SPX6900 (SPX) is 519.7× the size of Greatest Meme Ever (GME) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.19 across 20 shared trading days). GME has been the more volatile of the two, at 348% annualised against SPX's 113%.
GMESPX
-0.19over 20 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) | -55.4% | -42.9% |
| Risk-adjusted return (90d) | — | 0.14 |
Relative strength over 90 days: SPX outperformed GME by 36.4% — measured on the GME/SPX ratio, so it holds regardless of market direction.