Quant (QNT) is 55.9× the size of Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 54 shared trading days). QNT has been the more volatile of the two, at 128% annualised against ACRDX's 2%.
$1.0220
ACRDXQNT
-0.06over 54 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 | ACRDX | QNT |
|---|---|---|
| Max drawdown (400d) | -1.0% | -47.6% |
| Risk-adjusted return (90d) | -0.05 | 0.95 |
| Best 30 days (past year) | — | +369.8% |
| Worst 30 days (past year) | — | -33.0% |
Relative strength over 90 days: QNT outperformed ACRDX by 67.7% — measured on the ACRDX/QNT ratio, so it holds regardless of market direction.