StocksInsight

KMI Stock vs the S&P 500: Returns, Risk and Crash History

Kinder Morgan, Inc., energy (market value $74.4 billion), an S&P 500 member: how it compared with the S&P 500, how it behaved in every crash since 2008, its risk‑adjusted returns and what analysts said. Data as of Sep 30, 2026.

Published Updated 4 min readHow we research

What changed since Oct 12

Exent re-checks this page every day. Ratings appear 30 days after they are published; the top‑ranked analysts’ calls are not counted here, they are in Gems.

13 4★+ analysts covering (was 12)

Key takeaways

  • KMI returned +133.9% over the 5 years to Sep 30, 2026 versus +90.0% for the S&P 500: it beat the index.
  • Its 5-year Sharpe ratio was 0.75 against 0.67 for the S&P 500.
  • Its deepest crisis drawdown was −55.1% in the covid crash (feb–mar 2020) (S&P 500: −34.1%).
  • Five‑year volatility was 22.6% and beta 0.59.
  • 20 analysts rated it in the past year; 50% of their latest calls were Buy.
  • KMI beat earnings estimates in 4 of its last 12 reports; the stock moved 2.4% on average, up or down, around each report.

Did KMI beat the S&P 500?

Over the 5 years to Sep 30, 2026, Kinder Morgan, Inc. (KMI) returned +133.9% including dividends, versus +90.0% for the S&P 500 (SPY). It beat the index by 43.9 percentage points, or +18.5% a year against +13.7%.

PeriodKMIS&P 500KMI per yearS&P 500 per yearResult
1 year+9.8%+15.7%+9.8%+15.7%Lagged
3 years+108.5%+85.0%+27.8%+22.8%Beat
5 years+133.9%+90.0%+18.5%+13.7%Beat
10 years+113.4%+312.9%+7.9%+15.2%Lagged
  • 1 year
    KMI
    +9.8%
    S&P 500
    +15.7%
    KMI per year
    +9.8%
    S&P 500 per year
    +15.7%
    Result
    Lagged
  • 3 years
    KMI
    +108.5%
    S&P 500
    +85.0%
    KMI per year
    +27.8%
    S&P 500 per year
    +22.8%
    Result
    Beat
  • 5 years
    KMI
    +133.9%
    S&P 500
    +90.0%
    KMI per year
    +18.5%
    S&P 500 per year
    +13.7%
    Result
    Beat
  • 10 years
    KMI
    +113.4%
    S&P 500
    +312.9%
    KMI per year
    +7.9%
    S&P 500 per year
    +15.2%
    Result
    Lagged

Total return with dividends reinvested, from month-end prices to Sep 30, 2026. Beating the index on raw return is only half the story: the next section adjusts for the risk taken. See also how to beat the S&P 500.

KMI is in the S&P 500 (members as of Oct 20, 2026); the list shows every member’s return against the index.

KMI returns by year vs the S&P 500

KMI beat the S&P 500 in 3 of the 9 full calendar years shown.

YearKMIS&P 500Difference
2026 (to Sep 30, 2026)+11.7%+12.7%−1.0%
2025+4.8%+17.7%−12.9%
2024+64.4%+24.9%+39.5%
2023+4.1%+26.2%−22.1%
2022+21.3%−18.2%+39.5%
2021+23.6%+28.7%−5.1%
2020−30.9%+18.3%−49.2%
2019+44.5%+31.2%+13.3%
2018−11.2%−4.6%−6.6%
2017−11.0%+21.7%−32.7%

KMI risk-adjusted returns: Sharpe, Sortino and volatility

Over 5 years, KMI had a Sharpe ratio of 0.75 against 0.67 for the S&P 500, so it earned more return per unit of risk than the index. Its annualized volatility was 20.9% and its beta 0.59: it tended to move about 0.6× as much as the market.

MetricKMIS&P 500
Annual return+18.5%+13.7%
Volatility (annualized)20.9%15.7%
Sharpe ratio0.750.67
Sortino ratio1.261.08
Max drawdown (month-end)−14.9%−23.9%
Beta to the S&P 5000.591.00

Sharpe divides return above cash by total volatility; Sortino counts only downside volatility. Both use monthly returns and the 1–3 month T‑bill ETF (BIL) as the risk‑free rate.

How KMI behaved in past crashes

KMI’s deepest fall in the crises below was −55.1% in the covid crash (feb–mar 2020), against −34.1% for the S&P 500. The last column turns that into money: what a $100,000 position would have lost from peak to trough.

CrisisKMIS&P 500Loss on $100,000
2018 trade-war selloff−20.8%−20.2%−$20,790
COVID crash (Feb–Mar 2020)−55.1%−34.1%−$55,130
2022 inflation bear market−20.3%−25.4%−$20,310
2025 tariff selloff−12.8%−19.0%−$12,830
WindowKMI max drawdown
Last 1 year−11.1%
Last 3 years−18.4%
Last 5 years−20.3%
Last 10 years−56.9%

Peak‑to‑trough declines from daily prices inside each crisis window. A crash replay does not predict the next crisis; it shows how much room a holding needs. Run the same replay on a whole portfolio with the crash test.

What moves with KMI, and what doesn’t

Correlation runs from −1 (moves opposite) to +1 (moves in lockstep). Over the last 60 months of monthly returns, KMI’s correlation with the S&P 500 was 0.44, with the Nasdaq‑100 0.23, with long Treasuries (TLT) 0.25 and with gold (GLD) 0.24.

Adding a 5% KMI position to an S&P 500 portfolio would have moved its 5‑year volatility from 15.7% to 15.4%.

Least correlated large capsCorrelationMost correlated large capsCorrelation
CRWD−0.15WMB0.88
LLY−0.13EOG0.63
AMD−0.12MO0.62
PANW−0.11CVX0.58
DDOG−0.11DE0.58

Holdings that are highly correlated behave like one position in a selloff. See how to find hidden overlap.

What Wall Street analysts say about KMI

In the 12 months to 30 days ago, 20 analysts published 209 ratings on KMI. Their latest calls were 50% Buy, 50% Hold and 0% Sell. 13 of them rank 4★ or higher in Exent’s analyst scoring, which is based on each analyst’s past price‑target hit rate and returns.

The consensus 12‑month price target was $34.14 (range $26.00–$43.00), +0.5% from the last price. Remember that the average analyst’s target is hit only about half the time: how accurate are price targets?

Top‑ranked analyst coveringFirmStarsPrice‑target hit rate
5.0★72.1%
5.0★45.9%
5.0★47.2%
5.0★57.9%
4.9★51.4%

Ratings are shown with a 30‑day delay. Who the top‑ranked analysts on KMI are, their live calls and the median target of only the top‑rated analysts are in Exent Gems.

Latest KMI upgrades, downgrades and price‑target changes

DateRating and targetAnalyst
Sep 10New coverage
Hold
Target $35
Robert Hodges
Stifel Nicolaus

Named analysts’ rating and price‑target changes on KMI in the 5 weeks to Sep 22, 2026, shown 30 days after publication (the free analysts’ calls 3 days after). The top‑ranked analysts’ calls are in Exent Gems. See all of the latest analyst upgrades and downgrades.

Do analysts get KMI right?

Of the 286 analyst price targets on KMI set from 2019 until a year ago, 68.9% were reached within 12 months (data to Oct 20, 2026), 0.3 points above the 68.6% hit rate of the median stock in Exent’s study of 794 stocks. Targets that were reached took a median of 78 days. The median target sat 12.1% above the share price on the day it was set.

Where analysts said KMI would be by now: a year ago, 11 analysts had a price target on KMI, and the median of their latest targets was $32.00. On Oct 20, 2026 KMI closed at $33.59, 5.0% above it.

68.9%of targets reached within 12 monthsMedian stock: 68.6%
78 daysmedian time to reach a target
+5.0%price now vs the median target set a year ago
AfterCallsMove on the call3 months vs S&P 500
Upgrades of KMI13−2.5%−0.9%
Upgrades, all stocks11,514+2.5%+3.4%
Downgrades of KMI17+0.6%−1.4%
Downgrades, all stocks10,700−3.0%−1.6%

The move on the call runs from the close before the rating change to the close after it; the last column is the stock’s return minus the S&P 500’s over the next three months. Averages of rating changes on KMI through Sep 15, 2026; analysts are not named here. Do analyst upgrades move stocks?

How KMI moves after earnings

KMI beat the consensus earnings‑per‑share estimate in 4 of its last 12 quarterly reports, through the one on Jul 22, 2026, and the revenue estimate in 6 of 12. From the close before each report to the close after it, the stock moved 2.4% on average, up or down, against 6.8% for the average report across the 1,002 US stocks Exent tracks. It rose after 6 of the 12 reports. In 1 of the 4 beats the stock still fell.

4/12earnings beats
±2.4%average move per report
6/12reports followed by a rise
ReportEPS vs estimateRevenue vs estimateStock move
Jul 22, 2026$0.37 vs $0.32+6.0%+1.2%
Apr 22, 2026$0.48 vs $0.40+4.3%+0.5%
Jan 21, 2026$0.39 vs $0.36+4.4%+6.2%
Oct 22, 2025$0.29 vs $0.29+4.2%−4.5%
Jul 16, 2025$0.28 vs $0.28+5.6%−1.6%
Apr 16, 2025$0.34 vs $0.36+0.3%−0.4%
Jan 22, 2025$0.32 vs $0.34−5.0%−2.4%
Oct 16, 2024$0.25 vs $0.27−9.2%+0.2%

Reported earnings per share against the consensus estimate, revenue surprise in percent, and the stock’s price change over the two sessions around the report. How stocks move after earnings

Where KMI’s revenue comes from

In fiscal 2025 (the year to Dec 31, 2025), KMI’s largest reported region was the United States, with 99.9% of its $16.9 billion revenue. By region: United States 99.9%; Mexico 0.1%.

By business, the largest segment was Natural Gas Pipelines, with 64.9% of $17.0 billion revenue (+23.1% on the year before).

  • United States99.9%
  • Mexico0.1%
SegmentRevenueShareGrowth
Natural Gas Pipelines$11.0 billion64.9%+23.1%
Products Pipelines$2.7 billion15.8%−9.1%
Terminals$2.1 billion12.4%+4.1%
CO2$1.2 billion6.9%−2.8%

From KMI’s annual filings; segment growth compares fiscal 2025 with the year before. Regions are as each company reports them, so one company’s “Asia Pacific” is not another’s. China counts the regions a company reports as China, Greater China or Hong Kong; a separately reported Taiwan is not counted. Which S&P 500 companies depend most on China?

Members of Congress who traded KMI

As of Oct 20, 2026, 28 members of Congress had disclosed 64 trades in KMI (31 buys and 32 sales) in STOCK Act disclosures filed with the House and Senate. The latest public trade is dated Mar 27, 2026.

Trade dateMemberTypeAmount
Mar 27, 2026Alan ArmstrongSale$1,001–$15,000
Feb 19, 2026Rick AllenBuy$1,001–$15,000
Feb 10, 2026Gilbert CisnerosBuy$1,001–$15,000
Jan 9, 2026Gilbert CisnerosSale$1,001–$15,000
Oct 24, 2025Marjorie Taylor GreeneBuy$1,001–$15,000
Sep 5, 2025Gilbert CisnerosSale$1,001–$15,000
Aug 5, 2025Gilbert CisnerosSale$1,001–$15,000
Jul 22, 2025Lisa McClainSale$1,001–$15,000
Jul 11, 2025Ritchie John TorresSale$1,001–$15,000
Jul 10, 2025Lisa McClainBuy$1,001–$15,000

Amounts are the ranges members report, not exact values. The STOCK Act gives members up to 45 days to disclose a trade, so trades appear weeks after they are made. See every member’s disclosed trades

Are KMI insiders buying or selling?

In the 12 months to Oct 20, 2026, KMI insiders made 3 open‑market purchases worth $201,679 by 2 insiders and 19 sales worth $2.9 million, according to SEC Form 4 filings.

After the 112 insider purchases of $10,000 or more since 2012, KMI lagged the S&P 500 by an average of 13.4 percentage points over the next 12 months; 23% of them were followed by a beat. Across all 17,865 insider purchases in Exent’s study, the average was +17.2% and the median +1.0% against the index.

Q4 ’24
Q1 ’25
Q2 ’25
Q3 ’25
Q4 ’25
Q1 ’26
Q2 ’26
Q3 ’26
DateInsiderRoleValue
Feb 2, 2026Smith William ADirector$89,236
Oct 31, 2025Chronis Amy WDirector$99,655
Oct 30, 2025Chronis Amy WDirector$12,788
Oct 27, 2025Kinder Richard DDirector, 10 percent owner, officer: Executive Chairman$26.0 million
Jul 28, 2025Chronis Amy WDirector$75,059

The table lists the latest open‑market purchases on record, leaving out the last 30 days. The chart counts Form 4 purchases and sales by calendar quarter. Purchases are open‑market buys; sales include planned sales under 10b5‑1 trading plans. Do insider buys beat the market?

How much of KMI is sold short?

As of the Sep 30, 2026 settlement date, 2.39% of KMI’s float was sold short: 46.2 million shares, or 3.4 days of average trading volume to cover. A year earlier (Oct 15, 2025) it was 1.86%. The median across the 997 US stocks Exent tracks was 4.77%, so KMI is less heavily shorted than most.

  • Apr 30, 20262.52%
  • May 29, 20262.32%
  • Jun 30, 20262.28%
  • Jul 31, 20262.35%
  • Aug 31, 20262.51%
  • Sep 30, 20262.39%

From FINRA short‑interest reports, filed twice a month; the bars show the short share of the float at each month‑end. Days to cover divides the shares short by the average daily volume. The most shorted stocks

How many institutions own KMI?

At the end of Q2 2026 (Jun 30, 2026), 1,903 institutions reported holding KMI in 13F filings, down 4 from the quarter before and up from 1,743 a year earlier. Their reported holdings add up to 70.9% of KMI’s shares. In the quarter 906 institutions added to their positions and 676 cut them.

1,90313F holders
139new positions
145positions closed
70.9%of shares held by 13F filers

Investment managers with over $100 million in US equities file 13F reports within 45 days of each quarter end, so this is the latest complete quarter. Holdings can add up to more than 100% when shares are lent and counted twice. Which stocks institutions are buying and selling

Is KMI diluting shareholders?

KMI’s diluted share count fell 1.7% over the five fiscal years to fiscal 2025 and rose 0.2% in fiscal 2025 alone. Each share now owns a larger slice of the company. The median change across the 1,005 US stocks Exent tracks was −0.1%.

KMI did not buy back shares in fiscal 2025.

+0.2%share count, 1 year
−1.7%share count, 5 years
0.0%stock pay as % of revenue
0.00%buyback yield

Weighted‑average diluted shares from KMI’s annual income statements; stock‑based compensation and buybacks from its cash‑flow statement. Stock dilution and stock‑based compensation, explained

KMI financial health scores

In Exent’s Oct 20, 2026 snapshot, KMI’s Altman Z‑score was 1.35, in the distress zone (where 180 of the 794 non‑financial US stocks Exent tracks sit). Its Piotroski F‑score was 7 out of 9; 40% of scored stocks reach 7 or more.

1.35Altman Z‑score: distress zone
7/9Piotroski F‑score

The Altman Z‑score combines five balance‑sheet and earnings ratios into one bankruptcy‑risk score: below 1.81 is the distress zone, 1.81–2.99 grey, above 2.99 safe. It is not meaningful for banks, insurers and REITs. The Piotroski F‑score counts nine yes/no tests of profitability, leverage and efficiency; 8–9 is strong, 0–2 weak. Both come from the latest annual statements. Which stocks have the highest bankruptcy risk?

What KMI talks about on earnings calls

On its latest earnings call (Jul 22, 2026), KMI’s executives and analysts mentioned AI 1 time, against 0 on the call before (Apr 22, 2026); the average across 455 S&P 500 calls that quarter was 12.9. After AI, the most mentioned topic was data centers (3). Tariffs and recession did not come up.

MentionsJul ’26Apr ’26Jan ’26Oct ’25
AI1015
AI agents0000
Data centers3248
Tariffs0010
China0000
Recession0000
  • AI
    Jul ’26
    1
    Apr ’26
    0
    Jan ’26
    1
    Oct ’25
    5
  • AI agents
    Jul ’26
    0
    Apr ’26
    0
    Jan ’26
    0
    Oct ’25
    0
  • Data centers
    Jul ’26
    3
    Apr ’26
    2
    Jan ’26
    4
    Oct ’25
    8
  • Tariffs
    Jul ’26
    0
    Apr ’26
    0
    Jan ’26
    1
    Oct ’25
    0
  • China
    Jul ’26
    0
    Apr ’26
    0
    Jan ’26
    0
    Oct ’25
    0
  • Recession
    Jul ’26
    0
    Apr ’26
    0
    Jan ’26
    0
    Oct ’25
    0

Word counts in the full transcript of each call, prepared remarks and Q&A, newest first. “AI” also counts generative AI and large language models; “AI agents” counts agentic AI. Which companies talk most about AI?

Which ETFs hold KMI?

As of Oct 20, 2026, 54 of the 304 ETFs Exent tracks held KMI. Its largest weight is in MLPX (Global X MLP & Energy Infrastructure ETF), at 7.46% of the fund.

ETFFundWeight of KMI
MLPXGlobal X MLP & Energy Infrastructure ETF7.46%
AMZAInfraCap MLP ETF3.24%
XLEState Street Energy Select Sector SPDR ETF3.17%
FENYFidelity MSCI Energy Index ETF2.26%
IGFiShares Global Infrastructure ETF2.24%
VDEVanguard Energy Index Fund ETF Shares2.23%
RAAXVanEck Real Assets ETF1.81%
FDLFirst Trust Morningstar Dividend Leaders Index Fund1.62%

Owning several of these funds stacks the same position. How much do VOO, QQQ and VTI overlap?

How much is KMI’s CEO paid?

Kimberly A. Dang, KMI’s Chief Executive Officer, received total pay of $12.3 million for fiscal 2025, up 6.9% from $11.5 million for fiscal 2024, according to the company’s proxy statement filed with the SEC on Apr 2, 2026. 95% of it came as stock and option awards, valued when they were granted rather than when they pay out. The median CEO pay across the 378 S&P 500 companies Exent tracks was $17.2 million, so KMI’s CEO earned less than most.

Pay componentAmountShare of total
Salary$523,0774.2%
Stock and option awards$11.8 million95.3%
Other$58,4620.5%
Other top executivesRoleTotal pay, 2025
Dax A. SandersExecutive Vice President$4.2 million
Sital K. ModyVice President (President, Natural Gas Pipelines)$4.1 million
David P. MichelsVice President and Chief Financial Officer$3.9 million
John W. SchlosserVice President (President, Terminals)$3.8 million

Figures from the summary compensation table of the proxy statement; awards count at their grant‑date value, so one large multi‑year grant can make a single year stand out. CEO pay across the S&P 500

The right benchmark for KMI

Exent matches every holding to the index with the most similar risk. For KMI that is SPY (the S&P 500). Comparing a holding with an index that carries very different risk makes good results look bad and risky ones look clever. Read why the S&P 500 is the wrong benchmark for most portfolios.

Other energy stocks

TickerName5‑year returnVolatility (5y)
XOMExxon Mobil Corporation+227.5%26.7%
CVXChevron Corporation+143.8%25.2%
COPConocoPhillips+119.1%32.6%
MPCMarathon Petroleum Corporation+615.2%33.1%
VLOValero Energy Corporation+541.3%37.0%
PSXPhillips 66+334.9%33.3%
WMBThe Williams Companies, Inc.+221.7%23.6%
EOGEOG Resources, Inc.+115.4%32.3%

Data and methodology

Returns are total returns from month‑end adjusted closing prices (dividends reinvested) through Sep 30, 2026. Crisis drawdowns and trailing maximum drawdowns use daily prices. Analyst coverage counts ratings published in the last 12 months, shown with a 30‑day delay. Full method: Exent methodology.

Company data as of Oct 20, 2026. The move around an earnings report runs from the close before it to the close after it; a price target counts as hit when the stock closed at or beyond it within 12 months (Exent analyst data). Revenue by region and segment, share counts and executive pay come from company filings; insider trades from SEC Form 4, short interest from FINRA, institutional ownership from 13F filings, Congress trades from STOCK Act disclosures filed with the House and Senate, federal contracts from USAspending.gov. Filings from the last 30 days are shown as counts only.

Past performance does not guarantee future results. Historical figures are calculated by Exent from market data and are for education only; they are not investment advice or a recommendation to buy or sell any security.

See what KMI does to your own portfolio

  1. Upload a screenshot of your holdings (or a CSV, Excel, PDF or Google Sheet); no brokerage login.
  2. Exent replays your whole portfolio, KMI included, through the 2008, 2018, 2020, 2022 and 2025 selloffs and shows which holdings drive the losses.
  3. It finds holdings that move together with KMI and compares your portfolio with a risk‑matched benchmark, Sharpe and Sortino included.
  4. Use the what‑if simulator to change weights and see the effect before you trade.

Exent is our product. Educational content, not investment advice.

Frequently asked questions

No. KMI returned +113.4% (+7.9% a year) over the 10 years to Sep 30, 2026, versus +312.9% (+15.2% a year) for the S&P 500, including dividends.

Yes. As of Oct 20, 2026, KMI (Kinder Morgan, Inc.) is one of the 503 stocks in the S&P 500.

KMI fell −55.1% from peak to trough during the covid crash (feb–mar 2020), versus −34.1% for the S&P 500.

KMI fell −20.3% from peak to trough during the 2022 inflation bear market, versus −25.4% for the S&P 500.

Over the 5 years to Sep 30, 2026, KMI’s Sharpe ratio was 0.75 and its Sortino ratio 1.26, versus 0.67 and 1.08 for the S&P 500.

KMI’s 5‑year annualized volatility was 22.6%, higher than the S&P 500’s 17.0%, with a beta of 0.59.

Among large US stocks, the lowest correlations with KMI over the last 60 months were CRWD (−0.15), LLY (−0.13), AMD (−0.12). Its correlation with long Treasuries (TLT) was 0.25 and with gold (GLD) 0.24.

KMI beat the consensus earnings-per-share estimate in 4 of its last 12 quarterly reports through Jul 22, 2026, and the revenue estimate in 6 of 12. The stock moved 2.4% on average, up or down, from the close before each report to the close after it.

Kimberly A. Dang, KMI’s Chief Executive Officer, received $12.3 million in total pay for fiscal 2025, including a $523,077 salary and $11.8 million in stock and option awards valued at grant, according to the proxy statement filed with the SEC on Apr 2, 2026. The median S&P 500 CEO received $17.2 million.

Yes. As of Oct 20, 2026, 28 members of Congress had disclosed 64 trades in KMI (31 buys and 32 sales) in STOCK Act disclosures filed with the House and Senate.

As of the Sep 30, 2026 settlement date, 2.39% of KMI’s float was sold short (46.2 million shares, 3.4 days to cover), according to FINRA short-interest reports. A year earlier it was 1.86%.

No. KMI’s diluted share count fell 1.7% over the five fiscal years to fiscal 2025 and rose 0.2% in the latest year. Stock-based compensation was 0.0% of revenue.

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DISCLAIMER: Exent AI is an informational research platform and does not provide investment advice, financial advice, or act as an investment adviser, broker-dealer, or fiduciary. All content, analytics, and model outputs are provided for educational and informational purposes only and should not be relied upon as a recommendation to buy, sell, or hold any financial instrument. Investing involves risk, including the possible loss of principal. Exent AI does not execute trades, hold customer funds, or provide brokerage services. Past performance and hypothetical results are not indicative of future results. Third-party data and AI-generated outputs may be incomplete or inaccurate.