Quant (QNT) is 191.5× the size of DIA (DIA) by market capitalisation. Over the past 1 year, QNT is ahead by 228.1 percentage points (DIA -68.1% against QNT +160.0%). Their daily returns move barely together (correlation 0.25 across 399 shared trading days). QNT has been the more volatile of the two, at 128% annualised against DIA's 100%.
DIAQNT
0.25over 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 | DIA | QNT |
|---|---|---|
| Max drawdown (400d) | -86.3% | -47.6% |
| Risk-adjusted return (90d) | 0.46 | 0.95 |
| Best 30 days (past year) | +42.3% | +369.8% |
| Worst 30 days (past year) | -47.9% | -33.0% |
Relative strength over 90 days: QNT outperformed DIA by 57.8% — measured on the DIA/QNT ratio, so it holds regardless of market direction.