AC Milan Fan Token (ACM) and Italian National Football Team Fan Token (ITA) compared side by side. Their daily returns move barely together (correlation 0.26 across 31 shared trading days). ITA has been the more volatile of the two, at 801% annualised against ACM's 51%.
$0.045036
ACMITA
0.26over 31 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 | ACM | ITA |
|---|---|---|
| Max drawdown (400d) | -74.1% | -67.7% |
| Risk-adjusted return (90d) | -0.43 | 0.00 |
| Best 30 days (past year) | +17.3% | — |
| Worst 30 days (past year) | -34.1% | — |
Relative strength over 90 days: ITA outperformed ACM by 3.0% — measured on the ACM/ITA ratio, so it holds regardless of market direction.