Spot (SPOT) and Lighter (LIT) compared side by side. Over the past 30 days, LIT is ahead by 25.9 percentage points (SPOT -33.5% against LIT -7.6%). Their daily returns move barely together (correlation 0.28 across 32 shared trading days). Both have run at a similar volatility, around 127% annualised.
SPOTLIT
0.28over 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 | SPOT | LIT |
|---|---|---|
| Max drawdown (400d) | -38.4% | -42.9% |
| Risk-adjusted return (90d) | -0.25 | -0.25 |
Relative strength over 90 days: LIT outperformed SPOT by 25.7% — measured on the SPOT/LIT ratio, so it holds regardless of market direction.