AS Roma Fan Token (ASR) is 1.6× the size of Manchester City Fan Token (CITY) by market capitalisation. Over the past 1 year, ASR is ahead by 8.2 percentage points (ASR -50.8% against CITY -59.0%). Their daily returns move loosely together (correlation 0.47 across 399 shared trading days). ASR has been the more volatile of the two, at 80% annualised against CITY's 61%.
$0.260000
ASRCITY
0.47over 399 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 | ASR | CITY |
|---|---|---|
| Max drawdown (400d) | -70.2% | -74.3% |
| Risk-adjusted return (90d) | -0.53 | -0.89 |
| Best 30 days (past year) | +53.0% | +44.2% |
| Worst 30 days (past year) | -36.7% | -39.3% |
Relative strength over 90 days: ASR outperformed CITY by 15.2% — measured on the ASR/CITY ratio, so it holds regardless of market direction.