HESM vs NML: Correlation
How closely do Hess Midstream LP Class A Representing Limited Partner (HESM) and Neuberger Energy Infrastructure and Income Fund Inc. (NML) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HESM and NML?
Over the past 3 years, HESM and NML moved with a correlation of 0.65, which is strong. Recent behaviour matches the longer record: 0.55 over 1 year against 0.65 over 3. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 299.3 %².
Within HESM's tracked universe of 10 assets, NML comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NML outperformed by 26.1 percentage points (+4.6% for HESM against +30.7% for NML).
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.
HESM vs NML: side by side
| HESM (Hess Midstream LP Class A Representing Limited Partner) | NML (Neuberger Energy Infrastructure and Income Fund Inc.) | |
|---|---|---|
| 1-year return | +4.6% | +30.7% |
| 5-year return | +131.3% | +220.1% |
| Volatility (ann.) | 21.7% | 21.3% |
| Beta vs S&P 500 | 0.36 | 0.35 |
| Max drawdown (3Y) | -25.8% | -16.9% |
| Market cap | $8.2B | $0.6B |
| P/E (trailing) | 13.8 | 4.3 |
| Dividend yield | 7.70% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HESM | NML |
|---|---|---|
| 2022 | +16.6% | +32.8% |
| 2023 | +14.4% | +14.5% |
| 2024 | +26.4% | +40.5% |
| 2025 | +0.6% | +4.3% |
| 2026 | +22.8% | +29.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HESM and NML good diversifiers for each other?
To a limited degree. At 0.65 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 HESM and NML?
As of 2026-08-27, the correlation of weekly returns between HESM and NML is 0.65 over 3 years, 0.55 over 1 year and 0.70 over 5 years.
Is NML a good diversifier for HESM?
To a limited degree. At 0.65 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 0.65 mean?
A reading of 0.65 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/hesm-vs-nml.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hesm-vs-nml/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HESM correlations · NML correlations
