SPX6900 (SPX) is 8.4× the size of Brett (BRETT) by market capitalisation. Over the past 30 days, BRETT is ahead by 11.4 percentage points (BRETT -11.1% against SPX -22.5%). Their daily returns move loosely together (correlation 0.48 across 51 shared trading days). Both have run at a similar volatility, around 106% annualised.
BRETTSPX
0.48over 51 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 | BRETT | SPX |
|---|---|---|
| Max drawdown (400d) | -31.9% | -42.9% |
| Risk-adjusted return (90d) | -0.04 | 0.16 |
Relative strength over 90 days: SPX outperformed BRETT by 1.9% — measured on the BRETT/SPX ratio, so it holds regardless of market direction.