GMT (GMT) is 30.5× the size of Galvan (IZE) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.31 across 27 shared trading days). IZE has been the more volatile of the two, at 1068% annualised against GMT's 89%.
IZEGMT
-0.31over 27 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 | IZE | GMT |
|---|---|---|
| Max drawdown (400d) | -99.9% | -85.5% |
| Risk-adjusted return (90d) | -0.09 | -0.04 |
| Best 30 days (past year) | — | +44.5% |
| Worst 30 days (past year) | — | -44.6% |
Relative strength over 90 days: GMT outperformed IZE by 99.8% — measured on the IZE/GMT ratio, so it holds regardless of market direction.