Italian National Football Team Fan Token (ITA) and Atletico Madrid Fan Token (ATM) compared side by side. Their daily returns move barely together (correlation 0.06 across 31 shared trading days). ITA has been the more volatile of the two, at 801% annualised against ATM's 98%.
$0.045036
$0.851000
ITAATM
0.06over 31 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 | ITA | ATM |
|---|---|---|
| Max drawdown (400d) | -67.7% | -69.8% |
| Risk-adjusted return (90d) | 0.00 | -0.70 |
| Best 30 days (past year) | — | +202.1% |
| Worst 30 days (past year) | — | -50.8% |
Relative strength over 90 days: ITA outperformed ATM by 14.2% — measured on the ITA/ATM ratio, so it holds regardless of market direction.