MLPB vs PDX: Correlation
How closely do ETRACS Alerian MLP Infrastructure Index ETN Series B due (MLPB) and PIMCO Dynamic Income Strategy Fund (PDX) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLPB and PDX?
Across a 3-year window, the weekly returns of MLPB and PDX correlate at 0.53, moderate. Recent behaviour matches the longer record: 0.53 over 1 year against 0.53 over 3. Stretching to 5 years gives 0.71, with an annualized covariance of 227.2 %².
By 3-year correlation, PDX places #15 of the 22 assets tracked against MLPB. Their recent paths diverged sharply: over the last 12 months MLPB outperformed by 18.5 percentage points (+29.4% for MLPB against +10.9% for PDX). Note the risk asymmetry: PDX runs 1.6 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.
MLPB vs PDX: side by side
| MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B due) | PDX (PIMCO Dynamic Income Strategy Fund) | |
|---|---|---|
| 1-year return | +29.4% | +10.9% |
| 5-year return | +186.2% | +203.4% |
| Volatility (ann.) | 16.5% | 26.1% |
| Beta vs S&P 500 | 0.32 | 0.40 |
| Max drawdown (3Y) | -16.5% | -37.2% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MLPB | PDX |
|---|---|---|
| 2022 | +30.2% | +23.0% |
| 2023 | +22.0% | +44.5% |
| 2024 | +25.5% | +37.0% |
| 2025 | +7.4% | -10.6% |
| 2026 | +29.7% | +21.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLPB and PDX good diversifiers for each other?
Only partially. A correlation of 0.53 means MLPB and PDX 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 MLPB and PDX?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.53 over the last year and 0.71 over 5 years.
Is PDX a good diversifier for MLPB?
Only partially. A correlation of 0.53 means MLPB and PDX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mlpb-vs-pdx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mlpb-vs-pdx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MLPB correlations · PDX correlations
