Figure Heloc (FIGR_HELOC) is 1116.0× the size of SPY (bStocks Tokenized Stock) (SPYB) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 56 shared trading days). FIGR_HELOC has been the more volatile of the two, at 52% annualised against SPYB's 11%.
$768.9300
SPYBFIGR_HELOC
0.18over 56 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 | SPYB | FIGR_HELOC |
|---|---|---|
| Max drawdown (400d) | -3.4% | -5.5% |
| Risk-adjusted return (90d) | -0.22 | 0.05 |
Relative strength over 90 days: FIGR_HELOC outperformed SPYB by 4.6% — measured on the SPYB/FIGR_HELOC ratio, so it holds regardless of market direction.