SP500 xStock (SPYX) is 15.4× the size of Tradr 2X Long SNDK ETF (bStocks Tokenized Stock) (SNXXB) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 55 shared trading days). SNXXB has been the more volatile of the two, at 242% annualised against SPYX's 11%.
$6.5600
SNXXBSPYX
0.23over 55 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 | SNXXB | SPYX |
|---|---|---|
| Max drawdown (400d) | -69.6% | -2.7% |
| Risk-adjusted return (90d) | -0.18 | -0.14 |
Relative strength over 90 days: SPYX outperformed SNXXB by 56.3% — measured on the SNXXB/SPYX ratio, so it holds regardless of market direction.