SafePal (SFP) is 82.6× the size of ADAMANT Messenger (ADM) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 31 shared trading days). ADM has been the more volatile of the two, at 438% annualised against SFP's 71%.
ADMSFP
-0.01over 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 | ADM | SFP |
|---|---|---|
| Max drawdown (400d) | -69.8% | -62.2% |
| Risk-adjusted return (90d) | -0.02 | -0.03 |
| Best 30 days (past year) | — | +33.7% |
| Worst 30 days (past year) | — | -33.2% |
Relative strength over 90 days: SFP outperformed ADM by 20.9% — measured on the ADM/SFP ratio, so it holds regardless of market direction.