Galatasaray Fan Token (GAL) is 184.8× the size of Alanyaspor Fan Token (ALA) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 31 shared trading days). ALA has been the more volatile of the two, at 101% annualised against GAL's 18%.
ALAGAL
0.12over 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 | ALA | GAL |
|---|---|---|
| Max drawdown (400d) | -61.8% | -14.7% |
| Risk-adjusted return (90d) | -0.22 | -0.82 |
Relative strength over 90 days: GAL outperformed ALA by 34.4% — measured on the ALA/GAL ratio, so it holds regardless of market direction.