NML vs SBR: Correlation
Measured on weekly returns over the past three years, Neuberger Energy Infrastructure and Income Fund Inc. (NML) and Sabine Royalty Trust (SBR) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NML and SBR?
Over the past 3 years, NML and SBR moved with a correlation of 0.46, which is moderate. The past 12 months show a tighter link (0.60) than the 3-year average (0.46). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 224.9 %².
Among the 26 assets we track against NML, SBR ranks #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NML ahead by 21.6 points (+30.7% versus +9.1%).
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 SBR: side by side
| NML (Neuberger Energy Infrastructure and Income Fund Inc.) | SBR (Sabine Royalty Trust) | |
|---|---|---|
| 1-year return | +30.7% | +9.1% |
| 5-year return | +220.1% | +200.0% |
| Volatility (ann.) | 21.3% | 22.9% |
| Beta vs S&P 500 | 0.35 | 0.33 |
| Max drawdown (3Y) | -16.9% | -18.5% |
| Market cap | $0.6B | $1.1B |
| P/E (trailing) | 4.3 | 15.1 |
| Dividend yield | 0.00% | 6.55% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NML | SBR |
|---|---|---|
| 2022 | +32.8% | +132.1% |
| 2023 | +14.5% | -13.1% |
| 2024 | +40.5% | +4.1% |
| 2025 | +4.3% | +14.0% |
| 2026 | +29.4% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NML and SBR good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NML and SBR?
As of 2026-08-27, the correlation of weekly returns between NML and SBR is 0.46 over 3 years, 0.60 over 1 year and 0.58 over 5 years.
Is SBR a good diversifier for NML?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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
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Related comparisons
Hubs: NML correlations · SBR correlations
