%DBC: +12.0% a year, volatility 19.3%AUSF: +13.2% a year, volatility 13.6%VFMF: +14.3% a year, volatility 17.6%IDOG: +14.1% a year, volatility 15.6%TRP: +10.8% a year, volatility 21.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MPLX: +23.5% a year, volatility 18.8%EPD: +16.4% a year, volatility 17.1%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%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%TTE: +18.0% a year, volatility 25.8%RSG: +13.9% a year, volatility 18.5%VOO: +12.8% a year, volatility 16.9%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%VTI: +11.5% a year, volatility 17.5%QQQ: +14.5% a year, volatility 23.0%DXJ: +26.6% a year, volatility 19.1%TRPSPY (S&P 500)MPLXEPDTRGPLNGDTMWMBXOMCVXSHELPSXSUVOOLVHIKOQQQDXJ10.0%15.0%20.0%25.0%30.0%35.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TRPSPMO: +18.7% a year, volatility 20.8%DGRW: +11.8% a year, volatility 14.0%SPHQ: +12.0% a year, volatility 16.7%MGV: +12.6% a year, volatility 13.4%RY: +17.3% a year, volatility 18.2%RWL: +13.7% a year, volatility 14.4%DBEF: +13.1% a year, volatility 13.8%IOO: +15.7% a year, volatility 17.2%GLD: +17.7% a year, volatility 18.9%HDV: +12.9% a year, volatility 13.0%IWX: +12.7% a year, volatility 13.8%AEP: +12.4% a year, volatility 20.2%FDL: +13.9% a year, volatility 14.4%QLC: +14.2% a year, volatility 16.9%DBJP: +20.9% a year, volatility 19.2%ATO: +14.9% a year, volatility 18.4%EQL: +13.5% a year, volatility 14.5%ROUS: +12.3% a year, volatility 14.4%FDRR: +12.6% a year, volatility 15.0%DGT: +13.8% a year, volatility 15.1%FDMO: +13.4% a year, volatility 19.5%NI: +15.1% a year, volatility 20.3%NXTG: +16.2% a year, volatility 19.1%DJD: +11.8% a year, volatility 13.3%TD: +15.8% a year, volatility 20.0%CB: +15.7% a year, volatility 20.4%BNS: +12.9% a year, volatility 19.9%GD: +12.9% a year, volatility 20.8%AFL: +19.0% a year, volatility 20.8%NVS: +17.1% a year, volatility 20.7%FNDF: +13.6% a year, volatility 16.3%VYMI: +13.2% a year, volatility 14.8%FDVV: +13.2% a year, volatility 14.6%VLUE: +15.9% a year, volatility 18.4%DYNF: +14.7% a year, volatility 17.5%ED: +12.0% a year, volatility 18.8%GCOW: +14.1% a year, volatility 13.6%AVLV: +14.0% a year, volatility 16.9%MLPX: +18.6% a year, volatility 19.7%WTV: +13.4% a year, volatility 17.0%PWV: +13.5% a year, volatility 14.2%JQUA: +13.6% a year, volatility 15.7%DTD: +11.8% a year, volatility 13.5%USMC: +14.1% a year, volatility 16.4%FYLD: +13.1% a year, volatility 16.0%FDD: +12.6% a year, volatility 18.5%EYLD: +11.9% a year, volatility 18.4%IDMO: +13.3% a year, volatility 18.2%FTGC: +12.9% a year, volatility 15.6%SPUS: +15.0% a year, volatility 19.5%IXG: +12.2% a year, volatility 17.2%FDUS: +13.5% a year, volatility 20.4%DIVI: +13.4% a year, volatility 15.5%DDWM: +12.3% a year, volatility 13.4%INFL: +11.8% a year, volatility 17.8%FTXH: +11.9% a year, volatility 16.9%HLAL: +14.0% a year, volatility 18.0%SIXA: +12.8% a year, volatility 12.7%QSPT: +12.1% a year, volatility 14.8%SFY: +13.9% a year, volatility 19.4%TAK: +11.9% a year, volatility 19.4%SDCI: +20.6% a year, volatility 18.4%PVAL: +16.1% a year, volatility 15.1%L: +14.3% a year, volatility 19.2%AVDV: +13.9% a year, volatility 17.4%AMLP: +16.1% a year, volatility 18.9%AVUS: +12.2% a year, volatility 17.2%ITA: +14.6% a year, volatility 20.4%PNW: +13.4% a year, volatility 19.9%IDV: +12.8% a year, volatility 15.5%EMLP: +14.9% a year, volatility 14.5%DIVB: +13.9% a year, volatility 15.4%DBC: +12.0% a year, volatility 19.3%AUSF: +13.2% a year, volatility 13.6%VFMF: +14.3% a year, volatility 17.6%IDOG: +14.1% a year, volatility 15.6%TRP: +10.8% a year, volatility 21.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MPLX: +23.5% a year, volatility 18.8%EPD: +16.4% a year, volatility 17.1%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%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%TTE: +18.0% a year, volatility 25.8%RSG: +13.9% a year, volatility 18.5%VOO: +12.8% a year, volatility 16.9%BRK-B: +13.4% a year, volatility 17.1%JNJ: +12.7% a year, volatility 17.9%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%VTI: +11.5% a year, volatility 17.5%QQQ: +14.5% a year, volatility 23.0%DXJ: +26.6% a year, volatility 19.1%TRPSPY (S&P 500)MPLXEPDTRGPLNGDTMXOMCVXSHELPSXSUTTEVOOLVHIDXJ
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than TRP?

Investments that beat TRP 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 TRP 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 TRP'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 TRP 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 TRP'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× TRP's volatility counts as better.

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

Screen the whole market against TRP 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 TRP?lower diversifies moreExpenseper year
TRPTC Energy Corporation · this page
+10.8%21.9%0.58−41.6%+160%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.450.09%
Popular alternativesbest 6 shownThe investments people most often weigh against TRP. 9 of 16 passed at least one test.
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatilityHigher return in most periods+23.5%18.8%1.22−75.2%+350%0.40—
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Higher return, lower volatilityHigher return in most periods+16.4%17.1%0.98−58.1%+178%0.52—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return in most periods+41.8%31.7%1.27−90.8%+829%0.49—
LNGCheniere Energy, Inc. · Oil & Gas
Higher return in most periods+23.4%30.2%0.85−57.5%+616%0.24—
DTMDT Midstream, Inc. · Oil & Gas Midstream
Higher Sharpe, smaller worst decline+24.5%25.2%1.00−23.6%—0.59—
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Higher return, similar volatility+24.6%24.0%1.04−68.1%+288%0.63—
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 TRP's specific themes. 11 of 70 passed at least one test.
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return in most periods+27.1%26.5%1.04−61.0%+214%0.43—
CVXChevron Corporation · Integrated Oil & Gas
Higher return in most periods+19.5%25.2%0.84−55.8%+238%0.35—
SHELShell plc · Integrated Oil & Gas
Higher return in most periods+21.0%24.8%0.90−67.2%+233%0.32—
PSXPhillips 66 · Oil & Gas
Higher return in most periods+33.2%32.9%1.04−64.2%+430%0.27—
SUSuncor Energy Inc. · Integrated Oil & Gas
Higher return in most periods+33.1%32.5%1.05−73.5%+295%0.47—
TTETotalEnergies SE · Integrated Oil & Gas
Higher return in most periods+18.0%25.8%0.78−59.6%+234%0.31—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 536 of 3,547 passed at least one test.
RSGRepublic Services, Inc. · Environmental Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+13.9%18.5%0.80−34.0%+446%0.29—
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.8%16.9%0.80−34.0%+324%0.450.03%
BRK-BBerkshire Hathaway Inc. · Insurance
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+13.4%17.1%0.82−29.6%+274%0.59—
JNJJohnson & Johnson · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+12.7%17.9%0.76−27.4%+196%0.35—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.0%11.1%1.48−32.4%+194%0.590.40%
KOThe Coca-Cola Company · Food & Beverages
Higher return, lower volatilityHigher return in most periodsSmaller losses in recent crashes+14.7%16.8%0.91−37.0%+204%0.39—
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.5%17.5%0.71−35.0%+302%0.460.03%
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+14.5%23.0%0.71−35.1%+553%0.270.18%
What these numbers mean for TRP
Annual return
TRP returned 10.8% 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 $16,700. 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
TRP's volatility over the past 5 years was 21.9%, 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, TRP's return lands within 21.9% 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
TRP's Sharpe ratio over the past 5 years was 0.58, against 0.79 for the S&P 500, so TRP earned less 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
TRP's worst fall from a peak to a low over the past 10 years was 41.6%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 41.6% fall takes a 71.3% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, TRP's monthly returns had a correlation of 0.45 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 TRP instead: the lower it is, the more that option would diversify a TRP holding. Guide: Correlation and diversification →
Show all 170 stocks and funds worth at least $500 million that earned more than TRP with less volatility

Out of 3,633 tested over 5 years. The strongest 85 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with TRPExpense
1
RSGRepublic Services, Inc. · Environmental Services
Whole market+13.9%18.5%0.80−34.0%+446%0.29—
2
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.450.03%
3
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.59—
4
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.35—
5
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.590.40%
6
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.39—
7
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Whole market+18.7%20.8%0.93−30.9%+499%0.360.13%
8
DGRWWisdomTree U.S. Quality Dividend Growth Fund · US Dividend Equity
Whole market+11.8%14.0%0.87−32.0%+276%0.510.28%
9
SPHQInvesco S&P 500 Quality ETF · US Quality Equity
Whole market+12.0%16.7%0.76−31.6%+300%0.480.20%
10
MGVVanguard Morningstar Mega Cap Value ETF · US Large-Cap Value
Whole market+12.6%13.4%0.95−35.4%+244%0.590.05%
11
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.58—
12
RWLInvesco S&P 500 Revenue ETF · US Large-Cap Equity
Whole market+13.7%14.4%0.97−36.1%+287%0.580.39%
13
DBEFXtrackers MSCI EAFE Hedged Equity ETF · International Equity
Whole market+13.1%13.8%0.96−32.5%+206%0.460.35%
14
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.430.40%
15
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.280.40%
16
HDViShares Core High Dividend ETF · US Dividend Equity
Whole market+12.9%13.0%1.00−37.0%+172%0.640.08%
17
IWXiShares Russell Top 200 Value ETF · Broad Market
Whole market+12.7%13.8%0.94−35.8%+221%0.590.20%
18
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.4%20.2%0.68−32.9%+185%0.45—
19
FDLFirst Trust Morningstar Dividend Leaders Index Fund · US Dividend Equity
Whole market+13.9%14.4%0.98−41.4%+199%0.600.43%
20
QLCNorthern Trust US Quality Large Cap ETF · Broad Market
Whole market+14.2%16.9%0.87−35.9%+294%0.480.26%
21
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.260.45%
22
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.55—
23
EQLALPS Equal Sector Weight ETF · Broad Market
Whole market+13.5%14.5%0.94−34.2%+387%0.590.19%
24
ROUSHartford Multifactor US Equity ETF · Broad Market
Whole market+12.3%14.4%0.88−35.5%+238%0.570.19%
25
FDRRFidelity Dividend ETF for Rising Rates · Dividend & Income
Whole market+12.6%15.0%0.87−36.5%+265%0.520.15%
26
DGTState Street SPDR Global Dow ETF · International
Whole market+13.8%15.1%0.94−34.4%+261%0.590.50%
27
FDMOFidelity Momentum Factor ETF · Broad Market
Whole market+13.4%19.5%0.74−33.9%+308%0.390.15%
28
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.57—
29
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.280.48%
30
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.330.70%
31
DJDInvesco Dow Jones Industrial Average Dividend ETF · Dividend & Income
Whole market+11.8%13.3%0.91−34.7%+227%0.600.07%
32
MPLXMPLX Lp · Oil & Gas Midstream
Popular alternative+23.5%18.8%1.22−75.2%+350%0.40—
33
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.41—
34
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.57—
35
BNSThe Bank of Nova Scotia · Banks
Whole market+12.9%19.9%0.71−46.9%+187%0.61—
36
GDGeneral Dynamics Corporation · Aerospace & Defense
Whole market+12.9%20.8%0.69−51.6%+184%0.37—
37
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+335%0.56—
38
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.48—
39
FNDFSchwab Fundamental International Large Company Index ETF · International Equity
Whole market+13.6%16.3%0.87−40.2%+194%0.580.25%
40
VYMIVanguard International High Dividend Yield ETF · International Equity
Whole market+13.2%14.8%0.92−40.0%+176%0.620.07%
41
FDVVFidelity High Dividend ETF · US Dividend Equity
Whole market+13.2%14.6%0.92−40.2%+253%0.600.15%
42
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.460.15%
43
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.420.26%
44
EDConsolidated Edison, Inc. · Electric Utilities
Whole market+12.0%18.8%0.70−30.9%+114%0.40—
45
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Popular alternative+16.4%17.1%0.98−58.1%+178%0.52—
46
GCOWPacer Global Cash Cows Dividend ETF · International
Whole market+14.1%13.6%1.04−37.6%+168%0.570.60%
47
AVLVAvantis U.S. Large Cap Value ETF · US Large-Cap Value
Whole market+14.0%16.9%0.86−19.5%—0.550.15%
48
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.670.45%
49
WTVWisdomTree U.S. Value Fund · Broad Market
Whole market+13.4%17.0%0.83−42.2%+303%0.570.12%
50
PWVInvesco Large Cap Value ETF · Broad Market
Whole market+13.5%14.2%0.97−37.6%+223%0.570.55%
51
JQUAJPMorgan U.S. Quality Factor ETF · US Quality Equity
Whole market+13.6%15.7%0.89−32.9%—0.460.12%
52
DTDWisdomTree U.S. Total Dividend Fund · Dividend & Income
Whole market+11.8%13.5%0.90−37.3%+217%0.600.28%
53
USMCPrincipal U.S. Mega-Cap ETF · Broad Market
Whole market+14.1%16.4%0.89−30.0%—0.420.12%
54
FYLDCambria Foreign Shareholder Yield ETF · Dividend & Income
Whole market+13.1%16.0%0.85−44.6%+203%0.540.59%
55
FDDFirst Trust STOXX European Select Dividend Index Fund · Dividend & Income
Whole market+12.6%18.5%0.74−41.4%+175%0.510.56%
56
EYLDCambria Emerging Shareholder Yield ETF · International
Whole market+11.9%18.4%0.70−41.8%+199%0.250.63%
57
IDMOInvesco S&P International Developed Momentum ETF · International Equity
Whole market+13.3%18.2%0.78−31.3%+229%0.550.25%
58
FTGCFirst Trust Global Tactical Commodity Strategy Fund · Alternatives
Whole market+12.9%15.6%0.86−35.9%+139%0.230.98%
59
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.320.45%
60
IXGiShares Global Financials ETF · International
Whole market+12.2%17.2%0.76−43.5%+220%0.610.38%
61
FDUSFidus Investment Corporation · Asset Management
Whole market+13.5%20.4%0.72−68.7%+260%0.12—
62
DIVIFranklin International Core Dividend Tilt Index ETF · International
Whole market+13.4%15.5%0.89−27.7%+184%0.510.09%
63
DDWMWisdomTree Dynamic International Equity Fund · International
Whole market+12.3%13.4%0.94−35.0%+149%0.580.40%
64
INFLHorizon Kinetics Inflation Beneficiaries ETF · Broad Market
Whole market+11.8%17.8%0.72−21.3%—0.630.85%
65
FTXHFirst Trust Nasdaq Pharmaceuticals ETF · Healthcare
Whole market+11.9%16.9%0.75−32.1%+153%0.390.60%
66
HLALWahed FTSE USA Shariah ETF · Broad Market
Whole market+14.0%18.0%0.82−33.6%—0.370.50%
67
SIXAETC 6 Meridian Mega Cap Equity ETF · Broad Market
Whole market+12.8%12.7%1.01−18.4%—0.590.31%
68
QSPTFT Vest Nasdaq-100 Buffer ETF - September · Multi-Asset
Whole market+12.1%14.8%0.85−22.6%—0.330.90%
69
SFYSoFi Select 500 ETF · Broad Market
Whole market+13.9%19.4%0.77−33.3%—0.370.19%
70
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%0.28—
71
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.220.80%
72
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.550.56%
73
LLoews Corporation · Property & Casualty Insurance
Whole market+14.3%19.2%0.80−48.5%+180%0.61—
74
AVDVAvantis International Small Cap Value ETF · International Equity
Whole market+13.9%17.4%0.84−43.0%—0.530.36%
75
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.461.01%
76
AVUSAvantis U.S. Equity ETF · US Total Market
Whole market+12.2%17.2%0.76−37.0%—0.500.15%
77
ITAiShares U.S. Aerospace & Defense ETF · Aerospace & Defense
Whole market+14.6%20.4%0.78−51.0%+258%0.450.37%
78
PNWPinnacle West Capital Corporation · Electric Utilities
Whole market+13.4%19.9%0.73−39.3%+103%0.38—
79
IDViShares International Select Dividend ETF · International Equity
Whole market+12.8%15.5%0.86−42.5%+159%0.590.50%
80
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.650.95%
81
DIVBiShares Core Dividend ETF · Dividend & Income
Whole market+13.9%15.4%0.93−36.9%—0.550.05%
82
DBCInvesco DB Commodity Index Tracking Fund · Alternatives
Whole market+12.0%19.3%0.69−41.7%+160%0.210.89%
83
AUSFGlobal X - Adaptive U.S. Factor ETF · International
Whole market+13.2%13.6%0.99−44.2%—0.570.27%
84
VFMFVanguard U.S. Multifactor ETF · Broad Market
Whole market+14.3%17.6%0.85−41.3%—0.550.18%
85
IDOGALPS International Sector Dividend Dogs ETF · International
Whole market+14.1%15.6%0.93−37.3%+180%0.570.50%

TRP against its popular alternatives

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

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

Green points earned more than TRP 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%45.0%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 volatilityTRP: 10.8% a year, volatility 21.9%SPY (S&P 500): 12.7% a year, volatility 17.1%PBA: 13.8% a year, volatility 21.5%MPLX: 23.5% a year, volatility 18.8%EPD: 16.4% a year, volatility 17.1%SRE: 8.1% a year, volatility 23.0%TRGP: 41.8% a year, volatility 31.7%LNG: 23.4% a year, volatility 30.2%OKE: 13.3% a year, volatility 28.0%WMB: 24.6% a year, volatility 24.0%DTM: 24.5% a year, volatility 25.2%CVE: 26.6% a year, volatility 39.4%KMI: 18.7% a year, volatility 22.5%WES: 23.5% a year, volatility 27.6%EQT: 22.4% a year, volatility 40.9%AM: 20.1% a year, volatility 25.9%ENB: 9.1% a year, volatility 18.9%HESM: 10.9% a year, volatility 27.0%TRPSPY (S&P 500)PBAMPLXEPDSRETRGPLNGOKEWMBDTMCVEKMIWESEQTAMENBHESM15.0%20.0%25.0%30.0%35.0%40.0%45.0%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 volatilityTRP: 10.8% a year, volatility 21.9%SPY (S&P 500): 12.7% a year, volatility 17.1%PBA: 13.8% a year, volatility 21.5%MPLX: 23.5% a year, volatility 18.8%EPD: 16.4% a year, volatility 17.1%SRE: 8.1% a year, volatility 23.0%TRGP: 41.8% a year, volatility 31.7%LNG: 23.4% a year, volatility 30.2%OKE: 13.3% a year, volatility 28.0%WMB: 24.6% a year, volatility 24.0%DTM: 24.5% a year, volatility 25.2%CVE: 26.6% a year, volatility 39.4%KMI: 18.7% a year, volatility 22.5%WES: 23.5% a year, volatility 27.6%EQT: 22.4% a year, volatility 40.9%AM: 20.1% a year, volatility 25.9%ENB: 9.1% a year, volatility 18.9%HESM: 10.9% a year, volatility 27.0%TRPSPY (S&P 500)MPLXEPDSRETRGPLNGOKEWMBCVEKMIWESEQTAMENBHESM
All figures
InvestmentAnnual returnVolatility
TRGP Targa Resources Corp.+41.8%31.7%
CVE Cenovus Energy Inc.+26.6%39.4%
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%
AM Antero Midstream Corporation+20.1%25.9%
KMI Kinder Morgan, Inc.+18.7%22.5%
EPD Enterprise Products Partners L.P.+16.4%17.1%
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 This pageTC Energy Corporation+10.8%21.9%
ENB Enbridge Inc.+9.1%18.9%
SRE Sempra+8.1%23.0%
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Has TRP consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than TRP 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
TRP TC Energy Corporation (this page)—+3.3%−8.8%+3.6%+13.8%+24.9%+136%+66.7%+160%21.9%0.58−41.6%—$64B—
TRGP QualifiedTarga Resources Corp.4/5 short3/3 longAll-weather+1.1%+4.1%+27.6%+59.0%+98.1%+260%+473%+829%31.7%1.27−90.8%—$63B—
PBA QualifiedPembina Pipeline Corporation5/5 short2/3 long+8.0%−0.1%+20.5%+34.4%+39.3%+91.3%+90.5%+172%21.5%0.71−70.9%—$29B—
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—
MPLX QualifiedMPLX Lp4/5 short2/3 long−1.2%+4.1%+8.8%+14.7%+27.2%+105%+187%+350%18.8%1.22−75.2%—$59B—
OKE QualifiedONEOK, Inc.4/5 short2/3 long+1.1%+0.4%+13.5%+29.6%+42.8%+59.9%+86.8%+233%28.0%0.59−80.2%—$59B—
EPD QualifiedEnterprise Products Partners L.P.3/5 short2/3 long−3.9%−3.2%+3.2%+20.3%+28.4%+65.2%+113%+178%17.1%0.98−58.1%—$80B—
WMB Oil & Gas MidstreamThe Williams Companies, Inc.2/5 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—
CVE Oil & Gas IntegratedCenovus Energy Inc.5/5 short1/3 long+5.1%+18.0%+34.6%+92.4%+101%+76.2%+225%+163%39.4%0.80−89.2%—$61B—
KMI Oil & Gas MidstreamKinder Morgan, Inc.5/5 short1/3 long+5.8%+4.0%+7.1%+24.6%+26.9%+129%+136%+163%22.5%0.88−55.1%—$75B—
WES Oil & Gas MidstreamWestern Midstream Partners, LP4/5 short1/3 long−4.4%−2.6%+14.1%+19.4%+27.6%+110%+187%+128%27.6%0.91−91.9%—$18B—
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—
AM Oil & Gas MidstreamAntero Midstream Corporation2/5 short1/3 long−2.2%−8.0%+0.5%+18.4%+17.2%+95.0%+149%—25.9%0.84−92.9%—$9.8B—
SRE Diversified UtilitiesSempra1/5 short0/3 long+2.8%−7.9%−9.9%−5.6%−8.0%+32.7%+47.5%+114%23.0%0.46−45.0%—$54B—
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—
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 TRP do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where TRP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with TRP and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

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

InvestmentYears ahead of TRP20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
TRP This pageTC Energy Corporation—+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%+16.2%+34.2%−30.6%+21.9%+16.2%+32.9%+21.2%+55.8%+21.9%+14.8%+41.4%−36.3%−16.2%+35.6%
Rank among alternativesTop quarter in 8 of 293 of 178 of 1712 of 1717 of 1714 of 169 of 161 of 1613 of 163 of 144 of 143 of 1410 of 1413 of 146 of 128 of 117 of 96 of 84 of 83 of 85 of 82 of 87 of 84 of 82 of 82 of 85 of 88 of 86 of 75 of 7
SPY S&P 500State Street SPDR S&P 500 ETF11 of 29+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%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
TRGP Targa Resources Corp.10 of 15+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%——————————————
PBA Pembina Pipeline Corporation8 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%——————————————
LNG Cheniere Energy, Inc.15 of 29−8.7%+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%+128%−15.1%−91.3%+13.0%−22.4%+16.9%+444%+815%+28.0%−58.6%−16.1%−27.9%−51.5%−48.1%
MPLX MPLX Lp8 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%————————————————
OKE ONEOK, Inc.16 of 29−22.9%+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%+29.3%+61.2%−32.4%+6.9%+67.9%−2.8%+33.5%+19.0%+11.7%−23.6%+100%−27.7%−7.3%+39.3%
EPD Enterprise Products Partners L.P.12 of 27+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%+41.3%+64.3%−30.1%+17.3%+29.3%−1.3%+12.6%+35.7%−11.8%+59.7%+86.1%+36.8%——
WMB The Williams Companies, Inc.18 of 29+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%+20.2%+49.6%−58.8%+38.8%+14.3%+49.2%+106%+457%−75.2%−31.0%+32.3%−0.5%+11.4%+54.4%
DTM DT Midstream, Inc.2 of 4+24.1%+89.0%+4.7%+20.7%—————————————————————————
CVE Cenovus Energy Inc.3 of 16+15.8%−5.9%−12.3%+61.1%+105%−39.6%+47.2%−21.6%−38.6%+21.1%−36.1%−25.3%−11.9%+3.6%+2.3%+35.6%—————————————
KMI Kinder Morgan, Inc.6 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%———————————————
WES Western Midstream Partners, LP7 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%————————————————
EQT EQT Corporation11 of 29+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%+24.2%+4.3%+34.0%−35.9%+29.9%+16.4%+24.0%+45.4%+25.5%+5.0%+3.7%+105%+19.0%−14.3%+23.8%
AM Antero Midstream Corporation4 of 8+24.4%+28.4%+25.8%+21.9%+39.5%+27.6%−24.5%−41.8%—————————————————————
SRE Sempra14 of 29+3.9%+21.1%−0.1%+20.3%+7.4%−12.8%+44.0%+4.5%+8.7%+10.1%−13.2%+27.3%+30.3%+33.8%+8.7%−3.4%+35.6%−29.2%+12.8%+28.1%+25.8%+25.6%+31.8%+0.5%+10.1%+40.6%−26.0%+11.5%+43.6%
ENB Enbridge Inc.17 of 29+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%+26.2%+47.3%−17.0%+21.4%+13.5%+29.5%+24.8%+57.5%+3.1%−1.3%+48.7%−8.9%+7.6%+66.2%
HESM Hess Midstream LP5 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 TRP 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 TRP's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents TRP's five deepest drawdowns since it began trading in 1986, 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.

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

DuringTRP fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−61.6%+25.2%Mar 1998Feb 200023 monthsMay 20022.3 years
2008 financial crisis−45.4%−53.9%Nov 2007Mar 200916 monthsOct 201019 months
2015 China and oil sell-off−42.7%−4.0%Sep 2014Jan 201616 monthsJan 201712 months
Covid crash−41.6%−32.8%Feb 2020Mar 20201 monthJun 202115 months
2022 bear market−37.9%+4.6%Jun 2022Oct 202316 monthsOct 202412 months

How did TRP do in stock market crashes?

This section measures how far TRP, 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.

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

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
TRP This pageTC Energy Corporation—−4.0%−30.7%−41.6%−15.3%−5.2%−18.5%−12.8%−0.6%−45.4%−13.7%
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
TRGP Targa Resources Corp.1 of 7−5.6%−30.0%−88.0%−40.6%−5.1%−79.1%−22.8%———
PBA Pembina Pipeline Corporation2 of 7−4.0%−27.4%−70.9%−17.6%−5.8%−34.3%−12.0%———
LNG Cheniere Energy, Inc.3 of 10−1.3%−17.8%−46.1%−21.3%−5.1%−66.5%−62.4%0.0%−97.7%−84.4%
MPLX MPLX Lp3 of 6−1.2%−18.4%−64.6%−17.9%−4.5%−66.8%————
OKE ONEOK, Inc.1 of 10−5.1%−29.2%−80.2%−25.5%−5.9%−51.3%−21.0%−0.8%−63.1%−42.0%
EPD Enterprise Products Partners L.P.5 of 10−2.4%−18.0%−53.2%−18.6%−4.1%−31.3%−13.0%0.0%−44.4%−34.6%
WMB The Williams Companies, Inc.2 of 10−3.4%−23.0%−57.0%−25.4%−7.0%−78.9%−26.7%−3.4%−75.3%−98.0%
DTM DT Midstream, Inc.1 of 2−3.7%−19.9%————————
CVE Cenovus Energy Inc.0 of 8−7.1%−40.4%−82.3%−37.9%−16.4%−42.5%−26.3%−0.9%——
KMI Kinder Morgan, Inc.3 of 7−3.2%−20.3%−55.1%−19.8%−4.0%−64.4%−16.2%———
WES Western Midstream Partners, LP2 of 6−2.5%−23.5%−77.4%−17.6%−6.5%−63.0%————
EQT EQT Corporation1 of 10−5.9%−36.4%−36.4%−36.6%−11.9%−39.3%−24.4%−2.1%−69.3%−31.6%
AM Antero Midstream Corporation2 of 5−2.7%−21.9%−60.8%−43.1%−7.0%—————
SRE Sempra6 of 10−3.1%−19.4%−44.6%−9.4%−2.1%−17.0%−12.7%−1.3%−40.7%−40.7%
ENB Enbridge Inc.6 of 10−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
HESM Hess Midstream LP1 of 5−3.9%−28.7%−70.8%−28.9%−8.0%—————
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How closely does TRP 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 TRP 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 TRP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
TRP This pageTC Energy Corporation67%73%0.920.72
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
TRGP Targa Resources Corp.156%157%0.991.85
SRE Sempra48%49%0.970.60
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
CVE Cenovus Energy Inc.124%173%0.721.69
WES Western Midstream Partners, LP121%175%0.692.23
EQT EQT Corporation62%101%0.610.90
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What diversifies TRP?

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

ETFs

InvestmentCorrelation5Y returnSharpe202220202018201520081999199880/20 mix volatility80/20 mix annual return
TRP TC Energy Corporation (this page)1.00+66.7%0.58−8.8%−18.7%−22.2%−29.0%−30.6%−36.3%−16.2%23.9%+12.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.28+225%1.34+6.0%+3.9%−19.8%+7.7%−20.8%——20.0%+15.6%
SMH TechnologyVanEck Semiconductor ETF0.17+323%0.97−33.5%+55.5%−9.1%−0.3%−44.7%——21.4%+18.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.46+85.0%0.96−5.1%+2.1%−9.5%+4.1%———20.2%+13.0%
GLD CommoditiesSPDR Gold Shares0.28+126%0.96−0.8%+24.8%−1.9%−10.7%+4.9%——20.3%+14.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.36+136%0.93−10.4%+28.2%−0.9%————20.9%+14.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.46+177%0.93+64.4%−32.7%−18.2%−21.5%−39.0%+18.1%—22.0%+15.0%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.46+109%0.90−14.2%−0.2%−11.1%−4.1%———21.3%+13.8%
EWT TechnologyiShares MSCI Taiwan ETF0.23+153%0.89−28.9%+31.5%−9.9%−12.9%−45.3%——20.9%+15.0%

Stocks

InvestmentCorrelation5Y returnSharpe202220202018201520081999199880/20 mix volatility80/20 mix annual return
TRP TC Energy Corporation (this page)1.00+66.7%0.58−8.8%−18.7%−22.2%−29.0%−30.6%−36.3%−16.2%23.9%+12.3%
CAH Medical - DistributionCardinal Health, Inc.0.20+479%1.55+54.1%+10.1%−24.5%+12.6%−39.6%−36.8%+51.7%20.8%+17.9%
CLS Hardware, Equipment & PartsCelestica Inc.0.02+3,143%1.47+1.3%−2.4%−16.3%−6.0%−20.5%+350%—22.6%+31.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.30+1,636%1.46+17.0%+6.7%+0.8%+67.7%−15.2%−58.7%−9.5%23.4%+26.5%
MCK Medical - DistributionMcKesson Corporation0.30+413%1.44+51.8%+27.1%−28.4%−4.5%−40.4%−71.3%+46.9%21.2%+17.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.20+690%1.41+86.6%−27.4%−8.2%+17.4%———21.4%+20.0%
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Common questions

What was TRP's worst drawdown?

TRP's deepest decline since it began trading in 1986 was 61.6%, from March 1998 to February 2000. It took 27 months from the low to climb back to its old high.

What were TRP's best and worst years?

Over 29 full calendar years, TRP's best year was 2019, when it returned 57.0%. Its worst was 1999, with a return of -36.3%.

Is there a better investment than TRP?

Among TRP's popular alternatives, MPLX and EPD earned more than TRP with less volatility over the past 5 years. MPLX returned 23.5% a year at 18.8% volatility, against 10.8% a year at 21.9%. Looking beyond its popular alternatives, XOM (integrated oil & gas) and CVX (integrated oil & gas) were ahead of TRP in most short and long periods.

Is TRP more volatile than the S&P 500?

Yes. TRP's volatility over the past 5 years was 21.9%, 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, TRP's return lands within 21.9% 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 TRP's Sharpe ratio?

TRP's Sharpe ratio over the past 5 years was 0.58, against 0.79 for the S&P 500, so TRP earned less 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 TRP with the S&P 500?

Over the past 5 years, TRP's monthly returns had a correlation of 0.45 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 TRP instead: the lower it is, the more that option would diversify a TRP holding.

What are the best alternatives to TRP?

Of the 16 popular alternatives we compared, six outperformed TRP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: TRGP, PBA and LNG.

Did TRP outperform the S&P 500?

TRP finished ahead of the S&P 500 (SPY) in 17 of 29 full calendar years. In 2025, it returned +24.0%, against +17.7% for the index.

How did TRP do in stock market crashes?

TRP fell less than the S&P 500 (SPY) in six of the ten major crashes it has traded through, and further in four. The clearest case was the dot-com bust, when TRP fell 13.7% and the S&P 500 fell 47.5%.

What diversifies TRP?

These had a low correlation with TRP over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.28), SMH (correlation 0.17) and DBEF (correlation 0.46); among large stocks, CAH (correlation 0.20), CLS (correlation 0.02) and FIX (correlation 0.30). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to TRP

Other stocks and ETFs