NCTY vs SPY: Correlation
The9 Limited - American Depository Shares (NCTY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCTY and SPY?
On 3 years of weekly data the NCTY/SPY correlation comes out at 0.15, weak. Little has changed lately, as the 1-year reading of 0.15 lands near the 3-year figure. The 5-year figure is 0.24, and annualized covariance runs at 201.4 %².
SPY is close to the least connected end of NCTY's tracked universe, ranking #7 of 10. The last year tells two different stories: SPY led by 66.3 percentage points, -45.7% for NCTY against +20.6% for SPY. Risk is not evenly split, since NCTY carries 6.6 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.
NCTY vs SPY: side by side
| NCTY (The9 Limited - American Depository Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -45.7% | +20.6% |
| 5-year return | -97.0% | +82.4% |
| Volatility (ann.) | 95.1% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -83.1% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | NCTY | SPY |
|---|---|---|
| 2022 | -91.5% | -18.2% |
| 2023 | +31.4% | +26.2% |
| 2024 | +94.1% | +24.9% |
| 2025 | -56.2% | +17.7% |
| 2026 | -26.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCTY and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, NCTY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NCTY and SPY?
As of 2026-08-27, the correlation of weekly returns between NCTY and SPY is 0.15 over 3 years, 0.15 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for NCTY?
Yes. With a correlation of 0.15, NCTY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 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: NCTY correlations · SPY correlations
