DGICA vs NMIH: Correlation
Measured on weekly returns over the past three years, Donegal Group, Inc. (DGICA) and NMI Holdings Inc (NMIH) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGICA and NMIH?
Over the past 3 years, DGICA and NMIH moved with a correlation of 0.50, which is moderate. The link has tightened recently: the 1-year correlation (0.64) runs above the 3-year figure (0.50). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 280.8 %².
Among the 12 assets we track against DGICA, NMIH ranks #5 by 3-year correlation. Their 12-month results are close: +12.6% for DGICA against +12.9% for NMIH.
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.
DGICA vs NMIH: side by side
| DGICA (Donegal Group, Inc.) | NMIH (NMI Holdings Inc) | |
|---|---|---|
| 1-year return | +12.6% | +12.9% |
| 5-year return | +57.1% | +99.5% |
| Volatility (ann.) | 23.2% | 24.1% |
| Beta vs S&P 500 | 0.18 | 0.55 |
| Max drawdown (3Y) | -20.4% | -21.4% |
| Market cap | $0.7B | $3.4B |
| P/E (trailing) | 9.9 | 8.9 |
| Dividend yield | 3.87% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DGICA | NMIH |
|---|---|---|
| 2022 | +4.0% | -4.3% |
| 2023 | +3.2% | +42.0% |
| 2024 | +15.9% | +23.9% |
| 2025 | +34.7% | +11.0% |
| 2026 | -2.0% | +9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGICA and NMIH good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DGICA and NMIH?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.64 over the last year and 0.35 over 5 years.
Is NMIH a good diversifier for DGICA?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
A reading of 0.50 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/dgica-vs-nmih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dgica-vs-nmih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGICA correlations · NMIH correlations
