The9 Correlations

NCTY Stock

USD 16.77 0.84 5.27%

The current 90-days correlation between The9 Ltd ADR and Snail, Class A is -0.02 (i.e., Good diversification). The correlation of The9 is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

The9 Correlation With Market

Good diversification

The correlation between The9 Ltd ADR and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The9 Ltd ADR and DJI in the same portfolio, assuming nothing else is changed.

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in The9 Ltd ADR. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with The9 Stock

0.8	SE	Sea	Pair Corr
0.8	FOXA	Fox Corp Class	Pair Corr
0.88	CTV	Innovid Corp	Pair Corr
0.81	DIS	Walt Disney	Pair Corr
0.87	EDR	Endeavor Group Holdings	Pair Corr
0.66	EEX	Emerald Expositions	Pair Corr
0.83	FOX	Fox Corp Class	Pair Corr
0.83	LVO	LiveOne	Pair Corr
0.75	LYV	Live Nation Entertainment	Pair Corr

Moving against The9 Stock

0.89	ADD	Color Star Technology	Pair Corr
0.83	TV	Grupo Televisa SAB	Pair Corr
0.78	FLNT	Fluent Inc	Pair Corr
0.69	BATRA	Atlanta Braves Holdings,	Pair Corr
0.62	IQ	iQIYI Inc Aggressive Push	Pair Corr
0.61	DRCT	Direct Digital Holdings	Pair Corr
0.52	DLPN	Dolphin Entertainment	Pair Corr
0.5	BATRK	Atlanta Braves Holdings,	Pair Corr
0.49	CCO	Clear Channel Outdoor	Pair Corr
0.47	CURIW	CuriosityStream	Pair Corr
0.45	VSME	VS Media Holdings	Pair Corr
0.41	BOC	Boston Omaha Corp	Pair Corr
0.36	CHR	Cheer Holding	Pair Corr
0.85	HHS	Harte Hanks	Pair Corr
0.83	GTN	Gray Television	Pair Corr
0.73	HAO	Haoxi Health Technology	Pair Corr
0.7	DUO	Fangdd Network Group	Pair Corr
0.55	IAS	Integral Ad Science	Pair Corr
0.42	LEE	Lee Enterprises	Pair Corr
0.32	IPG	Interpublic Group Sell-off Trend	Pair Corr
0.32	NYT	New York Times	Pair Corr

Related Correlations Analysis

	PONGF	VSQTF	NFTG	TIIDF	MGAM	MSGM	APETF	GDC	SNAL
PONGF		0.06	0.05	0.0	0.06	0.17	0.29	0.13	-0.07	PONGF
VSQTF	0.06		-0.35	0.0	-0.58	0.38	0.38	-0.22	0.42	VSQTF
NFTG	0.05	-0.35		0.0	0.58	0.21	0.08	-0.11	0.31	NFTG
TIIDF	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	TIIDF
MGAM	0.06	-0.58	0.58	0.0		0.13	0.04	0.08	0.17	MGAM
MSGM	0.17	0.38	0.21	0.0	0.13		0.42	-0.26	0.49	MSGM
APETF	0.29	0.38	0.08	0.0	0.04	0.42		-0.05	0.42	APETF
GDC	0.13	-0.22	-0.11	0.0	0.08	-0.26	-0.05		-0.43	GDC
SNAL	-0.07	0.42	0.31	0.0	0.17	0.49	0.42	-0.43		SNAL
	PONGF	VSQTF	NFTG	TIIDF	MGAM	MSGM	APETF	GDC	SNAL

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

MGAM	+ 0.58	NFTG
SNAL	+ 0.49	MSGM
SNAL	+ 0.42	VSQTF
APETF	+ 0.42	MSGM
SNAL	+ 0.42	APETF
MSGM	+ 0.38	VSQTF

High negative correlations

MGAM	- 0.58	VSQTF
SNAL	- 0.43	GDC
NFTG	- 0.35	VSQTF
GDC	- 0.26	MSGM
GDC	- 0.22	VSQTF
GDC	- 0.11	NFTG

Risk-Adjusted Indicators

There is a big difference between The9 Stock performing well and The9 Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze The9's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
PONGF	6.73	0.29	0.03	(0.45)	7.21	(11.99)	16.67	(14.29)	34.85
VSQTF	7.73	2.75	0.33	(25.21)	5.32	(10.53)	25.00	(10.00)	57.99
NFTG	6.51	(0.15)	0.00	(0.14)	0.00	0.00	13.19	(12.75)	115.31
TIIDF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
MGAM	3.36	(0.55)	0.00	(1.19)	0.00	0.00	6.52	(7.41)	39.68
MSGM	3.11	0.31	0.08	(6.64)	3.49	(3.99)	6.20	(7.02)	25.47
APETF	13.97	1.93	0.11	0.40	14.65	(19.63)	48.78	(25.24)	99.63
GDC	6.05	(0.14)	0.00	0.20	0.00	0.00	11.96	(10.09)	61.24
SNAL	7.49	0.71	0.08	(441.51)	8.01	(9.23)	18.56	(13.53)	71.52

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