Performance · 2026-04-28
Correlation is tested, not assumed
The simulated track’s correlation to SPX is 0.11. Low correlation is a result we re-measure, not a brand we wear.
Allocators are right to be suspicious of anything that claims to be uncorrelated. We print 0.11 to SPX on the simulated track, net of estimated costs, and we treat it as a statistic that can move.
It is tested in the same walk-forward windows as everything else. If the next regime rhymes with equities, the number will say so, and the report will not be rewritten to hide it.
Low correlation is a finding. It is not a personality.