KGEI vs NMI: Correlation
Measured on weekly returns over the past three years, Kolibri Global Energy Inc. (KGEI) and Nuveen Municipal Income Fund, Inc. (NMI) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KGEI and NMI?
On 3 years of weekly data the KGEI/NMI correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.25 over 3 years. The 5-year figure is -0.11, and annualized covariance runs at -163.0 %².
By 3-year correlation, NMI places #18 of the 27 assets tracked against KGEI. On 12-month performance NMI holds a 5.8-point edge, +5.6% against +11.4%. Note the risk asymmetry: KGEI runs 4.0 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.
KGEI vs NMI: side by side
| KGEI (Kolibri Global Energy Inc.) | NMI (Nuveen Municipal Income Fund, Inc.) | |
|---|---|---|
| 1-year return | +5.6% | +11.4% |
| 5-year return | +631.2% | +8.0% |
| Volatility (ann.) | 51.1% | 12.7% |
| Beta vs S&P 500 | 0.13 | 0.20 |
| Max drawdown (3Y) | -64.7% | -11.0% |
| Market cap | $0.2B | – |
| P/E (trailing) | 10.6 | 18.2 |
| Dividend yield | 0.00% | 4.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | KGEI | NMI |
|---|---|---|
| 2022 | +391.7% | -15.0% |
| 2023 | +27.1% | +1.9% |
| 2024 | +41.9% | +7.0% |
| 2025 | -26.1% | +10.5% |
| 2026 | +48.9% | +7.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KGEI and NMI 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 KGEI and NMI?
The KGEI/NMI correlation stands at -0.25 on a 3-year window (1 year: -0.40, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is NMI a good diversifier for KGEI?
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.
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Related comparisons
Hubs: KGEI correlations · NMI correlations
