Quant (QNT) is 2109.4× the size of LAKE (LAK3) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 40 shared trading days). LAK3 has been the more volatile of the two, at 513% annualised against QNT's 128%.
LAK3QNT
-0.04over 40 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 | LAK3 | QNT |
|---|---|---|
| Max drawdown (400d) | -59.1% | -47.6% |
| Risk-adjusted return (90d) | -0.07 | 0.95 |
| Best 30 days (past year) | — | +369.8% |
| Worst 30 days (past year) | — | -33.0% |
Relative strength over 90 days: QNT outperformed LAK3 by 79.5% — measured on the LAK3/QNT ratio, so it holds regardless of market direction.