NMIH vs. MLI

Last updated Jun 4, 2026

NMIH (NMI Holdings, Inc.) and MLI (Mueller Industries, Inc.) are both stocks. NMIH operates in Insurance - Specialty (Financial Services), while MLI operates in Metal Fabrication (Industrials). Over the past 10 years, NMIH returned 19.29%/yr vs 26.29%/yr for MLI. At a 0.42 correlation, their price movements are largely independent.

Performance

NMIH vs. MLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NMI Holdings, Inc. (NMIH) and Mueller Industries, Inc. (MLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMIH achieves a -13.16% return, which is significantly lower than MLI's 14.78% return. Over the past 10 years, NMIH has underperformed MLI with an annualized return of 19.29%, while MLI has yielded a comparatively higher 26.29% annualized return.

NMIH

• 1D: -0.62%
• 1M: -4.17%
• YTD: -13.16%
• 6M: -7.28%
• 1Y: -10.78%
• 3Y*: 10.71%
• 5Y*: 8.05%
• 10Y*: 19.29%

MLI

• 1D: 0.60%
• 1M: 0.38%
• YTD: 14.78%
• 6M: 18.33%
• 1Y: 68.84%
• 3Y*: 51.13%
• 5Y*: 43.33%
• 10Y*: 26.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NMIH vs. MLI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMIH NMI Holdings, Inc.	-13.16%	10.96%	23.85%	42.01%	-4.35%	-3.53%	-31.74%	85.88%	5.00%	59.62%
MLI Mueller Industries, Inc.	14.78%	46.29%	70.51%	62.38%	1.05%	70.95%	12.30%	37.79%	-33.10%	-2.76%

Correlation

The correlation between NMIH and MLI is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Nov 11, 2013	0.42

The correlation between NMIH and MLI shifts across timeframes, from 0.35 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS NMIH : $1.27K MLI : $10.18
PE Ratio NMIH : 0.03 MLI : 12.91
PEG Ratio NMIH : 0.00 MLI : 0.83
PS Ratio NMIH : 0.02 MLI : 2.50
Total Revenue (TTM) NMIH : $184.01B MLI : $4.37B
Gross Profit (TTM) NMIH : $479.49M MLI : $871.92M
EBITDA (TTM) NMIH : $395.48M MLI : $1.03B

Return for Risk

NMIH vs. MLI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NMIH

NMIH Risk / Return Rank: 21
NMIH Sharpe Ratio Rank: 22
NMIH Sortino Ratio Rank: 21
NMIH Omega Ratio Rank: 21
NMIH Calmar Ratio Rank: 19
NMIH Martin Ratio Rank: 20

MLI

MLI Risk / Return Rank: 86
MLI Sharpe Ratio Rank: 90
MLI Sortino Ratio Rank: 86
MLI Omega Ratio Rank: 88
MLI Calmar Ratio Rank: 82
MLI Martin Ratio Rank: 84

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NMIH vs. MLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NMI Holdings, Inc. (NMIH) and Mueller Industries, Inc. (MLI). 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.

	NMIH	MLI	Difference
Sharpe ratio Return per unit of total volatility	-0.45	2.30	-2.75
Sortino ratio Return per unit of downside risk	-0.46	2.87	-3.33
Omega ratio Gain probability vs. loss probability	0.94	1.41	-0.47
Calmar ratio Return relative to maximum drawdown	-0.60	3.10	-3.70
Martin ratio Return relative to average drawdown	-0.99	8.58	-9.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMIH vs. MLI - Sharpe Ratio Comparison

The current NMIH Sharpe Ratio is -0.45, which is lower than the MLI Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of NMIH and MLI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NMIH	MLI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.45	2.30	-2.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	1.32	-1.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.74	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.49	-0.29

Drawdowns

NMIH vs. MLI - Drawdown Comparison

The maximum NMIH drawdown since its inception was -73.07%, which is greater than MLI's maximum drawdown of -61.72%. Use the drawdown chart below to compare losses from any high point for NMIH and MLI.

Drawdown Indicators

	NMIH	MLI	Difference
Max Drawdown Largest peak-to-trough decline	-73.07%	-61.72%	-11.35%
Max Drawdown (1Y) Largest decline over 1 year	-18.08%	-22.33%	+4.25%
Max Drawdown (3Y) Largest decline over 3 years	-21.42%	-27.79%	+6.37%
Max Drawdown (5Y) Largest decline over 5 years	-41.78%	-27.79%	-13.99%
Max Drawdown (10Y) Largest decline over 10 years	-73.07%	-52.95%	-20.12%
Current Drawdown Current decline from peak	-17.91%	-6.73%	-11.18%
Average Drawdown Average peak-to-trough decline	-26.81%	-16.05%	-10.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.94%	8.05%	+2.89%

Volatility

NMIH vs. MLI - Volatility Comparison

The current volatility for NMI Holdings, Inc. (NMIH) is 6.80%, while Mueller Industries, Inc. (MLI) has a volatility of 11.02%. This indicates that NMIH experiences smaller price fluctuations and is considered to be less risky than MLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMIH	MLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.80%	11.02%	-4.22%
Volatility (6M) Calculated over the trailing 6-month period	19.12%	25.74%	-6.62%
Volatility (1Y) Calculated over the trailing 1-year period	24.11%	30.10%	-5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.01%	33.04%	-4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.61%	35.76%	+4.85%

Dividends

NMIH vs. MLI - Dividend Comparison

NMIH has not paid dividends to shareholders, while MLI's dividend yield for the trailing twelve months is around 0.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLI Mueller Industries, Inc.	0.84%	0.87%	1.01%	1.27%	1.69%	0.88%	1.14%	1.26%	1.71%	9.60%	0.94%	1.11%
NMIH NMI Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

NMIH vs. MLI - Profitability Comparison

The chart below illustrates the profitability comparison between NMI Holdings, Inc. and Mueller Industries, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NMIH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, NMI Holdings, Inc. reported a gross profit of 0.00 and revenue of 183.48B. Therefore, the gross margin over that period was 0.0%.

MLI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Mueller Industries, Inc. reported a gross profit of 0.00 and revenue of 1.19B. Therefore, the gross margin over that period was 0.0%.

NMIH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, NMI Holdings, Inc. reported an operating income of 0.00 and revenue of 183.48B, resulting in an operating margin of 0.0%.

MLI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Mueller Industries, Inc. reported an operating income of 312.23M and revenue of 1.19B, resulting in an operating margin of 26.2%.

NMIH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, NMI Holdings, Inc. reported a net income of 99.33B and revenue of 183.48B, resulting in a net margin of 54.1%.

MLI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Mueller Industries, Inc. reported a net income of 239.02M and revenue of 1.19B, resulting in a net margin of 20.0%.

Frequently Asked Questions

Can I hold both NMIH and MLI in my portfolio?

NMIH and MLI have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMIH or MLI?

MLI has higher volatility (11.02%) compared to NMIH (6.80%). In terms of maximum drawdown, NMIH dropped -73.07% vs MLI's -61.72%.

Which has better risk-adjusted returns?

MLI currently has the higher Sharpe Ratio (2.30 vs -0.45), 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.