BJ vs NIM: Correlation
Measured on weekly returns over the past three years, BJ's Wholesale Club Holdings, Inc. (BJ) and Nuveen Select Maturities Municipal Fund (NIM) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BJ and NIM?
On 3 years of weekly data the BJ/NIM correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. The 5-year figure is -0.05, and annualized covariance runs at -50.2 %².
By 3-year correlation, NIM places #29 of the 43 assets tracked against BJ. Over the last 12 months NIM came out ahead by 12.4 percentage points (-6.9% against +5.5%). One caveat on sizing: BJ is 3.1 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.
BJ vs NIM: side by side
| BJ (BJ's Wholesale Club Holdings, Inc.) | NIM (Nuveen Select Maturities Municipal Fund) | |
|---|---|---|
| 1-year return | -6.9% | +5.5% |
| 5-year return | +59.5% | +1.3% |
| Volatility (ann.) | 26.4% | 8.4% |
| Beta vs S&P 500 | -0.14 | 0.16 |
| Max drawdown (3Y) | -30.1% | -6.8% |
| Market cap | $11.4B | $0.1B |
| P/E (trailing) | 20.4 | 24.4 |
| Dividend yield | 0.00% | 3.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BJ | NIM |
|---|---|---|
| 2022 | -1.2% | -12.9% |
| 2023 | +0.8% | +0.8% |
| 2024 | +34.0% | +2.8% |
| 2025 | +0.8% | +10.9% |
| 2026 | +0.5% | +2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BJ and NIM good diversifiers for each other?
Yes. With a correlation of -0.23, BJ and NIM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BJ and NIM?
As of 2026-08-27, the correlation of weekly returns between BJ and NIM is -0.23 over 3 years, -0.29 over 1 year and -0.05 over 5 years.
Is NIM a good diversifier for BJ?
Yes. With a correlation of -0.23, BJ and NIM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bj-vs-nim.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bj-vs-nim/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BJ correlations · NIM correlations
