NMIH vs WKHS: Correlation
NMI Holdings Inc (NMIH) and Workhorse Group, Inc. (WKHS) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NMIH and WKHS?
Over the past 3 years, NMIH and WKHS moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.20 over 3. Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -777.5 %².
Among the 14 assets we track against NMIH, WKHS sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with NMIH ahead by 93.5 points (+12.9% versus -80.6%). Risk is not evenly split, since WKHS carries 6.5 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.
NMIH vs WKHS: side by side
| NMIH (NMI Holdings Inc) | WKHS (Workhorse Group, Inc.) | |
|---|---|---|
| 1-year return | +12.9% | -80.6% |
| 5-year return | +99.5% | -100.0% |
| Volatility (ann.) | 24.1% | 157.8% |
| Beta vs S&P 500 | 0.55 | 1.44 |
| Max drawdown (3Y) | -21.4% | -99.9% |
| Market cap | $3.4B | – |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NMIH | WKHS |
|---|---|---|
| 2022 | -4.3% | -65.1% |
| 2023 | +42.0% | -76.3% |
| 2024 | +23.9% | -90.3% |
| 2025 | +11.0% | -95.1% |
| 2026 | +9.8% | -37.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NMIH and WKHS good diversifiers for each other?
Yes. With a correlation of -0.20, NMIH and WKHS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NMIH and WKHS?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.22 over the last year and -0.05 over 5 years.
Is WKHS a good diversifier for NMIH?
Yes. With a correlation of -0.20, NMIH and WKHS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-wkhs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nmih-vs-wkhs/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NMIH correlations · WKHS correlations
