FMY vs NCI: Correlation
First Trust Mortgage Income Fund (FMY) and Neo-Concept International Group Holdings Limited - Class A (NCI) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMY and NCI?
Over the past 3 years, FMY and NCI moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -415.2 %².
Out of 12 assets tracked against FMY, NCI lands near the bottom at #10. The trailing year gives FMY the advantage: +2.3% versus -5.8%, a 8.1-point spread. Risk is not evenly split, since NCI carries 19.2 times the volatility of the other side.
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.
FMY vs NCI: side by side
| FMY (First Trust Mortgage Income Fund) | NCI (Neo-Concept International Group Holdings Limited - Class A) | |
|---|---|---|
| 1-year return | +2.3% | -5.8% |
| 5-year return | +18.1% | n/a |
| Volatility (ann.) | 9.6% | 184.4% |
| Beta vs S&P 500 | 0.12 | -0.24 |
| Max drawdown (3Y) | -7.1% | -99.0% |
| Market cap | – | – |
| P/E (trailing) | 16.5 | 154.5 |
| Dividend yield | 6.94% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMY | NCI |
|---|---|---|
| 2022 | -13.0% | – |
| 2023 | +16.1% | – |
| 2024 | +7.1% | – |
| 2025 | +8.6% | -65.8% |
| 2026 | +0.1% | +36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMY and NCI good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FMY and NCI?
The FMY/NCI correlation stands at -0.25 on a 3-year window (1 year: -0.32, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is NCI a good diversifier for FMY?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/fmy-vs-nci.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fmy-vs-nci/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FMY correlations · NCI correlations
