NMIH vs QQQ: Correlation
NMI Holdings Inc (NMIH) and Invesco QQQ Trust (QQQ) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMIH and QQQ?
On 3 years of weekly data the NMIH/QQQ correlation comes out at 0.19, weak. Lately the two have drifted apart, with the 1-year correlation at 0.00 versus 0.19 over 3 years. The 5-year figure is 0.27, and annualized covariance runs at 89.7 %².
By 3-year correlation, QQQ places #9 of the 14 assets tracked against NMIH. The trailing year gives QQQ the advantage: +12.9% versus +26.3%, a 13.4-point spread.
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 QQQ: side by side
| NMIH (NMI Holdings Inc) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +12.9% | +26.3% |
| 5-year return | +99.5% | +95.4% |
| Volatility (ann.) | 24.1% | 19.6% |
| Beta vs S&P 500 | 0.55 | 1.28 |
| Max drawdown (3Y) | -21.4% | -22.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | NMIH | QQQ |
|---|---|---|
| 2022 | -4.3% | -32.6% |
| 2023 | +42.0% | +54.9% |
| 2024 | +23.9% | +25.6% |
| 2025 | +11.0% | +20.8% |
| 2026 | +9.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMIH and QQQ good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NMIH and QQQ?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.00 over the last year and 0.27 over 5 years.
Is QQQ a good diversifier for NMIH?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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/nmih-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nmih-vs-qqq/)
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Related comparisons
Hubs: NMIH correlations · QQQ correlations
