AMUB vs HESM: Correlation
ETRACS Alerian MLP Index ETN Series B due July 18, 2042 (AMUB) and Hess Midstream LP Class A Representing Limited Partner (HESM) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMUB and HESM?
Over the past 3 years, AMUB and HESM moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 287.2 %².
Among the 20 assets we track against AMUB, HESM ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AMUB ahead by 26.3 points (+30.9% versus +4.6%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AMUB vs HESM: side by side
| AMUB (ETRACS Alerian MLP Index ETN Series B due July 18, 2042) | HESM (Hess Midstream LP Class A Representing Limited Partner) | |
|---|---|---|
| 1-year return | +30.9% | +4.6% |
| 5-year return | +191.0% | +131.3% |
| Volatility (ann.) | 16.5% | 21.7% |
| Beta vs S&P 500 | 0.31 | 0.36 |
| Max drawdown (3Y) | -17.0% | -25.8% |
| Market cap | – | $8.2B |
| P/E (trailing) | – | 13.8 |
| Dividend yield | – | 7.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMUB | HESM |
|---|---|---|
| 2022 | +29.9% | +16.6% |
| 2023 | +25.4% | +14.4% |
| 2024 | +23.0% | +26.4% |
| 2025 | +8.7% | +0.6% |
| 2026 | +29.6% | +22.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMUB and HESM good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AMUB and HESM?
The AMUB/HESM correlation stands at 0.80 on a 3-year window (1 year: 0.76, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is HESM a good diversifier for AMUB?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
A reading of 0.80 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amub-vs-hesm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amub-vs-hesm/)
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Related comparisons
Hubs: AMUB correlations · HESM correlations
