Illuvium (ILV) is 123.7× the size of Gold Fever Native Gold (NGL) by market capitalisation. Their daily returns move barely together (correlation 0.05 across 171 shared trading days). NGL has been the more volatile of the two, at 302% annualised against ILV's 88%.
NGLILV
0.05over 171 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 | NGL | ILV |
|---|---|---|
| Max drawdown (400d) | -97.8% | -83.2% |
| Risk-adjusted return (90d) | 2.76 | 0.05 |
| Best 30 days (past year) | — | +45.3% |
| Worst 30 days (past year) | — | -44.4% |
Relative strength over 90 days: NGL outperformed ILV by 1320.6% — measured on the NGL/ILV ratio, so it holds regardless of market direction.