Toshi (TOSHI) is 1848.6× the size of ALF (ALF) by market capitalisation. Their daily returns move closely together (correlation 0.65 across 22 shared trading days). ALF has been the more volatile of the two, at 103% annualised against TOSHI's 83%.
ALFTOSHI
0.65over 22 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 | ALF | TOSHI |
|---|---|---|
| Max drawdown (400d) | -72.0% | -25.5% |
| Risk-adjusted return (90d) | 0.29 | -0.16 |
Relative strength over 90 days: TOSHI outperformed ALF by 0.9% — measured on the ALF/TOSHI ratio, so it holds regardless of market direction.