NML vs WMB: Correlation
Measured on weekly returns over the past three years, Neuberger Energy Infrastructure and Income Fund Inc. (NML) and Williams Companies (WMB) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NML and WMB?
Across a 3-year window, the weekly returns of NML and WMB correlate at 0.65, strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.65 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 333.5 %².
Among the 26 assets we track against NML, WMB ranks #14 by 3-year correlation. Their 12-month results are close: +30.7% for NML against +33.1% for WMB.
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 WMB: side by side
| NML (Neuberger Energy Infrastructure and Income Fund Inc.) | WMB (Williams Companies) | |
|---|---|---|
| 1-year return | +30.7% | +33.1% |
| 5-year return | +220.1% | +279.9% |
| Volatility (ann.) | 21.3% | 24.0% |
| Beta vs S&P 500 | 0.35 | 0.34 |
| Max drawdown (3Y) | -16.9% | -12.4% |
| Market cap | $0.6B | $90.7B |
| P/E (trailing) | 4.3 | 29.7 |
| Dividend yield | 0.00% | 2.76% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | NML | WMB |
|---|---|---|
| 2022 | +32.8% | +32.8% |
| 2023 | +14.5% | +11.9% |
| 2024 | +40.5% | +62.3% |
| 2025 | +4.3% | +14.9% |
| 2026 | +29.4% | +25.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NML and WMB good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NML and WMB?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.61 over the last year and 0.73 over 5 years.
Is WMB a good diversifier for NML?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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.
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Related comparisons
Hubs: NML correlations · WMB correlations
