Momentum (MMT) is 409.9× the size of GKHAN (GKN) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.07 across 192 shared trading days). GKN has been the more volatile of the two, at 386% annualised against MMT's 142%.
GKNMMT
-0.07over 192 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 | GKN | MMT |
|---|---|---|
| Max drawdown (400d) | -97.6% | -96.1% |
| Risk-adjusted return (90d) | -0.18 | -0.29 |
| Best 30 days (past year) | — | +99.8% |
| Worst 30 days (past year) | — | -90.6% |
Relative strength over 90 days: MMT outperformed GKN by 87.8% — measured on the GKN/MMT ratio, so it holds regardless of market direction.