NIM vs RELY: Correlation
Nuveen Select Maturities Municipal Fund (NIM) and Remitly Global, Inc. (RELY) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NIM and RELY?
Across a 3-year window, the weekly returns of NIM and RELY correlate at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.01 versus -0.21 over 3 years. Stretching to 5 years gives -0.07, with an annualized covariance of -91.4 %².
RELY is close to the least connected end of NIM's tracked universe, ranking #11 of 13. The last year tells two different stories: RELY led by 35.8 percentage points, +5.5% for NIM against +41.3% for RELY. Note the risk asymmetry: RELY runs 6.3 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.
NIM vs RELY: side by side
| NIM (Nuveen Select Maturities Municipal Fund) | RELY (Remitly Global, Inc.) | |
|---|---|---|
| 1-year return | +5.5% | +41.3% |
| 5-year return | +1.3% | -46.4% |
| Volatility (ann.) | 8.4% | 52.6% |
| Beta vs S&P 500 | 0.16 | 0.90 |
| Max drawdown (3Y) | -6.8% | -57.9% |
| Market cap | $0.1B | $5.5B |
| P/E (trailing) | 24.4 | 18.6 |
| Dividend yield | 3.66% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NIM | RELY |
|---|---|---|
| 2022 | -12.9% | -44.5% |
| 2023 | +0.8% | +69.6% |
| 2024 | +2.8% | +16.2% |
| 2025 | +10.9% | -38.9% |
| 2026 | +2.0% | +88.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NIM and RELY good diversifiers for each other?
Yes. With a correlation of -0.21, NIM and RELY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NIM and RELY?
The NIM/RELY correlation stands at -0.21 on a 3-year window (1 year: -0.01, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is RELY a good diversifier for NIM?
Yes. With a correlation of -0.21, NIM and RELY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/nim-vs-rely.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nim-vs-rely/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NIM correlations · RELY correlations
