Galatasaray Fan Token (GAL) is 20.8× the size of Everton Fan Token (EFC) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 31 shared trading days). EFC has been the more volatile of the two, at 60% annualised against GAL's 18%.
EFCGAL
0.32over 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 | EFC | GAL |
|---|---|---|
| Max drawdown (400d) | -65.5% | -14.7% |
| Risk-adjusted return (90d) | 0.17 | -0.82 |
Relative strength over 90 days: EFC outperformed GAL by 15.2% — measured on the EFC/GAL ratio, so it holds regardless of market direction.