NCTY vs VXZ: Correlation
The9 Limited - American Depository Shares (NCTY) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NCTY and VXZ?
On 3 years of weekly data the NCTY/VXZ correlation comes out at -0.20, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.24 lands near the 3-year figure. The 5-year figure is -0.26, and annualized covariance runs at -487.3 %².
Out of 10 assets tracked against NCTY, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 29.6 percentage points (-45.7% for NCTY against -16.1% for VXZ). One caveat on sizing: NCTY is 3.7 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.
NCTY vs VXZ: side by side
| NCTY (The9 Limited - American Depository Shares) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -45.7% | -16.1% |
| 5-year return | -97.0% | -53.1% |
| Volatility (ann.) | 95.1% | 25.6% |
| Beta vs S&P 500 | 0.96 | -1.31 |
| Max drawdown (3Y) | -83.1% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NCTY | VXZ |
|---|---|---|
| 2022 | -91.5% | +0.5% |
| 2023 | +31.4% | -44.0% |
| 2024 | +94.1% | -12.7% |
| 2025 | -56.2% | +5.7% |
| 2026 | -26.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NCTY and VXZ good diversifiers for each other?
Yes. With a correlation of -0.20, NCTY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NCTY and VXZ?
As of 2026-08-27, the correlation of weekly returns between NCTY and VXZ is -0.20 over 3 years, -0.24 over 1 year and -0.26 over 5 years.
Is VXZ a good diversifier for NCTY?
Yes. With a correlation of -0.20, NCTY and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ncty-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ncty-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NCTY correlations · VXZ correlations
