Stellar (XLM) is 9265.0× the size of NYLIM US High Yield Bond Fund (HYB) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.38 across 31 shared trading days). XLM has been the more volatile of the two, at 78% annualised against HYB's 3%.
HYBXLM
-0.38over 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 | HYB | XLM |
|---|---|---|
| Max drawdown (400d) | -0.8% | -64.9% |
| Risk-adjusted return (90d) | -0.01 | 0.06 |
| Best 30 days (past year) | — | +63.3% |
| Worst 30 days (past year) | — | -39.7% |
Relative strength over 90 days: HYB outperformed XLM by 26.5% — measured on the HYB/XLM ratio, so it holds regardless of market direction.