GJO vs MI: Correlation
Synthetic Fixed-Income Securities, Inc. on behalf of (GJO) and NFT Limited Class A (MI) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GJO and MI?
Over the past 3 years, GJO and MI moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.45) runs below the 3-year figure (-0.22). Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -6795.9 %².
MI is close to the least connected end of GJO's tracked universe, ranking #14 of 16. On 12-month performance GJO holds a 12.9-point edge, +2.6% against -10.3%. Risk is not evenly split, since MI carries 644.0 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.
GJO vs MI: side by side
| GJO (Synthetic Fixed-Income Securities, Inc. on behalf of) | MI (NFT Limited Class A) | |
|---|---|---|
| 1-year return | +2.6% | -10.3% |
| 5-year return | +27.3% | -99.5% |
| Volatility (ann.) | 6.9% | 4443.9% |
| Beta vs S&P 500 | 0.02 | 8.21 |
| Max drawdown (3Y) | -3.2% | -98.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GJO | MI |
|---|---|---|
| 2022 | +1.6% | -86.4% |
| 2023 | +10.3% | -66.2% |
| 2024 | +5.2% | -61.9% |
| 2025 | +5.6% | +13.3% |
| 2026 | +1.4% | -28.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GJO and MI good diversifiers for each other?
Yes. With a correlation of -0.22, GJO and MI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GJO and MI?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.45 over the last year and -0.18 over 5 years.
Is MI a good diversifier for GJO?
Yes. With a correlation of -0.22, GJO and MI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/gjo-vs-mi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gjo-vs-mi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GJO correlations · MI correlations
