MLPB vs TRGP: Correlation
Measured on weekly returns over the past three years, ETRACS Alerian MLP Infrastructure Index ETN Series B due (MLPB) and Targa Resources (TRGP) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLPB and TRGP?
Across a 3-year window, the weekly returns of MLPB and TRGP correlate at 0.75, strong. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. Stretching to 5 years gives 0.78, with an annualized covariance of 391.4 %².
Within MLPB's tracked universe of 22 assets, TRGP comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TRGP ahead by 49.3 points (+29.4% versus +78.7%). One caveat on sizing: TRGP is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TRGP: side by side
| MLPB (ETRACS Alerian MLP Infrastructure Index ETN Series B due) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | +29.4% | +78.7% |
| 5-year return | +186.2% | +626.8% |
| Volatility (ann.) | 16.5% | 31.5% |
| Beta vs S&P 500 | 0.32 | 0.44 |
| Max drawdown (3Y) | -16.5% | -31.6% |
| Market cap | – | $62.0B |
| P/E (trailing) | – | 28.1 |
| Dividend yield | 0.00% | 1.53% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | MLPB | TRGP |
|---|---|---|
| 2022 | +30.2% | +43.7% |
| 2023 | +22.0% | +21.0% |
| 2024 | +25.5% | +110.1% |
| 2025 | +7.4% | +5.7% |
| 2026 | +29.7% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLPB and TRGP good diversifiers for each other?
Only partially. A correlation of 0.75 means MLPB and TRGP 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 TRGP?
As of 2026-08-27, the correlation of weekly returns between MLPB and TRGP is 0.75 over 3 years, 0.66 over 1 year and 0.78 over 5 years.
Is TRGP a good diversifier for MLPB?
Only partially. A correlation of 0.75 means MLPB and TRGP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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-trgp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mlpb-vs-trgp/)
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Related comparisons
Hubs: MLPB correlations · TRGP correlations
