PBA vs TMQ: Correlation
Pembina Pipeline Corp. (PBA) and Trilogy Metals Inc. (TMQ) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBA and TMQ?
Over the past 3 years, PBA and TMQ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.25 over 3 years. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -666.7 %².
Out of 13 assets tracked against PBA, TMQ lands near the bottom at #12. The last year tells two different stories: TMQ led by 94.9 percentage points, +31.4% for PBA against +126.3% for TMQ. Note the risk asymmetry: TMQ runs 6.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PBA vs TMQ: side by side
| PBA (Pembina Pipeline Corp.) | TMQ (Trilogy Metals Inc.) | |
|---|---|---|
| 1-year return | +31.4% | +126.3% |
| 5-year return | +98.2% | +85.3% |
| Volatility (ann.) | 20.0% | 131.6% |
| Beta vs S&P 500 | 0.08 | 0.28 |
| Max drawdown (3Y) | -17.9% | -72.5% |
| Market cap | $28.1B | $0.7B |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 5.93% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PBA | TMQ |
|---|---|---|
| 2022 | +18.3% | -66.7% |
| 2023 | +7.8% | -21.8% |
| 2024 | +13.2% | +169.8% |
| 2025 | +5.7% | +271.6% |
| 2026 | +30.0% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBA and TMQ good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between PBA and TMQ?
As of 2026-08-27, the correlation of weekly returns between PBA and TMQ is -0.25 over 3 years, -0.42 over 1 year and -0.10 over 5 years.
Is TMQ a good diversifier for PBA?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
A reading of -0.25 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/pba-vs-tmq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pba-vs-tmq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PBA correlations · TMQ correlations
