Galatasaray Fan Token (GAL) is 1.4× the size of FC Porto (PORTO) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 31 shared trading days). PORTO has been the more volatile of the two, at 83% annualised against GAL's 18%.
PORTOGAL
0.03over 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 | PORTO | GAL |
|---|---|---|
| Max drawdown (400d) | -68.1% | -14.7% |
| Risk-adjusted return (90d) | -0.34 | -0.82 |
| Best 30 days (past year) | +35.9% | — |
| Worst 30 days (past year) | -40.0% | — |
Relative strength over 90 days: PORTO outperformed GAL by 18.6% — measured on the PORTO/GAL ratio, so it holds regardless of market direction.