NML vs PAGP: Correlation
Measured on weekly returns over the past three years, Neuberger Energy Infrastructure and Income Fund Inc. (NML) and Plains GP Holdings, L.P. - Class A Shares representing (PAGP) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NML and PAGP?
Over the past 3 years, NML and PAGP moved with a correlation of 0.72, which is strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.72 over 3. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 359.2 %².
Within NML's tracked universe of 26 assets, PAGP comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PAGP outperformed by 28.2 percentage points (+30.7% for NML 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.
NML vs PAGP: side by side
| NML (Neuberger Energy Infrastructure and Income Fund Inc.) | PAGP (Plains GP Holdings, L.P. - Class A Shares representing) | |
|---|---|---|
| 1-year return | +30.7% | +58.9% |
| 5-year return | +220.1% | +318.4% |
| Volatility (ann.) | 21.3% | 23.3% |
| Beta vs S&P 500 | 0.35 | 0.25 |
| Max drawdown (3Y) | -16.9% | -21.0% |
| Market cap | $0.6B | $6.5B |
| P/E (trailing) | 4.3 | 80.1 |
| Dividend yield | 0.00% | 5.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NML | PAGP |
|---|---|---|
| 2022 | +32.8% | +31.8% |
| 2023 | +14.5% | +38.1% |
| 2024 | +40.5% | +23.7% |
| 2025 | +4.3% | +12.7% |
| 2026 | +29.4% | +54.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NML and PAGP good diversifiers for each other?
Only partially. A correlation of 0.72 means NML and PAGP 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 NML and PAGP?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.70 over the last year and 0.76 over 5 years.
Is PAGP a good diversifier for NML?
Only partially. A correlation of 0.72 means NML and PAGP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 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/nml-vs-pagp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nml-vs-pagp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NML correlations · PAGP correlations
