SPX6900 (SPX) is 181.6× the size of Kendu (KENDU) by market capitalisation. Over the past 30 days, SPX is ahead by 6.8 percentage points (KENDU -31.1% against SPX -24.3%). Their daily returns move barely together (correlation 0.27 across 30 shared trading days). Both have run at a similar volatility, around 113% annualised.
KENDUSPX
0.27over 30 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 | KENDU | SPX |
|---|---|---|
| Max drawdown (400d) | -46.2% | -42.9% |
| Risk-adjusted return (90d) | -0.39 | 0.14 |
Relative strength over 90 days: SPX outperformed KENDU by 14.3% — measured on the KENDU/SPX ratio, so it holds regardless of market direction.