Alpine F1 Team Fan Token (ALPINE) and Italian National Football Team Fan Token (ITA) compared side by side. Their daily returns move barely together (correlation 0.33 across 31 shared trading days). ITA has been the more volatile of the two, at 801% annualised against ALPINE's 78%.
$0.308000
$0.045036
ALPINEITA
0.33over 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 | ALPINE | ITA |
|---|---|---|
| Max drawdown (400d) | -84.0% | -67.7% |
| Risk-adjusted return (90d) | -0.04 | 0.00 |
| Best 30 days (past year) | +25.5% | — |
| Worst 30 days (past year) | -37.4% | — |
Relative strength over 90 days: ITA outperformed ALPINE by 3.1% — measured on the ALPINE/ITA ratio, so it holds regardless of market direction.