MLPB vs PAGP: Correlation
How closely do ETRACS Alerian MLP Infrastructure Index ETN Series B due (MLPB) and Plains GP Holdings, L.P. - Class A Shares representing (PAGP) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLPB and PAGP?
Over the past 3 years, MLPB and PAGP moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. Over 5 years the correlation is 0.86, and the annualized covariance of weekly returns is 327.8 %².
PAGP is one of the assets that tracks MLPB most closely: it ranks #3 out of the 22 assets we track against MLPB. Their recent paths diverged sharply: over the last 12 months PAGP outperformed by 29.5 percentage points (+29.4% for MLPB against +58.9% for PAGP).
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 PAGP: side by side
| MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B due) | PAGP (Plains GP Holdings, L.P. - Class A Shares representing) | |
|---|---|---|
| 1-year return | +29.4% | +58.9% |
| 5-year return | +186.2% | +318.4% |
| Volatility (ann.) | 16.5% | 23.3% |
| Beta vs S&P 500 | 0.32 | 0.25 |
| Max drawdown (3Y) | -16.5% | -21.0% |
| Market cap | – | $6.5B |
| P/E (trailing) | – | 80.1 |
| Dividend yield | 0.00% | 5.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MLPB | PAGP |
|---|---|---|
| 2022 | +30.2% | +31.8% |
| 2023 | +22.0% | +38.1% |
| 2024 | +25.5% | +23.7% |
| 2025 | +7.4% | +12.7% |
| 2026 | +29.7% | +54.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLPB and PAGP good diversifiers for each other?
No. With a correlation of 0.85, MLPB and PAGP move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MLPB and PAGP?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.86 over the last year and 0.86 over 5 years.
Is PAGP a good diversifier for MLPB?
No. With a correlation of 0.85, MLPB and PAGP move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mlpb-vs-pagp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mlpb-vs-pagp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MLPB correlations · PAGP correlations
