SPX6900 (SPX) is 97.3× the size of TENDIES (TENDIES) by market capitalisation. Their daily returns move barely together (correlation 0.26 across 41 shared trading days). TENDIES has been the more volatile of the two, at 461% annualised against SPX's 113%.
TENDIESSPX
0.26over 41 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 | TENDIES | SPX |
|---|---|---|
| Max drawdown (400d) | -99.7% | -42.9% |
| Risk-adjusted return (90d) | -0.22 | 0.14 |
Relative strength over 90 days: SPX outperformed TENDIES by 99.2% — measured on the TENDIES/SPX ratio, so it holds regardless of market direction.