Different Types of Risk On / Off Indicators

JNK/TLT is equal to HYG/TLT

IWM/SPY

IWM/QQQ

BTCUSD is a newer one. Time will tell if it holds up.

"Risk on" means risk on 'outperforms' risk off.

It does not mean risk on goes up and risk off goes down. They can move in the same direction.