ENB vs TRP: Correlation
Enbridge Inc (ENB) and TC Energy Corporation (TRP) show a very strong relationship: their 3-year correlation of weekly returns is 0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENB and TRP?
Across a 3-year window, the weekly returns of ENB and TRP correlate at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.87 over 1 year against 0.81 over 3. Stretching to 5 years gives 0.77, with an annualized covariance of 285.0 %².
In ENB's tracked universe of 14 assets, TRP sits right near the top at #1. The trailing year gives TRP the advantage: +9.1% versus +23.3%, a 14.2-point spread.
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 TRP: side by side
| ENB (Enbridge Inc) | TRP (TC Energy Corporation) | |
|---|---|---|
| 1-year return | +9.1% | +23.3% |
| 5-year return | +71.0% | +67.2% |
| Volatility (ann.) | 17.6% | 20.0% |
| Beta vs S&P 500 | 0.05 | 0.16 |
| Max drawdown (3Y) | -13.1% | -12.8% |
| Market cap | $109.1B | – |
| P/E (trailing) | 26.7 | 24.5 |
| Dividend yield | 7.60% | 5.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENB | TRP |
|---|---|---|
| 2022 | +6.5% | -9.7% |
| 2023 | -1.1% | +4.7% |
| 2024 | +26.4% | +26.2% |
| 2025 | +17.8% | +21.2% |
| 2026 | +8.6% | +15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENB and TRP good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ENB and TRP?
As of 2026-08-27, the correlation of weekly returns between ENB and TRP is 0.81 over 3 years, 0.87 over 1 year and 0.77 over 5 years.
Is TRP a good diversifier for ENB?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
A reading of 0.81 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/enb-vs-trp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/enb-vs-trp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ENB correlations · TRP correlations
