Croatian Football Federation Token (VATRENI) is 599.1× the size of Alanyaspor Fan Token (ALA) by market capitalisation. Their daily returns move loosely together (correlation 0.35 across 33 shared trading days). ALA has been the more volatile of the two, at 101% annualised against VATRENI's 73%.
$1.3800
ALAVATRENI
0.35over 33 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 | ALA | VATRENI |
|---|---|---|
| Max drawdown (400d) | -61.8% | -25.7% |
| Risk-adjusted return (90d) | -0.22 | -0.22 |
Relative strength over 90 days: VATRENI outperformed ALA by 49.4% — measured on the ALA/VATRENI ratio, so it holds regardless of market direction.