MATH vs NIVF: Correlation
Metalpha Technology Holding Limited (MATH) and NewGenIvf Group Limited - Class A (NIVF) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MATH and NIVF?
Across a 3-year window, the weekly returns of MATH and NIVF correlate at 0.45, moderate. The past 12 months show a weaker link (0.31) than the 3-year average (0.45). Stretching to 5 years gives 0.37, with an annualized covariance of 32103.1 %².
Few assets follow MATH as closely as NIVF, which ranks #1 of 14 tracked partners. Their recent paths diverged sharply: over the last 12 months MATH outperformed by 29.2 percentage points (-70.7% for MATH against -99.9% for NIVF). One caveat on sizing: NIVF is 8.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MATH vs NIVF: side by side
| MATH (Metalpha Technology Holding Limited) | NIVF (NewGenIvf Group Limited - Class A) | |
|---|---|---|
| 1-year return | -70.7% | -99.9% |
| 5-year return | -40.4% | -100.0% |
| Volatility (ann.) | 90.1% | 800.3% |
| Beta vs S&P 500 | 0.53 | 5.34 |
| Max drawdown (3Y) | -81.9% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | 41.7 | 0.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MATH | NIVF |
|---|---|---|
| 2022 | -57.4% | – |
| 2023 | +323.3% | +6.9% |
| 2024 | -47.2% | -96.3% |
| 2025 | +82.6% | -99.3% |
| 2026 | -60.3% | -98.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MATH and NIVF good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MATH and NIVF?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.31 over the last year and 0.37 over 5 years.
Is NIVF a good diversifier for MATH?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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.
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Related comparisons
Hubs: MATH correlations · NIVF correlations
