ENB vs PBA: Correlation
Measured on weekly returns over the past three years, Enbridge Inc (ENB) and Pembina Pipeline Corp. (PBA) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENB and PBA?
On 3 years of weekly data the ENB/PBA correlation comes out at 0.71, strong. Recent behaviour matches the longer record: 0.80 over 1 year against 0.71 over 3. The 5-year figure is 0.79, and annualized covariance runs at 250.1 %².
Few assets follow ENB as closely as PBA, which ranks #2 of 14 tracked partners. Correlation aside, the last 12 months split them widely, with PBA ahead by 22.3 points (+9.1% versus +31.4%).
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 PBA: side by side
| ENB (Enbridge Inc) | PBA (Pembina Pipeline Corp.) | |
|---|---|---|
| 1-year return | +9.1% | +31.4% |
| 5-year return | +71.0% | +98.2% |
| Volatility (ann.) | 17.6% | 20.0% |
| Beta vs S&P 500 | 0.05 | 0.08 |
| Max drawdown (3Y) | -13.1% | -17.9% |
| Market cap | $109.1B | $28.1B |
| P/E (trailing) | 26.7 | 23.7 |
| Dividend yield | 7.60% | 5.93% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENB | PBA |
|---|---|---|
| 2022 | +6.5% | +18.3% |
| 2023 | -1.1% | +7.8% |
| 2024 | +26.4% | +13.2% |
| 2025 | +17.8% | +5.7% |
| 2026 | +8.6% | +30.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENB and PBA good diversifiers for each other?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ENB and PBA?
The ENB/PBA correlation stands at 0.71 on a 3-year window (1 year: 0.80, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is PBA a good diversifier for ENB?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/enb-vs-pba.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/enb-vs-pba/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ENB correlations · PBA correlations
