EXE vs NML: Correlation
How closely do Expand Energy (EXE) and Neuberger Energy Infrastructure and Income Fund Inc. (NML) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXE and NML?
Over the past 3 years, EXE and NML moved with a correlation of 0.56, which is moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.56 over 3. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 338.8 %².
Among the 32 assets we track against EXE, NML ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NML ahead by 25.5 points (+5.2% 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.
EXE vs NML: side by side
| EXE (Expand Energy) | NML (Neuberger Energy Infrastructure and Income Fund Inc.) | |
|---|---|---|
| 1-year return | +5.2% | +30.7% |
| 5-year return | +125.8% | +220.1% |
| Volatility (ann.) | 28.2% | 21.3% |
| Beta vs S&P 500 | 0.31 | 0.35 |
| Max drawdown (3Y) | -28.4% | -16.9% |
| Market cap | $22.7B | $0.6B |
| P/E (trailing) | 8.3 | 4.3 |
| Dividend yield | 3.30% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | EXE | NML |
|---|---|---|
| 2022 | +62.3% | +32.8% |
| 2023 | -14.8% | +14.5% |
| 2024 | +33.2% | +40.5% |
| 2025 | +14.4% | +4.3% |
| 2026 | -9.6% | +29.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXE and NML good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EXE and NML?
The EXE/NML correlation stands at 0.56 on a 3-year window (1 year: 0.50, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is NML a good diversifier for EXE?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 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/exe-vs-nml.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/exe-vs-nml/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EXE correlations · NML correlations
