Lair (LAIR) is 7.5× the size of MilkyWay (MILK) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 181 shared trading days). MILK has been the more volatile of the two, at 574% annualised against LAIR's 93%.
LAIRMILK
0.09over 181 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 | LAIR | MILK |
|---|---|---|
| Max drawdown (400d) | -86.8% | -99.2% |
| Risk-adjusted return (90d) | -0.71 | 0.15 |
Relative strength over 90 days: MILK outperformed LAIR by 80.2% — measured on the LAIR/MILK ratio, so it holds regardless of market direction.