FNMA vs. MTG
FNMA (Federal National Mortgage Association) and MTG (MGIC Investment Corporation) are both stocks. Both are in the Financial Services sector — FNMA in Mortgage Finance, MTG in Insurance - Specialty. Over the past 10 years, FNMA returned 10.59%/yr vs 15.66%/yr for MTG. At a 0.25 correlation, their price movements are largely independent.
Performance
FNMA vs. MTG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FNMA achieves a -40.82% return, which is significantly lower than MTG's -13.95% return. Over the past 10 years, FNMA has underperformed MTG with an annualized return of 10.59%, while MTG has yielded a comparatively higher 15.66% annualized return.
FNMA
- 1D
- -9.93%
- 1M
- -26.84%
- YTD
- -40.82%
- 6M
- -45.07%
- 1Y
- -32.16%
- 3Y*
- 144.17%
- 5Y*
- 22.52%
- 10Y*
- 10.59%
MTG
- 1D
- -0.12%
- 1M
- -4.46%
- YTD
- -13.95%
- 6M
- -11.09%
- 1Y
- -3.96%
- 3Y*
- 19.58%
- 5Y*
- 13.73%
- 10Y*
- 15.66%
FNMA vs. MTG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNMA Federal National Mortgage Association | -40.82% | 227.13% | 206.54% | 202.77% | -56.90% | -65.69% | -23.40% | 194.34% | -60.00% | -32.05% |
MTG MGIC Investment Corporation | -13.95% | 25.88% | 25.68% | 52.41% | -7.50% | 17.19% | -9.20% | 36.71% | -25.87% | 38.47% |
Correlation
The correlation between FNMA and MTG is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Aug 8, 1991 | 0.25 |
The correlation between FNMA and MTG shifts across timeframes, from 0.05 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
Fundamentals
FNMA:
$37.42B
MTG:
$5.42B
FNMA:
$2.77
MTG:
$3.15
FNMA:
2.29
MTG:
7.90
FNMA:
0.00
MTG:
0.51
FNMA:
0.23
MTG:
4.71
FNMA:
$161.03B
MTG:
$1.20B
FNMA:
$117.99B
MTG:
$864.52M
FNMA:
$111.39B
MTG:
$724.82M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FNMA vs. MTG — Risk / Return Rank
FNMA
MTG
FNMA vs. MTG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federal National Mortgage Association (FNMA) and MGIC Investment Corporation (MTG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| FNMA | MTG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.99 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | -0.25 | -0.21 |
| Martin ratioReturn relative to average drawdown | -0.89 | -0.52 | -0.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| FNMA | MTG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.34 | -0.17 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.54 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.13 | 0.42 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | 0.07 | 0.00 |
Drawdowns
FNMA vs. MTG - Drawdown Comparison
The maximum FNMA drawdown since its inception was -99.74%, roughly equal to the maximum MTG drawdown of -98.86%. Use the drawdown chart below to compare losses from any high point for FNMA and MTG.
Loading charts...
Drawdown Indicators
| FNMA | MTG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.74% | -98.86% | -0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -69.76% | -15.79% | -53.97% |
Max Drawdown (3Y)Largest decline over 3 years | -69.76% | -15.79% | -53.97% |
Max Drawdown (5Y)Largest decline over 5 years | -85.40% | -30.08% | -55.32% |
Max Drawdown (10Y)Largest decline over 10 years | -92.13% | -68.14% | -23.99% |
Current DrawdownCurrent decline from peak | -91.33% | -60.40% | -30.93% |
Average DrawdownAverage peak-to-trough decline | -46.16% | -52.50% | +6.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.31% | 7.69% | +28.62% |
Volatility
FNMA vs. MTG - Volatility Comparison
Federal National Mortgage Association (FNMA) has a higher volatility of 17.91% compared to MGIC Investment Corporation (MTG) at 4.56%. This indicates that FNMA's price experiences larger fluctuations and is considered to be riskier than MTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FNMA | MTG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.91% | 4.56% | +13.35% |
Volatility (6M)Calculated over the trailing 6-month period | 66.26% | 19.46% | +46.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.78% | 23.78% | +71.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 91.90% | 25.37% | +66.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.90% | 37.40% | +44.50% |
Dividends
FNMA vs. MTG - Dividend Comparison
FNMA has not paid dividends to shareholders, while MTG's dividend yield for the trailing twelve months is around 2.41%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FNMA Federal National Mortgage Association | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MTG MGIC Investment Corporation | 2.41% | 1.92% | 2.07% | 2.23% | 2.77% | 1.94% | 1.91% | 0.85% |
Financials
FNMA vs. MTG - Financials Comparison
This section allows you to compare key financial metrics between Federal National Mortgage Association and MGIC Investment Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
FNMA vs. MTG - Profitability Comparison
FNMA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Federal National Mortgage Association reported a gross profit of 0.00 and revenue of 40.22B. Therefore, the gross margin over that period was 0.0%.
MTG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, MGIC Investment Corporation reported a gross profit of 0.00 and revenue of 297.08M. Therefore, the gross margin over that period was 0.0%.
FNMA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Federal National Mortgage Association reported an operating income of 0.00 and revenue of 40.22B, resulting in an operating margin of 0.0%.
MTG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, MGIC Investment Corporation reported an operating income of 0.00 and revenue of 297.08M, resulting in an operating margin of 0.0%.
FNMA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Federal National Mortgage Association reported a net income of 5.61B and revenue of 40.22B, resulting in a net margin of 13.9%.
MTG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, MGIC Investment Corporation reported a net income of 165.30M and revenue of 297.08M, resulting in a net margin of 55.6%.
Frequently Asked Questions
FNMA and MTG have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNMA has higher volatility (17.91%) compared to MTG (4.56%). In terms of maximum drawdown, FNMA dropped -99.74% vs MTG's -98.86%.
MTG currently has the higher Sharpe Ratio (-0.17 vs -0.34), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for FNMA and MTG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer