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

> Source: EasyCompare research, https://easycompare.io/research/trp
> 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 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.

## Key findings

- **Right now:** Over the past 3 months, TRP fell 8.8% while the S&P 500 rose 3.9%. Its oil & gas midstream peers split over the past 3 months: KMI (Kinder Morgan) rose 4.0%, while HESM (Hess Midstream) fell 22.2%.
- **Stock or market?:** The weakness is TRP's own: it fell 8.8% over the past 3 months while the oil & gas midstream ETF AMLP (Alerian MLP ETF) fell 1.6%. The S&P 500 rose 3.9%. Its oil & gas midstream peers did not move as one over the past 3 months: KMI (Kinder Morgan) rose 4.0%, while HESM (Hess Midstream) fell 22.2%.
- **Past 1 to 3 years:** TRP has outpaced the market, rising 24.9% 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 (136% against 89.3%). TRP lagged its oil & gas midstream peers in 2023, then moved up the pack in 2025.
- **Long term:** TRP turned $10,000 into $26,000 over the past decade, against $42,100 in the S&P 500.
- **In a crash:** In the 2022 bear market, TRP fell harder than most of its oil & gas midstream peers, including ENB (Enbridge), WMB and EPD. TRP fell further than the S&P 500 in three of the last four sell-offs, including the Covid crash (41.6% against 33.7%).
- **Diversification:** TRP is some diversification, but not a hedge: a correlation of 0.45 with the S&P 500 over 5 years and 0.46 with the total US market, more closely than 63% of stocks worth at least $300 million. Over 10 years, TRP's beta versus the S&P 500 was 0.72: 67% of the S&P 500's gains in rising months and 73% of its losses in falling ones.
- **Better options**
  - **Popular alternatives:** MPLX and EPD (Enterprise Products Partners) 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%.
  - **Nearby categories and themes:** XOM (Exxonmobil, integrated oil & gas) and CVX (Chevron, integrated oil & gas) were ahead of TRP in most short and long periods.
  - **Whole market:** 170 of the 3,633 stocks and funds worth at least $500 million earned more than TRP with less volatility over the past 5 years, among them VOO (Vanguard S&P 500 ETF), BRK-B (Berkshire Hathaway) and BRK-A (Berkshire Hathaway).

## 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.

- $10,000 invested in TRP at the end of September 1997 would have grown to $189,438 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the six other investments on the chart ended ahead of TRP, and WMB finished highest, at $472,016.

## 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.

- 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.
- Over 29 full calendar years, TRP's best was 2019, when it returned 57.0%, and its worst was 1999, when it lost 36.3%. It lost money in seven of those years.
- TRP is 11.5% below its all-time high.

- Type: Stock, Energy (Oil & Gas Midstream)
- Trading since: October 17, 1986
- Market value: $64B
- Volatility (5 years): 21.9%; Sharpe ratio: 0.58
- Worst decline ever: −61.6%, from March 26, 1998 to February 22, 2000; back at its high by May 23, 2002

| Period | TRP total return |
| --- | --- |
| 1 month | +3.3% |
| 3 months | −8.8% |
| 6 months | +3.6% |
| year to date | +13.8% |
| 1 year | +24.9% |
| 3 years | +136% |
| 5 years | +66.7% |
| 10 years | +160% |

## 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.

- TRP is among the steadier stocks: its price swings rank in the top 5% of the 2,893 stocks worth at least $300 million, where the top is the calmest.

| Measure | TRP | Rank |
| --- | --- | --- |
| 1-year return | +24.9% | 1,113 of 3,287 (top 34%) |
| 3-year return | +136% | 672 of 3,017 (top 23%) |
| 5-year return | +66.7% | 933 of 2,893 (top 33%) |
| 10-year return | +160% | 1,029 of 2,202 (top 47%) |
| Volatility, 5 years | 21.9% | 147 of 2,893 (top 6%) |
| Sharpe ratio, 5 years | 0.58 | 725 of 2,893 (top 26%) |
| Worst decline, past 10 years | −41.6% | 194 of 2,187 (top 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).

- 22 stocks and 148 ETFs worth at least $500 million sit in the green region: each earned more than TRP over the past 5 years with smaller price swings. That is 5% of the 3,633 screened.
- Among those with at least half TRP's swings, LVHI has the best return for its risk: 17.0% a year at 11.1% volatility, 50% less than TRP's 21.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.48 against 0.58 for TRP. DXJ earned the most, 26.6% a year, while still swinging less than TRP (19.1% against 21.9%).
- Among TRP's popular alternatives, MPLX and EPD are in the region. MPLX earned 23.5% a year against 10.8% a year for TRP, at 18.8% volatility, 14% less than TRP's 21.9%.

### Is there a better investment than TRP?

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.

- 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.
- Across the whole market, 170 of the 3,633 stocks and funds worth at least $500 million earned more than TRP with less volatility over the past 5 years, among them VOO, BRK-B and BRK-A.

The 15 strongest of 170 investments that beat TRP over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with TRP | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TRP: TC Energy Corporation (this page) |  | +10.8% | 21.9% | 0.58 | −41.6% | +160% |  |  |
| [RSG](https://easycompare.io/research/rsg): Republic Services, Inc. | Environmental Services | +13.9% | 18.5% | 0.80 | −34.0% | +446% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VOO](https://easycompare.io/research/voo): Vanguard S&P 500 ETF | US Large-Cap Equity | +12.8% | 16.9% | 0.80 | −34.0% | +324% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BRK-B](https://easycompare.io/research/brk-b): Berkshire Hathaway Inc. | Insurance | +13.4% | 17.1% | 0.82 | −29.6% | +274% | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [JNJ](https://easycompare.io/research/jnj): Johnson & Johnson | Pharmaceuticals | +12.7% | 17.9% | 0.76 | −27.4% | +196% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | International Equity | +17.0% | 11.1% | 1.48 | −32.4% | +194% | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [KO](https://easycompare.io/research/ko): The Coca-Cola Company | Food & Beverages | +14.7% | 16.8% | 0.91 | −37.0% | +204% | 0.39 | Higher return, lower volatility; Higher return in most periods; Smaller losses in recent crashes |
| SPMO: Invesco S&P 500 Momentum ETF | US Momentum Equity | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DGRW: WisdomTree U.S. Quality Dividend Growth Fund | US Dividend Equity | +11.8% | 14.0% | 0.87 | −32.0% | +276% | 0.51 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SPHQ: Invesco S&P 500 Quality ETF | US Quality Equity | +12.0% | 16.7% | 0.76 | −31.6% | +300% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| MGV: Vanguard Morningstar Mega Cap Value ETF | US Large-Cap Value | +12.6% | 13.4% | 0.95 | −35.4% | +244% | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.58 | Higher return, lower volatility; Higher return in most periods |
| RWL: Invesco S&P 500 Revenue ETF | US Large-Cap Equity | +13.7% | 14.4% | 0.97 | −36.1% | +287% | 0.58 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | International Equity | +13.1% | 13.8% | 0.96 | −32.5% | +206% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| IOO: iShares Global 100 ETF | Global Equity | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.43 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | Gold | +17.7% | 18.9% | 0.96 | −26.4% | +213% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |

## 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.

- MPLX, EPD and PBA were both more rewarding and calmer than TRP over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, TRP returned 10.8% a year, less than the S&P 500's 12.7%, with higher volatility (21.9% against 17.1%).

### 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.

- Six of the 16 popular alternatives, led by TRGP, PBA and LNG, outperformed TRP in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- TRGP outperformed TRP in every long-term period and in all but one short-term period, the most consistent record in the group.
- DTM earned more for the risk it took than TRP (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of TRP | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| TRP: TC Energy Corporation (this page) | +24.9% | +136% | +66.7% | +160% |  |  | 0.58 |
| [TRGP](https://easycompare.io/research/trgp): Targa Resources Corp. | +98.1% | +260% | +473% | +829% | 4/5 short-term, 3/3 long-term | all-weather | 1.27 |
| PBA: Pembina Pipeline Corporation | +39.3% | +91.3% | +90.5% | +172% | 5/5 short-term, 2/3 long-term | consistent | 0.71 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | +29.3% | +69.8% | +186% | +616% | 4/5 short-term, 2/3 long-term | consistent | 0.85 |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | +27.2% | +105% | +187% | +350% | 4/5 short-term, 2/3 long-term | consistent | 1.22 |
| [OKE](https://easycompare.io/research/oke): ONEOK, Inc. | +42.8% | +59.9% | +86.8% | +233% | 4/5 short-term, 2/3 long-term | consistent | 0.59 |
| [EPD](https://easycompare.io/research/epd): Enterprise Products Partners L.P. | +28.4% | +65.2% | +113% | +178% | 3/5 short-term, 2/3 long-term | consistent | 0.98 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | +14.9% | +125% | +200% | +288% | 2/5 short-term, 2/3 long-term |  | 1.04 |
| DTM: DT Midstream, Inc. | +14.4% | +147% | +199% | — | 0/5 short-term, 2/3 long-term |  | 1.00 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | +101% | +76.2% | +225% | +163% | 5/5 short-term, 1/3 long-term |  | 0.80 |
| [KMI](https://easycompare.io/research/kmi): Kinder Morgan, Inc. | +26.9% | +129% | +136% | +163% | 5/5 short-term, 1/3 long-term |  | 0.88 |
| WES: Western Midstream Partners, LP | +27.6% | +110% | +187% | +128% | 4/5 short-term, 1/3 long-term |  | 0.91 |
| EQT: EQT Corporation | −1.8% | +35.0% | +175% | +69.1% | 2/5 short-term, 1/3 long-term |  | 0.70 |
| AM: Antero Midstream Corporation | +17.2% | +95.0% | +149% | — | 2/5 short-term, 1/3 long-term |  | 0.84 |
| [SRE](https://easycompare.io/research/sre): Sempra | −8.0% | +32.7% | +47.5% | +114% | 1/5 short-term, 0/3 long-term |  | 0.46 |
| [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 |
| HESM: Hess Midstream LP | +0.8% | +27.1% | +67.9% | — | 0/5 short-term, 0/3 long-term |  | 0.52 |

### 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.

- TRP finished ahead of the S&P 500 in 17 of its 29 full calendar years, and ahead of it in each of the last two.
- Among its popular alternatives, TRGP came out ahead of TRP most often, in ten of the 15 years both traded.
- Ranked against its popular alternatives each year, TRP finished in the top quarter in eight of 29 years and in the bottom quarter in six. In 2025, it ranked 3 of 17.

| Year | TRP | SPY |
| --- | --- | --- |
| 2025 | +24.0% | +17.7% |
| 2024 | +39.9% | +24.9% |
| 2023 | +6.1% | +26.2% |
| 2022 | −8.8% | −18.2% |
| 2021 | +21.7% | +28.7% |
| 2020 | −18.7% | +18.3% |
| 2019 | +57.0% | +31.2% |
| 2018 | −22.2% | −4.6% |
| 2017 | +12.9% | +21.7% |
| 2016 | +46.1% | +12.0% |

## 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.

- In four of TRP's five worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: TRP fell 61.6% from March 1998 to February 2000, while the S&P 500 rose 25.2%.
- The slowest recovery came after TRP fell 61.6% from March 1998 to February 2000; it did not regain that peak until May 2002, two years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −61.6% | March 26, 1998 | February 22, 2000 | May 23, 2002 | +25.2% |  |
| −45.4% | November 6, 2007 | March 9, 2009 | October 5, 2010 | −53.9% | 2008 financial crisis |
| −42.7% | September 19, 2014 | January 15, 2016 | January 24, 2017 | −4.0% | 2015 China and oil sell-off |
| −41.6% | February 21, 2020 | March 23, 2020 | June 9, 2021 | −32.8% | Covid crash |
| −37.9% | June 7, 2022 | October 4, 2023 | October 4, 2024 | +4.6% | 2022 bear market |

### 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.

- Among its popular alternatives, SRE held up best, falling less than TRP in six of the ten crashes they both traded through.
- TRP fell less than the S&P 500 in six of the ten crashes it has traded through. The clearest case was the dot-com bust, when TRP fell 13.7% and the S&P 500 fell 47.5%.

| Crash | Dates | TRP fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −13.7% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −45.4% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.6% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −12.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −18.5% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −15.3% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −41.6% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −30.7% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −4.0% | −3.4% |

### 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.

- Over the past 10 years, TRP captured 67% of the S&P 500's gains in rising months and 73% of its losses in falling months, with a beta of 0.72. Its share of the market's losses was slightly larger than its share of the gains.
- LNG took just 30% of the S&P 500's losses, against 73% for TRP, while still keeping 79% of its gains.
- Five of the 13 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than TRP's 0.92, led by LNG, MPLX and WMB.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| TRP: TC Energy Corporation (this page) | 67.0% | 73.0% | 0.72 |
| [TRGP](https://easycompare.io/research/trgp): Targa Resources Corp. | 156% | 157% | 1.85 |
| PBA: Pembina Pipeline Corporation | 79.0% | 92.0% | 1.02 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | 79.0% | 30.0% | 0.77 |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | 87.0% | 76.0% | 1.16 |
| [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 |
| [WMB](https://easycompare.io/research/wmb): The Williams Companies, Inc. | 85.0% | 78.0% | 1.02 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | 124% | 173% | 1.69 |
| [KMI](https://easycompare.io/research/kmi): Kinder Morgan, Inc. | 68.0% | 82.0% | 0.82 |
| WES: Western Midstream Partners, LP | 121% | 175% | 2.23 |
| EQT: EQT Corporation | 62.0% | 101% | 0.90 |
| [SRE](https://easycompare.io/research/sre): Sempra | 48.0% | 49.0% | 0.60 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | 60.0% | 74.0% | 0.73 |

### 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).

- Moving a fifth of the money in TRP into DXJ would have cut the portfolio's volatility by 16% over the past 5 years and raised its annual return (+12.3% for TRP alone, +15.6% for the mix).
- Among large ETFs, DXJ, SMH and DBEF have moved largely independently of TRP over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.
- CAH made money in four of the seven calendar years in which TRP lost money.

| Investment | Correlation with TRP | 5Y return | Volatility | Sharpe | Rose in TRP's 7 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.28 | +225% | 19.1% | 1.34 | 3 of 7 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.17 | +323% | 36.9% | 0.97 | 1 of 7 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.46 | +85.0% | 13.8% | 0.96 | 2 of 7 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.28 | +126% | 18.9% | 0.96 | 2 of 7 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.36 | +136% | 20.8% | 0.93 | 1 of 7 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.46 | +177% | 25.5% | 0.93 | 2 of 7 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.46 | +109% | 18.4% | 0.90 | 0 of 7 |
| EWT: iShares MSCI Taiwan ETF | 0.23 | +153% | 24.2% | 0.89 | 1 of 7 |

## 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.

## More research

- [Targa Resources (TRGP) Performance, Alternatives and Market Rank](https://easycompare.io/research/trgp)
- [Cheniere Energy (LNG) Performance, Alternatives and Market Rank](https://easycompare.io/research/lng)
- [MPLX Performance, Alternatives and Market Rank](https://easycompare.io/research/mplx)
- [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)
- [Williams Companies (WMB) Performance, Alternatives and Market Rank](https://easycompare.io/research/wmb)
- [Cenovus Energy (CVE) Performance, Alternatives and Market Rank](https://easycompare.io/research/cve)
- [Kinder Morgan (KMI) Performance, Alternatives and Market Rank](https://easycompare.io/research/kmi)
- [Sempra (SRE) Performance, Alternatives and Market Rank](https://easycompare.io/research/sre)
- [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)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)

## Explore further

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