NNI vs SIBN: Correlation
Measured on weekly returns over the past three years, Nelnet, Inc. (NNI) and SI-BONE, Inc. (SIBN) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NNI and SIBN?
On 3 years of weekly data the NNI/SIBN correlation comes out at 0.48, moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 546.2 %².
By 3-year correlation, SIBN places #7 of the 17 assets tracked against NNI. The last year tells two different stories: SIBN led by 15.9 percentage points, -0.2% for NNI against +15.7% for SIBN. Note the risk asymmetry: SIBN runs 2.4 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.
NNI vs SIBN: side by side
| NNI (Nelnet, Inc.) | SIBN (SI-BONE, Inc.) | |
|---|---|---|
| 1-year return | -0.2% | +15.7% |
| 5-year return | +67.8% | -19.1% |
| Volatility (ann.) | 22.0% | 52.2% |
| Beta vs S&P 500 | 0.59 | 0.73 |
| Max drawdown (3Y) | -18.5% | -49.3% |
| Market cap | $4.6B | $0.9B |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 1.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NNI | SIBN |
|---|---|---|
| 2022 | -6.0% | -38.8% |
| 2023 | -1.6% | +54.3% |
| 2024 | +22.4% | -33.2% |
| 2025 | +25.7% | +40.7% |
| 2026 | -3.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NNI and SIBN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NNI and SIBN?
As of 2026-08-27, the correlation of weekly returns between NNI and SIBN is 0.48 over 3 years, 0.38 over 1 year and 0.33 over 5 years.
Is SIBN a good diversifier for NNI?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 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
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Related comparisons
Hubs: NNI correlations · SIBN correlations
