SPX6900 (SPX) is 119.1× the size of GME (GME) by market capitalisation. Over the past 30 days, GME is ahead by 11.7 percentage points (GME -10.8% against SPX -22.5%). Their daily returns move barely together (correlation 0.27 across 31 shared trading days). Both have run at a similar volatility, around 115% annualised.
GMESPX
0.27over 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) | -35.0% | -42.9% |
| Risk-adjusted return (90d) | -0.11 | 0.16 |
Relative strength over 90 days: GME outperformed SPX by 29.1% — measured on the GME/SPX ratio, so it holds regardless of market direction.