Safe (SAFE) is 1.2× the size of EXOD (EXOD) by market capitalisation. Over the past 30 days, EXOD is ahead by 1.1 percentage points (EXOD -14.5% against SAFE -15.6%). Their daily returns move barely together (correlation 0.33 across 54 shared trading days). EXOD has been the more volatile of the two, at 161% annualised against SAFE's 95%.
EXODSAFE
0.33over 54 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 | EXOD | SAFE |
|---|---|---|
| Max drawdown (400d) | -46.1% | -31.2% |
| Risk-adjusted return (90d) | -0.11 | 0.00 |
Relative strength over 90 days: SAFE outperformed EXOD by 14.1% — measured on the EXOD/SAFE ratio, so it holds regardless of market direction.