Quant (QNT) is 137.0× the size of StrikeX (STRX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 42 shared trading days). QNT has been the more volatile of the two, at 128% annualised against STRX's 97%.
STRXQNT
-0.08over 42 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 | STRX | QNT |
|---|---|---|
| Max drawdown (400d) | -22.2% | -47.6% |
| Risk-adjusted return (90d) | 0.22 | 0.95 |
| Best 30 days (past year) | — | +369.8% |
| Worst 30 days (past year) | — | -33.0% |
Relative strength over 90 days: QNT outperformed STRX by 61.4% — measured on the STRX/QNT ratio, so it holds regardless of market direction.