Galatasaray Fan Token (GAL) is 21.6× the size of Flamengo Fan Token (MENGO) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.17 across 31 shared trading days). MENGO has been the more volatile of the two, at 75% annualised against GAL's 18%.
MENGOGAL
-0.17over 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 | MENGO | GAL |
|---|---|---|
| Max drawdown (400d) | -86.7% | -14.7% |
| Risk-adjusted return (90d) | -0.22 | -0.82 |
Relative strength over 90 days: MENGO outperformed GAL by 28.4% — measured on the MENGO/GAL ratio, so it holds regardless of market direction.