PAGP vs UCIB: Correlation
Plains GP Holdings, L.P. - Class A Shares representing (PAGP) and ETRACS UBS Bloomberg Constant Maturity Commodity Index (UCIB) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAGP and UCIB?
On 3 years of weekly data the PAGP/UCIB correlation comes out at 0.44, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.44). The 5-year figure is 0.48, and annualized covariance runs at 182.6 %².
Among the 14 assets we track against PAGP, UCIB ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PAGP ahead by 20.4 points (+58.9% versus +38.5%).
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.
PAGP vs UCIB: side by side
| PAGP (Plains GP Holdings, L.P. - Class A Shares representing) | UCIB (ETRACS UBS Bloomberg Constant Maturity Commodity Index) | |
|---|---|---|
| 1-year return | +58.9% | +38.5% |
| 5-year return | +318.4% | +88.1% |
| Volatility (ann.) | 23.3% | 17.7% |
| Beta vs S&P 500 | 0.25 | 0.28 |
| Max drawdown (3Y) | -21.0% | -22.7% |
| Market cap | $6.5B | – |
| P/E (trailing) | 80.1 | – |
| Dividend yield | 5.81% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAGP | UCIB |
|---|---|---|
| 2022 | +31.8% | +18.2% |
| 2023 | +38.1% | -2.3% |
| 2024 | +23.7% | +6.6% |
| 2025 | +12.7% | +9.0% |
| 2026 | +54.5% | +32.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAGP and UCIB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PAGP and UCIB?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.31 over the last year and 0.48 over 5 years.
Is UCIB a good diversifier for PAGP?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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/pagp-vs-ucib.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pagp-vs-ucib/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAGP correlations · UCIB correlations
