NMIH vs PROK: Correlation
Measured on weekly returns over the past three years, NMI Holdings Inc (NMIH) and ProKidney Corp. - Class A (PROK) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMIH and PROK?
Across a 3-year window, the weekly returns of NMIH and PROK correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.27). Stretching to 5 years gives -0.17, with an annualized covariance of -2354.5 %².
Among the 14 assets we track against NMIH, PROK sits near the bottom by co-movement, at rank #11. The last year tells two different stories: NMIH led by 39.8 percentage points, +12.9% for NMIH against -26.9% for PROK. Note the risk asymmetry: PROK runs 15.3 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.
NMIH vs PROK: side by side
| NMIH (NMI Holdings Inc) | PROK (ProKidney Corp. - Class A) | |
|---|---|---|
| 1-year return | +12.9% | -26.9% |
| 5-year return | +99.5% | -81.3% |
| Volatility (ann.) | 24.1% | 368.1% |
| Beta vs S&P 500 | 0.55 | 2.21 |
| Max drawdown (3Y) | -21.4% | -94.3% |
| Market cap | $3.4B | $0.7B |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMIH | PROK |
|---|---|---|
| 2022 | -4.3% | -30.7% |
| 2023 | +42.0% | -74.1% |
| 2024 | +23.9% | -5.1% |
| 2025 | +11.0% | +32.5% |
| 2026 | +9.8% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMIH and PROK good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NMIH and PROK?
As of 2026-08-27, the correlation of weekly returns between NMIH and PROK is -0.27 over 3 years, -0.13 over 1 year and -0.17 over 5 years.
Is PROK a good diversifier for NMIH?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 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/nmih-vs-prok.json
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Related comparisons
Hubs: NMIH correlations · PROK correlations
