FMN vs NMI: Correlation
Measured on weekly returns over the past three years, Federated Hermes Premier Municipal Income Fund (FMN) and Nuveen Municipal Income Fund, Inc. (NMI) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMN and NMI?
On 3 years of weekly data the FMN/NMI correlation comes out at 0.45, moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.45 over 3. The 5-year figure is 0.48, and annualized covariance runs at 63.3 %².
Among the 13 assets we track against FMN, NMI ranks #8 by 3-year correlation. Neither side won the trailing year by much: +9.5% against +11.4%.
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.
FMN vs NMI: side by side
| FMN (Federated Hermes Premier Municipal Income Fund) | NMI (Nuveen Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +9.5% | +11.4% |
| 5-year return | -12.8% | +8.0% |
| Volatility (ann.) | 11.1% | 12.7% |
| Beta vs S&P 500 | 0.24 | 0.20 |
| Max drawdown (3Y) | -16.3% | -11.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.7 | 18.2 |
| Dividend yield | 4.57% | 4.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMN | NMI |
|---|---|---|
| 2022 | -26.7% | -15.0% |
| 2023 | +9.2% | +1.9% |
| 2024 | +3.2% | +7.0% |
| 2025 | +6.8% | +10.5% |
| 2026 | +2.9% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMN and NMI good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FMN and NMI?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.40 over the last year and 0.48 over 5 years.
Is NMI a good diversifier for FMN?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
A reading of 0.45 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/fmn-vs-nmi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fmn-vs-nmi/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FMN correlations · NMI correlations
