Atletico Madrid Fan Token (ATM) is 2169.8× the size of Brazil National Football Team Fan Token (BFT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.26 across 31 shared trading days). Both have run at a similar volatility, around 104% annualised.
$0.000169
$0.785000
BFTATM
-0.26over 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 | BFT | ATM |
|---|---|---|
| Max drawdown (400d) | -19.3% | -73.2% |
| Risk-adjusted return (90d) | 0.10 | -0.77 |
| Best 30 days (past year) | — | +202.1% |
| Worst 30 days (past year) | — | -50.8% |
Relative strength over 90 days: BFT outperformed ATM by 27.2% — measured on the BFT/ATM ratio, so it holds regardless of market direction.