Toshi (TOSHI) is 1837.3× the size of Guanciale by Virtuals (GUAN) by market capitalisation. Their daily returns move very closely together (correlation 0.87 across 21 shared trading days). GUAN has been the more volatile of the two, at 148% annualised against TOSHI's 83%.
GUANTOSHI
0.87over 21 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 | GUAN | TOSHI |
|---|---|---|
| Max drawdown (400d) | -86.7% | -25.5% |
| Risk-adjusted return (90d) | -0.07 | -0.16 |
Relative strength over 90 days: GUAN outperformed TOSHI by 10.9% — measured on the GUAN/TOSHI ratio, so it holds regardless of market direction.