SPX6900 (SPX) is 8764.1× the size of GME (Base) (GME) by market capitalisation. Their daily returns move loosely together (correlation 0.49 across 31 shared trading days). SPX has been the more volatile of the two, at 115% annualised against GME's 92%.
GMESPX
0.49over 31 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 | GME | SPX |
|---|---|---|
| Max drawdown (400d) | -71.4% | -43.7% |
| Risk-adjusted return (90d) | -0.38 | 0.05 |
Relative strength over 90 days: SPX outperformed GME by 5.2% — measured on the GME/SPX ratio, so it holds regardless of market direction.