LB vs TRGP: Correlation
LandBridge Company LLC Class A Shares Representing Limited (LB) and Targa Resources (TRGP) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LB and TRGP?
Across a 3-year window, the weekly returns of LB and TRGP correlate at 0.51, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.51 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 1095.3 %².
In LB's tracked universe of 15 assets, TRGP sits right near the top at #2. On 12-month performance TRGP holds a 5.5-point edge, +73.2% against +78.7%. Note the risk asymmetry: LB runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TRGP: side by side
| LB (LandBridge Company LLC Class A Shares Representing Limited) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | +73.2% | +78.7% |
| 5-year return | n/a | +626.8% |
| Volatility (ann.) | 63.4% | 31.5% |
| Beta vs S&P 500 | 1.65 | 0.44 |
| Max drawdown (3Y) | -48.2% | -31.6% |
| Market cap | $6.9B | $62.0B |
| P/E (trailing) | 79.0 | 28.1 |
| Dividend yield | 0.50% | 1.53% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | LB | TRGP |
|---|---|---|
| 2022 | – | +43.7% |
| 2023 | – | +21.0% |
| 2024 | – | +110.1% |
| 2025 | -23.7% | +5.7% |
| 2026 | +82.7% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LB and TRGP good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between LB and TRGP?
As of 2026-08-27, the correlation of weekly returns between LB and TRGP is 0.51 over 3 years, 0.45 over 1 year and n/a over 5 years.
Is TRGP a good diversifier for LB?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: LB correlations · TRGP correlations
