CMI vs MI: Correlation
Cummins (CMI) and NFT Limited Class A (MI) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMI and MI?
Across a 3-year window, the weekly returns of CMI and MI correlate at -0.19, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.31 versus -0.19 over 3 years. Stretching to 5 years gives -0.14, with an annualized covariance of -21492.1 %².
Among the 36 assets we track against CMI, MI ranks #30 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CMI outperformed by 55.4 percentage points (+45.1% for CMI against -10.3% for MI). One caveat on sizing: MI is 171.6 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.
CMI vs MI: side by side
| CMI (Cummins) | MI (NFT Limited Class A) | |
|---|---|---|
| 1-year return | +45.1% | -10.3% |
| 5-year return | +169.6% | -99.5% |
| Volatility (ann.) | 25.9% | 4443.9% |
| Beta vs S&P 500 | 1.05 | 8.21 |
| Max drawdown (3Y) | -30.5% | -98.5% |
| Market cap | $79.0B | – |
| P/E (trailing) | 29.6 | – |
| Dividend yield | 1.38% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | CMI | MI |
|---|---|---|
| 2022 | +14.1% | -86.4% |
| 2023 | +1.7% | -66.2% |
| 2024 | +48.9% | -61.9% |
| 2025 | +49.4% | +13.3% |
| 2026 | +13.6% | -28.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMI and MI good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMI and MI?
As of 2026-08-27, the correlation of weekly returns between CMI and MI is -0.19 over 3 years, -0.31 over 1 year and -0.14 over 5 years.
Is MI a good diversifier for CMI?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
On the −1 to +1 scale, -0.19 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmi-vs-mi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmi-vs-mi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CMI correlations · MI correlations
