EQT vs NML: Correlation
Measured on weekly returns over the past three years, EQT Corporation (EQT) and Neuberger Energy Infrastructure and Income Fund Inc. (NML) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQT and NML?
Over the past 3 years, EQT and NML moved with a correlation of 0.53, which is moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.53 over 3. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 385.1 %².
Within EQT's tracked universe of 31 assets, NML comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NML outperformed by 22.8 percentage points (+7.9% for EQT against +30.7% for NML). One caveat on sizing: EQT is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EQT vs NML: side by side
| EQT (EQT Corporation) | NML (Neuberger Energy Infrastructure and Income Fund Inc.) | |
|---|---|---|
| 1-year return | +7.9% | +30.7% |
| 5-year return | +224.8% | +220.1% |
| Volatility (ann.) | 34.1% | 21.3% |
| Beta vs S&P 500 | 0.52 | 0.35 |
| Max drawdown (3Y) | -31.6% | -16.9% |
| Market cap | $34.3B | $0.6B |
| P/E (trailing) | 12.7 | 4.3 |
| Dividend yield | 1.19% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | EQT | NML |
|---|---|---|
| 2022 | +57.6% | +32.8% |
| 2023 | +16.2% | +14.5% |
| 2024 | +21.4% | +40.5% |
| 2025 | +17.6% | +4.3% |
| 2026 | +3.1% | +29.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQT and NML good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EQT and NML?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.53 over the last year and 0.63 over 5 years.
Is NML a good diversifier for EQT?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 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/eqt-vs-nml.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eqt-vs-nml/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EQT correlations · NML correlations
