LB vs TPL: Correlation
How closely do LandBridge Company LLC Class A Shares Representing Limited (LB) and Texas Pacific Land Corporation (TPL) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LB and TPL?
On 3 years of weekly data the LB/TPL correlation comes out at 0.63, strong. The relationship has been stable: the 1-year correlation (0.61) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 2099.6 %².
TPL is one of the assets that tracks LB most closely: it ranks #1 out of the 15 assets we track against LB. Their recent paths diverged sharply: over the last 12 months LB outperformed by 50.4 percentage points (+73.2% for LB against +22.8% for TPL).
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.
LB vs TPL: side by side
| LB (LandBridge Company LLC Class A Shares Representing Limited) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +73.2% | +22.8% |
| 5-year return | n/a | +149.6% |
| Volatility (ann.) | 63.4% | 50.0% |
| Beta vs S&P 500 | 1.65 | 0.62 |
| Max drawdown (3Y) | -48.2% | -52.2% |
| Market cap | $6.9B | $25.5B |
| P/E (trailing) | 79.0 | 47.2 |
| Dividend yield | 0.50% | 0.61% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | LB | TPL |
|---|---|---|
| 2022 | – | +91.3% |
| 2023 | – | -32.4% |
| 2024 | – | +115.3% |
| 2025 | -23.7% | -21.6% |
| 2026 | +82.7% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LB and TPL good diversifiers for each other?
Only partially. A correlation of 0.63 means LB and TPL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between LB and TPL?
As of 2026-08-27, the correlation of weekly returns between LB and TPL is 0.63 over 3 years, 0.61 over 1 year and n/a over 5 years.
Is TPL a good diversifier for LB?
Only partially. A correlation of 0.63 means LB and TPL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
A reading of 0.63 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/lb-vs-tpl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/lb-vs-tpl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: LB correlations · TPL correlations
