PEO vs TPL: Correlation
Adams Natural Resources Fund, Inc. (PEO) and Texas Pacific Land Corporation (TPL) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PEO and TPL?
On 3 years of weekly data the PEO/TPL correlation comes out at 0.53, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 532.4 %².
Among the 42 assets we track against PEO, TPL ranks #32 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PEO ahead by 18.8 points (+41.6% versus +22.8%). One caveat on sizing: TPL is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
PEO vs TPL: side by side
| PEO (Adams Natural Resources Fund, Inc.) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +41.6% | +22.8% |
| 5-year return | +179.3% | +149.6% |
| Volatility (ann.) | 20.2% | 50.0% |
| Beta vs S&P 500 | 0.30 | 0.62 |
| Max drawdown (3Y) | -18.9% | -52.2% |
| Market cap | $0.8B | $25.5B |
| P/E (trailing) | 4.8 | 47.2 |
| Dividend yield | 7.09% | 0.61% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | PEO | TPL |
|---|---|---|
| 2022 | +41.8% | +91.3% |
| 2023 | +0.9% | -32.4% |
| 2024 | +13.6% | +115.3% |
| 2025 | +10.0% | -21.6% |
| 2026 | +38.5% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PEO and TPL good diversifiers for each other?
Only partially. A correlation of 0.53 means PEO and TPL 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 PEO and TPL?
As of 2026-08-27, the correlation of weekly returns between PEO and TPL is 0.53 over 3 years, 0.49 over 1 year and 0.54 over 5 years.
Is TPL a good diversifier for PEO?
Only partially. A correlation of 0.53 means PEO and TPL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: PEO correlations · TPL correlations
