SPX6900 (SPX) is 7743.2× the size of BITCOIN CASH ON BASE (BCHB) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 42 shared trading days). Both have run at a similar volatility, around 116% annualised.
BCHBSPX
0.34over 42 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 | BCHB | SPX |
|---|---|---|
| Max drawdown (400d) | -62.9% | -43.7% |
| Risk-adjusted return (90d) | -0.58 | 0.05 |
Relative strength over 90 days: SPX outperformed BCHB by 46.4% — measured on the BCHB/SPX ratio, so it holds regardless of market direction.