HUT vs NCTY: Correlation
How closely do Hut 8 Corp. (HUT) and The9 Limited - American Depository Shares (NCTY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HUT and NCTY?
Across a 3-year window, the weekly returns of HUT and NCTY correlate at 0.33, moderate. The link has loosened recently: the 1-year correlation (-0.02) runs below the 3-year figure (0.33). Stretching to 5 years gives 0.50, with an annualized covariance of 2949.7 %².
NCTY is close to the least connected end of HUT's tracked universe, ranking #15 of 19. The last year tells two different stories: HUT led by 276.4 percentage points, +230.7% for HUT against -45.7% for NCTY.
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.
HUT vs NCTY: side by side
| HUT (Hut 8 Corp.) | NCTY (The9 Limited - American Depository Shares) | |
|---|---|---|
| 1-year return | +230.7% | -45.7% |
| 5-year return | +110.5% | -97.0% |
| Volatility (ann.) | 94.2% | 95.1% |
| Beta vs S&P 500 | 2.26 | 0.96 |
| Max drawdown (3Y) | -65.1% | -83.1% |
| Market cap | $10.7B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HUT | NCTY |
|---|---|---|
| 2022 | -89.2% | -91.5% |
| 2023 | +213.9% | +31.4% |
| 2024 | +53.6% | +94.1% |
| 2025 | +124.2% | -56.2% |
| 2026 | +89.7% | -26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HUT and NCTY good diversifiers for each other?
Reasonably. At 0.33, HUT and NCTY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HUT and NCTY?
As of 2026-08-27, the correlation of weekly returns between HUT and NCTY is 0.33 over 3 years, -0.02 over 1 year and 0.50 over 5 years.
Is NCTY a good diversifier for HUT?
Reasonably. At 0.33, HUT and NCTY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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/hut-vs-ncty.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hut-vs-ncty/)
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Related comparisons
Hubs: HUT correlations · NCTY correlations
