SPX6900 (SPX) is 3317.3× the size of Snibbu (SNIBBU) by market capitalisation. Their daily returns move loosely together (correlation 0.47 across 29 shared trading days). SNIBBU has been the more volatile of the two, at 147% annualised against SPX's 112%.
SNIBBUSPX
0.47over 29 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 | SNIBBU | SPX |
|---|---|---|
| Max drawdown (400d) | -64.0% | -42.9% |
| Risk-adjusted return (90d) | -0.37 | 0.16 |
Relative strength over 90 days: SPX outperformed SNIBBU by 4.8% — measured on the SNIBBU/SPX ratio, so it holds regardless of market direction.