SP500 xStock (SPYX) is 22.5× the size of Direxion MU Bull 2X ETF (bStocks Tokenized Stock) (MUUB) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 55 shared trading days). MUUB has been the more volatile of the two, at 163% annualised against SPYX's 11%.
$23.1500
MUUBSPYX
0.34over 55 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 | MUUB | SPYX |
|---|---|---|
| Max drawdown (400d) | -46.3% | -2.7% |
| Risk-adjusted return (90d) | -0.12 | -0.14 |
Relative strength over 90 days: SPYX outperformed MUUB by 24.3% — measured on the MUUB/SPYX ratio, so it holds regardless of market direction.