SPX6900 (SPX) is 3360.1× the size of Mumu (MUMU) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 37 shared trading days). MUMU has been the more volatile of the two, at 267% annualised against SPX's 112%.
MUMUSPX
-0.02over 37 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 | MUMU | SPX |
|---|---|---|
| Max drawdown (400d) | -79.4% | -42.9% |
| Risk-adjusted return (90d) | -0.16 | 0.16 |
Relative strength over 90 days: SPX outperformed MUMU by 30.0% — measured on the MUMU/SPX ratio, so it holds regardless of market direction.