MTG vs NMIH: Correlation
MGIC Investment Corporation (MTG) and NMI Holdings Inc (NMIH) show a very strong relationship: their 3-year correlation of weekly returns is 0.87.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTG and NMIH?
Across a 3-year window, the weekly returns of MTG and NMIH correlate at 0.87, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.91 lands near the 3-year figure. Stretching to 5 years gives 0.86, with an annualized covariance of 452.5 %².
NMIH is one of the assets that tracks MTG most closely: it ranks #2 out of the 16 assets we track against MTG. Twelve-month performance is nearly a tie, at +13.5% for MTG and +12.9% for NMIH.
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.
MTG vs NMIH: side by side
| MTG (MGIC Investment Corporation) | NMIH (NMI Holdings Inc) | |
|---|---|---|
| 1-year return | +13.5% | +12.9% |
| 5-year return | +129.5% | +99.5% |
| Volatility (ann.) | 21.6% | 24.1% |
| Beta vs S&P 500 | 0.57 | 0.55 |
| Max drawdown (3Y) | -15.8% | -21.4% |
| Market cap | $6.4B | $3.4B |
| P/E (trailing) | 9.8 | 8.9 |
| Dividend yield | 1.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTG | NMIH |
|---|---|---|
| 2022 | -7.5% | -4.3% |
| 2023 | +52.4% | +42.0% |
| 2024 | +25.7% | +23.9% |
| 2025 | +25.9% | +11.0% |
| 2026 | +8.2% | +9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTG and NMIH good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MTG and NMIH?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.91 over the last year and 0.86 over 5 years.
Is NMIH a good diversifier for MTG?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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/mtg-vs-nmih.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtg-vs-nmih/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTG correlations · NMIH correlations
