Fake World Assets (FWA) is 49.5× the size of GLHFStrategy (GLHFSTR) by market capitalisation. Their daily returns move barely together (correlation 0.34 across 22 shared trading days). FWA has been the more volatile of the two, at 359% annualised against GLHFSTR's 140%.
GLHFSTRFWA
0.34over 22 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 | GLHFSTR | FWA |
|---|---|---|
| Max drawdown (400d) | -74.8% | -80.2% |
| Risk-adjusted return (90d) | -0.43 | -0.20 |
Relative strength over 90 days: GLHFSTR outperformed FWA by 66.1% — measured on the GLHFSTR/FWA ratio, so it holds regardless of market direction.