SPX6900 (SPX) is 27296.2× the size of Apetardio (APETARDIO) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 23 shared trading days). Both have run at a similar volatility, around 113% annualised.
APETARDIOSPX
0.30over 23 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | APETARDIO | SPX |
|---|---|---|
| Max drawdown (400d) | -79.7% | -42.9% |
| Risk-adjusted return (90d) | -0.56 | 0.16 |
Relative strength over 90 days: SPX outperformed APETARDIO by 50.0% — measured on the APETARDIO/SPX ratio, so it holds regardless of market direction.