SPX6900 (SPX) is 5350.8× the size of SPURDO ON ETH (SPURDO) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 28 shared trading days). Both have run at a similar volatility, around 106% annualised.
SPURDOSPX
0.30over 28 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 | SPURDO | SPX |
|---|---|---|
| Max drawdown (400d) | -72.7% | -42.9% |
| Risk-adjusted return (90d) | 0.05 | 0.16 |
Relative strength over 90 days: SPURDO outperformed SPX by 3.1% — measured on the SPURDO/SPX ratio, so it holds regardless of market direction.