ESNT vs NMIH: Correlation
How closely do Essent Group Ltd. (ESNT) and NMI Holdings Inc (NMIH) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESNT and NMIH?
Across a 3-year window, the weekly returns of ESNT and NMIH correlate at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.90 lands near the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 436.7 %².
NMIH is one of the assets that tracks ESNT most closely: it ranks #2 out of the 13 assets we track against ESNT. Their 12-month results are close: +10.2% for ESNT 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.
ESNT vs NMIH: side by side
| ESNT (Essent Group Ltd.) | NMIH (NMI Holdings Inc) | |
|---|---|---|
| 1-year return | +10.2% | +12.9% |
| 5-year return | +62.5% | +99.5% |
| Volatility (ann.) | 21.4% | 24.1% |
| Beta vs S&P 500 | 0.57 | 0.55 |
| Max drawdown (3Y) | -18.4% | -21.4% |
| Market cap | $6.2B | $3.4B |
| P/E (trailing) | 9.7 | 8.9 |
| Dividend yield | 1.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ESNT | NMIH |
|---|---|---|
| 2022 | -12.8% | -4.3% |
| 2023 | +38.6% | +42.0% |
| 2024 | +5.2% | +23.9% |
| 2025 | +20.7% | +11.0% |
| 2026 | +7.9% | +9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESNT and NMIH good diversifiers for each other?
No. With a correlation of 0.85, ESNT and NMIH move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ESNT and NMIH?
As of 2026-08-27, the correlation of weekly returns between ESNT and NMIH is 0.85 over 3 years, 0.90 over 1 year and 0.82 over 5 years.
Is NMIH a good diversifier for ESNT?
No. With a correlation of 0.85, ESNT and NMIH move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/esnt-vs-nmih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/esnt-vs-nmih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ESNT correlations · NMIH correlations
