Atoshi (ATOS) is 7.9× the size of Hana Network (HANA) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 46 shared trading days). Both have run at a similar volatility, around 121% annualised.
ATOSHANA
0.03over 46 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 | ATOS | HANA |
|---|---|---|
| Max drawdown (400d) | -50.7% | -71.1% |
| Risk-adjusted return (90d) | -0.12 | -0.50 |
Relative strength over 90 days: ATOS outperformed HANA by 4.3% — measured on the ATOS/HANA ratio, so it holds regardless of market direction.