牛来 (Niu Lai) (牛来) is 1095.1× the size of 火蝴蝶 (火蝴蝶) by market capitalisation. Their daily returns move loosely together (correlation 0.41 across 25 shared trading days). Both have run at a similar volatility, around 193% annualised.
火蝴蝶牛来
0.41over 25 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 | 火蝴蝶 | 牛来 |
|---|---|---|
| Max drawdown (400d) | -97.4% | -60.2% |
| Risk-adjusted return (90d) | 0.15 | -0.09 |
Relative strength over 90 days: 火蝴蝶 outperformed 牛来 by 79.5% — measured on the 火蝴蝶/牛来 ratio, so it holds regardless of market direction.