ATOM vs NMI: Correlation
How closely do Atomera Incorporated (ATOM) and Nuveen Municipal Income Fund, Inc. (NMI) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ATOM and NMI?
Across a 3-year window, the weekly returns of ATOM and NMI correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (-0.25). Stretching to 5 years gives -0.16, with an annualized covariance of -366.1 %².
NMI is close to the least connected end of ATOM's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with ATOM ahead by 20.5 points (+31.9% versus +11.4%). Note the risk asymmetry: ATOM runs 9.2 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.
ATOM vs NMI: side by side
| ATOM (Atomera Incorporated) | NMI (Nuveen Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +31.9% | +11.4% |
| 5-year return | -81.4% | +8.0% |
| Volatility (ann.) | 117.4% | 12.7% |
| Beta vs S&P 500 | 1.78 | 0.20 |
| Max drawdown (3Y) | -88.0% | -11.0% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | 18.2 |
| Dividend yield | 0.00% | 4.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ATOM | NMI |
|---|---|---|
| 2022 | -69.1% | -15.0% |
| 2023 | +12.7% | +1.9% |
| 2024 | +65.5% | +7.0% |
| 2025 | -80.9% | +10.5% |
| 2026 | +102.3% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ATOM and NMI good diversifiers for each other?
Yes. With a correlation of -0.25, ATOM and NMI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ATOM and NMI?
The ATOM/NMI correlation stands at -0.25 on a 3-year window (1 year: -0.36, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is NMI a good diversifier for ATOM?
Yes. With a correlation of -0.25, ATOM and NMI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/atom-vs-nmi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/atom-vs-nmi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ATOM correlations · NMI correlations
