FORTY vs. NTES
FORTY (Formula Systems (1985) Ltd.) and NTES (NetEase, Inc.) are both stocks. FORTY operates in Information Technology Services (Technology), while NTES operates in Internet Content & Information (Communication Services). Over the past 10 years, FORTY returned 15.01%/yr vs 15.30%/yr for NTES. At a 0.12 correlation, their price movements are largely independent.
Performance
FORTY vs. NTES - Performance Comparison
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Returns By Period
In the year-to-date period, FORTY achieves a -29.91% return, which is significantly lower than NTES's -11.97% return. Both investments have delivered pretty close results over the past 10 years, with FORTY having a 15.01% annualized return and NTES not far ahead at 15.30%.
FORTY
- 1D
- -1.83%
- 1M
- -23.41%
- YTD
- -29.91%
- 6M
- -34.07%
- 1Y
- 4.61%
- 3Y*
- 16.68%
- 5Y*
- 7.20%
- 10Y*
- 15.01%
NTES
- 1D
- -1.91%
- 1M
- 2.92%
- YTD
- -11.97%
- 6M
- -12.24%
- 1Y
- -6.27%
- 3Y*
- 11.43%
- 5Y*
- 4.30%
- 10Y*
- 15.30%
FORTY vs. NTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FORTY Formula Systems (1985) Ltd. | -29.91% | 91.50% | 38.51% | -7.03% | -41.93% | 46.89% | 26.00% | 93.93% | -10.73% | 2.72% |
NTES NetEase, Inc. | -11.97% | 58.28% | -1.73% | 30.59% | -27.35% | 7.11% | 57.88% | 34.66% | -31.31% | 62.21% |
Correlation
The correlation between FORTY and NTES is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2000 | 0.12 |
Fundamentals
FORTY:
$52.85
NTES:
CN¥52.95
FORTY:
2.02
NTES:
15.24
FORTY:
0.01
NTES:
0.72
FORTY:
0.44
NTES:
4.55
FORTY:
$2.89B
NTES:
CN¥114.39B
FORTY:
$608.23M
NTES:
CN¥75.14B
FORTY:
$248.41M
NTES:
CN¥40.24B
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Return for Risk
FORTY vs. NTES — Risk / Return Rank
FORTY
NTES
FORTY vs. NTES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Formula Systems (1985) Ltd. (FORTY) and NetEase, Inc. (NTES). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FORTY | NTES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.99 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.11 | -0.21 | +0.32 |
| Martin ratioReturn relative to average drawdown | 0.23 | -0.36 | +0.59 |
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Drawdowns
FORTY vs. NTES - Drawdown Comparison
The maximum FORTY drawdown since its inception was -92.82%, roughly equal to the maximum NTES drawdown of -96.54%. Use the drawdown chart below to compare losses from any high point for FORTY and NTES.
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Drawdown Indicators
| FORTY | NTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.82% | -96.54% | +3.72% |
Max Drawdown (1Y)Largest decline over 1 year | -41.95% | -30.46% | -11.49% |
Max Drawdown (3Y)Largest decline over 3 years | -41.95% | -33.97% | -7.98% |
Max Drawdown (5Y)Largest decline over 5 years | -54.40% | -51.38% | -3.02% |
Max Drawdown (10Y)Largest decline over 10 years | -54.40% | -57.34% | +2.94% |
Current DrawdownCurrent decline from peak | -38.38% | -23.66% | -14.72% |
Average DrawdownAverage peak-to-trough decline | -48.02% | -24.65% | -23.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.32% | 17.51% | +2.81% |
Volatility
FORTY vs. NTES - Volatility Comparison
Formula Systems (1985) Ltd. (FORTY) has a higher volatility of 16.69% compared to NetEase, Inc. (NTES) at 9.09%. This indicates that FORTY's price experiences larger fluctuations and is considered to be riskier than NTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FORTY | NTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.69% | 9.09% | +7.60% |
Volatility (6M)Calculated over the trailing 6-month period | 43.73% | 21.00% | +22.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.53% | 29.40% | +27.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.97% | 43.68% | +0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.11% | 41.83% | +4.28% |
Dividends
FORTY vs. NTES - Dividend Comparison
FORTY's dividend yield for the trailing twelve months is around 13.61%, more than NTES's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FORTY Formula Systems (1985) Ltd. | 13.61% | 1.43% | 1.42% | 0.95% | 2.00% | 1.02% | 0.61% | 1.22% | 1.61% | 0.58% | 2.04% | 2.34% |
NTES NetEase, Inc. | 2.53% | 2.21% | 2.74% | 1.88% | 2.10% | 0.80% | 0.97% | 3.19% | 0.71% | 1.05% | 1.36% | 0.98% |
Financials
FORTY vs. NTES - Financials Comparison
This section allows you to compare key financial metrics between Formula Systems (1985) Ltd. and NetEase, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
FORTY vs. NTES - Profitability Comparison
FORTY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Formula Systems (1985) Ltd. reported a gross profit of 146.04M and revenue of 738.29M. Therefore, the gross margin over that period was 19.8%.
NTES - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, NetEase, Inc. reported a gross profit of 21.22B and revenue of 30.59B. Therefore, the gross margin over that period was 69.4%.
FORTY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Formula Systems (1985) Ltd. reported an operating income of 82.01M and revenue of 738.29M, resulting in an operating margin of 11.1%.
NTES - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, NetEase, Inc. reported an operating income of 12.66B and revenue of 30.59B, resulting in an operating margin of 41.4%.
FORTY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Formula Systems (1985) Ltd. reported a net income of 35.64M and revenue of 738.29M, resulting in a net margin of 4.8%.
NTES - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, NetEase, Inc. reported a net income of 10.67B and revenue of 30.59B, resulting in a net margin of 34.9%.
Frequently Asked Questions
FORTY and NTES have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FORTY has higher volatility (16.69%) compared to NTES (9.09%). In terms of maximum drawdown, FORTY dropped -92.82% vs NTES's -96.54%.
FORTY currently has the higher Sharpe Ratio (0.08 vs -0.21), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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