PBA vs TRP: Correlation
Measured on weekly returns over the past three years, Pembina Pipeline Corp. (PBA) and TC Energy Corporation (TRP) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PBA and TRP?
Over the past 3 years, PBA and TRP moved with a correlation of 0.62, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.80 versus 0.62 over 3 years. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 248.2 %².
Within PBA's tracked universe of 13 assets, TRP comes in at #5 by 3-year correlation. On 12-month performance PBA holds a 8.1-point edge, +31.4% against +23.3%.
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 TRP: side by side
| PBA (Pembina Pipeline Corp.) | TRP (TC Energy Corporation) | |
|---|---|---|
| 1-year return | +31.4% | +23.3% |
| 5-year return | +98.2% | +67.2% |
| Volatility (ann.) | 20.0% | 20.0% |
| Beta vs S&P 500 | 0.08 | 0.16 |
| Max drawdown (3Y) | -17.9% | -12.8% |
| Market cap | $28.1B | – |
| P/E (trailing) | 23.7 | 24.5 |
| Dividend yield | 5.93% | 5.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PBA | TRP |
|---|---|---|
| 2022 | +18.3% | -9.7% |
| 2023 | +7.8% | +4.7% |
| 2024 | +13.2% | +26.2% |
| 2025 | +5.7% | +21.2% |
| 2026 | +30.0% | +15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PBA and TRP good diversifiers for each other?
Only partially. A correlation of 0.62 means PBA and TRP 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 PBA and TRP?
The PBA/TRP correlation stands at 0.62 on a 3-year window (1 year: 0.80, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is TRP a good diversifier for PBA?
Only partially. A correlation of 0.62 means PBA and TRP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 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-trp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pba-vs-trp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PBA correlations · TRP correlations
