SPX6900 (SPX) is 1450.4× the size of Hyperlane Bridged TEA (Base) (HTEA) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 42 shared trading days). HTEA has been the more volatile of the two, at 168% annualised against SPX's 112%.
$3.742e-5
HTEASPX
0.08over 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 | HTEA | SPX |
|---|---|---|
| Max drawdown (400d) | -91.9% | -42.9% |
| Risk-adjusted return (90d) | -0.49 | 0.16 |
Relative strength over 90 days: SPX outperformed HTEA by 21.3% — measured on the HTEA/SPX ratio, so it holds regardless of market direction.