SPX6900 (SPX) is 343.7× the size of Basenji (BENJI) by market capitalisation. Over the past 30 days, BENJI is ahead by 0.2 percentage points (BENJI -22.3% against SPX -22.5%). Their daily returns move barely together (correlation 0.25 across 29 shared trading days). Both have run at a similar volatility, around 107% annualised.
BENJISPX
0.25over 29 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 | BENJI | SPX |
|---|---|---|
| Max drawdown (400d) | -31.9% | -42.9% |
| Risk-adjusted return (90d) | -0.25 | 0.16 |
Relative strength over 90 days: BENJI outperformed SPX by 8.3% — measured on the BENJI/SPX ratio, so it holds regardless of market direction.