SP500 xStock (SPYX) is 3.5× the size of Roundhill Memory ETF (bStocks Tokenized Stock) (DRAMB) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 55 shared trading days). DRAMB has been the more volatile of the two, at 86% annualised against SPYX's 11%.
$48.2100
DRAMBSPYX
0.23over 55 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 | DRAMB | SPYX |
|---|---|---|
| Max drawdown (400d) | -31.3% | -2.7% |
| Risk-adjusted return (90d) | -0.12 | -0.14 |
Relative strength over 90 days: SPYX outperformed DRAMB by 12.5% — measured on the DRAMB/SPYX ratio, so it holds regardless of market direction.