Adshares (ADS) is 111.9× the size of GAG Token (GAG) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.21 across 31 shared trading days). GAG has been the more volatile of the two, at 89% annualised against ADS's 37%.
GAGADS
-0.21over 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 | GAG | ADS |
|---|---|---|
| Max drawdown (400d) | -56.9% | -12.0% |
| Risk-adjusted return (90d) | 0.64 | -0.08 |
Relative strength over 90 days: GAG outperformed ADS by 32.6% — measured on the GAG/ADS ratio, so it holds regardless of market direction.