FEMY vs NMT: Correlation
How closely do Femasys Inc. (FEMY) and Nuveen Massachusetts Quality Municipal Income Fund (NMT) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FEMY and NMT?
Across a 3-year window, the weekly returns of FEMY and NMT correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.09) than the 3-year average (-0.27). Stretching to 5 years gives -0.16, with an annualized covariance of -1352.3 %².
By 3-year correlation, NMT places #25 of the 32 assets tracked against FEMY. Their recent paths diverged sharply: over the last 12 months NMT outperformed by 81.0 percentage points (-61.2% for FEMY against +19.8% for NMT). One caveat on sizing: FEMY is 52.0 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.
FEMY vs NMT: side by side
| FEMY (Femasys Inc.) | NMT (Nuveen Massachusetts Quality Municipal Income Fund) | |
|---|---|---|
| 1-year return | -61.2% | +19.8% |
| 5-year return | -98.0% | +6.8% |
| Volatility (ann.) | 509.3% | 9.8% |
| Beta vs S&P 500 | -0.49 | 0.20 |
| Max drawdown (3Y) | -97.2% | -9.6% |
| Market cap | – | – |
| P/E (trailing) | – | 12.2 |
| Dividend yield | 0.00% | 6.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FEMY | NMT |
|---|---|---|
| 2022 | -76.9% | -30.4% |
| 2023 | +8.3% | +2.6% |
| 2024 | +12.8% | +16.3% |
| 2025 | -47.6% | +5.8% |
| 2026 | -75.8% | +15.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FEMY and NMT good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between FEMY and NMT?
As of 2026-08-27, the correlation of weekly returns between FEMY and NMT is -0.27 over 3 years, -0.09 over 1 year and -0.16 over 5 years.
Is NMT a good diversifier for FEMY?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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/femy-vs-nmt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/femy-vs-nmt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FEMY correlations · NMT correlations
