ENB vs NML: Correlation
Measured on weekly returns over the past three years, Enbridge Inc (ENB) and Neuberger Energy Infrastructure and Income Fund Inc. (NML) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENB and NML?
On 3 years of weekly data the ENB/NML correlation comes out at 0.60, strong. Recent behaviour matches the longer record: 0.63 over 1 year against 0.60 over 3. The 5-year figure is 0.69, and annualized covariance runs at 226.0 %².
By 3-year correlation, NML places #5 of the 14 assets tracked against ENB. Correlation aside, the last 12 months split them widely, with NML ahead by 21.6 points (+9.1% versus +30.7%).
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.
ENB vs NML: side by side
| ENB (Enbridge Inc) | NML (Neuberger Energy Infrastructure and Income Fund Inc.) | |
|---|---|---|
| 1-year return | +9.1% | +30.7% |
| 5-year return | +71.0% | +220.1% |
| Volatility (ann.) | 17.6% | 21.3% |
| Beta vs S&P 500 | 0.05 | 0.35 |
| Max drawdown (3Y) | -13.1% | -16.9% |
| Market cap | $109.1B | $0.6B |
| P/E (trailing) | 26.7 | 4.3 |
| Dividend yield | 7.60% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENB | NML |
|---|---|---|
| 2022 | +6.5% | +32.8% |
| 2023 | -1.1% | +14.5% |
| 2024 | +26.4% | +40.5% |
| 2025 | +17.8% | +4.3% |
| 2026 | +8.6% | +29.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENB and NML good diversifiers for each other?
Only partially. A correlation of 0.60 means ENB and NML share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ENB and NML?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.63 over the last year and 0.69 over 5 years.
Is NML a good diversifier for ENB?
Only partially. A correlation of 0.60 means ENB and NML share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/enb-vs-nml.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/enb-vs-nml/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ENB correlations · NML correlations
