SPX6900 (SPX) is 20336.3× the size of Pepe Clanker (PEPEC) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 32 shared trading days). PEPEC has been the more volatile of the two, at 176% annualised against SPX's 115%.
PEPECSPX
0.32over 32 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 | PEPEC | SPX |
|---|---|---|
| Max drawdown (400d) | -79.0% | -43.7% |
| Risk-adjusted return (90d) | -0.23 | 0.05 |
Relative strength over 90 days: SPX outperformed PEPEC by 35.6% — measured on the PEPEC/SPX ratio, so it holds regardless of market direction.