Croatian Football Federation Token (VATRENI) is 83.6× the size of Alfa Romeo Racing ORLEN Fan Token (SAUBER) by market capitalisation. Their daily returns move barely together (correlation 0.29 across 33 shared trading days). Both have run at a similar volatility, around 72% annualised.
$0.094237
$1.2800
SAUBERVATRENI
0.29over 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 | SAUBER | VATRENI |
|---|---|---|
| Max drawdown (400d) | -54.1% | -25.7% |
| Risk-adjusted return (90d) | 0.18 | -0.19 |
Relative strength over 90 days: VATRENI outperformed SAUBER by 9.2% — measured on the SAUBER/VATRENI ratio, so it holds regardless of market direction.