HMN vs NRXP: Correlation
Horace Mann Educators Corporation (HMN) and NRX Pharmaceuticals, Inc. (NRXP) 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 HMN and NRXP?
Across a 3-year window, the weekly returns of HMN and NRXP correlate at -0.25, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.17 over 1 year against -0.25 over 3. Stretching to 5 years gives -0.14, with an annualized covariance of -552.8 %².
Among the 11 assets we track against HMN, NRXP sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months NRXP outperformed by 24.4 percentage points (+15.9% for HMN against +40.3% for NRXP). One caveat on sizing: NRXP is 5.6 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.
HMN vs NRXP: side by side
| HMN (Horace Mann Educators Corporation) | NRXP (NRX Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +15.9% | +40.3% |
| 5-year return | +48.6% | -97.5% |
| Volatility (ann.) | 20.0% | 112.5% |
| Beta vs S&P 500 | 0.26 | 1.30 |
| Max drawdown (3Y) | -17.1% | -83.5% |
| Market cap | $2.1B | $0.2B |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 2.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HMN | NRXP |
|---|---|---|
| 2022 | -0.1% | -76.8% |
| 2023 | -8.8% | -58.6% |
| 2024 | +24.6% | -52.2% |
| 2025 | +21.5% | +23.2% |
| 2026 | +12.5% | +33.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMN and NRXP good diversifiers for each other?
Yes. With a correlation of -0.25, HMN and NRXP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HMN and NRXP?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.17 over the last year and -0.14 over 5 years.
Is NRXP a good diversifier for HMN?
Yes. With a correlation of -0.25, HMN and NRXP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hmn-vs-nrxp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hmn-vs-nrxp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HMN correlations · NRXP correlations
