INM vs MI: Correlation
How closely do InMed Pharmaceuticals Inc. (INM) and NFT Limited Class A (MI) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INM and MI?
Over the past 3 years, INM and MI moved with a correlation of 0.58, which is moderate. The past 12 months show a tighter link (0.94) than the 3-year average (0.58). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 435293.2 %².
Few assets follow INM as closely as MI, which ranks #2 of 18 tracked partners. The last year tells two different stories: MI led by 26.1 percentage points, -36.4% for INM against -10.3% for MI. Note the risk asymmetry: MI runs 26.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
INM vs MI: side by side
| INM (InMed Pharmaceuticals Inc.) | MI (NFT Limited Class A) | |
|---|---|---|
| 1-year return | -36.4% | -10.3% |
| 5-year return | -99.9% | -99.5% |
| Volatility (ann.) | 169.8% | 4443.9% |
| Beta vs S&P 500 | 2.62 | 8.21 |
| Max drawdown (3Y) | -96.9% | -98.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | INM | MI |
|---|---|---|
| 2022 | -93.8% | -86.4% |
| 2023 | -79.4% | -66.2% |
| 2024 | -43.0% | -61.9% |
| 2025 | -77.6% | +13.3% |
| 2026 | +34.9% | -28.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INM and MI good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between INM and MI?
The INM/MI correlation stands at 0.58 on a 3-year window (1 year: 0.94, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is MI a good diversifier for INM?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 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/inm-vs-mi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/inm-vs-mi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: INM correlations · MI correlations
