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Relative Intelligence · Oil & Gas Midstream

How Williams Companies (WMB) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on WMB alone. It places WMB (The Williams Companies, Inc.) against 18 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 WMB stands in the market, and of the alternatives worth a closer look.

Period covered: WMB'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 WMB →Chart WMB vs. 18 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in WMB over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WMB over the same span and WMB'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. 112 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of WMB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M$10M199720022007201220172022$1,000$10,000$100,000$1M$10M19972004201120182025
  • AAPL$21M+205,249% total · +30.1% a year
  • AMZN$11M+114,749% total · +27.5% a year
  • ASML$984,088+9,741% total · +17.1% a year
  • MU$629,766+6,198% total · +15.4% a year
  • MSFT$508,386+4,984% total · +14.5% a year
  • 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
  • TRP$189,438+1,794% total · +10.7% 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. 297 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of WMB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • MPC$71,516+615% total · +48.2% a year
  • TRGP$61,030+510% total · +43.6% a year
  • IMO$44,071+341% total · +34.5% a year
  • PSX$43,718+337% total · +34.3% a year
  • SU$40,398+304% total · +32.2% a year
  • PAGP$34,579+246% total · +28.2% a year
  • PAA$34,327+243% total · +28.0% a year
  • WMB$32,631+226% total · +26.7% a year
  • LNG$28,953+190% total · +23.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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WMB 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
$86B
Industry
Oil & Gas Midstream
Price history from
October 1986

Returns

Past 1 year
+14.9%total return
Past 3 years
+125%+31.1% a year
Past 5 years
+200%+24.6% a year
Past 10 years
+288%+14.5% a year
Best calendar year
+457%2003
Worst calendar year
−75.2%2002
Losing years
7 of 29full calendar years

Risk

Volatility
24.0%typical yearly swing, 5 years
Sharpe ratio
1.04return per unit of risk, 5 years
Worst decline ever
−98.1%Jun 1999 to Jul 2002
From its all-time high
−10.1%below the peak

WMB against the whole market

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

How does WMB rank among all stocks?

This section ranks WMB 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 WMB 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.

MeasureWMBRankStanding
1-year return+14.9%1,405 of 3,287top 43%
3-year return+125%736 of 3,017top 24%
5-year return+200%314 of 2,893top 11%
10-year return+288%618 of 2,202top 28%
Volatility, 5 years24.0%265 of 2,893top 9%
Sharpe ratio, 5 years1.0476 of 2,893top 3%
Worst decline, past 10 years−68.1%1,225 of 2,187bottom 45%

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

15.0%17.5%20.0%22.5%25.0%27.5%30.0%32.5%35.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WMBWMB: +24.6% a year, volatility 24.0%SPY (S&P 500): +12.7% a year, volatility 17.1%LNG: +23.4% a year, volatility 30.2%MPC: +51.2% a year, volatility 33.4%TRGP: +41.8% a year, volatility 31.7%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%CNQ: +26.5% a year, volatility 32.5%DXJ: +26.6% a year, volatility 19.1%MCK: +38.7% a year, volatility 25.0%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%HSBC: +33.1% a year, volatility 25.9%ABBV: +26.1% a year, volatility 23.4%SMFG: +33.7% a year, volatility 29.4%EPU: +29.5% a year, volatility 24.9%WMBSPY (S&P 500)LNGMPCTRGPPSXSUIMOCNQDXJMCKCAHLLYHSBCABBVSMFGEPU15.0%20.0%25.0%30.0%35.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WMBWMB: +24.6% a year, volatility 24.0%SPY (S&P 500): +12.7% a year, volatility 17.1%LNG: +23.4% a year, volatility 30.2%MPC: +51.2% a year, volatility 33.4%TRGP: +41.8% a year, volatility 31.7%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%CNQ: +26.5% a year, volatility 32.5%DXJ: +26.6% a year, volatility 19.1%MCK: +38.7% a year, volatility 25.0%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%HSBC: +33.1% a year, volatility 25.9%ABBV: +26.1% a year, volatility 23.4%SMFG: +33.7% a year, volatility 29.4%EPU: +29.5% a year, volatility 24.9%WMBSPY (S&P 500)LNGMPCTRGPPSXSUCNQDXJMCKCAHHSBCABBVEPU
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market

Is there a better investment than WMB?

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

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

Screen the whole market against WMB for any period in BetterThanSPYOpen these 16 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 WMB?lower diversifies moreExpenseper year
WMBThe Williams Companies, Inc. · this page
+24.6%24.0%1.04−68.1%+288%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.420.09%
Popular alternativesbest 1 shownThe investments people most often weigh against WMB. 1 of 18 passed at least one test.
LNGCheniere Energy, Inc. · Oil & Gas
Smaller losses in recent crashes+23.4%30.2%0.85−57.5%+616%0.50—
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 WMB's specific themes. 6 of 68 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.40—
TRGPTarga Resources Corp. · Oil & Gas Midstream
Higher return in most periods+41.8%31.7%1.27−90.8%+829%0.80—
PSXPhillips 66 · Oil & Gas
Higher return in most periods+33.2%32.9%1.04−64.2%+430%0.47—
SUSuncor Energy Inc. · Integrated Oil & Gas
Higher return in most periods+33.1%32.5%1.05−73.5%+295%0.49—
IMOImperial Oil Limited · Integrated Oil & Gas
Higher return in most periods+34.3%32.0%1.09−77.1%+430%0.62—
CNQCanadian Natural Resources Limited · Oil & Gas
Higher return in most periods+26.5%32.5%0.89−77.5%+433%0.59—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 136 of 3,548 passed at least one test.
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+26.6%19.1%1.34−39.1%+428%0.330.48%
MCKMcKesson Corporation · Health Care Distribution
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+38.7%25.0%1.44−38.1%+586%0.44—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.37—
LLYEli Lilly and Company · Pharmaceuticals
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.05—
HSBCHSBC Holdings plc · Banks
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.1%25.9%1.24−62.3%+319%0.34—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return in most periodsSmaller losses in recent crashes+26.1%23.4%1.11−45.1%+603%0.15—
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Higher Sharpe, smaller worst declineHigher return in most periods+33.7%29.4%1.14−47.6%+474%0.28—
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+29.5%24.9%1.17−51.0%+275%0.450.59%
What these numbers mean for WMB
Annual return
WMB returned 24.6% 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 $30,000. 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
WMB's volatility over the past 5 years was 24.0%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WMB's return lands within 24.0% 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
WMB's Sharpe ratio over the past 5 years was 1.04, against 0.79 for the S&P 500, so WMB earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
WMB's worst fall from a peak to a low over the past 10 years was 68.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 68.1% fall takes a 213% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, WMB'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 WMB instead: the lower it is, the more that option would diversify a WMB holding. Guide: Correlation and diversification →
Show all 1 stock or fund worth at least $500 million that earned more than WMB with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with WMBExpense
1
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.330.48%

WMB against its popular alternatives

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

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

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

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWMB: 24.6% a year, volatility 24.0%SPY (S&P 500): 12.7% a year, volatility 17.1%LNG: 23.4% a year, volatility 30.2%DTM: 24.5% a year, volatility 25.2%OKE: 13.3% a year, volatility 28.0%EOG: 16.6% a year, volatility 32.3%WES: 23.5% a year, volatility 27.6%EQT: 22.4% a year, volatility 40.9%UNG: −32.1% a year, volatility 63.2%AM: 20.1% a year, volatility 25.9%HESM: 10.9% a year, volatility 27.0%PAA: 27.0% a year, volatility 25.6%PAGP: 26.8% a year, volatility 26.1%MPLX: 23.5% a year, volatility 18.8%TRP: 10.8% a year, volatility 21.9%GLNG: 29.4% a year, volatility 37.8%KMI: 18.7% a year, volatility 22.5%EPD: 16.4% a year, volatility 17.1%NFG: 9.8% a year, volatility 22.1%ENB: 9.1% a year, volatility 18.9%WMBSPY (S&P 500)LNGDTMOKEEOGWESEQTUNGAMHESMPAAMPLXGLNGKMIEPDNFGENB10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWMB: 24.6% a year, volatility 24.0%SPY (S&P 500): 12.7% a year, volatility 17.1%LNG: 23.4% a year, volatility 30.2%DTM: 24.5% a year, volatility 25.2%OKE: 13.3% a year, volatility 28.0%EOG: 16.6% a year, volatility 32.3%WES: 23.5% a year, volatility 27.6%EQT: 22.4% a year, volatility 40.9%UNG: −32.1% a year, volatility 63.2%AM: 20.1% a year, volatility 25.9%HESM: 10.9% a year, volatility 27.0%PAA: 27.0% a year, volatility 25.6%PAGP: 26.8% a year, volatility 26.1%MPLX: 23.5% a year, volatility 18.8%TRP: 10.8% a year, volatility 21.9%GLNG: 29.4% a year, volatility 37.8%KMI: 18.7% a year, volatility 22.5%EPD: 16.4% a year, volatility 17.1%NFG: 9.8% a year, volatility 22.1%ENB: 9.1% a year, volatility 18.9%WMBSPY (S&P 500)LNGDTMEOGEQTUNGAMMPLXGLNGKMIEPDENB
All figures
InvestmentAnnual returnVolatility
GLNG Golar LNG Limited+29.4%37.8%
PAA Plains All American Pipeline, L.P.+27.0%25.6%
PAGP Plains GP Holdings LP+26.8%26.1%
WMB This pageThe 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%
EOG EOG Resources, Inc.+16.6%32.3%
EPD Enterprise Products Partners L.P.+16.4%17.1%
OKE ONEOK, Inc.+13.3%28.0%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
HESM Hess Midstream LP+10.9%27.0%
TRP TC Energy Corporation+10.8%21.9%
NFG National Fuel Gas Company+9.8%22.1%
ENB Enbridge Inc.+9.1%18.9%
UNG United States Natural Gas Fund LP−32.1%63.2%
Open these 20 in EasyCompare

Has WMB consistently beaten its popular alternatives?

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

A green cell means the alternative earned more than WMB 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
WMB The Williams Companies, Inc. (this page)—−1.8%−4.5%+0.6%+18.1%+14.9%+125%+200%+288%24.0%1.04−68.1%—$86B—
LNG Oil & Gas MidstreamCheniere Energy, Inc.5/5 short1/3 long+3.0%+7.2%+12.8%+44.3%+29.3%+69.8%+186%+616%30.2%0.85−57.5%—$59B—
PAA Oil & Gas MidstreamPlains All American Pipeline, L.P.5/5 short1/3 long+2.0%+6.7%+26.0%+48.2%+70.2%+105%+230%+64.0%25.6%1.06−87.9%—$18B—
PAGP Oil & Gas MidstreamPlains GP Holdings LP5/5 short1/3 long+0.7%+7.8%+25.3%+49.6%+73.6%+113%+228%+56.3%26.1%1.05−88.0%—$5.4B—
MPLX Oil & Gas MidstreamMPLX Lp4/5 short1/3 long−1.2%+4.1%+8.8%+14.7%+27.2%+105%+187%+350%18.8%1.22−75.2%—$59B—
TRP Oil & Gas MidstreamTC Energy Corporation3/5 short1/3 long+3.3%−8.8%+3.6%+13.8%+24.9%+136%+66.7%+160%21.9%0.58−41.6%—$64B—
GLNG Oil & Gas MidstreamGolar LNG Limited2/5 short1/3 long−12.8%−9.4%−13.9%+19.8%+19.2%+108%+262%+117%37.8%0.87−86.3%—$4.6B—
DTM Oil & Gas MidstreamDT Midstream, Inc.0/5 short1/3 long−2.1%−14.2%−6.1%+3.2%+14.4%+147%+199%—25.2%1.00−23.6%—$12B—
OKE Oil & Gas MidstreamONEOK, Inc.5/5 short0/3 long+1.1%+0.4%+13.5%+29.6%+42.8%+59.9%+86.8%+233%28.0%0.59−80.2%—$59B—
KMI Oil & Gas MidstreamKinder Morgan, Inc.5/5 short0/3 long+5.8%+4.0%+7.1%+24.6%+26.9%+129%+136%+163%22.5%0.88−55.1%—$75B—
EOG Oil & Gas Exploration & ProductionEOG Resources, Inc.5/5 short0/3 long+12.4%+12.7%+24.0%+51.9%+53.1%+31.9%+115%+131%32.3%0.64−77.1%—$83B—
EPD Oil & Gas MidstreamEnterprise Products Partners L.P.4/5 short0/3 long−3.9%−3.2%+3.2%+20.3%+28.4%+65.2%+113%+178%17.1%0.98−58.1%—$80B—
WES Oil & Gas MidstreamWestern Midstream Partners, LP4/5 short0/3 long−4.4%−2.6%+14.1%+19.4%+27.6%+110%+187%+128%27.6%0.91−91.9%—$18B—
NFG Oil & Gas IntegratedNational Fuel Gas Company2/5 short0/3 long+0.5%−0.9%−6.5%−0.7%−5.2%+64.1%+59.3%+113%22.1%0.53−44.3%—$7.6B—
EQT Oil & Gas Exploration & ProductionEQT Corporation2/5 short0/3 long+9.4%+12.1%−3.3%+3.4%−1.8%+35.0%+175%+69.1%40.9%0.70−87.5%—$34B—
UNG CommoditiesUnited States Natural Gas Fund LP2/5 short0/3 long+2.3%+2.0%−3.2%−12.9%−18.8%−61.3%−85.6%−92.9%63.2%-0.30−93.9%1.17%$463M—
ENB Oil & Gas MidstreamEnbridge Inc.1/5 short0/3 long−0.6%−12.9%−4.6%+5.0%+8.5%+84.0%+54.3%+103%18.9%0.56−44.1%—$107B—
AM Oil & Gas MidstreamAntero Midstream Corporation1/5 short0/3 long−2.2%−8.0%+0.5%+18.4%+17.2%+95.0%+149%—25.9%0.84−92.9%—$9.8B—
HESM Oil & Gas MidstreamHess Midstream LP0/5 short0/3 long−22.5%−22.2%−13.6%−5.8%+0.8%+27.1%+67.9%—27.0%0.52−75.2%—$6.3B—
Open these 19 in EasyCompare

How did WMB do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where WMB ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with WMB 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 WMB; gray means the two finished within a fraction of a point. The rank row places WMB among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of WMB20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
WMB This pageThe Williams Companies, Inc.—+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%
Rank among alternativesTop quarter in 8 of 298 of 194 of 1911 of 196 of 1910 of 187 of 187 of 1815 of 187 of 1610 of 168 of 165 of 169 of 152 of 134 of 128 of 126 of 1210 of 123 of 117 of 112 of 112 of 112 of 1110 of 109 of 109 of 105 of 101 of 82 of 8
SPY S&P 500State Street SPDR S&P 500 ETF14 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%
LNG Cheniere Energy, Inc.14 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%
PAA Plains All American Pipeline, L.P.11 of 27+14.3%+21.4%+39.2%+35.9%+22.4%−50.8%−2.4%+2.3%−31.3%+55.6%−51.9%+3.9%+19.5%+29.4%+24.4%+26.5%+65.4%−28.1%+7.8%+37.8%+11.4%+24.6%+44.0%+2.2%+47.7%+62.1%−16.8%——
PAGP Plains GP Holdings LP3 of 12+12.7%+23.6%+38.2%+31.7%+28.8%−51.2%+0.4%−3.5%−32.1%+50.5%−61.7%−1.7%—————————————————
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%————————————————
TRP TC Energy Corporation11 of 29+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%
GLNG Golar LNG Limited8 of 23−9.8%+90.8%+4.4%+83.9%+28.5%−32.1%−33.7%−26.0%+31.0%+46.8%−54.1%+4.6%+2.5%−12.9%+207%+28.0%+89.8%−66.8%+98.1%−3.5%−11.0%+4.5%+122%——————
DTM DT Midstream, Inc.2 of 4+24.1%+89.0%+4.7%+20.7%—————————————————————————
OKE ONEOK, Inc.14 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%
KMI Kinder Morgan, Inc.5 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%———————————————
EOG EOG Resources, Inc.14 of 29−11.4%+4.3%−2.0%+56.9%+88.6%−38.6%−2.8%−18.7%+7.5%+44.0%−22.5%+10.3%+39.7%+23.4%+8.5%−5.5%+47.4%−25.0%+43.6%−14.6%+106%+55.3%+16.1%+2.5%−28.1%+212%+2.5%−18.0%−15.5%
EPD Enterprise Products Partners L.P.14 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%——
WES Western Midstream Partners, LP5 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%————————————————
NFG National Fuel Gas Company15 of 29+35.3%+25.4%−17.7%+1.9%+60.7%−7.5%−5.9%−3.8%−0.2%+36.5%−36.6%−0.5%+44.2%−6.1%−13.3%+34.7%+65.0%−30.8%+24.5%+27.7%+14.3%+20.9%+23.3%−12.1%−18.3%+40.5%+7.2%−3.7%+22.8%
EQT EQT Corporation13 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%
UNG United States Natural Gas Fund LP2 of 18−27.1%−17.1%−64.0%+12.9%+35.8%−45.4%−31.8%+6.0%−37.6%+7.7%−41.3%−28.6%+9.5%−26.9%−46.1%−40.6%−56.5%−36.1%———————————
ENB Enbridge Inc.11 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%
AM Antero Midstream Corporation3 of 8+24.4%+28.4%+25.8%+21.9%+39.5%+27.6%−24.5%−41.8%—————————————————————
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 WMB 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 WMB's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents WMB'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 WMB fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringWMB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Dot-com bust−98.1%−34.0%Jun 1999Jul 20023.1 yearsJun 200423 months
2015 China and oil sell-off−81.0%−11.5%Jun 2015Feb 20168 monthsNov 20237.8 years
2008 financial crisis−75.3%−45.4%Jun 2008Mar 20099 monthsJan 20122.8 years
No named crash−45.6%—Oct 1989Aug 199010 monthsFeb 199218 months
No named crash−44.4%—Oct 1987Dec 19872 monthsOct 198810 months

How did WMB do in stock market crashes?

This section measures how far WMB, 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 WMB.

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
WMB This pageThe Williams Companies, Inc.—−3.4%−23.0%−57.0%−25.4%−7.0%−78.9%−26.7%−3.4%−75.3%−98.0%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
LNG Cheniere Energy, Inc.8 of 10−1.3%−17.8%−46.1%−21.3%−5.1%−66.5%−62.4%0.0%−97.7%−84.4%
PAA Plains All American Pipeline, L.P.8 of 10−6.4%−19.9%−79.8%−22.3%−2.0%−55.5%−10.1%0.0%−49.3%−23.1%
PAGP Plains GP Holdings LP4 of 6−6.4%−22.3%−79.3%−20.6%−1.8%−72.9%————
MPLX MPLX Lp5 of 6−1.2%−18.4%−64.6%−17.9%−4.5%−66.8%————
TRP TC Energy Corporation8 of 10−4.0%−30.7%−41.6%−15.3%−5.2%−18.5%−12.8%−0.6%−45.4%−13.7%
GLNG Golar LNG Limited4 of 9−4.1%−23.6%−46.9%−27.7%−6.3%−75.1%−29.1%0.0%−89.3%—
DTM DT Midstream, Inc.1 of 2−3.7%−19.9%————————
OKE ONEOK, Inc.6 of 10−5.1%−29.2%−80.2%−25.5%−5.9%−51.3%−21.0%−0.8%−63.1%−42.0%
KMI Kinder Morgan, Inc.6 of 7−3.2%−20.3%−55.1%−19.8%−4.0%−64.4%−16.2%———
EOG EOG Resources, Inc.4 of 10−7.4%−33.4%−61.5%−37.3%−11.3%−31.7%−35.8%−1.5%−68.0%−52.7%
EPD Enterprise Products Partners L.P.10 of 10−2.4%−18.0%−53.2%−18.6%−4.1%−31.3%−13.0%0.0%−44.4%−34.6%
WES Western Midstream Partners, LP3 of 6−2.5%−23.5%−77.4%−17.6%−6.5%−63.0%————
NFG National Fuel Gas Company7 of 10−4.5%−17.6%−23.7%−13.4%−0.8%−32.5%−37.0%−4.2%−55.5%−47.0%
EQT EQT Corporation6 of 10−5.9%−36.4%−36.4%−36.6%−11.9%−39.3%−24.4%−2.1%−69.3%−31.6%
UNG United States Natural Gas Fund LP4 of 9−6.3%−41.2%−18.0%−27.0%−9.0%−50.6%−19.7%0.0%−75.1%—
ENB Enbridge Inc.9 of 10−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
AM Antero Midstream Corporation2 of 5−2.7%−21.9%−60.8%−43.1%−7.0%—————
HESM Hess Midstream LP0 of 5−3.9%−28.7%−70.8%−28.9%−8.0%—————
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How closely does WMB 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 WMB 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 WMB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
WMB This pageThe Williams Companies, Inc.85%78%1.081.02
LNG Cheniere Energy, Inc.79%30%2.650.77
MPLX MPLX Lp87%76%1.141.16
GLNG Golar LNG Limited67%67%0.990.47
TRP TC Energy Corporation67%73%0.920.72
NFG National Fuel Gas Company53%61%0.880.53
EPD Enterprise Products Partners L.P.81%94%0.860.93
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
EOG EOG Resources, Inc.92%135%0.691.17
WES Western Midstream Partners, LP121%175%0.692.23
PAA Plains All American Pipeline, L.P.81%127%0.641.36
PAGP Plains GP Holdings LP77%123%0.631.29
EQT EQT Corporation62%101%0.610.90
UNG United States Natural Gas Fund LP-25%122%-0.210.30
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What diversifies WMB?

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

ETFs

InvestmentCorrelation5Y returnSharpe202020182015200820022001199980/20 mix volatility80/20 mix annual return
WMB The Williams Companies, Inc. (this page)1.00+200%1.04−8.2%−23.9%−39.2%−58.8%−75.2%−31.0%−0.5%23.9%+26.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.33+225%1.34+3.9%−19.8%+7.7%−20.8%———20.1%+27.3%
SMH TechnologyVanEck Semiconductor ETF0.19+323%0.97+55.5%−9.1%−0.3%−44.7%−47.0%−14.6%—21.6%+30.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.41+85.0%0.96+2.1%−9.5%+4.1%————20.2%+24.4%
GLD CommoditiesSPDR Gold Shares0.26+126%0.96+24.8%−1.9%−10.7%+4.9%———20.3%+25.6%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.38+136%0.93+28.2%−0.9%—————21.1%+26.2%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.43+109%0.90−0.2%−11.1%−4.1%————21.2%+25.3%
EWT TechnologyiShares MSCI Taiwan ETF0.26+153%0.89+31.5%−9.9%−12.9%−45.3%−24.4%+2.1%—21.0%+26.5%
EUFN InternationaliShares MSCI Europe Financials ETF0.39+133%0.89−8.5%−23.1%−4.7%————21.1%+26.1%

Stocks

InvestmentCorrelation5Y returnSharpe202020182015200820022001199980/20 mix volatility80/20 mix annual return
WMB The Williams Companies, Inc. (this page)1.00+200%1.04−8.2%−23.9%−39.2%−58.8%−75.2%−31.0%−0.5%23.9%+26.7%
CAH Medical - DistributionCardinal Health, Inc.0.37+479%1.55+10.1%−24.5%+12.6%−39.6%−8.3%−2.5%−36.8%21.6%+29.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.24+3,143%1.47−2.4%−16.3%−6.0%−20.5%−65.1%−25.6%+350%24.7%+43.6%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.28+1,636%1.46+6.7%+0.8%+67.7%−15.2%−9.4%+73.7%−58.7%23.3%+39.2%
MCK Medical - DistributionMcKesson Corporation0.44+413%1.44+27.1%−28.4%−4.5%−40.4%−27.2%+4.9%−71.3%21.9%+28.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.40+690%1.41−27.4%−8.2%+17.4%————22.5%+31.7%
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Common questions

What was WMB's worst drawdown?

WMB's deepest decline since it began trading in 1986 was 98.1%, from June 1999 to July 2002. It took 23 months from the low to climb back to its old high.

What were WMB's best and worst years?

Over 29 full calendar years, WMB's best year was 2003, when it returned 457%. Its worst was 2002, with a return of -75.2%.

Is there a better investment than WMB?

Among WMB's popular alternatives, LNG fell less than WMB in each recent sell-off and kept up with it over the past decade. Looking beyond its popular alternatives, MPC (oil & gas) and TRGP (oil & gas midstream) were ahead of WMB in most short and long periods, though with much bigger swings (33.4% and 31.7% volatility against 24.0%).

Is WMB more volatile than the S&P 500?

Yes. WMB's volatility over the past 5 years was 24.0%, 1.4 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WMB's return lands within 24.0% 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 WMB's Sharpe ratio?

WMB's Sharpe ratio over the past 5 years was 1.04, against 0.79 for the S&P 500, so WMB 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 WMB with the S&P 500?

Over the past 5 years, WMB'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 WMB instead: the lower it is, the more that option would diversify a WMB holding.

What are the best alternatives to WMB?

None of the 18 popular alternatives we compared outperformed WMB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about WMB's strength than about its alternatives.

Did WMB outperform the S&P 500?

WMB finished ahead of the S&P 500 (SPY) in 15 of 29 full calendar years. In 2025, it returned +14.9%, against +17.7% for the index.

How did WMB do in stock market crashes?

WMB fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in eight. The clearest case was the 2015 China and oil sell-off, when WMB fell 78.9% and the S&P 500 fell 12.8%.

What diversifies WMB?

These had a low correlation with WMB over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.33), SMH (correlation 0.19) and DBEF (correlation 0.41); among large stocks, CAH (correlation 0.37), CLS (correlation 0.24) and FIX (correlation 0.28). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to WMB

Other stocks and ETFs