NMI vs PEW: Correlation
Nuveen Municipal Income Fund, Inc. (NMI) and GrabAGun Digital Holdings Inc. (PEW) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMI and PEW?
Across a 3-year window, the weekly returns of NMI and PEW correlate at 0.28, weak. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.28 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 180.6 %².
Among the 12 assets we track against NMI, PEW ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NMI outperformed by 68.5 percentage points (+11.4% for NMI against -57.1% for PEW). Risk is not evenly split, since PEW carries 4.0 times the volatility of the other side.
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.
NMI vs PEW: side by side
| NMI (Nuveen Municipal Income Fund, Inc.) | PEW (GrabAGun Digital Holdings Inc.) | |
|---|---|---|
| 1-year return | +11.4% | -57.1% |
| 5-year return | +8.0% | n/a |
| Volatility (ann.) | 12.7% | 51.2% |
| Beta vs S&P 500 | 0.20 | 0.44 |
| Max drawdown (3Y) | -11.0% | -86.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | 18.2 | – |
| Dividend yield | 4.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMI | PEW |
|---|---|---|
| 2022 | -15.0% | – |
| 2023 | +1.9% | – |
| 2024 | +7.0% | – |
| 2025 | +10.5% | -74.4% |
| 2026 | +7.8% | -21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMI and PEW good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NMI and PEW?
The NMI/PEW correlation stands at 0.28 on a 3-year window (1 year: 0.14, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is PEW a good diversifier for NMI?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nmi-vs-pew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmi-vs-pew/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NMI correlations · PEW correlations
