NML vs TRGP: Correlation
Measured on weekly returns over the past three years, Neuberger Energy Infrastructure and Income Fund Inc. (NML) 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 NML and TRGP?
Over the past 3 years, NML and TRGP moved with a correlation of 0.75, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.75 over 3. Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 500.6 %².
By 3-year correlation, TRGP places #6 of the 26 assets tracked against NML. Their recent paths diverged sharply: over the last 12 months TRGP outperformed by 48.0 percentage points (+30.7% for NML against +78.7% for TRGP).
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 TRGP: side by side
| NML (Neuberger Energy Infrastructure and Income Fund Inc.) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | +30.7% | +78.7% |
| 5-year return | +220.1% | +626.8% |
| Volatility (ann.) | 21.3% | 31.5% |
| Beta vs S&P 500 | 0.35 | 0.44 |
| Max drawdown (3Y) | -16.9% | -31.6% |
| Market cap | $0.6B | $62.0B |
| P/E (trailing) | 4.3 | 28.1 |
| Dividend yield | 0.00% | 1.53% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | NML | TRGP |
|---|---|---|
| 2022 | +32.8% | +43.7% |
| 2023 | +14.5% | +21.0% |
| 2024 | +40.5% | +110.1% |
| 2025 | +4.3% | +5.7% |
| 2026 | +29.4% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NML and TRGP good diversifiers for each other?
Only partially. A correlation of 0.75 means NML 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 NML and TRGP?
As of 2026-08-27, the correlation of weekly returns between NML and TRGP is 0.75 over 3 years, 0.69 over 1 year and 0.78 over 5 years.
Is TRGP a good diversifier for NML?
Only partially. A correlation of 0.75 means NML 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?
A reading of 0.75 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nml-vs-trgp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nml-vs-trgp/)
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Related comparisons
Hubs: NML correlations · TRGP correlations
