OriginTrail (TRAC) is 10.4× the size of Elsa (ELSA) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 44 shared trading days). Both have run at a similar volatility, around 103% annualised.
ELSATRAC
0.18over 44 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 | ELSA | TRAC |
|---|---|---|
| Max drawdown (400d) | -76.4% | -22.2% |
| Risk-adjusted return (90d) | 0.27 | 0.29 |
Relative strength over 90 days: ELSA outperformed TRAC by 16.9% — measured on the ELSA/TRAC ratio, so it holds regardless of market direction.