Santos FC Fan Token (SANTOS) is 1.0× the size of AS Roma Fan Token (ASR) by market capitalisation. Over the past 1 year, ASR is ahead by 15.7 percentage points (ASR -50.8% against SANTOS -66.5%). Their daily returns move loosely together (correlation 0.49 across 399 shared trading days). Both have run at a similar volatility, around 81% annualised.
ASRSANTOS
0.49over 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 | SANTOS |
|---|---|---|
| Max drawdown (400d) | -70.2% | -83.8% |
| Risk-adjusted return (90d) | -0.53 | -0.24 |
| Best 30 days (past year) | +53.0% | +66.2% |
| Worst 30 days (past year) | -36.7% | -51.3% |
Relative strength over 90 days: SANTOS outperformed ASR by 5.2% — measured on the ASR/SANTOS ratio, so it holds regardless of market direction.