SPX6900 (SPX) is 23112.5× the size of Synthesizer Dog (SYNDOG) by market capitalisation. Their daily returns move barely together (correlation 0.20 across 34 shared trading days). SYNDOG has been the more volatile of the two, at 189% annualised against SPX's 112%.
SYNDOGSPX
0.20over 34 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 | SYNDOG | SPX |
|---|---|---|
| Max drawdown (400d) | -65.1% | -42.9% |
| Risk-adjusted return (90d) | -0.11 | 0.16 |
Relative strength over 90 days: SPX outperformed SYNDOG by 34.7% — measured on the SYNDOG/SPX ratio, so it holds regardless of market direction.