NCSM vs QH: Correlation
NCS Multistage Holdings, Inc. (NCSM) and Quhuo Limited - Class A (QH) show a negative relationship: their 3-year correlation of weekly returns is -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCSM and QH?
Over the past 3 years, NCSM and QH moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.33). Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -29438.8 %².
Among the 16 assets we track against NCSM, QH sits near the bottom by co-movement, at rank #16. Correlation aside, the last 12 months split them widely, with NCSM ahead by 42.6 points (+34.5% versus -8.1%). Risk is not evenly split, since QH carries 20.6 times the volatility of the other side.
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.
NCSM vs QH: side by side
| NCSM (NCS Multistage Holdings, Inc.) | QH (Quhuo Limited - Class A) | |
|---|---|---|
| 1-year return | +34.5% | -8.1% |
| 5-year return | +112.6% | -100.0% |
| Volatility (ann.) | 66.0% | 1360.1% |
| Beta vs S&P 500 | 0.05 | 5.77 |
| Max drawdown (3Y) | -53.3% | -100.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCSM | QH |
|---|---|---|
| 2022 | -13.8% | -98.9% |
| 2023 | -28.6% | +22.5% |
| 2024 | +45.4% | -0.7% |
| 2025 | +52.1% | -99.2% |
| 2026 | +28.6% | +290.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCSM and QH good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between NCSM and QH?
The NCSM/QH correlation stands at -0.33 on a 3-year window (1 year: -0.47, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is QH a good diversifier for NCSM?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 mean?
A reading of -0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ncsm-vs-qh.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ncsm-vs-qh/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NCSM correlations · QH correlations
