ENVB vs NMI: Correlation
Enveric Biosciences, Inc. (ENVB) and Nuveen Municipal Income Fund, Inc. (NMI) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVB and NMI?
Across a 3-year window, the weekly returns of ENVB and NMI correlate at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.48) than the 3-year average (-0.31). Stretching to 5 years gives -0.15, with an annualized covariance of -627.8 %².
Out of 16 assets tracked against ENVB, NMI lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months NMI outperformed by 103.5 percentage points (-92.1% for ENVB against +11.4% for NMI). Note the risk asymmetry: ENVB runs 12.7 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.
ENVB vs NMI: side by side
| ENVB (Enveric Biosciences, Inc.) | NMI (Nuveen Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | -92.1% | +11.4% |
| 5-year return | -100.0% | +8.0% |
| Volatility (ann.) | 160.8% | 12.7% |
| Beta vs S&P 500 | 0.75 | 0.20 |
| Max drawdown (3Y) | -100.0% | -11.0% |
| Market cap | – | – |
| P/E (trailing) | – | 18.2 |
| Dividend yield | 0.00% | 4.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENVB | NMI |
|---|---|---|
| 2022 | -95.5% | -15.0% |
| 2023 | -37.5% | +1.9% |
| 2024 | -72.5% | +7.0% |
| 2025 | -99.6% | +10.5% |
| 2026 | -62.3% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVB and NMI good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between ENVB and NMI?
As of 2026-08-27, the correlation of weekly returns between ENVB and NMI is -0.31 over 3 years, -0.48 over 1 year and -0.15 over 5 years.
Is NMI a good diversifier for ENVB?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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: ENVB correlations · NMI correlations
