Croatian Football Federation Token (VATRENI) is 69.8× the size of Flamengo Fan Token (MENGO) by market capitalisation. Their daily returns move loosely together (correlation 0.49 across 33 shared trading days). Both have run at a similar volatility, around 74% annualised.
$1.3700
MENGOVATRENI
0.49over 33 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 | MENGO | VATRENI |
|---|---|---|
| Max drawdown (400d) | -86.7% | -25.7% |
| Risk-adjusted return (90d) | -0.22 | -0.22 |
Relative strength over 90 days: VATRENI outperformed MENGO by 1.0% — measured on the MENGO/VATRENI ratio, so it holds regardless of market direction.