MLPB vs NML: Correlation
ETRACS Alerian MLP Infrastructure Index ETN Series B due (MLPB) and Neuberger Energy Infrastructure and Income Fund Inc. (NML) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLPB and NML?
On 3 years of weekly data the MLPB/NML correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. The 5-year figure is 0.87, and annualized covariance runs at 296.8 %².
By 3-year correlation, NML places #4 of the 22 assets tracked against MLPB. Twelve-month performance is nearly a tie, at +29.4% for MLPB and +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.
MLPB vs NML: side by side
| MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B due) | NML (Neuberger Energy Infrastructure and Income Fund Inc.) | |
|---|---|---|
| 1-year return | +29.4% | +30.7% |
| 5-year return | +186.2% | +220.1% |
| Volatility (ann.) | 16.5% | 21.3% |
| Beta vs S&P 500 | 0.32 | 0.35 |
| Max drawdown (3Y) | -16.5% | -16.9% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 4.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MLPB | NML |
|---|---|---|
| 2022 | +30.2% | +32.8% |
| 2023 | +22.0% | +14.5% |
| 2024 | +25.5% | +40.5% |
| 2025 | +7.4% | +4.3% |
| 2026 | +29.7% | +29.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLPB and NML good diversifiers for each other?
No: a correlation of 0.84 means MLPB and NML tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MLPB and NML?
The MLPB/NML correlation stands at 0.84 on a 3-year window (1 year: 0.81, 5 years: 0.87), computed from weekly returns as of 2026-08-27.
Is NML a good diversifier for MLPB?
No: a correlation of 0.84 means MLPB and NML tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
A reading of 0.84 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/mlpb-vs-nml.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mlpb-vs-nml/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MLPB correlations · NML correlations
